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Evans Bancorp Reports Net Income Growth of 22% to $5.8 Million in First Quarter 2023

Evans Bancorp, Inc. (the “Company” or “Evans”) (NYSE American: EVBN), a community financial services company serving Western New York since 1920, today reported results of operations for the first quarter ended March 31, 2023.

FIRST QUARTER 2023 HIGHLIGHTS (compared with prior-year period unless otherwise noted)

  • Net income increased 22% to $5.8 million, or $1.06 per diluted share
  • Results included $0.7 million provision release due to changes in loan balances and qualitative factors
  • Total non-interest expense of $14.5 million was flat with last year and down 3% sequentially
  • Average loan balances of $1.64 billion up 5% year-over-year and up 1% sequentially
  • Average total deposits of $1.82 billion down 1% in the quarter; The average rate paid on interest-bearing deposits was 1.24%, up from 0.16% a year ago

Net income was $5.8 million, or $1.06 per diluted share, in the first quarter of 2023, up 22%, or $1.1 million, from $4.7 million, or $0.86 per diluted share, in last year’s first quarter. The increase reflected higher net interest income and a reduction in provision for credit losses, partially offset by lower non-interest income. Net income for the fourth quarter of 2022 was $6.0 million, or $1.10 per diluted share. The change from the sequential fourth quarter was largely due to a reduction in net interest income, partially offset by a release of allowance for credit losses. Return on average equity was 14.97% for the first quarter of 2023, compared with 16.07% in the fourth quarter of 2022 and 10.46% in the first quarter of 2022.

”Evans delivered solid results during a period of heightened volatility and the headwinds of margin pressure caused by rising interest rates and competitive pricing. Year-over-year, we have continued to execute our strategy to grow responsibly by cultivating core relationships and attracting new customers while maintaining credit quality, optimizing operational efficiency, and controlling costs to deliver optimal returns, said David J. Nasca, President and CEO of Evans Bancorp, Inc. “Looking ahead, we remain highly focused on supporting our customers and community through this challenging economic environment.”

Net Interest Income

($ in thousands)

 

 

1Q 2023

 

 

4Q 2022

 

 

1Q 2022

 

 

 

 

 

 

 

 

 

 

 

 

Interest income

 

$

23,365

 

 

$

22,381

 

 

$

17,517

Interest expense

 

 

6,040

 

 

 

3,167

 

 

 

1,016

Net interest income

 

 

17,325

 

 

 

19,214

 

 

 

16,501

Provision for credit losses

 

 

(654)

 

 

 

923

 

 

 

221

Net interest income after provision

 

$

17,979

 

 

$

18,291

 

 

$

16,280

Net interest income of $17.3 million was down $1.9 million, or 10%, from the sequential fourth quarter due to higher interest expense given the cost increase of interest-bearing liabilities as a result of competitive pricing on deposits. When compared with last year’s first quarter, net interest income was up $0.8 million, or 5%, as a result of the 450 basis point increase in federal funds rates and higher average loan and investment balances.

First quarter net interest margin of 3.46% declined 31 basis points over the trailing fourth quarter but improved 28 basis points from the prior-year period. The yield on loans improved both sequentially and year-over-year, up 28 basis points and 109 basis points, respectively. The cost of interest-bearing liabilities was 1.65% compared with 0.86% in the fourth quarter of 2022 and 0.27% in the first quarter of 2022.

The $0.7 million release of allowance in the current quarter was largely due to lower loan balances, a reduction in rate of increases in home prices in the Company’s market and lower specific reserves on impaired loans.

Upon adoption of ASU 2016-13, Measurement of Credit Losses on Financial Instruments, the Company recognized a $2.7 million increase in the allowance for credit losses as of January 1, 2023 with a cumulative adjustment to retained earnings net of tax of $2.0 million.

John Connerton, Chief Financial Officer of Evans Bank, commented, “Deposit betas accelerated during the quarter with elevated rates for deposits and customers looking for options with greater returns. Funding balances have been maintained with the use of competitive pricing within our products, as reflected in the shift in deposit mix and subsequent increase in the rates paid on our interest-bearing deposits. We expect that these market conditions and pricing pressures will have an impact on our margin for the second quarter.”

