EX-99.1 2 tv519597_ex99-1.htm EXHIBIT 99.1

 

Exhibit 99.1

 

 

 

Release: 4:00 P.M. April 24, 2019

 

Contact:Investor Relations Department

212-365-6721

IR@MetropolitanBankNY.com

 

Metropolitan Bank Holding Corp. Reports Record Growth in Loans and Deposits

 

NEW YORK, April 24, 2019 – Metropolitan Bank Holding Corp. (NYSE:MCB), the holding company (the “Company”) for Metropolitan Commercial Bank (the “Bank”), today reported net income of $8.5 million or $1.01 per diluted common share for the first quarter of 2019 as compared to $6.3 million, or $0.75 per diluted common share, for the first quarter of 2018. Financial Highlights for the first quarter of 2019 include:

 

·Total assets increased 17.0% to $2.55 billion at March 31, 2019 as compared to $2.18 billion at December 31, 2018.

 

·Total loans increased 12.3% to $2.10 billion at March 31, 2019, as compared to $1.87 billion at December 31, 2018. For the first quarter of 2019, the Bank’s loan production was $289.8 million as compared to $175.8 million for the same period in 2018.

 

·Total deposits increased $305.6 million or 18.7% to $1.97 billion at March 31, 2019 as compared to $1.66 billion at December 31, 2018. This growth in deposits was across most of the Bank’s deposit verticals, including retail deposits, and specialty deposit verticals.

 

·Non-interest-bearing demand accounts increased 14.6% to $915.5 million at March 31, 2019 as compared to $798.6 million at December 31, 2018. Interest-bearing deposits increased 21.9% to $1.1 billion at March 31, 2019 as compared to $862.0 million at December 31, 2018.

 

·Net interest margin increased 6 basis points to 3.74% for the first quarter of 2019 from 3.68% for the first quarter of 2018.

 

·The provision for loan losses for the first quarter of 2019 was $2.2 million, entirely offset by a recovery of $4.2 million related to taxi medallion loans. Accordingly, a credit of $2.0 million was recorded in the first quarter of 2019. The $2.2 million provision reflected the record loan growth in the quarter.

 

·Annualized return on average assets for the first quarter of 2019 was 1.49%, an increase of 14 basis points as compared to 1.35% for the first quarter of 2018.

 

·Annualized return on average equity was 12.67% for the first quarter of 2019 as compared to 10.53% for the first quarter of 2018.

 

·The Company’s efficiency ratio in the first quarter of 2019 was 55.87%, compared to 51.48% for the same quarter in 2018.

 

Mark R. DeFazio, the Company’s President and Chief Executive Officer, commented, “I am very pleased with the results of the first quarter. We are committed to our strategy of building out our sustainable and scalable business and expanding our market share. The record growth in loans and deposits this quarter was organically generated, while maintaining our focus on quality. We are encouraged by our recent business wins, many of which came from new relationships which we plan to deepen.”

 

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Mr. DeFazio continued, “I am very satisfied with the finalization of our litigation regarding the taxi medallion loans that were charged-off in 2016 and 2017. The Bank achieved a very successful collection against the original principal amounts charged-off.”

 

Mr. DeFazio concluded, “The Bank is well-positioned for further growth which will continue to generate favorable returns and shareholder value.”

 

Balance Sheet

 

The Company had total assets of $2.55 billion at March 31, 2019, compared with $2.18 billion on December 31, 2018. Loans, net of deferred fees and unamortized costs increased to $2.10 billion at March 31, 2019 as compared to $1.87 billion at December 31, 2018. For the three months ended March 31, 2019, the Bank’s loan production was $289.8 million as compared to $175.8 for the same period in 2018.

 

Total deposits increased $305.6 million, or 18.7%, to $1.97 billion at March 31, 2019 as compared to $1.66 billion at December 31, 2018. This was due to an increase of $188.6 million in interest-bearing demand deposits and an increase of $116.9 million in non-interest-bearing deposits.

