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Evans Bancorp Reports Net Income of $5.7 Million in Second Quarter 2022

Evans Bancorp, Inc. (the “Company” or “Evans”) (NYSE American: EVBN), a community financial services company serving Western New York since 1920, today reported results of operations for the second quarter ended June 30, 2022.

SECOND QUARTER 2022 HIGHLIGHTS (compared with prior-year period unless otherwise noted)

  • Achieved second quarter net income of $5.7 million or $1.03 per diluted share
  • Generated solid net interest income of $18.1 million despite significantly lower PPP fees as the program nears conclusion
  • Total loan balances increased 4%, excluding PPP loans
  • Total deposits of $1.97 billion increased 4%
  • Efficiency ratio improved 142 basis points to 65.2%

Net income was $5.7 million, or $1.03 per diluted share, in the second quarter of 2022, compared with $4.7 million, or $0.86 per diluted share, in the first quarter of 2022 and $6.3 million, or $1.15 per diluted share, in last year’s second quarter. The increase from the sequential first quarter was largely due to higher net interest income. The change from prior year largely reflected lower PPP fees and a sizable credit in provision for loan losses in the second quarter of 2021. Return on average equity was 13.77% for the second quarter of 2022, compared with 10.46% in the first quarter of 2022 and 14.72% in the second quarter of 2021.

“Second quarter results were very solid, reflecting continued growth in commercial business lending, attraction of core deposits, especially checking and savings, significantly improving net interest margins, and a diligent focus on expense management despite the ever-changing market dynamics in which we operate in currently,” said David J. Nasca, President and CEO of Evans Bancorp, Inc. “Our team continues to execute our strategy resulting in new business attraction and market share growth with a strong commitment to our community and relationship driven, customer-centric focus. We expect a rising interest rate environment to drive higher net interest income and margins going forward. We have managed our expenses while simultaneously investing capital in technology to enhance the customer experience and operational effectiveness. While headwinds exist, our outlook remains positive, as we are confident in our team and strategy to deliver value.”

Net Interest Income

($ in thousands)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

2Q 2022

 

 

1Q 2022

 

 

2Q 2021

 

 

 

 

 

 

 

 

 

 

 

 

Interest income

 

$

19,097

 

 

$

17,517

 

 

$

19,576

Interest expense

 

 

1,045

 

 

 

1,016

 

 

 

1,226

Net interest income

 

 

18,052

 

 

 

16,501

 

 

 

18,350

Provision (credit) for loan losses

 

 

267

 

 

 

221

 

 

 

(760)

Net interest income after provision

 

$

17,785

 

 

$

16,280

 

 

$

19,110

Net interest income increased $1.6 million, or 9%, from the sequential first quarter, but decreased $0.3 million when compared with prior-year second quarter. The increase from the first quarter of 2022 reflected higher interest income on loans of $1.1 million as a result of higher average balances and increases in the fed funds rate by the Federal Reserve of 150 basis points since the beginning of 2022. Also contributing was higher interest income on securities of $0.3 million reflecting a $34.4 million increase in average balances during the second quarter of 2022. The decrease from prior year reflected lower interest income on loans of $1.7 million, including a decrease in PPP fees of $2.3 million partially offset by increases in interest income on investment securities of $1.0 million, interest bearing deposits at banks of $0.2 million and lower interest expense of $0.2 million. The decrease in PPP fees reflects the deceleration in the rate of remaining loan forgiveness as the program approaches its conclusion. PPP fees recognized in interest income were $0.2 million in the second quarter of 2022, $0.5 million in the first quarter of 2022 and $2.5 million in the second quarter of 2021.

Second quarter net interest margin of 3.45% increased 27 basis points from the first quarter of 2022 but decreased 17 basis points from the second quarter of 2021. The yield on loans increased 17 basis points compared with the first quarter of 2022 but decreased 8 basis points compared with the second quarter of 2021. The cost of interest-bearing liabilities was 0.28% compared with 0.27% in the first quarter of 2022 and 0.34% in the second quarter of 2021.

