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Share Name | Share Symbol | Market | Type |
---|---|---|---|
City Holding Company | NASDAQ:CHCO | NASDAQ | Common Stock |
Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|---|---|
-0.2896 | -0.25% | 114.3204 | 114.66 | 115.85 | 115.45 | 114.3204 | 115.45 | 1,566 | 14:33:58 |
West Virginia | 55-0619957 |
(State or Other Jurisdiction of | (I.R.S. Employer |
Incorporation or Organization) | Identification No.) |
¨ | Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425) |
¨ | Soliciting material pursuant to Rule 14a-12(b) under the Exchange Act (17 CFR 240.14a-12(b)) |
¨ | 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 (17CFR240.13e-4(c)) |
City Holding Company | |
By: | /s/ David L. Bumgarner |
David L. Bumgarner | |
Chief Financial Officer |
NEWS RELEASE |
Three Months Ended March 31, | Percent | ||||||
2015 | 2014 | Change | |||||
Earnings ($000s, except per share data): | |||||||
Net Interest Income (FTE) | $ | 29,533 | $ | 30,193 | (2.19)% | ||
Net Income available to common shareholders | 17,992 | 13,803 | 30.35% | ||||
Earnings per Basic Share | 1.18 | 0.87 | 35.04% | ||||
Earnings per Diluted Share | 1.17 | 0.86 | 35.72% | ||||
Key Ratios (percent): | |||||||
Return on Average Assets | 2.04 | % | 1.63 | % | 25.18% | ||
Return on Average Tangible Equity | 21.58 | % | 17.32 | % | 24.60% | ||
Net Interest Margin | 3.99 | % | 4.15 | % | (3.75)% | ||
Efficiency Ratio | 54.24 | % | 52.28 | % | 3.75% | ||
Average Shareholders' Equity to Average Assets | 11.48 | % | 11.64 | % | (1.34)% | ||
Consolidated Risk Based Capital Ratios (a): | |||||||
CET I | 14.04 | % | * | N/A | |||
Tier I | 14.70 | % | 13.58 | % | 8.25% | ||
Total | 15.57 | % | 14.47 | % | 7.60% | ||
Tangible Equity to Tangible Assets | 9.60 | % | 9.60 | % | (0.01)% | ||
Common Stock Data: | |||||||
Cash Dividends Declared per Share | $ | 0.42 | $ | 0.40 | 5.00% | ||
Book Value per Share | 26.63 | 25.05 | 6.30% | ||||
Tangible Book Value per Share | 21.96 | 20.28 | 8.28% | ||||
Market Value per Share: | |||||||
High | 48.09 | 46.69 | 3.00% | ||||
Low | 41.76 | 42.15 | (0.93)% | ||||
End of Period | 47.03 | 44.86 | 4.84% | ||||
Price/Earnings Ratio (b) | 9.96 | 12.83 | (22.36)% | ||||
(a) The March 31, 2015 efficiency ratio calculation excludes the gain on sale of insurance division. | |||||||
(b) March 31, 2015 risk-based capital ratios are estimated. | |||||||
(c) March 31, 2015 price/earnings ratio computed based on annualized first quarter 2015 earnings. | |||||||
(*) Basel III CET 1 ratio requirements are effective beginning January 1, 2015 and are not required for prior periods. |
Book Value and Market Price Range per Share | ||||||||||||||||||
Market Price | ||||||||||||||||||
Book Value per Share | Range per Share | |||||||||||||||||
March 31 | June 30 | September 30 | December 31 | Low | High | |||||||||||||
2011 | $ | 20.39 | $ | 20.58 | $ | 20.86 | $ | 21.05 | $ | 26.06 | $ | 37.22 | ||||||
2012 | 21.46 | 21.63 | 22.14 | 22.47 | 30.96 | 37.16 | ||||||||||||
2013 | 23.36 | 23.52 | 24.03 | 24.61 | 36.07 | 49.21 | ||||||||||||
2014 | 25.05 | 25.45 | 25.52 | 25.85 | 41.20 | 46.95 | ||||||||||||
2015 | 26.63 | 41.76 | 48.09 | |||||||||||||||
Earnings per Basic Share | ||||||||||||||||||
Quarter Ended | ||||||||||||||||||
March 31 | June 30 | September 30 | December 31 | Year-to-Date | ||||||||||||||
2011 | $ | 0.62 | $ | 0.65 | $ | 0.77 | $ | 0.65 | $ | 2.68 | ||||||||
2012 | 0.68 | 0.50 | 0.71 | 0.73 | 2.63 | |||||||||||||
2013 | 0.51 | 0.83 | 0.89 | 0.84 | 3.07 | |||||||||||||
2014 | 0.87 | 0.81 | 0.76 | 0.95 | 3.40 | |||||||||||||
