Equity Bancshares, Inc. (NASDAQ: EQBK), (“Equity”, “the Company”,
“we”, “us”, “our”), the Wichita-based holding company of Equity
Bank, reported net income of $10.5 million and $0.61 earnings per
diluted share for the quarter ended December 31, 2021. Equity’s
results include a full quarter contribution from American State
Bancshares, Inc. as a result of the completion of its acquisition
on October 1, 2021, by Equity and an increased average outstanding
share count.
“As we review 2021, we reached milestones for Equity Bank for
our customers, teams, and shareholders,” said Brad Elliott,
Chairman and CEO. “We issued the first common stock dividend in our
company’s history and we completed and successfully integrated the
largest merger in our bank’s history, welcoming American State Bank
& Trust teammates into the Equity Bank family. Our teams
followed that up with the addition of three branch locations in St.
Joseph, Missouri, adding a new market to our Missouri
footprint.”
Equity customers successfully had $51.3 million of Paycheck
Protection Program (“PPP”) loans forgiven during the quarter,
resulting in the recognition of fee income totaling $1.7 million in
the three-month period ended December 31, 2021. At December 31,
2021, the total unrecognized fee income associated with PPP loans
was $1.3 million.
“Equity was founded on entrepreneurial spirit, and that teamwork
and collaboration exists in every new initiative we take on as a
company, and I’m thankful to our customer service and operational
teams for their hard work assisting a diverse range of customers,”
said Mr. Elliott. “In 2022, we expect to continue to strengthen our
customer delivery options including online and mobile banking,
while continuing to offer the personal approach our customers
expect from their community bank.”
Notable Items:
- Diluted earnings per share of $0.61, adjusted to reflect core
operating results, was $0.82 per diluted share. The adjustment to
earnings was comprised of the exclusion of merger expenses of $4.6
million.
- The Company authorized a third stock repurchase program in the
third quarter of 2021 totaling 1,000,000 shares. During the quarter
ended December 31, 2021, the Company repurchased 132,873 shares at
a weighted average cost of $32.99 per share, totaling $4.4 million
from this plan as well as 719 shares from the previous
authorization that expired on October 29, 2021. At the end of the
quarter, capacity of 867,127 shares remained under the current
repurchase program.
- Non-accrual loans declined $35.6 million to $29.4 million for
the quarter ended December 31, 2021, as compared to the quarter
ended September 30, 2021, representing 0.93% non-accrual loans to
total loans at December 31, 2021, the lowest level reported since
2016.
Equity’s Balance Sheet Highlights:
- During the quarter, total loans increased from $2.69 billion to
$3.16 billion, of which $400 million is attributed to American
State Bank & Trust (“ASBT”) loans and includes a reduction in
PPP assets of $51.0 million. Excluding the impact of ASBT loans and
PPP, loan growth linked quarter was $120.7 million or 18.6%
annualized.
- During the quarter total deposits increased to $4.42 billion at
December 31, 2021 from $3.66 billion at September 30, 2021. Of the
$757.2 million increase in the quarter, $646.5 million is
attributed to ASBT deposits.
- As excess liquidity continues to impact the operating
environment at quarter end, securities and interest-earning cash
and cash equivalents comprise 32.5% of average earnings assets, up
from 31.4% at the end of the linked quarter and 26.2% at the end of
the comparable quarter in the previous year.
Financial Results for the Quarter Ended December 31,
2021
Net income allocable to common stockholders was $10.5 million,
or $0.61 per diluted share, for the three months ended December 31,
2021, as compared to $11.8 million, or $0.80 per diluted share, for
the three months ended September 30, 2021, a decrease of $1.3
million. This fourth quarter decrease was attributable to an
increase in non-interest expense of $7.4 million and a decrease in
net interest income of $1.8 million, partially offset by a decrease
in provision for credit losses of $3.2 million, an increase of $1.4
million in non-interest income and a decrease in provision for
income taxes of $3.2 million.
Net Interest Income
Net interest income was $37.2 million for the three months ended
December 31, 2021, as compared to $39.0 million for the three
months ended September 30, 2021, a decrease of $1.8 million, or
4.6%. The decrease in net interest income was primarily driven by a
decrease in loan fees, due to the forgiveness of PPP assets, of
$6.3 million for the quarter ended December 31, 2021, compared to
the quarter ended September 30, 2021. The yield on interest-earning
assets decreased 77-basis points to 3.43% during the quarter ended
December 31, 2021, as compared to 4.20% for the quarter ended
September 30, 2021. The cost of interest-bearing deposits declined
by 3 basis points to 0.25% for the three months ended December 31,
2021, from 0.28% in the previous quarter.
Provision for Credit Losses
During the three months ended December 31, 2021, there was a net
release of $2.1 million in the allowance for credit losses
recognized through the provision for credit losses as compared to a
provision of $1.1 million in the allowance for credit losses for
the three months ended September 30, 2021. The comparative decrease
was primarily driven by a decrease in reserves on specifically
assessed assets which was partially offset by improving trends in
the Company’s loss experience and moderating economic impacts. For
the three months ended December 31, 2021, we had net charge-offs of
$7.9 million as compared to $129 thousand for the three months
ended September 30, 2021.
Non-Interest Income
Total non-interest income was $9.2 million for the three months
ended December 31, 2021, as compared to $7.8 million for the three
months ended September 30, 2021, or an increase of 17.5% quarter
over quarter. Other non-interest income was $2.3 million, an
increase of $1.8 million from the quarter ended September 30, 2021.
The increase in other non-interest income was primarily due to the
accounting for potential repurchase obligations associated with
assets previously purchased through a FDIC assisted transaction. In
the third quarter, the Company had identified deterioration of two
assets, requiring a reserve and resulting in reduction of income
recognition of $771 thousand. Further, the company had an increase
of $511 thousand of income related to derivative transactions in
quarter ending December 31, 2021.
Non-Interest Expense
Total non-interest expense for the quarter ended December 31,
2021, was $38.1 million as compared to $30.7 million for the
quarter ended September 30, 2021. The $7.4 million change is
primarily attributed to increases of $2.7 million in other
expenses, $1.5 million in salaries and employee benefits driven by
the increased headcount related to the American State Bank &
Trust merger, and $959 thousand in other real estate owned expense.
Included in other expenses is the recognition of $1.4 million of
partnership expense related to tax credit activity the Company
engaged in with assets being placed into service in the quarter
ending December 31, 2021, and also resulted in credits recognized
in reduced tax expense.
Asset Quality
As of December 31, 2021, Equity’s allowance for credit losses to
total loans was 1.5%, as compared to 2.0% at September 30,
2021. Nonperforming assets were $66.0 million as of
December 31, 2021, or 1.3% of total assets, compared to $74.3
million at September 30, 2021, or 1.7% of total assets. Non-accrual
loans were $29.4 million at December 31, 2021, as compared to $65.0
million at September 30, 2021. Total classified assets, including
loans rated special mention or worse, other real estate owned and
other repossessed assets were $138.5 million, or 25.4% of
regulatory capital, up from $112.4 million, or 24.3% of regulatory
capital as of September 30, 2021. This increase is from classified
loans acquired in the ASBT merger, most of which are
performing.
During the quarter, non-performing assets decreased by $8.2
million due to the payoff of a relationship that was previously
disclosed in 2019 and contributed to a reversal of allowance for
credit losses of $2.7 million. A separate large credit previously
discussed in prior quarters was moved to other repossessed assets
and subsequently sold in mid-January. This relationship totaled
$18.7 million and led to a reduction of $1.3 million in previously
recorded specific reserves. The Company had a net release of $2.1
million to the allowance for credit losses, comprised of a decrease
in specific reserves, primarily driven by resolution of previously
identified non-performing assets and continued improved historical
loss performance, partially offset by the continued uncertainty of
economic conditions driven by the COVID-19 pandemic.
Regulatory Capital
The Company’s ratio of common equity tier 1 capital to
risk-weighted assets was 12.0%, the total capital to risk-weighted
assets was 15.9% and the total leverage ratio was 9.0% at December
31, 2021. At December 31, 2020, the Company’s common equity tier 1
capital to risk-weighted assets ratio was 12.8%, the total capital
to risk-weighted assets ratio was 17.4% and the total leverage
ratio was 9.3%.
The Company’s subsidiary, Equity Bank, had a ratio of common
equity tier 1 capital to risk-weighted assets of 14.1%, a ratio of
total capital to risk-weighted assets of 15.3% and a total leverage
ratio of 10.1% at December 31, 2021. At December 31, 2020, Equity
Bank’s ratio of common equity tier 1 capital to risk-weighted
assets was 14.5%, the ratio of total capital to risk-weighted
assets was 15.7% and the total leverage ratio was 10.1%.
Non-GAAP Financial Measures
In addition to evaluating the Company’s results of operations in
accordance with accounting principles generally accepted in the
United States of America (“GAAP”), management periodically
supplements this evaluation with an analysis of certain non-GAAP
financial measures that are intended to provide the reader with
additional perspectives on operating results, financial condition
and performance trends, while facilitating comparisons with the
performance of other financial institutions. Non-GAAP financial
measures are not a substitute for GAAP measures, rather, they
should be read and used in conjunction with the Company’s GAAP
financial information.
