Sustained Performance Drives Metropolitan Bank Holding Corp. Third Quarter Net Income of $16.2 Million and Diluted EPS of $1.77

Metropolitan Bank Holding Corp. (the “Company”) (NYSE: MCB), the holding company for Metropolitan Commercial Bank (the “Bank”), reported net income of $16.2 million, or $1.77 per diluted common share, for the third quarter of 2021 compared to net income of $10.8 million, or $1.27 per diluted common share, for the third quarter of 2020.

Financial Highlights include:

  • Total revenues of $46.7 million, up 29.8% from the prior year period and 8.2% from the prior linked quarter.
  • Net income of $16.2 million, up 50.4% from the prior year period and 21.6% from the prior linked quarter.
  • Loans totaled $3.6 billion, up 20.5% from September 30, 2020 and up 17.8% annualized from June 30, 2021.
  • Deposits were $5.5 billion, up 54.7% from September 30, 2020 and up 12.8% annualized from June 30, 2021.
  • Diluted earnings per share of $1.77, up 39.4% from the prior year period and 14.2% from the prior linked quarter.
  • Book value per share was $50.46 per share, up 29.5% from September 30, 2020 and tangible book value per share1 was $49.55, up 31.1% from September 30, 2020.
  • Annualized return on average equity of 16.30% and annualized return on average tangible common equity (ROATCE)1 of 16.95% for the third quarter of 2021.
  • Efficiency ratio1 improved to 49.7% for the first nine months of 2021, compared to 54.0% for the first nine months of 2020.
  • Raised $172.5 million of capital through the issuance of 2.3 million shares of our common stock at a price of $75 per share, resulting in net proceeds of approximately $163 million.

Mark DeFazio, President and Chief Executive Officer, commented, “Our strong third quarter performance continues to showcase that we are a top performing growth company with a sustained history of driving net income, ROATCE and shareholder value. We have done this with a laser-focus on the funding side of our balance sheet, while driving high quality loan growth with minimal net charge-offs since our founding 22 years ago. Today, we have grown to over $6 billion in assets and combine a strong commercial bank with a uniquely positioned Global Payments business.

“The success of our follow-on $172.5 million common equity raise adds further support to a high-quality balance sheet with a strong liquidity position. The additional capital will allow us to focus on scaling our businesses while deepening existing commercial banking relationships.

“We are also excited about the opportunities ahead for our Global Payments Group. The banking-as-a-service model to our fintech clients that we have had in place for nearly 20 years now puts us at the forefront of the digital-driven evolution occurring in retail banking today. As our fintech partners begin to accelerate their investments in client acquisition, their success at attracting retail clients to their platforms is a significant tail wind for MCB.

“Our success would not be possible without the enthusiasm and dedication of the entire MCB team. A huge thank you to our employees, our board and to our clients,” Mr. DeFazio concluded.

1Non-GAAP financial measure. See Reconciliation of Non-GAAP Measures starting on page 13.

Balance Sheet

The Company had total assets of $6.1 billion at September 30, 2021, an increase of 6.1% from June 30, 2021. Total loans, net of deferred fees and unamortized costs, increased $154 million from the prior linked quarter to $3.6 billion, as compared to $3.4 billion at June 30, 2021. The increase in total loans from the prior linked quarter was due primarily to an increase of $147 million in commercial real estate (“CRE”) loans (including construction and multifamily loans) and $10 million in commercial and industrial loans, offset by a decrease in consumer loans and an increase in deferred fees. Loan production was $313 million for the third quarter of 2021, compared to $265 million for the prior linked quarter.

Total assets increased 53.5% from September 30, 2020. Total loans, net of deferred fees and unamortized costs, increased to $3.6 billion at September 30, 2021, as compared to $3.0 billion at September 30, 2020. The increase in total loans from September 30, 2020 was due primarily to an increase of $550 million in CRE loans (including construction and multifamily loans) and $83 million in commercial and industrial loans. Loan production was $814 million year to date at September 30, 2021 compared to $513 million year to date at September 30, 2020.

Total cash and cash equivalents were $1.9 billion at September 30, 2021, an increase of $138 million, or 8.0% from June 30, 2021 and $1.1 billion, or 141.9%, from September 30, 2020. The increase in cash and cash equivalents reflected the strong growth in deposits as well as the cash received from the issuance of common stock during the third quarter of 2021.

Total securities, which are primarily classified as available-for-sale (“AFS”), were $607.5 million at September 30, 2021, an increase of 10.8% from June 30, 2021 and 223.6% from September 30, 2020, due to the deployment of excess liquidity from deposit growth.

Total deposits increased $169 million to $5.5 billion at September 30, 2021, up 3.2% from $5.3 billion at June 30, 2021. The increase in deposits was due primarily to an increase in interest-bearing deposits.

Total deposits increased $1.9 billion, up 54.7% from $3.5 billion at September 30, 2020. The increase in deposits was due to increases of $1.2 billion in non-interest-bearing deposits and $679 million in interest-bearing deposits, resulting from increases across most deposit verticals.

Non-interest-bearing deposits were 51.4% of total deposits at September 30, 2021, as compared to 52.8% and 44.0% at June 30, 2021 and September 30, 2020, respectively.

The Company and the Bank each met all the requirements to be considered “Well-Capitalized” under applicable regulatory guidelines. Total non-owner-occupied commercial real estate loans were 349.1% of total risk-based capital at September 30, 2021, compared to 417.3% of total risk based capital at September 30, 2020.

Income Statement

Financial Highlights

 

 

 

Three months ended

 

Nine Months Ended

 

 

 

Sept 30,

 

 

June 30,

 

 

Sept 30,

 

Sept. 30,

 

 

2021

 

2021

 

2020

 

2021

 

2020

 

Total Revenues

 

$

46,683

 

$

43,129

 

$

35,961

 

$

128,829

 

$

105,082

 

Net income

 

$

16,215

 

$

13,336

 

$

10,783

 

$

41,668

 

$

27,690

 

Diluted earnings per common share

 

$

1.77

 

$

1.55

 

$

1.27

 

$

4.76

 

$

3.27

 

Annualized return on average assets

 

 

1.09

%

 

0.97

%

 

1.07

%

 

1.04

%

 

0.98

%

Annualized return on average equity

 

 

16.30

%

 

14.98

%

 

13.20

%

 

15.20

%

 

11.74

%

Annualized return on average tangible common equity*

 

 

16.95

%

 

15.65

%

 

13.85

%

 

15.86

%

 

12.33

%

 

* Non-GAAP financial measure. See Reconciliation of Non-GAAP Measures starting on page 13.

