CANFIELD, Ohio--(BUSINESS WIRE)--Farmers National Banc Corp. (“Farmers” or the “Company”) (NASDAQ: FMNB) today reported second quarter net income of $16.0 million for the three months ended June 30, 2022, compared to $15.6 million for the three months ended June 30, 2021. Diluted earnings per share were $0.47 for the second quarter of 2022 versus $0.55 for the second quarter of 2021. The results for the second quarter of 2022 included pretax items of $674,000 for merger related costs, security losses of $60,000, and a gain of $92,000 on the sale of assets. Excluding these items (non-GAAP), net income for the quarter ended June 30, 2022, would have been $16.5 million, or $0.49 per diluted share.
Kevin J. Helmick, President and CEO commented, “Our results for the second quarter were very solid and we are particularly pleased with the growth of our loan portfolio. Our lending teams have been working hard over the past several quarters and we are excited to see strong organic loan growth return to our balance sheet.”
On March 23, 2022, Farmers entered into an agreement and plan of merger (the “Merger Agreement”) with Emclaire Financial Corp. (NASDAQ: EMCF), a Pennsylvania corporation (“Emclaire”), and the parent company of The Farmers National Bank of Emlenton (“Emlenton”). On July 20, 2022, the transaction received the approval of Emclaire’s shareholders. The transaction is expected to be completed after the satisfaction or waiver of the remaining closing conditions set forth in the Merger Agreement, including the receipt of all required regulatory approvals. Emclaire operates 19 branches in ten counties throughout western Pennsylvania. As of June 30, 2022, Emclaire had total assets of $1.0 billion, gross loans of $810.7 million, deposits of $937.6 million and equity of $80.2 million.
Balance Sheet
Total assets were $4.11 billion at June 30, 2022 compared to $4.21 billion at March 31, 2022 and $4.14 billion at December 31, 2021. Gross loans (excluding loans held for sale and PPP loans) grew from $2.28 billion at March 31, 2022 to $2.37 billion at June 30, 2022, or 15.7% on an annualized basis. The quarter exhibited broad based strength as the Company saw growth across every major loan category exclusive of PPP loans. At June 30, 2022, the Company has $2.5 million of PPP loans before deferred fees still to be forgiven, and $72,000 in net deferred fees associated with these loans yet to be recognized into income.
Available for sale securities decreased to $1.36 billion at June 30, 2022 compared to $1.43 billion at December 31, 2021. The increase in U.S. treasury rates during the first half of the year resulted in a gross unrealized loss of $206.1 million at June 30, 2022, compared to a gross unrealized loss of $100.7 million at March 31, 2022 and a gross unrealized gain of $11.7 million at December 31, 2021. Excluding the gross unrealized gains and losses, the portfolio has increased by $3.5 million from March 31, 2022 to June 30, 2022 and by $151.9 million from December 31, 2021 to June 30, 2022 as the Company added securities to utilize excess cash and take advantage of the higher interest rates. The volatility in the bond market is expected to continue in 2022, which may result in increased volatility in the fair value of the Company’s available for sale securities.
Deposits declined $68.3 million from $3.69 billion at March 31, 2022, to $3.63 billion at June 30, 2022 but are still above the $3.55 billion in deposits reported at December 31, 2021. The seasonality of municipal deposits was responsible for a large portion of the change in deposit balances between March 31, 2022 and June 30, 2022.
Total stockholders’ equity decreased to $321.4 million at June 30, 2022, compared to $393.9 million at March 31, 2022 and $472.4 million at December 31, 2021. The decrease in stockholders’ equity has primarily been due to declines in accumulated other comprehensive income associated with the rapid increase in U.S. treasury rates in 2022 which has had a negative effect on the value of the Company’s available for sale securities, and in turn, the dollar amount that flows through accumulated other comprehensive income. This also continues to have a negative impact on the Company’s tangible book value per share (non-GAAP), which was $6.46 at June 30, 2022 compared to $8.58 at March 31, 2022 and $10.91 at December 31, 2021.
Credit Quality
The Company recorded a provision for credit losses and unfunded commitments of $616,000 for the second quarter of 2022 compared to $50,000 for the second quarter of 2021. Growth in loans was the primary reason for the increase in the provision expense. Net charge-offs totaled $42,000 in the second quarter of 2022 compared to $179,000 in the second quarter of 2021. Net charge-offs as a percentage of average net loans was 1 basis point for the quarter ended June 30, 2022, compared to 4 basis points for the second quarter of 2021. The allowance for credit losses to total loans declined to 1.16% at June 30, 2022, compared to 1.17% and 1.26% at March 31, 2022 and December 31, 2021, respectively.
The Company’s ratio of non-performing loans to loans continues to decline. At June 30, 2022 the ratio was 0.59% compared to 0.61% at March 31, 2022 and 0.69% at December 31, 2021. Early stage delinquencies, defined as 30-89 days delinquent, were $8.7 million, or 0.37% of total loans, at June 30, 2022 compared to $8.9 million, or 0.38% of total loans at December 31, 2021.
Net Interest Income
Net interest income increased $5.2 million, or 19.7%, for the second quarter of 2022 compared to the same period in 2021 due to the acquisition of Cortland Bancorp (“Cortland”) offset by a reduction in PPP interest and fees. Interest and fees associated with PPP loans totaled $2.1 million in the second quarter of 2021 compared to $634,000 in the second quarter of 2022. The net interest margin was 3.25% in the second quarter of 2022 compared to 3.27% for the first quarter of 2022 and 3.52% for the second quarter of 2021. The decline in net interest margin in the second quarter of 2022 compared to the second quarter of 2021 was driven by the lower PPP income in 2022 compared to 2021 and a greater percentage of earning assets invested in securities rather than loans. Excluding the impact of acquisition marks and related accretion and PPP interest and fees, the net interest margin (non-GAAP) for the second quarter of 2022 was 3.16% compared to 3.12% for the first quarter of 2022 and 3.36% for the second quarter of 2021.
Noninterest Income
The Company’s noninterest income decreased $31,000, to $9.5 million for the second quarter of 2022 compared to the second quarter of 2021. Net gains on the sale of loans decreased to $365,000 in the second quarter of 2022 compared to $2.2 million in the second quarter of 2021. This drop was caused by lower mortgage production compared to the prior year, compressed margins and a lower saleable mix due to the increase in interest rates in 2022.
