• First Mid Bancshares, Inc. Announces First Quarter 2024 Results

    Источник: Nasdaq GlobeNewswire / 24 апр 2024 16:30:01   America/New_York

    MATTOON, Ill., April 24, 2024 (GLOBE NEWSWIRE) -- First Mid Bancshares, Inc. (NASDAQ: FMBH) (the “Company”) today announced its financial results for the quarter ended March 31, 2024.

    Highlights

    • Net income of $20.5 million, or $0.86 diluted EPS
    • Adjusted net income (non-GAAP) of $22.3 million, or $0.93 diluted EPS
    • Strong asset quality performance with minimal net charge offs and lower classifieds
    • Insurance revenues drive record high quarter of noninterest income
    • Named Top Workplace by USA Today
    • Board of Directors declares regular quarterly dividend of $0.23 per share

    “Coming off an eventful year for our industry, I am pleased with the way we started 2024,” said Joe Dively, Chairman and Chief Executive Officer. “The benefits of adding Blackhawk are shining through with a stable core margin, significant liquidity, and continued asset quality strength. Our revenue diversification continues to be a differentiator for us as we achieved a new record high in noninterest income on the growth and seasonality in insurance revenues.   Finally, I am extremely proud of the national recognition to be named a top workplace by USA Today. We understand and foster an environment where we prioritize a culture of engagement where our employees feel valued, empowered, and connected to a broader mission of serving our customers and communities.”

    Net Interest Income
    Net interest income for the first quarter of 2024 decreased by $2.0 million, or 3.5% compared to the fourth quarter of 2023. The decline was primarily the result of lower loan balances and less accretion income. Interest income declined by $2.3 million in the quarter, which included a decline of $0.9 million in accretion income. Accretion income in the period totaled $3.6 million. Interest expense declined $0.3 million in the quarter primarily driven by less FHLB borrowings outstanding on an increase in overall liquidity position.               

    In comparison to the first quarter of 2023, net interest income increased $12.3 million, or 28.4%.   The increase was primarily driven by the addition of Blackhawk. For the same period, interest income increased by $24.0 million, while interest expense increased $11.7 million.                     

    Net Interest Margin
    Net interest margin, on a tax equivalent basis (non-GAAP), was 3.25% for the first quarter of 2024. While this was an 8 basis point decline compared to the prior quarter, the margin only declined by 2 basis points when the decline of $0.9 million in accretion income is considered.   Earning asset yields declined by 2 basis points and the average cost of funds increased 6 basis points.           

    In comparison to the first quarter of last year, the net interest margin increased 31 basis points, with an average earning asset increase of 84 basis points versus the average cost of funds increase of 53 basis points.

    Loan Portfolio
    Total loans ended the quarter at $5.50 billion, representing a decrease of $81.3 million from the prior quarter. The declines were spread across all categories, except for Ag operating loans which increased $16.9 million.   The portfolio experienced larger than normal paydowns of lines in the C&I sector during the quarter. The loan portfolio continues to be well diversified both geographically and by industry.   Non-medical office exposure is approximately 3.7% of the portfolio with minimal exposure to urban markets.              

    Asset Quality
    The first quarter was another strong period with respect to the Company’s asset quality metrics. The allowance for credit losses (“ACL”) ended the period at $67.9 million and the ACL to total loans ratio increased to 1.24%. In addition to the ACL, an unearned discount of $46.3 million remains at quarter end. Provision expense was recorded as a credit in the amount of $0.4 million with net charge offs of $0.4 million in the quarter. Also, at the end of the first quarter, the ratio of non-performing loans to total loans was 0.36%, and the ACL to non-performing loans was 338.6%.   The ratio of nonperforming assets to total assets was 0.28% and nonperforming loans were $20.1 million at quarter end. Special mention loans declined $8.4 million in the quarter to $65.6 million and substandard loans increased $0.4 million to $29.3 million.      

    Deposits
    Total deposits ended the quarter at $6.24 billion, which represented an increase of $119.3 million from the prior quarter. Noninterest bearing deposits increased by $50.0 million and interest-bearing demand deposits increased by $137.6 million in the period. Approximately $50.0 million of the total increase was short-term normal cash flow needs of certain customers that came in late in the quarter and was disbursed early in the second quarter.   With the Company’s strong liquidity position, it has been able to manage the pressure on the funding costs with a focus on relationship pricing and allowing other funding, such as brokered CDs, to roll off.                      

