PEOPLES BANCORP INC. | ||
(Exact name of Registrant as specified in its charter) |
Ohio | 0-16772 | 31-0987416 | ||
(State or other jurisdiction | (Commission File | (I.R.S. Employer | ||
of incorporation) | Number) | Identification Number) |
138 Putnam Street, PO Box 738 | ||||
Marietta, Ohio | 45750-0738 | |||
(Address of principal executive offices) | (Zip Code) |
Registrant's telephone number, including area code: | (740) 373-3155 |
Not applicable | ||
(Former name or former address, if changed since last report) |
o | Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425) | |
o | Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12) | |
o | Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act | |
(17 CFR 240.14d-2(b)) | ||
o | Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act | |
(17 CFR 240.13e-4(c)) |
PEOPLES BANCORP INC. | ||||
Date: | July 23, 2013 | By:/s/ | EDWARD G. SLOANE | |
Edward G. Sloane | ||||
Executive Vice President, Chief Financial Officer and Treasurer |
Exhibit Number | Description | ||
99 | News Release issued by Peoples Bancorp Inc. on July 23, 2013 |
P.O. BOX 738 - MARIETTA, OHIO - 45750 | NEWS RELEASE | ||
www.peoplesbancorp.com | |||
FOR IMMEDIATE RELEASE | Contact: | Edward G. Sloane | |
July 23, 2013 | Chief Financial Officer and Treasurer | ||
(740) 373-3155 |
• | Loans experienced double-digit annualized growth from the linked quarter and increased modestly since last year. |
◦ | Non-mortgage consumer balances grew at a 39% annualized rate since March 31, 2013. |
◦ | Total commercial balances were up 17% on an annualized basis during the quarter. |
◦ | Average loan balances also increased by 10% on an annualized basis from the linked quarter. |
◦ | Year-over-year loan growth included the impact of an acquisition completed in September 2012. |
• | Continued asset quality improvement led to a further release of reserves for loan losses. |
◦ | Nonperforming assets were 1.04% of gross loans and OREO at June 30, 2013 versus 1.48% at December 31, 2012. |
◦ | Gross recoveries exceeded charge-offs by $1.1 million for the quarter and $1.8 million for the first half of 2013. |
◦ | Allowance for loan losses decreased to 1.66% of gross loans at June 30, 2013, from 1.81% at year-end 2012 and 2.09% a year ago. |
◦ | The impact to earnings was a $1.5 million recovery of loan losses for the quarter and $2.5 million year-to-date. |
• | Total revenue benefited from stronger fee-based revenue and stable net interest income. |
◦ | Non-interest income grew 8% year-over-year, driven by recent acquisitions and increased sales production. |
◦ | Net interest income improved over the linked quarter due to loan growth. |
◦ | Linked quarter revenue growth of 2% was tempered by the recognition of $0.5 million annual performance-based insurance revenue in the first quarter. |
• | Operating expenses continued to be managed in line with Peoples' prior guidance. |
◦ | Total non-interest expense was $16.4 million versus the projected 2013 quarterly level of $16.5 million. |
◦ | Recent acquisitions and initiatives to generate long-term revenue growth caused a modest year-over-year increase. |
• | Retail deposit balances decreased moderately, while overall mix continued the shift to low-cost core deposits. |
◦ | Total balances fell 6% during the quarter and 4% versus the prior year-end. |
◦ | A portion of the linked quarter decline was due to normal seasonal variances in certain deposit balances. |