The Company continues to evaluate the credit quality of its loan portfolio in response to the economic impact of the COVID-19 pandemic on clients. During 2020, the Company identified a well-defined weakness in the hotel industry and classified $81 million of loans to clients within that industry as criticized. Since that time, approximately a third of the portfolio was upgraded or paid off, leaving $54 million in criticized status at the end of the 2022 second quarter. The improvement of the remaining criticized hotel credits is dependent on continued positive payment performance.

The $0.3 million provision for loan losses in the current quarter was primarily due to the change in economic trends. Evans has deferred the adoption of the Current Expected Credit Loss Impairment Model (CECL) until January 2023, as permitted by its classification as a Smaller Reporting Company by the Securities and Exchange Commission.

Asset Quality

 

($ in thousands)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

2Q 2022

 

 

1Q 2022

 

 

2Q 2021

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Total non-performing loans

 

$

22,010

 

 

$

20,659

 

 

$

24,317

 

Total net loan charge-offs

 

 

66

 

 

 

41

 

 

 

-

 

Non-performing loans / Total loans

 

 

1.36

%

 

 

1.29

%

 

 

1.43

%

Net loan charge-offs / Average loans

 

 

0.02

%

 

 

0.01

%

 

 

-

%

Allowance for loan losses / Total loans

 

 

1.17

%

 

 

1.16

%

 

 

1.17

%

“The quarter’s provision was driven by trending economic conditions rather than the quality of our loan portfolio. Despite a modest increase in non-performing loans, which reflected just one commercial real estate relationship that is well collateralized, our asset quality remains strong,” stated John Connerton, Chief Financial Officer of Evans Bank. “We continue to rely on strong underwriting fundamentals while considering economic data in an effort to counteract the impact of a potential downturn.”

Non-Interest Income

($ in thousands)

 

 

2Q 2022

 

 

1Q 2022

 

 

2Q 2021

 

 

 

 

 

 

 

 

 

 

 

 

Deposit service charges

 

$

703

 

 

$

692

 

 

$

607

Insurance service and fee revenue

 

 

2,567

 

 

 

2,299

 

 

 

2,657

Bank-owned life insurance

 

 

171

 

 

 

154

 

 

 

172

Other income

 

 

1,171

 

 

 

1,286

 

 

 

982

Total non-interest income

 

$

4,612

 

 

$

4,431

 

 

$

4,418

Higher debit card usage drove deposit service charges up 16% over last year’s second quarter.

The increase in insurance service and fee revenue from the sequential first quarter reflects seasonally higher policy renewals for institutional clients.

The changes in other income from the prior periods was largely due to movements in the fair value of mortgage servicing rights.

Non-Interest Expense

($ in thousands)

 

 

2Q 2022

 

 

1Q 2022

 

 

2Q 2021

 

 

 

 

 

 

 

 

 

 

 

 

Salaries and employee benefits

 

$

9,436

 

 

$

9,470

 

 

$

9,365

Occupancy

 

 

1,131

 

 

 

1,180

 

 

 

1,177

Advertising and public relations

 

 

438

 

 

 

179

 

 

 

405

Professional services

 

 

843

 

 

 

872

 

 

 

989

Technology and communications

 

 

1,237

 

 

 

1,174

 

 

 

1,432

Amortization of intangibles

 

 

100

 

 

 

100

 

 

 

135

FDIC insurance

 

 

250

 

 

 

270

 

 

 

279

Other expenses

 

 

1,349

 

 

 

1,215

 

 

 

1,394

Total non-interest expenses

 

$

14,784

 

 

$

14,460

 

 

$

15,176

Total non-interest expense increased $0.3 million, or 2%, from the first quarter of 2022, but decreased $0.4 million, or 3%, from last year’s second quarter.

Salaries and employee benefits expense remained consistent when compared with prior periods. Salaries and employee benefits comprised 64% of total non-interest expense.

