[April 26, 2018] |
|
Access National Announces First Quarter 2018 Earnings
Access National Corporation (NASDAQ: ANCX) (the "Corporation" or
"Access"), parent company for Access National Bank (the "Bank") and
Middleburg Investment Group, reported first quarter 2018 net income of
$8.1 million, or $0.39 per diluted share. This represents the
Corporation's 71st consecutive quarterly profit over its 73
quarter history. Consistent with management's stated objective of a 40%
dividend payout ratio against baseline earnings, the Board of Directors
declared a dividend of $0.15 per share for common shareholders of record
as of May 10, 2018 and payable on May 25, 2018.
Highlights
-
First quarter net income of $8.1 million or $0.39 per diluted share;
-
Tangible book value1 per common share was $11.65 at March
31, 2018, an increase of $0.13 from the linked quarter;
-
Loans held for investment were $1.92 billion at March 31, 2018
compared to $1.07 billion at March 31, 2017, a year-over-year increase
of 79.4%; and
-
Non-interest bearing demand deposits of $706.1 million were 32.1% of
total deposits at March 31, 2018 compared to $376.7 million at March
31, 2017, a year-over-year increase of 87.5%.
The period ended March 31, 2018 represented the first quarter of
operations free of material merger and integration costs related to the
acquisition of Middleburg Financial Corporation. According to Access CEO
Michael Clarke, "We are encouraged by our earnings in this first quarter
of 2018 but have room for improvement. The earnings are directionally
consistent with the metric upon which the acquisition was structured.
However, we are disappointed in the lack of growth in total loans and
deposits on a linked quarter basis. We attribute the lack of growth to
seasonal factors. We are confident in executing our strategy and ability
to deliver against our stated strategic financial targets.
Total deposits dropped $37.2 million or 1.7% from December 31, 2017 to
March 31, 2018; however, demand deposits, savings and money market
accounts grew $12.3 million. Strength and focus on core deposits are
evidenced by the steady 55.0% contribution of demand deposits to total
deposits.
Comparing March 31, 2018 figures to the linked quarter, total loans held
for investment declined $54.0 million. Seasonal reductions of $37.6
million in revolving commercial lines of credit as well as reductions in
commercial mortgage loans totaling $21.7 million account for the
decrease. The reductions in these loan balances did not reflect the loss
of any valued, targeted relationships."
Mr. Clarke concluded, "The hard work of conversion is behind us. The
focus now is on expanding the existing valued client relationships and
acquiring new targeted clients on an accelerated basis. Continued
execution of our plan should translate into improved operating
efficiencies and improved relative performance that builds shareholder
value."
First quarter 2018 pre-tax earnings were $9.9 million, up from the $9.0
million reported in the fourth quarter of 2017. The commercial banking
segment's net interest income declined $728 thousand from the linked
quarter, from $23.7 million to $23.0 million, due mainly to the decrease
in average balances of loans held for investment coupled with the
decrease in yield on earnings assets. During the fourth quarter of 2017,
management planned for and made a strategic sale and disposition of
$25.7 million in loans. The commercial banking segment's other expense
reflected a decrease of $1.5 million when compared to the prior quarter
as fourth quarter 2017 included a pre-tax impairment charge of $3.1
million.
The net interest margin on a fully tax equivalent (non-GAAP) basis
decreased to 3.70% from 3.83% when comparing first quarter 2018 to
fourth quarter 2017. The decrease in net interest margin was due to a
$451 thousand decrease in the recognized credit mark accretion, from
$1.5 million in the fourth quarter of 2017 to $774 thousand in the first
quarter of 2018 (a 7 basis point decrease), as well as to the decrease
in the federal tax rate, from 35% in fourth quarter 2017 to 21% in the
first quarter 2018, which reduced fully tax equivalent income by $324
thousand in the first quarter of 2018 (a 5 basis point decrease).
Total deposits at March 31, 2018 were $2.20 billion, down slightly from
the $2.23 billion at December 31, 2017. While noninterest-bearing
deposits saw a $38.8 million decrease from the linked quarter to $706.1
million, noninterest-bearing deposits remain the largest and most
attractive source of funding for the Corporation, comprising 32.1% of
the deposit portfolio. Interest-bearing deposits remained consistent
between the first quarter of 2018 and the linked quarter. The
Corporation continues to replace its brokered deposits with high value
demand deposit relationships as evidenced by the $27.8 million decrease
in brokered deposits, from $51.0 million at December 31, 2017 to $23.2
million at March 31, 2018. The go-forward strategy places a high
priority on the maintenance and expansion of core deposits.
Non-performing assets ("NPAs") increased to $7.5 million at March 31,
2018 from $5.3 million at December 31, 2017, representing 0.26% and
0.18% of total assets, respectively. Included in the NPA total is $643
thousand in other real estate owned. The allowance for loan loss was
$15.9 million and $15.8 million at March 31, 2018 and December 31, 2017,
respectively, and represented 0.83% and 0.80% of total loans held for
investment, respectively. The remaining credit and fair value marks on
the loans acquired in the merger totaled $12.2 million at March 31, 2018.
Tangible book value2 per common share increased to $11.65 at
March 31, 2018 from $11.52 at December 31, 2017. The tangible common
equity ratio for Access National Corporation and its subsidiary bank was
9.10% at March 31, 2018, within the Corporation's target range of 8.50%
to 9.50%.
Access National Corporation is the parent company of Access National
Bank and Middleburg Investment Group serving Northern and Central
Virginia. Additional information is available on our website at www.AccessNationalBank.com.
Shares of Access National Corporation are traded on the NASDAQ Global
Market under the symbol "ANCX".
Forward-Looking Statements
The information presented herein contains "forward-looking statements"
within the meaning of the Private Securities Litigation Reform Act of
1995 regarding expectations or predictions of future financial or
business performance or conditions. Forward-looking statements may be
identified by words such as "may," "could," "will," "expect," "believe,"
"anticipate," "forecast," "intend," "plan," "prospects," "estimate,"
"potential," or by variations of such words or by similar expressions.
