Sierra Bancorp Reports Improved Financial Results for Third Quarter and First Nine Months of 2024
Highlights for the third quarter of 2024:
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Improved Earnings and Consistently Strong Earnings Metrics
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Diluted Earnings Per Share increased
4% , or$0.03 -
Improved net interest income by
$0.6 million 2% , as compared to the prior linked quarter. -
Maintained strong net interest margin of
3.66% , as compared to3.69% in the prior linked quarter. -
Return on Average Assets of
1.14% , which is unchanged from the prior linked quarter. -
Return on Average Equity of
11.95% , which is unchanged from the prior linked quarter.
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Diluted Earnings Per Share increased
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Solid Asset Quality
-
Total nonperforming loans to total gross loans ratio of
0.45% , with total classified loans down$6.4 million $29.1 million - No foreclosed assets at September 30, 2024.
-
Net charge-offs to total loans during the quarter of
0.01% . -
Regulatory Commercial Real Estate Concentration Ratio declined to
236.43% , from241.05% , during the quarter.
-
Total nonperforming loans to total gross loans ratio of
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Growth of Loans and Deposits
-
Loan growth of
$86.1 million 15% annualized, during the quarter, to$2.3 billion -
Total deposits increased by
$19.7 million 3% annualized, during the quarter, to$3.0 billion -
Noninterest-bearing deposits of
$1.0 billion 34% of total deposits.
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Loan growth of
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Solid Capital and Liquidity
-
Increased Tangible Book Value (non-GAAP) per share by
3% , during the quarter, to$22.93 - Repurchased 48,904 shares of common stock during the quarter.
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Declared dividend of
$0.24 -
Strong regulatory Community Bank Leverage Ratio increased to
11.70% , at September 30, 2024, for our subsidiary Bank. -
Consolidated Tangible Common Equity Ratio (non-GAAP) increased to
9.01% , at September 30, 2024. -
Overall primary and secondary liquidity sources of
$2.4 billion
-
Increased Tangible Book Value (non-GAAP) per share by
“If opportunity doesn’t knock, make a door.” Milton Berle
“We are happy to share our third quarter results, which demonstrate our entire team’s commitment to providing fantastic service to our customers and communities,” stated Kevin McPhaill, CEO and President. “While the current interest rate environment still presents the banking industry with unique challenges, our teams continue to improve profitability and grow loans and deposits. They are consistently finding opportunities to both bring new customers on board and strengthen our existing relationships. I speak for our entire team of dedicated bankers when I say we are proud of our results, we remain committed to excellent service, and we are incredibly excited about our future!” concluded Mr. McPhaill.
For the first nine months of 2024, the Company increased net income to
Financial Highlights
Quarterly Changes (comparisons to the third quarter of 2023)
-
Net income increased
7% , or$0.7 million $10.6 million -
The
$2.7 million - Noninterest income was mostly flat for the quarter, with increases in service charge income offset by decreases in other noninterest income, primarily from life insurance proceeds received in 2023 that did not reoccur in 2024.
-
Noninterest expense was
$0.2 million
Linked Quarter Income Changes (comparisons to the three months ended June 30, 2024)
-
Net income improved by
$0.3 million 3% , driven mostly by a$0.6 million $0.5 million -
Net interest income increased by
$0.6 million
Year to-Date Income Changes (comparisons to the first nine months of 2023)
-
Net income increased
$1.6 million 6% . This was primarily driven by an increase of$5.1 million 6% in net interest income, due mostly to an overall increase in interest rates on earning assets. While we experienced higher yields and balances on loans, this was complemented by a decrease in borrowed funds and a decrease in the rate paid on the remaining balance of borrowed funds. Partially offsetting these positive variances was an increase in the provision for credit losses, and an increase in occupancy expenses from the sale/leaseback of branch buildings in late 2023. -
The provision for credit losses was
$2.4 million $2.2 million -
Noninterest income increased by
$1.7 million 7% . Service charges on deposit accounts were$1.0 million $0.6 million -
Noninterest expense increased
$1.5 million 2% , due mostly to increases in rent expense from the sale/ leaseback of branch buildings at the end of 2023.
Statement of Condition Changes (comparisons to December 31, 2023)
-
Total assets decreased by
$33.6 million 1% , to$3.7 billion -
Gross loans increased
$230.6 million $219.8 million $10.6 million $13.3 million $12.0 million $23.9 million -
Deposits totaled
$3.0 billion $200.9 million 7% . The growth in deposits came mostly from a$175.0 million $40.6 million -
Other interest-bearing liabilities decreased
$262.1 million
Other financial highlights are reflected in the following table.
FINANCIAL HIGHLIGHTS |
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(Dollars in Thousands, Except Per Share Data, Unaudited) |
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As of or for the |
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As of or for the |
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three months ended |
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nine months ended |
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9/30/2024 |
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6/30/2024 |
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9/30/2023 |
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9/30/2024 |
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9/30/2023 |
Net income |
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$ |
10,603 |
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$ |
10,263 |
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$ |
9,885 |
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$ |
30,196 |
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$ |
28,555 |
Diluted earnings per share |
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$ |
0.74 |
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$ |
0.71 |
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$ |
0.68 |
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$ |
2.09 |
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$ |
1.93 |
Return on average assets |
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Return on average equity |
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Net interest margin (tax-equivalent) (1) |
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Yield on average loans |
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Yield on average investments |
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Cost of average total deposits |
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Cost of funds |
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Efficiency ratio (tax-equivalent) (1) (2) |
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Total assets |
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$ |
3,696,154 |
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$ |
3,681,202 |
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$ |
3,738,880 |
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$ |
3,696,154 |
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$ |
3,738,880 |
Loans net of deferred fees |
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$ |
2,321,025 |
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$ |
2,234,816 |
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$ |
2,100,973 |
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$ |
2,321,025 |
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$ |
2,100,973 |
Noninterest demand deposits |
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$ |
1,013,743 |
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$ |
986,927 |
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$ |
1,059,878 |
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$ |
1,013,743 |
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$ |
1,059,878 |
Total deposits |
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$ |
2,962,159 |
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$ |
2,942,410 |
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$ |
2,869,720 |
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$ |
2,962,159 |
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$ |
2,869,720 |
Noninterest-bearing deposits over total deposits |
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Shareholders' equity / total assets |
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Tangible common equity ratio (2) |
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Book value per share |
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$ |
24.88 |
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$ |
24.19 |
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$ |
21.01 |
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$ |
24.88 |
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$ |
21.01 |
Tangible book value per share (2) |
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$ |
22.93 |
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$ |
22.24 |
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$ |
19.04 |
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$ |
22.93 |
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$ |
19.04 |
Community bank leverage ratio (subsidiary bank) |
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Tangible common equity ratio (subsidiary bank) (2) |
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| (1) |
Computed on a tax equivalent basis utilizing a federal income tax rate of |
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| (2) | See reconciliation of non-GAAP financial measures to the corresponding GAAP measurement in "Non-GAAP Financial Measures." |
INCOME STATEMENT HIGHLIGHTS
Net Interest Income
Net interest income was
For the third quarter of 2024, although the balance of average interest-earning assets was
Interest expense was
Our net interest margin was
Provision for Credit Losses
The provision for credit losses on loans was
There was a provision for credit losses on unfunded commitments for
The Company recorded a small benefit for credit losses on available-for-sale debt securities for the three months and nine months ending 2024. The benefit was a result of a change in the reserve rates utilized in the calculation of the reserves, due to updated municipal bond default rates across all credit ratings, combined with an aging municipal bond portfolio. Although there were debt securities in an unrealized loss position, the declines in market values were primarily attributable to changes in interest rates and volatility in the financial markets and not a result of an expected credit loss.
