FINANCIAL HIGHLIGHTS | Three Months Ended | Year Ended | ||||||||
December 31, | September 30, | December 31, | December 31, | December 31, | ||||||
(Dollars in thousands, except per share amounts) | 2021 | 2021 | 2020 | 2021 | 2020 | |||||
Net interest income | $ | 38,819 | $ | 40,340 | $ | 39,037 | $ | 156,281 | $ | 152,964 |
Noninterest income | 11,229 | 9,182 | 10,626 | 42,453 | 38,620 | |||||
Total revenue, net of interest expense | 50,048 | 49,522 | 49,663 | 198,734 | 191,584 | |||||
Credit loss expense (benefit) | 622 | (1,080) | (3,041) | (7,336) | 28,369 | |||||
Noninterest expense | 30,444 | 29,778 | 31,915 | 116,592 | 149,893 | |||||
Income before income tax expense | 18,982 | 20,824 | 20,789 | 89,478 | 13,322 | |||||
Income tax expense | 4,726 | 4,513 | 4,079 | 19,992 | 6,699 | |||||
Net income | $ | 14,256 | $ | 16,311 | $ | 16,710 | $ | 69,486 | $ | 6,623 |
Diluted earnings per share | $ | 0.91 | $ | 1.03 | $ | 1.04 | $ | 4.37 | $ | 0.41 |
Return on average assets | 0.95 | % | 1.11 | % | 1.22 | % | 1.20 | % | 0.13 | % |
Return on average equity | 10.68 | % | 12.00 | % | 13.15 | % | 13.18 | % | 1.28 | % |
Return on average tangible equity(1)
| 13.50 | % | 15.06 | % | 17.07 | % | 16.63 | % | 10.80 | % |
Efficiency ratio(1)
| 56.74 | % | 56.34 | % | 59.69 | % | 54.65 | % | 56.92 | % |
(1) Non-GAAP measure. See the Non-GAAP Measures section for a reconciliation to the most directly comparable GAAP measure.
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Three Months Ended | ||||||
Noninterest Income | December 31, | September 30, | December 31, | |||
(In thousands) | 2021 | 2021 | 2020 | |||
Investment services and trust activities | $ | 3,115 | $ | 2,915 | $ | 2,518 |
Service charges and fees | 1,684 | 1,613 | 1,571 | |||
Card revenue | 1,746 | 1,820 | 1,517 | |||
Loan revenue | 3,132 | 1,935 | 3,900 | |||
Bank-owned life insurance | 550 | 532 | 541 | |||
Investment securities gains, net | 137 | 36 | 30 | |||
Other | 865 | 331 | 549 | |||
Total noninterest income | $ | 11,229 | $ | 9,182 | $ | 10,626 |
Three Months Ended | ||||||
Noninterest Expense | December 31, | September 30, | December 31, | |||
(In thousands) | 2021 | 2021 | 2020 | |||
Compensation and employee benefits | $ | 18,266 | $ | 17,350 | $ | 17,638 |
Occupancy expense of premises, net | 2,211 | 2,547 | 2,476 | |||
Equipment | 2,189 | 1,973 | 2,040 | |||
Legal and professional | 1,826 | 1,272 | 2,052 | |||
Data processing | 1,211 | 1,406 | 1,460 | |||
Marketing | 1,121 | 1,022 | 986 | |||
Amortization of intangibles | 1,245 | 1,264 | 1,569 | |||
FDIC insurance | 380 | 435 | 495 | |||
Communications | 277 | 275 | 412 | |||
Foreclosed assets, net | 7 | 43 | (35) | |||
Other | 1,711 | 2,191 | 2,822 | |||
Total noninterest expense | $ | 30,444 | $ | 29,778 | $ | 31,915 |
Three Months Ended | ||||||
December 31, | September 30, | December 31, | ||||
Merger-related Expenses | 2021 | 2021 | 2020 | |||
(In thousands) | ||||||
Equipment | $ | 18 | $ | - | $ | - |
Legal and professional | 202 | - | - | |||
Marketing | 2 | - | - | |||
Other | 2 | - | - | |||
Total merger-related expenses | $ | 224 | $ | - | $ | - |
BALANCE SHEET, LIQUIDITY AND CAPITAL HIGHLIGHTS | As of or for the Three Months Ended | |||||
December 31, | September 30, | December 31, | ||||
(Dollars in millions, except per share amounts) | 2021 | 2021 | 2020 | |||
Ending Balance Sheet | ||||||
Total assets | $ | 6,025.1 | $ | 5,875.4 | $ | 5,556.6 |
Loans held for investment, net of unearned income | 3,245.0 | 3,268.6 | 3,482.2 | |||
Total securities held for investment | 2,288.1 | 2,136.9 | 1,657.4 | |||
Total deposits | 5,114.5 | 4,957.8 | 4,547.0 | |||
Average Balance Sheet | ||||||
Average total assets | $ | 5,934.1 | $ | 5,811.2 | $ | 5,457.9 |
Average total loans | 3,268.8 | 3,356.7 | 3,560.6 | |||
Average total deposits | 5,015.5 | 4,882.8 | 4,490.0 | |||
Funding and Liquidity | ||||||
Short-term borrowings | $ | 181.4 | $ | 187.5 | $ | 230.8 |
Long-term debt | 154.9 | 154.9 | 208.7 | |||
Loans to deposits ratio | 63.45 | % | 65.93 | % | 76.58 | % |
Equity | ||||||
Total shareholders' equity | $ | 527.5 | $ | 530.3 | $ | 515.3 |
Common equity ratio | 8.75 | % | 9.03 | % | 9.27 | % |
Tangible common equity(1)
| 445.1 | 446.7 | 427.5 | |||
Tangible common equity ratio(1)
| 7.49 | % | 7.71 | % | 7.82 | % |
Per Share Data | ||||||
Book value | $ | 33.66 | $ | 33.71 | $ | 32.17 |
Tangible book value(1)
| $ | 28.40 | $ | 28.40 | $ | 26.69 |
(1) Non-GAAP Measure. See the Non-GAAP Measures section for a reconciliation to the most directly comparable GAAP measure.
