MONTANA | 000-18911 | 81-0519541 |
(State or other jurisdiction of incorporation) | (Commission File Number) | (IRS Employer Identification No.) |
49 Commons Loop, Kalispell, Montana | 59901 |
(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)) |
(d) |
Dated: | January 25, 2018 | GLACIER BANCORP, INC. | |
By: | /s/ Randall M. Chesler | ||
Randall M. Chesler | |||
President and Chief Executive Officer |
FOR IMMEDIATE RELEASE | CONTACT: Randall M. Chesler, CEO |
(406) 751-4722 | |
Ron J. Copher, CFO | |
(406) 751-7706 |
• | Recognized a one-time tax expense of $19.7 million from the revaluation of the net deferred tax asset as a result of the Tax Cuts and Jobs Act (“Tax Act”). The Company believes that the financial results are more comparable excluding the impact of the revaluation of the net deferred tax asset, so we have included a Non-GAAP Financial Measures section within the earnings release that shows certain key business measures without the impact of the one-time tax adjustment. |
• | Net income of $34.7 million for the current quarter, an increase of $3.7 million over the prior year fourth quarter net income of $31.0 million, excluding the impact of the Tax Act. Including the impact from the Tax Act, net income was $15.0 million. |
• | Current quarter diluted earnings per share of $0.44, an increase of 7 percent from the prior year fourth quarter diluted earnings per share of $0.41, excluding the impact of the Tax Act. Including the impact from the Tax Act, diluted earnings per share was $0.19. |
• | Net interest margin of 4.23 percent as a percentage of earning assets, on a tax equivalent basis, a 21 basis point increase over the 4.02 percent net interest margin in the fourth quarter of the prior year. |
• | Declared and paid a regular quarterly dividend of $0.21 per share. The dividend was the 131st consecutive quarterly dividend. |
• | The Company announced the signing of a definitive agreement to acquire Inter-Mountain Bancorp, Inc., the holding company for First Security Bank, a community bank in Bozeman, Montana, with total assets of $1.028 billion as of December 31, 2017. |
• | Total assets of $9.7 billion at year end enabled the Company to delay the impact of the Durbin Amendment for one additional year. |
• | Record net income of $136 million for 2017, an increase of $14.9 million, or 12 percent, over the prior year net income of $121 million, excluding the impact of the Tax Act. Including the impact from the Tax Act, net income was $116 million. |
• | Diluted earnings per share of $1.75, an increase of 10 percent from the prior year diluted earnings per share of $1.59, excluding the impact of the Tax Act. Including the impact from the Tax Act, diluted earnings per share was $1.50. |
• | Organic loan growth of $601 million, or 11 percent, for the current year. |
• | Net interest margin of 4.12 percent as a percentage of earning assets, on a tax equivalent basis, a 10 basis point increase over the 4.02 percent net interest margin in the prior year. |
Three Months ended | Year ended | ||||||||||||||||||||
(Dollars in thousands, except per share data) | Dec 31, 2017 | Sep 30, 2017 | Jun 30, 2017 | Mar 31, 2017 | Dec 31, 2016 | Dec 31, 2017 | Dec 31, 2016 | ||||||||||||||
Net income (GAAP) | $ | 14,956 | 36,479 | 33,687 | 31,255 | 31,041 | 116,377 | 121,131 | |||||||||||||
Tax Act adjustment (GAAP) | 19,699 | — | — | — | — | 19,699 | — | ||||||||||||||
Net income (non-GAAP) | $ | 34,655 | 36,479 | 33,687 | 31,255 | 31,041 | 136,076 | 121,131 | |||||||||||||
Basic earnings per share (GAAP) | $ | 0.19 | 0.47 | 0.43 | 0.41 | 0.41 | 1.50 | 1.59 | |||||||||||||
Tax Act adjustment (GAAP) | 0.25 | — | — | — | — | 0.25 | — | ||||||||||||||
Basic earnings per share (non-GAAP) | $ | 0.44 | 0.47 | 0.43 | 0.41 | 0.41 | 1.75 | 1.59 | |||||||||||||
Diluted earnings per share (GAAP) | $ | 0.19 | 0.47 | 0.43 | 0.41 | 0.41 | 1.50 | 1.59 | |||||||||||||
Tax Act adjustment (GAAP) | 0.25 | — | — | — | — | 0.25 | — | ||||||||||||||
Diluted earnings per share (non-GAAP) | $ | 0.44 | 0.47 | 0.43 | 0.41 | 0.41 | 1.75 | 1.59 | |||||||||||||
Return on average assets (annualized) (GAAP) | 0.61 | % | 1.46 | % | 1.39 | % | 1.35 | % | 1.33 | % | 1.20 | % | 1.32 | % | |||||||
Tax Act adjustment (GAAP) | 0.81 | % | — | % | — | % | — | % | — | % | 0.21 | % | — | % | |||||||
Return on average assets (annualized) (non-GAAP) | 1.42 | % | 1.46 | % | 1.39 | % | 1.35 | % | 1.33 | % | 1.41 | % | 1.32 | % | |||||||
Return on average equity (annualized) (GAAP) | 4.91 | % | 11.87 | % | 11.37 | % | 11.19 | % | 10.82 | % | 9.80 | % | 10.79 | % | |||||||
Tax Act adjustment (GAAP) | 6.47 | % | — | % | — | % | — | % | — | % | 1.66 | % | — | % | |||||||
Return on average equity (annualized) (non-GAAP) | 11.38 | % | 11.87 | % | 11.37 | % | 11.19 | % | 10.82 | % | 11.46 | % | 10.79 | % | |||||||
Dividend payout ratio (annualized) (GAAP) | 110.53 | % | 108.51 | % | 48.84 | % | 51.22 | % | 121.95 | % | 76.00 | % | 69.18 | % | |||||||
Tax Act adjustment (GAAP) | (62.80 | )% | — | % | — | % | — | % | — | % | (10.86 | )% | — | % | |||||||
Dividend payout ratio (annualized) (non-GAAP) | 47.73 | % | 108.51 | % | 48.84 | % | 51.22 | % | 121.95 | % | 65.14 | % | 69.18 | % | |||||||
Effective tax rate (GAAP) | 67.69 | % | 24.19 | % | 26.11 | % | 23.79 | % | 23.74 | % | 35.70 | % | 24.67 | % | |||||||
Tax Act adjustment (GAAP) | (42.57 | )% | — | % | — | % | — | % | — | % | (10.88 | )% | — | % | |||||||
Effective tax rate (non-GAAP) | 25.12 | % | 24.19 | % | 26.11 | % | 23.79 | % | 23.74 | % | 24.82 | % | 24.67 | % |