The efficiency ratio is used as a common measure by banks as a
comparable metric to understand the Company’s expense structure
relative to its total revenue. In other words, for every dollar of
total revenue recognized, how much of that dollar is expended. To
improve the comparability of the ratio to our peers, non-core items
are excluded. To improve transparency and acknowledging that banks
are not consistent in their definition of the efficiency ratio, we
include our calculation of this non-GAAP measure.
Return on average assets before income tax provision, provision
for loan losses and goodwill impairment is a measure that the
Company uses to understand fundamental operating performance before
these expenses. Used as a ratio relative to average assets, we
believe it demonstrates the “core” performance and can be viewed as
an alternative measure of how efficiently the Company services its
asset base. Used as a ratio relative to average equity, it can
function as an alternative measure of the Company’s earnings
performance in relationship to its equity.
Tangible common equity and related measures are non-GAAP
financial measures that exclude the impact of intangible assets,
net of deferred taxes, and their related amortization. These
financial measures are useful for evaluating the performance of a
business consistently, whether acquired or developed internally.
Return on average tangible common equity is used by management and
readers of our financial statements to understand how efficiently
the Company is deploying its common equity. Companies that are able
to demonstrate more efficient use of common equity are more likely
to be viewed favorably by current and prospective investors.
The Company believes that disclosing these non-GAAP financial
measures is both useful internally and is expected by our investors
and analysts in order to understand the overall performance of the
Company. Other companies may calculate and define their non-GAAP
financial measures and supplemental data differently. A
reconciliation of GAAP financial measures to non-GAAP measures and
other performance ratios, as adjusted, are included in Table 8 in
the following press release tables.
Conference Call and Webcast
Equity Chairman and Chief Executive Officer, Brad Elliott, and
Executive Vice President and Chief Financial Officer, Eric Newell,
will hold a conference call and webcast to discuss the 2021 fourth
quarter results on Thursday, January 27, 2022, at 10:00 a.m.
eastern time, 9:00 a.m. central time.
Investors, news media and other participants should register for
the call or audio webcast at investor.equitybank.com. On Thursday,
January 27, 2021, participants may also dial into the call
toll-free at (844) 534-7311 from anywhere in the U.S. or (574)
990-1419 internationally, using conference ID no. 8086496.
Participants are encouraged to dial into the call or access the
webcast approximately 10 minutes prior to the start time.
Presentation slides to pair with the call or webcast will be posted
one hour prior to the call at investor.equitybank.com.
A replay of the call and webcast will be available two hours
following the close of the call until February 3, 2022, accessible
at (855) 859-2056 with conference ID no. 8086496 at
investor.equitybank.com.
About Equity Bancshares, Inc.
Equity Bancshares, Inc. is the holding company for Equity Bank,
offering a full range of financial solutions, including commercial
loans, consumer banking, mortgage loans, trust and wealth
management services and treasury management services, while
delivering the high-quality, relationship-based customer service of
a community bank. Equity’s common stock is traded on the NASDAQ
Global Select Market under the symbol “EQBK.” Learn more at
www.equitybank.com.
Special Note Concerning Forward-Looking
Statements
This press release contains “forward-looking
statements” within the meaning of Section 27A of the Securities Act
of 1933, as amended, and Section 21E of the Securities Exchange Act
of 1934, as amended. These forward-looking statements reflect the
current views of Equity’s management with respect to, among other
things, future events and Equity’s financial performance. These
statements are often, but not always, made through the use of words
or phrases such as “may,” “should,” “could,” “predict,”
“potential,” “believe,” “will likely result,” “expect,” “continue,”
“will,” “anticipate,” “seek,” “estimate,” “intend,” “plan,”
“project,” “forecast,” “goal,” “target,” “would” and “outlook,” or
the negative variations of those words or other comparable words of
a future or forward-looking nature. These forward-looking
statements are not historical facts, and are based on current
expectations, estimates and projections about Equity’s industry,
management’s beliefs and certain assumptions made by management,
many of which, by their nature, are inherently uncertain and beyond
Equity’s control. Accordingly, Equity cautions you that any such
forward-looking statements are not guarantees of future performance
and are subject to risks, assumptions and uncertainties that are
difficult to predict. Although Equity believes that the
expectations reflected in these forward-looking statements are
reasonable as of the date made, actual results may prove to be
materially different from the results expressed or implied by the
forward-looking statements. Factors that could cause actual results
to differ materially from Equity’s expectations include COVID-19
related impacts; competition from other financial institutions and
bank holding companies; the effects of and changes in trade,
monetary and fiscal policies and laws, including interest rate
policies of the Federal Reserve Board; changes in the demand for
loans; fluctuations in value of collateral and loan reserves;
inflation, interest rate, market and monetary fluctuations; changes
in consumer spending, borrowing and savings habits; and
acquisitions and integration of acquired businesses; and similar
variables. The foregoing list of factors is not exhaustive.
For discussion of these and other risks that may cause actual
results to differ from expectations, please refer to “Cautionary
Note Regarding Forward-Looking Statements” and “Risk Factors” in
Equity’s Annual Report on Form 10-K filed with the Securities and
Exchange Commission on March 9, 2021, and any updates to those risk
factors set forth in Equity’s subsequent Quarterly Reports on Form
10-Q or Current Reports on Form 8-K. If one or more events related
to these or other risks or uncertainties materialize, or if
Equity’s underlying assumptions prove to be incorrect, actual
results may differ materially from what Equity anticipates.
Accordingly, you should not place undue reliance on any such
forward-looking statements. Any forward-looking statement speaks
only as of the date on which it is made, and Equity does not
undertake any obligation to publicly update or review any
forward-looking statement, whether as a result of new information,
future developments or otherwise. New risks and uncertainties arise
from time to time, such as COVID-19, and it is not possible for us
to predict those events or how they may affect us. In addition,
Equity cannot assess the impact of each factor on Equity’s business
or the extent to which any factor, or combination of factors, may
cause actual results to differ materially from those contained in
