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: | January 23, 2014 | 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 January 23, 2014 |
P.O. BOX 738 - MARIETTA, OHIO - 45750 | NEWS RELEASE | ||
www.peoplesbancorp.com | |||
FOR IMMEDIATE RELEASE | Contact: | Edward G. Sloane | |
January 23, 2014 | Chief Financial Officer and Treasurer | ||
(740) 373-3155 |
• | Diluted earnings per common share were $0.47 for the quarter and $1.63 for the year. |
◦ | Peoples incurred pre-tax acquisition-related costs of $1.2 million during the quarter and $1.5 million for 2013. |
◦ | 2013 earnings benefited from recoveries of loan losses of $1.0 million for the quarter and $4.4 million for the year. |
• | Period-end total loan balances reflected 16% annualized organic growth for the quarter and 12% for the year. |
◦ | Commercial lending generated over 80% of the fourth quarter growth. |
◦ | Non-mortgage consumer balances grew at a 22% annualized rate for the quarter and 33% since year-end 2012. |
◦ | Organic growth in 2013 was supplemented by the Ohio Commerce Bank acquisition and its $96.6 million of loans. |
◦ | Average loan balances were up 15% year-over-year for the quarter and 8% for the full year. |
• | Asset quality trends remained favorable in 2013, which included recoveries exceeding charge-offs in each quarter. |
◦ | Nonperforming assets were 0.81% of total loans and OREO at year-end 2013 versus 1.58% at year-end 2012. |
◦ | Gross recoveries exceeded charge-offs by $1.1 million for the quarter and $3.7 million for the year. |
◦ | Allowance for loan losses decreased to 1.43% of total loans at December 31, 2013, from 1.81% at year-end 2012. |
• | Total revenue increased 9% for the quarter and 4% for the year compared to the prior year periods. |
◦ | Total non-interest income benefited from double-digit year-over-year growth in insurance and investment revenues. |
◦ | Acquisitions and increases in sales production accounted for most of the higher fee revenue in 2013. |
◦ | Net interest income improved due mostly to strong loan growth and higher long-term interest rates. |
◦ | Net interest margin expanded 20 basis points versus the linked quarter, to 3.46% for the quarter. |
◦ | Acquisition accretion and one-time loan income added 15 basis points to fourth quarter 2013 net interest margin. |
◦ | 2013 net interest margin was 3.25% versus 3.39% in 2012, due largely to the prolonged low rate environment. |
• | Operating expenses were higher than prior periods but in line with Peoples' prior guidance. |
◦ | Total non-interest expense was $18.4 million versus the fourth quarter 2013 guidance of $18.3 million. |
◦ | Peoples' prior guidance assumed fourth quarter expenses would include $950,000 of one-time acquisition expenses. |
◦ | Acquisitions and other initiatives to grow revenue were key drivers of the additional expenses compared to 2012. |
• | Retail deposit balances grew during the quarter, while overall mix continued to shift toward low-cost core deposits. |
◦ | Peoples added $110.9 million of deposits during the fourth quarter as part of the Ohio Commerce Bank acquisition. |
◦ | Non-interest-bearing deposits continued to comprise over 20% of Peoples' total deposits. |
◦ | Total retail balances were impacted by reductions in high-cost CDs and seasonal declines in governmental deposits. |