Asset Quality

 

($ in thousands)

 

 

 

1Q 2023

 

 

4Q 2022

 

 

1Q 2022

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Total non-performing loans

 

$

24,084

 

 

$

24,728

 

 

$

20,659

 

Total net loan charge-offs (recoveries)

 

 

(4)

 

 

 

115

 

 

 

41

 

Non-performing loans / Total loans

 

 

1.45

%

 

 

1.48

%

 

 

1.29

%

Net loan charge-offs / Average loans

 

 

-

%

 

 

0.03

%

 

 

0.01

%

Allowance for loan losses / Total loans

 

 

1.30

%

 

 

1.16

%

 

 

1.16

%

Non-Interest Income

($ in thousands)

 

 

1Q 2023

 

 

4Q 2022

 

 

1Q 2022

 

 

 

 

 

 

 

 

 

 

 

 

Deposit service charges

 

$

613

 

 

$

684

 

 

$

692

Insurance service and fee revenue

 

 

2,429

 

 

 

2,204

 

 

 

2,299

Bank-owned life insurance

 

 

224

 

 

 

221

 

 

 

154

Other income

 

 

847

 

 

 

1,352

 

 

 

1,286

Total non-interest income

 

$

4,113

 

 

$

4,461

 

 

$

4,431

Insurance service and fee revenue increased 10% over the sequential fourth quarter and was up 6% from last year’s first quarter. The increase over both comparative periods was due to increased profit sharing revenue and commissions from higher premiums and new commercial lines insurance sales.

Included in the sequential 2022 fourth quarter other income was a $0.2 million gain on sale of an asset that was acquired in foreclosure as well as $0.2 million of revenue recognized relating to rents received from the acquired asset. The decrease in other income from last year’s first quarter was primarily due to movements in mortgage servicing rights and lower loan fees.

Non-Interest Expense

($ in thousands)

 

 

1Q 2023

 

 

4Q 2022

 

 

1Q 2022

 

 

 

 

 

 

 

 

 

 

 

 

Salaries and employee benefits

 

$

9,413

 

 

$

9,498

 

 

$

9,470

Occupancy

 

 

1,173

 

 

 

1,190

 

 

 

1,180

Advertising and public relations

 

 

156

 

 

 

125

 

 

 

179

Professional services

 

 

883

 

 

 

871

 

 

 

872

Technology and communications

 

 

1,356

 

 

 

1,437

 

 

 

1,174

Amortization of intangibles

 

 

100

 

 

 

100

 

 

 

100

FDIC insurance

 

 

350

 

 

 

250

 

 

 

270

Other expenses

 

 

1,071

 

 

 

1,429

 

 

 

1,215

Total non-interest expenses

 

$

14,502

 

 

$

14,900

 

 

$

14,460

 

 

 

 

 

 

 

 

 

 

 

 

Total non-interest expense decreased $0.4 million, or 3%, from the fourth quarter of 2022, and was relatively flat with last year’s first quarter.

Salaries and employee benefits were down slightly from both comparative periods as merit increases and strategic hires were offset by lower incentive accruals of $0.6 million when compared with both the sequential fourth quarter and last year’s first quarter.

Technology and communications increased $0.2 million from last year’s first quarter primarily due to higher software costs.

FDIC insurance increased $0.1 million from both comparative periods reflecting changes to the FDIC’s assessment rate schedules intended to raise the reserve ratio of the Deposit Insurance Fund.

Other expenses decreased from the sequential fourth quarter primarily due to lower loan fees of $0.3 million and expenses relating to a foreclosed property of $0.1 million in the fourth quarter.

The Company’s GAAP efficiency ratio, or noninterest expenses divided by the sum of net interest income and noninterest income, was 67.6% in the first quarter of 2023, 62.9% in the fourth quarter of 2022, and 69.1% in the first quarter of 2022.

Income tax expense was $1.8 million, for an effective tax rate of 23.6%, in the first quarter of 2023 compared with 23.0% in the fourth quarter of 2022 and 24.0% in last year’s first quarter.