2015 | 1.18 | 1.18 | ||||||||||||||||
Earnings per Diluted Share | ||||||||||||||||||
Quarter Ended | ||||||||||||||||||
March 31 | June 30 | September 30 | December 31 | Year-to-Date | ||||||||||||||
2011 | $ | 0.62 | $ | 0.64 | $ | 0.76 | $ | 0.65 | $ | 2.67 | ||||||||
2012 | 0.67 | 0.50 | 0.71 | 0.73 | 2.61 | |||||||||||||
2013 | 0.51 | 0.82 | 0.88 | 0.83 | 3.04 | |||||||||||||
2014 | 0.86 | 0.80 | 0.76 | 0.95 | 3.38 | |||||||||||||
2015 | 1.17 | 1.17 | ||||||||||||||||
Three Months Ended March 31, | |||||||
2015 | 2014 | ||||||
Interest Income | |||||||
Interest and fees on loans | $ | 29,388 | $ | 29,734 | |||
Interest on investment securities: | |||||||
Taxable | 2,712 | 3,003 | |||||
Tax-exempt | 264 | 281 | |||||
Total Interest Income | 32,364 | 33,018 | |||||
Interest Expense | |||||||
Interest on deposits | 2,741 | 2,753 | |||||
Interest on short-term borrowings | 82 | 75 | |||||
Interest on long-term debt | 150 | 150 | |||||
Total Interest Expense | 2,973 | 2,978 | |||||
Net Interest Income | 29,391 | 30,040 | |||||
Provision for loan losses | 888 | 1,363 | |||||
Net Interest Income After Provision for Loan Losses | 28,503 | 28,677 | |||||
Non-Interest Income | |||||||
Gains on sale of investment securities | 14 | 83 | |||||
Service charges | 5,927 | 6,160 | |||||
Bankcard revenue | 4,074 | 3,685 | |||||
Insurance commissions | — | 2,025 | |||||
Trust and investment management fee income | 1,200 | 1,037 | |||||
Bank owned life insurance | 764 | 756 | |||||
Gain on sale of insurance division | 11,084 | — | |||||
Other income | 958 | 559 | |||||
Total Non-Interest Income | 24,021 | 14,305 | |||||
Non-Interest Expense | |||||||
Salaries and employee benefits | 12,179 | 13,139 | |||||
Occupancy and equipment | 2,590 | 2,615 | |||||
Depreciation | 1,511 | 1,478 | |||||
FDIC insurance expense | 450 | 410 | |||||
Advertising | 704 | 824 | |||||
Bankcard expenses | 818 | 806 | |||||
Postage, delivery, and statement mailings | 561 | 575 | |||||
Office supplies | 346 | 410 | |||||
Legal and professional fees | 567 | 409 | |||||
Telecommunications | 475 | 338 | |||||
Repossessed asset losses, net of expenses | 220 | 379 | |||||
Other expenses | 2,744 | 1,993 | |||||
Total Non-Interest Expense | 23,165 | 23,376 | |||||
Income Before Income Taxes | 29,359 | 19,606 | |||||
Income tax expense | 11,367 | 5,803 | |||||
Net Income Available to Common Shareholders | $ | 17,992 | $ | 13,803 | |||
Distributed earnings allocated to common shareholders | $ | 6,315 | $ | 6,224 | |||
Undistributed earnings allocated to common shareholders | 11,468 | 7,438 | |||||
Net earnings allocated to common shareholders | $ | 17,783 | $ | 13,662 | |||
Average common shares outstanding | 15,067 | 15,631 | |||||
Effect of dilutive securities: | |||||||
Employee stock options and warrants | 82 | 165 | |||||
Shares for diluted earnings per share | 15,149 | 15,796 | |||||
Basic earnings per common share | $ | 1.18 | $ | 0.87 | |||
Diluted earnings per common share | $ | 1.17 | $ | 0.86 | |||
Dividends declared per common share | $ | 0.42 | $ | 0.40 | |||
Comprehensive Income | $ | 18,898 | $ | 14,579 |
Three Months Ended | ||||||
March 31, 2015 | March 31, 2014 | |||||
Balance at January 1 | $ | 390,853 | $ | 387,623 | ||
Net income | 17,992 | 13,803 | ||||
Other comprehensive income: | ||||||
Change in unrealized (loss) gain on securities available-for-sale | 906 | 776 | ||||
Cash dividends declared ($0.42/share) and ($0.40/share), respectively | (6,389 | ) | (6,287 | ) | ||
Issuance of stock award shares, net | 740 | 572 | ||||
Exercise of 28,500 stock options | 973 | — | ||||
