Texas
|
001-38895
|
75-2453320
|
(State or other jurisdiction of incorporation)
|
(Commission File Number)
|
(IRS Employer Identification No.)
|
5219 City Bank Parkway Lubbock, Texas
|
79407
|
|
(Address of principal executive offices)
|
(Zip Code)
|
☐ |
Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
|
☐ |
Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
|
☐ |
Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
|
☐ |
Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))
|
Title of each class
|
Trading Symbol(s)
|
Name of each exchange on which registered
|
Common Stock, par value $1.00 per share
|
SPFI
|
The Nasdaq Stock Market LLC
|
Item 2.02 |
Results of Operations and Financial Condition.
|
Item 7.01 |
Regulation FD Disclosure.
|
Item 9.01 |
Financial Statements and Exhibits.
|
(d) |
Exhibits.
|
99.1 |
Press release, dated July 29, 2020, announcing second quarter 2020 financial results of South Plains Financial, Inc.
|
99.2 |
Earnings release slide presentation, dated July 29, 2020
|
SOUTH PLAINS FINANCIAL, INC.
|
||
Dated: July 29, 2020
|
By:
|
/s/ Curtis C. Griffith
|
Curtis C. Griffith
|
||
Chairman and Chief Executive Officer
|
● |
Net income for the second quarter of 2020 was $5.6 million, compared to $7.1 million for the first quarter of 2020 and $6.1 million for the second quarter of 2019.
|
● |
Diluted earnings per share for the second quarter of 2020 was $0.31, compared to $0.38 for the first quarter of 2020 and $0.37 for the second quarter of 2019.
|
● |
Pre-tax, pre-provision income (non-GAAP) for the second quarter of 2020 was $20.1 million, compared to $15.1 million for the first quarter of 2020 and $8.6 million for the second quarter of 2019.
|
● |
Average cost of deposits for the second quarter of 2020 decreased to 39 basis points, compared to 65 basis points for the first quarter of 2020 and 108 basis points for the second quarter of 2019.
|
● |
The provision for loan losses for the second quarter of 2020 was $13.1 million, compared to $6.2 million for the first quarter of 2020 and $875,000 for the second quarter of 2019. The increase in the provision
during the second quarter of 2020 was primarily due to management’s expectations regarding the continued economic downturn related to the ongoing COVID-19 pandemic, the volatility in energy prices and reduced oil production in the State of
Texas.
|
● |
Nonperforming assets to total assets were 0.33% at June 30, 2020, compared to 0.28% as of March 31, 2020 and 0.37% at June 30, 2019.
|
● |
The adjusted (non-GAAP) efficiency ratio for the second quarter of 2020 was 63.28%, compared to 72.52% for the first quarter of 2020 and 77.46% for the second quarter of 2019.
|
● |
Return on average assets for the second quarter of 2020 was 0.64% annualized, compared to 0.89% annualized for the first quarter of 2020 and 0.89% annualized for the second quarter of 2019.
|
● |
Book value per share was $18.64 as of June 30, 2020, compared to $18.10 per share as of March 31, 2020 and $16.19 per share as of June 30, 2019.
