Eagle’s board of directors increased its quarterly cash dividend by 10% to
“The highlight of the second quarter was completing the acquisition of
Eagle closed its acquisition of First Community on
Second Quarter 2022 Highlights (at or for the three-month period ended
- Net income was
$1.8 million , or$0.24 per diluted share, in the second quarter of 2022, compared to$2.2 million , or$0.34 per diluted share, in the preceding quarter, and$2.7 million , or$0.39 per diluted share, in the second quarter a year ago. - Net interest margin (“NIM”) was 4.09% in the second quarter of 2022, compared to 3.64% in the preceding quarter, and 3.81% in the second quarter a year ago.
- Revenues (net interest income before the loan loss provision, plus noninterest income) increased 15.7% to $23.3 million in the second quarter of 2022, compared to
$20.1 million in the preceding quarter and increased 3.0% compared to $22.6 million in the second quarter a year ago. - Purchase discount on loans from the First Community portfolio was
$5.4 million atApril 30, 2022 (the “acquisition date”) of which$4.7 million remained as ofJune 30, 2022 . - Remaining purchase discount on loans from acquisitions prior to 2022 totaled
$829,000 as of June 30, 2022. - The accretion of the loan purchase discount into loan interest income from the First Community, and previous acquisitions, was
$790,000 in the second quarter of 2022, compared to interest accretion on purchased loans from acquisitions of$108,000 in the preceding quarter. - The allowance for loan losses represented 233.3% of nonperforming loans at
June 30, 2022 , compared to 135.6% a year earlier. - Total loans increased 43.1% to
$1.25 billion , atJune 30, 2022 , compared to$873.9 million a year earlier, and increased 30.5% compared to$958.7 million atMarch 31, 2022 . - Total deposits increased 44.2% to
$1.65 billion atJune 30, 2022 , from$1.15 billion a year ago, and increased 30.0% compared to$1.27 billion atMarch 31, 2022 . - Paid a quarterly cash dividend during the second quarter of
$0.125 per share onJune 3, 2022 to shareholders of record May 13, 2022.
Balance Sheet Results
In large part due to the First Community acquisition, Eagle’s total assets increased 39.8% to
The investment securities portfolio increased to
“While a majority of the loan increase was due to the recent acquisition of First Community, organic loan growth was strong, increasing
Eagle originated
Commercial real estate loans increased 32.0% to
Total deposits increased 44.2% to
Shareholders’ equity was
Operating Results
“Higher yields on interest earning assets contributed to NIM expansion during the second quarter,” said Johnson. “With the recent rate increase enacted by the
Eagle’s NIM was 4.09% in the second quarter of 2022, compared to 3.64% in the preceding quarter, and 3.81% in the second quarter a year ago. The interest accretion on acquired loans totaled
Eagle’s second quarter revenues increased 15.7% to
Net interest income, before the loan loss provision, increased 34.8% to
Eagle’s total noninterest income decreased 11.5% to
Second quarter noninterest expense increased to
For the second quarter of 2022, the income tax provision totaled
Credit Quality
The loan loss provision was
Eagle had
Net loan charge-offs/recoveries totaled
Capital Management
The ratio of tangible common shareholders’ equity (shareholders’ equity, less goodwill and core deposit intangible) to tangible assets (total assets, less goodwill and core deposit intangible) decreased from 8.24% at
About the Company
Forward Looking Statements
This release may contain certain "forward-looking statements" within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934, and may be identified by the use of such words as "believe," “will” "expect," "anticipate," "should," "planned," "estimated," and "potential." These forward-looking statements include, but are not limited to statements of our goals, intentions and expectations; statements regarding our business plans, prospects, mergers, growth and operating strategies; statements regarding the current global COVID-19 pandemic, statements regarding the asset quality of our loan and investment portfolios; and estimates of our risks and future costs and benefits. These forward-looking statements are based on current beliefs and expectations of our management and are inherently subject to significant business, economic and competitive uncertainties and contingencies, many of which are beyond our control. In addition, these forward-looking statements are subject to assumptions with respect to future business strategies and decisions that are subject to change. These factors include, but are not limited to, changes in laws or government regulations or policies affecting financial institutions, including changes in regulatory fees and capital requirements; general economic conditions and political events, either nationally or in our market areas, that are worse than expected; the duration and impact of the COVID-19 pandemic, including but not limited to vaccine efficacy and immunization rates, new variants, steps taken by governmental and other authorities to contain, mitigate and combat the pandemic, adverse effects on our employees, customers and third-party service providers, the increase in cyberattacks in the current work-from-home environment, the ultimate extent of the impacts on our business, financial position, results of operations, liquidity and prospects, continued deterioration in general business and economic conditions could adversely affect our revenues and the values of our assets and liabilities, lead to a tightening of credit and increase stock price volatility, and potential impairment charges; competition among depository and other financial institutions; loan demand or residential and commercial real estate values in
Because of these and other uncertainties, our actual future results may be materially different from the results indicated by these forward-looking statements. All information set forth in this press release is current as of the date of this release and the company undertakes no duty or obligation to update this information.