any forward-looking statements. All forward-looking statements,
expressed or implied, included in this press release are expressly
qualified in their entirety by this cautionary statement. This
cautionary statement should also be considered in connection with
any subsequent written or oral forward-looking statements that
Equity or persons acting on Equity’s behalf may issue.
Investor Contact:
Chris NavratilSVP, FinanceEquity Bancshares, Inc.(316)
612-6014cnavratil@equitybank.com
Media Contact:
John J. HanleySVP, Senior Director of MarketingEquity
Bancshares, Inc.(913) 583-8004jhanley@equitybank.com
Unaudited Financial Tables
- Table 1. Consolidated Statements of
Income
- Table 2. Quarterly Consolidated Statements of
Income
- Table 3. Consolidated Balance Sheets
- Table 4. Selected Financial Highlights
- Table 5. Year-To-Date Net Interest Income
Analysis
- Table 6. Quarter-To-Date Net Interest Income
Analysis
- Table 7. Quarter-Over-Quarter Net Interest
Income Analysis
- Table 8. Non-GAAP Financial Measures
TABLE 1. CONSOLIDATED STATEMENTS OF INCOME
(Unaudited)(Dollars in thousands, except per share data)
| |
|
Three months endedDecember
31, |
|
|
Year endedDecember 31, |
|
|
|
|
2021 |
|
|
2020 |
|
|
2021 |
|
|
2020 |
|
|
Interest and dividend income |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Loans, including fees |
|
$ |
34,942 |
|
|
$ |
35,383 |
|
|
$ |
137,334 |
|
|
$ |
134,664 |
|
|
Securities, taxable |
|
|
4,754 |
|
|
|
3,408 |
|
|
|
15,996 |
|
|
|
15,521 |
|
|
Securities, nontaxable |
|
|
747 |
|
|
|
913 |
|
|
|
2,843 |
|
|
|
3,682 |
|
|
Federal funds sold and other |
|
|
349 |
|
|
|
285 |
|
|
|
1,195 |
|
|
|
1,694 |
|
|
Total interest and dividend income |
|
|
40,792 |
|
|
|
39,989 |
|
|
|
157,368 |
|
|
|
155,561 |
|
| Interest expense |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Deposits |
|
|
1,939 |
|
|
|
2,755 |
|
|
|
8,255 |
|
|
|
16,582 |
|
|
Federal funds purchased and retail repurchase agreements |
|
|
32 |
|
|
|
25 |
|
|
|
104 |
|
|
|
105 |
|
|
Federal Home Loan Bank advances |
|
|
14 |
|
|
|
94 |
|
|
|
169 |
|
|
|
2,292 |
|
|
Federal Reserve Bank discount window |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
6 |
|
|
Bank stock loan |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
415 |
|
|
Subordinated debt |
|
|
1,592 |
|
|
|
1,556 |
|
|
|
6,261 |
|
|
|
3,509 |
|
|
Total interest expense |
|
|
3,577 |
|
|
|
4,430 |
|
|
|
14,789 |
|
|
|
22,909 |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Net interest
income |
|
|
37,215 |
|
|
|
35,559 |
|
|
|
142,579 |
|
|
|
132,652 |
|
| Provision (reversal) for credit
losses |
|
|
(2,125 |
) |
|
|
1,000 |
|
|
|
(8,480 |
) |
|
|
24,255 |
|
| Net interest income after
provision (reversal) for credit losses |
|
|
39,340 |
|
|
|
34,559 |
|
|
|
151,059 |
|
|
|
108,397 |
|
| Non-interest income |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Service charges and fees |
|
|
2,471 |
|
|
|
1,759 |
|
|
|
8,596 |
|
|
|
6,856 |
|
|
Debit card income |
|
|
2,633 |
|
|
|
2,401 |
|
|
|
10,236 |
|
|
|
9,136 |
|
|
Mortgage banking |
|
|
722 |
|
|
|
855 |
|
|
|
3,306 |
|
|
|
3,153 |
|
|
Increase in value of bank-owned life insurance |
|
|
1,060 |
|
|
|
489 |
|
|
|
3,506 |
|
|
|
1,941 |
|
|
Net gain on acquisition |
|
|
— |
|
|
|
2,145 |
|
|
|
585 |
|
|
|
2,145 |
|
|
Net gains (losses) from securities transactions |
|
|
8 |
|
|
|
(1 |
) |
|
|
406 |
|
|
|
11 |
|
|
Other |
|
|
2,305 |
|
|
|
852 |
|
|
|
6,207 |
|
|
|
2,781 |
|
|
Total non-interest income |
|
|
9,199 |
|
|
|
8,500 |
|
|
|
32,842 |
|
|
|
26,023 |
|
| Non-interest expense |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Salaries and employee benefits |
|
|
15,119 |
|
|
|
14,053 |
|
|
|
54,198 |
|
|
|
54,129 |
|
|
Net occupancy and equipment |
|
|
2,967 |
|
|
|
2,206 |
|
|
|
10,137 |
|
|
|
8,784 |
|
|
Data processing |
|
|
3,867 |
|
|
|
2,748 |
|
|
|
13,261 |
|
|
|
10,991 |
|
|
Professional fees |
|
|
1,565 |
|
|
|
1,095 |
|
|
|
4,713 |
|
|
|
4,282 |
|
|
Advertising and business development |
|
|
1,129 |
|
|
|
801 |
|
|
|
3,370 |
|
|
|
2,498 |
|
|
Telecommunications |
|
|
435 |
|
|
|
510 |
|
|
|
1,966 |
|
|
|
1,873 |
|
|
FDIC insurance |
|
|
360 |
|
|
|
797 |
|
|
|
1,665 |
|
|
|
2,088 |
|
|
Courier and postage |
|
|
389 |
|
|
|
338 |
|
|
|
1,429 |
|
|
|
1,441 |
|
|
Free nationwide ATM cost |
|
|
515 |
|
|
|
423 |
|
|
|
2,019 |
|
|
|
1,609 |
|
|
Amortization of core deposit intangibles |
|
|
1,080 |
|
|
|
1,044 |
|
|
|
4,174 |
|
|
|
3,850 |
|
|
Loan expense |
|
|
308 |
|
|
|
161 |
|
|
|
934 |
|
|
|
789 |
|
|
Other real estate owned |
|
|
617 |
|
|
|
1,600 |
|
|
|
(188 |
) |
|
|
2,310 |
|
|
Loss on debt extinguishment |
|
|
— |
|
|
|
— |
|
|
|
372 |
|
|
|
— |
|
|
Merger expenses |
|
|
4,562 |
|
|
|
299 |
|
|
|
9,189 |
|
|
|
299 |
|
|
Goodwill impairment |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
104,831 |
|
|
Other |
|
|
5,176 |
|
|
|
2,385 |
|
|
|
12,226 |
|
|
|
9,216 |
|
|
Total non-interest expense |
|
|
38,089 |
|
|
|
28,460 |
|
|
|
119,465 |
|
|
|
208,990 |
|
| Income (loss) before income
tax |
|
|
10,450 |
|
|
|
14,599 |
|
|
|
64,436 |
|
|
|
(74,570 |
) |
| Provision for income taxes |
|
|
(16 |
) |
|
|
2,111 |
|
|
|
11,956 |
|
|
|
400 |
|
| Net income (loss) and net
income (loss) allocable to common stockholders |
|
$ |
10,466 |
|
|
$ |
12,488 |
|
|
$ |
52,480 |
|
|
$ |
(74,970 |
) |
| Basic earnings (loss) per
share |
|
$ |
0.62 |
|
|
$ |
0.85 |
|
|
$ |
3.49 |
|
|
$ |
(4.97 |
) |
| Diluted earnings (loss) per
share |
|
$ |
0.61 |
|
|
$ |
0.84 |
|
|
$ |
3.43 |
|
|
$ |
(4.97 |
) |
| Weighted average common
shares |
|
|
16,865,167 |
|
|
|
14,760,810 |
|
|
|
15,019,221 |
|
|
|
15,098,512 |
|
| Weighted average diluted common
shares |
|
|
14,669,312 |
|
|
|
14,934,058 |
|
|
|
15,306,431 |
|
|
|
15,098,512 |
|
TABLE 2. QUARTERLY CONSOLIDATED STATEMENTS OF
INCOME (Unaudited)(Dollars in thousands, except per share
data)
| |
|
As of and for the three months ended |
|
|
|
|
December 31,2021 |
|
|
September 30,2021 |
|
|
June 30,2021 |
|
|
March 31,2021 |
|
|
December 31,2020 |
|
|
Interest and dividend income |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Loans, including fees |
|
$ |
34,942 |
|
|
$ |
37,581 |
|
|
$ |
33,810 |
|
|
$ |
31,001 |
|
|
$ |
35,383 |
|
|
Securities, taxable |
|
|
4,754 |
|
|
|
3,920 |
|
|
|
3,523 |
|
|
|
3,799 |
|
|
|
3,408 |
|
|
Securities, nontaxable |
|
|
747 |
|
|
|
655 |
|
|
|
717 |
|
|
|
724 |
|
|
|
913 |
|
|
Federal funds sold and other |
|
|
349 |
|
|
|
290 |
|
|
|
268 |
|
|
|
288 |
|
|
|
285 |
|
|
Total interest and dividend income |
|
|
40,792 |
|
|
|
42,446 |
|
|
|
38,318 |
|
|
|
35,812 |
|
|
|
39,989 |
|
| Interest expense |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Deposits |
|
|
1,939 |
|
|
|
1,881 |
|
|
|
2,025 |
|
|
|
2,410 |
|
|
|
2,755 |
|
|
Federal funds purchased and retail repurchase agreements |
|
|
32 |
|
|
|
24 |
|
|
|
26 |
|
|
|
22 |
|
|
|
25 |
|
|
Federal Home Loan Bank advances |
|
|
14 |
|
|
|
10 |
|
|
|
80 |
|
|
|
65 |
|
|
|
94 |
|
|
Subordinated debt |
|
|
1,592 |
|
|
|
1,556 |
|
|
|
1,557 |
|
|
|
1,556 |
|
|
|
1,556 |
|
|
Total interest expense |
|
|
3,577 |
|
|
|
3,471 |
|
|
|
3,688 |
|
|
|
4,053 |
|
|
|
4,430 |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Net interest
income |
|
|
37,215 |
|
|
|
38,975 |
|
|
|
34,630 |
|
|
|
31,759 |
|
|
|
35,559 |
|
| Provision (reversal) for credit
losses |
|
|