These forward-looking statements are subject to numerous assumptions,
risks and uncertainties which change over time. Forward-looking
statements in this report may include, but are not limited to,
statements about projected impacts of and financial results generated by
the merger of Access and Middleburg Financial Corporation
("Middleburg"). Forward-looking statements speak only as of the date
they are made and Access assumes no duty to update forward-looking
statements.
In addition to factors previously disclosed in Access's reports filed
with the SEC and those identified elsewhere in this release, the
following factors, among others, could cause actual results to differ
materially from the results expressed in or implied by forward-looking
statements and historical performance: changes in asset quality and
credit risk; changes in interest rates and capital markets; the
introduction, timing and success of business initiatives; competitive
conditions; and the inability to recognize cost savings or revenues or
to implement integration plans associated with the merger of Access and
Middleburg.
__________________________ 1 Non-GAAP financial
information. See "Reconciliation of Non-GAAP Financial Measures" at end
of release. 2 Non-GAAP financial information. See
"Reconciliation of Non-GAAP Financial Measures" at end of release.
|
|
|
|
|
|
|
Access National Corporation
|
|
|
|
|
|
|
Consolidated Balance Sheet - Unaudited
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
March 31,
|
|
December 31,
|
|
March 31,
|
(In Thousands Except for Share and Per Share Data)
|
|
2018
|
|
2017
|
|
2017
|
|
|
|
|
|
|
|
ASSETS
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cash and due from banks
|
|
$
|
17,084
|
|
|
$
|
29,855
|
|
|
$
|
11,740
|
|
|
|
|
|
|
|
|
Interest-bearing balances and federal funds sold
|
|
|
127,280
|
|
|
|
92,458
|
|
|
|
31,866
|
|
|
|
|
|
|
|
|
Investment securities:
|
|
|
|
|
|
|
Available-for-sale, at fair value
|
|
|
402,762
|
|
|
|
407,446
|
|
|
|
190,129
|
|
Held-to-maturity, amortized cost (fair value of $15,657, $16,379
and $9,273, respectively)
|
|
|
15,676
|
|
|
|
15,721
|
|
|
|
9,186
|
|
Total investment securities
|
|
|
418,438
|
|
|
|
423,167
|
|
|
|
199,315
|
|
|
|
|
|
|
|
|
Restricted Stock, at amortized cost
|
|
|
16,502
|
|
|
|
16,572
|
|
|
|
6,324
|
|
|
|
|
|
|
|
|
Loans held for sale - at fair value
|
|
|
30,008
|
|
|
|
31,999
|
|
|
|
36,299
|
|
|
|
|
|
|
|
|
Loans held for investment net of allowance for loan losses of
$15,928, $15,805 and $13,727, respectively
|
|
|
1,908,983
|
|
|
|
1,963,104
|
|
|
|
1,059,064
|
|
|
|
|
|
|
|
|
Premises, equipment and land, net
|
|
|
28,111
|
|
|
|
27,797
|
|
|
|
7,097
|
|
|
|
|
|
|
|
|
Goodwill and intangible assets, net
|
|
|
185,646
|
|
|
|
185,161
|
|
|
|
1,821
|
|
|
|
|
|
|
|
|
Other assets
|
|
|
101,796
|
|
|
|
103,781
|
|
|
|
47,821
|
|
|
|
|
|
|
|
|
Total assets
|
|
$
|
2,833,848
|
|
|
$
|
2,873,894
|
|
|
$
|
1,401,347
|
|
|
|
|
|
|
|
|
LIABILITIES AND SHAREHOLDERS' EQUITY
|
|
|
|
|
|
|
|
|
|
|
|
|
|
LIABILITIES
|
|
|
|
|
|
|
Noninterest-bearing deposits
|
|
$
|
706,128
|
|
|
$
|
744,960
|
|
|
$
|
376,674
|
|
|
|
|
|
|
|
|
Interest-bearing demand deposits
|
|
|
511,850
|
|
|
|
496,677
|
|
|
|
141,981
|
|
|
|
|
|
|
|
|
Savings and interest-bearing deposits
|
|
|
659,615
|
|
|
|
623,889
|
|
|
|
330,124
|
|
|
|
|
|
|
|
|
Time deposits
|
|
|
319,335
|
|
|
|
368,622
|
|
|
|
308,211
|
|
|
|
|
|
|
|
|
Total deposits
|
|
|
2,196,928
|
|
|
|
2,234,148
|
|
|
|
1,156,990
|
|
|
|
|
|
|
|
|
Short-term borrowings
|
|
|
143,413
|
|
|
|
145,993
|
|
|
|
61,827
|
|
|
|
|
|
|
|
|
Long-term borrowings
|
|
|
40,000
|
|
|
|
40,000
|
|
|
|
50,000
|
|
|
|
|
|
|
|
|
Trust preferred debentures
|
|
|
3,903
|
|
|
|
3,883
|
|
|
|
-
|
|
|
|
|
|
|
|
|
Other liabilities and accrued expenses
|
|
|
22,951
|
|
|
|
28,246
|
|
|
|
9,596
|
|
|
|
|
|
|
|
|
Total Liabilities