◦ | 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 (recovery of) provision for loan losses and all gains and/or losses included in earnings. |
Three Months Ended | Year Ended | ||||||||||||||||||
December 31, | September 30, | December 31, | December 31, | ||||||||||||||||
2013 | 2013 | 2012 | 2013 | 2012 | |||||||||||||||
PER COMMON SHARE: | |||||||||||||||||||
Earnings per share: | |||||||||||||||||||
Basic | $ | 0.48 | $ | 0.24 | $ | 0.36 | $ | 1.65 | $ | 1.92 | |||||||||
Diluted | 0.47 | 0.23 | 0.36 | 1.63 | 1.92 | ||||||||||||||
Cash dividends declared per share | 0.14 | 0.14 | 0.12 | 0.54 | 0.45 | ||||||||||||||
Book value per share | 20.89 | 20.97 | 21.02 | 20.89 | 21.02 | ||||||||||||||
Tangible book value per share (a) | 13.57 | 14.23 | 14.52 | 13.57 | 14.52 | ||||||||||||||
Closing stock price at end of period | $ | 22.51 | $ | 20.88 | $ | 20.43 | $ | 22.51 | $ | 20.43 | |||||||||
SELECTED RATIOS: | |||||||||||||||||||
Return on average equity (b) | 9.09 | % | 4.61 | % | 6.99 | % | 7.92 | % | 9.52 | % | |||||||||
Return on average assets (b) | 1.01 | % | 0.53 | % | 0.82 | % | 0.91 | % | 1.11 | % | |||||||||
Efficiency ratio (c) | 71.80 | % | 72.47 | % | 72.99 | % | 71.90 | % | 69.55 | % | |||||||||
Pre-provision net revenue to average assets (b)(d) | 1.29 | % | 1.26 | % | 1.23 | % | 1.26 | % | 1.41 | % | |||||||||
Net interest margin (b)(e) | 3.46 | % | 3.26 | % | 3.42 | % | 3.25 | % | 3.39 | % | |||||||||
Dividend payout ratio (f) | 29.61 | % | 60.11 | % | 33.17 | % | 33.20 | % | 23.58 | % | |||||||||
(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 ratio represents a non-GAAP financial measure since it excludes the recovery of or provision for loan losses and net gains or losses on security 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. |
(f) | Dividends declared on common shares as a percentage of net income. |
Three Months Ended | Year Ended | ||||||||||||||||||
December 31, | September 30, | December 31, | December 31, | ||||||||||||||||
(in $000’s) | 2013 | 2013 | 2012 | 2013 | 2012 | ||||||||||||||
Interest income | $ | 18,385 | $ | 16,509 | $ | 17,575 | $ | 67,071 | $ | 69,470 | |||||||||
Interest expense | 2,806 | 2,833 | 3,465 | 11,686 | 14,995 | ||||||||||||||
Net interest income | 15,579 | 13,676 | 14,110 | 55,385 | 54,475 | ||||||||||||||
Recovery of loan losses | (964 | ) | (919 | ) | (503 | ) | (4,410 | ) | (4,716 | ) | |||||||||
Net interest income after recovery of loan losses | 16,543 | 14,595 | 14,613 | 59,795 | 59,191 | ||||||||||||||
Net gain (loss) on securities transactions | 46 | (1 | ) | 273 | 489 | 3,548 | |||||||||||||
Loss on debt extinguishment | — | — | (1,033 | ) | — | (4,144 | ) | ||||||||||||
Net gain on loans held-for-sale and other real estate owned | — | 10 | 58 | 86 | 66 | ||||||||||||||
Net loss on other assets | (125 | ) | (29 | ) | (85 | ) | (241 | ) | (248 | ) | |||||||||
Non-interest income: | |||||||||||||||||||
Insurance income | 2,842 | 3,261 | 2,088 | 12,201 | 9,844 | ||||||||||||||
Deposit account service charges | 2,285 | 2,377 | 2,237 | 8,764 | 8,965 | ||||||||||||||
Trust and investment income | 1,897 | 1,751 | 1,619 | 7,122 | 6,129 | ||||||||||||||
Electronic banking income | 1,664 | 1,547 | 1,519 | 6,191 | 5,955 | ||||||||||||||
Mortgage banking income | 316 | 360 | 1,008 | 1,759 | 2,877 | ||||||||||||||
Other non-interest income | 342 | 290 | 348 | 1,183 | 1,201 | ||||||||||||||
