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First Mid Bancshares, Inc. Announces Fourth Quarter 2022 Results
Press Releases

First Mid Bancshares, Inc. Announces Fourth Quarter 2022 Results

MATTOON, Ill., Jan. 26, 2023 (GLOBE NEWSWIRE) — First Mid Bancshares, Inc. (NASDAQ: FMBH) (the “Company”) today announced its financial results for the quarter and year ended December 31, 2022.

Highlights

  • Net income of $20.6 million, or $1.01 diluted EPS
  • Adjusted net income (non-GAAP) of $20.8 million, or $1.01 diluted EPS
  • Strong loan growth of 2.2% for the quarter and 10.3% for the year (excluding acquired loans)
  • Tangible book value per share increased 7.8% for the quarter
  • Improved on already strong asset quality ratios reflecting strength if economic downturn transpires
  • Board of Directors declares regular quarterly dividend of $0.23 per share

“Our fourth quarter results capped off a strong, but challenging year,” said Joe Dively, Chairman and Chief Executive Officer. “For 2022, we delivered exceptional loan growth and excellent credit quality. Our noninterest income grew by over 7% for the year, driven by double digit growth in our wealth management and insurance businesses that more than offset lower mortgage banking revenues. We successfully integrated Jefferson Bank and Trust (“Jefferson”) and met all of our acquisition related financial targets. While funding costs have increased at a faster pace than we anticipated placing pressure on margin, we have offset this challenge with stringent expense management and our relationship driven strategy to provide our expanded services to customers.”         

Net Interest Income

Net interest income for the fourth quarter of 2022 decreased by $2.6 million, or 5.4% compared to the third quarter of 2022. Interest income increased by $4.0 million primarily driven by loan growth and higher interest rates. Interest expense increased by $6.5 million on increased rates and aggressive competition. Accretion income declined by $0.3 million for the quarter to $0.6 million.         

In comparison to the fourth quarter of 2021, net interest income increased $2.9 million, or 6.9%. The increase was primarily the result of organic loan growth, higher interest rates, and the acquisition of Jefferson.            

Net Interest Margin

Net interest margin, on a tax equivalent basis, was 3.07% for the fourth quarter of 2022, which was a decrease of 14 basis points compared to the prior quarter. Lower accretion income represented 2 basis points of the decline for the quarter. Earning asset yields increased by 30 basis points, while the average cost of funds increased 44 basis points.   

In comparison to the fourth quarter of last year, the net interest margin decreased 4 basis points. The primary reason for the decrease was due to PPP fee income being lower by $1.7 million compared to the fourth quarter of 2021. Earning asset yields increased 70 basis points, while the average cost of funds increased 74 basis points.

Loan Portfolio

Total loans ended the quarter at $4.83 billion, representing an increase of $105.9 million, or 2.2%, compared to the prior quarter. The growth in the quarter was primarily in farm real estate, CRE and C&I. While the pipeline remains solid, we do anticipate it softening based on the macroeconomic conditions. As we have experienced in the past, we expect seasonal line paydowns in agricultural operating lines during the first quarter of 2023.       

Asset Quality

First Mid’s asset quality continues to be very strong and well positioned if an economic downturn occurs. Nonperforming loans decreased by $1.6 million in the period and the ratio of nonperforming loans to total loans decreased to 0.40%. The allowance for credit losses (“ACL”) to nonperforming loans increased to 308.3%. As of December 31, 2022, the ACL increased by $0.3 million to $59.1 million with an ending ACL to total loans ratio of 1.22%. In addition, the Company has $7.0 million, or 15 basis points, of discount remaining on purchased loans. Provision expense was recorded in the amount of $0.8 million and net charge offs totaled $0.5 million. Special mention loans increased by $14.6 million, while substandard loans decreased by $3.0 million.

Deposits

Total deposits ended the quarter at $5.26 billion, which represented a decrease of $226.2 million, or 4.1%, from the prior quarter. The decrease was primarily in money market and noninterest bearing deposits. The Company has experienced increased competition from brokerage firms and community banks. In some cases, we are successful in maintaining the customer’s funds within the Company, but off balance sheet by providing our own wealth management solutions. The Company’s average rate on cost of funds was 1.00% compared to 0.56% in the prior quarter, and 0.26% versus the fourth quarter of 2021.                  

