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 |
Item 9.01. | Financial Statements and Exhibits |
(c) | Exhibits |
Reg S-K Exhibit No.
|
Description
|
99(a) | Press release dated April 21, 2016, for the period ending March 31, 2016, regarding first quarter results. |
Dated: April 21, 2016
|
||
TrustCo Bank Corp NY
|
||
(Registrant)
|
||
By:
|
/s/ Michael M. Ozimek
|
|
Michael M. Ozimek
|
||
Senior Vice President and
|
||
Chief Financial Officer
|
News Release
|
|
5 Sarnowski Drive, Glenville, New York, 12302
|
|
(518) 377-3311 Fax: (518) 381-3668
|
|
Subsidiary: Trustco Bank
|
NASDAQ -- TRST
|
Contact: Kevin T. Timmons
|
|
Vice President/Treasurer
|
|
(518) 381-3607
|
· | Continued solid financial results: |
o | Key metrics for first quarter of 2016 results: |
§ | Net income of $10.4 million in first quarter of 2016 compared to $10.2 million in fourth quarter of 2015 and $10.7 million in the first quarter of 2015 |
§ | Operating expenses increased $1.6 million in the first quarter of 2016 compared to the first quarter of 2015 |
§ | Return on average assets (ROA) of 0.89% |
§ | Return on average equity (ROE) of 9.98% |
§ | Efficiency ratio of 56.22% |
· | Asset quality remains solid: |
o | Asset quality measures improved compared to the first quarter of 2015 |
o | Nonperforming assets (NPAs) fell by $4.4 million compared to March 31, 2015 |
o | NPAs to total assets improved from 0.85% to 0.76% compared to March 31, 2015 |
o | Quarterly net chargeoffs decreased to 0.14% of average loans on an annualized basis, compared to 0.15% for the first quarter of 2015 |
· | Continued expansion of customer base: |
o | Focus on capitalizing on opportunities presented by expanded branch network |
o | Average deposits per branch were $28.6 million |
o | Average core deposits were $86 million higher in the first quarter of 2016 compared to the first quarter of 2015 |
· | Loan portfolio reaches all-time high: |
o | Average loans were up $122 million for the first quarter of 2016 compared to first quarter of 2015 |
o | At $3.30 billion as of March 31, 2016, loans reached an all-time high |
(dollars in thousands, except per share data)
|
||||||||||||
(Unaudited)
|
||||||||||||
Three Months Ended | ||||||||||||
03/31/16
|
12/31/15
|
03/31/15
|
||||||||||
Summary of operations
|
||||||||||||
Net interest income (TE)
|
$
|
36,196
|
36,278
|
35,185
|
||||||||
Provision for loan losses
|
800
|
1,300
|
800
|
|||||||||
Net securities transactions
|
-
|
2
|
249
|
|||||||||
Noninterest income, excluding net securities transactions
|
4,572
|
4,428
|
4,374
|
|||||||||
Noninterest expense
|
23,439
|
23,108
|
21,857
|
|||||||||
Net income
|
10,409
|
10,180
|
10,715
|
|||||||||
Per common share
|
||||||||||||
Net income per share:
|
||||||||||||
- Basic
|
$
|
0.109
|
0.107
|
0.113
|
||||||||
- Diluted
|
0.109
|
0.107
|
0.113
|
|||||||||
Cash dividends
|
0.066
|
0.066
|
0.066
|
|||||||||
Tangible Book value at period end
|
4.43
|
4.33
|
4.21
|
