HATTIESBURG, Miss.–(BUSINESS WIRE)–The First Bancshares, Inc. (“FBMS” or “the Company”) (NASDAQ: FBMS), holding company for The First, A National Banking Association, (www.thefirstbank.com) reported today net income available to common shareholders of $12.3 million for the quarter ended September 30, 2019, an increase of $7.1 million, or 137.7%, compared to $5.2 million for the quarter ended September 30, 2018, and an increase of $0.3 million, or 2.4%, compared to the second quarter of 2019. Operating net earnings increased 59.9%, or $4.8 million, for the quarter ended September 30, 2019, totaling $12.8 million as compared to $8.0 million for the third quarter of 2018, and increased $0.8 million, or 6.4%, as compared to $12.1 million for the second quarter of 2019. Operating net earnings for the third quarter of 2019 excludes merger-related costs of $0.6 million, net of tax. Operating net earnings for the third quarter of 2018 excludes merger-related costs of $3.0 million, net of tax, and income in the form of financial assistance grant from the U. S. Department of Treasury of $0.2 million, net of tax. Operating net earnings for the second quarter of 2019 excludes merger-related costs of $0.1 million, net of tax.
For the third quarter of 2019, fully diluted earnings per share were $0.71, compared to $0.39 for the third quarter of 2018 and $0.69 for the second quarter of 2019. Excluding the impact of the merger-related costs and income described above, fully diluted operating earnings per share for the third quarter of 2019 were $0.74 as compared to $0.61 for the third quarter of 2018, and $0.70 for the second quarter of 2019. Fully diluted earnings per share for the third quarter of 2019 include the purchase of 13,873 shares related to the Company’s $20 million share repurchase program. Fully diluted earnings per share for second quarter of 2019 include the purchase of 143,566 shares related to the Company’s $20 million share repurchase program.
Highlights for the Quarter:
- On July 22, 2019, the Company announced the signing of an Agreement and Plan of Merger with First Florida Bancorp, Inc. (“FFB”), parent company of First Florida Bank, headquartered in Destin, FL. Upon completion, the acquisition will add 7 locations servicing the areas of Destin, Fort Walton, Crestview and Panama City, Florida. The closing of the transaction is expected to occur on October 31, 2019 subject to customary closing conditions.
- In connection with the acquisition of FFB, both regulatory and FFB shareholder approval have been obtained.
- Net interest margin for the linked quarter improved 2 bps when excluding the impact of purchase accounting adjustments.
- Operating net earnings increased 59.9% to $12.8 million for the quarter ended September 30, 2019 as compared to the third quarter of 2018.
M. Ray “Hoppy” Cole, President and Chief Executive Officer, commented, “We are pleased with the continued improvement in the earnings of our Company. The substantial increase in operating earnings year over year and on a linked quarter basis are reflective of our teams focus on the successful integration of multiple acquisitions over the last year. During the quarter we announced our upcoming merger with First Florida Bancorp. First Florida is a high performing, well run bank headquartered in Destin. Our partnership is a perfect strategic fit adding additional market share in Florida and opening up new markets for us in Destin, Panama City and the surrounding areas.
Balance Sheet
Consolidated assets increased $9.4 million to $3.482 billion at September 30, 2019 from $3.473 billion at June 30, 2019 primarily related to an increase in investment securities offset by an increase in borrowings due to the seasonality of the public fund portfolio.
Total average loans were $2.343 billion at September 30, 2019, as compared to $2.338 billion at June 30, 2019, and $1.721 billion at September 30, 2018, representing an increase of $5.8 million, or 0.25%, for the sequential quarter comparison, and an increase of $622.5 million, or 36.2%, as compared to September 30, 2018. The acquisitions of FMB Banking Corporation (“FMB”) and FPB Financial Corp (“FPB”), accounted for $530.2 million, net of fair value marks, of the total increase in average loans as compared to the third quarter of 2018.
