Indiana
|
0-11487
|
35-1559596
|
(State or other jurisdiction
|
(Commission File Number)
|
(IRS Employer
|
Of incorporation)
|
Identification No.)
|
(d) | Exhibits |
·
|
Organic average loan growth of $365 million or 12%
|
·
|
Average deposit growth of $408 million or 13%
|
·
|
Net interest income increase of $3.5 million or 13%
|
·
|
Continued strong asset quality with nonperforming assets to total assets at 0.16% compared to 0.35%
|
·
|
Tangible common equity1 increase of 9%
|
·
|
Organic average loan growth of $129 million or 4%
|
·
|
Net interest income increase of $1.2 million or 4%
|
·
|
Noninterest expense decrease of $371,000 or 2%
|
LAKELAND FINANCIAL CORPORATION
|
||||||||||
FOURTH QUARTER 2016 FINANCIAL HIGHLIGHTS
|
||||||||||
Three Months Ended
|
Twelve Months Ended
|
|||||||||
(Unaudited – Dollars in thousands)
|
Dec. 31,
|
Sep. 30,
|
Dec. 31,
|
Dec. 31,
|
Dec. 31,
|
|||||
END OF PERIOD BALANCES
|
2016
|
2016
|
2015
|
2016
|
2015
|
|||||
Assets
|
$4,290,025
|
$4,197,320
|
$3,766,286
|
$4,290,025
|
$3,766,286
|
|||||
Deposits
|
3,577,912
|
3,651,942
|
3,183,421
|
3,577,912
|
3,183,421
|
|||||
Brokered Deposits
|
98,177
|
106,752
|
148,040
|
98,177
|
148,040
|
|||||
Core Deposits
|
3,479,735
|
3,545,190
|
3,035,381
|
3,479,735
|
3,035,381
|
|||||
Loans
|
3,470,927
|
3,280,161
|
3,080,929
|
3,470,927
|
3,080,929
|
|||||
Allowance for Loan Losses
|
43,718
|
42,853
|
43,610
|
43,718
|
43,610
|
|||||
Total Equity
|
427,067
|
427,380
|
392,901
|
427,067
|
392,901
|
|||||
Goodwill net of deferred tax assets
|
3,134
|
3,138
|
3,168
|
3,134
|
3,168
|
|||||
Tangible Common Equity (1)
|
423,933
|
424,242
|
389,733
|
423,933
|
389,733
|
|||||
AVERAGE BALANCES
|
||||||||||
Total Assets
|
$4,187,730
|
$4,152,333
|
$3,750,998
|
$4,039,719
|
$3,597,190
|
|||||
Earning Assets
|
3,933,136
|
3,900,651
|
3,510,084
|
3,799,963
|
3,384,178
|
|||||
Investments
|
506,722
|
500,384
|
479,942
|
493,656
|
476,153
|
|||||
Loans
|
3,373,814
|
3,244,994
|
3,008,681
|
3,225,635
|
2,885,568
|
|||||
Total Deposits
|
3,628,244
|
3,611,111
|
3,220,736
|
3,477,816
|
3,088,598
|
|||||
Interest Bearing Deposits
|
2,839,518
|
2,843,015
|
2,551,778
|
2,753,466
|
2,478,674
|
|||||
Interest Bearing Liabilities
|
2,941,281
|
2,933,109
|
2,670,605
|
2,872,691
|
2,589,915
|
|||||
Total Equity
|
428,665
|
423,358
|
390,241
|
416,034
|
378,106
|
|||||
INCOME STATEMENT DATA
|
||||||||||
Net Interest Income
|
$30,907
|
$29,719
|
$27,452
|
$118,481
|
$105,927
|
|||||
Net Interest Income-Fully Tax Equivalent
|
31,526
|
30,274
|
27,948
|
120,477
|
107,902
|
|||||
Provision for Loan Losses
|
1,150
|
0
|
0
|
1,150
|
0
|
|||||
Noninterest Income
|
8,736
|
9,018
|
8,069
|
32,864
|
31,479
|
|||||
Noninterest Expense
|
18,389
|
18,759
|
17,357
|
72,978
|
68,206
|
|||||
Net Income
|
13,522
|
13,480
|
12,286
|
52,084
|
46,367
|
|||||
PER SHARE DATA
|
||||||||||
Basic Net Income Per Common Share *
|
$0.54
|
$0.54
|
$0.49
|
$2.08
|
$1.86
|
|||||
Diluted Net Income Per Common Share *
