EX-99.2 3 fmbi03312015sfi.htm EX-99.2 FMBI 03.31.2015 SFI


Exhibit 99.2
First Midwest Bancorp, Inc.
Selected Financial Information
(Amounts in thousands, except per share data)
 
2015
 
 
2014
 
March 31
 
 
December 31
 
 September 30
 
 June 30
 
March 31
Period-End Balance Sheet
 
 
 
 
 
 
 
 
 
 
Assets:
 
 
 
 
 
 
 
 
 
 
Cash and cash equivalents
$
619,057

 
 
$
606,262

 
$
676,583

 
$
477,973

 
$
592,312

Securities available-for-sale, at fair value
1,151,603

 
 
1,187,009

 
997,420

 
1,050,475

 
1,080,750

Securities held-to-maturity, at amortized cost
25,861

 
 
26,555

 
26,776

 
26,471

 
43,251

FHLB and FRB stock
38,748

 
 
37,558

 
35,588

 
35,588

 
35,161

Loans held-for-sale
8,595

 
 
9,459

 
24,504

 
21,125

 
2,111

Loans:
 
 
 
 
 
 
 
 
 
 
Commercial and industrial
2,318,058

 
 
2,253,556

 
2,208,166

 
2,073,018

 
1,917,396

Agricultural
368,836

 
 
358,249

 
347,511

 
330,626

 
321,343

Commercial real estate:
 
 
 
 
 
 
 
 
 
 
Office, retail, and industrial
1,443,562

 
 
1,478,379

 
1,422,522

 
1,312,401

 
1,348,094

Multi-family
560,800

 
 
564,421

 
559,689

 
350,430

 
337,332

Construction
191,104

 
 
204,236

 
193,445

 
195,109

 
181,012

Other commercial real estate
881,026

 
 
887,897

 
871,825

 
798,324

 
822,934

Home equity and installment
692,377

 
 
619,217

 
586,874

 
542,393

 
524,418

1-4 family mortgages
285,758

 
 
291,463

 
238,172

 
241,156

 
240,561

Total loans, excluding covered loans
6,741,521

 
 
6,657,418

 
6,428,204

 
5,843,457

 
5,693,090

 Covered loans
62,830

 
 
79,435

 
90,875

 
104,867

 
122,387

 Allowance for loan and covered loan losses
(70,990
)
 
 
(72,694
)
 
(73,106
)
 
(78,326
)
 
(80,632
)
Net loans
6,733,361

 
 
6,664,159

 
6,445,973

 
5,869,998

 
5,734,845

OREO, excluding covered OREO
26,042

 
 
26,898

 
29,165

 
30,331

 
30,026

Covered OREO
7,309

 
 
8,068

 
9,277

 
9,825

 
7,355

FDIC indemnification asset
8,540

 
 
8,452

 
8,699

 
10,276

 
15,537

Investment in bank-owned life insurance
207,190

 
 
206,498

 
195,270

 
194,502

 
193,673

Goodwill and other intangible assets
333,202

 
 
334,199

 
318,511

 
274,962

 
275,605

Other assets
339,088

 
 
330,022

 
328,585

 
303,721

 
317,893

Total assets
$
9,498,596

 
 
$
9,445,139

 
$
9,096,351

 
$
8,305,247

 
$
8,328,519

Liabilities and Stockholders' Equity:
 
 
 
 
 
 
 
 
 
 
Noninterest-bearing deposits
$
2,339,492

 
 
$
2,301,757

 
$
2,295,679

 
$
2,025,666

 
$
1,961,371

Interest-bearing deposits
5,575,187

 
 
5,586,001

 
5,320,454

 
4,869,584

 
4,855,386

Total deposits
7,914,679

 
 
7,887,758

 
7,616,133

 
6,895,250

 
6,816,757

Borrowed funds
131,200

 
 
137,994

 
132,877

 
104,201

 
223,699

Senior and subordinated debt
200,954

 
 