Total non-interest income | 9,346 | 9,586 | 8,819 | 37,220 | 34,971 | ||||||||||||||
Non-interest expense: | |||||||||||||||||||
Salaries and employee benefits costs | 9,463 | 9,358 | 8,715 | 36,472 | 33,426 | ||||||||||||||
Net occupancy and equipment | 1,719 | 1,637 | 1,736 | 6,840 | 6,094 | ||||||||||||||
Professional fees | 1,123 | 1,188 | 1,181 | 4,207 | 4,370 | ||||||||||||||
Electronic banking expense | 941 | 920 | 891 | 3,586 | 3,342 | ||||||||||||||
Marketing expense | 742 | 547 | 1,192 | 2,301 | 2,682 | ||||||||||||||
Data processing and software | 533 | 530 | 537 | 2,012 | 1,979 | ||||||||||||||
Franchise taxes | 405 | 412 | 245 | 1,643 | 1,486 | ||||||||||||||
Communication expense | 333 | 342 | 355 | 1,339 | 1,285 | ||||||||||||||
FDIC insurance | 282 | 224 | 213 | 1,036 | 1,002 | ||||||||||||||
Amortization of intangible assets | 274 | 180 | 159 | 807 | 509 | ||||||||||||||
Foreclosed real estate and other loan expenses | 197 | 243 | 262 | 880 | 1,001 | ||||||||||||||
Other non-interest expense | 2,383 | 1,682 | 1,620 | 7,142 | 6,298 | ||||||||||||||
Total non-interest expense | 18,395 | 17,263 | 17,106 | 68,265 | 63,474 | ||||||||||||||
Income before income taxes | 7,415 | 6,898 | 5,539 | 29,084 | 29,910 | ||||||||||||||
Income tax expense | 2,301 | 4,381 | 1,665 | 11,510 | 9,525 | ||||||||||||||
Net income | $ | 5,114 | $ | 2,517 | $ | 3,874 | $ | 17,574 | $ | 20,385 | |||||||||
PER COMMON SHARE DATA: | |||||||||||||||||||
Earnings per share – Basic | $ | 0.48 | $ | 0.24 | $ | 0.36 | $ | 1.65 | $ | 1.92 | |||||||||
Earnings per share – Diluted | $ | 0.47 | $ | 0.23 | $ | 0.36 | $ | 1.63 | $ | 1.92 | |||||||||
Cash dividends declared per share | $ | 0.14 | $ | 0.14 | $ | 0.12 | $ | 0.54 | $ | 0.45 | |||||||||
Weighted-average shares outstanding – Basic | 10,602,266 | 10,589,126 | 10,542,810 | 10,581,222 | 10,527,885 | ||||||||||||||
Weighted-average shares outstanding – Diluted | 10,718,465 | 10,692,555 | 10,555,260 | 10,679,417 | 10,528,286 | ||||||||||||||
Actual shares outstanding (end of period) | 10,605,782 | 10,596,797 | 10,547,960 | 10,605,782 | 10,547,960 |
December 31, | |||||||
(in $000’s) | 2013 | 2012 | |||||
Assets | |||||||
Cash and cash equivalents: | |||||||
Cash and due from banks | $ | 36,016 | $ | 47,256 | |||
Interest-bearing deposits in other banks | 17,804 | 15,286 | |||||
Total cash and cash equivalents | 53,820 | 62,542 | |||||
Available-for-sale investment securities, at fair value (amortized cost of | |||||||
$621,126 at December 31, 2013 and $628,584 at December 31, 2012) | 606,108 | 639,185 | |||||
Held-to-maturity investment securities, at amortized cost (fair value of | |||||||
$46,094 at December 31, 2013 and $47,124 at December 31, 2012) | 49,222 | 45,275 | |||||
Other investment securities, at cost | 25,196 | 24,625 | |||||
Total investment securities | 680,526 | 709,085 | |||||
Loans, net of deferred fees and costs | 1,196,234 | 985,172 | |||||
Allowance for loan losses | (17,065 | ) | (17,811 | ) | |||
Net loans | 1,179,169 | 967,361 | |||||
Loans held-for-sale | 1,688 | 6,546 | |||||
Bank premises and equipment, net of accumulated depreciation | 29,809 | 27,013 | |||||
Bank owned life insurance | 1,880 | 51,229 | |||||
Goodwill | 70,520 | 64,881 | |||||
Other intangible assets | 7,083 | 3,644 | |||||
Other assets | 34,613 | 25,749 | |||||
Total assets | $ | 2,059,108 | $ | 1,918,050 | |||
Liabilities | |||||||