◦ | Non-interest-bearing deposits increased to 22.6% of total deposits, from 21.2% at year-end 2012. |
◦ | Tangible assets and tangible equity measures are non-GAAP since they exclude the impact of intangible assets acquired through acquisitions on both total stockholders’ equity and total assets and the related amortization from earnings. |
◦ | Pre-provision net revenue is defined as net interest income plus non-interest income minus non-interest expense. This measure is non-GAAP since it excludes provision for loan losses and all gains and/or losses included in earnings. |
Three Months Ended | Six Months Ended | ||||||||||||||||||
June 30, | March 31, | June 30, | June 30, | ||||||||||||||||
2013 | 2013 | 2012 | 2013 | 2012 | |||||||||||||||
PER SHARE: | |||||||||||||||||||
Earnings per share: | |||||||||||||||||||
Basic | $ | 0.46 | $ | 0.47 | $ | 0.47 | $ | 0.93 | $ | 1.10 | |||||||||
Diluted | 0.46 | 0.47 | 0.47 | 0.93 | 1.10 | ||||||||||||||
Cash dividends declared per share | 0.14 | 0.12 | 0.11 | 0.26 | 0.22 | ||||||||||||||
Book value per share | 20.71 | 21.39 | 20.39 | 20.71 | 20.39 | ||||||||||||||
Tangible book value per share (a) | 13.94 | 14.77 | 14.18 | 13.94 | 14.18 | ||||||||||||||
Closing stock price at end of period | $ | 21.08 | $ | 22.39 | $ | 21.98 | $ | 21.08 | $ | 21.98 | |||||||||
SELECTED RATIOS: | |||||||||||||||||||
Return on average equity (b) | 8.74 | % | 9.18 | % | 9.57 | % | 8.96 | % | 11.22 | % | |||||||||
Return on average assets (b) | 1.03 | % | 1.06 | % | 1.11 | % | 1.05 | % | 1.30 | % | |||||||||
Efficiency ratio (c) | 71.71 | % | 71.61 | % | 69.61 | % | 71.66 | % | 67.52 | % | |||||||||
Pre-provision net revenue to average assets (b)(d) | 1.25 | % | 1.24 | % | 1.42 | % | 1.25 | % | 1.54 | % | |||||||||
Net interest margin (b)(e) | 3.15 | % | 3.12 | % | 3.43 | % | 3.14 | % | 3.42 | % | |||||||||
Dividend payout ratio | 30.73 | % | 25.79 | % | 23.36 | % | 28.23 | % | 20.08 | % | |||||||||
(a) | This amount represents a non-GAAP financial measure since it excludes the balance sheet impact of intangible assets acquired through acquisitions on stockholders' equity. Additional information regarding the calculation of this ratio is included at the end of this news release. |
(b) | Ratios are presented on an annualized basis. |
(c) | Non-interest expense (less intangible amortization) as a percentage of fully tax-equivalent net interest income plus non-interest income (less securities and asset disposal gains/losses). |
(d) | This amount represents a non-GAAP financial measure since it excludes the recovery of or provision for loan losses and net gains or losses on securities transactions, debt extinguishment, loans held-for-sale and other real estate owned, and other assets. This measure is a key metric used by federal bank regulatory agencies in their evaluation of capital adequacy for financial institutions. Additional information regarding the calculation of this ratio is included at the end of this news release. |
(e) | Information presented on a fully tax-equivalent basis. |
Three Months Ended | Six Months Ended | ||||||||||||||||||
June 30, | March 31, | June 30, | June 30, | ||||||||||||||||
(in $000’s) | 2013 | 2013 | 2012 | 2013 | 2012 | ||||||||||||||
Interest income | $ | 16,111 | $ | 16,066 | $ | 17,341 | $ | 32,177 | $ | 34,953 | |||||||||
Interest expense | 2,956 | 3,091 | 3,729 | 6,047 | 7,909 | ||||||||||||||
Net interest income | 13,155 | 12,975 | 13,612 | 26,130 | 27,044 | ||||||||||||||
Recovery of loan losses | (1,462 | ) | (1,065 | ) | (1,120 | ) | (2,527 | ) | (3,257 | ) | |||||||||
