• |
An increase in net interest income of 10.6% over the fourth quarter of 2020;
|
• |
Net gains on mortgage loans of $5.6 million and total mortgage loan origination volume of $424.6 million;
|
• |
Deposit net growth of $105.0 million (or 10.4% annualized);
|
• |
Continued strong asset quality metrics as evidenced by low loan charge-offs during the quarter as well as a low level of non-performing loans and non-performing assets; and
|
• |
The payment of a 21 cent per share dividend on common stock on November 15, 2021.
|
• |
Increases in net income and diluted earnings per share of 12.0% and 13.8%, respectively, compared to 2020;
|
• |
Return on average assets and return on average equity of 1.41% and 16.13%, respectively;
|
• |
Net gains on mortgage loans of $35.9 million and total mortgage loan origination volume of $1.9 billion;
|
• |
Net growth in portfolio loans of $171.4 million (or 6.3%);
|
• |
Deposit net growth of $479.7 million (or 13.2 %);
|
• |
Paid $0.84 in dividends which was a 5.0% increase compared to 2020; and
|
• |
Tangible common equity per share increased by 6.1% to $17.33 from $16.33.
|
• |
Changes in the fair value due to price of capitalized mortgage loan servicing rights (the "MSR Changes") of a positive $0.6 million ($0.02 per diluted share, after taxes) and $3.4 million ($0.12 per diluted share, after taxes) for the three-months and full-year ended December 31, 2021, respectively, as compared to a negative $0.9 million ($0.03 per diluted share, after taxes) and a negative $10.8 million ($0.39 per diluted share, after taxes) for the three-months and full year ended December 31, 2020 respectively.
|
PPP - Round 1
| ||||||||||||||||||||||||
At or for the three months ended
|
12/31/2021
|
9/30/2021
|
12/31/2020
| |||||||||||||||||||||
#
|
(000's)
|
#
|
(000's)
|
#
|
(000's)
| |||||||||||||||||||
Loans outstanding at period end
|
6
|
$
|
197
|
20
|
$
|
1,262
|
1,483
|
$
|
169,782
| |||||||||||||||
Average loans outstanding
|
774
|
-
|
2,699
|
220,214
| ||||||||||||||||||||
Cumulative forgiveness applications submitted
|
2,124
|
261,088
|
2,085
|
260,015
|
808
|
122,962
| ||||||||||||||||||
Cumulative forgiveness applications approved
|
2,122
|
261,047
|
2,082
|
259,613
|
755
|
91,972
| ||||||||||||||||||
Net fees accreted into interest income
|
-
|
-
|
381
|
3,250
| ||||||||||||||||||||
Net unaccreted fees at period end
|
-
|
-
|
3,216
| |||||||||||||||||||||
Average loan yield
|
-
|
-
|
11.51
|
%
|
6.91
|
%
|
PPP - Round 2
| ||||||||||||||||||||||||
At or for the three months ended
|
12/31/2021
|
9/30/2021
|
3/31/2021
| |||||||||||||||||||||
#
|
(000's)
|
#
|
(000's)
|
#
|
(000's)
| |||||||||||||||||||
