Picture 1 

Exhibit 99.1

 

 

CBTX, Inc. Reports Third Quarter Financial Results

 

Houston, Texas, October 25, 2018-- CBTX, Inc. (the “Company”) (NASDAQ: CBTX), the bank holding company for CommunityBank of Texas N.A., today announced net income of $13.0 million, or $0.52 per diluted share, for the quarter ended September 30, 2018, compared to $10.0 million, or $0.45 per diluted share, for the quarter ended September 30, 2017 and $11.0 million, or $0.44 per diluted share, for the quarter ended June 30, 2018. 

 

For 2018, net income and earnings per share were positively impacted by the 14% reduction of the corporate U.S. statutory federal tax rate from 35% to 21% as a result of the enactment of the Tax Cuts and Jobs Act (the “Tax Act”), which became effective January 1, 2018.

 

Highlights

 

·

Total loans, excluding loans held for sale, increased $59.1 million, or 9.8% annualized, to $2.5 billion compared to the quarter ended June 30, 2018.

 

·

Net interest income for the quarter ended September 30, 2018 totaled $31.5 million, an increase of 2.1% from the second quarter of 2018, primarily due to the impact of increased average loans and average federal funds sold, partially offset by the impact of increased interest-bearing deposits and increased rates on those deposits.  

 

·

The efficiency ratio improved to 57.0% for the quarter ended September 30, 2018, compared to 58.2% for the quarter ended June 30, 2018.

 

Operating Results:

Net Interest Income

Net interest income was $31.5 million for the third quarter of 2018, compared to $27.3 million for the third quarter of 2017 and $30.9 million for the second quarter of 2018. The increase in net interest income in the third quarter of 2018 from the third quarter of 2017, was primarily due to increased average loans and increased average yields on loans and federal funds sold. The increase in net interest income in the third quarter of 2018 from the second quarter of 2018 was due to increased average loans and average federal funds sold, partially offset by the impact of increased interest-bearing deposits and increased rates on those deposits. 

 

The yield on interest-earning assets was 4.70% for the third quarter of 2018, compared to 4.32% for the third quarter of 2017 and 4.71% for the second quarter of 2018.  

 

The cost of interest-bearing liabilities, including borrowings, was 0.80% for the third quarter of 2018, compared to 0.60% for the third quarter of 2017 and 0.60% for the second quarter of 2018.  

 

The net interest margin was 4.28% for the third quarter of 2018 compared to 3.98% for the third quarter of 2017 and 4.39% for the second quarter of 2018.  

 

Provision (Recapture) for Loan Losses

 

Provision for loan loss was a recapture of $1.1 million for the third quarter of 2018, compared to a recapture of $1.7 million for the third quarter of 2017 and a provision of $690,000 for the second quarter of 2018. The recapture in the third quarter of 2018 was driven by strong credit quality, improved national and local economic trends, continuing low nonperforming and impaired loans and minimal charge-off history. The recapture during

 

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the third quarter of 2017 resulted from pay-offs of certain classified and problem loans, which resulted in the reversal of their related allowance for loan losses.

 

The allowance for loan losses was $24.5 million, or 0.99% of total loans, at September 30, 2018, compared to $23.8 million, or 1.08% of total loans, at September 30, 2017 and $25.7 million, or 1.07% of total loans, at June 30, 2018.  

 

Noninterest Income

 

Noninterest income was $3.5 million for the third quarter of 2018,  $4.1 million for the third quarter of 2017 and $3.5 million for the second quarter of 2018. Noninterest income for the third quarter of 2017 is higher compared to the third quarter of 2018 primarily due to gains on sales of two branches recorded in the third quarter of 2017. 

 

Noninterest income was relatively flat from the second quarter of 2018 to the third quarter of 2018.    

 

Noninterest Expense

 

Noninterest expense was $20.0 million for the third quarter of 2018,  $19.0 million for the third quarter of 2017 and $20.0 million for the second quarter of 2018.  

 

Noninterest expense increased $947,000 in the third quarter of 2018 compared to the third quarter of 2017 primarily due to increased salaries and employee benefits, partially offset by decreased repossessed and other asset expenses. Although we sold two branches in the third quarter of 2017, net occupancy expense increased $207,000 or 9.3% in the third quarter of 2018 compared to the third quarter of 2017. This increase is primarily due to increased costs for repairs and maintenance and other expenses.

