FORM 8-K |
Camden National Corporation (Exact name of registrant as specified in its charter) |
Maine | 01-28190 | 01-0413282 | ||
(State or other jurisdiction of incorporation) | (Commission File Number) | (IRS Employer Identification No.) |
Two Elm Street, Camden, Maine | 04843 | |
(Address of principal executive offices) | (Zip Code) |
 | 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 8.01 | Other Events |
Item 9.01 | Financial Statements and Exhibits |
Exhibit No. | Description |
99.1 | Press release announcing earnings for the year ended December 31, 2013. |
CAMDEN NATIONAL CORPORATION | ||
(Registrant) | ||
By: | /s/ DEBORAH A. JORDAN | |
Deborah A. Jordan Chief Financial Officer and Principal Financial & Accounting Officer |
• | Non-performing loans to total loans decreased 12 basis points; |
• | Non-performing assets to total assets decreased 6 basis points; and |
• | Quarterly net charge-offs to average loans (annualized) decreased 6 basis points. |
Selected Financial Data (unaudited) | ||||||||||||||||||||
Three Months Ended | Twelve Months Ended | |||||||||||||||||||
December 31, 2013 | December 31, 2012 | September 30, 2013 | December 31, 2013 | December 31, 2012 | ||||||||||||||||
Selected Financial and Per Share Data: | ||||||||||||||||||||
Return on average assets | 0.68 | % | 0.66 | % | 0.98 | % | 0.88 | % | 0.98 | % | ||||||||||
Return on average shareholders' equity | 7.46 | % | 7.07 | % | 11.03 | % | 9.74 | % | 10.31 | % | ||||||||||
Return on average tangible shareholders' equity (non-GAAP) (1) | 16.12 | % | 9.33 | % | 14.74 | % | 14.55 | % | 13.19 | % | ||||||||||
Tangible equity to tangible assets (non-GAAP) (1) | 7.12 | % | 7.19 | % | 7.07 | % | 7.12 | % | 7.19 | % | ||||||||||
Efficiency ratio (non-GAAP) (1) | 65.79 | % | 65.29 | % | 61.25 | % | 62.78 | % | 57.45 | % | ||||||||||
Yield on average interest-earnings assets | 3.61 | % | 3.88 | % | 3.65 | % | 3.73 | % | 4.14 | % | ||||||||||
Average cost of funds | 0.53 | % | 0.71 | % | 0.54 | % | 0.55 | % | 0.81 | % | ||||||||||
Net interest margin | 3.09 | % | 3.20 | % | 3.13 | % | 3.20 | % | 3.36 | % | ||||||||||
Tier 1 leverage capital ratio | 9.43 | % | 8.94 | % | 9.24 | % | 9.43 | % | 8.94 | % | ||||||||||
Tier 1 risk-based capital ratio | 15.20 | % | 14.31 | % | 14.96 | % | 15.20 | % | 14.31 | % | ||||||||||
Total risk-based capital ratio | 16.45 | % | 15.56 | % | 16.21 | % | 16.45 | % | 15.56 | % | ||||||||||
Basic earnings per share | $ | 0.58 | $ | 0.55 | $ | 0.83 | $ | 2.98 | $ | 3.06 | ||||||||||
Diluted earnings per share | $ | 0.58 | $ | 0.55 | $ | 0.83 | $ | 2.97 | $ | 3.05 | ||||||||||
Cash dividends declared per share | $ | 0.27 | $ | 0.25 | $ | 0.27 | $ | 1.08 | $ | 1.00 | ||||||||||
Book value per share | $ | 30.49 | $ | 30.67 | $ | 30.38 | $ | 30.49 | $ | 30.67 | ||||||||||
Tangible book value per share (non-GAAP) (1) | $ | 23.98 | $ | 23.68 | $ | 23.52 | $ | 23.98 | $ | 23.68 | ||||||||||
Weighted average number of common shares outstanding | 7,628,871 | 7,620,753 | 7,643,720 | 7,634,455 | 7,646,861 | |||||||||||||||
Diluted weighted average number of common shares outstanding | 7,664,795 | 7,638,609 | 7,666,305 | 7,653,270 | 7,661,273 |
Statement of Condition Data | ||||||||
(In Thousands, Except Number of Shares) | December 31, 2013 (unaudited) | December 31, 2012 | ||||||
ASSETS | ||||||||
Cash and due from banks | $ | 51,355 | $ | 58,290 | ||||
Securities | ||||||||
Securities available-for-sale, at fair value | 808,477 | 781,050 | ||||||