Net interest income after recovery of loan losses | 14,617 | 14,040 | 14,732 | 28,657 | 30,301 | ||||||||||||||
Net gain on securities transactions | 26 | 418 | — | 444 | 3,163 | ||||||||||||||
Loss on debt extinguishment | — | — | — | — | (3,111 | ) | |||||||||||||
Net gain (loss) on loans held-for-sale and other real estate owned | 81 | (5 | ) | (48 | ) | 76 | 8 | ||||||||||||
Net (loss) gain on other assets | (87 | ) | — | 5 | (87 | ) | (2 | ) | |||||||||||
Non-interest income: | |||||||||||||||||||
Insurance income | 3,220 | 2,878 | 2,438 | 6,098 | 5,389 | ||||||||||||||
Deposit account service charges | 2,045 | 2,057 | 2,230 | 4,102 | 4,467 | ||||||||||||||
Trust and investment income | 1,772 | 1,702 | 1,449 | 3,474 | 2,945 | ||||||||||||||
Electronic banking income | 1,561 | 1,419 | 1,464 | 2,980 | 2,952 | ||||||||||||||
Mortgage banking income | 365 | 718 | 682 | 1,083 | 1,231 | ||||||||||||||
Other non-interest income | 253 | 298 | 235 | 551 | 596 | ||||||||||||||
Total non-interest income | 9,216 | 9,072 | 8,498 | 18,288 | 17,580 | ||||||||||||||
Non-interest expense: | |||||||||||||||||||
Salaries and employee benefits costs | 8,934 | 8,717 | 8,415 | 17,651 | 16,660 | ||||||||||||||
Net occupancy and equipment | 1,626 | 1,858 | 1,503 | 3,484 | 2,935 | ||||||||||||||
Professional fees | 1,002 | 894 | 1,204 | 1,896 | 2,017 | ||||||||||||||
Electronic banking expense | 885 | 840 | 870 | 1,725 | 1,564 | ||||||||||||||
Marketing expense | 562 | 450 | 481 | 1,012 | 956 | ||||||||||||||
Data processing and software | 488 | 461 | 485 | 949 | 972 | ||||||||||||||
Franchise taxes | 413 | 413 | 414 | 826 | 826 | ||||||||||||||
Communication expense | 361 | 303 | 288 | 664 | 636 | ||||||||||||||
FDIC insurance | 250 | 280 | 223 | 530 | 532 | ||||||||||||||
Foreclosed real estate and other loan expenses | 223 | 217 | 255 | 440 | 476 | ||||||||||||||
Amortization of intangible assets | 164 | 189 | 109 | 353 | 216 | ||||||||||||||
Other non-interest expense | 1,514 | 1,563 | 1,439 | 3,077 | 2,912 | ||||||||||||||
Total non-interest expense | 16,422 | 16,185 | 15,686 | 32,607 | 30,702 | ||||||||||||||
Income before income taxes | 7,431 | 7,340 | 7,501 | 14,771 | 17,237 | ||||||||||||||
Income tax expense | 2,510 | 2,318 | 2,471 | 4,828 | 5,550 | ||||||||||||||
Net income | $ | 4,921 | $ | 5,022 | $ | 5,030 | $ | 9,943 | $ | 11,687 | |||||||||
PER SHARE DATA: | |||||||||||||||||||
Earnings per share – Basic | $ | 0.46 | $ | 0.47 | $ | 0.47 | $ | 0.93 | $ | 1.10 | |||||||||
Earnings per share – Diluted | $ | 0.46 | $ | 0.47 | $ | 0.47 | $ | 0.93 | $ | 1.10 | |||||||||
Cash dividends declared per share | $ | 0.14 | $ | 0.12 | $ | 0.11 | $ | 0.26 | $ | 0.22 | |||||||||
Weighted-average shares outstanding – Basic | 10,576,643 | 10,556,261 | 10,524,429 | 10,566,508 | 10,518,909 | ||||||||||||||
Weighted-average shares outstanding – Diluted | 10,597,033 | 10,571,383 | 10,524,429 | 10,584,383 | 10,518,929 | ||||||||||||||
Actual shares outstanding (end of period) | 10,583,161 | 10,568,147 | 10,526,954 | 10,583,161 | 10,526,954 |
June 30, | December 31, | ||||||
(in $000’s) | 2013 | 2012 | |||||
Assets | |||||||
Cash and cash equivalents: | |||||||
Cash and due from banks | $ | 32,486 | $ | 47,256 | |||
Interest-bearing deposits in other banks | 5,271 | 15,286 | |||||
Total cash and cash equivalents | 37,757 | 62,542 | |||||
Available-for-sale investment securities, at fair value (amortized cost of | |||||||
