CNB Financial Corporation Reports Second Quarter 2022 Earnings Per Share Of $0.85 Compared To $0.76 For Second Quarter 2021
19 Juillet 2022 - 10:15PM
CNB Financial Corporation (“CNB” or the “Corporation”) (NASDAQ:
CCNE), the parent company of CNB Bank, today announced its earnings
for the quarter and six months ended June 30, 2022.
Joseph B. Bower, Jr., President and CEO, stated,
"Loan growth continues to exceed our already robust projections for
2022, resulting in higher earnings and profitability. Through our
multi-bank branding approach, shareholders and communities continue
to benefit. Our Region Presidents’ autonomy and local decision
making is truly community based banking."
Executive Summary
- Net income available to common
shareholders was $14.4 million, or $0.85 per diluted share, for the
three months June 30, 2022, compared to $12.9 million, or $0.76 per
diluted share, for the three months ended June 30, 2021, reflecting
increases of $1.4 million, or 11.2%, and $0.09 per diluted share,
or 11.8%. Earnings for the quarter ended June 30, 2022 benefited
primarily from growth in commercial loans and investment
securities, stable credit quality, and an asset sensitive balance
sheet supporting increased net interest income in the current
rising rate environment.
- Processing fees on Paycheck Protection Program ("PPP") loans
(“PPP-related fees”) totaled approximately $559 thousand for the
three months ended June 30, 2022, compared to $1.6 million for the
three months ended June 30, 2021. At June 30, 2022, remaining
deferred PPP-related fees totaled approximately $96
thousand.
- Net income available to common was
$28.5 million, or $1.69 per diluted share, for the six months ended
June 30, 2022, compared to $26.0 million, or $1.54 per diluted
share, for the six months ended June 30, 2021, reflecting increases
of $2.5 million, or 9.7%, and $0.15 per diluted share, or
9.7%.
- PPP-related fees totaled approximately $1.8 million for the six
months ended June 30, 2022, compared to $4.4 million for the six
months ended June 30, 2021.
- At June 30, 2022, loans, excluding
the impact of (i) syndicated loans, and (ii) PPP loans, net of
PPP-related fees (such loans being referred to as the "PPP-related
loans"), totaled $3.8 billion, representing an increase of $290.5
million, or 8.4% (16.9% annualized), from December 31, 2021. The
growth was primarily driven by the Corporation's ongoing expansion
in the Cleveland and Southwest Virginia regions, combined with
continued loan growth in its Private Banking division, and
increased lending opportunities in all other regions in which the
Corporation operates.
- As part a continued targeted liquidity management strategy to
invest excess funds in credit-quality assets, for the six months
ended June 30, 2022, the Corporation's balance sheet reflected an
increase in syndicated lending balances of $27.4 million compared
to December 31, 2021. The syndicated loan portfolio totaled $153.2
million, or 3.9% of total loans, excluding PPP-related loans, at
June 30, 2022. The Corporation expects the level of this syndicated
loan portfolio to remain stable or decrease going
forward.
- At June 30, 2022, total deposits
were $4.7 billion, reflecting a decrease of $13.8 million, or 0.3%,
from December 31, 2021. While noninterest-bearing deposits
increased approximately $59.1 million, or 7.5%, total
interest-bearing deposits, decreased approximately $72.9 million,
or 1.9%, from December 31, 2021.
- Total nonperforming assets totaled
approximately $20.7 million, or 0.39% of total assets, as of June
30, 2022, compared to $20.3 million, or 0.38% of total assets, as
of December 31, 2021, and decreased from $33.2 million, or 0.64% of
total assets, as of June 30, 2021. In addition, for the three
months ended June 30, 2022, net loan charge-offs were $479
thousand, or 0.05% of average total loans and loans held for sale,
compared to $614 thousand, or 0.07% of average total loans and
loans held for sale, during the three months ended June 30,
2021.
- Pre-provision net revenue ("PPNR"),
a non-GAAP measure, was $21.8 million for the three months ended
June 30, 2022, compared to $19.2 million for the three months ended
June 30, 2021, reflecting an increase of $2.6 million, or
13.8%.1
- PPNR, a non-GAAP measure, was $42.2
million for the six months ended June 30, 2022, compared to $38.8
million for the six months ended June 30, 2021, reflecting an
increase of $3.5 million, or 8.9%.1
1 This release contains references to certain
financial measures that are not defined under U.S. Generally
Accepted Accounting Principles ("GAAP"). Management believes that
these non-GAAP measures provide a greater understanding of ongoing
operations, enhance comparability of results of operations with
prior periods and show the effects of significant gains and charges
in the periods presented. A reconciliation of these non-GAAP
financial measures is provided in the "Non-GAAP Reconciliations"
section.
Balance Sheet and Liquidity
Highlights
- At June 30, 2022, the Corporation’s
cash and equivalents position was approximately $284.2 million,
including excess liquidity of $217.8 million held at the Federal
Reserve, reflecting, in management's view, a strong liquidity
level.
- During January 2022, investments
with an amortized cost of approximately $100.6 million and a fair
value of $101.1 million were transferred from available-for-sale to
held-to-maturity as a result of the Corporation's asset/liability
management strategies. The transfer included $95.7 million of U.S.
Government agency securities and $4.9 million of U.S. Treasury
notes. During April 2022, mortgage backed securities with an
amortized cost of approximately $120.2 million and a fair value of
$112.6 million were transferred from available-for-sale to
held-to-maturity as a result of the Corporation's asset/liability
management strategies. These bonds continue to provide liquidity
through pledging and can be utilized as collateral against
borrowings. In addition to these internal portfolio transfers, some
of the investment purchases made by the Corporation during the
first half of 2022 were also classified as held-to-maturity
securities. As of June 30, 2022, the total balance of investments
classified as held-to-maturity was $413.3 million. There were no
securities classified as held-to-maturity at either December 31,
2021 or June 30, 2021.
- Book value per common share was
$21.70 at June 30, 2022, representing a decrease of 1.5% from
$22.04 at June 30, 2021. Tangible book value per common share, a
non-GAAP measure, was $19.08 as of June 30, 2022, reflecting a
decrease of 1.8% from a tangible book value per common share of
$19.42 as of June 30, 2021.1 The decreases in book value per common
share and tangible book value per common share were mostly due to a
$49.3 million decrease in accumulated other comprehensive income
primarily from the temporary unrealized valuation changes in the
available-for-sale investment portfolio, which was substantially,
but not completely, offset by a $44.2 million increase in retained
earnings.
