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First Community Bancshares, Inc. Announces Fourth Quarter and Full Year 2016 Results and Quarterly Dividend

BLUEFIELD, Va., Jan. 24, 2017 (GLOBE NEWSWIRE) -- First Community Bancshares, Inc. (NASDAQ:FCBC) (www.fcbinc.com) (the “Company”) today reported its unaudited results of operations and other financial information for the quarter and year ended December 31, 2016. The Company reported net income available to common shareholders of $6.40 million, or $0.38 per diluted common share for the quarter ended December 31, 2016, which represents an 11.76% increase in per share diluted earnings compared to the same quarter of 2015. Net income available to common shareholders was $25.13 million, or $1.45 per diluted common share for the year ended December 31, 2016, which represents a 10.69% increase in per share diluted earnings over 2015.

The Company also announced today that the Board of Directors declared a quarterly cash dividend to common shareholders of sixteen cents ($0.16) per common share, which represents an increase of 14.29% over the first quarter of 2016. The quarterly dividend is payable to common shareholders of record on February 3, 2017, and is expected to be paid on or about February 17, 2017. The current year marks the 32nd consecutive year of cash dividends paid to stockholders.

On October 1, 2016, the Company sold two North Carolina insurance offices operating under the trade name Greenpoint Insurance Group, Inc. and two Virginia offices operating under the trade name Carr & Hyde Insurance to Ascension Insurance Agency, Inc. The transaction does not impact the Company’s in-branch insurance offices operating as First Community Insurance Services, Inc. in West Virginia and Virginia.

On January 9, 2017, the Company redeemed all of its previously issued trust preferred securities totaling $15.46 million. The callable trust preferred securities bore an interest rate of three-month LIBOR plus 2.95% with a maturity date of October 8, 2033.

Fourth Quarter 2016 Highlights

  • Income Statement
    • Net income available to common shareholders increased $256 thousand, or 4.16%, to $6.40 million compared to the same quarter of 2015.
    • Diluted earnings per share increased $0.04, or 11.76%, to $0.38 compared to the same quarter of 2015.
    • Core, non-GAAP diluted earnings per common share increased $0.02, or 5.88%, to $0.36 compared to the same quarter of 2015.
    • Net interest margin increased 1 basis point to 3.99%, and normalized net interest margin increased 15 basis points to 3.83% compared to the same quarter of 2015.

  • Balance Sheet
    • The non-covered loan portfolio increased $172.45 million, or 10.62%, compared to December 31, 2015.
    • Book value per common share increased $1.00 to $19.95 compared to December 31, 2015.
    • The Company repurchased 29,518 common shares during the quarter resulting in 1,182,294 shares repurchased during the year. The Company has repurchased 2.55 million shares since January 1, 2014.
    • The Company and its subsidiary bank both significantly exceed regulatory “well capitalized” targets as of December 31, 2016.

  • Asset Quality
    • Total nonperforming assets decreased $5.51 million compared to December 31, 2015, largely due to a decrease in covered OREO.
    • Total non-covered nonperforming assets decreased $1.72 million compared to December 31, 2015.
    • Non-covered delinquent loans, which are comprised of loans 30 days or more past due and nonaccrual loans, as a percentage of total non-covered loans improved 33 basis points to 1.39% as of December 31, 2016, from 1.72% as of December 31, 2015.

Non-GAAP Financial Measures

The Company prepares its financial statements in accordance with generally accepted accounting principles in the United States (“GAAP”). This press release also refers to certain non-GAAP financial measures that the Company believes provide investors with important information, when used in conjunction with results presented in accordance with GAAP, regarding its operational performance. The Company’s non-GAAP financial measures presented in this release include core earnings, the efficiency ratio, tangible book value per common share, average tangible common equity, and normalized net interest margin. Management believes that core earnings provide the Company and investors a valuable tool to evaluate the Company’s financial results. Management believes that the efficiency ratio provides important information about the Company’s operating expense control and efficiency of operations. Management also believes this ratio focuses attention on the core operating performance of the Company over time and is highly useful in comparing period-to-period operating performance of core business operations. The efficiency ratio used by the Company may not be comparable to efficiency ratios reported by other financial institutions. The reconciliations of these measures to GAAP measures are provided within this news release.