Total average deposits were $2.766 billion at September 30, 2019, as compared to $2.863 billion at June 30, 2019, and $2.070 billion at September 30, 2018, representing a decrease of $96.8 million, or 3.4%, for the sequential quarter comparison, and an increase of $695.9 million, or 33.6%, as compared to September 30, 2018. The acquisitions of FMB and FPB accounted for $719.6 million of the total increase in average deposits as compared to September 30, 2018. The decrease in average deposits of $96.8 million during the third quarter of 2019 was largely due to decreases in public fund deposits of $73.1 million, which is attributable to the seasonality of public funds.
Asset Quality
Nonperforming assets totaled $47.3 million at September 30, 2019, an increase of $9.3 million compared to $38.0 million at June 30, 2019 and an increase of $23.9 million compared to $23.4 million at September 30, 2018. Nonaccrual loans and loans past due 90 days and over still accruing increased $10.7 million while other real estate decreased $1.2 million for the linked quarter. The majority of the increase in the year-over-year comparison was related to acquired loans. The ratio of the allowance for loan and leases losses (ALLL) to total loans was 0.56% at September 30, 2019, 0.51% at June 30, 2019 and 0.56% at September 30, 2018. The ratio of annualized net charge-offs (recoveries) to total loans was 0.004% for the quarter ended September 30, 2019 compared to (0.01%) for the quarter ended June 30, 2019 and 0.03% for the quarter ended September 30, 2018.
Third Quarter 2019 vs. Third Quarter 2018 Earnings Comparison
Net income available to common shareholders for the third quarter of 2019 totaled $12.3 million compared to $5.2 million for the third quarter of 2018, an increase of $7.1 million or 137.7%.
Operating net earnings for the third quarter of 2019 totaled $12.8 million compared to $8.0 million for the third quarter of 2018, an increase of $4.8 million or 59.9%. The calculation of operating net earnings excludes the merger-related costs for each quarter and the income for the third quarter of 2018 as discussed above.
Net interest income for the third quarter of 2019 was $30.5 million, an increase of $8.8 million when compared to the third quarter of 2018. The increase was due to interest income earned on a higher volume of loans. Fully tax equivalent (“FTE”) net interest income totaled $30.7 million and $21.9 million for the third quarter of 2019 and 2018, respectively. FTE net interest income increased $8.8 million in the prior year quarterly comparison due to increased loan volume. Purchase accounting adjustments accounted for $0.8 million of the difference in net interest income for the third quarter comparisons. Third quarter 2019 FTE net interest margin of 4.05% included 19 basis points related to purchase accounting adjustments compared to 3.97% for the same quarter in 2018, which included 11 basis points related to purchase accounting adjustments. Excluding the purchase accounting adjustments, the core net interest margin remained unchanged at 3.86% in prior year quarterly comparison.
Non-interest income increased $2.0 million for the third quarter of 2019 as compared to the third quarter of 2018 due to increased service charges and interchange fee income of $1.5 million primarily based on the increased deposit base due to the acquisitions. Mortgage income increased $0.7 million in prior year quarterly comparison. Non-interest income for the third quarter of 2018 included the Financial Assistance Award of $0.2 million from the U.S. Department of the Treasury as a result of our designation as a Community Development Financial Institution.
Third quarter 2019 non-interest expense was $20.8 million, an increase of $1.0 million, or 5.3% as compared to the third quarter of 2018. Excluding the decrease in acquisition charges of $3.4 million for the third quarter of 2019, non-interest expense increased $4.4 million in the third quarter of 2019, of which $3.4 million was attributable to the operations of FMB and FPB, as compared to third quarter of 2018.
Investment securities totaled $640.8 million, or 18.4% of total assets at September 30, 2019, versus $444.0 million, or 17.7% of total assets at September 30, 2018. The average balance of investment securities increased $174.1 million in prior year quarterly comparison, primarily as a result of the acquisitions. The average tax equivalent yield on investment securities increased 22 basis points to 3.24% from 3.02% in prior year quarterly comparison. The investment portfolio had a net unrealized gain of $13.9 million at September 30, 2019 as compared to a net unrealized loss of $8.4 million at September 30, 2018.