Loans outstanding at period end
|
180
|
$
|
26,167
|
806
|
$
|
88,888
|
1,250
|
$
|
128,240
| |||||||||||||||
Average loans outstanding
|
58,895
|
-
|
110,276
|
-
|
72,011
| |||||||||||||||||||
Cumulative forgiveness applications submitted
|
1,401
|
115,568
|
831
|
51,370
|
-
|
-
| ||||||||||||||||||
Cumulative forgiveness applications approved
|
1,372
|
109,405
|
810
|
50,535
|
-
|
-
| ||||||||||||||||||
Net fees accreted into interest income
|
2,372
|
-
|
2,249
|
-
|
229
| |||||||||||||||||||
Net unaccreted fees at period end
|
806
|
-
|
3,178
|
-
|
5,454
| |||||||||||||||||||
Average loan yield
|
17.11
|
%
|
-
|
9.17
|
%
|
-
|
2.25
|
%
|
Three Months Ended
|
Twelve Months Ended
| |||||||||||||||
12/31/2021
|
12/31/2020
|
12/31/2021
|
12/31/2020
| |||||||||||||
Mortgage loan servicing, net:
|
(Dollars in thousands)
| |||||||||||||||
Revenue, net
|
$
|
2,044
|
$
|
1,812
|
$
|
7,853
|
$
|
6,874
| ||||||||
Fair value change due to price
|
567
|
(892
|
)
|
3,380
|
(10,833
|
)
| ||||||||||
Fair value change due to pay-downs
|
(1,342
|
)
|
(1,304
|
)
|
(5,488
|
)
|
(5,391
|
)
| ||||||||
Total
|
$
|
1,269
|
$
|
(384
|
)
|
$
|
5,745
|
$
|
(9,350
|
)
|
12/31/2021
|
9/30/2021
|
% change vs. prior quarter
| ||||||||||||||||||||||||||||||
Loan Type
|
#
|
$(000's)
|
% of
portfolio
|
#
|
$ (000's)
|
% of
portfolio
|
#
|
$ | ||||||||||||||||||||||||
Commercial
|
-
|
$
|
-
|
0.0
|
%
|
-
|
$
|
-
|
0.0
|
%
|
none
|
none
| ||||||||||||||||||||
Mortgage
|
22
|
2,278
|
0.2
|
%
|
39
|
5,901
|
0.5
|
%
|
(43.6
|
)%
|
(61.4
|
)%
| ||||||||||||||||||||
Installment
|
1
|
55
|
0.0
|
%
|
7
|
109
|
0.0
|
%
|
(85.7
|
)%
|
(49.5
|
)%
| ||||||||||||||||||||
Total
|
23
|
$
|
2,333
|
0.1
|
%
|
46
|
$
|
6,010
|
0.2
|
%
|
(50.0
|
)%
|
(61.2
|
)%
| ||||||||||||||||||
Loans serviced for others
|
46
|
$
|
5,163
|
0.2
|
%
|
64
|
$
|
7,986
|
0.3
|
%
|
(28.1
|
)%
|
(35.3
|
)%
|
Loan Type
|
12/31/2021
|
12/31/2020
|
12/31/2019
| |||||||||
(Dollars in thousands)
| ||||||||||||
Commercial
|
$
|
62
|
$
|
1,440
|
$
|
1,377
| ||||||
Mortgage
|
4,914
|
6,353
|
7,996
| |||||||||
Installment
|
569
|
519
|
805
| |||||||||
Subtotal
|
5,545
|
8,312
|
10,178
| |||||||||
Less - government guaranteed loans
|
435
|
439
|
646
| |||||||||
Total non-performing loans
|
$
|
5,110
|
$
|
7,873
|
$
|
9,532
| ||||||
Ratio of non-performing loans to total portfolio loans
|
0.18
|
%
|
0.29
|
%
|
0.35
|
%
| ||||||
Ratio of non-performing assets to total assets
|
0.11
|
%
|
0.21
|
%
|
0.32
|
%
| ||||||
Ratio of the allowance for loan losses to non-performing loans
|
924.70
|
%
|
450.01
|
%
|
274.32
|
%
|
(1) |
Excludes loans that are classified as "troubled debt restructured" that are still performing.