Federal Home Loan Bank and Federal Reserve Bank stock, at cost | 19,724 | 21,034 | ||||||
Total securities | 828,201 | 802,084 | ||||||
Trading account assets | 2,488 | 2,300 | ||||||
Loans | 1,580,402 | 1,563,866 | ||||||
Less allowance for loan losses | (21,590 | ) | (23,044 | ) | ||||
Net loans | 1,558,812 | 1,540,822 | ||||||
Goodwill and other intangible assets | 49,319 | 53,299 | ||||||
Bank-owned life insurance | 46,363 | 45,053 | ||||||
Premises and equipment, net | 25,727 | 28,059 | ||||||
Deferred tax asset | 16,047 | 7,663 | ||||||
Interest receivable | 5,808 | 6,215 | ||||||
Other real estate owned | 2,195 | 1,313 | ||||||
Other assets | 17,514 | 19,659 | ||||||
Total assets | $ | 2,603,829 | $ | 2,564,757 | ||||
LIABILITIES AND SHAREHOLDERS’ EQUITY | ||||||||
Liabilities | ||||||||
Deposits | ||||||||
Demand | $ | 243,269 | $ | 240,749 | ||||
Interest checking, savings and money market | 1,128,185 | 1,169,148 | ||||||
Retail certificates of deposit | 343,034 | 418,442 | ||||||
Brokered deposits | 99,336 | 101,130 | ||||||
Total deposits | 1,813,824 | 1,929,469 | ||||||
Federal Home Loan Bank advances | 286,112 | 56,404 | ||||||
Other borrowed funds | 200,058 | 259,940 | ||||||
Junior subordinated debentures | 43,922 | 43,819 | ||||||
Accrued interest and other liabilities | 28,817 | 41,310 | ||||||
Total liabilities | 2,372,733 | 2,330,942 | ||||||
Shareholders’ Equity | ||||||||
Common stock, no par value; authorized 20,000,000 shares, issued and outstanding 7,579,913 and 7,622,750 shares on December 31, 2013 and 2012, respectively | 47,783 | 49,667 | ||||||
Retained earnings | 195,660 | 181,151 | ||||||
Accumulated other comprehensive income (loss) | ||||||||
Net unrealized (losses) gains on securities available-for-sale, net of tax | (7,964 | ) | 12,943 | |||||
Net unrealized losses on derivative instruments, at fair value, net of tax | (2,542 | ) | (7,205 | ) | ||||
Net unrecognized losses on postretirement plans, net of tax | (1,841 | ) | (2,741 | ) | ||||
Total accumulated other comprehensive income (loss) | (12,347 | ) | 2,997 | |||||
Total shareholders’ equity | 231,096 | 233,815 | ||||||
Total liabilities and shareholders’ equity | $ | 2,603,829 | $ | 2,564,757 |
Statement of Income Data (unaudited) | ||||||||||||
Three Months Ended | ||||||||||||
(In Thousands, Except Number of Shares and Per Share Data) | December 31, 2013 | December 31, 2012 | September 30, 2013 | |||||||||
Interest Income | ||||||||||||
Interest and fees on loans | $ | 16,938 | $ | 18,072 | $ | 17,470 | ||||||
Interest on U.S. government and sponsored enterprise obligations | 4,146 | 4,065 | 4,091 | |||||||||
Interest on state and political subdivision obligations | 281 | 321 | 292 | |||||||||
Interest on federal funds sold and other investments | 54 | 91 | 38 | |||||||||
Total interest income | 21,419 | 22,549 | 21,891 | |||||||||
Interest Expense | ||||||||||||
Interest on deposits | 1,646 | 2,147 | 1,780 | |||||||||
Interest on borrowings | 785 | 1,199 | 767 | |||||||||
Interest on junior subordinated debentures | 638 | 642 | 637 | |||||||||
Total interest expense | 3,069 | 3,988 | 3,184 | |||||||||
Net interest income | 18,350 | 18,561 | 18,707 | |||||||||
Provision for (release of) credit losses | (6 | ) | 1,108 | 665 | ||||||||
Net interest income after provision for credit losses | 18,356 | 17,453 | 18,042 | |||||||||
Non-Interest Income | ||||||||||||
Service charges on deposit accounts | 1,551 | 1,700 | 1,750 | |||||||||