For the second quarter of 2022, service charges on deposit accounts were $1.1 million compared to $790,000 for the second quarter of 2021 primarily due to the acquisition of Cortland and growth. BOLI income likewise increased due to the acquisition to $405,000 in the second quarter of 2022 from $300,000 for the second quarter of 2021. Debit card and EFT fees increased to $1.5 million in the second quarter of 2022 compared to $1.3 million in the second quarter of 2021. The increase was due to the acquisition and increased volumes. Other noninterest income increased by $1.0 million in the second quarter of 2022 compared to the second quarter of 2021. The increase was due to the acquisition of Cortland and increased income related to investments in SBIC and SBA funds.
Noninterest Expense
Total noninterest expense was $21.5 million in the second quarter of 2022 compared with $17.1 million for the second quarter ended June 30, 2021. The year-over-year increase was primarily due to the acquisition of Cortland, continued higher healthcare benefit costs and more merger related costs in the second quarter of 2022 compared to the same quarter in 2021.
About Farmers National Banc Corp.
Founded in 1887, Farmers National Banc Corp. is a diversified financial services company headquartered in Canfield, Ohio, with $4.1 billion in banking assets. Farmers National Banc Corp.’s wholly-owned subsidiaries are comprised of The Farmers National Bank of Canfield, a full-service national bank engaged in commercial and retail banking with 46 banking locations in Mahoning, Trumbull, Columbiana, Portage, Stark, Wayne, Medina, Geauga and Cuyahoga Counties in Ohio and Beaver County in Pennsylvania, and Farmers Trust Company, which operates five trust offices and offers services in the same geographic markets. Total wealth management assets under care at June 30, 2022 are $2.9 billion. Farmers National Insurance, LLC, a wholly-owned subsidiary of The Farmers National Bank of Canfield, offers a variety of insurance products.
Non-GAAP Disclosure
This press release includes disclosures of Farmers’ tangible common equity ratio, return on average tangible assets, return on average tangible equity, net income excluding costs related to acquisition activities, net interest margin excluding acquisition marks and related accretion and PPP interest and fees, efficiency ratio less one-time expenses, and allowance for credit losses to gross loans, excluding PPP loans and acquired loans, which are financial measures not prepared in accordance with generally accepted accounting principles in the United States (GAAP). A non-GAAP financial measure is a numerical measure of historical or future financial performance, financial position or cash flows that excludes or includes amounts that are required to be disclosed by GAAP. Farmers believes that these non-GAAP financial measures provide both management and investors a more complete understanding of the underlying operational results and trends and Farmers’ marketplace performance. The presentation of this additional information is not meant to be considered in isolation or as a substitute for the numbers prepared in accordance with GAAP. The reconciliations of non-GAAP financial measures to their GAAP equivalents are included in the tables following Consolidated Financial Highlights below.
Forward-Looking Statements
This earnings release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995, including statements about Farmers’ financial condition, results of operations, asset quality trends and profitability. Forward-looking statements are not historical facts but instead represent only management’s current expectations and forecasts regarding future events, many of which, by their nature, are inherently uncertain and outside of Farmers’ control. Forward-looking statements are preceded by terms such as “expects,” “believes,” “anticipates,” “intends” and similar expressions, as well as any statements related to future expectations of performance or conditional verbs, such as “will,” “would,” “should,” “could” or “may.” Farmers’ actual results and financial condition may differ, possibly materially, from the anticipated results and financial condition indicated in these forward-looking statements. Factors that could cause Farmers’ actual results to differ materially from those described in the forward-looking statements include impacts from the COVID-19 pandemic, including further resurgence in the spread of COVID-19, on local, national and global economic conditions; higher default rates on loans made to our customers related to COVID-19 and its impact on our customers’ operations and financial condition; unexpected changes in interest rates or disruptions in the mortgage markets related to COVID-19 or other responses to the health crisis; impacts of the upcoming U.S. elections on the regulatory landscape, capital markets, and response to and management of the COVID-19 pandemic including further economic stimulus from the federal government; Farmers’ failure to integrate Emclaire and Emlenton with Farmers in accordance with expectations; deviations from performance expectations related to Emclaire and Emlenton; and the other factors contained in Farmers’ Annual Report on Form 10-K for the year ended December 31, 2021 and subsequent Quarterly Reports on Form 10-Q filed with the Securities and Exchange Commission (SEC) and available on Farmers’ website (www.farmersbankgroup.com) and on the SEC’s website (www.sec.gov). Forward-looking statements are not guarantees of future performance and should not be relied upon as representing management’s views as of any subsequent date. Farmers does not undertake any obligation to update the forward-looking statements to reflect the impact of circumstances or events that may arise after the date of the forward-looking statements.