|
Contact:
|
Mikella Newsom, Chief Risk Officer and Secretary
|
(866) 771-3347
|
|
investors@city.bank
|
As of and for the quarter ended
|
||||||||||||||||||||
June 30,
2020
|
March 31,
2020
|
December 31,
2019
|
September 30,
2019
|
June 30,
2019
|
||||||||||||||||
Selected Income Statement Data:
|
||||||||||||||||||||
Interest income
|
$
|
34,007
|
$
|
35,737
|
$
|
34,764
|
$
|
33,665
|
$
|
32,509
|
||||||||||
Interest expense
|
3,559
|
5,538
|
6,140
|
7,097
|
7,672
|
|||||||||||||||
Net interest income
|
30,448
|
30,199
|
28,624
|
26,568
|
24,837
|
|||||||||||||||
Provision for loan losses
|
13,133
|
6,234
|
896
|
420
|
875
|
|||||||||||||||
Noninterest income
|
24,896
|
18,875
|
16,740
|
14,115
|
13,703
|
|||||||||||||||
Noninterest expense
|
35,207
|
34,011
|
31,714
|
30,028
|
29,930
|
|||||||||||||||
Income tax expense
|
1,389
|
1,746
|
2,645
|
1,977
|
1,655
|
|||||||||||||||
Net income
|
5,615
|
7,083
|
10,109
|
8,258
|
6,080
|
|||||||||||||||
Per Share Data (Common Stock):
|
||||||||||||||||||||
Net earnings, basic
|
0.31
|
0.39
|
0.56
|
0.46
|
0.37
|
|||||||||||||||
Net earnings, diluted
|
0.31
|
0.38
|
0.55
|
0.45
|
0.37
|
|||||||||||||||
Cash dividends declared and paid
|
0.03
|
0.03
|
0.03
|
0.03
|
-
|
|||||||||||||||
Book value
|
18.64
|
18.10
|
16.98
|
16.61
|
16.19
|
|||||||||||||||
Tangible book value
|
17.06
|
16.54
|
15.46
|
16.47
|
16.19
|
|||||||||||||||
Weighted average shares outstanding, basic
|
18,061,705
|
18,043,105
|
18,010,065
|
17,985,429
|
16,459,366
|
|||||||||||||||
Weighted average shares outstanding, dilutive
|
18,224,630
|
18,461,922
|
18,415,656
|
18,363,033
|
16,563,543
|
|||||||||||||||
Shares outstanding at end of period
|
18,059,174
|
18,056,014
|
18,036,115
|
18,004,323
|
17,978,520
|
|||||||||||||||
Selected Period End Balance Sheet Data:
|
||||||||||||||||||||
Cash and cash equivalents
|
256,101
|
136,062
|
158,099
|
244,645
|
408,116
|
|||||||||||||||
Investment securities
|
730,674
|
734,791
|
707,650
|
401,335
|
263,564
|
|||||||||||||||
Total loans held for investment
|
2,331,716
|
2,108,805
|
2,143,623
|
1,962,609
|
1,935,653
|
|||||||||||||||
Allowance for loan losses
|
40,635
|
29,074
|
24,197
|
24,176
|
24,171
|
|||||||||||||||
Total assets
|
3,584,532
|
3,216,563
|
3,237,167
|
2,795,582
|
2,777,170
|
|||||||||||||||
Interest-bearing deposits
|
2,006,984
|
1,924,902
|
1,905,936
|
1,729,741
|
1,768,475
|
|||||||||||||||
Noninterest-bearing deposits
|
940,853
|
740,946
|
790,921
|
556,233
|
513,383
|
|||||||||||||||
Total deposits
|
2,947,837
|
2,665,848
|
2,696,857
|
2,285,974
|
2,281,858
|
|||||||||||||||
Borrowings
|
252,430
|
185,265
|
205,030
|
177,720
|
176,675
|
|||||||||||||||
Total stockholders’ equity
|
336,534
|
326,890
|
306,182
|
299,027
|
291,113
|
|||||||||||||||
Summary Performance Ratios:
|
||||||||||||||||||||
