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 January 28, 2015 |
Univest Corporation of Pennsylvania | ||
By: | /s/ Michael S. Keim | |
Name: | Michael S. Keim | |
Title: | Senior Executive Vice President, Chief Financial Officer |
Exhibit No. | Description of Document | |
99.1 | Press release issued by Univest Corporation of Pennsylvania on January 28, 2015. |
NEWS |
Univest Corporation of Pennsylvania | |||||||||||||||||||||||||||
Consolidated Selected Financial Data | |||||||||||||||||||||||||||
December 31, 2014 | |||||||||||||||||||||||||||
(Dollars in thousands) | |||||||||||||||||||||||||||
Balance Sheet (Period End) | 12/31/2014 | 9/30/2014 | 6/30/2014 | 3/31/2014 | 12/31/2013 | ||||||||||||||||||||||
Assets | $ | 2,235,321 | $ | 2,222,196 | $ | 2,197,252 | $ | 2,201,194 | $ | 2,191,559 | |||||||||||||||||
Investment securities | 368,630 | 360,778 | 358,460 | 381,724 | 402,284 | ||||||||||||||||||||||
Loans held for sale | 3,302 | 2,156 | 9,811 | 1,856 | 2,267 | ||||||||||||||||||||||
Loans and leases held for investment, gross | 1,626,625 | 1,597,736 | 1,586,994 | 1,560,446 | 1,541,484 | ||||||||||||||||||||||
Allowance for loan and lease losses | 20,662 | 21,762 | 24,094 | 24,567 | 24,494 | ||||||||||||||||||||||
Loans and leases held for investment, net | 1,605,963 | 1,575,974 | 1,562,900 | 1,535,879 | 1,516,990 | ||||||||||||||||||||||
Total deposits | 1,861,341 | 1,860,143 | 1,832,234 | 1,839,760 | 1,844,498 | ||||||||||||||||||||||
Noninterest-bearing deposits | 449,339 | 436,189 | 432,399 | 426,430 | 411,714 | ||||||||||||||||||||||
NOW, money market and savings | 1,159,409 | 1,162,778 | 1,131,605 | 1,145,994 | 1,161,995 | ||||||||||||||||||||||
Time deposits | 252,593 | 261,176 | 268,230 | 267,336 | 270,789 | ||||||||||||||||||||||
Borrowings | 41,974 | 38,005 | 45,066 | 41,486 | 37,256 | ||||||||||||||||||||||
Shareholders' equity | 284,554 | 289,814 | 286,787 | 283,296 | 280,506 | ||||||||||||||||||||||
Balance Sheet (Average) | For the three months ended, | For the twelve months ended, | |||||||||||||||||||||||||
12/31/2014 | 9/30/2014 | 6/30/2014 | 3/31/2014 | 12/31/2013 | 12/31/2014 | 12/31/2013 | |||||||||||||||||||||
Assets | $ | 2,239,015 | $ | 2,217,474 | $ | 2,179,057 | $ | 2,172,551 | $ | 2,208,995 | $ | 2,202,247 | $ | 2,231,333 | |||||||||||||
Investment securities | 363,567 | 360,274 | 376,970 | 390,630 | 447,672 | 372,752 | 479,689 | ||||||||||||||||||||
Loans and leases, gross | 1,607,918 | 1,597,965 | 1,566,293 | 1,550,346 | 1,527,330 | 1,580,835 | 1,499,351 | ||||||||||||||||||||
Deposits | 1,875,938 | 1,860,138 | 1,819,546 | 1,823,589 | 1,858,905 | 1,844,988 | 1,833,358 | ||||||||||||||||||||
Shareholders' equity | 291,547 | 288,429 | 285,489 | 282,574 | 275,983 | 287,038 | 281,539 | ||||||||||||||||||||
Asset Quality Data (Period End) | |||||||||||||||||||||||||||
12/31/2014 | 9/30/2014 | 6/30/2014 | 3/31/2014 | 12/31/2013 | |||||||||||||||||||||||
Nonaccrual loans and leases, including nonaccrual troubled debt restructured loans and leases and nonaccrual loans held for sale | $ | 17,337 | $ | 18,814 | $ | 17,742 | $ | 19,287 | $ | 23,235 | |||||||||||||||||