$606,441 at June 30, 2013 and $628,584 at December 31, 2012) | 600,328 | 639,185 | |||||
Held-to-maturity investment securities, at amortized cost (fair value of | |||||||
$46,610 at June 30, 2013 and $47,124 at December 31, 2012) | 48,098 | 45,275 | |||||
Other investment securities, at cost | 24,822 | 24,625 | |||||
Total investment securities | 673,248 | 709,085 | |||||
Loans, net of deferred fees and costs | 1,030,229 | 985,172 | |||||
Allowance for loan losses | (17,113 | ) | (17,811 | ) | |||
Net loans | 1,013,116 | 967,361 | |||||
Loans held-for-sale | 4,953 | 6,546 | |||||
Bank premises and equipment, net of accumulated depreciation | 28,544 | 27,013 | |||||
Bank owned life insurance | 44,660 | 51,229 | |||||
Goodwill | 65,786 | 64,881 | |||||
Other intangible assets | 5,822 | 3,644 | |||||
Other assets | 25,955 | 25,749 | |||||
Total assets | $ | 1,899,841 | $ | 1,918,050 | |||
Liabilities | |||||||
Deposits: | |||||||
Non-interest-bearing deposits | $ | 325,125 | $ | 317,071 | |||
Interest-bearing deposits | 1,110,653 | 1,175,232 | |||||
Total deposits | 1,435,778 | 1,492,303 | |||||
Short-term borrowings | 92,521 | 47,769 | |||||
Long-term borrowings | 125,714 | 128,823 | |||||
Accrued expenses and other liabilities | 26,681 | 27,427 | |||||
Total liabilities | 1,680,694 | 1,696,322 | |||||
Stockholders' Equity | |||||||
Preferred stock, no par value (50,000 shares authorized, no shares issued | |||||||
at June 30, 2013 and December 31, 2012) | — | — | |||||
Common stock, no par value (24,000,000 shares authorized, 11,183,245 shares | |||||||
issued at June 30, 2013 and 11,155,648 shares issued at | |||||||
December 31, 2012), including shares in treasury | 167,964 | 167,039 | |||||
Retained earnings | 76,294 | 69,158 | |||||
Accumulated comprehensive (loss) income, net of deferred income taxes | (10,148 | ) | 654 | ||||
Treasury stock, at cost (600,084 shares at June 30, 2013 and | |||||||
607,688 shares at December 31, 2012) | (14,963 | ) | (15,123 | ) | |||
Total stockholders' equity | 219,147 | 221,728 | |||||
Total liabilities and stockholders' equity | $ | 1,899,841 | $ | 1,918,050 | |||
June 30, | March 31, | December 31, | September 30, | June 30, | |||||||||||
(in $000’s, end of period) | 2013 | 2013 | 2012 | 2012 | 2012 | ||||||||||
Loan Portfolio | |||||||||||||||
Commercial real estate, construction | $ | 30,770 | $ | 24,108 | $ | 34,265 | $ | 50,804 | $ | 43,775 | |||||
Commercial real estate, other | 389,281 | 381,331 | 378,073 | 379,561 | 394,323 | ||||||||||
Commercial and industrial | 184,981 | 174,982 | 180,131 | 172,068 | 161,893 | ||||||||||
Residential real estate | 252,282 | 237,193 | 233,841 | 233,501 | 212,813 | ||||||||||
Home equity lines of credit | 52,212 | 50,555 | 51,053 | 51,137 | 48,414 | ||||||||||
Consumer | 119,029 | 108,353 | 101,246 | 100,116 | 92,334 | ||||||||||
Deposit account overdrafts | 1,674 | 3,996 | 6,563 | 1,580 | 1,726 | ||||||||||
Total loans | $ | 1,030,229 | $ | 980,518 | $ | 985,172 | $ | 988,767 | $ | 955,278 | |||||
Deposit Balances | |||||||||||||||
Interest-bearing deposits: | |||||||||||||||
Retail certificates of deposit | $ | 349,511 | $ | 353,894 | $ | 392,313 | $ | 413,837 | $ | 411,401 | |||||
Money market deposit accounts | 238,554 | 288,538 | 288,404 | 251,735 | 246,657 | ||||||||||
Governmental deposit accounts | 146,817 | 167,441 | 130,630 | 157,802 | 158,832 | ||||||||||
Savings accounts | 199,503 | 200,549 | 183,499 | 172,715 | 161,664 | ||||||||||
Interest-bearing demand accounts | 125,875 | 124,969 | 124,787 | 112,854 | 112,476 | ||||||||||