| Farmers National Banc Corp. and Subsidiaries | |||||||||||||||||||||||
| Consolidated Financial Highlights | |||||||||||||||||||||||
| (Amounts in thousands, except per share results) Unaudited | |||||||||||||||||||||||
| Consolidated Statements of Income | For the Three Months Ended | For the Six Months Ended | |||||||||||||||||||||
| June 30, | March 31, | Dec. 31, | Sept. 30, | June 30, | June 30, | June 30, | Percent | ||||||||||||||||
|
2022 |
2022 |
2021 |
2021 |
2021 |
2022 |
2021 |
Change |
|||||||||||||||
| Total interest income | $ |
34,286 |
|
$ |
33,279 |
|
$ |
31,685 |
|
$ |
28,375 |
|
$ |
28,609 |
|
$ |
67,565 |
|
$ |
56,399 |
|
19.8 |
% |
| Total interest expense |
|
2,575 |
|
|
2,037 |
|
|
1,986 |
|
|
1,841 |
|
|
2,119 |
|
|
4,612 |
|
|
4,642 |
|
-0.6 |
% |
| Net interest income |
|
31,711 |
|
|
31,242 |
|
|
29,699 |
|
|
26,534 |
|
|
26,490 |
|
|
62,953 |
|
|
51,757 |
|
21.6 |
% |
| Provision (credit) for credit losses |
|
616 |
|
|
(358 |
) |
|
5,366 |
|
|
(948 |
) |
|
50 |
|
|
258 |
|
|
475 |
|
-45.7 |
% |
| Noninterest income |
|
9,477 |
|
|
17,698 |
|
|
9,538 |
|
|
9,015 |
|
|
9,508 |
|
|
27,175 |
|
|
19,640 |
|
38.4 |
% |
| Acquisition related costs |
|
674 |
|
|
1,940 |
|
|
6,521 |
|
|
472 |
|
|
104 |
|
|
2,614 |
|
|
116 |
|
2153.4 |
% |
| Other expense |
|
20,787 |
|
|
28,516 |
|
|
21,140 |
|
|
16,656 |
|
|
16,966 |
|
|
49,303 |
|
|
34,271 |
|
43.9 |
% |
| Income before income taxes |
|
19,111 |
|
|
18,842 |
|
|
6,210 |
|
|
19,369 |
|
|
18,878 |
|
|
37,953 |
|
|
36,535 |
|
3.9 |
% |
| Income taxes |
|
3,160 |
|
|
2,998 |
|
|
508 |
|
|
3,358 |
|
|
3,303 |
|
|
6,158 |
|
|
6,404 |
|
-3.8 |
% |
| Net income | $ |
15,951 |
|
$ |
15,844 |
|
$ |
5,702 |
|
$ |
16,011 |
|
$ |
15,575 |
|
$ |
31,795 |
|
$ |
30,131 |
|
5.5 |
% |
| Average diluted shares outstanding |
|
33,923 |
|
|
33,937 |
|
|
32,074 |
|
|
28,361 |
|
|
28,353 |
|
|
33,927 |
|
|
28,336 |
|
||
| Basic earnings per share |
|
0.47 |
|
|
0.47 |
|
|
0.18 |
|
|
0.57 |
|
|
0.55 |
|
|
0.94 |
|
|
1.07 |
|
||
| Diluted earnings per share |
|
0.47 |
|
|
0.47 |
|
|
0.18 |
|
|
0.56 |
|
|
0.55 |
|
|
0.94 |
|
|
1.06 |
|
||
| Cash dividends per share |
|
0.16 |
|
|
0.16 |
|
|
0.14 |
|
|
0.11 |
|
|
0.11 |
|
|
0.32 |
|
|
0.22 |
|
||
| Performance Ratios | |||||||||||||||||||||||
| Net Interest Margin (Annualized) |
|
3.25 |
% |
|
3.27 |
% |
|
3.33 |
% |
|
3.47 |
% |
|
3.52 |
% |
|
3.25 |
% |
|
3.53 |
% |
||
| Efficiency Ratio (Tax equivalent basis) |
|
49.95 |
% |
|
61.36 |
% |
|
63.61 |
% |
|
46.04 |
% |
|
45.70 |
% |
|
55.56 |
% |
|
47.17 |
% |
||
| Return on Average Assets (Annualized) |
|
1.54 |
% |
|
1.52 |
% |
|
0.58 |
% |
|
1.92 |
% |
|
1.90 |
% |
|
1.53 |
% |
|
1.89 |
% |
||
| Return on Average Equity (Annualized) |
|
17.97 |
% |
|
13.89 |
% |
|
5.24 |
% |
|
16.93 |
% |
|
17.17 |
% |
|
15.67 |
% |
|
17.15 |
% |
||
| Dividends to Net Income |
|
33.95 |
% |
|
34.18 |
% |
|
82.99 |
% |
|
19.41 |
% |
|
19.95 |
% |
|
34.07 |
% |
|
20.62 |
% |
||
| Other Performance Ratios (Non-GAAP) | |||||||||||||||||||||||
| Return on Average Tangible Assets |
|
1.57 |
% |
|
1.55 |
% |
|
0.60 |
% |
|
1.97 |
% |
|
1.93 |
% |
|
1.56 |
% |
|
1.90 |
% |
||
| Return on Average Tangible Equity |
|
25.23 |
% |
|
17.92 |
% |
|
6.57 |
% |
|
19.63 |
% |
|
19.81 |
% |
|
20.96 |
% |
|
19.76 |
% |
||
| Consolidated Statements of Financial Condition | |||||||||||||||||||||||
| June 30, | March 31, | Dec. 31, | Sept. 30, | June 30, | |||||||||||||||||||
2022 |
2022 |
2021 |
2021 |
2021 |
|||||||||||||||||||
| Assets | |||||||||||||||||||||||
| Cash and cash equivalents | $ |
65,458 |
|
$ |
137,627 |
|
$ |
112,790 |
|
$ |
79,808 |
|
$ |
149,357 |
|
||||||||
| Securities available for sale |
|
1,361,682 |
|
|
1,463,626 |
|
|
1,427,677 |
|
|
1,183,361 |
|
|
996,271 |
|
||||||||
| Other investments |
|
34,451 |
|
|
34,019 |
|
|
30,459 |
|
|
19,041 |
|
|
20,573 |
|
||||||||
| Loans held for sale |
|
2,714 |
|
|
1,904 |
|
|
4,545 |
|
|
2,628 |
|
|
1,922 |
|
||||||||
| Loans |
|
2,374,485 |
|
|
2,304,971 |
|
|
2,331,082 |
|
|
1,894,216 |
|
|
1,959,865 |
|
||||||||
| Less allowance for credit losses |
|
27,454 |
|
|
27,015 |
|
|
29,386 |
|
|
23,136 |
|
|
24,806 |
|
||||||||
| Net Loans |
|
2,347,031 |
|
|
2,277,956 |
|
|
2,301,696 |
|
|
1,871,080 |
|
|
1,935,059 |
|
||||||||
