NEW YORK
|
0-10592
|
14-1630287
|
||
State or Other Jurisdiction of Incorporation or Organization
|
Commission File No.
|
I.R.S. Employer Identification Number
|
☐ | 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 |
On April 21, 2015, TrustCo Bank Corp NY (“TrustCo”) issued a press release with results for the quarter ending March 31, 2015. Attached is a copy of the press release labeled as Exhibit 99(a).
|
Item 9.01. | Financial Statements and Exhibits |
(c) | Exhibits |
Press release dated April 21, 2015, for the period ending March 31, 2015, regarding first quarter results.
|
Dated: April 21, 2015
|
||
TrustCo Bank Corp NY
|
||
(Registrant)
|
||
By: |
/s/ Michael M. Ozimek
|
|
Michael M. Ozimek
|
||
Senior Vice President and
|
||
Chief Financial Officer
|
![]() |
News Release
|
Subsidiary: Trustco Bank
|
NASDAQ -- TRST
|
Contact:
|
Kevin T. Timmons |
|
Vice President/Treasurer |
|
(518) 381-3607
|
· | Continued strong financial results: |
o | Core net income for first quarter 2015 compared to the same period in 2014: |
§ | Core net income up 6.7%; |
§ | Core diluted EPS up 6.1%; |
o | GAAP earnings for the first quarter of 2015 compared to the same period in 2014: |
§ | Net income down 2.7% |
§ | Diluted EPS down 2.6% |
§ | Return on average assets (ROA) of 0.93% |
§ | Return on average equity (ROE) of 10.91% |
§ | Efficiency ratio of 54.18% |
· | Asset quality improvement: |
o | Asset quality measures continued to improve or remain stable as compared to both the first quarter of 2014 and for the fourth quarter of 2014 |
o | Nonperforming assets (NPAs) fell by $13.5 million versus the prior year |
o | NPAs to total assets improved from 1.18% to 0.85% over last year |
o | Quarterly net chargeoffs at lowest level since the fourth quarter of 2008 |
· | Continued expansion of customer base: |
o | Focus on capitalizing on opportunities presented by expanded branch network |
o | Average deposits per branch grew $868 thousand from March 31, 2014 to March 31, 2015 on a same store basis |
o | Average core deposits grew $80 million for the first quarter of 2015 compared to the first quarter of 2014 |
· | Loan portfolio reaches all-time high: |
o | Average loans were up $250 million for the first quarter of 2015 compared to first quarter of 2014 |
o | At $3.19 billion at March 31, 2015, loans reached an all-time historic high |
Three Months Ended | ||||||||||||
03/31/15
|
12/31/14
|
03/31/14
|
||||||||||
Summary of operations
|
||||||||||||
Net interest income (TE)
|
$
|
35,185
|
35,693
|
34,701
|
||||||||
Provision for loan losses
|
800
|
1,000
|
1,500
|
|||||||||
Net securities transactions
|
249
|
335
|
6
|
|||||||||
Noninterest income, excluding net securities transactions
|
4,374
|
4,417
|
5,753
|
|||||||||
Noninterest expense
|
21,857
|
22,240
|
20,801
|
|||||||||
Net income
|
10,715
|
10,660
|
11,011
|
|||||||||
Per common share
|
||||||||||||
Net income per share:
|
||||||||||||
- Basic
|
$
|
0.113
|
0.113
|
0.116
|
||||||||
- Diluted
|
0.113
|
0.112
|
0.116
|
|||||||||
Cash dividends
|
0.066
|
0.066
|
0.066
|
|||||||||
Tangible Book value at period end
|
4.21
|
4.14
|
3.93
|
|||||||||
Market price at period end
|
6.88
|
7.26
|
7.04
|
|||||||||
At period end
|
||||||||||||
Full time equivalent employees
|
747
|
737
|
709
|
|||||||||
Full service banking offices
|
145
|
144
|
139
|
|||||||||
Performance ratios
|
||||||||||||
Return on average assets
|
0.93
|
%
|
0.92
|
0.99
|
||||||||
Return on average equity
|
10.91
|
10.70
|
12.09
|
|||||||||
Efficiency (1)
|
54.18
|
53.35
|
51.28
|
|||||||||
Net interest spread (TE)
|
3.02
|
3.11
|
3.08
|
|||||||||
Net interest margin (TE)
|
3.08
|
3.17
|
3.13
|
|||||||||
Dividend payout ratio
|
58.12
|
58.55
|
56.36
|
|||||||||
Capital ratio at period end
|
||||||||||||
Consolidated tangible equity to tangible assets (2)
|
8.44
|
8.46
|
8.11
|
|||||||||
Asset quality analysis at period end
|
||||||||||||
Nonperforming loans to total loans
|
1.05
|
1.08
|
1.53
|
|||||||||
Nonperforming assets to total assets
|
0.85
|
0.87
|
1.18
|
|||||||||
Allowance for loan losses to total loans
|
1.44
|
1.47
|
1.60
|
|||||||||
Coverage ratio (3)
|
1.4x
|
1.4
|
1.0
|
(1)
|
Calculated as noninterest expense (excluding ORE income/expense) divided by taxable equivalent net interest income plus noninterest income (excluding net securities transactions, the net gain on sale of building, and the net sale of nonperforming loans).