|||||||||
Market price at period end
|
6.06
|
6.14
|
6.88
|
|||||||||
At period end
|
||||||||||||
Full time equivalent employees
|
784
|
787
|
747
|
|||||||||
Full service banking offices
|
145
|
146
|
145
|
|||||||||
Performance ratios
|
||||||||||||
Return on average assets
|
0.89
|
%
|
0.86
|
0.93
|
||||||||
Return on average equity
|
9.98
|
9.75
|
10.91
|
|||||||||
Efficiency (1)
|
56.22
|
55.37
|
54.18
|
|||||||||
Net interest spread (TE)
|
3.07
|
3.08
|
3.02
|
|||||||||
Net interest margin (TE)
|
3.13
|
3.14
|
3.08
|
|||||||||
Dividend payout ratio
|
60.13
|
61.54
|
58.12
|
|||||||||
Capital ratio at period end
|
||||||||||||
Consolidated tangible equity to tangible assets (2)
|
8.87
|
8.72
|
8.44
|
|||||||||
Asset quality analysis at period end
|
||||||||||||
Nonperforming loans to total loans
|
0.92
|
0.86
|
1.05
|
|||||||||
Nonperforming assets to total assets
|
0.76
|
0.73
|
0.85
|
|||||||||
Allowance for loan losses to total loans
|
1.34
|
1.36
|
1.44
|
|||||||||
Coverage ratio (3)
|
1.5
|
x
|
1.6
|
1.4
|
(1) | Calculated as noninterest expense (excluding ORE income/expense) divided by taxable equivalent net interest income plus noninterest income (excluding net securities transactions). |
(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
|
||||||||||||||||||||
3/31/2016
|
12/31/2015
|
9/30/2015
|
6/30/2015
|
3/31/2015
|
||||||||||||||||
Interest and dividend income:
|
||||||||||||||||||||
Interest and fees on loans
|
$
|
35,605
|
35,930
|
35,631
|
35,343
|
34,983
|
||||||||||||||
Interest and dividends on securities available for sale:
|
||||||||||||||||||||
U. S. government sponsored enterprises
|
255
|
256
|
584
|
366
|
212
|
|||||||||||||||
State and political subdivisions
|
14
|
16
|
23
|
23
|
25
|
|||||||||||||||
Mortgage-backed securities and collateralized mortgage obligations-residential
|
2,116
|
2,233
|
2,230
|
2,276
|
2,393
|
|||||||||||||||
Corporate bonds
|
-
|
-
|
-
|
-
|
1
|
|||||||||||||||
Small Business Administration-guaranteed participation securities
|
476
|
482
|
497
|
503
|
522
|
|||||||||||||||
Mortgage-backed securities and collateralized mortgage obligations-commercial
|
36
|
37
|
37
|
38
|
37
|
|||||||||||||||
Other securities
|
4
|
4
|
4
|
4
|
4
|
|||||||||||||||
Total interest and dividends on securities available for sale
|
2,901
|
3,028
|
3,375
|
3,210
|
3,194
|
|||||||||||||||
Interest on held to maturity securities:
|
||||||||||||||||||||
Mortgage-backed securities and collateralized mortgage obligations-residential
|
402
|
425
|
461
|
480
|
478
|
|||||||||||||||
Corporate bonds
|
154
|
154
|
153
|
154
|
154
|
|||||||||||||||
Total interest on held to maturity securities
|
556
|
579
|
614
|
634
|
632
|
|||||||||||||||
Federal Reserve Bank and Federal Home Loan Bank stock
|
120
|
120
|
113
|
118
|
116
|
|||||||||||||||
Interest on federal funds sold and other short-term investments
|
844
|
494
|
408
|
423
|
400
|
|||||||||||||||
Total interest income
|
40,026
|
40,151
|