|
0.53
|
0.53
|
0.49
|
2.05
|
1.84
|
|||||
Cash Dividends Declared Per Common Share *
|
0.19
|
0.19
|
0.16
|
0.73
|
0.63
|
|||||
Dividend Payout
|
35.85
|
%
|
35.85
|
%
|
33.56
|
%
|
35.61
|
%
|
34.36
|
%
|
Book Value Per Common Share (equity per share issued) *
|
17.01
|
17.04
|
15.74
|
17.01
|
15.74
|
|||||
Tangible Book Value Per Common Share * (1)
|
16.89
|
16.91
|
15.61
|
16.89
|
15.61
|
|||||
Market Value – High *
|
48.88
|
37.74
|
32.99
|
48.88
|
32.99
|
|||||
Market Value – Low *
|
33.98
|
30.21
|
28.92
|
26.53
|
24.95
|
|||||
Basic Weighted Average Common Shares Outstanding *
|
25,091,685
|
25,069,434
|
24,956,979
|
25,056,095
|
24,926,354
|
|||||
Diluted Weighted Average Common Shares Outstanding *
|
25,518,069
|
25,457,892
|
25,324,510
|
25,460,727
|
25,245,569
|
|||||
KEY RATIOS
|
||||||||||
Return on Average Assets
|
1.28
|
%
|
1.29
|
%
|
1.30
|
%
|
1.29
|
%
|
1.29
|
%
|
Return on Average Total Equity
|
12.55
|
12.67
|
12.49
|
12.52
|
12.26
|
|||||
Average Equity to Average Assets
|
10.24
|
10.20
|
10.40
|
10.30
|
10.51
|
|||||
Net Interest Margin
|
3.18
|
3.08
|
3.16
|
3.18
|
3.19
|
|||||
Efficiency (Noninterest Expense / Net Interest Income plus Noninterest Income)
|
46.38
|
48.43
|
48.86
|
48.22
|
49.64
|
|||||
Tier 1 Leverage (2)
|
10.86
|
10.71
|
11.10
|
10.86
|
11.10
|
|||||
Tier 1 Risk-Based Capital (2)
|
12.07
|
12.47
|
12.48
|
12.07
|
12.48
|
|||||
Common Equity Tier 1 (CET1) (2)
|
11.27
|
11.63
|
11.58
|
11.27
|
11.58
|
|||||
Total Capital (2)
|
13.23
|
13.67
|
13.73
|
13.23
|
13.73
|
|||||
Tangible Capital (1) (2)
|
9.89
|
10.11
|
10.36
|
9.89
|
10.36
|
|||||
ASSET QUALITY
|
||||||||||
Loans Past Due 30 - 89 Days
|
$1,588
|
$1,734
|
$2,766
|
$1,588
|
$2,766
|
|||||
Loans Past Due 90 Days or More
|
53
|
6
|
0
|
53
|
0
|
|||||
Non-accrual Loans
|
6,639
|
7,256
|
13,055
|
6,639
|
13,055
|
|||||
Nonperforming Loans (includes nonperforming TDR's)
|
6,692
|
7,262
|
13,055
|
6,692
|
13,055
|
|||||
Other Real Estate Owned
|
153
|
146
|
210
|
153
|
210
|
|||||
Other Nonperforming Assets
|
11
|
7
|
15
|
11
|
15
|
|||||
Total Nonperforming Assets
|
6,856
|
7,414
|
13,280
|
6,856
|
13,280
|
|||||
Performing Troubled Debt Restructurings
|
10,351
|
10,579
|
6,260
|
10,351
|
6,260
|
|||||
Nonperforming Troubled Debt Restructurings (included in nonperforming loans)
|
5,633
|
5,885
|
10,914
|
5,633
|
10,914
|
|||||
Total Troubled Debt Restructurings
|
15,984
|
16,464
|
17,174
|
15,984
|
17,174
|
|||||
Impaired Loans
|
20,698
|
18,605
|
20,576
|
20,698
|
20,576
|
|||||
Non-Impaired Watch List Loans
|
127,933
|
134,330
|
122,332
|
127,933
|
122,332
|
|||||
Total Impaired and Watch List Loans
|
148,631
|
152,935
|
142,908
|
148,631
|
142,908
|
|||||
Gross Charge Offs
|
520
|
773
|
1,242
|
2,055
|
3,173
|
|||||
Recoveries
|
235
|
379
|
158
|
1,013
|
520
|
|||||
Net Charge Offs/(Recoveries)
|
285
|
394
|
1,084
|
1,042
|
2,652
|
|||||
Net Charge Offs/(Recoveries) to Average Loans
|
0.03
|
%
|
0.05
|
%
|
0.14
|
