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People’s Utah Bancorp Reports First Quarter 2019 Results; Announces Increase in Quarterly Dividend Payment

/EIN News/ -- First Quarter 2019 Highlights

  • Net interest margin widened 7 bps to 5.29% year-over-year
  • Earnings per diluted share increased 14.6% to $0.55 year-over-year
  • Return on average assets improved 14.7% to 1.95% year-over-year
  • Return on average equity of 14.38% for the first quarter of 2019 even as average equity to average assets grew to 13.55%
  • YTD average total deposits grew $95.2 million, or 5.4%, to $1.87 billion year-over-year

AMERICAN FORK, Utah, April 25, 2019 (GLOBE NEWSWIRE) -- People’s Utah Bancorp (the “Company” or “PUB”) (Nasdaq: PUB) reported net income of $10.5 million for the first quarter of 2019 compared with $10.7 million for the fourth quarter of 2018, and $9.0 million for the first quarter of 2018.  Diluted earnings per common share were $0.55 for the first quarter of 2019 compared with $0.56 for the fourth quarter of 2018, and $0.48 for the first quarter of 2018. 

Return on average assets was 1.95% for the first quarter of 2019 compared with 1.94% for the fourth quarter of 2018, and 1.70% for the first quarter of 2018.  Return on average equity was 14.38% for the first quarter of 2019 compared with 14.84% for the fourth quarter of 2018, and 13.96% for the first quarter of 2018. 

The Board of Directors declared an increase in the quarterly dividend payment to $0.12 per common share. The dividend will be payable on May 13, 2019 to shareholders of record on May 6, 2019. The dividend payout ratio for earnings for the first quarter of 2019 was 21.8%.  This continues the over 50-year trend of paying dividends by the Company.

“People’s Utah Bancorp achieved another strong quarter with a return on average equity of over 14% as we continue to position, strengthen, and fortify our balance sheet,” said Len Williams, President and Chief Executive Officer.  “We have increased our average equity to average assets ratio from 12.2% a year ago to 13.6% at the end of the first quarter, while also increasing our allowance for loan losses from 1.2% a year ago to 1.6% over the same period.”

Mr. Williams continued, “Our net interest margin expanded by 7 basis points to 5.29% for the first quarter of 2019 compared with a year ago, despite experiencing greater deposit pricing pressures and strong competitive demand for deposits.  Our total deposits grew $95.2 million, or 5.4%, as our commercial treasury management team has focused on raising commercial deposits both from existing commercial clients as well as the acquisition of new client relationships.  Seasonal slowdowns, coupled with our increased selectivity and concentration management, has temporarily slowed loan growth; however, we believe this focus will ensure greater strength and safety.  We anticipate that our annualized loan growth will be in the mid-single digits for 2019 as we continue to staff up our C&I business.  The economic outlook for the Utah market continues to be strong relative to the U.S. economy overall, which provides us further opportunities to grow our organization.  We continue to actively evaluate potential acquisition opportunities throughout the Intermountain West.”

Net Interest Income and Margin

For the first quarter of 2019, net interest income grew 3.7%, or $1.0 million, to $26.9 million compared with $26.0 million for the same period a year earlier.  The increase is primarily the result of average interest earning assets growing 2.3%, or $46.1 million, and yields on interest earning assets increasing 21 basis points to 5.73% for the same comparable periods. Higher yields on interest earning assets were primarily the result of yields on loans increasing 24 basis points to 6.53% for the same comparable periods, offset by the percentage of loans to total interest earning assets declining to 81.2% for the first quarter of 2019 compared with 82.4% for the first quarter of 2018. 

For the first quarter of 2019, total cost of interest bearing liabilities increased 24 basis points to 0.73% compared with the same period a year ago, and is the result of the cost of interest bearing deposits increasing 34 basis points to 0.72% for the same comparable periods, while short-term borrowing declined $90.7 million, or 90.2%, to $9.8 million with the borrowing rate increasing 90 basis points to 2.63% for the fourth quarter of 2018 compared with the same period a year earlier. 