About First Community Bancshares, Inc.

First Community Bancshares, Inc., a financial holding company headquartered in Bluefield, Virginia, provides banking products and services through its wholly owned subsidiary First Community Bank. First Community Bank operated 45 branch banking locations in Virginia, West Virginia, North Carolina, and Tennessee as of December 31, 2016. First Community Bank provides insurance services through First Community Insurance Services and offers wealth management and investment advice through its Trust Division and First Community Wealth Management, which collectively managed $846 million in combined assets as of December 31, 2016. The Company’s common stock is listed on the NASDAQ Global Select Market under the trading symbol, “FCBC”. The Company reported consolidated assets of $2.39 billion as of December 31, 2016. Additional investor information is available on the Company’s website at www.fcbinc.com.

This news release may include forward-looking statements. These forward-looking statements are based on current expectations that involve risks, uncertainties, and assumptions. Should one or more of these risks or uncertainties materialize or should underlying assumptions prove incorrect, actual results may differ materially. These risks include: changes in business or other market conditions; the timely development, production and acceptance of new products and services; the challenge of managing asset/liability levels; the management of credit risk and interest rate risk; the difficulty of keeping expense growth at modest levels while increasing revenues; and other risks detailed from time to time in the Company’s Securities and Exchange Commission reports including, but not limited to, the Annual Report on Form 10-K for the most recent fiscal year end. Pursuant to the Private Securities Litigation Reform Act of 1995, the Company does not undertake to update forward-looking statements to reflect circumstances or events that occur after the date the forward-looking statements are made.

Financial Performance

CONDENSED CONSOLIDATED STATEMENTS OF INCOME (Unaudited)
                             
    Three Months Ended   Year Ended
    December 31,   September 30,   June 30,   March 31,   December 31,   December 31,
(Amounts in thousands, except share and per share data)   2016       2016       2016       2016       2015       2016       2015  
Interest income                          
  Interest and fees on loans $ 21,956     $ 21,952     $ 22,237     $ 21,573     $ 21,633     $ 87,718     $ 87,632  
  Interest on securities   1,362       1,643       1,891       1,957       2,023       6,853       8,203  
  Interest on deposits in banks   98       26       9       20       21       153       267  
Total interest income   23,416       23,621       24,137       23,550       23,677       94,724       96,102  
Interest expense                          
  Interest on deposits   1,145       1,133       1,087       1,114       1,202       4,479       5,878  
  Interest on borrowings   1,314       1,367       1,359       1,325       1,300       5,365       5,471  
Total interest expense   2,459       2,500       2,446       2,439       2,502       9,844       11,349  
Net interest income   20,957       21,121       21,691       21,111       21,175       84,880       84,753  
Provision for (recovery of) loan losses   500       (1,154 )     722       1,187       434       1,255       2,191  
Net interest income after                           
  provision (recovery)   20,457       22,275       20,969       19,924       20,741       83,625       82,562  
Total noninterest income   6,238       5,895       7,030       7,903       7,483       27,066       29,530  
Total noninterest expense   16,653       18,557       18,722       18,814       19,083       72,746       76,171  
Income before income taxes   10,042       9,613       9,277       9,013       9,141       37,945       35,921  
Income tax expense   3,638       3,230       3,022       2,929       2,993       12,819       11,381  
Net income    6,404       6,383       6,255       6,084       6,148       25,126       24,540  
Dividends on preferred stock   -       -       -       -       -       -       105  
Net income available to common shareholders $ 6,404     $ 6,383     $ 6,255     $ 6,084     $ 6,148     $ 25,126     $ 24,435  
                             
