The following excerpt is from the company's SEC filing.
MALVERN, PA., October 31, 2022 — Meridian Corporation (Nasdaq: MRBK) today reported:
Net income of $5.8 million and diluted earnings per share of $0.96 for the third quarter ended September 30, 2022 compared to net income of $5.9 million and diluted earnings per share of $0.96 for the second quarter ended June 30, 2022.
Return on average assets for the third quarter of 2022 was 1.23% compared to 1.31% for the second quarter of 2022; return on average equity for the second quarter was 14.59% compared to 15.03% for the prior quarter.
Net interest margin decreased to 4.01% in the third quarter of 2022 from 4.07%
in the second quarter of 2022.
Third quarter commercial loan growth, excluding Paycheck Protection Program ("PPP") loans, was $69.1 million, or 21.0% annualized; consumer loans increased by $42.9 million.
Non-interest income of $10.2 million in the third quarter of 2022 compared to $10.4 million in the prior quarter.
Non-interest expenses increased $0.6 million to $20.3 million in the third quarter of 2022 from $19.7 million in the prior quarter with an efficiency ratio of 71.72% and 70.49%, respectively.
The Company repurchased 197,849 shares of its common stock at an average price of $30.36 per share during the quarter ended September 30, 2022.
On October 27, 2022, the Board of Directors declared a quarterly cash dividend of $0.20 per common share, payable November 21, 2022 to shareholders of record as of November 14, 2022.
Q3'2022
Q2'2022
Q1'2022
Q4'2021
Q3'2021
(Dollars in thousands, except per share data)
5,798
5,938
5,535
7,719
9,438
Pre-tax, pre-provision income (1)
7,989
8,248
7,704
9,671
12,898
Pre-tax, pre-provision income - Bank (1)
8,040
7,458
8,778
6,829
8,896
Diluted earnings per common share
(1) See Non-GAAP reconciliation in the Appendix
Christopher J. Annas, Chairman and CEO commented “Meridian’s third quarter revenue of $33.2 million generated earnings of $5.8 million, or $0.96 per diluted share. We continue to produce high returns at the Bank through strong net interest margin and loan growth, and a disciplined cost structure. Our focus is to build deeper in our core Delaware Valley and Maryland markets by training new lenders, and also hiring from the outside, to sustain the exceptional loan growth. These regions have seen a number of banks get acquired, where we’ve been able to expand and become the go to bank for small and medium size businesses. Our SBA and equipment finance groups have benefited from these events, and continue to supplement this growth. Additionally, Meridian Wealth Partners generates over 50% of its business from our commercial portfolio “eco-system”, through lender referrals and liquidity events of customers. From our inception, the cost efficiencies created by “training” our customers to exclusively use the online channel gives us excellent operating leverage. It is not as apparent in the ratio, since we are always hiring support staff ahead of the planned growth."
"Our mortgage business, which has not lost money on an annual basis in the 12 years of operation, has a $2.2 million pre-tax loss for the nine months ended September 30, 2022. The rate rise has stifled some buyers, but the lack of homes for sale continues to be the biggest factor. We’ve made significant cuts to operating costs this year, but key operations personnel have remained to assure we can rebuild promptly when conditions allow. Housing inventory is expected to build to historical levels over the next eighteen months. If rates begin to decline next year, as some FED watchers predict, a refi surge could also benefit the business. We continue to monitor closely and adjust as necessary."
Select Condensed Financial Information
As of or for the quarter ended (Unaudited)
March 31,
December 31,
Income:
Net income - consolidated
Basic earnings per common share
Net interest income - consolidated
18,026
17,551
16,035
16,322
16,257
Balance Sheet:
Total assets
1,921,924
1,853,019
1,831,589
1,713,443
1,762,445
Loans, net of fees and costs
1,610,349
1,518,893
1,431,906
1,386,457
1,378,670
Total deposits
1,673,553
1,568,014
1,564,851
1,446,413
1,439,047
Non-interest bearing deposits
290,169
291,925
291,379
274,528
265,842
Stockholders' equity
151,161
156,087
157,684
165,360
158,416
Balance Sheet (Average Balances):
1,868,194
1,811,335
1,752,643
1,755,263
1,739,848
Total interest earning assets
1,791,255
1,736,547
1,680,070
1,696,473
1,691,641
1,565,861
1,484,696
1,415,831
1,383,511
1,370,439
1,597,648
1,567,325
1,504,241
1,468,575
1,409,534
295,975
296,521
281,123
287,801
254,843
157,614
158,420
161,939
159,921
155,580
Performance Ratios (Annualized):
Return on average assets - consolidated
Return on average equity - consolidated
14.59
15.03
13.86
19.15
24.07
Income Statement - Third Quarter 2022 Compared to Second Quarter 2022
Net income was $5.8 million, down $140 thousand from $5.9 million for the second quarter. Diluted earnings per share was $0.96 for both periods. Net interest income increased $480 thousand, or 2.7%, on a tax equivalent basis driven by continued strong loan portfolio growth. Offsetting the increase in net interest income, non-interest expense increased $555 thousand, or 2.8%, and non-interest income decreased $179 thousand, or 1.7%. Detailed explanations of the major categories of income and expense follow below.