Other service charges and fees | 1,461 | 1,257 | 1,568 | |||||||||
Income from fiduciary services | 1,184 | 1,155 | 1,149 | |||||||||
Brokerage and insurance commissions | 522 | 382 | 354 | |||||||||
Mortgage banking income, net | 155 | 112 | 93 | |||||||||
Bank-owned life insurance | 324 | 348 | 334 | |||||||||
Gain on branch divestiture | 2,742 | — | — | |||||||||
Net gain on sale of securities and other-than-temporary impairment of securities | — | 1,439 | 647 | |||||||||
Other income | 675 | 999 | 580 | |||||||||
Total non-interest income | 8,614 | 7,392 | 6,475 | |||||||||
Non-Interest Expenses | ||||||||||||
Salaries and employee benefits | 8,172 | 8,539 | 8,115 | |||||||||
Furniture, equipment and data processing | 1,848 | 1,524 | 1,668 | |||||||||
Net occupancy | 1,248 | 1,304 | 1,242 | |||||||||
Other real estate owned and collection costs | 807 | 590 | 489 | |||||||||
Consulting and professional fees | 701 | 467 | 504 | |||||||||
Regulatory assessments | 503 | 476 | 496 | |||||||||
Amortization of intangible assets | 287 | 224 | 289 | |||||||||
Goodwill impairment | 2,830 | — | — | |||||||||
Branch acquisition and divestiture costs | 95 | 1,620 | 47 | |||||||||
Prepayment fees on borrowings | — | 1,302 | — | |||||||||
Other expenses | 2,495 | 2,717 | 2,349 | |||||||||
Total non-interest expenses | 18,986 | 18,763 | 15,199 | |||||||||
Income before income taxes | 7,984 | 6,082 | 9,318 | |||||||||
Income Taxes | 3,560 | 1,904 | 2,952 | |||||||||
Net Income | $ | 4,424 | $ | 4,178 | $ | 6,366 | ||||||
Per Share Data | ||||||||||||
Basic earnings per share | $ | 0.58 | $ | 0.55 | $ | 0.83 | ||||||
Diluted earnings per share | $ | 0.58 | $ | 0.55 | $ | 0.83 |
Statement of Income Data - continued | ||||||||
Twelve Months Ended December 31, | ||||||||
(In Thousands, Except Number of Shares and Per Share Data) | 2013 (unaudited) | 2012 | ||||||
Interest Income | ||||||||
Interest and fees on loans | $ | 70,262 | $ | 72,859 | ||||
Interest on U.S. government and sponsored enterprise obligations | 16,587 | 16,452 | ||||||
Interest on state and political subdivision obligations | 1,170 | 1,385 | ||||||
Interest on federal funds sold and other investments | 198 | 251 | ||||||
Total interest income | 88,217 | 90,947 | ||||||
Interest Expense | ||||||||
Interest on deposits | 7,073 | 9,293 | ||||||
Interest on borrowings | 3,137 | 5,363 | ||||||
Interest on junior subordinated debentures | 2,532 | 2,546 | ||||||
Total interest expense | 12,742 | 17,202 | ||||||
Net interest income | 75,475 | 73,745 | ||||||
Provision for credit losses | 2,028 | 3,816 | ||||||
Net interest income after provision for credit losses | 73,447 | 69,929 | ||||||
Non-Interest Income | ||||||||
Service charges on deposit accounts | 6,740 | 5,557 | ||||||
Other service charges and fees | 5,971 | 4,061 | ||||||
Income from fiduciary services | 4,751 | 5,038 | ||||||
Brokerage and insurance commissions | 1,697 | 1,491 | ||||||
Mortgage banking income, net | 1,406 | 588 | ||||||
Bank-owned life insurance | 1,310 | 1,382 | ||||||
Gain on branch divestiture | 2,742 | — | ||||||
Net gain on sale of securities and other-than-temporary impairment of securities | 785 | 2,498 | ||||||
Other income | 2,399 | 2,797 | ||||||
Total non-interest income | 27,801 | 23,412 | ||||||
Non-Interest Expenses | ||||||||
Salaries and employee benefits | 32,609 | 29,689 | ||||||
Furniture, equipment and data processing | 7,051 | 5,079 | ||||||
Net occupancy | 5,449 | 4,365 | ||||||
Other real estate owned and collection costs | 2,162 | 2,284 | ||||||
