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| 8-K - FORM 8-K - SOUTHERN COMMUNITY FINANCIAL CORP | v237534_8k.htm |
Southern Community Financial Reports
Third Quarter Profit
Winston-Salem, NC – (PR Newswire) 10/20/2011 – Southern Community Financial Corporation (NASDAQ: SCMF) (NASDAQ: SCMFO), announced today that it earned $138 thousand in the third quarter of 2011, equating to $0.01 per common share. This is its second consecutive quarterly profit since the onset of the financial crisis in fourth quarter of 2008.
The Company’s third quarter results compare to a net income available to common shareholders of $511 thousand for the second quarter of 2011 and a net loss available to common shareholders of $8.6 million a year ago. Net income per diluted share of $0.01 in the third quarter improved significantly from a net loss per diluted share of $0.51 for the third quarter 2010. Net income available to common shareholders in the second quarter 2011 was $0.03 per diluted share.
Most credit issues have stabilized through the first nine months of 2011, with only a slight increase in nonperforming loans from the second quarter. Of particular note, says bank management, are the marked improvements and positive trends in asset quality they have seen since September 30, 2010.
Chairman and CEO F. Scott Bauer credits the employees and management team for Southern Community Bank’s ability to navigate through a difficult financial crisis and recession while continuing to make progress in a still tentative and uncertain economic climate.
“While the last three years have been challenging, the positive trends we are experiencing now are reflective of the hard work and dedication of our employees,” said Chairman and CEO F. Scott Bauer. “Our core business has remained strong. Today, local deposits represent more than 70% of our funding, the highest since Southern Community started fifteen years ago. We sincerely thank our customers and shareholders for their support.”
While making significant inroads in eliminating problem loans from its balance sheet, management has seen its capital – the measure of a company’s strength – jump to $98.3 million from $92.3 million in nine months, while exceeding all required regulatory capital levels. Demand deposits – the measure of customer confidence in the bank – increased by $10.1 million, or 8%.
“Our reputation for providing excellent service has never diminished. We will have substantial opportunity for growth in the future driven by industry consolidation and changes in our competition,” Bauer said. “Our Board and management team will continue to work through this tough economic environment and prepare for the opportunities ahead.”
Financial Highlights:
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Net income available to common shareholders of $138 thousand, or $0.01 per diluted share, for third quarter 2011;
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Year-to-date net income available to common shareholders of $161 thousand, or $0.01 per diluted share;
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Provision for loan losses of $4.0 million increased $250 thousand compared to second quarter of 2011;
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Year-to-date provision for loan losses of $11.8 million decreased $20.8 million, or 64%, year-over-year;
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Nonperforming loans increased 8% to $72.5 million, or 7.30% of loans, at September 30, 2011 from $66.8 million, or 6.42% of loans, at June 30, 2011;
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Despite a 2% increase on a linked quarter basis, nonperforming assets decreased 22% to $91.6 million, or 5.92% of total assets, from $118.1 million, or 7.10% of total assets, at September 30, 2010;
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Year-to-date net charge-offs have declined to 1.88% from 2.98% of average loans (annualized) for the same period in 2010; and
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Allowance for loan losses decreased $1.1 million to $26.4 million, or 2.66% of total loans.
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For the first nine months of 2011, the Company reported net income available to common shareholders of $161 thousand as the Company stabilized its asset quality and continued to effectively manage expenses downward on a linked quarter and year-over-year basis.
Asset Quality
Nonperforming loans increased $5.7 million to $72.5 million, or 7.30% of total loans, at September 30, 2011 from $66.8 million, or 6.42% of total loans, at June 30, 2011 primarily due to a $10.2 million relationship being restructured and placed on a nonaccrual status during the quarter. On a year-over-year basis, nonperforming loans were down $26.3 million, or 27%. Loans delinquent 30-89 days sequentially increased by $253 thousand to $4.5 million at September 30, 2011; however, delinquencies showed significant improvement over the September 30, 2010 level of $8.9 million. Foreclosed assets decreased $3.9 million, or 17%, on a linked quarter basis as $6.0 million in sales of properties and writedowns of $315 thousand offset the new foreclosed asset additions during the third quarter of 2011. Despite a $1.7 million, or 2%, increase on a linked quarter basis, nonperforming assets showed significant improvement of $26.5 million or 22% year-over-year, decreasing to $91.6 million or 5.92% of total assets from $118.1 million or 7.10% of total assets at September 30, 2010.