Noninterest Income
Total noninterest income was unchanged for the quarter ended September 30, 2024, as compared to the same quarter in 2023, and increased
The Company maintains a non-qualified deferred compensation plan for officers and directors, which allows the participant to defer a portion of their earnings tax-free. Participants are allowed to choose different hypothetical investment alternatives to determine their individualized return on their deferred compensation. The Company has chosen to offset the cost of this liability with a BOLI Policy, which is funded based on deferral elections from the participants. Although the BOLI is not directly tied to the deferred compensation plan, the BOLI is invested in similar fund types as those selected by the participants. There is some inefficiency in net earnings of the BOLI asset as compared to the deferred compensation liability created by the cost of insurance, differences in balances, and differences in individual fund performance. During the third quarter, and first nine months of 2024, earnings from the BOLI were
Noninterest Expense
Total noninterest expense increased by
Salaries and Benefits were
Occupancy expenses increased by
Other noninterest expense was unchanged for the third quarter 2024, as compared to the third quarter in 2023, and decreased
The Company's provision for income taxes was
Balance Sheet Summary
The
The increase in gross loan balances, as compared to December 31, 2023, was mostly a result of organic growth; a
As indicated in the loan roll forward table below, new credit extended for the third quarter of 2024, increased on a linked-quarter basis, but decreased
LOAN ROLL FORWARD |
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(Dollars in Thousands, Unaudited) |
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For the three months ended: |
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For the nine months ended: |
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September
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June 30,
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September
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September
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September
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Gross loans beginning balance |
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$ |
2,234,528 |
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$ |
2,156,864 |
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$ |
2,094,391 |
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$ |
2,090,075 |
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$ |
2,052,940 |
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New credit extended |
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61,239 |
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40,313 |
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68,980 |
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136,518 |
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158,619 |
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Changes in line of credit utilization (1) |
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11,572 |
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(10,412 |
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(22,517 |
) |
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(23,768 |
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(41,685 |
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Change in mortgage warehouse |
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61,718 |
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70,498 |
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(3,032 |
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219,778 |
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42,146 |
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Pay-downs, maturities, charge-offs and amortization |
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(48,428 |
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(22,735 |
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(37,012 |
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(101,974 |
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(111,210 |
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Gross loans ending balance |
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$ |
2,320,629 |
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$ |
2,234,528 |
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$ |
2,100,810 |
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2,320,629 |
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2,100,810 |
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(1) |
Change does not include new balances on lines of credit extended during the respective periods as such balances are included as part of “New credit extended” line above. |
Unused commitments, excluding mortgage warehouse and overdraft lines, were
Deposit balances reflect growth of
Other interest-bearing liabilities of
Overall uninsured deposits are estimated to be approximately
The Company continues to have substantial liquidity. At September 30, 2024, and December 31, 2023, the Company had the following sources of primary and secondary liquidity (Dollars in Thousands, Unaudited):
Primary and secondary liquidity sources |
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September 30, 2024 |
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December 31, 2023 |
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Cash and cash equivalents |
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$ |
132,797 |
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$ |
78,602 |
Unpledged investment securities |
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556,231 |
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792,965 |
Excess pledged securities |
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286,355 |
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382,965 |
FHLB borrowing availability |
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618,142 |
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586,726 |
Unsecured lines of credit |
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504,785 |
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374,785 |
Funds available through fed discount window |
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342,711 |
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392,034 |
Totals |
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$ |
2,441,021 |
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$ |
2,608,077 |
Total capital of
Asset Quality
Total nonperforming assets, comprised of nonaccrual loans, increased by
The Company's allowance for credit losses on loans and leases was
The allowance for credit losses on loans and leases was
About Sierra Bancorp
Sierra Bancorp is the holding Company for Bank of the Sierra (www.bankofthesierra.com), which is in its 47th year of operations.
Bank of the Sierra is a community-centric regional bank, which offers a broad range of retail and commercial banking services through full-service branches located within the counties of
Forward-Looking Statements
The statements contained in this release that are not historical facts are forward-looking statements based on management's current expectations and beliefs concerning future developments and their potential effects on the Company. Readers are cautioned not to unduly rely on forward looking statements. Actual results may differ from those projected. These forward-looking statements involve risks and uncertainties including but not limited to, the health of the national and local economies, including the impact to the Company and its customers resulting from changes to, and the level of, inflation and interest rates; changes in laws, rules, regulations, or interpretations to which the Company is subject; the Company’s ability to maintain and grow its deposit base; loan demand and continued portfolio performance; the Company's ability to attract and retain skilled employees; customers' service expectations; cyber security risks; the Company's ability to successfully deploy new technology; the success of acquisitions and branch expansion; operational risks including the ability to detect and prevent errors and fraud; the effectiveness of the Company’s enterprise risk management framework; the impact of adverse developments at other banks, including bank failures, that impact general sentiment regarding the stability and liquidity of banks that could affect stock price; changes to valuations of the Company’s assets and liabilities, including the allowance for credit losses, earning assets, and intangible assets; changes to the availability of liquidity sources including borrowing lines and the ability to pledge or sell certain assets; costs related to litigation; the effects of severe weather events, pandemics, other public health crises, acts of war or terrorism, and other external events on our business; and other factors detailed in the Company's SEC filings, including the "Risk Factors" and "Management's Discussion and Analysis of Financial Condition and Results of Operations" sections of the Company's most recent Form 10‑K and Form 10‑Q.