Deposits: | |||||||
Non-interest-bearing deposits | $ | 409,891 | $ | 317,071 | |||
Interest-bearing deposits | 1,170,867 | 1,175,232 | |||||
Total deposits | 1,580,758 | 1,492,303 | |||||
Short-term borrowings | 113,590 | 47,769 | |||||
Long-term borrowings | 121,826 | 128,823 | |||||
Accrued expenses and other liabilities | 21,381 | 27,427 | |||||
Total liabilities | 1,837,555 | 1,696,322 | |||||
Stockholders' Equity | |||||||
Preferred stock, no par value (50,000 shares authorized, no shares issued | |||||||
at December 31, 2013 and December 31, 2012) | — | — | |||||
Common stock, no par value (24,000,000 shares authorized, 11,206,576 shares | |||||||
issued at December 31, 2013 and 11,155,648 shares issued at | |||||||
December 31, 2012), including shares in treasury | 168,869 | 167,039 | |||||
Retained earnings | 80,898 | 69,158 | |||||
Accumulated comprehensive (loss) income, net of deferred income taxes | (13,244 | ) | 654 | ||||
Treasury stock, at cost (600,794 shares at December 31, 2013 and | |||||||
607,688 shares at December 31, 2012) | (14,970 | ) | (15,123 | ) | |||
Total stockholders' equity | 221,553 | 221,728 | |||||
Total liabilities and stockholders' equity | $ | 2,059,108 | $ | 1,918,050 | |||
December 31, | September 30, | June 30, | March 31, | December 31, | |||||||||||
(in $000’s, end of period) | 2013 | 2013 | 2013 | 2013 | 2012 | ||||||||||
Loan Portfolio | |||||||||||||||
Commercial real estate, construction | $ | 47,539 | $ | 39,969 | $ | 30,770 | $ | 24,108 | $ | 34,265 | |||||
Commercial real estate, other | 450,170 | 374,953 | 389,281 | 381,331 | 378,073 | ||||||||||
Commercial and industrial | 232,754 | 192,238 | 184,981 | 174,982 | 180,131 | ||||||||||
Residential real estate | 268,617 | 262,602 | 252,282 | 237,193 | 233,841 | ||||||||||
Home equity lines of credit | 60,076 | 55,341 | 52,212 | 50,555 | 51,053 | ||||||||||
Consumer | 135,018 | 127,785 | 119,029 | 108,353 | 101,246 | ||||||||||
Deposit account overdrafts | 2,060 | 4,277 | 1,674 | 3,996 | 6,563 | ||||||||||
Total loans | $ | 1,196,234 | $ | 1,057,165 | $ | 1,030,229 | $ | 980,518 | $ | 985,172 | |||||
Deposit Balances | |||||||||||||||
Interest-bearing deposits: | |||||||||||||||
Retail certificates of deposit | $ | 363,226 | $ | 334,910 | $ | 349,511 | $ | 353,894 | $ | 392,313 | |||||
Money market deposit accounts | 275,801 | 224,400 | 238,554 | 288,538 | 288,404 | ||||||||||
Governmental deposit accounts | 132,379 | 151,910 | 146,817 | 167,441 | 130,630 | ||||||||||
Savings accounts | 215,802 | 196,293 | 199,503 | 200,549 | 183,499 | ||||||||||
Interest-bearing demand accounts | 134,618 | 123,966 | 125,875 | 124,969 | 124,787 | ||||||||||
Total retail interest-bearing deposits | 1,121,826 | 1,031,479 | 1,060,260 | 1,135,391 | 1,119,633 | ||||||||||
Brokered certificates of deposits | 49,041 | 49,620 | 50,393 | 52,648 | 55,599 | ||||||||||
Total interest-bearing deposits | 1,170,867 | 1,081,099 | 1,110,653 | 1,188,039 | 1,175,232 | ||||||||||
Non-interest-bearing deposits | 409,891 | 356,767 | 325,125 | 340,887 | 317,071 | ||||||||||
Total deposits | $ | 1,580,758 | $ | 1,437,866 | $ | 1,435,778 | $ | 1,528,926 | $ | 1,492,303 | |||||
Asset Quality | |||||||||||||||
Nonperforming assets: | |||||||||||||||
Loans 90+ days past due and accruing | $ | 910 | $ | 2,597 | $ | 1,520 | $ | 1,215 | $ | 1,235 | |||||