200,869

 
191,028

 
190,996

 
190,964

Other liabilities
135,813

 
 
117,743

 
106,637

 
75,362

 
76,674

Stockholders' equity
1,115,950

 
 
1,100,775

 
1,049,676

 
1,039,438

 
1,020,425

Total liabilities and stockholders' equity
$
9,498,596

 
 
$
9,445,139

 
$
9,096,351

 
$
8,305,247

 
$
8,328,519

Stockholders' equity, excluding OCI
$
1,128,755

 
 
$
1,116,630

 
$
1,068,528

 
$
1,054,709

 
$
1,040,197

Stockholders' equity, common
1,115,950

 
 
1,100,775

 
1,049,676

 
1,039,438

 
1,020,425

Average Balance Sheet
 
 
 
 
 
 
 
 
 
 
Total assets
$
9,461,741

 
 
$
9,232,169

 
$
8,768,093

 
$
8,416,669

 
$
8,282,487

Interest earning assets:
 
 
 
 
 
 
 
 
 
 
Investment securities
$
1,200,423

 
 
$
1,095,446

 
$
1,067,742

 
$
1,113,201

 
$
1,167,803

FHLB and FRB stock
37,822

 
 
36,209

 
35,588

 
35,517

 
35,161

Total loans, excluding covered assets
6,662,034

 
 
6,452,098

 
6,195,222

 
5,778,044

 
5,578,616

Covered interest-earning assets
78,365

 
 
93,869

 
107,661

 
124,909

 
143,841

Other interest-earning assets
539,926

 
 
643,283

 
495,131

 
550,813

 
554,607

Total interest-earning assets
$
8,518,570

 
 
$
8,320,905

 
$
7,901,344

 
$
7,602,484

 
$
7,480,028

Funding sources:
 
 
 
 
 
 
 
 
 
 
Demand deposits
$
2,312,431

 
 
$
2,339,298

 
$
2,208,450

 
$
2,069,781

 
$
1,928,289

Savings deposits
1,426,546

 
 
1,306,388

 
1,231,700

 
1,189,722

 
1,159,643

NOW accounts
1,365,494

 
 
1,331,360

 
1,261,522

 
1,196,712

 
1,181,297

Money market deposits
1,521,762

 
 
1,506,643

 
1,413,753

 
1,334,700

 
1,311,998

Core deposits
6,626,233

 
 
6,483,689

 
6,115,425

 
5,790,915

 
5,581,227

Time deposits
1,266,562

 
 
1,255,355

 
1,226,025

 
1,168,898

 
1,196,449

Total deposits
7,892,795

 
 
7,739,044

 
7,341,450

 
6,959,813

 
6,777,676

Borrowed funds
127,571

 
 
111,213

 
101,674

 
164,605

 
222,491

Senior and subordinated debt
200,910

 
 
194,137

 
191,013

 
190,981

 
190,949

Total funding sources
$
8,221,276

 
 
$
8,044,394

 
$
7,634,137

 
$
7,315,399

 
$
7,191,116

Stockholders' equity
$
1,114,762

 
 
$
1,072,682

 
$
1,050,881

 
$
1,034,589

 
$
1,015,402





First Midwest Bancorp, Inc.                                            
Selected Financial Information
(Amounts in thousands, except per share data)
 
2015
 
 
2014
 
March 31
 
 
December 31
 
 September 30
 
 June 30
 
March 31
Income Statement
 
 
 
 
 
 
 
 
 
 
Interest income
$
82,469

 
 
$
81,309

 
$
76,862

 
$
72,003

 
$
69,690

Interest expense
5,687

 
 
5,490

 
5,831

 
5,696

 
5,995

Net interest income
76,782

 
 
75,819

 
71,031

 
66,307

 
63,695

Provision for loan and covered loan losses
6,552

 
 
1,659

 
10,727

 
5,341

 
1,441

Service charges on deposit accounts
9,271

 
 