 

Noninterest expense during the third quarter of 2018 compared to the second quarter of 2018 was relatively flat. 

 

Income Taxes

 

Income tax expense was $3.2 million for the third quarter of 2018,  $3.9 million for the third quarter of 2017 and $2.6 million for the second quarter of 2018.  

 

The effective tax rates were 19.8% for the third quarter of 2018,  28.1% for the third quarter of 2017 and 19.3% for the second quarter of 2018. The effective tax rate for the second and third quarter of 2018 primarily reflects the reduction of the federal tax rate from 35% to 21% effective January 1, 2018 as a result of the Tax Act. 

 

Balance Sheet Highlights:

 

Loans

 

Loans were $2.5 billion at September 30, 2018,  $2.2 billion at September 30, 2017 and $2.4 billion at June 30, 2018. The increases from the prior year and second quarter are primarily due to organic growth. 

 

Asset Quality 

 

Nonperforming assets remain low relative to total assets at $5.8 million, or 0.18% of total assets, at September 30, 2018,  $9.7 million, or 0.33% of total assets, at September 30, 2017 and $4.9 million, or 0.16% of total assets at June 30, 2018.

 

Annualized net charge-offs (recoveries) to average loans were 0.02% for the third quarter of 2018, (0.04%) for the third quarter of 2017 and 0.05% for the second quarter of 2018.  

 

 

2


 

Deposits and Borrowings

 

Total deposits were $2.7 billion at September 30, 2018, compared to $2.6 billion at September 30, 2017 and $2.6 billion at June 30, 2018.

 

Our total borrowings are comprised of notes payable, repurchase agreements and Federal Home Loan Bank (FHLB) advances and were $1.4 million at  September 30, 2018, $26.6 million at September 30, 2017 and $51.4 million at  June 30, 2018. The decrease in borrowings from June 30, 2018 to September 30, 2018 is due to the payoff of FHLB short-term advances of $50 million outstanding at June 30, 2018. Borrowings at September 30, 2017 include $24.4 million for our note payable, which was repaid due to scheduled payments and repayment in full during the quarter ended December 31, 2017.

 

Capital

 

At September 30, 2018,  the Company remained well capitalized under bank regulatory requirements. Our ratio of total shareholders’ equity to total assets was 14.8% at September 30, 2018, 12.8% at September 30, 2017 and 14.9% at June 30, 2018.

 

Our ratio of tangible equity to tangible assets was 12.4% at September 30, 2018, 10.1% at September 30, 2017 and 12.4% at June 30, 2018.  Tangible equity to tangible assets is a non‑GAAP financial measure. See the table captioned “Non‑GAAP to GAAP Reconciliation” at the end of this earnings release. Our ratios of total shareholders’ equity to total assets and tangible equity to tangible assets both increased from September 30, 2017 to September 30, 2018 due to our November 2017  initial public offering of our common stock and earnings between those periods. 

 

About CBTX, Inc.

 

CBTX, Inc. is the bank holding company for CommunityBank of Texas, N.A., a $3.2 billion asset bank, offering commercial banking solutions to local small and mid-sized businesses and professionals in Houston, Beaumont and surrounding communities in southeast Texas.  Visit www.communitybankoftx.com for more information.

 

Forward-Looking Statements

This release may contain certain forward-looking statements within the meaning of the securities laws that are based on various facts and derived utilizing important assumptions, current expectations, estimates and projections about the Company and its subsidiary. Forward-looking statements include information regarding the Company’s future financial performance, business and growth strategy, projected plans and objectives, as well as projections of macroeconomic and industry trends, which are inherently unreliable due to the multiple factors that impact economic trends, and any such variations may be material. Statements preceded by, followed by or that otherwise include the words “believes,” “expects,” “anticipates,” “intends,” “projects,” “estimates,” “plans” and similar expressions or future or conditional verbs such as “will,” “should,” “would,” “may” and “could” are generally forward-looking in nature and not historical facts, although not all forward-looking statements include the foregoing. Further, certain factors that could affect our future results and cause actual results to differ materially from those expressed in the forward-looking statements include, but are not limited to, whether the Company can: prudently manage and execute its growth strategy; manage risks associated with its acquisition and de novo branching strategy; maintain its asset quality; address the volatility and direction of market interest rates; continue to have access to debt and equity capital markets; and achieve its performance goals. The foregoing factors should not be construed as exhaustive and should be read together with the other cautionary statements included in the Company’s Annual Report on Form 10-K, filed with the Securities and Exchange Commission (“SEC”) and other reports and statements that the Company has filed with the SEC. If one or more events related to these or other risks or uncertainties materialize, or if the Company’s underlying assumptions prove to be incorrect, actual results may differ materially from what it anticipates. Accordingly, you should not place undue reliance on any such forward looking statements. Any forward-looking statement speaks only as of the date on which it is made, and the Company does not undertake any obligation to publicly update or review any forward-looking statement, whether as a result of new information, future developments or otherwise. New factors emerge from time to time, and it is not possible for the Company to predict which will arise. In addition, the Company cannot assess the impact of each factor on its business or the extent to which any factor, or combination of factors, may cause actual results to differ materially from those contained in any forward-looking statements. Copies of the SEC filings for the Company are available for download free of charge from www.communitybankoftx.com under the Investor Relations tab.