Performance Ratios
- Annualized return on average equity
was 14.55% and 14.26% for the three and six months ended June 30,
2022, respectively, compared to 13.22% and 13.45% for the three and
six months ended June 30, 2021, respectively.
- Annualized return on average
tangible common equity, a non-GAAP measure, was 17.81% and 17.34%
for the three and six months ended June 30, 2022, respectively,
compared to 16.06% and 16.38% for the comparable periods in 2021,
respectively.1
- Efficiency ratio, a non-GAAP ratio,
was 59.47% and 59.99% for the three and six months ended June 30,
2022, respectively, compared to 57.91% and 58.04% for the three and
six months ended June 30, 2021, respectively. The increases for the
2022 periods were primarily a result of expected increasing costs
associated with the Corporation’s expanding franchise investments
into the Cleveland and Southwest Virginia markets, coupled with its
continued strategic investments in technologies focused on customer
sales management, while expanding and improving customer
connectivity capabilities.1
Revenue
- Total revenue (comprised of net interest income plus
non-interest income) was $54.4 million for the three months ended
June 30, 2022, an increase of $8.3 million, or 17.9%, compared to
the three months ended June 30, 2021, primarily due to the
following:
- Net interest income of $46.3
million for the three months ended June 30, 2022 increased $8.0
million, or 20.9%, from the three months ended June 30, 2021,
primarily as a result of loan growth and the net benefit of higher
interest rates. Included in net interest income were PPP-related
fees, which totaled approximately $559 thousand for the three
months ended June 30, 2022, compared to $1.6 million for the three
months ended June 30, 2021.
- Net interest margin on a fully
tax-equivalent basis, a non-GAAP measure, was 3.73% and 3.28% for
the three months ended June 30, 2022 and 2021,
respectively.1
- The yield on earning assets of
4.01% for the three months ended June 30, 2022 increased 29 basis
points from 3.72% for the three months ended June 30, 2021,
primarily as a result of the Corporation redeploying excess cash at
the Federal Reserve to investment securities and loan growth. Net
interest income also reflected the net benefit of higher interest
rates, partially offset by lower PPP-related fees in 2022 compared
to 2021. The cost of interest-bearing liabilities decreased 20
basis points from 0.55% for the three months ended June 30, 2021 to
0.35% for the three months ended June 30, 2022, primarily as a
result of the Corporation’s targeted deposit rate
reductions.
- Total revenue (comprised of net interest income plus
non-interest income) was $106.7 million for the six months ended
June 30, 2022, an increase of $13.2 million, or 14.1%, from the six
months ended June 30, 2021, primarily due to the
following:
- Net interest income of $88.9
million for the six months ended June 30, 2022 increased $11.5
million, or 14.8%, from the six months ended June 30, 2021,
primarily as a result of loan growth and the benefits of higher
interest rates in 2022 from variable-rate loans and new
investments. Included in net interest income were PPP-related fees,
which totaled approximately $1.8 million for the six months ended
June 30, 2022, compared to $4.4 million for the six months ended
June 30, 2021.
- Net interest margin on a fully
tax-equivalent basis, a non-GAAP measure, was 3.61% and 3.42% for
the six months ended June 30, 2022 and 2021,
respectively.1
- The yield on earning assets of
3.90% for the six months ended June 30, 2022 increased 3 basis
points from 3.87% for the six months ended June 30, 2021, primarily
as a result of the Corporation redeploying excess cash at the
Federal Reserve to investment securities and loan growth. Net
interest income also reflected the net benefit of higher interest
rates, partially offset by lower PPP-related fees in 2022 compared
to 2021. The cost of interest-bearing liabilities decreased 20
basis points from 0.56% for the six months ended June 30, 2021 to
0.36% for the six months ended June 30, 2022, primarily as a result
of the Corporation’s targeted deposit rate
reductions.
- Total non-interest income was $8.1
million for the three months ended June 30, 2022, representing an
increase of $289 thousand, or 3.7%, from the same period in 2021.
The increase was primarily comprised of a $508 thousand increase in
income from charges on deposits and an $886 thousand increase in
bank owned life insurance mostly due to an $830 gain resulting from
death benefit proceeds. These increases were partially offset by a
$991 increase in unrealized losses on equity securities and a $244
decrease in mortgage banking activity.
- Total non-interest income was $17.8
million for the six months ended June 30, 2022, representing an
increase of $1.7 million, or 10.6%, from the same period in 2021.
Included in non-interest income for the six months ended June 30,
2022 was $651 thousand in net realized gains on available-for-sale
securities. Excluding the impact of the realized gains on
available-for-sale securities, a non-GAAP measure, for the six
months ended June 30, 2022, total non-interest income increased
$1.1 million or 6.5%, from the same period in 2021.1 During the six
months ended June 30, 2022, Wealth and Asset Management fees
increased $299 thousand, or 9.1%, compared to the six months ended
June 30, 2021. Other notable increases during the six months ended
June 30, 2022 included increased income from charges on deposits
and pass through income from small business investment companies
("SBIC"). These were partially offset by unrealized losses on
equity securities and decreased mortgage banking activity.
Non-Interest Expense
- For the three months ended June 30,
2022, total non-interest expense was $32.6 million, reflecting an
increase of $5.6 million, or 20.9%, from the three months ended
June 30, 2021. The second quarter of 2022 included the expenses
related to expanding the Corporation's remote workforce and
additional personnel in the Corporation's growth regions of
Cleveland and Southwest Virginia, as well as increased investments
in technology aimed at enhancing both customer experience and the
Corporation’s sales management. Also, included in the second
quarter of 2022 is approximately $1.3 million in accelerated
retirement benefit expenses related to a pending executive
retirement, coupled with additional personnel costs primarily from
increased incentive compensation accruals related to a higher
financial performance level.
- For the six months ended June 30,
2022, total non-interest expense was $64.5 million, reflecting an
increase of $9.7 million, or 17.8%, from the six months ended June
30, 2021, primarily as a result of the same drivers discussed
above.
Income Taxes
- Income tax expense was $7.0
million, representing a 18.5% effective tax rate, and $6.5 million,
representing a 18.7% effective tax rate, for the six months ended
June 30, 2022 and 2021, respectively.