| Other assets |
|
303,028 |
|
|
290,723 |
|
|
265,582 |
|
|
161,129 |
|
|
156,876 |
|
||||||||
| Total Assets | $ |
4,114,364 |
|
$ |
4,205,855 |
|
$ |
4,142,749 |
|
$ |
3,317,047 |
|
$ |
3,260,058 |
|
||||||||
| Liabilities and Stockholders' Equity | |||||||||||||||||||||||
| Deposits | |||||||||||||||||||||||
| Noninterest-bearing | $ |
983,713 |
|
$ |
963,143 |
|
$ |
916,237 |
|
$ |
675,938 |
|
$ |
663,640 |
|
||||||||
| Interest-bearing |
|
2,641,825 |
|
|
2,730,668 |
|
|
2,630,998 |
|
|
2,190,475 |
|
|
2,115,183 |
|
||||||||
| Total deposits |
|
3,625,538 |
|
|
3,693,811 |
|
|
3,547,235 |
|
|
2,866,413 |
|
|
2,778,823 |
|
||||||||
| Other interest-bearing liabilities |
|
137,985 |
|
|
87,872 |
|
|
87,758 |
|
|
49,649 |
|
|
78,369 |
|
||||||||
| Other liabilities |
|
29,392 |
|
|
30,286 |
|
|
35,324 |
|
|
23,461 |
|
|
35,958 |
|
||||||||
| Total liabilities |
|
3,792,915 |
|
|
3,811,969 |
|
|
3,670,317 |
|
|
2,939,523 |
|
|
2,893,150 |
|
||||||||
| Stockholders' Equity |
|
321,449 |
|
|
393,886 |
|
|
472,432 |
|
|
377,524 |
|
|
366,908 |
|
||||||||
| Total Liabilities | |||||||||||||||||||||||
| and Stockholders' Equity | $ |
4,114,364 |
|
$ |
4,205,855 |
|
$ |
4,142,749 |
|
$ |
3,317,047 |
|
$ |
3,260,058 |
|
||||||||
| Period-end shares outstanding |
|
34,032 |
|
|
34,008 |
|
|
33,898 |
|
|
28,322 |
|
|
28,322 |
|
||||||||
| Book value per share | $ |
9.45 |
|
$ |
11.58 |
|
$ |
13.94 |
|
$ |
13.33 |
|
$ |
12.95 |
|
||||||||
| Tangible book value per share (Non-GAAP)* |
|
6.46 |
|
|
8.58 |
|
|
10.91 |
|
|
11.61 |
|
|
11.23 |
|
||||||||
| * Tangible book value per share is calculated by dividing tangible common equity by outstanding shares | |||||||||||||||||||||||
| Capital and Liquidity | |||||||||||||||||||||||
| Common Equity Tier 1 Capital Ratio (a) |
|
13.35 |
% |
|
13.31 |
% |
|
13.16 |
% |
|
14.58 |
% |
|
13.95 |
% |
||||||||
| Total Risk Based Capital Ratio (a) |
|
17.54 |
% |
|
17.59 |
% |
|
17.60 |
% |
|
16.25 |
% |
|
15.54 |
% |
||||||||
| Tier 1 Risk Based Capital Ratio (a) |
|
13.98 |
% |
|
13.95 |
% |
|
13.82 |
% |
|
15.18 |
% |
|
14.39 |
% |
||||||||
| Tier 1 Leverage Ratio (a) |
|
9.56 |
% |
|
9.56 |
% |
|
10.12 |
% |
|
10.17 |
% |
|
9.70 |
% |
||||||||
| Equity to Asset Ratio |
|
7.81 |
% |
|
9.37 |
% |
|
11.40 |
% |
|
11.38 |
% |
|
11.25 |
% |
||||||||
| Tangible Common Equity Ratio (b) |
|
5.47 |
% |
|
7.11 |
% |
|
9.15 |
% |
|
10.06 |
% |
|
9.90 |
% |
||||||||
| Net Loans to Assets |
|
57.04 |
% |
|
54.16 |
% |
|
55.56 |
% |
|
56.41 |
% |
|
59.36 |
% |
||||||||
| Loans to Deposits |
|
65.49 |
% |
|
62.40 |
% |
|
65.72 |
% |
|
66.08 |
% |
|
70.53 |
% |
||||||||
| Asset Quality | |||||||||||||||||||||||
| Non-performing loans | $ |
14,107 |
|
$ |
14,046 |
|
$ |
16,195 |
|
$ |
14,744 |
|
$ |
13,873 |
|
||||||||
| Other Real Estate Owned |
|
0 |
|
|
0 |
|
|
0 |
|
|
0 |
|
|
30 |
|
||||||||
| Non-performing assets |
|
14,107 |
|
|
14,046 |
|
|
16,195 |
|
|
14,744 |
|
|
13,903 |
|
||||||||
| Loans 30 - 89 days delinquent |
|
8,716 |
|
|
7,304 |
|
|
8,891 |
|
|
6,944 |
|
|
7,606 |
|
||||||||
| Charged-off loans |
|
177 |
|
|
1,590 |
|
|
470 |
|
|
411 |
|
|
502 |
|
||||||||
| Recoveries |
|
135 |
|
|
149 |
|
|
157 |
|
|
125 |
|
|
323 |
|
||||||||
| Net Charge-offs |
|
42 |
|
|
1,441 |
|
|
313 |
|
|
286 |
|
|
179 |
|
||||||||
| Annualized Net Charge-offs to | |||||||||||||||||||||||
| Average Net Loans Outstanding |
|
0.01 |
% |
|
0.25 |
% |
|
0.06 |
% |
|
0.06 |
% |
|
0.04 |
% |
||||||||
| Allowance for Credit Losses to Total Loans |
|
1.16 |
% |
|
1.17 |
% |
|
1.26 |
% |
|
1.22 |
% |
|
1.27 |
% |
||||||||
| Non-performing Loans to Total Loans |
|
0.59 |
% |
|
0.61 |
% |
|
0.69 |
% |
|
0.78 |
% |
|
0.71 |
% |
||||||||
| Allowance to Non-performing Loans |
|
194.61 |
% |
|
192.33 |
% |
|
181.45 |
% |
|
156.92 |
% |
|
178.81 |
% |
||||||||
| Non-performing Assets to Total Assets |
|
0.34 |
% |
|
0.33 |
% |
|
0.39 |
% |
|
0.44 |
% |
|
0.43 |
% |
||||||||
| (a) June 30, 2022 ratio is estimated | |||||||||||||||||||||||
| (b) This is a non-GAAP financial measure. A reconciliation to GAAP is shown below | |||||||||||||||||||||||
| For the Three Months Ended | |||||||||||||||||||||||
| June 30, | March 31, | Dec. 31, | Sept. 30, | June 30, | |||||||||||||||||||
| End of Period Loan Balances | 2022 |