(2,125 |
) |
|
|
1,058 |
|
|
|
(1,657 |
) |
|
|
(5,756 |
) |
|
|
1,000 |
|
| Net interest income after
provision (reversal) for credit losses |
|
|
39,340 |
|
|
|
37,917 |
|
|
|
36,287 |
|
|
|
37,515 |
|
|
|
34,559 |
|
| Non-interest income |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Service charges and fees |
|
|
2,471 |
|
|
|
2,360 |
|
|
|
2,169 |
|
|
|
1,596 |
|
|
|
1,759 |
|
|
Debit card income |
|
|
2,633 |
|
|
|
2,574 |
|
|
|
2,679 |
|
|
|
2,350 |
|
|
|
2,401 |
|
|
Mortgage banking |
|
|
722 |
|
|
|
801 |
|
|
|
848 |
|
|
|
935 |
|
|
|
855 |
|
|
Increase in value of bank-owned life insurance |
|
|
1,060 |
|
|
|
1,169 |
|
|
|
676 |
|
|
|
601 |
|
|
|
489 |
|
|
Net gain on acquisition |
|
|
— |
|
|
|
— |
|
|
|
663 |
|
|
|
(78 |
) |
|
|
2,145 |
|
|
Net gains (losses) from securities transactions |
|
|
8 |
|
|
|
381 |
|
|
|
— |
|
|
|
17 |
|
|
|
(1 |
) |
|
Other |
|
|
2,305 |
|
|
|
546 |
|
|
|
2,065 |
|
|
|
1,291 |
|
|
|
852 |
|
|
Total non-interest income |
|
|
9,199 |
|
|
|
7,831 |
|
|
|
9,100 |
|
|
|
6,712 |
|
|
|
8,500 |
|
| Non-interest expense |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Salaries and employee benefits |
|
|
15,119 |
|
|
|
13,588 |
|
|
|
12,769 |
|
|
|
12,722 |
|
|
|
14,053 |
|
|
Net occupancy and equipment |
|
|
2,967 |
|
|
|
2,475 |
|
|
|
2,327 |
|
|
|
2,368 |
|
|
|
2,206 |
|
|
Data processing |
|
|
3,867 |
|
|
|
3,257 |
|
|
|
3,474 |
|
|
|
2,663 |
|
|
|
2,748 |
|
|
Professional fees |
|
|
1,565 |
|
|
|
1,076 |
|
|
|
999 |
|
|
|
1,073 |
|
|
|
1,095 |
|
|
Advertising and business development |
|
|
1,129 |
|
|
|
760 |
|
|
|
799 |
|
|
|
682 |
|
|
|
801 |
|
|
Telecommunications |
|
|
435 |
|
|
|
439 |
|
|
|
512 |
|
|
|
580 |
|
|
|
510 |
|
|
FDIC insurance |
|
|
360 |
|
|
|
465 |
|
|
|
425 |
|
|
|
415 |
|
|
|
797 |
|
|
Courier and postage |
|
|
389 |
|
|
|
344 |
|
|
|
327 |
|
|
|
369 |
|
|
|
338 |
|
|
Free nationwide ATM cost |
|
|
515 |
|
|
|
519 |
|
|
|
513 |
|
|
|
472 |
|
|
|
423 |
|
|
Amortization of core deposit intangibles |
|
|
1,080 |
|
|
|
1,030 |
|
|
|
1,030 |
|
|
|
1,034 |
|
|
|
1,044 |
|
|
Loan expense |
|
|
308 |
|
|
|
207 |
|
|
|
181 |
|
|
|
238 |
|
|
|
161 |
|
|
Other real estate owned |
|
|
617 |
|
|
|
(342 |
) |
|
|
(468 |
) |
|
|
5 |
|
|
|
1,600 |
|
|
Loss on debt extinguishment |
|
|
— |
|
|
|
372 |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
Merger expenses |
|
|
4,562 |
|
|
|
4,015 |
|
|
|
460 |
|
|
|
152 |
|
|
|
299 |
|
|
Other |
|
|
5,176 |
|
|
|
2,484 |
|
|
|
2,458 |
|
|
|
2,108 |
|
|
|
2,385 |
|
|
Total non-interest expense |
|
|
38,089 |
|
|
|
30,689 |
|
|
|
25,806 |
|
|
|
24,881 |
|
|
|
28,460 |
|
| Income (loss) before income
tax |
|
|
10,450 |
|
|
|
15,059 |
|
|
|
19,581 |
|
|
|
19,346 |
|
|
|
14,599 |
|
| Provision for income taxes
(benefit) |
|
|
(16 |
) |
|
|
3,286 |
|
|
|
4,415 |
|
|
|
4,271 |
|
|
|
2,111 |
|
| Net income (loss) and net
income (loss) allocable to common stockholders |
|
$ |
10,466 |
|
|
$ |
11,773 |
|
|
$ |
15,166 |
|
|
$ |
15,075 |
|
|
$ |
12,488 |
|
| Basic earnings (loss) per
share |
|
$ |
0.62 |
|
|
$ |
0.82 |
|
|
$ |
1.06 |
|
|
$ |
1.04 |
|
|
$ |
0.85 |
|
| Diluted earnings (loss) per
share |
|
$ |
0.61 |
|
|
$ |
0.80 |
|
|
$ |
1.03 |
|
|
$ |
1.02 |
|
|
$ |
0.84 |
|
| Weighted average common
shares |
|
|
16,865,167 |
|
|
|
14,384,302 |
|
|
|
14,356,958 |
|
|
|
14,464,291 |
|
|
|
14,760,810 |
|
| Weighted average diluted common
shares |
|
|
17,141,174 |
|
|
|
14,669,312 |
|
|
|
14,674,838 |
|
|
|
14,734,083 |
|
|
|
14,934,058 |
|
TABLE 3. CONSOLIDATED BALANCE SHEETS
(Unaudited) (Dollars in thousands)
|
|
|
December 31,2021 |
|
|
September 30,2021 |
|
|
June 30,2021 |
|
|
March 31,2021 |
|
|
December 31,2020 |
|
|
ASSETS |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Cash and due from banks |
|
$ |
259,131 |
|
|
$ |
141,645 |
|
|
$ |
138,869 |
|
|
$ |
136,190 |
|
|
$ |
280,150 |
|
| Federal funds sold |
|
|
823 |
|
|
|
673 |
|
|
|
452 |
|
|
|
498 |
|
|
|
548 |
|
|
Cash and cash equivalents |
|
|
259,954 |
|
|
|
142,318 |
|
|
|
139,321 |
|
|
|
136,688 |
|
|
|
280,698 |
|
| Interest-bearing time deposits in
other banks |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
249 |
|
|
|
249 |
|
| Available-for-sale
securities |
|
|
1,327,442 |
|
|
|
1,157,423 |
|
|
|
1,041,613 |
|
|
|
998,100 |
|
|
|
871,827 |
|
| Loans held for sale |
|
|
4,214 |
|
|
|
4,108 |
|
|
|
6,183 |
|
|
|
8,609 |
|
|
|
12,394 |
|
| Loans, net of allowance for
credit losses(1) |
|
|
3,107,262 |
|
|
|
2,633,148 |
|
|
|
2,763,227 |
|
|
|
2,740,215 |
|
|
|
2,557,987 |
|
| Other real estate owned, net |
|
|
9,523 |
|
|
|
10,267 |
|
|
|
10,861 |
|
|
|
10,559 |
|
|
|
11,733 |
|
| Premises and equipment, net |
|
|
104,038 |
|
|
|
90,727 |
|
|
|
90,876 |
|
|
|
90,322 |
|
|
|
89,412 |
|
| Bank-owned life insurance |
|
|
120,787 |
|
|
|
103,431 |
|
|
|
103,321 |
|
|
|
102,645 |
|
|
|
77,044 |
|
| Federal Reserve Bank and Federal
Home Loan Bank stock |
|
|
17,510 |
|
|
|
14,540 |
|
|
|
18,454 |
|
|
|
15,174 |
|
|
|
16,415 |
|
| Interest receivable |
|
|
18,048 |
|
|
|
15,519 |
|
|
|
15,064 |
|
|
|
16,655 |
|
|
|
15,831 |
|
| Goodwill |
|
|
56,609 |
|
|
|
31,601 |
|
|
|
31,601 |
|
|
|
31,601 |
|
|
|
31,601 |
|
| Core deposit intangibles,
net |
|
|
14,879 |
|
|
|
12,963 |
|
|
|
13,993 |
|
|
|
15,023 |
|
|
|
16,057 |
|
| Other |
|
|
99,509 |
|
|
|
47,223 |
|
|
|
33,702 |
|
|
|
30,344 |
|
|
|
32,108 |
|
|
Total assets |
|
$ |
5,139,775 |
|
|
$ |
4,263,268 |
|
|
$ |
4,268,216 |
|
|
$ |
4,196,184 |
|
|
$ |
4,013,356 |
|
| LIABILITIES AND
STOCKHOLDERS’ EQUITY |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Deposits |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Demand |
|
$ |
1,244,117 |
|
|
$ |
984,436 |
|
|
$ |
992,565 |
|
|
$ |
972,364 |
|
|
$ |
791,639 |
|
|
Total non-interest-bearing deposits |
|
|
1,244,117 |
|
|
|
984,436 |
|
|
|
992,565 |
|
|
|
972,364 |
|
|
|
791,639 |
|
|
Savings, NOW and money market |
|
|
2,522,289 |
|
|
|
2,092,849 |
|
|
|
2,035,496 |
|
|
|
2,074,261 |
|
|
|
2,029,097 |
|
|
Time |
|
|
653,598 |
|
|
|
585,492 |
|
|
|
659,494 |
|
|
|
587,905 |
|
|
|
626,854 |
|
|
Total interest-bearing deposits |
|
|
3,175,887 |
|
|
|
2,678,341 |
|
|
|
2,694,990 |
|
|
|
2,662,166 |
|
|
|
2,655,951 |
|
|
Total deposits |
|
|
4,420,004 |
|
|
|
3,662,777 |
|
|
|
3,687,555 |
|
|
|
3,634,530 |
|
|
|
3,447,590 |
|
| Federal funds purchased and
retail repurchase agreements |
|
|
56,006 |
|
|
|
39,137 |
|
|
|
47,184 |
|
|
|
40,339 |
|
|
|
36,029 |
|
| Federal Home Loan Bank
advances |
|
|
— |
|
|
|
— |
|
|
|
9,208 |
|
|
|
9,926 |
|
|
|
10,144 |
|
| Subordinated debt |
|
|
95,885 |
|
|
|
88,030 |
|
|
|
87,908 |
|
|
|
87,788 |
|
|
|
87,684 |
|
| Contractual obligations |
|
|
17,692 |
|
|
|
18,771 |
|
|
|
4,469 |
|
|
|
4,856 |
|
|
|
5,189 |
|
| Interest payable and other
liabilities |
|
|
49,557 |
|
|
|
36,804 |
|
|
|
18,897 |
|
|
|
20,930 |
|
|
|
19,071 |
|
|
Total liabilities |
|
|
4,639,144 |
|
|
|
3,845,519 |
|
|
|
3,855,221 |
|
|
|
3,798,369 |
|
|
|
3,605,707 |
|
| Commitments and contingent
liabilities |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Stockholders’ equity |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Common stock |
|
|
203 |
|
|
|
178 |
|
|
|
176 |
|
|
|
175 |
|
|
|
174 |
|
|
Additional paid-in capital |
|
|
478,862 |
|
|
|
392,321 |
|
|
|
389,394 |
|
|
|
387,939 |
|
|
|
386,820 |
|
|
Retained earnings |
|
|
88,324 |
|
|
|
79,226 |
|
|
|
68,625 |
|
|
|