The provision for loan losses of $4.0 million in the third quarter of 2011 increased $250 thousand from $3.7 million in the second quarter of 2011. The allowance for loan losses (ALLL) decreased $1.1 million to $26.4 million, or 2.66% of total loans, from $27.5 million, or 2.65% of total loans, at June 30, 2011. This decrease in ALLL was in part the result of the $47.7 million decrease in total loans outstanding at comparative quarter-ends. Net charge-offs increased sequentially to $5.1 million, or 1.98% of average loans on an annualized basis, from $3.9 million, or 1.46% of average loans on an annualized basis, for the second quarter of 2011; however, compared with the third quarter of 2010, net charge-offs have declined from 3.78% of average loans on an annualized basis. For the nine months year-to-date in 2011 compared with the prior year-to-date period, net charge-offs have declined to 1.88% from 2.98% of average loans on an annualized basis. While the overall ALLL level decreased by $1.1 million during the third quarter of 2011 primarily as a result of a $59.7 million decrease in loans collectively evaluated for impairment, the specific allowance for impaired loans decreased by $183 thousand to $2.1 million on a linked quarter basis despite the sequential increase of $12.0 million in the volume of impaired loans individually evaluated for impairment.
Net Interest Income
Net interest income of $12.0 million in the third quarter of 2011 decreased $618 thousand, or 5%, compared to $12.6 million in the second quarter of 2011 as the average balance of interest earning assets declined $29.2 million, or 2%, on a linked quarter basis. This decline in earning assets was driven by a $24.4 million sequential decrease in average loan balances, resulting from continued customer deleveraging, soft new loan demand and problem loan remediation. The third quarter 2011 net interest margin of 3.29% declined by 14 basis points on a linked quarter basis as earning asset yields decreased by 20 basis points due to the impact of the shift in earning asset mix caused by the decrease in loan balances.
On a year-over-year basis, net interest income decreased $1.3 million, or 10%, and the net interest margin decreased by ten basis points from 3.39% in the third quarter of 2010. This decrease in net interest income was due to a $113.7 million decrease in the average balance of earning assets and the six basis point reduction in net interest spread attributable to the shift in the mix of earning assets as $82.3 million of the $196.0 million decrease in average loans was reinvested from loans to lower yielding investments and overnight funds. The impact of the earning asset mix shift was partially offset by the favorable impact of the cost of deposits repricing downward.
Non-interest Income
Non-interest income decreased by $334 thousand, or 9%, to $3.2 million during the third quarter of 2011 compared with the second quarter of 2011. The sequential decrease in non-interest income was attributable primarily to $451 thousand decrease in Small Business Investment Company (SBIC) income, $128 thousand decrease in service charge income and a $96 thousand decrease in investment brokerage fee income. These linked quarter decreases were partially offset by primarily a $216 thousand increase in gains on sales of investment securities and a $52 thousand increase in mortgage banking income.
Compared to the third quarter of 2010, non-interest income increased by $140 thousand, or 5%. The comparative quarter increase was primarily related to a $716 thousand increase in gains on investment security sales and a $592 thousand increase in the fair value of derivatives. These comparative quarter increases were partially offset by a $454 thousand decrease in SBIC income, a $408 thousand decrease in mortgage banking income, a $200 thousand decrease in investment brokerage fee income and a $187 thousand decrease in service charge income.
Non-interest Expenses
Non-interest expenses of $10.4 million during the third quarter of 2011 decreased $830 thousand, or 7%, on a linked quarter basis. The sequential reduction in non-interest expenses was attributable primarily to a $318 thousand decrease in professional services, $218 thousand decrease in advertising, $161 thousand decrease in real estate appraisal expenses, $105 thousand decrease in foreclosure related expenses, $86 thousand decrease in personnel expenses, $41 thousand decrease in FDIC insurance premiums and $32 thousand decrease in occupancy expenses. Offsetting a portion of these sequential decreases was a $137 thousand decrease in gains on sales of foreclosed assets.