Accruing loans and leases 90 days or more past due | 451 | 344 | 524 | 581 | 413 | ||||||||||||||||||||||
Accruing troubled debt restructured loans and leases | 5,469 | 5,463 | 6,340 | 7,036 | 7,943 | ||||||||||||||||||||||
Other real estate owned | 955 | 955 | 1,650 | 1,650 | 1,650 | ||||||||||||||||||||||
Nonperforming assets | 24,212 | 25,576 | 26,256 | 28,554 | 33,241 | ||||||||||||||||||||||
Allowance for loan and lease losses | 20,662 | 21,762 | 24,094 | 24,567 | 24,494 | ||||||||||||||||||||||
Nonaccrual loans and leases / Loans and leases held for investment and nonaccrual loans held for sale | 1.07 | % | 1.18 | % | 1.12 | % | 1.24 | % | 1.51 | % | |||||||||||||||||
Nonperforming loans and leases / Loans and leases held for investment and nonaccrual loans held for sale | 1.43 | % | 1.54 | % | 1.55 | % | 1.72 | % | 2.05 | % | |||||||||||||||||
Allowance for loan and lease losses / Loans and leases held for investment | 1.27 | % | 1.36 | % | 1.52 | % | 1.57 | % | 1.59 | % | |||||||||||||||||
Allowance for loan and lease losses / Nonaccrual loans and leases held for investment | 119.18 | % | 115.67 | % | 140.00 | % | 127.38 | % | 105.42 | % | |||||||||||||||||
Allowance for loan and lease losses / Nonperforming loans and leases held for investment | 88.84 | % | 88.39 | % | 100.08 | % | 91.31 | % | 77.53 | % | |||||||||||||||||
For the three months ended, | For the twelve months ended, | ||||||||||||||||||||||||||
12/31/2014 | 9/30/2014 | 6/30/2014 | 3/31/2014 | 12/31/2013 | 12/31/2014 | 12/31/2013 | |||||||||||||||||||||
Net loan and lease charge-offs | $ | 1,748 | $ | 2,565 | $ | 1,724 | $ | 1,402 | $ | 1,955 | $ | 7,439 | $ | 11,480 | |||||||||||||
Net loan and lease charge-offs (annualized)/Average loans and leases | 0.43 | % | 0.64 | % | 0.44 | % | 0.37 | % | 0.51 | % | 0.47 | % | 0.77 | % |
Univest Corporation of Pennsylvania | |||||||||||||||||||||||||||
Consolidated Selected Financial Data | |||||||||||||||||||||||||||
December 31, 2014 | |||||||||||||||||||||||||||
(Dollars in thousands, except per share data) | |||||||||||||||||||||||||||
For the three months ended, | For the twelve months ended, | ||||||||||||||||||||||||||
For the period: | 12/31/2014 | 9/30/2014 | 6/30/2014 | 3/31/2014 | 12/31/2013 | 12/31/2014 | 12/31/2013 | ||||||||||||||||||||
Interest income | $ | 18,995 | $ | 19,219 | $ | 18,725 | $ | 18,946 | $ | 19,172 | $ | 75,885 | $ | 77,579 | |||||||||||||
Interest expense | 1,039 | 978 | 981 | 998 | 1,080 | 3,996 | 5,117 | ||||||||||||||||||||
Net interest income | 17,956 | 18,241 | 17,744 | 17,948 | 18,092 | 71,889 | 72,462 | ||||||||||||||||||||
Provision for loan and lease losses | 648 | 233 | 1,251 | 1,475 | 1,614 | 3,607 | 11,228 | ||||||||||||||||||||
Net interest income after provision | 17,308 | 18,008 | 16,493 | 16,473 | 16,478 | 68,282 | 61,234 | ||||||||||||||||||||
Noninterest income: | |||||||||||||||||||||||||||
Trust fee income | 2,143 | 1,862 | 1,931 | 1,899 | 2,054 | 7,835 | 7,303 | ||||||||||||||||||||
Service charges on deposit accounts | 1,096 | 1,073 | 1,047 | 1,014 | 1,118 | 4,230 | 4,451 | ||||||||||||||||||||