Exercise of 7,000 stock options | — | 199 | ||||
Purchase of 68,145 common shares of treasury | — | (2,936 | ) | |||
Balance at March 31 | $ | 405,075 | $ | 393,750 |
Quarter Ended | |||||||||||||||
March 31 | December 31 | September 30 | June 30 | March 31 | |||||||||||
2015 | 2014 | 2014 | 2014 | 2014 | |||||||||||
Interest income | $ | 32,364 | $ | 32,282 | $ | 32,438 | $ | 31,828 | $ | 33,018 | |||||
Taxable equivalent adjustment | 142 | 164 | 152 | 151 | 153 | ||||||||||
Interest income (FTE) | 32,506 | 32,446 | 32,590 | 31,979 | 33,171 | ||||||||||
Interest expense | 2,973 | 3,041 | 2,968 | 2,973 | 2,978 | ||||||||||
Net interest income | 29,533 | 29,405 | 29,622 | 29,006 | 30,193 | ||||||||||
Provision for loan losses | 888 | 384 | 1,872 | 435 | 1,363 | ||||||||||
Net interest income after provision | |||||||||||||||
for loan losses | 28,645 | 29,021 | 27,750 | 28,571 | 28,830 | ||||||||||
Noninterest income | 24,021 | 14,669 | 14,609 | 15,139 | 14,305 | ||||||||||
Noninterest expense | 23,165 | 23,035 | 24,325 | 24,305 | 23,376 | ||||||||||
Income before income taxes | 29,501 | 20,655 | 18,034 | 19,405 | 19,759 | ||||||||||
Income tax expense | 11,367 | 5,961 | 6,010 | 6,497 | 5,803 | ||||||||||
Taxable equivalent adjustment | 142 | 164 | 152 | 151 | 153 | ||||||||||
Net income | $ | 17,992 | $ | 14,530 | $ | 11,872 | $ | 12,757 | $ | 13,803 | |||||
Allocated to common shareholders: | |||||||||||||||
Distributed earnings | $ | 6,315 | $ | 5,996 | $ | 6,073 | $ | 6,178 | $ | 6,224 | |||||
Undistributed earnings | 11,468 | 8,378 | 5,673 | 6,448 | 7,439 | ||||||||||
Net earnings allocated to common shareholders | $ | 17,783 | $ | 14,374 | $ | 11,746 | $ | 12,626 | $ | 13,663 | |||||
Average common shares outstanding | 15,067 | 15,096 | 15,363 | 15,556 | 15,631 | ||||||||||
Effect of dilutive securities: | |||||||||||||||
Employee stock options and warrants | 82 | 86 | 82 | 150 | 165 | ||||||||||
Shares for diluted earnings per share | 15,149 | 15,182 | 15,445 | 15,706 | 15,796 | ||||||||||
Basic earnings per common share | $ | 1.18 | $ | 0.95 | $ | 0.76 | $ | 0.81 | $ | 0.87 | |||||
Diluted earnings per common share | 1.17 | 0.95 | 0.76 | 0.80 | 0.86 | ||||||||||
Cash dividends declared per share | 0.42 | 0.40 | 0.40 | 0.40 | 0.40 | ||||||||||
Net Interest Margin | 3.99 | % | 3.89 | % | 3.95 | % | 3.95 | % | 4.15 | % | |||||
Interest Income from Accretion Related to Fair | |||||||||||||||
Value Adjustments Recorded as a | |||||||||||||||
Result of Acquisition: | $ | 2,450 | $ | 1,307 | $ | 1,836 | $ | 1,494 | $ | 2,151 | |||||
Net Interest Margin (excluding accretion) | 3.66 | % | 3.71 | % | 3.71 | % | 3.75 | % | 3.85 | % |
Quarter Ended | |||||||||||||||
March 31 | December 31 | September 30 | June 30 | March 31 | |||||||||||
2015 | 2014 | 2014 | 2014 | 2014 | |||||||||||
Non-Interest Income: | |||||||||||||||
Service charges | $ | 5,927 | $ | 6,750 | $ | 6,934 | $ | 6,739 | $ | 6,160 | |||||
Bankcard revenue | 4,074 | 3,744 | 3,796 | 3,838 | 3,685 | ||||||||||
Insurance commissions | — | 1,238 | 1,396 | 1,319 | 2,025 | ||||||||||
Trust and investment management fee income | 1,200 | 1,363 | 1,103 | 1,111 | 1,037 | ||||||||||
Bank owned life insurance | 764 | 778 | 771 | 765 | 756 | ||||||||||
Gain on sale of insurance division | 11,084 | — | — | — | — | ||||||||||
Other income | 958 | 612 | 538 | 549 | 559 | ||||||||||
Subtotal | 24,007 | 14,485 | 14,538 | 14,321 | 14,222 | ||||||||||
Gain (loss) on sale of investment securities | 14 | 184 | 71 | 818 | 83 | ||||||||||
Total Non-Interest Income | $ | 24,021 | $ | 14,669 | $ | 14,609 | $ | 15,139 | $ | 14,305 | |||||