|
Regulatory Capital Ratios
|
12/31/2021
|
12/31/2020
|
Well
Capitalized Minimum
| |||||||||
Tier 1 capital to average total assets
|
8.57
|
%
|
8.81
|
%
|
5.00
|
%
| ||||||
Tier 1 common equity to risk-weighted assets
|
11.80
|
%
|
12.81
|
%
|
6.50
|
%
| ||||||
Tier 1 capital to risk-weighted assets
|
11.80
|
%
|
12.81
|
%
|
8.00
|
%
| ||||||
Total capital to risk-weighted assets
|
13.05
|
%
|
14.06
|
%
|
10.00
|
%
|
December 31,
| ||||||||
2021
|
2020
| |||||||
(unaudited)
| ||||||||
(In thousands, except share
amounts)
| ||||||||
Assets
| ||||||||
Cash and due from banks
|
$
|
51,069
|
$
|
56,006
| ||||
Interest bearing deposits
|
58,404
|
62,699
| ||||||
Cash and Cash Equivalents
|
109,473
|
118,705
| ||||||
Securities available for sale
|
1,412,830
|
1,072,159
| ||||||
Federal Home Loan Bank and Federal Reserve Bank stock, at cost
|
18,427
|
18,427
| ||||||
Loans held for sale, carried at fair value
|
55,470
|
92,434
| ||||||
Loans held for sale, carried at lower of cost or fair value
|
34,811
|
-
| ||||||
Loans
| ||||||||
Commercial
|
1,203,581
|
1,242,415
| ||||||
Mortgage
|
1,139,659
|
1,015,926
| ||||||
Installment
|
561,805
|
475,337
| ||||||
Total Loans
|
2,905,045
|
2,733,678
| ||||||
Allowance for credit losses (1) |
(47,252
|
)
|
(35,429
|
)
| ||||
Net Loans
|
2,857,793
|
2,698,249
| ||||||
Other real estate and repossessed assets
|
245
|
766
| ||||||
Property and equipment, net
|
36,404
|
36,127
| ||||||
Bank-owned life insurance
|
55,279
|
55,180
| ||||||
Capitalized mortgage loan servicing rights, carried at fair value
|
26,232
|
16,904
| ||||||
Other intangibles
|
3,336
|
4,306
| ||||||
Goodwill
|
28,300
|
28,300
| ||||||
Accrued income and other assets
|
66,140
|
62,456
| ||||||
Total Assets
|
$
|
4,704,740
|
$
|
4,204,013
| ||||
Liabilities and Shareholders' Equity
| ||||||||
Deposits
| ||||||||
Non-interest bearing
|
$
|
1,321,601
|
$
|
1,153,473
| ||||
Savings and interest-bearing checking
|
1,897,487
|
1,526,465
| ||||||
Reciprocal
|
586,626
|
556,185
| ||||||
Time
|
308,438
|
287,402
| ||||||
Brokered time
|
2,938
|
113,830
| ||||||
Total Deposits
|
4,117,090
|
3,637,355
| ||||||
Other borrowings
|
30,009
|
30,012
| ||||||
Subordinated debt
|
39,357
|
39,281
| ||||||
Subordinated debentures
|
39,592
|
39,524
| ||||||
Accrued expenses and other liabilities
|
80,208
|
68,319
| ||||||
Total Liabilities
|
4,306,256
|
3,814,491
| ||||||
Shareholders' Equity
| ||||||||
Preferred stock, no par value, 200,000 shares authorized; none issued or outstanding
|
-
|
-
| ||||||
Common stock, no par value, 500,000,000 shares authorized; issued and outstanding: 21,171,036 shares at December 31, 2021 and 21,853,800 shares at December 31, 2020
|
323,401
|
339,353
| ||||||
Retained earnings
|
74,582
|
40,145
| ||||||
Accumulated other comprehensive income
|
501
|
10,024
| ||||||
Total Shareholders' Equity
|
398,484
|
389,522
| ||||||
Total Liabilities and Shareholders' Equity
|
$
|
4,704,740
|
$
|
4,204,013
|
(1)
|
Beginning January 1, 2021, calculation is based on CECL methodology. Prior to January 1, 2021, calculation was based on the probable incurred loss methodology.