Use of Non-GAAP Financial Measures
In addition to results presented in accordance with generally accepted accounting principles utilized in
The numerator for the core efficiency ratio is calculated by subtracting acquisition costs and intangible asset amortization from noninterest expense. Tangible assets and tangible common shareholders’ equity are calculated by excluding intangible assets from assets and shareholders’ equity, respectively. For these financial measures, our intangible assets consist of goodwill and core deposit intangible. Tangible book value per share is calculated by dividing tangible common shareholders’ equity by the number of common shares outstanding. We believe that this measure is consistent with the capital treatment by our bank regulatory agencies, which exclude intangible assets from the calculation of risk-based capital ratios and present this measure to facilitate the comparison of the quality and composition of our capital over time and in comparison, to our competitors.
Non-GAAP financial measures have inherent limitations, are not required to be uniformly applied, and are not audited. Further, the non-GAAP financial measure of tangible book value per share should not be considered in isolation or as a substitute for book value per share or total shareholders’ equity determined in accordance with GAAP, and may not be comparable to a similarly titled measure reported by other companies. Reconciliation of the GAAP and non-GAAP financial measures are presented below.
Balance Sheet | |||||||||||||
(Dollars in thousands, except per share data) | (Unaudited) | ||||||||||||
2022 | 2022 | 2021 | |||||||||||
Assets: | |||||||||||||
Cash and due from banks | $ | 18,821 | $ | 17,516 | $ | 19,013 | |||||||
Interest bearing deposits in banks | 17,608 | 62,697 | 36,869 | ||||||||||
Federal funds sold | 9,606 | 14,889 | 2,790 | ||||||||||
Total cash and cash equivalents | 46,035 | 95,102 | 58,672 | ||||||||||
Securities available-for-sale | 384,041 | 264,635 | 233,992 | ||||||||||
2,337 | 1,723 | 1,874 | |||||||||||
4,206 | 2,974 | 2,974 | |||||||||||
Mortgage loans held-for-sale, at fair value | 16,947 | 22,295 | 56,826 | ||||||||||
Loans: | |||||||||||||
Real estate loans: | |||||||||||||
Residential 1-4 family | 132,360 | 99,242 | 101,418 | ||||||||||
Residential 1-4 family construction | 53,869 | 40,968 | 40,203 | ||||||||||
Commercial real estate | 486,197 | 432,976 | 368,327 | ||||||||||
Commercial construction and development | 132,585 | 105,754 | 63,501 | ||||||||||
Farmland | 124,544 | 60,363 | 66,070 | ||||||||||
Other loans: | |||||||||||||
Home equity | 62,445 | 53,828 | 55,739 | ||||||||||
Consumer | 25,775 | 18,834 | 18,859 | ||||||||||
Commercial | 128,467 | 98,471 | 107,850 | ||||||||||
Agricultural | 106,274 | 49,836 | 54,632 | ||||||||||
Unearned loan fees | (1,564 | ) | (1,591 | ) | (2,669 | ) | |||||||