Earnings per common share                          
  Basic $ 0.38     $ 0.37     $ 0.36     $ 0.34     $ 0.34     $ 1.45     $ 1.32  
  Diluted   0.38       0.37       0.36       0.34       0.34       1.45       1.31  
Cash dividends per common share   0.16       0.16       0.14       0.14       0.14       0.60       0.54  
Weighted average shares outstanding                          
  Basic   16,891,010       17,031,074       17,414,320       17,859,197       18,193,824       17,319,689       18,531,039  
  Diluted   17,043,869       17,083,526       17,462,845       17,892,531       18,226,719       17,365,524       18,727,464  
Performance ratios                          
  Return on average assets   1.05 %     1.03 %     1.02 %     0.99 %     0.99 %     1.02 %     0.97 %
  Return on average common equity   7.49 %     7.58 %     7.47 %     7.15 %     7.05 %     7.42 %     7.08 %
  Return on average tangible common equity(1)   10.75 %     11.07 %     10.88 %     10.34 %     10.17 %     10.76 %     10.25 %
                             
(1) A non-GAAP financial measure defined as average stockholders’ equity less average goodwill, other intangibles, and preferred stock liquidation preference
 

/EIN News/ --

RECONCILIATION OF GAAP NET INCOME TO CORE EARNINGS (Unaudited)
                               
      Three Months Ended   Year Ended
      December 31,   September 30,   June 30,   March 31,   December 31,   December 31,
        2016       2016       2016       2016       2015       2016       2015  
(Amounts in thousands, except per share data)                          
Net income, GAAP $ 6,404     $ 6,383     $ 6,255     $ 6,084     $ 6,148     $ 25,126     $ 24,540  
Non-GAAP adjustments:                          
  Net gain on divestitures   (619 )     (3,065 )     -       -       -       (3,684 )     -  
  Allowance reversal for sold loans   -       (1,354 )     -       -       -       (1,354 )     -  
  Merger, acquisition, and divestiture expense   55       226       410       39       -       730       86  
  Net (gain) loss on sale of securities   (388 )     (25 )     79       (1 )     7       (335 )     (144 )
  FHLB debt prepayment fees   -       -       -       -       -       -       1,702  
  Net impairment losses   -       4,635       11       -       -       4,646       -  
  Other non-core items   (48 )     (264 )     -       (240 )     31       (552 )     (1,004 )
Total adjustments to core earnings   (1,000 )     153       500       (202 )     38       (549 )     640  
Tax effect   (708 )     56       184       (74 )     14       (542 )     660  
Core earnings, non-GAAP(1) $ 6,112     $ 6,480     $ 6,571     $ 5,956     $ 6,172     $ 25,119     $ 24,520  
                               
Core diluted earnings per common share $ 0.36     $ 0.38     $ 0.38     $ 0.33     $ 0.34     $ 1.45     $ 1.31  
Performance ratios                          
  Core return on average assets   1.01 %     1.05 %     1.07 %     0.97 %     0.99 %     1.02 %     0.97 %
  Core return on average common equity   7.15 %     7.70 %     7.85 %     7.00 %     7.08 %     7.42 %     7.09 %
  Core return on average tangible common equity(2)   10.26 %     11.24 %     11.43 %     10.12 %     10.21 %     10.75 %     10.25 %
                               
(1) Excludes gains, losses, and impairment losses on securities; goodwill and intangible impairment; taxes; and other non-recurring income and expense items from net income
(2) A non-GAAP financial measure defined as average stockholders’ equity less average goodwill, other intangibles, and preferred stock liquidation preference
                               

Net Interest Income and Margin

AVERAGE BALANCE SHEETS AND NET INTEREST INCOME ANALYSIS (Unaudited)
                           