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Loans Held for Investment | December 31, 2021 | September 30, 2021 | December 31, 2020 | |||||||||
Balance | % of Total | Balance | % of Total | Balance | % of Total | |||||||
(dollars in thousands) | ||||||||||||
Commercial and industrial | $ | 902,314 | 27.8 | % | $ | 927,258 | 28.4 | % | $ | 1,055,488 | 30.3 | % |
Agricultural | 103,417 | 3.2 | 106,356 | 3.3 | 116,392 | 3.3 | ||||||
Commercial real estate | ||||||||||||
Construction and development | 172,160 | 5.3 | 146,417 | 4.5 | 181,291 | 5.2 | ||||||
Farmland | 144,673 | 4.5 | 130,936 | 4.0 | 144,970 | 4.2 | ||||||
Multifamily | 244,503 | 7.5 | 273,347 | 8.4 | 256,525 | 7.4 | ||||||
Other | 1,143,205 | 35.2 | 1,148,658 | 35.0 | 1,149,575 | 33.0 | ||||||
Total commercial real estate | 1,704,541 | 52.5 | 1,699,358 | 51.9 | 1,732,361 | 49.8 | ||||||
Residential real estate | ||||||||||||
One-to-four family first liens | 333,308 | 10.3 | 334,267 | 10.2 | 355,684 | 10.2 | ||||||
One-to-four family junior liens | 133,014 | 4.1 | 133,869 | 4.1 | 143,422 | 4.1 | ||||||
Total residential real estate | 466,322 | 14.4 | 468,136 | 14.3 | 499,106 | 14.3 | ||||||
Consumer | 68,418 | 2.1 | 67,536 | 2.1 | 78,876 | 2.3 | ||||||
Loans held for investment, net of unearned income | $ | 3,245,012 | 100.0 | % | $ | 3,268,644 | 100.0 | % | $ | 3,482,223 | 100.0 | % |
Total commitments to extend credit | $ | 1,014,397 | $ | 950,157 | $ | 897,274 |
December 31, 2021 | September 30, 2021 | |||||||||||
Round 1(3)
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Round 2(3)
| Total |
Round 1(3)
|
Round 2(3)
| Total | |||||||
(Dollars in millions) | # | $ | # | $ | # | $ | # | $ | # | $ | # | $ |
Total PPP Loans Funded | 2,681 | 348.5 | 2,175 | 149.3 | 4,856 | 497.8 | 2,681 | 348.5 | 2,175 | 149.3 | 4,856 | 497.8 |
PPP Loan Forgiveness(1)
| 2,609 | 334.2 | 2,009 | 122.4 | 4,618 | 456.6 | 2,478 | 323.7 | 1,514 | 72.9 | 3,992 | 396.6 |
Outstanding PPP Loans(2)
| 53 | 5.6 | 164 | 25.2 | 217 | 30.8 | 184 | 16.3 | 661 | 73.1 | 845 | 89.4 |
Unearned Income | $- | $0.9 | $0.9 | $0.1 | $2.8 | $2.9 | ||||||
(1) Excluded from the PPP Loan Forgiveness is $9.3 million as of December 31, 2021 and $9.1 million as of September 30, 2021 of PPP loans that were paid off by the borrower prior to forgiveness or through the SBA PPP loan guarantee.
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(2) Outstanding loans are presented net of unearned income.
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(3) Round 1 refers to PPP loan applications from the first wave of funding made available through the CARES Act, which was signed into law by President Trump in March 2020. Round 2 refers to the second wave of PPP funding made available through the Consolidated Appropriations Act, 2021, which was signed into law by President Trump in December 2020 and extended by the PPP Extension Act of 2021, which was signed into law by President Biden in March 2021.
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Three Months Ended | Year Ended | |||||||||
Allowance for Credit Losses Roll Forward | December 31, | September 30, | December 31, | December 31, | December 31, | |||||
(In thousands) | 2021 | 2021 | 2020 | 2021 | 2020 | |||||
Beginning balance | $ | 47,900 | $ | 48,000 | $ | 58,500 | $ | 55,500 | $ | 29,079 |
Cumulative effect of change in accounting principle - CECL | - | - | - | - | 3,984 | |||||
Charge-offs | (255) | (234) | (1,005) | (2,332) | (6,793) | |||||
Recoveries | 533 | 1,114 | 646 | 2,768 | 1,528 | |||||
Net recoveries (charge-offs) | 278 | 880 | (359) | 436 | (5,265) | |||||
Credit loss (benefit) expense related to loans | 522 | (980) | (2,641) | (7,236) | 27,702 | |||||
Ending balance | $ | 48,700 | $ | 47,900 | $ | 55,500 | $ | 48,700 | $ | 55,500 |
Deposit Composition | December 31, 2021 | September 30, 2021 | December 31, 2020 | |||||||||
(Dollars in thousands) | Balance | % of Total | Balance | % of Total | Balance | % of Total | ||||||
Noninterest bearing deposits | $ | 1,005,369 | 19.6 | % | $ | 999,887 | 20.2 | % | $ | 910,655 | 20.0 | % |
Interest checking deposits | 1,619,136 | 31.6 | 1,464,389 | 29.5 | 1,351,641 | 29.7 | ||||||
Money market deposits | 939,523 | 18.4 | 989,095 | 20.0 | 918,654 | 20.2 | ||||||
Savings deposits | 628,242 | 12.3 | 616,924 | 12.4 | 529,751 | 11.7 | ||||||
Total non-maturity deposits
| 4,192,270 | 81.9 | 4,070,295 | 82.1 | 3,710,701 | 81.6 | ||||||
Time deposits of $250 and under | 505,392 | 9.9 | 522,907 | 10.5 | 581,471 | 12.8 | ||||||
Time deposits over $250 | 416,857 | 8.2 | 364,579 | 7.4 | 254,877 | 5.6 | ||||||
Total time deposits
| 922,249 | 18.1 | 887,486 | 17.9 | 836,348 | 18.4 | ||||||
Total deposits
| $ | 5,114,519 | 100.0 | % | $ | 4,957,781 | 100.0 | % | $ | 4,547,049 | 100.0 | % |
As of or For the Three Months Ended | ||||||
Highlights | December 31, | September 30, | December 31, | |||
(Dollars in thousands) | 2021 | 2021 | 2020 | |||
Credit loss (benefit) expense related to loans | $ | 522 | $ | (980) | $ | (2,641) |
Net (recoveries) charge-offs | $ | (278) | $ | (880) | $ | 359 |
Net (recovery) charge-off ratio(1)
| (0.03) | % | (0.10) | % | 0.04 | % |
At period-end | ||||||
Pass | $ | 3,013,917 | $ | 3,069,314 | $ | 3,202,704 |
Special Mention / Watch | 117,401 | 82,871 | 157,213 | |||
Classified | 113,694 | 116,459 | 122,306 | |||
Total loans held for investment, net | $ | 3,245,012 | $ | 3,268,644 | $ | 3,482,223 |
Classified loans ratio(2)
| 3.50 | % | 3.56 | % | 3.51 | % |
Nonaccrual loans held for investment | $ | 31,540 | $ | 33,657 | $ | 41,950 |
Accruing loans contractually past due 90 days or more | - | 51 | 739 | |||
Total nonperforming loans | 31,540 | 33,708 | 42,689 | |||
Foreclosed assets, net | 357 | 454 | 2,316 | |||
Total nonperforming assets
| $ | 31,897 | $ | 34,162 | $ | 45,005 |
Nonperforming loans ratio(3)
| 0.97 | % | 1.03 | % | 1.23 | % |
Nonperforming assets ratio(4)
| 0.53 | % | 0.58 | % | 0.81 | % |
Allowance for credit losses | $ | 48,700 | $ | 47,900 | $ | 55,500 |
Allowance for credit losses ratio(5)
| 1.50 | % | 1.47 | % | 1.59 | % |
Adjusted allowance for credit losses ratio(6)
| 1.52 | % | 1.51 | % | 1.72 | % |
Allowance for credit losses to nonaccrual loans ratio(7)
| 154.41 | % | 142.32 | % | 132.30 | % |
(1) Net (recovery) charge-off ratio is calculated as annualized net (recoveries) charge-offs divided by average loans held for investment, net of unearned income, during the period.