Non-Interest Expense: | |||||||||||||||
Salaries and employee benefits | $ | 12,179 | $ | 12,489 | $ | 13,144 | $ | 12,977 | $ | 13,139 | |||||
Occupancy and equipment | 2,590 | 2,449 | 2,531 | 2,395 | 2,615 | ||||||||||
Depreciation | 1,511 | 1,534 | 1,542 | 1,533 | 1,478 | ||||||||||
FDIC insurance expense | 450 | 448 | 432 | 357 | 410 | ||||||||||
Advertising | 704 | 726 | 799 | 925 | 824 | ||||||||||
Bankcard expenses | 818 | 891 | 843 | 833 | 806 | ||||||||||
Postage, delivery and statement mailings | 561 | 549 | 557 | 530 | 575 | ||||||||||
Office supplies | 346 | 360 | 405 | 420 | 410 | ||||||||||
Legal and professional fees | 567 | 552 | 476 | 612 | 409 | ||||||||||
Telecommunications | 475 | 522 | 510 | 506 | 338 | ||||||||||
Repossessed asset (gains) losses, net of expenses | 220 | 27 | 31 | 142 | 379 | ||||||||||
Other expenses | 2,744 | 2,488 | 3,055 | 3,075 | 1,993 | ||||||||||
Total Non-Interest Expense | $ | 23,165 | $ | 23,035 | $ | 24,325 | $ | 24,305 | $ | 23,376 | |||||
Employees (Full Time Equivalent) | 845 | 889 | 908 | 912 | 925 | ||||||||||
Branch Locations | 82 | 82 | 82 | 82 | 82 |
March 31, 2015 | December 31, 2014 | |||||
(Unaudited) | ||||||
Assets | ||||||
Cash and due from banks | $ | 235,004 | $ | 138,503 | ||
Interest-bearing deposits in depository institutions | 10,106 | 9,725 | ||||
Federal funds sold | — | — | ||||
Cash and cash equivalents | 245,110 | 148,228 | ||||
Investment securities available-for-sale, at fair value | 273,856 | 254,043 | ||||
Investment securities held-to-maturity, at amortized cost | 87,455 | 90,786 | ||||
Other securities | 9,857 | 9,857 | ||||
Total investment securities | 371,168 | 354,686 | ||||
Gross loans | 2,632,471 | 2,652,066 | ||||
Allowance for loan losses | (20,179 | ) | (20,150 | ) | ||
Net loans | 2,612,292 | 2,631,916 | ||||
Bank owned life insurance | 95,880 | 95,116 | ||||
Premises and equipment, net | 76,910 | 77,988 | ||||
Accrued interest receivable | 7,752 | 6,826 | ||||
Net deferred tax assets | 35,335 | 36,766 | ||||
Intangible assets | 70,964 | 74,198 | ||||
Other assets | 37,674 | 35,909 | ||||
Total Assets | $ | 3,553,085 | $ | 3,461,633 | ||
Liabilities | ||||||
Deposits: | ||||||
Noninterest-bearing | $ | 551,596 | $ | 545,465 | ||
Interest-bearing: | ||||||
Demand deposits | 654,832 | 639,932 | ||||
Savings deposits | 722,324 | 660,727 | ||||
Time deposits | 1,013,630 | 1,026,663 | ||||
Total deposits | 2,942,382 | 2,872,787 | ||||
Short-term borrowings | ||||||
Customer repurchase agreements | 132,588 | 134,931 | ||||
Long-term debt | 16,495 | 16,495 | ||||
Other liabilities | 56,545 | 46,567 | ||||
Total Liabilities | 3,148,010 | 3,070,780 | ||||
Stockholders' Equity | ||||||
Preferred stock, par value $25 per share: 500,000 shares authorized; none issued | — | — | ||||
Common stock, par value $2.50 per share: 50,000,000 shares authorized; | ||||||
18,499,282 shares issued at March 31, 2015 and December 31, 2014 | ||||||
less 3,285,958 and 3,345,590 shares in treasury, respectively | 46,249 | 46,249 | ||||
Capital surplus | 106,397 | 107,370 | ||||
Retained earnings | 373,812 | 362,211 | ||||
Cost of common stock in treasury | (118,130 | ) | (120,818 | ) | ||
Accumulated other comprehensive loss: | ||||||
Unrealized gain on securities available-for-sale | 2,096 | 1,190 | ||||
Underfunded pension liability | (5,349 | ) | (5,349 | ) | ||
Total Accumulated Other Comprehensive Loss | (3,253 | ) | (4,159 | ) | ||
Total Stockholders' Equity | 405,075 | 390,853 | ||||
Total Liabilities and Stockholders' Equity | $ | 3,553,085 | $ | 3,461,633 |
