Pennsylvania | 0-7617 | 23-1886144 | ||
(State or other jurisdiction | (Commission | (I.R.S. Employer | ||
of incorporation) | File Number) | Identification No.) |
¨ | Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425) |
¨ | Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12) |
¨ | Pre-commencement communications pursuant to Rule 14d-2 (b) under the Exchange Act (17 CFR 240.14d-2 (b)) |
¨ | Pre-commencement communications pursuant to Rule 13e-4 (c) under the Exchange Act (17 CFR 240.13e-4 (c)) |
Item 2.02 | Results of Operations and Financial Condition. |
Item 9.01 | Financial Statements and Exhibits. |
Exhibit No. | Description of Document | |
99.1 | Press release issued by Univest Corporation of Pennsylvania on October 22, 2014 |
Univest Corporation of Pennsylvania | ||
By: | /s/ Michael S. Keim | |
Name: | Michael S. Keim | |
Title: | Executive Vice President, Chief Financial Officer |
Exhibit No. | Description of Document | |
99.1 | Press release issued by Univest Corporation of Pennsylvania on October 22, 2014. |
NEWS | ![]() |
Univest Corporation of Pennsylvania | |||||||||||||||||||||||||||
Consolidated Selected Financial Data | |||||||||||||||||||||||||||
September 30, 2014 | |||||||||||||||||||||||||||
(Dollars in thousands) | |||||||||||||||||||||||||||
Balance Sheet (Period End) | 9/30/2014 | 6/30/2014 | 3/31/2014 | 12/31/2013 | 9/30/2013 | ||||||||||||||||||||||
Assets | $ | 2,222,196 | $ | 2,197,252 | $ | 2,201,194 | $ | 2,191,559 | $ | 2,252,996 | |||||||||||||||||
Investment securities | 360,778 | 358,460 | 381,724 | 402,284 | 462,573 | ||||||||||||||||||||||
Loans held for sale | 2,156 | 9,811 | 1,856 | 2,267 | 3,489 | ||||||||||||||||||||||
Loans and leases held for investment, gross | 1,597,736 | 1,586,994 | 1,560,446 | 1,541,484 | 1,526,241 | ||||||||||||||||||||||
Allowance for loan and lease losses | 21,762 | 24,094 | 24,567 | 24,494 | 24,835 | ||||||||||||||||||||||
Loans and leases held for investment, net | 1,575,974 | 1,562,900 | 1,535,879 | 1,516,990 | 1,501,406 | ||||||||||||||||||||||
Total deposits | 1,860,143 | 1,832,234 | 1,839,760 | 1,844,498 | 1,889,046 | ||||||||||||||||||||||
Noninterest-bearing deposits | 436,189 | 432,399 | 426,430 | 411,714 | 394,983 | ||||||||||||||||||||||
NOW, money market and savings | 1,162,778 | 1,131,605 | 1,145,994 | 1,161,995 | 1,204,281 | ||||||||||||||||||||||
Time deposits | 261,176 | 268,230 | 267,336 | 270,789 | 289,782 | ||||||||||||||||||||||
Borrowings | 38,005 | 45,066 | 41,486 | 37,256 | 46,733 | ||||||||||||||||||||||
Shareholders' equity | 289,814 | 286,787 | 283,296 | 280,506 | 274,754 | ||||||||||||||||||||||
Balance Sheet (Average) | For the three months ended, | For the nine months ended, | |||||||||||||||||||||||||
9/30/2014 | 6/30/2014 | 3/31/2014 | 12/31/2013 | 9/30/2013 | 9/30/2014 | 9/30/2013 | |||||||||||||||||||||
Assets | $ | 2,217,474 | $ | 2,179,057 | $ | 2,172,551 | $ | 2,208,995 | $ | 2,233,124 | $ | 2,189,858 | $ | 2,238,914 | |||||||||||||