53,459 |
|
|
|
50,787 |
|
|
Accumulated other comprehensive income, net of tax |
|
|
1,776 |
|
|
|
9,475 |
|
|
|
13,450 |
|
|
|
12,019 |
|
|
|
19,781 |
|
|
Employee stock loans |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
(43 |
) |
|
Treasury stock |
|
|
(68,534 |
) |
|
|
(63,451 |
) |
|
|
(58,650 |
) |
|
|
(55,777 |
) |
|
|
(49,870 |
) |
|
Total stockholders’ equity |
|
|
500,631 |
|
|
|
417,749 |
|
|
|
412,995 |
|
|
|
397,815 |
|
|
|
407,649 |
|
|
Total liabilities and stockholders’ equity |
|
$ |
5,139,775 |
|
|
$ |
4,263,268 |
|
|
$ |
4,268,216 |
|
|
$ |
4,196,184 |
|
|
$ |
4,013,356 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| (1) Allowance for credit
losses |
|
$ |
48,365 |
|
|
$ |
52,763 |
|
|
$ |
51,834 |
|
|
$ |
55,525 |
|
|
$ |
33,709 |
|
TABLE 4. SELECTED FINANCIAL HIGHLIGHTS
(Unaudited)(Dollars in thousands, except per share data)
|
|
|
As of and for the three months ended |
|
|
|
|
December 31, |
|
|
September 30, |
|
|
June 30, |
|
|
March 31, |
|
|
December 31, |
|
|
|
|
2021 |
|
|
2021 |
|
|
2021 |
|
|
2021 |
|
|
2020 |
|
|
Loans Held For Investment by Type |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Commercial real estate |
|
$ |
1,486,148 |
|
|
$ |
1,308,707 |
|
|
$ |
1,261,214 |
|
|
$ |
1,218,537 |
|
|
$ |
1,188,696 |
|
|
Commercial and industrial |
|
|
567,497 |
|
|
|
569,513 |
|
|
|
732,126 |
|
|
|
820,736 |
|
|
|
734,495 |
|
|
Residential real estate |
|
|
638,087 |
|
|
|
490,633 |
|
|
|
503,110 |
|
|
|
438,503 |
|
|
|
381,958 |
|
|
Agricultural real estate |
|
|
198,330 |
|
|
|
138,793 |
|
|
|
129,020 |
|
|
|
134,944 |
|
|
|
133,693 |
|
|
Agricultural |
|
|
166,976 |
|
|
|
93,767 |
|
|
|
97,912 |
|
|
|
93,764 |
|
|
|
94,322 |
|
|
Consumer |
|
|
98,590 |
|
|
|
84,498 |
|
|
|
91,679 |
|
|
|
89,256 |
|
|
|
58,532 |
|
|
Total loans held-for-investment |
|
|
3,155,628 |
|
|
|
2,685,911 |
|
|
|
2,815,061 |
|
|
|
2,795,740 |
|
|
|
2,591,696 |
|
|
Allowance for credit losses |
|
|
(48,365 |
) |
|
|
(52,763 |
) |
|
|
(51,834 |
) |
|
|
(55,525 |
) |
|
|
(33,709 |
) |
|
Net loans held for investment |
|
$ |
3,107,263 |
|
|
$ |
2,633,148 |
|
|
$ |
2,763,227 |
|
|
$ |
2,740,215 |
|
|
$ |
2,557,987 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Asset Quality
Ratios |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Allowance for credit losses on loans to total loans |
|
|
1.53 |
% |
|
|
1.96 |
% |
|
|
1.84 |
% |
|
|
1.99 |
% |
|
|
1.30 |
% |
|
Past due or nonaccrual loans to total loans |
|
|
1.18 |
% |
|
|
2.78 |
% |
|
|
2.09 |
% |
|
|
2.30 |
% |
|
|
1.99 |
% |
|
Nonperforming assets to total assets |
|
|
1.28 |
% |
|
|
1.74 |
% |
|
|
1.56 |
% |
|
|
1.67 |
% |
|
|
1.36 |
% |
|
Nonperforming assets to total loans plus other real estate
owned |
|
|
2.09 |
% |
|
|
2.76 |
% |
|
|
2.36 |
% |
|
|
2.50 |
% |
|
|
2.10 |
% |
|
Classified assets to bank total regulatory capital |
|
|
25.35 |
% |
|
|
24.25 |
% |
|
|
23.20 |
% |
|
|
26.45 |
% |
|
|
25.50 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Selected Average Balance
Sheet Data (QTD Average) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Investment securities |
|
$ |
1,330,267 |
|
|
$ |
1,061,178 |
|
|
$ |
986,986 |
|
|
$ |
947,453 |
|
|
$ |
814,114 |
|
|
Total gross loans receivable |
|
|
3,181,281 |
|
|
|
2,748,202 |
|
|
|
2,853,145 |
|
|
|
2,736,918 |
|
|
|
2,692,223 |
|
|
Interest-earning assets |
|
|
4,713,819 |
|
|
|
4,005,509 |
|
|
|
3,964,633 |
|
|
|
3,891,140 |
|
|
|
3,647,730 |
|
|
Total assets |
|
|
5,068,301 |
|
|
|
4,275,298 |
|
|
|
4,231,439 |
|
|
|
4,143,752 |
|
|
|
3,910,628 |
|
|
Interest-bearing deposits |
|
|
3,101,657 |
|
|
|
2,702,040 |
|
|
|
2,656,052 |
|
|
|
2,690,159 |
|
|
|
2,551,219 |
|
|
Borrowings |
|
|
165,941 |
|
|
|
132,581 |
|
|
|
171,658 |
|
|
|
139,360 |
|
|
|
172,730 |
|
|
Total interest-bearing liabilities |
|
|
3,267,598 |
|
|
|
2,834,621 |
|
|
|
2,827,710 |
|
|
|
2,829,519 |
|
|
|
2,723,949 |
|
|
Total deposits |
|
|
4,342,732 |
|
|
|
3,686,169 |
|
|
|
3,624,950 |
|
|
|
3,577,625 |
|
|
|
2,960,791 |
|
|
Total liabilities |
|
|
4,507,113 |
|
|
|
3,852,419 |
|
|
|
3,827,400 |
|
|
|
3,748,114 |
|
|
|
3,501,056 |
|
|
Total stockholders' equity |
|
|
563,023 |
|
|
|
422,879 |
|
|
|
404,039 |
|
|
|
395,638 |
|
|
|
409,572 |
|
|
Tangible common equity* |
|
|
501,814 |
|
|
|
376,544 |
|
|
|
356,705 |
|
|
|
347,262 |
|
|
|
355,025 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Performance
ratios |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Return on average assets (ROAA) annualized |
|
|
0.82 |
% |
|
|
1.09 |
% |
|
|
1.44 |
% |
|
|
1.48 |
% |
|
|
1.27 |
% |
|
Return on average assets before income tax, provision for loan
losses and goodwill impairment* |
|
|
0.65 |
% |
|
|
1.50 |
% |
|
|
1.70 |
% |
|
|
1.33 |
% |
|
|
1.59 |
% |
|
Return on average equity (ROAE) annualized |
|
|
7.37 |
% |
|
|
11.05 |
% |
|
|
15.06 |
% |
|
|
15.45 |
% |
|
|
12.13 |
% |
|
Return on average equity before income tax, provision for loan
losses and goodwill impairment* |
|
|
5.87 |
% |
|
|
15.12 |
% |
|
|
17.79 |
% |
|
|
13.93 |
% |
|
|
15.15 |
% |
|
Return on average tangible common equity (ROATCE) annualized* |
|
|
8.97 |
% |
|
|
13.27 |
% |
|
|
17.98 |
% |
|
|
18.57 |
% |
|
|
14.93 |
% |
|
Return on average tangible common equity adjusted for goodwill
impairment* |
|
|
8.97 |
% |
|
|
13.27 |
% |
|
|
17.98 |
% |
|
|
18.57 |
% |
|
|
14.93 |
% |
|
Yield on loans annualized |
|
|
4.36 |
% |
|
|
5.43 |
% |
|
|
4.75 |
% |
|
|
4.59 |
% |
|
|
5.23 |
% |
|
Cost of interest-bearing deposits annualized |
|
|
0.25 |
% |
|
|
0.28 |
% |
|
|
0.31 |
% |
|
|
0.36 |
% |
|
|
0.43 |
% |
|
Cost of total deposits annualized |
|
|
0.18 |
% |
|
|
0.20 |
% |
|
|
0.22 |
% |
|
|
0.27 |
% |
|
|
0.37 |
% |
|
Net interest margin annualized |
|
|
3.13 |
% |
|
|
3.86 |
% |
|
|
3.50 |
% |
|
|
3.31 |
% |
|
|
3.88 |
% |
|
Efficiency ratio* |
|
|
72.25 |
% |
|
|
56.65 |
% |
|
|
58.85 |
% |
|
|
64.18 |
% |
|
|
67.19 |
% |
|
Non-interest income / average assets |
|
|
0.72 |
% |
|
|
0.73 |
% |
|
|
0.86 |
% |
|
|
0.66 |
% |
|
|
0.86 |
% |
|
Non-interest expense / average assets |
|
|
2.98 |
% |
|
|
2.85 |
% |
|
|
2.45 |
% |
|
|
2.44 |
% |
|
|
2.90 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Capital
Ratios |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Tier 1 Leverage Ratio |
|
|
9.05 |
% |
|
|
9.02 |
% |
|
|
8.88 |
% |
|
|
8.73 |
% |
|
|
9.30 |
% |
|
Common Equity Tier 1 Capital Ratio |
|
|
12.00 |
% |
|
|
12.39 |
% |
|
|
12.41 |
% |
|
|
12.53 |
% |
|
|
12.82 |
% |
|
Tier 1 Risk Based Capital Ratio |
|
|
12.65 |
% |
|
|
12.90 |
% |
|
|
12.93 |
% |
|
|
13.08 |
% |
|
|
13.37 |
% |
|
Total Risk Based Capital Ratio |
|
|
15.94 |
% |
|
|
16.63 |
% |
|
|
16.74 |
% |
|
|
17.02 |
% |
|
|
17.35 |
% |
|
Total stockholders' equity to total assets |
|
|
9.74 |
% |
|
|
9.80 |
% |
|
|
9.68 |
% |
|
|
9.48 |
% |
|
|
10.16 |
% |
|
Tangible common equity to tangible assets* |
|
|
8.44 |
% |
|
|
8.82 |
% |
|
|
8.68 |
% |
|
|
8.44 |
% |
|
|
9.05 |
% |
|
Book value per common share |
|
$ |
29.84 |
|
|
$ |
29.08 |
|
|
$ |
28.76 |
|
|
$ |
27.66 |
|
|
$ |
28.04 |
|
|
Tangible book value per common share* |
|
$ |
25.49 |
|
|
$ |
25.90 |
|
|
$ |
25.51 |
|
|
$ |
24.34 |
|
|
$ |
24.68 |
|
|
Tangible book value per diluted common share* |
|
$ |
25.09 |
|
|
$ |
25.42 |
|
|
$ |
24.98 |
|
|
$ |
23.87 |
|
|
$ |
24.32 |
|
* The value noted is considered a Non-GAAP financial measure.