Balance Sheet Highlights

Total assets were $2.15 billion as of March 31, 2023, down 1% from December 31, 2022 and down 4% from March 31, 2022. The change from last year’s first quarter was due to a reduction in interest-bearing deposits at banks of $143 million, partially offset by an increase in loan balances of $54 million. When compared with last year’s first quarter, commercial real estate loans increased $36 million, commercial and industrial loans increased $8 million, excluding PPP loan balances, and residential mortgages increased $18 million. PPP loan balances were less than $1 million at quarter-end, down $9 million from the prior-year period.

Investment securities were $370 million at March 31, 2023, $1.6 million lower than the end of the fourth quarter of 2022 and $19 million lower than the end of last year’s first quarter. The decrease from prior year reflects changes in unrealized gains and losses on investment securities. The primary objectives of the Company’s investment portfolio are to provide liquidity, secure municipal deposits, and maximize income while preserving the safety of principal.

Total deposits of $1.85 billion increased $78 million, or 4%, from December 31, 2022, but decreased $137 million, or 7%, from the end of last year’s first quarter. The increase from the sequential fourth quarter reflects an increase in time deposits of $87 million, municipal savings deposits of $52 million, and commercial savings of $15 million, partially offset by a decrease in consumer savings of $62 million, demand deposits of $10 million, and NOW deposits of $5 million.

When compared with the end of last year’s first quarter, there were deposit decreases in consumer savings of $163 million, commercial savings of $51 million, demand deposits of $45 million, municipal savings of $30 million, and brokered deposits of $2 million. Offsetting those decreases were higher consumer time deposits of $143 million and NOW deposits of $11 million.

While the Company has not experienced a significant outflow of deposits, in the event of such occurrences, the Bank may need to rely on other sources of funding to meet withdrawal demands. As of March, 31, 2023, given the current collateral available, advances up to $335 million can be drawn on the FHLB via the banks overnight line of credit. Additionally, the Bank has the ability to borrow from the Federal Reserve and participates in the Bank Term Funding Program.

Capital Management

The Company has consistently maintained regulatory capital ratios measurably above the Federal “well capitalized” standard, including a Tier 1 leverage ratio of 9.13% at March 31, 2023 and December 31, 2022, compared with 8.57% at March 31, 2022.

Book value per share was $28.97 at March 31, 2023 compared with $28.32 at December 31, 2022 and $30.65 at March 31, 2022. Reflected in the book value changes are the Federal Reserve’s aggressive interest rate hikes that have resulted in significant unrealized losses on investment securities, which reduced book value per share at March 31, 2023 by $4.37 when compared with the last year’s first quarter. Such unrealized gains and losses are due to changes in interest rates and represent the difference, net of applicable income tax effect, between the estimated fair value and amortized cost of investment securities classified as available-for-sale.

Tangible book value per share was $26.44 at March 31, 2023 compared with $25.76 at December 31, 2022 and $28.08 at March 31, 2022.

On February 22, 2023, the Company declared a cash dividend of $0.66 per common share, which was paid on April 4, 2023. The semi-annual dividend represented a $0.02, or 3%, increase from the previous semi-annual dividend paid in October 2022.

Webcast and Conference Call

The Company will host a conference call and webcast on Thursday, April 27, 2023 at 4:45 p.m. ET. Management will review the financial and operating results for the first quarter of 2023, as well as the Company’s strategy and outlook. A question and answer session will follow.

The conference call can be accessed by calling (201) 689-8471. Alternatively, the webcast can be monitored at www.evansbancorp.com.

A telephonic replay will be available from 8:00 p.m. ET on the day of the teleconference until Thursday, May 4, 2023. To listen to the archived call, dial (412) 317-6671 and enter conference ID number 13737659, or access the webcast replay at www.evansbancorp.com , where a transcript will be posted once available.

About Evans Bancorp, Inc.