At or for the Three Months ended | At or for the Year ended | ||||||||||||||||||||
(Dollars in thousands, except per share and market data) | Dec 31, 2017 | Sep 30, 2017 | Jun 30, 2017 | Mar 31, 2017 | Dec 31, 2016 | Dec 31, 2017 | Dec 31, 2016 | ||||||||||||||
Operating results | |||||||||||||||||||||
Net income 1 | $ | 34,655 | 36,479 | 33,687 | 31,255 | 31,041 | 136,076 | 121,131 | |||||||||||||
Basic earnings per share 1 | $ | 0.44 | 0.47 | 0.43 | 0.41 | 0.41 | 1.75 | 1.59 | |||||||||||||
Diluted earnings per share 1 | $ | 0.44 | 0.47 | 0.43 | 0.41 | 0.41 | 1.75 | 1.59 | |||||||||||||
Dividends declared per share 2 | $ | 0.21 | 0.51 | 0.21 | 0.21 | 0.50 | 1.14 | 1.10 | |||||||||||||
Market value per share | |||||||||||||||||||||
Closing | $ | 39.39 | 37.76 | 36.61 | 33.93 | 36.23 | 39.39 | 36.23 | |||||||||||||
High | $ | 40.31 | 37.76 | 36.72 | 38.03 | 37.66 | 40.31 | 37.66 | |||||||||||||
Low | $ | 36.01 | 31.50 | 32.06 | 32.47 | 27.50 | 31.50 | 22.19 | |||||||||||||
Selected ratios and other data | |||||||||||||||||||||
Number of common stock shares outstanding | 78,006,956 | 78,006,956 | 78,001,890 | 76,619,952 | 76,525,402 | 78,006,956 | 76,525,402 | ||||||||||||||
Average outstanding shares - basic | 78,006,956 | 78,004,450 | 77,546,236 | 76,572,116 | 76,525,402 | 77,537,664 | 76,278,463 | ||||||||||||||
Average outstanding shares - diluted | 78,094,494 | 78,065,942 | 77,592,325 | 76,633,283 | 76,615,272 | 77,607,605 | 76,341,836 | ||||||||||||||
Return on average assets (annualized) 1 | 1.42 | % | 1.46 | % | 1.39 | % | 1.35 | % | 1.33 | % | 1.41 | % | 1.32 | % | |||||||
Return on average equity (annualized) 1 | 11.38 | % | 11.87 | % | 11.37 | % | 11.19 | % | 10.82 | % | 11.46 | % | 10.79 | % | |||||||
Efficiency ratio | 54.02 | % | 53.44 | % | 52.89 | % | 55.57 | % | 55.08 | % | 53.94 | % | 55.88 | % | |||||||
Dividend payout ratio 1,2 | 47.73 | % | 108.51 | % | 48.84 | % | 51.22 | % | 121.95 | % | 65.14 | % | 69.18 | % | |||||||
Loan to deposit ratio | 87.29 | % | 84.43 | % | 81.86 | % | 78.91 | % | 78.10 | % | 87.29 | % | 78.10 | % | |||||||
Number of full time equivalent employees | 2,278 | 2,250 | 2,265 | 2,224 | 2,222 | 2,278 | 2,222 | ||||||||||||||
Number of locations | 145 | 145 | 145 | 142 | 142 | 145 | 142 | ||||||||||||||
Number of ATMs | 200 | 200 | 199 | 195 | 200 | 200 | 200 |
_______ |
1 Excludes a one-time revaluation of the deferred tax assets and deferred tax liabilities as a result of the Tax Act for the three months and year ended December 31, 2017. For additional information on the revaluation, see the “Non-GAAP Financial Measures - Tax Cuts and Jobs Act” section above. |
2 Includes a special dividend declared of $0.30 per share for the three months ended September 30, 2017 and December 31, 2016 and for the years ended December 31, 2017 and 2016. |
(Dollars in thousands) | April 30, 2017 | ||
Total assets | $ | 385,839 | |
Investment securities | 25,420 | ||
Loans receivable | 292,529 | ||
Non-interest bearing deposits | 97,527 | ||
Interest bearing deposits | 199,233 | ||
Federal Home Loan Bank advances | 22,800 |
$ Change from | |||||||||||||||
(Dollars in thousands) | Dec 31, 2017 | Sep 30, 2017 | Dec 31, 2016 | Sep 30, 2017 | Dec 31, 2016 | ||||||||||
Cash and cash equivalents | $ | 200,004 | 220,210 | 152,541 | (20,206 | ) | 47,463 | ||||||||
Investment securities, available-for-sale | 1,778,243 | 1,886,517 | 2,425,477 | (108,274 | ) | (647,234 | ) | ||||||||
Investment securities, held-to-maturity | 648,313 | 655,128 | 675,674 | (6,815 | ) | (27,361 | ) | ||||||||
Total investment securities | 2,426,556 | 2,541,645 | 3,101,151 | (115,089 | ) | (674,595 | ) | ||||||||
Loans receivable | |||||||||||||||
Residential real estate | 720,728 | 734,242 | 674,347 | (13,514 | ) | 46,381 | |||||||||
Commercial real estate | 3,577,139 | 3,503,976 | 2,990,141 | 73,163 | 586,998 | ||||||||||
Other commercial | 1,579,353 | 1,575,514 | 1,342,250 | 3,839 | 237,103 | ||||||||||
Home equity | 457,918 | 452,291 | 434,774 | 5,627 | 23,144 | ||||||||||
Other consumer | 242,686 | 243,410 | 242,951 | (724 | ) | (265 | ) | ||||||||
Loans receivable | 6,577,824 | 6,509,433 | 5,684,463 | 68,391 | 893,361 | ||||||||||
Allowance for loan and lease losses | (129,568 | ) | (129,576 | ) | (129,572 | ) | 8 | 4 | |||||||
Loans receivable, net | 6,448,256 | 6,379,857 | 5,554,891 | 68,399 | 893,365 | ||||||||||
Other assets | 631,533 | 656,890 | 642,017 | (25,357 | ) | (10,484 | ) | ||||||||
Total assets | $ | 9,706,349 | 9,798,602 | 9,450,600 | (92,253 | ) | 255,749 |
At or for the Year ended | At or for the Nine Months ended | At or for the Year ended | |||||||
(Dollars in thousands) | Dec 31, 2017 | Sep 30, 2017 | Dec 31, 2016 | ||||||
Allowance for loan and lease losses | |||||||||
Balance at beginning of period | $ | 129,572 | 129,572 | 129,697 | |||||
Provision for loan losses | 10,824 | 7,938 | 2,333 | ||||||
Charge-offs | (19,331 | ) | (14,801 | ) | (11,496 | ) | |||
Recoveries | 8,503 | 6,867 | 9,038 | ||||||
Balance at end of period | $ | 129,568 | 129,576 | 129,572 | |||||
Other real estate owned | $ | 14,269 | 14,359 | 20,954 | |||||
Accruing loans 90 days or more past due | 6,077 | 3,944 | 1,099 | ||||||
Non-accrual loans | 44,833 | 46,770 | 49,332 | ||||||
Total non-performing assets | $ | 65,179 | 65,073 | 71,385 | |||||
Non-performing assets as a percentage of subsidiary assets | 0.68 | % | 0.67 | % | 0.76 | % | |||
Allowance for loan and lease losses as a percentage of non-performing loans | 255 | % | 256 | % | 257 | % | |||
Allowance for loan and lease losses as a percentage of total loans | 1.97 | % | 1.99 | % | 2.28 | % | |||