%
|
0.03
|
%
|
0.09
|
%
|
Loan Loss Reserve to Loans
|
1.26
|
%
|
1.31
|
%
|
1.42
|
%
|
1.26
|
%
|
1.42
|
%
|
Loan Loss Reserve to Nonperforming Loans
|
653.31
|
%
|
590.10
|
%
|
334.04
|
%
|
653.31
|
%
|
334.04
|
%
|
Loan Loss Reserve to Nonperforming Loans and Performing TDR's
|
256.52
|
%
|
240.20
|
%
|
225.78
|
%
|
256.52
|
%
|
225.78
|
%
|
Nonperforming Loans to Loans
|
0.19
|
%
|
0.22
|
%
|
0.42
|
%
|
0.19
|
%
|
0.42
|
%
|
Nonperforming Assets to Assets
|
0.16
|
%
|
0.18
|
%
|
0.35
|
%
|
0.16
|
%
|
0.35
|
%
|
Total Impaired and Watch List Loans to Total Loans
|
4.28
|
%
|
4.66
|
%
|
4.64
|
%
|
4.28
|
%
|
4.64
|
%
|
OTHER DATA
|
||||||||||
Full Time Equivalent Employees
|
524
|
518
|
518
|
524
|
518
|
|||||
Offices
|
48
|
48
|
47
|
48
|
47
|
|||||
(1) Non-GAAP financial measure - see "Reconciliation of Non-GAAP Financial Measures"
|
||||||||||
(2) Capital ratios for December 31, 2016 are preliminary until the Call Report is filed.
|
||||||||||
* Share and per share data has been adjusted for a 3-for-2 stock split in the form of a stock dividend on August 5, 2016.
|
|
December 31,
|
|
December 31,
|
|
2016
|
|
2015
|
|
(Unaudited)
|
|
|
ASSETS
|
|
|
|
Cash and due from banks
|
$ 142,408
|
|
$ 67,484
|
Short-term investments
|
24,872
|
|
13,190
|
Total cash and cash equivalents
|
167,280
|
|
80,674
|
|
|
|
|
Securities available for sale (carried at fair value)
|
504,191
|
|
478,071
|
Real estate mortgage loans held for sale
|
5,915
|
|
3,294
|
|
|
|
|
Loans, net of allowance for loan losses of $43,718 and $43,610
|
3,427,209
|
|
3,037,319
|
|
|
|
|
Land, premises and equipment, net
|
52,092
|
|
46,684
|
Bank owned life insurance
|
74,006
|
|
69,698
|
Federal Reserve and Federal Home Loan Bank stock
|
11,522
|
|
7,668
|
Accrued interest receivable
|
11,687
|
|
9,462
|
Goodwill
|
4,970
|
|
4,970
|
Other assets
|
31,153
|
|
28,446
|
Total assets
|
$ 4,290,025
|
|
$ 3,766,286
|
|
|
|
|
LIABILITIES AND STOCKHOLDERS' EQUITY
|
|
|
|
|
|
|
|
LIABILITIES
|
|
|
|
Noninterest bearing deposits
|
$ 819,803
|
|
$ 715,093
|
Interest bearing deposits
|
2,758,109
|
|
2,468,328
|
Total deposits
|
3,577,912
|
|
3,183,421
|
|
|
|
|
Short-term borrowings
|
|
|
|
Securities sold under agreements to repurchase
|
50,045
|
|
69,622
|
Other short-term borrowings
|
180,000
|
|
70,000
|
Total short-term borrowings
|
230,045
|
|
139,622
|
|
|
|
|
Long-term borrowings
|
32
|
|
34
|
Subordinated debentures
|
30,928
|
|
30,928
|
Accrued interest payable
|
5,676
|
|
3,773
|
Other liabilities
|
18,365
|
|
15,607
|
Total liabilities
|
3,862,958
|
|
3,373,385
|
|
|
|
|
STOCKHOLDERS' EQUITY
|
|
|
|
Common stock: 90,000,000 shares authorized, no par value
|
|
|
|
25,096,087 shares issued and 24,937,865 outstanding as of December 31, 2016
|
|
|
|
24,962,477 shares issued and 24,819,066 outstanding as of December 31, 2015
|
104,405
|
|
99,123
|
Retained earnings
|
327,873
|
|
294,002
|
Accumulated other comprehensive income
|
(2,387)
|
|
2,142
|