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(2) Classified loans ratio is calculated as classified loans divided by loans held for investment, net of unearned income, at the end of the period.
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(3) Nonperforming loans ratio is calculated as total nonperforming loans divided by loans held for investment, net of unearned income, at the end of the period.
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(4) Nonperforming assets ratio is calculated as total nonperforming assets divided by total assets at the end of the period.
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(5) Allowance for credit losses ratio is calculated as allowance for credit losses divided by loans held for investment, net of unearned income, at the end of the period.
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(6) Non-GAAP Measure. See the Non-GAAP Measures section for a reconciliation to the most directly comparable GAAP measure.
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(7)Allowance for credit losses to nonaccrual loans ratio is calculated as allowance for credit losses divided by nonaccrual loans at the end of the period.
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Nonperforming Loans | Nonaccrual | 90+ Days Past Due & Still Accruing | Total | |||
(Dollars in thousands) | ||||||
Balance at September 30, 2021
| $ | 33,657 | $ | 51 | $ | 33,708 |
Loans placed on nonaccrual or 90+ days past due & still accruing | 512 | 10 | 522 | |||
Repayments (including interest applied to principal) | (2,153) | - | (2,153) | |||
Loans returned to accrual status or no longer past due | (312) | (49) | (361) | |||
Charge-offs | (164) | (10) | (174) | |||
Transfers to nonaccrual | - | (2) | (2) | |||
Balance at December 31, 2021
| $ | 31,540 | $ | - | $ | 31,540 |
Regulatory Capital Ratios | December 31, | September 30, | December 31, | |||
2021 (1)
| 2021 | 2020 | ||||
MidWestOne Financial Group, Inc. Consolidated
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Tier 1 leverage to average assets ratio | 8.67 | % | 8.70 | % | 8.50 | % |
Common equity tier 1 capital to risk-weighted assets ratio | 9.94 | % | 10.26 | % | 9.72 | % |
Tier 1 capital to risk-weighted assets ratio | 10.83 | % | 11.20 | % | 10.70 | % |
Total capital to risk-weighted assets ratio | 13.09 | % | 13.58 | % | 13.41 | % |
MidWestOne Bank
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Tier 1 leverage to average assets ratio | 9.25 | % | 9.41 | % | 9.35 | % |
Common equity tier 1 capital to risk-weighted assets ratio | 11.58 | % | 12.14 | % | 11.79 | % |
Tier 1 capital to risk-weighted assets ratio | 11.58 | % | 12.14 | % | 11.79 | % |
Total capital to risk-weighted assets ratio | 12.46 | % | 13.05 | % | 12.89 | % |
(1) Capital ratios for December 31, 2021 are preliminary
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December 31, | September 30, | June 30, | March 31, | December 31, | ||||||
(In thousands) | 2021 | 2021 | 2021 | 2021 | 2020 | |||||
ASSETS | ||||||||||
Cash and due from banks | $ | 42,949 | $ | 53,562 | $ | 52,297 | $ | 57,154 | $ | 65,078 |
Interest earning deposits in banks | 160,881 | 84,952 | 11,124 | 80,924 | 17,409 | |||||
Federal funds sold | - | - | 13 | 7,691 | 172 | |||||
Total cash and cash equivalents | 203,830 | 138,514 | 63,434 | 145,769 | 82,659 | |||||
Debt securities available for sale at fair value | 2,288,110 | 2,136,902 | 2,072,452 | 1,896,894 | 1,657,381 | |||||
Loans held for sale | 12,917 | 58,679 | 6,149 | 58,333 | 59,956 | |||||
Gross loans held for investment | 3,252,194 | 3,278,150 | 3,344,156 | 3,374,076 | 3,496,790 | |||||
Unearned income, net | (7,182) | (9,506) | (14,000) | (15,915) | (14,567) | |||||
Loans held for investment, net of unearned income | 3,245,012 | 3,268,644 | 3,330,156 | 3,358,161 | 3,482,223 | |||||
Allowance for credit losses | (48,700) | (47,900) | (48,000) | (50,650) | (55,500) | |||||
Total loans held for investment, net | 3,196,312 | 3,220,744 | 3,282,156 | 3,307,511 | 3,426,723 | |||||
Premises and equipment, net | 83,492 | 84,130 | 84,667 | 85,581 | 86,401 | |||||
Goodwill | 62,477 | 62,477 | 62,477 | 62,477 | 62,477 | |||||
Other intangible assets, net | 19,885 | 21,130 | 22,394 | 23,735 | 25,242 | |||||
Foreclosed assets, net | 357 | 454 | 755 | 1,487 | 2,316 | |||||
Other assets | 157,748 | 152,393 | 154,731 | 155,525 | 153,493 | |||||
Total assets | $ | 6,025,128 | $ | 5,875,423 | $ | 5,749,215 | $ | 5,737,312 | $ | 5,556,648 |
LIABILITIES | ||||||||||
Noninterest bearing deposits | $ | 1,005,369 | $ | 999,887 | $ | 952,764 | $ | 958,526 | $ | 910,655 |