Nonaccrual loans | 7,881 | 8,537 | 10,607 | 11,803 | 13,638 | ||||||||||
Total nonperforming loans | 8,791 | 11,134 | 12,127 | 13,018 | 14,873 | ||||||||||
Other real estate owned | 893 | 120 | 120 | 815 | 836 | ||||||||||
Total nonperforming assets | $ | 9,684 | $ | 11,254 | $ | 12,247 | $ | 13,833 | $ | 15,709 | |||||
Allowance for loan losses as a percent of | |||||||||||||||
nonperforming loans | 194.13 | % | 151.79 | % | 141.11 | % | 133.96 | % | 119.75 | % | |||||
Nonperforming loans as a percent of total loans | 0.73 | % | 1.05 | % | 1.17 | % | 1.32 | % | 1.50 | % | |||||
Nonperforming assets as a percent of total assets | 0.47 | % | 0.59 | % | 0.64 | % | 0.71 | % | 0.82 | % | |||||
Nonperforming assets as a percent of total loans | |||||||||||||||
and other real estate owned | 0.81 | % | 1.06 | % | 1.18 | % | 1.41 | % | 1.58 | % | |||||
Allowance for loan losses as a percent of total loans | 1.43 | % | 1.60 | % | 1.66 | % | 1.78 | % | 1.81 | % | |||||
Capital Information(a) | |||||||||||||||
Tier 1 common ratio | 12.42 | % | 14.09 | % | 14.17 | % | 14.69 | % | 14.06 | % | |||||
Tier 1 risk-based capital ratio | 12.42 | % | 14.09 | % | 14.17 | % | 14.69 | % | 14.06 | % | |||||
Total risk-based capital ratio (Tier 1 and Tier 2) | 13.78 | % | 15.46 | % | 15.54 | % | 16.05 | % | 15.43 | % | |||||
Leverage ratio | 8.52 | % | 9.14 | % | 9.04 | % | 8.90 | % | 8.83 | % | |||||
Tier 1 common capital | $ | 166,217 | $ | 168,254 | $ | 166,576 | $ | 164,329 | $ | 160,604 | |||||
Tier 1 capital | 166,217 | 168,254 | 166,576 | 164,329 | 160,604 | ||||||||||
Total capital (Tier 1 and Tier 2) | 184,457 | 184,550 | 182,706 | 179,569 | 176,224 | ||||||||||
Total risk-weighted assets | $ | 1,338,811 | $ | 1,194,016 | $ | 1,175,647 | $ | 1,118,644 | $ | 1,141,938 | |||||
Tangible equity to tangible assets (b) | 7.26 | % | 8.16 | % | 8.07 | % | 8.35 | % | 8.28 | % |
Three Months Ended | Year Ended | ||||||||||||||||||
December 31, | September 30, | December 31, | December 31, | ||||||||||||||||
(in $000’s) | 2013 | 2013 | 2012 | 2013 | 2012 | ||||||||||||||
(Recovery of) Provision for Loan Losses | |||||||||||||||||||
Provision for checking account overdrafts | $ | 102 | $ | 131 | $ | 82 | $ | 356 | $ | 294 | |||||||||
Recovery of other loan losses | (1,066 | ) | (1,050 | ) | (585 | ) | (4,766 | ) | (5,010 | ) | |||||||||
Total recovery of loan losses | $ | (964 | ) | $ | (919 | ) | $ | (503 | ) | $ | (4,410 | ) | $ | (4,716 | ) | ||||
Net (Recoveries) Charge-Offs | |||||||||||||||||||
Gross charge-offs | $ | 871 | $ | 1,013 | $ | 2,570 | $ | 3,491 | $ | 7,511 | |||||||||
Recoveries | 1,998 | 1,721 | 2,277 | 7,155 | 6,321 | ||||||||||||||
Net (recoveries) charge-offs | $ | (1,127 | ) | $ | (708 | ) | $ | 293 | $ | (3,664 | ) | $ | 1,190 | ||||||
Net (Recoveries) Charge-Offs by Type | |||||||||||||||||||
Commercial real estate, construction | $ | — | $ | — | $ | — | $ | — | $ | — | |||||||||
Commercial real estate, other | (1,455 | ) | (1,308 | ) | 173 | (4,786 | ) | 747 | |||||||||||
Commercial and industrial | 21 | (7 | ) | (66 | ) | 4 | (324 | ) | |||||||||||
Residential real estate | (55 | ) | 179 | 36 | 85 | 318 | |||||||||||||
Home equity lines of credit | (6 | ) | 153 | (9 | ) | 136 | 62 | ||||||||||||
Consumer | 248 | 176 | 42 | 532 | 11 | ||||||||||||||
Deposit account overdrafts | 120 | 99 | 117 | 365 | 376 | ||||||||||||||