|
|
|
2,407,195
|
|
|
|
2,452,270
|
|
|
|
1,278,413
|
|
|
|
|
|
|
|
|
SHAREHOLDERS' EQUITY
|
|
|
|
|
|
|
Common stock $0.835 par value; 60,000,000 authorized; issued and
outstanding, 20,695,946, 20,534,163 and 10,787,490 , respectively
|
|
|
17,281
|
|
|
|
17,146
|
|
|
|
9,008
|
|
|
|
|
|
|
|
|
Additional paid in capital
|
|
|
311,675
|
|
|
|
307,670
|
|
|
|
24,254
|
|
|
|
|
|
|
|
|
Retained earnings
|
|
|
103,955
|
|
|
|
98,584
|
|
|
|
91,198
|
|
|
|
|
|
|
|
|
Accumulated other comprehensive income (loss), net
|
|
|
(6,258
|
)
|
|
|
(1,776
|
)
|
|
|
(1,526
|
)
|
|
|
|
|
|
|
|
Total shareholders' equity
|
|
|
426,653
|
|
|
|
421,624
|
|
|
|
122,934
|
|
|
|
|
|
|
|
|
Total liabilities and shareholders' equity
|
|
$
|
2,833,848
|
|
|
$
|
2,873,894
|
|
|
$
|
1,401,347
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Access National Corporation
|
Consolidated Statement of Operations - Unaudited
|
|
|
|
|
|
|
|
Three Months Ended
|
(In Thousands Except for Share and Per Share Data)
|
|
March 31, 2018
|
|
March 31, 2017
|
|
|
|
|
|
INTEREST INCOME
|
|
|
|
|
Interest and fees on loans
|
|
$
|
23,411
|
|
$
|
12,199
|
|
|
|
|
|
Interest on federal funds sold and bank balances
|
|
|
517
|
|
|
131
|
|
|
|
|
|
Interest and dividends on securities
|
|
|
2,680
|
|
|
1,224
|
Total interest income
|
|
|
26,608
|
|
|
13,554
|
|
|
|
|
|
INTEREST EXPENSE
|
|
|
|
|
Interest on deposits
|
|
|
2,798
|
|
|
1,502
|
|
|
|
|
|
Interest on other borrowings
|
|
|
565
|
|
|
362
|
Total interest expense
|
|
|
3,363
|
|
|
1,864
|
Net interest income
|
|
|
23,245
|
|
|
11,690
|
|
|
|
|
|
Provision for loan losses
|
|
|
750
|
|
|
1,400
|
Net interest income after provision for loan losses
|
|
|
22,495
|
|
|
10,290
|
|
|
|
|
|
NONINTEREST INCOME
|
|
|
|
|
Service charges and fees
|
|
|
477
|
|
|
280
|
|
|
|
|
|
Gain on sale of loans
|
|
|
2,792
|
|
|
3,345
|
|
|
|
|
|
Other Income
|
|
|
4,126
|
|
|
2,378
|
Total noninterest income
|
|
|
7,395
|
|
|
6,003
|
|
|
|
|
|
NONINTEREST EXPENSE
|
|
|
|
|
Salaries and benefits
|
|
|
11,728
|
|
|
8,040
|
|
|
|
|
|
Occupancy and equipment
|
|
|
2,241
|
|
|
820
|
|
|
|
|
|
Other operating expense
|
|
|
6,005
|
|
|
4,886
|
Total noninterest expense
|
|
|
19,974
|
|
|
13,746
|
Income before income tax
|
|
|
9,916
|
|
|
2,547
|
|
|
|
|
|
Income tax expense
|
|
|
1,830
|
|
|
1,178
|
NET INCOME
|
|
|
8,086
|
|
|
1,369
|
|
|
|
|
|
Earnings per common share:
|
|
|
|
|
Basic
|
|
$
|
0.39
|
|
$
|
0.13
|
Diluted
|
|
$
|
0.39
|
|
$
|
0.13
|
|
|
|
|
|
Average outstanding shares:
|
|
|
|
|
Basic
|
|
|
20,619,817
|
|
|
10,724,798
|
Diluted
|
|
|
20,715,188
|
|
|
10,857,235
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Performance and Capital Ratios - Unaudited
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months
|
|
Three Months
|
|
Three Months
|
|
Three Months
|
|
Three Months
|
|
Twelve Months
|
|
|
Ended
|
|
Ended
|
|
Ended
|
|
Ended
|
|
Ended
|
|
Ended
|
|
|
March 31,
|
|
December 31,
|
|
September 30,
|
|
June 30,
|
|
March 31,
|
|
December 31
|
(Dollars In Thousands)
|
|
2018
|
|
2017
|
|
2017
|
|
2017
|
|
2017
|
|
2017
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Return on average assets (annualized)
|
|
|
1.06%
|
|
|
0.43%
|
|
|
0.96%
|
|
|
0.55%
|
|
|
0.74%
|
|
|
0.67%
|
Return on average equity (annualized)
|
|
|
7.06%
|
|
|
3.09%
|
|
|
6.69%
|
|
|
3.73%
|
|
|
8.57%
|
|
|
5.03%
|
Return on average tangible equity (annualized) (1)
|
|
|
13.57%
|
|
|
5.06%
|
|
|
11.89%
|
|
|
6.73%
|
|
|
8.70%
|
|
|
7.72%
|
Net interest margin - fully tax equivalent basis (1)
|
|
|
3.70%
|
|
|
3.83%
|
|
|
4.41%
|
|
|
4.28%
|
|
|
3.85%
|
|
|
3.88%
|
Net interest margin
|
|
|
3.65%
|
|
|
3.77%
|
|
|
3.76%
|
|
|
3.91%
|
|
|
3.46%
|
|
|
3.81%
|
Efficiency ratio - Bank only
|
|
|
59.65%
|
|
|
51.48%
|
|
|
57.56%
|
|
|
59.23%
|
|
|
53.26%
|
|
|
55.72%
|
Total average equity to earning assets
|
|
|
16.59%