|
Three Months Ended
|
Twelve Months Ended
| |||||||||||||||||||
December 31,
2021
|
September 30,
2021
|
December 31,
2020
|
December 31,
| |||||||||||||||||
2021
|
2020
| |||||||||||||||||||
(unaudited)
| ||||||||||||||||||||
Interest Income
|
(In thousands, except per share amounts)
| |||||||||||||||||||
Interest and fees on loans
|
$
|
30,316
|
$
|
30,132
|
$
|
31,139
|
$
|
116,644
|
$
|
123,159
| ||||||||||
Interest on securities available for sale
| ||||||||||||||||||||
Taxable
|
4,114
|
3,922
|
3,299
|
14,488
|
12,655
| |||||||||||||||
Tax-exempt
|
1,577
|
1,597
|
789
|
6,102
|
2,926
| |||||||||||||||
Other investments
|
217
|
204
|
235
|
846
|
1,089
| |||||||||||||||
Total Interest Income
|
36,224
|
35,855
|
35,462
|
138,080
|
139,829
| |||||||||||||||
Interest Expense
| ||||||||||||||||||||
Deposits
|
977
|
1,090
|
3,516
|
4,465
|
12,666
| |||||||||||||||
Other borrowings and subordinated debt and debentures
|
962
|
962
|
953
|
3,850
|
3,551
| |||||||||||||||
Total Interest Expense
|
1,939
|
2,052
|
4,469
|
8,315
|
16,217
| |||||||||||||||
Net Interest Income
|
34,285
|
33,803
|
30,993
|
129,765
|
123,612
| |||||||||||||||
Provision for credit losses (1) |
630
|
(659
|
)
|
(421
|
)
|
(1,928
|
)
|
12,463
| ||||||||||||
Net Interest Income After Provision for Credit Losses
|
33,655
|
34,462
|
31,414
|
131,693
|
111,149
| |||||||||||||||
Non-interest Income
| ||||||||||||||||||||
Interchange income
|
3,306
|
4,237
|
2,819
|
14,045
|
11,230
| |||||||||||||||
Service charges on deposit accounts
|
2,992
|
2,944
|
2,218
|
10,170
|
8,517
| |||||||||||||||
Net gains (losses) on assets
| ||||||||||||||||||||
Mortgage loans
|
5,600
|
8,361
|
15,873
|
35,880
|
62,560
| |||||||||||||||
Securities available for sale
|
(10
|
)
|
5
|
14
|
1,411
|
267
| ||||||||||||||
Mortgage loan servicing, net
|
1,269
|
1,271
|
(384
|
)
|
5,745
|
(9,350
|
)
| |||||||||||||
Other
|
2,614
|
2,877
|
1,823
|
9,392
|
7,521
| |||||||||||||||
Total Non-interest Income
|
15,771
|
19,695
|
22,363
|
76,643
|
80,745
| |||||||||||||||
Non-interest Expense
| ||||||||||||||||||||
Compensation and employee benefits
|
19,905
|
21,659
|
20,039
|
79,969
|
74,781
| |||||||||||||||
Data processing
|
2,851
|
3,022
|
2,374
|
10,823
|
8,534
| |||||||||||||||
Occupancy, net
|
2,216
|
2,082
|
2,120
|
8,794
|
8,938
| |||||||||||||||
Interchange expense
|
1,083
|
1,202
|
926
|
4,434
|
3,342
| |||||||||||||||
Furniture, fixtures and equipment
|
1,060
|
1,075
|
964
|
4,172
|
4,089
| |||||||||||||||
Loan and collection
|
819
|
735
|
708
|
3,172
|
3,037
| |||||||||||||||
Communications
|
739
|
683
|
785
|
3,080
|
3,194
| |||||||||||||||
Legal and professional
|
534
|
513
|
600
|
2,068
|
2,027
| |||||||||||||||
Advertising
|
599
|
666
|
594
