Indiana |
0-6233 | 35-1068133 | ||||||
(State or other jurisdiction of incorporation) | (Commission File No.) | (I.R.S. Employer Identification No.) |
Title of each class | Trading Symbol(s) | Name of each exchange on which registered | ||||||||||||
Common Stock - without par value | SRCE | The NASDAQ Stock Market LLC |
1st SOURCE CORPORATION | ||||||||
(Registrant) | ||||||||
Date: April 25, 2024 | /s/ BRETT A. BAUER | |||||||
Brett A. Bauer | ||||||||
Treasurer and Chief Financial Officer | ||||||||
Principal Accounting Officer |
For: | Immediate Release | Contact: | Brett Bauer | ||||||||
April 25, 2024 | 574-235-2000 |
1st SOURCE CORPORATION | ||||||||||||||||||||
1st QUARTER 2024 FINANCIAL HIGHLIGHTS | ||||||||||||||||||||
(Unaudited - Dollars in thousands, except per share data) | ||||||||||||||||||||
Three Months Ended | ||||||||||||||||||||
March 31, | December 31, | March 31, | ||||||||||||||||||
2024 | 2023 | 2023 | ||||||||||||||||||
AVERAGE BALANCES | ||||||||||||||||||||
Assets | $ | 8,652,144 | $ | 8,553,500 | $ | 8,323,431 | ||||||||||||||
Earning assets | 8,182,165 | 8,071,861 | 7,864,595 | |||||||||||||||||
Investments | 1,608,094 | 1,596,602 | 1,768,621 | |||||||||||||||||
Loans and leases | 6,504,069 | 6,387,858 | 6,036,203 | |||||||||||||||||
Deposits | 7,011,105 | 7,068,668 | 6,869,006 | |||||||||||||||||
Interest bearing liabilities | 5,783,480 | 5,678,546 | 5,345,498 | |||||||||||||||||
Common shareholders’ equity | 1,006,286 | 949,939 | 890,294 | |||||||||||||||||
Total equity | 1,084,654 | 1,013,114 | 949,879 | |||||||||||||||||
INCOME STATEMENT DATA | ||||||||||||||||||||
Net interest income | $ | 71,915 | $ | 71,330 | $ | 69,565 | ||||||||||||||
Net interest income - FTE(1) |
72,063 | 71,496 | 69,791 | |||||||||||||||||
Provision for credit losses | 6,595 | 1,911 | 3,049 | |||||||||||||||||
Noninterest income | 22,156 | 20,076 | 23,323 | |||||||||||||||||
Noninterest expense | 49,586 | 52,972 | 49,421 | |||||||||||||||||
Net income | 29,462 | 28,417 | 31,131 | |||||||||||||||||
Net income available to common shareholders | 29,455 | 28,429 | 31,124 | |||||||||||||||||
PER SHARE DATA | ||||||||||||||||||||
Basic net income per common share | $ | 1.19 | $ | 1.15 | $ | 1.25 | ||||||||||||||
Diluted net income per common share | 1.19 | 1.15 | 1.25 | |||||||||||||||||
Common cash dividends declared | 0.34 | 0.34 | 0.32 | |||||||||||||||||
Book value per common share(2) |
41.26 | 40.50 | 36.81 | |||||||||||||||||
Tangible book value per common share(1) |
37.83 | 37.06 | 33.42 | |||||||||||||||||
Market value - High | 55.25 | 56.59 | 53.85 | |||||||||||||||||
Market value - Low | 48.32 | 41.30 | 42.50 | |||||||||||||||||
Basic weighted average common shares outstanding | 24,459,088 | 24,430,477 | 24,687,087 | |||||||||||||||||
Diluted weighted average common shares outstanding | 24,459,088 | 24,430,477 | 24,687,087 | |||||||||||||||||
KEY RATIOS | ||||||||||||||||||||
Return on average assets | 1.37 | % | 1.32 | % | 1.52 | % | ||||||||||||||
Return on average common shareholders’ equity | 11.77 | 11.87 | 14.18 | |||||||||||||||||
Average common shareholders’ equity to average assets | 11.63 | 11.11 | 10.70 | |||||||||||||||||
