FINANCIAL INSTITUTIONS, INC. ANNOUNCES 19% INCREASE IN FIRST QUARTER EARNINGS Earnings per share of $0.50 up from $0.42 a year ago
WARSAW, N.Y., April 23, 2014– Financial Institutions, Inc. (the “Company”) (Nasdaq: FISI), the parent company of Five Star Bank, today reported net income for the quarter ended March 31, 2014 of $7.2 million, compared with $6.1 million for the first quarter of 2013 and $6.4 million for the fourth quarter of 2013.
After preferred dividends, first quarter earnings per diluted common share was $0.50, an increase of 19% and 16% when compared to $0.42 and $0.43 per diluted common share for the first and fourth quarters of 2013, respectively.
In announcing these results, Martin K. Birmingham, President and Chief Executive Officer, said, “We are building on the momentum from our solid performance last year. This is a strong start to 2014 and reinforces our confidence in the outlook for Five Star Bank. We continue to execute our customer centric “Made for You” growth strategy with a focus on relationship banking in our target markets. We are committed to leveraging opportunities to operate as efficiently as possible while remaining disciplined in our lending practices and our approach to deploying capital.”
Highlights:
•
Quarterly net income was $7.2 million, up 17% from a year ago and up 13% from the fourth quarter of 2013
•
Total assets of $3.0 billion and interest-earning assets of $2.8 billion were the highest in Company history
•
Strong quarterly return on average common equity of 11.38% and return on average tangible common equity of 14.30%
•
Average loans increased by $134.2 million or 8% from the first quarter of 2013 and $40.5 million or 2% from the fourth quarter of 2013
•
Average deposits for the first quarter reached highest level in Company history at over $2.4 billion with increases of $97.5 million or 4% from a year ago and $29.6 million or 1% from the fourth quarter of 2013
•
Quarterly cash dividend of $0.19 per common share represents a 3.35% dividend yield as of March 31, 2014 and a return of 38% of first quarter net income to common shareholders
•
Capital ratios remain strong with total risk-based capital of 12.14%
Net Interest Income and Net Interest Margin
Net interest income totaled $23.3 million in the first quarter 2014, up from $22.9 million in the first quarter 2013 and down from $23.4 million in the fourth quarter of 2013. Average earning assets were up $202.3 million, led by a $134.2 million increase in loans and a $68.2 million increase in investment securities in the first quarter of 2014 compared to the same quarter in 2013. When comparing the first quarter of 2014 to the fourth quarter of 2013, average earning assets increased $96.1 million, including increases of $40.5 million and $55.4 million in loans and investment securities, respectively. The growth in earning assets was offset by a narrowing net interest margin. First quarter 2014 net interest margin was 3.52%, a decrease of 21 basis points from 3.73% reported in the first quarter of 2013 and a 9 basis point decrease from 3.61% reported in the fourth quarter of 2013.
Kevin B. Klotzbach, Executive Vice President and Chief Financial Officer, commented, “The low interest rate environment has resulted in lower net interest margins across the industry since the financial crisis in 2008. Despite lower margins, we’ve been successful at increasing net interest income through growth in earning assets and the leveraging of our balance sheet.”
“Results in the first quarter of 2014 also reflect our successful deposit gathering strategies and development of a diversified business mix with supportive regional economic conditions that have moderated the effects of net interest margin pressures impacting the overall banking sector,” added Mr. Klotzbach.
Noninterest Income and Expense
Noninterest income totaled $6.4 million in the first quarter of 2014, $6.6 million in the first quarter of 2013 and $5.7 million in the fourth quarter of 2013. Included in these totals are gains realized from the sale of investment securities. Exclusive of those gains, noninterest income was $6.0 million in the recently completed quarter and $5.7 million in the first and fourth quarters of 2013. The main factor contributing to the higher noninterest income was income of $626 thousand from investments in limited partnerships in the first quarter of 2014, compared to $161 thousand and $319 thousand in the first and fourth quarters of 2013, respectively. The Company’s investments in limited partnerships are primarily Small Business Investment Companies.