40,141
|
39,728
|
39,325
|
|||||||||||||||
Interest expense:
|
||||||||||||||||||||
Interest on deposits:
|
||||||||||||||||||||
Interest-bearing checking
|
114
|
115
|
117
|
111
|
105
|
|||||||||||||||
Savings
|
604
|
608
|
603
|
599
|
658
|
|||||||||||||||
Money market deposit accounts
|
496
|
513
|
537
|
547
|
617
|
|||||||||||||||
Time deposits
|
2,373
|
2,375
|
2,544
|
2,500
|
2,434
|
|||||||||||||||
Interest on short-term borrowings
|
257
|
278
|
290
|
300
|
346
|
|||||||||||||||
Total interest expense
|
3,844
|
3,889
|
4,091
|
4,057
|
4,160
|
|||||||||||||||
Net interest income
|
36,182
|
36,262
|
36,050
|
35,671
|
35,165
|
|||||||||||||||
Provision for loan losses
|
800
|
1,300
|
800
|
800
|
800
|
|||||||||||||||
Net interest income after provision for loan losses
|
35,382
|
34,962
|
35,250
|
34,871
|
34,365
|
|||||||||||||||
Noninterest income:
|
||||||||||||||||||||
Trustco Financial Services income
|
1,605
|
1,489
|
1,351
|
1,478
|
1,653
|
|||||||||||||||
Fees for services to customers
|
2,661
|
2,704
|
2,770
|
2,691
|
2,524
|
|||||||||||||||
Net gain on securities transactions
|
-
|
2
|
-
|
-
|
249
|
|||||||||||||||
Other
|
306
|
235
|
244
|
285
|
197
|
|||||||||||||||
Total noninterest income
|
4,572
|
4,430
|
4,365
|
4,454
|
4,623
|
|||||||||||||||
Noninterest expenses:
|
||||||||||||||||||||
Salaries and employee benefits
|
9,003
|
8,042
|
7,834
|
8,164
|
8,481
|
|||||||||||||||
Net occupancy expense
|
4,088
|
3,884
|
3,929
|
3,878
|
4,108
|
|||||||||||||||
Equipment expense
|
1,514
|
1,530
|
1,596
|
1,803
|
1,942
|
|||||||||||||||
Professional services
|
2,146
|
2,067
|
2,238
|
2,066
|
1,507
|
|||||||||||||||
Outsourced services
|
1,551
|
1,585
|
1,425
|
1,425
|
1,425
|
|||||||||||||||
Advertising expense
|
729
|
592
|
668
|
733
|
600
|
|||||||||||||||
FDIC and other insurance
|
1,990
|
2,055
|
2,202
|
1,017
|
1,065
|
|||||||||||||||
Other real estate expense, net
|
519
|
570
|
806
|
201
|
424
|
|||||||||||||||
Other
|
1,899
|
2,783
|
2,766
|
2,844
|
2,305
|
|||||||||||||||
Total noninterest expenses
|
23,439
|
23,108
|
23,464
|
22,131
|
21,857
|
|||||||||||||||
Income before taxes
|
16,515
|
16,284
|
16,151
|
17,194
|
17,131
|
|||||||||||||||
Income taxes
|
6,106
|
6,104
|
5,535
|
6,467
|
6,416
|
|||||||||||||||
Net income
|
$
|
10,409
|
10,180
|
10,616
|
10,727
|
10,715
|
||||||||||||||
Net income per common share:
|
||||||||||||||||||||
- Basic
|
$
|
0.109
|
0.107
|
0.112
|
0.113
|
0.113
|
||||||||||||||
- Diluted
|
0.109
|
0.107
|
0.111
|
0.113
|
0.113
|
|||||||||||||||
Average basic shares (in thousands)
|
95,365
|
95,256
|
95,149
|
95,056
|
94,947
|
|||||||||||||||
Average diluted shares (in thousands)
|
95,412
|
95,349
|
95,234
|
95,190
|
95,074
|
|||||||||||||||
Note: Taxable equivalent net interest income
|
$
|
36,196
|
36,278
|
36,069
|
35,690
|
35,185
|
3/31/2016
|
12/31/2015
|
9/30/2015
|
6/30/2015
|
3/31/2015
|
||||||||||||||||
ASSETS:
|
||||||||||||||||||||
Cash and due from banks
|
$
|