Advertising expense increased $0.3 million from the previous quarter due to seasonal marketing campaigns during the second quarter of 2022.

Technology and communications decreased $0.2 million year-over-year due to lower COVID related technology expenses.

The Company’s GAAP efficiency ratio, or noninterest expenses divided by the sum of net interest income and noninterest income, was 65.2% in the second quarter of 2022, 69.1% in the first quarter of 2022, and 66.7% in the second quarter of 2021.

Income tax expense was $1.9 million, for an effective tax rate of 24.7%, in the second quarter of 2022 compared with 24.0% in the first quarter of 2022 and 24.4% in last year’s second quarter.

Balance Sheet Highlights

Total assets were $2.21 billion as of June 30, 2022, a decrease of less than 1% from $2.24 billion at March 31, 2022, but an increase of 2% from $2.16 billion at June 30, 2021. The growth from the prior year resulted from an increase in investment securities of $169 million, partially offset by a decrease in total loans of $83 million, and a decrease in interest-bearing deposits at banks of $39 million. Since last year’s second quarter, PPP loan balances, which are included in commercial and industrial loans, decreased $142 million. Excluding the decrease of PPP loans, commercial and industrial loans increased $13 million from the second quarter of 2021. PPP loans totaled $3.5 million at June 30, 2022, compared with $10 million at March 31, 2022 and $146 million at June 30, 2021. Residential mortgages increased $34 million and commercial real estate loans were up $6 million since the second quarter of 2021.

Investment securities were $403 million at June 30, 2022, $14 million higher than the end of the first quarter of 2022, and $169 million higher than at the end of last year’s second quarter. The increases reflect the use of excess cash balances. The primary objectives of the Company’s investment portfolio are to provide liquidity, secure municipal deposits, and maximize income while preserving the safety of principal.

Total deposits of $1.97 billion decreased $18 million, or 1%, from March 31, 2022, but increased $85 million, or 4%, from the end of last year’s second quarter. The change from the prior year primarily reflects increases in demand deposits of $63 million, commercial savings of $42 million, consumer deposits of $21 million, municipal deposits of $12 million, and NOW deposits of $4 million, offset by a decrease in time deposits of $58 million.

Capital Management

The Company has consistently maintained regulatory capital ratios measurably above the Federal “well capitalized” standard, including a Tier 1 leverage ratio of 8.73% at June 30, 2022 compared with 8.57% at March 31, 2022 and 8.23% at June 30, 2021.

Book value per share was $29.53 at June 30, 2022 compared with $30.65 at March 31, 2022 and $32.28 at June 30, 2021. Reflected in the book value changes are the Federal Reserve’s aggressive interest rate hikes that have resulted in significant changes in unrealized gains and losses on investment securities, which reduced book value per share at June 30, 2022 by $2.18 when compared with the sequential first quarter and $5.83 from last year’s second quarter. Such unrealized gains and losses are generally due to changes in interest rates and represent the difference, net of applicable income tax effect, between the estimated fair value and amortized cost of investment securities classified as available-for-sale. The Company had no other-than-temporary impairment charges in its investment portfolio in 2022 or 2021.

Tangible book value per share was $26.97 at June 30, 2022 compared with $28.08 at March 31, 2022 and $29.58 at June 30, 2021.

Webcast and Conference Call

The Company will host a conference call and webcast on Wednesday, July 27, 2022 at 4:45 p.m. ET. Management will review the financial and operating results for the second quarter of 2022, as well as the Company’s strategy and outlook. A question and answer session will follow the formal presentation.

The conference call can be accessed by calling (201) 689-8471. Alternatively, the webcast can be monitored at www.evansbancorp.com.

A telephonic replay will be available from 7:45 p.m. ET on the day of the teleconference until Wednesday, August 3, 2022. To listen to the archived call, dial (412) 317-6671 and enter conference ID number 13730929, or access the webcast replay at www.evansbancorp.com, where a transcript will be posted once available.