The FTE average yield on all earning assets increased 26 basis points in prior year quarterly comparison, from 4.68% for the third quarter of 2018 to 4.94% for the third quarter of 2019. Average interest expense increased 25 basis points from 0.92% for the third quarter of 2018 to 1.17% for the third quarter of 2019 due primarily to increased interest-bearing deposit accounts. Cost of all deposits averaged 76 basis points for the third quarter of 2019 compared to 53 basis points for the third quarter of 2018.
Third Quarter 2019 vs Second Quarter 2019 Earnings Comparison
Net income available to common shareholders for the third quarter of 2019 increased $0.3 million, or 2.4% to $12.3 million compared to $12.0 million for the second quarter of 2019. For the third quarter of 2019, fully diluted earnings per share were $0.71, compared to $0.69 for the second quarter of 2019.
Operating net earnings for the third quarter of 2019 compared to the second quarter of 2019 increased $0.8 million or 6.4% from $12.1 million to $12.8 million. Operating net earnings exclude the merger-related costs for the third and second quarters of 2019 as discussed above. Excluding the impact of the merger-related costs described above, fully diluted operating earnings per share for the third quarter of 2019 were $0.74 as compared to $0.70 for the second quarter of 2019.
Net interest income for the third quarter of 2019 was $30.5 million as compared to $30.8 million for the second quarter of 2019, a decrease of $0.3 million. FTE net interest income decreased $0.3 million to $30.7 million from $31.0 million in sequential-quarter comparison. Both comparison decreases were due to the reduction in purchase accounting adjustments. Third quarter 2019 FTE net interest margin of 4.05% included 19 basis points related to purchase accounting adjustments compared to 4.07% for the second quarter in 2019, which included 23 basis points related to purchase accounting adjustments. Excluding the purchase accounting adjustments, the core net interest margin increased 2 basis points in sequential quarter comparison.
Investment securities totaled $640.8 million, or 18.4% of total assets at September 30, 2019, versus $622.8 million, or 17.9% of total assets at June 30, 2019. The average balance of investment securities remained unchanged in sequential-quarter comparison. The average tax equivalent yield on investment securities decreased 16 basis points to 3.24% from 3.40% in sequential-quarter comparison. The investment portfolio had a net unrealized gain of $13.9 million at September 30, 2019 as compared to a net unrealized gain of $12.6 million at June 30, 2019.
The FTE average yield on all earning assets decreased in sequential-quarter comparison from 4.96% to 4.94%. Average interest expense increased 1 basis point from 1.16% for the second quarter of 2019 to 1.17% for the third quarter of 2019. Cost of all deposits averaged 76 basis points for the third quarter of 2019 compared to 77 basis points for the second quarter of 2019.
Non-interest income increased $0.4 million in sequential-quarter comparison resulting from increased mortgage income and interchange fee income.
Non-interest expense for the third quarter of 2019 was $20.8 million compared to $20.9 million for the second quarter of 2019. Excluding acquisition charges for each quarter, non-interest expense decreased $0.7 million in sequential-quarter comparison, of which $0.4 million is attributable to the savings in operational costs associated to FPB which was acquired in the first quarter.
Year-to-Date Earnings Comparison
In year-over-year comparison, net income available to common shareholders increased $17.5 million, or 122.0%, from $14.4 million for the nine months ended September 30, 2018 to $31.9 million for the same period ended September 30, 2019. Operating net earnings increased $14.0 million or 66.9% from $20.8 million for the nine months ended September 30, 2018 to $34.8 million for the same period ended September 30, 2019. Operating net earnings excludes merger-related costs of $3.1 million, net of tax, and financial assistance grants of $0.2 million, net of tax, for the year-to-date period ended September 30, 2019, and merger-related costs of $7.3 million, net of tax, and financial assistance grants of $0.9 million, net of tax, for the year-to-date period ended September 30, 2018.
Net interest income increased $28.7 million in year-over-year comparison, primarily due to interest income earned on a higher volume of loans.
Non-interest income was $19.4 million at September 30, 2019, an increase of $5.2 million in year-over-year comparison consisting of increases in service charges on deposit accounts, interchange fee income, mortgage income, as well as other charges and fees.