 

Total borrowings increased by $30.0 million to $260.2 million at March 31, 2019 as compared to $230.2 million at December 31, 2018. This was due to an increase of $30.0 million in Federal Home Loan Bank advances, which were used to support the Bank’s loan growth.

 

Total stockholders’ equity was $273.8 million on March 31, 2019 compared to $264.5 million at December 31, 2018. The increase of $9.3 million was primarily due to net income of $8.5 million earned in the first quarter of 2019. Metropolitan Commercial Bank meets all the requirements to be considered “Well-Capitalized” under applicable regulatory guidelines. At March 31, 2019, total Commercial Real Estate Loans (“CRE”) were 328.2% of risk-based capital, compared to 312.4% at December 31, 2018.

 

Income Statement

 

   Quarter Ended March 31, 
(dollars in thousands)  2019   2018 
Net income  $8,531   $6,291 
Diluted earnings per common share   1.01    0.75 
Annualized return on average assets   1.49%   1.35%
Annualized return on average equity   12.67%   10.53%
Annualized return on average common equity*   12.93%   10.78%

 

 

*Common equity excludes Class B preferred stock. See reconciliation to GAAP measures on page 11.

 

Net Income Summary

 

Net income increased $2.2 million to $8.5 million for the first quarter of 2019 as compared to $6.3 million for the same period in 2018. This increase was due primarily to a $4.4 million increase in net interest income and a $3.5 million decrease in the provision for loan losses, partially offset by a $2.9 million decrease in non-interest income and a $1.8 million increase in non-interest expense.

 

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Net Interest Margin Analysis

 

   Three months ended 
   March 31, 2019   March 31, 2018 
   Average           Average         
   Outstanding       Yield/Rate   Outstanding       Yield/Rate 
(dollars in thousands)  Balance   Interest   (annualized)   Balance   Interest   (annualized) 
Assets:                              
Interest-earning assets:                              
Loans (1)  $1,973,136   $25,050    5.15%  $1,476,955   $17,212    4.73%
Available-for-sale securities   30,522    204    2.68%   31,833    162    2.09%
Held-to-maturity securities   4,479    23    2.05%   3,151    27    3.48%
Equity investments - non-trading   3,210    23    2.87%   2,167    4    0.75%
Overnight deposits   228,506    1,389    2.47%   241,173    1,043    1.75%
Other interest-earning assets   24,722    301    4.94%   63,245    245    1.57%
Total interest-earning assets   2,264,575    26,990    4.83%   1,818,524    18,693    4.17%
Non-interest-earning assets   44,204              66,311           
Allowance for loan and lease losses   (20,228)             (15,584)          
Total assets  $2,288,551             $1,869,251           
                               
Liabilities and Stockholders' Equity:                              
Interest-bearing liabilities:                              
Money market and savings accounts  $856,477   $3,721    1.76%  $514,455   $1,190    0.94%
Certificates of deposit   105,290    610    2.35%   72,822    249    1.39%
Total interest-bearing deposits   961,767    4,331    1.83%   587,277    1,439    0.99%
Borrowed funds   211,170    1,766    3.35%   84,317    738    3.53%
Total interest-bearing liabilities   1,172,937    6,097    2.11%   671,594    2,177    1.31%
Non-interest-bearing liabilities:                              
Non-interest-bearing deposits   822,763              935,417           
Other non-interest-bearing liabilities   23,433              23,223           
Total liabilities   2,019,133              1,630,234           
                               
Stockholders' Equity   269,418              239,017           
Total liabilities and equity  $2,288,551             $1,869,251           
                               
Net interest income       $20,893             $16,516      
Net interest rate spread (2)             2.72%             2.86%
Net interest-earning assets  $1,091,638             $1,146,930           
Net interest margin (3)             3.74%             3.68%
Ratio of interest earning assets to interest bearing liabilities             1.93x             2.71

 

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(1)Amount includes deferred loan fees and non-performing loans.
(2)Determined by subtracting the annualized weighted average cost of total interest-bearing liabilities from the annualized weighted average yield on total interest-earning assets.
(3)Determined by dividing annualized net interest income by total average interest-earning assets.