|
(2)
|
The tangible equity ratio excludes $553 of intangibles from both equity and assets.
|
(3)
|
Calculated as allowance for loan losses divided by total nonperforming loans.
|
Three Months Ended
|
||||||||||||||||||||
3/31/2015
|
12/31/2014
|
9/30/2014
|
6/30/2014
|
3/31/2014
|
||||||||||||||||
Interest and dividend income:
|
||||||||||||||||||||
Interest and fees on loans
|
$
|
34,983
|
35,051
|
34,421
|
33,614
|
32,874
|
||||||||||||||
Interest and dividends on securities available for sale:
|
||||||||||||||||||||
U. S. government sponsored enterprises
|
212
|
233
|
297
|
381
|
506
|
|||||||||||||||
State and political subdivisions
|
25
|
29
|
38
|
44
|
68
|
|||||||||||||||
Mortgage-backed securities and collateralized mortgage obligations-residential
|
2,393
|
2,733
|
3,040
|
3,299
|
3,078
|
|||||||||||||||
Corporate bonds
|
1
|
2
|
2
|
2
|
59
|
|||||||||||||||
Small Business Administration-guaranteed participation securities
|
522
|
524
|
535
|
539
|
556
|
|||||||||||||||
Mortgage-backed securities and collateralized mortgage obligations-commercial
|
37
|
37
|
38
|
38
|
38
|
|||||||||||||||
Other securities
|
4
|
4
|
4
|
4
|
4
|
|||||||||||||||
Total interest and dividends on securities available for sale
|
3,194
|
3,562
|
3,954
|
4,307
|
4,309
|
|||||||||||||||
Interest on held to maturity securities:
|
||||||||||||||||||||
Mortgage-backed securities and collateralized mortgage obligations-residential
|
478
|
512
|
545
|
577
|
625
|
|||||||||||||||
Corporate bonds
|
154
|
154
|
153
|
154
|
154
|
|||||||||||||||
Total interest on held to maturity securities
|
632
|
666
|
698
|
731
|
779
|
|||||||||||||||
Federal Reserve Bank and Federal Home Loan Bank stock
|
116
|
123
|
127
|
128
|
133
|
|||||||||||||||
Interest on federal funds sold and other short-term investments
|
400
|
363
|
374
|
376
|
351
|
|||||||||||||||
Total interest income
|
39,325
|
39,765
|
39,574
|
39,156
|
38,446
|
|||||||||||||||
Interest expense:
|
||||||||||||||||||||
Interest on deposits:
|
||||||||||||||||||||
Interest-bearing checking
|
105
|
98
|
94
|
89
|
84
|
|||||||||||||||
Savings
|
658
|
663
|
644
|
592
|
763
|
|||||||||||||||
Money market deposit accounts
|
617
|
634
|
648
|
618
|
599
|
|||||||||||||||
Time deposits
|
2,434
|
2,366
|
2,213
|
2,035
|
1,951
|
|||||||||||||||
Interest on short-term borrowings
|
346
|
335
|
327
|
342
|
393
|
|||||||||||||||
Total interest expense
|
4,160
|
4,096
|
3,926
|
3,676
|
3,790
|
|||||||||||||||
Net interest income
|
35,165
|
35,669
|
35,648
|
35,480
|
34,656
|
|||||||||||||||
Provision for loan losses
|
800
|
1,000
|
1,100
|
1,500
|
1,500
|
|||||||||||||||
Net interest income after provision for loan losses
|
34,365
|
34,669
|
34,548
|
33,980
|
33,156
|
|||||||||||||||
Noninterest income:
|
||||||||||||||||||||
Trustco Financial Services income
|
1,653
|
1,451
|
1,471
|
1,405
|
1,510
|
|||||||||||||||