Noninterest Income

Noninterest income for the fourth quarter of 2022 was $18.2 million compared to $16.8 million in the third quarter of 2022. The increase was primarily driven by the seasonality in insurance and wealth management revenues from farmland sales. Wealth management and insurance revenue increased $1.4 million and $0.6 million, respectively, from the prior quarter. Mortgage banking represented the largest decline in the period.    

In comparison to the fourth quarter of 2021, noninterest income increased $0.1 million, or 0.5%. The increase was primarily driven by a $0.6 million increase in insurance and a $0.3 million increase in service charges, offsetting a $0.8 million decline in mortgage banking.      

Noninterest Expenses     

Noninterest expense for the fourth quarter of 2022 totaled $39.4 million, which was a decrease of $2.2 million compared to the prior quarter. The current quarter included $0.2 million of nonrecurring integration expenses for the Jefferson acquisition compared to $0.7 million in the third quarter. The Company has increased its emphasis in its ongoing effort to identify and implement cost savings initiatives to drive a more efficient operations.

In comparison to the fourth quarter of 2021, noninterest expenses increased $3.0 million. The increase was primarily driven by the additional expense related to the Jefferson acquisition and inflationary cost increases.   

The Company’s efficiency ratio, as adjusted in the non-GAAP reconciliation table herein, for the fourth quarter 2022 was 58.1% compared to 59.6% in the prior quarter and 55.8% for the same period last year.

Capital Levels, Dividend and Taxes

The Company’s capital levels remained strong and comfortably above the “well capitalized” levels. Capital levels ended the period as follows:

Total capital to risk-weighted assets 15.20%
Tier 1 capital to risk-weighted assets 12.40%
Common equity tier 1 capital to risk-weighted assets 12.03%
Leverage ratio   9.62%
   

The Company’s Board of Directors approved a regular quarterly dividend of $0.23 payable on March 1, 2023 for shareholders of record on February 15, 2023.

The Company’s effective tax rate for the fourth quarter was 12.9% compared to 23.2% in the prior quarter. The primary reason for the lower tax rate was a $2.5 million credit in the current quarter. The credit was due to the removal of a deferred tax liability that was no longer applicable.

About First Mid: First Mid Bancshares, Inc. (“First Mid”) is the parent company of First Mid Bank & Trust, N.A., First Mid Insurance Group, Inc., and First Mid Wealth Management Co. First Mid is a $6.7 billion community-focused organization that provides a full-suite of financial services including banking, wealth management, brokerage, Ag services, and insurance through a sizeable network of locations throughout Illinois, Missouri, and Texas, and a loan production office in the greater Indianapolis area. Together, our First Mid team takes great pride in providing solutions and services to the customers and communities and has done so over the last 157 years. More information about the Company is available on our website at www.firstmid.com.

Non-GAAP Measures: In addition to reports presented in accordance with generally accepted accounting principles (“GAAP”), this release contains certain non-GAAP financial measures. The Company believes that such non-GAAP financial measures provide investors with information useful in understanding the Company’s financial performance. Readers of this release, however, are urged to review these non-GAAP financial measures in conjunction with the GAAP results as reported. These non-GAAP financial measures are detailed as supplemental tables and include “Adjusted Net Income,” “Adjusted Diluted EPS,” “Efficiency Ratio,” “Net Interest Margin, tax equivalent,” and “Tangible Book Value per Common Share”. While the Company believes these non-GAAP financial measures provide investors with a broader understanding of the capital adequacy, funding profile and financial trends of the Company, this information should be considered as supplemental in nature and not as a substitute to the related financial information prepared in accordance with GAAP. These non-GAAP financial measures may also differ from the similar measures presented by other companies.