37,373
|
41,698
|
42,560
|
37,574
|
44,853
|
||||||||||||||
Federal funds sold and other short term investments
|
722,805
|
676,458
|
655,512
|
641,011
|
705,273
|
|||||||||||||||
Total cash and cash equivalents
|
760,178
|
718,156
|
698,072
|
678,585
|
750,126
|
|||||||||||||||
Securities available for sale:
|
||||||||||||||||||||
U. S. government sponsored enterprises
|
66,920
|
86,737
|
103,492
|
152,082
|
108,248
|
|||||||||||||||
States and political subdivisions
|
974
|
1,290
|
1,963
|
1,969
|
1,974
|
|||||||||||||||
Mortgage-backed securities and collateralized mortgage obligations-residential
|
422,189
|
411,729
|
413,878
|
429,205
|
445,273
|
|||||||||||||||
Corporate bonds
|
-
|
-
|
-
|
-
|
1,500
|
|||||||||||||||
Small Business Administration-guaranteed participation securities
|
89,053
|
90,416
|
94,038
|
95,323
|
98,668
|
|||||||||||||||
Mortgage-backed securities and collateralized mortgage obligations-commercial
|
10,307
|
10,180
|
10,491
|
10,399
|
10,503
|
|||||||||||||||
Other securities
|
685
|
685
|
685
|
685
|
685
|
|||||||||||||||
Total securities available for sale
|
590,128
|
601,037
|
624,547
|
689,663
|
666,851
|
|||||||||||||||
Held to maturity securities:
|
||||||||||||||||||||
Mortgage-backed securities and collateralized mortgage obligations-residential
|
43,595
|
46,490
|
50,027
|
53,576
|
57,296
|
|||||||||||||||
Corporate bonds
|
9,979
|
9,975
|
9,971
|
9,967
|
9,964
|
|||||||||||||||
Total held to maturity securities
|
53,574
|
56,465
|
59,998
|
63,543
|
67,260
|
|||||||||||||||
Federal Reserve Bank and Federal Home Loan Bank stock
|
9,480
|
9,480
|
9,480
|
9,480
|
9,228
|
|||||||||||||||
Loans:
|
||||||||||||||||||||
Commercial
|
198,765
|
203,415
|
208,794
|
209,399
|
212,145
|
|||||||||||||||
Residential mortgage loans
|
2,737,784
|
2,721,173
|
2,707,944
|
2,669,929
|
2,620,925
|
|||||||||||||||
Home equity line of credit
|
356,163
|
359,325
|
356,337
|
354,946
|
352,552
|
|||||||||||||||
Installment loans
|
8,667
|
9,391
|
8,930
|
8,674
|
8,003
|
|||||||||||||||
Loans, net of deferred fees and costs
|
3,301,379
|
3,293,304
|
3,282,005
|
3,242,948
|
3,193,625
|
|||||||||||||||
Less:
|
||||||||||||||||||||
Allowance for loan losses
|
44,398
|
44,762
|
45,149
|
45,571
|
45,944
|
|||||||||||||||
Net loans
|
3,256,981
|
3,248,542
|
3,236,856
|
3,197,377
|
3,147,681
|
|||||||||||||||
Bank premises and equipment, net
|
37,360
|
37,643
|
37,506
|
38,100
|
38,812
|
|||||||||||||||
Other assets
|
55,561
|
63,669
|
59,358
|
64,589
|
60,698
|
|||||||||||||||
Total assets
|
$
|
4,763,262
|
4,734,992
|
4,725,817
|
4,741,337
|
4,740,656
|
||||||||||||||
LIABILITIES:
|
||||||||||||||||||||
Deposits:
|
||||||||||||||||||||
Demand
|
$
|
359,060
|
365,081
|
354,162
|
355,783
|
347,315
|
||||||||||||||
Interest-bearing checking
|
746,562
|
754,347
|
719,071
|
713,001
|
696,137
|
|||||||||||||||
Savings accounts
|
1,272,394
|
1,262,194
|
1,237,549
|
1,250,154
|
1,237,115
|
|||||||||||||||