Total loans | 1,250,952 | 958,681 | 873,930 | ||||||||||
Allowance for loan losses | (13,325 | ) | (12,700 | ) | (11,900 | ) | |||||||
Net loans | 1,237,627 | 945,981 | 862,030 | ||||||||||
Accrued interest and dividends receivable | 9,504 | 5,750 | 5,732 | ||||||||||
Mortgage servicing rights, net | 14,809 | 14,288 | 12,128 | ||||||||||
Assets held-for-sale, at fair value | 2,041 | - | - | ||||||||||
Premises and equipment, net | 76,581 | 69,536 | 65,627 | ||||||||||
Cash surrender value of life insurance, net | 45,563 | 36,681 | 28,084 | ||||||||||
34,740 | 20,798 | 20,798 | |||||||||||
Core deposit intangible, net | 8,226 | 1,660 | 2,061 | ||||||||||
Deferred tax asset, net | 6,194 | 3,776 | - | ||||||||||
Other assets | 11,621 | 6,854 | 8,557 | ||||||||||
Total assets | $ | 1,900,472 | $ | 1,492,053 | $ | 1,359,355 | |||||||
Liabilities: | |||||||||||||
Deposit accounts: | |||||||||||||
Noninterest bearing | 498,834 | 371,818 | 349,017 | ||||||||||
Interest bearing | 1,152,999 | 898,758 | 796,585 | ||||||||||
Total deposits | 1,651,833 | 1,270,576 | 1,145,602 | ||||||||||
Accrued expenses and other liabilities | 22,332 | 18,968 | 21,254 | ||||||||||
Deferred tax liability, net | - | - | 625 | ||||||||||
FHLB advances and other borrowings | 4,500 | - | 9,300 | ||||||||||
Other long-term debt, net | 59,017 | 58,986 | 29,830 | ||||||||||
Total liabilities | 1,737,682 | 1,348,530 | 1,206,611 | ||||||||||
Shareholders' Equity: | |||||||||||||
Preferred stock (par value | - | - | - | ||||||||||
Common stock (par value | 85 | 71 | 71 | ||||||||||
Additional paid-in capital | 109,410 | 80,960 | 80,820 | ||||||||||
Unallocated common stock held by Employee Stock Ownership Plan | (5,443 | ) | (5,586 | ) | (6,061 | ) | |||||||
(9,691 | ) | (9,592 | ) | (7,631 | ) | ||||||||
Retained earnings | 87,510 | 86,750 | 80,607 | ||||||||||
Accumulated other comprehensive (loss) income, net of tax | (19,081 | ) | (9,080 | ) | 4,938 | ||||||||
Total shareholders' equity | 162,790 | 143,523 | 152,744 | ||||||||||
Total liabilities and shareholders' equity | $ | 1,900,472 | $ | 1,492,053 | $ | 1,359,355 | |||||||
Income Statement | (Unaudited) | (Unaudited) | |||||||||||||||
(Dollars in thousands, except per share data) | Three Months Ended | Six Months Ended | |||||||||||||||
2022 | 2022 | 2021 | 2022 | 2021 | |||||||||||||
Interest and dividend income: | |||||||||||||||||
Interest and fees on loans | $ | 14,895 | $ | 11,373 | $ | 11,012 | $ | 26,268 | $ | 22,041 | |||||||
Securities available-for-sale | 2,011 | 1,297 | 1,018 | 3,308 | 1,895 | ||||||||||||
FRB and FHLB dividends | 38 | 59 | 63 | 97 | 132 | ||||||||||||
Other interest income | 108 | 39 | 32 | 147 | 58 | ||||||||||||
Total interest and dividend income | 17,052 | 12,768 | 12,125 | 29,820 | 24,126 | ||||||||||||
Interest expense: | |||||||||||||||||
Interest expense on deposits | 422 | 312 | 366 | 734 | 768 | ||||||||||||