End of period tangible common equity to tangible assets(1) |
10.79 | 10.48 | 10.01 | |||||||||||||||||
Risk-based capital - Common Equity Tier 1(3) |
13.48 | 13.22 | 13.51 | |||||||||||||||||
Risk-based capital - Tier 1(3) |
15.15 | 14.99 | 15.15 | |||||||||||||||||
Risk-based capital - Total(3) |
16.41 | 16.25 | 16.41 | |||||||||||||||||
Net interest margin | 3.54 | 3.51 | 3.59 | |||||||||||||||||
Net interest margin - FTE(1) |
3.54 | 3.51 | 3.60 | |||||||||||||||||
Efficiency ratio: expense to revenue | 52.71 | 57.95 | 53.20 | |||||||||||||||||
Efficiency ratio: expense to revenue - adjusted(1) |
52.56 | 56.40 | 52.92 | |||||||||||||||||
Net charge-offs (recoveries) to average loans and leases | 0.38 | (0.10) | (0.01) | |||||||||||||||||
Loan and lease loss allowance to loans and leases | 2.26 | 2.26 | 2.33 | |||||||||||||||||
Nonperforming assets to loans and leases | 0.34 | 0.37 | 0.30 | |||||||||||||||||
March 31, | December 31, | September 30, | June 30, | March 31, | ||||||||||||||||
2024 | 2023 | 2023 | 2023 | 2023 | ||||||||||||||||
END OF PERIOD BALANCES | ||||||||||||||||||||
Assets | $ | 8,667,837 | $ | 8,727,958 | $ | 8,525,058 | $ | 8,414,818 | $ | 8,329,803 | ||||||||||
Loans and leases | 6,562,772 | 6,518,505 | 6,353,648 | 6,215,343 | 6,116,716 | |||||||||||||||
Deposits | 7,055,311 | 7,038,581 | 6,967,492 | 6,976,518 | 6,801,464 | |||||||||||||||
Allowance for loan and lease losses | 148,024 | 147,552 | 144,074 | 143,542 | 142,511 | |||||||||||||||
Goodwill and intangible assets | 83,912 | 83,916 | 83,921 | 83,897 | 83,901 | |||||||||||||||
Common shareholders’ equity | 1,009,886 | 989,568 | 924,250 | 921,020 | 909,159 | |||||||||||||||
Total equity | 1,081,549 | 1,068,263 | 982,997 | 980,087 | 968,444 | |||||||||||||||
ASSET QUALITY | ||||||||||||||||||||
Loans and leases past due 90 days or more | $ | 26 | $ | 149 | $ | 154 | $ | 56 | $ | 24 | ||||||||||
Nonaccrual loans and leases | 22,097 | 23,381 | 16,617 | 20,481 | 18,062 | |||||||||||||||
Other real estate | — | — | 117 | 193 | 117 | |||||||||||||||
Repossessions | 308 | 705 | 233 | 47 | 445 | |||||||||||||||
Total nonperforming assets | $ | 22,431 | $ | 24,235 | $ | 17,121 | $ | 20,777 | $ | 18,648 |
1st SOURCE CORPORATION | |||||||||||||||||||||||
CONSOLIDATED STATEMENTS OF FINANCIAL CONDITION | |||||||||||||||||||||||
(Unaudited - Dollars in thousands) | |||||||||||||||||||||||
March 31, | December 31, | September 30, | March 31, | ||||||||||||||||||||
2024 | 2023 | 2023 | 2023 | ||||||||||||||||||||
ASSETS | |||||||||||||||||||||||
Cash and due from banks | $ | 41,533 | $ | 77,474 | $ | 75,729 | $ | 66,866 | |||||||||||||||
Federal funds sold and interest bearing deposits with other banks | 39,381 | 52,194 | 35,406 | 27,171 | |||||||||||||||||||
Investment securities available-for-sale |
1,583,244 | 1,622,600 | 1,605,242 | 1,713,480 | |||||||||||||||||||
Other investments | 25,075 | 25,075 | 25,075 | 25,293 | |||||||||||||||||||
Mortgages held for sale | 2,881 | 1,442 | 3,118 | 2,068 | |||||||||||||||||||
Loans and leases, net of unearned discount: | |||||||||||||||||||||||