Money market deposit accounts
|
595,585
|
610,826
|
617,103
|
633,239
|
640,368
|
|||||||||||||||
Time deposits
|
1,168,887
|
1,107,930
|
1,168,908
|
1,185,264
|
1,196,233
|
|||||||||||||||
Total deposits
|
4,142,488
|
4,100,378
|
4,096,793
|
4,137,441
|
4,117,168
|
|||||||||||||||
Short-term borrowings
|
169,528
|
191,226
|
184,405
|
170,750
|
194,738
|
|||||||||||||||
Accrued expenses and other liabilities
|
28,221
|
30,078
|
32,327
|
30,687
|
28,274
|
|||||||||||||||
Total liabilities
|
4,340,237
|
4,321,682
|
4,313,525
|
4,338,878
|
4,340,180
|
|||||||||||||||
SHAREHOLDERS' EQUITY:
|
||||||||||||||||||||
Capital stock
|
98,973
|
98,973
|
98,964
|
98,964
|
98,964
|
|||||||||||||||
Surplus
|
171,113
|
171,443
|
171,788
|
171,988
|
172,237
|
|||||||||||||||
Undivided profits
|
188,159
|
184,009
|
180,093
|
175,721
|
171,232
|
|||||||||||||||
Accumulated other comprehensive income (loss), net of tax
|
73
|
(4,781
|
)
|
(1,174
|
)
|
(5,927
|
)
|
(2,687
|
)
|
|||||||||||
Treasury stock at cost
|
(35,293
|
)
|
(36,334
|
)
|
(37,379
|
)
|
(38,287
|
)
|
(39,270
|
)
|
||||||||||
Total shareholders' equity
|
423,025
|
413,310
|
412,292
|
402,459
|
400,476
|
|||||||||||||||
Total liabilities and shareholders' equity
|
$
|
4,763,262
|
4,734,992
|
4,725,817
|
4,741,337
|
4,740,656
|
||||||||||||||
Outstanding shares (in thousands)
|
95,369
|
95,262
|
95,149
|
95,056
|
94,956
|
03/31/16
|
12/31/15
|
09/30/15
|
06/30/15
|
03/31/15
|
||||||||||||||||
New York and other states*
|
||||||||||||||||||||
Loans in nonaccrual status:
|
||||||||||||||||||||
Commercial
|
$
|
2,762
|
3,024
|
3,699
|
3,263
|
2,489
|
||||||||||||||
Real estate mortgage - 1 to 4 family
|
25,669
|
23,273
|
26,059
|
27,366
|
28,215
|
|||||||||||||||
Installment
|
74
|
90
|
69
|
79
|
77
|
|||||||||||||||
Total non-accrual loans
|
28,505
|
26,387
|
29,827
|
30,708
|
30,781
|
|||||||||||||||
Other nonperforming real estate mortgages - 1 to 4 family
|
47
|
48
|
50
|
74
|
75
|
|||||||||||||||
Total nonperforming loans
|
28,552
|
26,435
|
29,877
|
30,782
|
30,856
|
|||||||||||||||
Other real estate owned
|
5,208
|
6,120
|
5,893
|
5,833
|
6,288
|
|||||||||||||||
Total nonperforming assets
|
$
|
33,760
|
32,555
|
35,770
|
36,615
|
37,144
|
||||||||||||||
Florida
|
||||||||||||||||||||
Loans in nonaccrual status:
|
||||||||||||||||||||
Commercial
|
$
|
-
|
-
|
-
|
-
|
-
|
||||||||||||||
Real estate mortgage - 1 to 4 family
|
1,802
|
1,817
|
2,054
|
1,678
|
2,608
|
|||||||||||||||
Installment
|
-
|
8
|
9
|
10
|
20
|
|||||||||||||||
Total non-accrual loans
|
1,802
|
1,825
|
2,063
|
1,688
|
2,628
|
|||||||||||||||
Other nonperforming real estate mortgages - 1 to 4 family
|
-
|
-
|
-
|
-
|
-
|
|||||||||||||||
Total nonperforming loans
|
1,802
|
1,825
|
2,063
|
1,688
|
2,628
|
|||||||||||||||
Other real estate owned
|
476
|
335
|
-
|
275
|
670
|
|||||||||||||||
Total nonperforming assets
|
$
|
2,278
|
2,160
|
2,063
|
1,963
|
3,298
|
||||||||||||||
Total
|
||||||||||||||||||||
