Net income for the three months ended
CEO Comments
“NBT’s first quarter results reflect the strength of our balance sheet and our consistent and traditional banking franchise,” said NBT President and CEO
First Quarter Financial Highlights
Net Income |
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Net Interest Income / NIM |
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Noninterest Income |
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Loans and Credit Quality |
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Deposits |
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Capital |
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Loans
Deposits
Net Interest Income and Net Interest Margin
Asset Quality and Allowance for Loan Losses
Noninterest Income
Noninterest Expense
Income Taxes
Capital
Conference Call and Webcast
The Company will host a conference call at
Corporate Overview
Forward-Looking Statements
This press release contains forward-looking statements, as defined in the Private Securities Litigation Reform Act of 1995. These statements may be identified by the use of phrases such as “anticipate,” “believe,” “expect,” “forecasts,” “projects,” “will,” “can,” “would,” “should,” “could,” “may,” or other similar terms. There are a number of factors, many of which are beyond the Company’s control, that could cause actual results to differ materially from those contemplated by the forward-looking statements. Factors that may cause actual results to differ materially from those contemplated by such forward-looking statements include, among others, the following possibilities: (1) local, regional, national and international economic conditions and the impact they may have on the Company and its customers and the Company’s assessment of that impact; (2) changes in the level of nonperforming assets and charge-offs; (3) changes in estimates of future reserve requirements based upon the periodic review thereof under relevant regulatory and accounting requirements; (4) the effects of and changes in trade and monetary and fiscal policies and laws, including the interest rate policies of the
The Company cautions readers not to place undue reliance on any forward-looking statements, which speak only as of the date made, and advises readers that various factors including, but not limited to, those described above and other factors discussed in the Company’s annual and quarterly reports previously filed with the
Unless required by law, the Company does not undertake, and specifically disclaims any obligations to, publicly release any revisions that may be made to any forward-looking statements to reflect the occurrence of anticipated or unanticipated events or circumstances after the date of such statements.
Non-GAAP Measures
This press release contains financial information determined by methods other than in accordance with accounting principles generally accepted in
Selected Financial Data | ||||||||||||||||