10,015

 
9,902

 
8,973

 
8,020

Wealth management fees
7,014

 
 
6,744

 
6,721

 
6,552

 
6,457

Card-based fees
6,402

 
 
6,390

 
6,646

 
5,969

 
5,335

Mortgage banking income
1,123

 
 
812

 
1,125

 
959

 
1,115

Merchant servicing fees
2,665

 
 
2,703

 
2,932

 
2,916

 
2,709

Other service charges, commissions, and fees
2,166

 
 
2,700

 
2,334

 
1,639

 
1,413

Total fee-based revenues
28,641

 
 
29,364

 
29,660

 
27,008

 
25,049

Net securities gains (losses)
512

 
 
(63
)
 
2,570

 
4,517

 
1,073

Gains on sales of properties

 
 

 
3,954

 

 

Other income
646

 
 
613

 
512

 
423

 
447

Trading gains (losses)
419

 
 
311

 
(356
)
 
531

 
191

BOLI income
883

 
 
843

 
767

 
773

 
490

Net losses on early extinguishment of debt

 
 

 

 
(2,059
)
 

Total noninterest income
31,101

 
 
31,068

 
37,107

 
31,193

 
27,250

Salaries and wages and nonqualified plan expense
32,794

 
 
32,640

 
28,152

 
28,403

 
27,383

Retirement and other employee benefits
7,922

 
 
7,660

 
7,319

 
6,158

 
6,108

Net occupancy and equipment expense
10,436

 
 
9,479

 
8,639

 
7,672

 
9,391

Professional services
5,109

 
 
6,664

 
5,692

 
5,691

 
5,389

Technology and related costs
3,687

 
 
3,444

 
3,253

 
3,104

 
3,074

Net OREO expense
1,204

 
 
2,544

 
1,406

 
1,569

 
1,556

Advertising and promotions
1,223

 
 
2,418

 
1,822

 
2,306

 
1,613

Merchant card expense
2,197

 
 
2,203

 
2,396

 
2,383

 
2,213

Cardholder expenses
1,268

 
 
1,036

 
1,120

 
1,081

 
1,014

FDIC premiums
1,528

 
 
1,571

 
1,523

 
1,377

 
1,353

Intangibles amortization
998

 
 
842

 
643

 
643

 
761

Other expenses
4,291

 
 
5,033

 
4,600

 
3,800

 
3,813

Acquisition and integration related expenses

 
 
9,294

 
3,748

 
830

 

Total noninterest expense
72,657

 
 
84,828

 
70,313

 
65,017

 
63,668

Income before income tax
28,674

 
 
20,400

 
27,098

 
27,142

 
25,836

Income tax
8,792

 
 
5,807

 
8,549

 
8,642

 
8,172

Net income
$
19,882

 
 
$
14,593

 
$
18,549

 
$
18,500

 
$
17,664

Net income applicable to common shares
$
19,654

 
 
$
14,454

 
$
18,307

 
$
18,270

 
$
17,439

Net income applicable to common shares, excluding acquisition
  and integration related expenses
$
19,654

 
 
$
20,030

 
$
20,556

 
$
18,768

 
$
17,439

Basic earnings per common share
$
0.26

 
 
$
0.19

 
$
0.25

 
$
0.25

 
$
0.24

Diluted earnings per common share
$
0.26

 
 
$
0.19

 
$
0.25

 
$
0.25

 
$
0.24

Diluted earnings per common share, excluding acquisition
  and integration related expenses
$
0.26

 
 
$
0.27

 
$
0.28

 
$
0.25

 
$
0.24

Weighted average shares outstanding
76,918

 
 
75,119

 
74,341

 
74,322

 
74,147

Weighted average diluted shares outstanding
76,930

 
 
75,132

 
74,352

 
74,333

 
74,159

Tax-equivalent adjustment (1)
$
2,883

 
 