Commercial and agricultural | 731,527 | 766,223 | 763,051 | 795,429 | |||||||||||||||||||
Renewable energy | 413,662 | 399,708 | 364,949 | 375,330 | |||||||||||||||||||
Auto and light truck | 997,465 | 966,912 | 901,484 | 875,564 | |||||||||||||||||||
Medium and heavy duty truck | 303,799 | 311,947 | 323,202 | 326,588 | |||||||||||||||||||
Aircraft | 1,104,058 | 1,078,172 | 1,079,581 | 1,056,829 | |||||||||||||||||||
Construction equipment | 1,092,585 | 1,084,752 | 1,062,097 | 991,412 | |||||||||||||||||||
Commercial real estate | 1,135,595 | 1,129,861 | 1,088,199 | 954,221 | |||||||||||||||||||
Residential real estate and home equity | 643,856 | 637,973 | 627,515 | 594,618 | |||||||||||||||||||
Consumer | 140,225 | 142,957 | 143,570 | 146,725 | |||||||||||||||||||
Total loans and leases | 6,562,772 | 6,518,505 | 6,353,648 | 6,116,716 | |||||||||||||||||||
Allowance for loan and lease losses | (148,024) | (147,552) | (144,074) | (142,511) | |||||||||||||||||||
Net loans and leases | 6,414,748 | 6,370,953 | 6,209,574 | 5,974,205 | |||||||||||||||||||
Equipment owned under operating leases, net | 16,691 | 20,366 | 24,096 | 30,083 | |||||||||||||||||||
Net premises and equipment | 45,689 | 46,159 | 43,951 | 44,034 | |||||||||||||||||||
Goodwill and intangible assets | 83,912 | 83,916 | 83,921 | 83,901 | |||||||||||||||||||
Accrued income and other assets | 414,683 | 427,779 | 418,946 | 362,702 | |||||||||||||||||||
Total assets | $ | 8,667,837 | $ | 8,727,958 | $ | 8,525,058 | $ | 8,329,803 | |||||||||||||||
LIABILITIES | |||||||||||||||||||||||
Deposits: | |||||||||||||||||||||||
Noninterest-bearing demand | $ | 1,618,498 | $ | 1,655,728 | $ | 1,680,725 | $ | 1,815,123 | |||||||||||||||
Interest-bearing deposits: | |||||||||||||||||||||||
Interest-bearing demand | 2,364,751 | 2,430,833 | 2,416,864 | 2,403,818 | |||||||||||||||||||
Savings | 1,270,401 | 1,213,334 | 1,180,837 | 1,171,418 | |||||||||||||||||||
Time | 1,801,661 | 1,738,686 | 1,689,066 | 1,411,105 | |||||||||||||||||||
Total interest-bearing deposits | 5,436,813 | 5,382,853 | 5,286,767 | 4,986,341 | |||||||||||||||||||
Total deposits | 7,055,311 | 7,038,581 | 6,967,492 | 6,801,464 | |||||||||||||||||||
Short-term borrowings: | |||||||||||||||||||||||
Federal funds purchased and securities sold under agreements to repurchase | 82,591 | 55,809 | 48,335 | 73,396 | |||||||||||||||||||
Other short-term borrowings | 166,989 | 256,550 | 223,757 | 229,640 | |||||||||||||||||||
Total short-term borrowings | 249,580 | 312,359 | 272,092 | 303,036 | |||||||||||||||||||
Long-term debt and mandatorily redeemable securities | 39,406 | 47,911 | 46,533 | 46,714 | |||||||||||||||||||
Subordinated notes | 58,764 | 58,764 | 58,764 | 58,764 | |||||||||||||||||||
Accrued expenses and other liabilities | 183,227 | 202,080 | 197,180 | 151,381 | |||||||||||||||||||
Total liabilities | 7,586,288 | 7,659,695 | 7,542,061 | 7,361,359 | |||||||||||||||||||
SHAREHOLDERS’ EQUITY | |||||||||||||||||||||||
Preferred stock; no par value
Authorized 10,000,000 shares; none issued or outstanding
|
— | — | — | — | |||||||||||||||||||
Common stock; no par value