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STATEMENT OF CONDITION |
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(Dollars in Thousands, Unaudited) |
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ASSETS |
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9/30/2024 |
6/30/2024 |
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3/31/2024 |
12/31/2023 |
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9/30/2023 |
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Cash and due from banks |
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$ |
132,797 |
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$ |
183,990 |
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$ |
119,244 |
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$ |
78,602 |
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$ |
88,542 |
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Investment securities |
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Available-for-sale, at fair value |
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706,310 |
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716,787 |
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741,789 |
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1,019,201 |
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1,010,377 |
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Held-to-maturity, at amortized cost, net of allowance for credit losses |
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308,971 |
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312,879 |
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316,406 |
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320,057 |
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323,544 |
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Real estate loans |
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Residential real estate |
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388,169 |
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396,819 |
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406,443 |
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412,063 |
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418,782 |
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Commercial real estate |
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1,338,793 |
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1,316,754 |
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1,327,482 |
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1,328,224 |
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1,334,663 |
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Other construction/land |
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5,612 |
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5,971 |
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6,115 |
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6,256 |
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7,320 |
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Farmland |
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80,589 |
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80,807 |
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66,133 |
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67,276 |
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90,993 |
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Total real estate loans |
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1,813,163 |
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1,800,351 |
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1,806,173 |
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1,813,819 |
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1,851,758 |
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Other commercial |
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168,236 |
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156,650 |
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143,448 |
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156,272 |
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137,407 |
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Mortgage warehouse lines |
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335,777 |
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274,059 |
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203,561 |
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116,000 |
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107,584 |
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Consumer loans |
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3,453 |
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3,468 |
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3,682 |
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3,984 |
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4,061 |
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Gross loans |
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2,320,629 |
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2,234,528 |
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2,156,864 |
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2,090,075 |
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2,100,810 |
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Deferred loan fees |
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396 |
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288 |
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|
214 |
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309 |
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|
163 |
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Allowance for credit losses on loans |
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(22,710 |
) |
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(21,640 |
) |
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(23,140 |
) |
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(23,500 |
) |