Net Interest Income

Net interest income for the third quarter of 2021 was $40.8 million, an increase of $3.8 million from the prior linked quarter. This increase was primarily due to a higher average balance of $5.9 billion in interest-earning assets, particularly in loans, for the third quarter of 2021, which increased $409 million from the prior linked quarter. This was partially offset by a $186 million increase in the average balance of interest-bearing liabilities for the third quarter of 2021, as compared to the prior linked quarter.

Net interest income increased $8.5 million for the third quarter of 2021, as compared to the third quarter of 2020. This increase was primarily due to a higher average balance of $5.9 billion in interest-earning assets, particularly in loans and securities, for the third quarter of 2021, which increased $1.9 billion from the third quarter of 2020. This was partially offset by a $588 million increase in the average balance of interest-bearing liabilities for the third quarter of 2021, as compared to the third quarter of 2020.

Net Interest Margin

Net interest margin increased by 2 basis points to 2.70% for the third quarter of 2021, as compared to 2.68% for the prior linked quarter, primarily due to higher yields on purchased securities, combined with a lower cost of interest bearing deposits.

Net interest margin decreased by 48 basis points to 2.70% for the third quarter of 2021, as compared to 3.18% for the third quarter of 2020, primarily due to increased low yielding overnight deposits driven by deposit growth; partially offset by a decrease of 7 basis points in the average cost of interest-bearing liabilities driven by the lower rate environment.

Total cost of funds was 31 basis points for the third quarter of 2021, a decrease of 1 basis point from the prior linked quarter, and a decrease of 9 basis points from the prior year quarter, given the mix shift toward non-interest bearing deposits.

Non-Interest Income

Non-interest income was $5.9 million for the third quarter of 2021, a decrease of $0.3 million from the prior linked quarter driven primarily by a $0.6 million decrease in recognized gains on sales of AFS securities. This was offset by an increase in service charges and fees of $0.3 million, a significant portion of which was driven by an increase in service charges on deposit accounts related to Global Payments Group client activity.

Non-interest income for the third quarter of 2021 increased by $2.3 million, as compared to the third quarter of 2020. The increase was primarily due to an increase of $1.0 million of Global Payments Group revenue and an increase of $1.2 million in service charges and fees.

Non-Interest Expense

Non-interest expense was $22.0 million for the third quarter of 2021, an increase of $0.3 million from the prior linked quarter. The primary driver was an increase in other expense related to higher Federal Deposit Insurance Corporation (“FDIC”) insurance costs, partially offset by a decrease in technology costs.

Non-interest expense increased $3.1 million, as compared to the third quarter of 2020. Drivers included an increase in compensation and benefits costs due to additional full-time employees and increases in professional fees, technology and licensing costs in line with business and volume growth, partially offset by reduced licensing fees given the LIBOR rate reduction.

The annualized estimated effective tax rate for the nine months ended September 30, 2021 was 32.3% compared to 31.9% for the nine months ended September 30, 2020.

Asset Quality

Credit quality remains strong with $0.3 million of net recoveries in the third quarter of 2021, while non-performing loans increased to 0.4% of total loans. During the third quarter of 2021, the Company recorded a provision of $0.5 million, which reflected the impact of net recoveries during the quarter and improving economic conditions. For the nine months ended September 30, 2021, the Company recorded a provision of $3.3 million as compared to a provision of $7.7 million for the nine months ended September 30, 2020. COVID-19 related full payment deferrals remained steady at $11.3 million, or 0.3% of total loans as of September 30, 2021. Principal only deferrals were $39.1 million, or 1.1% of total loans, as of September 30, 2021.

About Metropolitan Bank Holding Corp.

Metropolitan Bank Holding Corp. (NYSE: MCB) is the holding company for Metropolitan Commercial Bank. The Bank provides a broad range of business, commercial and personal banking products and services to small and middle-market businesses, public entities and affluent individuals in the New York metropolitan area. Founded in 1999, the Bank is headquartered in New York City and operates six locations in Manhattan, Brooklyn and Great Neck, Long Island. The Bank is also an active issuer of debit cards for third-party debit card programs and provides critical global payments infrastructure to its fintech partners. The Bank is a New York State chartered commercial bank and a Federal Reserve System member bank whose deposits are insured up to applicable limits by the FDIC, and an equal opportunity lender. For more information, please visit www.mcbankny.com.

Forward Looking Statement Disclaimer

This release contains “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995. Examples of forward-looking statements include but are not limited to the Company’s future financial condition and capital ratios, results of operations and the Company’s outlook and business. Forward-looking statements are not historical facts. Such statements may be identified by the use of such words as “may,” “believe,” “expect,” “anticipate,” “plan,” “continue” or similar terminology. These statements relate to future events or our future financial performance and involve risks and uncertainties that may cause our actual results, levels of activity, performance or achievements to differ materially from those expressed or implied by these forward-looking statements. Although we believe that the expectations reflected in the forward-looking statements are reasonable, we caution you not to place undue reliance on these forward-looking statements. Factors which may cause our forward-looking statements to be materially inaccurate include, but are not limited to an unexpected deterioration in our loan or securities portfolios, unexpected increases in our expenses, greater than anticipated growth and our ability to manage our growth, unanticipated regulatory action or changes in regulations, unexpected changes in interest rates, an unanticipated decrease in deposits, an unanticipated loss of key personnel or existing customers, competition from other institutions resulting in unanticipated changes in our loan or deposit rates, unanticipated increases in FDIC costs, changes in regulations, legislation or accounting rules and unanticipated adverse changes in our customers’ economic conditions or general economic conditions, as well as those discussed under the heading “Risk Factors” in our Annual Report on Form 10-K and Quarterly Reports on Form 10-Q.