Return on average assets
|
0.64
|
%
|
0.89
|
%
|
1.32
|
%
|
1.18
|
%
|
0.89
|
%
|
||||||||||
Return on average equity
|
6.81
|
%
|
9.00
|
%
|
13.25
|
%
|
11.10
|
%
|
9.57
|
%
|
||||||||||
Net interest margin (1)
|
3.79
|
%
|
4.13
|
%
|
4.03
|
%
|
4.07
|
%
|
3.88
|
%
|
||||||||||
Yield on loans
|
5.26
|
%
|
5.76
|
%
|
5.79
|
%
|
5.91
|
%
|
5.90
|
%
|
||||||||||
Cost of interest-bearing deposits
|
0.56
|
%
|
0.91
|
%
|
1.06
|
%
|
1.30
|
%
|
1.39
|
%
|
||||||||||
Efficiency ratio
|
63.28
|
%
|
69.10
|
%
|
69.71
|
%
|
73.62
|
%
|
77.46
|
%
|
||||||||||
Summary Credit Quality Data:
|
||||||||||||||||||||
Nonperforming loans
|
10,472
|
7,112
|
6,045
|
6,456
|
7,946
|
|||||||||||||||
Nonperforming loans to total loans held for investment
|
0.45
|
%
|
0.34
|
%
|
0.28
|
%
|
0.33
|
%
|
0.41
|
%
|
||||||||||
Other real estate owned
|
1,335
|
1,944
|
1,883
|
2,296
|
2,305
|
|||||||||||||||
Nonperforming assets to total assets
|
0.33
|
%
|
0.28
|
%
|
0.24
|
%
|
0.31
|
%
|
0.37
|
%
|
||||||||||
Allowance for loan losses to total loans held for investment
|
1.74
|
%
|
1.38
|
%
|
1.13
|
%
|
1.23
|
%
|
1.25
|
%
|
||||||||||
Net charge-offs to average loans outstanding (annualized)
|
0.27
|
%
|
0.25
|
%
|
0.17
|
%
|
0.08
|
%
|
0.02
|
%
|
As of and for the quarter ended
|
||||||||||||||||||||
June 30,
2020
|
March 31,
2020
|
December 31,
2019
|
September 30,
2019
|
June 30,
2019
|
||||||||||||||||
Capital Ratios:
|
||||||||||||||||||||
Total stockholders’ equity to total assets
|
9.39
|
%
|
10.16
|
%
|
9.46
|
%
|
10.70
|
%
|
10.48
|
%
|
||||||||||
Tangible common equity to tangible assets
|
8.66
|
%
|
9.37
|
%
|
8.69
|
%
|
10.62
|
%
|
10.48
|
%
|
||||||||||
Common equity tier 1 to risk-weighted assets
|
10.51
|
%
|
11.24
|
%
|
11.06
|
%
|
13.10
|
%
|
13.31
|
%
|
||||||||||
Tier 1 capital to average assets
|
9.60
|
%
|
10.34
|
%
|
10.74
|
%
|
12.17
|
%
|
12.10
|
%
|
||||||||||
Total capital to risk-weighted assets
|
14.36
|
%
|
15.23
|
%
|
14.88
|
%
|
17.38
|
%
|
17.75
|
%
|
(1) |
Net interest margin is calculated as the annual net interest income, on a fully tax-equivalent basis, divided by average interest-earning assets.
|
For the Three Months Ended
|
||||||||||||||||||||||||
June 30, 2020
|
June 30, 2019
|
|||||||||||||||||||||||
Average
Balance
|
Interest
Income
Expense
|
Yield
|
Average
Balance
|
Interest
Income
Expense
|
Yield
|
|||||||||||||||||||
Assets
|
||||||||||||||||||||||||
Loans, excluding PPP (1)
|
$
|
2,204,441
|
$
|
28,825
|
5.26
|
%
|
$
|
1,946,602
|
$
|
28,635
|
5.90
|
%
|
||||||||||||
Loans - PPP
|
171,304
|
1,076
|
2.53
|
%
|
-
|
-
|
0.00
|
%
|
||||||||||||||||
Debt securities - taxable
|
547,971
|
3,080
|
2.26
|
%
|
248,915
|
1,754
|
2.83
|
%
|
||||||||||||||||
Debt securities - nontaxable
|
160,142
|
1,192
|
2.99
|
%
|
31,387
|
275
|
3.51
|
%
|
||||||||||||||||
Other interest-bearing assets