Treasury stock, at cost (2016 - 158,222 shares, 2015 - 143,411 shares)
|
(2,913)
|
|
(2,455)
|
Total stockholders' equity
|
426,978
|
|
392,812
|
Noncontrolling interest
|
89
|
|
89
|
Total equity
|
427,067
|
|
392,901
|
Total liabilities and equity
|
$ 4,290,025
|
|
$ 3,766,286
|
|
|
|
|
|
Three Months Ended
|
|
Twelve Months Ended
|
||||
|
December 31,
|
|
December 31,
|
||||
|
2016
|
|
2015
|
|
2016
|
|
2015
|
NET INTEREST INCOME
|
|
|
|
|
|
|
|
Interest and fees on loans
|
|
|
|
|
|
|
|
Taxable
|
$ 32,744
|
|
$ 28,544
|
|
$ 124,830
|
|
$ 110,097
|
Tax exempt
|
130
|
|
114
|
|
462
|
|
464
|
Interest and dividends on securities
|
|
|
|
|
|
|
|
Taxable
|
2,301
|
|
2,105
|
|
9,421
|
|
8,564
|
Tax exempt
|
1,074
|
|
840
|
|
3,885
|
|
3,355
|
Interest on short-term investments
|
58
|
|
16
|
|
353
|
|
59
|
Total interest income
|
36,307
|
|
31,619
|
|
138,951
|
|
122,539
|
|
|
|
|
|
|
|
|
Interest on deposits
|
5,023
|
|
3,864
|
|
18,944
|
|
15,415
|
Interest on borrowings
|
|
|
|
|
|
|
|
Short-term
|
69
|
|
50
|
|
352
|
|
188
|
Long-term
|
308
|
|
253
|
|
1,174
|
|
1,009
|
Total interest expense
|
5,400
|
|
4,167
|
|
20,470
|
|
16,612
|
|
|
|
|
|
|
|
|
NET INTEREST INCOME
|
30,907
|
|
27,452
|
|
118,481
|
|
105,927
|
|
|
|
|
|
|
|
|
Provision for loan losses
|
1,150
|
|
0
|
|
1,150
|
|
0
|
|
|
|
|
|
|
|
|
NET INTEREST INCOME AFTER PROVISION FOR
|
|
|
|
|
|
|
|
LOAN LOSSES
|
29,757
|
|
27,452
|
|
117,331
|
|
105,927
|
|
|
|
|
|
|
|
|
NONINTEREST INCOME
|
|
|
|
|
|
|
|
Wealth advisory fees
|
1,205
|
|
1,138
|
|
4,805
|
|
4,531
|
Investment brokerage fees
|
258
|
|
299
|
|
1,010
|
|
1,507
|
Service charges on deposit accounts
|
3,237
|
|
2,855
|
|
12,013
|
|
10,608
|
Loan, insurance and service fees
|
1,846
|
|
1,844
|
|
7,681
|
|
7,460
|
Merchant card fee income
|
522
|
|
511
|
|
2,098
|
|
1,843
|
Bank owned life insurance income
|
338
|
|
382
|
|
1,392
|
|
1,338
|
Other income
|
935
|
|
884
|
|
2,213
|
|
2,974
|
Mortgage banking income
|
381
|
|
156
|
|
1,586
|
|
1,176
|
Net securities gains/(losses)
|
14
|
|
0
|
|
66
|
|
42
|
Total noninterest income
|
8,736
|
|
8,069
|
|
32,864
|
|
31,479
|
|
|
|
|
|
|
|
|
NONINTEREST EXPENSE
|
|
|
|
|
|
|
|
Salaries and employee benefits
|
10,905
|
|
9,902
|
|
41,934
|
|
38,923
|
Net occupancy expense
|
1,061
|
|
902
|
|
4,266
|
|
3,820
|
Equipment costs
|
1,022
|
|
899
|
|
3,850
|
|
3,598
|
Data processing fees and supplies
|
2,013
|
|
1,937
|
|
8,148
|
|
7,592
|
Corporate and business development
|
687
|
|
889
|
|
3,328
|
|
3,173
|
FDIC insurance and other regulatory fees
|
463
|
|
526
|
|
2,001
|
|
2,044
|
Professional fees
|
703
|
|
683
|
|
3,208
|
|
2,794
|
Other expense
|
1,535
|
|
1,619
|
|
6,243
|
|
6,262
|
Total noninterest expense
|
18,389
|
|
17,357
|
|
72,978
|
|
68,206
|
|
|
|
|
|
|
|
|
INCOME BEFORE INCOME TAX EXPENSE
|
20,104
|
|
18,164
|
|
77,217
|
|
69,200
|
Income tax expense
|
6,582
|
|
5,878
|
|
25,133
|
|
22,833
|
NET INCOME
|
$ 13,522
|
|
$ 12,286
|
|
$ 52,084
|
|
$ 46,367
|
|
|