Investment securities | 360,274 | 376,970 | 390,630 | 447,672 | 479,442 | 375,847 | 490,479 | ||||||||||||||||||||
Loans and leases, gross | 1,597,965 | 1,566,293 | 1,550,346 | 1,527,330 | 1,506,850 | 1,571,709 | 1,489,818 | ||||||||||||||||||||
Deposits | 1,860,138 | 1,819,546 | 1,823,589 | 1,858,905 | 1,875,578 | 1,834,558 | 1,825,491 | ||||||||||||||||||||
Shareholders' equity | 288,429 | 285,489 | 282,574 | 275,983 | 280,245 | 285,518 | 283,412 | ||||||||||||||||||||
Asset Quality Data (Period End) | |||||||||||||||||||||||||||
9/30/2014 | 6/30/2014 | 3/31/2014 | 12/31/2013 | 9/30/2013 | |||||||||||||||||||||||
Nonaccrual loans and leases, including nonaccrual troubled debt restructured loans and leases and nonaccrual loans held for sale | $ | 18,814 | $ | 17,742 | $ | 19,287 | $ | 23,235 | $ | 23,974 | |||||||||||||||||
Accruing loans and leases 90 days or more past due | 344 | 524 | 581 | 413 | 1,954 | ||||||||||||||||||||||
Accruing troubled debt restructured loans and leases | 5,463 | 6,340 | 7,036 | 7,943 | 14,106 | ||||||||||||||||||||||
Other real estate owned | 955 | 1,650 | 1,650 | 1,650 | 1,650 | ||||||||||||||||||||||
Nonperforming assets | 25,576 | 26,256 | 28,554 | 33,241 | 41,684 | ||||||||||||||||||||||
Allowance for loan and lease losses | 21,762 | 24,094 | 24,567 | 24,494 | 24,835 | ||||||||||||||||||||||
Nonaccrual loans and leases / Loans and leases held for investment and nonaccrual loans held for sale | 1.18 | % | 1.12 | % | 1.24 | % | 1.51 | % | 1.57 | % | |||||||||||||||||
Nonperforming loans and leases / Loans and leases held for investment and nonaccrual loans held for sale | 1.54 | % | 1.55 | % | 1.72 | % | 2.05 | % | 2.62 | % | |||||||||||||||||
Allowance for loan and lease losses / Loans and leases held for investment | 1.36 | % | 1.52 | % | 1.57 | % | 1.59 | % | 1.63 | % | |||||||||||||||||
Allowance for loan and lease losses / Nonaccrual loans and leases held for investment | 115.67 | % | 140.00 | % | 127.38 | % | 105.42 | % | 103.59 | % | |||||||||||||||||
Allowance for loan and lease losses / Nonperforming loans and leases held for investment | 88.39 | % | 100.08 | % | 91.31 | % | 77.53 | % | 62.03 | % | |||||||||||||||||
For the three months ended, | For the nine months ended, | ||||||||||||||||||||||||||
9/30/2014 | 6/30/2014 | 3/31/2014 | 12/31/2013 | 9/30/2013 | 9/30/2014 | 9/30/2013 | |||||||||||||||||||||
Net loan and lease charge-offs | $ | 2,565 | $ | 1,724 | $ | 1,402 | $ | 1,955 | $ | 3,977 | $ | 5,691 | $ | 9,525 | |||||||||||||
Net loan and lease charge-offs (annualized)/Average loans and leases | 0.64 | % | 0.44 | % | 0.37 | % | 0.51 | % | 1.05 | % | 0.48 | % | 0.85 | % |
Univest Corporation of Pennsylvania | |||||||||||||||||||||||||||
Consolidated Selected Financial Data | |||||||||||||||||||||||||||
September 30, 2014 | |||||||||||||||||||||||||||
(Dollars in thousands, except per share data) | |||||||||||||||||||||||||||
For the three months ended, | For the nine months ended, | ||||||||||||||||||||||||||