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(23,060 |
) |
Net loans |
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2,298,315 |
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2,213,176 |
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2,133,938 |
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2,066,884 |
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2,077,913 |
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Bank premises and equipment |
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15,647 |
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16,007 |
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16,067 |
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16,907 |
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21,926 |
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Other assets |
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234,114 |
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238,363 |
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225,628 |
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228,148 |
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216,578 |
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Total assets |
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$ |
3,696,154 |
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$ |
3,681,202 |
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$ |
3,553,072 |
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$ |
3,729,799 |
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$ |
3,738,880 |
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LIABILITIES AND CAPITAL |
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Noninterest demand deposits |
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$ |
1,013,743 |
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$ |
986,927 |
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$ |
968,996 |
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$ |
1,020,772 |
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$ |
1,059,878 |
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Interest-bearing transaction accounts |
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595,672 |
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|
537,731 |
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|
532,791 |
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533,947 |
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|
561,257 |
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Savings deposits |
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356,725 |
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|
368,169 |
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|
378,057 |
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|
370,806 |
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|
400,940 |
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Money market deposits |
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|
135,948 |
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|
136,853 |
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|
134,533 |
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|
145,591 |
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|
130,914 |
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Customer time deposits |
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550,121 |
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|
566,132 |
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|
560,979 |
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|
555,107 |
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|
551,731 |
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Wholesale brokered deposits |
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|
309,950 |
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|
346,598 |
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|
271,648 |
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|
135,000 |
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|
165,000 |
|
Total deposits |
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|
2,962,159 |
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|
|
2,942,410 |
|
|
|
2,847,004 |
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|
|
2,761,223 |
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|
2,869,720 |
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|
|
|
|
|||||
Long-term debt |
|
|
49,371 |
|
|
|
49,348 |
|
|
|
49,326 |
|
|
|
49,304 |
|
|
|
49,281 |
|
Subordinated debentures |
|
|
35,794 |
|
|
|
35,749 |
|
|
|
35,704 |
|
|
|
35,660 |
|
|
|
35,615 |
|
Other interest-bearing liabilities |
|
|
205,534 |
|
|
|
228,003 |
|
|
|
201,851 |
|
|
|
467,621 |
|
|
|
411,865 |
|
Total deposits and interest-bearing liabilities |
|
|
3,252,858 |
|
|
|
3,255,510 |
|
|
|
3,133,885 |
|
|
|
3,313,808 |
|
|
|
3,366,481 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
Allowance for credit losses on unfunded loan commitments |
|
|
640 |
|
|
|
520 |
|
|
|
540 |
|
|
|
510 |
|
|
|
600 |
|
Other liabilities |
|
|
83,958 |
|
|
|
75,152 |
|
|
|
73,553 |
|
|
|
77,384 |
|
|
|
62,940 |
|
Total capital |
|
|
358,698 |
|
|
|
350,020 |
|
|
|
345,094 |
|
|
|
338,097 |
|
|
|
308,859 |
|
Total liabilities and capital |
|
$ |
3,696,154 |
|
|
$ |
3,681,202 |
|
|
$ |
3,553,072 |
|
|
$ |
3,729,799 |
|
|
$ |
3,738,880 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
GOODWILL AND INTANGIBLE ASSETS |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(Dollars in Thousands, Unaudited) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
9/30/2024 |
|
|
6/30/2024 |
|
|
3/31/2024 |
|
|
12/31/2023 |
|
|
9/30/2023 |
Goodwill |
|
$ |
27,357 |
|
$ |
27,357 |
|
$ |
27,357 |
|
$ |
27,357 |
|
$ |
27,357 |
Core deposit intangible |
|
|
780 |
|
|
961 |
|
|
1,180 |
|
|
1,399 |
|
|
1,618 |
Total intangible assets |
|
$ |
28,137 |
|
$ |
28,318 |
|
$ |
28,537 |
|
$ |
28,756 |
|
$ |
28,975 |
|
|
|
|
|
|
|
|||||||||
CREDIT QUALITY |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(Dollars in Thousands, Unaudited) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