      Three Months Ended December 31,
      2016
  2015
      Average        Average Yield/   Average        Average Yield/
(Amounts in thousands) Balance   Interest(1)   Rate(1)   Balance   Interest(1)   Rate(1)
Assets                      
Earning assets                      
  Loans(2) $ 1,846,848   $ 22,012   4.74 %   $ 1,694,569   $ 21,661   5.07 %
  Securities available for sale   193,342     1,644   3.38 %     377,213     2,349   2.47 %
  Securities held to maturity   67,254     182   1.08 %     72,568     194   1.06 %
  Interest-bearing deposits   35,470     98   1.10 %     19,544     21   0.43 %
Total earning assets   2,142,914     23,936   4.44 %     2,163,894     24,225   4.44 %
Other assets   275,022             298,312        
Total assets $ 2,417,936           $ 2,462,206        
                           
Liabilities and stockholders' equity                      
Interest-bearing deposits                      
  Demand deposits $ 348,869   $ 73   0.08 %   $ 344,214   $ 47   0.05 %
  Savings deposits   522,864     57   0.04 %     530,977     78   0.06 %
  Time deposits   519,521     1,015   0.78 %     561,443     1,077   0.76 %
Total interest-bearing deposits   1,391,254     1,145   0.33 %     1,436,634     1,202   0.33 %
Borrowings                      
  Federal funds purchased   82     -   0.00 %     2,114     2   0.38 %
  Retail repurchase agreements   66,776     12   0.07 %     74,042     14   0.08 %
  Wholesale repurchase agreements   48,913     464   3.77 %     50,000     474   3.76 %
  FHLB advances and other borrowings   92,175     838   3.62 %     83,748     810   3.84 %
Total borrowings   207,946     1,314   2.51 %     209,904     1,300   2.46 %
Total interest-bearing liabilities   1,599,200     2,459   0.61 %     1,646,538     2,502   0.60 %
Noninterest-bearing demand deposits   454,161             466,623        
Other liabilities   24,410             23,293        
Total liabilities   2,077,771             2,136,454        
Stockholders' equity   340,165             345,752        
Total liabilities and stockholders' equity $ 2,417,936           $ 2,482,206        
Net interest income, FTE     $ 21,477           $ 21,723    
Net interest rate spread         3.83 %           3.84 %
Net interest margin         3.99 %           3.98 %
                           
(1) Fully taxable equivalent ("FTE") basis based on the federal statutory rate of 35%
(2) Nonaccrual loans are included in average balances; however, no related interest income is recorded during the period of nonaccrual.
                           


AVERAGE BALANCE SHEETS AND NET INTEREST INCOME ANALYSIS (Unaudited)
                           
      Year Ended December 31,
      2016
  2015
      Average        Average Yield/   Average        Average Yield/
(Amounts in thousands) Balance   Interest(1)   Rate(1)   Balance   Interest(1)   Rate(1)
Assets                      
Earning assets                      
  Loans(2) $ 1,793,618   $ 87,848   4.90 %   $ 1,680,021   $ 87,768   5.22 %
  Securities available for sale   287,332     8,047   2.80 %     363,359     9,575   2.64 %
  Securities held to maturity   71,069     757   1.07 %     70,987     770   1.08 %
  Interest-bearing deposits   18,864     153   0.81 %     98,639     267   0.27 %
Total earning assets   2,170,883     96,805   4.46 %     2,213,006     98,380   4.44 %
Other assets   284,575             307,928        
Total assets $ 2,455,458           $ 2,520,934        
                           