|
|
|
15.55%
|
|
|
16.00%
|
|
|
16.68%
|
|
|
8.99%
|
|
|
14.82%
|
Tangible common equity ratio (1)
|
|
|
9.10%
|
|
|
8.79%
|
|
|
8.85%
|
|
|
8.97%
|
|
|
8.65%
|
|
|
8.79%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Averages
|
|
|
|
|
|
|
|
|
|
|
|
|
Assets
|
|
$
|
2,856,201
|
|
$
|
2,837,834
|
|
$
|
2,922,105
|
|
$
|
2,789,088
|
|
$
|
1,401,652
|
|
$
|
2,453,894
|
Loans held for investment
|
|
|
1,950,077
|
|
|
1,965,608
|
|
|
2,002,842
|
|
|
1,896,824
|
|
|
1,052,167
|
|
|
1,704,040
|
Loans held for sale
|
|
|
21,257
|
|
|
30,006
|
|
|
28,734
|
|
|
28,254
|
|
|
24,461
|
|
|
27,881
|
Interest-bearing deposits & federal funds sold
|
|
|
136,969
|
|
|
102,095
|
|
|
136,222
|
|
|
121,572
|
|
|
64,628
|
|
|
104,566
|
Investment securities
|
|
|
434,003
|
|
|
420,218
|
|
|
437,628
|
|
|
422,792
|
|
|
209,533
|
|
|
362,614
|
Earning assets
|
|
|
2,548,836
|
|
|
2,536,000
|
|
|
2,617,443
|
|
|
2,471,036
|
|
|
1,353,360
|
|
|
2,212,020
|
Interest-bearing deposits
|
|
|
1,517,030
|
|
|
1,528,133
|
|
|
1,566,286
|
|
|
1,523,997
|
|
|
761,075
|
|
|
1,327,262
|
Total deposits
|
|
|
2,215,222
|
|
|
2,247,225
|
|
|
2,277,759
|
|
|
2,163,567
|
|
|
1,096,309
|
|
|
1,922,249
|
Repurchase agreements & federal funds purchased
|
|
|
57,344
|
|
|
54,702
|
|
|
58,149
|
|
|
53,949
|
|
|
28,369
|
|
|
48,378
|
FHLB short term borrowings
|
|
|
91,002
|
|
|
68,300
|
|
|
59,697
|
|
|
57,824
|
|
|
86,200
|
|
|
67,907
|
FHLB long-term borrowings
|
|
|
40,000
|
|
|
46,304
|
|
|
82,790
|
|
|
79,892
|
|
|
59,556
|
|
|
66,329
|
Trust Preferred debt
|
|
|
3,891
|
|
|
3,871
|
|
|
3,029
|
|
|
3,824
|
|
|
-
|
|
|
2,691
|
Equity
|
|
$
|
422,780
|
|
$
|
394,319
|
|
$
|
418,678
|
|
$
|
412,146
|
|
$
|
121,724
|
|
$
|
327,738
|
Tangible equity (1)
|
|
$
|
238,381
|
|
$
|
240,754
|
|
$
|
235,526
|
|
$
|
228,480
|
|
$
|
119,896
|
|
$
|
213,756
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Allowance for loan losses
|
|
$
|
15,928
|
|
$
|
15,805
|
|
$
|
15,692
|
|
$
|
14,671
|
|
$
|
13,727
|
|
$
|
15,805
|
Allowance for loan losses/loans held for investment
|
|
|
0.83%
|
|
|
0.80%
|
|
|
0.80%
|
|
|
0.76%
|
|
|
1.28%
|
|
|
0.80%
|
Remaining fair value marks on purchased performing loans
|
|
$
|
10,415
|
|
$
|
11,241
|
|
$
|
12,444
|
|
$
|
13,584
|
|
NA
|
|
$
|
11,241
|
Purchased credit impaired loans
|
|
$
|
4,702
|
|
$
|
4,969
|
|
$
|
5,184
|
|
$
|
7,237
|
|
NA
|
|
$
|
4,969
|
Remaining fair value marks on purchased credit impaired loans
|
|
$
|
1,749
|
|
$
|
1,175
|
|
$
|
694
|
|
$
|
2,296
|
|
NA
|
|
$
|
1,175
|
Total NPA
|
|
$
|
7,453
|
|
$
|
5,270
|
|
$
|
7,817
|
|
$
|
8,954
|
|
$
|
5,244
|
|
$
|
5,270
|
NPA to total assets
|
|
|
0.26%
|
|
|
0.18%
|
|
|
0.27%
|
|
|
0.32%
|
|
|
0.37%
|
|
|
0.18%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Mortgage loan originations and brokered loans
|
|
$
|
84,411
|
|
$
|
113,513
|
|
$
|
107,706
|
|
$
|
116,958
|
|
$
|
202,206
|
|
$
|
432,678
|
Gain on sale of mortgage loans net hedging activity
|
|
$
|
3,273
|
|
$
|
4,984
|
|
$
|
5,371
|
|
$
|
5,421
|
|
$
|
3,416
|
|
$
|
19,192
|
Allowance for losses on mortgage loans sold
|
|
$
|
953
|
|
$
|
953
|
|
$
|
987
|
|
$
|
1,029
|
|
$
|
1,029
|
|
$
|
953
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Wealth Services segment - assets under management
|
|
$
|
1,942,526
|
|
$
|
1,955,720
|
|
$
|
1,935,780
|
|
$
|
1,927,629
|
|
$
|
676,865
|
|
$
|
1,955,720
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Book value per common share
|
|
$
|
20.62
|
|
$
|
20.53
|
|
$
|
20.55
|
|
$
|
20.36
|
|
$
|
11.40
|
|
$
|
20.53
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Tangible book value per common share (1)
|
|
$
|
11.65
|
|
$
|
11.52
|
|
$
|
11.64
|
|
$
|
11.32
|
|
$
|
11.23
|
|
$
|
11.52
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(1) Non-GAAP financial information. See "Reconciliation of Non-GAAP
Financial Measures" at end of release.