Interest bearing deposits | 4,109,150 | 3,957,894 | 3,839,902 | 3,836,037 | 3,636,394 | |||||
Total deposits | 5,114,519 | 4,957,781 | 4,792,666 | 4,794,563 | 4,547,049 | |||||
Short-term borrowings | 181,368 | 187,508 | 212,261 | 175,785 | 230,789 | |||||
Long-term debt | 154,879 | 154,860 | 169,839 | 201,696 | 208,691 | |||||
Other liabilities | 46,887 | 45,010 | 44,156 | 53,948 | 54,869 | |||||
Total liabilities | 5,497,653 | 5,345,159 | 5,218,922 | 5,225,992 | 5,041,398 | |||||
SHAREHOLDERS' EQUITY | ||||||||||
Common stock | 16,581 | 16,581 | 16,581 | 16,581 | 16,581 | |||||
Additional paid-in capital | 300,940 | 300,327 | 299,888 | 299,747 | 300,137 | |||||
Retained earnings | 243,365 | 232,639 | 219,884 | 206,230 | 188,191 | |||||
Treasury stock | (24,546) | (22,735) | (15,888) | (15,278) | (14,251) | |||||
Accumulated other comprehensive (loss) income | (8,865) | 3,452 | 9,828 | 4,040 | 24,592 | |||||
Total shareholders' equity | 527,475 | 530,264 | 530,293 | 511,320 | 515,250 | |||||
Total liabilities and shareholders' equity | $ | 6,025,128 | $ | 5,875,423 | $ | 5,749,215 | $ | 5,737,312 | $ | 5,556,648 |
Three Months Ended | Year Ended | |||||||||||||
December 31, | September 30, | June 30, | March 31, | December 31, | December 31, | December 31, | ||||||||
(In thousands, except per share data) | 2021 | 2021 | 2021 | 2021 | 2020 | 2021 | 2020 | |||||||
Interest income | ||||||||||||||
Loans, including fees | $ | 33,643 | $ | 36,115 | $ | 34,736 | $ | 36,542 | $ | 38,239 | $ | 141,036 | $ | 158,656 |
Taxable investment securities | 7,461 | 6,655 | 6,483 | 5,093 | 4,673 | 25,692 | 17,610 | |||||||
Tax-exempt investment securities | 2,415 | 2,428 | 2,549 | 2,555 | 2,529 | 9,947 | 8,259 | |||||||
Other | 37 | 21 | 19 | 14 | 29 | 91 | 262 | |||||||
Total interest income | 43,556 | 45,219 | 43,787 | 44,204 | 45,470 | 176,766 | 184,787 | |||||||
Interest expense | ||||||||||||||
Deposits | 3,031 | 3,150 | 3,409 | 3,608 | 4,265 | 13,198 | 23,919 | |||||||
Short-term borrowings | 130 | 132 | 161 | 128 | 142 | 551 | 914 | |||||||
Long-term debt | 1,576 | 1,597 | 1,712 | 1,851 | 2,026 | 6,736 | 6,990 | |||||||
Total interest expense | 4,737 | 4,879 | 5,282 | 5,587 | 6,433 | 20,485 | 31,823 | |||||||
Net interest income | 38,819 | 40,340 | 38,505 | 38,617 | 39,037 | 156,281 | 152,964 | |||||||
Credit loss expense (benefit) | 622 | (1,080) | (2,144) | (4,734) | (3,041) | (7,336) | 28,369 | |||||||
Net interest income after credit loss expense (benefit) | 38,197 | 41,420 | 40,649 | 43,351 | 42,078 | 163,617 | 124,595 | |||||||
Noninterest income | ||||||||||||||
Investment services and trust activities | 3,115 | 2,915 | 2,809 | 2,836 | 2,518 | 11,675 | 9,632 | |||||||
Service charges and fees | 1,684 | 1,613 | 1,475 | 1,487 | 1,571 | 6,259 | 6,178 | |||||||
Card revenue | 1,746 | 1,820 | 1,913 | 1,536 | 1,517 | 7,015 | 5,719 | |||||||
Loan revenue | 3,132 | 1,935 | 3,151 | 4,730 | 3,900 | 12,948 | 10,185 | |||||||
Bank-owned life insurance | 550 | 532 | 538 | 542 | 541 | 2,162 | 2,226 | |||||||
Investment securities gains, net | 137 | 36 | 42 | 27 | 30 | 242 | 184 | |||||||
Other | 865 | 331 | 290 | 666 | 549 | 2,152 | 4,496 | |||||||
Total noninterest income | 11,229 | 9,182 | 10,218 | 11,824 | 10,626 | 42,453 | 38,620 | |||||||
Noninterest expense | ||||||||||||||
Compensation and employee benefits | 18,266 | 17,350 | 17,404 | 16,917 | 17,638 | 69,937 | 66,397 | |||||||
Occupancy expense of premises, net | 2,211 | 2,547 | 2,198 | 2,318 | 2,476 | 9,274 | 9,348 | |||||||
Equipment | 2,189 | 1,973 | 1,861 | 1,793 | 2,040 | 7,816 | 7,865 | |||||||
Legal and professional | 1,826 | 1,272 | 1,375 | 783 | 2,052 | 5,256 | 6,153 | |||||||
Data processing | 1,211 | 1,406 | 1,347 | 1,252 | 1,460 | 5,216 | 5,362 | |||||||
Marketing | 1,121 | 1,022 | 873 | 1,006 | 986 | 4,022 | 3,815 | |||||||
Amortization of intangibles | 1,245 | 1,264 | 1,341 | 1,507 | 1,569 | 5,357 | 6,976 | |||||||
FDIC insurance | 380 | 435 | 245 | 512 | 495 | 1,572 | 1,858 | |||||||
Communications | 277 | 275 | 371 | 409 | 412 | 1,332 | 1,746 | |||||||
Foreclosed assets, net | 7 | 43 | 136 | 47 | (35) | 233 | 150 | |||||||
Goodwill impairment | - | - | - | - | - | - | 31,500 | |||||||
Other | 1,711 | 2,191 | 1,519 | 1,156 | 2,822 | 6,577 | 8,723 | |||||||
Total noninterest expense | 30,444 | 29,778 | 28,670 | 27,700 | 31,915 | 116,592 | 149,893 | |||||||
Income before income tax expense | 18,982 | 20,824 | 22,197 | 27,475 | 20,789 | 89,478 | 13,322 | |||||||
Income tax expense | 4,726 | 4,513 | 4,926 | 5,827 | 4,079 | 19,992 | 6,699 | |||||||
Net income | $ | 14,256 | $ | 16,311 | $ | 17,271 | $ | 21,648 | $ | 16,710 | $ | 69,486 | $ | 6,623 |
Earnings per common share | ||||||||||||||