Liabilities and stockholders' equity                      
Interest-bearing deposits                      
  Demand deposits $ 342,169   $ 250   0.07 %   $ 343,036   $ 203   0.06 %
  Savings deposits   531,050     248   0.05 %     532,221     367   0.07 %
  Time deposits   525,162     3,981   0.76 %     631,654     5,308   0.84 %
Total interest-bearing deposits   1,398,381     4,479   0.32 %     1,506,911     5,878   0.39 %
Borrowings                      
  Federal funds purchased   4,058     26   0.64 %     535     2   0.37 %
  Retail repurchase agreements   68,701     49   0.07 %     71,262     68   0.10 %
  Wholesale repurchase agreements   49,727     1,874   3.77 %     50,000     1,878   3.76 %
  FHLB advances and other borrowings   116,602     3,416   2.93 %     89,400     3,523   3.94 %
Total borrowings   239,088     5,365   2.24 %     211,197     5,471   2.59 %
Total interest-bearing liabilities   1,637,469     9,844   0.60 %     1,718,108     11,349   0.66 %
Noninterest-bearing demand deposits   456,474             433,936        
Other liabilities   23,040             20,691        
Total liabilities   2,116,983             2,172,735        
Stockholders' equity   338,475             348,199        
Total liabilities and stockholders' equity $ 2,455,458           $ 2,520,934        
Net interest income, FTE     $ 86,961           $ 87,031    
Net interest rate spread         3.86 %           3.78 %
Net interest margin         4.01 %           3.93 %
                           
(1) Fully taxable equivalent ("FTE") basis based on the federal statutory rate of 35%
(2) Nonaccrual loans are included in average balances; however, no related interest income is recorded during the period of nonaccrual.
                           


RECONCILIATION OF GAAP NET INTEREST MARGIN TO NON-GAAP NORMALIZED NET INTEREST MARGIN (Unaudited)
                   
      Three Months Ended December 31,
      2016    2015
(Amounts in thousands) Interest(1)   Average Yield/
Rate
(1) 
  Interest(1)   Average Yield/
Rate
(1) 
Earning assets              
Loans(2) $ 22,012   4.74 %   $ 21,661   5.07 %
  Accretion income   1,506         2,493    
  Less: cash accretion income   633         824    
  Non-cash accretion income   873         1,669    
Loans, normalized(3)   21,139   4.55 %     19,992   4.68 %
Other earning assets   1,924   2.59 %     2,564   2.17 %
Total earning assets   23,063   4.28 %     22,556   4.13 %
Total interest-bearing liabilities   2,459   0.61 %     2,502   0.60 %
Net interest income, FTE(3) $ 20,604       $ 20,054    
Net interest rate spread, normalized(3)     3.67 %       3.53 %
Net interest margin, normalized(3)     3.83 %       3.68 %
                   
(1) FTE basis based on the federal statutory rate of 35%
(2) Nonaccrual loans are included in average balances; however, no related interest income is recorded during the period of nonaccrual.
(3) Normalized totals are non-GAAP financial measures that exclude non-cash loan interest accretion related to PCI loans.
                   
      Year Ended December 31,
      2016
  2015
(Amounts in thousands) Interest(1)   Average Yield/
Rate
(1) 
  Interest(1)   Average Yield/
Rate
(1) 
Earning assets              
Loans(2) $ 87,848   4.90 %   $ 87,768   5.22 %
  Accretion income   7,690         11,258    
  Less: cash accretion income   2,924         4,149    
  Non-cash accretion income   4,766         7,109    
Loans, normalized(3)   83,082   4.63 %     80,659   4.80 %
Other earning assets   8,957   2.37 %     10,612   1.99 %
Total earning assets   92,039   4.24 %     91,271   4.12 %
Total interest-bearing liabilities   9,844   0.60 %     11,349   0.66 %
Net interest income, FTE(3) $ 82,195       $ 79,922    
Net interest rate spread, normalized(3)     3.64 %       3.46 %
Net interest margin, normalized(3)     3.79 %       3.61 %
                   
(1) FTE basis based on the federal statutory rate of 35%
(2) Nonaccrual loans are included in average balances; however, no related interest income is recorded during the period of nonaccrual.
(3) Normalized totals are non-GAAP financial measures that exclude non-cash loan interest accretion related to PCI loans.
                   