Compared to the third quarter of 2010, non-interest expenses decreased $559 thousand or 5%. This year-over-year decrease was due primarily to a $551 thousand decrease in salaries and employee benefits, a $206 thousand decrease in professional services, a $92 thousand decrease in real estate appraisal expenses and a $77 thousand decrease in advertising. These were partially offset primarily by a year-over-year increase of $330 thousand in FDIC insurance premiums.
Balance Sheet
As of September 30, 2011, total assets amounted to $1.55 billion, representing a decrease of $16.0 million, or 1%, compared to June 30, 2011. Total assets decreased $116.8 million, or 7%, on a year-over-year basis. The loan portfolio, excluding loans held for sale, decreased by $51.8 million, or 5%, sequentially, and decreased by $197.2 million, or 17%, since September 30, 2010 due to loan remediation activities and weak loan demand resulting from the prolonged economic downturn. Total deposits of $1.23 billion at September 30, 2011 decreased $18.7 million, or 2%, sequentially primarily due to the $18.2 million outflow of brokered deposits. While interest bearing deposits decreased $28.8 million on a linked quarter basis, demand deposits increased by $10.1 million, or 8%.
At September 30, 2011, stockholders’ equity of $98.3 million represented 6.36% of total assets. Stockholders’ equity increased $3.5 million, or 4%, on a linked quarter basis due to net income (before preferred dividends) of $777 thousand and an increase in unrealized gains on available for sale investment securities of $2.8 million. The regulatory capital ratios for the Bank at September 30, 2011 were in excess of required levels. During the third quarter, the Bank’s Tier 1 leverage ratio and total risk-based capital ratio increased to 8.76% and 13.35%, respectively, at September 30, 2011 from 8.48% and 12.87%, respectively, at June 30, 2011.
Conference Call
Southern Community’s executive management team will host a conference call on October 21, 2011, at 8:30 am Eastern Time to discuss the quarter-end results. The call can be accessed by dialing 1-800-860-2442 or 1-412-858-4600. A replay of the conference call can be accessed until 9:00 am on November 4, 2011, by calling 1-877-344-7529 or 1-412-317-0088 and entering conference number 10005195.
About Southern Community Financial Corporation
Southern Community Financial Corporation is headquartered in Winston-Salem, North Carolina and is the holding company of Southern Community Bank and Trust, a community bank with twenty-two banking offices throughout North Carolina.
Southern Community Financial Corporation’s common stock and trust preferred securities are listed on the NASDAQ Global Select Market under the trading symbols SCMF and SCMFO, respectively. Additional information about Southern Community is available on our website at www.smallenoughtocare.com or by email at investor.relations@smallenoughtocare.com.
Forward-Looking Statements
Certain statements in this news release contain “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995, such as statements relating to future plans and expectations, and are thus prospective. Such forward-looking statements include but are not limited to (1) statements regarding potential future economic recovery, (2) statements with respect to our plans, objectives, expectations, intentions and other statements that are not historical facts, and (3) other statements identified by words such as “believes,” “expects,” “anticipates,” “estimates,” “intends,” “plans,” “targets” and “projects,” as well as similar expressions. Such statements are subject to risks, uncertainties and other factors which could cause actual results to differ materially from future results expressed or implied by such forward-looking statements. Although we believe that the assumptions underlying the forward-looking statements are reasonable, any of the assumptions could prove to be inaccurate. Therefore, we can give no assurance that the results contemplated in the forward-looking statements will be realized. The inclusion of this forward-looking information should not be construed as a representation by our Company or any person that the future events, plans or expectations contemplated by our Company will be achieved.