Loans in nonaccrual status:
|
||||||||||||||||||||
Commercial
|
$
|
2,762
|
3,024
|
3,699
|
3,263
|
2,489
|
||||||||||||||
Real estate mortgage - 1 to 4 family
|
27,471
|
25,090
|
28,113
|
29,044
|
30,823
|
|||||||||||||||
Installment
|
74
|
98
|
78
|
89
|
97
|
|||||||||||||||
Total non-accrual loans
|
30,307
|
28,212
|
31,890
|
32,396
|
33,409
|
|||||||||||||||
Other nonperforming real estate mortgages - 1 to 4 family
|
47
|
48
|
50
|
74
|
75
|
|||||||||||||||
Total nonperforming loans
|
30,354
|
28,260
|
31,940
|
32,470
|
33,484
|
|||||||||||||||
Other real estate owned
|
5,684
|
6,455
|
5,893
|
6,108
|
6,958
|
|||||||||||||||
Total nonperforming assets
|
$
|
36,038
|
34,715
|
37,833
|
38,578
|
40,442
|
||||||||||||||
Quarterly Net Chargeoffs (Recoveries)
|
||||||||||||||||||||
03/31/16
|
12/31/15
|
09/30/15
|
06/30/15
|
03/31/15
|
||||||||||||||||
New York and other states*
|
||||||||||||||||||||
Commercial
|
$
|
224
|
672
|
3
|
50
|
34
|
||||||||||||||
Real estate mortgage - 1 to 4 family
|
771
|
963
|
1,159
|
933
|
1,004
|
|||||||||||||||
Installment
|
70
|
35
|
26
|
24
|
37
|
|||||||||||||||
Total net chargeoffs
|
$
|
1,065
|
1,670
|
1,188
|
1,007
|
1,075
|
||||||||||||||
Florida
|
||||||||||||||||||||
Commercial
|
$
|
-
|
(2
|
)
|
(3
|
)
|
(1
|
)
|
(1
|
)
|
||||||||||
Real estate mortgage - 1 to 4 family
|
83
|
6
|
33
|
167
|
109
|
|||||||||||||||
Installment
|
16
|
13
|
4
|
-
|
-
|
|||||||||||||||
Total net chargeoffs
|
$
|
99
|
17
|
34
|
166
|
108
|
||||||||||||||
Total
|
||||||||||||||||||||
Commercial
|
$
|
224
|
670
|
-
|
49
|
33
|
||||||||||||||
Real estate mortgage - 1 to 4 family
|
854
|
969
|
1,192
|
1,100
|
1,113
|
|||||||||||||||
Installment
|
86
|
48
|
30
|
24
|
37
|
|||||||||||||||
Total net chargeoffs
|
$
|
1,164
|
1,687
|
1,222
|
1,173
|
1,183
|
||||||||||||||
Asset Quality Ratios
|
||||||||||||||||||||
03/31/16
|
12/31/15
|
09/30/15
|
06/30/15
|
03/31/15
|
||||||||||||||||
Total nonperforming loans(1)
|
$
|
30,354
|
28,260
|
31,940
|
32,470
|
33,484
|
||||||||||||||
Total nonperforming assets(1)
|
36,038
|
34,715
|
37,833
|
38,578
|
40,442
|
|||||||||||||||
Total net chargeoffs(2)
|
1,164
|
1,687
|
1,222
|
1,173
|
1,183
|
|||||||||||||||
Allowance for loan losses(1)
|
44,398
|
44,762
|
45,149
|
45,571
|
45,944
|
|||||||||||||||
Nonperforming loans to total loans
|
0.92
|
%
|
0.86
|
%
|
0.97
|
%
|
1.00
|
%
|
1.05
|
%
|
||||||||||
Nonperforming assets to total assets
|
0.76
|
%
|
0.73
|
%
|
0.80
|
%
|
0.81
|
%
|
0.85
|
%
|
||||||||||
Allowance for loan losses to total loans
|
1.34
|
%
|
1.36
|
%
|
1.38
|
%
|
1.41
|
%
|
1.44
|
%
|
||||||||||
Coverage ratio(1)
|
146.3
|
%
|
158.4
|
%
|
141.4
|
%
|
140.3
|
%
|
137.2
|
%
|
||||||||||
Annualized net chargeoffs to average loans(2)
|
0.14
|
%
|
0.21
|
%
|
0.15
|
%
|
0.15
|
%
|
0.15
|
%
|
||||||||||
Allowance for loan losses to annualized net chargeoffs(2)
|
9.5
|
x
|
6.6
|
x
|
9.3
|
x
|
9.7
|
x
|
9.6
|
x
|
*
|
Includes New York, New Jersey, Vermont and Massachusetts.