|
174,753
|
124
|
0.29
|
%
|
348,106
|
1,946
|
2.24
|
%
|
||||||||||||||||
Total interest-earning assets
|
3,258,611
|
34,297
|
4.23
|
%
|
2,575,010
|
32,610
|
5.08
|
%
|
||||||||||||||||
Noninterest-earning assets
|
249,571
|
174,944
|
||||||||||||||||||||||
Total assets
|
$
|
3,508,182
|
$
|
2,749,954
|
||||||||||||||||||||
Liabilities & stockholders’ equity
|
||||||||||||||||||||||||
NOW, Savings, MMA’s
|
$
|
1,650,159
|
1,330
|
0.32
|
%
|
$
|
1,449,169
|
4,696
|
1.30
|
%
|
||||||||||||||
Time deposits
|
326,561
|
1,430
|
1.76
|
%
|
317,323
|
1,443
|
1.82
|
%
|
||||||||||||||||
Short-term borrowings
|
16,449
|
6
|
0.15
|
%
|
11,085
|
57
|
2.06
|
%
|
||||||||||||||||
Notes payable & other long-term borrowings
|
161,099
|
96
|
0.24
|
%
|
95,000
|
561
|
2.37
|
%
|
||||||||||||||||
Subordinated debt securities
|
26,472
|
403
|
6.12
|
%
|
26,472
|
403
|
6.11
|
%
|
||||||||||||||||
Junior subordinated deferrable interest debentures
|
46,393
|
294
|
2.55
|
%
|
46,393
|
512
|
4.43
|
%
|
||||||||||||||||
Total interest-bearing liabilities
|
2,227,133
|
3,559
|
0.64
|
%
|
1,945,442
|
7,672
|
1.58
|
%
|
||||||||||||||||
Demand deposits
|
901,761
|
516,783
|
||||||||||||||||||||||
Other liabilities
|
47,576
|
32,890
|
||||||||||||||||||||||
Stockholders’ equity
|
331,712
|
254,839
|
||||||||||||||||||||||
Total liabilities & stockholders’ equity
|
$
|
3,508,182
|
$
|
2,749,954
|
||||||||||||||||||||
Net interest income
|
$
|
30,738
|
$
|
24,938
|
||||||||||||||||||||
Net interest margin (2)
|
3.79
|
%
|
3.88
|
%
|
(1) |
Average loan balances include nonaccrual loans and loans held for sale.
|
(2) |
Net interest margin is calculated as the annualized net income, on a fully tax-equivalent basis, divided by average interest-earning assets.
|
For the Six Months Ended
|
||||||||||||||||||||||||
June 30, 2020
|
June 30, 2019
|
|||||||||||||||||||||||
Average
Balance
|
Interest
Income
Expense
|
Yield
|
Average
Balance
|
Interest
Income
Expense
|
Yield
|
|||||||||||||||||||
Assets
|
||||||||||||||||||||||||
Loans, excluding PPP (1)
|
$
|
2,185,728
|
$
|
59,879
|
5.51
|
%
|
$
|
1,951,193
|
$
|
56,776
|
5.87
|
%
|
||||||||||||
Loans - PPP
|
85,652
|
1,076
|
2.53
|
%
|
-
|
-
|
0.00
|
%
|
||||||||||||||||
Debt securities - taxable
|
554,324
|
6,672
|
2.42
|
%
|
279,293
|
3,863
|
2.79
|
%
|
||||||||||||||||
Debt securities - nontaxable
|
119,538
|
1,694
|
2.85
|
%
|
31,780
|
561
|
3.56
|
%
|
||||||||||||||||
Other interest-bearing assets
|
162,944
|
858
|
1.06
|
%
|
295,858
|
3,517
|
2.40
|
%
|
||||||||||||||||
Total interest-earning assets
|
3,108,186
|
70,179
|
4.54
|
%
|
2,558,124
|
64,717
|
5.10
|
%
|
||||||||||||||||
Noninterest-earning assets
|
250,114
|
175,689
|
||||||||||||||||||||||
Total assets
|
$
|
3,358,300
|
$
|
2,733,813
|
||||||||||||||||||||
Liabilities & stockholders’ equity
|