Credit-Related | ||||||||||||
Net Investment | ||||||||||||
Impairment | ||||||||||||
Losses Through | Unrealized | |||||||||||
Original Cost | March 31, 2015 | Gains (Losses) | Carrying Value | |||||||||
US Government Agencies | $ | 1,713 | — | $ | 2 | $ | 1,715 | |||||
Mortgage Backed Securities | 292,831 | — | 2,463 | 295,294 | ||||||||
Municipal Bonds | 38,147 | — | 767 | 38,914 | ||||||||
Pooled Bank Trust Preferreds | 20,664 | (20,171 | ) | 1,167 | 1,660 | |||||||
Single Issuer Bank Trust Preferreds, | ||||||||||||
Subdebt of Financial Institutions, and | ||||||||||||
Bank Holding Company Preferred Stocks | 22,040 | (1,015 | ) | (2,350 | ) | 18,675 | ||||||
Money Markets and Mutual Funds | 1,525 | — | 10 | 1,535 | ||||||||
Federal Reserve Bank and FHLB stock | 9,857 | — | — | 9,857 | ||||||||
Community Bank Equity Positions | 3,715 | (1,584 | ) | 1,387 | 3,518 | |||||||
Total Investments | $ | 390,492 | $ | (22,770 | ) | $ | 3,446 | $ | 371,168 |
March 31 | December 31 | September 30 | June 30 | March 31 | |||||||||||
2015 | 2014 | 2014 | 2014 | 2014 | |||||||||||
Residential real estate (1) | $ | 1,303,258 | $ | 1,294,576 | $ | 1,274,062 | $ | 1,242,972 | $ | 1,212,232 | |||||
Home equity - junior liens | 143,670 | 145,604 | 146,965 | 145,452 | 144,482 | ||||||||||
Commercial and industrial | 124,342 | 132,641 | 130,462 | 131,627 | 126,569 | ||||||||||
Commercial real estate (2) | 1,019,562 | 1,036,738 | 1,034,593 | 1,011,367 | 1,027,431 | ||||||||||
Consumer | 38,436 | 39,705 | 41,042 | 42,858 | 42,320 | ||||||||||
DDA overdrafts | 3,203 | 2,802 | 3,618 | 3,501 | 4,001 | ||||||||||
Gross Loans | $ | 2,632,471 | $ | 2,652,066 | $ | 2,630,742 | $ | 2,577,777 | $ | 2,557,035 | |||||
Construction loans included in: | |||||||||||||||
(1) - Residential real estate loans | $ | 17,459 | $ | 22,992 | $ | 22,426 | $ | 20,078 | $ | 17,697 | |||||
(2) - Commercial real estate loans | 30,554 | 28,652 | 24,875 | 24,608 | 28,894 |
Virginia Savings | Community | ||||||||||||||
Loan | Certificates of | Loan | Certificates of | ||||||||||||
Year Ended: | Accretion (a) | Deposits (a) | Accretion (a) | Deposits (a) | Total | ||||||||||
1Q 2015 | $ | 123 | $ | 129 | $ | 2,158 | $ | 40 | $ | 2,450 | |||||
Remainder 2015 | 336 | 388 | 1,734 | 120 | 2,578 | ||||||||||
2016 | 276 | 497 | 1,480 | 48 | 2,301 | ||||||||||
2017 | 154 | — | 1,070 | — | 1,224 | ||||||||||
a - 1Q 2015 amounts are based on actual results. Remainder 2015, 2016 and 2017 amounts are based on estimated amounts. |
Three Months Ended December 31, | ||||||||||||||||
2014 | 2013 | |||||||||||||||
Average | Yield/ | Average | Yield/ | |||||||||||||
Balance | Interest | Rate | Balance | Interest | Rate | |||||||||||
Assets: | ||||||||||||||||
Loan portfolio (1): | ||||||||||||||||
Residential real estate (2) | $ | 1,436,720 | $ | 14,201 | 4.01 | % | $ | 1,350,556 | $ | 13,746 | 4.13 | % | ||||
Commercial, financial, and agriculture (2) | 1,149,798 | 13,586 | 4.79 | % | 1,167,606 | 14,236 | 4.94 | % | ||||||||
Installment loans to individuals (2), (3) | 49,882 | 1,150 | 9.35 | % | 52,557 | 1,179 | 9.10 | % | ||||||||
Previously securitized loans (4) | *** | 451 | *** | *** | 574 | *** | ||||||||||
Total loans | 2,636,400 | 29,388 | 4.52 | % | 2,570,719 | 29,735 | 4.69 | % | ||||||||
Securities: | ||||||||||||||||
Taxable | 327,185 | 2,712 | 3.36 | % | 345,982 | 3,003 | 3.52 | % | ||||||||
Tax-exempt (5) | 28,477 | 406 | 5.78 | % | 27,506 | 433 | 6.38 | % | ||||||||
Total securities | 355,662 | 3,118 | 3.56 | % | 373,488 | 3,436 | 3.73 | % | ||||||||