Consulting and professional fees | 2,337 | 1,818 | ||||||
Regulatory assessments | 1,997 | 1,793 | ||||||
Amortization of intangible assets | 1,150 | 657 | ||||||
Goodwill impairment | 2,830 | — | ||||||
Branch acquisition and divestiture costs | 374 | 2,324 | ||||||
Prepayment fees on borrowings | — | 2,030 | ||||||
Other expenses | 10,374 | 8,992 | ||||||
Total non-interest expenses | 66,333 | 59,031 | ||||||
Income before income taxes | 34,915 | 34,310 | ||||||
Income Taxes | 12,132 | 10,882 | ||||||
Net Income | $ | 22,783 | $ | 23,428 | ||||
Per Share Data | ||||||||
Basic earnings per share | $ | 2.98 | $ | 3.06 | ||||
Diluted earnings per share | $ | 2.97 | $ | 3.05 |
Quarterly Average Balance, Interest and Yield/Rate Analysis (unaudited) | ||||||||||||||||||||||
At or for the Three Months Ended | At or for the Three Months Ended | |||||||||||||||||||||
December 31, 2013 | December 31, 2012 | |||||||||||||||||||||
(In Thousands) | Average Balance | Interest | Yield/Rate | Average Balance | Interest | Yield/Rate | ||||||||||||||||
Assets | ||||||||||||||||||||||
Interest-earning assets: | ||||||||||||||||||||||
Securities - taxable | $ | 777,821 | $ | 4,181 | 2.15 | % | $ | 716,862 | $ | 4,118 | 2.30 | % | ||||||||||
Securities - nontaxable (1) | 29,748 | 432 | 5.81 | % | 34,354 | 493 | 5.75 | % | ||||||||||||||
Trading account assets | 2,406 | 20 | 3.27 | % | 2,271 | 25 | 4.38 | % | ||||||||||||||
Federal funds sold | — | — | 22,283 | 14 | 0.25 | % | ||||||||||||||||
Loans: (2) | ||||||||||||||||||||||
Residential real estate | 569,095 | 5,994 | 4.21 | % | 570,525 | 6,516 | 4.57 | % | ||||||||||||||
Commercial real estate | 523,855 | 6,206 | 4.64 | % | 502,421 | 6,309 | 4.91 | % | ||||||||||||||
Commercial | 169,067 | 1,786 | 4.13 | % | 173,101 | 1,976 | 4.47 | % | ||||||||||||||
Municipal (1) | 9,828 | 108 | 4.37 | % | 14,314 | 160 | 4.45 | % | ||||||||||||||
Consumer | 293,041 | 2,881 | 3.90 | % | 292,089 | 3,167 | 4.31 | % | ||||||||||||||
Total loans | 1,564,886 | 16,975 | 4.29 | % | 1,552,450 | 18,128 | 4.62 | % | ||||||||||||||
Total interest-earning assets | 2,374,861 | 21,608 | 3.61 | % | 2,328,220 | 22,778 | 3.88 | % | ||||||||||||||
Cash and due from banks | 42,725 | 55,394 | ||||||||||||||||||||
Other assets | 168,361 | 158,404 | ||||||||||||||||||||
Less: allowance for loan losses | (22,181 | ) | (22,763 | ) | ||||||||||||||||||
Total assets | $ | 2,563,766 | $ | 2,519,255 | ||||||||||||||||||
Liabilities & Shareholders' Equity | ||||||||||||||||||||||
Deposits: | ||||||||||||||||||||||
Non-interest bearing demand deposits | $ | 266,342 | — | — | $ | 232,966 | — | — | ||||||||||||||
Interest checking accounts | 459,427 | 81 | 0.07 | % | 445,847 | 85 | 0.08 | % | ||||||||||||||
Savings accounts | 238,290 | 34 | 0.06 | % | 216,657 | 42 | 0.08 | % | ||||||||||||||
Money market accounts | 431,205 | 310 | 0.28 | % | 454,754 | 452 | 0.40 | % | ||||||||||||||
Certificates of deposit | 351,035 | 873 | 0.99 | % | 404,874 | 1,212 | 1.19 | % | ||||||||||||||
Total deposits | 1,746,299 | 1,298 | 0.29 | % | 1,755,098 | 1,791 | 0.41 | % | ||||||||||||||
Borrowings: | ||||||||||||||||||||||
Brokered deposits | 119,055 | 348 | 1.16 | % | 99,518 | 356 | 1.42 | % | ||||||||||||||
Junior subordinated debentures | 43,909 | 638 | 5.76 | % | 43,807 | 642 | 5.83 | % | ||||||||||||||
Other borrowings | 389,319 | 785 | 0.80 | % | 341,933 | 1,199 | 1.40 | % | ||||||||||||||
Total borrowings | 552,283 | 1,771 | 1.27 | % | 485,258 | 2,197 | 1.80 | % | ||||||||||||||