|
1,918
|
2,230
| |||||||||||||||
Conversion related expenses
|
191
|
275
|
1,541
|
1,827
|
2,586
| |||||||||||||||
FDIC deposit insurance
|
413
|
346
|
385
|
1,396
|
1,596
| |||||||||||||||
Costs (recoveries) related to unfunded lending commitments
|
844
|
369
|
(8
|
)
|
1,207
|
263
| ||||||||||||||
Branch closure costs
|
-
|
-
|
-
|
-
|
417
| |||||||||||||||
Net (gains) losses on other real estate and repossessed assets
|
(28
|
)
|
(28
|
)
|
(82
|
)
|
(230
|
)
|
64
| |||||||||||
Other
|
2,728
|
1,913
|
1,761
|
8,393
|
7,315
| |||||||||||||||
Total Non-interest Expense
|
33,954
|
34,512
|
32,707
|
131,023
|
122,413
| |||||||||||||||
Income Before Income Tax
|
15,472
|
19,645
|
21,070
|
77,313
|
69,481
| |||||||||||||||
Income tax expense
|
2,964
|
3,683
|
4,084
|
14,418
|
13,329
| |||||||||||||||
Net Income
|
$
|
12,508
|
$
|
15,962
|
$
|
16,986
|
$
|
62,895
|
$
|
56,152
| ||||||||||
Net Income Per Common Share
| ||||||||||||||||||||
Basic
|
$
|
0.59
|
$
|
0.74
|
$
|
0.78
|
$
|
2.91
|
$
|
2.56
| ||||||||||
Diluted
|
$
|
0.58
|
$
|
0.73
|
$
|
0.77
|
$
|
2.88
|
$
|
2.53
|
(1)
|
Beginning January 1, 2021, calculation is based on CECL methodology. Prior to January 1, 2021, calculation was based on the probable incurred loss methodology.
|
December 31,
2021
|
September 30,
2021
|
June 30,
2021
|
March 31,
2021
|
December 31,
2020
| ||||||||||||||||
(unaudited)
| ||||||||||||||||||||
(Dollars in thousands except per share data)
| ||||||||||||||||||||
Three Months Ended
| ||||||||||||||||||||
Net interest income
|
$
|
34,285
|
$
|
33,803
|
$
|
31,393
|
$
|
30,284
|
$
|
30,993
| ||||||||||
Provision for credit losses (1) |
630
|
(659
|
)
|
(1,425
|
)
|
(474
|
)
|
(421
|
)
| |||||||||||
Non-interest income
|
15,771
|
19,695
|
14,771
|
26,406
|
22,363
| |||||||||||||||
Non-interest expense
|
33,954
|
34,512
|
32,536
|
30,021
|
32,707
| |||||||||||||||
Income before income tax
|
15,472
|
19,645
|
15,053
|
27,143
|
21,070
| |||||||||||||||
Income tax expense
|
2,964
|
3,683
|
2,665
|
5,106
|
4,084
| |||||||||||||||
Net income
|
$
|
12,508
|
$
|
15,962
|
$
|
12,388
|
$
|
22,037
|
$
|
16,986
| ||||||||||
Basic earnings per share
|
$
|
0.59
|
$
|
0.74
|
$
|
0.57
|
$
|
1.01
|
$
|
0.78
| ||||||||||
Diluted earnings per share
|
0.58
|
0.73
|
0.56
|
1.00
|
0.77
| |||||||||||||||
Cash dividend per share
|
0.21
|
0.21
|
0.21
|
0.21
|
0.20
| |||||||||||||||
Average shares outstanding
|
21,256,367
|
21,515,669
|
21,749,654
|
21,825,937
|
21,866,326
| |||||||||||||||
Average diluted shares outstanding
|
21,473,963
|
21,726,346
|
21,966,829
|
22,058,503
|
22,112,829
| |||||||||||||||
Performance Ratios
| ||||||||||||||||||||
Return on average assets
|
1.07
|
%
|
1.40
|
%
|
1.12
|
%
|
2.10
|
%
|
1.61
|
%
| ||||||||||