Acquisition accounting adjustments, including the accretion of loan discounts and amortization of certificate of deposits premium, added 11 basis points to the net interest margin for the first quarter of 2019.

Provision for Loan Losses

For the first quarter of 2019, provision for loan losses was $1.6 million compared with $2.1 million for the same period a year earlier. The decrease in provision for loan losses in the first quarter of 2019 is due primarily to a decline in loans held for investment from the fourth quarter of 2018 to the first quarter of 2019 compared with an increase in loans held for investment for the same comparable periods a year ago.  For the first quarter of 2019, the Company incurred net charge-offs of $0.9 million compared with net recoveries of $0.4 million for the same period a year ago. 

Noninterest Income

For the first quarter of 2019, noninterest income was $3.3 million compared with $3.7 million the same period a year ago.   The decrease was primarily due to a $0.2 million decline in mortgage banking income resulting from lower loan originations for the same comparable periods, and a $0.1 million decline in card processing fees due primarily to conversion related costs.

Noninterest Expense

For the first quarter of 2019, noninterest expense was $14.9 million compared with $16.1 million for the same period a year earlier and is primarily the result of $0.5 million in lower salaries and employee benefits, $0.3 million in lower acquisition related costs incurred in 2018, $0.3 million in lower marketing and advertising, and $0.2 million in lower FDIC premiums.  For the first quarter of 2019, the Company’s efficiency ratio was 49.32% compared with 54.1% for the same period a year ago. 

“Our lower marketing and advertising costs are directly the result of us deciding to simplify our branding strategy to a single, unified name for our Bank, a new logo, and a more contemporary look.  We expect to roll out our new single brand strategy around the end of the year and anticipate higher marketing and advertising costs over the next couple of quarters,” said Mr. Williams.

Income Tax Provision

For the first quarter of 2019, income tax expense was $3.3 million compared with $2.6 million for the same period a year earlier.  For the first quarter of 2019, the effective tax rate was 23.8% compared with 22.1% for the same period a year ago.

Loans and Credit Quality

Loans held for investment decreased $2.0 million, or 0.1%, to $1.68 billion at March 31, 2019 compared with $1.68 billion at December 31, 2018, and decreased $10.6 million, or 0.6% compared with $1.69 billion at March 31, 2018.  The decline is primarily the result of declines in our acquisition, development, and construction loan portfolio from lower construction loan volumes in the first quarter of 2019.

Average loans grew $12.3 million, or 0.7%, to $1.67 billion for the year ended March 31, 2019 compared with $1.66 billion for the year ended March 31, 2018.

Non-performing loans increased to $4.7 million at March 31, 2019 compared with $4.5 million at December 31, 2018.  Non-performing loans to total loans were 0.28% at March 31, 2019 compared with 0.27% at December 31, 2018.  Non-performing assets increased to $4.7 million at March 31, 2019 compared with $4.5 million at December 31, 2018.  Non-performing assets to total assets remained flat at 0.21% for March 31, 2019 and December 31, 2018.  The allowance for loan losses increased $5.2 million, or 25.0% to $25.9 million at March 31, 2019 compared with the same period a year ago.  The allowance for loan losses to loans held for investment was 1.55% at March 31, 2019 compared with 1.23% at March 31, 2018.  In accordance with acquisition accounting, loans acquired from the Utah branches of Banner Bank and Town & Country Bank were recorded at their estimated fair value, which resulted in a net discount to the loans’ contractual amounts, a portion of which reflects a discount for possible credit losses. Credit discounts are included in the determination of fair value, and as a result, no allowance for loan and lease losses is recorded for acquired loans at the acquisition date. 

The discount recorded on the acquired loans is not reflected in the allowance for loan losses or related allowance coverage ratios.  Remaining discounts on acquired loans was $8.3 million at March 31, 2019.