Noninterest Income and Expense

CONDENSED QUARTERLY STATEMENTS OF INCOME (Unaudited)
                             
    Three Months Ended   Year Ended
    December 31,   September 30,   June 30,   March 31,   December 31,   December 31,
(Amounts in thousands)   2016       2016       2016       2016       2015       2016       2015  
Noninterest income                          
  Wealth management $ 681     $ 653     $ 810     $ 684     $ 744     $ 2,828     $ 2,975  
  Service charges on deposits   3,442       3,494       3,361       3,291       3,563       13,588       13,717  
  Other service charges and fees   2,014       2,024       2,054       2,010       2,058       8,102       8,045  
  Insurance commissions   59       1,592       1,600       2,191       1,563       5,442       6,899  
  Net impairment losses recognized in earnings   -       (4,635 )     (11 )     -       -       (4,646 )     -  
  Net gain (loss) on sale of securities   388       25       (79 )     1       (7 )     335       144  
  Net FDIC indemnification asset amortization   (1,618 )     (1,369 )     (1,328 )     (1,159 )     (1,200 )     (5,474 )     (6,379 )
  Net gain on divestitures   619       3,065       -       -       -       3,684       -  
  Other operating income   653       1,046       623       885       762       3,207       4,129  
Total noninterest income   6,238       5,895       7,030       7,903       7,483       27,066       29,530  
Noninterest expense                          
  Salaries and employee benefits   9,411       9,828       10,198       10,475       10,268       39,912       39,625  
  Occupancy expense   1,158       1,249       1,359       1,531       1,413       5,297       5,817  
  Furniture and equipment expense   1,070       1,066       1,109       1,096       1,345       4,341       5,199  
  Amortization of intangibles   265       316       277       278       281       1,136       1,118  
  FDIC premiums and assessments   274       363       372       374       332       1,383       1,513  
  FHLB debt prepayment fees   -       -       -       -       -       -       1,702  
  Merger, acquisition, and divestiture expense   55       226       410       39       -       730       86  
  Other operating expense   4,420       5,509       4,997       5,021       5,444       19,947       21,111  
Total noninterest expense   16,653       18,557       18,722       18,814       19,083       72,746       76,171  
                             

Efficiency Ratio

EFFICIENCY RATIO CALCULATION (Unaudited)
                               
      Three Months Ended   Year Ended
      December 31,   September 30,   June 30,   March 31,   December 31,   December 31,
        2016       2016       2016       2016       2015       2016       2015  
(Amounts in thousands)                          
Noninterest expense, GAAP $ 16,653     $ 18,557     $ 18,722     $ 18,814     $ 19,083     $ 72,746     $ 76,171  
Non-GAAP adjustments                          
  Merger, acquisition, and divestiture expense   (55 )     (226 )     (410 )     (39 )     -       (730 )     (86 )
  FHLB debt prepayment fees   -       -       -       -       -       -       (1,702 )
  OREO expense and net loss   (184 )     (278 )     (247 )     (711 )     (475 )     (1,420 )     (2,438 )
  Goodwill impairment   -       -       -       -       -       -       -  
  Other non-core items   8       (168 )     (30 )     (174 )     (61 )     (364 )     (259 )
Adjusted noninterest expense   16,422       17,885       18,035       17,890       18,547       70,232       71,686  
                               
Net interest income, GAAP   20,957       21,121       21,691       21,111       21,175       84,880       84,753  
Noninterest income, GAAP   6,238       5,895       7,030       7,903       7,483       27,066       29,530  
Non-GAAP adjustments                          
  Tax equivalency adjustment   520       509       521       531       548       2,081       2,950  
  Net impairment losses   -       4,635       11       -       -       4,646       -  
  Net (gain) loss on sale of securities   (388 )     (25 )     79       (1 )     7       (335 )     (144 )
  Net gain on divestitures   (619 )     (3,065 )     -       -       -       (3,684 )     -  
  Other non-core items   (40 )     (432 )     (30 )     (414 )     (30 )     (916 )     (1,263 )
Adjusted net interest and noninterest income   26,668       28,638       29,302       29,130       29,183       113,738       115,826  
                               