Total funding liabilities | 2,298,582 | 3,069 | 0.53 | % | 2,240,356 | 3,988 | 0.71 | % | ||||||||||||||
Other liabilities | 29,842 | 43,879 | ||||||||||||||||||||
Shareholders' equity | 235,342 | 235,020 | ||||||||||||||||||||
Total liabilities & shareholders' equity | $ | 2,563,766 | $ | 2,519,255 | ||||||||||||||||||
Net interest income (fully-taxable equivalent) | 18,539 | 18,790 | ||||||||||||||||||||
Less: fully-taxable equivalent adjustment | (189 | ) | (229 | ) | ||||||||||||||||||
Net interest income | $ | 18,350 | $ | 18,561 | ||||||||||||||||||
Net interest rate spread (fully-taxable equivalent) | 3.08 | % | 3.17 | % | ||||||||||||||||||
Net interest margin (fully-taxable equivalent) | 3.09 | % | 3.20 | % | ||||||||||||||||||
(1) Reported on tax-equivalent basis calculated using a tax rate of 35%. | ||||||||||||||||||||||
(2) Non-accrual loans and loans held for sale are included in total average loans. |
Year-to-Date Average Balance, Interest and Yield/Rate Analysis (unaudited) | ||||||||||||||||||||||
At or for the Twelve Months Ended | At or for the Twelve Months Ended | |||||||||||||||||||||
December 31, 2013 | December 31, 2012 | |||||||||||||||||||||
(In Thousands) | Average Balance | Interest | Yield/Rate | Average Balance | Interest | Yield/Rate | ||||||||||||||||
Assets | ||||||||||||||||||||||
Interest-earning assets: | ||||||||||||||||||||||
Securities - taxable | $ | 772,095 | $ | 16,751 | 2.17 | % | $ | 640,779 | $ | 16,646 | 2.60 | % | ||||||||||
Securities - nontaxable (1) | 30,672 | 1,799 | 5.87 | % | 37,163 | 2,130 | 5.73 | % | ||||||||||||||
Trading account assets | 2,295 | 34 | 1.48 | % | 2,214 | 43 | 1.94 | % | ||||||||||||||
Federal funds sold | — | — | — | 5,601 | 14 | 0.25 | % | |||||||||||||||
Loans: (2) | ||||||||||||||||||||||
Residential real estate | 571,291 | 25,209 | 4.41 | % | 573,227 | 27,210 | 4.75 | % | ||||||||||||||
Commercial real estate | 515,501 | 24,764 | 4.80 | % | 491,732 | 24,572 | 5.00 | % | ||||||||||||||
Commercial | 173,933 | 7,591 | 4.36 | % | 169,043 | 7,961 | 4.71 | % | ||||||||||||||
Municipal (1) | 11,799 | 508 | 4.31 | % | 14,473 | 694 | 4.80 | % | ||||||||||||||
Consumer | 308,335 | 12,369 | 4.01 | % | 287,173 | 12,665 | 4.41 | % | ||||||||||||||
Total loans | 1,580,859 | 70,441 | 4.46 | % | 1,535,648 | 73,102 | 4.76 | % | ||||||||||||||
Total interest-earning assets | 2,385,921 | 89,025 | 3.73 | % | 2,221,405 | 91,935 | 4.14 | % | ||||||||||||||
Cash and due from banks | 43,879 | 42,165 | ||||||||||||||||||||
Other assets | 167,557 | 154,970 | ||||||||||||||||||||
Less: allowance for loan losses | (22,968 | ) | (23,050 | ) | ||||||||||||||||||
Total assets | $ | 2,574,389 | $ | 2,395,490 | ||||||||||||||||||
Liabilities & Shareholders' Equity | ||||||||||||||||||||||
Deposits: | ||||||||||||||||||||||
Non-interest bearing demand deposits | $ | 246,637 | — | — | $ | 240,369 | — | — | ||||||||||||||
Interest checking accounts | 471,331 | 324 | 0.07 | % | 351,232 | 336 | 0.10 | % | ||||||||||||||
Savings accounts | 237,110 | 133 | 0.06 | % | 195,800 | 285 | 0.15 | % | ||||||||||||||
Money market accounts | 442,908 | 1,346 | 0.30 | % | 382,274 | 2,019 | 0.53 | % | ||||||||||||||
Certificates of deposit | 387,816 | 3,856 | 0.99 | % | 385,666 | 4,998 | 1.30 | % | ||||||||||||||
Total deposits | 1,785,802 | 5,659 | 0.32 | % | 1,555,341 | 7,638 | 0.49 | % | ||||||||||||||
Borrowings: | ||||||||||||||||||||||