|
|
|
|
|
|
BASIC WEIGHTED AVERAGE COMMON SHARES
|
25,091,685
|
|
24,956,979
|
|
25,056,095
|
|
24,926,354
|
BASIC EARNINGS PER COMMON SHARE
|
$ 0.54
|
|
$ 0.49
|
|
$ 2.08
|
|
$ 1.86
|
DILUTED WEIGHTED AVERAGE COMMON SHARES
|
25,518,069
|
|
25,324,510
|
|
25,460,727
|
|
25,245,569
|
DILUTED EARNINGS PER COMMON SHARE
|
$ 0.53
|
|
$ 0.49
|
|
$ 2.05
|
|
$ 1.84
|
|
|
|
|
|
|
|
|
LAKELAND FINANCIAL CORPORATION
|
|||||||||
LOAN DETAIL
|
|||||||||
FOURTH QUARTER 2016
|
|||||||||
(unaudited in thousands)
|
|||||||||
December 31,
|
September 30,
|
December 31,
|
|||||||
2016
|
2016
|
2015
|
|||||||
Commercial and industrial loans:
|
|||||||||
Working capital lines of credit loans
|
$ 624,404
|
18.0
|
%
|
$ 609,382
|
18.6
|
%
|
$ 581,025
|
18.9
|
%
|
Non-working capital loans
|
644,086
|
18.6
|
641,599
|
19.6
|
598,487
|
19.4
|
|||
Total commercial and industrial loans
|
1,268,490
|
36.5
|
1,250,981
|
38.1
|
1,179,512
|
38.3
|
|||
Commercial real estate and multi-family residential loans:
|
|||||||||
Construction and land development loans
|
245,182
|
7.1
|
221,436
|
6.7
|
230,719
|
7.5
|
|||
Owner occupied loans
|
469,705
|
13.5
|
468,582
|
14.3
|
412,026
|
13.4
|
|||
Nonowner occupied loans
|
458,404
|
13.2
|
408,620
|
12.5
|
407,883
|
13.2
|
|||
Multifamily loans
|
127,632
|
3.7
|
127,784
|
3.9
|
79,425
|
2.6
|
|||
Total commercial real estate and multi-family residential loans
|
1,300,923
|
37.5
|
1,226,422
|
37.4
|
1,130,053
|
36.7
|
|||
Agri-business and agricultural loans:
|
|||||||||
Loans secured by farmland
|
172,633
|
5.0
|
152,719
|
4.7
|
164,375
|
5.3
|
|||
Loans for agricultural production
|
222,210
|
6.4
|
156,770
|
4.8
|
141,719
|
4.6
|
|||
Total agri-business and agricultural loans
|
394,843
|
11.4
|
309,489
|
9.4
|
306,094
|
9.9
|
|||
Other commercial loans
|
98,270
|
2.8
|
89,850
|
2.7
|
85,075
|
2.8
|
|||
Total commercial loans
|
3,062,526
|
88.2
|
2,876,742
|
87.7
|
2,700,734
|
87.7
|
|||
Consumer 1-4 family mortgage loans:
|
|||||||||
Closed end first mortgage loans
|
163,155
|
4.7
|
161,907
|
4.9
|
158,062
|
5.1
|
|||
Open end and junior lien loans
|
169,664
|
4.9
|
170,140
|
5.2
|
163,700
|
5.3
|
|||
Residential construction and land development loans
|
15,015
|
0.4
|
12,801
|
0.4
|
9,341
|
0.3
|
|||
Total consumer 1-4 family mortgage loans
|
347,834
|
10.0
|
344,848
|
10.5
|
331,103
|
10.7
|
|||
Other consumer loans
|
61,308
|
1.8
|
58,957
|
1.8
|
49,113
|
1.6
|
|||
Total consumer loans
|
409,142
|
11.8
|
403,805
|
12.3
|
380,216
|
12.3
|
|||
Subtotal
|
3,471,668
|
100.0
|
%
|
3,280,547
|
100.0
|
%
|
3,080,950
|
100.0
|
%
|
Less: Allowance for loan losses
|
(43,718)
|
(42,853)
|
(43,610)
|
||||||
Net deferred loan fees
|
(741)
|
(386)
|
(21)
|
||||||
Loans, net
|
$3,427,209
|
$3,237,308
|
$3,037,319
|
||||||
LAKELAND FINANCIAL CORPORATION
|
|||||||||
DEPOSITS AND BORROWINGS
|
|||||||||
FOURTH QUARTER 2016
|
|||||||||
(unaudited in thousands)
|
|||||||||
December 31,
|
September 30,
|
December 31,
|
|||||||