Deposits in depository institutions | 8,968 | — | — | % | 8,831 | — | — | % | ||||||||
Total interest-earning assets | 3,001,030 | 32,506 | 4.39 | % | 2,953,038 | 33,171 | 4.56 | % | ||||||||
Cash and due from banks | 222,409 | 125,221 | ||||||||||||||
Bank premises and equipment | 77,638 | 82,214 | ||||||||||||||
Other assets | 244,686 | 246,091 | ||||||||||||||
Less: Allowance for loan losses | (20,658 | ) | (21,221 | ) | ||||||||||||
Total assets | $ | 3,525,105 | $ | 3,385,343 | ||||||||||||
Liabilities: | ||||||||||||||||
Interest-bearing demand deposits | 636,810 | 132 | 0.08 | % | 611,797 | 176 | 0.12 | % | ||||||||
Savings deposits | 694,700 | 181 | 0.11 | % | 618,412 | 207 | 0.14 | % | ||||||||
Time deposits (2) | 1,021,474 | 2,428 | 0.96 | % | 1,070,065 | 2,370 | 0.90 | % | ||||||||
Short-term borrowings | 129,647 | 82 | 0.26 | % | 118,771 | 75 | 0.26 | % | ||||||||
Long-term debt | 16,495 | 150 | 3.69 | % | 16,495 | 150 | 3.69 | % | ||||||||
Total interest-bearing liabilities | 2,499,126 | 2,973 | 0.48 | % | 2,435,540 | 2,978 | 0.50 | % | ||||||||
Noninterest-bearing demand deposits | 571,340 | 517,207 | ||||||||||||||
Other liabilities | 49,996 | 38,705 | ||||||||||||||
Stockholders' equity | 404,643 | 393,891 | ||||||||||||||
Total liabilities and shareholders' equity | $ | 3,525,105 | $ | 3,385,343 | ||||||||||||
Net interest income | $ | 29,533 | $ | 30,193 | ||||||||||||
Net yield on earning assets | 3.99 | % | 4.15 | % |
Three Months Ended March 31, 2015 | Three Months Ended March 31, 2014 | |||||||||||||||||
Virginia | Virginia | |||||||||||||||||
Savings | Community | Total | Savings | Community | Total | |||||||||||||
Residential real estate | $ | 64 | $ | 133 | $ | 197 | $ | 151 | $ | 115 | $ | 266 | ||||||
Commercial, financial, and agriculture | 29 | 1,959 | 1,988 | 114 | 1,324 | 1,438 | ||||||||||||
Installment loans to individuals | 30 | 66 | 96 | 34 | 189 | 223 | ||||||||||||
Time deposits | 129 | 40 | 169 | 131 | 93 | 224 | ||||||||||||
$ | 252 | $ | 2,198 | $ | 2,450 | $ | 430 | $ | 1,721 | $ | 2,151 |
March 31 | December 31 | September 30 | June 30 | March 31 | |||||||||||
2015 (a) | 2014 | 2014 | 2014 | 2014 | |||||||||||
Tier I Capital: | |||||||||||||||
Stockholders' equity | $ | 405,075 | $ | 390,853 | $ | 391,673 | $ | 397,231 | $ | 393,750 | |||||
Goodwill and other intangibles | (69,227 | ) | (74,011 | ) | (74,247 | ) | (74,483 | ) | (74,719 | ) | |||||
Accumulated other comprehensive loss | 3,253 | 4,159 | 2,921 | 2,509 | 4,214 | ||||||||||
Qualifying trust preferred stock | 16,000 | 16,000 | 16,000 | 16,000 | 16,000 | ||||||||||
Excess deferred tax assets | (1,564 | ) | (3,838 | ) | (3,131 | ) | (4,019 | ) | (6,508 | ) | |||||
Total tier I capital | $ | 353,537 | $ | 333,163 | $ | 333,216 | $ | 337,238 | $ | 332,737 | |||||
Qualifying trust preferred stock | $ | (16,000 | ) | * | * | * | * | ||||||||
Total CET I capital | $ | 337,537 | * | * | * | * | |||||||||
Total Risk-Based Capital: | |||||||||||||||
Tier I capital | $ | 353,537 | $ | 333,163 | $ | 333,216 | $ | 337,238 | $ | 332,737 | |||||
Qualifying allowance for loan losses | 20,179 | 20,150 | 20,487 | 20,536 | 21,044 | ||||||||||
Unrealized gain on securities | 704 | 560 | 630 | 605 | 786 | ||||||||||
Total risk-based capital | $ | 374,420 | $ | 353,873 | $ | 354,333 | $ | 358,379 | $ | 354,567 | |||||
Net risk-weighted assets | $ | 2,404,331 | $ | 2,493,078 | $ | 2,493,938 | $ | 2,464,081 | $ | 2,450,949 | |||||
Ratios: | |||||||||||||||
Average stockholders' equity to average assets | 11.48 | % | 11.40 | % | 11.78 | % | 11.71 | % | 11.64 | % | |||||