Net Interest income
The rate/volume analysis table below analyzes dollar changes in the components of interest income and interest expense as they relate to the change in balances (volume) and the change in interest rates (rate) of tax-equivalent net interest income for the periods indicated and allocated by rate and volume. Changes in interest income and/or expense attributable to both volume and rate have been allocated proportionately based on the relationship of the absolute dollar amount of the change in each category.
Quarter Ended
(dollars in thousands)
% Change
Change due to rate
Change due to volume
Interest income:
Due from banks
Federal funds sold
(66.7)
Investment securities - taxable (1)
Investment securities - tax exempt (1)
Loans held for sale
(15.2)
Loans held for investment (1)
21,371
18,558
2,813
1,764
1,049
Total loans
21,850
19,123
2,727
1,856
Total interest income
23,042
20,116
2,926
2,074
Interest expense:
Interest-bearing demand deposits
221.8
Money market and savings deposits
2,075
1,076
Time deposits
1,202
143.3
4,075
1,818
2,257
124.1
2,200
Borrowings
245.5
Subordinated debentures
Total interest expense
4,932
2,486
2,446
2,239
Net interest income differential
18,110
17,630
(1) Reflected on a tax-equivalent basis.
Interest income increased $2.9 million on a tax equivalent basis, quarter over quarter, due to a higher yield on earning assets, which went up 45 basis points, in addition to a higher level of average earning assets, which increased by $54.7 million. The yield on total loans increased 42 basis points and the yield on cash and investments increased 52 basis points in total, reflecting the impact in rates caused by the Federal Reserve’s monetary policy. Over $644 million in loans repriced during the quarter an average of 95 basis points. Average total loans, excluding PPP loans and residential loans for sale, increased $105.5 million, most notably in commercial real estate and construction, commercial loans and leases and small business loans, which increased $47.9 million on average combined. Home equity loans and residential real estate loans held in portfolio increased $44.8 million on average combined. Residential loans for sale and PPP loans decreased $15.0 million, and $24.3 million on average, respectively.
Interest expense increased $2.4 million, quarter over quarter, due primarily to market interest rate rises, and to a lesser degree, an increase of $30.9 million in average deposits. Interest expense on deposits increased $2.3 million with the cost of interest-bearing deposits increasing 67 basis points to 1.24%. Total cost of deposits increased 54 basis points reflecting a steady level of average non-interest bearing deposits. Interest expense on borrowings increased $189 thousand as total average short-term borrowings increased $24.8 million and cost increased 57 basis points.
Net interest margin decreased 6 basis points to 4.01% for the third quarter from 4.07% in the quarter, due mostly to one-time loan fees recognized in the second quarter. Excluding the impact from PPP, net interest margin increased 4 basis points to 3.99% from 3.95%. A reconciliation of this non-GAAP measure is included in the Appendix.
Provision for loans losses
The provision for loan losses decreased $76 thousand to $526 thousand for the third quarter. The third quarter provision was the result of new loan growth as well as covering $429 thousand in charge-offs on small ticket equipment leases, partially offset by decreases in specific reserves on non-performing loans as the underlying credit quality improved.