Asset Quality
- Total nonperforming assets were
$20.7 million, or 0.39% of total assets, as of June 30, 2022,
compared to $20.3 million, or 0.38% of total assets, as of December
31, 2021, and $33.2 million, or 0.64% of total assets as of June
30, 2021. The reduction in non-performing assets compared to June
30, 2021 resulted primarily from the resolution of an $8.7 million
commercial real estate loan relationship and a $1.4 million
non-performing commercial real estate loan relationship with no
additional loss to the Corporation in the fourth quarter of
2021.
- The allowance for credit losses
measured as a percentage of total loans was 1.04% as of June 30,
2022, compared to 1.03% as of December 31, 2021 and 1.06% as of
June 30, 2021. In addition, the allowance for credit losses as a
percentage of nonaccrual loans was 213.9% as of June 30, 2022,
compared to 193.6% at December 31, 2021 and 114.3% as of June 30,
2021.
- Provision for credit losses was
$2.9 million and $4.5 million for the three and six months ended
June 30, 2022, respectively, compared to $2.0 million and $4.1
million for June 30, 2021, respectively. The increase in provision
for the three months ended June 30, 2022 was primarily due to the
growth in commercial loans. Included in the provision for credit
losses for the six months ended June 30, 2022 was $586 thousand
related to the allowance for unfunded commitments compared to no
accrual towards the allowance for unfunded commitments for the six
months ended June 30, 2021.
- For the three months ended June 30,
2022, net loan charge-offs were $479 thousand, or 0.05%
(annualized) of average total loans including loans held for sale,
compared to $614 thousand, or 0.07% (annualized), during the three
months ended June 30, 2021.
- For the six months ended June 30,
2022, net loan charge-offs were $1.0 million, or 0.05% (annualized)
of average total loans including loans held for sale, compared to
$1.5 million, or 0.09% (annualized), during the six months ended
June 30, 2021.
Capital
- As of June 30, 2022, the
Corporation’s total shareholders’ equity was $423.6 million,
representing a decrease of $19.3 million, or 4.3%, from December
31, 2021, mostly due to a decrease in accumulated other
comprehensive income, resulting primarily from the temporary
unrealized reduction in the value of the available-for-sale
investment portfolio exceeding the amount added to retained
earnings during the six months ended June 30,
2022.
- Regulatory capital ratios for the
Corporation continue to exceed regulatory “well-capitalized” levels
as of June 30, 2022.
- As of June 30, 2022, the
Corporation’s ratio of tangible common equity to tangible assets, a
non-GAAP measure, was 6.12%, and reflected the above-noted impact
of the Corporation's decrease in accumulated other comprehensive
income.1
About CNB Financial
Corporation
CNB Financial Corporation is a financial holding
company with consolidated assets of approximately $5.3 billion. CNB
Financial Corporation conducts business primarily through its
principal subsidiary, CNB Bank. CNB Bank is a full-service bank
engaging in a full range of banking activities and services,
including trust and wealth management services, for individual,
business, governmental, and institutional customers. CNB Bank
operations include a private banking division, two loan production
offices, one drive-up office and 45 full-service offices in
Pennsylvania, Ohio, New York and Virginia. CNB Bank’s divisions
include ERIEBANK, based in Erie, Pennsylvania, with offices in
Northwest Pennsylvania and Northeast Ohio; FCBank, based in
Worthington, Ohio, with offices in Central Ohio; BankOnBuffalo,
based in Buffalo, New York, with offices in Western New York; and
Ridge View Bank, with loan production offices in the Southwest
Virginia region. CNB Bank is headquartered in Clearfield,
Pennsylvania, with offices in Central and North Central
Pennsylvania. Additional information about CNB Financial
Corporation may be found at www.CNBBank.bank.
Forward-Looking Statements
This press release includes forward-looking
statements within the meaning of Section 27A of the Securities Act
of 1933, as amended, and Section 21E of the Securities Exchange Act
of 1934, as amended, with respect to CNB’s financial condition,
liquidity, results of operations, future performance and business.
These forward-looking statements are intended to be covered by the
safe harbor for “forward-looking statements” provided by the
Private Securities Litigation Reform Act of 1995. Forward-looking
statements are those that are not historical facts. Forward-looking
statements include statements with respect to beliefs, plans,
objectives, goals, expectations, anticipations, estimates and
intentions that are subject to significant risks and uncertainties
and are subject to change based on various factors (some of which
are beyond CNB’s control). Forward-looking statements often include
the words “believes,” “expects,” “anticipates,” “estimates,”
“forecasts,” “intends,” “plans,” “targets,” “potentially,”
“probably,” “projects,” “outlook” or similar expressions or future
conditional verbs such as “may,” “will,” “should,” “would” and
“could.” CNB’s actual results may differ materially from those
contemplated by the forward-looking statements, which are neither
statements of historical fact nor guarantees or assurances of
future performance. Such known and unknown risks, uncertainties and
other factors that could cause the actual results to differ
materially from the statements, include, but are not limited to,
(i) adverse changes or conditions in capital and financial markets;
(ii) changes in interest rates; (iii) the duration and scope of the
COVID-19 pandemic and the local, national and global impact of
COVID-19; (iv) actions governments, businesses and individuals take
in response to the pandemic; (v) the speed and effectiveness of
vaccine and treatment developments and deployment; (vi) variations
of COVID-19, such as the Delta and Omicron variants, and the
response thereto, (vii) the pace of recovery when the COVID-19
pandemic subsides; (vii) changes in general business, industry or
economic conditions or competition; (ix) changes in any applicable
law, rule, regulation, policy, guideline or practice governing or
affecting financial holding companies and their subsidiaries or
with respect to tax or accounting principles or otherwise; (x)
higher than expected costs or other difficulties related to
integration of combined or merged businesses; (xi) the effects of
business combinations and other acquisition transactions, including
the inability to realize our loan and investment portfolios; (xii)
changes in the quality or composition of our loan and investment
portfolios; (xiii) adequacy of loan loss reserves; (xiv) increased
competition; (xv) loss of certain key officers; (xvi) deposit
attrition; (xvii) rapidly changing technology; (xviii)
unanticipated regulatory or judicial proceedings and liabilities
and other costs; (xix) changes in the cost of funds, demand for
loan products or demand for financial services; and (xx) other
economic, competitive, governmental or technological factors
affecting our operations, markets, products, services and prices.
Such developments could have an adverse impact on CNB's financial
position and results of operations. For more information about
factors that could cause actual results to differ from those
discussed in the forward-looking statements, please refer to the
“Risk Factors” and “Management’s Discussion and Analysis of
Financial Condition and Results of Operations” sections of and the
forward-looking statement disclaimers in CNB’s annual and quarterly
reports.