For the period: | 9/30/2014 | 6/30/2014 | 3/31/2014 | 12/31/2013 | 9/30/2013 | 9/30/2014 | 9/30/2013 | ||||||||||||||||||||
Interest income | $ | 19,219 | $ | 18,725 | $ | 18,946 | $ | 19,172 | $ | 19,457 | $ | 56,890 | $ | 58,407 | |||||||||||||
Interest expense | 978 | 981 | 998 | 1,080 | 1,138 | 2,957 | 4,037 | ||||||||||||||||||||
Net interest income | 18,241 | 17,744 | 17,948 | 18,092 | 18,319 | 53,933 | 54,370 | ||||||||||||||||||||
Provision for loan and lease losses | 233 | 1,251 | 1,475 | 1,614 | 4,094 | 2,959 | 9,614 | ||||||||||||||||||||
Net interest income after provision | 18,008 | 16,493 | 16,473 | 16,478 | 14,225 | 50,974 | 44,756 | ||||||||||||||||||||
Noninterest income: | |||||||||||||||||||||||||||
Trust fee income | 1,862 | 1,931 | 1,899 | 2,054 | 1,736 | 5,692 | 5,249 | ||||||||||||||||||||
Service charges on deposit accounts | 1,073 | 1,047 | 1,014 | 1,118 | 1,149 | 3,134 | 3,333 | ||||||||||||||||||||
Investment advisory commission and fee income | 3,086 | 3,009 | 3,049 | 1,988 | 1,740 | 9,144 | 5,654 | ||||||||||||||||||||
Insurance commission and fee income | 2,881 | 2,434 | 3,332 | 2,172 | 2,309 | 8,647 | 7,223 | ||||||||||||||||||||
Bank owned life insurance income | 346 | 443 | 378 | 496 | 1,555 | 1,167 | 2,472 | ||||||||||||||||||||
Net gain on sales of investment securities | — | 415 | 142 | 439 | 1,426 | 557 | 2,950 | ||||||||||||||||||||
Net gain on mortgage banking activities | 616 | 519 | 349 | 476 | 935 | 1,484 | 4,047 | ||||||||||||||||||||
Net gain on sales of other real estate owned | 195 | — | — | 176 | 198 | 195 | 450 | ||||||||||||||||||||
Loss on termination of interest rate swap | — | — | — | — | — | — | (1,866 | ) | |||||||||||||||||||
Other income | 2,451 | 2,126 | 1,978 | 2,197 | 2,154 | 6,555 | 6,156 | ||||||||||||||||||||
Total noninterest income | 12,510 | 11,924 | 12,141 | 11,116 | 13,202 | 36,575 | 35,668 | ||||||||||||||||||||
Noninterest expense: | |||||||||||||||||||||||||||
Salaries and benefits | 11,035 | 10,242 | 10,671 | 10,542 | 9,761 | 31,948 | 28,980 | ||||||||||||||||||||
Commissions | 2,200 | 1,795 | 1,590 | 1,983 | 2,026 | 5,585 | 6,529 | ||||||||||||||||||||
Premises and equipment | 3,115 | 3,097 | 3,088 | 2,836 | 2,697 | 9,300 | 7,898 | ||||||||||||||||||||
Professional fees | 744 | 846 | 809 | 1,131 | 764 | 2,399 | 2,340 | ||||||||||||||||||||
Acquisition-related costs | 180 | 516 | 43 | 53 | 7 | 739 | 34 | ||||||||||||||||||||
Intangible expenses | 352 | 650 | 760 | 356 | 275 | 1,762 | (199 | ) | |||||||||||||||||||
Restructuring charges | 8 | — | — | — | (5 | ) | 8 | 534 | |||||||||||||||||||
Other expense | 4,385 | 4,644 | 3,922 | 4,722 | 4,463 | 12,951 | 13,394 | ||||||||||||||||||||
Total noninterest expense | 22,019 | 21,790 | 20,883 | 21,623 | 19,988 | 64,692 | 59,510 | ||||||||||||||||||||
Income before taxes | 8,499 | 6,627 | 7,731 | 5,971 | 7,439 | 22,857 | 20,914 | ||||||||||||||||||||
Income taxes | 2,264 | 1,547 | 2,005 | 1,049 | 1,400 | 5,816 | 4,647 | ||||||||||||||||||||
Net income | $ | 6,235 | $ | 5,080 | $ | 5,726 | $ | 4,922 | $ | 6,039 | $ | 17,041 | $ | 16,267 | |||||||||||||