Investment advisory commission and fee income | 2,760 | 3,086 | 3,009 | 3,049 | 1,988 | 11,904 | 7,642 | ||||||||||||||||||||
Insurance commission and fee income | 2,896 | 2,881 | 2,434 | 3,332 | 2,172 | 11,543 | 9,395 | ||||||||||||||||||||
Bank owned life insurance income | 461 | 346 | 443 | 378 | 496 | 1,628 | 2,968 | ||||||||||||||||||||
Net gain on sales of investment securities | 78 | — | 415 | 142 | 439 | 635 | 3,389 | ||||||||||||||||||||
Net gain on mortgage banking activities | 698 | 616 | 519 | 349 | 476 | 2,182 | 4,523 | ||||||||||||||||||||
Net gain on sales of other real estate owned | — | 195 | — | — | 176 | 195 | 626 | ||||||||||||||||||||
Loss on termination of interest rate swap | — | — | — | — | — | — | (1,866 | ) | |||||||||||||||||||
Other income | 1,944 | 2,451 | 2,126 | 1,978 | 2,197 | 8,499 | 8,353 | ||||||||||||||||||||
Total noninterest income | 12,076 | 12,510 | 11,924 | 12,141 | 11,116 | 48,651 | 46,784 | ||||||||||||||||||||
Noninterest expense: | |||||||||||||||||||||||||||
Salaries and benefits | 10,297 | 11,035 | 10,242 | 10,671 | 10,542 | 42,245 | 39,522 | ||||||||||||||||||||
Commissions | 2,052 | 2,200 | 1,795 | 1,590 | 1,983 | 7,637 | 8,512 | ||||||||||||||||||||
Premises and equipment | 3,368 | 3,115 | 3,097 | 3,088 | 2,836 | 12,668 | 10,734 | ||||||||||||||||||||
Professional fees | 765 | 744 | 846 | 809 | 1,131 | 3,164 | 3,471 | ||||||||||||||||||||
Acquisition-related costs | 531 | 180 | 516 | 43 | 53 | 1,270 | 87 | ||||||||||||||||||||
Intangible expenses | 405 | 352 | 650 | 760 | 356 | 2,167 | 157 | ||||||||||||||||||||
Restructuring and integration charges | — | 8 | — | — | — | 8 | 534 | ||||||||||||||||||||
Other expense | 5,144 | 4,385 | 4,644 | 3,922 | 4,722 | 18,095 | 18,116 | ||||||||||||||||||||
Total noninterest expense | 22,562 | 22,019 | 21,790 | 20,883 | 21,623 | 87,254 | 81,133 | ||||||||||||||||||||
Income before taxes | 6,822 | 8,499 | 6,627 | 7,731 | 5,971 | 29,679 | 26,885 | ||||||||||||||||||||
Income taxes | 1,632 | 2,264 | 1,547 | 2,005 | 1,049 | 7,448 | 5,696 | ||||||||||||||||||||
Net income | $ | 5,190 | $ | 6,235 | $ | 5,080 | $ | 5,726 | $ | 4,922 | $ | 22,231 | $ | 21,189 | |||||||||||||
Per common share data: | |||||||||||||||||||||||||||
Book value per share | $ | 17.54 | $ | 17.87 | $ | 17.65 | $ | 17.43 | $ | 17.22 | $ | 17.54 | $ | 17.22 | |||||||||||||
Net income per share: | |||||||||||||||||||||||||||
Basic | $ | 0.32 | $ | 0.38 | $ | 0.31 | $ | 0.35 | $ | 0.30 | $ | 1.37 | $ | 1.28 | |||||||||||||
Diluted | $ | 0.32 | $ | 0.38 | $ | 0.31 | $ | 0.35 | $ | 0.30 | $ | 1.36 | $ | 1.27 | |||||||||||||
Dividends declared per share | $ | 0.20 | $ | 0.20 | $ | 0.20 | $ | 0.20 | $ | 0.20 | $ | 0.80 | $ | 0.80 | |||||||||||||
Weighted average shares outstanding | 16,215,580 | 16,225,596 | 16,243,161 | 16,256,047 | 16,283,466 | 16,234,959 | 16,605,232 | ||||||||||||||||||||
Period end shares outstanding | 16,221,607 | 16,220,249 | 16,248,495 | 16,249,152 | 16,287,812 | 16,221,607 | 16,287,812 |
Univest Corporation of Pennsylvania | ||||||||||||||||||||
Consolidated Selected Financial Data | ||||||||||||||||||||
December 31, 2014 | ||||||||||||||||||||