The forward-looking statements are based upon
management’s beliefs and assumptions and are made as of the date of
this press release. CNB undertakes no obligation to publicly update
or revise any forward-looking statements included in this press
release or to update the reasons why actual results could differ
from those contained in such statements, whether as a result of new
information, future events or otherwise, except to the extent
required by law. In light of these risks, uncertainties and
assumptions, the forward-looking events discussed in this press
release might not occur and you should not put undue reliance on
any forward-looking statements.
Financial Tables
The following tables supplement the financial
highlights described previously for CNB. All dollars are stated in
thousands, except share and per share data.
|
|
(unaudited) |
|
(unaudited) |
|
|
Three Months Ended |
|
Six Months Ended |
|
|
June 30, |
|
June 30, |
|
|
|
|
% |
|
|
|
% |
|
|
|
2022 |
|
|
2021 |
|
change |
|
|
2022 |
|
|
2021 |
|
change |
Income Statement |
|
|
|
|
|
|
|
|
Interest and fees on loans |
|
$ |
44,666 |
|
$ |
38,895 |
|
14.8 |
% |
|
$ |
85,816 |
|
$ |
77,303 |
|
11.0 |
% |
Processing fees on PPP loans |
|
|
559 |
|
|
1,639 |
|
(65.9 |
)% |
|
|
1,796 |
|
|
4,370 |
|
(58.9 |
)% |
Interest and dividends on securities and cash and cash
equivalents |
|
|
4,516 |
|
|
2,994 |
|
50.8 |
% |
|
|
8,383 |
|
|
6,150 |
|
36.3 |
% |
Interest expense |
|
|
(3,440 |
) |
|
(5,223 |
) |
(34.1 |
)% |
|
|
(7,077 |
) |
|
(10,397 |
) |
(31.9 |
)% |
Net interest income |
|
|
46,301 |
|
|
38,305 |
|
20.9 |
% |
|
|
88,918 |
|
|
77,426 |
|
14.8 |
% |
Provision for credit losses |
|
|
2,905 |
|
|
1,967 |
|
47.7 |
% |
|
|
4,548 |
|
|
4,089 |
|
11.2 |
% |
Net interest income after provision for credit losses |
|
|
43,396 |
|
|
36,338 |
|
19.4 |
% |
|
|
84,370 |
|
|
73,337 |
|
15.0 |
% |
|
|
|
|
|
|
|
|
|
|
|
Non-interest income |
|
|
|
|
|
|
|
|
|
|
Service charges on deposit accounts |
|
|
1,771 |
|
|
1,446 |
|
22.5 |
% |
|
|
3,528 |
|
|
2,794 |
|
26.3 |
% |
Other service charges and fees |
|
|
784 |
|
|
601 |
|
30.4 |
% |
|
|
1,439 |
|
|
1,091 |
|
31.9 |
% |
Wealth and asset management fees |
|
|
1,803 |
|
|
1,765 |
|
2.2 |
% |
|
|
3,586 |
|
|
3,287 |
|
9.1 |
% |
Net realized gains on available-for-sale securities |
|
|
0 |
|
|
0 |
|
NA |
|
|
|
651 |
|
|
0 |
|
NA |
|
Net realized and unrealized gains (losses) on equity
securities |
|
|
(641 |
) |
|
350 |
|
(283.1 |
)% |
|
|
(1,035 |
) |
|
470 |
|
(320.2 |
)% |
Mortgage banking |
|
|
292 |
|
|
536 |
|
(45.5 |
)% |
|
|
767 |
|
|
1,771 |
|
(56.7 |
)% |
Bank owned life insurance |
|
|
1,390 |
|
|
504 |
|
175.8 |
% |
|
|
2,084 |
|
|
1,444 |
|
44.3 |
% |
Card processing and interchange income |
|
|
1,992 |
|
|
2,079 |
|
(4.2 |
)% |
|
|
3,801 |
|
|
3,913 |
|
(2.9 |
)% |
Other |
|
|
755 |
|
|
576 |
|
31.1 |
% |
|
|
2,979 |
|
|
1,326 |
|
124.7 |
% |
Total non-interest income |
|
|
8,146 |
|
|
7,857 |
|
3.7 |
% |
|
|
17,800 |
|
|
16,096 |
|
10.6 |
% |
Non-interest expenses |
|
|
|
|
|
|
|
|
|
|
Salaries and benefits |
|
|
16,771 |
|
|
13,518 |
|
24.1 |
% |
|
|
33,759 |
|
|
28,091 |
|
20.2 |
% |
Net occupancy expense of premises |
|
|
3,335 |
|
|
2,935 |
|
13.6 |
% |
|
|
6,565 |
|
|
6,204 |
|
5.8 |
% |
Technology expense |
|
|
4,024 |
|
|
2,888 |
|
39.3 |
% |
|
|
7,396 |
|
|
5,558 |
|
33.1 |
% |
State and local taxes |
|
|
1,037 |
|
|
1,029 |
|
0.8 |
% |
|
|
2,085 |
|
|
2,046 |
|
1.9 |
% |
Legal, professional, and examination fees |
|
|
1,176 |
|
|
897 |
|
31.1 |
% |
|
|
2,013 |
|
|
2,050 |
|
(1.8 |
)% |
FDIC insurance premiums |
|
|
710 |
|
|
557 |
|
27.5 |
% |
|
|
1,433 |
|
|
1,173 |
|
22.2 |
% |
Core Deposit Intangible amortization |
|
|
25 |
|
|
28 |
|
(10.7 |
)% |
|
|
50 |
|
|
56 |
|
(10.7 |
)% |
Card processing and interchange expenses |
|
|
1,256 |
|
|
1,408 |
|
(10.8 |
)% |
|
|
2,285 |
|
|
2,088 |
|
9.4 |
% |
Other |
|
|
4,275 |
|
|
3,705 |
|
15.4 |
% |
|
|
8,915 |
|
|
7,503 |
|
18.8 |
% |
Total non-interest expenses |
|
|
32,609 |
|
|
26,965 |
|
20.9 |
% |
|
|
64,501 |
|
|
54,769 |
|
17.8 |
% |
|
|
|
|
|
|
|
|
|
|
|
Income before income taxes |
|
|
18,933 |
|
|
17,230 |
|
9.9 |
% |
|
|
37,669 |
|
|
34,664 |
|
8.7 |
% |
Income tax expense |
|
|
3,495 |
|
|