Deposits and Liabilities

Total deposits increased $74.3 million, or 4.0%, to $1.95 billion at March 31, 2019 compared with $1.88 billion at December 31, 2018.  The increase in total deposits was primarily the result of organic commercial deposit growth. Non-interest bearing deposits were 33.6% of total deposits as of March 31, 2019 compared with 34.2% as of December 31, 2018. 

Shareholders’ Equity

Shareholders’ equity increased by $11.2 million to $301 million at March 31, 2019 compared with $290 million at December 31, 2018. The increase resulted primarily from net income earned during the intervening periods, net of cash dividends paid to shareholders.

Conference Call and Webcast

Management will host a conference call on Friday, April 26, 2019 at 10:00 a.m. MDT (noon EDT) to discuss the first quarter 2019 results. Interested investors may listen to the call live at www.peoplesutah.com.  Investment professionals are invited to dial 888-317-6003 (international calls 412-317-6061) and the participant entry number is 6307034. Please dial in 10-15 minutes early so the name and company information can be collected prior to the start of the conference.

If you are unable to participate during the live webcast, the call will be archived on our website www.peoplesutah.com, or at the same URL above for one month after the call. Forward-looking and other material information may be discussed on this conference call.

Forward-Looking Statements

Statements in this release that are based on information other than historical data or that express the Company’s expectations regarding future events or determinations are forward-looking within the meaning of the Private Securities Litigation Reform Act of 1995. Statements based on historical data are not intended and should not be understood to indicate the Company’s expectations regarding future events. Forward-looking statements provide current expectations or forecasts of future events or determinations. These forward-looking statements are not guarantees of future performance or determinations, nor should they be relied upon as representing management’s views as of any subsequent date.

Forward-looking statements involve significant risks and uncertainties, and actual results may differ materially from those presented, either expressed or implied, in this release. Factors that could cause actual results to differ materially from those expressed in the forward-looking statements include: (i) market and economic conditions; (ii) capital sufficiency; (iii) operational, liquidity, interest rate and credit risks; (iv) deterioration of asset quality; (v) achieving loan and deposit growth; (vi) increased competition; (vii) adequacy of reserves; (viii) investments in new branches and new business opportunities; and (ix) changes in the regulatory or legal environment; as well as other factors discussed in the section titled “Risk Factors,” in the Company’s Annual Report on Form 10-K for the year ended December 31, 2018 filed with the Securities and Exchange Commission.

The foregoing factors should not be construed as exhaustive. The Company does not intend, or undertake any obligation to publicly update these forward-looking statements.

About People’s Utah Bancorp

People’s Utah Bancorp is the holding company for People’s Intermountain Bank.  People’s Intermountain Bank is a full-service community bank providing loans, deposit, and cash management services to individuals and businesses. The Company offers its clients direct access to decision makers, unparalleled responsiveness, seasoned relationship managers, and technology solutions. People’s Intermountain Bank has 26 locations in three banking divisions, Bank of American Fork, Lewiston State Bank, and People’s Town & Country Bank; and a mortgage division, People’s Intermountain Bank Mortgage. The Company has been serving communities in Utah and southern Idaho for more than 100 years. More information about PUB is available at www.peoplesutah.com.

Investor Relations Contact:

Mark K. Olson
Executive Vice President and Chief Financial Officer
1 East Main Street
American Fork UT 84003
investorrelations@peoplesutah.com
Phone: 801-642-3998