2016
|
2016
|
2015
|
|||||||
Non-interest bearing demand deposits
|
$ 819,803
|
$ 770,079
|
$ 715,093
|
||||||
Interest bearing demand, savings & money market accounts
|
1,594,290
|
1,562,252
|
1,470,814
|
||||||
Time deposits under $100,000
|
238,994
|
241,527
|
259,260
|
||||||
Time deposits of $100,000 or more
|
924,825
|
1,078,084
|
738,254
|
||||||
Total deposits
|
3,577,912
|
3,651,942
|
3,183,421
|
||||||
Short-term borrowings
|
230,045
|
60,198
|
139,622
|
||||||
Long-term borrowings
|
32
|
32
|
34
|
||||||
Subordinated debentures
|
30,928
|
30,928
|
30,928
|
||||||
Total borrowings
|
261,005
|
91,158
|
170,584
|
||||||
Total funding sources
|
$3,838,917
|
$3,743,100
|
$3,354,005
|
||||||
Three Months Ended
|
Three Months Ended
|
Three Months Ended
|
||||||||||||||||||
December 31, 2016
|
September 30, 2016
|
December 31, 2015
|
||||||||||||||||||
Average
|
Interest
|
Yield (1)/
|
Average
|
Interest
|
Yield (1)/
|
Average
|
Interest
|
Yield (1)/
|
||||||||||||
(fully tax equivalent basis, dollars in thousands)
|
Balance
|
Income
|
Rate
|
Balance
|
Income
|
Rate
|
Balance
|
Income
|
Rate
|
|||||||||||
Earning Assets
|
||||||||||||||||||||
Loans:
|
||||||||||||||||||||
Taxable (2)(3)
|
$3,359,305
|
$32,744
|
3.87
|
%
|
$3,233,394
|
$31,538
|
3.88
|
%
|
$2,996,373
|
$28,544
|
3.78
|
%
|
||||||||
Tax exempt (1)
|
14,508
|
194
|
5.30
|
11,600
|
164
|
5.62
|
12,308
|
170
|
5.49
|
|||||||||||
Investments: (1)
|
||||||||||||||||||||
Available for sale
|
506,722
|
3,940
|
3.09
|
500,384
|
3,747
|
2.98
|
479,942
|
3,385
|
2.80
|
|||||||||||
Short-term investments
|
5,128
|
17
|
1.32
|
6,885
|
17
|
0.98
|
5,331
|
9
|
0.67
|
|||||||||||
Interest bearing deposits
|
47,473
|
41
|
0.34
|
148,388
|
168
|
0.45
|
16,130
|
7
|
0.17
|
|||||||||||
Total earning assets
|
$3,933,136
|
$36,936
|
3.73
|
%
|
$3,900,651
|
$35,634
|
3.63
|
%
|
$3,510,084
|
$32,115
|
3.63
|
%
|
||||||||
Less: Allowance for loan losses
|
(43,072)
|
(43,402)
|
(44,562)
|
|||||||||||||||||
Nonearning Assets
|
||||||||||||||||||||
Cash and due from banks
|
120,170
|
122,811
|
124,290
|
|||||||||||||||||
Premises and equipment
|
52,013
|
50,921
|
44,753
|
|||||||||||||||||
Other nonearning assets
|
125,483
|
121,352
|
116,433
|
|||||||||||||||||
Total assets
|
$4,187,730
|
$4,152,333
|
$3,750,998
|
|||||||||||||||||
Interest Bearing Liabilities
|
||||||||||||||||||||
Savings deposits
|
$271,758
|
$101
|
0.15
|
%
|
$270,136
|
$103
|
0.15
|
%
|
$242,587
|
$119
|
0.19
|
%
|
||||||||
Interest bearing checking accounts
|
1,317,805
|
1,512
|
0.46
|
1,261,390
|
1,362
|
0.43
|
1,247,645
|
1,132
|
0.36
|
|||||||||||
Time deposits:
|
||||||||||||||||||||
In denominations under $100,000
|
240,790
|
681
|
1.12
|
243,148
|
696
|
1.14
|
265,788
|
788
|
1.18
|
|||||||||||
In denominations over $100,000
|
1,009,166
|
2,729
|
1.07
|
1,068,341
|
2,871
|
1.07
|
795,758
|
1,825
|
0.91
|
|||||||||||
Miscellaneous short-term borrowings
|
70,802
|
69
|
0.39
|
59,133
|
37
|
0.25
|
87,865
|