$
2,923

 
$
2,939

 
$
2,899

 
$
2,976

Tax-equivalent net interest income (1)
$
79,665

 
 
$
78,742

 
$
73,970

 
$
69,206

 
$
66,671

Top-line revenue:
 
 
 
 
 
 
 
 
 
 
Interest income
$
82,469

 
 
$
81,309

 
$
76,862

 
$
72,003

 
$
69,690

Fee-based revenues
28,641

 
 
29,364

 
29,660

 
27,008

 
25,049

Total top-line revenue
$
111,110

 
 
$
110,673

 
$
106,522

 
$
99,011

 
$
94,739

 
 
 
 
 
 
 
 
 
 
 
Common stock and related per common share data:
 
 
 
 
 
 
 
 
 
 
Book value
$
14.31

 
 
$
14.17

 
$
13.94

 
$
13.81

 
$
13.56

Tangible book value
10.04

 
 
9.87

 
9.71

 
10.16

 
9.90

Dividends declared per share
0.09

 
 
0.08

 
0.08

 
0.08

 
0.07

Closing price at period end
17.37

 
 
17.11

 
16.09

 
17.03

 
17.08

Market price - period high
17.84

 
 
17.99

 
17.77

 
18.19

 
17.83

Market price - period low
15.34

 
 
15.01

 
15.64

 
15.49

 
15.36

Closing price to book value
1.2

 
 
1.2

 
1.2

 
1.2

 
1.3

Period end shares outstanding
77,957

 
 
77,695

 
75,295

 
75,273

 
75,266

Period end treasury shares
10,271

 
 
10,533

 
10,492

 
10,514

 
10,521

Common dividends
$
7,011

 
 
$
6,206

 
$
6,027

 
$
6,025

 
$
5,272

Note: Discussion of footnotes are located at the end of this document.




First Midwest Bancorp, Inc.                                            
Selected Financial Information
(Amounts in thousands, except per share data)
 
2015
 
 
2014
 
March 31
 
 
December 31
 
 September 30
 
 June 30
 
March 31
Return on Average Common and Tangible Common Equity
 
 
 
 
 
 
 
 
 
 
Net income applicable to common shares
$
19,654

 
 
$
14,454

 
$
18,307

 
$
18,270

 
$
17,439

Tax-equivalent intangibles amortization
599

 
 
505

 
386

 
386

 
457

Net income applicable to common shares, excluding intangibles amortization
20,253

 
 
14,959

 
18,693

 
18,656

 
17,896

Tax-equivalent acquisition and integration related expenses

 
 
5,576

 
2,249

 
498

 

Net income applicable to common shares, excluding intangibles amortization
  and acquisition and integration related expenses
$
20,253

 
 
$
20,535

 
$
20,942

 
$
19,154

 
$
17,896

Average stockholders' equity
$
1,114,762

 
 
$
1,072,682

 
$
1,050,881

 
$
1,034,589

 
$
1,015,402

Less: average intangible assets
(333,684
)
 
 
(320,533
)
 
(288,975
)
 
(275,273
)
 
(275,956
)
Average tangible common equity
$
781,078

 
 
$
752,149

 
$
761,906

 
$
759,316

 
$
739,446

Return on average common equity (2)
7.15
%
 
 
5.35
%
 
6.91
%
 
7.08
%
 
6.97
%
Return on average tangible common equity (2)
10.52
%
 
 
7.89
%
 
9.73
%
 
9.85
%
 
9.81
%
Return on average tangible common equity, excluding acquisition and
  integration related expenses (2)
10.52
%
 
 
10.83
%
 
10.90
%
 
10.12
%
 
9.81
%
Efficiency Ratio Calculation
 
 
 
 
 
 
 
 
 
 
Noninterest expense
$
72,657

 
 
$
84,828

 
$
70,313

 
$
65,017

 
$
63,668

Less:
 
 
 
 
 
 
 
 
 
 
Net OREO expense
(1,204
)
 