PEOPLE’S UTAH BANCORP
UNAUDITED CONSOLIDATED STATEMENTS OF INCOME

     Three Months Ended
(Dollars in thousands, except share   March 31,   December 31,   March 31,
 and per share data)   2019   2018   2018
Interest income                  
Interest and fees on loans   $ 26,980   $ 28,222   $ 25,783
Interest and dividends on investments     2,172     1,836     1,656
Total interest income     29,152     30,058     27,439
Interest expense     2,245     1,984     1,495
Net interest income     26,907     28,074     25,944
Provision for loan losses     1,550     3,175     2,050
Net interest income after provision for loan losses     25,357     24,899     23,894
Non-interest income                  
Mortgage banking     1,417     1,398     1,638
Card processing     615     750     723
Service charges on deposit accounts     657     726     673
Net gain on sale of investment securities     -     -     2
Other     648     677     682
Total non-interest income     3,337     3,551     3,718
Non-interest expense                  
Salaries and employee benefits     9,886     9,398     10,423
Occupancy, equipment and depreciation     1,456     1,580     1,543
Data processing     964     692     870
Marketing and advertising     116     179     446
FDIC premiums     90     152     329
Acquisition-related costs     -     -     349
Other     2,404     2,844     2,088
Total non-interest expense     14,916     14,845     16,048
Income before income tax expense     13,778     13,605     11,564
Income tax expense     3,273     2,927     2,560
Net income   $ 10,505   $ 10,678   $ 9,004
                   
Earnings per common share:                  
Basic   $ 0.56   $ 0.57   $ 0.48
Diluted   $ 0.55   $ 0.56   $ 0.48
                   
Weighted average common shares outstanding:                  
Basic     18,781,210     18,723,160     18,598,436
Diluted     18,989,565     18,991,767     18,937,637
                   

PEOPLE’S UTAH BANCORP
UNAUDITED CONSOLIDATED BALANCE SHEETS

    March 31,     December 31,     September 30,     March 31,  
(Dollars in thousands, except share data)   2019     2018     2018     2018  
ASSETS                                
Cash and due from banks   $ 36,659     $ 39,471     $ 27,231     $ 32,267  
Interest-bearing deposits     106,467       7,456       23,005       9,268  
Federal funds sold     896       1,620       4,697       338  
Total cash and cash equivalents     144,022       48,547       54,933       41,873  
Investment securities:                                
Available for sale, at fair value     347,123       280,964       255,021       249,534  
Held to maturity, at historical cost     -       65,462       67,148       73,888  
Total investment securities     347,123       346,426       322,169       323,422  
Non-marketable equity securities     2,623       2,551       4,231       5,711  
Loans held for sale     7,184       10,267       8,467       10,618  
Loans:                                
Loans held for investment     1,676,889       1,678,902       1,718,403       1,687,530  
Allowance for loan losses     (25,923 )     (25,245 )     (23,309 )     (20,731 )
Total loans held for investment, net     1,650,966       1,653,657       1,695,094       1,666,799  
Premises and equipment, net     37,836       36,532       36,683       29,734  
Goodwill     25,673       25,673       25,673       25,344  
Bank-owned life insurance     26,581       26,433       26,276       25,964  
Deferred income tax assets     10,354       11,514       11,224       10,005  
Accrued interest receivable     8,593       8,282       8,766       7,616  
Other intangibles     3,301       3,412       3,523       3,744  
Other real estate owned     -       -       2,985       -  
Other assets     6,551       11,000       12,829       12,608  
Total assets   $ 2,270,807     $ 2,184,294     $ 2,212,853     $ 2,163,438  
                                 
LIABILITIES AND SHAREHOLDERS’ EQUITY                                
Deposits:                                
Non-interest bearing deposits   $ 655,866     $ 642,594     $ 677,379     $ 664,438  
Interest-bearing deposits     1,295,459       1,234,461       1,194,553       1,141,887  
Total deposits     1,951,325       1,877,055       1,871,932       1,806,325  
Short-term borrowings     -       -       42,000       79,000  
Accrued interest payable     521       483       424       354  
Other liabilities     17,634       16,594       18,865       13,960  
Total liabilities     1,969,480       1,894,132       1,933,221       1,899,639  
                                 