2022 |
2021 |
2021 |
2021 |
||||||||||||||||||
| Commercial real estate | $ |
1,040,243 |
|
$ |
1,000,972 |
|
$ |
1,011,891 |
|
$ |
690,407 |
|
$ |
704,809 |
|
||||||||
| Commercial |
|
285,981 |
|
|
298,903 |
|
|
313,836 |
|
|
302,356 |
|
|
351,261 |
|
||||||||
| Residential real estate |
|
464,489 |
|
|
455,501 |
|
|
453,635 |
|
|
376,901 |
|
|
383,187 |
|
||||||||
| HELOC |
|
129,392 |
|
|
128,221 |
|
|
127,433 |
|
|
106,750 |
|
|
107,153 |
|
||||||||
| Consumer |
|
218,219 |
|
|
192,586 |
|
|
189,522 |
|
|
189,497 |
|
|
190,064 |
|
||||||||
| Agricultural loans |
|
230,477 |
|
|
224,845 |
|
|
232,365 |
|
|
226,896 |
|
|
223,427 |
|
||||||||
| Total, excluding net deferred loan costs | $ |
2,368,801 |
|
$ |
2,301,028 |
|
$ |
2,328,682 |
|
$ |
1,892,807 |
|
$ |
1,959,901 |
|
||||||||
| For the Three Months Ended | For the Six Months Ended | ||||||||||||||||||||||
| June 30, | March 31, | Dec. 31, | Sept. 30, | June 30, | June 30, | June 30, | |||||||||||||||||
| Noninterest Income | 2022 |
2022 |
2021 |
2021 |
2021 |
2022 |
2021 |
||||||||||||||||
| Service charges on deposit accounts | $ |
1,139 |
|
$ |
1,145 |
|
$ |
1,138 |
|
$ |
924 |
|
$ |
790 |
|
$ |
2,284 |
|
$ |
1,598 |
|
||
| Bank owned life insurance income, including death benefits |
|
405 |
|
|
409 |
|
|
414 |
|
|
340 |
|
|
300 |
|
|
814 |
|
|
584 |
|
||
| Trust fees |
|
2,376 |
|
|
2,519 |
|
|
2,509 |
|
|
2,335 |
|
|
2,358 |
|
|
4,895 |
|
|
4,594 |
|
||
| Insurance agency commissions |
|
1,086 |
|
|
1,047 |
|
|
706 |
|
|
799 |
|
|
948 |
|
|
2,133 |
|
|
1,951 |
|
||
| Security gains (losses), including fair value changes for equity securities |
|
(60 |
) |
|
(11 |
) |
|
25 |
|
|
459 |
|
|
32 |
|
|
(71 |
) |
|
520 |
|
||
| Retirement plan consulting fees |
|
323 |
|
|
397 |
|
|
378 |
|
|
334 |
|
|
389 |
|
|
720 |
|
|
709 |
|
||
| Investment commissions |
|
557 |
|
|
694 |
|
|
611 |
|
|
638 |
|
|
523 |
|
|
1,251 |
|
|
1,027 |
|
||
| Net gains on sale of loans |
|
365 |
|
|
1,129 |
|
|
1,728 |
|
|
1,466 |
|
|
2,191 |
|
|
1,494 |
|
|
5,091 |
|
||
| Other mortgage banking fee income (loss), net |
|
39 |
|
|
60 |
|
|
2 |
|
|
32 |
|
|
(55 |
) |
|
99 |
|
|
(170 |
) |
||
| Debit card and EFT fees |
|
1,528 |
|
|
1,416 |
|
|
1,424 |
|
|
1,227 |
|
|
1,322 |
|
|
2,944 |
|
|
2,493 |
|
||
| Other noninterest income |
|
1,719 |
|
|
8,893 |
|
|
603 |
|
|
461 |
|
|
710 |
|
|
10,612 |
|
|
1,243 |
|
||
| Total Noninterest Income | $ |
9,477 |
|
$ |
17,698 |
|
$ |
9,538 |
|
$ |
9,015 |
|
$ |
9,508 |
|
$ |
27,175 |
|
$ |
19,640 |
|
||
| For the Three Months Ended | For the Six Months Ended | ||||||||||||||||||||||
| June 30, | March 31, | Dec. 31, | Sept. 30, | June 30, | June 30, | June 30, | |||||||||||||||||
| Noninterest Expense | 2022 |
2022 |
2021 |
2021 |
2021 |
2022 |
2021 |
|
|||||||||||||||
| Salaries and employee benefits | $ |
11,073 |
|
$ |
11,831 |
|
$ |
10,230 |
|
$ |
9,321 |
|
$ |
9,866 |
|
$ |
22,904 |
|
$ |
19,842 |
|
||
| Occupancy and equipment |
|
2,918 |
|
|
2,680 |
|
|
2,422 |
|
|
1,899 |
|
|
1,890 |
|
|
5,598 |
|
|
4,165 |
|
||
| State and local taxes |
|
697 |
|
|
678 |
|
|
620 |
|
|
552 |
|
|
551 |
|
|
1,375 |
|
|
1,105 |
|
||
| Professional fees |
|
1,056 |
|
|
3,135 |
|
|
1,296 |
|
|
1,009 |
|
|
830 |
|
|
4,191 |
|
|
1,886 |
|
||
| Merger related costs |
|
674 |
|
|
1,940 |
|
|
6,521 |
|
|
472 |
|
|
104 |
|
|
2,614 |
|
|
116 |
|
||
| Advertising |
|
487 |
|
|
392 |
|
|
776 |
|
|
466 |
|
|
357 |
|
|
879 |
|
|
617 |
|
||
| FDIC insurance |
|
282 |
|
|
267 |
|
|
152 |
|
|
140 |
|
|
120 |
|
|
549 |
|
|
290 |
|
||
| Intangible amortization |
|
419 |
|
|
420 |
|
|
414 |
|
|
316 |
|
|
316 |
|
|
839 |
|
|
632 |
|
||
| Core processing charges |
|
1,123 |
|
|
745 |
|
|
880 |
|
|
860 |
|
|
831 |
|
|
1,868 |
|
|
1,458 |
|
||
| Other noninterest expenses |
|
2,732 |
|
|
8,368 |
|
|
4,350 |
|
|
2,093 |
|
|
2,205 |
|
|
11,100 |
|
|
4,276 |
|
||
| Total Noninterest Expense | $ |
21,461 |
|
$ |
30,456 |
|
$ |
27,661 |
|
$ |
17,128 |
|
$ |
17,070 |
|
$ |
51,917 |
|
$ |
34,387 |
|
||
| Average Balance Sheets and Related Yields and Rates | ||||||||||||
| (Dollar Amounts in Thousands) | ||||||||||||
| Three Months Ended | Three Months Ended | |||||||||||
| June 30, 2022 | June 30, 2021 | |||||||||||
| AVERAGE | YIELD/ | AVERAGE | YIELD/ | |||||||||