9/30/2024 |
|
|
6/30/2024 |
|
|
3/31/2024 |
|
|
12/31/2023 |
|
|
9/30/2023 |
Nonperforming loans |
|
$ |
10,348 |
|
$ |
6,473 |
|
$ |
14,188 |
|
$ |
7,985 |
|
$ |
781 |
Foreclosed assets |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
Total nonperforming assets |
|
$ |
10,348 |
|
$ |
6,473 |
|
$ |
14,188 |
|
$ |
7,985 |
|
$ |
781 |
|
|
|
|
|
|
|
|||||||||
Quarterly net charge offs |
|
$ |
170 |
|
$ |
2,421 |
|
$ |
457 |
|
$ |
3,618 |
|
$ |
67 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Past due and still accruing (30-89) |
|
$ |
211 |
|
$ |
3,172 |
|
$ |
1,563 |
|
$ |
255 |
|
$ |
806 |
Classified loans |
|
$ |
29,148 |
|
$ |
28,829 |
|
$ |
34,100 |
|
$ |
35,577 |
|
$ |
39,958 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Nonperforming loans / gross loans |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
NPA's / loans plus foreclosed assets |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Allowance for credit losses on loans / gross loans |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
SELECT PERIOD-END STATISTICS |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(Unaudited) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
9/30/2024 |
|
|
6/30/2024 |
|
|
3/31/2024 |
|
|
12/31/2023 |
|
|
9/30/2023 |
Shareholders' equity / total assets |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Gross loans / deposits |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Noninterest-bearing deposits / total deposits |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
CONSOLIDATED INCOME STATEMENT |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
(Dollars in Thousands, Unaudited) |
|
|
For the three months ended: |
|
|
For the nine months ended: |
||||||||||||||
|
|
|
9/30/2024 |
|
|
6/30/2024 |
|
|
9/30/2023 |
|
|
9/30/2024 |
|
|
9/30/2023 |
|||||
Interest income |
|
$ |
44,798 |
|
|
$ |
43,495 |
|
|
$ |
42,384 |
|
|
$ |
129,253 |
|
|
$ |
120,678 |
|
Interest expense |
|
|
14,008 |
|
|
|
13,325 |
|
|
|
14,297 |
|
|
|
39,577 |
|
|
|
36,143 |
|
Net interest income |
|
|
30,790 |
|
|
|
30,170 |
|
|
|
28,087 |
|
|
|
89,676 |
|
|
|
84,535 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
Credit loss expense - loans |
|
|
1,240 |
|
|
|
921 |
|
|
|
117 |
|
|
|
2,258 |
|
|
|
444 |
|
Credit loss expense (benefit) - unfunded commitments |
|
|
120 |
|
|
|
(20 |
) |
|
|
(150 |
) |
|
|
130 |
|
|
|
(240 |
) |
Credit loss benefit - debt securities held-to-maturity |
|
|
(1 |
) |
|
|
- |
|
|
|
- |
|
|
|
(1 |
) |
|
|
(47 |
) |
Net interest income after credit loss expense (benefit) |
|
|
29,431 |
|
|
|
29,269 |
|
|
|
28,120 |
|
|
|
87,289 |
|
|
|
84,378 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
Service charges and fees on deposit accounts |
|
|
6,205 |
|
|
|
6,184 |
|
|
|
6,055 |
|
|
|
18,114 |
|
|
|
17,127 |
|
Gain (loss) on sale of investments |
|
|
73 |
|
|
|
- |
|
|
|
- |
|
|
|
(2,810 |
) |
|
|
396 |
|
Gain on sale of fixed assets |
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
3,799 |
|
|
|
- |
|
BOLI income |
|
|
540 |
|
|
|
523 |
|
|
|
558 |
|
|
|
2,278 |
|
|
|
1,388 |
|
Other noninterest income |
|
|
971 |
|
|
|
923 |
|
|
|
1,149 |
|
|
|
2,628 |
|
|
|
3,444 |
|
Total noninterest income |
|
|
7,789 |
|
|
|
7,630 |
|
|
|
7,762 |
|
|
|
24,009 |
|
|
|
22,355 |
|
|
|
|
|
|
|
|
|
|
||||||||||||
Salaries and benefits |
|
|
12,363 |
|
|
|
12,029 |
|
|
|
12,623 |
|
|
|
37,589 |
|
|
|
37,567 |
|
Occupancy expense |
|
|
2,995 |
|
|
|
3,152 |
|
|
|
2,482 |
|
|
|
9,173 |
|
|
|
7,251 |
|
Other noninterest expenses |
|
|
7,452 |
|
|
|
7,511 |
|
|
|
7,457 |
|
|
|
23,266 |
|
|
|
23,704 |
|
Total noninterest expense |
|
|
22,810 |
|
|
|
22,692 |
|
|
|
22,562 |
|
|
|
70,028 |
|
|
|
68,522 |
|
|
|
|
|
|
|
|
|
|
||||||||||||
Income before taxes |
|
|
14,410 |
|
|
|
14,207 |
|
|
|
13,320 |
|
|
|
41,270 |
|
|
|
38,211 |
|
Provision for income taxes |
|
|
3,807 |
|
|
|
3,944 |
|
|
|
3,435 |
|
|
|
11,074 |
|
|
|
9,656 |
|
Net income |
|
$ |
10,603 |
|
|
$ |
10,263 |
|
|
$ |
9,885 |
|
|
$ |
30,196 |
|
|
$ |
28,555 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
TAX DATA |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
Tax-exempt muni income |
|
$ |
1,584 |
|
|
$ |
1,592 |
|
|
$ |
2,679 |
|
|
$ |
5,164 |
|
|
$ |
8,233 |
|
Interest income - fully tax equivalent |
|
$ |
45,219 |
|
|
$ |
43,918 |
|
|
$ |
43,096 |
|
|
$ |
130,626 |
|
|
$ |
122,867 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
PER SHARE DATA |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(Unaudited) |
|
|
For the three months ended: |
|
|
For the nine months ended: |
|||||||||
|
|
|
9/30/2024 |
|
|
6/30/2024 |
|
|
9/30/2023 |
|
|
9/30/2024 |
|
|
9/30/2023 |
Basic earnings per share |
|
$ |
0.75 |
|
$ |
0.72 |
|
$ |
0.68 |
|
$ |
2.11 |
|
$ |
1.93 |
Diluted earnings per share |
|
$ |
0.74 |
|
$ |
0.71 |
|
$ |
0.68 |
|
$ |
2.09 |
|
$ |
1.93 |
Common dividends paid during period |
|
$ |
0.24 |
|
$ |
0.23 |
|
$ |
0.23 |
|
$ |
0.70 |
|
$ |
0.69 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Weighted average shares outstanding |
|
|
14,188,051 |
|
|
14,300,267 |
|
|
14,583,132 |
|
|
14,331,032 |
|
|
14,762,231 |
Weighted average diluted shares |
|
|
14,335,706 |
|
|
14,381,426 |
|
|
14,636,477 |
|
|
14,437,786 |
|
|
14,791,696 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Book value per basic share (EOP) |
|
$ |
24.88 |
|
$ |
24.19 |
|
$ |
21.01 |
|
$ |
24.88 |
|
$ |
21.01 |
Tangible book value per share (EOP) (1) |
|
$ |
22.93 |
|
$ |
22.24 |
|
$ |
19.04 |
|
$ |
22.93 |
|
$ |
19.04 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Common shares outstanding (EOP) |
|
|
14,414,561 |
|
|
14,466,873 |
|
|
14,702,079 |
|
|
14,414,561 |
|
|
14,702,079 |
| (1) | See reconciliation of non-GAAP financial measures to the corresponding GAAP measurement in "Non-GAAP Financial Measures". |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
KEY FINANCIAL RATIOS |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
(Unaudited) |
|
|
For the three months ended: |
|
|
For the nine months ended: |
||||||||||||||
|
|
|
9/30/2024 |
|
|
6/30/2024 |
|
|
9/30/2023 |
|
|
9/30/2024 |