Tangible capital ratio | 9.60 | % | 9.35 | % | 9.58 | % | 9.80 | % | 9.60 | % | |||||
Risk-based capital ratios: | |||||||||||||||
CET I capital | 14.04 | % | * | * | * | * | |||||||||
Tier I capital | 14.70 | % | 13.36 | % | 13.36 | % | 13.69 | % | 13.58 | % | |||||
Total risk-based capital | 15.57 | % | 14.19 | % | 14.21 | % | 14.54 | % | 14.47 | % | |||||
Leverage capital | 10.23 | % | 9.89 | % | 10.07 | % | 10.15 | % | 10.07 | % | |||||
(a) March 31, 2015 risk-based capital ratios are estimated. | |||||||||||||||
(*) Basel III CET 1 ratio requirements are effective beginning January 1, 2015 and are not required prior periods. |
As of and for the Quarter Ended | |||||||||||||||
March 31 | December 31 | September 30 | June 30 | March 31 | |||||||||||
2015 | 2014 | 2014 | 2014 | 2014 | |||||||||||
Intangibles, net | $ | 70,964 | $ | 74,198 | $ | 74,434 | $ | 74,670 | $ | 74,906 | |||||
Intangibles amortization expense | 214 | 236 | 236 | 236 | 236 |
Quarter Ended | |||||||||||||||
March 31 | December 31 | September 30 | June 30 | March 31 | |||||||||||
2015 | 2014 | 2014 | 2014 | 2014 | |||||||||||
Balance at beginning of period | $ | 20,150 | $ | 20,487 | $ | 20,536 | $ | 21,044 | $ | 20,575 | |||||
Charge-offs: | |||||||||||||||
Commercial and industrial | 94 | (7 | ) | 325 | 1 | 4 | |||||||||
Commercial real estate | 337 | 260 | 696 | 587 | 382 | ||||||||||
Residential real estate | 257 | 414 | 605 | 316 | 427 | ||||||||||
Home equity | 91 | 21 | 142 | 38 | 108 | ||||||||||
Consumer | 74 | 17 | 49 | 38 | 84 | ||||||||||
DDA overdrafts | 311 | 363 | 390 | 321 | 341 | ||||||||||
Total charge-offs | 1,164 | 1,068 | 2,207 | 1,301 | 1,346 | ||||||||||
Recoveries: | |||||||||||||||
Commercial and industrial | 18 | 4 | 4 | 18 | 63 | ||||||||||
Commercial real estate | 8 | 19 | 11 | 53 | 30 | ||||||||||
Residential real estate | 10 | 96 | 28 | 39 | 24 | ||||||||||
Home equity | — | — | — | — | — | ||||||||||
Consumer | 28 | 32 | 43 | 53 | 76 | ||||||||||
DDA overdrafts | 241 | 196 | 200 | 195 | 259 | ||||||||||
Total recoveries | 305 | 347 | 286 | 358 | 452 | ||||||||||
Net charge-offs | 859 | 721 | 1,921 | 943 | 894 | ||||||||||
Provision for (recovery of) acquired loans | 246 | 148 | (3 | ) | 150 | (12 | ) | ||||||||
Provision for loan losses | 642 | 236 | 1,875 | 285 | 1,375 | ||||||||||
Balance at end of period | $ | 20,179 | $ | 20,150 | $ | 20,487 | $ | 20,536 | $ | 21,044 | |||||
Loans outstanding | $ | 2,632,471 | $ | 2,652,066 | $ | 2,630,742 | $ | 2,577,777 | $ | 2,557,035 | |||||
Average loans outstanding | 2,636,400 | 2,639,106 | 2,600,142 | 2,563,601 | 2,570,719 | ||||||||||
Allowance as a percent of loans outstanding | 0.77 | % | 0.76 | % | 0.78 | % | 0.80 | % | 0.82 | % | |||||
Allowance as a percent of non-performing loans | 121.81 | % | 128.10 | % | 112.61 | % | 106.86 | % | 100.09 | % | |||||
Net charge-offs (annualized) as a | |||||||||||||||
percent of average loans outstanding | 0.13 | % | 0.11 | % | 0.30 | % | 0.15 | % | 0.14 | % | |||||
Net charge-offs, excluding overdraft deposit | |||||||||||||||
accounts, (annualized) as a percent of average | |||||||||||||||
loans outstanding | 0.12 | % | 0.08 | % | 0.27 | % | 0.13 | % | 0.13 | % |
March 31 | December 31 | September 30 | June 30 | March 31 | |||||||||||
2015 | 2014 | 2014 | 2014 | 2014 | |||||||||||
Nonaccrual loans | $ | 16,182 | $ | 15,307 | $ | 17,384 | $ | 18,423 | $ | 20,593 | |||||
Accruing loans past due 90 days or more | 384 | 423 | 809 | 794 | 432 | ||||||||||
Total non-performing loans | 16,566 | 15,730 | 18,193 | 19,217 | 21,025 | ||||||||||
Other real estate owned | 8,771 | 8,180 | 9,162 | 9,129 | 9,538 | ||||||||||