The following factors, among others, could cause actual results to differ materially from the anticipated results or other expectations expressed in the forward-looking statements: (1) the rate of delinquencies and amounts of charge-offs, the level of allowance for loan losses, the rates of loan growth or shrinkage, or adverse changes in asset quality in our loan portfolio, which may result in increased credit risk-related losses and expenses; (2) competitive pressures among depository and other financial institutions may increase significantly and have an effect on pricing, spending, third party relationships and revenues; (3) the strength of the United States economy in general and the strength of the local economies in which we conduct operations may be different than expected resulting in, among other things, a deterioration in the credit quality or a reduced demand for credit, including the resultant effect on the Company’s loan portfolio and allowance for loan losses; (4) the risk that the preliminary financial information reported herein and our current preliminary analysis will be different when our review is finalized; (5) changes in deposit rates, the net interest margin and funding sources; (6) changes in the U.S. legal and regulatory framework, including the effect of recent financial reform legislation on the banking industry; and (7) adverse conditions in the stock market, the public debt market and other capital markets (including changes in interest rate conditions) could have a negative impact on the Company. Additional factors that could cause our results to differ materially from those described in the forward-looking statements can be found in our reports (such as Annual Reports on Form 10-K, Quarterly Reports on Form 10-Q and Current Reports on Form 8-K) filed with the SEC and available at the SEC’s website (http://www.sec.gov). All subsequent written and oral forward-looking statements concerning the Company or any person acting on its behalf is expressly qualified in its entirety by the cautionary statements above. We do not undertake any obligation to update any forward-looking statement to reflect circumstances or events that occur after the date the forward-looking statements are made.
For additional information:
F. Scott Bauer - Chairman/CEO
James Hastings, Executive Vice President/CFO
(336) 768-8500
(Dollars in thousands except per share data)
(Unaudited)
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Income Statement
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2011
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2011
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2011
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2010
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2010
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2011
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2010
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Interest Income
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$ | 17,287 | $ | 18,148 | $ | 18,699 | $ | 19,164 | $ | 20,049 | $ | 54,134 | $ | 61,474 | ||||||||||||||
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Interest Expense
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5,335 | 5,578 | 5,868 | 6,759 | 6,773 | 16,781 | 21,519 | |||||||||||||||||||||
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Net Interest Income
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11,952 | 12,570 | 12,831 | 12,405 | 13,276 | 37,353 | 39,955 | |||||||||||||||||||||
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Provision for Loan Losses
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3,950 | 3,700 | 4,100 | 6,500 | 17,000 | 11,750 | 32,500 | |||||||||||||||||||||
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Net Interest Income (Loss) after Provision for Loan Losses
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8,002 | 8,870 | 8,731 | 5,905 | (3,724 | ) | 25,603 | 7,455 | ||||||||||||||||||||
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Non-Interest Income
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Service charges and fees on deposit accounts
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1,453 | 1,581 | 1,488 | 1,617 | 1,640 | 4,522 | 4,916 | |||||||||||||||||||||
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Income from mortgage banking activities
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343 | 291 | 263 | 714 | 751 | 897 | 1,468 | |||||||||||||||||||||
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Investment brokerage and trust fees
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224 | 320 | 188 | 306 | 424 | 732 | 1,168 | |||||||||||||||||||||
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SBIC income (loss) and management fees
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(328 | ) | 123 | 122 | 6 | 126 | (83 | ) | 625 | |||||||||||||||||||
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Gain (Loss) on sale of investment securities
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740 | 524 | 944 | 1,135 | 24 | 2,208 | 2,396 | |||||||||||||||||||||
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Gain (Loss) and net cash settlement on economic hedges
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208 | 181 | (605 | ) | (79 | ) | (384 | ) | (216 | ) | (453 | ) | ||||||||||||||||
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Other-than-temporary impairment