|
(1)
|
At period-end
|
(2)
|
For the period ended
|
(dollars in thousands)
(Unaudited) |
Three months ended
March 31, 2016 |
Three months ended
March 31, 2015 |
||||||||||||||||||||||
Average
Balance
|
Interest
|
Average
Rate
|
Average
Balance
|
Interest
|
Average
Rate
|
|||||||||||||||||||
Assets
|
||||||||||||||||||||||||
Securities available for sale:
|
||||||||||||||||||||||||
U. S. government sponsored enterprises
|
$
|
75,031
|
255
|
1.36
|
%
|
$
|
77,865
|
212
|
1.09
|
% | ||||||||||||||
Mortgage backed securities and collateralized mortgage obligations-residential
|
412,499
|
2,116
|
2.05
|
478,410
|
2,393
|
2.00
|
||||||||||||||||||
State and political subdivisions
|
1,114
|
22
|
7.90
|
2,092
|
38
|
7.26
|
||||||||||||||||||
Corporate bonds
|
-
|
-
|
-
|
1,499
|
1
|
0.13
|
||||||||||||||||||
Small Business Administration-guaranteed participation securities
|
90,611
|
476
|
2.10
|
101,662
|
522
|
2.06
|
||||||||||||||||||
Mortgage backed securities and collateralized mortgage obligations-commercial
|
10,394
|
36
|
1.40
|
10,669
|
37
|
1.40
|
||||||||||||||||||
Other
|
685
|
4
|
2.34
|
685
|
4
|
2.34
|
||||||||||||||||||
Total securities available for sale
|
590,334
|
2,909
|
1.97
|
672,882
|
3,207
|
1.91
|
||||||||||||||||||
Federal funds sold and other short-term Investments
|
675,586
|
844
|
0.50
|
653,263
|
400
|
0.25
|
||||||||||||||||||
Held to maturity securities:
|
||||||||||||||||||||||||
Corporate bonds
|
9,977
|
154
|
6.17
|
9,962
|
154
|
6.17
|
||||||||||||||||||
Mortgage backed securities and collateralized mortgage obligations-residential
|
45,112
|
402
|
3.56
|
59,351
|
478
|
3.22
|
||||||||||||||||||
Total held to maturity securities
|
55,089
|
556
|
4.03
|
69,313
|
632
|
3.65
|
||||||||||||||||||
Federal Reserve Bank and Federal Home Loan Bank stock
|
9,480
|
120
|
5.06
|
9,228
|
116
|
5.03
|
||||||||||||||||||
Commercial loans
|
201,367
|
2,617
|
5.20
|
219,050
|
2,796
|
5.11
|
||||||||||||||||||
Residential mortgage loans
|
2,726,811
|
29,622
|
4.35
|
2,594,216
|
28,958
|
4.48
|
||||||||||||||||||
Home equity lines of credit
|
358,817
|
3,179
|
3.56
|
352,258
|
3,061
|
3.52
|
||||||||||||||||||
Installment loans
|
8,659
|
193
|
8.94
|
7,794
|
175
|
9.11
|
||||||||||||||||||
Loans, net of unearned income
|
3,295,654
|
35,611
|
4.33
|
3,173,318
|
34,990
|
4.42
|
||||||||||||||||||
Total interest earning assets
|
4,626,143
|
40,040
|
3.47
|
4,578,004
|
39,345
|
3.45
|
||||||||||||||||||
Allowance for loan losses
|
(45,271
|
)
|
(46,597
|
)
|
||||||||||||||||||||
Cash & non-interest earning assets
|
135,532
|
138,560
|
||||||||||||||||||||||
Total assets
|
$
|
4,716,404
|
$
|
4,669,967
|
||||||||||||||||||||
Liabilities and shareholders' equity
|
||||||||||||||||||||||||
Deposits:
|
||||||||||||||||||||||||
Interest bearing checking accounts
|
$
|
735,098
|
114
|
0.06
|
%
|
$
|
677,963
|
105
|
0.06
|
% | ||||||||||||||
Money market accounts
|
603,774