(unaudited, dollars in thousands except per share data) | ||||||||||||||||
2023 | 2022 | |||||||||||||||
1st Q | 4th Q | 3rd Q | 2nd Q | 1st Q | ||||||||||||
Profitability: | ||||||||||||||||
Diluted earnings per share | $ | 0.78 | $ | 0.84 | $ | 0.90 | $ | 0.88 | $ | 0.90 | ||||||
Weighted average diluted common shares outstanding | 43,125,986 | 43,144,666 | 43,110,932 | 43,092,851 | 43,385,451 | |||||||||||
Return on average assets3 | 1.16% | 1.23% | 1.33% | 1.28% | 1.32% | |||||||||||
Return on average equity3 | 11.47% | 12.30% | 12.87% | 12.73% | 12.78% | |||||||||||
Return on average tangible common equity1 3 | 15.31% | 16.54% | 17.12% | 17.00% | 16.87% | |||||||||||
Net interest margin1 3 | 3.55% | 3.68% | 3.51% | 3.21% | 2.95% | |||||||||||
2023 | 2022 | |||||||||||||||
1st Q | 4th Q | 3rd Q | 2nd Q | 1st Q | ||||||||||||
Balance sheet data: | ||||||||||||||||
Short-term interest-bearing accounts | $ | 68,045 | $ | 30,862 | $ | 97,303 | $ | 328,593 | $ | 913,315 | ||||||
Securities available for sale | 1,512,008 | 1,527,225 | 1,556,501 | 1,619,356 | 1,662,697 | |||||||||||
Securities held to maturity | 906,824 | 919,517 | 929,541 | 936,512 | 895,005 | |||||||||||
Net loans | 8,164,328 | 8,049,347 | 7,807,984 | 7,684,081 | 7,559,826 | |||||||||||
Total assets | 11,839,730 | 11,739,296 | 11,640,742 | 11,720,459 | 12,147,833 | |||||||||||
Total deposits | 9,681,205 | 9,495,933 | 9,918,751 | 10,028,708 | 10,461,623 | |||||||||||
Total borrowings | 703,248 | 787,950 | 277,889 | 265,796 | 278,788 | |||||||||||
Total liabilities | 10,628,071 | 10,565,742 | 10,484,196 | 10,531,903 | 10,945,583 | |||||||||||
Stockholders' equity | 1,211,659 | 1,173,554 | 1,156,546 | 1,188,556 | 1,202,250 | |||||||||||
Capital: | ||||||||||||||||
Equity to assets | 10.23% | 10.00% | 9.94% | 10.14% | 9.90% | |||||||||||
Tangible equity ratio1 | 7.99% | 7.73% | 7.64% | 7.87% | 7.70% | |||||||||||
Book value per share | $ | 28.24 | $ | 27.38 | $ | 27.00 | $ | 27.75 | $ | 27.96 | ||||||
Tangible book value per share2 | $ | 21.52 | $ | 20.65 | $ | 20.25 | $ | 20.99 | $ | 21.25 | ||||||
Leverage ratio | 10.43% | 10.32% | 10.21% | 9.77% | 9.52% | |||||||||||
Common equity tier 1 capital ratio | 12.28% | 12.12% | 12.17% | 12.14% | 12.23% | |||||||||||
Tier 1 capital ratio | 13.34% | 13.19% | 13.27% | 13.27% | 13.39% | |||||||||||
Total risk-based capital ratio | 15.53% | 15.38% | 15.50% | 15.50% | 15.64% | |||||||||||
Common stock price (end of period) | $ | 33.71 | $ | 43.42 | $ | 37.95 | $ | 37.59 | $ | 36.13 | ||||||
Asset Quality and Consolidated Loan Balances | ||||||||||||||||
(unaudited, dollars in thousands) | ||||||||||||||||
2023 | 2022 | |||||||||||||||
1st Q | 4th Q | 3rd Q | 2nd Q | 1st Q | ||||||||||||
Asset quality: | ||||||||||||||||
Nonaccrual loans | $ | 16,284 | $ | 17,233 | $ | 19,098 | $ | 23,673 | $ | 25,812 | ||||||
90 days past due and still accruing | 2,328 | 3,823 | 2,732 | 2,096 | 1,944 | |||||||||||
Total nonperforming loans | 18,612 | 21,056 | 21,830 | 25,769 | 27,756 | |||||||||||