Total retail interest-bearing deposits | 1,060,260 | 1,135,391 | 1,119,633 | 1,108,943 | 1,091,030 | ||||||||||
Brokered certificates of deposits | 50,393 | 52,648 | 55,599 | 55,168 | 54,639 | ||||||||||
Total interest-bearing deposits | 1,110,653 | 1,188,039 | 1,175,232 | 1,164,111 | 1,145,669 | ||||||||||
Non-interest-bearing deposits | 325,125 | 340,887 | 317,071 | 288,376 | 272,627 | ||||||||||
Total deposits | $ | 1,435,778 | $ | 1,528,926 | $ | 1,492,303 | $ | 1,452,487 | $ | 1,418,296 | |||||
Asset Quality | |||||||||||||||
Nonperforming assets: | |||||||||||||||
Loans 90+ days past due and accruing | $ | 36 | $ | 3 | $ | 185 | $ | 27 | $ | 51 | |||||
Nonaccrual loans | 10,607 | 11,803 | 13,638 | 15,481 | 16,567 | ||||||||||
Total nonperforming loans | 10,643 | 11,806 | 13,823 | 15,508 | 16,618 | ||||||||||
Other real estate owned | 120 | 815 | 836 | 1,173 | 1,140 | ||||||||||
Total nonperforming assets | $ | 10,763 | $ | 12,621 | $ | 14,659 | $ | 16,681 | $ | 17,758 | |||||
Allowance for loan losses as a percent of | |||||||||||||||
nonperforming loans | 160.80 | % | 147.71 | % | 128.86 | % | 119.98 | % | 119.90 | % | |||||
Nonperforming loans as a percent of total loans | 1.03 | % | 1.20 | % | 1.39 | % | 1.55 | % | 1.73 | % | |||||
Nonperforming assets as a percent of total assets | 0.57 | % | 0.65 | % | 0.76 | % | 0.89 | % | 0.97 | % | |||||
Nonperforming assets as a percent of total loans | |||||||||||||||
and other real estate owned | 1.04 | % | 1.28 | % | 1.48 | % | 1.66 | % | 1.85 | % | |||||
Allowance for loan losses as a percent of total loans | 1.66 | % | 1.78 | % | 1.81 | % | 1.88 | % | 2.09 | % | |||||
Capital Information(a) | |||||||||||||||
Tier 1 common ratio | 14.17 | % | 14.69 | % | 14.06 | % | 13.86 | % | 13.92 | % | |||||
Tier 1 risk-based capital ratio | 14.17 | % | 14.69 | % | 14.06 | % | 15.85 | % | 15.93 | % | |||||
Total risk-based capital ratio (Tier 1 and Tier 2) | 15.54 | % | 16.05 | % | 15.43 | % | 17.16 | % | 17.27 | % | |||||
Leverage ratio | 9.04 | % | 8.90 | % | 8.83 | % | 10.13 | % | 10.18 | % | |||||
Tier 1 common capital | $ | 166,576 | $ | 164,329 | $ | 160,604 | $ | 157,520 | $ | 156,565 | |||||
Tier 1 capital | 166,576 | 164,329 | 160,604 | 180,147 | 179,183 | ||||||||||
Total capital (Tier 1 and Tier 2) | 182,706 | 179,569 | 176,224 | 195,083 | 194,307 | ||||||||||
Total risk-weighted assets | $ | 1,175,647 | $ | 1,118,644 | $ | 1,141,938 | $ | 1,136,532 | $ | 1,124,982 | |||||
Tangible equity to tangible assets (b) | 8.07 | % | 8.35 | % | 8.28 | % | 8.37 | % | 8.45 | % |
Three Months Ended | Six Months Ended | ||||||||||||||||||
June 30, | March 31, | June 30, | June 30, | ||||||||||||||||
(in $000’s) | 2013 | 2013 | 2012 | 2013 | 2012 | ||||||||||||||
(Recovery of) Provision for Loan Losses | |||||||||||||||||||
Provision for (recovery of) checking account overdrafts | $ | 138 | $ | (15 | ) | $ | 80 | $ | 123 | $ | 68 | ||||||||
Recovery of other loan losses | (1,600 | ) | (1,050 | ) | (1,200 | ) | (2,650 | ) | (3,325 | ) | |||||||||
Total recovery of loan losses | $ | (1,462 | ) | $ | (1,065 | ) | $ | (1,120 | ) | $ | (2,527 | ) | $ | (3,257 | ) | ||||
Net (Recoveries) Charge-Offs | |||||||||||||||||||
Gross charge-offs | $ | 616 | $ | 991 | $ | 1,545 | $ | 1,607 | $ | 4,116 | |||||||||
Recoveries | 1,752 | 1,684 | 1,341 | 3,436 | 3,581 | ||||||||||||||
Net (recoveries) charge-offs | $ | (1,136 | ) | $ | (693 | ) | $ | 204 | $ | (1,829 | ) | $ | 535 | ||||||