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Composition of Loan Portfolio - Unaudited
|
|
|
March 31, 2018
|
|
December 31, 2017
|
|
September 30, 2017
|
|
June 30, 2017
|
|
March 31, 2017
|
(Dollars In Thousands)
|
|
Amount
|
|
Percentage of Total
|
|
Amount
|
|
Percentage of Total
|
|
Amount
|
|
Percentage of Total
|
|
Amount
|
|
Percentage of Total
|
|
Amount
|
|
Percentage of Total
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Commercial real estate - owner occupied
|
|
$
|
462,298
|
|
24.02
|
%
|
|
$
|
467,082
|
|
23.60
|
%
|
|
$
|
443,128
|
|
22.50
|
%
|
|
$
|
401,853
|
|
20.84
|
%
|
|
$
|
262,431
|
|
24.46
|
%
|
Commercial real estate - non-owner occupied
|
|
|
419,139
|
|
21.77
|
|
|
|
436,083
|
|
22.04
|
|
|
|
435,181
|
|
22.09
|
|
|
|
377,037
|
|
19.55
|
|
|
|
205,452
|
|
19.15
|
|
Residential real estate
|
|
|
476,366
|
|
24.75
|
|
|
|
489,669
|
|
24.74
|
|
|
|
512,621
|
|
26.03
|
|
|
|
525,649
|
|
27.26
|
|
|
|
212,007
|
|
19.76
|
|
Commercial
|
|
|
437,287
|
|
22.72
|
|
|
|
463,652
|
|
23.43
|
|
|
|
449,450
|
|
22.82
|
|
|
|
476,055
|
|
24.69
|
|
|
|
294,451
|
|
27.45
|
|
Real estate construction
|
|
|
104,528
|
|
5.43
|
|
|
|
97,481
|
|
4.93
|
|
|
|
104,193
|
|
5.29
|
|
|
|
124,186
|
|
6.44
|
|
|
|
91,614
|
|
8.54
|
|
Consumer
|
|
|
25,293
|
|
1.31
|
|
|
|
24,942
|
|
1.26
|
|
|
|
25,087
|
|
1.27
|
|
|
|
23,565
|
|
1.22
|
|
|
|
6,836
|
|
0.64
|
|
Total loans
|
|
$
|
1,924,911
|
|
100.00
|
%
|
|
$
|
1,978,909
|
|
100.00
|
%
|
|
$
|
1,969,660
|
|
100.00
|
%
|
|
$
|
1,928,345
|
|
100.00
|
%
|
|
$
|
1,072,791
|
|
100.00
|
%
|
Less allowance for loan losses
|
|
|
15,928
|
|
|
|
|
15,805
|
|
|
|
|
15,692
|
|
|
|
|
14,671
|
|
|
|
|
13,727
|
|
|
|
|
$
|
1,908,983
|
|
|
|
$
|
1,963,104
|
|
|
|
$
|
1,953,968
|
|
|
|
$
|
1,913,674
|
|
|
|
$
|
1,059,064
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Composition of Deposits - Unaudited
|
|
|
March 31, 2018
|
|
December 31, 2017
|
|
September 30, 2017
|
|
June 30, 2017
|
|
March 31, 2017
|
(Dollars In Thousands)
|
|
Amount
|
|
Percentage of Total
|
|
Amount
|
|
Percentage of Total
|
|
Amount
|
|
Percentage of Total
|
|
Amount
|
|
Percentage of Total
|
|
Amount
|
|
Percentage of Total
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Demand deposits
|
|
$
|
706,128
|
|
32.14
|
%
|
|
$
|
744,960
|
|
33.34
|
%
|
|
$
|
710,691
|
|
31.09
|
%
|
|
$
|
660,481
|
|
30.20
|
%
|
|
$
|
376,674
|
|
32.56
|
%
|
Interest-bearing demand deposits
|
|
|
501,745
|
|
22.84
|
|
|
|
486,621
|
|
21.78
|
|
|
|
480,620
|
|
21.02
|
|
|
|
454,675
|
|
20.79
|
|
|
|
141,981
|
|
12.27
|
|
Savings and money market
|
|
|
616,879
|
|
28.08
|
|
|
|
580,827
|
|
26.00
|
|
|
|
616,596
|
|
26.97
|
|
|
|
562,581
|
|
25.72
|
|
|
|
284,182
|
|
24.56
|
|
CDARS time deposits
|
|
|
17,247
|
|
0.78
|
|
|
|
21,582
|
|
0.97
|
|
|
|
37,836
|
|
1.65
|
|
|
|
39,746
|
|
1.82
|
|
|
|
41,369
|
|
3.58
|
|
CDARS/ICS non-maturity deposits
|
|
|
50,233
|
|
2.29
|
|
|
|
48,011
|
|
2.15
|
|
|
|
47,219
|
|
2.07
|
|
|
|
44,009
|
|
2.01
|
|
|
|
42,960
|
|
3.71
|
|
Brokered deposits
|
|
|
23,244
|
|
1.06
|
|
|
|
51,028
|
|
2.28
|
|
|
|
71,090
|
|
3.11
|
|
|
|
101,419
|
|
4.64
|
|
|
|
110,254
|
|
9.53
|
|
Time deposits
|
|
|
281,452
|
|
12.81
|
|
|
|
301,119
|
|
13.48
|
|
|
|
322,160
|
|
14.09
|
|
|
|
324,295
|
|
14.82
|
|
|
|
159,570
|
|
13.79
|
|
Total Deposits
|
|
$
|
2,196,928
|
|
100.00
|
%
|
|
$
|
2,234,148
|
|
100.00
|
%
|
|
$
|
2,286,212
|
|
100.00
|
%
|
|
$
|
2,187,206
|
|
100.00
|
%
|
|
$
|
1,156,990
|
|
100.00
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Yield on Average Earning Assets and Rates on Average
Interest-Bearing Liabilities
|
Three Months Ended - Unaudited
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
March 31, 2018
|
|
March 31, 2017
|
|
|
Average
|
|
Income /
|
|
Yield /
|
|
Average
|
|