 

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Net Interest Income

 

Interest income increased $8.3 million to $27.0 million for the first quarter of 2019 as compared to $18.7 million for the first quarter of 2018. This increase was due primarily to a $7.8 million increase in interest income on loans. The increase in interest income on loans was due to a $496.2 million increase in average balances of loans to $2.0 billion and a 42 basis point increase in the average yield to 5.15% for the first quarter of 2019.

 

Interest expense amounted to $6.1 million for the first quarter of 2019 as compared to $2.2 million for the first quarter of 2018, an increase of $3.9 million. This increase was due to a $2.9 million increase in interest on deposits and a $1.0 million increase in interest on borrowings.

 

The increase in interest expense on deposits was due primarily to a $374.5 million increase in the average balance of interest-bearing deposits to $961.8 million for the first quarter of 2019 and an 84 basis point increase in the average cost to 1.83%.

 

The average balance of borrowing increased $126.9 million to $211.2 million for the first quarter of 2019 as compared to $84.3 million for the first quarter of 2018. The average cost of borrowing decreased 18 basis points to 3.35% as compared to 3.53% for those same periods.

 

Net interest margin increased 6 basis points to 3.74% for the first quarter of 2019 from 3.68% for the first quarter of 2018. Total average interest-earning assets increased $446.1 million for the first quarter of 2019 as compared to the first quarter of 2018, due primarily to a $496.2 million increase in average loans, which was partially offset by a decrease of $51.2 million in overnight funds and other interest-earning assets. The total yield on average interest-earning assets increased 66 basis points to 4.83% in the first quarter of 2019 as compared to 4.17% in the same period on 2018.

 

Asset Quality

 

Non-performing assets consist of non-accrual loans, accruing loans that are 90 days or more past due, loans placed in forbearance with payments past due over 90 days and still accruing, non-accrual troubled debt restructurings and real estate owned (“REO”) that has been acquired in partial or full satisfaction of loan obligations or upon foreclosure. The Bank had no REO properties at March 31, 2019 and December 31, 2018.

  

(dollars in thousands)  March 31, 2019   December 31, 2018 
Non-performing assets:          
Non-accrual loans:          
Commercial  $—   $— 
One-to-four family   —    — 
Commercial and industrial   —    — 
Consumer   68    50 
Total non-accrual loans  $68   $50 
Accruing loans 90 days or more past due   1,430    239 
Total non-performing assets  $1,498   $289 
Nonaccrual loans as % of loans outstanding   —%   —%
Non-performing assets as % of loans outstanding   0.07%   0.02%
Allowance for loan losses  $(20,834)  $(18,942)
Allowance for loan losses as % of loans outstanding   0.99%   1.02%

 

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   Quarter Ended March 31, 
(dollars in thousands)  2019   2018 
Provision/(credit) for loan losses  $(2,031)  $1,477 
Charge-offs  $(347)  $(157)
Recoveries  $4,270   $53 
Net charge-offs/(recoveries) as % of average loans (annualized)   (0.80)%   0.04%

 

The provision for loan losses was a credit of $2.0 million for the first quarter of 2019 as compared to $1.5 million for the first quarter of 2018. This decrease was due primarily to a $4.2 million recovery related to the taxi medallion loans, offset by a loan loss provision of $2.2 million necessitated by the record loan growth in the quarter.