Total net (recoveries) charge-offs | $ | (1,127 | ) | $ | (708 | ) | $ | 293 | $ | (3,664 | ) | $ | 1,190 | ||||||
Net (recoveries) charge-offs as a percent of loans (annualized) | (0.39 | )% | (0.26 | )% | 0.12 | % | (0.35 | )% | 0.12 | % |
December 31, | September 30, | June 30, | March 31, | December 31, | |||||||||||||||
(in $000’s, end of period) | 2013 | 2013 | 2013 | 2013 | 2012 | ||||||||||||||
Trust assets under management | $ | 1,000,171 | $ | 994,683 | $ | 939,292 | $ | 927,675 | $ | 888,134 | |||||||||
Brokerage assets under management | 474,384 | 449,196 | 433,651 | 433,217 | 404,320 | ||||||||||||||
Mortgage loans serviced for others | $ | 341,183 | $ | 339,557 | $ | 338,854 | $ | 343,769 | $ | 330,721 | |||||||||
Employees (full-time equivalent) | 546 | 539 | 545 | 517 | 494 | ||||||||||||||
Three Months Ended | ||||||||||||||||||||||||||
December 31, 2013 | September 30, 2013 | December 31, 2012 | ||||||||||||||||||||||||
(in $000’s) | Balance | Income/ Expense | Yield/ Cost | Balance | Income/ Expense | Yield/ Cost | Balance | Income/ Expense | Yield/ Cost | |||||||||||||||||
Assets | ||||||||||||||||||||||||||
Short-term investments | $ | 8,652 | $ | 30 | 1.38 | % | $ | 5,914 | $ | 21 | 1.41 | % | $ | 13,014 | $ | 7 | 0.21 | % | ||||||||
Other long-term investments | 2,948 | 2 | 0.27 | % | — | — | — | % | — | — | — | % | ||||||||||||||
Investment securities (a)(b) | 691,365 | 5,040 | 2.92 | % | 684,268 | 4,795 | 2.80 | % | 689,895 | 5,289 | 3.07 | % | ||||||||||||||
Gross loans (a) | 1,147,285 | 13,619 | 4.73 | % | 1,041,901 | 12,000 | 4.59 | % | 995,766 | 12,568 | 5.03 | % | ||||||||||||||
Allowance for loan losses | (17,439 | ) | (17,670 | ) | (19,865 | ) | ||||||||||||||||||||
Total earning assets | 1,832,811 | 18,691 | 4.07 | % | 1,714,413 | 16,816 | 3.91 | % | 1,678,810 | 17,864 | 4.24 | % | ||||||||||||||
Intangible assets | 77,025 | 71,517 | 68,422 | |||||||||||||||||||||||
Other assets | 102,016 | 105,802 | 140,092 | |||||||||||||||||||||||
Total assets | $ | 2,011,852 | $ | 1,891,732 | $ | 1,887,324 | ||||||||||||||||||||
Liabilities and Equity | ||||||||||||||||||||||||||
Interest-bearing deposits: | ||||||||||||||||||||||||||
Savings accounts | $ | 211,116 | $ | 29 | 0.05 | % | $ | 199,592 | $ | 27 | 0.05 | % | $ | 178,200 | $ | 23 | 0.05 | % | ||||||||
Government deposit accounts | 141,181 | 131 | 0.37 | % | 153,085 | 142 | 0.37 | % | 145,240 | 201 | 0.55 | % | ||||||||||||||
Interest-bearing demand accounts | 128,877 | 26 | 0.08 | % | 124,093 | 25 | 0.08 | % | 118,039 | 23 | 0.08 | % | ||||||||||||||
Money market deposit accounts | 256,398 | 104 | 0.16 | % | 226,453 | 86 | 0.15 | % | 265,181 | 91 | 0.14 | % | ||||||||||||||
Brokered certificates of deposits | 49,320 | 462 | 3.72 | % | 49,810 | 464 | 3.70 | % | 55,387 | 491 | 3.53 | % | ||||||||||||||
Retail certificates of deposit | 360,733 | 890 | 0.98 | % | 343,549 | 930 | 1.07 | % | 404,356 | 1,223 | 1.20 | % | ||||||||||||||
Total interest-bearing deposits | 1,147,625 | 1,642 | 0.57 | % | 1,096,582 | 1,674 | 0.61 | % | 1,166,403 | 2,052 | 0.70 | % | ||||||||||||||
Short-term borrowings | 120,135 | 49 | 0.16 | % | 101,099 | 29 | 0.11 | % | 45,200 | 17 | 0.15 | % | ||||||||||||||
Long-term borrowings | 123,713 | 1,115 | 3.58 | % | 125,398 | 1,131 | 3.58 | % | 128,822 | 1,396 | 4.16 | % | ||||||||||||||
Total borrowed funds | 243,848 | 1,164 | 1.89 | % | 226,497 | 1,160 | 2.03 | % | 174,022 | 1,413 | 3.20 | % | ||||||||||||||