Further, given its ongoing and dynamic nature, including the rate of vaccine acceptance and the development of new variants, it is difficult to predict the full impact of the COVID-19 outbreak on our business. The extent of such impact will depend on future developments, which are highly uncertain, including when the coronavirus can be controlled and abated and when and whether the continued reopening of businesses will result in a meaningful increase in economic activity. As the result of the COVID-19 pandemic and the related adverse local and national economic consequences, we could be subject to any of the following risks, any of which could have a material, adverse effect on our business, financial condition, liquidity, and results of operations: the demand for our products and services may decline, making it difficult to grow assets and income; if the economy is unable to substantially reopen, and higher levels of unemployment continue for an extended period of time, loan delinquencies, problem assets, and foreclosures may increase, resulting in increased charges and reduced income; collateral for loans, especially real estate, may decline in value, which could cause loan losses to increase; our allowance for loan losses may increase if borrowers experience financial difficulties, which will adversely affect our net income; the net worth and liquidity of loan guarantors may decline, impairing their ability to honor commitments to us; our cyber security risks may increase if a significant number of our employees are forced to work remotely; and FDIC premiums may increase if the agency experiences additional resolution costs. Forward-looking statements speak only as of the date of this release. We do not undertake any obligation to update or revise any forward-looking statement.

Consolidated Balance Sheet

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(dollars in thousands)

 

Sept 30, 2021

 

June 30, 2021

 

Mar 31, 2021

 

Dec 31, 2020

 

 

Sept 30, 2020

Assets

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Cash and due from banks

 

$

32,660

 

 

$

29,651

 

 

$

9,432

 

 

$

8,692

 

 

$

8,991

 

Overnight deposits

 

 

1,824,820

 

 

 

1,689,614

 

 

 

1,125,589

 

 

 

855,613

 

 

 

758,913

 

Total cash and cash equivalents

 

 

1,857,480

 

 

 

1,719,265

 

 

 

1,135,021

 

 

 

864,305

 

 

 

767,904

 

Investment securities available for sale

 

 

603,168

 

 

 

543,769

 

 

 

479,988

 

 

 

266,096

 

 

 

182,334

 

Investment securities held to maturity

 

 

2,017

 

 

 

2,222

 

 

 

2,492

 

 

 

2,760

 

 

 

3,050

 

Investment securities -- Equity investments

 

 

2,289

 

 

 

2,291

 

 

 

2,281

 

 

 

2,313

 

 

 

2,311

 

Total securities

 

 

607,474

 

 

 

548,282

 

 

 

484,761

 

 

 

271,169

 

 

 

187,695

 

Other investments

 

 

11,998

 

 

 

11,989

 

 

 

11,638

 

 

 

11,597

 

 

 

11,097

 

Loans, net of deferred fees and unamortized costs

 

 

3,603,288

 

 

 

3,449,490

 

 

 

3,237,664

 

 

 

3,137,053

 

 

 

2,989,550

 

Allowance for loan losses

 

 

(38,121

)

 

 

(37,377

)

 

 

(35,502

)

 

 

(35,407

)

 

 

(33,614

)

Net loans

 

 

3,565,167

 

 

 

3,412,113

 

 

 

3,202,162

 

 

 

3,101,646

 

 

 

2,955,936

 

Receivables from global payments business, net

 

 

48,302

 

 

 

40,091

 

 

 

38,536

 

 

 

27,259

 

 

 

31,237

 

Accrued interest receivable

 

 

13,504

 

 

 

14,424

 

 

 

13,982

 

 

 

13,249

 

 

 

12,524

 

Premises and equipment, net

 

 

14,031

 

 

 

13,337

 

 

 

13,756

 

 

 

13,475

 

 

 

15,913

 

Prepaid expenses and other assets

 

 

13,565

 

 

 

17,959

 

 

 

13,392

 

 

 

18,388

 

 

 

9,720

 

Goodwill

 

 

9,733

 

 

 

9,733

 

 

 

9,733

 

 

 

9,733

 

 

 

9,733

 

Total assets

 

$

6,141,254

 

 

$

5,787,193

 

 

$

4,922,981

 

 

$

4,330,821

 

 

$

4,001,759

 

Liabilities and Stockholders' Equity

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Deposits:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Non-interest-bearing demand deposits

 

$

2,803,823

 

 

$

2,794,136

 

 

$

2,167,899

 

 

$

1,726,135

 

 

 

1,553,241

 

Interest-bearing deposits

 

 

2,653,746

 

 

 

2,494,137

 

 

 

2,258,818

 

 

 

2,103,471

 

 

 

1,974,385

 

Total deposits

 

 

5,457,569

 

 

 

5,288,273

 

 

 

4,426,717

 

 

 

3,829,606

 

 

 

3,527,626

 

Trust preferred securities

 

 

20,620

 

 

 

20,620

 

 

 

20,620

 

 

 

20,620

 

 

 

20,620

 

Subordinated debt, net of issuance cost

 

 

24,698

 

 

 

24,684

 

 

 

24,670

 

 

 

24,657

 

 

 

24,643

 

Secured Borrowings

 

 

35,559

 

 

 

36,449

 

 

 

36,475

 

 

 

36,964

 

 

 

32,224

 

Accounts payable, accrued expenses and other liabilities

 

 

38,129

 

 

 

30,598

 

 

 

42,737

 

 

 

61,645

 

 

 

37,014

 

Accrued interest payable

 

 

448

 

 

 

1,773

 

 

 

563

 

 

 

712

 

 

 

479

 

Prepaid third-party debit cardholder balances

 

 

21,577

 

 

 

21,201

 

 

 

22,802

 

 

 

15,830

 

 

 

30,569

 

Total liabilities

 

 

5,598,600

 

 

 

5,423,598

 

 

 

4,574,584

 

 

 

3,990,034

 

 

 

3,673,175

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Class B preferred stock

 

 

3

 

 

 

3

 

 

 

3

 

 

 

3

 

 

 

3

 

Common stock

 

 

106

 

 

 

83

 

 

 

83

 

 

 

82

 

 

 

82

 

Additional paid in capital

 

 

382,922

 