Non-interest expense was $63.6 million at September 30, 2019, an increase of $9.5 million in year-over-year comparison of which $3.5 million is related to the acquisition and operations of Southwest, Sunshine, FMB and FPB. The remaining increase of $6.0 million in expenses for the legacy bank are related to salaries and employee benefits of $2.5 million and other expenses of $3.5 million.
Declaration of Cash Dividend
The Company announced that its Board of Directors declared a cash dividend of $0.08 per share to be paid on its common stock on November 22, 2019 to shareholders of record as of the close of business on November 8, 2019.
About The First Bancshares, Inc.
The First Bancshares, Inc., headquartered in Hattiesburg, Mississippi, is the parent company of The First, A National Banking Association. Founded in 1996, The First has operations in Mississippi, Louisiana, Alabama, Florida and Georgia. The Company’s stock is traded on the NASDAQ Global Market under the symbol FBMS. Information is available on the Company’s website: www.thefirstbank.com.
Non-GAAP Financial Measures
Our accounting and reporting policies conform to generally accepted accounting principles (“GAAP”) in the United States and prevailing practices in the banking industry. However, certain non-GAAP measures are used by management to supplement the evaluation of our performance. This press release includes operating net earnings, operating earnings per share, fully tax equivalent net interest income, total tangible common equity, tangible book value per common share and certain ratios derived from these non-GAAP financial measures. The Company believes that the non-GAAP financial measures included in this press release allow management and investors to understand and compare results in a more consistent manner for the periods presented in this press release. Non-GAAP financial measures should be considered supplemental and not a substitute for the Company’s results reported in accordance with GAAP for the periods presented, and other bank holding companies may define or calculate these measures differently. These non-GAAP financial measures should not be considered in isolation and do not purport to be an alternative to net income, earnings per share, net interest income, book value or other GAAP financial measures as a measure of operating performance. A reconciliation of these non-GAAP financial measures to the most comparable GAAP measure is provided in this press release following the Condensed Consolidated Financial Information (unaudited).
Forward Looking Statements
This news release contains statements regarding the projected performance of The First Bancshares, Inc. and its subsidiary. These statements constitute forward-looking information within the meaning of the Private Securities Litigation Reform Act. Actual results may differ materially from the projections provided in this release since such projections involve significant known and unknown risks and uncertainties. Factors that might cause such differences include, but are not limited to: competitive pressures among financial institutions increasing significantly; economic conditions, either nationally or locally, in areas in which the Company conducts operations being less favorable than expected; interest rate risk; legislation or regulatory changes which adversely affect the ability of the consolidated Company to conduct business combinations or new operations; and risks related to the proposed acquisition of FFB and the acquisitions of Southwest, Sunshine, FMB and FPB, including the risk that the proposed acquisition of FFB does not close when expected or at all because conditions to closing are not satisfied on a timely basis or at all, the terms of the proposed transactions with FFB need to be modified to satisfy such conditions, and that the anticipated benefits from the transactions with Southwest, Sunshine, FMB, FPB and FFB are not realized in the time frame anticipated or at all as a result of changes in general economic and market conditions or other unexpected factors or events. These and other factors that could cause results to differ materially from those described in the forward-looking statements, as well as a discussion of the risks and uncertainties that may affect our business, can be found in our Annual Report on Form 10-K and in other filings we make with the Securities and Exchange Commission, which are available on the SEC’s website, http://www.sec.gov. The Company disclaims any obligation to update such factors or to publicly announce the results of any revisions to any of the forward-looking statements included herein to reflect future events or developments.