Fees for services to customers
|
2,524
|
2,753
|
2,838
|
2,732
|
2,521
|
|||||||||||||||
Net gain on securities transactions
|
249
|
335
|
376
|
-
|
6
|
|||||||||||||||
Other
|
197
|
213
|
205
|
368
|
1,722
|
|||||||||||||||
Total noninterest income
|
4,623
|
4,752
|
4,890
|
4,505
|
5,759
|
|||||||||||||||
Noninterest expenses:
|
||||||||||||||||||||
Salaries and employee benefits
|
8,481
|
9,003
|
8,272
|
8,012
|
7,592
|
|||||||||||||||
Net occupancy expense
|
4,108
|
3,869
|
4,013
|
4,110
|
4,259
|
|||||||||||||||
Equipment expense
|
1,942
|
1,919
|
1,725
|
1,823
|
1,752
|
|||||||||||||||
Professional services
|
1,507
|
1,536
|
1,547
|
1,438
|
1,286
|
|||||||||||||||
Outsourced services
|
1,425
|
1,225
|
1,375
|
1,425
|
1,325
|
|||||||||||||||
Advertising expense
|
600
|
602
|
629
|
657
|
599
|
|||||||||||||||
FDIC and other insurance
|
1,065
|
949
|
1,054
|
1,000
|
904
|
|||||||||||||||
Other real estate expense (income), net
|
424
|
841
|
1,001
|
(1,688
|
)
|
855
|
||||||||||||||
Other
|
2,305
|
2,296
|
2,576
|
2,660
|
2,229
|
|||||||||||||||
Total noninterest expenses
|
21,857
|
22,240
|
22,192
|
19,437
|
20,801
|
|||||||||||||||
Income before taxes
|
17,131
|
17,181
|
17,246
|
19,048
|
18,114
|
|||||||||||||||
Income taxes
|
6,416
|
6,521
|
6,532
|
7,240
|
7,103
|
|||||||||||||||
Net income
|
$
|
10,715
|
10,660
|
10,714
|
11,808
|
11,011
|
||||||||||||||
Net income per common share:
|
||||||||||||||||||||
- Basic
|
$
|
0.113
|
0.113
|
0.113
|
0.125
|
0.116
|
||||||||||||||
- Diluted
|
0.113
|
0.112
|
0.113
|
0.125
|
0.116
|
|||||||||||||||
Average basic shares (in thousands)
|
94,947
|
94,681
|
94,628
|
94,559
|
94,452
|
|||||||||||||||
Average diluted shares (in thousands)
|
95,074
|
94,813
|
94,752
|
94,675
|
94,581
|
|||||||||||||||
Note: Taxable equivalent net interest income
|
$
|
35,185
|
35,693
|
35,676
|
35,513
|
34,701
|
3/31/2015
|
12/31/2014
|
9/30/2014
|
6/30/2014
|
3/31/2014
|
||||||||||||||||
ASSETS:
|
||||||||||||||||||||
Cash and due from banks
|
$
|
44,853
|
43,505
|
43,724
|
48,034
|
46,127
|
||||||||||||||
Federal funds sold and other short term investments
|
705,273
|
627,943
|
586,931
|
573,514
|
687,003
|
|||||||||||||||
Total cash and cash equivalents
|
750,126
|
671,448
|
630,655
|
621,548
|
733,130
|
|||||||||||||||
Securities available for sale:
|
||||||||||||||||||||
U. S. government sponsored enterprises
|
108,248
|
77,800
|
83,087
|
103,340
|
92,708
|
|||||||||||||||
States and political subdivisions
|
1,974
|
2,271
|
2,769
|
3,921
|
4,968
|
|||||||||||||||
Mortgage-backed securities and collateralized mortgage obligations-residential
|
445,273
|
483,560
|
523,779
|
589,517
|
524,197
|
|||||||||||||||
Corporate bonds
|
1,500
|
1,500
|
1,401
|
1,402
|
6,402
|
|||||||||||||||
Small Business Administration-guaranteed participation securities
|
98,668
|
100,496
|
100,491
|
102,367
|
101,821
|