 

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CBTX, INC. AND SUBSIDIARY

Condensed Consolidated Balance Sheets (Unaudited)

(In thousands)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Balance Sheet Data (at period end):

    

9/30/2018

    

6/30/2018

 

3/31/2018

 

12/31/2017

 

9/30/2017

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Loans, excluding loans held for sale

 

$

2,463,197

 

$

2,404,132

 

$

2,356,053

 

$

2,311,544

 

$

2,199,478

Allowance for loan losses

 

 

(24,486)

 

 

(25,746)

 

 

(25,349)

 

 

(24,778)

 

 

(23,757)

Loans, net

 

 

2,438,711

 

 

2,378,386

 

 

2,330,704

 

 

2,286,766

 

 

2,175,721

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Cash and equivalents

 

 

281,640

 

 

245,265

 

 

279,915

 

 

326,199

 

 

348,578

Debt securities

 

 

222,493

 

 

230,393

 

 

221,183

 

 

223,208

 

 

217,660

Premises and equipment, net

 

 

52,032

 

 

52,607

 

 

53,135

 

 

53,607

 

 

54,129

Goodwill

 

 

80,950

 

 

80,950

 

 

80,950

 

 

80,950

 

 

80,950

Other intangible assets, net

 

 

6,038

 

 

6,276

 

 

6,521

 

 

6,770

 

 

7,031

Repossessed real estate and other assets

 

 

175

 

 

137

 

 

295

 

 

705

 

 

1,136

Loans held for sale

 

 

384

 

 

560

 

 

113

 

 

1,460

 

 

466

Other assets

 

 

108,030

 

 

106,186

 

 

101,974

 

 

101,418

 

 

104,167

Total Assets

 

$

3,190,453

 

$

3,100,760

 

$

3,074,790

 

$

3,081,083

 

$

2,989,838

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Noninterest-bearing deposits

 

$

1,144,985

 

$

1,114,155

 

$

1,120,521

 

$

1,109,789

 

$

1,051,755

Interest-bearing deposits

 

 

1,545,095

 

 

1,447,119

 

 

1,479,181

 

 

1,493,183

 

 

1,502,872

Total deposits

 

 

2,690,080

 

 

2,561,274

 

 

2,599,702

 

 

2,602,972

 

 

2,554,627

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Note payable

 

 

 -

 

 

 -

 

 

 -

 

 

 -

 

 

24,357

Repurchase agreements

 

 

1,351

 

 

1,448

 

 

861

 

 

1,525

 

 

2,239

Federal Home Loan Bank advances

 

 

 -

 

 

50,000

 

 

 -

 

 

 -

 

 

 -

Junior subordinated debt

 

 

6,726

 

 

6,726

 

 

6,726

 

 

6,726

 

 

6,726

Other liabilities

 

 

20,445

 

 

20,117

 

 

15,930

 

 

23,646

 

 

20,768

Total Liabilities

 

 

2,718,602

 

 

2,639,565

 

 

2,623,219

 

 

2,634,869

 

 

2,608,717

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Shareholders' Equity

 

 

471,851

 

 

461,195

 

 

451,571

 

 

446,214

 

 

381,121

Total Liabilities and Shareholders' Equity

 

$

3,190,453

 

$

3,100,760

 

$

3,074,790

 

$

3,081,083

 

$

2,989,838

 

4


 