49
|
0.23
|
|||||||||||
Long-term borrowings and
|
||||||||||||||||||||
subordinated debentures (4)
|
30,960
|
308
|
3.95
|
30,960
|
291
|
3.74
|
30,962
|
254
|
2.90
|
|||||||||||
Total interest bearing liabilities
|
$2,941,281
|
$5,400
|
0.73
|
%
|
$2,933,108
|
$5,360
|
0.73
|
%
|
$2,670,605
|
$4,167
|
0.62
|
%
|
||||||||
Noninterest Bearing Liabilities
|
||||||||||||||||||||
Demand deposits
|
788,726
|
768,095
|
668,957
|
|||||||||||||||||
Other liabilities
|
29,058
|
27,772
|
21,197
|
|||||||||||||||||
Stockholders' Equity
|
428,665
|
423,358
|
390,239
|
|||||||||||||||||
Total liabilities and stockholders' equity
|
$4,187,730
|
$4,152,333
|
$3,750,998
|
|||||||||||||||||
Interest Margin Recap
|
||||||||||||||||||||
Interest income/average earning assets
|
36,936
|
3.73
|
35,634
|
3.63
|
32,115
|
3.63
|
||||||||||||||
Interest expense/average earning assets
|
5,400
|
0.55
|
5,360
|
0.55
|
4,167
|
0.47
|
||||||||||||||
Net interest income and margin
|
$31,536
|
3.18
|
%
|
$30,274
|
3.08
|
%
|
$27,948
|
3.16
|
%
|
(1)
|
Tax exempt income was converted to a fully taxable equivalent basis at a 35 percent tax rate for 2016 and 2015. The tax equivalent rate for tax exempt loans and tax exempt securities acquired after January 1, 1983 included the Tax Equity and Fiscal Responsibility Act of 1982 ("TEFRA") adjustment applicable to nondeductible interest expenses. Taxable equivalent basis adjustments were $619,000, $555,000 and $524,000 in the three-month periods ended December 31, 2016, September 30, 2016 and December 31, 2015, respectively.
|
(2)
|
Loan fees, which are immaterial in relation to total taxable loan interest income for 2016 and 2015, are included as taxable loan interest income.
|
(3)
|
Nonaccrual loans are included in the average balance of taxable loans.
|
(4)
|
Long-term borrowings and subordinated debentures interest expense was reduced by interest capitalized on construction in process for 2015.
|
Tangible common equity, tangible assets and tangible book value per share are non-GAAP financial measures calculated using GAAP amounts. Tangible common equity is calculated by excluding the balance of goodwill and other intangible assets from the calculation of stockholders' equity. Tangible assets are calculated by excluding the balance of goodwill and other intangible assets from the calculation of total assets. Tangible book value per share is calculated by dividing tangible common equity by the number of shares outstanding. Because not all companies use the same calculation of tangible common equity and tangible assets, this presentation may not be comparable to other similarly titled measures calculated by other companies. However, management considers these measures of the company's value including only earning assets as meaningful to an understanding of the company's financial information. A reconciliation of these non-GAAP financial measures is provided below (dollars in thousands, except per share data).