Net charge-offs as a percentage of total loans | 0.17 | % | 0.12 | % | 0.04 | % | |||
Accruing loans 30-89 days past due | $ | 37,687 | 29,115 | 25,617 | |||||
Accruing troubled debt restructurings | $ | 38,491 | 31,093 | 52,077 | |||||
Non-accrual troubled debt restructurings | $ | 23,709 | 22,134 | 21,693 | |||||
U.S. government guarantees included in non-performing assets | $ | 2,513 | 1,913 | 1,746 |
(Dollars in thousands) | Provision for Loan Losses | Net Charge-Offs (Recoveries) | ALLL as a Percent of Loans | Accruing Loans 30-89 Days Past Due as a Percent of Loans | Non-Performing Assets to Total Subsidiary Assets | |||||||||||
Fourth quarter 2017 | $ | 2,886 | $ | 2,894 | 1.97 | % | 0.57 | % | 0.68 | % | ||||||
Third quarter 2017 | 3,327 | 3,628 | 1.99 | % | 0.45 | % | 0.67 | % | ||||||||
Second quarter 2017 | 3,013 | 2,362 | 2.05 | % | 0.49 | % | 0.70 | % | ||||||||
First quarter 2017 | 1,598 | 1,944 | 2.20 | % | 0.67 | % | 0.75 | % | ||||||||
Fourth quarter 2016 | 1,139 | 4,101 | 2.28 | % | 0.45 | % | 0.76 | % | ||||||||
Third quarter 2016 | 626 | 478 | 2.37 | % | 0.49 | % | 0.84 | % | ||||||||
Second quarter 2016 | — | (2,315 | ) | 2.46 | % | 0.44 | % | 0.82 | % | |||||||
First quarter 2016 | 568 | 194 | 2.50 | % | 0.46 | % | 0.88 | % |
$ Change from | |||||||||||||||
(Dollars in thousands) | Dec 31, 2017 | Sep 30, 2017 | Dec 31, 2016 | Sep 30, 2017 | Dec 31, 2016 | ||||||||||
Deposits | |||||||||||||||
Non-interest bearing deposits | $ | 2,311,902 | 2,355,983 | 2,041,852 | (44,081 | ) | 270,050 | ||||||||
NOW and DDA accounts | 1,695,246 | 1,733,353 | 1,588,550 | (38,107 | ) | 106,696 | |||||||||
Savings accounts | 1,082,604 | 1,081,056 | 996,061 | 1,548 | 86,543 | ||||||||||
Money market deposit accounts | 1,512,693 | 1,564,738 | 1,464,415 | (52,045 | ) | 48,278 | |||||||||
Certificate accounts | 817,259 | 846,005 | 948,714 | (28,746 | ) | (131,455 | ) | ||||||||
Core deposits, total | 7,419,704 | 7,581,135 | 7,039,592 | (161,431 | ) | 380,112 | |||||||||
Wholesale deposits | 160,043 | 186,019 | 332,687 | (25,976 | ) | (172,644 | ) | ||||||||
Deposits, total | 7,579,747 | 7,767,154 | 7,372,279 | (187,407 | ) | 207,468 | |||||||||
Repurchase agreements | 362,573 | 453,596 | 473,650 | (91,023 | ) | (111,077 | ) | ||||||||
Federal Home Loan Bank advances | 353,995 | 153,685 | 251,749 | 200,310 | 102,246 | ||||||||||
Other borrowed funds | 8,224 | 8,243 | 4,440 | (19 | ) | 3,784 | |||||||||
Subordinated debentures | 126,135 | 126,099 | 125,991 | 36 | 144 | ||||||||||
Other liabilities | 76,618 | 83,624 | 105,622 | (7,006 | ) | (29,004 | ) | ||||||||
Total liabilities | $ | 8,507,292 | 8,592,401 | 8,333,731 | (85,109 | ) | 173,561 |
$ Change from | |||||||||||||||
(Dollars in thousands, except per share data) | Dec 31, 2017 | Sep 30, 2017 | Dec 31, 2016 | Sep 30, 2017 | Dec 31, 2016 | ||||||||||
Common equity | $ | 1,201,036 | 1,201,534 | 1,124,251 | (498 | ) | 76,785 | ||||||||
Accumulated other comprehensive (loss) income | (1,979 | ) | 4,667 | (7,382 | ) | (6,646 | ) | 5,403 | |||||||
Total stockholders’ equity | 1,199,057 | 1,206,201 | 1,116,869 | (7,144 | ) | 82,188 | |||||||||
Goodwill and core deposit intangible, net | (191,995 | ) | (192,609 | ) | (159,400 | ) | 614 | (32,595 | ) | ||||||
Tangible stockholders’ equity | $ | 1,007,062 | 1,013,592 | 957,469 | (6,530 | ) | 49,593 |
Stockholders’ equity to total assets | 12.35 | % | 12.31 | % | 11.82 | % | |||||||||
Tangible stockholders’ equity to total tangible assets | 10.58 | % | 10.55 | % | 10.31 | % | |||||||||
Book value per common share | $ | 15.37 | 15.46 | 14.59 | (0.09 | ) | 0.78 | ||||||||
Tangible book value per common share | $ | 12.91 | 12.99 | 12.51 | (0.08 | ) | 0.40 |
Three Months ended | ||||||||||||||||
(Dollars in thousands) | Dec 31, 2017 | Sep 30, 2017 | Jun 30, 2017 | Mar 31, 2017 | Dec 31, 2016 | |||||||||||
Net interest income | ||||||||||||||||
Interest income | $ | 96,898 | 96,464 | 94,032 | 87,628 | 87,759 | ||||||||||
Interest expense | 7,072 | 7,652 | 7,774 | 7,366 | 7,214 | |||||||||||
Total net interest income | 89,826 | 88,812 | 86,258 | 80,262 | 80,545 | |||||||||||
Non-interest income | ||||||||||||||||
Service charges and other fees | 17,282 | 17,307 | 17,495 | 15,633 | 15,645 | |||||||||||
Miscellaneous loan fees and charges | 1,077 | 1,211 | 1,092 | 980 | 1,234 | |||||||||||
Gain on sale of loans | 7,408 | 9,141 | 7,532 | 6,358 | 9,765 | |||||||||||
(Loss) gain on sale of investments | (115 | ) | 77 | (522 | ) | (100 | ) | (757 | ) | |||||||
Other income | 2,057 | 3,449 | 2,059 | 2,818 | 2,127 | |||||||||||
Total non-interest income | 27,709 | 31,185 | 27,656 | 25,689 | 28,014 | |||||||||||
$ | 117,535 | 119,997 | 113,914 | 105,951 | 108,559 | |||||||||||
Net interest margin (tax-equivalent) | 4.23 | % | 4.11 | % | 4.12 | % | 4.03 | % | 4.02 | % | ||||||
$ Change from | ||||||||||||||||
(Dollars in thousands) | Sep 30, 2017 | Jun 30, 2017 | Mar 31, 2017 | Dec 31, 2016 | ||||||||||||
Net interest income | ||||||||||||||||
Interest income | $ | 434 | 2,866 | 9,270 | 9,139 | |||||||||||
Interest expense | (580 | ) | (702 | ) | (294 | ) | (142 | ) | ||||||||
Total net interest income | 1,014 | 3,568 | 9,564 | 9,281 | ||||||||||||
Non-interest income | ||||||||||||||||
Service charges and other fees | (25 | ) | (213 | ) | 1,649 | 1,637 | ||||||||||
Miscellaneous loan fees and charges | (134 | ) | (15 | ) | 97 | (157 | ) | |||||||||
Gain on sale of loans | (1,733 | ) | (124 | ) | 1,050 | (2,357 | ) | |||||||||
(Loss) gain on sale of investments | (192 | ) | 407 | (15 | ) | 642 | ||||||||||