 

Non-Interest Income

 

   Quarter Ended March 31, 
(dollars in thousands)  2019   2018 
Service charges on deposit accounts  $819   $1,910 
Prepaid third-party debit card income   1,257    908 
Other service charges and fees   278    2,494 
Unrealized gain on equity securities   39    — 
Total non-interest income  $2,393   $5,312 

 

Non-interest income decreased by $2.9 million to $2.4 million in the first quarter of 2019 as compared to $5.3 million in the first quarter of 2018, primarily due to decreases of $1.1 million in service charges on deposits and $2.2 million in other charges and fees, partially offset by an increase in debit card income of $349,000. The decrease in service charges on deposits was primarily due to a decline of $1.1 million in wire fees related to transactions by digital currency customers. The decrease in other service charges and fees was due to a $2.1 million decrease in foreign currency conversion fees, which were at an elevated level during the first quarter of 2018, as customers, particularly those in the digital currency business, were transferring funds from their global corporate accounts back into their U.S. dollar accounts with the Bank.

 

Non-Interest Expense

 

   Quarter Ended March 31, 
(dollars in thousands)  2019   2018 
Compensation and benefits  $7,490   $6,317 
Bank premises and equipment   1,335    1,180 
Professional fees   794    753 
Technology costs   1,700    1,506 
Other expenses   1,690    1,482 
Total non-interest expense  $13,009   $11,238 

 

Non-interest expense increased $1.8 million to $13.0 million during the first quarter of 2019 as compared to $11.2 million for the first quarter of 2018. Compensation and benefits increased $1.2 million to $7.5 million for the first quarter of 2019 as compared to $6.3 million for the first quarter of 2018. This increase was due primarily to an increase of 20 full-time equivalent employees for the first quarter of 2019 as compared to the first quarter of 2018. Technology costs increased $194,000 for the first quarter of 2019 as compared to the first quarter of 2018. For the first quarter of 2019, technology costs included licensing fees related to software interfaces for deposit products of $1.1 million as compared to $124,000 for the first quarter of 2018, an increase of $1.0 million. This increase was partially offset by a decrease of $741,000 in transaction costs related to the decreased volume of wire transactions by digital currency customers in the first quarter of 2019 as compared to the first quarter of 2018.

 

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About Metropolitan Bank Holding Corporation

 

Metropolitan Bank Holding Corp. (NYSE: MCB) is the holding company for Metropolitan Commercial Bank. The Bank provides a broad range of business, commercial and personal banking products and services to small and middle-market businesses, public entities and affluent individuals in the New York metropolitan area. Founded in 1999, the Bank is headquartered in New York City and operates six locations in Manhattan, Brooklyn and Great Neck, Long Island. The Bank is also an active issuer of debit cards for third-party debit card programs. Metropolitan Commercial Bank is a New York State chartered commercial bank, a Federal Reserve System member bank whose deposits are insured up to applicable limits by the FDIC, and an equal opportunity lender. For more information, please visit www.mcbankny.com.

 

Forward Looking Statement Disclaimer

 

This release contains certain “forward-looking statements” about the Company which, to the extent applicable, are intended to be covered by the safe harbor for forward-looking statements provided under Federal securities laws and, regardless of such coverage, you are cautioned about. Examples of forward-looking statements include but are not limited to the Company’s financial condition and capital ratios, results of operations and the Company’s outlook and business. Forward-looking statements are not historical facts. Such statements may be identified by the use of such words as “may”, “believe”, “expect”, “anticipate”, “plan”, “continue”, or similar terminology. These statements relate to future events or our future financial performance and involve risks and uncertainties that may cause our actual results, levels of activity, performance or achievements to differ materially from those expressed or implied by these forward-looking statements. Although we believe that the expectations reflected in the forward-looking statements are reasonable, we caution you not to place undue reliance on these forward-looking statements. Factors which may cause our forward-looking statements to be materially inaccurate include, but are not limited to those discussed under the heading “Risk Factors” in our Annual Report on Form 10-K, as well as an unexpected deterioration in our loan portfolio, unexpected increases in our expenses, greater than anticipated growth and our ability to manage such growth, unanticipated regulatory action, unexpected changes in interest rates, an unanticipated decrease in deposits, an unanticipated loss of key personnel, an unanticipated loss of existing customers, competition from other institutions resulting in unanticipated changes in our loan or deposit rates, unanticipated increases in Federal Deposit Insurance Corporation costs and unanticipated adverse changes in our customers’ economic conditions or economic conditions in our local area in general.