|
|
9/30/2023 |
|||||
Return on average equity |
|
|
11.95 |
% |
|
|
11.95 |
% |
|
|
12.62 |
% |
|
|
11.67 |
% |
|
|
12.41 |
% |
Return on average assets |
|
|
1.14 |
% |
|
|
1.14 |
% |
|
|
1.04 |
% |
|
|
1.11 |
% |
|
|
1.03 |
% |
Net interest margin (tax-equivalent) (1) |
|
|
3.66 |
% |
|
|
3.69 |
% |
|
|
3.30 |
% |
|
|
3.66 |
% |
|
|
3.39 |
% |
Efficiency ratio (tax-equivalent) (1) (2) |
|
|
58.38 |
% |
|
|
59.15 |
% |
|
|
61.46 |
% |
|
|
61.07 |
% |
|
|
62.83 |
% |
Net charge-offs / average loans (not annualized) |
|
|
0.01 |
% |
|
|
0.11 |
% |
|
|
0.00 |
% |
|
|
0.14 |
% |
|
|
0.02 |
% |
| (1) |
Computed on a tax equivalent basis utilizing a federal income tax rate of |
|
| (2) | See reconciliation of non-GAAP financial measures to the corresponding GAAP measurement in "Non-GAAP Financial Measures". |
The following non-GAAP schedule reconciles the book value per share to the tangible book value per share and the GAAP equity ratio to the tangible equity ratio as of the dates indicated:
|
|
|
|
|
|
|
|
|
|
|||
NON-GAAP FINANCIAL MEASURES |
|
|
|
|
|
|
|
|
|
|||
(Dollars in Thousands, Unaudited) |
|
|
|
|
|
|
|
|
|
|||
|
|
9/30/2024 |
|
6/30/2024 |
|
9/30/2023 |
||||||
Total stockholders' equity |
|
$ |
358,698 |
|
|
$ |
350,020 |
|
|
$ |
308,859 |
|
Less: goodwill and other intangible assets |
|
|
28,137 |
|
|
|
28,318 |
|
|
|
28,975 |
|
Tangible common equity |
|
$ |
330,561 |
|
|
$ |
321,702 |
|
|
$ |
279,884 |
|
|
|
|
|
|
|
|
|
|
|
|||
Total assets |
|
$ |
3,696,154 |
|
|
$ |
3,681,202 |
|
|
$ |
3,738,880 |
|
Less: goodwill and other intangible assets |
|
|
28,137 |
|
|
|
28,318 |
|
|
|
28,975 |
|
Tangible assets |
|
$ |
3,668,017 |
|
|
$ |
3,652,884 |
|
|
$ |
3,709,905 |
|
|
|
|
|
|
|
|
|
|
|
|||
Total stockholders' equity (bank only) |
|
$ |
427,762 |
|
|
$ |
415,210 |
|
|
$ |
379,095 |
|
Less: goodwill and other intangible assets (bank only) |
|
|
28,137 |
|
|
|
28,318 |
|
|
|
28,975 |
|
Tangible common equity (bank only) |
|
$ |
399,625 |
|
|
$ |
386,892 |
|
|
$ |
350,120 |
|
|
|
|
|
|
|
|
|
|
|
|||
Total assets (bank only) |
|
$ |
3,693,553 |
|
|
$ |
3,678,508 |
|
|
$ |
3,736,330 |
|
Less: goodwill and other intangible assets (bank only) |
|
|
28,137 |
|
|
|
28,318 |
|
|
|
28,975 |
|
Tangible assets (bank only) |
|
$ |
3,665,416 |
|
|
$ |
3,650,190 |
|
|
$ |
3,707,355 |
|
|
|
|
|
|
|
|
|
|
|
|||
Common shares outstanding |
|
|
14,414,561 |
|
|
|
14,466,873 |
|
|
|
14,702,079 |
|
|
|
|
|
|
|
|
|
|
|
|||
Book value per common share (total stockholders' equity / shares outstanding) |
|
$ |
24.88 |
|
|
$ |
24.19 |
|
|
$ |
21.01 |
|
Tangible book value per common share (tangible common equity / shares outstanding) |
|
$ |
22.93 |
|
|
$ |
22.24 |
|
|
$ |
19.04 |
|
Equity ratio - GAAP (total stockholders' equity / total assets |
|
|
9.70 |
% |
|
|
9.51 |
% |
|
|
8.26 |
% |
Tangible common equity ratio (tangible common equity / tangible assets) |
|
|
9.01 |
% |
|
|
8.81 |
% |
|
|
7.54 |
% |
Tangible common equity ratio (bank only) (tangible common equity / tangible assets) |
|
|
10.90 |
% |
|
|
10.60 |
% |
|
|
9.44 |
% |
|
|
|
|
|
|
|
|
|
|
|||
|
|
For the three months ended: |
||||||||||
Efficiency Ratio: |
|
|
9/30/2024 |
|
|
6/30/2024 |
|
|
9/30/2023 |
|||
Noninterest expense |
|
$ |
22,810 |
|
|
$ |
22,692 |
|
|
$ |
22,562 |
|
Divided by: |
|
|
|
|
|
|
|
|
|
|||
Net interest income |
|
|
30,790 |
|
|
|
30,170 |
|
|
|
28,087 |
|
Tax-equivalent interest income adjustments |
|
|
421 |
|
|
|
423 |
|
|
|
712 |
|
Net interest income, adjusted |
|
|
31,211 |
|
|
|
30,593 |
|
|
|
28,799 |
|
Noninterest income |
|
|
7,789 |
|
|
|
7,630 |
|
|
|
7,762 |
|
Less (loss) gain on sale of securities |
|
|
73 |
|
|
|
- |
|
|
|
- |
|
Tax-equivalent noninterest income adjustments |
|
|
144 |
|
|
|
139 |
|
|
|
148 |
|
Noninterest income, adjusted |
|
|
7,860 |
|
|
|
7,769 |
|
|
|
7,910 |
|
Net interest income plus noninterest income, adjusted |
|
$ |
39,071 |
|
|
$ |
38,362 |
|
|
$ |
36,709 |
|
Efficiency Ratio (tax-equivalent) |
|
|
58.38 |
% |
|
|
59.15 |
% |
|
|
61.46 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
NONINTEREST INCOME/EXPENSE |
|
|
|
|
|
|
|
|
|
|
|
|||||||||
(Dollars in Thousands, Unaudited) |
|
|
|
|
|
|||||||||||||||
|
|
For the three months ended: |
|
For the nine months ended: |
||||||||||||||||
Noninterest income: |
|
9/30/2024 |
|
6/30/2024 |
|
9/30/2023 |
|
9/30/2024 |
|
9/30/2023 |
||||||||||
Service charges and fees on deposit accounts |
|
$ |
6,205 |
|
|
$ |
6,184 |
|
|
$ |
6,055 |
|
|
$ |
18,114 |
|
|
$ |
17,127 |
|
Gain (loss) on sale of securities available-for-sale |
|
|
73 |
|
|
|
— |
|
|
|
— |
|
|
|
(2,810 |
) |
|
|
396 |
|
Gain on sale of fixed assets |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
3,799 |
|
|
|
— |
|
Bank-owned life insurance |
|
|
540 |
|
|
|
523 |
|
|
|
558 |
|
|
|
2,278 |
|
|
|
1,388 |
|
Other |
|
|
971 |
|
|
|
923 |
|
|
|
1,149 |
|
|
|
2,628 |
|
|
|
3,444 |
|
Total noninterest income |
|
$ |
7,789 |
|
|
$ |
7,630 |
|
|
$ |
7,762 |
|
|
$ |
24,009 |
|
|
$ |
22,355 |
|
As a % of average interest-earning assets (1) |
|
|
0.91 |
% |
|
|
0.92 |
% |
|
|
0.89 |
% |
|
|
0.97 |
% |
|
|
0.87 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
Noninterest expense: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
Salaries and employee benefits |
|
$ |
12,363 |
|
|
$ |
12,029 |
|
|
$ |
12,623 |
|
|
$ |
37,589 |
|
|
$ |
37,567 |
|
Occupancy and equipment costs |
|
|
2,995 |
|
|
|
3,152 |
|
|
|
2,482 |
|
|
|
9,173 |
|
|
|
7,251 |
|
Advertising and marketing costs |
|
|
381 |
|
|
|
338 |
|
|
|
723 |
|
|
|
1,061 |
|
|
|
1,646 |
|
Data processing costs |
|
|
1,555 |
|
|
|
1,680 |
|
|
|
1,369 |
|
|
|
4,744 |
|
|
|
4,433 |
|
Deposit services costs |
|
|
2,150 |
|
|
|
2,019 |
|
|
|
2,048 |
|
|
|
6,302 |
|
|
|
6,603 |
|
Loan services costs |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
Loan processing |
|
|
184 |
|
|
|
89 |
|
|
|
174 |
|
|
|
424 |
|
|
|
452 |
|
Foreclosed assets |
|
|
— |
|
|
|
— |
|
|
|
(60 |
) |
|
|
— |
|
|
|
665 |
|
Other operating costs |
|
|
959 |
|
|
|
1,094 |
|
|
|
765 |
|
|
|
2,980 |
|
|
|
3,244 |
|