Income /
|
|
Yield /
|
(Dollars In Thousands)
|
|
Balance
|
|
Expense
|
|
Rate
|
|
Balance
|
|
Expense
|
|
Rate
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Assets:
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest-earning assets:
|
|
|
|
|
|
|
|
|
|
|
|
|
Securities
|
|
$
|
440,533
|
|
|
$
|
2,679
|
|
2.43
|
%
|
|
$
|
212,104
|
|
|
$
|
1,224
|
|
2.31
|
%
|
Loans held for sale
|
|
|
21,257
|
|
|
|
227
|
|
4.27
|
%
|
|
|
24,461
|
|
|
|
250
|
|
4.09
|
%
|
Loans(1)
|
|
|
1,950,077
|
|
|
|
23,187
|
|
4.76
|
%
|
|
|
1,052,167
|
|
|
|
11,949
|
|
4.54
|
%
|
Interest-bearing balances and federal funds sold
|
|
|
136,969
|
|
|
|
515
|
|
1.50
|
%
|
|
|
64,628
|
|
|
|
131
|
|
0.81
|
%
|
Total interest-earning assets
|
|
|
2,548,836
|
|
|
|
26,608
|
|
4.18
|
%
|
|
|
1,353,360
|
|
|
|
13,554
|
|
4.01
|
%
|
Noninterest-earning assets:
|
|
|
|
|
|
|
|
|
|
|
|
|
Cash and due from banks
|
|
|
18,261
|
|
|
|
|
|
|
|
11,700
|
|
|
|
|
|
Premises, land and equipment
|
|
|
28,333
|
|
|
|
|
|
|
|
7,102
|
|
|
|
|
|
Other assets
|
|
|
276,819
|
|
|
|
|
|
|
|
45,009
|
|
|
|
|
|
Less: allowance for loan losses
|
|
|
(16,048
|
)
|
|
|
|
|
|
|
(15,519
|
)
|
|
|
|
|
Total noninterest-earning assets
|
|
|
307,365
|
|
|
|
|
|
|
|
48,292
|
|
|
|
|
|
Total Assets
|
|
$
|
2,856,201
|
|
|
|
|
|
|
$
|
1,401,652
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Liabilities and Shareholders' Equity:
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest-bearing deposits:
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest-bearing demand deposits
|
|
$
|
502,621
|
|
|
$
|
590
|
|
0.47
|
%
|
|
$
|
141,315
|
|
|
$
|
153
|
|
0.43
|
%
|
Money market deposit accounts
|
|
|
494,707
|
|
|
|
930
|
|
0.75
|
%
|
|
|
258,786
|
|
|
|
345
|
|
0.53
|
%
|
Savings accounts
|
|
|
173,509
|
|
|
|
209
|
|
0.48
|
%
|
|
|
61,001
|
|
|
|
90
|
|
0.59
|
%
|
Time deposits
|
|
|
346,193
|
|
|
|
1,069
|
|
1.24
|
%
|
|
|
299,973
|
|
|
|
914
|
|
1.22
|
%
|
Total interest-bearing deposits
|
|
|
1,517,030
|
|
|
|
2,798
|
|
0.74
|
%
|
|
|
761,075
|
|
|
|
1,502
|
|
0.79
|
%
|
Borrowings:
|
|
|
|
|
|
|
|
|
|
|
|
|
FHLB short-term borrowings
|
|
|
91,002
|
|
|
|
350
|
|
1.54
|
%
|
|
|
28,367
|
|
|
|
16
|
|
0.23
|
%
|
Securities sold under agreements to repurchase and federal funds
purchased
|
|
|
57,344
|
|
|
|
14
|
|
0.10
|
%
|
|
|
86,200
|
|
|
|
166
|
|
0.77
|
%
|
Subordinated debentures
|
|
|
3,891
|
|
|
|
75
|
|
7.71
|
%
|
|
|
-
|
|
|
|
-
|
|
0.00
|
%
|
FHLB long-term borrowings
|
|
|
40,000
|
|
|
|
126
|
|
1.26
|
%
|
|
|
59,555
|
|
|
|
180
|
|
1.21
|
%
|
Total borrowings
|
|
|
192,237
|
|
|
|
565
|
|
1.18
|
%
|
|
|
174,122
|
|
|
|
362
|
|
0.83
|
%
|
Total interest-bearing deposits and borrowings
|
|
|
1,709,267
|
|
|
|
3,363
|
|
0.79
|
%
|
|
|
935,197
|
|
|
|
1,864
|
|
0.80
|
%
|
Noninterest-bearing liabilities:
|
|
|
|
|
|
|
|
|
|
|
|
|
Demand deposits
|
|
|
698,192
|
|
|
|
|
|
|
|
335,234
|
|
|
|
|
|
Other liabilities
|
|
|
25,962
|
|
|
|
|
|
|
|
9,497
|
|
|
|
|
|
Total liabilities
|
|
|
2,433,421
|
|
|
|
|
|
|
|
1,279,928
|
|
|
|
|
|
Shareholders' Equity
|
|
|
422,780
|
|
|
|
|
|
|
|
121,724
|
|
|
|
|
|
Total Liabilities and Shareholders' Equity
|
|
$
|
2,856,201
|
|
|
|
|
|
|
$
|
1,401,652
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest Spread(2)
|
|
|
|
|
|
3.39
|
%
|
|
|
|
|
|
3.21
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net Interest Margin(3)
|
|
|
|
$
|
23,245
|
|
3.65
|
%
|
|
|
|
$
|
11,690
|
|
3.46
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(1) Loans placed on nonaccrual status are included in
loan balances.
|
(2) Interest spread is the average yield earned on
earning assets, less the average rate incurred on interest-bearing
liabilities.
|
(3) Net interest margin is net interest income,
expressed as a percentage of average earning assets.