CBTX, INC. AND SUBSIDIARY

Condensed Consolidated Statements of Income (Unaudited)

(In thousands)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

For the Three Months Ended

 

For the Nine Months Ended

 

    

9/30/2018

    

6/30/2018

    

3/31/2018

    

12/31/2017

    

9/30/2017

    

9/30/2018

    

9/30/2017

Interest Income

 

 

  

 

 

  

 

 

  

 

 

  

 

 

  

 

 

  

 

 

  

Interest and fees on loans

 

$

31,513

 

$

30,493

 

$

28,462

 

$

27,726

 

$

27,129

 

$

90,468

 

$

79,642

Securities

 

 

1,535

 

 

1,507

 

 

1,436

 

 

1,357

 

 

1,334

 

 

4,478

 

 

3,990

Federal Funds and interest-bearing deposits

 

 

1,617

 

 

1,127

 

 

1,187

 

 

1,283

 

 

1,106

 

 

3,931

 

 

2,661

Total Interest Income

 

 

34,665

 

 

33,127

 

 

31,085

 

 

30,366

 

 

29,569

 

 

98,877

 

 

86,293

Interest Expense

 

 

  

 

 

  

 

 

  

 

 

  

 

 

  

 

 

  

 

 

  

Deposits

 

 

2,961

 

 

2,126

 

 

1,948

 

 

1,993

 

 

1,964

 

 

7,035

 

 

5,659

Repurchase agreements

 

 

 1

 

 

 1

 

 

 1

 

 

 —

 

 

 2

 

 

 3

 

 

 5

Federal Home Loan Bank advances

 

 

61

 

 

12

 

 

 —

 

 

 —

 

 

 —

 

 

73

 

 

 —

Note payable

 

 

 4

 

 

 3

 

 

 4

 

 

122

 

 

269

 

 

11

 

 

784

Junior subordinated debt

 

 

112

 

 

109

 

 

93

 

 

86

 

 

83

 

 

314

 

 

236

Total Interest Expense

 

 

3,139

 

 

2,251

 

 

2,046

 

 

2,201

 

 

2,318

 

 

7,436

 

 

6,684

Net Interest Income

 

 

31,526

 

 

30,876

 

 

29,039

 

 

28,165

 

 

27,251

 

 

91,441

 

 

79,609

Provision (Recapture) for Loan Losses

 

 

(1,142)

 

 

690

 

 

865

 

 

1,050

 

 

(1,654)

 

 

413

 

 

(1,388)

Net Interest Income After Provision (Recapture) for Loan Losses

 

 

32,668

 

 

30,186

 

 

28,174

 

 

27,115

 

 

28,905

 

 

91,028

 

 

80,997

Noninterest Income

 

 

  

 

 

  

 

 

  

 

 

  

 

 

  

 

 

  

 

 

  

Deposit account service charges

 

 

1,597

 

 

1,497

 

 

1,478

 

 

1,388

 

 

1,395

 

 

4,572

 

 

4,412

Net gain (loss) on sale of assets

 

 

152

 

 

210

 

 

130

 

 

(7)

 

 

828

 

 

492

 

 

1,531

Card interchange fees

 

 

922

 

 

971

 

 

927

 

 

941

 

 

803

 

 

2,820

 

 

2,512

Earnings on bank-owned life insurance

 

 

443

 

 

465

 

 

451

 

 

460

 

 

459

 

 

1,359

 

 

1,120

Other

 

 

412

 

 

363

 

 

375

 

 

362

 

 

601

 

 

1,150

 

 

1,485

Total Noninterest Income

 

 

3,526

 

 

3,506

 

 

3,361

 

 

3,144

 

 

4,086

 

 

10,393

 

 

11,060

Noninterest Expense

 

 

  

 

 

  

 

 

  

 

 

  

 

 

  

 

 

  

 

 

  

Salaries and employee benefits

 

 

12,499

 

 

12,496

 

 

12,695

 

 

14,021

 

 

11,829

 

 

37,690

 

 

34,552

Net occupancy expense

 

 

2,428

 

 

2,433

 

 

2,265

 

 

2,346

 

 

2,221

 

 

7,126

 

 

6,805

Regulatory fees

 

 

488

 

 

513

 

 

545

 

 

487

 

 

458

 

 

1,546

 

 

1,689

Data processing

 

 

664

 

 

666

 

 

683

 