||||||||||||||||||||||||
NOW, Savings, MMA’s
|
$
|
1,598,048
|
3,986
|
0.50
|
%
|
$
|
1,459,684
|
9,230
|
1.28
|
%
|
||||||||||||||
Time deposits
|
340,016
|
3,057
|
1.81
|
%
|
313,505
|
2,798
|
1.80
|
%
|
||||||||||||||||
Short-term borrowings
|
23,597
|
99
|
0.84
|
%
|
16,904
|
168
|
2.00
|
%
|
||||||||||||||||
Notes payable & other long-term borrowings
|
128,654
|
453
|
0.71
|
%
|
95,000
|
1,100
|
2.33
|
%
|
||||||||||||||||
Subordinated debt securities
|
26,472
|
807
|
6.13
|
%
|
27,100
|
809
|
6.02
|
%
|
||||||||||||||||
Junior subordinated deferrable interest debentures
|
46,393
|
695
|
3.01
|
%
|
46,393
|
1,025
|
4.46
|
%
|
||||||||||||||||
Total interest-bearing liabilities
|
2,163,180
|
9,097
|
0.85
|
%
|
1,958,586
|
15,130
|
1.56
|
%
|
||||||||||||||||
Demand deposits
|
833,699
|
508,951
|
||||||||||||||||||||||
Other liabilities
|
37,364
|
31,021
|
||||||||||||||||||||||
Stockholders’ equity
|
324,057
|
235,255
|
||||||||||||||||||||||
Total liabilities & stockholders’ equity
|
$
|
3,358,300
|
$
|
2,733,813
|
||||||||||||||||||||
Net interest income
|
$
|
61,082
|
$
|
49,587
|
||||||||||||||||||||
Net interest margin (2)
|
3.95
|
%
|
3.91
|
%
|
(1) |
Average loan balances include nonaccrual loans and loans held for sale.
|
(2) |
Net interest margin is calculated as the annualized net income, on a fully tax-equivalent basis, divided by average interest-earning assets.
|
As of
|
||||||||
June 30,
2020
|
December 31,
2019
|
|||||||
Assets
|
||||||||
Cash and due from banks
|
$
|
51,256
|
$
|
56,246
|
||||
Interest-bearing deposits in banks
|
204,845
|
101,853
|
||||||
Investment securities
|
730,674
|
707,650
|
||||||
Loans held for sale
|
92,774
|
49,035
|
||||||
Loans held for investment
|
2,331,716
|
2,143,623
|
||||||
Less: Allowance for loan losses
|
(40,635
|
)
|
(24,197
|
)
|
||||
Net loans held for investment
|
2,291,081
|
2,119,426
|
||||||
Premises and equipment, net
|
61,883
|
61,873
|
||||||
Goodwill
|
19,968
|
18,757
|
||||||
Intangible assets
|
8,446
|
8,632
|
||||||
Other assets
|
123,605
|
113,695
|
||||||
Total assets
|
$
|
3,584,532
|
$
|
3,237,167
|
||||
Liabilities and Stockholders’ Equity Liabilities
|
||||||||
Noninterest bearing deposits
|
$
|
940,853
|
$
|
790,921
|
||||
Interest-bearing deposits
|
2,006,984
|
1,905,936
|
||||||
Total deposits
|
2,947,837
|
2,696,857
|
||||||
Other borrowings
|
179,565
|
132,165
|
||||||
Subordinated debt securities
|
26,472
|
26,472
|
||||||
Trust preferred subordinated debentures
|
46,393
|
46,393
|
||||||
Other liabilities
|
47,731
|
29,098
|
||||||
Total liabilities
|
3,247,998
|
2,930,985
|
||||||
Stockholders’ Equity
|
||||||||
Common stock
|
18,059
|
18,036
|
||||||
Additional paid-in capital
|
140,620
|
140,492
|
||||||
Retained earnings
|
158,311
|
146,696
|
||||||
Accumulated other comprehensive income (loss)