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FIRST BANCSHARES, INC and SUBSIDIARIES Condensed Consolidated Financial Information (unaudited) (in thousands except per share data) |
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EARNINGS DATA |
Quarter Ended 9/30/19 |
Quarter Ended 6/30/19 |
Quarter Ended 3/31/19 |
Quarter Ended 12/31/18 |
Quarter Ended 9/30/18 |
|
Total Interest Income |
$ 37,241 |
$ 37,571 |
$ 33,273 |
$ 30,555 |
$ 25,628 |
|
Total Interest Expense |
6,782 |
6,799 |
6,142 |
5,285 |
3,959 |
|
Net Interest Income |
30,459 |
30,772 |
27,131 |
25,270 |
21,669 |
|
FTE net interest income* |
30,739 |
31,040 |
27,388 |
25,524 |
21,925 |
|
Provision for loan losses |
974 |
791 |
1,123 |
574 |
412 |
|
Non-interest income |
7,103 |
6,716 |
5,554 |
6,396 |
5,074 |
|
Non-interest expense |
20,825 |
20,891 |
21,893 |
22,249 |
19,786 |
|
Earnings before income taxes |
15,763 |
15,806 |
9,669 |
8,843 |
6,545 |
|
Income tax expense |
3,491 |
3,823 |
2,034 |
1,982 |
1,383 |
|
Net income available to common shareholders |
$ 12,272 |
$ 11,983 |
$ 7,635 |
$ 6,861 |
$ 5,162 |
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|
|
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PER COMMON SHARE DATA |
|
|
|
|
|
|
Basic earnings per share |
$ 0.72 |
$ 0.70 |
$ 0.49 |
$ 0.48 |
$ 0.39 |
|
Diluted earnings per share |
0.71 |
0.69 |
0.48 |
0.48 |
0.39 |
|
Diluted earnings per share, operating* |
0.74 |
0.70 |
0.63 |
0.64 |
0.61 |
|
Quarterly dividends per share |
.08 |
.08 |
.07 |
.05 |
.05 |
|
Book value per common share at end of period |
27.92 |
27.22 |
26.30 |
24.49 |
22.09 |
|
Tangible book value per common share at period end* |
19.39 |
18.72 |
17.79 |
16.88 |
17.10 |
|
Market price at end of period |
32.30 |
30.34 |
30.90 |
30.91 |
39.05 |
|
Shares outstanding at period end |
17,125,035 |
17,129,915 |
17,272,731 |
14,830,598 |
13,074,516 |
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Weighted average shares outstanding: |
|
|
|
|
|
|
Basic |
17,131,080 |
17,182,049 |
15,646,476 |
14,247,555 |
13,072,455 |
|
Diluted |
17,267,953 |
17,311,626 |
15,770,622 |
14,371,562 |
13,192,207 |
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AVERAGE BALANCE SHEET DATA |
|
|
|
|
|
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Total assets |
$3,439,202 |
$3,460,394 |
$3,181,761 |
$2,812,212 |
$2,470,607 |
|
Loans and leases |
2,343,392 |
2,337,583 |
2,167,495 |
1,959,179 |
1,720,884 |
|
Total deposits |
2,765,816 |
2,862,653 |
2,599,842 |
2,296,966 |
2,069,910 |
|
Total common equity |
470,024 |
454,965 |
390,217 |
328,250 |
284,839 |
|
Total tangible common equity* |
324,619 |
308,303 |
262,553 |
222,402 |
219,077 |
|
|
|
|
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SELECTED RATIOS |
|
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|
|
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Annualized return on avg assets |
1.43% |
1.39% |
0.96% |
0.98% |
0.84% |
|
Annualized return on avg assets, operating* |
1.49% |
1.39% |
1.25% |
1.30% |
1.30% |
|
Annualized return on avg common equity, operating* |
10.91% |
10.60% |
10.18% |
11.14% |
11.26% |
|
Annualized return on avg tangible common equity, oper* |
15.80% |
15.64% |
15.13% |
16.44% |
14.64% |
|
Average loans to average deposits |
84.73% |
81.66% |
83.37% |
85.29% |
83.14% |
|
FTE Net Interest Margin* |
4.05% |
4.07% |
3.89% |
4.08% |
3.97% |
|
Efficiency Ratio |