Non-GAAP efficiency ratio(1)   61.58 %     62.45 %     61.55 %     61.41 %     63.55 %     61.75 %     61.89 %
GAAP efficiency ratio   61.24 %     68.69 %     65.19 %     64.84 %     66.59 %     64.98 %     66.65 %
                               
(1) A non-GAAP financial measure computed by dividing adjusted noninterest expense by the sum of tax equivalent net interest income and adjusted noninterest income
                               

Balance Sheet and Capital

CONDENSED CONSOLIDATED QUARTERLY BALANCE SHEETS (Unaudited)
                       
      December 31,   September 30,   June 30,   March 31,   December 31,
(Amounts in thousands, except per share data)   2016       2016       2016       2016       2015  
Assets                  
Total cash and cash equivalents $ 76,307     $ 65,929     $ 44,301     $ 39,587     $ 51,787  
Securities available for sale   165,579       220,856       322,699       338,469       366,173  
Securities held to maturity   47,133       72,182       72,239       72,485       72,541  
Loans held for investment, net of unearned income                  
  Non-covered   1,795,954       1,774,547       1,733,398       1,685,891       1,623,506  
  Covered   56,994       61,837       68,585       76,538       83,035  
  Less allowance for loan losses   (17,948 )     (19,633 )     (21,099 )     (20,467 )     (20,233 )
Loans held for investment, net   1,835,000       1,816,751       1,780,884       1,741,962       1,686,308  
FDIC indemnification asset   12,173       14,332       16,431       18,787       20,844  
Premises and equipment, net   50,085       50,564       50,199       50,799       52,756  
Other real estate owned, non-covered   5,109       4,052       4,187       5,313       4,873  
Other real estate owned, covered   276       2,437       2,017       2,279       4,034  
Interest receivable   5,553       5,498       6,115       5,968       6,007  
Goodwill   95,779       101,776       100,486       100,486       100,486  
Other intangible assets   7,207       7,964       4,688       4,965       5,243  
Other assets   86,197       87,932       91,082       89,187       91,224  
Total assets $ 2,386,398     $ 2,450,273     $ 2,495,328     $ 2,470,287     $ 2,462,276  
                       
Liabilities                  
Deposits                  
  Noninterest-bearing $ 427,705     $ 473,509     $ 451,003     $ 453,336     $ 451,511  
  Interest-bearing   1,413,633       1,388,390       1,373,412       1,421,329       1,421,748  
Total deposits   1,841,338       1,861,899       1,824,415       1,874,665       1,873,259  
Interest, taxes, and other liabilities   27,290       26,599       25,553       24,576       26,630  
Federal funds purchased   -       -       42,000       18,000       -  
Securities sold under agreements to repurchase   98,005       118,532       113,392       134,661       138,614  
FHLB borrowings   65,000       90,000       140,000       65,000       65,000  
Other borrowings   15,708       15,707       15,756       15,756       15,756  
Total liabilities   2,047,341       2,112,737       2,161,116       2,132,658       2,119,259  
                       
Stockholders' equity                  
Common stock   21,382       21,382       21,382       21,382       21,382  
Additional paid-in capital   228,142       227,884       227,791       227,725       227,692  
Retained earnings   170,377       166,689       163,030       159,223       155,647  
Treasury stock, at cost   (78,833 )     (78,789 )     (74,974 )     (64,968 )     (56,457 )
Accumulated other comprehensive (loss) income   (2,011 )     370       (3,017 )     (5,733 )     (5,247 )
Total stockholders' equity   339,057       337,536       334,212       337,629       343,017  
Total liabilities and stockholders' equity $ 2,386,398     $ 2,450,273     $ 2,495,328     $ 2,470,287     $ 2,462,276  
                       
Shares outstanding at period-end   16,994,208       16,988,972       17,155,322       17,631,011       18,098,141  
Book value per common share(1) $ 19.95     $ 19.87     $ 19.48     $ 19.15     $ 18.95  
Tangible book value per common share(2)   13.89       13.41       13.35       13.17       13.11  
                       