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- | - | - | - | - | - | (186 | ) | ||||||||||||||||||||
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Other Income
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560 | 514 | 503 | 501 | 479 | 1,577 | 1,471 | |||||||||||||||||||||
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Total Non-Interest Income
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3,200 | 3,534 | 2,903 | 4,200 | 3,060 | 9,637 | 11,405 | |||||||||||||||||||||
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Non-Interest Expense
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Salaries and employee benefits
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4,482 | 4,568 | 4,746 | 5,103 | 5,033 | 13,796 | 15,823 | |||||||||||||||||||||
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Occupancy and equipment
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1,828 | 1,860 | 1,784 | 1,778 | 1,839 | 5,472 | 5,650 | |||||||||||||||||||||
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FDIC deposit insurance
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891 | 932 | 1,133 | 469 | 561 | 2,956 | 1,662 | |||||||||||||||||||||
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Foreclosed asset related
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531 | 636 | 879 | 1,895 | 528 | 2,046 | 2,099 | |||||||||||||||||||||
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Other
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2,693 | 3,259 | 2,941 | 3,363 | 3,023 | 8,893 | 9,926 | |||||||||||||||||||||
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Total Non-Interest Expense
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10,425 | 11,255 | 11,483 | 12,608 | 10,984 | 33,163 | 35,160 | |||||||||||||||||||||
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Income (Loss) Before Taxes
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777 | 1,149 | 151 | (2,503 | ) | (11,648 | ) | 2,077 | (16,300 | ) | ||||||||||||||||||
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Provision for Income Taxes
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- | - | - | 8,318 | (3,698 | ) | - | (4,000 | ) | |||||||||||||||||||
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Net Income (Loss)
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$ | 777 | $ | 1,149 | $ | 151 | $ | (10,821 | ) | $ | (7,950 | ) | $ | 2,077 | $ | (12,300 | ) | |||||||||||
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Effective dividend on preferred stock
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639 | 638 | 639 | 633 | 633 | 1,916 | 1,898 | |||||||||||||||||||||
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Net Income (loss) available to common shareholders
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$ | 138 | $ | 511 | $ | (488 | ) | $ | (11,454 | ) | $ | (8,583 | ) | $ | 161 | $ | (14,198 | ) | ||||||||||
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Net Income (Loss) per Common Share
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Basic
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$ | 0.01 | $ | 0.03 | $ | (0.03 | ) | $ | (0.68 | ) | $ | (0.51 | ) | $ | 0.01 | $ | (0.84 | ) | ||||||||||
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Diluted
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$ | 0.01 | $ | 0.03 | $ | (0.03 | ) | $ | (0.68 | ) | $ | (0.51 | ) | $ | 0.01 | $ | (0.84 | ) | ||||||||||
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Balance Sheet
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Sep 30,
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2011
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2011
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2010
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2010
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Assets
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Cash and due from Banks
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$ | 23,062 | $ | 18,590 | $ | 28,096 | $ | 16,584 | $ | 44,612 | |||||||||||
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Federal Funds Sold and Overnight Deposits
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33,862 | 46,380 | 34,615 | 49,587 | 1,646 | ||||||||||||||||
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Investment Securities
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404,340 | 357,428 | 350,962 | 352,873 | 322,431 | ||||||||||||||||
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Federal Home Loan Bank Stock
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7,381 | 7,879 | 8,750 | 8,750 | 9,092 | ||||||||||||||||
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Loans Held for Sale
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5,750 | 1,624 | 597 | 5,991 | 7,161 | ||||||||||||||||
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Loans
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986,533 | 1,038,349 | 1,083,468 | 1,130,076 | 1,183,753 | ||||||||||||||||
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Allowance for Loan Losses
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(26,409 | ) | (27,511 | ) | (27,664 | ) | (29,580 | ) | (35,100 | ) | |||||||||||
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Net Loans