 

 

219,098

 

 

 

217,384

 

 

 

218,899

 

 

 

218,360

 

Retained earnings

 

 

162,498

 

 

 

146,283

 

 

 

132,947

 

 

 

120,830

 

 

 

109,055

 

Accumulated other comprehensive gain, net of tax effect

 

 

(2,875

)

 

 

(1,872

)

 

 

(2,200

)

 

 

973

 

 

 

1,084

 

Total stockholders’ equity

 

 

542,654

 

 

 

363,595

 

 

 

348,217

 

 

 

340,787

 

 

 

328,584

 

Total liabilities and stockholders’ equity

 

$

6,141,254

 

 

$

5,787,193

 

 

$

4,922,801

 

 

$

4,330,821

 

 

$

4,001,759

 

Loan Production, Asset Quality & Regulatory Capital

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(dollars in thousands)

 

Sept 30, 2021

 

June 30, 2021

 

Mar 31, 2021

 

Dec 31, 2020

 

 

Sept 30, 2020

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

LOAN PRODUCTION

 

$

312.9

 

 

$

265.4

 

 

$

235.7

 

 

$

174.0

 

 

$

183.3

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

ASSET QUALITY

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Non-performing loans:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Non-accrual loans:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Commercial real estate

 

$

9,984

 

 

$

 

 

$

 

 

$

 

 

$

 

 

Commercial and industrial

 

 

3,145

 

 

 

3,337

 

 

 

3,337

 

 

 

4,192

 

 

 

4,512

 

 

Consumer

 

 

1,674

 

 

 

1,560

 

 

 

1,523

 

 

 

1,428

 

 

 

1,157

 

 

Total non-accrual loans

 

 

14,803

 

 

 

4,897

 

 

 

4,860

 

 

 

5,620

 

 

 

5,669

 

 

Total non-performing loans

 

 

15,376

 

 

 

5,491

 

 

 

5,464

 

 

 

6,389

 

 

 

6,623

 

 

Non-accrual loans to total loans

 

 

0.41

 

%

 

0.14

 

%

 

0.15

 

%

 

0.18

 

%

 

0.19

 

%

Non-performing loans to total loans

 

 

0.43

 

%

 

0.16

 

%

 

0.17

 

%

 

0.20

 

%

 

0.22

 

%

Allowance for loan losses

 

 

(38,121

)

 

 

(37,377

)

 

 

(35,502

)

 

 

(35,407

)

 

 

(33,614

)

 

Allowance for loan losses to total loans

 

 

1.06

 

%

 

1.08

 

%

 

1.10

 

%

 

1.13

 

%

 

1.12

 

%

Charge-offs

 

 

(54

)

 

 

 

 

 

(855

)

 

 

(30

)

 

 

(82

)

 

Recoveries

 

 

308

 

 

 

 

 

 

 

 

 

28

 

 

 

54

 

 

Net charge-offs/(recoveries) as to average loans (annualized)

 

 

(0.03

)

%

 

 

%

 

0.11

 

%

 

 

%

 

 

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

REGULATORY CAPITAL

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Tier 1 Leverage:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Metropolitan Bank Holding Corp.

 

 

9.4

 

%

 

6.8

 

%

 

7.8

 

%

 

8.5

 

%

 

8.4

 

%

Metropolitan Commercial Bank

 

 

9.3

 

%

 

7.3

 

%

 

8.2

 

%

 

9.0

 

%

 

9.0

 

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Common Equity Tier 1 Risk-Based (CET1):

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Metropolitan Bank Holding Corp.

 

 

14.1

 

%

 

9.7

 

%

 

9.9

 

%

 

10.1

 

%

 

10.1

 

%

Metropolitan Commercial Bank

 

 

14.6

 

%

 

11.1

 

%

 

11.3

 

%

 

11.6

 

%

 

11.8

 

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Tier 1 Risk-Based:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Metropolitan Bank Holding Corp.

 

 

14.8

 

%

 

10.5

 

%

 

10.7

 

%

 

10.9

 

%

 

11.0

 

%

Metropolitan Commercial Bank

 

 

14.6

 

%

 

11.1

 

%

 

11.3

 

%

 

11.6

 

%

 

11.8

 

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Total Risk-Based:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Metropolitan Bank Holding Corp.

 

 

16.5

 

%

 

12.2

 

%

 

12.4

 

%

 

12.7

 

%

 

12.9

 

%

Metropolitan Commercial Bank

 

 

15.6

 

%

 

12.2

 

%

 

12.4

 

%

 

12.7

 

%

 

12.9

 

%

Consolidated Statement of Income (unaudited)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Three Months Ended

 

Nine Months Ended

(dollars in thousands)

 

Sept 30, 2021

 

June 30, 2021

 

 

Sept 30, 2020

 

Sept 30, 2021

 

Sept 30, 2020

Total interest income

 

$

45,018

 

$

41,050

 

 

$

35,945

 

$

124,173

 

 

$

106,236

Total interest expense

 

 

4,226

 

 

4,077

 

 

 

3,621

 

 

11,986

 

 

 

14,781

Net interest income

 

 

40,792

 

 

36,973

 

 

 

32,324

 

 

112,187

 

 

 

91,455

Provision for loan losses

 

 

490

 

 

1,875

 

 

 

1,137

 

 

3,315

 

 

 

7,693

Net interest income after provision for loan losses

 

 

40,302

 

 

35,098

 

 

 

31,187

 

 

108,872

 

 

 

83,762

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Non-interest income:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Service charges on deposit accounts

 

 

1,671

 

 

1,349

 

 

 

863

 

 

4,085

 

 

 

2,746

Global payments revenue

 

 

3,615

 

 

3,628

 

 

 

2,572

 

 

10,509

 

 

 

6,301

Other service charges and fees

 

 

614

 

 

566

 

 

 

202

 

 

1,484

 

 

 

1,238

Unrealized gain (loss) on equity securities

 

 

(9

)

 

4

 

 

 

 

 

(45

)

 

 

55

Gain (loss) on sale of securities

 

 

 

 

609

 

 

 

 

 

609

 

 

 

3,287

Total non-interest income

 

 

5,891

 

 