3,240 |
|
7.9 |
% |
|
|
6,986 |
|
|
6,493 |
|
7.6 |
% |
Net income |
|
|
15,438 |
|
|
13,990 |
|
10.4 |
% |
|
|
30,683 |
|
|
28,171 |
|
8.9 |
% |
Preferred stock dividends |
|
|
1,075 |
|
|
1,075 |
|
NA |
|
|
|
2,150 |
|
|
2,150 |
|
NA |
|
Net income available to common stockholders |
|
$ |
14,363 |
|
$ |
12,915 |
|
11.2 |
% |
|
$ |
28,533 |
|
$ |
26,021 |
|
9.7 |
% |
|
|
|
|
|
|
|
|
|
|
|
Average diluted common shares outstanding |
|
|
16,815,124 |
|
|
16,824,700 |
|
|
|
|
|
16,829,535 |
|
|
16,811,836 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Diluted earnings per common share |
|
$ |
0.85 |
|
$ |
0.76 |
|
11.8 |
% |
|
$ |
1.69 |
|
$ |
1.54 |
|
9.7 |
% |
Cash dividends per common share |
|
$ |
0.175 |
|
$ |
0.170 |
|
2.9 |
% |
|
$ |
0.350 |
|
$ |
0.340 |
|
2.9 |
% |
|
|
|
|
|
|
|
|
|
|
|
Dividend payout ratio |
|
|
21 |
% |
|
22 |
% |
|
|
|
|
21 |
% |
|
22 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
(unaudited) |
|
|
(unaudited) |
|
|
|
|
Three Months Ended |
|
|
Six Months Ended |
|
|
|
|
June 30, |
|
|
June 30, |
|
|
|
|
|
2022 |
|
|
2021 |
|
|
|
|
2022 |
|
|
2021 |
|
|
|
Average Balances |
|
|
|
|
|
|
|
|
|
Total loans and loans held for sale |
|
$ |
3,836,562 |
|
$ |
3,436,151 |
|
|
|
$ |
3,753,149 |
|
$ |
3,411,299 |
|
|
|
Investment securities |
|
|
839,169 |
|
|
642,394 |
|
|
|
|
822,230 |
|
|
628,489 |
|
|
|
Total earning assets |
|
|
4,967,597 |
|
|
4,734,660 |
|
|
|
|
4,974,964 |
|
|
4,622,299 |
|
|
|
Total assets |
|
|
5,291,987 |
|
|
5,017,734 |
|
|
|
|
5,291,851 |
|
|
4,900,128 |
|
|
|
Noninterest-bearing deposits |
|
|
839,009 |
|
|
712,725 |
|
|
|
|
822,007 |
|
|
682,649 |
|
|
Interest-bearing deposits |
|
|
3,856,539 |
|
|
3,824,216 |
|
|
|
|
3,865,177 |
|
|
3,652,697 |
|
|
Shareholders' equity |
|
|
425,450 |
|
|
424,534 |
|
|
|
|
433,753 |
|
|
422,472 |
|
|
Tangible common shareholders' equity(1) |
|
|
323,490 |
|
|
322,471 |
|
|
|
|
331,780 |
|
|
320,395 |
|
|
|
|
|
|
|
|
|
|
|
Average Yields |
|
|
|
|
|
|
|
|
Total loans and loans held for sale |
|
|
4.75 |
% |
|
4.76 |
% |
|
|
|
4.74 |
% |
|
4.86 |
% |
|
Investment securities |
|
|
1.80 |
% |
|
1.84 |
% |
|
|
|
1.83 |
% |
|
1.97 |
% |
|
Total earning assets |
|
|
4.01 |
% |
|
3.72 |
% |
|
|
|
3.90 |
% |
|
3.87 |
% |
|
Interest-bearing deposits |
|
|
0.26 |
% |
|
0.44 |
% |
|
|
|
0.27 |
% |
|
0.46 |
% |
|
Interest-bearing liabilities |
|
|
0.35 |
% |
|
0.55 |
% |
|
|
|
0.36 |
% |
|
0.56 |
% |
|
|
|
|
|
|
|
|
|
|
Performance Ratios (annualized) |
|
|
|
|
|
|
|
|
Return on average assets |
|
|
1.17 |
% |
|
1.12 |
% |
|
|
|
1.17 |
% |
|
1.16 |
% |
|
Return on average equity |
|
|
14.55 |
% |
|
13.22 |
% |
|
|
|
14.26 |
% |
|
13.45 |
% |
|
Return on average tangible common equity(1) |
|
|
17.81 |
% |
|
16.06 |
% |
|
|
|
17.34 |
% |
|
16.38 |
% |
|
Net interest margin, fully tax equivalent basis(1) |
|
|
3.73 |
% |
|
3.28 |
% |
|
|
|
3.61 |
% |
|
3.42 |
% |
|
Efficiency Ratio(1) |
|
|
59.47 |
% |
|
57.91 |
% |
|
|
|
59.99 |
% |
|
58.04 |
% |
|
|
|
|
|
|
|
|
|
|
Net Loan Charge-Offs |
|
|
|
|
|
|
|
|
CNB Bank net loan charge-offs |
|
$ |
161 |
|
$ |
430 |
|
|
|
$ |
319 |
|
$ |
1,082 |
|
|
Holiday Financial net loan charge-offs |
|
|
318 |
|
|
184 |
|
|
|
|
688 |
|
|
439 |
|
|
Total Corporation net loan charge-offs |
|
$ |
479 |
|
$ |
614 |
|
|
|
$ |
1,007 |
|
$ |
1,521 |
|
|
|
|
|
|
|
|
|
|
|
Annualized net loan charge-offs / average total loans and loans
held for sale |
|
|
0.05 |
% |
|
0.07 |
% |
|
|
|
0.05 |
% |
|
0.09 |
% |
|
|
(unaudited) |
|
(unaudited) |
|
% change |
% change |
|
June 30, |
December 31, |
June 30, |
|
versus |
versus |
|
|
2022 |
|
|
2021 |
|
|
2021 |
|
|
12/31/21 |
06/30/21 |
Ending Balance Sheet |
|
|
|
|
|
|
PPP loans, net of deferred processing fees |
$ |
2,287 |
|
$ |
45,203 |
|
$ |
139,653 |
|
|
(94.9)% |
(98.4)% |
Syndicated loans |
|
153,154 |
|
|
125,761 |
|
|
68,926 |
|
|
21.8% |
122.2% |
Loans |
|
3,754,312 |
|
|
3,463,828 |
|
|
3,261,266 |
|
|
8.4% |
15.1% |
Total Loans |
|
3,909,753 |
|
|
3,634,792 |
|
|
3,469,845 |
|
|
7.6% |
12.7% |
Loans held for sale |
|
843 |
|
|
849 |
|
|
10,528 |
|
|
(0.7)% |
(92.0)% |
Investment securities - available for sale & equities |
|
413,946 |
|
|
707,557 |
|
|
685,060 |
|
|
(41.5)% |
(39.6)% |
Investment securities - held to maturity |