Authorized 40,000,000 shares; issued 28,205,674 shares at March 31, 2024, December 31, 2023, September 30, 2023, and March 31, 2023, respectively
|
436,538 | 436,538 | 436,538 | 436,538 | |||||||||||||||||||
Retained earnings | 812,413 | 789,842 | 769,603 | 719,495 | |||||||||||||||||||
Cost of common stock in treasury (3,728,016, 3,771,070, 3,776,591, and 3,510,122 shares at March 31, 2024, December 31, 2023, September 30, 2023, and
March 31, 2023, respectively)
|
(129,790) | (130,489) | (130,579) | (119,409) | |||||||||||||||||||
Accumulated other comprehensive loss | (109,275) | (106,323) | (151,312) | (127,465) | |||||||||||||||||||
Total shareholders’ equity | 1,009,886 | 989,568 | 924,250 | 909,159 | |||||||||||||||||||
Noncontrolling interests | 71,663 | 78,695 | 58,747 | 59,285 | |||||||||||||||||||
Total equity | 1,081,549 | 1,068,263 | 982,997 | 968,444 | |||||||||||||||||||
Total liabilities and equity | $ | 8,667,837 | $ | 8,727,958 | $ | 8,525,058 | $ | 8,329,803 |
1st SOURCE CORPORATION | |||||||||||||||||
CONSOLIDATED STATEMENTS OF INCOME | |||||||||||||||||
(Unaudited - Dollars in thousands, except per share amounts) | |||||||||||||||||
Three Months Ended | |||||||||||||||||
March 31, | December 31, | March 31, | |||||||||||||||
2024 | 2023 | 2023 | |||||||||||||||
Interest income: | |||||||||||||||||
Loans and leases | $ | 109,202 | $ | 107,103 | $ | 86,689 | |||||||||||
Investment securities, taxable | 6,079 | 5,989 | 6,648 | ||||||||||||||
Investment securities, tax-exempt | 260 | 314 | 482 | ||||||||||||||
Other | 927 | 1,165 | 637 | ||||||||||||||
Total interest income | 116,468 | 114,571 | 94,456 | ||||||||||||||
Interest expense: | |||||||||||||||||
Deposits | 39,744 | 38,624 | 21,263 | ||||||||||||||
Short-term borrowings | 3,102 | 1,878 | 1,393 | ||||||||||||||
Subordinated notes | 1,061 | 1,066 | 1,020 | ||||||||||||||
Long-term debt and mandatorily redeemable securities | 646 | 1,673 | 1,215 | ||||||||||||||
Total interest expense | 44,553 | 43,241 | 24,891 | ||||||||||||||
Net interest income | 71,915 | 71,330 | 69,565 | ||||||||||||||
Provision for credit losses | 6,595 | 1,911 | 3,049 | ||||||||||||||
Net interest income after provision for credit losses | 65,320 | 69,419 | 66,516 | ||||||||||||||
Noninterest income: | |||||||||||||||||
Trust and wealth advisory | 6,287 | 5,912 | 5,679 | ||||||||||||||
Service charges on deposit accounts | 3,070 | 3,331 | 3,003 | ||||||||||||||
Debit card | 4,201 | 4,395 | 4,507 | ||||||||||||||
Mortgage banking | 950 | 772 | 802 | ||||||||||||||
Insurance commissions | 1,776 | 1,527 | 2,029 | ||||||||||||||
Equipment rental | 1,671 | 1,907 | 2,503 | ||||||||||||||
Losses on investment securities available-for-sale | — | (2,882) | (44) | ||||||||||||||
Other | 4,201 | 5,114 | 4,844 | ||||||||||||||
Total noninterest income | 22,156 | 20,076 | 23,323 | ||||||||||||||
Noninterest expense: | |||||||||||||||||
Salaries and employee benefits | 29,572 | 29,913 | 28,597 | ||||||||||||||
Net occupancy | 2,996 | 2,925 | 2,622 | ||||||||||||||
Furniture and equipment | 1,149 | 1,715 | 1,307 | ||||||||||||||
Data processing | 6,500 | 6,341 | 6,157 | ||||||||||||||
Depreciation – leased equipment | 1,288 | 1,523 | 2,022 | ||||||||||||||