(1) Stockholders' equity divided by as-converted common shares outstanding
(2) A non-GAAP financial measure defined as stockholders’ equity less goodwill and other intangibles, divided by as-converted common shares outstanding
                       

Asset Quality

SELECTED CREDIT QUALITY INFORMATION (Unaudited)
                       
      December 31,   September 30,   June 30,   March 31,   December 31,
(Amounts in thousands)   2016       2016       2016       2016       2015  
Allowance for Loan Losses                   
Beginning balance $ 19,633     $ 21,099     $ 20,467     $ 20,233     $ 20,127  
(Recovery of) provision for loan losses charged                  
  to operations   500       (1,154 )     722       1,187       434  
(Recovery of) provision for loan losses recorded                  
  through the FDIC indemnification asset   -       -       (10 )     9       -  
Charge-offs   (2,485 )     (772 )     (691 )     (1,228 )     (805 )
Recoveries   300       460       611       266       477  
Net charge-offs   (2,185 )     (312 )     (80 )     (962 )     (328 )
Ending balance $ 17,948     $ 19,633     $ 21,099     $ 20,467     $ 20,233  
                       
Nonperforming Assets                  
Non-covered nonperforming assets                  
Nonaccrual loans $ 15,854     $ 17,487     $ 16,626     $ 16,196     $ 17,847  
Accruing loans past due 90 days or more   -       62       64       243       -  
Troubled debt restructurings ("TDRs")(1)   114       115       115       158       73  
Total non-covered nonperforming loans   15,968       17,664       16,805       16,597       17,920  
OREO   5,109       4,052       4,187       5,313       4,873  
Total non-covered nonperforming assets $ 21,077     $ 21,716     $ 20,992     $ 21,910     $ 22,793  
                       
Covered nonperforming assets                  
Nonaccrual loans $ 608     $ 688     $ 680     $ 1,955     $ 647  
Total covered nonperforming loans   608       688       680       1,955       647  
OREO   276       2,437       2,017       2,279       4,034  
Total covered nonperforming assets $ 884     $ 3,125     $ 2,697     $ 4,234     $ 4,681  
                       
Additional Information                  
Performing TDRs(2) $ 12,838     $ 13,336     $ 13,562     $ 13,474     $ 13,889  
Total TDRs(3)   12,952       13,451       13,677       13,632       13,962  
                       
Non-covered ratios                  
Nonperforming loans to total loans   0.89 %     1.00 %     0.97 %     0.98 %     1.10 %
Nonperforming assets to total assets   0.90 %     0.91 %     0.87 %     0.92 %     0.96 %
Non-PCI allowance to nonperforming loans   112.32 %     111.08 %     125.48 %     123.17 %     112.61 %
Non-PCI allowance to total loans   1.00 %     1.11 %     1.22 %     1.21 %     1.24 %
Annualized net charge-offs to average loans   0.49 %     0.07 %     0.02 %     0.23 %     0.08 %
                       
Total ratios                  
Nonperforming loans to total loans   0.89 %     1.00 %     0.97 %     1.05 %     1.09 %
Nonperforming assets to total assets   0.92 %     1.01 %     0.95 %     1.06 %     1.12 %
Allowance for loan losses to nonperforming loans   108.28 %     106.98 %     120.67 %     110.32 %     108.97 %
Allowance for loan losses to total loans   0.97 %     1.07 %     1.17 %     1.16 %     1.19 %
Annualized net charge-offs to average loans   0.47 %     0.07 %     0.02 %     0.22 %     0.08 %
                       
(1) Accruing TDRs restructured within the past six months or nonperforming
(2) Accruing TDRs with six months or more of satisfactory payment performance
(3) Accruing total TDRs
                       


FOR MORE INFORMATION, CONTACT:
                    David D. Brown
                    (276) 326-9000

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