Per common share data: | |||||||||||||||||||||||||||
Book value per share | $ | 17.87 | $ | 17.65 | $ | 17.43 | $ | 17.22 | $ | 16.87 | $ | 17.87 | $ | 16.87 | |||||||||||||
Net income per share: | |||||||||||||||||||||||||||
Basic | $ | 0.38 | $ | 0.31 | $ | 0.35 | $ | 0.30 | $ | 0.36 | $ | 1.05 | $ | 0.97 | |||||||||||||
Diluted | $ | 0.38 | $ | 0.31 | $ | 0.35 | $ | 0.30 | $ | 0.36 | $ | 1.04 | $ | 0.97 | |||||||||||||
Dividends declared per share | $ | 0.20 | $ | 0.20 | $ | 0.20 | $ | 0.20 | $ | 0.20 | $ | 0.60 | $ | 0.60 | |||||||||||||
Weighted average shares outstanding | 16,225,596 | 16,243,161 | 16,256,047 | 16,283,466 | 16,657,916 | 16,241,490 | 16,713,666 | ||||||||||||||||||||
Period end shares outstanding | 16,220,249 | 16,248,495 | 16,249,152 | 16,287,812 | 16,288,597 | 16,220,249 | 16,288,597 |
Univest Corporation of Pennsylvania | ||||||||||||||||||||
Consolidated Selected Financial Data | ||||||||||||||||||||
September 30, 2014 | ||||||||||||||||||||
For the three months ended, | For the nine months ended, | |||||||||||||||||||
Profitability Ratios (annualized) | 9/30/2014 | 6/30/2014 | 3/31/2014 | 12/31/2013 | 9/30/2013 | 9/30/2014 | 9/30/2013 | |||||||||||||
Return on average assets | 1.12 | % | 0.94 | % | 1.07 | % | 0.88 | % | 1.07 | % | 1.04 | % | 0.97 | % | ||||||
Return on average shareholders' equity | 8.58 | % | 7.14 | % | 8.22 | % | 7.08 | % | 8.55 | % | 7.98 | % | 7.67 | % | ||||||
Net interest margin (FTE) | 3.88 | % | 3.86 | % | 3.96 | % | 3.82 | % | 3.83 | % | 3.90 | % | 3.81 | % | ||||||
Efficiency ratio (1) | 68.39 | % | 70.00 | % | 66.19 | % | 70.43 | % | 59.53 | % | 68.19 | % | 62.70 | % | ||||||
Efficiency ratio (1), excluding acquisition-related costs and restructuring charges | 67.81 | % | 68.34 | % | 66.06 | % | 70.25 | % | 59.53 | % | 67.40 | % | 62.10 | % | ||||||
Capitalization Ratios | ||||||||||||||||||||
Dividends declared to net income | 52.01 | % | 63.96 | % | 56.72 | % | 66.17 | % | 55.24 | % | 57.16 | % | 61.65 | % | ||||||
Shareholders' equity to assets (Period End) | 13.04 | % | 13.05 | % | 12.87 | % | 12.80 | % | 12.20 | % | 13.04 | % | 12.20 | % | ||||||
Tangible common equity to tangible assets | 9.78 | % | 9.94 | % | 9.74 | % | 10.10 | % | 9.55 | % | 9.78 | % | 9.55 | % | ||||||
Regulatory Capital Ratios (Period End) | ||||||||||||||||||||
Tier 1 leverage ratio | 10.50 | % | 10.72 | % | 10.64 | % | 10.85 | % | 10.63 | % | 10.50 | % | 10.63 | % | ||||||
Tier 1 risk-based capital ratio | 11.99 | % | 12.00 | % | 12.00 | % | 12.63 | % | 12.47 | % | 11.99 | % | 12.47 | % | ||||||
Total risk-based capital ratio | 13.19 | % | 13.26 | % | 13.27 | % | 13.90 | % | 13.73 | % | 13.19 | % | 13.73 | % | ||||||
(1) Total operating expenses to net interest income before loan loss provision plus non-interest income adjusted for tax equivalent income. |
Distribution of Assets, Liabilities and Shareholders' Equity: Interest Rates and Interest Differential | |||||||||||||||||||||||