 
(2,544
)
 
(1,406
)
 
(1,569
)
 
(1,556
)
Acquisition and integration related expenses

 
 
(9,294
)
 
(3,748
)
 
(830
)
 

Total
$
71,453

 
 
$
72,990

 
$
65,159

 
$
62,618

 
$
62,112

Tax-equivalent net interest income (1)
$
79,665

 
 
$
78,742

 
$
73,970

 
$
69,206

 
$
66,671

Fee-based revenues
28,641

 
 
29,364

 
29,660

 
27,008

 
25,049

Add:
 
 
 
 
 
 
 
 
 
 
Other income
646

 
 
613

 
512

 
423

 
447

Trading gains (losses)
419

 
 
311

 
(356
)
 
531

 
191

Tax-adjusted BOLI (BOLI/.6)
1,472

 
 
1,405

 
1,278

 
1,288

 
817

Total
$
110,843

 
 
$
110,435

 
$
105,064

 
$
98,456

 
$
93,175

Efficiency ratio
64.46
%
 
 
66.09
%
 
62.02
%
 
63.60
%
 
66.66
%
Other Key Ratios/Data:
 
 
 
 
 
 
 
 
 
 
Return on average assets (2)
0.85
%
 
 
0.63
%
 
0.84
%
 
0.88
%
 
0.86
%
Net interest margin (1)
3.79
%
 
 
3.76
%
 
3.72
%
 
3.65
%
 
3.61
%
Loans-to-deposits
85.97
%
 
 
85.41
%
 
85.60
%
 
86.27
%
 
85.31
%
Yield on average interest-earning assets (1)
4.06
%
 
 
4.02
%
 
4.01
%
 
3.95
%
 
3.93
%
Cost of funds
0.39
%
 
 
0.38
%
 
0.43
%
 
0.44
%
 
0.46
%
Net noninterest expense ratio (2)
1.80
%
 
 
2.31
%
 
1.80
%
 
1.73
%
 
1.84
%
Effective income tax rate
30.66
%
 
 
28.47
%
 
31.55
%
 
31.84
%
 
31.63
%
Full time equivalent employees - end of period
1,802

 
 
1,788

 
1,734

 
1,623

 
1,619

Number of bank branches
99

 
 
103

 
98

 
86

 
86

Number of automated teller machines
142

 
 
145

 
136

 
121

 
124

Risk-Based Capital Data:
 
 
 
 
 
 
 
 
 
 
Common stock
$
882

 
 
$
882

 
$
858

 
$
858

 
$
858

Additional paid-in capital
441,689

 
 
449,798

 
408,789

 
407,895

 
406,009

Retained earnings
912,387

 
 
899,516

 
891,129

 
878,607

 
866,132

Treasury stock, at cost
(226,203
)
 
 
(233,566
)
 
(232,248
)
 
(232,651
)
 
(232,802
)
Goodwill and other intangible assets
(319,635
)
 
 
(334,199
)
 
(318,511
)
 
(274,962
)
 
(275,605
)
Disallowed deferred tax assets (CET1) (3)
(3,354
)
 
 
(30,638
)
 
(33,473
)
 
(35,861
)
 
(39,250
)
Common equity Tier 1 capital
805,766

 
 
751,793

 
716,544

 
743,886

 
725,342

Trust preferred securities
50,690

 
 
50,690

 
36,690

 
36,690

 
36,690

Disallowed deferred tax assets (other) (3)
(5,030
)
 
 
N/A

 
N/A

 
N/A

 
N/A

Tier 1 capital
851,426

 
 
802,483

 
753,234

 
780,576

 
762,032

Tier 2 capital
72,806

 
 
82,209

 
82,421

 
87,641

 
89,946

Total capital
$
924,232

 
 
$
884,692

 
$
835,655

 
$
868,217

 
$
851,978

Risk-weighted assets
$
8,229,627

 
 