Basic | $ | 0.91 | $ | 1.03 | $ | 1.08 | $ | 1.35 | $ | 1.04 | $ | 4.38 | $ | 0.41 |
Diluted | $ | 0.91 | $ | 1.03 | $ | 1.08 | $ | 1.35 | $ | 1.04 | $ | 4.37 | $ | 0.41 |
Weighted average basic common shares outstanding | 15,692 | 15,841 | 15,987 | 15,991 | 16,074 | 15,877 | 16,102 | |||||||
Weighted average diluted common shares outstanding | 15,734 | 15,863 | 16,012 | 16,021 | 16,092 | 15,905 | 16,110 | |||||||
Dividends paid per common share | $ | 0.2250 | $ | 0.2250 | $ | 0.2250 | $ | 0.2250 | $ | 0.2200 | $ | 0.9000 | $ | 0.8800 |
As of or for the Three Months Ended | As of or for the Year Ended | |||||||||
December 31, | September 30, | December 31, | December 31, | December 31, | ||||||
(Dollars in thousands, except per share amounts) | 2021 | 2021 | 2020 | 2021 | 2020 | |||||
Earnings: | ||||||||||
Net interest income | $ | 38,819 | $ | 40,340 | $ | 39,037 | $ | 156,281 | $ | 152,964 |
Noninterest income | 11,229 | 9,182 | 10,626 | 42,453 | 38,620 | |||||
Total revenue, net of interest expense | 50,048 | 49,522 | 49,663 | 198,734 | 191,584 | |||||
Credit loss expense (benefit) | 622 | (1,080) | (3,041) | (7,336) | 28,369 | |||||
Noninterest expense | 30,444 | 29,778 | 31,915 | 116,592 | 149,893 | |||||
Income before income tax expense | 18,982 | 20,824 | 20,789 | 89,478 | 13,322 | |||||
Income tax expense | 4,726 | 4,513 | 4,079 | 19,992 | 6,699 | |||||
Net income | $ | 14,256 | $ | 16,311 | $ | 16,710 | $ | 69,486 | $ | 6,623 |
Per Share Data: | ||||||||||
Diluted earnings | $ | 0.91 | $ | 1.03 | $ | 1.04 | $ | 4.37 | $ | 0.41 |
Book value | 33.66 | 33.71 | 32.17 | 33.66 | 32.17 | |||||
Tangible book value(1)
| 28.40 | 28.40 | 26.69 | 28.40 | 26.69 | |||||
Ending Balance Sheet: | ||||||||||
Total assets | $ | 6,025,128 | $ | 5,875,423 | $ | 5,556,648 | $ | 6,025,128 | $ | 5,556,648 |
Loans held for investment, net of unearned income | 3,245,012 | 3,268,644 | 3,482,223 | 3,245,012 | 3,482,223 | |||||
Total securities held for investment | 2,288,110 | 2,136,902 | 1,657,381 | 2,288,110 | 1,657,381 | |||||
Total deposits | 5,114,519 | 4,957,781 | 4,547,049 | 5,114,519 | 4,547,049 | |||||
Short-term borrowings | 181,368 | 187,508 | 230,789 | 181,368 | 230,789 | |||||
Long-term debt | 154,879 | 154,860 | 208,691 | 154,879 | 208,691 | |||||
Total shareholders' equity | 527,475 | 530,264 | 515,250 | 527,475 | 515,250 | |||||
Average Balance Sheet: | ||||||||||
Average total assets | $ | 5,934,076 | $ | 5,811,228 | $ | 5,457,939 | $ | 5,780,556 | $ | 5,135,841 |
Average total loans | 3,268,783 | 3,356,680 | 3,560,632 | 3,362,488 | 3,551,945 | |||||
Average total deposits | 5,015,506 | 4,882,835 | 4,490,048 | 4,838,227 | 4,184,406 | |||||
Financial Ratios: | ||||||||||
Return on average assets | 0.95 | % | 1.11 | % | 1.22 | % | 1.20 | % | 0.13 | % |
Return on average equity | 10.68 | % | 12.00 | % | 13.15 | % | 13.18 | % | 1.28 | % |
Return on average tangible equity(1)
| 13.50 | % | 15.06 | % | 17.07 | % | 16.63 | % | 10.80 | % |
Efficiency ratio(1)
| 56.74 | % | 56.34 | % | 59.69 | % | 54.65 | % | 56.92 | % |
Net interest margin, tax equivalent(1)
| 2.83 | % | 3.00 | % | 3.13 | % | 2.95 | % | 3.30 | % |
Loans to deposits ratio | 63.45 | % | 65.93 | % | 76.58 | % | 63.45 | % | 76.58 | % |
Common equity ratio | 8.75 | % | 9.03 | % | 9.27 | % | 8.75 | % | 9.27 | % |
Tangible common equity ratio(1)
| 7.49 | % | 7.71 | % | 7.82 | % | 7.49 | % | 7.82 | % |
Credit Risk Profile: | ||||||||||
Total nonperforming loans | $ | 31,540 | $ | 33,708 | $ | 42,689 | $ | 31,540 | $ | 42,689 |
Nonperforming loans ratio | 0.97 | % | 1.03 | % | 1.23 | % | 0.97 | % | 1.23 | % |
Total nonperforming assets | $ | 31,897 | $ | 34,162 | $ | 45,005 | $ | 31,897 | $ | 45,005 |
Nonperforming assets ratio | 0.53 | % | 0.58 | % | 0.81 | % | 0.53 | % | 0.81 | % |
Net (recoveries) charge-offs | $ | (278) | $ | (880) | $ | 359 | $ | (436) | $ | 5,265 |
Net (recovery) charge-off ratio | (0.03) | % | (0.10) | % | 0.04 | % | (0.01) | % | 0.15 | % |
Allowance for credit losses | $ | 48,700 | $ | 47,900 | $ | 55,500 | $ | 48,700 | $ | 55,500 |
Allowance for credit losses ratio | 1.50 | % | 1.47 | % | 1.59 | % | 1.50 | % | 1.59 | % |
Adjusted allowance for credit losses ratio(1)
| 1.52 | % | 1.51 | % | 1.72 | % | 1.52 | % | 1.72 | % |
Allowance for credit losses to nonaccrual ratio | 154.41 | % | 142.32 | % | 132.30 | % | 154.41 | % | 132.30 | % |
PPP Loans: | ||||||||||
Average PPP loans | $ | 52,564 | $ | 143,628 | $ | 313,252 | $ | 186,333 | $ | 223,137 |
Fee Income | 1,996 | 3,593 | 2,853 | 11,731 | 5,228 | |||||
(1) Non-GAAP measure. See the Non-GAAP Measures section for a reconciliation to the most directly comparable GAAP measure.