Forward Looking Statements
This document may contain certain forward-looking statements about First Mid, such as discussions of First Mid’s pricing and fee trends, credit quality and outlook, liquidity, new business results, expansion plans, anticipated expenses, and planned schedules. First Mid intends such forward-looking statements to be covered by the safe harbor provisions for forward-looking statements contained in the Private Securities Litigation Reform Act of 1995. Forward-looking statements, which are based on certain assumptions and describe future plans, strategies and expectations of First Mid, are identified by use of the words “believe,” “expect,” “intend,” “anticipate,” “estimate,” “project,” or similar expressions. Actual results could differ materially from the results indicated by these statements because the realization of those results is subject to many risks and uncertainties, including, among other things, changes in interest rates; general economic conditions and those in the market areas of First Mid; legislative and/or regulatory changes; monetary and fiscal policies of the U.S. Government, including policies of the U.S. Treasury and the Federal Reserve Board; the quality or composition of First Mid’s loan or investment portfolios and the valuation of those investment portfolios; demand for loan products; deposit flows; competition, demand for financial services in the market areas of First Mid; accounting principles, policies and guidelines; the severity, magnitude and duration of the COVID-19 pandemic, the direct and indirect impact of such pandemic, including responses to the pandemic by the U.S., state and local governments, customers’ businesses, the disruption of global, national, state and local economies associated with the COVID-19 pandemic, which could affect First Mid’s liquidity and capital positions, impair the ability of First Mid’s borrowers to repay outstanding loans, impair collateral values, and further increase the allowance for credit losses, and the impact of the COVID-19 pandemic on First Mid’s financial results, including possible lost revenue and increased expenses (including cost of capital), as well as possible goodwill impairment charges. Additional information concerning First Mid, including additional factors and risks that could materially affect First Mid’s financial results, are included in First Mid’s filings with the SEC, including its Annual Reports on Form 10-K and Quarterly Reports on Form 10-Q. Forward-looking statements speak only as of the date they are made. Except as required under the federal securities laws or the rules and regulations of the SEC, we do not undertake any obligation to update or review any forward-looking information, whether as a result of new information, future events or otherwise.

Investor Contact:
Aaron Holt
VP, Shareholder Relations
217-258-0463
aholt@firstmid.com

Matt Smith
Chief Financial Officer
217-258-1528
msmith@firstmid.com

 – Tables Follow –

           
 FIRST MID BANCSHARES, INC.
 Condensed Consolidated Balance Sheets
 (In thousands, unaudited)   
  As of
  December 31,   September 30,   December 31,
    2022       2022       2021  
           
Assets          
Cash and cash equivalents $ 152,433     $ 160,954     $ 168,602  
Investment securities   1,223,720       1,235,505       1,431,299  
Loans (including loans held for sale)   4,826,212       4,720,290       3,995,523  
Less allowance for credit losses   (59,093 )     (58,777 )     (54,655 )
Net loans   4,767,119       4,661,513       3,940,868  
Premises and equipment, net   90,473       90,659       81,484  
Goodwill and intangibles, net   169,897       170,897       141,376  
Bank owned life insurance   151,756       150,831       132,375  
Other assets   188,817       181,024       90,578  
Total assets $ 6,744,215     $ 6,651,383     $ 5,986,582  
           
Liabilities and Stockholders’ Equity          
Deposits:          
Non-interest bearing $ 1,256,514     $ 1,334,686     $ 1,246,673  
Interest bearing   4,000,487       4,148,512       3,709,813  
Total deposits   5,257,001       5,483,198       4,956,486  
Repurchase agreement with customers   221,414       220,707       146,268  
Other borrowings   465,071       181,232       86,446  
Junior subordinated debentures   19,364       19,322       19,195  
Subordinated debt   94,553       94,515       94,400  
Other liabilities   53,657       51,694       49,893  
Total liabilities   6,111,060       6,050,668       5,352,688  
           
Total stockholders’ equity   633,155       600,715       633,894  
Total liabilities and stockholders’ equity $ 6,744,215     $ 6,651,383     $ 5,986,582  
           

               
FIRST MID BANCSHARES, INC.
Condensed Consolidated Statements of Income
(In thousands, except per share data, unaudited)
               