Noninterest expense in the first quarter of 2014 totaled $17.2 million, compared with $17.6 million and $17.4 million in the first and fourth quarters of 2013, respectively. The declines in noninterest expense were largely due to decreases in salaries and employee benefits due to lower pension and benefit costs during the first quarter of 2014.
Income Tax Expense
Income tax expense in the first quarter of 2014 totaled $3.1 million, compared with $3.0 million in the first and fourth quarters of 2013. Increased tax expense due to higher pre-tax income was partially offset by a lower effective tax rate, reflecting tax savings generated by the Company’s real estate investment trust (“REIT”), which became effective during February 2014.
Balance Sheet and Capital Management
Total assets were $3.02 billion at March 31, 2014, up $188.0 million from $2.83 billion at March 31, 2013 and up $87.0 million from $2.93 billion at December 31, 2013.
Total loans were $1.85 billion at March 31, 2014, up $131.6 million or 8% from March 31, 2013 and up $15.2 million from December 31, 2013. The increase in loans was attributable to organic growth, primarily in the commercial, home equity and consumer indirect loan categories. Total investment securities were $928.2 million at March 31, 2014, up $57.0 million or 7% compared with March 31, 2013 and up $69.0 million or 8% from December 31, 2013. During the first quarter of 2014 we utilized the proceeds from short-term FHLB advances to purchase high-quality investment securities as part of a leverage strategy of approximately $50 million.
Total deposits were $2.53 billion at March 31, 2014, an increase of $123.9 million from March 31, 2013 and an increase of $213.4 million from December 31, 2013. The year-over-year increase was primarily due to successful business development efforts, while the increase during the first quarter of 2014 was mainly due to seasonal inflows of municipal deposits. Public deposit balances represented 28% of total deposits at March 31, 2014, compared to 26% at March 31, 2013 and 23% at December 31, 2013.
Short-term borrowings were $196.7 million at March 31, 2014, up $57.1 million from March 31, 2013 and down $140.3 million from December 31, 2013. The increase in short-term borrowings from March 31, 2013 was primarily due to the previously mentioned leverage strategy executed in the first quarter of 2014. Overnight FHLB borrowings outstanding at the end of 2013 were paid down during the first quarter of 2014 as a result of the aforementioned seasonal inflow of municipal deposits.
Shareholders’ equity was $262.9 million at March 31, 2014, compared with $254.9 million at March 31, 2013 and $254.8 million at December 31, 2013. Common book value per share rose 3% to $17.72 at March 31, 2014 from $17.21 at March 31, 2013 and $17.17 at December 31, 2013. Tangible common book value per share rose 4% to $14.12 at March 31, 2014 from $13.56 at March 31, 2013 and December 31, 2013.
During the first quarter of 2014, the Company declared a common stock dividend of $0.19 per common share, consistent with the prior quarter and up $0.01 per share from the first quarter of 2013. The first quarter 2014 dividend returned 38% of the quarter’s net income to common shareholders.
The Company’s leverage ratio was 7.51% at March 31, 2014, compared to 7.46% and 7.63% at March 31, 2013 and December 31, 2013, respectively. The capital ratios decreased slightly from the prior quarter due to asset growth more than offsetting an increase in shareholders’ equity.
Credit Quality
The provision for loans losses was $2.1 million in the first quarter of 2014, improved from $2.7 million and $2.4 million in the first and fourth quarters of 2013, respectively. Net charge-offs during the recent quarter were $1.7 million, up from $1.6 million in the first quarter of 2013 and down from $2.4 million in the final quarter of 2013. Net charge-offs expressed as an annualized percentage of average loans outstanding were 0.37% during the first three months of 2014, compared with 0.38% and 0.52% in the first and fourth quarters of 2013, respectively.