Other income | (1,392 | ) | (2 | ) | (761 | ) | (70 | ) | ||||||||
Total non-interest income | (3,476 | ) | 53 | 2,020 | (305 | ) | ||||||||||
$ | (2,462 | ) | 3,621 | 11,584 | 8,976 |
Three Months ended | ||||||||||||||||
(Dollars in thousands) | Dec 31, 2017 | Sep 30, 2017 | Jun 30, 2017 | Mar 31, 2017 | Dec 31, 2016 | |||||||||||
Compensation and employee benefits | $ | 40,465 | 41,297 | 39,498 | 39,246 | 38,826 | ||||||||||
Occupancy and equipment | 6,925 | 6,500 | 6,560 | 6,646 | 6,692 | |||||||||||
Advertising and promotions | 2,024 | 2,239 | 2,169 | 1,973 | 2,125 | |||||||||||
Data processing | 3,970 | 3,647 | 3,409 | 3,124 | 3,408 | |||||||||||
Other real estate owned | 377 | 817 | 442 | 273 | 2,076 | |||||||||||
Regulatory assessments and insurance | 1,069 | 1,214 | 1,087 | 1,061 | 1,048 | |||||||||||
Core deposit intangibles amortization | 614 | 640 | 639 | 601 | 608 | |||||||||||
Other expenses | 12,922 | 12,198 | 11,505 | 10,420 | 11,934 | |||||||||||
Total non-interest expense | $ | 68,366 | 68,552 | 65,309 | 63,344 | 66,717 | ||||||||||
$ Change from | ||||||||||||||||
(Dollars in thousands) | Sep 30, 2017 | Jun 30, 2017 | Mar 31, 2017 | Dec 31, 2016 | ||||||||||||
Compensation and employee benefits | $ | (832 | ) | 967 | 1,219 | 1,639 | ||||||||||
Occupancy and equipment | 425 | 365 | 279 | 233 | ||||||||||||
Advertising and promotions | (215 | ) | (145 | ) | 51 | (101 | ) | |||||||||
Data processing | 323 | 561 | 846 | 562 | ||||||||||||
Other real estate owned | (440 | ) | (65 | ) | 104 | (1,699 | ) | |||||||||
Regulatory assessments and insurance | (145 | ) | (18 | ) | 8 | 21 | ||||||||||
Core deposit intangibles amortization | (26 | ) | (25 | ) | 13 | 6 | ||||||||||
Other expense | 724 | 1,417 | 2,502 | 988 | ||||||||||||
Total non-interest expense | $ | (186 | ) | 3,057 | 5,022 | 1,649 |
Year ended | ||||||||||||||
(Dollars in thousands) | Dec 31, 2017 | Dec 31, 2016 | $ Change | % Change | ||||||||||
Net interest income | ||||||||||||||
Interest income | $ | 375,022 | $ | 344,153 | $ | 30,869 | 9 | % | ||||||
Interest expense | 29,864 | 29,631 | 233 | 1 | % | |||||||||
Total net interest income | 345,158 | 314,522 | 30,636 | 10 | % | |||||||||
Non-interest income | ||||||||||||||
Service charges and other fees | 67,717 | 62,405 | 5,312 | 9 | % | |||||||||
Miscellaneous loan fees and charges | 4,360 | 4,613 | (253 | ) | (5 | )% | ||||||||
Gain on sale of loans | 30,439 | 33,606 | (3,167 | ) | (9 | )% | ||||||||
Loss on sale of investments | (660 | ) | (1,463 | ) | 803 | (55 | )% | |||||||
Other income | 10,383 | 8,157 | 2,226 | 27 | % | |||||||||
Total non-interest income | 112,239 | 107,318 | 4,921 | 5 | % | |||||||||
$ | 457,397 | $ | 421,840 | $ | 35,557 | 8 | % | |||||||
Net interest margin (tax-equivalent) | 4.12 | % | 4.02 | % |
Year ended | ||||||||||||||
(Dollars in thousands) | Dec 31, 2017 | Dec 31, 2016 | $ Change | % Change | ||||||||||
Compensation and employee benefits | $ | 160,506 | $ | 151,697 | $ | 8,809 | 6 | % | ||||||
Occupancy and equipment | 26,631 | 25,979 | 652 | 3 | % | |||||||||
Advertising and promotions | 8,405 | 8,433 | (28 | ) | — | % | ||||||||
Data processing | 14,150 | 14,390 | (240 | ) | (2 | )% | ||||||||
Other real estate owned | 1,909 | 2,895 | (986 | ) | (34 | )% | ||||||||
Regulatory assessments and insurance | 4,431 | 4,780 | (349 | ) | (7 | )% | ||||||||
Core deposit intangibles amortization | 2,494 | 2,970 | (476 | ) | (16 | )% | ||||||||
Other expenses | 47,045 | 47,570 | (525 | ) | (1 | )% | ||||||||
Total non-interest expense | $ | 265,571 | $ | 258,714 | $ | 6,857 | 3 | % |
• | the risks associated with lending and potential adverse changes of the credit quality of loans in the Company’s portfolio; |
• | changes in trade, monetary and fiscal policies and laws, including interest rate policies of the Board of Governors of the Federal Reserve System or the Federal Reserve Board, which could adversely affect the Company’s net interest income and profitability; |
• | changes in the cost and scope of insurance from the Federal Deposit Insurance Corporation and other third parties; |
• | legislative or regulatory changes, including increased banking and consumer protection regulation that adversely affect the Company’s business; |
• | ability to complete pending or prospective future acquisitions, limit certain sources of revenue, or increase cost of operations; |
• | costs or difficulties related to the completion and integration of acquisitions; |
• | the goodwill the Company has recorded in connection with acquisitions could become impaired, which may have an adverse impact on earnings and capital; |
• | reduced demand for banking products and services; |
• | the reputation of banks and the financial services industry could deteriorate, which could adversely affect the Company's ability to obtain (and maintain) customers; |
• | competition among financial institutions in the Company's markets may increase significantly; |
• | the risks presented by continued public stock market volatility, which could adversely affect the market price of the Company’s common stock and the ability to raise additional capital or grow the Company through acquisitions; |
• | the projected business and profitability of an expansion or the opening of a new branch could be lower than expected; |
• | consolidation in the financial services industry in the Company’s markets resulting in the creation of larger financial institutions who may have greater resources could change the competitive landscape; |