  Three Months Ended   Twelve Months Ended
  December 31,   December 31,
    2022       2021     2022     2021
Interest income:              
Interest and fees on loans $ 53,128     $ 39,711   $ 185,869   $ 159,684
Interest on investment securities   7,285       6,500     29,380     22,916
Interest on federal funds sold & other deposits   296       88     642     413
Total interest income   60,709       46,299     215,891     183,013
Interest expense:              
Interest on deposits   9,227       2,057     18,813     9,037
Interest on securities sold under agreements to repurchase   1,163       52     1,795     231
Interest on other borrowings   3,345       336     6,193     1,514
Interest on jr. subordinated debentures   315       125     868     541
Interest on subordinated debt   987       985     3,945     3,939
Total interest expense   15,037       3,555     31,614     15,262
Net interest income   45,672       42,744     184,277     167,751
Provision for loan losses   805       2,472     4,806     15,151
Net interest income after provision for loan   44,867       40,272     179,471     152,600
Non-interest income:              
Wealth management revenues   6,201       6,261     22,492     20,407
Insurance commissions   4,719       4,150     21,622     18,927
Service charges   2,375       2,067     9,112     6,808
Securities gains, net   (48 )     36     33     124
Mortgage banking revenues   65       890     1,190     4,718
ATM/debit card revenue   3,209       3,074     12,422     11,974
Other   1,686       1,646     7,811     6,809
Total non-interest income   18,207       18,124     74,682     69,767
Non-interest expense:              
Salaries and employee benefits   23,610       20,424     98,594     89,660
Net occupancy and equipment expense   6,126       5,712     24,257     21,546
Net other real estate owned (income) expense   87       315     330     3,866
FDIC insurance   464       406     1,805     1,604
Amortization of intangible assets   1,537       1,462     6,290     5,391
Stationary and supplies   298       311     1,295     1,161
Legal and professional expense   1,607       1,811     6,996     6,730
ATM/debit card expense   1,309       586     4,300     3,116
Marketing and donations   681       1,915     2,999     3,603
Other   3,653       3,452     15,995     18,902
Total non-interest expense   39,372       36,394     162,861     155,579
Income before income taxes   23,702       22,002     91,292     66,788
Income taxes   3,063       5,168     18,340     15,298
Net income $ 20,639     $ 16,834   $ 72,952   $ 51,490
               
Per Share Information              
Basic earnings per common share $ 1.01     $ 0.93   $ 3.62   $ 2.88
Diluted earnings per common share   1.01       0.93     3.60     2.87
               
Weighted average shares outstanding   20,461,046       18,086,949     20,169,077     17,886,998
Diluted weighted average shares outstanding   20,535,220       18,135,380     20,243,635     17,939,007
               

                   
FIRST MID BANCSHARES, INC.
Condensed Consolidated Statements of Income
(In thousands, except per share data, unaudited)
                   