Other real estate owned | 105 | 105 | - | - | - | |||||||||||
Total nonperforming assets | 18,717 | 21,161 | 21,830 | 25,769 | 27,756 | |||||||||||
Allowance for loan losses | 100,250 | 100,800 | 96,800 | 93,600 | 90,000 | |||||||||||
Asset quality ratios: | ||||||||||||||||
Allowance for loan losses to total loans | 1.21% | 1.24% | 1.22% | 1.20% | 1.18% | |||||||||||
Total nonperforming loans to total loans | 0.23% | 0.26% | 0.28% | 0.33% | 0.36% | |||||||||||
Total nonperforming assets to total assets | 0.16% | 0.18% | 0.19% | 0.22% | 0.23% | |||||||||||
Allowance for loan losses to total nonperforming loans | 538.63% | 478.72% | 443.43% | 363.23% | 324.25% | |||||||||||
Past due loans to total loans4 | 0.30% | 0.33% | 0.30% | 0.40% | 0.24% | |||||||||||
Net charge-offs to average loans3 | 0.19% | 0.18% | 0.07% | 0.04% | 0.14% | |||||||||||
2023 | 2022 | |||||||||||||||
Loan net charge-offs by line of business: | 1st Q | 4th Q | 3rd Q | 2nd Q | 1st Q | |||||||||||
Commercial & industrial | $ | (294 | ) | $ | (45 | ) | $ | (1,045 | ) | $ | (298 | ) | $ | 139 | ||
Commercial real estate | 42 | 8 | 324 | (246 | ) | 346 | ||||||||||
Residential real estate and home equity | 80 | (79 | ) | (56 | ) | (210 | ) | 163 | ||||||||
Indirect auto | 423 | 445 | 222 | 163 | 135 | |||||||||||
Residential solar | 656 | 596 | 43 | 153 | 132 | |||||||||||
Other consumer | 2,904 | 2,752 | 1,796 | 1,228 | 1,681 | |||||||||||
Total loan net charge-offs | $ | 3,811 | $ | 3,677 | $ | 1,284 | $ | 790 | $ | 2,596 | ||||||
2023 | 2022 | |||||||||||||||
1st Q | 4th Q | 3rd Q | 2nd Q | 1st Q | ||||||||||||
Allowance for loan losses as a percentage of loans by segment: | ||||||||||||||||
Commercial & industrial | 0.85% | 0.82% | 0.80% | 0.74% | 0.64% | |||||||||||
Commercial real estate | 0.93% | 0.91% | 0.88% | 0.89% | 0.79% | |||||||||||
Residential real estate | 0.73% | 0.72% | 0.74% | 0.79% | 0.88% | |||||||||||
Auto | 0.77% | 0.81% | 0.78% | 0.79% | 0.76% | |||||||||||
Residential solar | 3.04% | 3.21% | 3.08% | 3.00% | 2.97% | |||||||||||
Other consumer | 6.19% | 6.27% | 6.67% | 6.19% | 6.24% | |||||||||||
Total | 1.21% | 1.24% | 1.22% | 1.20% | 1.18% | |||||||||||
2023 | 2022 | |||||||||||||||
Loans by line of business: | 1st Q | 4th Q | 3rd Q | 2nd Q | 1st Q | |||||||||||
Commercial & industrial | $ | 1,277,446 | $ | 1,265,082 | $ | 1,258,871 | $ | 1,298,072 | $ | 1,214,834 | ||||||
Commercial real estate | 2,845,631 | 2,807,941 | 2,724,728 | 2,670,633 | 2,709,611 | |||||||||||
Paycheck protection program | 845 | 949 | 3,328 | 17,286 | 50,977 | |||||||||||
Residential real estate | 1,651,918 | 1,649,870 | 1,626,528 | 1,606,188 | 1,584,551 | |||||||||||
Indirect auto | 1,031,315 | 989,587 | 952,757 | 936,516 | 890,643 | |||||||||||
Residential solar | 920,084 | 856,798 | 728,898 | 599,565 | 514,526 | |||||||||||
Home equity | 308,219 | 314,124 | 313,557 | 313,395 | 319,180 | |||||||||||
Other consumer | 229,120 | 265,796 | 296,117 | 336,026 | 365,504 | |||||||||||