|
|
|
|
|
|
|
|
|
|
|
|
|
Segment Reporting - Unaudited
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended
|
|
Commercial
|
|
Mortgage
|
|
Trust & Wealth
|
|
|
|
|
Consolidated
|
March 31, 2018
|
|
Banking
|
|
Banking
|
|
Management
|
|
Other
|
|
Eliminations
|
|
Totals
|
|
|
(In Thousands)
|
Revenues:
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest income
|
|
$
|
26,287
|
|
$
|
227
|
|
|
$
|
2
|
|
|
$
|
6
|
|
|
$
|
86
|
|
|
$
|
26,608
|
Gain on sale of loans
|
|
|
-
|
|
|
2,792
|
|
|
|
-
|
|
|
|
-
|
|
|
|
-
|
|
|
|
2,792
|
Other revenues
|
|
|
1,505
|
|
|
1,269
|
|
|
|
1,741
|
|
|
|
418
|
|
|
|
(330
|
)
|
|
|
4,603
|
Total revenues
|
|
|
27,792
|
|
|
4,288
|
|
|
|
1,743
|
|
|
|
424
|
|
|
|
(244
|
)
|
|
|
34,003
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Expenses:
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest expense
|
|
|
3,294
|
|
|
(152
|
)
|
|
|
-
|
|
|
|
135
|
|
|
|
86
|
|
|
|
3,363
|
Salaries and employee benefits
|
|
|
7,928
|
|
|
2,877
|
|
|
|
948
|
|
|
|
-
|
|
|
|
(25
|
)
|
|
|
11,728
|
Other expenses
|
|
|
7,285
|
|
|
706
|
|
|
|
482
|
|
|
|
828
|
|
|
|
(305
|
)
|
|
|
8,996
|
Total operating expenses
|
|
|
18,507
|
|
|
3,431
|
|
|
|
1,430
|
|
|
|
963
|
|
|
|
(244
|
)
|
|
|
24,087
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Income (loss) before income taxes
|
|
$
|
9,285
|
|
$
|
857
|
|
|
$
|
313
|
|
|
$
|
(539
|
)
|
|
$
|
-
|
|
|
$
|
9,916
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total assets
|
|
$
|
2,781,867
|
|
$
|
39,416
|
|
|
$
|
11,078
|
|
|
$
|
22,494
|
|
|
$
|
(21,007
|
)
|
|
$
|
2,833,848
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended
|
|
Commercial
|
|
Mortgage
|
|
Trust & Wealth
|
|
|
|
|
Consolidated
|
December 31, 2017
|
|
Banking
|
|
Banking
|
|
Management
|
|
Other
|
|
Eliminations
|
|
Totals
|
|
|
(In Thousands)
|
Revenues:
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest income
|
|
$
|
26,837
|
|
$
|
295
|
|
|
$
|
-
|
|
|
$
|
8
|
|
|
$
|
(45
|
)
|
|
$
|
27,095
|
Gain on sale of loans
|
|
|
136
|
|
|
4,959
|
|
|
|
-
|
|
|
|
-
|
|
|
|
-
|
|
|
|
5,095
|
Other revenues
|
|
|
1,825
|
|
|
(1
|
)
|
|
|
1,793
|
|
|
|
478
|
|
|
|
(509
|
)
|
|
|
3,586
|
Total revenues
|
|
|
28,798
|
|
|
5,253
|
|
|
|
1,793
|
|
|
|
486
|
|
|
|
(554
|
)
|
|
|
35,776
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Expenses:
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest expense
|
|
|
3,116
|
|
|
(24
|
)
|
|
|
-
|
|
|
|
135
|
|
|
|
(45
|
)
|
|
|
3,182
|
Salaries and employee benefits
|
|
|
8,116
|
|
|
2,836
|
|
|
|
1,163
|
|
|
|
-
|
|
|
|
-
|
|
|
|
12,115
|
Other expenses
|
|
|
8,825
|
|
|
1,092
|
|
|
|
919
|
|
|
|
1,131
|
|
|
|
(509
|
)
|
|
|
11,458
|
Total operating expenses
|
|
|
20,057
|
|
|
3,904
|
|
|
|
2,082
|
|
|
|
1,266
|
|
|
|
(554
|
)
|
|
|
26,755
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Income (loss) before income taxes
|
|
$
|
8,741
|
|
$
|
1,349
|
|
|
$
|
(289
|
)
|
|
$
|
(780
|
)
|
|
$
|
-
|
|
|
$
|
9,021
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total assets
|
|
$
|
2,827,041
|
|
$
|
31,999
|
|
|
$
|
10,967
|
|
|
$
|
21,727
|
|
|
$
|
(17,840
|
)
|
|
$
|
2,873,894
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended
|
|
Commercial
|
|
Mortgage
|
|
Wealth
|
|
|
|
|
|
Consolidated
|
March 31, 2017
|
|
Banking
|
|
Banking
|
|
Management
|
|
Other
|
|
Eliminations
|
|
Totals
|
|
|
(In Thousands)
|
Revenues:
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest income
|
|
$
|
13,394
|
|
$
|
250
|
|
|
$
|
-
|
|
|
$
|
6
|
|
|
$
|
(96
|
)
|
|
$
|
13,554
|
Gain on sale of loans
|
|
|
-
|
|
|
3,345
|
|
|
|
-
|
|
|
|
-
|
|
|
|
-
|
|
|
|
3,345
|
Other revenues
|
|
|
765
|
|
|
1,126
|
|
|
|
754
|
|
|
|
336
|
|
|
|
(323
|
)
|
|
|
2,658
|
Total revenues
|
|
|
14,159
|
|
|
4,721
|
|
|
|
754
|
|
|
|
342
|
|
|
|
(419
|
)
|
|
|
19,557
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Expenses:
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest expense
|
|
|
1,870
|
|
|
27
|
|
|
|
-
|
|
|
|
63
|
|
|
|
(96
|
)
|
|
|
1,864
|
Salaries and employee benefits
|
|
|
4,418
|
|
|
3,031
|
|
|
|
591
|
|
|
|
-
|
|
|
|
-
|
|
|
|
8,040
|
Other expenses
|
|
|
3,527
|
|
|
841
|
|
|
|
239
|
|
|
|
2,822
|
|
|
|
(323
|
)
|
|
|
7,106
|
Total operating expenses
|
|
|
9,815
|
|
|
3,899
|
|
|
|
830
|
|
|
|
2,885
|
|
|
|
(419
|
)
|
|
|
17,010
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Income (loss) before income taxes
|
|
$
|
4,344
|
|
$
|
822
|
|
|
$
|
(76
|
)
|
|
$
|
(2,543
|
)
|
|
$
|
-
|
|
|
$
|
2,547
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total assets
|
|
$
|
1,351,257
|
|
$
|
52,447
|
|
|
$
|
2,739
|
|
|
$
|
20,657
|
|
|
$
|
(25,753
|
)
|
|
$
|
1,401,347
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Reconciliation of Non-GAAP Financial Measures - Unaudited
The press release contains certain financial information determined by
methods other than in accordance with generally accepted accounting
policies in the United States (GAAP). These non-GAAP financial measures
are "tangible book value per common shares", "tangible common equity
ratio", and "net interest margin on a fully tax equivalent basis." This
non-GAAP disclosure has limitations as an analytical tool and should not
be considered in isolation or as a substitute for analysis of the
Corporation's results as reported under GAAP, nor is it necessarily
comparable to non-GAAP performance measures that may be presented by
other companies. Management uses these non-GAAP measures in its analysis
of our performance because it believes these measures are material and
will be used as a measure of our performance by investors.