Non-performing loans were $16.3 million or 0.88% of total loans at March 31, 2014, as compared with $11.8 million or 0.69% of total loans at March 31, 2013, and $16.6 million or 0.91% of total loans at December 31, 2013. The year-over-year increase in non-performing loans was primarily due to a single commercial mortgage, which was modified as a troubled debt restructuring and placed on nonaccrual status during the fourth quarter 2013. The loan had a principal balance of $6.8 million and was current per the terms of the restructured loan agreement as of March 31, 2014.
About Financial Institutions, Inc.
Financial Institutions, Inc. provides diversified financial services through its subsidiary, Five Star Bank. Five Star Bank provides a wide range of consumer and commercial banking services to individuals, municipalities and businesses through a network of over 50 offices and more than 60 ATMs throughout Western and Central New York State. Financial Institutions, Inc. and its subsidiary employ over 600 individuals. The Company’s stock is listed on the Nasdaq Global Select Market under the symbol FISI and is a member of the NASDAQ OMX ABA Community Bank Index. Additional information is available at the Company’s website:www.fiiwarsaw.com.
Non-GAAP Financial Information
This news release contains financial information determined by methods other than in accordance with U.S. generally accepted accounting principles (“GAAP”). The Company believes that non-GAAP financial measures provide a meaningful comparison of the underlying operational performance of the Company, and facilitate investors’ assessments of its business and performance trends in comparison to others in the financial services industry. In addition, the Company believes the exclusion of these non-operating items enables management to perform a more effective evaluation and comparison of the Company’s results and to assess performance in relation to the company’s ongoing operations. These disclosures should not be viewed as a substitute for financial measures determined in accordance with GAAP, nor are they necessarily comparable to non-GAAP performance measures that may be presented by other companies. Where non-GAAP disclosures are used in this news release, the comparable GAAP financial measure, as well as the reconciliation to the comparable GAAP financial measure, can be found in Appendix A to this document.
Safe Harbor Statement
This press release may contain forward-looking statements as defined by federal securities laws. These statements may address issues that involve significant risks, uncertainties, estimates and assumptions made by management. Actual results could differ materially from current beliefs or projections. There are a number of important factors that could affect the Company’s forward-looking statements, which include its ability to implement its strategic plan, its ability to redeploy investment assets into loan assets, whether it experiences greater credit losses than expected, breaches of its third party information systems, the attitudes and preferences of its customers, its ability to successfully integrate and profitably operate acquired businesses, the competitive environment, fluctuations in the fair value of securities in its investment portfolio, changes in the regulatory environment and general economic and credit market conditions nationally and regionally. For more information about these factors and other factors that could affect the Company’s forward-looking statements, please see the Company’s Annual Report onForm 10-K and its Quarterly Reports onForm 10-Q on file with the SEC. All of these factors should be carefully reviewed, and readers should not place undue reliance on these forward-looking statements. Except as required by law, the Company undertakes no obligation to revise these statements following the date of this press release.