Professional services costs |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
Legal & accounting services |
|
|
547 |
|
|
|
714 |
|
|
|
493 |
|
|
|
1,976 |
|
|
|
1,623 |
|
Director's costs |
|
|
501 |
|
|
|
646 |
|
|
|
732 |
|
|
|
2,401 |
|
|
|
1,733 |
|
Other professional service |
|
|
775 |
|
|
|
582 |
|
|
|
707 |
|
|
|
2,167 |
|
|
|
2,053 |
|
Stationery & supply costs |
|
|
120 |
|
|
|
115 |
|
|
|
148 |
|
|
|
382 |
|
|
|
414 |
|
Sundry & tellers |
|
|
280 |
|
|
|
234 |
|
|
|
358 |
|
|
|
829 |
|
|
|
838 |
|
Total noninterest expense |
|
$ |
22,810 |
|
|
$ |
22,692 |
|
|
$ |
22,562 |
|
|
$ |
70,028 |
|
|
$ |
68,522 |
|
As a % of average interest-earning assets (1) |
|
|
2.68 |
% |
|
|
2.74 |
% |
|
|
2.58 |
% |
|
|
2.82 |
% |
|
|
2.67 |
% |
Efficiency ratio (tax-equivalent) (2)(3) |
|
|
58.38 |
% |
|
|
59.15 |
% |
|
|
61.46 |
% |
|
|
61.07 |
% |
|
|
62.83 |
% |
(1) |
Annualized |
|
(2) |
Computed on a tax equivalent basis utilizing a federal income tax rate of |
|
(3) |
See reconciliation of non-GAAP financial measures to the corresponding GAAP measurement in "Non-GAAP Financial Measures.” |
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||
AVERAGE BALANCES AND RATES |
|
|
|
|
|
|
|
|
|||||||||||||
(Dollars in Thousands, Unaudited) |
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||
|
|
For the quarter ended |
|
For the quarter ended |
|
For the quarter ended |
|||||||||||||||
|
|
September 30, 2024 |
|
June 30, 2024 |
|
September 30, 2023 |
|||||||||||||||
|
|
Average
|
Income/
|
Yield/
|
|
Average
|
Income/
|
Yield/
|
|
Average
|
Income/
|
Yield/
|
|||||||||
Assets |
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||
Investments: |
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||
Federal funds sold/interest-earning due from accounts |
|
$ |
88,509 |
$ |
1,225 |
5.51 |
% |
|
$ |
43,407 |
$ |
598 |
5.54 |
% |
|
$ |
23,760 |
$ |
415 |
6.93 |
% |
Taxable |
|
|
830,054 |
|
11,991 |
5.75 |
% |
|
|
866,270 |
|
12,787 |
5.94 |
% |
|
|
1,005,372 |
|
14,375 |
5.67 |
% |
Non-taxable |
|
|
199,261 |
|
1,584 |
4.00 |
% |
|
|
199,942 |
|
1,592 |
4.05 |
% |
|
|
345,645 |
|
2,679 |
3.89 |
% |
Total investments |
|
|
1,117,824 |
|
14,800 |
5.42 |
% |
|
|
1,109,619 |
|
14,977 |
5.58 |
% |
|
|
1,374,777 |
|
17,469 |
5.25 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||
Loans: (3) |
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||
Real estate |
|
|
1,804,099 |
|
21,054 |
4.64 |
% |
|
|
1,802,190 |
|
20,463 |
4.57 |
% |
|
|
1,854,055 |
|
20,764 |
4.44 |
% |
Agricultural production |
|
|
81,501 |
|
1,520 |
7.42 |
% |
|
|
75,825 |
|
1,406 |
7.46 |
% |
|
|
37,096 |
|
649 |
6.94 |
% |
Commercial |
|
|
76,633 |
|
1,101 |
5.72 |
% |
|
|
77,224 |
|
1,174 |
6.11 |
% |
|
|
90,348 |
|
1,392 |
6.11 |
% |
Consumer |
|
|
3,558 |
|
78 |
8.72 |
% |
|
|
3,698 |
|
79 |
8.59 |
% |
|
|
4,303 |
|
87 |
8.02 |
% |
Mortgage warehouse lines |
|
|
303,463 |
|
6,227 |
8.16 |
% |
|
|
261,768 |
|
5,382 |
8.27 |
% |
|
|
100,549 |
|
2,004 |
7.91 |
% |
Other |
|
|
2,438 |
|
18 |
2.94 |
% |
|
|
2,291 |
|
14 |
2.46 |
% |
|
|
2,381 |
|
19 |
3.17 |
% |
Total loans |
|
|
2,271,692 |
|
29,998 |
5.25 |
% |
|
|
2,222,996 |
|
28,518 |
5.16 |
% |
|
|
2,088,732 |
|
24,915 |
4.73 |
% |
Total interest-earning assets (4) |
|
|
3,389,516 |
|
44,798 |
5.31 |
% |
|
|
3,332,615 |
|
43,495 |
5.30 |
% |
|
|
3,463,509 |
|
42,384 |
4.94 |
% |
Other earning assets |
|
|
17,062 |
|
|
|
|
17,058 |
|
|
|
|
17,355 |
|
|
||||||
Non-earning assets |
|
|
288,975 |
|
|
|
|
286,020 |
|
|
|
|
275,883 |
|
|
||||||
Total assets |
|
$ |
3,695,553 |
|
|
|
$ |
3,635,693 |
|
|
|
$ |
3,756,747 |
|
|
||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||
Liabilities and shareholders' equity |
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||
Interest-bearing deposits: |
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||
Demand deposits |
|
$ |
169,602 |
$ |
1,170 |
2.74 |
% |
|
$ |
131,510 |
$ |
733 |
2.24 |
% |
|
$ |
141,745 |
$ |
413 |
1.16 |
% |
NOW |
|
|
393,328 |
|
161 |
0.16 |
% |
|
|
398,001 |
|
148 |
0.15 |
% |
|
|
427,278 |
|
68 |
0.06 |
% |
Savings accounts |
|
|
359,921 |
|
93 |
0.10 |
% |
|
|
371,961 |
|
80 |
0.09 |
% |
|
|
408,158 |
|
69 |
0.07 |
% |
Money market |
|
|
132,804 |
|
542 |
1.62 |
% |
|
|
139,507 |
|
476 |
1.37 |
% |
|
|
127,649 |
|
194 |
0.60 |
% |
Time deposits |
|
|
562,251 |
|
6,010 |
4.25 |
% |
|
|
563,526 |
|
6,051 |
4.32 |
% |
|
|
557,504 |
|
6,514 |
4.64 |
% |
Wholesale brokered deposits |
|
|
327,141 |
|
4,004 |
4.87 |
% |
|
|
307,995 |
|
3,544 |
4.63 |
% |
|
|
162,065 |
|
1,509 |
3.69 |
% |
Total interest-bearing deposits |
|
|
1,945,047 |
|
11,980 |
2.45 |
% |
|
|
1,912,500 |
|
11,032 |
2.32 |
% |
|
|
1,824,399 |
|
8,767 |
1.91 |
% |
Borrowed funds: |
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||
Repurchase agreements |
|
|
133,280 |
|
60 |
0.18 |
% |
|
|
131,478 |
|
66 |
0.20 |
% |
|
|
83,222 |
|
53 |
0.25 |
% |
Other borrowings |
|
|
80,169 |
|
788 |
3.91 |
% |
|
|
98,731 |
|
1,042 |
4.24 |
% |
|
|
330,221 |
|
4,286 |
5.15 |
% |
Long-term debt |
|
|
49,357 |
|
429 |
3.46 |
% |
|
|
49,335 |
|
430 |
3.51 |
% |
|
|
49,268 |
|
429 |
3.45 |
% |
Subordinated debentures |
|
|
35,767 |
|
751 |
8.35 |
% |
|
|
35,723 |
|
755 |
8.50 |
% |
|
|
35,590 |
|
762 |
8.49 |
% |
Total borrowed funds |
|
|
298,573 |
|
2,028 |
2.70 |
% |
|
|
315,267 |
|
2,293 |
2.93 |
% |
|
|
498,301 |
|
5,530 |
4.40 |
% |
Total interest-bearing liabilities |
|
|
2,243,620 |
|
14,008 |
2.48 |
% |
|
|
2,227,767 |
|
13,325 |
2.41 |
% |
|
|
2,322,700 |
|
14,297 |
2.44 |
% |
Demand deposits - noninterest-bearing |
|
|
995,326 |
|
|
|
|
978,602 |
|
|
|
|
1,064,962 |
|
|
||||||
Other liabilities |
|
|
103,571 |
|
|
|
|
83,886 |
|
|
|
|
58,340 |
|
|
||||||
Shareholders' equity |
|
|
353,036 |
|
|
|
|
345,438 |
|
|
|
|
310,745 |
|
|
||||||
Total liabilities and shareholders' equity |
|
$ |
3,695,553 |
|
|
|
$ |
3,635,693 |
|
|
|
$ |
3,756,747 |
|
|
||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||
Interest income/interest-earning assets |
|
|
|
5.31 |
% |
|
|
|
5.30 |
% |
|
|
|
4.94 |
% |
||||||
Interest expense/interest-earning assets |
|
|
|
1.65 |
% |
|
|
|
1.61 |
% |
|