 

Forward-looking statements speak only as of the date of this release. We do not undertake any obligation to update or revise any forward-looking statement, whether the result of new information, future events or otherwise.

 

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Consolidated Balance Sheet

 

   March 31, 2019   December 31, 2018 
Assets          
Cash and due from banks  $9,372   $9,246 
Overnight deposits   346,674    223,704 
Total cash and cash equivalents   356,046    232,950 
Investment securities available for sale   29,731    30,439 
Investment securities held to maturity   4,392    4,571 
Investment securities -- Equity investments   2,149    2,110 
Total securities   36,272    37,120 
Other investments   23,652    22,287 
Loans, net of deferred fees and unamortized costs   2,102,420    1,865,216 
Allowance for loan losses   (20,834)   (18,942)
Net loans   2,081,586    1,846,274 
Receivable from prepaid card programs, net   16,516    8,218 
Accrued interest receivable   6,396    5,507 
Premises and equipment, net   6,446    6,877 
Prepaid expenses and other assets   7,599    8,158 
Goodwill   9,733    9,733 
Accounts receivable, net   940    5,520 
Total assets  $2,545,186   $2,182,644 
Liabilities and Stockholders' Equity          
Deposits:          
Noninterest-bearing demand deposits  $915,499   $798,563 
Interest-bearing deposits   1,050,631    861,991 
Total deposits   1,966,130    1,660,554 
Federal Home Loan Bank of New York advances   215,000    185,000 
Trust preferred securities   20,620    20,620 
Subordinated debts, net of issuance cost   24,559    24,545 
Accounts payable, accrued expenses and other liabilities   28,581    18,439 
Accrued interest payable   984    1,282 
Prepaid third-party debit cardholder balances   15,525    7,687 
Total liabilities   2,271,399    1,918,127 
           
Class B preferred stock   3    3 
Common stock   82    82 
Additional paid in capital   214,088    213,490 
Retained earnings   59,761    51,415 
Accumulated other comprehensive loss, net of tax effect   (147)   (473)
Total stockholders’ equity   273,787    264,517 
Total liabilities and stockholders’ equity  $2,545,186   $2,182,644 

 

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Consolidated Statement of Income (unaudited)

 

   Quarter Ended March 31, 
(dollars in thousands)  2019   2018 
Total interest income  $26,990   $18,693 
Total interest expense   6,097    2,177 
Net interest income   20,893    16,516 
Provision for loan losses   (2,031)   1,477 
Net interest income after provision for loan losses   22,924    15,039 
           
Non-interest income:          
Service charges on deposit accounts   819    1,910 
Prepaid third-party debit card income   1,257    908 
Other service charges and fees   278    2,494 
Unrealized gain on equity securities   39    — 
Total non-interest income   2,393    5,312 
           
Non-interest expense:          
Compensation and benefits   7,490    6,317 
Bank premises and equipment   1,335    1,180 
Professional fees   794    753 
Technology costs   1,700    1,506 
Other expenses   1,690    1,482 
Total non-interest expense   13,009    11,238 
           
Net income before income tax expense   12,308    9,113 
Income tax expense   3,777    2,822 
Net income  $8,531   $6,291 
           
Earnings per common share:          
Average common shares outstanding - basic   8,150,452    8,124,028 
Average common shares outstanding - diluted   8,285,220    8,275,243 
Basic earnings  $1.03   $0.77 
Diluted earnings  $1.01   $0.75 

 

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Summary of Income and Performance Measures

Five Quarter Trend (unaudited)

 