Return on average equity
|
12.61
|
15.93
|
12.78
|
23.51
|
17.82
| |||||||||||||||
Efficiency ratio (2) |
66.68
|
63.47
|
69.24
|
53.48
|
60.59
| |||||||||||||||
As a Percent of Average Interest-Earning Assets (2) | ||||||||||||||||||||
Interest income
|
3.30
|
%
|
3.37
|
%
|
3.22
|
%
|
3.27
|
%
|
3.57
|
%
| ||||||||||
Interest expense
|
0.17
|
0.19
|
0.20
|
0.22
|
0.45
| |||||||||||||||
Net interest income
|
3.13
|
3.18
|
3.02
|
3.05
|
3.12
| |||||||||||||||
Average Balances
| ||||||||||||||||||||
Loans
|
$
|
2,957,985
|
$
|
2,903,700
|
$
|
2,859,544
|
$
|
2,834,012
|
$
|
2,876,795
| ||||||||||
Securities available for sale
|
1,367,038
|
1,317,382
|
1,274,556
|
1,093,618
|
1,009,578
| |||||||||||||||
Total earning assets
|
4,433,400
|
4,296,662
|
4,223,570
|
4,047,952
|
3,984,080
| |||||||||||||||
Total assets
|
4,654,491
|
4,513,774
|
4,434,760
|
4,254,294
|
4,195,546
| |||||||||||||||
Deposits
|
4,069,901
|
3,934,937
|
3,879,715
|
3,698,811
|
3,632,758
| |||||||||||||||
Interest bearing liabilities
|
2,863,057
|
2,740,444
|
2,674,425
|
2,589,102
|
2,574,306
| |||||||||||||||
Shareholders' equity
|
393,477
|
397,542
|
388,780
|
380,111
|
379,232
| |||||||||||||||
End of Period
| ||||||||||||||||||||
Capital
| ||||||||||||||||||||
Tangible common equity ratio
|
7.85
|
%
|
8.02
|
%
|
8.21
|
%
|
8.08
|
%
|
8.56
|
%
| ||||||||||
Average equity to average assets
|
8.45
|
8.81
|
8.77
|
8.93
|
9.04
| |||||||||||||||
Common shareholders' equity per share of common stock
|
$
|
18.82
|
$
|
18.76
|
$
|
18.30
|
$
|
17.79
|
$
|
17.82
| ||||||||||
Tangible common equity per share of common stock
|
17.33
|
17.27
|
16.82
|
16.30
|
16.33
| |||||||||||||||
Total shares outstanding
|
21,171,036
|
21,321,092
|
21,632,912
|
21,773,734
|
21,853,800
| |||||||||||||||
Selected Balances
| ||||||||||||||||||||
Loans
|
$
|
2,905,045
|
$
|
2,883,978
|
$
|
2,814,559
|
$
|
2,784,224
|
$
|
2,733,678
| ||||||||||
Securities available for sale
|
1,412,830
|
1,348,378
|
1,330,660
|
1,247,280
|
1,072,159
| |||||||||||||||
Total earning assets
|
4,484,987
|
4,405,189
|
4,246,410
|
4,209,017
|
3,979,397
| |||||||||||||||
Total assets
|
4,704,740
|
4,622,340
|
4,461,272
|
4,426,440
|
4,204,013
| |||||||||||||||
Deposits
|
4,117,090
|
4,012,068
|
3,862,466
|
3,858,575
|
3,637,355
| |||||||||||||||
Interest bearing liabilities
|
2,865,090
|
2,784,554
|
2,633,747
|
2,626,280
|
2,553,418
| |||||||||||||||
Shareholders' equity
|
398,484
|
400,031
|
395,974
|
387,329
|
389,522
|
(1)
|
Beginning January 1, 2021, calculation is based on CECL methodology. Prior to January 1, 2021, calculation was based on the probable incurred loss methodology.
|
(2)
|
Presented on a fully tax equivalent basis assuming a marginal tax rate of 21%.