Total loans | $ | 8,264,578 | $ | 8,150,147 | $ | 7,904,784 | $ | 7,777,681 | $ | 7,649,826 | ||||||
PPP income recognized | $ | 9 | $ | 71 | $ | 320 | $ | 1,301 | $ | 1,976 | ||||||
PPP unamortized fees | $ | 38 | $ | 45 | $ | 108 | $ | 414 | $ | 1,629 | ||||||
Consolidated Balance Sheets | |||||
(unaudited, dollars in thousands) | |||||
Assets | 2023 | 2022 | |||
Cash and due from banks | $ | 161,750 | $ | 166,488 | |
Short-term interest-bearing accounts | 68,045 | 30,862 | |||
Equity securities, at fair value | 32,807 | 30,784 | |||
Securities available for sale, at fair value | 1,512,008 | 1,527,225 | |||
Securities held to maturity (fair value |
906,824 | 919,517 | |||
45,342 | 44,713 | ||||
Loans held for sale | 425 | 562 | |||
Loans | 8,264,578 | 8,150,147 | |||
Less allowance for loan losses | 100,250 | 100,800 | |||
Net loans | $ | 8,164,328 | $ | 8,049,347 | |
Premises and equipment, net | 67,868 | 69,047 | |||
281,204 | 281,204 | ||||
Intangible assets, net | 6,955 | 7,341 | |||
Bank owned life insurance | 232,514 | 232,409 | |||
Other assets | 359,660 | 379,797 | |||
Total assets | $ | 11,839,730 | $ | 11,739,296 | |
Liabilities and stockholders' equity | |||||
Demand (noninterest bearing) | $ | 3,429,188 | $ | 3,617,324 | |
Savings, NOW and money market | 5,467,550 | 5,444,837 | |||
Time | 784,467 | 433,772 | |||
Total deposits | $ | 9,681,205 | $ | 9,495,933 | |
Short-term borrowings | 475,226 | 585,012 | |||
Long-term debt | 29,790 | 4,815 | |||
Subordinated debt, net | 97,036 | 96,927 | |||
Junior subordinated debt | 101,196 | 101,196 | |||
Other liabilities | 243,618 | 281,859 | |||
Total liabilities | $ | 10,628,071 | $ | 10,565,742 | |
Total stockholders' equity | $ | 1,211,659 | $ | 1,173,554 | |
Total liabilities and stockholders' equity | $ | 11,839,730 | $ | 11,739,296 | |
Quarterly Consolidated Statements of Income | ||||||||||||||||
(unaudited, dollars in thousands except per share data) | ||||||||||||||||
2023 | 2022 | |||||||||||||||
1st Q | 4th Q | 3rd Q | 2nd Q | 1st Q | ||||||||||||
Interest, fee and dividend income | ||||||||||||||||
Interest and fees on loans | $ | 100,899 | $ | 95,620 | $ | 85,266 | $ | 78,539 | $ | 73,343 | ||||||
Securities available for sale | 7,616 | 7,831 | 7,665 | 7,317 | 6,840 | |||||||||||
Securities held to maturity | 5,035 | 5,050 | 4,854 | 4,185 | 3,493 | |||||||||||
Other | 642 | 671 | 1,429 | 1,442 | 525 | |||||||||||
Total interest, fee and dividend income | $ | 114,192 | $ | 109,172 | $ | 99,214 | $ | 91,483 | $ | 84,201 | ||||||
Interest expense | ||||||||||||||||
Deposits | $ | 11,144 | $ | 4,092 | $ | 2,233 | $ | 1,756 | $ | 1,842 | ||||||
Short-term borrowings | 4,919 | 2,510 | 84 | 13 | 16 | |||||||||||
Long-term debt | 47 | 21 | 20 | 33 | 87 | |||||||||||
Subordinated debt | 1,334 | 1,346 | 1,360 | 1,359 | 1,359 | |||||||||||
Junior subordinated debt | 1,682 | 1,424 | 1,039 | 737 | 549 | |||||||||||
Total interest expense | $ | 19,126 | $ | 9,393 | $ | 4,736 | $ | 3,898 | $ | 3,853 | ||||||