|
413,310 |
|
|
0 |
|
|
0 |
|
|
NA |
NA |
FHLB and other restricted stock holdings |
|
3,134 |
|
|
2,966 |
|
|
3,230 |
|
|
5.7% |
(3.0)% |
Other earning assets |
|
222,569 |
|
|
689,758 |
|
|
687,910 |
|
|
(67.7)% |
(67.6)% |
Total earning assets |
|
4,963,555 |
|
|
5,035,922 |
|
|
4,856,573 |
|
|
(1.4)% |
2.2% |
Allowance for credit losses |
|
(40,543 |
) |
|
(37,588 |
) |
|
(36,908 |
) |
|
7.9% |
9.8% |
Goodwill |
|
43,749 |
|
|
43,749 |
|
|
43,749 |
|
|
0.0% |
0.0% |
Core deposit intangible |
|
410 |
|
|
460 |
|
|
511 |
|
|
(10.9)% |
(19.8)% |
Other assets |
|
332,144 |
|
|
286,396 |
|
|
285,979 |
|
|
16.0% |
16.1% |
Total assets |
$ |
5,299,315 |
|
$ |
5,328,939 |
|
$ |
5,149,904 |
|
|
(0.6)% |
2.9% |
|
|
|
|
|
|
|
Noninterest-bearing demand deposits |
$ |
851,172 |
|
$ |
792,086 |
|
$ |
727,177 |
|
|
7.5% |
17.1% |
Interest-bearing demand deposits |
|
1,147,376 |
|
|
1,079,336 |
|
|
1,003,228 |
|
|
6.3% |
14.4% |
Savings |
|
2,398,995 |
|
|
2,457,745 |
|
|
2,330,102 |
|
|
(2.4)% |
3.0% |
Certificates of deposit |
|
304,277 |
|
|
386,452 |
|
|
444,258 |
|
|
(21.3)% |
(31.5)% |
Total deposits |
|
4,701,820 |
|
|
4,715,619 |
|
|
4,504,765 |
|
|
(0.3)% |
4.4% |
Subordinated debentures |
|
20,620 |
|
|
20,620 |
|
|
20,620 |
|
|
0.0% |
0.0% |
Subordinated notes, net of issuance costs |
|
83,812 |
|
|
83,661 |
|
|
135,000 |
|
|
0.2% |
(37.9)% |
Other liabilities |
|
69,475 |
|
|
66,192 |
|
|
59,570 |
|
|
5.0% |
16.6% |
Total liabilities |
|
4,875,727 |
|
|
4,886,092 |
|
|
4,719,955 |
|
|
(0.2)% |
3.3% |
Common stock |
|
0 |
|
|
0 |
|
|
0 |
|
|
NA |
NA |
Preferred stock |
|
57,785 |
|
|
57,785 |
|
|
57,785 |
|
|
NA |
NA |
Additional paid in capital |
|
126,986 |
|
|
127,351 |
|
|
126,875 |
|
|
(0.3)% |
0.1% |
Retained earnings |
|
283,204 |
|
|
260,582 |
|
|
239,017 |
|
|
8.7% |
18.5% |
Treasury stock |
|
(3,026 |
) |
|
(2,477 |
) |
|
(1,672 |
) |
|
22.2% |
81.0% |
Accumulated other comprehensive income (loss) |
|
(41,361 |
) |
|
(394 |
) |
|
7,944 |
|
|
10,397.7% |
(620.7)% |
Total shareholders' equity |
|
423,588 |
|
|
442,847 |
|
|
429,949 |
|
|
(4.3)% |
(1.5)% |
|
|
|
|
|
|
|
Total liabilities and shareholders' equity |
$ |
5,299,315 |
|
$ |
5,328,939 |
|
$ |
5,149,904 |
|
|
(0.6)% |
2.9% |
|
|
|
|
|
|
|
Ending shares outstanding |
|
16,859,586 |
|
|
16,855,062 |
|
|
16,884,519 |
|
|
|
|
|
|
|
|
|
|
|
Book value per common share |
$ |
21.70 |
|
$ |
22.85 |
|
$ |
22.04 |
|
|
(5.0)% |
(1.5)% |
Tangible book value per common share(1) |
$ |
19.08 |
|
$ |
20.22 |
|
$ |
19.42 |
|
|
(5.6)% |
(1.8)% |
|
|
|
|
|
|
|
Capital Ratios |
|
|
|
|
|
|
Tangible common equity / tangible assets(1) |
|
6.12 |
% |
|
6.45 |
% |
|
6.42 |
% |
|
|
|
Tier 1 leverage ratio(3) |
|
8.53 |
% |
|
8.22 |
% |
|
8.16 |
% |
|
|
|
Common equity tier 1 ratio(3) |
|
9.30 |
% |
|
9.65 |
% |
|
9.71 |
% |
|
|
|
Tier 1 risk-based ratio(3) |
|
11.25 |
% |
|
11.79 |
% |
|
12.00 |
% |
|
|
|
Total risk-based ratio(3) |
|
14.23 |
% |
|
14.92 |
% |
|
16.83 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(unaudited) |
|
(unaudited) |
|
|
|
|
June 30, |
December 31, |
June 30, |
|
|
|
|
|
2022 |
|
|
2021 |
|
|
2021 |
|
|
|
|
Asset Quality |
|
|
|
|
|
|
Nonaccrual loans(2) |
$ |
18,954 |
|
$ |
19,420 |
|
$ |
32,299 |
|
|
|
|
Loans 90+ days past due and accruing |
|
1,060 |
|
|
168 |
|
|
611 |
|
|
|
|
Total nonperforming loans |
|
20,014 |
|
|
19,588 |
|
|
32,910 |
|
|
|
|
Other real estate owned |
|
686 |
|
|
707 |
|
|
294 |
|
|
|
|
Total nonperforming assets |
$ |
20,700 |
|
$ |
20,295 |
|
$ |
33,204 |
|
|
|
|
|
|
|
|
|
|
|
Loans modified in a troubled debt restructuring ("TDR"): |
|
|
|
|
|
|
Performing TDR loans |
$ |
10,596 |
|
$ |
9,006 |
|
$ |
9,115 |
|
|
|
|
Nonperforming TDR loans(2) |
|
7,236 |
|
|
7,600 |
|
|
7,854 |
|
|
|
|
Total TDR loans |
$ |
17,832 |
|
$ |
16,606 |
|
$ |
16,969 |
|
|
|
|
|
|
|
|
|
|
|
Nonperforming assets / Total loans + OREO |
|
0.53 |
% |
|
0.56 |
% |
|
0.96 |
% |
|
|
|
Nonperforming assets / Total assets |
|
0.39 |
% |
|
0.38 |
% |
|
0.64 |
% |
|
|
|
Ratio of allowance for credit losses on loans to nonaccrual
loans |
|
213.90 |
% |
|
193.55 |
% |
|
114.27 |
% |
|
|
|
Allowance for credit losses / Total loans |
|
1.04 |
% |
|
1.03 |
% |
|
1.06 |
% |
|
|
|