Net (Recoveries) Charge-Offs by Type | |||||||||||||||||||
Commercial real estate, construction | $ | — | $ | — | $ | — | $ | — | $ | — | |||||||||
Commercial real estate, other | (1,215 | ) | (808 | ) | 84 | (2,023 | ) | 435 | |||||||||||
Commercial and industrial | 7 | (17 | ) | (67 | ) | (10 | ) | (115 | ) | ||||||||||
Residential real estate | (57 | ) | 18 | 126 | (39 | ) | 29 | ||||||||||||
Home equity lines of credit | (5 | ) | (6 | ) | (1 | ) | (11 | ) | 63 | ||||||||||
Consumer | 53 | 55 | (33 | ) | 108 | (7 | ) | ||||||||||||
Deposit account overdrafts | 81 | 65 | 95 | 146 | 130 | ||||||||||||||
Total net (recoveries) charge-offs | $ | (1,136 | ) | $ | (693 | ) | $ | 204 | $ | (1,829 | ) | $ | 535 | ||||||
Net (recoveries) charge-offs as a percent of loans (annualized) | (0.45 | )% | (0.29 | )% | 0.09 | % | (0.37 | )% | 0.11 | % |
June 30, | March 31, | December 31, | September 30, | June 30, | |||||||||||||||
(in $000’s, end of period) | 2013 | 2013 | 2012 | 2012 | 2012 | ||||||||||||||
Trust assets under management | $ | 939,292 | $ | 927,675 | $ | 888,134 | $ | 874,293 | $ | 847,962 | |||||||||
Brokerage assets under management | 433,651 | 433,217 | 404,320 | 398,875 | 309,852 | ||||||||||||||
Mortgage loans serviced for others | $ | 338,854 | $ | 343,769 | $ | 330,721 | $ | 307,052 | $ | 296,025 | |||||||||
Employees (full-time equivalent) | 545 | 517 | 494 | 501 | 494 | ||||||||||||||
Three Months Ended | ||||||||||||||||||||||||||
June 30, 2013 | March 31, 2013 | June 30, 2012 | ||||||||||||||||||||||||
(in $000’s) | Balance | Income/ Expense | Yield/ Cost | Balance | Income/ Expense | Yield/ Cost | Balance | Income/ Expense | Yield/ Cost | |||||||||||||||||
Assets | ||||||||||||||||||||||||||
Short-term investments | $ | 11,399 | $ | 25 | 0.88 | % | $ | 39,099 | $ | 18 | 0.20 | % | $ | 9,336 | $ | 4 | 0.19 | % | ||||||||
Investment securities (a)(b) | 708,622 | 4,809 | 2.71 | % | 705,532 | 4,845 | 2.75 | % | 677,538 | 5,530 | 3.27 | % | ||||||||||||||
Gross loans (a) | 1,009,515 | 11,576 | 4.61 | % | 985,056 | 11,495 | 4.73 | % | 959,599 | 12,072 | 5.05 | % | ||||||||||||||
Allowance for loan losses | (17,866 | ) | (18,783 | ) | (21,650 | ) | ||||||||||||||||||||
Total earning assets | 1,711,670 | 16,410 | 3.85 | % | 1,710,904 | 16,358 | 3.86 | % | 1,624,823 | 17,606 | 4.35 | % | ||||||||||||||
Intangible assets | 71,081 | 69,988 | 64,737 | |||||||||||||||||||||||
Other assets | 128,237 | 133,827 | 133,991 | |||||||||||||||||||||||
Total assets | $ | 1,910,988 | $ | 1,914,719 | $ | 1,823,551 | ||||||||||||||||||||
Liabilities and Equity | ||||||||||||||||||||||||||
Interest-bearing deposits: | ||||||||||||||||||||||||||
Savings accounts | $ | 199,065 | $ | 27 | 0.05 | % | $ | 190,769 | $ | 25 | 0.05 | % | $ | 158,408 | $ | 23 | 0.06 | % | ||||||||
Government deposit accounts | 147,824 | 168 | 0.46 | % | 145,714 | 202 | 0.56 | % | 155,888 | 251 | 0.65 | % | ||||||||||||||
Interest-bearing demand accounts | 124,199 | 25 | 0.08 | % | 126,763 | 25 | 0.08 | % | 111,627 | 37 | 0.13 | % | ||||||||||||||
Money market deposit accounts | 266,602 | 93 | 0.14 | % | 288,161 | 96 | 0.14 | % | 250,080 | 111 | 0.18 | % | ||||||||||||||
Brokered certificates of deposits | 51,952 | 468 | 3.61 | % | 54,134 | 476 | 3.57 | % | 53,843 | 487 | 3.64 | % | ||||||||||||||
Retail certificates of deposit | 350,141 | 1,017 | 1.17 | % | 381,650 | 1,115 | 1.18 | % | 407,413 | 1,380 | 1.36 | % | ||||||||||||||
Total interest-bearing deposits | 1,139,783 | 1,798 | 0.63 | % | 1,187,191 | 1,939 | 0.66 | % | 1,137,259 | 2,289 | 0.81 | % | ||||||||||||||