|
19,544
|
958
|
||||||
Total stockholders’ equity
|
336,534
|
306,182
|
||||||
Total liabilities and stockholders’ equity
|
$
|
3,584,532
|
$
|
3,237,167
|
Three Months Ended
|
Six Months Ended
|
|||||||||||||||
June 30,
2020
|
June 30,
2019
|
June 30,
2020
|
June 30,
2019
|
|||||||||||||
Interest income:
|
||||||||||||||||
Loans, including fees
|
$
|
29,861
|
$
|
28,592
|
$
|
60,876
|
$
|
56,690
|
||||||||
Other
|
4,146
|
3,917
|
8,868
|
7,823
|
||||||||||||
Total Interest income
|
34,007
|
32,509
|
69,744
|
64,513
|
||||||||||||
Interest expense:
|
||||||||||||||||
Deposits
|
2,760
|
6,139
|
7,043
|
12,028
|
||||||||||||
Subordinated debt securities
|
403
|
403
|
807
|
809
|
||||||||||||
Trust preferred subordinated debentures
|
294
|
512
|
695
|
1,025
|
||||||||||||
Other
|
102
|
618
|
552
|
1,268
|
||||||||||||
Total Interest expense
|
3,559
|
7,672
|
9,097
|
15,130
|
||||||||||||
Net interest income
|
30,448
|
24,837
|
60,647
|
49,383
|
||||||||||||
Provision for loan losses
|
13,133
|
875
|
19,367
|
1,483
|
||||||||||||
Net interest income after provision for loan losses
|
17,315
|
23,962
|
41,280
|
47,900
|
||||||||||||
Noninterest income:
|
||||||||||||||||
Service charges on deposits
|
1,439
|
1,979
|
3,422
|
3,884
|
||||||||||||
Income from insurance activities
|
1,022
|
1,210
|
2,181
|
2,960
|
||||||||||||
Mortgage banking activities
|
17,955
|
6,652
|
26,708
|
11,518
|
||||||||||||
Bank card services and interchange fees
|
2,344
|
2,071
|
4,582
|
4,081
|
||||||||||||
Other
|
2,136
|
1,791
|
4,560
|
3,335
|
||||||||||||
Total Noninterest income
|
24,896
|
13,703
|
43,771
|
25,778
|
||||||||||||
Noninterest expense:
|
||||||||||||||||
Salaries and employee benefits
|
21,621
|
18,784
|
42,431
|
37,909
|
||||||||||||
Net occupancy expense
|
3,586
|
3,416
|
7,186
|
6,823
|
||||||||||||
Professional services
|
1,961
|
1,611
|
3,533
|
3,317
|
||||||||||||
Marketing and development
|
806
|
796
|
1,574
|
1,513
|
||||||||||||
Other
|
7,233
|
5,323
|
14,494
|
10,404
|
||||||||||||
Total noninterest expense
|
35,207
|
29,930
|
69,218
|
59,966
|
||||||||||||
Income before income taxes
|
7,004
|
7,735
|
15,833
|
13,712
|
||||||||||||
Income tax expense (benefit)
|
1,389
|
1,655
|
3,135
|
2,859
|
||||||||||||
Net income
|
$
|
5,615
|
$
|
6,080
|
$
|
12,698
|
$
|
10,853
|
As of
|
||||||||
June 30,
2020
|
December 31,
2019
|
|||||||
Loans:
|
||||||||
Commercial Real Estate
|
$
|
648,888
|
$
|
658,195
|
||||
Commercial - Specialized
|
325,942
|
309,505
|
||||||
Commercial - General
|
627,923
|
441,398
|
||||||
Consumer:
|
||||||||
1-4 Family Residential
|
360,308
|
362,796
|
||||||
Auto Loans
|
202,263
|
215,209
|
||||||
Other Consumer
|
69,754
|
74,000
|
||||||
Construction
|
96,638
|
82,520
|
||||||
Total loans held for investment
|
$
|
2,331,716
|
$
|
2,143,623
|
As of
|
||||||||