For the Three Months Ended September 30, | |||||||||||||||||||||||
Tax Equivalent Basis | 2014 | 2013 | |||||||||||||||||||||
Average | Income/ | Average | Average | Income/ | Average | ||||||||||||||||||
(Dollars in thousands) | Balance | Expense | Rate | Balance | Expense | Rate | |||||||||||||||||
Assets: | |||||||||||||||||||||||
Interest-earning deposits with other banks | $ | 34,701 | $ | 18 | 0.21 | % | $ | 36,137 | $ | 25 | 0.27 | % | |||||||||||
U.S. government obligations | 127,505 | 320 | 1.00 | 175,753 | 484 | 1.09 | |||||||||||||||||
Obligations of state and political subdivisions | 107,039 | 1,360 | 5.04 | 117,166 | 1,589 | 5.38 | |||||||||||||||||
Other debt and equity securities | 125,730 | 643 | 2.03 | 186,523 | 907 | 1.93 | |||||||||||||||||
Total interest-earning deposits and investments | 394,975 | 2,341 | 2.35 | 515,579 | 3,005 | 2.31 | |||||||||||||||||
Commercial, financial, and agricultural loans | 394,297 | 4,054 | 4.08 | 395,251 | 4,062 | 4.08 | |||||||||||||||||
Real estate—commercial and construction loans | 622,249 | 7,105 | 4.53 | 590,967 | 7,071 | 4.75 | |||||||||||||||||
Real estate—residential loans | 298,530 | 2,684 | 3.57 | 261,586 | 2,463 | 3.74 | |||||||||||||||||
Loans to individuals | 30,616 | 492 | 6.38 | 42,483 | 587 | 5.48 | |||||||||||||||||
Municipal loans and leases | 181,170 | 2,214 | 4.85 | 147,505 | 1,875 | 5.04 | |||||||||||||||||
Lease financings | 71,103 | 1,586 | 8.85 | 69,058 | 1,610 | 9.25 | |||||||||||||||||
Gross loans and leases | 1,597,965 | 18,135 | 4.50 | 1,506,850 | 17,668 | 4.65 | |||||||||||||||||
Total interest-earning assets | 1,992,940 | 20,476 | 4.08 | 2,022,429 | 20,673 | 4.06 | |||||||||||||||||
Cash and due from banks | 36,600 | 34,693 | |||||||||||||||||||||
Reserve for loan and lease losses | (24,450 | ) | (25,404 | ) | |||||||||||||||||||
Premises and equipment, net | 35,580 | 33,157 | |||||||||||||||||||||
Other assets | 176,804 | 168,249 | |||||||||||||||||||||
Total assets | $ | 2,217,474 | $ | 2,233,124 | |||||||||||||||||||
Liabilities: | |||||||||||||||||||||||
Interest-bearing checking deposits | $ | 316,923 | $ | 44 | 0.06 | $ | 323,165 | $ | 46 | 0.06 | |||||||||||||
Money market savings | 290,194 | 79 | 0.11 | 306,937 | 73 | 0.09 | |||||||||||||||||
Regular savings | 537,175 | 80 | 0.06 | 545,134 | 80 | 0.06 | |||||||||||||||||
Time deposits | 265,293 | 768 | 1.15 | 294,844 | 920 | 1.24 | |||||||||||||||||
Total time and interest-bearing deposits | 1,409,585 | 971 | 0.27 | 1,470,080 | 1,119 | 0.30 | |||||||||||||||||
Short-term borrowings | 38,763 | 7 | 0.07 | 44,516 | 8 | 0.07 | |||||||||||||||||
Subordinated notes and capital securities | — | — | — | 1,569 | 11 | 2.78 | |||||||||||||||||
Total borrowings | 38,763 | 7 | 0.07 | 46,085 | 19 | 0.16 | |||||||||||||||||
Total interest-bearing liabilities | 1,448,348 | 978 | 0.27 | 1,516,165 | 1,138 | 0.30 | |||||||||||||||||
Noninterest-bearing deposits | 450,553 | 405,498 | |||||||||||||||||||||
Accrued expenses and other liabilities | 30,144 | 31,216 | |||||||||||||||||||||