  For the Quarter Ended
  December 31,   September 30,   June 30,   March 31,   December 31,
    2022      2022    2022     2022      2021
Interest income:                  
Interest and fees on loans $ 53,128     $ 49,278   $ 43,555   $ 39,908     $ 39,711
Interest on investment securities   7,285       7,302     7,623     7,170       6,500
Interest on federal funds sold & other deposits   296       174     105     67       88
Total interest income   60,709       56,754     51,283     47,145       46,299
Interest expense:                  
Interest on deposits   9,227       4,915     2,523     2,148       2,057
Interest on securities sold under agreements to repurchase   1,163       428     137     67       52
Interest on other borrowings   3,345       1,927     645     276       336
Interest on jr. subordinated debentures   315       241     166     146       125
Interest on subordinated debt   987       986     986     986       985
Total interest expense   15,037       8,497     4,457     3,623       3,555
Net interest income   45,672       48,257     46,826     43,522       42,744
Provision for loan losses   805       142     907     2,952       2,472
Net interest income after provision for loan   44,867       48,115     45,919     40,570       40,272
Non-interest income:                  
Wealth management revenues   6,201       4,843     5,473     5,975       6,261
Insurance commissions   4,719       4,158     5,641     7,104       4,150
Service charges   2,375       2,445     2,236     2,056       2,067
Securities gains, net   (48 )     79     2           36
Mortgage banking revenues   65       355     289     444       890
ATM/debit card revenue   3,209       3,101     3,214     2,898       3,074
Other   1,686       1,810     1,704     2,611       1,646
Total non-interest income   18,207       16,791     18,559     21,088       18,124
Non-interest expense:                  
Salaries and employee benefits   23,610       24,877     25,768     24,302       20,424
Net occupancy and equipment expense   6,126       5,903     6,073     6,155       5,712
Net other real estate owned (income) expense   87       58     218     (33 )     315
FDIC insurance   464       479     436     426       406
Amortization of intangible assets   1,537       1,598     1,633     1,522       1,462
Stationary and supplies   298       361     325     311       311
Legal and professional expense   1,607       1,770     1,885     1,734       1,811
ATM/debit card expense   1,309       1,243     670     1,078       586
Marketing and donations   681       739     706     873       1,915
Other   3,653       4,521     3,801     4,020       3,452
Total non-interest expense   39,372       41,549     41,515     40,388       36,394
Income before income taxes   23,702       23,357     22,963     21,270       22,002
Income taxes   3,063       5,418     5,205     4,654       5,168
Net income $ 20,639     $ 17,939   $ 17,758   $ 16,616     $ 16,834
                   
Per Share Information                  
Basic earnings per common share $ 1.01     $ 0.88   $ 0.87   $ 0.86     $ 0.93
Diluted earnings per common share   1.01       0.88     0.86     0.86       0.93
                   
Weighted average shares outstanding   20,461,046       20,454,669     20,448,799     19,295,860       18,086,949
Diluted weighted average shares outstanding   20,535,220       20,535,215     20,529,523     19,358,457       18,135,380
                   

FIRST MID BANCSHARES, INC.
Consolidated Financial Highlights and Ratios
(Dollars in thousands, except per share data)
(Unaudited)
 
    As of and for the Quarter Ended
    December 31,   September 30, June 30,   March 31,   December 31,
      2022       2022       2022       2022       2021  
                     
Loan Portfolio                    
Construction and land development   $ 144,264     $ 142,801     $ 141,072     $ 131,504     $ 145,118  
Farm real estate loans     410,327       360,424       350,159       280,993       279,272  
1-4 Family residential properties     440,180       436,625       424,230       417,232       400,313  
Multifamily residential properties     294,346       298,321       330,600       369,926       298,942  
Commercial real estate     2,030,011       1,996,338       1,976,654       1,965,321       1,666,198  
Loans secured by real estate     3,319,128       3,234,509       3,222,715       3,164,976       2,789,843  
Agricultural operating loans     166,838       160,511       142,406       121,708       151,484  
Commercial and industrial loans     1,082,960       1,064,033       1,036,987       935,454       832,008  
Consumer loans     97,775       100,783       94,828       89,685       78,442  
All other loans     159,511       160,454       151,727       142,738       143,746  
Total loans     4,826,212       4,720,290       4,648,663       4,454,561       3,995,523  
                     
Deposit Portfolio                    
Non-interest bearing demand deposits   $ 1,256,514     $ 1,334,686     $ 1,369,756     $ 1,373,881     $ 1,246,673  
Interest bearing demand deposits     1,389,283       1,364,306       1,453,932       1,482,556       1,452,765  
Savings deposits     636,699       657,592       683,944       685,228       626,523  
Money Market     1,267,726       1,443,060       1,158,724       1,280,129       1,068,473  
Time deposits     706,779       683,554       652,622       665,511       562,052  
Total deposits     5,257,001       5,483,198       5,318,978       5,487,305       4,956,486  
                     