Evans Bancorp, Inc. is a financial holding company and the parent company of Evans Bank, N.A., a commercial bank with $2.1 billion in assets and $1.8 billion in deposits at March 31, 2023. Evans is a full-service community bank with 18 branches providing comprehensive financial services to consumer, business and municipal customers throughout Western New York. Evans Insurance Agency, a wholly owned subsidiary, provides life insurance, employee benefits, and property and casualty insurance through eight offices in the Western New York region. Evans Investment Services provides non-deposit investment products, such as annuities and mutual funds.

Evans Bancorp, Inc. and Evans Bank routinely post news and other important information on their websites, at www.evansbancorp.com and www.evansbank.com.

Safe Harbor Statement: This news release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Such forward-looking statements include, but are not limited to, statements concerning future business, revenue and earnings. These statements are not historical facts or guarantees of future performance, events or results. There are risks, uncertainties and other factors that could cause the actual results of Evans Bancorp to differ materially from the results expressed or implied by such statements. Factors that may cause actual results to differ materially from those contemplated by such forward-looking statements include the impacts from COVID-19, competitive pressures among financial services companies, interest rate trends, general economic conditions, changes in legislation or regulatory requirements, effectiveness at achieving stated goals and strategies, and difficulties in achieving operating efficiencies. These risks and uncertainties are more fully described in Evans Bancorp’s Annual and Quarterly Reports filed with the Securities and Exchange Commission. Forward-looking statements speak only as of the date they are made. Evans Bancorp undertakes no obligation to publicly update or revise forward-looking information, whether as a result of new, updated information, future events or otherwise.

EVANS BANCORP, INC. AND SUBSIDIARIES

SELECTED FINANCIAL DATA (UNAUDITED)

(in thousands, except shares and per share data)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

3/31/2023

 

 

 

12/31/2022

 

 

 

9/30/2022

 

 

 

6/30/2022

 

 

 

3/31/2022

 

ASSETS

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Interest-bearing deposits at banks

 

$

3,832

 

 

$

6,258

 

 

$

6,813

 

 

$

88,190

 

 

$

147,277

 

Investment Securities

 

 

369,636

 

 

 

371,275

 

 

 

376,713

 

 

 

403,322

 

 

 

388,953

 

Loans

 

 

1,658,576

 

 

 

1,672,369

 

 

 

1,626,457

 

 

 

1,613,834

 

 

 

1,604,079

 

Allowance for credit losses

 

 

(21,523)

 

 

 

(19,438)

 

 

 

(18,630)

 

 

 

(18,819)

 

 

 

(18,618)

 

Goodwill and intangible assets

 

 

13,829

 

 

 

13,929

 

 

 

14,029

 

 

 

14,129

 

 

 

14,229

 

All other assets

 

 

123,920

 

 

 

134,117

 

 

 

124,323

 

 

 

107,698

 

 

 

104,814

 

Total assets

 

$

2,148,270

 

 

$

2,178,510

 

 

$

2,129,705

 

 

$

2,208,354

 

 

$

2,240,734

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

LIABILITIES AND STOCKHOLDERS'

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

EQUITY

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Demand deposits

 

 

483,958

 

 

 

493,710

 

 

 

558,805

 

 

 

550,079

 

 

 

528,962

 

NOW deposits

 

 

268,283

 

 

 

273,359

 

 

 

263,648

 

 

 

265,181

 

 

 

257,475

 

Savings deposits

 

 

807,532

 

 

 

801,943

 

 

 

913,383

 

 

 

1,015,511

 

 

 

1,051,136

 

Time deposits

 

 

290,141

 

 

 

202,667

 

 

 

137,910

 

 

 

137,561

 

 

 

149,243

 

Total deposits

 

 

1,849,914

 

 

 

1,771,679

 

 

 

1,873,746

 

 

 

1,968,332

 

 

 

1,986,816

 

Borrowings

 

 

120,002

 

 

 

231,223

 

 

 

83,456

 

 

 

59,028

 

 

 

64,322

 

Other liabilities

 

 

20,103

 

 

 

21,615

 

 

 

22,652

 

 

 

18,319

 

 

 

20,393

 

Total stockholders' equity

 

 

158,251

 

 

 