Brokered deposits | 118,423 | 1,414 | 1.19 | % | 117,815 | 1,655 | 1.40 | % | ||||||||||||||
Junior subordinated debentures | 43,871 | 2,532 | 5.77 | % | 43,769 | 2,546 | 5.82 | % | ||||||||||||||
Other borrowings | 360,948 | 3,137 | 0.87 | % | 414,566 | 5,363 | 1.29 | % | ||||||||||||||
Total borrowings | 523,242 | 7,083 | 1.35 | % | 576,150 | 9,564 | 1.66 | % | ||||||||||||||
Total funding liabilities | 2,309,044 | 12,742 | 0.55 | % | 2,131,491 | 17,202 | 0.81 | % | ||||||||||||||
Other liabilities | 31,457 | 36,870 | ||||||||||||||||||||
Shareholders' equity | 233,888 | 227,129 | ||||||||||||||||||||
Total liabilities & shareholders' equity | $ | 2,574,389 | $ | 2,395,490 | ||||||||||||||||||
Net interest income (fully-taxable equivalent) | 76,283 | 74,733 | ||||||||||||||||||||
Less: fully-taxable equivalent adjustment | (808 | ) | (988 | ) | ||||||||||||||||||
Net interest income | $ | 75,475 | $ | 73,745 | ||||||||||||||||||
Net interest rate spread (fully-taxable equivalent) | 3.18 | % | 3.33 | % | ||||||||||||||||||
Net interest margin (fully-taxable equivalent) | 3.20 | % | 3.36 | % | ||||||||||||||||||
(1) Reported on tax-equivalent basis calculated using a tax rate of 35%. | ||||||||||||||||||||||
(2) Non-accrual loans and loans held for sale are included in total average loans. |
Asset Quality Data (unaudited) | ||||||||||||||||||||
At or for Twelve Months Ended | At or for Nine Months Ended | At or for Six Months Ended | At or for Three Months Ended | At or for Twelve Months Ended | ||||||||||||||||
(In Thousands) | December 31, 2013 | September 30, 2013 | June 30, 2013 | March 31, 2013 | December 31, 2012 | |||||||||||||||
Non-accrual loans: | ||||||||||||||||||||
Residential real estate | $ | 10,520 | $ | 10,224 | $ | 8,624 | $ | 10,311 | $ | 10,584 | ||||||||||
Commercial real estate | 7,799 | 9,847 | 6,634 | 5,782 | 6,719 | |||||||||||||||
Commercial | 2,146 | 2,994 | 3,233 | 3,134 | 3,409 | |||||||||||||||
Consumer | 2,012 | 2,018 | 1,945 | 2,341 | 1,771 | |||||||||||||||
Total non-accrual loans | 22,477 | 25,083 | 20,436 | 21,568 | 22,483 | |||||||||||||||
Loans 90 days past due and accruing | 455 | 24 | — | 49 | 611 | |||||||||||||||
Renegotiated loans not included above | 5,468 | 5,379 | 5,701 | 5,491 | 4,674 | |||||||||||||||
Total non-performing loans | 28,400 | 30,486 | 26,137 | 27,108 | 27,768 | |||||||||||||||
Other real estate owned: | ||||||||||||||||||||
Residential real estate | 1,044 | 1,126 | 1,038 | 1,101 | 669 | |||||||||||||||
Commercial real estate | 1,151 | 676 | 1,117 | 812 | 644 | |||||||||||||||
Total other real estate owned | 2,195 | 1,802 | 2,155 | 1,913 | 1,313 | |||||||||||||||
Total non-performing assets | $ | 30,595 | $ | 32,288 | $ | 28,292 | $ | 29,021 | $ | 29,081 | ||||||||||
Loans 30-89 days past due: | ||||||||||||||||||||
Residential real estate | $ | 1,551 | $ | 1,419 | $ | 1,827 | $ | 1,165 | $ | 1,658 | ||||||||||
Commercial real estate | 2,595 | 833 | 1,591 | 3,375 | 2,618 | |||||||||||||||
Commercial | 313 | 529 | 202 | 731 | 1,043 | |||||||||||||||
Consumer | 1,571 | 1,207 | 716 | 962 | 2,721 | |||||||||||||||
Total loans 30-89 days past due | $ | 6,030 | $ | 3,988 | $ | 4,336 | $ | 6,233 | $ | 8,040 | ||||||||||
Allowance for loan losses at the beginning of the period | $ | 23,044 | $ | 23,044 | $ | 23,044 | $ | 23,044 | $ | 23,011 | ||||||||||
Provision for loan losses | 2,052 | 2,051 | 1,384 | 684 | 3,791 | |||||||||||||||
Charge-offs: | ||||||||||||||||||||
Residential real estate | 1,059 | 687 | 347 | 145 | 1,197 | |||||||||||||||