Total non-performing assets | $ | 25,337 | $ | 23,910 | $ | 27,355 | $ | 28,346 | $ | 30,563 | |||||
Non-performing assets as a percent of loans | |||||||||||||||
and other real estate owned | 0.96 | % | 0.90 | % | 1.04 | % | 1.10 | % | 1.19 | % | |||||
Originated | |||||||||||||||
March 31 | December 31 | September 30 | June 30 | March 31 | |||||||||||
2015 | 2014 | 2014 | 2014 | 2014 | |||||||||||
Residential real estate | $ | 4,326 | $ | 5,164 | $ | 5,276 | $ | 5,794 | $ | 4,118 | |||||
Home equity - junior liens | 543 | 746 | 751 | 926 | 638 | ||||||||||
Commercial and industrial | 113 | 310 | 188 | 25 | 77 | ||||||||||
Commercial real estate | 299 | 479 | 938 | 443 | 789 | ||||||||||
Consumer | 122 | 197 | 58 | 80 | 63 | ||||||||||
DDA overdrafts | 215 | 318 | 592 | 281 | 196 | ||||||||||
Total past due loans | $ | 5,618 | $ | 7,214 | $ | 7,803 | $ | 7,549 | $ | 5,881 | |||||
Acquired | |||||||||||||||
March 31 | December 31 | September 30 | June 30 | March 31 | |||||||||||
2015 | 2014 | 2014 | 2014 | 2014 | |||||||||||
Residential real estate | $ | 1,792 | $ | 714 | $ | 500 | $ | 873 | $ | 813 | |||||
Home equity - junior liens | 86 | 2 | 16 | 3 | 21 | ||||||||||
Commercial and industrial | 490 | 143 | 96 | 58 | 127 | ||||||||||
Commercial real estate | 2,018 | 2,372 | 2,972 | 2,110 | 3,789 | ||||||||||
Consumer | 150 | 221 | 162 | 374 | 397 | ||||||||||
DDA overdrafts | — | — | — | — | — | ||||||||||
Total past due loans | $ | 4,536 | $ | 3,452 | $ | 3,746 | $ | 3,418 | $ | 5,147 | |||||
Total | |||||||||||||||
March 31 | December 31 | September 30 | June 30 | March 31 | |||||||||||
2015 | 2014 | 2014 | 2014 | 2014 | |||||||||||
Residential real estate | $ | 6,118 | $ | 5,878 | $ | 5,776 | $ | 6,667 | $ | 4,931 | |||||
Home equity - junior liens | 629 | 748 | 767 | 929 | 659 | ||||||||||
Commercial and industrial | 603 | 453 | 284 | 83 | 204 | ||||||||||
Commercial real estate | 2,317 | 2,851 | 3,910 | 2,553 | 4,578 | ||||||||||
Consumer | 272 | 418 | 220 | 454 | 460 | ||||||||||
DDA overdrafts | 215 | 318 | 592 | 281 | 196 | ||||||||||
Total past due loans | $ | 10,154 | $ | 10,666 | $ | 11,549 | $ | 10,967 | $ | 11,028 | |||||
Total past due loans as a percent of loans outstanding | 0.39 | % | 0.40 | % | 0.44 | % | 0.43 | % | 0.43 | % | |||||
March 31 | December 31 | September 30 | June 30 | March 31 | |||||||||||
2015 | 2014 | 2014 | 2014 | 2014 | |||||||||||
Residential real estate | $ | 19,067 | $ | 18,492 | $ | 18,040 | $ | 19,212 | $ | 18,940 | |||||
Home equity - junior liens | 2,741 | 2,688 | 2,821 | 2,858 | 2,866 | ||||||||||
Commercial and industrial | 70 | 73 | 77 | 86 | 84 | ||||||||||
Commercial real estate | 1,894 | 2,263 | 2,270 | 2,281 | 1,854 | ||||||||||
Consumer | — | — | — | — | — | ||||||||||
Total | $ | 23,772 | $ | 23,516 | $ | 23,208 | $ | 24,437 | $ | 23,744 | |||||
Virginia Savings Acquisition | |||||||||||||||
March 31 | December 31 | September 30 | June 30 | March 31 | |||||||||||
2015 | 2014 | 2014 | 2014 | 2014 | |||||||||||
Contractual required principal and interest | $ | 2,419 | $ | 2,407 | $ | 3,481 | $ | 3,735 | $ | 3,821 | |||||
Carrying value | 1,979 | 1,964 | 2,987 | 3,098 | 3,102 | ||||||||||
Community Acquisition | |||||||||||||||
March 31 | December 31 | September 30 | June 30 | March 31 | |||||||||||
2015 | 2014 | 2014 | 2014 | 2014 | |||||||||||
Contractual required principal and interest | $ | 20,189 | $ | 23,277 | $ | 24,147 | $27,394 | $ | 30,476 | ||||||
Carrying value | 14,627 | 15,365 | 15,518 | 17,902 | 19,986 | ||||||||||
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