For the three months ended, | For the twelve months ended, | |||||||||||||||||||
Profitability Ratios (annualized) | 12/31/2014 | 9/30/2014 | 6/30/2014 | 3/31/2014 | 12/31/2013 | 12/31/2014 | 12/31/2013 | |||||||||||||
Return on average assets | 0.92 | % | 1.12 | % | 0.94 | % | 1.07 | % | 0.88 | % | 1.01 | % | 0.95 | % | ||||||
Return on average shareholders' equity | 7.06 | % | 8.58 | % | 7.14 | % | 8.22 | % | 7.08 | % | 7.74 | % | 7.53 | % | ||||||
Net interest margin (FTE) | 3.78 | % | 3.88 | % | 3.86 | % | 3.96 | % | 3.82 | % | 3.87 | % | 3.81 | % | ||||||
Efficiency ratio (1) | 71.46 | % | 68.39 | % | 70.00 | % | 66.19 | % | 70.43 | % | 69.01 | % | 64.59 | % | ||||||
Efficiency ratio (1), excluding acquisition-related costs and restructuring charges | 69.78 | % | 67.81 | % | 68.34 | % | 66.06 | % | 70.25 | % | 68.00 | % | 64.09 | % | ||||||
Capitalization Ratios | ||||||||||||||||||||
Dividends declared to net income | 62.49 | % | 52.01 | % | 63.96 | % | 56.72 | % | 66.17 | % | 58.40 | % | 62.70 | % | ||||||
Shareholders' equity to assets (Period End) | 12.73 | % | 13.04 | % | 13.05 | % | 12.87 | % | 12.80 | % | 12.73 | % | 12.80 | % | ||||||
Tangible common equity to tangible assets | 9.49 | % | 9.78 | % | 9.94 | % | 9.74 | % | 10.10 | % | 9.49 | % | 10.10 | % | ||||||
Regulatory Capital Ratios (Period End) | ||||||||||||||||||||
Tier 1 leverage ratio | 10.55 | % | 10.50 | % | 10.72 | % | 10.64 | % | 10.85 | % | 10.55 | % | 10.85 | % | ||||||
Tier 1 risk-based capital ratio | 11.79 | % | 11.98 | % | 12.00 | % | 12.00 | % | 12.63 | % | 11.79 | % | 12.63 | % | ||||||
Total risk-based capital ratio | 12.91 | % | 13.18 | % | 13.26 | % | 13.27 | % | 13.90 | % | 12.91 | % | 13.90 | % | ||||||
(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 December 31, | |||||||||||||||||||||||
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 | $ | 48,393 | $ | 32 | 0.26 | % | $ | 30,412 | $ | 20 | 0.26 | % | |||||||||||
U.S. government obligations | 127,561 | 320 | 1.00 | 161,491 | 421 | 1.03 | |||||||||||||||||
Obligations of state and political subdivisions | 103,682 | 1,365 | 5.22 | 111,705 | 1,489 | 5.29 | |||||||||||||||||
Other debt and equity securities | 132,324 | 644 | 1.93 | 174,476 | 816 | 1.86 | |||||||||||||||||
Total interest-earning deposits and investments | 411,960 | 2,361 | 2.27 | 478,084 | 2,746 | 2.28 | |||||||||||||||||
Commercial, financial, and agricultural loans | 380,379 | 3,711 | 3.87 | 379,539 | 3,865 | 4.04 | |||||||||||||||||
Real estate—commercial and construction loans | 625,636 | 7,127 | 4.52 | 598,065 | 6,971 | 4.62 | |||||||||||||||||
Real estate—residential loans | 308,630 | 2,757 | 3.54 | 275,158 | 2,542 | 3.67 | |||||||||||||||||
Loans to individuals | 29,801 | 413 | 5.50 | 41,496 | 608 | 5.81 | |||||||||||||||||
Municipal loans and leases | 191,206 | 2,320 | 4.81 | 162,187 | 2,026 | 4.96 | |||||||||||||||||
Lease financings | 72,266 | 1,597 | 8.77 | 70,885 | 1,643 | 9.20 | |||||||||||||||||
Gross loans and leases | 1,607,918 | 17,925 | 4.42 | 1,527,330 | 17,655 | 4.59 | |||||||||||||||||