Short-term borrowings | 68,802 | 22 | 0.13 | % | 33,975 | 13 | 0.15 | % | 52,172 | 19 | 0.14 | % | ||||||||||||||
Long-term borrowings | 126,927 | 1,136 | 3.58 | % | 128,421 | 1,139 | 3.57 | % | 129,145 | 1,421 | 4.38 | % | ||||||||||||||
Total borrowed funds | 195,729 | 1,158 | 2.36 | % | 162,396 | 1,152 | 2.86 | % | 181,317 | 1,440 | 3.16 | % | ||||||||||||||
Total interest-bearing liabilities | 1,335,512 | 2,956 | 0.89 | % | 1,349,587 | 3,091 | 0.93 | % | 1,318,576 | 3,729 | 1.14 | % | ||||||||||||||
Non-interest-bearing deposits | 326,020 | 319,994 | 269,316 | |||||||||||||||||||||||
Other liabilities | 23,568 | 23,381 | 24,191 | |||||||||||||||||||||||
Total liabilities | 1,685,100 | 1,692,962 | 1,612,083 | |||||||||||||||||||||||
Stockholders’ equity | 225,888 | 221,757 | 211,468 | |||||||||||||||||||||||
Total liabilities and equity | $ | 1,910,988 | $ | 1,914,719 | $ | 1,823,551 | ||||||||||||||||||||
Net interest income/spread (a) | $ | 13,454 | 2.96 | % | $ | 13,267 | 2.93 | % | $ | 13,877 | 3.21 | % | ||||||||||||||
Net interest margin (a) | 3.15 | % | 3.12 | % | 3.43 | % | ||||||||||||||||||||
(a) Information presented on a fully tax-equivalent basis. | ||||||||||||||||||||||||||
(b) Average balances are based on carrying value. |
Six Months Ended | |||||||||||||||||
June 30, 2013 | June 30, 2012 | ||||||||||||||||
(in $000’s) | Balance | Income/ Expense | Yield/ Cost | Balance | Income/ Expense | Yield/ Cost | |||||||||||
Assets | |||||||||||||||||
Short-term investments | $ | 25,172 | $ | 44 | 0.35 | % | $ | 7,808 | $ | 8 | 0.21 | % | |||||
Investment securities (a)(b) | 707,084 | 9,652 | 2.73 | % | 680,221 | 11,608 | 3.41 | % | |||||||||
Gross loans (a) | 997,354 | 23,071 | 4.67 | % | 952,915 | 23,861 | 5.03 | % | |||||||||
Allowance for loan losses | (18,322 | ) | (23,039 | ) | |||||||||||||
Total earning assets | 1,711,288 | 32,767 | 3.85 | % | 1,617,905 | 35,477 | 4.40 | % | |||||||||
Intangible assets | 70,538 | 64,581 | |||||||||||||||
Other assets | 130,794 | 132,348 | |||||||||||||||
Total assets | $ | 1,912,620 | $ | 1,814,834 | |||||||||||||
Liabilities and Equity | |||||||||||||||||
Interest-bearing deposits: | |||||||||||||||||
Savings accounts | $ | 194,940 | $ | 51 | 0.05 | % | $ | 152,520 | $ | 44 | 0.06 | % | |||||
Government deposit accounts | 146,775 | 370 | 0.51 | % | 149,725 | 488 | 0.66 | % | |||||||||
Interest-bearing demand accounts | 125,474 | 50 | 0.08 | % | 109,975 | 71 | 0.13 | % | |||||||||
Money market deposit accounts | 277,322 | 189 | 0.14 | % | 255,674 | 236 | 0.19 | % | |||||||||
Brokered certificates of deposits | 53,037 | 944 | 3.59 | % | 57,643 | 1,014 | 3.54 | % | |||||||||
Retail certificates of deposit | 365,808 | 2,132 | 1.18 | % | 403,929 | 2,983 | 1.49 | % | |||||||||
Total interest-bearing deposits | 1,163,356 | 3,736 | 0.65 | % | 1,129,466 | 4,836 | 0.86 | % | |||||||||
Short-term borrowings | 51,484 | 35 | 0.14 | % | 54,841 | 38 | 0.14 | % | |||||||||
Long-term borrowings | 127,670 | 2,274 | 3.57 | % | 141,126 | 3,035 | 4.28 | % | |||||||||
Total borrowed funds | 179,154 | 2,309 | 2.58 | % | 195,967 | 3,073 | 3.12 | % | |||||||||
Total interest-bearing liabilities | 1,342,510 | 6,045 | 0.91 | % | 1,325,433 | 7,909 | 1.20 | % | |||||||||
Non-interest-bearing deposits | 323,024 | 258,401 | |||||||||||||||
Other liabilities | 23,252 | 21,458 | |||||||||||||||
Total liabilities | 1,688,786 | 1,605,292 | |||||||||||||||