|||||||||||||||
Mortgage-backed securities and collateralized mortgage obligations-commercial
|
10,503
|
10,447
|
10,417
|
10,544
|
10,543
|
|||||||||||||||
Other securities
|
685
|
685
|
679
|
679
|
653
|
|||||||||||||||
Total securities available for sale
|
666,851
|
676,759
|
722,623
|
811,770
|
741,292
|
|||||||||||||||
Held to maturity securities:
|
||||||||||||||||||||
Mortgage-backed securities and collateralized mortgage obligations-residential
|
57,296
|
60,986
|
64,223
|
67,974
|
72,188
|
|||||||||||||||
Corporate bonds
|
9,964
|
9,960
|
9,956
|
9,952
|
9,948
|
|||||||||||||||
Total held to maturity securities
|
67,260
|
70,946
|
74,179
|
77,926
|
82,136
|
|||||||||||||||
Federal Reserve Bank and Federal Home Loan Bank stock
|
9,228
|
9,228
|
9,228
|
10,951
|
10,500
|
|||||||||||||||
Loans:
|
||||||||||||||||||||
Commercial
|
212,145
|
223,382
|
219,825
|
222,655
|
220,443
|
|||||||||||||||
Residential mortgage loans
|
2,620,925
|
2,575,222
|
2,510,151
|
2,437,500
|
2,374,874
|
|||||||||||||||
Home equity line of credit
|
352,552
|
352,134
|
346,496
|
339,897
|
339,971
|
|||||||||||||||
Installment loans
|
8,003
|
7,594
|
6,557
|
6,098
|
5,714
|
|||||||||||||||
Loans, net of deferred fees and costs
|
3,193,625
|
3,158,332
|
3,083,029
|
3,006,150
|
2,941,002
|
|||||||||||||||
Less:
|
||||||||||||||||||||
Allowance for loan losses
|
45,944
|
46,327
|
46,512
|
46,935
|
47,035
|
|||||||||||||||
Net loans
|
3,147,681
|
3,112,005
|
3,036,517
|
2,959,215
|
2,893,967
|
|||||||||||||||
Bank premises and equipment, net
|
38,812
|
38,565
|
37,455
|
36,658
|
35,267
|
|||||||||||||||
Other assets
|
60,698
|
65,488
|
71,609
|
71,061
|
82,445
|
|||||||||||||||
Total assets
|
$
|
4,740,656
|
4,644,439
|
4,582,266
|
4,589,129
|
4,578,737
|
||||||||||||||
LIABILITIES:
|
||||||||||||||||||||
Deposits:
|
||||||||||||||||||||
Demand
|
$
|
347,315
|
331,425
|
327,527
|
324,277
|
327,779
|
||||||||||||||
Interest-bearing checking
|
696,137
|
682,210
|
646,862
|
643,473
|
628,752
|
|||||||||||||||
Savings accounts
|
1,237,115
|
1,216,831
|
1,215,087
|
1,233,347
|
1,236,331
|
|||||||||||||||
Money market deposit accounts
|
640,368
|
638,542
|
655,646
|
651,367
|
648,244
|
|||||||||||||||
Time deposits
|
1,196,233
|
1,163,233
|
1,139,919
|
1,142,723
|
1,146,112
|
|||||||||||||||
Total deposits
|
4,117,168
|
4,032,241
|
3,985,041
|
3,995,187
|
3,987,218
|
|||||||||||||||
Short-term borrowings
|
194,738
|
189,116
|
179,957
|
181,516
|
195,411
|
|||||||||||||||
Accrued expenses and other liabilities
|
28,274
|
29,638
|
27,781
|
27,409
|
24,329
|
|||||||||||||||
Total liabilities
|
4,340,180
|
4,250,995
|
4,192,779
|
4,204,112
|
4,206,958
|
|||||||||||||||
SHAREHOLDERS' EQUITY:
|
||||||||||||||||||||
Capital stock
|
98,964
|
98,945
|
98,942
|
98,927
|
98,927
|
|||||||||||||||
Surplus
|
172,237
|
172,353
|
172,598
|
172,769
|
172,964
|
|||||||||||||||