Net interest income | $ | 95,066 | $ | 99,779 | $ | 94,478 | $ | 87,585 | $ | 80,348 | ||||||
Provision for loan losses | 3,909 | 7,677 | 4,484 | 4,390 | 596 | |||||||||||
Net interest income after provision for loan losses | $ | 91,157 | $ | 92,102 | $ | 89,994 | $ | 83,195 | $ | 79,752 | ||||||
Noninterest income | ||||||||||||||||
Service charges on deposit accounts | $ | 3,548 | $ | 3,598 | $ | 3,581 | $ | 3,763 | $ | 3,688 | ||||||
Card services income | 4,845 | 4,958 | 5,654 | 9,751 | 8,695 | |||||||||||
Retirement plan administration fees | 11,462 | 10,661 | 11,496 | 12,676 | 13,279 | |||||||||||
Wealth management | 8,087 | 8,017 | 8,402 | 8,252 | 8,640 | |||||||||||
Insurance services | 3,931 | 3,438 | 3,892 | 3,578 | 3,788 | |||||||||||
Bank owned life insurance income | 1,878 | 1,419 | 1,560 | 1,411 | 1,654 | |||||||||||
Net securities (losses) | (4,998 | ) | (217 | ) | (148 | ) | (587 | ) | (179 | ) | ||||||
Other | 2,656 | 2,217 | 2,735 | 2,812 | 3,094 | |||||||||||
Total noninterest income | $ | 31,409 | $ | 34,091 | $ | 37,172 | $ | 41,656 | $ | 42,659 | ||||||
Noninterest expense | ||||||||||||||||
Salaries and employee benefits | $ | 48,155 | $ | 47,235 | $ | 48,371 | $ | 46,716 | $ | 45,508 | ||||||
Technology and data services | 9,007 | 9,124 | 9,096 | 8,945 | 8,547 | |||||||||||
Occupancy | 7,220 | 6,521 | 6,481 | 6,487 | 6,793 | |||||||||||
Professional fees and outside services | 4,178 | 4,811 | 3,817 | 3,906 | 4,276 | |||||||||||
Office supplies and postage | 1,628 | 1,699 | 1,469 | 1,548 | 1,424 | |||||||||||
1,396 | 798 | 787 | 810 | 802 | ||||||||||||
Advertising | 649 | 879 | 559 | 730 | 654 | |||||||||||
Amortization of intangible assets | 536 | 538 | 544 | 545 | 636 | |||||||||||
Loan collection and other real estate owned, net | 855 | 957 | 549 | 757 | 384 | |||||||||||
Acquisition expenses | 618 | 967 | - | - | - | |||||||||||
Other | 5,080 | 5,980 | 5,021 | 5,675 | 3,119 | |||||||||||
Total noninterest expense | $ | 79,322 | $ | 79,509 | $ | 76,694 | $ | 76,119 | $ | 72,143 | ||||||
Income before income tax expense | $ | 43,244 | $ | 46,684 | $ | 50,472 | $ | 48,732 | $ | 50,268 | ||||||
Income tax expense | 9,586 | 10,563 | 11,499 | 10,957 | 11,142 | |||||||||||
Net income | $ | 33,658 | $ | 36,121 | $ | 38,973 | $ | 37,775 | $ | 39,126 | ||||||
Earnings Per Share | ||||||||||||||||
Basic | $ | 0.78 | $ | 0.84 | $ | 0.91 | $ | 0.88 | $ | 0.91 | ||||||
Diluted | $ | 0.78 | $ | 0.84 | $ | 0.90 | $ | 0.88 | $ | 0.90 | ||||||
Average Quarterly Balance Sheets | ||||||||||||||||||||||
(unaudited, dollars in thousands) | ||||||||||||||||||||||
Average Balance |
Yield / Rates |
Average Balance |
Yield / Rates |
Average Balance |
Yield / Rates |
Average Balance |
Yield / Rates |
Average Balance |
Yield / Rates |
|||||||||||||
Q1 - 2023 | Q4 - 2022 | Q3 - 2022 | Q2 - 2022 | Q1 - 2022 | ||||||||||||||||||
Assets | ||||||||||||||||||||||
Short-term interest-bearing accounts | $ | 34,215 | 2.26% | $ | 39,573 | 3.31% | $ | 191,463 | 2.51% | $ | 553,548 | 0.82% | $ | 990,319 | 0.17% | |||||||