Allowance for credit losses / Total loans, net of PPP-related
loans(1) |
|
1.04 |
% |
|
1.05 |
% |
|
1.11 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(1)Management uses non-GAAP financial information in its analysis
of the Corporation’s performance. Management believes that these
non-GAAP measures provide a greater understanding of ongoing
operations, enhance comparability of results of operations with
prior periods and show the effects of significant gains and charges
in the periods presented. The Corporation’s management believes
that investors may use these non-GAAP measures to analyze the
Corporation’s financial performance without the impact of unusual
items or events that may obscure trends in the Corporation’s
underlying performance. This non-GAAP data should be considered in
addition to results prepared in accordance with GAAP, and is not a
substitute for, or superior to, GAAP results. Limitations
associated with non-GAAP financial measures include the risks that
persons might disagree as to the appropriateness of items included
in these measures and that different companies might calculate
these measures differently. A reconciliation of these non-GAAP
financial measures is provided below (dollars in thousands, except
per share data). |
(2) Nonperforming TDR loans are also included in the balance of
nonaccrual loans in the previous table. |
(3) Capital ratios as of June 30, 2022 are estimated pending final
regulatory filings. |
Non-GAAP
Reconciliations(1): |
|
(unaudited) |
|
(unaudited) |
|
June 30, |
December 31, |
June 30, |
|
|
2022 |
|
|
2021 |
|
|
2021 |
|
Calculation of tangible book value per share and tangible
common equity/tangible assets: |
|
|
|
Shareholders' equity |
$ |
423,588 |
|
$ |
442,847 |
|
$ |
429,949 |
|
Less: preferred equity |
|
57,785 |
|
|
57,785 |
|
|
57,785 |
|
Less: goodwill |
|
43,749 |
|
|
43,749 |
|
|
43,749 |
|
Less: core deposit intangible |
|
410 |
|
|
460 |
|
|
511 |
|
Tangible common equity |
$ |
321,644 |
|
$ |
340,853 |
|
$ |
327,904 |
|
|
|
|
|
Total assets |
$ |
5,299,315 |
|
$ |
5,328,939 |
|
$ |
5,149,904 |
|
Less: goodwill |
|
43,749 |
|
|
43,749 |
|
|
43,749 |
|
Less: core deposit intangible |
|
410 |
|
|
460 |
|
|
511 |
|
Tangible assets |
$ |
5,255,156 |
|
$ |
5,284,730 |
|
$ |
5,105,644 |
|
|
|
|
|
Ending shares outstanding |
|
16,859,586 |
|
|
16,855,062 |
|
|
16,884,519 |
|
|
|
|
|
Tangible book value per common share |
$ |
19.08 |
|
$ |
20.22 |
|
$ |
19.42 |
|
Tangible common equity/Tangible assets |
|
6.12 |
% |
|
6.45 |
% |
|
6.42 |
% |
Non-GAAP
Reconciliations(1): |
|
(unaudited) |
|
(unaudited) |
|
June 30, |
December 31, |
June 30, |
|
|
2022 |
|
|
2021 |
|
|
2021 |
|
Calculation of allowance / total loans, net of PPP-related
loans: |
|
|
|
Total allowance for credit losses |
$ |
40,543 |
|
$ |
37,588 |
|
$ |
36,908 |
|
|
|
|
|
Total loans |
$ |
3,909,753 |
|
$ |
3,634,792 |
|
$ |
3,469,845 |
|
Less: PPP-related loans |
|
2,287 |
|
|
45,203 |
|
|
139,653 |
|
Adjusted total loans, net of PPP-related loans (non-GAAP) |
$ |
3,907,466 |
|
$ |
3,589,589 |
|
$ |
3,330,192 |
|
|
|
|
|
Adjusted allowance / total loans, net of PPP-related loans
(non-GAAP) |
|
1.04 |
% |
|
1.05 |
% |
|
1.11 |
% |
Non-GAAP
Reconciliations(1): |
|
|
(unaudited) |
|
(unaudited) |
|
|
Three Months Ended |
|
Six Months Ended |
|
|
June 30, |
|
June 30, |
|
|
|
2022 |
|
|
2021 |
|
|
|
2022 |
|
|
2021 |
|
Calculation of net interest margin: |
|
|
|
|
|
|
Interest income |
|
$ |
49,741 |
|
$ |
43,528 |
|
|
$ |
95,995 |
|
$ |
87,823 |
|
Interest expense |
|
|
3,440 |
|
|
5,223 |
|
|
|
7,077 |
|
|
10,397 |
|
Net interest income |
|
$ |
46,301 |
|
$ |
38,305 |
|
|
$ |
88,918 |
|
$ |
77,426 |
|
|
|
|
|
|
|
|
Average total earning assets |
|
$ |
4,967,597 |
|
$ |
4,734,660 |
|
|
$ |
4,974,964 |
|
$ |
4,622,299 |
|
|
|
|
|
|
|
|
Net interest margin, fully tax equivalent basis (non-GAAP)
(annualized) |
|
|
3.74 |
% |
|
3.25 |
% |
|
|
3.60 |
% |
|
3.38 |
% |
|
|
|
|
|
|
|
Calculation of net interest margin (fully tax equivalent
basis): |
|
|
|
|
|
|
Interest income (fully tax equivalent basis) (non-GAAP) |
|
$ |
49,741 |
|
$ |
43,528 |
|
|
$ |
95,995 |
|
$ |
87,823 |
|
Tax equivalent adjustment (non-GAAP) |
|
|
306 |
|
|
308 |
|
|
|
650 |
|
|
631 |
|