The following table presents the components of non-interest income for the periods indicated:
(Dollars in thousands)
Mortgage banking income
7,329
6,942
Wealth management income
1,114
1,254
(11.2)
SBA loan income
126.3
Earnings on investment in life insurance
Net change in the fair value of derivative instruments
(118.8)
Net change in the fair value of loans held-for-sale
(188.4)
Net change in the fair value of loans held-for-investment
Net gain on hedging activity
1,715
(1,316)
(76.7)
Service charges
1,219
1,128
Total non-interest income
10,224
10,403
Total non-interest income decreased $179 thousand, or 1.7%, quarter over quarter due primarily to the negative impact from the rising rate environment. The fair value of loans held for sale and net gain on hedging activity, partially offset by an increase in the fair value of derivative instruments, lowered non-interest income $1.0 million combined. Mortgage banking income also was negatively impacted by rising rate environment, causing a decline in originations of $32.2 million. Although volume was down quarter over quarter, gain on sale margins were up 34 basis points, driving an overall increase in mortgage banking income of $387 thousand. The fair value of loans held for sale and net gain on hedging activity
SBA loan income increased $552 thousand, or 126.3%, over the prior quarter as a higher volume of SBA loans were sold into the secondary market. $20.8 million of loans were sold in the quarter-ending September 30, 2022 compared to $12.8 million in loans sold in the quarter-ending June 30, 2022. Margins on the SBA loan sales decreased due to the upward movement in interest rates, which drove SBA loan prices down.
Wealth management income decreased $140 thousand, or 11.2%, for the quarter ended September 30, 2022 over the prior quarter due to the effect of market conditions on assets under management. Other non-interest income increased $91 thousand, or 8.1%, over the prior quarter due largely to an increase in title fee income, FHLB stock dividend income and broker fee income.
Salaries and employee benefits
13,360
12,926
Occupancy and equipment
1,191
1,176
Professional fees
Advertising and promotion
1,165
1,189
Data processing
Information technology
Pennsylvania bank shares tax
2,002
1,982
Total non-interest expense
20,261
19,706
Salaries and employee benefits increased $434 thousand overall, with an increase of $519 thousand for bank and wealth segments combined, and a decrease of $85 thousand for mortgage segment salaries and employee benefits. The bank and wealth segments salaries and employee benefits were greater due to an increase in full-time equivalent employees as well as increased stock based compensation quarter-over-quarter, The mortgage segment salary and benefits decreased due to lower levels of variable compensation as well as a general reduction in mortgage segment workforce. Information technology expense increased $140 thousand due to cybersecurity improvements, cloud-based costs and other software upgrades, all as a result of growth.
Balance Sheet - September 30, 2022 Compared to June 30, 2022
As of September 30, 2022, total assets increased $68.9 million, or 3.7%, to $1.92 billion from $1.85 billion at June 30, 2022. This growth in assets was due to loan portfolio growth partially funded by a reduction in cash and investments.
Portfolio loan growth, excluding PPP loans, was $103.2 million, or 6.9% quarter-over-quarter. Construction loans increased $43.3 million, or 21.5%, residential real estate loans held in portfolio increased $41.0 million, or 36.4%, and lease financings increased $13.7 million, or 11.8% from June 30, 2022. Partially offsetting the growth in portfolio loans were decreases of $13.0 million, or 59.6%, in PPP loan balances as they continue to be forgiven by the SBA, commercial loans decrease of $6.3 million, or 1.9%, and a commercial real estate loans decrease of $2.5 million, or 0.5%.
Total deposits increased $105.5 million, or 6.7%, quarter over quarter, due to a $107.3 million increase in interest-bearing deposits, the majority of this increase was in retail and wholesale time deposits due to more favorable interest rates.
The following table presents capital ratios at the dates indicated:
Stockholders' equity to total assets
Tangible common equity to tangible assets (1)
Tier 1 leverage ratio - Corporation
Common tier 1 risk-based capital ratio - Corporation
Tier 1 risk-based capital ratio - Corporation
Total risk-based capital ratio - Corporation
12.80
13.50
Consolidated stockholders’ equity of the Corporation decreased as a result of net income of $5.8 million for the quarter, offset by dividends paid of $1.2 million, treasury stock purchases of $6.1 million, and a decline in accumulated other comprehensive income of $3.9 million from the investment securities available for sale portfolio due to broad increases in interest rates over this period. Based on capital ratio levels at September 30, 2022, we remain above the Community Bank Leverage Ratio requirement of 9%.
Asset Quality Summary
Meridian's credit culture is strong and asset quality remains a primary focus of management. The ratio of non-performing assets to total assets declined to 1.20% as of September 30, 2022 from 1.24% as of June 30, 2022. There was no other real estate property included in non-performing assets for either period. Total non-performing loans were $23.1 million as of September 30, 2022, relatively flat over the prior period, however subsequent to September 30, 2022, a $3.2 million principal payment on a non-performing loan was received.