Shareholders’ equity:                                
Preferred shares, $0.01 par value     -       -       -       -  
Common shares, $0.01 par value     188       187       187       187  
Additional paid-in capital     86,892       86,308       86,098       85,430  
Retained earnings     216,216       207,779       199,161       182,136  
Accumulated other comprehensive loss     (1,969 )     (4,112 )     (5,814 )     (3,954 )
Total shareholders’ equity     301,327       290,162       279,632       263,799  
Total liabilities and shareholders’ equity   $ 2,270,807     $ 2,184,294     $ 2,212,853     $ 2,163,438  
                                 
Common shares outstanding     18,797,280       18,728,823       18,719,496       18,674,232  
                                 

PEOPLE’S UTAH BANCORP
SUMMARY FINANCIAL INFORMATION

       
    March 31,     December 31,     September 30,     March 31,  
(Dollars in thousands, except share data)   2019     2018     2018     2018  
Selected Balance Sheet Information:                                
Book value per share   $ 16.03     $ 15.49     $ 14.94     $ 14.13  
Tangible book value per share   $ 14.49     $ 13.94     $ 13.38     $ 12.57  
Non-performing loans to total loans     0.28 %     0.27 %     0.34 %     0.44 %
Non-performing assets to total assets     0.21 %     0.21 %     0.40 %     0.34 %
Allowance for loan losses to loans held for investment     1.55 %     1.50 %     1.36 %     1.23 %
Loans to Deposits     84.98 %     88.65 %     91.01 %     92.86 %
                                 
Asset Quality Data:                                
Non-performing loans   $ 4,706     $ 4,499     $ 5,830     $ 7,398  
Non-performing assets   $ 4,706     $ 4,499     $ 8,815     $ 7,398  
                                 
Capital Ratios:                                
Tier 1 leverage capital (1)     12.70 %     12.27 %     11.90 %     11.26 %
Total risk-based capital (1)     16.86 %     16.36 %     15.46 %     14.71 %
Average equity to average assets     13.55 %     13.04 %     12.76 %     12.20 %
Tangible common equity to tangible assets (3)     12.15 %     12.11 %     11.47 %     11.00 %
                                 


    Three Months Ended  
    March 31,     December 31,     March 31,  
    2019     2018     2018  
Selected Financial Information:                        
Basic earnings per share   $ 0.56     $ 0.57     $ 0.48  
Diluted earnings per share   $ 0.55     $ 0.56     $ 0.48  
Net interest margin (2)     5.29 %     5.41 %     5.22 %
Efficiency ratio     49.32 %     46.94 %     54.10 %
Non-interest income to average assets     0.62 %     0.64 %     0.70 %
Non-interest expense to average assets     2.77 %     2.69 %     3.04 %
Return on average assets     1.95 %     1.94 %     1.70 %
Return on average equity     14.38 %     14.84 %     13.96 %
Net charge-offs / (recoveries)   $ 872     $ 1,240     $ (378 )
Annualized net charge-offs / (recoveries) to average loans     0.21 %     0.29 %     -0.09 %
                         

________________________________
(1)       Tier 1 leverage capital and Total risk-based capital as of March 31, 2019 are estimates.
(2)       Net interest margin is defined as net interest income divided by average earning assets.
(3)       Represents the sum of total shareholders’ equity less intangible assets all divided by the sum of total assets less intangible assets. Intangible assets were $28,974,000, $29,085,000, $29,195,000 and $29,088,000 at March 31, 2019, December 31, 2018, September 30, 2018 and March 31, 2018, respectively.