Securities taxable1 | 2,442,732 | 1.92% | 2,480,959 | 1.88% | 2,491,315 | 1.83% | 2,439,960 | 1.74% | 2,284,578 | 1.67% | ||||||||||||
Securities tax-exempt 1 5 | 202,321 | 2.81% | 208,238 | 2.68% | 211,306 | 2.47% | 256,799 | 1.83% | 258,513 | 1.84% | ||||||||||||
FRB and FHLB stock | 41,144 | 4.45% | 32,903 | 4.11% | 25,182 | 3.47% | 24,983 | 5.03% | 25,026 | 1.98% | ||||||||||||
Loans1 6 | 8,189,520 | 5.00% | 8,039,442 | 4.72% | 7,808,025 | 4.34% | 7,707,730 | 4.09% | 7,530,674 | 3.95% | ||||||||||||
Total interest-earning assets | $ | 10,909,932 | 4.26% | $ | 10,801,115 | 4.02% | $ | 10,727,291 | 3.68% | $ | 10,983,020 | 3.35% | $ | 11,089,110 | 3.09% | |||||||
Other assets | 836,879 | 855,410 | 887,378 | 883,498 | 947,578 | |||||||||||||||||
Total assets | $ | 11,746,811 | $ | 11,656,525 | $ | 11,614,669 | $ | 11,866,518 | $ | 12,036,688 | ||||||||||||
Liabilities and stockholders' equity | ||||||||||||||||||||||
Money market deposit accounts | $ | 2,081,210 | 1.22% | $ | 2,169,192 | 0.39% | $ | 2,332,341 | 0.15% | $ | 2,577,367 | 0.14% | $ | 2,720,338 | 0.15% | |||||||
NOW deposit accounts | 1,598,834 | 0.36% | 1,604,096 | 0.33% | 1,548,115 | 0.21% | 1,580,132 | 0.07% | 1,583,091 | 0.05% | ||||||||||||
Savings deposits | 1,781,465 | 0.03% | 1,823,056 | 0.03% | 1,854,122 | 0.03% | 1,845,128 | 0.03% | 1,794,549 | 0.03% | ||||||||||||
Time deposits | 639,645 | 2.10% | 432,110 | 0.41% | 455,168 | 0.35% | 478,531 | 0.37% | 494,632 | 0.40% | ||||||||||||
Total interest-bearing deposits | $ | 6,101,154 | 0.74% | $ | 6,028,454 | 0.27% | $ | 6,189,746 | 0.14% | $ | 6,481,158 | 0.11% | $ | 6,592,610 | 0.11% | |||||||
Federal funds purchased | 44,334 | 4.92% | 56,576 | 4.03% | 1,522 | 3.39% | - | - | - | - | ||||||||||||
Repurchase agreements | 71,340 | 0.08% | 76,334 | 0.11% | 69,048 | 0.10% | 60,061 | 0.09% | 72,768 | 0.09% | ||||||||||||
Short-term borrowings | 357,200 | 4.96% | 177,533 | 4.28% | 6,440 | 3.33% | - | - | - | - | ||||||||||||
Long-term debt | 7,299 | 2.61% | 3,817 | 2.18% | 3,331 | 2.38% | 5,336 | 2.48% | 13,979 | 2.52% | ||||||||||||
Subordinated debt, net | 96,966 | 5.58% | 97,839 | 5.46% | 98,748 | 5.46% | 98,642 | 5.53% | 98,531 | 5.59% | ||||||||||||
Junior subordinated debt | 101,196 | 6.74% | 101,196 | 5.58% | 101,196 | 4.07% | 101,196 | 2.92% | 101,196 | 2.20% | ||||||||||||
Total interest-bearing liabilities | $ | 6,779,489 | 1.14% | $ | 6,541,749 | 0.57% | $ | 6,470,031 | 0.29% | $ | 6,746,393 | 0.23% | $ | 6,879,084 | 0.23% | |||||||
Demand deposits | 3,502,489 | 3,658,965 | 3,708,131 | 3,711,049 | 3,710,124 | |||||||||||||||||
Other liabilities | 274,517 | 290,895 | 234,851 | 218,491 | 206,292 | |||||||||||||||||
Stockholders' equity | 1,190,316 | 1,164,916 | 1,201,656 | 1,190,585 | 1,241,188 | |||||||||||||||||
Total liabilities and stockholders' equity | $ | 11,746,811 | $ | 11,656,525 | $ | 11,614,669 | $ | 11,866,518 | $ | 12,036,688 | ||||||||||||