FHLB advances and other borrowings | 15 | 6 | 45 | 21 | 115 | ||||||||||||
Other long-term debt | 648 | 605 | 389 | 1,253 | 779 | ||||||||||||
Total interest expense | 1,085 | 923 | 800 | 2,008 | 1,662 | ||||||||||||
Net interest income | 15,967 | 11,845 | 11,325 | 27,812 | 22,464 | ||||||||||||
Loan loss provision | 858 | 279 | 22 | 1,137 | 321 | ||||||||||||
Net interest income after loan loss provision | 15,109 | 11,566 | 11,303 | 26,675 | 22,143 | ||||||||||||
Noninterest income: | |||||||||||||||||
Service charges on deposit accounts | 394 | 331 | 293 | 725 | 566 | ||||||||||||
Mortgage banking, net | 5,491 | 6,245 | 9,932 | 11,736 | 21,695 | ||||||||||||
Interchange and ATM fees | 621 | 453 | 494 | 1,074 | 919 | ||||||||||||
Appreciation in cash surrender value of life insurance | 250 | 207 | 173 | 457 | 331 | ||||||||||||
Net loss on sale of available-for-sale securities | (6 | ) | - | - | (6 | ) | - | ||||||||||
Other noninterest income | 592 | 1,057 | 416 | 1,649 | 1,190 | ||||||||||||
Total noninterest income | 7,342 | 8,293 | 11,308 | 15,635 | 24,701 | ||||||||||||
Noninterest expense: | |||||||||||||||||
Salaries and employee benefits | 11,431 | 10,381 | 12,745 | 21,812 | 24,831 | ||||||||||||
Occupancy and equipment expense | 1,817 | 1,678 | 1,651 | 3,495 | 3,081 | ||||||||||||
Data processing | 1,413 | 1,251 | 1,198 | 2,664 | 2,495 | ||||||||||||
Advertising | 303 | 285 | 251 | 588 | 524 | ||||||||||||
Amortization | 440 | 122 | 143 | 562 | 287 | ||||||||||||
Loan costs | 587 | 546 | 750 | 1,133 | 1,472 | ||||||||||||
144 | 93 | 81 | 237 | 162 | |||||||||||||
Professional and examination fees | 356 | 322 | 328 | 678 | 610 | ||||||||||||
Acquisition costs | 1,876 | 317 | - | 2,193 | - | ||||||||||||
Other noninterest expense | 1,679 | 1,953 | 1,890 | 3,632 | 2,788 | ||||||||||||
Total noninterest expense | 20,046 | 16,948 | 19,037 | 36,994 | 36,250 | ||||||||||||
Income before provision for income taxes | 2,405 | 2,911 | 3,574 | 5,316 | 10,594 | ||||||||||||
Provision for income taxes | 634 | 695 | 893 | 1,329 | 2,648 | ||||||||||||
Net income | $ | 1,771 | $ | 2,216 | $ | 2,681 | $ | 3,987 | $ | 7,946 | |||||||
Basic earnings per share | $ | 0.24 | $ | 0.34 | $ | 0.40 | $ | 0.57 | $ | 1.17 | |||||||
Diluted earnings per share | $ | 0.24 | $ | 0.34 | $ | 0.39 | $ | 0.57 | $ | 1.17 | |||||||
Basic weighted average shares outstanding | 7,410,796 | 6,506,133 | 6,775,557 | 6,960,963 | 6,775,503 | ||||||||||||
Diluted weighted average shares outstanding | 7,422,022 | 6,518,847 | 6,794,900 | 6,973,233 | 6,791,885 | ||||||||||||
ADDITIONAL FINANCIAL INFORMATION | (Unaudited) | |||||||||||
(Dollars in thousands, except per share data) | Three or Six Months Ended | |||||||||||
2022 | 2022 | 2021 | ||||||||||
Mortgage Banking Activity (For the quarter): | ||||||||||||
Net gain on sale of mortgage loans | $ | 5,219 | $ | 6,233 | $ | 10,481 | ||||||