For a reconciliation of Non-GAAP financial measures, see Table 8.
Non-GAAP Financial MeasuresTABLE 5. YEAR-TO-DATE NET
INTEREST INCOME ANALYSIS (Unaudited)(Dollars in
thousands)
| |
For the year ended |
|
|
For the year ended |
|
| |
December 31, 2021 |
|
|
December 31, 2020 |
|
| |
Average Outstanding Balance |
|
|
Interest Income/ Expense |
|
|
AverageYield/Rate(3)(4) |
|
|
Average Outstanding Balance |
|
|
Interest Income/ Expense |
|
|
AverageYield/Rate(3)(4) |
|
|
Interest-earning assets |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Loans (1) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Commercial and industrial |
$ |
714,561 |
|
|
$ |
41,580 |
|
|
|
5.82 |
% |
|
$ |
763,971 |
|
|
$ |
35,601 |
|
|
|
4.66 |
% |
|
Commercial real estate |
|
1,040,443 |
|
|
|
48,676 |
|
|
|
4.68 |
% |
|
|
952,083 |
|
|
|
50,667 |
|
|
|
5.32 |
% |
|
Real estate construction |
|
277,307 |
|
|
|
10,256 |
|
|
|
3.70 |
% |
|
|
238,015 |
|
|
|
10,947 |
|
|
|
4.60 |
% |
|
Residential real estate |
|
498,164 |
|
|
|
19,341 |
|
|
|
3.88 |
% |
|
|
449,789 |
|
|
|
19,894 |
|
|
|
4.42 |
% |
|
Agricultural real estate |
|
153,607 |
|
|
|
8,122 |
|
|
|
5.29 |
% |
|
|
133,813 |
|
|
|
8,008 |
|
|
|
5.98 |
% |
|
Agricultural |
|
108,276 |
|
|
|
5,361 |
|
|
|
4.95 |
% |
|
|
88,206 |
|
|
|
4,944 |
|
|
|
5.61 |
% |
|
Consumer |
|
88,383 |
|
|
|
3,998 |
|
|
|
4.52 |
% |
|
|
70,064 |
|
|
|
4,603 |
|
|
|
6.57 |
% |
|
Total loans |
|
2,880,741 |
|
|
|
137,334 |
|
|
|
4.77 |
% |
|
|
2,695,941 |
|
|
|
134,664 |
|
|
|
5.00 |
% |
|
Securities |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Taxable securities |
|
976,942 |
|
|
|
15,996 |
|
|
|
1.64 |
% |
|
|
727,452 |
|
|
|
15,521 |
|
|
|
2.13 |
% |
|
Nontaxable securities |
|
105,522 |
|
|
|
2,843 |
|
|
|
2.69 |
% |
|
|
122,783 |
|
|
|
3,682 |
|
|
|
3.00 |
% |
|
Total securities |
|
1,082,464 |
|
|
|
18,839 |
|
|
|
1.74 |
% |
|
|
850,235 |
|
|
|
19,203 |
|
|
|
2.26 |
% |
|
Federal funds sold and other |
|
182,443 |
|
|
|
1,195 |
|
|
|
0.65 |
% |
|
|
112,053 |
|
|
|
1,694 |
|
|
|
1.51 |
% |
|
Total interest-earning assets |
$ |
4,145,648 |
|
|
|
157,368 |
|
|
|
3.80 |
% |
|
$ |
3,658,229 |
|
|
|
155,561 |
|
|
|
4.25 |
% |
| Interest-bearing
liabilities |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Savings, NOW and money market deposits |
$ |
2,162,807 |
|
|
|
3,705 |
|
|
|
0.17 |
% |
|
$ |
1,795,108 |
|
|
|
5,893 |
|
|
|
0.33 |
% |
|
Time deposits |
|
625,562 |
|
|
|
4,550 |
|
|
|
0.73 |
% |
|
|
704,921 |
|
|
|
10,689 |
|
|
|
1.52 |
% |
|
Total interest-bearing deposits |
|
2,788,369 |
|
|
|
8,255 |
|
|
|
0.30 |
% |
|
|
2,500,029 |
|
|
|
16,582 |
|
|
|
0.66 |
% |
|
FHLB advances |
|
16,797 |
|
|
|
169 |
|
|
|
1.01 |
% |
|
|
213,155 |
|
|
|
2,292 |
|
|
|
1.08 |
% |
|
Other borrowings |
|
135,607 |
|
|
|
6,365 |
|
|
|
4.69 |
% |
|
|
109,064 |
|
|
|
4,035 |
|
|
|
3.70 |
% |
|
Total interest-bearing liabilities |
$ |
2,940,773 |
|
|
|
14,789 |
|
|
|
0.50 |
% |
|
$ |
2,822,248 |
|
|
|
22,909 |
|
|
|
0.81 |
% |
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Net interest income |
|
|
|
|
$ |
142,579 |
|
|
|
|
|
|
|
|
|
|
$ |
132,652 |
|
|
|
|
|
| Interest rate spread |
|
|
|
|
|
|
|
|
|
3.30 |
% |
|
|
|
|
|
|
|
|
|
|
3.44 |
% |
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Net interest margin (2) |
|
|
|
|
|
|
|
|
|
3.44 |
% |
|
|
|
|
|
|
|
|
|
|
3.63 |
% |
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| (1) Average loan
balances include nonaccrual loans. |
|
| (2) Net interest
margin is calculated by dividing annualized net interest income by
average interest-earning assets for the period. |
|
| (3) Tax exempt
income is not included in the above table on a tax-equivalent
basis. |
|
| (4) Actual
unrounded values are used to calculate the reported yield or rate
disclosed. Accordingly, recalculations using the amounts in
thousands as disclosed in this report may not produce the same
amounts. |
|
TABLE 6. QUARTER-TO-DATE NET INTEREST INCOME
ANALYSIS (Unaudited)(Dollars in thousands)
| |
For the three months ended |
|
|
For the three months ended |
|
| |
December 31, 2021 |
|
|
December 31, 2020 |
|
| |
Average Outstanding Balance |
|
|
Interest Income/ Expense |
|
|
AverageYield/Rate(3)(4) |
|
|
Average Outstanding Balance |
|
|
Interest Income/ Expense |
|
|
AverageYield/Rate(3)(4) |
|
|
Interest-earning assets |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Loans (1) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Commercial and industrial |
$ |
601,103 |
|
|
$ |
6,971 |
|
|
|
4.60 |
% |
|
$ |
782,433 |
|
|
$ |
10,943 |
|
|
|
5.56 |
% |
|
Commercial real estate |
|
1,187,747 |
|
|
|
13,732 |
|
|
|
4.59 |
% |
|
|
980,686 |
|
|
|
12,647 |
|
|
|
5.13 |
% |
|
Real estate construction |
|
315,774 |
|
|
|
3,062 |
|
|
|
3.85 |
% |
|
|
216,714 |
|
|
|
2,301 |
|
|
|
4.22 |
% |
|
Residential real estate |
|
618,057 |
|
|
|
5,174 |
|
|
|
3.32 |
% |
|
|
406,450 |
|
|
|
5,005 |
|
|
|
4.90 |
% |
|
Agricultural real estate |
|
206,462 |
|
|
|
2,919 |
|
|
|
5.61 |
% |
|
|
135,337 |
|
|
|
2,244 |
|
|
|
6.60 |
% |
|
Agricultural |
|
151,589 |
|
|
|
1,929 |
|
|
|
5.05 |
% |
|
|
92,173 |
|
|
|
1,163 |
|
|
|
5.02 |
% |
|
Consumer |
|
100,547 |
|
|
|
1,155 |
|
|
|
4.56 |
% |
|
|
78,430 |
|
|
|
1,080 |
|
|
|
5.48 |
% |
|
Total loans |
|
3,181,279 |
|
|
|
34,942 |
|
|
|
4.36 |
% |
|
|
2,692,223 |
|
|
|
35,383 |
|
|
|
5.23 |
% |
|
Securities |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Taxable securities |
|
1,209,826 |
|
|
|
4,754 |
|
|
|
1.56 |
% |
|
|
698,985 |
|
|
|
3,408 |
|
|
|
1.94 |
% |
|
Nontaxable securities |
|
120,441 |
|
|
|
747 |
|
|
|
2.46 |
% |
|
|
115,129 |
|
|
|
913 |
|
|
|
3.15 |
% |
|
Total securities |
|
1,330,267 |
|
|
|
5,501 |
|
|
|
1.64 |
% |
|
|
814,114 |
|
|
|
4,321 |
|
|
|
2.11 |
% |
|
Federal funds sold and other |
|
202,271 |
|
|
|
348 |
|
|
|
0.68 |
% |
|
|
141,393 |