6,156

 

 

 

3,637

 

 

16,642

 

 

 

13,627

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Non-interest expense:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Compensation and benefits

 

 

11,269

 

 

11,211

 

 

 

9,944

 

 

33,907

 

 

 

29,962

Bank premises and equipment

 

 

2,038

 

 

2,000

 

 

 

2,111

 

 

6,063

 

 

 

6,498

Professional fees

 

 

1,877

 

 

2,003

 

 

 

1,221

 

 

5,183

 

 

 

3,058

Technology costs

 

 

1,090

 

 

1,447

 

 

 

941

 

 

3,464

 

 

 

2,523

Licensing fees

 

 

2,201

 

 

2,067

 

 

 

2,019

 

 

6,342

 

 

 

7,703

Other expenses

 

 

3,509

 

 

2,961

 

 

 

2,694

 

 

9,036

 

 

 

6,984

Total non-interest expense

 

 

21,984

 

 

21,689

 

 

 

18,930

 

 

63,995

 

 

 

56,728

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net income before income tax expense

 

 

24,209

 

 

19,565

 

 

 

15,894

 

 

61,519

 

 

 

40,661

Income tax expense

 

 

7,994

 

 

6,229

 

 

 

5,111

 

 

19,851

 

 

 

12,971

Net income

 

$

16,215

 

$

13,336

 

 

$

10,783

 

$

41,668

 

 

$

27,690

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Earnings per common share:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Average common shares outstanding - basic

 

 

8,618,973

 

 

8,312,234

 

 

 

8,222,870

 

 

8,402,594

 

 

 

8,220,202

Average common shares outstanding - diluted

 

 

8,893,104

 

 

8,543,474

 

 

 

8,393,211

 

 

8,636,397

 

 

 

8,392,055

Basic earnings

 

$

1.82

 

 

1.59

 

 

$

1.30

 

$

4.89

 

 

$

3.34

Diluted earnings

 

$

1.77

 

 

1.55

 

 

$

1.27

 

$

4.76

 

 

$

3.27

Performance Measures

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Three months ended

 

 

Nine Months Ended

 

(Dollars in thousands)

 

Sept 30, 2021

 

June 30, 2021

 

Sept 30, 2020

 

Sept 30, 2021

 

Sept 30, 2020

 

Net income available to common shareholders

 

 

15,661

 

 

 

13,252

 

 

10,694

 

 

41,060

 

 

27,435

 

Per common share:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Basic earnings

 

$

1.82

 

 

$

1.59

 

$

1.30

 

$

4.89

 

$

3.34

 

Diluted earnings

 

$

1.77

 

 

$

1.55

 

$

1.27

 

$

4.76

 

$

3.27

 

Common shares outstanding:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Average - diluted

 

 

8,893,104

 

 

 

8,543,474

 

 

8,393,211

 

 

8,636,397

 

 

8,392,055

 

Period end

 

 

10,644,193

 

 

 

8,344,193

 

 

8,289,479

 

 

10,644,193

 

 

8,289,479

 

Return on (annualized):

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Average total assets

 

 

1.09

 

%

 

0.97

%

 

1.07

%

 

1.04

%

 

0.98

%

Average equity

 

 

16.30

 

%

 

14.98

%

 

13.20

%

 

15.20

%

 

11.74

%

Average tangible common equity*

 

 

16.95

 

%

 

15.65

%

 

13.85

%

 

15.86

%

 

12.33

%

Yield on average earning assets

 

 

2.99

 

%

 

2.98

%

 

3.54

%

 

3.11

%

 

3.79

%

Cost of interest-bearing liabilities

 

 

0.64

 

%

 

0.67

%

 

0.71

%

 

0.66

%

 

0.99

%

Net interest spread

 

 

2.35

 

%

 

2.31

%

 

2.83

%

 

2.45

%

 

2.80

%

Net interest margin

 

 

2.70

 

%

 

2.68

%

 

3.18

%

 

2.81

%

 

3.26

%

Net charge-offs as % of average loans (annualized)

 

 

(0.03

)

%

 

%

 

%

 

0.02

%

 

0.02

%

Efficiency ratio

 

 

47.09

 

%

 

50.29

%

 

52.64

%

 

49.67

%

 

53.98

%

 

*Non-GAAP financial measure. See Reconciliation of Non-GAAP Measures starting on page 13.

Interest Margin Analysis

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Three months ended

 

September 30, 2021

 

June 30, 2021

 

Average

 

 

 

 

 

 

 

Average

 

 

 

 

 

 

 

Outstanding

 

 

 

 

Yield/Rate

 

 

Outstanding

 

 

 

 

Yield/Rate

 

(dollars in thousands)

Balance

 

Interest

 

(annualized)

 

 

Balance

 

Interest

 

(annualized)

 

Assets:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Interest-earning assets:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Loans (1)

$

3,566,852

 

 

$

42,730

 

4.65

%

 

$

3,334,762

 

 

$

39,234

 

4.65

%

Available-for-sale securities

 

538,115

 

 

 

1,454

 

1.06

%

 

 

487,147

 

 

 

1,204

 

0.98

%

Held-to-maturity securities

 

2,120

 

 

 

9

 

1.66

%

 

 

2,348

 

 

 

9

 

1.52

%

Equity investments - non-trading

 

2,316

 

 

 

6

 

1.01

%

 

 

2,309

 

 

 

7

 

1.20

%

Overnight deposits

 

1,738,102

 

 

 

666

 

0.15

%

 

 

1,612,187

 

 

 

442

 

0.11

%

Other interest-earning assets

 

11,991

 

 

 

153

 

5.06

%

 

 

11,985

 

 

 

154

 

5.15

%

Total interest-earning assets

 

5,859,496

 

 

 

45,018

 

2.99

%

 

 

5,450,738

 

 

 

41,050

 

2.98

%

Non-interest-earning assets

 

95,181

 

 

 

 

 

 

 

 

 

90,287

 

 

 

 

 

 

 

Allowance for loan and lease losses

 

(38,129

)

 

 

 

 

 

 

 

 

(36,339

)

 

 

 

 

 

 

Total assets

$

5,916,548

 

 

 