Total liabilities | 1,929,045 | 1,952,879 | |||||||||||||||||||||
Shareholders' Equity: | |||||||||||||||||||||||
Common stock | 91,332 | 91,332 | |||||||||||||||||||||
Additional paid-in capital | 65,459 | 64,866 | |||||||||||||||||||||
Retained earnings and other equity | 131,638 | 124,047 | |||||||||||||||||||||
Total shareholders' equity | 288,429 | 280,245 | |||||||||||||||||||||
Total liabilities and shareholders' equity | $ | 2,217,474 | $ | 2,233,124 | |||||||||||||||||||
Net interest income | $ | 19,498 | $ | 19,535 | |||||||||||||||||||
Net interest spread | 3.81 | 3.76 | |||||||||||||||||||||
Effect of net interest-free funding sources | 0.07 | 0.07 | |||||||||||||||||||||
Net interest margin | 3.88 | % | 3.83 | % | |||||||||||||||||||
Ratio of average interest-earning assets to average interest-bearing liabilities | 137.60 | % | 133.39 | % | |||||||||||||||||||
Notes: For rate calculation purposes, average loan and lease categories include unearned discount. | |||||||||||||||||||||||
Nonaccrual loans and leases have been included in the average loan and lease balances. | |||||||||||||||||||||||
Loans held for sale have been included in the average loan balances. | |||||||||||||||||||||||
Tax-equivalent amounts for the three months ended September 30, 2014 and 2013 have been calculated using the Corporation’s federal applicable rate of 35.0%. |
Distribution of Assets, Liabilities and Shareholders' Equity: Interest Rates and Interest Differential | |||||||||||||||||||||||
For the Nine Months Ended September 30, | |||||||||||||||||||||||
Tax Equivalent Basis | 2014 | 2013 | |||||||||||||||||||||
Average | Income/ | Average | Average | Income/ | Average | ||||||||||||||||||
(Dollars in thousands) | Balance | Expense | Rate | Balance | Expense | Rate | |||||||||||||||||
Assets: | |||||||||||||||||||||||
Interest-earning deposits with other banks | $ | 28,457 | $ | 49 | 0.23 | % | $ | 51,880 | $ | 106 | 0.27 | % | |||||||||||
U.S. government obligations | 128,799 | 967 | 1.00 | 176,095 | 1,449 | 1.10 | |||||||||||||||||
Obligations of state and political subdivisions | 107,269 | 4,189 | 5.22 | 120,435 | 4,774 | 5.30 | |||||||||||||||||
Other debt and equity securities | 139,779 | 2,058 | 1.97 | 193,949 | 2,746 | 1.89 | |||||||||||||||||
Total interest-earning deposits and investments | 404,304 | 7,263 | 2.40 | 542,359 | 9,075 | 2.24 | |||||||||||||||||
Commercial, financial, and agricultural loans | 396,915 | 11,925 | 4.02 | 412,233 | 13,093 | 4.25 | |||||||||||||||||
Real estate—commercial and construction loans | 602,862 | 20,791 | 4.61 | 570,209 | 20,575 | 4.82 | |||||||||||||||||
Real estate—residential loans | 288,548 | 7,766 | 3.60 | 257,170 | 7,354 | 3.82 | |||||||||||||||||
Loans to individuals | 34,981 | 1,627 | 6.22 | 42,519 | 1,784 | 5.61 | |||||||||||||||||
Municipal loans and leases | 177,446 | 6,447 | 4.86 | 139,827 | 5,334 | 5.10 | |||||||||||||||||
Lease financings | 70,957 | 4,807 | 9.06 | 67,860 | 4,738 | 9.33 | |||||||||||||||||