| BALANCE | INTEREST (1) | RATE (1) | BALANCE | INTEREST (1) | RATE (1) | |||||||
| EARNING ASSETS | ||||||||||||
| Loans (2) | $ |
2,337,251 |
$ |
25,792 |
4.41 |
% |
$ |
2,005,151 |
$ |
23,669 |
4.73 |
% |
| Taxable securities |
|
1,100,538 |
|
5,223 |
1.90 |
|
|
512,779 |
|
2,511 |
1.96 |
|
| Tax-exempt securities (2) |
|
474,034 |
|
3,832 |
3.23 |
|
|
340,539 |
|
2,952 |
3.48 |
|
| Other investments |
|
34,030 |
|
216 |
2.54 |
|
|
14,666 |
|
121 |
3.31 |
|
| Federal funds sold and other |
|
69,532 |
|
95 |
0.55 |
|
|
228,495 |
|
58 |
0.10 |
|
| Total earning assets |
|
4,015,385 |
|
35,158 |
3.50 |
|
|
3,101,630 |
|
29,311 |
3.79 |
|
| Nonearning assets |
|
140,334 |
|
178,686 |
||||||||
| Total assets | $ |
4,155,719 |
$ |
3,280,316 |
||||||||
| INTEREST-BEARING LIABILITIES | ||||||||||||
| Time deposits | $ |
354,692 |
$ |
552 |
0.62 |
% |
$ |
392,663 |
$ |
1,008 |
1.03 |
% |
| Brokered time deposits |
|
45,767 |
|
49 |
0.43 |
|
|
15,429 |
|
29 |
0.75 |
|
| Savings deposits |
|
837,726 |
|
141 |
0.07 |
|
|
516,428 |
|
165 |
0.13 |
|
| Demand deposits - interest bearing |
|
1,430,273 |
|
909 |
0.25 |
|
|
1,226,894 |
|
627 |
0.20 |
|
| Short term borrowings |
|
42,527 |
|
97 |
0.91 |
|
|
4,674 |
|
3 |
0.26 |
|
| Long term borrowings |
|
87,914 |
|
827 |
3.76 |
|
|
74,496 |
|
287 |
1.55 |
|
| Total interest-bearing liabilities | $ |
2,798,899 |
|
2,575 |
0.37 |
|
$ |
2,230,584 |
|
2,119 |
0.38 |
|
| NONINTEREST-BEARING LIABILITIES | ||||||||||||
| AND STOCKHOLDERS' EQUITY | ||||||||||||
| Demand deposits - noninterest bearing |
|
972,174 |
|
666,053 |
||||||||
| Other liabilities |
|
29,665 |
|
19,926 |
||||||||
| Stockholders' equity |
|
354,981 |
|
363,753 |
||||||||
| TOTAL LIABILITIES AND | ||||||||||||
| STOCKHOLDERS' EQUITY | $ |
4,155,719 |
$ |
3,280,316 |
||||||||
| Net interest income and interest rate spread | $ |
32,583 |
3.13 |
% |
$ |
27,192 |
3.41 |
% |
||||
| Net interest margin | 3.25 |
% |
3.52 |
% |
||||||||
| (1) Interest and yields are calculated on a tax-equivalent basis where applicable. | ||||||||||||
| (2) For 2022, adjustments of $78 thousand and $794 thousand, respectively, were made to tax equate income on tax exempt loans and tax exempt securities. For 2021, adjustments of $92 thousand and $610 thousand, respectively, were made to tax equate income on tax exempt loans and tax exempt securities. These adjustments were based on a marginal federal income tax rate of 21%, less disallowances. | ||||||||||||
| Six Months Ended | Six Months Ended | |||||||||||
| June 30, 2022 | June 30, 2021 | |||||||||||
| AVERAGE | YIELD/ | AVERAGE | YIELD/ | |||||||||
| BALANCE | INTEREST (1) | RATE (1) | BALANCE | INTEREST (1) | RATE (1) | |||||||
| EARNING ASSETS | ||||||||||||
| Loans (2) | $ |
2,326,392 |
$ |
51,438 |
4.42 |
% |
$ |
2,029,901 |
$ |
47,569 |
4.73 |
% |
| Taxable securities |
|
1,054,506 |
|
9,810 |
1.86 |
|
|
421,847 |
|
4,230 |
2.02 |
|
| Tax-exempt securities (2) |
|
467,947 |
|
7,559 |
3.23 |
|
|
311,453 |
|
5,565 |
3.60 |
|
| Other investments |
|
32,584 |
|
346 |
2.12 |
|
|
14,753 |
|
242 |
3.31 |
|
| Federal funds sold and other |
|
93,591 |
|
143 |
0.31 |
|
|
257,746 |
|
129 |
0.10 |
|
| Total earning assets |
|
3,975,020 |
|
69,296 |
3.49 |
|
|
3,035,700 |
|
57,735 |
3.84 |
|
| Nonearning assets |
|
192,085 |
|
182,672 |
||||||||
| Total assets | $ |
4,167,105 |
$ |
3,218,372 |
||||||||
| INTEREST-BEARING LIABILITIES | ||||||||||||
| Time deposits | $ |
366,617 |
$ |
1,196 |
0.65 |
% |
$ |
416,429 |
$ |
2,263 |
1.10 |
% |
| Brokered time deposits |
|
30,745 |
|
64 |
0.42 |
|
|
23,669 |
|
75 |
0.64 |
|
| Savings deposits |
|
840,533 |
|
308 |
0.07 |
|
|
506,188 |
|
358 |
0.14 |
|
| Demand deposits - interest bearing |
|
1,420,957 |
|
1,327 |
0.19 |
|
|
1,155,642 |
|
1,359 |
0.24 |
|
| Short term borrowings |
|
22,486 |
|
98 |
0.87 |
|
|
3,735 |
|
7 |
0.38 |
|
| Long term borrowings |
|
87,856 |
|
1,619 |
3.69 |
|
|
75,248 |
|
580 |
1.55 |
|
| Total interest-bearing liabilities | $ |
2,769,194 |
|
4,612 |
0.33 |
|
$ |
2,180,911 |
|
4,642 |
0.43 |
|
| NONINTEREST-BEARING LIABILITIES | ||||||||||||
| AND STOCKHOLDERS' EQUITY | ||||||||||||
| Demand deposits - noninterest bearing | $ |
964,380 |
$ |
661,550 |
||||||||
| Other liabilities |
|
27,842 |
|
21,577 |
||||||||