Undivided profits
|
171,232
|
166,745
|
162,326
|
157,832
|
152,237
|
|||||||||||||||
Accumulated other comprehensive loss, net of tax
|
(2,687
|
)
|
(4,509
|
)
|
(3,508
|
)
|
(2,611
|
)
|
(9,452
|
)
|
||||||||||
Treasury stock at cost
|
(39,270
|
)
|
(40,090
|
)
|
(40,871
|
)
|
(41,900
|
)
|
(42,897
|
)
|
||||||||||
Total shareholders' equity
|
400,476
|
393,444
|
389,487
|
385,017
|
371,779
|
|||||||||||||||
Total liabilities and shareholders' equity
|
$
|
4,740,656
|
4,644,439
|
4,582,266
|
4,589,129
|
4,578,737
|
||||||||||||||
Outstanding shares (in thousands)
|
94,956
|
94,857
|
94,785
|
94,665
|
94,564
|
Nonperforming Assets
|
||||||||||||||||||||
03/31/15
|
12/31/14
|
09/30/14
|
06/30/14
|
03/31/14
|
||||||||||||||||
New York and other states*
|
||||||||||||||||||||
Loans in nonaccrual status:
|
||||||||||||||||||||
Commercial
|
$
|
2,489
|
3,835
|
4,226
|
5,132
|
4,853
|
||||||||||||||
Real estate mortgage - 1 to 4 family
|
28,215
|
27,221
|
29,736
|
31,433
|
34,597
|
|||||||||||||||
Installment
|
77
|
77
|
95
|
87
|
103
|
|||||||||||||||
Total non-accrual loans
|
30,781
|
31,133
|
34,057
|
36,652
|
39,553
|
|||||||||||||||
Other nonperforming real estate mortgages - 1 to 4 family
|
75
|
125
|
155
|
159
|
162
|
|||||||||||||||
Total nonperforming loans
|
30,856
|
31,258
|
34,212
|
36,811
|
39,715
|
|||||||||||||||
Other real estate owned
|
6,288
|
5,533
|
5,238
|
3,930
|
4,707
|
|||||||||||||||
Total nonperforming assets
|
$
|
37,144
|
36,791
|
39,450
|
40,741
|
44,422
|
||||||||||||||
Florida
|
||||||||||||||||||||
Loans in nonaccrual status:
|
||||||||||||||||||||
Commercial
|
$
|
-
|
-
|
517
|
517
|
517
|
||||||||||||||
Real estate mortgage - 1 to 4 family
|
2,608
|
2,740
|
2,395
|
3,578
|
4,668
|
|||||||||||||||
Installment
|
20
|
13
|
1
|
1
|
7
|
|||||||||||||||
Total non-accrual loans
|
2,628
|
2,753
|
2,913
|
4,096
|
5,192
|
|||||||||||||||
Other nonperforming real estate mortgages - 1 to 4 family
|
-
|
-
|
-
|
-
|
-
|
|||||||||||||||
Total nonperforming loans
|
2,628
|
2,753
|
2,913
|
4,096
|
5,192
|
|||||||||||||||
Other real estate owned
|
670
|
908
|
1,188
|
4,365
|
4,300
|
|||||||||||||||
Total nonperforming assets
|
$
|
3,298
|
3,661
|
4,101
|
8,461
|
9,492
|
||||||||||||||
Total
|
||||||||||||||||||||
Loans in nonaccrual status:
|
||||||||||||||||||||
Commercial
|
$
|
2,489
|
3,835
|
4,743
|
5,649
|
5,370
|
||||||||||||||
Real estate mortgage - 1 to 4 family
|
30,823
|
29,961
|
32,131
|
35,011
|
39,265
|
|||||||||||||||
Installment
|
97
|
90
|
96
|
88
|
110
|
|||||||||||||||
Total non-accrual loans
|
33,409
|
33,886
|
36,970
|
40,748
|
44,745
|
|||||||||||||||
Other nonperforming real estate mortgages - 1 to 4 family
|
75
|
125
|
155
|
159
|
162
|
|||||||||||||||
Total nonperforming loans
|
33,484
|
34,011
|
37,125
|
40,907
|
44,907
|
|||||||||||||||
Other real estate owned
|
6,958
|
6,441
|
6,426
|
8,295