• | dependence on the Chief Executive Officer, the senior management team and the Presidents of Glacier Bank divisions; |
• | material failure, potential interruption or breach in security of the Company’s systems and technological changes which could expose us to new risks (e.g., cybersecurity), fraud or system failures; |
• | natural disasters, including fires, floods, earthquakes, and other unexpected events; |
• | the Company’s success in managing risks involved in the foregoing; and |
• | the effects of any reputational damage to the Company resulting from any of the foregoing. |
(Dollars in thousands, except per share data) | December 31, 2017 | September 30, 2017 | December 31, 2016 | ||||||
Assets | |||||||||
Cash on hand and in banks | $ | 139,948 | 136,822 | 135,268 | |||||
Federal funds sold | — | 210 | — | ||||||
Interest bearing cash deposits | 60,056 | 83,178 | 17,273 | ||||||
Cash and cash equivalents | 200,004 | 220,210 | 152,541 | ||||||
Investment securities, available-for-sale | 1,778,243 | 1,886,517 | 2,425,477 | ||||||
Investment securities, held-to-maturity | 648,313 | 655,128 | 675,674 | ||||||
Total investment securities | 2,426,556 | 2,541,645 | 3,101,151 | ||||||
Loans held for sale | 38,833 | 48,709 | 72,927 | ||||||
Loans receivable | 6,577,824 | 6,509,433 | 5,684,463 | ||||||
Allowance for loan and lease losses | (129,568 | ) | (129,576 | ) | (129,572 | ) | |||
Loans receivable, net | 6,448,256 | 6,379,857 | 5,554,891 | ||||||
Premises and equipment, net | 177,348 | 178,672 | 176,198 | ||||||
Other real estate owned | 14,269 | 14,359 | 20,954 | ||||||
Accrued interest receivable | 44,462 | 50,492 | 45,832 | ||||||
Deferred tax asset | 38,344 | 58,916 | 67,121 | ||||||
Core deposit intangible, net | 14,184 | 14,798 | 12,347 | ||||||
Goodwill | 177,811 | 177,811 | 147,053 | ||||||
Non-marketable equity securities | 29,884 | 21,890 | 25,550 | ||||||
Other assets | 96,398 | 91,243 | 74,035 | ||||||
Total assets | $ | 9,706,349 | 9,798,602 | 9,450,600 | |||||
Liabilities | |||||||||
Non-interest bearing deposits | $ | 2,311,902 | 2,355,983 | 2,041,852 | |||||
Interest bearing deposits | 5,267,845 | 5,411,171 | 5,330,427 | ||||||
Securities sold under agreements to repurchase | 362,573 | 453,596 | 473,650 | ||||||
FHLB advances | 353,995 | 153,685 | 251,749 | ||||||
Other borrowed funds | 8,224 | 8,243 | 4,440 | ||||||
Subordinated debentures | 126,135 | 126,099 | 125,991 | ||||||
Accrued interest payable | 3,450 | 3,154 | 3,584 | ||||||
Other liabilities | 73,168 | 80,470 | 102,038 | ||||||
Total liabilities | 8,507,292 | 8,592,401 | 8,333,731 | ||||||
Stockholders’ Equity | |||||||||
Preferred shares, $0.01 par value per share, 1,000,000 shares authorized, none issued or outstanding | — | — | — | ||||||
Common stock, $0.01 par value per share, 117,187,500 shares authorized | 780 | 780 | 765 | ||||||
Paid-in capital | 797,997 | 797,381 | 749,107 | ||||||
Retained earnings - substantially restricted | 402,259 | 403,373 | 374,379 | ||||||
Accumulated other comprehensive (loss) income | (1,979 | ) | 4,667 | (7,382 | ) | ||||
Total stockholders’ equity | 1,199,057 | 1,206,201 | 1,116,869 | ||||||
Total liabilities and stockholders’ equity | $ | 9,706,349 | 9,798,602 | 9,450,600 |
Three Months ended | Year ended | ||||||||||||||
(Dollars in thousands, except per share data) | December 31, 2017 | September 30, 2017 | December 31, 2016 | December 31, 2017 | December 31, 2016 | ||||||||||
Interest Income | |||||||||||||||
Investment securities | $ | 18,663 | 19,987 | 21,645 | 81,968 | 90,392 | |||||||||
Residential real estate loans | 8,520 | 8,326 | 8,463 | 33,114 | 33,410 | ||||||||||
Commercial loans | 61,329 | 59,875 | 49,750 | 227,356 | 188,949 | ||||||||||
Consumer and other loans | 8,386 | 8,276 | 7,901 | 32,584 | 31,402 | ||||||||||
Total interest income | 96,898 | 96,464 | 87,759 | 375,022 | 344,153 | ||||||||||
Interest Expense | |||||||||||||||
Deposits | 3,288 | 4,564 | 4,497 | 16,793 | 18,402 | ||||||||||
Securities sold under agreements to repurchase | 496 | 537 | 325 | 1,858 | 1,207 | ||||||||||
Federal Home Loan Bank advances | 2,106 | 1,398 | 1,377 | 6,748 | 6,221 | ||||||||||
Other borrowed funds | 24 | 21 | 18 | 79 | 67 | ||||||||||
Subordinated debentures | 1,158 | 1,132 | 997 | 4,386 | 3,734 | ||||||||||
Total interest expense | 7,072 | 7,652 | 7,214 | 29,864 | 29,631 | ||||||||||
Net Interest Income | 89,826 | 88,812 | 80,545 | 345,158 | 314,522 | ||||||||||
Provision for loan losses | 2,886 | 3,327 | 1,139 | 10,824 | 2,333 | ||||||||||
Net interest income after provision for loan losses | 86,940 | 85,485 | 79,406 | 334,334 | 312,189 | ||||||||||
Non-Interest Income | |||||||||||||||
Service charges and other fees | 17,282 | 17,307 | 15,645 | 67,717 | 62,405 | ||||||||||
Miscellaneous loan fees and charges | 1,077 | 1,211 | 1,234 | 4,360 | 4,613 | ||||||||||
Gain on sale of loans | 7,408 | 9,141 | 9,765 | 30,439 | 33,606 | ||||||||||
(Loss) gain on sale of investments | (115 | ) | 77 | (757 | ) | (660 | ) | (1,463 | ) | ||||||
Other income | 2,057 | 3,449 | 2,127 | 10,383 | 8,157 | ||||||||||
Total non-interest income | 27,709 | 31,185 | 28,014 | 112,239 | 107,318 | ||||||||||
Non-Interest Expense | |||||||||||||||
Compensation and employee benefits | 40,465 | 41,297 | 38,826 | 160,506 | 151,697 | ||||||||||
Occupancy and equipment | 6,925 | 6,500 | 6,692 | 26,631 | 25,979 | ||||||||||
Advertising and promotions | 2,024 | 2,239 | 2,125 | 8,405 | 8,433 | ||||||||||
Data processing | 3,970 | 3,647 | 3,408 | 14,150 | 14,390 | ||||||||||
Other real estate owned | 377 | 817 | 2,076 | 1,909 | 2,895 | ||||||||||