Total interest-earning assets | 2,019,878 | 20,286 | 3.98 | 2,005,414 | 20,401 | 4.04 | |||||||||||||||||
Cash and due from banks | 33,140 | 32,149 | |||||||||||||||||||||
Reserve for loan and lease losses | (22,315 | ) | (25,198 | ) | |||||||||||||||||||
Premises and equipment, net | 36,186 | 33,965 | |||||||||||||||||||||
Other assets | 172,126 | 162,665 | |||||||||||||||||||||
Total assets | $ | 2,239,015 | $ | 2,208,995 | |||||||||||||||||||
Liabilities: | |||||||||||||||||||||||
Interest-bearing checking deposits | $ | 316,827 | $ | 43 | 0.05 | $ | 312,641 | $ | 45 | 0.06 | |||||||||||||
Money market savings | 320,559 | 159 | 0.20 | 324,564 | 83 | 0.10 | |||||||||||||||||
Regular savings | 523,768 | 79 | 0.06 | 534,114 | 79 | 0.06 | |||||||||||||||||
Time deposits | 256,637 | 751 | 1.16 | 278,005 | 865 | 1.23 | |||||||||||||||||
Total time and interest-bearing deposits | 1,417,791 | 1,032 | 0.29 | 1,449,324 | 1,072 | 0.29 | |||||||||||||||||
Short-term borrowings | 41,048 | 7 | 0.07 | 42,220 | 8 | 0.08 | |||||||||||||||||
Total borrowings | 41,048 | 7 | 0.07 | 42,220 | 8 | 0.08 | |||||||||||||||||
Total interest-bearing liabilities | 1,458,839 | 1,039 | 0.28 | 1,491,544 | 1,080 | 0.29 | |||||||||||||||||
Noninterest-bearing deposits | 458,147 | 409,581 | |||||||||||||||||||||
Accrued expenses and other liabilities | 30,482 | 31,887 | |||||||||||||||||||||
Total liabilities | 1,947,468 | 1,933,012 | |||||||||||||||||||||
Shareholders' Equity: | |||||||||||||||||||||||
Common stock | 91,332 | 91,332 | |||||||||||||||||||||
Additional paid-in capital | 65,756 | 65,224 | |||||||||||||||||||||
Retained earnings and other equity | 134,459 | 119,427 | |||||||||||||||||||||
Total shareholders' equity | 291,547 | 275,983 | |||||||||||||||||||||
Total liabilities and shareholders' equity | $ | 2,239,015 | $ | 2,208,995 | |||||||||||||||||||
Net interest income | $ | 19,247 | $ | 19,321 | |||||||||||||||||||
Net interest spread | 3.70 | 3.75 | |||||||||||||||||||||
Effect of net interest-free funding sources | 0.08 | 0.07 | |||||||||||||||||||||
Net interest margin | 3.78 | % | 3.82 | % | |||||||||||||||||||
Ratio of average interest-earning assets to average interest-bearing liabilities | 138.46 | % | 134.45 | % | |||||||||||||||||||
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 December 31, 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 Twelve Months Ended December 31, | |||||||||||||||||||||||
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 | $ | 33,482 | $ | 81 | 0.24 | % | $ | 46,469 | $ | 126 | 0.27 | % | |||||||||||
U.S. government obligations | 128,487 | 1,287 | 1.00 | 172,414 | 1,870 | 1.08 | |||||||||||||||||
Obligations of state and political subdivisions | 106,365 | 5,554 | 5.22 | 118,235 | 6,263 | 5.30 | |||||||||||||||||
Other debt and equity securities | 137,900 | 2,702 | 1.96 | 189,040 | 3,562 | 1.88 | |||||||||||||||||
Total interest-earning deposits and investments | 406,234 | 9,624 | 2.37 | 526,158 | 11,821 | 2.25 | |||||||||||||||||
Commercial, financial, and agricultural loans | 392,747 | 15,636 | 3.98 | 403,993 | 16,958 | 4.20 | |||||||||||||||||