 

 

 

 

 

$

5,504,686

 

 

 

 

 

 

 

Liabilities and Stockholders' Equity:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Interest-bearing liabilities:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Money market, savings and other interest-bearing accounts

$

2,501,757

 

 

$

3,524

 

0.56

%

 

$

2,314,791

 

 

$

3,348

 

0.58

%

Certificates of deposit

 

82,628

 

 

 

192

 

0.92

%

 

 

83,606

 

 

 

217

 

1.04

%

Total interest-bearing deposits

 

2,584,385

 

 

 

3,716

 

0.57

%

 

 

2,398,397

 

 

 

3,565

 

0.60

%

Borrowed funds

 

45,309

 

 

 

510

 

4.40

%

 

 

45,296

 

 

 

512

 

4.47

%

Total interest-bearing liabilities

 

2,629,694

 

 

 

4,226

 

0.64

%

 

 

2,443,693

 

 

 

4,077

 

0.67

%

Non-interest-bearing liabilities:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Non-interest-bearing deposits

 

2,814,335

 

 

 

 

 

 

 

 

 

2,603,198

 

 

 

 

 

 

 

Other non-interest-bearing liabilities

 

77,732

 

 

 

 

 

 

 

 

 

100,698

 

 

 

 

 

 

 

Total liabilities

 

5,521,761

 

 

 

 

 

 

 

 

 

5,147,589

 

 

 

 

 

 

 

Stockholders' equity

 

394,787

 

 

 

 

 

 

 

 

 

357,097

 

 

 

 

 

 

 

Total liabilities and equity

$

5,916,548

 

 

 

 

 

 

 

 

$

5,504,686

 

 

 

 

 

 

 

Net interest income

 

 

 

$

40,792

 

 

 

 

 

 

 

$

36,973

 

 

 

Net interest rate spread (2)

 

 

 

 

 

 

2.35

%

 

 

 

 

 

 

 

2.31

%

Net interest-earning assets

$

3,229,802

 

 

 

 

 

 

 

 

$

3,007,045

 

 

 

 

 

 

 

Net interest margin (3)

 

 

 

 

 

 

2.70

%

 

 

 

 

 

 

 

2.68

%

Ratio of interest earning assets to interest bearing liabilities

 

 

 

 

 

 

2.23

x

 

 

 

 

 

 

 

2.23

x

Total cost of funds (4)

 

 

 

 

 

 

0.31

%

 

 

 

 

 

 

 

0.32

%

(1)

Amount includes deferred loan fees and non-performing loans.

(2)

Determined by subtracting the annualized average cost of total interest-bearing liabilities from the annualized average yield on total interest-earning assets.

(3)

Determined by dividing annualized net interest income by total average interest-earning assets.

(4)

Determined by dividing annualized interest expense by the sum of total average interest-bearing liabilities and total average non-interest-bearing deposits.

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Three months ended

 

 

 

September 30, 2021

 

September 30, 2020

 

 

 

Average

 

 

 

 

 

 

Average

 

 

 

 

 

 

 

 

Outstanding

 

 

 

 

Yield/Rate

 

Outstanding

 

 

 

 

Yield/Rate

 

(dollars in thousands)

 

Balance

 

Interest

 

(annualized)

 

Balance

 

Interest

 

(annualized)

 

Assets:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Interest-earning assets:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Loans (1)

 

$

3,566,852

 

 

$

42,730

 

4.65

%

$

2,946,359

 

 

$

34,844

 

4.66

%

Available-for-sale securities

 

 

538,115

 

 

 

1,454

 

1.06

%

 

180,698

 

 

 

582

 

1.26

%

Held-to-maturity securities

 

 

2,120

 

 

 

9

 

1.66

%

 

3,181

 

 

 

14

 

1.71

%

Equity investments - non-trading

 

 

2,316

 

 

 

6

 

1.01

%

 

2,284

 

 

 

10

 

1.63

%

Overnight deposits

 

 

1,738,102

 

 

 

666

 

0.15

%

 

854,737

 

 

 

299

 

0.14

%

Other interest-earning assets

 

 

11,991

 

 

 

153

 

5.06

%

 

14,680

 

 

 

196

 

5.22

%

Total interest-earning assets

 

 

5,859,496

 

 

 

45,018

 

2.99

%

 

4,001,939

 

 

 

35,945

 

3.54

%

Non-interest-earning assets

 

 

95,181

 

 

 

 

 

 

 

 

57,545

 

 

 

 

 

 

 

Allowance for loan and lease losses

 

 

(38,129

)

 

 

 

 

 

 

 

(33,118

)

 

 

 

 

 

 

Total assets

 

$

5,916,548

 

 

 

 

 

 

 

$

4,026,366

 

 

 

 

 

 

 

Liabilities and Stockholders' Equity:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Interest-bearing liabilities:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Money market, savings and other interest-bearing accounts

 

$

2,501,757

 

 

$

3,524

 

0.56

%

$

1,818,436

 

 

$

2,258

 

0.49

%

Certificates of deposit

 

 

82,628

 

 

 

192

 

0.92

%

 

97,685

 

 

 

423

 

1.72

%

Total interest-bearing deposits

 

 

2,584,385

 

 

 

3,716

 

0.57

%

 

1,916,121

 

 

 

2,681

 

0.56

%

Borrowed funds

 

 

45,309

 

 

 

510

 

4.40

%

 

125,841

 

 

 

940

 

2.92

%

Total interest-bearing liabilities

 

 

2,629,694

 

 

 

4,226

 

0.64

%

 

2,041,962

 

 

 

3,621

 

0.71

%

Non-interest-bearing liabilities:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Non-interest-bearing deposits

 

 

2,814,335

 

 

 

 

 

 

 

 

1,583,037

 

 

 

 

 

 

 

Other non-interest-bearing liabilities

 

 

77,732

 

 

 

 

 

 

 

 

76,491

 

 

 

 

 

 

 

Total liabilities

 

 

5,521,761

 

 

 

 

 

 

 

 

3,701,490

 

 

 

 

 

 

 

Stockholders' equity

 

 

394,787

 

 

 

 

 

 

 

 

324,876

 

 

 