Regulatory assessments and insurance | 1,069 | 1,214 | 1,048 | 4,431 | 4,780 | ||||||||||
Core deposit intangibles amortization | 614 | 640 | 608 | 2,494 | 2,970 | ||||||||||
Other expenses | 12,922 | 12,198 | 11,934 | 47,045 | 47,570 | ||||||||||
Total non-interest expense | 68,366 | 68,552 | 66,717 | 265,571 | 258,714 | ||||||||||
Income Before Income Taxes | 46,283 | 48,118 | 40,703 | 181,002 | 160,793 | ||||||||||
Federal and state income tax expense | 31,327 | 11,639 | 9,662 | 64,625 | 39,662 | ||||||||||
Net Income | $ | 14,956 | 36,479 | 31,041 | 116,377 | 121,131 |
Three Months ended | |||||||||||||||||||||
December 31, 2017 | December 31, 2016 | ||||||||||||||||||||
(Dollars in thousands) | Average Balance | Interest & Dividends | Average Yield/ Rate | Average Balance | Interest & Dividends | Average Yield/ Rate | |||||||||||||||
Assets | |||||||||||||||||||||
Residential real estate loans | $ | 758,180 | $ | 8,520 | 4.50 | % | $ | 756,796 | $ | 8,463 | 4.47 | % | |||||||||
Commercial loans 1 | 5,089,922 | 63,140 | 4.92 | % | 4,225,252 | 51,039 | 4.81 | % | |||||||||||||
Consumer and other loans | 695,288 | 8,386 | 4.79 | % | 677,300 | 7,901 | 4.64 | % | |||||||||||||
Total loans 2 | 6,543,390 | 80,046 | 4.85 | % | 5,659,348 | 67,403 | 4.74 | % | |||||||||||||
Tax-exempt investment securities 3 | 1,089,640 | 15,485 | 5.68 | % | 1,290,962 | 18,487 | 5.73 | % | |||||||||||||
Taxable investment securities 4 | 1,483,157 | 8,774 | 2.37 | % | 1,809,816 | 9,813 | 2.17 | % | |||||||||||||
Total earning assets | 9,116,187 | 104,305 | 4.54 | % | 8,760,126 | 95,703 | 4.35 | % | |||||||||||||
Goodwill and intangibles | 192,663 | 159,771 | |||||||||||||||||||
Non-earning assets | 402,802 | 389,562 | |||||||||||||||||||
Total assets | $ | 9,711,652 | $ | 9,309,459 | |||||||||||||||||
Liabilities | |||||||||||||||||||||
Non-interest bearing deposits | $ | 2,334,103 | $ | — | — | % | $ | 2,045,833 | $ | — | — | % | |||||||||
NOW and DDA accounts | 1,704,799 | 408 | 0.10 | % | 1,533,225 | 254 | 0.07 | % | |||||||||||||
Savings accounts | 1,087,212 | 164 | 0.06 | % | 979,377 | 134 | 0.05 | % | |||||||||||||
Money market deposit accounts | 1,552,045 | 610 | 0.16 | % | 1,451,803 | 548 | 0.15 | % | |||||||||||||
Certificate accounts | 831,107 | 1,203 | 0.57 | % | 961,707 | 1,393 | 0.58 | % | |||||||||||||
Wholesale deposits 5 | 161,320 | 903 | 2.22 | % | 335,579 | 2,168 | 2.57 | % | |||||||||||||
FHLB advances | 226,334 | 2,106 | 3.64 | % | 220,921 | 1,377 | 2.44 | % | |||||||||||||
Repurchase agreements and other borrowed funds | 512,780 | 1,678 | 1.30 | % | 538,305 | 1,340 | 0.99 | % | |||||||||||||
Total funding liabilities | 8,409,700 | 7,072 | 0.33 | % | 8,066,750 | 7,214 | 0.36 | % | |||||||||||||
Other liabilities | 93,335 | 101,383 | |||||||||||||||||||
Total liabilities | 8,503,035 | 8,168,133 | |||||||||||||||||||
Stockholders’ Equity | |||||||||||||||||||||
Common stock | 780 | 765 | |||||||||||||||||||
Paid-in capital | 797,607 | 748,730 | |||||||||||||||||||
Retained earnings | 410,836 | 389,289 | |||||||||||||||||||
Accumulated other comprehensive (loss) income | (606 | ) | 2,542 | ||||||||||||||||||
Total stockholders’ equity | 1,208,617 | 1,141,326 | |||||||||||||||||||
Total liabilities and stockholders’ equity | $ | 9,711,652 | $ | 9,309,459 | |||||||||||||||||
Net interest income (tax-equivalent) | $ | 97,233 | $ | 88,489 | |||||||||||||||||
Net interest spread (tax-equivalent) | 4.21 | % | 3.99 | % | |||||||||||||||||
Net interest margin (tax-equivalent) | 4.23 | % | 4.02 | % |
1 | Includes tax effect of $1.8 million and $1.3 million on tax-exempt municipal loan and lease income for the three months ended December 31, 2017 and 2016, respectively. |
2 | Total loans are gross of the allowance for loan and lease losses, net of unearned income and include loans held for sale. Non-accrual loans were included in the average volume for the entire period. |
3 | Includes tax effect of $5.3 million and $6.3 million on tax-exempt investment securities income for the three months ended December 31, 2017 and 2016, respectively. |
4 | Includes tax effect of $313 thousand and $353 thousand on federal income tax credits for the three months ended December 31, 2017 and 2016, respectively. |
5 | Wholesale deposits include brokered deposits classified as NOW, DDA, money market deposit and certificate accounts. |
Year ended | |||||||||||||||||||||
December 31, 2017 | December 31, 2016 | ||||||||||||||||||||
(Dollars in thousands) | Average Balance | Interest & Dividends | Average Yield/ Rate | Average Balance | Interest & Dividends | Average Yield/ Rate | |||||||||||||||
Assets | |||||||||||||||||||||
Residential real estate loans | $ | 744,523 | $ | 33,114 | 4.45 | % | $ | 741,876 | $ | 33,410 | 4.50 | % | |||||||||
Commercial loans 1 | 4,792,720 | 233,744 | 4.88 | % | 3,993,363 | 193,147 | 4.84 | % | |||||||||||||
Consumer and other loans | 684,129 | 32,584 | 4.76 | % | 668,990 | 31,402 | 4.69 | % | |||||||||||||
Total loans 2 | 6,221,372 | 299,442 | 4.81 | % | 5,404,229 | 257,959 | 4.77 | % | |||||||||||||
Tax-exempt investment securities 3 | 1,160,182 | 66,077 | 5.70 | % | 1,325,810 | 75,907 | 5.73 | % | |||||||||||||
Taxable investment securities 4 | 1,722,264 | 39,727 | 2.31 | % | 1,874,240 | 41,775 | 2.23 | % | |||||||||||||
Total earning assets | 9,103,818 | 405,246 | 4.45 | % | 8,604,279 | 375,641 | 4.37 | % | |||||||||||||
Goodwill and intangibles | 180,014 | 155,981 | |||||||||||||||||||
Non-earning assets | 394,363 | 392,353 | |||||||||||||||||||
Total assets | $ | 9,678,195 | $ | 9,152,613 | |||||||||||||||||