Professional fees | 1,345 | 2,556 | 682 | ||||||||||||||
FDIC and other insurance | 1,657 | 1,624 | 1,360 | ||||||||||||||
Business development and marketing | 1,744 | 2,335 | 1,972 | ||||||||||||||
Other | 3,335 | 4,040 | 4,702 | ||||||||||||||
Total noninterest expense | 49,586 | 52,972 | 49,421 | ||||||||||||||
Income before income taxes | 37,890 | 36,523 | 40,418 | ||||||||||||||
Income tax expense | 8,428 | 8,106 | 9,287 | ||||||||||||||
Net income | 29,462 | 28,417 | 31,131 | ||||||||||||||
Net (income) loss attributable to noncontrolling interests | (7) | 12 | (7) | ||||||||||||||
Net income available to common shareholders | $ | 29,455 | $ | 28,429 | $ | 31,124 | |||||||||||
Per common share: | |||||||||||||||||
Basic net income per common share | $ | 1.19 | $ | 1.15 | $ | 1.25 | |||||||||||
Diluted net income per common share | $ | 1.19 | $ | 1.15 | $ | 1.25 | |||||||||||
Cash dividends | $ | 0.34 | $ | 0.34 | $ | 0.32 | |||||||||||
Basic weighted average common shares outstanding | 24,459,088 | 24,430,477 | 24,687,087 | ||||||||||||||
Diluted weighted average common shares outstanding | 24,459,088 | 24,430,477 | 24,687,087 |
1st SOURCE CORPORATION | |||||||||||||||||||||||||||||||||||||||||||||||||||||
DISTRIBUTION OF ASSETS, LIABILITIES AND SHAREHOLDERS’ EQUITY | |||||||||||||||||||||||||||||||||||||||||||||||||||||
INTEREST RATES AND INTEREST DIFFERENTIAL | |||||||||||||||||||||||||||||||||||||||||||||||||||||
(Unaudited - Dollars in thousands) | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Three Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||||||||
March 31, 2024 | December 31, 2023 | March 31, 2023 | |||||||||||||||||||||||||||||||||||||||||||||||||||
Average Balance |
Interest Income/Expense | Yield/ Rate |
Average Balance |
Interest Income/Expense | Yield/ Rate |
Average Balance |
Interest Income/Expense | Yield/ Rate |
|||||||||||||||||||||||||||||||||||||||||||||
ASSETS | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Investment securities available-for-sale: | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Taxable | $ | 1,576,579 | $ | 6,079 | 1.55 | % | $ | 1,559,351 | $ | 5,989 | 1.52 | % | $ | 1,711,177 | $ | 6,648 | 1.58 | % | |||||||||||||||||||||||||||||||||||
Tax exempt(1) |
31,515 | 327 | 4.17 | % | 37,251 | 392 | 4.17 | % | 57,444 | 605 | 4.27 | % | |||||||||||||||||||||||||||||||||||||||||
Mortgages held for sale | 1,830 | 34 | 7.47 | % | 2,010 | 41 | 8.09 | % | 2,410 | 32 | 5.38 | % | |||||||||||||||||||||||||||||||||||||||||
Loans and leases, net of unearned discount(1) |
6,504,069 | 109,249 | 6.76 | % | 6,387,858 | 107,150 | 6.65 | % | 6,036,203 | 86,760 | 5.83 | % | |||||||||||||||||||||||||||||||||||||||||
Other investments | 68,172 | 927 | 5.47 | % | 85,391 | 1,165 | 5.41 | % | 57,361 | 637 | 4.50 | % | |||||||||||||||||||||||||||||||||||||||||
Total earning assets(1) |
8,182,165 | 116,616 | 5.73 | % | 8,071,861 | 114,737 | 5.64 | % | 7,864,595 | 94,682 | 4.88 | % | |||||||||||||||||||||||||||||||||||||||||
Cash and due from banks | 61,889 | 70,352 | 71,921 | ||||||||||||||||||||||||||||||||||||||||||||||||||