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960,124 | 1,010,838 | 1,055,804 | 1,100,496 | 1,148,653 | ||||||||||||||||
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Bank Premises and Equipment
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38,878 | 39,360 | 39,878 | 40,550 | 40,718 | ||||||||||||||||
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Foreclosed Assets
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19,114 | 23,022 | 23,060 | 17,314 | 19,385 | ||||||||||||||||
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Other Assets
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53,482 | 56,865 | 62,118 | 61,253 | 69,088 | ||||||||||||||||
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Total Assets
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$ | 1,545,993 | $ | 1,561,986 | $ | 1,603,880 | $ | 1,653,398 | $ | 1,662,786 | |||||||||||
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Liabilities and Stockholders' Equity
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Deposits
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Non-Interest Bearing
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$ | 137,599 | $ | 127,485 | $ | 126,393 | $ | 110,114 | $ | 119,249 | |||||||||||
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Money market, savings and NOW
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487,393 | 490,382 | 521,577 | 582,878 | 599,978 | ||||||||||||||||
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Time
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604,188 | 630,021 | 631,240 | 655,427 | 598,383 | ||||||||||||||||
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Total Deposits
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1,229,180 | 1,247,888 | 1,279,210 | 1,348,419 | 1,317,610 | ||||||||||||||||
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Borrowings
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208,668 | 209,954 | 224,608 | 204,784 | 228,343 | ||||||||||||||||
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Accrued Expenses and Other Liabilities
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9,857 | 9,404 | 8,208 | 7,854 | 7,739 | ||||||||||||||||
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Total Liabilities
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1,447,705 | 1,467,246 | 1,512,026 | 1,561,057 | 1,553,692 | ||||||||||||||||
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Total Stockholders' Equity
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98,288 | 94,740 | 91,854 | 92,341 | 109,094 | ||||||||||||||||
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Total Liabilities and Stockholders' Equity
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$ | 1,545,993 | $ | 1,561,986 | $ | 1,603,880 | $ | 1,653,398 | $ | 1,662,786 | |||||||||||
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Tangible Book Value per Common Share
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$ | 3.33 | $ | 3.12 | $ | 2.95 | $ | 2.99 | $ | 3.99 | |||||||||||
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Per Common Share Data:
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Basic Earnings (loss) per Share
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$ | 0.01 | $ | 0.03 | $ | (0.03 | ) | $ | (0.68 | ) | $ | (0.51 | ) | $ | 0.01 | $ | (0.84 | ) | ||||||||||
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Diluted Earnings (loss) per Share
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$ | 0.01 | $ | 0.03 | $ | (0.03 | ) | $ | (0.68 | ) | $ | (0.51 | ) | $ | 0.01 | $ | (0.84 | ) | ||||||||||
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Tangible Book Value per Share
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$ | 3.33 | $ | 3.12 | $ | 2.95 | $ | 2.99 | $ | 3.99 | $ | 3.33 | $ | 3.39 | ||||||||||||||
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Selected Performance Ratios:
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Return on Average Assets (annualized) ROA
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0.20 | % | 0.29 | % | 0.04 | % | -2.55 | % | -1.91 | % | 0.17 | % | -0.98 | % | ||||||||||||||
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Return on Average Equity (annualized) ROE
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3.24 | % | 5.00 | % | 0.67 | % | -39.43 | % | -27.07 | % | 2.98 | % | -13.90 | % | ||||||||||||||
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Return on Tangible Equity (annualized)
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3.26 | % | 5.03 | % | 0.67 | % | -39.68 | % | -27.25 | % | 3.00 | % | -13.99 | % | ||||||||||||||
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Net Interest Margin
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3.29 | % | 3.43 | % | 3.42 | % | 3.14 | % | 3.39 | % | 3.38 | % | 3.42 | % | ||||||||||||||
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Net Interest Spread
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3.14 | % | 3.29 | % | 3.30 | % | 2.99 | % | 3.20 | % | 3.24 | % | 3.26 | % | ||||||||||||||
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Non-interest Income as a % of Revenue
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21.12 | % | 21.94 | % | 18.45 | % | 25.29 | % | 18.73 | % | 20.51 | % | 22.21 | % | ||||||||||||||
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Non-interest Income as a % of Average Assets