Liabilities | |||||||||||||||||||||
Non-interest bearing deposits | $ | 2,175,750 | $ | — | — | % | $ | 1,934,543 | $ | — | — | % | |||||||||
NOW and DDA accounts | 1,656,865 | 1,402 | 0.08 | % | 1,498,928 | 1,062 | 0.07 | % | |||||||||||||
Savings accounts | 1,055,688 | 624 | 0.06 | % | 920,058 | 464 | 0.05 | % | |||||||||||||
Money market deposit accounts | 1,547,659 | 2,407 | 0.16 | % | 1,420,700 | 2,183 | 0.15 | % | |||||||||||||
Certificate accounts | 888,887 | 5,114 | 0.58 | % | 1,013,046 | 5,998 | 0.59 | % | |||||||||||||
Wholesale deposits 5 | 275,804 | 7,246 | 2.63 | % | 335,616 | 8,695 | 2.59 | % | |||||||||||||
FHLB advances | 258,528 | 6,748 | 2.57 | % | 294,952 | 6,221 | 2.07 | % | |||||||||||||
Repurchase agreements and other borrowed funds | 547,307 | 6,323 | 1.16 | % | 515,254 | 5,008 | 0.97 | % | |||||||||||||
Total funding liabilities | 8,406,488 | 29,864 | 0.36 | % | 7,933,097 | 29,631 | 0.37 | % | |||||||||||||
Other liabilities | 83,991 | 96,392 | |||||||||||||||||||
Total liabilities | 8,490,479 | 8,029,489 | |||||||||||||||||||
Stockholders’ Equity | |||||||||||||||||||||
Common stock | 775 | 763 | |||||||||||||||||||
Paid-in capital | 781,267 | 740,792 | |||||||||||||||||||
Retained earnings | 406,200 | 371,925 | |||||||||||||||||||
Accumulated other comprehensive (loss) income | (526 | ) | 9,644 | ||||||||||||||||||
Total stockholders’ equity | 1,187,716 | 1,123,124 | |||||||||||||||||||
Total liabilities and stockholders’ equity | $ | 9,678,195 | $ | 9,152,613 | |||||||||||||||||
Net interest income (tax-equivalent) | $ | 375,382 | $ | 346,010 | |||||||||||||||||
Net interest spread (tax-equivalent) | 4.09 | % | 4.00 | % | |||||||||||||||||
Net interest margin (tax-equivalent) | 4.12 | % | 4.02 | % |
1 | Includes tax effect of $6.4 million and $4.2 million on tax-exempt municipal loan and lease income for the years ended December 31, 2017 and 2016, respectively. |
2 | Total loans are gross of the allowance for loan and lease losses, net of unearned income and include loans held for sale. Non-accrual loans were included in the average volume for the entire period. |
3 | Includes tax effect of $22.5 million and $25.9 million on tax-exempt investment securities income for the years ended December 31, 2017 and 2016, respectively. |
4 | Includes tax effect of $1.3 million and $1.4 million on federal income tax credits for the years ended December 31, 2017 and 2016, respectively. |
5 | Wholesale deposits include brokered deposits classified as NOW, DDA, money market deposit and certificate accounts. |
Loans Receivable, by Loan Type | % Change from | ||||||||||||||||
(Dollars in thousands) | Dec 31, 2017 | Sep 30, 2017 | Dec 31, 2016 | Sep 30, 2017 | Dec 31, 2016 | ||||||||||||
Custom and owner occupied construction | $ | 109,555 | $ | 106,615 | $ | 86,233 | 3 | % | 27 | % | |||||||
Pre-sold and spec construction | 72,160 | 82,023 | 66,184 | (12 | )% | 9 | % | ||||||||||
Total residential construction | 181,715 | 188,638 | 152,417 | (4 | )% | 19 | % | ||||||||||
Land development | 82,398 | 83,414 | 75,078 | (1 | )% | 10 | % | ||||||||||
Consumer land or lots | 102,289 | 99,866 | 97,449 | 2 | % | 5 | % | ||||||||||
Unimproved land | 65,753 | 64,610 | 69,157 | 2 | % | (5 | )% | ||||||||||
Developed lots for operative builders | 14,592 | 12,830 | 13,254 | 14 | % | 10 | % | ||||||||||
Commercial lots | 23,770 | 25,984 | 30,523 | (9 | )% | (22 | )% | ||||||||||
Other construction | 391,835 | 367,060 | 257,769 | 7 | % | 52 | % | ||||||||||
Total land, lot, and other construction | 680,637 | 653,764 | 543,230 | 4 | % | 25 | % | ||||||||||
Owner occupied | 1,132,833 | 1,109,796 | 977,932 | 2 | % | 16 | % | ||||||||||
Non-owner occupied | 1,186,066 | 1,180,976 | 929,729 | — | % | 28 | % | ||||||||||
Total commercial real estate | 2,318,899 | 2,290,772 | 1,907,661 | 1 | % | 22 | % | ||||||||||
Commercial and industrial | 751,221 | 766,970 | 686,870 | (2 | )% | 9 | % | ||||||||||
Agriculture | 450,616 | 468,168 | 407,208 | (4 | )% | 11 | % | ||||||||||
1st lien | 877,335 | 873,061 | 877,893 | — | % | — | % | ||||||||||
Junior lien | 51,155 | 53,337 | 58,564 | (4 | )% | (13 | )% | ||||||||||
Total 1-4 family | 928,490 | 926,398 | 936,457 | — | % | (1 | )% | ||||||||||
Multifamily residential | 189,342 | 185,891 | 184,068 | 2 | % | 3 | % | ||||||||||
Home equity lines of credit | 440,105 | 429,483 | 402,614 | 2 | % | 9 | % | ||||||||||
Other consumer | 148,247 | 153,363 | 155,193 | (3 | )% | (4 | )% | ||||||||||
Total consumer | 588,352 | 582,846 | 557,807 | 1 | % | 5 | % | ||||||||||
States and political subdivisions | 383,252 | 351,869 | 255,420 | 9 | % | 50 | % | ||||||||||
Other | 144,133 | 142,826 | 126,252 | 1 | % | 14 | % | ||||||||||
Total loans receivable, including loans held for sale | 6,616,657 | 6,558,142 | 5,757,390 | 1 | % | 15 | % | ||||||||||
Less loans held for sale 1 | (38,833 | ) | (48,709 | ) | (72,927 | ) | (20 | )% | (47 | )% | |||||||
Total loans receivable | $ | 6,577,824 | $ | 6,509,433 | $ | 5,684,463 | 1 | % | 16 | % |
_______ |
1 Loans held for sale are primarily 1st lien 1-4 family loans. |
Non-performing Assets, by Loan Type | Non- Accrual Loans | Accruing Loans 90 Days or More Past Due | Other Real Estate Owned | |||||||||||||||
(Dollars in thousands) | Dec 31, 2017 | Sep 30, 2017 | Dec 31, 2016 | Dec 31, 2017 | Dec 31, 2017 | Dec 31, 2017 | ||||||||||||
Custom and owner occupied construction | $ | 48 | 177 | — | — | — | 48 | |||||||||||
Pre-sold and spec construction | 38 | 267 | 226 | 38 | — | — | ||||||||||||