Gross loans and leases | 1,571,709 | 53,363 | 4.54 | 1,489,818 | 52,878 | 4.75 | |||||||||||||||||
Total interest-earning assets | 1,976,013 | 60,626 | 4.10 | 2,032,177 | 61,953 | 4.08 | |||||||||||||||||
Cash and due from banks | 32,564 | 33,092 | |||||||||||||||||||||
Reserve for loan and lease losses | (24,951 | ) | (25,627 | ) | |||||||||||||||||||
Premises and equipment, net | 34,733 | 32,938 | |||||||||||||||||||||
Other assets | 171,499 | 166,334 | |||||||||||||||||||||
Total assets | $ | 2,189,858 | $ | 2,238,914 | |||||||||||||||||||
Liabilities: | |||||||||||||||||||||||
Interest-bearing checking deposits | $ | 314,095 | $ | 129 | 0.05 | $ | 277,673 | $ | 119 | 0.06 | |||||||||||||
Money market savings | 286,667 | 214 | 0.10 | 318,406 | 231 | 0.10 | |||||||||||||||||
Regular savings | 539,248 | 238 | 0.06 | 538,764 | 234 | 0.06 | |||||||||||||||||
Time deposits | 267,271 | 2,351 | 1.18 | 307,134 | 2,930 | 1.28 | |||||||||||||||||
Total time and interest-bearing deposits | 1,407,281 | 2,932 | 0.28 | 1,441,977 | 3,514 | 0.33 | |||||||||||||||||
Short-term borrowings | 41,271 | 25 | 0.08 | 82,318 | 40 | 0.06 | |||||||||||||||||
Subordinated notes and capital securities | — | — | — | 14,319 | 483 | 4.51 | |||||||||||||||||
Total borrowings | 41,271 | 25 | 0.08 | 96,637 | 523 | 0.72 | |||||||||||||||||
Total interest-bearing liabilities | 1,448,552 | 2,957 | 0.27 | 1,538,614 | 4,037 | 0.35 | |||||||||||||||||
Noninterest-bearing deposits | 427,277 | 383,514 | |||||||||||||||||||||
Accrued expenses and other liabilities | 28,511 | 33,374 | |||||||||||||||||||||
Total liabilities | 1,904,340 | 1,955,502 | |||||||||||||||||||||
Shareholders' Equity: | |||||||||||||||||||||||
Common stock | 91,332 | 91,332 | |||||||||||||||||||||
Additional paid-in capital | 65,366 | 64,756 | |||||||||||||||||||||
Retained earnings and other equity | 128,820 | 127,324 | |||||||||||||||||||||
Total shareholders' equity | 285,518 | 283,412 | |||||||||||||||||||||
Total liabilities and shareholders' equity | $ | 2,189,858 | $ | 2,238,914 | |||||||||||||||||||
Net interest income | $ | 57,669 | $ | 57,916 | |||||||||||||||||||
Net interest spread | 3.83 | 3.73 | |||||||||||||||||||||
Effect of net interest-free funding sources | 0.07 | 0.08 | |||||||||||||||||||||
Net interest margin | 3.90 | % | 3.81 | % | |||||||||||||||||||
Ratio of average interest-earning assets to average interest-bearing liabilities | 136.41 | % | 132.08 | % | |||||||||||||||||||
Notes: For rate calculation purposes, average loan and lease categories include unearned discount. | |||||||||||||||||||||||
Nonaccrual loans and leases have been included in the average loan and lease balances. | |||||||||||||||||||||||
Loans held for sale have been included in the average loan balances. | |||||||||||||||||||||||
Tax-equivalent amounts for the nine months ended September 30, 2014 and 2013 have been calculated using the Corporation’s federal applicable rate of 35.0%. |
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