| ||||||||||
Three Months Ended | |||||||||||||||||||||
December 31, 2021 | September 30, 2021 | December 31, 2020 | |||||||||||||||||||
(Dollars in thousands) |
Average Balance |
Interest Income/ Expense |
Average Yield/ Cost |
Average
Balance
|
Interest
Income/
Expense
|
Average Yield/ Cost | Average Balance |
Interest Income/ Expense |
Average Yield/ Cost | ||||||||||||
ASSETS | |||||||||||||||||||||
Loans, including fees (1)(2)(3)
| $ | 3,268,783 | $ | 34,191 | 4.15 | % | $ | 3,356,680 | $ | 36,622 | 4.33 | % | $ | 3,560,632 | $ | 38,795 | 4.33 | % | |||
Taxable investment securities | 1,802,349 | 7,461 | 1.64 | % | 1,628,605 | 6,655 | 1.62 | % | 1,026,359 | 4,673 | 1.81 | % | |||||||||
Tax-exempt investment securities (2)(4)
| 455,570 | 3,026 | 2.64 | % | 459,717 | 3,043 | 2.63 | % | 450,659 | 3,180 | 2.81 | % | |||||||||
Total securities held for investment(2)
| 2,257,919 | 10,487 | 1.84 | % | 2,088,322 | 9,698 | 1.84 | % | 1,477,018 | 7,853 | 2.12 | % | |||||||||
Other | 80,415 | 37 | 0.18 | % | 44,915 | 21 | 0.19 | % | 80,019 | 29 | 0.14 | % | |||||||||
Total interest earning assets(2)
| $ | 5,607,117 | 44,715 | 3.16 | % | $ | 5,489,917 | 46,341 | 3.35 | % | $ | 5,117,669 | 46,677 | 3.63 | % | ||||||
Other assets | 326,959 | 321,311 | 340,270 | ||||||||||||||||||
Total assets | $ | 5,934,076 | $ | 5,811,228 | $ | 5,457,939 | |||||||||||||||
LIABILITIES AND SHAREHOLDERS' EQUITY | |||||||||||||||||||||
Interest checking deposits | $ | 1,506,600 | $ | 1,065 | 0.28 | % | $ | 1,434,560 | $ | 1,056 | 0.29 | % | $ | 1,276,320 | $ | 958 | 0.30 | % | |||
Money market deposits | 976,018 | 520 | 0.21 | % | 955,174 | 506 | 0.21 | % | 931,900 | 544 | 0.23 | % | |||||||||
Savings deposits | 621,871 | 285 | 0.18 | % | 606,449 | 316 | 0.21 | % | 508,763 | 279 | 0.22 | % | |||||||||
Time deposits | 903,765 | 1,161 | 0.51 | % | 890,866 | 1,272 | 0.57 | % | 862,408 | 2,484 | 1.15 | % | |||||||||
Total interest bearing deposits | 4,008,254 | 3,031 | 0.30 | % | 3,887,049 | 3,150 | 0.32 | % | 3,579,391 | 4,265 | 0.47 | % | |||||||||
Short-term borrowings | 190,788 | 130 | 0.27 | % | 182,484 | 132 | 0.29 | % | 182,080 | 142 | 0.31 | % | |||||||||
Long-term debt | 154,870 | 1,576 | 4.04 | % | 163,817 | 1,597 | 3.87 | % | 223,407 | 2,026 | 3.61 | % | |||||||||
Total borrowed funds | 345,658 | 1,706 | 1.96 | % | 346,301 | 1,729 | 1.98 | % | 405,487 | 2,168 | 2.13 | % | |||||||||
Total interest bearing liabilities | $ | 4,353,912 | $ | 4,737 | 0.43 | % | $ | 4,233,350 | $ | 4,879 | 0.46 | % | $ | 3,984,878 | $ | 6,433 | 0.64 | % | |||
Noninterest bearing deposits | 1,007,252 | 995,786 | 910,657 | ||||||||||||||||||
Other liabilities | 43,576 | 43,040 | 56,898 | ||||||||||||||||||
Shareholders' equity | 529,336 | 539,052 | 505,506 | ||||||||||||||||||
Total liabilities and shareholders' equity | $ | 5,934,076 | $ | 5,811,228 | $ | 5,457,939 | |||||||||||||||
Net interest income(2)
| $ | 39,978 | $ | 41,462 | $ | 40,244 | |||||||||||||||
Net interest spread(2)
| 2.73 | % | 2.89 | % | 2.99 | % | |||||||||||||||
Net interest margin(2)
| 2.83 | % | 3.00 | % | 3.13 | % | |||||||||||||||
Total deposits(5)
| $ | 5,015,506 | $ | 3,031 | 0.24 | % | $ | 4,882,835 | $ | 3,150 | 0.26 | % | $ | 4,490,048 | $ | 4,265 | 0.38 | % | |||
Cost of funds(6)
| 0.35 | % | 0.37 | % | 0.52 | % |
Year Ended | ||||||||||||||
December 31, 2021 | December 31, 2020 | |||||||||||||
(Dollars in thousands) |
Average
Balance
|
Interest
Income/
Expense
|
Average
Yield/
Cost
|
Average
Balance
|
Interest
Income/
Expense
|
Average
Yield/
Cost
| ||||||||
ASSETS | ||||||||||||||
Loans, including fees (1)(2)(3)
| $ | 3,362,488 | $ | 143,141 | 4.26 | % | $ | 3,551,945 | $ | 160,752 | 4.53 | % | ||
Taxable investment securities | 1,577,146 | 25,692 | 1.63 | % | 797,954 | 17,610 | 2.21 | % | ||||||
Tax-exempt investment securities (2)(4)
| 463,526 | 12,468 | 2.69 | % | 342,000 | 10,395 | 3.04 | % | ||||||
Total securities held for investment(2)
| 2,040,672 | 38,160 | 1.87 | % | 1,139,954 | 28,005 | 2.46 | % | ||||||
Other | 52,617 | 91 | 0.17 | % | 73,255 | 262 | 0.36 | % | ||||||
Total interest earning assets(2)
| $ | 5,455,777 | 181,392 | 3.32 | % | $ | 4,765,154 | 189,019 | 3.97 | % | ||||
Other assets | 324,779 | 370,687 | ||||||||||||
Total assets | $ | 5,780,556 | $ | 5,135,841 | ||||||||||
LIABILITIES AND SHAREHOLDERS' EQUITY
| ||||||||||||||
Interest checking deposits | $ | 1,440,585 | $ | 4,208 | 0.29 | % | $ | 1,108,997 | $ | 4,435 | 0.40 | % | ||
Money market deposits | 946,784 | 2,006 | 0.21 | % | 844,137 | 3,696 | 0.44 | % | ||||||