|
9,007
|
|||||||||||||||
Total nonperforming assets
|
$
|
40,442
|
40,452
|
43,551
|
49,202
|
53,914
|
||||||||||||||
Quarterly Net Chargeoffs (Recoveries)
|
||||||||||||||||||||
03/31/15
|
12/31/14
|
09/30/14
|
06/30/14
|
03/31/14
|
||||||||||||||||
New York and other states*
|
||||||||||||||||||||
Commercial
|
$
|
34
|
(16
|
)
|
124
|
13
|
242
|
|||||||||||||
Real estate mortgage - 1 to 4 family
|
1,004
|
1,591
|
1,105
|
1,496
|
851
|
|||||||||||||||
Installment
|
37
|
48
|
57
|
24
|
44
|
|||||||||||||||
Total net chargeoffs
|
$
|
1,075
|
1,623
|
1,286
|
1,533
|
1,137
|
||||||||||||||
Florida
|
||||||||||||||||||||
Commercial
|
$
|
(1
|
)
|
(476
|
)
|
(1
|
)
|
(2
|
)
|
612
|
||||||||||
Real estate mortgage - 1 to 4 family
|
109
|
37
|
242
|
59
|
428
|
|||||||||||||||
Installment
|
-
|
1
|
(4
|
)
|
10
|
2
|
||||||||||||||
Total net chargeoffs
|
$
|
108
|
(438
|
)
|
237
|
67
|
1,042
|
|||||||||||||
Total
|
||||||||||||||||||||
Commercial
|
$
|
33
|
(492
|
)
|
123
|
11
|
854
|
|||||||||||||
Real estate mortgage - 1 to 4 family
|
1,113
|
1,628
|
1,347
|
1,555
|
1,279
|
|||||||||||||||
Installment
|
37
|
49
|
53
|
34
|
46
|
|||||||||||||||
Total net chargeoffs
|
$
|
1,183
|
1,185
|
1,523
|
1,600
|
2,179
|
||||||||||||||
Asset Quality Ratios
|
||||||||||||||||||||
03/31/15
|
12/31/14
|
09/30/14
|
06/30/14
|
03/31/14
|
||||||||||||||||
Total nonperforming loans(1)
|
$
|
33,484
|
34,011
|
37,125
|
40,907
|
44,907
|
||||||||||||||
Total nonperforming assets(1)
|
40,442
|
40,452
|
43,551
|
49,202
|
53,914
|
|||||||||||||||
Total net chargeoffs(2)
|
1,183
|
1,185
|
2,179
|
1,600
|
2,179
|
|||||||||||||||
Allowance for loan losses(1)
|
45,944
|
46,327
|
46,512
|
46,935
|
47,035
|
|||||||||||||||
Nonperforming loans to total loans
|
1.05
|
%
|
1.08
|
%
|
1.20
|
%
|
1.36
|
%
|
1.53
|
%
|
||||||||||
Nonperforming assets to total assets
|
0.85
|
%
|
0.87
|
%
|
0.95
|
%
|
1.07
|
%
|
1.18
|
%
|
||||||||||
Allowance for loan losses to total loans
|
1.44
|
%
|
1.47
|
%
|
1.51
|
%
|
1.56
|
%
|
1.60
|
%
|
||||||||||
Coverage ratio(1)
|
137.2
|
%
|
136.2
|
%
|
125.3
|
%
|
114.7
|
%
|
104.7
|
%
|
||||||||||
Annualized net chargeoffs to average loans(2)
|
0.15
|
%
|
0.15
|
%
|
0.29
|
%
|
0.22
|
%
|
0.30
|
%
|
||||||||||
Allowance for loan losses to annualized net chargeoffs(2)
|
9.6
|
x
|
9.8
|
x
|
5.3
|
x
|
7.3
|
x
|
5.4
|
x
|
(dollars in thousands)
(Unaudited) |
Three months ended
March 31, 2015 |
Three months ended
March 31, 2014 |
||||||||||||||||||||||
Average
Balance |
Interest
|
Average
Rate |
Average
Balance |
Interest
|
Average
Rate |
|||||||||||||||||||
Assets
|
||||||||||||||||||||||||
Securities available for sale:
|
||||||||||||||||||||||||
U. S. government sponsored enterprises
|
$
|
77,865
|
212
|
1.09
|
%
|
$
|
169,355
|
506
|
1.19
|
%
|
||||||||||||||
Mortgage backed securities and collateralized mortgage obligations-residential
|