Asset Quality                    
Non-performing loans   $ 19,170     $ 20,812     $ 19,981     $ 22,465     $ 22,036  
Non-performing assets     23,539       25,143       24,190       27,269       27,055  
Net charge-offs (recoveries)     489       440       307       (5 )     1,800  
Allowance for credit losses to non-performing loans   308.26 %     282.42 %     295.66 %     260.29 %     248.03 %
Allowance for credit losses to total loans outstanding   1.22 %     1.25 %     1.27 %     1.31 %   1.37%1
Nonperforming loans to total loans     0.40 %     0.44 %     0.43 %     0.50 %     0.55 %
Nonperforming assets to total assets     0.35 %     0.38 %     0.36 %     0.41 %     0.45 %
Special Mention loans     39,853       25,298       35,849       64,160       66,235  
Substandard and Doubtful loans     34,352       37,378       38,155       38,801       46,862  
                     
Common Share Data                    
Common shares outstanding     20,452,376       20,454,636       20,448,799       20,437,183       18,080,303  
Book value per common share   $ 30.96     $ 29.37     $ 30.63     $ 32.61     $ 35.06  
Tangible book value per common share (2)   22.65       21.01       22.17       24.07       27.24  
Market price of stock     32.08       31.97       35.67       38.49       42.79  
                     
Key Performance Ratios and Metrics                    
End of period earning assets   $ 6,063,953     $ 5,975,619     $ 6,024,815     $ 6,038,542     $ 5,504,517  
Average earning assets     6,000,106       6,063,061       5,975,821       5,817,752       5,539,819  
Average rate on average earning assets (tax equivalent)   4.07 %     3.77 %     3.50 %     3.33 %     3.37 %
Average rate on cost of funds     1.00 %     0.56 %     0.30 %     0.26 %     0.26 %
Net interest margin (tax equivalent) (2)     3.07 %     3.21 %     3.20 %     3.07 %     3.11 %
Return on average assets     1.24 %     1.07 %     1.08 %     1.05 %     1.12 %
Return on average common equity     13.51 %     11.18 %     11.02 %     9.95 %     10.74 %
Efficiency ratio (tax equivalent) (2)     58.07 %     59.64 %     58.45 %     58.59 %     55.75 %
Full-time equivalent employees     1,043       1,051       1,025       1,050       965  
                     
1 Excludes Paycheck Protection Loans                    
2 Non-GAAP financial measure. Refer to reconciliation to the comparable GAAP measure.        
                     

FIRST MID BANCSHARES, INC.
Net Interest Margin
(In thousands, unaudited)
  For the Quarter Ended December 31, 2022
  QTD Average       Average
  Balance   Interest   Rate
INTEREST EARNING ASSETS          
Interest bearing deposits $ 18,419     $ 220   4.74%
Federal funds sold   7,507       68   3.59%
Certificates of deposits investments   1,470       8   2.16%
Investment Securities:          
Taxable (total less municipals)   958,380       5,238   2.19%
Tax-exempt (Municipals)   278,128       2,592   3.73%
Loans (net of unearned income)   4,736,202       53,374   4.47%
           
Total interest earning assets   6,000,106       61,500   4.07%
           
NONEARNING ASSETS          
Cash and due from banks   141,696          
Premises and equipment   90,679          
Other nonearning assets   486,896          
Allowance for loan losses   (58,967 )        
           
Total assets $ 6,660,410          
           
INTEREST BEARING LIABILITIES          
Demand deposits $ 2,582,114     $ 7,014   1.08%
Savings deposits   648,084       178   0.11%
Time deposits   686,100       2,034   1.18%
Total interest bearing deposits   3,916,298       9,226   0.93%
Repurchase agreements   248,886       1,163   1.85%
FHLB advances   399,574       3,342   3.32%
Federal funds purchased   266       3   4.47%
Subordinated debt   94,528       987   4.14%
Jr. subordinated debentures   19,343       315   6.46%
Other debt           0.00%
Total borrowings   762,597       5,810   3.02%
Total interest bearing liabilities   4,678,895       15,036   1.27%
           
NONINTEREST BEARING LIABILITIES          
Demand deposits   1,315,996     Average cost of funds 1.00%
Other liabilities   54,647          
Stockholders’ equity   610,872          
           