55.03% |
55.33% |
66.46% |
69.69% |
73.28% |
|
Efficiency Ratio, operating* |
53.17% |
55.09% |
57.21% |
59.06% |
58.76% |
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CREDIT QUALITY |
|
|
|
|
|
|
Allowance for loan losses (ALLL) as a % of total loans |
0.56% |
0.51% |
0.48% |
0.49% |
0.56% |
|
Nonperforming assets to tangible equity + ALLL |
13.71% |
11.42% |
12.32% |
13.17% |
10.05% |
|
Nonperforming assets to total loans + OREO |
2.00% |
1.61% |
1.67% |
1.66% |
1.33% |
|
Annualized QTD net charge-offs (recoveries) to total loans |
0.004% |
(0.01%) |
(0.008%) |
0.02% |
0.03% |
|
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|
|
|
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*See reconciliation of Non-GAAP financial measures |
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FIRST BANCSHARES, INC and SUBSIDIARIES Condensed Consolidated Financial Information (unaudited) (in thousands) |
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BALANCE SHEET |
Sept 30, 2019 |
June 30, 2019 |
Mar 31, 2019 |
Dec 31, 2018 |
Sept 30, 2018 |
|
Assets |
|
|
|
|
|
|
Cash and cash equivalents |
$ 159,990 |
$ 165,984 |
$ 248,576 |
$ 159,107 |
$ 122,371 |
|
Securities available-for-sale |
612,002 |
598,607 |
598,796 |
492,701 |
424,940 |
|
Securities held-to-maturity |
6,328 |
6,396 |
6,397 |
6,000 |
6,000 |
|
Other investments |
22,517 |
17,819 |
15,298 |
16,227 |
13.104 |
|
Total investment securities |
640,847 |
622,822 |
620,491 |
514,928 |
444,044 |
|
Loans held for sale |
11,104 |
8,597 |
6,238 |
4,838 |
4,269 |
|
Total loans |
2,349,986 |
2,351,998 |
2,335,348 |
2,060,422 |
1,748,483 |
|
Allowance for loan losses |
(13,043) |
(12,091) |
(11,235) |
(10,065) |
(9,765) |
|
Loans, net |
2,336,943 |
2,339,907 |
2,324,113 |
2,050,357 |
1,738,718 |
|
Premises and equipment |
96,726 |
97,115 |
94,624 |
74,783 |
62,342 |
|
Other Real Estate Owned |
9,974 |
11,205 |
11,588 |
10,869 |
8,453 |
|
Goodwill and other intangibles |
146,091 |
145,649 |
147,150 |
112,916 |
65,238 |
|
Other assets |
80,256 |
81,305 |
80,199 |
76,188 |
66,355 |
|
Total assets |
$3,481,931 |
$3,472,584 |
$3,532,979 |
$3,003,986 |
$2,511,790 |
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|
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|
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Liabilities and Shareholders’ Equity |
|
|
|
|
|
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Non-interest bearing deposits |
$ 642,054 |
$ 645,838 |
$ 655,900 |
$ 570,148 |
$ 430,430 |
|
Interest-bearing deposits |
2,119,291 |
2,185,362 |
2,258,418 |
1,887,311 |
1,616,016 |
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Total deposits |
2,761,345 |
2,831,200 |
2,914,318 |
2,457,459 |
2,046,446 |
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Borrowings |
136,250 |
71,250 |
61,750 |
85,500 |
85,508 |
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Subordinated debentures |
80,639 |
80,600 |
80,561 |
80,521 |
75,117 |
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Other liabilities |
25,609 |
23,253 |
22,003 |
17,252 |
15,921 |
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Total liabilities |
3,003,843 |
3,006,303 |
3,078,632 |
2,640,732 |
2,222,992 |
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Total shareholders’ equity |
478,088 |
466,281 |
454,347 |
363,254 |
288,798 |