|
|
|
285 |
|
|
|
0.80 |
% |
|
Total interest-earning assets |
$ |
4,713,817 |
|
|
|
40,791 |
|
|
|
3.43 |
% |
|
$ |
3,647,730 |
|
|
|
39,989 |
|
|
|
4.36 |
% |
| Interest-bearing
liabilities |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Savings, NOW and money market deposits |
$ |
2,418,492 |
|
|
|
978 |
|
|
|
0.16 |
% |
|
$ |
1,915,280 |
|
|
|
970 |
|
|
|
0.20 |
% |
|
Time deposits |
|
683,165 |
|
|
|
962 |
|
|
|
0.56 |
% |
|
|
635,939 |
|
|
|
1,785 |
|
|
|
1.12 |
% |
|
Total interest-bearing deposits |
|
3,101,657 |
|
|
|
1,940 |
|
|
|
0.25 |
% |
|
|
2,551,219 |
|
|
|
2,755 |
|
|
|
0.43 |
% |
|
FHLB advances |
|
18,197 |
|
|
|
15 |
|
|
|
0.32 |
% |
|
|
39,245 |
|
|
|
94 |
|
|
|
0.95 |
% |
|
Other borrowings |
|
147,744 |
|
|
|
1,624 |
|
|
|
4.36 |
% |
|
|
133,485 |
|
|
|
1,581 |
|
|
|
4.71 |
% |
|
Total interest-bearing liabilities |
$ |
3,267,598 |
|
|
|
3,579 |
|
|
|
0.43 |
% |
|
$ |
2,723,949 |
|
|
|
4,430 |
|
|
|
0.65 |
% |
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Net interest income |
|
|
|
|
$ |
37,212 |
|
|
|
|
|
|
|
|
|
|
$ |
35,559 |
|
|
|
|
|
| Interest rate spread |
|
|
|
|
|
|
|
|
|
3.00 |
% |
|
|
|
|
|
|
|
|
|
|
3.71 |
% |
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Net interest margin (2) |
|
|
|
|
|
|
|
|
|
3.13 |
% |
|
|
|
|
|
|
|
|
|
|
3.88 |
% |
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| (1) Average loan
balances include nonaccrual loans. |
|
| (2) Net interest
margin is calculated by dividing annualized net interest income by
average interest-earning assets for the period. |
|
| (3) Tax exempt
income is not included in the above table on a tax-equivalent
basis. |
|
TABLE 7. QUARTER-OVER-QUARTER NET INTEREST INCOME
ANALYSIS (Unaudited)(Dollars in thousands)
| |
For the three months ended |
|
|
For the three months ended |
|
| |
December 31, 2021 |
|
|
September 30, 2021 |
|
| |
Average Outstanding Balance |
|
|
Interest Income/ Expense |
|
|
AverageYield/Rate(3)(4) |
|
|
Average Outstanding Balance |
|
|
Interest Income/ Expense |
|
|
AverageYield/Rate(3)(4) |
|
|
Interest-earning assets |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Loans (1) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Commercial and industrial |
$ |
601,103 |
|
|
$ |
6,971 |
|
|
|
4.60 |
% |
|
$ |
630,622 |
|
|
$ |
13,646 |
|
|
|
8.59 |
% |
|
Commercial real estate |
|
1,187,747 |
|
|
|
13,732 |
|
|
|
4.59 |
% |
|
|
1,009,141 |
|
|
|
12,072 |
|
|
|
4.75 |
% |
|
Real estate construction |
|
315,774 |
|
|
|
3,062 |
|
|
|
3.85 |
% |
|
|
283,106 |
|
|
|
2,664 |
|
|
|
3.73 |
% |
|
Residential real estate |
|
618,057 |
|
|
|
5,174 |
|
|
|
3.32 |
% |
|
|
512,135 |
|
|
|
5,073 |
|
|
|
3.93 |
% |
|
Agricultural real estate |
|
206,462 |
|
|
|
2,919 |
|
|
|
5.61 |
% |
|
|
134,673 |
|
|
|
1,819 |
|
|
|
5.36 |
% |
|
Agricultural |
|
151,589 |
|
|
|
1,929 |
|
|
|
5.05 |
% |
|
|
91,878 |
|
|
|
1,370 |
|
|
|
5.92 |
% |
|
Consumer |
|
100,547 |
|
|
|
1,155 |
|
|
|
4.56 |
% |
|
|
86,647 |
|
|
|
937 |
|
|
|
4.29 |
% |
|
Total loans |
|
3,181,279 |
|
|
|
34,942 |
|
|
|
4.36 |
% |
|
|
2,748,202 |
|
|
|
37,581 |
|
|
|
5.43 |
% |
|
Securities |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Taxable securities |
|
1,209,826 |
|
|
|
4,754 |
|
|
|
1.56 |
% |
|
|
966,651 |
|
|
|
3,920 |
|
|
|
1.61 |
% |
|
Nontaxable securities |
|
120,441 |
|
|
|
747 |
|
|
|
2.46 |
% |
|
|
94,527 |
|
|
|
655 |
|
|
|
2.75 |
% |
|
Total securities |
|
1,330,267 |
|
|
|
5,501 |
|
|
|
1.64 |
% |
|
|
1,061,178 |
|
|
|
4,575 |
|
|
|
1.71 |
% |
|
Federal funds sold and other |
|
202,271 |
|
|
|
348 |
|
|
|
0.68 |
% |
|
|
196,129 |
|
|
|
290 |
|
|
|
0.59 |
% |
|
Total interest-earning assets |
$ |
4,713,817 |
|
|
|
40,791 |
|
|
|
3.43 |
% |
|
$ |
4,005,509 |
|
|
|
42,446 |
|
|
|
4.20 |
% |
| Interest-bearing
liabilities |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Savings, NOW and money market deposits |
$ |
2,418,492 |
|
|
|
978 |
|
|
|
0.16 |
% |
|
$ |
2,082,515 |
|
|
|
862 |
|
|
|
0.16 |
% |
|
Time deposits |
|
683,165 |
|
|
|
962 |
|
|
|
0.56 |
% |
|
|
619,525 |
|
|
|
1,019 |
|
|
|
0.65 |
% |
|
Total interest-bearing deposits |
|
3,101,657 |
|
|
|
1,940 |
|
|
|
0.25 |
% |
|
|
2,702,040 |
|
|
|
1,881 |
|
|
|
0.28 |
% |
|
FHLB advances |
|
18,197 |
|
|
|
15 |
|
|
|
0.32 |
% |
|
|
1,401 |
|
|
|
10 |
|
|
|
2.78 |
% |
|
Other borrowings |
|
147,744 |
|
|
|
1,624 |
|
|
|
4.36 |
% |
|
|
131,180 |
|
|
|
1,580 |
|
|
|
4.78 |
% |
|
Total interest-bearing liabilities |
$ |
3,267,598 |
|
|
|
3,579 |
|
|
|
0.43 |
% |
|
$ |
2,834,621 |
|
|
|
3,471 |
|
|
|
0.49 |
% |
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Net interest income |
|
|
|
|
$ |
37,212 |
|
|
|
|
|
|
|
|
|
|
$ |
38,975 |
|
|
|
|
|
| Interest rate spread |
|
|
|
|
|
|
|
|
|
3.00 |
% |
|
|
|
|
|
|
|
|
|
|
3.71 |
% |
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Net interest margin (2) |
|
|
|
|
|
|
|
|
|
3.13 |
% |
|
|
|
|
|
|
|
|
|
|
3.86 |
% |
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| (1) Average loan
balances include nonaccrual loans. |
|
| (2) Net interest
margin is calculated by dividing annualized net interest income by
average interest-earning assets for the period. |
|
| (3) Tax exempt
income is not included in the above table on a tax-equivalent
basis. |
|
TABLE 8. NON-GAAP FINANCIAL MEASURES
(Unaudited)
|
|
|
As of and for the three months ended |
|
|
|
|
December 31, |
|
|
September 30, |
|
|
June 30, |
|
|
March 31, |
|
|
December 31, |
|
|
|
|
2021 |
|
|
2021 |
|
|
2021 |
|
|
2021 |
|
|
2020 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Total stockholders' equity |
|
$ |
500,631 |
|
|
$ |
417,749 |
|
|
$ |
412,995 |
|
|
$ |
397,815 |
|
|
$ |
407,649 |
|
| Less: goodwill |
|
|
56,609 |
|
|
|
31,601 |
|
|
|
31,601 |
|
|
|
31,601 |
|
|
|
31,601 |
|
| Less: core deposit intangibles,
net |
|
|
14,879 |
|
|
|
12,963 |
|
|
|
13,993 |