About Evans Bancorp, Inc.

Evans Bancorp, Inc. is a financial holding company and the parent company of Evans Bank, N.A., a commercial bank with $2.2 billion in assets and $2.0 billion in deposits at June 30, 2022. Evans is a full-service community bank with 21 financial centers providing comprehensive financial services to consumer, business and municipal customers throughout Western New York. Evans Insurance Agency, a wholly owned subsidiary, provides life insurance, employee benefits, and property and casualty insurance through ten offices in the Western New York region. Evans Investment Services provides non-deposit investment products, such as annuities and mutual funds.

Evans Bancorp, Inc. and Evans Bank routinely post news and other important information on their websites, at www.evansbancorp.com and www.evansbank.com.

Safe Harbor Statement: This news release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Such forward-looking statements include, but are not limited to, statements concerning future business, revenue and earnings. These statements are not historical facts or guarantees of future performance, events or results. There are risks, uncertainties and other factors that could cause the actual results of Evans Bancorp to differ materially from the results expressed or implied by such statements. Factors that may cause actual results to differ materially from those contemplated by such forward-looking statements include the impacts from COVID-19, competitive pressures among financial services companies, interest rate trends, general economic conditions, changes in legislation or regulatory requirements, effectiveness at achieving stated goals and strategies, and difficulties in achieving operating efficiencies. These risks and uncertainties are more fully described in Evans Bancorp’s Annual and Quarterly Reports filed with the Securities and Exchange Commission. Forward-looking statements speak only as of the date they are made. Evans Bancorp undertakes no obligation to publicly update or revise forward-looking information, whether as a result of new, updated information, future events or otherwise.

EVANS BANCORP, INC. AND SUBSIDIARIES

SELECTED FINANCIAL DATA (UNAUDITED)

(in thousands, except shares and per share data)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

6/30/2022

3/31/2022

12/31/2021

9/30/2021

6/30/2021

ASSETS

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Interest-bearing deposits at banks

$

88,190

 

$

147,277

 

$

234,929

 

$

179,231

 

$

126,810

 

Investment Securities

 

403,322

 

 

388,953

 

 

309,124

 

 

258,221

 

 

234,350

 

Loans

 

1,613,834

 

 

1,604,079

 

 

1,571,905

 

 

1,614,162

 

 

1,697,321

 

Allowance for loan losses

 

(18,819)

 

 

(18,618)

 

 

(18,438)

 

 

(18,051)

 

 

(19,942)

 

Goodwill and intangible assets

 

14,129

 

 

14,229

 

 

14,329

 

 

14,546

 

 

14,682

 

All other assets

 

107,698

 

 

104,814

 

 

98,791

 

 

103,949

 

 

106,982

 

Total assets

$

2,208,354

 

$

2,240,734

 

$

2,210,640

 

$

2,152,058

 

$

2,160,203

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

LIABILITIES AND STOCKHOLDERS'

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

EQUITY

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Demand deposits

 

550,079

 

 

528,962

 

 

492,864

 

 

502,689

 

 

486,737

 

NOW deposits

 

265,181

 

 

257,475

 

 

259,908

 

 

253,124

 

 

261,173

 

Savings deposits

 

1,015,511

 

 

1,051,136

 

 

1,019,925

 

 

942,147

 

 

940,352

 

Time deposits

 

137,561

 

 

149,243

 

 

164,340

 

 

178,083

 

 

195,533

 

Total deposits

 

1,968,332

 

 

1,986,816

 

 

1,937,037

 

 

1,876,043

 

 

1,883,795

 

Borrowings

 

59,028

 

 

64,322

 

 

67,965

 

 

71,564

 

 

76,895

 

Other liabilities

 

18,319

 

 

20,393

 

 

21,746

 

 

25,617

 

 

23,824

 

Total stockholders' equity

 

162,675

 

 

169,203

 

 

183,892

 

 

178,834

 

 

175,689

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

SHARES AND CAPITAL RATIOS

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Common shares outstanding

 