|
496
|
0.33
|
637,858
|
617
|
0.39
|
||||||||||||||||||
Savings
|
1,262,467
|
604
|
0.19
|
1,229,498
|
658
|
0.22
|
||||||||||||||||||
Time deposits
|
1,134,459
|
2,373
|
0.84
|
1,180,436
|
2,434
|
0.84
|
||||||||||||||||||
Total interest bearing deposits
|
3,735,798
|
3,587
|
0.39
|
3,725,755
|
3,814
|
0.42
|
||||||||||||||||||
Short-term borrowings
|
176,119
|
257
|
0.59
|
192,344
|
346
|
0.73
|
||||||||||||||||||
Total interest bearing liabilities
|
3,911,917
|
3,844
|
0.40
|
3,918,099
|
4,160
|
0.43
|
||||||||||||||||||
Demand deposits
|
358,224
|
328,407
|
||||||||||||||||||||||
Other liabilities
|
26,917
|
25,289
|
||||||||||||||||||||||
Shareholders' equity
|
419,346
|
398,172
|
||||||||||||||||||||||
Total liabilities and shareholders' equity
|
$
|
4,716,404
|
$
|
4,669,967
|
||||||||||||||||||||
Net interest income, tax equivalent
|
36,196
|
35,185
|
||||||||||||||||||||||
Net interest spread
|
3.07
|
%
|
3.02
|
% | ||||||||||||||||||||
|
||||||||||||||||||||||||
Net interest margin (net interest income to total interest earning assets)
|
3.13
|
%
|
3.08
|
% | ||||||||||||||||||||
Tax equivalent adjustment
|
(14
|
)
|
(20
|
)
|
||||||||||||||||||||
Net interest income
|
36,182
|
35,165
|
NON-GAAP FINANCIAL MEASURES RECONCILIATION
|
||||||||||||
(dollars in thousands, except per share amounts)
(Unaudited) |
03/31/16
|
12/31/15
|
03/31/15
|
|||||||||
Tangible Book Value Per Share
|
||||||||||||
Equity
|
$
|
423,025
|
413,310
|
400,476
|
||||||||
Less: Intangible assets
|
553
|
553
|
553
|
|||||||||
Tangible equity
|
422,472
|
412,757
|
399,923
|
|||||||||
Shares outstanding
|
95,369
|
95,262
|
94,956
|
|||||||||
Tangible book value per share
|
4.43
|
4.33
|
4.21
|
|||||||||
Book value per share
|
4.44
|
4.34
|
4.22
|
|||||||||
Tangible Equity to Tangible Assets
|
||||||||||||
Total Assets
|
4,763,262
|
4,734,992
|
4,740,656
|
|||||||||
Less: Intangible assets
|
553
|
553
|
553
|
|||||||||
Tangible assets
|
4,762,709
|
4,734,439
|
4,740,103
|
|||||||||
Tangible Equity to Tangible Assets
|
8.87
|
%
|
8.72
|
%
|
8.44
|
%
|
||||||
Equity to Assets
|
8.88
|
%
|
8.73
|
%
|
8.45
|
%
|
||||||
3 Months Ended
|
||||||||||||
Efficiency Ratio
|
03/31/16
|
12/31/15
|
03/31/15
|
|||||||||
Net interest income
|
$
|
36,182
|
36,262
|
35,165
|
||||||||
Taxable equivalent adjustment
|
14
|
16
|
20
|
|||||||||
Net interest income (fully taxable equivalent)
|
36,196
|
36,278
|
35,185
|
|||||||||
Non-interest income
|
4,572
|
4,430
|
4,623
|
|||||||||
Less: Net gain on securities
|
-
|
2
|
249
|
|||||||||
Revenue used for efficiency ratio
|
40,768
|
40,706
|
39,559
|
|||||||||
Total noninterest expense
|
23,439
|
23,108
|
21,857
|
|||||||||
Less: Other real estate expense, net
|
519
|
570
|
424
|
|||||||||
Expense used for efficiency ratio
|
22,920
|
22,538
|
21,433
|
|||||||||
Efficiency Ratio
|
56.22
|
%
|
55.37
|
%
|
54.18
|
%
|
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