|
|
|
15,023 |
|
|
|
16,057 |
|
| Less: mortgage servicing asset,
net |
|
|
276 |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
| Less: naming rights, net |
|
|
1,087 |
|
|
|
1,098 |
|
|
|
1,109 |
|
|
|
1,119 |
|
|
|
1,130 |
|
|
Tangible common equity |
|
$ |
427,780 |
|
|
$ |
372,087 |
|
|
$ |
366,292 |
|
|
$ |
350,072 |
|
|
$ |
358,861 |
|
| Common shares issued at period
end |
|
|
16,779,029 |
|
|
|
14,365,785 |
|
|
|
14,360,172 |
|
|
|
14,383,913 |
|
|
|
14,540,556 |
|
| Diluted common shares outstanding
at period end |
|
|
17,050,115 |
|
|
|
14,637,306 |
|
|
|
14,664,603 |
|
|
|
14,668,287 |
|
|
|
14,756,378 |
|
|
Book value per common share |
|
$ |
29.84 |
|
|
$ |
29.08 |
|
|
$ |
28.76 |
|
|
$ |
27.66 |
|
|
$ |
28.04 |
|
|
Tangible book value per common share |
|
$ |
25.49 |
|
|
$ |
25.90 |
|
|
$ |
25.51 |
|
|
$ |
24.34 |
|
|
$ |
24.68 |
|
|
Tangible book value per diluted common share |
|
$ |
25.09 |
|
|
$ |
25.42 |
|
|
$ |
24.98 |
|
|
$ |
23.87 |
|
|
$ |
24.32 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Total assets |
|
$ |
5,139,775 |
|
|
$ |
4,263,268 |
|
|
$ |
4,268,216 |
|
|
$ |
4,196,184 |
|
|
$ |
4,013,356 |
|
| Less: goodwill |
|
|
56,609 |
|
|
|
31,601 |
|
|
|
31,601 |
|
|
|
31,601 |
|
|
|
31,601 |
|
| Less: core deposit intangibles,
net |
|
|
14,879 |
|
|
|
12,963 |
|
|
|
13,993 |
|
|
|
15,023 |
|
|
|
16,057 |
|
| Less: mortgage servicing asset,
net |
|
|
276 |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
| Less: naming rights, net |
|
|
1,087 |
|
|
|
1,098 |
|
|
|
1,109 |
|
|
|
1,119 |
|
|
|
1,130 |
|
|
Tangible assets |
|
$ |
5,066,924 |
|
|
$ |
4,217,606 |
|
|
$ |
4,221,513 |
|
|
$ |
4,148,441 |
|
|
$ |
3,964,568 |
|
|
Total stockholders' equity to total assets |
|
|
9.74 |
% |
|
|
9.80 |
% |
|
|
9.68 |
% |
|
|
9.48 |
% |
|
|
10.16 |
% |
|
Tangible common equity to tangible assets |
|
|
8.44 |
% |
|
|
8.82 |
% |
|
|
8.68 |
% |
|
|
8.44 |
% |
|
|
9.05 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Total average stockholders'
equity |
|
$ |
563,023 |
|
|
$ |
422,879 |
|
|
$ |
404,039 |
|
|
$ |
395,638 |
|
|
$ |
409,572 |
|
| Less: average intangible
assets |
|
|
61,209 |
|
|
|
46,335 |
|
|
|
47,334 |
|
|
|
48,376 |
|
|
|
54,547 |
|
|
Average tangible common equity |
|
$ |
501,814 |
|
|
$ |
376,544 |
|
|
$ |
356,705 |
|
|
$ |
347,262 |
|
|
$ |
355,025 |
|
| Net income (loss) allocable to
common stockholders |
|
$ |
10,466 |
|
|
$ |
11,773 |
|
|
$ |
15,166 |
|
|
$ |
15,075 |
|
|
$ |
12,488 |
|
| Amortization of intangible
assets |
|
|
1,116 |
|
|
|
1,040 |
|
|
|
1,041 |
|
|
|
1,045 |
|
|
|
1,055 |
|
| Less: tax effect of intangible
assets amortization |
|
|
234 |
|
|
|
218 |
|
|
|
219 |
|
|
|
219 |
|
|
|
222 |
|
|
Adjusted net income (loss) allocable to common
stockholders |
|
$ |
11,348 |
|
|
$ |
12,595 |
|
|
$ |
15,988 |
|
|
$ |
15,901 |
|
|
$ |
13,321 |
|
|
Return on total average stockholders' equity
(ROAE) annualized |
|
|
7.37 |
% |
|
|
11.05 |
% |
|
|
15.06 |
% |
|
|
15.45 |
% |
|
|
12.13 |
% |
|
Return on average tangible common equity
(ROATCE) annualized |
|
|
8.97 |
% |
|
|
13.27 |
% |
|
|
17.98 |
% |
|
|
18.57 |
% |
|
|
14.93 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Non-interest expense |
|
$ |
38,089 |
|
|
$ |
30,689 |
|
|
$ |
25,806 |
|
|
$ |
24,881 |
|
|
$ |
28,460 |
|
| Less: merger expense |
|
|
4,562 |
|
|
|
4,015 |
|
|
|
460 |
|
|
|
152 |
|
|
|
299 |
|
| Non-interest expense, excluding
merger expense and loss on debt extinguishment |
|
$ |
33,527 |
|
|
$ |
26,674 |
|
|
$ |
25,346 |
|
|
$ |
24,729 |
|
|
$ |
28,161 |
|
| Net interest income |
|
$ |
37,215 |
|
|
$ |
38,975 |
|
|
$ |
34,630 |
|
|
$ |
31,759 |
|
|
$ |
35,559 |
|
| Non-interest income |
|
|
9,199 |
|
|
|
7,831 |
|
|
|
9,100 |
|
|
|
6,712 |
|
|
|
8,500 |
|
| Less: net gain on
acquisition |
|
|
— |
|
|
|
— |
|
|
|
663 |
|
|
|
(78 |
) |
|
|
2,145 |
|
| Less: net gains (losses) from
securities transactions |
|
|
8 |
|
|
|
381 |
|
|
|
— |
|
|
|
17 |
|
|
|
(1 |
) |
| Non-interest income, excluding
gains (losses) from securities transactions |
|
$ |
9,191 |
|
|
$ |
7,450 |
|
|
$ |
8,437 |
|
|
$ |
6,773 |
|
|
$ |
6,356 |
|
|
Net interest income plus non-interest income,
excluding net gain on acquisition and net gains
(losses) from securities transactions |
|
$ |
46,406 |
|
|
$ |
46,425 |
|
|
$ |
43,067 |
|
|
$ |
38,532 |
|
|
$ |
41,915 |
|
|
Non-interest expense to net interest
income plus non-interest income |
|
|
82.06 |
% |
|
|
65.57 |
% |
|
|
59.01 |
% |
|
|
64.67 |
% |
|
|
64.60 |
% |
|
Efficiency ratio |
|
|
72.25 |
% |
|
|
57.46 |
% |
|
|
58.85 |
% |
|
|
64.18 |
% |
|
|
67.19 |
% |
| Net income (loss) allocable to
common stockholders |
|
$ |
10,466 |
|
|
$ |
11,773 |
|
|
$ |
15,166 |
|
|
$ |
15,075 |
|
|
$ |
12,488 |
|
| Add: income tax provision |
|
|
(16 |
) |
|
|
3,286 |
|
|
|
4,415 |
|
|
|
4,271 |
|
|
|
2,111 |
|
| Add: provision (reversal) of
credit losses |
|
|
(2,125 |
) |
|
|
1,058 |
|
|
|
(1,657 |
) |
|
|
(5,756 |
) |
|
|
1,000 |
|
|
Adjusted net income |
|
$ |
8,325 |
|
|
$ |
16,117 |
|
|
$ |
17,924 |
|
|
$ |
13,590 |
|
|
$ |
15,599 |
|
| Total average assets |
|
$ |
5,068,301 |
|
|
$ |
4,275,298 |
|
|
$ |
4,231,439 |
|
|
$ |
4,143,752 |
|
|
$ |
3,910,628 |
|
| Total average stockholders'
equity |
|
$ |
563,023 |
|
|
$ |
422,879 |
|
|
$ |
404,039 |
|
|
$ |
395,638 |
|
|
$ |
409,572 |
|
|
Return on average assets (ROAA) annualized |
|
|
0.82 |
% |
|
|
1.09 |
% |
|
|
1.44 |
% |
|
|
1.48 |
% |
|
|
1.27 |
% |
|
Adjusted return on average assets |
|
|
0.65 |
% |
|
|
1.50 |
% |
|
|
1.70 |
% |
|
|
1.33 |
% |
|
|
1.59 |
% |
|
Adjusted return on average equity |
|
|
5.87 |
% |
|
|
15.12 |
% |
|
|
17.79 |
% |
|
|
13.93 |
% |
|
|
15.15 |
% |
Equity Bancshares (NASDAQ:EQBK)
Historical Stock Chart
From Jun 2024 to Jul 2024
Equity Bancshares (NASDAQ:EQBK)
Historical Stock Chart
From Jul 2023 to Jul 2024