Net change in fair value of loans held-for-sale and derivatives | $ | (419 | ) | (535 | ) | $ | (513 | ) | ||||
Mortgage servicing income (loss), net | $ | 691 | 547 | $ | (36 | ) | ||||||
Mortgage banking, net | $ | 5,491 | $ | 6,245 | $ | 9,932 | ||||||
Mortgage Banking Activity (Year-to-date): | ||||||||||||
Net gain on sale of mortgage loans | $ | 11,452 | $ | 24,758 | ||||||||
Net change in fair value of loans held-for-sale and derivatives | (954 | ) | (2,969 | ) | ||||||||
Mortgage servicing income (loss), net | 1,238 | (94 | ) | |||||||||
Mortgage banking, net | $ | 11,736 | $ | 21,695 | ||||||||
Performance Ratios (For the quarter): | ||||||||||||
Return on average assets | 0.40 | % | 0.60 | % | 0.80 | % | ||||||
Return on average equity | 4.71 | % | 5.79 | % | 6.84 | % | ||||||
Net interest margin | 4.09 | % | 3.64 | % | 3.81 | % | ||||||
Core efficiency ratio* | 76.07 | % | 81.98 | % | 83.48 | % | ||||||
Performance Ratios (Year-to-date): | ||||||||||||
Return on average assets | 0.49 | % | 1.22 | % | ||||||||
Return on average equity | 5.25 | % | 10.16 | % | ||||||||
Net interest margin | 3.89 | % | 3.89 | % | ||||||||
Core efficiency ratio* | 78.81 | % | 76.25 | % | ||||||||
Asset Quality Ratios and Data: | As of or for the Three Months Ended | |||||||||||
2022 | 2022 | 2021 | ||||||||||
Nonaccrual loans | $ | 2,458 | $ | 3,379 | $ | 5,467 | ||||||
Loans 90 days past due and still accruing | 2,142 | 270 | 1,509 | |||||||||
Restructured loans, net | 1,112 | 2,611 | 1,803 | |||||||||
Total nonperforming loans | 5,712 | 6,260 | 8,779 | |||||||||
Other real estate owned and other repossessed assets | 345 | 346 | 6 | |||||||||
Total nonperforming assets | $ | 6,057 | $ | 6,606 | $ | 8,785 | ||||||
Nonperforming loans / portfolio loans | 0.46 | % | 0.65 | % | 1.00 | % | ||||||
Nonperforming assets / assets | 0.32 | % | 0.44 | % | 0.65 | % | ||||||
Allowance for loan losses / portfolio loans | 1.07 | % | 1.32 | % | 1.36 | % | ||||||
Allowance / nonperforming loans | 233.28 | % | 202.88 | % | 135.55 | % | ||||||
Gross loan charge-offs for the quarter | $ | 247 | $ | 92 | $ | 33 | ||||||
Gross loan recoveries for the quarter | $ | 14 | $ | 13 | $ | 11 | ||||||
Net loan charge-offs (recoveries) for the quarter | $ | 233 | $ | 79 | $ | 22 | ||||||
2022 | 2022 | 2021 | ||||||||||
Capital Data (At quarter end): | ||||||||||||
Tangible book value per share** | $ | 14.82 | $ | 18.08 | $ | 19.17 | ||||||
Shares outstanding | 8,086,407 | 6,694,811 | 6,776,703 | |||||||||
Tangible common equity to tangible assets*** | 6.45 | % | 8.24 | % | 9.72 | % | ||||||
Other Information: | ||||||||||||
Average total assets for the quarter | $ | 1,752,916 | $ | 1,475,049 | $ | 1,337,040 | ||||||
Average total assets year-to-date | $ | 1,614,746 | $ | 1,475,049 | $ | 1,307,003 | ||||||
Average earning assets for the quarter | $ | 1,564,050 | $ | 1,319,999 | $ | 1,192,513 | ||||||