5,508,663

 

 

5,519,831

 

 

5,482,756

 

 

5,463,141

 

 

5,443,491

 

Book value per share

$

29.53

 

$

30.65

 

$

33.54

 

$

32.73

 

$

32.28

 

Tangible book value per share

$

26.97

 

$

28.08

 

$

30.93

 

$

30.07

 

$

29.58

 

Tier 1 leverage ratio

 

8.73

%

 

8.57

%

 

8.57

%

 

8.34

%

 

8.23

%

Tier 1 risk-based capital ratio

 

12.47

%

 

12.55

%

 

12.76

%

 

12.34

%

 

11.96

%

Total risk-based capital ratio

 

13.68

%

 

13.78

%

 

14.02

%

 

13.57

%

 

13.21

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

ASSET QUALITY DATA

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Total non-performing loans

$

22,010

 

$

20,659

 

$

18,415

 

$

25,463

 

$

24,317

 

Total net loan charge-offs

 

66

 

 

41

 

 

6

 

 

431

 

 

-

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Non-performing loans/Total loans

 

1.36

%

 

1.29

%

 

1.17

%

 

1.58

%

 

1.43

%

Net loan charge-offs /Average loans

 

0.02

%

 

0.01

%

 

-

%

 

0.10

%

 

-

%

Allowance for loans losses/Total loans

 

1.17

%

 

1.16

%

 

1.17

%

 

1.12

%

 

1.17

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

EVANS BANCORP, INC AND SUBSIDIARIES

SELECTED OPERATIONS DATA (UNAUDITED)

(in thousands, except share and per share data)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

2022

 

2022

 

2021

 

2021

 

2021

 

 

Second Quarter

 

First Quarter

 

Fourth Quarter

 

Third Quarter

 

Second Quarter

Interest income

 

$

19,097

 

 

$

17,517

 

 

$

20,732

 

 

$

19,302

 

 

$

19,576

 

Interest expense

 

 

1,045

 

 

 

1,016

 

 

 

1,057

 

 

 

1,139

 

 

 

1,226

 

Net interest income

 

 

18,052

 

 

 

16,501

 

 

 

19,675

 

 

 

18,163

 

 

 

18,350

 

Provision (credit) for loan losses

 

 

267

 

 

 

221

 

 

 

393

 

 

 

(1,459)

 

 

 

(760)

 

Net interest income after provision (credit) for loan losses

 

 

17,785

 

 

 

16,280

 

 

 

19,282

 

 

 

19,622

 

 

 

19,110

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Deposit service charges

 

 

703

 

 

 

692

 

 

 

688

 

 

 

664

 

 

 

607

 

Insurance service and fee revenue

 

 

2,567

 

 

 

2,299

 

 

 

2,107

 

 

 

3,191

 

 

 

2,657

 

Bank-owned life insurance

 

 

171

 

 

 

154

 

 

 

360

 

 

 

158

 

 

 

172

 

Loss on tax credit investment

 

 

-

 

 

 

-

 

 

 

(30)

 

 

 

-

 

 

 

-

 

Refundable NY state historic tax credit

 

 

-

 

 

 

-

 

 

 

21

 

 

 

-

 

 

 

-

 

Other income

 

 

1,171

 

 

 

1,286

 

 

 

1,560

 

 

 

1,144

 

 

 

982

 

Total non-interest income

 

 

4,612

 

 

 

4,431

 

 

 

4,706

 

 

 

5,157

 

 

 

4,418

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Salaries and employee benefits

 

 

9,436

 

 

 

9,470

 

 

 

10,273

 

 

 

9,930

 

 

 

9,365

 

Occupancy

 

 

1,131

 

 

 

1,180

 

 

 

1,208

 

 

 

1,126

 

 

 

1,177

 

Advertising and public relations

 

 

438

 

 

 

179

 

 

 

325

 

 

 

434

 

 

 

405

 

Professional services

 

 

843

 

 

 