PEOPLE’S UTAH BANCORP
SELECTED AVERAGE BALANCES AND YIELDS

     Three Months Ended  
    March 31, 2019     March 31, 2018  
            Interest     Average             Interest     Average  
    Average     Income/     Yield/     Average     Income/     Yield/  
(Dollars in thousands, except footnotes)   Balance     Expense     Rate     Balance     Expense     Rate  
ASSETS                                                
Interest-earning deposits in other banks and federal funds sold   $ 38,921     $ 219       2.28 %   $ 13,458     $ 45       1.36 %
Securities: (1)                                                
Taxable securities     276,903       1,604       2.35 %     252,491       1,214       1.95 %
Non-taxable securities (2)     69,521       322       1.88 %     82,518       382       1.88 %
Total securities     346,424       1,926       2.26 %     335,009       1,596       1.93 %
Loans (3)                                                
Real estate term     889,114       13,047       5.95 %     854,982       12,164       5.77 %
Construction and land development     315,810       6,231       8.00 %     366,739       6,875       7.60 %
Commercial and industrial     296,854       5,122       7.00 %     314,027       5,090       6.57 %
Residential and home equity     156,298       2,316       6.01 %     106,910       1,336       5.07 %
Consumer and other     16,781       264       6.39 %     19,857       318       6.49 %
Total loans     1,674,857       26,980       6.53 %     1,662,515       25,783       6.29 %
                                                 
Non-marketable equity securities     2,947       27       3.74 %     6,108       15       1.01 %
Total interest-earning assets     2,063,149       29,152       5.73 %     2,017,090       27,439       5.52 %
Allowance for loan losses     (25,805 )                     (18,715 )                
Non-interest earning assets     149,701                       145,181                  
Total average assets   $ 2,187,045                     $ 2,143,556                  
LIABILITIES AND SHAREHOLDERS’ EQUITY                                                
Interest-bearing deposits:                                                
Demand and savings accounts   $ 799,641       994       0.50 %   $ 718,242       451       0.25 %
Money market accounts     249,535       604       0.98 %     224,322       157       0.28 %
Certificates of deposit     181,945       583       1.30 %     199,549       459       0.93 %
Total interest-bearing deposits     1,231,121       2,181       0.72 %     1,142,113       1,067       0.38 %
Short-term borrowings     9,813       64       2.63 %     100,555       428       1.73 %
Total interest-bearing liabilities     1,240,934       2,245       0.73 %     1,242,668       1,495       0.49 %
Non-interest bearing deposits     635,031                       628,869                  
Total funding     1,875,965       2,245       0.49 %     1,871,537       1,495       0.32 %
Other non-interest bearing liabilities     14,719                       10,411                  
Shareholders’ equity     296,361                       261,608                  
Total average liabilities and shareholders’ equity   $ 2,187,045                     $ 2,143,556                  
Net interest income           $ 26,907                     $ 25,944          
Interest rate spread                     5.00 %                     5.03 %
Net interest margin                     5.29 %                     5.22 %
                                                 

________________________________
(1)    Excludes average unrealized losses of $5.1 million and $4.2 million for the three months ended March 31, 2019 and 2018, respectively.
(2)    Does not include tax effect on tax-exempt investment security income of $107,000 and $127,000 for the three months ended March 31, 2019 and 2018, respectively.
(3)    Loan interest income includes loan fees of $1.4 million and $1.6 million for the three months ended March 31, 2019 and 2018, respectively.

PEOPLE’S UTAH BANCORP
NON-GAAP SELECTED FINANCIAL INFORMATION

(NG) Non-GAAP Financial Measures
In addition to financial results presented in accordance with generally accepted accounting principles ("GAAP"), this press release contains certain non-GAAP financial measures.  Management has presented these non-GAAP financial measures because it believes that they provide useful and comparative information to assess trends in core operations and facilitate the comparison of our financial performance with the performance of our peers.

(Dollars in thousands)   Three Months Ended  
    March 31,     December 31,     March 31,  
Revenue from Core Operations   2019     2018     2018  
Net interest income (GAAP)   $ 26,907     $ 28,074     $ 25,944  
Total non-interest income     3,337       3,551       3,718  
Total GAAP revenues     30,244       31,625       29,662  
Exclude net (gain) on sale of investment securities     -       -       (2 )
Revenue from core operations (non-GAAP)   $ 30,244     $ 31,625     $ 29,660  
                         