*****
For additional information contact:
Kevin B. Klotzbach
Chief Financial Officer & Treasurer
Phone: 585.786.1130
Email: KBKlotzbach@five-starbank.com
1
FINANCIAL INSTITUTIONS, INC. Selected Financial Information (Unaudited) (Amounts in thousands, except per share amounts)
2014
2013
March 31,
December 31,
September 30,
June 30,
March 31,
SELECTED BALANCE SHEET DATA:
Cash and cash equivalents
$
72,401
59,692
99,384
50,927
84,791
Investment securities:
Available for sale
674,650
609,400
583,551
810,549
853,437
Held-to-maturity
253,576
249,785
245,708
17,348
17,747
Total investment securities
928,226
859,185
829,259
827,897
871,184
Loans held for sale
900
3,381
2,810
3,423
2,142
Loans:
Commercial business
268,352
265,766
253,925
257,732
259,062
Commercial mortgage
468,763
469,284
449,565
437,515
424,635
Residential mortgage
110,164
113,045
117,624
118,117
126,228
Home equity
332,348
326,086
316,626
306,215
292,225
Consumer indirect
647,546
636,368
618,088
599,586
590,440
Other consumer
21,667
23,070
23,844
24,249
24,700
Total loans
1,848,840
1,833,619
1,779,672
1,743,414
1,717,290
Allowance for loan losses
27,152
26,736
26,685
25,590
25,827
Total loans, net
1,821,688
1,806,883
1,752,987
1,717,824
1,691,463
Total interest-earning assets (1) (2)
2,780,489
2,705,045
2,613,746
2,576,028
2,567,948
Goodwill and other intangible assets, net
49,913
50,002
50,095
50,190
50,288
Total assets
3,015,619
2,928,636
2,867,517
2,782,303
2,827,658
Deposits:
Noninterest-bearing demand
532,914
535,472
542,517
511,802
494,362
Interest-bearing demand
541,660
470,733
519,283
475,448
529,115
Savings and money market
812,734
717,928
757,454
713,459
748,482
Certificates of deposit
646,112
595,923
594,931
623,527
637,538
Total deposits
2,533,420
2,320,056
2,414,185
2,324,236
2,409,497
Borrowings
196,746
337,042
188,146
193,413
139,620
Total interest-bearing liabilities
2,197,252
2,121,626
2,059,814
2,005,847
2,054,755
Shareholders’ equity
262,865
254,839
247,845
244,888
254,930
Common shareholders’ equity (3)
245,523
237,497
230,503
227,494
237,511
Tangible common equity (4)
195,610
187,495
180,408
177,304
187,223
Unrealized (loss) gain on investment securities, net of tax
$
(1,467
)
(5,293
)
(1,154
)
(725
)
13,745
Common shares outstanding
13,853
13,829
13,810
13,809
13,804
Treasury shares
309
333
352
353
358
CAPITAL RATIOS AND PER SHARE DATA:
Leverage ratio
7.51
%
7.63
7.68
7.59
7.46
Tier 1 risk-based capital
10.89
%
10.82
10.94
10.96
10.84
Total risk-based capital
12.14
%
12.08
12.19
12.21
12.09
Common equity to assets
8.14
%
8.11
8.04
8.18
8.40
Tangible common equity to tangible assets (4)
6.60
%
6.51
6.40
6.49
6.74
Common book value per share
$
17.72
17.17
16.69
16.47
17.21
Tangible common book value per share (4)
14.12
13.56
13.06
12.84
13.56
(1)Includes investment securities at adjusted amortized cost and non-performing investment securities.
(2)Includes nonaccrual loans.
(3)Excludes preferred shareholders’ equity.
(4)See Appendix A – Non-GAAP to GAAP Reconciliation for the computation of this Non-GAAP measure.
FINANCIAL INSTITUTIONS, INC. Selected Financial Information (Unaudited) (Amounts in thousands, except per share amounts)
2014
2013
First
Year ended
Fourth
Third
Second
First
Quarter
December 31,
Quarter
Quarter
Quarter
Quarter