872

 

 

 

799

 

 

 

840

 

 

 

989

 

Technology and communications

 

 

1,237

 

 

 

1,174

 

 

 

1,353

 

 

 

1,327

 

 

 

1,432

 

Amortization of intangibles

 

 

100

 

 

 

100

 

 

 

132

 

 

 

135

 

 

 

135

 

FDIC insurance

 

 

250

 

 

 

270

 

 

 

269

 

 

 

285

 

 

 

279

 

Other expenses

 

 

1,349

 

 

 

1,215

 

 

 

1,926

 

 

 

1,316

 

 

 

1,394

 

Total non-interest expenses

 

 

14,784

 

 

 

14,460

 

 

 

16,285

 

 

 

15,393

 

 

 

15,176

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Income before income taxes

 

 

7,613

 

 

 

6,251

 

 

 

7,703

 

 

 

9,386

 

 

 

8,352

 

Income tax provision

 

 

1,879

 

 

 

1,503

 

 

 

1,804

 

 

 

2,407

 

 

 

2,039

 

Net income

 

 

5,734

 

 

 

4,748

 

 

 

5,899

 

 

 

6,979

 

 

 

6,313

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

PER SHARE DATA

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net income per common share-diluted

 

$

1.03

 

 

$

0.86

 

 

$

1.06

 

 

$

1.27

 

 

$

1.15

 

Cash dividends per common share

 

$

-

 

 

$

0.62

 

 

$

-

 

 

$

0.60

 

 

$

-

 

Weighted average number of diluted shares

 

 

5,550,436

 

 

 

5,547,548

 

 

 

5,540,924

 

 

 

5,516,781

 

 

 

5,489,420

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

PERFORMANCE RATIOS

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Return on average total assets

 

 

1.04

%

 

 

0.86

%

 

 

1.07

%

 

 

1.28

%

 

 

1.17

%

Return on average stockholders' equity

 

 

13.77

%

 

 

10.46

%

 

 

12.98

%

 

 

15.58

%

 

 

14.72

%

Return on average tangible common stockholders' equity*

 

 

15.06

%

 

 

11.35

%

 

 

14.11

%

 

 

16.96

%

 

 

16.11

%

Efficiency ratio

 

 

65.23

%

 

 

69.08

%

 

 

66.79

%

 

 

66.01

%

 

 

66.65

%

Efficiency ratio (Non-GAAP)**

 

 

64.79

%

 

 

68.60

%

 

 

66.23

%

 

 

65.43

%

 

 

66.06

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

* The calculation of the average tangible common stockholders' equity ratio excludes goodwill and intangible assets from average stockholders equity.

** The calculation of the non-GAAP efficiency ratio excludes amortization of intangibles, gains and losses from investment securities, merger-related expenses and the impact of historic tax credit transactions.

EVANS BANCORP, INC AND SUBSIDIARIES

SELECTED AVERAGE BALANCES AND YIELDS/RATES (UNAUDITED)

(in thousands)

 

 

2022

 

2022

 

2021

 

2021

 

2021

 

 

Second Quarter

 

First Quarter

 

Fourth Quarter

 

Third Quarter

 

Second Quarter

AVERAGE BALANCES

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Loans, net

 

$

1,591,971

 

 

$

1,566,716

 

 

$

1,573,608

 

 

$

1,647,395

 

 

$

1,718,507

 

Investment securities

 

 

392,371

 

 

 

357,930

 

 

 

283,216

 

 

 

248,690

 

 

 

216,134

 

Interest-bearing deposits at banks

 

 

111,457

 

 

 

178,729

 

 

 

229,658

 

 

 

174,296

 

 

 

97,168

 

Total interest-earning assets

 

 

2,095,799

 

 

 

2,103,375

 

 

 

2,086,482

 

 

 

2,070,381

 

 

 

2,031,809

 

Non interest-earning assets

 

 

116,202

 

 

 

110,316

 

 

 

110,315

 

 

 

109,601

 