153,993

 

 

 

149,850

 

 

 

162,675

 

 

 

169,203

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

SHARES AND CAPITAL RATIOS

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Common shares outstanding

 

 

5,462,763

 

 

 

5,437,048

 

 

 

5,509,917

 

 

 

5,508,663

 

 

 

5,519,831

 

Book value per share

 

$

28.97

 

 

$

28.32

 

 

$

27.20

 

 

$

29.53

 

 

$

30.65

 

Tangible book value per share

 

$

26.44

 

 

$

25.76

 

 

$

24.65

 

 

$

26.97

 

 

$

28.08

 

Tier 1 leverage ratio

 

 

9.13

%

 

 

9.13

%

 

 

9.00

%

 

 

8.73

%

 

 

8.57

%

Tier 1 risk-based capital ratio

 

 

12.55

%

 

 

12.29

%

 

 

12.40

%

 

 

12.47

%

 

 

12.55

%

Total risk-based capital ratio

 

 

13.80

%

 

 

13.48

%

 

 

13.57

%

 

 

13.68

%

 

 

13.78

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

ASSET QUALITY DATA

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Total non-performing loans

 

$

24,084

 

 

$

24,728

 

 

$

25,961

 

 

$

22,010

 

 

$

20,659

 

Total net loan charge-offs (recoveries)

 

 

(4)

 

 

 

115

 

 

 

1,518

 

 

 

66

 

 

 

41

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Non-performing loans/Total loans

 

 

1.45

%

 

 

1.48

%

 

 

1.60

%

 

 

1.36

%

 

 

1.29

%

Net loan charge-offs (recoveries)/Average loans

 

 

-

%

 

 

0.03

%

 

 

0.38

%

 

 

0.02

%

 

 

0.01

%

Allowance for credit losses/Total loans

 

 

1.30

%

 

 

1.16

%

 

 

1.15

%

 

 

1.17

%

 

 

1.16

%

EVANS BANCORP, INC AND SUBSIDIARIES

SELECTED OPERATIONS DATA (UNAUDITED)

(in thousands, except share and per share data)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

2023

 

 

 

2022

 

 

 

2022

 

 

 

2022

 

 

 

2022

 

 

 

 

First Quarter

 

 

 

Fourth Quarter

 

 

 

Third Quarter

 

 

 

Second Quarter

 

 

 

First Quarter

 

Interest income

 

$

23,365

 

 

$

22,381

 

 

$

20,487

 

 

$

19,097

 

 

$

17,517

 

Interest expense

 

 

6,040

 

 

 

3,167

 

 

 

1,299

 

 

 

1,045

 

 

 

1,016

 

Net interest income

 

 

17,325

 

 

 

19,214

 

 

 

19,188

 

 

 

18,052

 

 

 

16,501

 

Provision for credit losses

 

 

(654)

 

 

 

923

 

 

 

1,328

 

 

 

267

 

 

 

221

 

Net interest income after provision for credit losses

 

 

17,979

 

 

 

18,291

 

 

 

17,860

 

 

 

17,785

 

 

 

16,280

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Deposit service charges

 

 

613

 

 

 

684

 

 

 

782

 

 

 

703

 

 

 

692

 

Insurance service and fee revenue

 

 

2,429

 

 

 

2,204

 

 

 

3,383

 

 

 

2,567

 

 

 

2,299

 

Bank-owned life insurance

 

 

224

 

 

 

221

 

 

 

161

 

 

 

171

 

 

 

154

 

Other income

 

 

847

 

 

 

1,352

 

 

 

1,441

 

 

 

1,171

 

 

 

1,286

 

Total non-interest income

 

 

4,113

 

 

 

4,461

 

 

 

5,767

 

 

 

4,612

 

 

 

4,431

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Salaries and employee benefits

 

 

9,413

 

 

 

9,498

 

 

 

10,450

 

 

 

9,436

 

 

 

9,470

 

Occupancy

 

 

1,173

 

 

 

1,190

 

 

 

1,118

 

 

 

1,131

 

 

 

1,180

 

Advertising and public relations

 