|
|
1.64 |
% |
||||||
Net interest income and margin (5) |
|
|
$ |
30,790 |
3.66 |
% |
|
|
$ |
30,170 |
3.69 |
% |
|
|
$ |
28,087 |
3.30 |
% |
|||
|
|||||||||||||||||||||
| (1) | Average balances are obtained from the best available daily or monthly data and are net of deferred fees and related direct costs. |
|
| (2) |
Yields and net interest margin have been computed on a tax equivalent basis utilizing a |
|
| (3) |
Loans are gross of the allowance for credit losses. Loan fees have been included in the calculation of interest income. Net loan fees and loan acquisition FMV amortization were |
|
| (4) | Non-accrual loans have been included in total loans for purposes of computing total earning assets. |
|
| (5) | Net interest margin represents net interest income as a percentage of average interest-earning assets. |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||
AVERAGE BALANCES AND RATES |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
(Dollars in Thousands, Unaudited) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
|
|
For the nine months ended |
|
|
For the nine months ended |
|||||||||||||
|
|
September 30, 2024 |
|
|
September 30, 2023 |
|||||||||||||
|
|
Average
|
|
Income/
|
|
Yield/
|
|
Average
|
|
Income/
|
|
Yield/
|
||||||
Assets |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||
Investments: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
Interest-earning due from banks |
|
$ |
49,779 |
|
$ |
2,065 |
|
5.53 |
% |
|
$ |
21,504 |
|
$ |
861 |
|
5.35 |
% |
Taxable |
|
|
863,044 |
|
|
38,081 |
|
5.88 |
% |
|
|
991,302 |
|
|
39,848 |
|
5.37 |
% |
Non-taxable |
|
|
214,677 |
|
|
5,164 |
|
4.06 |
% |
|
|
353,173 |
|
|
8,233 |
|
3.95 |
% |
Total investments |
|
|
1,127,500 |
|
|
45,310 |
|
5.52 |
% |
|
|
1,365,979 |
|
|
48,942 |
|
5.00 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||
Loans:(3) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
Real estate |
|
$ |
1,804,159 |
|
$ |
61,706 |
|
4.57 |
% |
|
$ |
1,860,504 |
|
$ |
61,491 |
|
4.42 |
% |
Agricultural |
|
|
72,946 |
|
|
4,064 |
|
7.44 |
% |
|
|
31,232 |
|
|
1,578 |
|
6.76 |
% |
Commercial |
|
|
77,684 |
|
|
3,458 |
|
5.95 |
% |
|
|
81,397 |
|
|
3,564 |
|
5.85 |
% |
Consumer |
|
|
3,739 |
|
|
238 |
|
8.50 |
% |
|
|
4,260 |
|
|
263 |
|
8.25 |
% |
Mortgage warehouse lines |
|
|
234,470 |
|
|
14,431 |
|
8.22 |
% |
|
|
79,438 |
|
|
4,779 |
|
8.04 |
% |
Other |
|
|
2,354 |
|
|
46 |
|
2.61 |
% |
|
|
2,443 |
|
|
61 |
|
3.34 |
% |
Total loans |
|
|
2,195,352 |
|
|
83,943 |
|
5.11 |
% |
|
|
2,059,274 |
|
|
71,736 |
|
4.66 |
% |
Total interest-earning assets (4) |
|
|
3,322,852 |
|
|
129,253 |
|
5.25 |
% |
|
|
3,425,253 |
|
|
120,678 |
|
4.80 |
% |
Other earning assets |
|
|
17,155 |
|
|
|
|
|
|
|
16,680 |
|
|
|
|
|
||
Non-earning assets |
|
|
281,952 |
|
|
|
|
|
|
|
271,949 |
|
|
|
|
|
||
Total assets |
|
$ |
3,621,959 |
|
|
|
|
|
|
$ |
3,713,882 |
|
|
|
|
|
||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||
Liabilities and shareholders' equity |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||
Interest-bearing deposits: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
Demand deposits |
|
$ |
146,443 |
|
$ |
2,601 |
|
2.37 |
% |
|
$ |
145,316 |
|
$ |
731 |
|
0.67 |
% |
NOW |
|
|
396,644 |
|
|
393 |
|
0.13 |
% |
|
|
454,900 |
|
|
214 |
|
0.06 |
% |
Savings accounts |
|
|
369,371 |
|
|
246 |
|
0.09 |
% |
|
|
431,143 |
|
|
196 |
|
0.06 |
% |
Money market |
|
|
136,652 |
|
|
1,428 |
|
1.40 |
% |
|
|
128,856 |
|
|
291 |
|
0.30 |
% |
Time deposits |
|
|
562,571 |
|
|
18,251 |
|
4.33 |
% |
|
|
520,105 |
|
|
17,043 |
|
4.38 |
% |
Brokered deposits |
|
|
280,248 |
|
|
9,737 |
|
4.64 |
% |
|
|
167,782 |
|
|
4,235 |
|
3.37 |
% |
Total interest-bearing deposits |
|
|
1,891,929 |
|
|
32,656 |
|
2.31 |
% |
|
|
1,848,102 |
|
|
22,710 |
|
1.64 |
% |
Borrowed funds: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
Repurchase agreements |
125,742 |
|
|
166 |
|
0.18 |
% |
|
88,707 |
|
|
199 |
|
0.30 |
% |
|||
Other borrowings |
|
|
99,388 |
|
|
3,203 |
|
4.30 |
% |
|
|
262,755 |
|
|
9,828 |
|
5.00 |
% |
Long-term debt |
|
|
49,335 |
|
|
1,291 |
|
3.50 |
% |
|
|
49,246 |
|
|
1,286 |
|
3.49 |
% |
Subordinated debentures |
|
|
35,722 |
|
|
2,261 |
|
8.45 |
% |
|
|
35,545 |
|
|
2,120 |
|
7.97 |
% |
Total borrowed funds |
|
|
310,187 |
|
|
6,921 |
|
2.98 |
% |
|
|
436,253 |
|
|
13,433 |
|
4.12 |
% |
Total interest-bearing liabilities |
|
|
2,202,116 |
|
|
39,577 |
|
2.40 |
% |
|
|
2,284,355 |
|
|
36,143 |
|
2.12 |
% |
Demand deposits - noninterest-bearing |
|
|
988,128 |
|
|
|
|
|
|
|
1,062,114 |
|
|
|
|
|
||
Other liabilities |
|
|
86,061 |
|
|
|
|
|
|
|
59,674 |
|
|
|
|
|
||
Shareholders' equity |
|
|
345,654 |
|
|
|
|
|
|
|
307,739 |
|
|
|
|
|
||
Total liabilities and shareholders' equity |
|
$ |
3,621,959 |
|
|
|
|
|
|
$ |
3,713,882 |
|
|
|
|
|
||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||
Interest income/interest-earning assets |
|
|
|
|
|
|
|
5.25 |
% |
|
|
|
|
|
|
|
4.80 |
% |
Interest expense/interest-earning assets |
|
|
|
|
|
|
|
1.59 |
% |
|
|
|
|
|
|
|
1.41 |
% |
Net interest income and margin(5) |
|
|
|
|
$ |
89,676 |
|
3.66 |
% |
|
|
|
|
$ |
84,535 |
|
3.39 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||
| (1) | Average balances are obtained from the best available daily or monthly data and are net of deferred fees and related direct costs. |
|
| (2) |
Yields and net interest margin have been computed on a tax equivalent basis utilizing a |
|
| (3) |
Loans are gross of the allowance for credit losses. Loan fees have been included in the calculation of interest income. Net loan fees and loan acquisition FMV amortization were |
|
| (4) | Non-accrual loans have been included in total loans for purposes of computing total earning assets. |
|
| (5) | Net interest margin represents net interest income as a percentage of average interest-earning assets. |
Category: Financial
Source: Sierra Bancorp
View source version on businesswire.com: https://www.businesswire.com/news/home/20241021595856/en/
Kevin McPhaill, President/CEO
(559) 782‑4900 or (888) 454‑BANK
www.sierrabancorp.com
Source: Sierra Bancorp