   Quarter Ended 
(Dollars in thousands)  Mar. 31, 2019   Dec. 31, 2018   Sept. 30, 2018   June 30, 2018   Mar. 31, 2018 
Net interest income  $20,893   $18,961   $18,351   $17,395   $16,516 
Provision (credit) for loan losses   (2,031)   844    (453)   1,270    1,477 
Net interest income after provision for loan losses   22,924    18,117    18,804    16,125    15,039 
Non-interest income   2,393    2,188    2,012    2,649    5,312 
Non-interest expense:                         
Compensation and benefits   7,490    6,962    6,253    6,126    6,317 
Other Expense   5,519    4,640    4,102    4,149    4,921 
Total non-interest expense   13,009    11,602    10,355    10,275    11,238 
                          
Income before income tax expense   12,308    8,703    10,461    8,499    9,113 
Income tax expense   3,777    2,418    3,348    2,634    2,822 
Net income   8,531    6,285    7,113    5,865    6,291 
                          
Performance Measures:                         
Net income available to common shareholders   8,396    6,238    7,057    5,816    6,238 
Per common share:                         
Basic earnings  $1.03   $0.77   $0.87   $0.72   $0.77 
Diluted earnings  $1.01   $0.75   $0.85   $0.70   $0.75 
Common shares outstanding:                         
Average - diluted   8,285,220    8,273,220    8,292,385    8,290,048    8,275,243 
Period end   8,320,816    8,217,274    8,207,234    8,205,234    8,194,925 
Return on (annualized):                         
Average total assets   1.49%   1.25%   1.45%   1.20%   1.35%
Average equity   12.67%   9.59%   11.22%   9.53%   10.53%
Average common equity   12.93%   9.80%   11.47%   9.75%   10.78%
Yield on average earning assets   4.83%   4.65%   4.49%   4.13%   4.17%
Cost of interest-bearing liabilities   2.11%   1.90%   1.69%   1.46%   1.31%
Net interest spread   2.72%   2.75%   2.80%   2.67%   2.86%
Net interest margin   3.74%   3.77%   3.76%   3.59%   3.68%
Net charge-offs (recoveries) as % of average loans (annualized)   (0.80)%   0.09%   (0.36)%   0.02%   0.04%
Efficiency ratio   55.87%   54.86%   50.85%   51.26%   51.48%

 

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Consolidated Balance Sheet Summary

Five Quarter Trend (unaudited)

 

(dollars in thousands)  Mar. 31, 2019   Dec. 31, 2018   Sept. 30, 2018   June 30, 2018   Mar. 31, 2018 
Assets                         
Total Assets  $2,545,186   $2,182,644   $1,930,714   $1,924,495   $1,968,886 
Overnight deposits   346,674    223,704    148,260    240,994    363,887 
Total securities   36,272    37,120    32,247    33,974    35,488 
Other investments   23,652    22,287    16,645    16,770    16,566 
Loans, net of deferred fees and unamortized costs   2,102,420    1,865,216    1,698,929    1,599,647    1,526,166 
                          
Liabilities and Stockholders' Equity                         
Deposits:                         
Noninterest-bearing demand deposits  $915,499   $798,563   $772,754   $878,703   $1,012,250 
Interest-bearing deposits   1,050,631    861,991    761,177    661,779    604,866 
Total deposits   1,966,130    1,660,554    1,533,931    1,540,482    1,617,116 
Borrowings   260,179    230,165    105,151    108,137    78,123 
Total stockholders' Equity   273,787    264,517    257,270    249,584    243,039 
                          
Asset Quality                         
Total non-accrual loans  $68   $50   $79   $192   $85 
Total non-performing assets  $1,498   $289   $407   $192   $85 
Non-accrual loans to total loans   —%   —%   —%   0.01%   0.01%
Non-performing loans to total loans   0.07%   0.02%   0.02%   0.01%   0.01%
Allowance for loan losses   (20,834)   (18,942)   (18,493)   (17,463)   (16,260)
Allowance for loan losses to total loans   0.99%   1.02%   1.09%   1.09%   1.07%
Provision for loan losses   (2,031)   844    (453)   1,270    1,477 
Net charge-offs (recoveries)   3,923    395    (1,483)   67    104 
                          