Meridian realized net charge-offs of 0.02% of total average loans for the quarter ended September 30, 2022, down from the quarter ended June 30, 2022 level of 0.03%. Net charge-offs for the quarter ended September 30, 2022 were $358 thousand, comprised of $432 thousand in charge-offs, with $74 thousand in recoveries for the quarter. Nearly all of the charge-offs for the quarter ended September 30, 2022 were from small ticket equipment leases. The ratio of allowance for loan losses to total loans held for investment, excluding loans at fair value and PPP loans (a non-GAAP measure, see reconciliation in the Appendix), was 1.20% as of September 30, 2022 compared to 1.27% as of June 30, 2022. As of September 30, 2022 there were specific reserves of $2.6 million against non-performing loans, down from $4.2 million as of June 30, 2022 due to improvement in the underlying credit quality for certain loans.
About Meridian Corporation
Meridian Bank, the wholly owned subsidiary of Meridian Corporation, is an innovative community bank serving Pennsylvania, New Jersey, Delaware and Maryland. Through more than 20 offices, including banking branches and mortgage locations, Meridian offers a full suite of financial products and services. Meridian specializes in business and industrial lending, retail and commercial real estate lending, electronic payments, and wealth management solutions through Meridian Wealth Partners. Meridian also offers a broad menu of high-yield depository products supported by robust online and mobile access. For additional information, visit our website at www.meridianbanker.com. Member FDIC.
“Safe Harbor” Statement
In addition to historical information, this press release may contain “forward-looking statements” within the meaning of the “safe harbor” provisions of the Private Securities Litigation Reform Act of 1995. These forward-looking statements include statements with respect to Meridian Corporation’s strategies, goals, beliefs, expectations, estimates, intentions, capital raising efforts, financial condition and results of operations, future performance and business. Statements preceded by, followed by, or that include the words “may,” “could,” “should,” “pro forma,” “looking forward,” “would,” “believe,” “expect,” “anticipate,” “estimate,” “intend,” “plan,” or similar expressions generally indicate a forward-looking statement. These forward-looking statements involve risks and uncertainties that are subject to change based on various important factors (some of which, in whole or in part, are beyond Meridian Corporation’s control). Numerous competitive, economic, regulatory, legal and technological factors, risks and uncertainties that could cause actual results to differ materially include, without limitation, the impact of the COVID-19 pandemic and government responses thereto; on the U.S. economy, including the markets in which we operate; actions that we and our customers take in response to these factors and the effects such actions have on our operations, products, services and customer relationships; and the risk that the Small Business Administration may not fund some or all Paycheck Protection Program (PPP) loan guaranties; increased competitive pressures; changes in the interest rate environment; changes in general economic conditions and conditions within the securities markets; legislative and regulatory changes; and the effects of inflation, a potential recession, among others, could cause Meridian Corporation’s financial performance to differ materially from the goals, plans, objectives, intentions and expectations expressed in such forward-looking statements. Meridian Corporation cautions that the foregoing factors are not exclusive, and neither such factors nor any such forward-looking statement takes into account the impact of any future events. All forward-looking statements and information set forth herein are based on management’s current beliefs and assumptions as of the date hereof and speak only as of the date they are made. For a more complete discussion of the assumptions, risks and uncertainties related to our business, you are encouraged to review Meridian Corporation’s filings with the Securities and Exchange Commission, including our Annual Report on Form 10-K for the year ended December 31, 2021 and subsequently filed quarterly reports on Form 10-Q and current reports on Form 8-K that update or provide information in addition to the information included in the Form 10-K and Form 10-Q filings, if any. Meridian Corporation does not undertake to update any forward-looking statement whether written or oral, that may be made from time to time by Meridian Corporation or by or on behalf of Meridian Bank.