Average earning assets year-to-date | $ | 1,442,703 | $ | 1,319,999 | $ | 1,165,273 | ||||||
Average loans for the quarter **** | $ | 1,157,839 | $ | 974,177 | $ | 899,644 | ||||||
Average loans year-to-date **** | $ | 1,066,515 | $ | 974,177 | $ | 894,843 | ||||||
Average equity for the quarter | $ | 150,419 | $ | 153,203 | $ | 156,800 | ||||||
Average equity year-to-date | $ | 151,841 | $ | 153,203 | $ | 156,386 | ||||||
Average deposits for the quarter | $ | 1,507,765 | $ | 1,237,341 | $ | 1,120,826 | ||||||
Average deposits year-to-date | $ | 1,373,270 | $ | 1,237,341 | $ | 1,087,804 | ||||||
* The core efficiency ratio is a non-GAAP ratio that is calculated by dividing non-interest expense, exclusive of acquisition costs and intangible asset amortization, by the sum of net interest income and non-interest income. | ||||||||||||
** The tangible book value per share is a non-GAAP ratio that is calculated by dividing shareholders' equity, less goodwill and core deposit intangible, by common shares outstanding. | ||||||||||||
*** The tangible common equity to tangible assets is a non-GAAP ratio that is calculated by dividing shareholders' equity, less goodwill and core deposit intangible, by total assets, less goodwill and core deposit intangible. | ||||||||||||
**** Includes loans held for sale | ||||||||||||
Reconciliation of Non-GAAP Financial Measures | |||||||||||||||||||||
Core Efficiency Ratio | (Unaudited) | (Unaudited) | |||||||||||||||||||
(Dollars in thousands) | Three Months Ended | Six Months Ended | |||||||||||||||||||
2022 | 2022 | 2021 | 2022 | 2021 | |||||||||||||||||
Calculation of Core Efficiency Ratio: | |||||||||||||||||||||
Noninterest expense | $ | 20,046 | $ | 16,948 | $ | 19,037 | $ | 36,994 | $ | 36,250 | |||||||||||
Acquisition costs | (1,876 | ) | (317 | ) | - | (2,193 | ) | - | |||||||||||||
Intangible asset amortization | (440 | ) | (122 | ) | (143 | ) | (562 | ) | (287 | ) | |||||||||||
Core efficiency ratio numerator | 17,730 | 16,509 | 18,894 | 34,239 | 35,963 | ||||||||||||||||
Net interest income | 15,967 | 11,845 | 11,325 | 27,812 | 22,464 | ||||||||||||||||
Noninterest income | 7,342 | 8,293 | 11,308 | 15,635 | 24,701 | ||||||||||||||||
Core efficiency ratio denominator | 23,309 | 20,138 | 22,633 | 43,447 | 47,165 | ||||||||||||||||
Core efficiency ratio (non-GAAP) | 76.07 | % | 81.98 | % | 83.48 | % | 78.81 | % | 76.25 | % | |||||||||||
Tangible Book Value and Tangible Assets | (Unaudited) | ||||||||||||||
(Dollars in thousands, except per share data) | |||||||||||||||
2022 | 2022 | 2021 | |||||||||||||
Tangible Book Value: | |||||||||||||||
Shareholders' equity | $ | 162,790 | $ | 143,523 | $ | 152,744 | |||||||||
(42,966 | ) | (22,458 | ) | (22,859 | ) | ||||||||||
Tangible common shareholders' equity (non-GAAP) | $ | 119,824 | $ | 121,065 | $ | 129,885 | |||||||||
Common shares outstanding at end of period | 8,086,407 | 6,694,811 | 6,776,703 | ||||||||||||