Total interest-bearing liabilities | 1,391,473 | 2,806 | 0.80 | % | 1,323,079 | 2,834 | 0.85 | % | 1,340,425 | 3,465 | 1.03 | % | ||||||||||||||
Non-interest-bearing deposits | 370,962 | 325,129 | 298,210 | |||||||||||||||||||||||
Other liabilities | 26,108 | 26,795 | 28,120 | |||||||||||||||||||||||
Total liabilities | 1,788,543 | 1,675,003 | 1,666,755 | |||||||||||||||||||||||
Preferred equity | — | — | — | |||||||||||||||||||||||
Common equity | 223,309 | 216,729 | 220,569 | |||||||||||||||||||||||
Stockholders’ equity | 223,309 | 216,729 | 220,569 | |||||||||||||||||||||||
Total liabilities and equity | $ | 2,011,852 | $ | 1,891,732 | $ | 1,887,324 | ||||||||||||||||||||
Net interest income/spread (a) | $ | 15,885 | 3.27 | % | $ | 13,982 | 3.06 | % | $ | 14,399 | 3.21 | % | ||||||||||||||
Net interest margin (a) | 3.46 | % | 3.26 | % | 3.42 | % | ||||||||||||||||||||
(a) Information presented on a fully tax-equivalent basis. | ||||||||||||||||||||||||||
(b) Average balances are based on carrying value. |
Year Ended | |||||||||||||||||
December 31, 2013 | December 31, 2012 | ||||||||||||||||
(in $000’s) | Balance | Income/ Expense | Yield/ Cost | Balance | Income/ Expense | Yield/ Cost | |||||||||||
Assets | |||||||||||||||||
Short-term investments | $ | 16,154 | $ | 95 | 0.59 | % | $ | 9,705 | $ | 20 | 0.21 | % | |||||
Other long-term investments | 743 | 2 | 0.27 | % | — | — | — | % | |||||||||
Investment securities (a)(b) | 697,371 | 19,487 | 2.79 | % | 685,439 | 22,167 | 3.23 | % | |||||||||
Gross loans (a) | 1,046,371 | 48,688 | 4.66 | % | 967,166 | 48,370 | 5.00 | % | |||||||||
Allowance for loan losses | (17,935 | ) | (21,473 | ) | |||||||||||||
Total earning assets | 1,742,704 | 68,272 | 3.92 | % | 1,640,837 | 70,557 | 4.30 | % | |||||||||
Intangible assets | 72,420 | 65,881 | |||||||||||||||
Other assets | 117,243 | 134,571 | |||||||||||||||
Total assets | $ | 1,932,367 | $ | 1,841,289 | |||||||||||||
Liabilities and Equity | |||||||||||||||||
Interest-bearing deposits: | |||||||||||||||||
Savings accounts | $ | 200,190 | $ | 107 | 0.05 | % | $ | 162,055 | $ | 90 | 0.06 | % | |||||
Government deposit accounts | 146,955 | 642 | 0.44 | % | 151,877 | 937 | 0.62 | % | |||||||||
Interest-bearing demand accounts | 125,984 | 101 | 0.08 | % | 113,022 | 117 | 0.10 | % | |||||||||
Money market deposit accounts | 259,226 | 379 | 0.15 | % | 255,345 | 423 | 0.17 | % | |||||||||
Brokered certificates of deposits | 51,287 | 1,871 | 3.65 | % | 56,451 | 1,996 | 3.54 | % | |||||||||
Retail certificates of deposit | 358,918 | 3,952 | 1.10 | % | 404,872 | 5,496 | 1.36 | % | |||||||||
Total interest-bearing deposits | 1,142,560 | 7,052 | 0.62 | % | 1,143,622 | 9,059 | 0.79 | % | |||||||||
Short-term borrowings | 81,294 | 114 | 0.14 | % | 50,641 | 74 | 0.14 | % | |||||||||
Long-term borrowings | 126,100 | 4,520 | 3.57 | % | 134,978 | 5,862 | 4.27 | % | |||||||||
Total borrowed funds | 207,394 | 4,634 | 2.23 | % | 185,619 | 5,936 | 3.17 | % | |||||||||
Total interest-bearing liabilities | 1,349,954 | 11,686 | 0.86 | % | 1,329,241 | 14,995 | 1.13 | % | |||||||||
Non-interest-bearing deposits | 335,637 | 273,893 | |||||||||||||||
Other liabilities | 24,865 | 24,037 | |||||||||||||||
Total liabilities | 1,710,456 | 1,627,171 | |||||||||||||||
Preferred equity | — | — | |||||||||||||||
Common equity | 221,911 | 214,118 | |||||||||||||||