MERIDIAN CORPORATION AND SUBSIDIARIES
FINANCIAL RATIOS (Unaudited)
(Dollar amounts and shares in thousands, except per share amounts)
Earnings and Per Share Data:
Common shares outstanding
5,844
6,037
6,129
6,108
Performance Ratios:
Net interest margin (tax-equivalent)
Net interest margin (tax-equivalent, excluding PPP loans and borrowings) (1)
Yield on earning assets (tax-equivalent)
Yield on earning assets (tax-equivalent, excluding PPP loans) (1)
Cost of funds
Efficiency ratio - consolidated
71.72
70.49
73.56
71.05
66.39
Asset Quality Ratios:
Net charge-offs (recoveries) to average loans
Non-performing loans to total loans
Non-performing assets to total assets
Allowance for loan losses to:
Total loans held for investment
Total loans held for investment (excluding loans at fair value and PPP loans) (1)
82.20
81.82
82.48
81.60
206.42
Capital Ratios:
Book value per common share
25.86
25.85
25.73
27.07
25.94
Tangible book value per common share
25.16
25.04
26.37
25.23
Total equity/Total assets
Tangible common equity/Tangible assets - Corporation (1)
Tangible common equity/Tangible assets - Bank (1)
10.17
10.40
11.54
10.90
Tier 1 leverage ratio - Bank
10.52
10.86
11.20
11.51
11.55
10.09
10.83
10.64
Common tier 1 risk-based capital ratio - Bank
11.44
11.98
12.41
13.27
13.25
Tier 1 risk-based capital ratio - Bank
13.91
14.81
14.72
Total risk-based capital ratio - Bank
12.70
13.33
13.76
14.63
14.62
CONDENSED CONSOLIDATED STATEMENTS OF INCOME (Unaudited)
Three Months Ended
Nine Months Ended
Loans, including fees
21,848
19,120
17,626
58,187
51,287
Securities - taxable
1,599
Securities - tax-exempt
1,015
Cash and cash equivalents
22,958
20,037
18,306
60,958
53,274
Deposits
1,327
7,182
4,261
2,166
2,224
2,049
9,348
6,485
51,610
46,789
Provision for loan losses
1,743
1,292
Net interest income after provision for loan losses
17,500
16,949
15,660
49,867
45,497
Non-interest income:
18,726
21,367
62,293
1,232
3,672
3,531
2,688
3,946
5,423
(3,431)
(1,094)
(3,164)
(2,499)
(1,189)
4,941
2,397
Net gain on sale of investment securities available-for-sale
1,057
3,605
3,192
22,122
33,728
70,902
Non-interest expense:
19,472
41,585
61,824
1,133
3,619
3,460
2,659
2,629
1,089
3,340
2,795
1,633
1,666
2,306
1,365
1,756
5,646
5,773
25,481
61,400
79,990
Income before income taxes
7,463
7,646
12,301
22,195
36,409
Income tax expense
1,665
1,708
2,863
4,927
8,543
17,268
27,866
Basic weighted average shares outstanding
5,867
5,999
6,045
5,964
6,033
Diluted weighted average shares outstanding
6,059
6,199
6,231
6,172
6,201
CONDENSED CONSOLIDATED STATEMENTS OF CONDITION (Unaudited)
Assets:
Cash and due from banks
12,114
8,280
11,155
3,966
10,321
Interest-bearing deposits at other banks
20,774
28,813
44,867
19,514
35,554
12,866
17,246
32,888
37,093
68,888
23,480
63,121
Securities available-for-sale, at fair value
127,999
129,288
130,653
159,302
146,149
Securities held-to-maturity, at amortized cost
37,922
37,111
34,977
6,372
6,406
Equity investments
2,092
2,153
2,240
2,354
1,011
Mortgage loans held for sale, at fair value
33,800
58,938
81,258
80,882
117,996
Allowance for loan and lease losses
(18,974)
(18,805)
(18,826)
(18,758)
(18,976)
Loans, net of the allowance for loan and lease losses
1,591,375
1,500,088
1,413,080
1,367,699
1,359,694
Restricted investment in bank stock
5,217
4,719
4,330
5,117
4,162
Bank premises and equipment, net
12,835
12,185
11,883
11,806
8,242
Bank owned life insurance
22,916
22,778
22,641
22,503
22,362
Accrued interest receivable
6,008
5,108
4,848
5,009
5,080
Deferred income taxes
5,722
4,467
3,190
1,413
1,457
Servicing assets
12,807
12,860
13,396
12,765
11,932
Goodwill
Intangible assets
3,226
3,277
3,328
3,379
3,430
Other assets
26,218
22,055
35,978
10,463
10,504
Liabilities:
Deposits:
Interest bearing
Interest checking
236,562
205,298
252,298
268,248
279,659
709,127
728,886
688,117
697,628
670,101
437,695
341,905
333,057
206,009
223,445
Total interest-bearing deposits
1,383,384
1,276,089
1,273,472
1,171,885
1,173,205
Short-term borrowings
23,458
59,136
36,136
41,344
22,278
Long-term debt
78,405
40,597
40,567