Savings deposits | 594,543 | 1,210 | 0.20 | % | 454,000 | 1,386 | 0.31 | % | ||||||
Time deposits | 882,271 | 5,774 | 0.65 | % | 945,234 | 14,402 | 1.52 | % | ||||||
Total interest bearing deposits | 3,864,183 | 13,198 | 0.34 | % | 3,352,368 | 23,919 | 0.71 | % | ||||||
Short-term borrowings | 191,757 | 551 | 0.29 | % | 157,346 | 914 | 0.58 | % | ||||||
Long-term debt | 178,395 | 6,736 | 3.78 | % | 220,448 | 6,990 | 3.17 | % | ||||||
Total borrowed funds | 370,152 | 7,287 | 1.97 | % | 377,794 | 7,904 | 2.09 | % | ||||||
Total interest bearing liabilities | $ | 4,234,335 | $ | 20,485 | 0.48 | % | $ | 3,730,162 | $ | 31,823 | 0.85 | % | ||
Noninterest bearing deposits | 974,044 | 832,038 | ||||||||||||
Other liabilities | 45,141 | 58,186 | ||||||||||||
Shareholders' equity | 527,036 | 515,455 | ||||||||||||
Total liabilities and shareholders' equity | $ | 5,780,556 | $ | 5,135,841 | ||||||||||
Net interest income(2)
| $ | 160,907 | $ | 157,196 | ||||||||||
Net interest spread(2)
| 2.84 | % | 3.12 | % | ||||||||||
Net interest margin(2)
| 2.95 | % | 3.30 | % | ||||||||||
Total deposits(5)
| $ | 4,838,227 | $ | 13,198 | 0.27 | % | $ | 4,184,406 | $ | 23,919 | 0.57 | % | ||
Cost of funds(6)
| 0.39 | % | 0.70 | % |
Tangible Common Equity/Tangible Book Value | ||||||||||
per Share/Tangible Common Equity Ratio | December 31, | September 30, | June 30, | March 31, | December 31, | |||||
(Dollars in thousands, except per share data) | 2021 | 2021 | 2021 | 2021 | 2020 | |||||
Total shareholders' equity | $ | 527,475 | $ | 530,264 | $ | 530,293 | $ | 511,320 | $ | 515,250 |
Intangible assets, net
| (82,362) | (83,607) | (84,871) | (86,212) | (87,719) | |||||
Tangible common equity | $ | 445,113 | $ | 446,657 | $ | 445,422 | $ | 425,108 | $ | 427,531 |
Total assets | $ | 6,025,128 | $ | 5,875,423 | $ | 5,749,215 | $ | 5,737,312 | $ | 5,556,648 |
Intangible assets, net
| (82,362) | (83,607) | (84,871) | (86,212) | (87,719) | |||||
Tangible assets | $ | 5,942,766 | $ | 5,791,816 | $ | 5,664,344 | $ | 5,651,100 | $ | 5,468,929 |
Book value per share | $ | 33.66 | $ | 33.71 | $ | 33.22 | $ | 32.00 | $ | 32.17 |
Tangible book value per share(1)
| $ | 28.40 | $ | 28.40 | $ | 27.90 | $ | 26.60 | $ | 26.69 |
Shares outstanding | 15,671,147 | 15,729,451 | 15,963,468 | 15,981,088 | 16,016,780 | |||||
Common equity ratio | 8.75 | % | 9.03 | % | 9.22 | % | 8.91 | % | 9.27 | % |
Tangible common equity ratio(2)
| 7.49 | % | 7.71 | % | 7.86 | % | 7.52 | % | 7.82 | % |
Three Months Ended | Year Ended | |||||||||
Return on Average Tangible Equity | December 31, | September 30, | December 31, | December 31, | December 31, | |||||
(Dollars in thousands) | 2021 | 2021 | 2020 | 2021 | 2020 | |||||
Net income | $ | 14,256 | $ | 16,311 | $ | 16,710 | $ | 69,486 | $ | 6,623 |
Intangible amortization, net of tax(1)
| 934 | 948 | 1,177 | 4,018 | 5,232 | |||||
Goodwill impairment | - | - | - | - | 31,500 | |||||
Tangible net income | $ | 15,190 | $ | 17,259 | $ | 17,887 | $ | 73,504 | $ | 43,355 |
Average shareholders' equity | $ | 529,336 | $ | 539,052 | $ | 505,506 | $ | 527,036 | $ | 515,455 |
Average intangible assets, net
| (82,990) | (84,288) | (88,543) | (84,927) | (113,978) | |||||
Average tangible equity | $ | 446,346 | $ | 454,764 | $ | 416,963 | $ | 442,109 | $ | 401,477 |
Return on average equity
| 10.68 | % | 12.00 | % | 13.15 | % | 13.18 | % | 1.28 | % |
Return on average tangible equity(2)
| 13.50 | % | 15.06 | % | 17.07 | % | 16.63 | % | 10.80 | % |
Net Interest Margin, Tax Equivalent/ Core Net Interest Margin | Three Months Ended | Year Ended | ||||||||
December 31, | September 30, | December 31, | December 31, | December 31, | ||||||
(Dollars in thousands) | 2021 | 2021 | 2020 | 2021 | 2020 | |||||
Net interest income | $ | 38,819 | $ | 40,340 | $ | 39,037 | $ | 156,281 | $ | 152,964 |
Tax equivalent adjustments: | ||||||||||
Loans(1)
| 548 | 507 | 556 | 2,105 | 2,096 | |||||
Securities(1)
| 611 | 615 | 651 | 2,521 | 2,136 | |||||
Net interest income, tax equivalent | $ | 39,978 | $ | 41,462 | $ | 40,244 | $ | 160,907 | $ | 157,196 |
Loan purchase discount accretion | (599) | (774) | (1,542) | (3,344) | (9,098) | |||||
Core net interest income | $ | 39,379 | $ | 40,688 | $ | 38,702 | $ | 157,563 | $ | 148,098 |
Net interest margin | 2.75 | % | 2.92 | % | 3.03 | % | 2.86 | % | 3.21 | % |
Net interest margin, tax equivalent(2)
| 2.83 | % | 3.00 | % | 3.13 | % | 2.95 | % | 3.30 | % |
Core net interest margin(3)
| 2.79 | % | 2.94 | % | 3.01 | % | 2.89 | % | 3.11 | % |
Average interest earning assets | $ | 5,607,117 | $ | 5,489,917 | $ | 5,117,669 | $ | 5,455,777 | $ | 4,765,154 |