Stockholders’ equity | 221,911 | 214,118 | |||||||||||||||
Total liabilities and equity | $ | 1,932,367 | $ | 1,841,289 | |||||||||||||
Net interest income/spread (a) | $ | 56,586 | 3.06 | % | $ | 55,562 | 3.17 | % | |||||||||
Net interest margin (a) | 3.25 | % | 3.39 | % | |||||||||||||
(a) Information presented on a fully tax-equivalent basis. | |||||||||||||||||
(b) Average balances are based on carrying value. |
At or For the Three Months Ended | |||||||||||||||||||
December 31, | September 30, | June 30, | March 31, | December 31, | |||||||||||||||
(in $000’s) | 2013 | 2013 | 2013 | 2013 | 2012 | ||||||||||||||
Tangible Equity: | |||||||||||||||||||
Total stockholders' equity, as reported | $ | 221,553 | $ | 222,247 | $ | 219,147 | $ | 226,079 | $ | 221,728 | |||||||||
Less: goodwill and other intangible assets | 77,603 | 71,417 | 71,608 | 69,977 | 68,525 | ||||||||||||||
Tangible equity | $ | 143,950 | $ | 150,830 | $ | 147,539 | $ | 156,102 | $ | 153,203 | |||||||||
Tangible Assets: | |||||||||||||||||||
Total assets, as reported | $ | 2,059,108 | $ | 1,919,705 | $ | 1,899,841 | $ | 1,938,722 | $ | 1,918,050 | |||||||||
Less: goodwill and other intangible assets | 77,603 | 71,417 | 71,608 | 69,977 | 68,525 | ||||||||||||||
Tangible assets | $ | 1,981,505 | $ | 1,848,288 | $ | 1,828,233 | $ | 1,868,745 | $ | 1,849,525 | |||||||||
Tangible Book Value per Common Share: | |||||||||||||||||||
Tangible equity | $ | 143,950 | $ | 150,830 | $ | 147,539 | $ | 156,102 | $ | 153,203 | |||||||||
Common shares outstanding | 10,605,782 | 10,596,797 | 10,583,161 | 10,568,147 | 10,547,960 | ||||||||||||||
Tangible book value per common share | $ | 13.57 | $ | 14.23 | $ | 13.94 | $ | 14.77 | $ | 14.52 | |||||||||
Tangible Equity to Tangible Assets Ratio: | |||||||||||||||||||
Tangible equity | $ | 143,950 | $ | 150,830 | $ | 147,539 | $ | 156,102 | $ | 153,203 | |||||||||
Tangible assets | $ | 1,981,505 | $ | 1,848,288 | $ | 1,828,233 | $ | 1,868,745 | $ | 1,849,525 | |||||||||
Tangible equity to tangible assets | 7.26 | % | 8.16 | % | 8.07 | % | 8.35 | % | 8.28 | % | |||||||||
Three Months Ended | Year Ended | |||||||||||||||||||
December 31, | September 30, | December 31, | December 31, | |||||||||||||||||
(in $000’s) | 2013 | 2013 | 2012 | 2013 | 2012 | |||||||||||||||
Pre-Provision Net Revenue: | ||||||||||||||||||||
Income before income taxes | $ | 7,415 | $ | 6,898 | $ | 5,539 | $ | 29,084 | $ | 29,910 | ||||||||||
Add: net loss on debt extinguishment | — | — | 1,033 | — | 4,144 | |||||||||||||||
Add: net loss on securities transactions | — | 1 | — | — | — | |||||||||||||||
Add: net loss on other assets | 125 | 29 | 85 | 241 | 248 | |||||||||||||||
Less: recovery of loan losses | 964 | 919 | 503 | 4,410 | 4,716 | |||||||||||||||
Less: net gain on loans held-for-sale and OREO | — | 10 | 58 | 86 | 66 | |||||||||||||||
Less: net gain on securities transactions | 46 | — | 273 | 489 | 3,548 | |||||||||||||||
Pre-provision net revenue | $ | 6,530 | $ | 5,999 | $ | 5,823 | $ | 24,340 | $ | 25,972 | ||||||||||
Pre-provision net revenue | $ | 6,530 | $ | 5,999 | $ | 5,823 | $ | 24,340 | 13,928 | $ | 25,972 | |||||||||
Total average assets | 2,011,852 | 1,891,732 | 1,887,324 | 1,932,367 | 1,841,289 | |||||||||||||||
Pre-provision net revenue to total average assets (annualized) | 1.29 | % | 1.26 | % | 1.23 | % | 1.26 | % | 1.41 | % | ||||||||||