478,410
|
2,393
|
2.00
|
545,823
|
3,078
|
2.26
|
||||||||||||||||||
State and political subdivisions
|
2,092
|
38
|
7.26
|
6,133
|
105
|
6.85
|
||||||||||||||||||
Corporate bonds
|
1,499
|
1
|
0.13
|
8,548
|
59
|
2.78
|
||||||||||||||||||
Small Business Administration-guaranteed participation securities
|
101,662
|
522
|
2.06
|
110,098
|
556
|
2.02
|
||||||||||||||||||
Mortgage backed securities and collateralized mortgage obligations-commercial
|
10,669
|
37
|
1.40
|
10,939
|
38
|
1.39
|
||||||||||||||||||
Other
|
685
|
4
|
2.34
|
660
|
4
|
2.42
|
||||||||||||||||||
Total securities available for sale
|
672,882
|
3,207
|
1.91
|
851,556
|
4,346
|
2.04
|
||||||||||||||||||
Federal funds sold and other short-term Investments
|
653,263
|
400
|
0.25
|
575,352
|
351
|
0.25
|
||||||||||||||||||
Held to maturity securities:
|
||||||||||||||||||||||||
Corporate bonds
|
9,962
|
154
|
6.17
|
9,947
|
154
|
6.18
|
||||||||||||||||||
Mortgage backed securities and collateralized mortgage obligations-residential
|
59,351
|
478
|
3.22
|
74,324
|
625
|
3.36
|
||||||||||||||||||
Total held to maturity securities
|
69,313
|
632
|
3.65
|
84,271
|
779
|
3.70
|
||||||||||||||||||
Federal Reserve Bank and Federal Home Loan Bank stock
|
9,228
|
116
|
5.03
|
10,500
|
133
|
5.07
|
||||||||||||||||||
Commercial loans
|
219,050
|
2,796
|
5.11
|
222,332
|
2,797
|
5.03
|
||||||||||||||||||
Residential mortgage loans
|
2,594,216
|
28,958
|
4.48
|
2,355,125
|
26,982
|
4.60
|
||||||||||||||||||
Home equity lines of credit
|
352,258
|
3,061
|
3.52
|
340,681
|
2,936
|
3.49
|
||||||||||||||||||
Installment loans
|
7,794
|
175
|
9.11
|
5,596
|
167
|
12.11
|
||||||||||||||||||
Loans, net of unearned income
|
3,173,318
|
34,990
|
4.42
|
2,923,734
|
32,882
|
4.52
|
||||||||||||||||||
Total interest earning assets
|
4,578,004
|
39,345
|
3.45
|
4,445,413
|
38,491
|
3.48
|
||||||||||||||||||
Allowance for loan losses
|
(46,597
|
)
|
(48,219
|
)
|
||||||||||||||||||||
Cash & non-interest earning assets
|
138,560
|
130,091
|
||||||||||||||||||||||
Total assets
|
$
|
4,669,967
|
$
|
4,527,285
|
||||||||||||||||||||
Liabilities and shareholders' equity
|
||||||||||||||||||||||||
Deposits:
|
||||||||||||||||||||||||
Interest bearing checking accounts
|
$
|
677,963
|
105
|
0.06
|
%
|
$
|
605,741
|
84
|
0.06
|
%
|
||||||||||||||
Money market accounts
|
637,858
|
617
|
0.39
|
646,601
|
599
|
0.38
|
||||||||||||||||||
Savings
|
1,229,498
|
658
|
0.22
|
1,225,364
|
763
|
0.25
|
||||||||||||||||||
Time deposits
|
1,180,436
|
2,434
|
0.84
|
1,139,811
|
1,951
|
0.69
|
||||||||||||||||||
Total interest bearing deposits
|
3,725,755
|
3,814
|
0.42
|
3,617,517
|
3,397
|
0.38
|
||||||||||||||||||
Short-term borrowings
|
192,344
|
346
|
0.73
|
202,175
|
393
|
0.79
|
||||||||||||||||||
Total interest bearing liabilities
|
3,918,099
|
4,160
|
0.43
|
3,819,692
|
3,790
|
0.40
|
||||||||||||||||||