| Stockholders' equity |
|
405,689 |
|
354,334 |
||||||||
| TOTAL LIABILITIES AND | ||||||||||||
| STOCKHOLDERS' EQUITY | $ |
4,167,105 |
$ |
3,218,372 |
||||||||
| Net interest income and interest rate spread | $ |
64,684 |
3.16 |
% |
$ |
53,093 |
3.41 |
% |
||||
| Net interest margin | 3.25 |
% |
3.53 |
% |
||||||||
| (1) Interest and yields are calculated on a tax-equivalent basis where applicable. | ||||||||||||
| (2) For 2022, adjustments of $162 thousand and $1.6 million, respectively, were made to tax equate income on tax exempt loans and tax exempt securities. For 2021, adjustments of $187 thousand and $1.1 million, respectively, were made to tax equate income on tax exempt loans and tax exempt securities. These adjustments were based on a marginal federal income tax rate of 21%, less disallowances. | ||||||||||||
| Reconciliation of Total Assets to Tangible Assets | |||||||||||||||||||||
| For the Three Months Ended | For the Six Months Ended | ||||||||||||||||||||
| June 30, | March 31, | Dec. 31, | Sept. 30, | June 30, | June 30, | June 30, | |||||||||||||||
|
2022 |
2022 |
2021 |
2021 |
2021 |
2022 |
2021 |
||||||||||||||
| Total Assets | $ |
4,114,364 |
|
$ |
4,205,855 |
|
$ |
4,142,749 |
|
$ |
3,317,047 |
|
$ |
3,260,058 |
|
$ |
4,114,364 |
|
$ |
3,260,058 |
|
| Less Goodwill and other intangibles |
|
101,767 |
|
|
102,187 |
|
|
102,606 |
|
|
48,670 |
|
|
48,985 |
|
|
101,767 |
|
|
48,985 |
|
| Tangible Assets | $ |
4,012,597 |
|
$ |
4,103,668 |
|
$ |
4,040,143 |
|
$ |
3,268,377 |
|
$ |
3,211,073 |
|
$ |
4,012,597 |
|
$ |
3,211,073 |
|
| Average Assets |
|
4,155,719 |
|
|
4,178,618 |
|
|
3,879,901 |
|
|
3,304,708 |
|
|
3,280,316 |
|
|
4,167,105 |
|
|
3,218,372 |
|
| Less average Goodwill and other intangibles |
|
102,042 |
|
|
102,462 |
|
|
84,580 |
|
|
48,879 |
|
|
49,193 |
|
|
102,251 |
|
|
49,350 |
|
| Average Tangible Assets | $ |
4,053,677 |
|
$ |
4,076,156 |
|
$ |
3,795,321 |
|
$ |
3,255,829 |
|
$ |
3,231,123 |
|
$ |
4,064,854 |
|
$ |
3,169,022 |
|
| Reconciliation of Common Stockholders' Equity to Tangible Common Equity | |||||||||||||||||||||
| For the Three Months Ended | For the Six Months Ended | ||||||||||||||||||||
| June 30, | March 31, | Dec. 31, | Sept. 30, | June 30, | June 30, | June 30, | |||||||||||||||
|
2022 |
2022 |
2021 |
2021 |
2021 |
2022 |
2021 |
||||||||||||||
| Stockholders' Equity | $ |
321,449 |
|
$ |
393,886 |
|
$ |
472,432 |
|
$ |
377,524 |
|
$ |
366,908 |
|
$ |
321,449 |
|
$ |
366,908 |
|
| Less Goodwill and other intangibles |
|
101,767 |
|
|
102,187 |
|
|
102,606 |
|
|
48,670 |
|
|
48,985 |
|
|
101,767 |
|
|
48,985 |
|
| Tangible Common Equity | $ |
219,682 |
|
$ |
291,699 |
|
$ |
369,826 |
|
$ |
328,854 |
|
$ |
317,923 |
|
$ |
219,682 |
|
$ |
317,923 |
|
| Average Stockholders' Equity |
|
354,981 |
|
|
456,206 |
|
|
431,709 |
|
|
375,208 |
|
|
363,753 |
|
|
405,689 |
|
|
354,334 |
|
| Less average Goodwill and other intangibles |
|
102,042 |
|
|
102,462 |
|
|
84,580 |
|
|
48,879 |
|
|
49,193 |
|
|
102,251 |
|
|
49,350 |
|
| Average Tangible Common Equity | $ |
252,939 |
|
$ |
353,744 |
|
$ |
347,129 |
|
$ |
326,329 |
|
$ |
314,560 |
|
$ |
303,438 |
|
$ |
304,984 |
|
| Reconciliation of Net Income, Less Merger and Certain Items | |||||||||||||||||||||
| For the Three Months Ended | For the Six Months Ended | ||||||||||||||||||||
| June 30, | March 31, | Dec. 31, | Sept. 30, | June 30, | June 30, | June 30, | |||||||||||||||
|
2022 |
2022 |
2021 |
2021 |
2021 |
2022 |
2021 |
||||||||||||||
| Net income | $ |
15,951 |
|
$ |
15,844 |
|
$ |
5,702 |
|
$ |
16,011 |
|
$ |
15,575 |
|
$ |
31,795 |
|
$ |
30,131 |
|
| Acquisition related costs - after tax |
|
564 |
|
|
1,540 |
|
|
5,232 |
|
|
468 |
|
|
83 |
|
|
2,104 |
|
|
92 |
|
| Acquisition related provision - after tax |
|
0 |
|
|
0 |
|
|
3,846 |
|
|
0 |
|
|
0 |
|
|
0 |
|
|
0 |
|
| Lawsuit settlement income - after tax |
|
0 |
|
|
(6,616 |
) |
|
0 |
|
|
0 |
|
|
0 |
|
|
(6,616 |
) |
|
0 |
|
| Lawsuit settlement contingent legal expense - after tax |
|
0 |
|
|
1,639 |
|
|
0 |
|
|
0 |
|
|
0 |
|
|
1,639 |
|
|
0 |
|
| Charitable donation - after tax |
|
0 |
|
|
4,740 |
|
|
0 |
|
|
0 |
|
|
0 |
|
|
4,740 |
|
|
0 |
|
| FHLB prepayment penalties - after tax |
|
0 |
|
|
0 |
|
|
1,425 |
|
|
257 |
|
|
0 |
|
|
0 |
|
|
0 |
|