$
7,876,754

 
$
7,640,487

 
$
7,116,599

 
$
6,980,938

Tangible common equity
782,748

 
 
766,576

 
731,165

 
764,476

 
744,820

Tangible common equity excluding AOCI
795,553

 
 
782,431

 
750,017

 
779,747

 
764,592

Adjusted average assets
9,134,320

 
 
8,884,045

 
8,433,363

 
8,123,488

 
7,993,529

Total capital to risk-weighted assets
11.23
%
 
 
11.23
%
 
10.94
%
 
12.20
%
 
12.20
%
Tier 1 capital to risk-weighted assets
10.35
%
 
 
10.19
%
 
9.86
%
 
10.97
%
 
10.92
%
Tier 1 common capital to risk-weighted assets (CET1) (3)
9.79
%
 
 
N/A

 
N/A

 
N/A

 
N/A

Tier 1 leverage to average assets
9.32
%
 
 
9.03
%
 
8.93
%
 
9.61
%
 
9.53
%
Tangible common equity ratio
8.54
%
 
 
8.41
%
 
8.33
%
 
9.52
%
 
9.25
%
Tangible common equity ratio, excluding AOCI
8.68
%
 
 
8.59
%
 
8.54
%
 
9.71
%
 
9.49
%
Tangible common equity to risk-weighted assets
9.51
%
 
 
9.73
%
 
9.57
%
 
10.74
%
 
10.67
%
Note: Discussion of footnotes are located at the end of this document.




First Midwest Bancorp, Inc.                                            
Selected Financial Information
(Amounts in thousands, except per share data)
 
2015
 
 
2014
 
March 31
 
 
December 31
 
 September 30
 
 June 30
 
March 31
Asset Quality Performance Data:
 
 
 
 
 
 
 
 
 
 
Non-performing assets (4):
 
 
 
 
 
 
 
 
 
 
Commercial and industrial
$
12,913

 
 
$
22,693

 
$
19,696

 
$
22,629

 
$
8,559

Agricultural
358

 
 
360

 
361

 
363

 
364

Commercial real estate:
 
 
 
 
 
 
 
 
 
 
Office, retail, and industrial
11,363

 
 
12,939

 
16,963

 
16,423

 
24,968

Multi-family
700

 
 
754

 
1,536

 
1,572

 
2,181

Construction
7,488

 
 
6,981

 
7,082

 
5,077

 
5,297

Other commercial real estate
5,915

 
 
6,970

 
7,912

 
7,930

 
9,049

Home equity and installment
5,521

 
 
6,333

 
7,743

 
8,643

 
8,785

1-4 family mortgages
3,819

 
 
2,941

 
3,235

 
4,091

 
5,014

Total non-accrual loans
48,077

 
 
59,971

 
64,528

 
66,728

 
64,217

90 days or more past due loans
3,564

 
 
1,173

 
6,062

 
3,533

 
4,973

Total non-performing loans
51,641

 
 
61,144

 
70,590

 
70,261

 
69,190

Accruing troubled debt restructurings
3,581

 
 
3,704

 
5,449

 
5,697

 
6,301

Other real estate owned
26,042

 
 
26,898

 
29,165

 
30,331

 
30,026

Total non-performing assets
$
81,264

 
 
$
91,746

 
$
105,204

 
$
106,289

 
$
105,517

30-89 days past due loans (4)
$
18,631

 
 
$
20,073

 
$
17,321

 
$
24,167

 
$
12,861

Allowance for credit losses:
 
 
 
 
 
 
 
 
 
 
Allowance for loan losses
$
65,311

 
 
$
65,468

 
$
64,457

 
$
68,983

 
$
69,203

Allowance for covered loan losses
5,679

 
 
7,226

 
8,649

 
9,343

 
11,429

Reserve for unfunded commitments
1,816

 
 
1,816

 
1,616

 
1,616

 
1,616

Total allowance for credit losses
$
72,806

 
 