Total liabilities & stockholders’ equity $ 6,660,410          
           
Net Interest Earnings / Spread     $ 46,464   2.80%
           
Impact of Non-Interest Bearing Funds         0.27%
           
Tax effected yield on interest earning assets       3.07%
           

FIRST MID BANCSHARES, INC.
Reconciliation of Non-GAAP Financial Measures
(In thousands, unaudited)
                     
    As of and for the Quarter Ended
    December 31,   September 30, June 30,   March 31,   December 31,
    2022   2022   2022   2022   2021
                     
Net interest income as reported   $ 45,672     $ 48,257     $ 46,826     $ 43,522     $ 42,744  
Net interest income, (tax equivalent)     46,464       49,060       47,625       44,292       43,492  
Average earning assets     6,000,106       6,063,061       5,975,821       5,817,752       5,539,819  
Net interest margin (tax equivalent)     3.07 %     3.21 %     3.20 %     3.07 %     3.11 %
                     
                     
Common stockholder’s equity   $ 633,155     $ 600,715     $ 626,268     $ 666,385     $ 633,894  
Goodwill and intangibles, net     169,897       170,897       172,871       174,499       141,376  
Common shares outstanding     20,452       20,455       20,449       20,437       18,080  
Tangible Book Value per common share   $ 22.65     $ 21.01     $ 22.17     $ 24.07     $ 27.24  
                     

FIRST MID BANCSHARES, INC.
Reconciliation of Non-GAAP Financial Measures
(In thousands, except per share data, unaudited)
                   
  As of and for the Quarter Ended
  December 31,   September 30,
  June 30,   March 31,   December 31,
   2022     2022      2022       2022       2021  
Adjusted earnings Reconciliation                  
Net Income – GAAP $ 20,639     $ 17,939     $ 17,758     $ 16,616     $ 16,834  
Adjustments (post-tax): (1)                  
Acquisition ACL on non-PCD assets in provision expense                     1,580        
Integration and acquisition expenses   131       524       777       469       225  
Total non-recurring adjustments (non-GAAP) $ 131     $ 524     $ 777     $ 2,049     $ 225  
                   
Adjusted earnings – non-GAAP $ 20,770     $ 18,463     $ 18,535     $ 18,665     $ 17,059  
Adjusted diluted earnings per share (non-GAAP) $ 1.01     $ 0.90     $ 0.90     $ 0.96     $ 0.94  
                   
Efficiency Ratio Reconciliation                  
Noninterest expense – GAAP $ 39,372     $ 41,549     $ 41,515     $ 40,388     $ 36,394  
Other real estate owned property income (expense)   (87 )     (58 )     (218 )     33       (315 )
Amortization of intangibles   (1,537 )     (1,598 )     (1,633 )     (1,522 )     (1,462 )
Branch optimization costs                            
integration and acquisition expenses   (166 )     (663 )     (983 )     (594 )     (285 )
Adjusted noninterest expense (non-GAAP) $ 37,582     $ 39,230     $ 38,681     $ 38,305     $ 34,332  
                   
Net interest income -GAAP $ 45,672     $ 48,257     $ 46,826     $ 43,522     $ 42,744  
Effect of tax-exempt income (1)   792       803       799       770       748  
Adjusted net interest income (non-GAAP) $ 46,464     $ 49,060     $ 47,625     $ 44,292     $ 43,492  
                   
Noninterest income – GAAP $ 18,207     $ 16,791     $ 18,559     $ 21,088     $ 18,124  
Loss/(Gain) on sales of investment securities, net   48       (79 )     (2 )           (36 )
Adjusted noninterest income (non-GAAP) $ 18,255     $ 16,712     $ 18,557     $ 21,088     $ 18,088  
                   
Adjusted total revenue (non-GAAP) $ 64,719     $ 65,772     $ 66,182     $ 65,380     $ 61,580  
                   
Efficiency ratio (non-GAAP)   58.07 %     59.64 %     58.45 %     58.59 %     55.75 %
                   
(1) Nonrecurring items (post-tax) and tax-exempt income are calculated using an estimated effective tax rate of 21%.     

 

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