| Net loss (gain) on asset/security sales - after tax |
|
(25 |
) |
|
97 |
|
|
134 |
|
|
(362 |
) |
|
(26 |
) |
|
72 |
|
|
(370 |
) |
| Gain on sale of credit card portfolio - after tax |
|
0 |
|
|
0 |
|
|
(189 |
) |
|
0 |
|
|
0 |
|
|
0 |
|
|
0 |
|
| Net income - Adjusted | $ |
16,490 |
|
$ |
17,244 |
|
$ |
16,150 |
|
$ |
16,374 |
|
$ |
15,632 |
|
$ |
33,734 |
|
$ |
29,853 |
|
| Diluted EPS excluding merger and one-time items | $ |
0.49 |
|
$ |
0.51 |
|
$ |
0.50 |
|
$ |
0.58 |
|
$ |
0.55 |
|
$ |
0.99 |
|
$ |
1.05 |
|
| Return on Average Assets excluding merger and certain items (Annualized) |
|
1.59 |
% |
|
1.65 |
% |
|
1.65 |
% |
|
1.97 |
% |
|
1.91 |
% |
|
1.62 |
% |
|
1.86 |
% |
| Return on Average Equity excluding merger and certain items (Annualized) |
|
18.58 |
% |
|
15.12 |
% |
|
14.84 |
% |
|
17.31 |
% |
|
17.24 |
% |
|
16.63 |
% |
|
16.85 |
% |
| Return on Average Tangible Equity excluding acquisition costs and certain items (Annualized) |
|
26.08 |
% |
|
19.50 |
% |
|
18.46 |
% |
|
19.91 |
% |
|
19.93 |
% |
|
22.23 |
% |
|
19.58 |
% |
| Efficiency ratio excluding certain items | |||||||||||||||||||||
| For the Three Months Ended | For the Six Months Ended | ||||||||||||||||||||
| June 30, | March 31, | Dec. 31, | Sept. 30, | June 30, | June 30, | June 30, | |||||||||||||||
|
2022 |
2022 |
2021 |
2021 |
2021 |
2022 |
2021 |
||||||||||||||
| Net interest income, after tax | $ |
32,583 |
|
$ |
32,100 |
|
$ |
30,486 |
|
$ |
27,256 |
|
$ |
27,192 |
|
$ |
64,684 |
|
$ |
53,093 |
|
| Noninterest income |
|
9,477 |
|
|
17,698 |
|
|
9,538 |
|
|
9,015 |
|
|
9,508 |
|
|
27,175 |
|
|
19,640 |
|
| Legal settlement income |
|
0 |
|
|
(8,375 |
) |
|
0 |
|
|
0 |
|
|
0 |
|
|
(8,375 |
) |
|
0 |
|
| Net loss (gain) on asset/security sales |
|
(32 |
) |
|
123 |
|
|
170 |
|
|
(458 |
) |
|
(33 |
) |
|
91 |
|
|
(469 |
) |
| Gain on sale of credit card portfolio |
|
0 |
|
|
0 |
|
|
(239 |
) |
|
0 |
|
|
0 |
|
|
0 |
|
|
0 |
|
| Net interest income and noninterest income adjusted |
|
42,028 |
|
|
41,546 |
|
|
39,955 |
|
|
35,813 |
|
|
36,667 |
|
|
83,575 |
|
|
72,264 |
|
| Noninterest expense less intangible amortization |
|
21,042 |
|
|
30,036 |
|
|
27,247 |
|
|
16,813 |
|
|
16,755 |
|
|
51,078 |
|
|
33,757 |
|
| Charitable donation |
|
0 |
|
|
6,000 |
|
|
0 |
|
|
0 |
|
|
0 |
|
|
6,000 |
|
|
0 |
|
| Contingent legal settlement expense |
|
0 |
|
|
2,075 |
|
|
0 |
|
|
0 |
|
|
0 |
|
|
2,075 |
|
|
0 |
|
| Acquisition related costs |
|
674 |
|
|
1,940 |
|
|
6,521 |
|
|
472 |
|
|
104 |
|
|
2,614 |
|
|
116 |
|
| FHLB prepayment penalties |
|
0 |
|
|
0 |
|
|
1,804 |
|
|
325 |
|
|
0 |
|
|
0 |
|
|
0 |
|
| Noninterest income adjusted |
|
20,368 |
|
|
20,021 |
|
|
18,922 |
|
|
16,016 |
|
|
16,651 |
|
|
40,389 |
|
|
33,641 |
|
| Efficiency ratio excluding one-time items |
|
48.46 |
% |
|
48.19 |
% |
|
47.36 |
% |
|
44.72 |
% |
|
45.41 |
% |
|
48.33 |
% |
|
46.55 |
% |
| Net interest margin excluding acquisition marks and PPP interest and fees | |||||||||||||||||||||
| For the Three Months Ended | For the Six Months Ended | ||||||||||||||||||||
| June 30, | March 31, | Dec. 31, | Sept. 30, | June 30, | June 30, | June 30, | |||||||||||||||
|
2022 |
2022 |
2021 |
2021 |
2021 |
2022 |
2021 |
||||||||||||||
| Net interest income, taxable equivalent | $ |
32,583 |
|
$ |
32,100 |
|
$ |
30,486 |
|
$ |
27,256 |
|
$ |
27,192 |
|
$ |
64,684 |
|
$ |
53,093 |
|
| Acquisition marks |
|
381 |
|
|
957 |
|
|
496 |
|
|
(35 |
) |
|
200 |
|
|
1,338 |
|
|
471 |
|
| PPP interest and fees |
|
634 |
|
|
686 |
|
|
979 |
|
|
1,402 |
|
|
2,097 |
|
|
1,320 |
|
|
4,241 |
|
| Adjusted and annualized net interest income |
|
126,272 |
|
|
121,828 |
|
|
115,098 |
|
|
102,712 |
|
|
99,854 |
|
|
124,052 |
|
|
96,762 |
|
| Average earning assets |
|
4,015,385 |
|
|
3,931,506 |
|
|
3,631,320 |
|
|
3,120,336 |
|
|
3,101,630 |
|
|
3,975,020 |
|
|
3,218,372 |
|
| less PPP average balances |
|
16,019 |
|
|
30,003 |
|
|
47,939 |
|
|
76,990 |
|
|
131,856 |
|
|
22,972 |
|
|
128,531 |
|
| Adjusted average earning assets |
|
3,999,366 |
|
|
3,901,503 |
|
|
3,583,381 |
|
|
3,043,346 |
|
|
2,969,774 |
|
|
3,952,048 |
|
|
3,089,841 |
|
| Net interest margin excluding marks and PPP interest and fees |
|
3.16 |
% |
|
3.12 |
% |
|
3.21 |
% |
|
3.37 |
% |
|
3.36 |
% |
|
3.14 |
% |
|
3.13 |
% |