 

 

119,392

 

Total Assets

 

$

2,212,001

 

 

$

2,213,691

 

 

$

2,196,797

 

 

$

2,179,982

 

 

$

2,151,201

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

NOW

 

 

258,197

 

 

 

252,965

 

 

 

254,059

 

 

 

262,105

 

 

 

246,565

 

Savings

 

 

1,020,004

 

 

 

1,024,447

 

 

 

983,403

 

 

 

949,956

 

 

 

928,375

 

Time deposits

 

 

143,677

 

 

 

156,534

 

 

 

170,318

 

 

 

186,126

 

 

 

210,287

 

Total interest-bearing deposits

 

 

1,421,878

 

 

 

1,433,946

 

 

 

1,407,780

 

 

 

1,398,187

 

 

 

1,385,227

 

Borrowings

 

 

63,203

 

 

 

65,154

 

 

 

69,847

 

 

 

74,326

 

 

 

77,050

 

Total interest-bearing liabilities

 

 

1,485,081

 

 

 

1,499,100

 

 

 

1,477,627

 

 

 

1,472,513

 

 

 

1,462,277

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Demand deposits

 

 

542,827

 

 

 

512,118

 

 

 

515,204

 

 

 

503,006

 

 

 

493,734

 

Other non-interest bearing liabilities

 

 

17,562

 

 

 

20,897

 

 

 

22,223

 

 

 

25,250

 

 

 

23,682

 

Stockholders' equity

 

 

166,531

 

 

 

181,576

 

 

 

181,743

 

 

 

179,213

 

 

 

171,508

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Total Liabilities and Equity

 

$

2,212,001

 

 

$

2,213,691

 

 

$

2,196,797

 

 

$

2,179,982

 

 

$

2,151,201

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Average tangible common stockholders' equity*

 

 

152,345

 

 

 

167,287

 

 

 

167,285

 

 

 

164,588

 

 

 

156,748

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

YIELD/RATE

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Loans, net

 

 

4.24

%

 

 

4.07

%

 

 

4.86

%

 

 

4.36

%

 

 

4.32

%

Investment securities

 

 

2.09

%

 

 

1.95

%

 

 

1.91

%

 

 

1.82

%

 

 

1.94

%

Interest-bearing deposits at banks

 

 

0.81

%

 

 

0.16

%

 

 

0.15

%

 

 

0.14

%

 

 

0.08

%

Total interest-earning assets

 

 

3.65

%

 

 

3.38

%

 

 

3.94

%

 

 

3.70

%

 

 

3.86

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

NOW

 

 

0.09

%

 

 

0.09

%

 

 

0.09

%

 

 

0.10

%

 

 

0.11

%

Savings

 

 

0.14

%

 

 

0.14

%

 

 

0.14

%

 

 

0.15

%

 

 

0.17

%

Time deposits

 

 

0.49

%

 

 

0.44

%

 

 

0.44

%

 

 

0.49

%

 

 

0.52

%

Total interest-bearing deposits

 

 

0.16

%

 

 

0.16

%

 

 

0.17

%

 

 

0.18

%

 

 

0.21

%

Borrowings

 

 

2.95

%

 

 

2.79

%

 

 

2.64

%

 

 

2.62

%

 

 

2.55

%

Total interest-bearing liabilities

 

 

0.28

%

 

 

0.27

%

 

 

0.28

%

 

 

0.31

%

 

 

0.34

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Interest rate spread

 

 

3.37

%

 

 

3.11

%

 

 

3.66

%

 

 

3.39

%

 

 

3.52

%

Contribution of interest-free funds

 

 

0.08

%

 

 

0.07

%

 

 

0.08

%

 

 

0.09

%

 

 

0.10

%

Net interest margin

 

 

3.45

%

 

 

3.18

%

 

 

3.74

%

 

 

3.48

%

 

 

3.62

%

* Average tangible common stockholders' equity excludes goodwill and intangible assets from average stockholders equity.

 

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