SELECTED INCOME STATEMENT DATA:
Interest income
$
25,059
98,931
25,218
24,623
24,342
24,748
Interest expense
1,784
7,337
1,838
1,820
1,818
1,861
Net interest income
23,275
91,594
23,380
22,803
22,524
22,887
Provision for loan losses
2,106
9,079
2,407
2,770
1,193
2,709
Net interest income after provision
for loan losses
21,169
82,515
20,973
20,033
21,331
20,178
Noninterest income:
Service charges on deposits
2,250
9,948
2,511
2,728
2,568
2,141
ATM and debit card
1,174
5,098
1,249
1,283
1,317
1,249
Investments in limited partnerships
626
857
319
241
136
161
Broker-dealer fees and commissions
563
2,345
428
568
650
699
Company owned life insurance
403
1,706
431
422
438
415
Loan servicing
154
570
118
227
152
73
Net gain (loss) on sale of loans held for sale
105
117
(17
)
(101
)
35
200
Net gain on investment securities
313
1,226
2
—
332
892
Net (loss) gain on sale of other assets
(35
)
(103
)
(142
)
—
38
1
Other
804
3,069
836
801
710
722
Total noninterest income
6,357
24,833
5,735
6,169
6,376
6,553
Noninterest expense:
Salaries and employee benefits
9,256
37,828
9,420
9,473
9,226
9,709
Occupancy and equipment
3,235
12,366
3,203
2,959
3,035
3,169
Professional services
972
3,836
992
814
1,093
937
Computer and data processing
723
2,848
643
689
812
704
Supplies and postage
512
2,342
536
518
608
680
FDIC assessments
422
1,464
372
367
364
361
Advertising and promotions
179
896
220
209
253
214
Other
1,914
7,861
2,000
1,980
2,071
1,810
Total noninterest expense
17,213
69,441
17,386
17,009
17,462
17,584
Income before income taxes
10,313
37,907
9,322
9,193
10,245
9,147
Income tax expense
3,094
12,377
2,955
3,029
3,395
2,998
Net income
7,219
25,530
6,367
6,164
6,850
6,149
Preferred stock dividends
366
1,466
366
365
367
368
Net income available to common shareholders
$
6,853
24,064
6,001
5,799
6,483
5,781
FINANCIAL RATIOS AND STOCK DATA:
Earnings per share – basic
$
0.50
1.75
0.44
0.42
0.47
0.42
Earnings per share – diluted
$
0.50
1.75
0.43
0.42
0.47
0.42
Cash dividends declared on common stock
$
0.19
0.74
0.19
0.19
0.18
0.18
Common dividend payout ratio (1)
38.00
%
42.29
43.18
45.24
38.30
42.86
Dividend yield (annualized)
3.35
%
2.99
3.05
3.68
3.92
3.66
Return on average assets
0.99
%
0.91
0.88
0.88
0.99
0.90
Return on average equity
11.19
%
10.10
10.03
9.93
10.70
9.75
Return on average common equity (2)
11.38
%
10.23
10.15
10.05
10.86
9.83
Return on average tangible common equity (3)
14.30
%
13.00
12.90
12.88
13.74
12.47
Efficiency ratio (4)
56.96
%
58.48
57.76
56.95
59.38
59.87
Stock price (Nasdaq: FISI):
High
$
25.69
26.59
26.59
21.99
20.66
20.83
Low
$
19.72
17.92
20.14
18.39
17.92
18.51
Close
$
23.02
24.71
24.71
20.46
18.41
19.96
(1)Common dividend payout ratio equals dividends declared during the period divided by earnings per share for the equivalent period.
(2)Annualized net income available to common shareholders divided by average common equity.
(3)See Appendix A – Non-GAAP to GAAP Reconciliation for the computation of this Non-GAAP measure.
(4)Efficiency ratio equals noninterest expense less other real estate expense and amortization of intangible assets as a percentage of net revenue, defined as the sum of tax-equivalent net interest income and noninterest income before net gains and impairment charges on investment securities.