$
74,510

 
$
74,722

 
$
79,942

 
$
82,248

Provision for loan and covered loan losses
$
6,552

 
 
$
1,659

 
$
10,727

 
$
5,341

 
$
1,441

Net charge-offs by category:
 
 
 
 
 
 
 
 
 
 
Commercial and industrial
$
6,657

 
 
$
1,217

 
$
9,047

 
$
1,840

 
$
1,367

Agricultural

 
 

 

 

 
153

Commercial real estate:
 
 
 
 
 
 
 
 
 
 
Office, retail, and industrial
(166
)
 
 
143

 
2,459

 
3,221

 
1,025

Multi-family
24

 
 
476

 
26

 
265

 
89

Construction
(17
)
 
 
(6
)
 
157

 
232

 
503

Other commercial real estate
1,051

 
 
(247
)
 
1,255

 
472

 
1,627

Home equity and installment
512

 
 
307

 
2,089

 
1,018

 
1,487

1-4 family mortgages
(33
)
 
 
35

 
909

 
597

 
403

Net charge-offs, excluding covered loans
8,028

 
 
1,925

 
15,942

 
7,645

 
6,654

Charge-offs on covered loans
228

 
 
146

 
5

 
2

 
(340
)
Total net charge-offs
$
8,256

 
 
$
2,071

 
$
15,947

 
$
7,647

 
$
6,314

Total recoveries included above
$
1,797

 
 
$
2,669

 
$
1,159

 
$
1,133

 
$
3,244

Asset Quality ratios (4):
 
 
 
 
 
 
 
 
 
 
Non-accrual loans to loans
0.71
%
 
 
0.90
%
 
1.00
%
 
1.14
%
 
1.13
%
Non-performing loans to loans
0.77
%
 
 
0.92
%
 
1.10
%
 
1.20
%
 
1.22
%
Non-performing assets to loans plus OREO
1.20
%
 
 
1.37
%
 
1.63
%
 
1.81
%
 
1.84
%
Non-performing assets to tangible common equity
  plus allowance for credit losses
9.56
%
 
 
11.00
%
 
13.20
%
 
12.73
%
 
12.94
%
Non-accrual loans to total assets
0.51
%
 
 
0.64
%
 
0.72
%
 
0.82
%
 
0.79
%
Allowance for credit losses and net charge-off ratios:
 
 
 
 
 
 
 
 
 
 
Allowance for credit losses to loans
1.07
%
 
 
1.11
%
 
1.15
%
 
1.34
%
 
1.41
%
Allowance for credit losses to loans, excluding acquired loans (5)
1.19
%
 
 
1.24
%
 
1.25
%
 
1.34
%
 
1.41
%
Allowance for credit losses to non-accrual loans (4)
139.62
%
 
 
112.19
%
 
102.39
%
 
105.80
%
 
110.28
%
Allowance for credit losses to non-performing loans (4)
129.99
%
 
 
110.04
%
 
93.60
%
 
100.48
%
 
102.35
%
Net charge-offs to average loans (2)
0.50
%
 
 
0.13
%
 
1.01
%
 
0.53
%
 
0.45
%
Footnotes:
 
 
 
 
 
 
 
 
 
 
(1) Tax equivalent basis reflects federal and state tax benefits.
(2) Annualized based on the actual number of days for each period presented.
(3) Basel III Capital Rules became effective for the Company on January 1, 2015. These rules revise the risk-based capital requirements and introduce a
    new capital measure, Tier 1 common capital to risk-weighted assets. As a result, ratios at March 31, 2015 are computed using the new rules and prior
    periods presented are reported using the regulatory guidance applicable at that time.
(4) Excludes covered loans and covered OREO.
(5) Acquired loans are recorded at fair value as of the acquisition date with no allowance for credit losses being established. As the acquisition adjustment is
    accreted into income over future periods, if meaningful credit deterioration occurs an allowance for credit losses will be established.