Interest rate spread | 3.12% | 3.45% | 3.39% | 3.12% | 2.86% | |||||||||||||||||
Net interest margin (FTE)1 | 3.55% | 3.68% | 3.51% | 3.21% | 2.95% | |||||||||||||||||
1 | The following tables provide the Non-GAAP reconciliations for the Non-GAAP measures contained in this release: | |||||||||||||||
Non-GAAP measures | ||||||||||||||||
(unaudited, dollars in thousands) | ||||||||||||||||
FTE adjustment | 2023 | 2022 | ||||||||||||||
1st Q | 4th Q | 3rd Q | 2nd Q | 1st Q | ||||||||||||
Net interest income | $ | 95,066 | $ | 99,779 | $ | 94,478 | $ | 87,585 | $ | 80,348 | ||||||
Add: FTE adjustment | 395 | 392 | 337 | 290 | 285 | |||||||||||
Net interest income (FTE) | $ | 95,461 | $ | 100,171 | $ | 94,815 | $ | 87,875 | $ | 80,633 | ||||||
Average earning assets | $ | 10,909,932 | $ | 10,801,115 | $ | 10,727,291 | $ | 10,983,020 | $ | 11,089,110 | ||||||
Net interest margin (FTE)3 | 3.55% | 3.68% | 3.51% | 3.21% | 2.95% | |||||||||||
Interest income for tax-exempt securities and loans have been adjusted to an FTE basis using the statutory Federal income tax rate of 21%. | ||||||||||||||||
Tangible equity to tangible assets | 2023 | 2022 | ||||||||||||||
1st Q | 4th Q | 3rd Q | 2nd Q | 1st Q | ||||||||||||
Total equity | $ | 1,211,659 | $ | 1,173,554 | $ | 1,156,546 | $ | 1,188,556 | $ | 1,202,250 | ||||||
Intangible assets | 288,159 | 288,545 | 289,083 | 289,259 | 288,832 | |||||||||||
Total assets | $ | 11,839,730 | $ | 11,739,296 | $ | 11,640,742 | $ | 11,720,459 | $ | 12,147,833 | ||||||
Tangible equity to tangible assets | 7.99% | 7.73% | 7.64% | 7.87% | 7.70% | |||||||||||
Return on average tangible common equity | 2023 | 2022 | ||||||||||||||
1st Q | 4th Q | 3rd Q | 2nd Q | 1st Q | ||||||||||||
Net income | $ | 33,658 | $ | 36,121 | $ | 38,973 | $ | 37,775 | $ | 39,126 | ||||||
Amortization of intangible assets (net of tax) | 402 | 404 | 408 | 409 | 477 | |||||||||||
Net income, excluding intangibles amortization | $ | 34,060 | $ | 36,525 | $ | 39,381 | $ | 38,184 | $ | 39,603 | ||||||
Average stockholders' equity | $ | 1,190,316 | $ | 1,164,916 | $ | 1,201,656 | $ | 1,190,585 | $ | 1,241,188 | ||||||
Less: average goodwill and other intangibles | 288,354 | 288,856 | 289,296 | 289,584 | 289,218 | |||||||||||
Average tangible common equity | $ | 901,962 | $ | 876,060 | $ | 912,360 | $ | 901,001 | $ | 951,970 | ||||||
Return on average tangible common equity3 | 15.31% | 16.54% | 17.12% | 17.00% | 16.87% | |||||||||||
2 | Non-GAAP measure - Stockholders' equity less goodwill and intangible assets divided by common shares outstanding. | |||||||||||||||
3 | Annualized. | |||||||||||||||
4 | Total past due loans, defined as loans 30 days or more past due and in an accrual status. | |||||||||||||||
5 | Securities are shown at average amortized cost. | |||||||||||||||
6 | For purposes of these computations, nonaccrual loans and loans held for sale are included in the average loan balances outstanding. | |||||||||||||||
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