Commercial real estate | 952 | 762 | 171 | 80 | 593 | |||||||||||||||
Commercial | 1,426 | 823 | 444 | 277 | 1,393 | |||||||||||||||
Consumer | 837 | 598 | 470 | 85 | 1,319 | |||||||||||||||
Total charge-offs | 4,274 | 2,870 | 1,432 | 587 | 4,502 | |||||||||||||||
Total recoveries | 768 | 436 | 325 | 228 | 744 | |||||||||||||||
Net charge-offs | 3,506 | 2,434 | 1,107 | 359 | 3,758 | |||||||||||||||
Allowance for loan losses at the end of the period | $ | 21,590 | $ | 22,661 | $ | 23,321 | $ | 23,369 | $ | 23,044 | ||||||||||
Components of allowance for credit losses: | ||||||||||||||||||||
Allowance for loan losses | $ | 21,590 | $ | 22,661 | $ | 23,321 | $ | 23,369 | $ | 23,044 | ||||||||||
Liability for unfunded credit commitments | 21 | 28 | 30 | 35 | 45 | |||||||||||||||
Balance of allowance for credit losses | $ | 21,611 | $ | 22,689 | $ | 23,351 | $ | 23,404 | $ | 23,089 | ||||||||||
Ratios: | ||||||||||||||||||||
Non-performing loans to total loans | 1.80 | % | 1.92 | % | 1.63 | % | 1.72 | % | 1.78 | % | ||||||||||
Non-performing assets to total assets | 1.18 | % | 1.24 | % | 1.09 | % | 1.12 | % | 1.13 | % | ||||||||||
Allowance for credit losses to total loans | 1.37 | % | 1.43 | % | 1.45 | % | 1.48 | % | 1.48 | % | ||||||||||
Net charge-offs to average loans (annualized) | ||||||||||||||||||||
Quarter-to-date | 0.27 | % | 0.33 | % | 0.20 | % | 0.09 | % | 0.24 | % | ||||||||||
Year-to-date | 0.22 | % | 0.20 | % | 0.14 | % | 0.09 | % | 0.24 | % | ||||||||||
Allowance for credit losses to non-performing loans | 76.09 | % | 74.42 | % | 89.34 | % | 86.34 | % | 83.15 | % | ||||||||||
Loans 30-89 days past due to total loans | 0.38 | % | 0.25 | % | 0.27 | % | 0.39 | % | 0.51 | % |
Three Months Ended | Twelve Months Ended | |||||||||||||||||||
(In Thousands) | December 31, 2013 | December 31, 2012 | September 30, 2013 | December 31, 2013 | December 31, 2012 | |||||||||||||||
Non-interest expense, as presented | $ | 18,986 | $ | 18,763 | $ | 15,199 | $ | 66,333 | $ | 59,031 | ||||||||||
Less: branch acquisition and divestiture costs | 95 | 1,620 | 47 | 374 | 2,324 | |||||||||||||||
Less: prepayment fees on borrowings | — | 1,302 | — | — | 2,030 | |||||||||||||||
Less: goodwill impairment | 2,830 | — | — | 2,830 | — | |||||||||||||||
Adjusted non-interest expense | $ | 16,061 | $ | 15,841 | $ | 15,152 | $ | 63,129 | $ | 54,677 | ||||||||||
Net interest income, as presented | $ | 18,350 | $ | 18,561 | $ | 18,707 | $ | 75,475 | $ | 73,745 | ||||||||||
Effect of tax-exempt income | 189 | 229 | 203 | 808 | 988 | |||||||||||||||
Non-interest income, as presented | 8,614 | 7,392 | 6,475 | 27,801 | 23,412 | |||||||||||||||
Less: gains on sale of securities, net of other-than-temporary impairments | — | 1,439 | 647 | 785 | 2,498 | |||||||||||||||
Less: gain on branch divestiture | 2,742 | — | — | 2,742 | — | |||||||||||||||
Less: gain on sale of branch facility | — | 479 | — | — | 479 | |||||||||||||||
Adjusted net interest income plus non-interest income | $ | 24,411 | $ | 24,264 | $ | 24,738 | $ | 100,557 | $ | 95,168 | ||||||||||
Non-GAAP efficiency ratio | 65.79 | % | 65.29 | % | 61.25 | % | 62.78 | % | 57.45 | % | ||||||||||
GAAP efficiency ratio | 70.41 | % | 72.30 | % | 60.36 | % | 64.23 | % | 60.76 | % |
Three Months Ended | Twelve Months Ended | |||||||||||||||||||
(In Thousands) | December 31, 2013 | December 31, 2013 | September 30, 2013 | December 31, 2013 | December 31, 2012 | |||||||||||||||