Regulatory Capital                         
Tier 1 Leverage:                         
Metropolitan Bank Holding Corp.   12.5%   13.7%   13.8%   13.5%   13.7%
Metropolitan Commercial Bank   13.4    14.7    14.8    14.5    14.7 
                          
Common Equity Tier 1 Risk-Based (CET1):                         
Metropolitan Bank Holding Corp.   11.8    13.2    13.9    14.3    14.9 
Metropolitan Commercial Bank   13.9    15.6    16.5    17.0    17.7 
                          
Tier 1 Risk-Based:                         
Metropolitan Bank Holding Corp.   12.9    14.6    15.4    15.8    16.5 
Metropolitan Commercial Bank   13.9    15.6    16.5    17.0    17.7 
                          
Total Risk-Based:                         
Metropolitan Bank Holding Corp.   14.8    16.9    17.9    18.4    19.2 
Metropolitan Commercial Bank   14.8    16.7    17.6    18.1    18.8 

 

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Reconciliation of Quarterly GAAP to Non-GAAP Measures, Five Quarter Trend

 

In addition to the results presented in accordance with Generally Accepted Accounting Principles ("GAAP"), this earnings release includes certain non-GAAP financial measures. Management believes these non-GAAP financial measures provide meaningful information to investors in understanding the Company’s operating performance and trends. These non-GAAP measures have inherent limitations and are not required to be uniformly applied and are not audited. They should not be considered in isolation or as a substitute for an analysis of results reported under GAAP. These non-GAAP measures may not be comparable to similarly titled measures reported by other companies. Reconciliations of non-GAAP/adjusted financial measures disclosed in this earnings release to the comparable GAAP measures are provided in the accompanying tables.

 

Balance sheet data

 

Dollars in thousands, except per share data  Mar. 31, 2019   Dec. 31, 2018   Sept. 30, 2018   June 30, 2018   Mar. 31, 2018 
Average assets  $2,288,551   $2,015,831   $1,960,318   $1,946,910   $1,869,251 
Less: average intangible assets   9,733    9,733    9,733    9,733    9,733 
Average tangible assets  $2,278,818   $2,006,098   $1,950,585   $1,937,177   $1,859,518 
                          
Average equity  $269,418   $262,030   $253,516   $246,108   $239,017 
Less: Average preferred equity   5,502    5,502    5,502    5,502    5,502 
Average common equity  $263,916   $256,528   $248,014   $240,606   $233,515 
Less: average intangible assets   9,733    9,733    9,733    9,733    9,733 
Average tangible common equity  $254,183   $246,795   $238,281   $230,873   $223,782 
                          
Total assets  $2,545,186   $2,182,644   $1,930,714   $1,924,495   $1,968,886 
Less: intangible assets   9,733    9,733    9,733    9,733    9,733 
Tangible assets  $2,535,453   $2,172,911   $1,920,981   $1,914,762   $1,959,153 
                          
Total Equity  $273,787   $264,517   $257,270   $249,584   $243,039 
Less: preferred equity   5,502    5,502    5,502    5,502    5,502 
Common Equity  $268,285   $259,015   $251,768   $244,082   $237,537 
Less: intangible assets   9,733    9,733    9,733    9,733    9,733 
Tangible common equity (book value)  $258,552   $249,282   $242,035   $234,349   $227,804 
                          
Common shares outstanding   8,320,816    8,217,274    8,207,234    8,205,234    8,194,925 
                          
Book value per share (GAAP)  $32.24   $31.52   $30.68   $29.75   $29.23 
Tangible book value per common share (non-GAAP)*  $31.07   $30.34   $29.49   $28.56   $28.03 

 

 

* Tangible book value divided by common shares outstanding at period-end.

 

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