 

 

 

 

Total liabilities and equity

 

$

5,916,548

 

 

 

 

 

 

 

$

4,026,366

 

 

 

 

 

 

 

Net interest income

 

 

 

 

$

40,792

 

 

 

 

 

 

$

32,324

 

 

 

Net interest rate spread (2)

 

 

 

 

 

 

 

2.35

%

 

 

 

 

 

 

2.83

%

Net interest-earning assets

 

$

3,229,802

 

 

 

 

 

 

 

$

1,959,977

 

 

 

 

 

 

 

Net interest margin (3)

 

 

 

 

 

 

 

2.70

%

 

 

 

 

 

 

3.18

%

Ratio of interest earning assets to interest bearing liabilities

 

 

 

 

 

 

 

2.23

x

 

 

 

 

 

 

1.96

x

Total cost of funds (4)

 

 

 

 

 

 

 

0.31

%

 

 

 

 

 

 

0.40

%

(1)

Amount includes deferred loan fees and non-performing loans.

(2)

Determined by subtracting the annualized average cost of total interest-bearing liabilities from the annualized average yield on total interest-earning assets.

(3)

Determined by dividing annualized net interest income by total average interest-earning assets.

(4)

Determined by dividing annualized interest expense by the sum of total average interest-bearing liabilities and total average non-interest-bearing deposits.

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Nine months ended

 

 

 

September 30, 2021

 

September 30, 2020

 

 

 

Average

 

 

 

 

 

 

Average

 

 

 

 

 

 

 

 

Outstanding

 

 

 

 

Yield/Rate

 

Outstanding

 

 

 

 

 

 

(dollars in thousands)

 

Balance

 

Interest

 

(annualized)

 

Balance

 

Interest

 

Yield/Rate

 

Assets:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Interest-earning assets:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Loans (1)

 

$

3,365,602

 

 

$

118,803

 

4.70

%

$

2,826,845

 

 

$

100,655

 

4.75

%

Available-for-sale securities

 

 

453,105

 

 

 

3,409

 

0.99

%

 

179,845

 

 

 

2,536

 

1.85

%

Held-to-maturity securities

 

 

2,362

 

 

 

30

 

1.67

%

 

3,408

 

 

 

47

 

1.81

%

Equity investments - non-trading

 

 

2,309

 

 

 

21

 

1.20

%

 

2,274

 

 

 

32

 

1.85

%

Overnight deposits

 

 

1,485,994

 

 

 

1,453

 

0.13

%

 

707,125

 

 

 

2,266

 

0.43

%

Other interest-earning assets

 

 

11,864

 

 

 

457

 

5.15

%

 

18,189

 

 

 

700

 

5.06

%

Total interest-earning assets

 

 

5,321,236

 

 

 

124,173

 

3.11

%

 

3,737,686

 

 

 

106,236

 

3.79

%

Non-interest-earning assets

 

 

83,582

 

 

 

 

 

 

 

 

58,040

 

 

 

 

 

 

 

Allowance for loan and lease losses

 

 

(36,820

)

 

 

 

 

 

 

 

(30,461

)

 

 

 

 

 

 

Total assets

 

$

5,367,998

 

 

 

 

 

 

 

$

3,765,265

 

 

 

 

 

 

 

Liabilities and Stockholders' Equity:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Interest-bearing liabilities:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Money market, savings and other interest-bearing accounts

 

$

2,294,311

 

 

$

9,779

 

0.57

%

$

1,742,611

 

 

$

9,867

 

0.76

%

Certificates of deposit

 

 

84,363

 

 

 

673

 

1.07

%

 

99,805

 

 

 

1,497

 

2.00

%

Total interest-bearing deposits

 

 

2,378,674

 

 

 

10,452

 

0.59

%

 

1,842,416

 

 

 

11,364

 

0.82

%

Borrowed funds

 

 

45,296

 

 

 

1,534

 

4.47

%

 

157,729

 

 

 

3,417

 

2.85

%

Total interest-bearing liabilities

 

 

2,423,970

 

 

 

11,986

 

0.66

%

 

2,000,145

 

 

 

14,781

 

0.99

%

Non-interest-bearing liabilities:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Non-interest-bearing deposits

 

 

2,496,791

 

 

 

 

 

 

 

 

1,378,512

 

 

 

 

 

 

 

Other non-interest-bearing liabilities

 

 

80,838

 

 

 

 

 

 

 

 

71,210

 

 

 

 

 

 

 

Total liabilities

 

 

5,001,599

 

 

 

 

 

 

 

 

3,449,867

 

 

 

 

 

 

 

Stockholders' equity

 

 

366,399

 

 

 

 

 

 

 

 

315,398

 

 

 

 

 

 

 

Total liabilities and equity

 

$

5,367,998

 

 

 

 

 

 

 

$

3,765,265

 

 

 

 

 

 

 

Net interest income

 

 

 

 

$

112,187

 

 

 

 

 

 

$

91,455

 

 

 

Net interest rate spread (2)

 

 

 

 

 

 

 

2.45

%

 

 

 

 

 

 

2.80

%

Net interest-earning assets

 

$

2,897,266

 

 

 

 

 

 

 

$

1,737,541

 

 

 

 

 

 

 

Net interest margin (3)

 

 

 

 

 

 

 

2.81

%

 

 

 

 

 

 

3.26

%

Ratio of interest earning assets to interest bearing liabilities

 

 

 

 

 

 

 

2.20

x

 

 

 

 

 

 

1.87

x

Total cost of funds (4)

 

 

 

 

 

 

 

0.33

%

 

 

 

 

 

 

0.58

%

(1)

Amount includes deferred loan fees and non-performing loans.

(2)

Determined by subtracting the annualized average cost of total interest-bearing liabilities from the annualized average yield on total interest-earning assets.

(3)

Determined by dividing annualized net interest income by total average interest-earning assets.

(4)

Determined by dividing annualized interest expense by the sum of total average interest-bearing liabilities and total average non-interest-bearing deposits.