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months
|
|
Three Months
|
|
Three Months
|
|
Three Months
|
|
Three Months
|
|
Twelve Months
|
|
|
Ended
|
|
Ended
|
|
Ended
|
|
Ended
|
|
Ended
|
|
Ended
|
|
|
March 31,
|
|
December 31,
|
|
September 30,
|
|
June 30,
|
|
March 31,
|
|
December 31,
|
(Dollars In Thousands)
|
|
|
2018
|
|
|
|
2017
|
|
|
|
2017
|
|
|
|
2017
|
|
|
|
2017
|
|
|
|
2017
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Book value per common share
|
|
$
|
20.62
|
|
|
$
|
20.53
|
|
|
$
|
20.55
|
|
|
$
|
20.36
|
|
|
$
|
11.40
|
|
|
$
|
20.53
|
|
Effect of intangible assets
|
|
$
|
(8.97
|
)
|
|
$
|
(9.01
|
)
|
|
$
|
(8.91
|
)
|
|
$
|
(9.04
|
)
|
|
$
|
(0.17
|
)
|
|
$
|
(9.01
|
)
|
Tangible book value per common share
|
|
$
|
11.65
|
|
|
$
|
11.52
|
|
|
$
|
11.64
|
|
|
$
|
11.32
|
|
|
$
|
11.23
|
|
|
$
|
11.52
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Common equity ratio
|
|
|
15.06
|
%
|
|
|
14.67
|
%
|
|
|
14.62
|
%
|
|
|
15.05
|
%
|
|
|
8.77
|
%
|
|
|
14.67
|
%
|
Effect of intangible assets
|
|
|
-5.96
|
%
|
|
|
-5.88
|
%
|
|
|
-5.77
|
%
|
|
|
-6.08
|
%
|
|
|
-0.12
|
%
|
|
|
-5.88
|
%
|
Tangible common equity ratio
|
|
|
9.10
|
%
|
|
|
8.79
|
%
|
|
|
8.85
|
%
|
|
|
8.97
|
%
|
|
|
8.65
|
%
|
|
|
8.79
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net interest margin
|
|
|
3.65
|
%
|
|
|
3.77
|
%
|
|
|
3.76
|
%
|
|
|
3.91
|
%
|
|
|
3.46
|
%
|
|
|
3.81
|
%
|
Effect of tax exempt securities and loans
|
|
|
0.05
|
%
|
|
|
0.06
|
%
|
|
|
0.10
|
%
|
|
|
0.06
|
%
|
|
|
0.06
|
%
|
|
|
0.07
|
%
|
Net interest margin - fully tax equivalent basis
|
|
|
3.70
|
%
|
|
|
3.83
|
%
|
|
|
3.86
|
%
|
|
|
3.97
|
%
|
|
|
3.52
|
%
|
|
|
3.88
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Return on average equity
|
|
|
7.06
|
%
|
|
|
3.09
|
%
|
|
|
6.69
|
%
|
|
|
3.73
|
%
|
|
|
8.57
|
%
|
|
|
5.03
|
%
|
Effect of intangible assets
|
|
|
6.51
|
%
|
|
|
1.97
|
%
|
|
|
5.20
|
%
|
|
|
3.00
|
%
|
|
|
0.13
|
%
|
|
|
2.69
|
%
|
Return on average tangible equity
|
|
|
13.57
|
%
|
|
|
5.06
|
%
|
|
|
11.89
|
%
|
|
|
6.73
|
%
|
|
|
8.70
|
%
|
|
|
7.72
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Average equity
|
|
$
|
422,780
|
|
|
$
|
394,319
|
|
|
$
|
418,678
|
|
|
$
|
412,146
|
|
|
$
|
121,724
|
|
|
$
|
327,738
|
|
Effect of average intangible assets
|
|
$
|
184,399
|
|
|
$
|
153,565
|
|
|
$
|
183,152
|
|
|
$
|
183,666
|
|
|
$
|
1,828
|
|
|
$
|
125,330
|
|
Average tangible equity
|
|
$
|
238,381
|
|
|
$
|
240,754
|
|
|
$
|
235,526
|
|
|
$
|
228,480
|
|
|
$
|
119,896
|
|
|
$
|
202,408
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
View source version on businesswire.com: https://www.businesswire.com/news/home/20180426006938/en/
[ Back To TMCnet.com's Homepage ]
|