Three Months Ended | Year Ended | |||||||||
Loan Yield, Tax Equivalent / Core Yield on Loans | December 31, | September 30, | December 31, | December 31, | December 31, | |||||
(Dollars in thousands) | 2021 | 2021 | 2020 | 2021 | 2020 | |||||
Loan interest income, including fees | $ | 33,643 | $ | 36,115 | $ | 38,239 | $ | 141,036 | $ | 158,656 |
Tax equivalent adjustment(1)
| 548 | 507 | 556 | 2,105 | 2,096 | |||||
Tax equivalent loan interest income | $ | 34,191 | $ | 36,622 | $ | 38,795 | $ | 143,141 | $ | 160,752 |
Loan purchase discount accretion | (599) | (774) | (1,542) | (3,344) | (9,098) | |||||
Core loan interest income | $ | 33,592 | $ | 35,848 | $ | 37,253 | $ | 139,797 | $ | 151,654 |
Yield on loans | 4.08 | % | 4.27 | % | 4.27 | % | 4.19 | % | 4.47 | % |
Yield on loans, tax equivalent(2)
| 4.15 | % | 4.33 | % | 4.33 | % | 4.26 | % | 4.53 | % |
Core yield on loans(3)
| 4.08 | % | 4.24 | % | 4.16 | % | 4.16 | % | 4.27 | % |
Average loans | $ | 3,268,783 | $ | 3,356,680 | $ | 3,560,632 | $ | 3,362,488 | $ | 3,551,945 |
Three Months Ended | Year Ended | |||||||||
Efficiency Ratio | December 31, | September 30, | December 31, | December 31, | December 31, | |||||
(Dollars in thousands) | 2021 | 2021 | 2020 | 2021 | 2020 | |||||
Total noninterest expense | $ | 30,444 | $ | 29,778 | $ | 31,915 | $ | 116,592 | $ | 149,893 |
Amortization of intangibles | (1,245) | (1,264) | (1,569) | (5,357) | (6,976) | |||||
Merger-related expenses | (224) | - | - | (224) | (61) | |||||
Goodwill impairment | - | - | - | - | (31,500) | |||||
Noninterest expense used for efficiency ratio | $ | 28,975 | $ | 28,514 | $ | 30,346 | $ | 111,011 | $ | 111,356 |
Net interest income, tax equivalent(1)
| $ | 39,978 | $ | 41,462 | $ | 40,244 | $ | 160,907 | $ | 157,196 |
Noninterest income | 11,229 | 9,182 | 10,626 | 42,453 | 38,620 | |||||
Investment securities gains, net
| (137) | (36) | (30) | (242) | (184) | |||||
Net revenues used for efficiency ratio | $ | 51,070 | $ | 50,608 | $ | 50,840 | $ | 203,118 | $ | 195,632 |
Efficiency ratio (2)
| 56.74 | % | 56.34 | % | 59.69 | % | 54.65 | % | 56.92 | % |
Adjusted Allowance for Credit Losses Ratio | December 31, | September 30, | June 30, | March 31, | December 31, | |||||
(Dollars in thousands) | 2021 | 2021 | 2021 | 2021 | 2020 | |||||
Loans held for investment, net of unearned income | $ | 3,245,012 | $ | 3,268,644 | $ | 3,330,156 | $ | 3,358,161 | $ | 3,482,223 |
PPP loans | (30,841) | (89,354) | (184,390) | (248,682) | (259,260) | |||||
Core loans | $ | 3,214,171 | $ | 3,179,290 | $ | 3,145,766 | $ | 3,109,479 | $ | 3,222,963 |
Allowance for credit losses | $ | 48,700 | $ | 47,900 | $ | 48,000 | $ | 50,650 | $ | 55,500 |
Allowance for credit losses ratio | 1.50 | % | 1.47 | % | 1.44 | % | 1.51 | % | 1.59 | % |
Adjusted allowance for credit losses ratio(1)
| 1.52 | % | 1.51 | % | 1.53 | % | 1.63 | % | 1.72 | % |
Core Loans/Core Commercial Loans | December 31, | September 30, | June 30, | March 31, | December 31, | |||||
(Dollars in thousands) | 2021 | 2021 | 2021 | 2021 | 2020 | |||||
Commercial loans: | ||||||||||
Commercial and industrial | $ | 902,314 | $ | 927,258 | $ | 982,092 | $ | 993,770 | $ | 1,055,488 |
Agricultural | 103,417 | 106,356 | 107,834 | 117,099 | 116,392 | |||||
Commercial real estate | 1,704,541 | 1,699,358 | 1,705,789 | 1,693,592 | 1,732,361 | |||||
Total commercial loans | $ | 2,710,272 | $ | 2,732,972 | $ | 2,795,715 | $ | 2,804,461 | $ | 2,904,241 |
Consumer loans: | ||||||||||
Residential real estate | $ | 466,322 | $ | 468,136 | $ | 468,581 | $ | 474,433 | $ | 499,106 |
Other consumer | 68,418 | 67,536 | 65,860 | 79,267 | 78,876 | |||||
Total consumer loans | $ | 534,740 | $ | 535,672 | $ | 534,441 | $ | 553,700 | $ | 577,982 |
Loans held for investment, net of unearned income | $ | 3,245,012 | $ | 3,268,644 | $ | 3,330,156 | $ | 3,358,161 | $ | 3,482,223 |
PPP loans | $ | 30,841 | $ | 89,354 | $ | 184,390 | $ | 248,682 | $ | 259,260 |
Core loans(1)
| $ | 3,214,171 | $ | 3,179,290 | $ | 3,145,766 | $ | 3,109,479 | $ | 3,222,963 |
Core commercial loans(2)
| $ | 2,679,431 | $ | 2,643,618 | $ | 2,611,325 | $ | 2,555,779 | $ | 2,644,981 |
Contact: | |
Charles N. Funk | Barry S. Ray |
Chief Executive Officer | Senior Executive Vice President and Chief Financial Officer |
319.356.5800 | 319.356.5800 |
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MidWestOne Financial Group Inc. published this content on 27 January 2022 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 27 January 2022 22:35:11 UTC.