Reconciliation of Non-GAAP Measures

In addition to the results presented in accordance with Generally Accepted Accounting Principles ("GAAP"), this earnings release includes certain non-GAAP financial measures. Management believes these non-GAAP financial measures provide meaningful information to investors in understanding the Company’s operating performance and trends. These non-GAAP measures have inherent limitations and are not required to be uniformly applied and are not audited. They should not be considered in isolation or as a substitute for an analysis of results reported under GAAP. These non-GAAP measures may not be comparable to similarly titled measures reported by other companies. Reconciliations of non-GAAP/adjusted financial measures disclosed in this earnings release to the comparable GAAP measures are provided in the following table:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Quarterly Data

 

YTD

Dollars in thousands, except per share data

 

Sept 30, 2021

 

June 30, 2021

 

Mar 31, 2021

 

Dec 31, 2020

 

Sept 30, 2020

 

Sept 30, 2021

 

 

Sept 30, 2020

Average assets

$

5,916,548

 

$

5,504,686

 

$

4,669,051

 

$

4,153,908

 

$

4,026,366

$

5,367,998

 

$

3,765,265

Less: average intangible assets

 

9,733

 

 

9,733

 

 

9,733

 

 

9,733

 

 

9,733

 

9,733

 

 

9,733

Average tangible assets

$

5,906,815

 

$

5,494,953

 

$

4,659,318

 

$

4,144,175

 

$

4,016,633

$

5,358,265

 

$

3,755,532

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Average equity

$

394,787

 

$

357,097

 

$

346,785

 

$

335,940

 

$

324,876

$

366,399

 

$

315,398

Less: Average preferred equity

 

5,502

 

 

5,502

 

 

5,502

 

 

5,502

 

 

5,502

 

5,502

 

 

5,502

Average common equity

$

389,285

 

$

351,595

 

$

341,283

 

$

330,438

 

$

319,374

$

360,897

 

$

309,896

Less: average intangible assets

 

9,733

 

 

9,733

 

 

9,733

 

 

9,733

 

 

9,733

 

9,733

 

 

9,733

Average tangible common equity

$

379,552

 

$

341,862

 

$

331,550

 

$

320,705

 

$

309,641

$

351,164

 

$

300,163

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Annualized return on average tangible common equity*

16.95

%

15.65

%

14.82

%

14.61

%

13.85

%

15.86

%

12.33

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Total assets

$

6,141,254

 

$

5,787,193

 

$

4,922,801

 

$

4,330,821

 

$

4,001,759

$

6,141,254

 

$

4,001,759

Less: intangible assets

 

9,733

 

 

9,733

 

 

9,733

 

 

9,733

 

 

9,733

 

9,733

 

 

9,733

Tangible assets

$

6,131,521

 

$

5,777,460

 

$

4,913,068

 

$

4,321,088

 

$

3,992,026

$

6,131,521

 

$

3,992,026

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Total equity

$

542,654

 

$

363,595

 

$

348,217

 

$

340,787

 

$

328,584

$

542,654

 

$

328,584

Less: preferred equity

 

5,502

 

 

5,502

 

 

5,502

 

 

5,502

 

 

5,502

 

5,502

 

 

5,502

Common equity

$

537,152

 

$

358,093

 

$

342,715

 

$

335,285

 

$

323,082

$

537,152

 

$

323,082

Less: intangible assets

 

9,733

 

 

9,733

 

 

9,733

 

 

9,733

 

 

9,733

 

9,733

 

 

9,733

Tangible common equity (book value)

$

527,419

 

$

348,360

 

$

332,982

 

$

325,552

 

$

313,349

$

527,419

 

$

313,349

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Common shares outstanding

 

10,644,193

 

 

8,344,193

 

 

8,345,032

 

 

8,295,272

 

 

8,289,479

 

10,644,193

 

 

8,289,479

Book value per share (GAAP)

$

50.46

 

$

42.92

 

$

41.07

 

$

40.42

 

$

38.97

$

50.46

 

$

38.97

Tangible book value per share (non-GAAP)**

$

49.55

 

$

41.75

 

$

39.90

 

$

39.25

 

$

37.80

$

49.55

 

$

37.80

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Total revenue (GAAP)***

$

46,683

 

$

43,129

 

$

39,017

 

$

33,467

 

$

35,961

$

128,829

 

$

105,082

Gain on sale of securities

$

 

$

609

 

$

 

$

 

$

$

609

 

$

3,286

Revenue excluding gain on sale of

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

securities (non-GAAP)

$

46,683

 

$

42,520

 

$

39,017

 

$

33,467

 

$

35,961

$

128,220

 

$

101,796

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

* Net income divided by average tangible comm equity annualized

** Tangible book value divided by common shares outstanding at period-end.

*** Total revenue equals net interest income plus non-interest income.

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Quarterly Data

 

YTD

Dollars in thousands

Sept 30, 2021

 

June 30, 2021

 

Mar 31, 2021

 

Dec 31, 2020

 

Sept 30, 2020

 

Sept 30, 2021

 

Sept 30, 2020

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net income

$

16,215

 

$

13,336

 

$

12,117

 

$

11,775

 

$

10,783

 

41,668

 

$

27,690

Plus: income tax expense

 

7,994

 

 

6,229

 

 

5,627

 

 

5,482

 

 

5,111

 

19,851

 

 

12,971

Income before income tax expense

$

24,209

 

$

19,565

 

$

17,744

 

$

17,257

 

$

15,894

 

61,519

 

$

40,661

Plus: provision for loan losses

 

490

 

 

1,875

 

 

950

 

 

1,795

 

 

1,137

 

3,315

 

 

7,693

Pre-tax, pre-provision income

$

24,699

 

$

21,440

 

$

18,694

 

$

19,052

 

$

17,031

 

3,315

 

$

7,693

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Total non-interest expense (GAAP)

$

21,984

 

$

21,689

 

$

20,323

 

$

17,788

 

$

18,930

 

63,995

 

$

56,728

Total Revenue (GAAP)

$

46,683

 

$

43,129

 

$

39,017

 

$

36,840

 

$

35,961

 

128,829

 

$

105,082

Efficiency ratio (non-GAAP)

 

47.1

%

 

50.3

%

 

52.1

%

 

48.3

%

 

52.6

%

49.7

%

 

54.0%

 

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