Stockholders’ equity | 223,834 | 209,542 | |||||||||||||||
Total liabilities and equity | $ | 1,912,620 | $ | 1,814,834 | |||||||||||||
Net interest income/spread (a) | $ | 26,722 | 2.94 | % | $ | 27,568 | 3.20 | % | |||||||||
Net interest margin (a) | 3.14 | % | 3.42 | % | |||||||||||||
(a) Information presented on a fully tax-equivalent basis. | |||||||||||||||||
(b) Average balances are based on carrying value. |
At or For the Three Months Ended | |||||||||||||||||||
June 30, | March 31, | December 31, | September 30, | June 30, | |||||||||||||||
(in $000’s) | 2013 | 2013 | 2012 | 2012 | 2012 | ||||||||||||||
Tangible Equity: | |||||||||||||||||||
Total stockholders' equity, as reported | $ | 219,147 | $ | 226,079 | $ | 221,728 | $ | 218,835 | $ | 214,623 | |||||||||
Less: goodwill and other intangible assets | 71,608 | 69,977 | 68,525 | 68,422 | 65,383 | ||||||||||||||
Tangible equity | $ | 147,539 | $ | 156,102 | $ | 153,203 | $ | 150,413 | $ | 149,240 | |||||||||
Tangible Assets: | |||||||||||||||||||
Total assets, as reported | $ | 1,899,841 | $ | 1,938,722 | $ | 1,918,050 | $ | 1,866,510 | $ | 1,831,359 | |||||||||
Less: goodwill and other intangible assets | 71,608 | 69,977 | 68,525 | 68,422 | 65,383 | ||||||||||||||
Tangible assets | $ | 1,828,233 | $ | 1,868,745 | $ | 1,849,525 | $ | 1,798,088 | $ | 1,765,976 | |||||||||
Tangible Book Value per Share: | |||||||||||||||||||
Tangible equity | $ | 147,539 | $ | 156,102 | $ | 153,203 | $ | 150,413 | $ | 149,240 | |||||||||
Common shares outstanding | 10,583,161 | 10,568,147 | 10,547,960 | 10,534,445 | 10,526,954 | ||||||||||||||
Tangible book value per common share | $ | 13.94 | $ | 14.77 | $ | 14.52 | $ | 14.28 | $ | 14.18 | |||||||||
Tangible Equity to Tangible Assets Ratio: | |||||||||||||||||||
Tangible equity | $ | 147,539 | $ | 156,102 | $ | 153,203 | $ | 150,413 | $ | 149,240 | |||||||||
Tangible assets | $ | 1,828,233 | $ | 1,868,745 | $ | 1,849,525 | $ | 1,798,088 | $ | 1,765,976 | |||||||||
Tangible equity to tangible assets | 8.07 | % | 8.35 | % | 8.28 | % | 8.37 | % | 8.45 | % |
Three Months Ended | Six Months Ended | |||||||||||||||||||
June 30, | March 31, | June 30, | June 30, | |||||||||||||||||
(in $000’s) | 2013 | 2013 | 2012 | 2013 | 2012 | |||||||||||||||
Pre-Provision Net Revenue: | ||||||||||||||||||||
Income before income taxes | $ | 7,431 | $ | 7,340 | $ | 7,501 | $ | 14,771 | $ | 17,237 | ||||||||||
Add: provision for loan losses | — | — | — | — | — | |||||||||||||||
Add: loss on debt extinguishment | — | — | — | — | 3,111 | |||||||||||||||
Add: loss on loans held-for-sale and OREO | — | 5 | 48 | — | — | |||||||||||||||
Add: loss on other assets | 89 | — | — | 89 | 2 | |||||||||||||||
Less: recovery of loan losses | 1,462 | 1,065 | 1,120 | 2,527 | 3,257 | |||||||||||||||
Less: gain on loans held-for-sale and OREO | 81 | — | — | 76 | 8 | |||||||||||||||
Less: net gain on securities transactions | 26 | 418 | — | 444 | 3,163 | |||||||||||||||
Less: gain on other assets | 2 | — | 5 | 2 | — | |||||||||||||||
Pre-provision net revenue | $ | 5,949 | $ | 5,862 | $ | 6,424 | $ | 11,811 | $ | 13,922 | ||||||||||
Pre-provision net revenue | $ | 5,949 | $ | 5,862 | $ | 6,424 | $ | 11,811 | 13,928 | $ | 13,922 | |||||||||
Total average assets | 1,910,988 | 1,914,719 | 1,823,551 | 1,912,620 | 1,814,834 | |||||||||||||||
Pre-provision net revenue to total average assets (annualized) | 1.25 | % | 1.24 | % | 1.42 | % | 1.25 | % | 1.54 | % | ||||||||||
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