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Selected Financial Data
(dollars in thousands, except per share data)
Income Statement Summary
2015
2014
2013
2012
2011
Interest income
62,707
$
55,121
$
51,785
$
54,902
$
58,614
$
Interest expense
2,581
2,796
3,221
4,321
5,657
Net interest income before provision for
loan losses
60,126
52,325
48,564
50,581
52,957
Provision for loan losses
-
350
4,350
14,210
12,000
Non-interest income
17,715
15,831
17,063
18,126
14,992
Non-interest expense
50,703
46,375
44,815
46,656
47,605
Income before provision for income taxes
27,138
21,431
16,462
7,841
8,344
Provision (benefit) for income taxes
9,071
6,191
3,093
(344)
564
Net Income
18,067
15,240
13,369
8,185
7,780
Balance Sheet Summary
Total loans, net
1,124,602
961,056
793,087
867,078
740,929
Allowance for loan losses
(10,423)
(11,248)
(11,677)
(13,873)
(17,283)
Securities available for sale
507,582
511,883
425,044
380,188
406,471
Cash and due from banks
48,623
50,095
78,006
61,818
63,036
Foreclosed Assets
3,193
3,991
8,185
19,754
15,364
Premises and equipment, net
21,990
21,853
20,393
21,830
20,721
Total Interest-Earning assets
1,634,180
1,474,629
1,244,795
1,279,932
1,185,647
Total Assets
1,796,537
1,637,320
1,410,249
1,437,903
1,335,405
Total Interest-Bearing liabilities
1,150,010
1,038,177
845,084
926,362
883,236
Total Deposits
1,464,628
1,366,695
1,174,179
1,174,034
1,086,268
Total Liabilities
1,606,197
1,450,229
1,228,575
1,264,011
116,841
Total Shareholders' Equity
190,340
187,091
181,674
173,892
168,564
Per Share Data
Net Income Per Basic Share
1.34
1.09
0.94
0.58
0.55
Net Income Per Diluted Share
1.33
1.08
0.94
0.58
0.55
Book Value
14.36
13.67
12.78
12.33
11.95
Cash Dividends
0.42
0.34
0.26
0.24
0.24
Weighted Average Common Shares Outstanding Basic
13,460,605
14,001,958
14,155,927
14,103,805
14,036,667
Weighted Average Common Shares Outstanding Diluted
13,585,110
14,136,486
14,290,150
14,120,313
14,085,201
Key Operating Ratios:
Performance Ratios:
Return on Average Equity
(1)
9.59%
8.18%
7.56%
4.74%
4.73%
Return on Average Assets
(2)
1.07%
1.03%
0.96%
0.59%
0.59%
Net Interest Spread (tax-equivalent)
(3)
3.92%
3.92%
3.90%
4.08%
4.41%
Net Interest Margin (tax-equivalent)
3.99%
4.01%
4.02%
4.22%
4.59%
Dividend Payout Ratio
(4)
31.34% 31.33% 27.52% 41.35% 43.29%
Equity to Assets Ratio
(5)
11.13% 12.58% 12.72% 12.51% 12.37%
Efficiency Ratio (tax-equivalent)
63.98% 66.39% 66.90% 66.39% 67.83%
Net Loans to Total Deposits at Period End
76.78% 70.32% 67.54% 73.85% 68.21%
Asset Quality Ratios:
Non-Performing Loans to Total Loans
0.85%
2.13%
4.66%
6.03%
7.41%
Non-Performing Assets to Total Loans and
Other Real Estate Owned
1.13%
2.53%
5.62%
8.10%
9.25%
Net Charge-offs (recoveries) to Average Loans
0.08%
0.09%
0.81%
2.23%
2.06%
Allowance for Loan Losses to
Net Loans at Period End
0.93%
1.17%
1.47%
1.60%
2.33%
Allowance for Loan Losses to Non-Performing Loans
108.19% 54.40% 31.21% 26.13% 30.80%
Regulatory Capital Ratios:
Common Equity Tier 1 Capital to Risk-weighted Assets
13.98%
N/A
N/A
N/A
N/A
Tier 1 Capital to Adjusted Average Assets (Leverage Ratio)
12.14% 12.99% 14.37% 13.34% 14.11%
Tier 1 Capital to Risk-weighted Assets
16.17% 17.39% 20.39% 18.11% 20.46%
Total Capital to Risk-weighted Assets
17.01% 18.44% 21.67% 19.36% 21.72%
(1)
Net income divided by average shareholders' equity.
(2)
Net income divided by average total assets.
(3)
Represents the average rate earned on interest-earning assets less the average rate paid on interest-bearing liabilities.
(4)
Total dividends paid divided by net income.
(5)
Average equity divided by average total assets.
As of and for the years ended December 31,