    Three Months Ended  
    March 31,     December 31,     March 31,  
Non-interest Income from Core Operations   2019     2018     2018  
Total non-interest income (GAAP)   $ 3,337     $ 3,551     $ 3,718  
Exclude net (gain) on sale of investment securities     -       -       (2 )
Non-interest income from core operations (non-GAAP)   $ 3,337     $ 3,551     $ 3,716  
                         
    Three Months Ended  
    March 31,     December 31,     March 31,  
Non-interest Expense from Core Operations   2019     2018     2018  
Total non-interest expense (GAAP)   $ 14,916     $ 14,845     $ 16,048  
Exclude acquisition-related costs     -       -       (349 )
Non-interest expense from core operations (non-GAAP)   $ 14,916     $ 14,845     $ 15,699  
                         
    Three Months Ended  
    March 31,     December 31,     March 31,  
Net Income from Core Operations   2019     2018     2018  
Net income (GAAP)   $ 10,505     $ 10,678     $ 9,004  
Exclude net (gain) on sale of investment securities     -       -       (2 )
Exclude acquisition-related costs     -       -       349  
Exclude tax related benefit     -       -       (77 )
Revaluation of deferred income tax assets (DTA)     -       -       -  
Net income (non-GAAP)   $ 10,505     $ 10,678     $ 9,274  
                         

PEOPLE’S UTAH BANCORP
NON-GAAP SELECTED FINANCIAL INFORMATION

(NG) Non-GAAP Financial Measures (continued)  
(Dollars in thousands)   Three Months Ended  
    March 31,     December 31,     March 31,  
Acquisition Accounting Impact on Net Interest Margin   2019     2018     2018  
Net interest income (GAAP)   $ 26,907     $ 28,074     $ 25,944  
Exclude discount accretion (premium amortization) on purchased loans     (528 )     (701 )     (1,167 )
Exclude premium amortization on acquired certificates of deposit ("CD")     (35 )     (35 )     (35 )
Net interest income before acquisition accounting impact (Non-GAAP)   $ 26,344     $ 27,338     $ 24,742  
                         
Average earning assets (GAAP)   $ 2,063,149     $ 2,057,403     $ 2,017,090  
Exclude average net loan discount on acquired loans     8,500       9,124       11,924  
Average earning assets before acquired loan discount (Non-GAAP)   $ 2,071,649     $ 2,066,527     $ 2,029,014  
                         
Net interest margin ("NIM") (GAAP)     5.29 %     5.41 %     5.22 %
Exclude impact on NIM from discount accretion     -0.10 %     -0.13 %     -0.23 %
Exclude impact on NIM from CD premium amortization     -0.01 %     -0.01 %     -0.01 %
Net interest margin before acquisition accounting adjustments (Non-GAAP)     5.18 %     5.27 %     4.98 %
                         


(Dollars in thousands)   Three Months Ended  
    March 31,     December 31,     March 31,  
Additional Non-GAAP Financial Information   2019     2018     2018  
                         
Diluted earnings per share (GAAP)   $ 0.55     $ 0.56     $ 0.48  
Diluted earnings per share (non-GAAP)   $ 0.55     $ 0.56     $ 0.49  
                         
Efficiency ratio (GAAP)     49.32 %     46.94 %     54.10 %
Efficiency ratio (non-GAAP)     49.32 %     46.94 %     52.93 %
                         
Non-interest income to average assets (GAAP)     0.62 %     0.64 %     0.70 %
Non-interest income to average assets (non-GAAP)     0.62 %     0.64 %     0.70 %
                         
Non-interest expense to average assets (GAAP)     2.77 %     2.69 %     3.04 %
Non-interest expense to average assets (non-GAAP)     2.77 %     2.69 %     2.97 %
                         
Return on average assets (GAAP)     1.95 %     1.94 %     1.70 %
Return on average assets (non-GAAP)     1.95 %     1.94 %     1.75 %
                         
Return on average equity (GAAP)     14.38 %     14.84 %     13.96 %
Return on average equity (non-GAAP)     14.38 %     14.84 %     14.38 %
                         

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