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0.82 | % | 0.90 | % | 0.72 | % | 0.99 | % | 0.73 | % | 0.81 | % | 0.91 | % | ||||||||||||||
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Non-interest Expense to Average Assets
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2.67 | % | 2.85 | % | 2.86 | % | 2.97 | % | 2.64 | % | 2.79 | % | 2.80 | % | ||||||||||||||
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Efficiency Ratio
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68.80 | % | 69.89 | % | 72.98 | % | 75.93 | % | 67.24 | % | 70.57 | % | 68.46 | % | ||||||||||||||
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Asset Quality:
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Nonperforming Loans
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$ | 72,457 | $ | 66,803 | $ | 73,741 | $ | 91,777 | $ | 98,709 | $ | 72,457 | $ | 98,709 | ||||||||||||||
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Nonperforming Assets
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$ | 91,571 | $ | 89,825 | $ | 96,801 | $ | 109,091 | $ | 118,094 | $ | 91,571 | $ | 118,094 | ||||||||||||||
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Nonperforming Loans to Total Loans
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7.30 | % | 6.42 | % | 6.80 | % | 8.08 | % | 8.29 | % | 7.30 | % | 8.29 | % | ||||||||||||||
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Nonperforming Assets to Total Assets
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5.92 | % | 5.75 | % | 6.04 | % | 6.60 | % | 7.10 | % | 5.92 | % | 7.10 | % | ||||||||||||||
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Allowance for Loan Losses to Period-end Loans
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2.66 | % | 2.65 | % | 2.55 | % | 2.60 | % | 2.95 | % | 2.66 | % | 2.95 | % | ||||||||||||||
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Allowance for Loan Losses to Nonperforming Loans (X)
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0.36 | X | 0.41 | X | 0.38 | X | 0.32 | X | 0.36 | X | 0.36 | X | 0.36 | X | ||||||||||||||
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Net Charge-offs to Average Loans (annualized)
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1.98 | % | 1.46 | % | 2.19 | % | 4.10 | % | 3.78 | % | 1.88 | % | 2.98 | % | ||||||||||||||
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Capital Ratios:
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Equity to Total Assets
|
6.36 | % | 6.07 | % | 5.73 | % | 5.58 | % | 6.56 | % | 6.36 | % | 6.56 | % | ||||||||||||||
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Tangible Common Equity to Total Tangible Assets (1)
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3.62 | % | 3.36 | % | 3.10 | % | 3.04 | % | 4.03 | % | 3.62 | % | 4.03 | % | ||||||||||||||
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Average Balances:
|
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Year to Date
|
||||||||||||||||||||||||||||
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Interest Earning Assets
|
$ | 1,477,405 | $ | 1,495,592 | $ | 1,520,664 | $ | 1,562,393 | $ | 1,561,504 | ||||||||||||||||||
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Total Assets
|
1,587,849 | 1,606,580 | 1,630,975 | 1,681,068 | 1,680,902 | |||||||||||||||||||||||
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Total Loans
|
1,061,036 | 1,085,468 | 1,111,697 | 1,200,609 | 1,213,497 | |||||||||||||||||||||||
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Equity
|
93,122 | 92,084 | 91,958 | 115,962 | 118,352 | |||||||||||||||||||||||
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Interest Bearing Liabilities
|
1,354,558 | 1,377,769 | 1,407,978 | 1,436,443 | 1,435,705 | |||||||||||||||||||||||
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Quarterly
|
||||||||||||||||||||||||||||
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Interest Earning Assets
|
$ | 1,441,624 | $ | 1,470,795 | $ | 1,520,664 | $ | 1,565,031 | $ | 1,555,323 | ||||||||||||||||||
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Total Assets
|
1,550,998 | 1,582,455 | 1,630,975 | 1,681,561 | 1,651,907 | |||||||||||||||||||||||
|
Total Loans
|
1,012,969 | 1,059,527 | 1,111,697 | 1,162,365 | 1,209,013 | |||||||||||||||||||||||
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Equity
|
95,164 | 92,209 | 91,958 | 108,870 | 116,501 | |||||||||||||||||||||||
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Interest Bearing Liabilities
|
1,308,892 | 1,347,893 | 1,407,978 | 1,438,633 | 1,405,419 | |||||||||||||||||||||||
|
Weighted Average Number of Shares Outstanding
|
||||||||||||||||||||||||||||
|
Basic
|
16,830,099 | 16,835,724 | 16,824,008 | 16,812,380 | 16,812,625 | 16,829,966 | 16,811,122 | |||||||||||||||||||||
|
Diluted
|
16,896,214 | 16,906,810 | 16,824,008 | 16,812,380 | 16,812,625 | 16,897,742 | 16,811,122 | |||||||||||||||||||||
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Period end outstanding shares
|
16,828,575 | 16,831,375 | 16,838,125 | 16,812,625 | 16,812,625 | 16,828,575 | 16,812,625 | |||||||||||||||||||||
(1) - Tangible Common Equity to Total Tangible Assets is period-ending common equity less intangibles, divided by period-ending assets less intangibles.
Management provides the above non-GAAP measure, footnote (1) to provide readers with the impact of purchase accounting on this key financial ratio.
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