 

156

 

 

 

125

 

 

 

417

 

 

 

438

 

 

 

179

 

Professional services

 

 

883

 

 

 

871

 

 

 

839

 

 

 

843

 

 

 

872

 

Technology and communications

 

 

1,356

 

 

 

1,437

 

 

 

1,339

 

 

 

1,237

 

 

 

1,174

 

Amortization of intangibles

 

 

100

 

 

 

100

 

 

 

100

 

 

 

100

 

 

 

100

 

FDIC insurance

 

 

350

 

 

 

250

 

 

 

255

 

 

 

250

 

 

 

270

 

Other expenses

 

 

1,071

 

 

 

1,429

 

 

 

1,273

 

 

 

1,349

 

 

 

1,215

 

Total non-interest expenses

 

 

14,502

 

 

 

14,900

 

 

 

15,791

 

 

 

14,784

 

 

 

14,460

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Income before income taxes

 

 

7,590

 

 

 

7,852

 

 

 

7,836

 

 

 

7,613

 

 

 

6,251

 

Income tax provision

 

 

1,790

 

 

 

1,809

 

 

 

1,972

 

 

 

1,879

 

 

 

1,503

 

Net income

 

 

5,800

 

 

 

6,043

 

 

 

5,864

 

 

 

5,734

 

 

 

4,748

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

PER SHARE DATA

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net income per common share-diluted

 

$

1.06

 

 

$

1.10

 

 

$

1.06

 

 

$

1.03

 

 

$

0.86

 

Cash dividends per common share

 

$

0.66

 

 

$

-

 

 

$

0.64

 

 

$

-

 

 

$

0.62

 

Weighted average number of diluted shares

 

 

5,475,790

 

 

 

5,500,810

 

 

 

5,546,764

 

 

 

5,550,436

 

 

 

5,547,548

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

PERFORMANCE RATIOS

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Return on average total assets

 

 

1.07

%

 

 

1.12

%

 

 

1.08

%

 

 

1.04

%

 

 

0.86

%

Return on average stockholders' equity

 

 

14.97

%

 

 

16.07

%

 

 

14.15

%

 

 

13.77

%

 

 

10.46

%

Return on average tangible common stockholders' equity*

 

 

16.44

%

 

 

17.72

%

 

 

15.46

%

 

 

15.06

%

 

 

11.35

%

Efficiency ratio

 

 

67.65

%

 

 

62.94

%

 

 

63.28

%

 

 

65.23

%

 

 

69.08

%

Efficiency ratio (Non-GAAP)**

 

 

67.18

%

 

 

62.51

%

 

 

62.88

%

 

 

64.79

%

 

 

68.60

%

* The calculation of the average tangible common stockholders' equity ratio excludes goodwill and intangible assets from average stockholders equity.

** The calculation of the non-GAAP efficiency ratio excludes amortization of intangibles, gains and losses from investment securities, merger-related expenses and the impact of historic tax credit transactions.

EVANS BANCORP, INC AND SUBSIDIARIES

SELECTED AVERAGE BALANCES AND YIELDS/RATES (UNAUDITED)

(in thousands)

 

 

 

2023

 

 

 

2022

 

 

 

2022

 

 

 

2022

 

 

 

2022

 

 

 

 

First Quarter

 

 

 

Fourth Quarter

 

 

 

Third Quarter

 

 

 

Second Quarter

 

 

 

First Quarter

 

AVERAGE BALANCES

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Loans, net

 

$

1,641,162

 

 

$

1,627,028

 

 

$

1,597,382

 

 

$

1,591,971

 

 

$

1,566,716

 

Investment securities

 

 

382,329

 

 

 

382,125

 

 

 

406,703

 

 

 

392,371

 

 

 

357,930

 

Interest-bearing deposits at banks

 

 

9,824

 

 

 

10,416

 

 

 

42,788

 

 

 

111,457

 

 

 

178,729

 

Total interest-earning assets

 

 

2,033,315

 

 

 

2,019,569

 

 

 

2,046,873

 

 

 

2,095,799

 

 

 

2,103,375

 