Demand deposits
|
328,407
|
316,009
|
||||||||||||||||||||||
Other liabilities
|
25,289
|
22,311
|
||||||||||||||||||||||
Shareholders' equity
|
398,172
|
369,273
|
||||||||||||||||||||||
Total liabilities and shareholders' equity
|
$
|
4,669,967
|
$
|
4,527,285
|
||||||||||||||||||||
Net interest income, tax equivalent
|
35,185
|
34,701
|
||||||||||||||||||||||
Net interest spread
|
3.02
|
%
|
3.08
|
%
|
||||||||||||||||||||
Net interest margin (net interest income to total interest earning assets)
|
3.08
|
%
|
3.13
|
%
|
||||||||||||||||||||
Tax equivalent adjustment
|
(20
|
)
|
(45
|
)
|
||||||||||||||||||||
Net interest income
|
35,165
|
34,656
|
03/31/15
|
12/31/14
|
03/31/14
|
||||||||||
Tangible Book Value Per Share
|
||||||||||||
Equity
|
$
|
400,476
|
393,444
|
371,779
|
||||||||
Less: Intangible assets
|
553
|
553
|
553
|
|||||||||
Tangible equity
|
399,923
|
392,891
|
371,226
|
|||||||||
Shares outstanding
|
94,956
|
94,857
|
94,564
|
|||||||||
Tangible book value per share
|
4.21
|
4.14
|
3.93
|
|||||||||
Book value per share
|
4.22
|
4.15
|
3.93
|
|||||||||
Tangible Equity to Tangible Assets
|
||||||||||||
Total Assets
|
4,740,656
|
4,644,439
|
4,578,737
|
|||||||||
Less: Intangible assets
|
553
|
553
|
553
|
|||||||||
Tangible assets
|
4,740,103
|
4,643,886
|
4,578,184
|
|||||||||
Tangible Equity to Tangible Assets
|
8.44
|
%
|
8.46
|
%
|
8.11
|
%
|
||||||
Equity to Assets
|
8.45
|
%
|
8.47
|
%
|
8.12
|
%
|
||||||
3 Months Ended
|
||||||||||||
Efficiency Ratio
|
03/31/15
|
12/31/14
|
03/31/14
|
|||||||||
Net interest income (fully taxable equivalent)
|
$
|
35,185
|
35,693
|
34,701
|
||||||||
Non-interest income
|
4,623
|
4,752
|
5,759
|
|||||||||
Less: Net gain on sale of building
|
-
|
-
|
1,556
|
|||||||||
Less: Net gain on securities
|
249
|
335
|
6
|
|||||||||
Recurring revenue
|
39,559
|
40,110
|
38,898
|
|||||||||
Total noninterest expense
|
21,857
|
22,240
|
20,801
|
|||||||||
Less: Other real estate expense, net
|
424
|
841
|
855
|
|||||||||
Recurring expense
|
21,433
|
21,399
|
19,946
|
|||||||||
Efficiency Ratio
|
54.18
|
%
|
53.35
|
%
|
51.28
|
%
|
3 Months Ended
|
||||||||||||
Core Net Income
|
03/31/15
|
12/31/14
|
03/31/14
|
|||||||||
Net income
|
$
|
10,715
|
10,660
|
11,011
|
||||||||
Less: Gain on sale of building, net of tax
|
-
|
-
|
965
|
|||||||||
Core net income
|
10,715
|
10,660
|
10,046
|
|||||||||
Average basic shares outstanding (in thousands)
|
94,947
|
94,681
|
94,452
|
|||||||||
Average diluted shares outstanding (in thousands)
|
95,074
|
94,813
|
94,581
|
|||||||||
Net income per common share:
|
||||||||||||
- Basic
|
$
|
0.113
|
0.113
|
0.116
|
||||||||
- Diluted
|
0.113
|
0.112
|
0.116
|
|||||||||
Core net income per common share:
|
||||||||||||
- Basic
|
$
|
0.113
|
0.113
|
0.106
|
||||||||
- Diluted
|
0.113
|
0.112
|
0.106
|
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