Total residential construction | 86 | 444 | 226 | 38 | — | 48 | ||||||||||||
Land development | 7,888 | 8,116 | 9,864 | 806 | — | 7,082 | ||||||||||||
Consumer land or lots | 1,861 | 2,451 | 2,137 | 1,065 | — | 796 | ||||||||||||
Unimproved land | 10,866 | 10,320 | 11,905 | 8,760 | — | 2,106 | ||||||||||||
Developed lots for operative builders | 116 | 116 | 175 | — | — | 116 | ||||||||||||
Commercial lots | 1,312 | 1,374 | 1,466 | 260 | — | 1,052 | ||||||||||||
Other construction | 151 | 151 | — | — | — | 151 | ||||||||||||
Total land, lot and other construction | 22,194 | 22,528 | 25,547 | 10,891 | — | 11,303 | ||||||||||||
Owner occupied | 13,848 | 14,207 | 18,749 | 11,778 | 698 | 1,372 | ||||||||||||
Non-owner occupied | 4,584 | 4,251 | 3,426 | 3,711 | 312 | 561 | ||||||||||||
Total commercial real estate | 18,432 | 18,458 | 22,175 | 15,489 | 1,010 | 1,933 | ||||||||||||
Commercial and industrial | 5,294 | 5,190 | 5,184 | 4,700 | 533 | 61 | ||||||||||||
Agriculture | 3,931 | 3,998 | 1,615 | 3,931 | — | — | ||||||||||||
1st lien | 9,261 | 7,688 | 9,186 | 6,452 | 2,605 | 204 | ||||||||||||
Junior lien | 567 | 591 | 1,167 | 518 | — | 49 | ||||||||||||
Total 1-4 family | 9,828 | 8,279 | 10,353 | 6,970 | 2,605 | 253 | ||||||||||||
Multifamily residential | — | — | 400 | — | — | — | ||||||||||||
Home equity lines of credit | 3,292 | 4,151 | 5,494 | 2,652 | — | 640 | ||||||||||||
Other consumer | 322 | 225 | 391 | 162 | 129 | 31 | ||||||||||||
Total consumer | 3,614 | 4,376 | 5,885 | 2,814 | 129 | 671 | ||||||||||||
States and political subdivisions | 1,800 | 1,800 | — | — | 1,800 | — | ||||||||||||
Total | $ | 65,179 | 65,073 | 71,385 | 44,833 | 6,077 | 14,269 |
Accruing 30-89 Days Delinquent Loans, by Loan Type | % Change from | ||||||||||||||||
(Dollars in thousands) | Dec 31, 2017 | Sep 30, 2017 | Dec 31, 2016 | Sep 30, 2017 | Dec 31, 2016 | ||||||||||||
Custom and owner occupied construction | $ | 300 | $ | 415 | $ | 1,836 | (28 | )% | (84 | )% | |||||||
Pre-sold and spec construction | 102 | 451 | — | (77 | )% | n/m | |||||||||||
Total residential construction | 402 | 866 | 1,836 | (54 | )% | (78 | )% | ||||||||||
Land development | — | 5 | 154 | (100 | )% | (100 | )% | ||||||||||
Consumer land or lots | 353 | 615 | 638 | (43 | )% | (45 | )% | ||||||||||
Unimproved land | 662 | 621 | 1,442 | 7 | % | (54 | )% | ||||||||||
Developed lots for operative builders | 7 | — | — | n/m | n/m | ||||||||||||
Commercial lots | 108 | 15 | — | 620 | % | n/m | |||||||||||
Total land, lot and other construction | 1,130 | 1,256 | 2,234 | (10 | )% | (49 | )% | ||||||||||
Owner occupied | 4,726 | 4,450 | 2,307 | 6 | % | 105 | % | ||||||||||
Non-owner occupied | 2,399 | 5,502 | 1,689 | (56 | )% | 42 | % | ||||||||||
Total commercial real estate | 7,125 | 9,952 | 3,996 | (28 | )% | 78 | % | ||||||||||
Commercial and industrial | 6,472 | 5,784 | 3,032 | 12 | % | 113 | % | ||||||||||
Agriculture | 3,205 | 780 | 1,133 | 311 | % | 183 | % | ||||||||||
1st lien | 10,865 | 2,973 | 7,777 | 265 | % | 40 | % | ||||||||||
Junior lien | 4,348 | 3,463 | 1,016 | 26 | % | 328 | % | ||||||||||
Total 1-4 family | 15,213 | 6,436 | 8,793 | 136 | % | 73 | % | ||||||||||
Multifamily Residential | — | 237 | 10 | (100 | )% | (100 | )% | ||||||||||
Home equity lines of credit | 1,962 | 2,065 | 1,537 | (5 | )% | 28 | % | ||||||||||
Other consumer | 2,109 | 1,735 | 1,180 | 22 | % | 79 | % | ||||||||||
Total consumer | 4,071 | 3,800 | 2,717 | 7 | % | 50 | % | ||||||||||
States and political subdivisions | — | — | 1,800 | n/m | (100 | )% | |||||||||||
Other | 69 | 4 | 66 | 1,625 | % | 5 | % | ||||||||||
Total | $ | 37,687 | $ | 29,115 | $ | 25,617 | 29 | % | 47 | % |
_______ |
n/m - not measurable |
Net Charge-Offs (Recoveries), Year-to-Date Period Ending, By Loan Type | Charge-Offs | Recoveries | |||||||||||||
(Dollars in thousands) | Dec 31, 2017 | Sep 30, 2017 | Dec 31, 2016 | Dec 31, 2017 | Dec 31, 2017 | ||||||||||
Custom and owner occupied construction | $ | — | 58 | (1 | ) | 62 | 62 | ||||||||
Pre-sold and spec construction | (23 | ) | (19 | ) | 786 | — | 23 | ||||||||
Total residential construction | (23 | ) | 39 | 785 | 62 | 85 | |||||||||
Land development | (143 | ) | (67 | ) | (2,661 | ) | — | 143 | |||||||
Consumer land or lots | 222 | (150 | ) | (688 | ) | 411 | 189 | ||||||||
Unimproved land | (304 | ) | (177 | ) | (184 | ) | — | 304 | |||||||
Developed lots for operative builders | (107 | ) | (16 | ) | (27 | ) | — | 107 | |||||||
Commercial lots | (6 | ) | (4 | ) | 27 | — | 6 | ||||||||
Other construction | 389 | 390 | — | 389 | — | ||||||||||
Total land, lot and other construction | 51 | (24 | ) | (3,533 | ) | 800 | 749 | ||||||||
Owner occupied | 3,908 | 3,416 | 1,196 | 4,556 | 648 | ||||||||||
Non-owner occupied | 368 | 214 | 44 | 382 | 14 | ||||||||||
Total commercial real estate | 4,276 | 3,630 | 1,240 | 4,938 | 662 | ||||||||||
Commercial and industrial | 883 | 429 | (370 | ) | 1,597 | 714 | |||||||||
Agriculture | 9 | (11 | ) | 50 | 37 | 28 | |||||||||
1st lien | (23 | ) | (201 | ) | 487 | 356 | 379 | ||||||||
Junior lien | 719 | 746 | 60 | 815 | 96 | ||||||||||
Total 1-4 family | 696 | 545 | 547 | 1,171 | 475 | ||||||||||
Multifamily residential | (230 | ) | (229 | ) | 229 | — | 230 | ||||||||
Home equity lines of credit | 272 | 262 | 611 | 463 | 191 | ||||||||||
Other consumer | 505 | 98 | 257 | 735 | 230 | ||||||||||
Total consumer | 777 | 360 | 868 | 1,198 | 421 | ||||||||||
Other | 4,389 | 3,195 | 2,642 | 9,528 | 5,139 | ||||||||||
Total | $ | 10,828 | 7,934 | 2,458 | 19,331 | 8,503 |
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