Allowance for loan and lease losses | (148,982) | (146,076) | (141,054) | ||||||||||||||||||||||||||||||||||||||||||||||||||
Other assets | 557,072 | 557,363 | 527,969 | ||||||||||||||||||||||||||||||||||||||||||||||||||
Total assets | $ | 8,652,144 | $ | 8,553,500 | $ | 8,323,431 | |||||||||||||||||||||||||||||||||||||||||||||||
LIABILITIES AND SHAREHOLDERS’ EQUITY |
|||||||||||||||||||||||||||||||||||||||||||||||||||||
Interest-bearing deposits | $ | 5,394,854 | $ | 39,744 | 2.96 | % | $ | 5,383,925 | $ | 38,624 | 2.85 | % | $ | 4,988,093 | $ | 21,263 | 1.73 | % | |||||||||||||||||||||||||||||||||||
Short-term borrowings: | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Securities sold under agreements to repurchase | 47,973 | 47 | 0.39 | % | 52,278 | 29 | 0.22 | % | 134,501 | 40 | 0.12 | % | |||||||||||||||||||||||||||||||||||||||||
Other short-term borrowings | 234,672 | 3,055 | 5.24 | % | 136,814 | 1,849 | 5.36 | % | 118,760 | 1,353 | 4.62 | % | |||||||||||||||||||||||||||||||||||||||||
Subordinated notes | 58,764 | 1,061 | 7.26 | % | 58,764 | 1,066 | 7.20 | % | 58,764 | 1,020 | 7.04 | % | |||||||||||||||||||||||||||||||||||||||||
Long-term debt and mandatorily redeemable securities |
47,217 | 646 | 5.50 | % | 46,765 | 1,673 | 14.19 | % | 45,380 | 1,215 | 10.86 | % | |||||||||||||||||||||||||||||||||||||||||
Total interest-bearing liabilities |
5,783,480 | 44,553 | 3.10 | % | 5,678,546 | 43,241 | 3.02 | % | 5,345,498 | 24,891 | 1.89 | % | |||||||||||||||||||||||||||||||||||||||||
Noninterest-bearing deposits |
1,616,251 | 1,684,743 | 1,880,913 | ||||||||||||||||||||||||||||||||||||||||||||||||||
Other liabilities | 167,759 | 177,097 | 147,141 | ||||||||||||||||||||||||||||||||||||||||||||||||||
Shareholders’ equity | 1,006,286 | 949,939 | 890,294 | ||||||||||||||||||||||||||||||||||||||||||||||||||
Noncontrolling interests |
78,368 | 63,175 | 59,585 | ||||||||||||||||||||||||||||||||||||||||||||||||||
Total liabilities and equity |
$ | 8,652,144 | $ | 8,553,500 | $ | 8,323,431 | |||||||||||||||||||||||||||||||||||||||||||||||
Less: Fully tax-equivalent adjustments | (148) | (166) | (226) | ||||||||||||||||||||||||||||||||||||||||||||||||||
Net interest income/margin (GAAP-derived)(1) |
$ | 71,915 | 3.54 | % | $ | 71,330 | 3.51 | % | $ | 69,565 | 3.59 | % | |||||||||||||||||||||||||||||||||||||||||
Fully tax-equivalent adjustments |
148 | 166 | 226 | ||||||||||||||||||||||||||||||||||||||||||||||||||
Net interest income/margin - FTE(1) |
$ | 72,063 | 3.54 | % | $ | 71,496 | 3.51 | % | $ | 69,791 | 3.60 | % | |||||||||||||||||||||||||||||||||||||||||
(1) See “Reconciliation of Non-GAAP Financial Measures” for more information on this performance measure/ratio. |
1st SOURCE CORPORATION | ||||||||||||||
RECONCILIATION OF NON-GAAP FINANCIAL MEASURES | ||||||||||||||
(Unaudited - Dollars in thousands, except per share data) | ||||||||||||||
Three Months Ended | ||||||||||||||
March 31, | December 31, | March 31, | ||||||||||||
2024 | 2023 | 2023 | ||||||||||||
Calculation of Net Interest Margin | ||||||||||||||
(A) | Interest income (GAAP) | $ | 116,468 | $ | 114,571 | $ | 94,456 | |||||||
Fully tax-equivalent adjustments: | ||||||||||||||