    Noninterest Income
    Noninterest income for the first quarter of 2024 was a record high of $24.5 million compared to $21.8 million in the fourth quarter of 2023.   The increase was primarily driven by a new high in insurance revenues, which are also seasonally highest in the first quarter, with an increase of $3.8 million. Wealth management revenues increased $0.3 million and assets under management increased to $6.2 billion. Mortgage banking and all other banking fees declined in the quarter.      

    In comparison to the first quarter of 2023, noninterest income increased $2.0 million, or 8.9%, due to a combination of organic growth and the addition of Blackhawk.   Insurance revenues increased by $0.7 million, or 8.7% compared to the first quarter of 2024.                    

    Noninterest Expenses     
    Noninterest expense for the first quarter of 2024 totaled $53.4 million compared to $57.0 million in the prior quarter. The current quarter included $2.3 million of nonrecurring integration related costs, which was a decrease of $3.3 million from the prior quarter. In addition, the Company recorded a credit for $0.9 million in debit card fees for a negotiated agreement with its primary provider.  

    In comparison to the first quarter of 2023, noninterest expenses increased $11.8 million. The increase was primarily driven by the addition of Blackhawk. Nonrecurring costs were $2.3 million in the current quarter and $0.2 million in the same quarter last year.

    The Company’s efficiency ratio, as adjusted in the non-GAAP reconciliation table herein, for the first quarter 2024 was 59.1% compared to 58.9% in the prior quarter and 59.0% for the same period last year.

    Capital Levels and Dividend
    The Company’s capital levels remained strong and above the “well capitalized” levels. Capital levels ended the period as follows:

    Total capital to risk-weighted assets 15.35%
    Tier 1 capital to risk-weighted assets 12.46%
    Common equity tier 1 capital to risk-weighted assets 12.06%
    Leverage ratio 9.71%

    Tangible book value per common share increased in the period to $22.49 with earnings growth more than offsetting a negative $11.2 million impact to accumulated other comprehensive income (“AOCI”) from an increase in the unrealized loss position in the bond portfolio.

    The Company’s Board of Directors approved a regular quarterly dividend of $0.23 payable on May 31, 2024, for shareholders of record on May 15, 2024.

    About First Mid: First Mid Bancshares, Inc. (“First Mid”) is the parent company of First Mid Bank & Trust, N.A., First Mid Insurance Group, Inc., and First Mid Wealth Management Co. First Mid is a $7.7 billion community-focused organization that provides a full-suite of financial services including banking, wealth management, brokerage, Ag services, and insurance through a sizeable network of locations throughout Illinois, Missouri, Texas, and Wisconsin and a loan production office in the greater Indianapolis area. Together, our First Mid team takes great pride in providing solutions and services to the customers and communities and has done so over the last 159 years. More information about the Company is available on our website at www.firstmid.com.

    Non-GAAP Measures: In addition to reports presented in accordance with generally accepted accounting principles (“GAAP”), this release contains certain non-GAAP financial measures. The Company believes that such non-GAAP financial measures provide investors with information useful in understanding the Company’s financial performance. Readers of this release, however, are urged to review these non-GAAP financial measures in conjunction with the GAAP results as reported. These non-GAAP financial measures are detailed as supplemental tables and include “Adjusted Net Income,” “Adjusted Diluted EPS,” “Efficiency Ratio,” “Net Interest Margin, tax equivalent,” and “Tangible Book Value per Common Share”. While the Company believes these non-GAAP financial measures provide investors with a broader understanding of the capital adequacy, funding profile and financial trends of the Company, this information should be considered as supplemental in nature and not as a substitute to the related financial information prepared in accordance with GAAP. These non-GAAP financial measures may also differ from the similar measures presented by other companies.