Real estate—commercial and construction loans | 608,602 | 27,918 | 4.59 | 577,230 | 27,546 | 4.77 | |||||||||||||||||
Real estate—residential loans | 293,610 | 10,523 | 3.58 | 261,704 | 9,896 | 3.78 | |||||||||||||||||
Loans to individuals | 33,675 | 2,040 | 6.06 | 42,339 | 2,392 | 5.65 | |||||||||||||||||
Municipal loans and leases | 180,914 | 8,767 | 4.85 | 145,463 | 7,360 | 5.06 | |||||||||||||||||
Lease financings | 71,287 | 6,404 | 8.98 | 68,622 | 6,381 | 9.30 | |||||||||||||||||
Gross loans and leases | 1,580,835 | 71,288 | 4.51 | 1,499,351 | 70,533 | 4.70 | |||||||||||||||||
Total interest-earning assets | 1,987,069 | 80,912 | 4.07 | 2,025,509 | 82,354 | 4.07 | |||||||||||||||||
Cash and due from banks | 32,710 | 32,854 | |||||||||||||||||||||
Reserve for loan and lease losses | (24,287 | ) | (25,519 | ) | |||||||||||||||||||
Premises and equipment, net | 35,099 | 33,197 | |||||||||||||||||||||
Other assets | 171,656 | 165,292 | |||||||||||||||||||||
Total assets | $ | 2,202,247 | $ | 2,231,333 | |||||||||||||||||||
Liabilities: | |||||||||||||||||||||||
Interest-bearing checking deposits | $ | 314,784 | $ | 172 | 0.05 | $ | 286,487 | $ | 164 | 0.06 | |||||||||||||
Money market savings | 295,209 | 373 | 0.13 | 319,958 | 314 | 0.10 | |||||||||||||||||
Regular savings | 535,346 | 317 | 0.06 | 536,701 | 313 | 0.06 | |||||||||||||||||
Time deposits | 264,591 | 3,102 | 1.17 | 299,792 | 3,795 | 1.27 | |||||||||||||||||
Total time and interest-bearing deposits | 1,409,930 | 3,964 | 0.28 | 1,442,938 | 4,586 | 0.32 | |||||||||||||||||
Short-term borrowings | 41,215 | 32 | 0.08 | 72,211 | 48 | 0.07 | |||||||||||||||||
Subordinated notes and capital securities | — | — | — | 10,710 | 483 | 4.51 | |||||||||||||||||
Total borrowings | 41,215 | 32 | 0.08 | 82,921 | 531 | 0.64 | |||||||||||||||||
Total interest-bearing liabilities | 1,451,145 | 3,996 | 0.28 | 1,525,859 | 5,117 | 0.34 | |||||||||||||||||
Noninterest-bearing deposits | 435,058 | 390,420 | |||||||||||||||||||||
Accrued expenses and other liabilities | 29,006 | 33,515 | |||||||||||||||||||||
Total liabilities | 1,915,209 | 1,949,794 | |||||||||||||||||||||
Shareholders' Equity: | |||||||||||||||||||||||
Common stock | 91,332 | 91,332 | |||||||||||||||||||||
Additional paid-in capital | 65,464 | 64,874 | |||||||||||||||||||||
Retained earnings and other equity | 130,242 | 125,333 | |||||||||||||||||||||
Total shareholders' equity | 287,038 | 281,539 | |||||||||||||||||||||
Total liabilities and shareholders' equity | $ | 2,202,247 | $ | 2,231,333 | |||||||||||||||||||
Net interest income | $ | 76,916 | $ | 77,237 | |||||||||||||||||||
Net interest spread | 3.79 | 3.73 | |||||||||||||||||||||
Effect of net interest-free funding sources | 0.08 | 0.08 | |||||||||||||||||||||
Net interest margin | 3.87 | % | 3.81 | % | |||||||||||||||||||
Ratio of average interest-earning assets to average interest-bearing liabilities | 136.93 | % | 132.75 | % | |||||||||||||||||||
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 twelve months ended December 31, 2014 and 2013 have been calculated using the Corporation’s federal applicable rate of 35.0%. |
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