Net interest income, as presented | $ | 18,350 | $ | 18,561 | $ | 18,707 | $ | 75,475 | $ | 73,745 | ||||||||||
Effect of tax-exempt income | 189 | 229 | 203 | 808 | 988 | |||||||||||||||
Net interest income, tax equivalent | $ | 18,539 | $ | 18,790 | $ | 18,910 | $ | 76,283 | $ | 74,733 |
Three Months Ended | Twelve Months Ended | |||||||||||||||||||
(In Thousands) | December 31, 2013 | December 31, 2012 | September 30, 2013 | December 31, 2013 | December 31, 2012 | |||||||||||||||
Net income, as presented | $ | 4,424 | $ | 4,178 | $ | 6,366 | $ | 22,873 | $ | 23,428 | ||||||||||
Tax affected amortization of intangible assets | 186 | 146 | 188 | 747 | 427 | |||||||||||||||
Goodwill impairment | 2,830 | — | — | 2,830 | — | |||||||||||||||
Net income, adjusted | $ | 7,440 | $ | 4,324 | $ | 6,554 | $ | 26,450 | $ | 23,855 | ||||||||||
Average shareholders’ equity, as presented | 235,342 | 235,020 | 228,909 | 233,888 | 227,129 | |||||||||||||||
Less: average goodwill and other intangibles | 52,253 | 50,687 | 52,572 | 52,708 | 46,253 | |||||||||||||||
Average tangible shareholders’ equity | $ | 183,089 | $ | 184,333 | $ | 176,337 | $ | 181,180 | $ | 180,876 | ||||||||||
Return on average tangible shareholders' equity | 16.12 | % | 9.33 | % | 14.74 | % | 14.55 | % | 13.19 | % | ||||||||||
Return on average shareholders' equity | 7.46 | % | 7.07 | % | 11.03 | % | 9.74 | % | 10.31 | % |
At December 31, | At December 31, | At September 30, | ||||||||||
(In Thousands, Except Number of Shares and Per Share Data) | 2013 | 2012 | 2013 | |||||||||
Shareholders' equity, as presented | $ | 231,096 | $ | 233,815 | $ | 232,282 | ||||||
Less: goodwill and other intangible assets | 49,319 | 53,299 | 52,436 | |||||||||
Tangible shareholders' equity | $ | 181,777 | $ | 180,516 | $ | 179,846 | ||||||
Shares outstanding at period end | 7,579,913 | 7,622,750 | 7,646,664 | |||||||||
Tangible book value per share | $ | 23.98 | $ | 23.68 | $ | 23.52 | ||||||
Book value per share | $ | 30.49 | $ | 30.67 | $ | 30.38 |
At December 31, | At December 31, | At September 30, | ||||||||||
(In Thousands) | 2013 | 2012 | 2013 | |||||||||
Shareholders' equity, as presented | $ | 231,096 | $ | 233,815 | $ | 232,282 | ||||||
Less: goodwill and other intangibles | 49,319 | 53,299 | 52,436 | |||||||||
Tangible shareholders' equity | $ | 181,777 | $ | 180,516 | $ | 179,846 | ||||||
Total assets | $ | 2,603,829 | $ | 2,564,757 | $ | 2,597,255 | ||||||
Less: goodwill and other intangibles | 49,319 | 53,299 | 52,436 | |||||||||
Tangible assets | $ | 2,554,510 | $ | 2,511,458 | $ | 2,544,819 | ||||||
Tangible shareholders' equity to tangible assets | 7.12 | % | 7.19 | % | 7.07 | % | ||||||
Shareholders' equity to assets | 8.88 | % | 9.12 | % | 8.94 | % |
1=TL6>RM:U9_24%W`&D*U68BK6FG+J1K!;\ /[::VPMC;V=TYB=C]I).SA'1J^2-/)
M%56J1&Y`#*"BC1-P?Y"X[[4^);O.]XKL/;+E4V\5![)2G;MXV!V_33<)5^^1
MBC%TRE63>>3;G715(H!FSTBR15#F2$XT_P"3]F[AX&W_`!YC: 2L-B;8M;\>86PN+>TN)QW:ZF]TM]*`H*&>C1#VC3K#,L2EA&VM^<.\
MH97BC.YJ["W/)^?R-K41^5Q'+X8))O';^
M02$OXSW/<]^_6HC,<'DH3"W6*[MI$MR:_.-;%&6ZTZ)`Q+16SPL^HN0T*]A6
MQGK/[!HP6^$H**+&-]3"(`)2%H[F]U0W.Z1N;:MFF#,31M#%;NQ$3Q@>]7(!
MU,PU'L!WI0]R>A.W]G3VFSVVGO&^DW`)5E2>6YC13-'(3[&12PTJITCW$]JU
M'8"G_P!::LSP^YQ\GO7I)R;AYFSWY]
"IC@JHYJCT4
M7[A3Q%9S7_(@`"G8;"\UBUY#XQP/,5O&B9<_Y2]T@"K#4H)_)98VT?4),H[@
M"E9.`FO.,>6MQ<&W4KR811][8:B31&",5'YM%*GD/H9(&(H2:\#WF
E;U
XRXQSF1Q&0W1;9',96;RM=&HME$9;2);IV*-/*97=FUE.Q#,&*ZI2YRVYR
MURWM_%YO&[0NL7@\-!X4M!I:Z8R!=;0V<:B1;>$11QHF@/[@50J&T>?FAAO-
MO2;WPOYC!P_T`DA3Z9GT9:,@J;MU?KA`2.5Z;-2M?2GX^!KP3D$E