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Total liabilities and shareholders’ equity |
$3,481,931 |
$3,472,584 |
$3,532,979 |
$3,003,986 |
$2,511,790 |
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FIRST BANCSHARES, INC and SUBSIDIARIES Condensed Consolidated Financial Information (unaudited) (in thousands except per share data) |
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EARNINGS STATEMENT |
Three Months Ended |
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|
9/30/19 |
6/30/19 |
3/31/19 |
12/31/18 |
9/30/18 |
|
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Interest Income: |
|
|
|
|
|
|
Loans, including fees |
$ 31,279 |
$ 30,912 |
$ 27,569 |
$ 25,184 |
$ 21,824 |
|
Investment securities |
4,752 |
5,017 |
4,339 |
3,785 |
3,126 |
|
Accretion of purchase accounting adjustments |
1,201 |
1,552 |
1,235 |
1,532 |
583 |
|
Other interest income |
9 |
90 |
130 |
54 |
95 |
|
Total interest income |
37,241 |
37,571 |
33,273 |
30,555 |
25,628 |
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Interest Expense: |
|
|
|
|
|
|
Deposits |
5,156 |
5,377 |
4,275 |
3,506 |
2,740 |
|
Borrowings |
451 |
288 |
546 |
482 |
52 |
|
Subordinated debentures |
1,270 |
1,188 |
1,233 |
1,179 |
1,125 |
|
Accretion of purchase accounting adjustments |
(95) |
(54) |
88 |
118 |
42 |
|
Total interest expense |
6,782 |
6,799 |
6,142 |
5,285 |
3,959 |
|
Net interest income |
30,459 |
30,772 |
27,131 |
25,270 |
21,669 |
|
Provision for loan losses |
974 |
791 |
1,123 |
574 |
412 |
|
Net interest income after provision for loan losses |
29,485 |
29,981 |
26,008 |
24,696 |
21,257 |
|
|
|
|
|
|
|
|
Non-interest Income: |
|
|
|
|
|
|
Service charges on deposit accounts |
1,979 |
1,918 |
1,831 |
1,887 |
1,538 |
|
Mortgage Income |
1,800 |
1,559 |
909 |
969 |
1,066 |
|
Interchange Fee Income |
2,252 |
2,045 |
1,652 |
1,527 |
1,180 |
|
Gain (loss) on securities, net |
57 |
36 |
38 |
334 |
– |
|
Financial Assistance Award/Bank Enterprise Award |
– |
– |
233 |
950 |
233 |
|
Other charges and fees |
1,015 |
1,158 |
891 |
729 |
1,057 |
|
Total non-interest income |
7,103 |
6,716 |
5,554 |
6,396 |
5,074 |
|
|
|
|
|
|
|
|
Non-interest expense (benefit): |
|
|
|
|
|
|
Salaries and employee benefits |
11,612 |
11,615 |
10,697 |
10,336 |
9,266 |
|
Occupancy expense |
2,632 |
2,532 |
2,442 |
2,281 |
2,163 |
|
FDIC premiums |
111 |
426 |
(52) |
369 |
278 |
|
Marketing |
62 |
160 |
175 |
173 |
60 |
|
Amortization of core deposit intangibles |
796 |
796 |
716 |
750 |
349 |
|
Other professional services |
1,140 |
980 |
920 |
452 |
847 |
|
Acquisition charges |
705 |
91 |
3,179 |
4,155 |
4,059 |
|
Other non-interest expense |
3,767 |
4,291 |
3,816 |
3,733 |
2,764 |
|
Total Non-interest expense |
20,825 |
20,891 |
21,893 |
22,249 |
19,786 |
|
Earnings before income taxes |
15,763 |
15,806 |
9,669 |
8,843 |
6,545 |
|
Income tax expense |
3,491 |
3,823 |
2,034 |
1,982 |
1,383 |
|
Net income available to common shareholders |
$ 12,272 |
$ 11,983 |
$ 7,635 |
$ 6,861 |
$ 5,162 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Diluted earnings per common share |
$ 0.71 |
$ 0.69 |
$ 0.48 |
$ 0.48 |
$ 0.39 |
|
Diluted earnings per common share, operating* |
$ 0.74 |
$ 0.70 |
$ 0.63 |
$ 0.64 |
$ 0.61 |
|
*See reconciliation of Non-GAAP financial measures |
|
|
|
|
|
Contacts
For additional information, contact:
M. Ray “Hoppy” Cole
Chief Executive Officer
Dee Dee Lowery
Chief Financial Officer
(601) 268-8998