Adjusted interest income (fully tax equivalent basis)
(non-GAAP) |
|
|
50,047 |
|
|
43,836 |
|
|
|
96,645 |
|
|
88,454 |
|
Interest expense |
|
|
3,440 |
|
|
5,223 |
|
|
|
7,077 |
|
|
10,397 |
|
Net interest income (fully tax equivalent basis) (non-GAAP) |
|
$ |
46,607 |
|
$ |
38,613 |
|
|
$ |
89,568 |
|
$ |
78,057 |
|
|
|
|
|
|
|
|
Average total earning assets |
|
$ |
4,967,597 |
|
$ |
4,734,660 |
|
|
$ |
4,974,964 |
|
$ |
4,622,299 |
|
Less: average mark to market adjustment on investments |
|
|
(37,519 |
) |
|
9,238 |
|
|
|
(24,101 |
) |
|
13,246 |
|
Adjusted average total earning assets, net of mark to market
(non-GAAP) |
|
$ |
5,005,116 |
|
$ |
4,725,422 |
|
|
$ |
4,999,065 |
|
$ |
4,609,053 |
|
|
|
|
|
|
|
|
Net interest margin, fully tax equivalent basis (non-GAAP)
(annualized) |
|
|
3.73 |
% |
|
3.28 |
% |
|
|
3.61 |
% |
|
3.42 |
% |
Non-GAAP
Reconciliations(1): |
|
|
(unaudited) |
|
(unaudited) |
|
|
Three Months Ended |
|
Six Months Ended |
|
|
June 30, |
|
June 30, |
|
|
|
2022 |
|
|
2021 |
|
|
|
2022 |
|
|
2021 |
|
Calculation of efficiency ratio: |
|
|
|
|
|
|
Non-interest expense |
|
$ |
32,609 |
|
$ |
26,965 |
|
|
$ |
64,501 |
|
$ |
54,769 |
|
Less: core deposit intangible amortization |
|
|
25 |
|
|
28 |
|
|
|
50 |
|
|
56 |
|
Adjusted non-interest expense (non-GAAP) |
|
$ |
32,584 |
|
$ |
26,937 |
|
|
$ |
64,451 |
|
$ |
54,713 |
|
|
|
|
|
|
|
|
Non-interest income |
|
$ |
8,146 |
|
$ |
7,857 |
|
|
$ |
17,800 |
|
$ |
16,096 |
|
|
|
|
|
|
|
|
Net interest income |
|
$ |
46,301 |
|
$ |
38,305 |
|
|
$ |
88,918 |
|
$ |
77,426 |
|
Less: tax exempt investment and loan income, net of TEFRA
(non-GAAP) |
|
|
1,208 |
|
|
1,221 |
|
|
|
2,535 |
|
|
2,525 |
|
Add: tax exempt investment and loan income (non-GAAP)
(tax-equivalent) |
|
|
1,549 |
|
|
1,576 |
|
|
|
3,252 |
|
|
3,265 |
|
Adjusted net interest income (non-GAAP) |
|
|
46,642 |
|
|
38,660 |
|
|
|
89,635 |
|
|
78,166 |
|
Adjusted net revenue (non-GAAP) (tax-equivalent) |
|
$ |
54,788 |
|
$ |
46,517 |
|
|
$ |
107,435 |
|
$ |
94,262 |
|
Efficiency ratio |
|
|
59.47 |
% |
|
57.91 |
% |
|
|
59.99 |
% |
|
58.04 |
% |
Non-GAAP
Reconciliations(1): |
|
|
(unaudited) |
|
(unaudited) |
|
|
Three Months Ended |
|
Six Months Ended |
|
|
June 30, |
|
June 30, |
|
|
|
2022 |
|
2021 |
|
|
2022 |
|
2021 |
Calculation of PPNR:(2) |
|
|
|
|
|
|
Net interest income |
|
$ |
46,301 |
$ |
38,305 |
|
$ |
88,918 |
$ |
77,426 |
Add: Non-interest income |
|
|
8,146 |
|
7,857 |
|
|
17,800 |
|
16,096 |
Less: Non-interest expense |
|
|
32,609 |
|
26,965 |
|
|
64,501 |
|
54,769 |
PPNR (non-GAAP) |
|
$ |
21,838 |
$ |
19,197 |
|
$ |
42,217 |
$ |
38,753 |
|
|
|
|
|
|
|
(2)Management believes that this is an important metric as it
illustrates the underlying performance of the Corporation, it
enables investors and others to assess the Corporation's ability to
generate capital to cover credit losses through the credit cycle
and provides consistent reporting with a key metric used by bank
regulatory agencies. |
Non-GAAP
Reconciliations(1): |
|
|
(unaudited) |
|
(unaudited) |
|
|
Three Months Ended |
|
Six Months Ended |
|
|
June 30, |
|
June 30, |
|
|
|
2022 |
|
|
2021 |
|
|
|
2022 |
|
|
2021 |
|
Calculation of return on average tangible common
equity: |
|
|
|
|
|
|
Net income available to common stockholders |
|
$ |
14,363 |
|
$ |
12,915 |
|
|
$ |
28,533 |
|
$ |
26,021 |
|
Average tangible common shareholders' equity |
|
|
323,490 |
|
|
322,471 |
|
|
|
331,780 |
|
|
320,395 |
|
Return on average tangible common equity (non-GAAP)
(annualized) |
|
|
17.81 |
% |
|
16.06 |
% |
|
|
17.34 |
% |
|
16.38 |
% |
Non-GAAP
Reconciliations(1): |
|
|
(unaudited) |
|
(unaudited) |
|
|
Three Months Ended |
|
Six Months Ended |
|
|
June 30, |
|
June 30, |
|
|
|
2022 |
|
2021 |
|
|
2022 |
|
2021 |
Calculation of non-interest income excluding net realized
gains on available-for-sale securities: |
|
|
|
|
|
|
Non-interest income |
|
$ |
8,146 |
$ |
7,857 |
|
$ |
17,800 |
$ |
16,096 |
Less: net realized gains on available-for-sale securities |
|
|
0 |
|
0 |
|
|
651 |
|
0 |
Adjusted non-interest income |
|
$ |
8,146 |
$ |
7,857 |
|
$ |
17,149 |
$ |
16,096 |
|
|
|
|
|
|
|
Contact:
Tito L. Lima
Treasurer
(814) 765-9621
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