FINANCIAL INSTITUTIONS, INC. Selected Financial Information (Unaudited)
(Amounts in thousands)
2014
2013
First
Year ended
Fourth
Third
Second
First
Quarter
December 31,
Quarter
Quarter
Quarter
Quarter
SELECTED AVERAGE BALANCES:
Federal funds sold and interest-earning deposits
$
316
191
94
126
226
320
Investment securities (1)
904,437
834,213
849,069
821,561
829,953
836,270
Loans (2):
Commercial business
265,137
256,236
253,458
256,256
256,332
258,958
Commercial mortgage
472,733
438,821
460,722
442,178
433,631
418,248
Residential mortgage
113,390
123,277
118,113
121,462
123,263
130,425
Home equity
328,833
304,868
320,872
309,970
299,230
288,993
Consumer indirect
642,241
604,148
627,557
605,286
595,235
588,068
Other consumer
22,062
24,089
23,132
23,641
24,080
25,535
Total loans
1,844,396
1,751,439
1,803,854
1,758,793
1,731,771
1,710,227
Total interest-earning assets
2,749,149
2,585,843
2,653,017
2,580,480
2,561,950
2,546,817
Goodwill and other intangible assets, net
49,968
50,201
50,058
50,153
50,249
50,350
Total assets
2,965,400
2,803,825
2,860,733
2,784,580
2,789,104
2,780,209
Interest-bearing liabilities:
Interest-bearing demand
511,073
488,047
501,753
466,889
489,047
494,654
Savings and money market
761,799
727,737
757,868
719,452
739,328
693,684
Certificates of deposit
618,126
621,455
599,971
603,434
635,583
647,551
Borrowings
274,414
190,310
208,338
207,491
153,626
191,412
Total interest-bearing liabilities
2,165,412
2,027,549
2,067,930
1,997,266
2,017,584
2,027,301
Noninterest-bearing demand deposits
524,346
509,383
526,146
527,438
501,354
481,909
Total deposits
2,415,344
2,346,622
2,385,738
2,317,213
2,365,312
2,317,798
Total liabilities
2,703,777
2,551,139
2,608,815
2,538,377
2,532,197
2,524,377
Shareholders’ equity
261,623
252,686
251,918
246,203
256,907
255,832
Common equity (3)
244,281
235,290
234,576
228,827
239,500
238,373
Tangible common equity (4)
$
194,313
185,089
184,518
178,674
189,251
188,023
Common shares outstanding:
Basic
13,773
13,739
13,754
13,745
13,739
13,717
Diluted
13,824
13,784
13,817
13,787
13,767
13,767
SELECTED AVERAGE YIELDS:
(Tax equivalent basis)
Federal funds sold and interest-earning deposits
0.08
%
0.19
0.16
0.15
0.19
0.21
Investment securities
2.43
%
2.41
2.46
2.42
2.38
2.39
Loans
4.45
%
4.65
4.55
4.59
4.65
4.83
Total interest-earning assets
3.79
%
3.93
3.88
3.90
3.91
4.03
Interest-bearing demand
0.13
%
0.15
0.16
0.18
0.14
0.11
Savings and money market
0.13
%
0.13
0.14
0.14
0.13
0.13
Certificates of deposit
0.74
%
0.79
0.77
0.77
0.79
0.82
Borrowings
0.38
%
0.39
0.38
0.38
0.40
0.40
Total interest-bearing liabilities
0.33
%
0.36
0.35
0.36
0.36
0.37
Net interest rate spread
3.46
%
3.57
3.53
3.54
3.55
3.66
Net interest rate margin
3.52
%
3.64
3.61
3.62
3.63
3.73
(1)Includes investment securities at adjusted amortized cost and non-performing investment securities.
(2)Includes nonaccrual loans.
(3)Excludes preferred shareholders’ equity.
(4)See Appendix A – Non-GAAP to GAAP Reconciliation for the computation of this Non-GAAP measure.