(B) | – Loans and leases | 81 | 88 | 103 | ||||||||||
(C) | – Tax exempt investment securities | 67 | 78 | 123 | ||||||||||
(D) | Interest income – FTE (A+B+C) | 116,616 | 114,737 | 94,682 | ||||||||||
(E) | Interest expense (GAAP) | 44,553 | 43,241 | 24,891 | ||||||||||
(F) | Net interest income (GAAP) (A-E) | 71,915 | 71,330 | 69,565 | ||||||||||
(G) | Net interest income - FTE (D-E) | 72,063 | 71,496 | 69,791 | ||||||||||
(H) | Annualization factor | 4.022 | 3.967 | 4.056 | ||||||||||
(I) | Total earning assets | $ | 8,182,165 | $ | 8,071,861 | $ | 7,864,595 | |||||||
Net interest margin (GAAP-derived) (F*H)/I | 3.54 | % | 3.51 | % | 3.59 | % | ||||||||
Net interest margin – FTE (G*H)/I | 3.54 | % | 3.51 | % | 3.60 | % | ||||||||
Calculation of Efficiency Ratio | ||||||||||||||
(F) | Net interest income (GAAP) | $ | 71,915 | $ | 71,330 | $ | 69,565 | |||||||
(G) | Net interest income – FTE | 72,063 | 71,496 | 69,791 | ||||||||||
(J) | Plus: noninterest income (GAAP) | 22,156 | 20,076 | 23,323 | ||||||||||
(K) | Less: gains/losses on investment securities and partnership investments | (1,037) | 1,173 | (1,522) | ||||||||||
(L) | Less: depreciation – leased equipment | (1,288) | (1,523) | (2,022) | ||||||||||
(M) | Total net revenue (GAAP) (F+J) | 94,071 | 91,406 | 92,888 | ||||||||||
(N) | Total net revenue – adjusted (G+J–K–L) | 91,894 | 91,222 | 89,570 | ||||||||||
(O) | Noninterest expense (GAAP) | 49,586 | 52,972 | 49,421 | ||||||||||
(L) | Less:depreciation – leased equipment | (1,288) | (1,523) | (2,022) | ||||||||||
(P) | Noninterest expense – adjusted (O–L) | 48,298 | 51,449 | 47,399 | ||||||||||
Efficiency ratio (GAAP-derived) (O/M) | 52.71 | % | 57.95 | % | 53.20 | % | ||||||||
Efficiency ratio – adjusted (P/N) | 52.56 | % | 56.40 | % | 52.92 | % | ||||||||
End of Period | ||||||||||||||
March 31, | December 31, | March 31, | ||||||||||||
2024 | 2023 | 2023 | ||||||||||||
Calculation of Tangible Common Equity-to-Tangible Assets Ratio | ||||||||||||||
(Q) | Total common shareholders’ equity (GAAP) | $ | 1,009,886 | $ | 989,568 | $ | 909,159 | |||||||
(R) | Less: goodwill and intangible assets | (83,912) | (83,916) | (83,901) | ||||||||||
(S) | Total tangible common shareholders’ equity (Q–R) | $ | 925,974 | $ | 905,652 | $ | 825,258 | |||||||
(T) | Total assets (GAAP) | 8,667,837 | 8,727,958 | 8,329,803 | ||||||||||
(R) | Less: goodwill and intangible assets | (83,912) | (83,916) | (83,901) | ||||||||||
(U) | Total tangible assets (T–R) | $ | 8,583,925 | $ | 8,644,042 | $ | 8,245,902 | |||||||
Common equity-to-assets ratio (GAAP-derived) (Q/T) | 11.65 | % | 11.34 | % | 10.91 | % | ||||||||
Tangible common equity-to-tangible assets ratio (S/U) | 10.79 | % | 10.48 | % | 10.01 | % | ||||||||
Calculation of Tangible Book Value per Common Share | ||||||||||||||
(Q) | Total common shareholders’ equity (GAAP) | $ | 1,009,886 | $ | 989,568 | $ | 909,159 | |||||||
(V) | Actual common shares outstanding | 24,477,658 | 24,434,604 | 24,695,552 | ||||||||||
Book value per common share (GAAP-derived) (Q/V)*1000 | $ | 41.26 | $ | 40.50 | $ | 36.81 | ||||||||
Tangible common book value per share (S/V)*1000 | $ | 37.83 | $ | 37.06 | $ | 33.42 |