    Forward Looking Statements
    This document may contain certain forward-looking statements about First Mid, such as discussions of First Mid’s pricing and fee trends, credit quality and outlook, liquidity, new business results, expansion plans, anticipated expenses and planned schedules. First Mid intends such forward-looking statements to be covered by the safe harbor provisions for forward-looking statements contained in the Private Securities Litigation Reform Act of 1995. Forward-looking statements, which are based on certain assumptions and describe future plans, strategies and expectations of First Mid are identified by use of the words “believe,” “expect,” “intend,” “anticipate,” “estimate,” “project,” or similar expressions. Actual results could differ materially from the results indicated by these statements because the realization of those results is subject to many risks and uncertainties, including, among other things, changes in interest rates; general economic conditions and those in the market areas of First Mid; legislative and/or regulatory changes; monetary and fiscal policies of the U.S. Government, including policies of the U.S. Treasury and the Federal Reserve Board; the quality or composition of First Mid’s loan or investment portfolios and the valuation of those investment portfolios; demand for loan products; deposit flows; competition, demand for financial services in the market areas of First Mid; accounting principles, policies and guidelines; and the impact of the global COVID-19 pandemic on First Mid’s businesses. Additional information concerning First Mid, including additional factors and risks that could materially affect First Mid’s financial results, are included in First Mid’s filings with the SEC, including its Annual Reports on Form 10-K and Quarterly Reports on Form 10-Q. Forward-looking statements speak only as of the date they are made. Except as required under the federal securities laws or the rules and regulations of the SEC, we do not undertake any obligation to update or review any forward-looking information, whether as a result of new information, future events or otherwise.

    Investor Contact:
    Austin Frank
    SVP, Shareholder Relations
    217-258-5522
    afrank@firstmid.com

    Matt Smith
    Chief Financial Officer
    217-258-1528
    msmith@firstmid.com

    – Tables Follow –

     
      FIRST MID BANCSHARES, INC.
      Condensed Consolidated Balance Sheets
      (In thousands, unaudited)
      As of
      
      March 31, December 31, March 31,
       2024   2023   2023 
           
    Assets      
    Cash and cash equivalents $355,701  $143,064  $169,134 
    Investment securities  1,149,752   1,179,402   1,217,754 
    Loans (including loans held for sale)  5,499,295   5,580,565   4,760,631 
    Less allowance for credit losses  (67,936)  (68,675)  (58,223)
    Net loans  5,431,359   5,511,890   4,702,408 
    Premises and equipment, net  101,666   101,396   90,178 
    Goodwill and intangibles, net  260,699   264,231   168,373 
    Bank Owned Life Insurance  167,247   166,125   151,366 
    Other assets  211,822   220,686   183,637 
    Total assets $7,678,246  $7,586,794  $6,682,850 
           
    Liabilities and Stockholders' Equity      
    Deposits:      
    Non-interest bearing $1,448,299  $1,398,234  $1,262,181 
    Interest bearing  4,794,637   4,725,425   3,768,597 
    Total deposits  6,242,936   6,123,659   5,030,778 
    Repurchase agreements with customers  210,719   213,721   228,664 
    Other borrowings  238,761   263,787   595,021 
    Junior subordinated debentures  24,113   24,058   19,406 
    Subordinated debt  106,862   106,755   94,593 
    Other liabilities  56,903   61,610   52,523 
    Total liabilities  6,880,294   6,793,590   6,020,985 
           
    Total stockholders' equity  797,952   793,204   661,865 
    Total liabilities and stockholders' equity $7,678,246  $7,586,794  $6,682,850 
           


         
    FIRST MID BANCSHARES, INC.
    Condensed Consolidated Statements of Income
    (In thousands, except per share data, unaudited)
         