40,538
40,508
40,760
Accrued interest payable
1,154
Other liabilities
32,001
29,069
31,805
19,787
22,876
Total liabilities
1,770,763
1,696,932
1,673,905
1,548,083
1,604,029
Stockholders’ equity:
Common stock
6,566
6,561
6,556
6,535
6,506
Surplus
84,848
84,359
84,177
83,663
82,508
Treasury stock
(18,033)
(11,896)
(8,860)
(8,025)
Unearned common stock held by employee stock ownership plan
(1,602)
(1,768)
Retained earnings
92,405
87,815
83,104
84,916
78,408
Accumulated other comprehensive (loss) income
(13,023)
(9,150)
(5,691)
Total stockholders’ equity
Total liabilities and stockholders’ equity
Common stock shares outstanding
CONDENSED CONSOLIDATED STATEMENTS OF INCOME AND SEGMENT INFORMATION (Unaudited)
Three Months Ended
17,964
18,248
1,929
1,926
Provision (credit) for loan losses
13,102
17,086
21,433
23,737
Income before income tax expense
7,089
9,893
1,554
2,174
Net Income
6,023
6,262
6,210
Segment Information
Three Months Ended September 30, 2022
Three Months Ended September 30, 2021
17,664
15,777
17,138
15,180
1,730
7,380
3,752
11,354
8,127
10,633
14,046
7,514
8,299
3,570
58.54
58.56
108.01
54.45
64.99
79.73
Nine Months Ended September 30, 2022
Nine Months Ended September 30, 2021
50,197
45,340
1,698
48,454
44,048
6,267
3,671
23,790
8,477
58,894
32,186
2,480
26,734
28,981
48,523
22,535
1,819
(2,159)
23,544
12,069
57.00
57.69
108.79
71.95
54.09
70.66
80.08
67.97
APPENDIX: NON-GAAP MEASURES (Unaudited)
Meridian believes that non-GAAP measures are meaningful because they reflect adjustments commonly made by management, investors, regulators and analysts. The non-GAAP disclosure have limitations as an analytical tool, should not be viewed as a substitute for performance and financial condition measures determined in accordance with GAAP, and should not be considered in isolation or as a substitute for analysis of Meridian’s results as reported under GAAP, nor is it necessarily comparable to non-GAAP performance measures that may be presented by other companies.
Pre-tax, Pre-provision Reconciliation
(1,593)
2,556
Net Interest Margin, (TEY), Excluding PPP Loans & PPPLF Borrowings
Yield on Interest Earning Assets, (TEY), Excluding PPP income
Net interest margin (TEY) (GAAP)
Impact of PPP loans and PPPLF borrowings
(0.02)
(0.12)
(0.07)
(0.10)
Net interest margin (TEY), excluding PPP loans and PPPLF borrowings
Yield on interest earning assets, tax equivalent (GAAP)
(0.01)
(0.11)
(0.04)
(0.05)
Yield on interest earning assets (TEY), excluding PPP income
Allowance For Loan Losses to Loans, Net of Fees and Costs, Excluding PPP Loans and Loans at Fair Value
Allowance for loan losses (GAAP)
18,974
18,805
18,826
18,758
18,976
Loans, net of fees and costs (GAAP)
Less: PPP loans
(8,610)
(21,460)
(49,680)
(88,245)
(115,569)
Less: Loans fair valued
(14,702)
(16,212)
(17,375)
(17,558)
(17,142)
Loans, net of fees and costs, excluding loans at fair value and PPP loans (non-GAAP)
1,587,037
1,481,221
1,364,851
1,280,654
1,245,959
Allowance for loan losses to loans, net of fees and costs (GAAP)
Allowance for loan losses to loans, net of fees and costs, excluding PPP loans and loans at fair value (non-GAAP)
Tangible Common Equity Ratio Reconciliation - Corporation
Total stockholders' equity (GAAP)
Less: Goodwill and intangible assets
(4,125)
(4,176)
(4,227)
(4,278)
(4,329)
Tangible common equity (non-GAAP)
147,036
151,911
153,457
161,082
154,087
Total assets (GAAP)
Tangible assets (non-GAAP)
1,917,799
1,848,843
1,827,362
1,709,165
1,758,116
Tangible common equity to tangible assets ratio - Corporation (non-GAAP)
Tangible Common Equity Ratio Reconciliation - Bank
188,386
192,212
194,347
201,486
196,009
184,261
188,036
190,120
197,208
191,680
1,921,714
1,852,998
1,831,461
1,713,318
1,762,415
1,917,589
1,848,822
1,827,234
1,709,040
1,758,086
Tangible common equity to tangible assets ratio - Bank (non-GAAP)
Tangible Book Value Reconciliation
Less: Impact of goodwill /intangible assets
The above information was disclosed in a filing to the SEC. To see the filing, click here.
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