FINANCIAL INSTITUTIONS, INC. Selected Financial Information (Unaudited) (Amounts in thousands)
2014
2013
March 31,
December 31,
September 30,
June 30,
March 31,
ASSET QUALITY DATA:
Allowance for Loan Losses
Beginning balance
$
26,736
26,685
25,590
25,827
24,714
Net loan charge-offs (recoveries):
Commercial business
39
328
104
87
202
Commercial mortgage
(7
)
369
(87
)
(37
)
(11
)
Residential mortgage
57
118
22
72
145
Home equity
95
8
14
(20
)
232
Consumer indirect
1,350
1,416
1,465
1,170
913
Other consumer
156
117
157
158
115
Total net charge-offs
1,690
2,356
1,675
1,430
1,596
Provision for loan losses
2,106
2,407
2,770
1,193
2,709
Ending balance
$
27,152
26,736
26,685
25,590
25,827
Supplemental information
Period end loans:
Originated loans
$
1,803,209
1,785,599
1,728,453
1,688,392
1,657,431
Acquired loans
45,631
48,020
51,219
55,022
59,859
Total loans
$
1,848,840
1,833,619
1,779,672
1,743,414
1,717,290
Allowance for loan losses to total loans
1.47
%
1.46
1.50
1.47
1.50
Allowance for loan losses for originated
loans to originated loans
1.51
%
1.50
1.54
1.52
1.56
Net charge-offs (recoveries) to average loans (annualized):
Commercial business
0.06
%
0.51
0.16
0.14
0.32
Commercial mortgage
-0.01
%
0.32
-0.08
-0.03
-0.01
Residential mortgage
0.21
%
0.41
0.07
0.24
0.45
Home equity
0.12
%
0.01
0.02
-0.03
0.33
Consumer indirect
0.85
%
0.90
0.96
0.79
0.63
Other consumer
2.87
%
2.01
2.63
2.63
1.83
Total loans
0.37
%
0.52
0.38
0.33
0.38
Non-performing loans:
Commercial business
$
3,706
3,474
4,078
5,043
5,616
Commercial mortgage
9,545
9,663
2,835
3,073
2,767
Residential mortgage
760
1,078
1,337
1,423
1,759
Home equity
826
925
911
699
598
Consumer indirect
1,387
1,471
1,161
1,035
1,007
Other consumer
46
11
16
22
19
Total non-performing loans
16,270
16,622
10,338
11,295
11,766
Foreclosed assets
412
333
424
415
371
Non-performing investment securities
113
128
128
207
343
Total non-performing assets
$
16,795
17,083
10,890
11,917
12,480
Total non-performing loans to total loans
0.88
%
0.91
0.58
0.65
0.69
Total non-performing loans to originated loans
0.90
%
0.93
0.60
0.67
0.71
Total non-performing assets to total assets
0.56
%
0.58
0.38
0.43
0.44
Allowance for loan losses to non-performing loans
167
%
161
258
227
220
2
FINANCIAL INSTITUTIONS, INC. Appendix A — Non-GAAP to GAAP Reconciliation (Unaudited) (In thousands, except per share amounts)
2014
2013
First
Year ended
Fourth
Third
Second
First
Quarter
December 31,
Quarter
Quarter
Quarter
Quarter
Ending tangible assets:
Total assets
$
3,015,619
2,928,636
2,867,517
2,782,303
2,827,658
Less: Goodwill and other intangible assets, net
49,913
50,002
50,095
50,190
50,288
Tangible assets (non-GAAP)
$
2,965,706
2,878,634
2,817,422
2,732,113
2,777,370
Ending tangible common equity:
Common shareholders’ equity
$
245,523
237,497
230,503
227,494
237,511
Less: Goodwill and other intangible assets, net
49,913
50,002
50,095
50,190
50,288
Tangible common equity (non-GAAP)
$
195,610
187,495
180,408
177,304
187,223
Tangible common equity to tangible assets (non-GAAP) (1)
6.60
%
6.51
6.40
6.49
6.74
Common shares outstanding
13,853
13,829
13,810
13,809
13,804
Tangible common book value per share (non-GAAP) (2)
$
14.12
13.56
13.06
12.84
13.56
Average tangible common equity:
Average common equity
$
244,281
235,290
234,576
228,827
239,500
238,373
Average goodwill and other intangible assets, net
49,968
50,201
50,058
50,153
50,249
50,350
Average tangible common equity (non-GAAP)
$
194,313
185,089
184,518
178,674
189,251
188,023
Return on average tangible common equity (3)
14.30
%
13.00
12.90
12.88
13.74
12.47
(1)Tangible common equity divided by tangible assets.
(2)Tangible common equity divided by common shares outstanding.
(3)Annualized net income divided by average tangible common equity.
3
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