Common shareholders' equity (book value) per share (GAAP) | $ | 20.13 | $ | 21.44 | $ | 22.54 | |||||||||
Tangible common shareholders' equity (tangible book value) per share (non-GAAP) | $ | 14.82 | $ | 18.08 | $ | 19.17 | |||||||||
Tangible Assets: | |||||||||||||||
Total assets | $ | 1,900,472 | $ | 1,492,053 | $ | 1,359,355 | |||||||||
(42,966 | ) | (22,458 | ) | (22,859 | ) | ||||||||||
Tangible assets (non-GAAP) | $ | 1,857,506 | $ | 1,469,595 | $ | 1,336,496 | |||||||||
Tangible common shareholders' equity to tangible assets (non-GAAP) | 6.45 | % | 8.24 | % | 9.72 | % | |||||||||
Earnings Per Diluted Share, Excluding Acquisition Costs | (Unaudited) | (Unaudited) | |||||||||||||||
(Dollars in thousands, except per share data) | Three Months Ended | Six Months Ended | |||||||||||||||
2022 | 2022 | 2021 | 2022 | 2021 | |||||||||||||
Net interest income after loan loss provision | $ | 15,109 | $ | 11,566 | $ | 11,303 | $ | 26,675 | $ | 22,143 | |||||||
Noninterest income | 7,342 | 8,293 | 11,308 | 15,635 | 24,701 | ||||||||||||
Noninterest expense | 20,046 | 16,948 | 19,037 | 36,994 | 36,250 | ||||||||||||
Acquisition costs | (1,876 | ) | (317 | ) | - | (2,193 | ) | - | |||||||||
Noninterest expense, excluding acquisition costs (non-GAAP) | 18,170 | 16,631 | 19,037 | 34,801 | 36,250 | ||||||||||||
Income before income taxes | 4,281 | 3,228 | 3,574 | 7,509 | 10,594 | ||||||||||||
Provision for income taxes, excluding acquisition costs related taxes (non-GAAP) | 1,129 | 771 | 893 | 1,877 | 2,648 | ||||||||||||
Net Income, excluding acquisition costs (non-GAAP) | $ | 3,152 | $ | 2,457 | $ | 2,681 | $ | 5,632 | $ | 7,946 | |||||||
Diluted earnings per share (GAAP) | $ | 0.24 | $ | 0.34 | $ | 0.39 | $ | 0.57 | $ | 1.17 | |||||||
Diluted earnings per share, excluding acquisition costs (non-GAAP) | $ | 0.42 | $ | 0.38 | $ | 0.39 | $ | 0.81 | $ | 1.17 | |||||||
Return on Average Assets, Excluding Acquisition Costs | (Unaudited) | |||||||||||
(Dollars in thousands) | ||||||||||||
2022 | 2022 | 2021 | ||||||||||
For the quarter: | ||||||||||||
Net income, excluding acquisition costs (non-GAAP)* | $ | 3,152 | $ | 2,457 | $ | 2,681 | ||||||
Average total assets quarter-to-date | $ | 1,752,916 | $ | 1,475,049 | $ | 1,337,040 | ||||||
Return on average assets, excluding acquisition costs (non-GAAP) | 0.72 | % | 0.67 | % | 0.80 | % | ||||||
Year-to-date: | ||||||||||||
Net income, excluding acquisition costs (non-GAAP)* | $ | 5,632 | $ | 2,457 | $ | 7,946 | ||||||
Average total assets year-to-date | $ | 1,614,746 | $ | 1,475,049 | $ | 1,307,003 | ||||||
Return on average assets, excluding acquisition costs (non-GAAP) | 0.70 | % | 0.67 | % | 1.22 | % | ||||||
* See Earnings Per Diluted Share, Excluding Acquisition Costs table for GAAP to non-GAAP reconciliation. | ||||||||||||
Contacts: | ||
(406) 457-4006 | ||
(406) 457-4007 | ||
Source:
2022 GlobeNewswire, Inc., source