 

674

 

 

662

 

 

2,013

 

 

1,955

Printing, stationery and office

 

 

503

 

 

480

 

 

411

 

 

415

 

 

348

 

 

1,394

 

 

1,065

Amortization of intangibles

 

 

245

 

 

248

 

 

255

 

 

263

 

 

267

 

 

748

 

 

816

Professional and director fees

 

 

809

 

 

686

 

 

919

 

 

1,168

 

 

606

 

 

2,414

 

 

1,937

Correspondent bank and customer related transaction expenses

 

 

66

 

 

68

 

 

67

 

 

67

 

 

67

 

 

201

 

 

219

Loan processing costs

 

 

102

 

 

75

 

 

118

 

 

141

 

 

115

 

 

295

 

 

320

Advertising, marketing and business development

 

 

437

 

 

475

 

 

506

 

 

508

 

 

266

 

 

1,418

 

 

953

Repossessed real estate and other asset expense

 

 

 3

 

 

 5

 

 

57

 

 

66

 

 

340

 

 

65

 

 

543

Security and protection expense

 

 

346

 

 

311

 

 

302

 

 

300

 

 

331

 

 

959

 

 

1,055

Telephone and communications

 

 

342

 

 

394

 

 

386

 

 

344

 

 

311

 

 

1,122

 

 

972

Other expenses

 

 

1,032

 

 

1,162

 

 

1,075

 

 

1,189

 

 

1,196

 

 

3,269

 

 

3,422

Total Noninterest Expense

 

 

19,964

 

 

20,012

 

 

20,284

 

 

21,989

 

 

19,017

 

 

60,260

 

 

56,303

Net Income Before Income Tax Expense

 

 

16,230

 

 

13,680

 

 

11,251

 

 

8,270

 

 

13,974

 

 

41,161

 

 

35,754

Income Tax Expense

 

 

3,207

 

 

2,638

 

 

2,139

 

 

6,313

 

 

3,927

 

 

7,984

 

 

10,140

Net Income

 

$

13,023

 

$

11,042

 

$

9,112

 

$

1,957

 

$

10,047

 

$

33,177

 

$

25,614

 

 

5


 

CBTX, INC. AND SUBSIDIARY

Financial Highlights (Unaudited)

(In thousands, except per share data and percentages)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

For the Three Months Ended

 

For the Nine Months Ended

 

 

    

9/30/2018

    

6/30/2018

    

3/31/2018

    

12/31/2017

    

9/30/2017

    

9/30/2018

 

9/30/2017

 

Profitability:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net income

 

$

13,023

 

$

11,042

 

$

9,112

 

$

1,957

 

$

10,047

 

$

33,177

 

$

25,614

 

Basic earnings per share

 

$

0.52

 

$

0.44

 

$

0.37

 

$

0.08

 

$

0.46

 

$

1.34

 

$

1.16

 

Diluted earnings per share

 

$

0.52

 

$

0.44

 

$

0.37

 

$

0.08

 

$

0.45

 

$

1.33

 

$

1.16

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Return on average assets (1)

 

 

1.6

%

 

1.4

%

 

1.2

%

 

0.3

%

 

1.3

%

 

1.4

%

 

1.2

%

Return on average shareholders' equity (1)

 

 

11.0

%

 

9.7

%

 

8.2

%

 

1.8

%

 

10.5

%

 

9.7

%

 

8.6

%

Net interest margin- tax equivalent (1)

 

 

4.3

%

 

4.4

%

 

4.2

%

 

4.1

%

 

4.1

%

 

4.3

%

 

4.1

%

Efficiency ratio (2)

 

 

57.0

%

 

58.2

%

 

62.6

%

 

70.2

%

 

60.7

%

 

59.2

%

 

62.1

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Liquidity and Capital Ratios:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Total shareholders' equity to total assets

 

 

14.8

%

 

14.9

%

 

14.7

%

 

14.5

%

 

12.8

%

 

14.8

%

 

12.8

%

Tangible equity to tangible assets (3)

 

 

12.4

%

 

12.4

%

 

12.2

%

 

12.0

%

 

10.1

%

 

12.4

%

 

10.1

%

Common equity tier 1 capital ratio

 

 

14.3

%

 

14.1

%

 

14.1

%

 

14.2

%

 

12.2

%

 

14.3

%

 

12.2

%

Tier 1 leverage ratio

 