Non interest-earning assets

 

 

133,936

 

 

 

135,035

 

 

 

122,321

 

 

 

116,202

 

 

 

110,316

 

Total Assets

 

$

2,167,251

 

 

$

2,154,604

 

 

$

2,169,194

 

 

$

2,212,001

 

 

$

2,213,691

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

NOW

 

 

260,242

 

 

 

265,313

 

 

 

269,359

 

 

 

258,197

 

 

 

252,965

 

Savings

 

 

796,793

 

 

 

874,816

 

 

 

964,051

 

 

 

1,020,004

 

 

 

1,024,447

 

Time deposits

 

 

257,733

 

 

 

174,362

 

 

 

132,319

 

 

 

143,677

 

 

 

156,534

 

Total interest-bearing deposits

 

 

1,314,768

 

 

 

1,314,491

 

 

 

1,365,729

 

 

 

1,421,878

 

 

 

1,433,946

 

Borrowings

 

 

173,053

 

 

 

151,259

 

 

 

65,990

 

 

 

63,203

 

 

 

65,154

 

Total interest-bearing liabilities

 

 

1,487,821

 

 

 

1,465,750

 

 

 

1,431,719

 

 

 

1,485,081

 

 

 

1,499,100

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Demand deposits

 

 

503,945

 

 

 

518,666

 

 

 

549,625

 

 

 

542,827

 

 

 

512,118

 

Other non-interest bearing liabilities

 

 

20,487

 

 

 

19,798

 

 

 

22,073

 

 

 

17,562

 

 

 

20,897

 

Stockholders' equity

 

 

154,998

 

 

 

150,390

 

 

 

165,777

 

 

 

166,531

 

 

 

181,576

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Total Liabilities and Equity

 

$

2,167,251

 

 

$

2,154,604

 

 

$

2,169,194

 

 

$

2,212,001

 

 

$

2,213,691

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Average tangible common stockholders' equity*

 

 

141,111

 

 

 

136,406

 

 

 

151,690

 

 

 

152,345

 

 

 

167,287

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

YIELD/RATE

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Loans, net

 

 

5.16

%

 

 

4.88

%

 

 

4.47

%

 

 

4.24

%

 

 

4.07

%

Investment securities

 

 

2.53

%

 

 

2.36

%

 

 

2.23

%

 

 

2.09

%

 

 

1.95

%

Interest-bearing deposits at banks

 

 

3.97

%

 

 

3.16

%

 

 

2.01

%

 

 

0.81

%

 

 

0.16

%

Total interest-earning assets

 

 

4.66

%

 

 

4.40

%

 

 

3.97

%

 

 

3.65

%

 

 

3.38

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

NOW

 

 

0.75

%

 

 

0.36

%

 

 

0.10

%

 

 

0.09

%

 

 

0.09

%

Savings

 

 

0.95

%

 

 

0.33

%

 

 

0.19

%

 

 

0.14

%

 

 

0.14

%

Time deposits

 

 

2.63

%

 

 

1.61

%

 

 

0.64

%

 

 

0.49

%

 

 

0.44

%

Total interest-bearing deposits

 

 

1.24

%

 

 

0.51

%

 

 

0.22

%

 

 

0.16

%

 

 

0.16

%

Borrowings

 

 

4.74

%

 

 

3.88

%

 

 

3.27

%

 

 

2.95

%

 

 

2.79

%

Total interest-bearing liabilities

 

 

1.65

%

 

 

0.86

%

 

 

0.36

%

 

 

0.28

%

 

 

0.27

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Interest rate spread

 

 

3.01

%

 

 

3.54

%

 

 

3.61

%

 

 

3.37

%

 

 

3.11

%

Contribution of interest-free funds

 

 

0.45

%

 

 

0.23

%

 

 

0.11

%

 

 

0.08

%

 

 

0.07

%

Net interest margin

 

 

3.46

%

 

 

3.77

%

 

 

3.72

%

 

 

3.45

%

 

 

3.18

%

* Average tangible common stockholders' equity excludes goodwill and intangible assets from average stockholders equity.

 

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