June 30,
2020
|
December 31,
2019
|
|||||||
Deposits:
|
||||||||
Noninterest-bearing demand deposits
|
$
|
940,853
|
$
|
790,921
|
||||
NOW & other transaction accounts
|
344,485
|
318,379
|
||||||
MMDA & other savings
|
1,340,004
|
1,231,534
|
||||||
Time deposits
|
322,495
|
356,023
|
||||||
Total deposits
|
$
|
2,947,837
|
$
|
2,696,857
|
As of and for the quarter ended
|
||||||||||||||||||||
June 30,
2020
|
March 31,
2020
|
December 31,
2019
|
September 30,
2019
|
June 30,
2019
|
||||||||||||||||
Efficiency Ratio
|
||||||||||||||||||||
Noninterest expense
|
$
|
35,207
|
$
|
34,011
|
$
|
31,714
|
$
|
30,028
|
$
|
29,930
|
||||||||||
Net interest income
|
30,448
|
30,199
|
28,624
|
26,568
|
24,837
|
|||||||||||||||
Tax equivalent yield adjustment
|
290
|
145
|
133
|
103
|
101
|
|||||||||||||||
Noninterest income
|
24,896
|
18,875
|
16,740
|
14,115
|
13,703
|
|||||||||||||||
Total income
|
55,634
|
49,219
|
45,497
|
40,786
|
38,641
|
|||||||||||||||
Efficiency ratio
|
63.28
|
%
|
69.10
|
%
|
69.71
|
%
|
73.62
|
%
|
77.46
|
%
|
||||||||||
Noninterest expense
|
$
|
35,207
|
$
|
34,011
|
$
|
31,714
|
$
|
30,028
|
$
|
29,930
|
||||||||||
Less: net loss on sale of securities
|
-
|
-
|
(27
|
)
|
-
|
-
|
||||||||||||||
Adjusted noninterest expense
|
35,207
|
34,011
|
31,687
|
30,028
|
29,930
|
|||||||||||||||
Total income
|
55,634
|
49,219
|
45,497
|
40,786
|
38,641
|
|||||||||||||||
Less: net gain on sale of securities
|
-
|
(2,318
|
)
|
-
|
-
|
-
|
||||||||||||||
Adjusted total income
|
55,634
|
46,901
|
45,497
|
40,786
|
38,641
|
|||||||||||||||
Adjusted efficiency ratio
|
63.28
|
%
|
72.52
|
%
|
69.65
|
%
|
73.62
|
%
|
77.46
|
%
|
||||||||||
Pre-tax, pre-provision income
|
||||||||||||||||||||
Net income
|
$
|
5,615
|
7,083
|
10,109
|
8,258
|
6,080
|
||||||||||||||
Income tax expense
|
1,389
|
1,746
|
2,645
|
1,977
|
1,655
|
|||||||||||||||
Provision for loan losses
|
13,133
|
6,234
|
896
|
420
|
875
|
|||||||||||||||
Pre-tax, pre-provision income
|
$
|
20,137
|
15,063
|
13,650
|
10,655
|
8,610
|
As of
|
||||||||
June 30,
2020
|
December 31,
2019
|
|||||||
Tangible common equity
|
||||||||
Total common stockholders’ equity
|
$
|
336,534
|
$
|
306,182
|
||||
Less: goodwill and other intangibles
|
(28,414
|
)
|
(27,389
|
)
|
||||
Tangible common equity
|
$
|
308,120
|
$
|
278,793
|
||||
Tangible assets
|
||||||||
Total assets
|
$
|
3,584,532
|
$
|
3,237,167
|
||||
Less: goodwill and other intangibles
|
(28,414
|
)
|
(27,389
|
)
|
||||
Tangible assets
|
$
|
3,556,118
|
$
|
3,209,778
|
||||
Shares outstanding
|
18,059,174
|
18,036,115
|
||||||
Total stockholders’ equity to total assets
|
9.39
|
%
|
9.46
|
%
|
||||
Tangible common equity to tangible assets
|
8.66
|
%
|
8.69
|
%
|
||||
Book value per share
|
$
|
18.64
|
$
|
16.98
|
||||
Tangible book value per share
|
$
|
17.06
|
$
|
15.46
|