|
Three Months Ended
December 31,
|
Twelve Months Ended
December 31,
| |||||||||||||||
2021
|
2020
|
2021
|
2020
| |||||||||||||
(Dollars in thousands)
| ||||||||||||||||
Net Interest Margin, Fully Taxable
| ||||||||||||||||
Equivalent ("FTE")
| ||||||||||||||||
Net interest income
|
$
|
34,285
|
$
|
30,993
|
$
|
129,765
|
$
|
123,612
| ||||||||
Add: taxable equivalent adjustment
|
492
|
221
|
1,866
|
823
| ||||||||||||
Net interest income - taxable equivalent
|
$
|
34,777
|
$
|
31,214
|
$
|
131,631
|
$
|
124,435
| ||||||||
Net interest margin (GAAP) (1) |
3.08
|
%
|
3.10
|
%
|
3.06
|
%
|
3.32
|
%
| ||||||||
Net interest margin (FTE) (1) |
3.13
|
%
|
3.12
|
%
|
3.10
|
%
|
3.34
|
%
|
(1)
|
Annualized for three months ended December 31, 2021 and 2020.
|
December 31,
2021
|
September 30,
2021
|
June 30,
2021
|
March 31,
2021
|
December 31,
2020
| ||||||||||||||||
(Dollars in thousands)
| ||||||||||||||||||||
Common shareholders' equity
|
$
|
398,484
|
$
|
400,031
|
$
|
395,974
|
$
|
387,329
|
$
|
389,522
| ||||||||||
Less:
| ||||||||||||||||||||
Goodwill
|
28,300
|
28,300
|
28,300
|
28,300
|
28,300
| |||||||||||||||
Other intangibles
|
3,336
|
3,579
|
3,821
|
4,063
|
4,306
| |||||||||||||||
Tangible common equity
|
$
|
366,848
|
$
|
368,152
|
$
|
363,853
|
$
|
354,966
|
$
|
356,916
| ||||||||||
Total assets
|
$
|
4,704,740
|
$
|
4,622,340
|
$
|
4,461,272
|
$
|
4,426,440
|
$
|
4,204,013
| ||||||||||
Less:
| ||||||||||||||||||||
Goodwill
|
28,300
|
28,300
|
28,300
|
28,300
|
28,300
| |||||||||||||||
Other intangibles
|
3,336
|
3,579
|
3,821
|
4,063
|
4,306
| |||||||||||||||
Tangible assets
|
$
|
4,673,104
|
$
|
4,590,461
|
$
|
4,429,151
|
$
|
4,394,077
|
$
|
4,171,407
| ||||||||||
Common equity ratio
|
8.47
|
%
|
8.65
|
%
|
8.88
|
%
|
8.75
|
%
|
9.27
|
%
| ||||||||||
Tangible common equity ratio
|
7.85
|
%
|
8.02
|
%
|
8.21
|
%
|
8.08
|
%
|
8.56
|
%
| ||||||||||
Tangible Common Equity per Share of Common Stock:
| ||||||||||||||||||||
Common shareholders' equity
|
$
|
398,484
|
$
|
400,031
|
$
|
395,974
|
$
|
387,329
|
$
|
389,522
| ||||||||||
Tangible common equity
|
$
|
366,848
|
$
|
368,152
|
$
|
363,853
|
$
|
354,966
|
$
|
356,916
| ||||||||||
Shares of common stock outstanding (in thousands)
|
21,171
|
21,321
|
21,633
|
21,774
|
21,854
| |||||||||||||||
Common shareholders' equity per share of common stock
|
$
|
18.82
|
$
|
18.76
|
$
|
18.30
|
$
|
17.79
|
$
|
17.82
| ||||||||||
Tangible common equity per share of common stock
|
$
|
17.33
|
$
|
17.27
|
$
|
16.82
|
$
|
16.30
|
$
|
16.33
|
9
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Disclaimer
Independent Bank Corporation published this content on 27 January 2022 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 27 January 2022 14:59:59 UTC.