 

12.8

%

 

12.9

%

 

12.6

%

 

12.3

%

 

10.5

%

 

12.8

%

 

10.5

%

Tier 1 risk-based capital ratio

 

 

14.5

%

 

14.3

%

 

14.4

%

 

14.4

%

 

12.5

%

 

14.5

%

 

12.5

%

Total risk-based capital ratio

 

 

15.4

%

 

15.3

%

 

15.4

%

 

15.4

%

 

13.5

%

 

15.4

%

 

13.5

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Other Data:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Weighted average common shares outstanding- Basic

 

 

24,859

 

 

24,858

 

 

24,833

 

 

23,629

 

 

22,063

 

 

24,850

 

 

22,062

 

Weighted average common shares outstanding- Diluted

 

 

25,060

 

 

24,997

 

 

24,954

 

 

23,742

 

 

22,138

 

 

25,007

 

 

22,144

 

Common shares outstanding at period end

 

 

24,859

 

 

24,859

 

 

24,833

 

 

24,833

 

 

22,063

 

 

24,859

 

 

22,063

 

Dividends per share

 

$

0.05

 

$

0.05

 

$

0.05

 

$

0.05

 

$

0.05

 

$

0.15

 

$

0.15

 

Book value per share

 

$

19.0

 

$

18.6

 

$

18.2

 

$

18.0

 

$

17.3

 

$

19.0

 

$

17.3

 

Tangible book value per share (3)

 

$

15.5

 

$

15.0

 

$

14.7

 

$

14.4

 

$

13.3

 

$

15.5

 

$

13.3

 

Employees - full-time equivalents

 

 

489

 

 

488

 

 

477

 

 

462

 

 

464

 

 

489

 

 

464

 

 


(1)Quarterly ratios are annualized.

(2)Efficiency ratio represents noninterest expense divided by the sum of net interest income and noninterest income.

(3)Non‑GAAP financial measure. See the table captioned “Non‑GAAP to GAAP Reconciliation” at the end of this earnings release.

 

6


 

CBTX, INC. AND SUBSIDIARY

Net Interest Margin (Unaudited)

(In thousands, except percentages)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

For the Three Months Ended

 

 

9/30/2018

 

6/30/2018

 

9/30/2017

 

    

 

 

    

Interest

 

 

    

 

 

 

    

Interest

 

 

    

 

 

 

    

Interest

    

 

 

 

 

Average

 

Earned/

 

Average

 

Average

 

Earned/

 

Average

 

Average

 

Earned/

 

Average

 

 

Outstanding

 

Interest

 

Yield/

 

Outstanding

 

Interest

 

Yield/

 

Outstanding

 

Interest

 

Yield/

 

 

Balance

 

Paid

 

Rate (1)

 

Balance

 

Paid

 

Rate (1)

 

Balance

 

Paid

 

Rate (1)

Assets

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Interest-earnings assets:

 

 

  

 

 

  

 

  

 

 

 

  

 

 

  

 

  

 

 

 

  

 

 

  

 

  

 

Total loans (2)

 

$

2,404,491

 

$

31,513

 

5.20

%  

 

$

2,375,253

 

$

30,493

 

5.15

%  

 

$

2,191,016

 

$

27,129

 

4.91

%

Debt securities

 

 

230,592

 

 

1,535

 

2.64

%  

 

 

228,262

 

 

1,507

 

2.65

%  

 

 

223,132

 

 

1,334

 

2.37

%

Federal funds sold and other interest-earning assets

 

 

272,739

 

 

1,404

 

2.04

%  

 

 

201,906

 

 

936

 

1.86

%  

 

 

284,334

 

 

927

 

1.29

%

Nonmarketable equity securities

 

 

16,799

 

 

213

 

5.01

%  

 

 

14,823

 

 

191

 

5.17

%  

 

 

14,695

 

 

179

 

4.83

%

Total interest-earning assets

 

 

2,924,621

 

$

34,665

 

4.70

%  

 

 

2,820,244

 

$

33,127

 

4.71

%  

 

 

2,713,177

 

$

29,569

 

4.32

%

Allowance for loan losses

 

 

(25,689)

 

 

  

 

  

 

 

 

(25,392)

 

 

  

 

  

 

 

 

(25,316)

 

 

  

 

  

 

Noninterest-earnings assets

 

 

292,598