|
Three Months Ended
|
Twelve Months Ended
|
|||||||||
Dec. 31,
|
Sep. 30,
|
Dec. 31,
|
Dec. 31,
|
Dec. 31,
|
||||||
2016
|
2016
|
2015
|
2016
|
2015
|
||||||
Total Equity
|
$427,067
|
$427,380
|
$392,901
|
$427,067
|
$392,901
|
|||||
Less: Goodwill net of deferred tax assets
|
3,134
|
3,138
|
3,168
|
3,134
|
3,168
|
|||||
Tangible Common Equity
|
423,933
|
424,242
|
389,733
|
423,933
|
389,733
|
|||||
Assets
|
$4,290,025
|
$4,197,320
|
$3,766,286
|
$4,290,025
|
$3,766,286
|
|||||
Less: Goodwill net of deferred tax assets
|
3,134
|
3,138
|
3,168
|
3,134
|
3,168
|
|||||
Tangible Assets
|
4,286,891
|
4,194,182
|
3,763,118
|
4,286,891
|
3,763,118
|
|||||
Ending common shares issued
|
25,096,087
|
25,081,087
|
24,962,477
|
25,096,087
|
24,962,477
|
|||||
Tangible Book Value Per Common Share *
|
$16.89
|
$16.91
|
$15.61
|
$16.89
|
$15.61
|
|||||
Tangible Common Equity/Tangible Assets
|
9.89
|
%
|
10.11
|
%
|
10.36
|
%
|
9.89
|
%
|
10.36
|
%
|
#])@Q]VV7]1FN+^.W_(BVW_ %_I_P"BY*]$TM/+
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M $+AK2_8R^?*C]:]4I%!2%@.II:Y'
MQ=XA&C7EM$6QYD9;\C0!UF]?6E!R,BO,/^$Z'_/3]:[KPWJ']IZ)#=9SN+#/
MT- DS*\<^(!H&FQS;L%FQUK-\!^+!X@U"\AWY\J-6Z^I(_I7FWQN\2EM5;2E
M?_5$-C/J*J?!/4S%=^(+@M_J[1&_\>:F*^I]'[U]:4,">#7F'_" ?Y5T_PYO/L/Q!T2?.,W*H?^!LG_H0I+ HVV,>5.
MZ_K68.H^E49]3ZY\*/YGP2LCZ:-C\HC7R*!Q7UIX,.[X'VOMI3C_ ,<-?)8/
M I(N>PO>K6FVS7>IV\*C.YP#53/\Z]#^$&A#6_$\H9
U':D/6C-,S _=->B?&M]_Q)NE_N6\ _\AJ:\Z.=OX5W?Q@D
MW_$S43Z)$/RC6CJ5T.&KTOX2>%E\03WKNN1$1BO,\\5],_ /2Q!X/^WE?FN)
M''Y,10PBM3!\>^ ([#PM=7B(-T2\8KP4=*^V_%&G+J?AV\M2,[T-?%%PGE7,
MT?\
79PI_=C4?I4U0;'S_\ M&686[T>\QRZO&3].?ZUX77T
M9^T5!N\.Z5/C[EPR_F*^ ^FGL]Y*$^M<%VI;F4W%PTK=32#J/I31G(#T-?:WA#_D2-)_Z
M\T_]!KXH[?A7VMX/_P"1(TG_ *\T_E1(J!\::E_R%;W_ *^)/_0C2Z5_R%[+
M_KNG\Q2:G_R%KW_KXD_]"-+I/_(8L_\ KNG\Q3Z$=3[I[5XI^T;_ ,@'1?\
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MU7_L(G_T6E)CAN>Q57O_ /D'77_7)OY&K%5[_P#Y!]S_ -'5^-A112'I6AF>E_ ]0WC
MJY/]W3Y"/^_D8KB_C)<_:/B=J@SD1[$_)17:_ W_ )'B\_[!K_\ HR.O-/B-
M>7RT&3BN9LU2N:&
MB:=+J&K6R(I8>8,_G6M\0K1;'QUJ5J@PL?E #_MDAKT#X.^%3-?M)=1_=!(R
M*XSXMC;\4]<4=I(Q_P"0DI+'SZ6:+^0Q7QO_C7U[\()/,^%NB'TC9?
MR8BAA [BBBBI-#Y=^/C[OB)M_NVR?RKRVO2/CJV[XGW0_NV\0_\ ':\W'4?2
MK6QE+<^B?AN@7X!ZFW]];D_J17SL.@KZ-^'JX_9ZO#ZQW/\ Z$U?./I26XY'
M;_"+_DJN@_\ 763_ -%/7U]7R!\(?^2J:#_UUD_]%/7U_2>Y4-A&.%)/85\(
MW#;[J5SW