      Three Months Ended
      March 31,
       2024   2023 
    Interest income:    
    Interest and fees on loans $77,823  $56,236 
    Interest on investment securities  7,405   7,127 
    Interest on federal funds sold & other deposits  2,444   308 
      Total interest income  87,672   63,671 
    Interest expense:    
    Interest on deposits  26,096   12,767 
    Interest on securities sold under agreements to repurchase  2,056   1,463 
    Interest on other borrowings  2,314   4,883 
    Interest on jr. subordinated debentures  542   379 
    Interest on subordinated debt  1,194   988 
      Total interest expense  32,202   20,480 
    Net interest income  55,470   43,191 
    Provision for credit losses  (357)  (817)
    Net interest income after provision for loan  55,827   44,008 
    Non-interest income:    
    Wealth management revenues  5,322   5,514 
    Insurance commissions  9,213   8,480 
    Service charges  2,956   2,203 
    Net securities gains/(losses)  0   (46)
    Mortgage banking revenues  706   150 
    ATM/debit card revenue  4,055   3,083 
    Other  2,226   3,095 
    Total non-interest income  24,478   22,479 
    Non-interest expense:    
    Salaries and employee benefits  30,448   26,071 
    Net occupancy and equipment expense  7,560   6,005 
    Net other real estate owned (income) expense  (21)  133 
    FDIC insurance  869   463 
    Amortization of intangible assets  3,497   1,522 
    Stationary and supplies  391   292 
    Legal and professional expense  2,449   1,690 
    ATM/debit card expense  1,191   1,223 
    Marketing and donations  862   654 
    Other  6,116   3,524 
    Total non-interest expense  53,362   41,577 
    Income before income taxes  26,943   24,910 
    Income taxes  6,440   5,730 
    Net income $20,503  $19,180 
         
    Per Share Information    
    Basic earnings per common share $0.86  $0.94 
    Diluted earnings per common share  0.86   0.93 
         
    Weighted average shares outstanding  23,872,731   20,492,254 
    Diluted weighted average shares outstanding  23,960,335   20,563,972 
         


               
    FIRST MID BANCSHARES, INC.
    Condensed Consolidated Statements of Income
    (In thousands, except per share data, unaudited)
               
      For the Quarter Ended
      March 31, December 31, September 30, June 30, March 31,
       2024   2023  2023  2023   2023 
    Interest income:          
    Interest and fees on loans $77,823  $78,676 $69,143 $58,368  $56,236 
    Interest on investment securities  7,405   8,515  9,284  7,193   7,127 
    Interest on federal funds sold & other deposits  2,444   2,736  2,011  569   308 
    Total interest income  87,672   89,927  80,438  66,130   63,671 
    Interest expense:          
    Interest on deposits  26,096   25,900  22,047  16,580   12,767 
    Interest on securities sold under agreements to repurchase  2,056   1,754  1,625  1,723   1,463 
    Interest on other borrowings  2,314   3,073  4,749  4,084   4,883 
    Interest on jr. subordinated debentures  542   545  545  390   379 
    Interest on subordinated debt  1,194   1,193  1,029  986   988 
    Total interest expense  32,202   32,465  29,995  23,763   20,480 
    Net interest income  55,470   57,462  50,443  42,367   43,191 
    Provision for credit losses  (357)  552  5,911  458   (817)
    Net interest income after provision for loan  55,827   56,910  44,532  41,909   44,008 
    Non-interest income:          
    Wealth management revenues  5,322   4,998  4,940  5,341   5,514 
    Insurance commissions  9,213   5,398  5,199  5,737   8,480 
    Service charges  2,956   3,298  2,994  2,386   2,203 
    Securities gains, net  0   46  3,389  (6)  (46)
    Mortgage banking revenues  706   954  846  332   150 
    ATM/debit card revenue  4,055   4,233  3,766  3,265   3,083 
    Other  2,226   2,841  1,919  2,431   3,095 
    Total non-interest income  24,478   21,768  23,053  19,486   22,479 
    Non-interest expense:          
    Salaries and employee benefits  30,448   29,925  25,422  23,544   26,071 
    Net occupancy and equipment expense  7,560   7,977  6,929  6,035   6,005 
    Net other real estate owned (income) expense  (21)  800  902  27   133 
    FDIC insurance  869   1,015  785  1,076   463 
    Amortization of intangible assets  3,497   3,560  2,568  1,477   1,522 
    Stationary and supplies  391   404  335  315   292 
    Legal and professional expense  2,449   2,065  1,844  1,780   1,690 
    ATM/debit card expense  1,191   1,332  1,751  1,016   1,223 
    Marketing and donations  862   679  764  908   654 
    Other  6,116   9,268  5,796  3,864   3,524 
    Total non-interest expense  53,362   57,025  47,096  40,042   41,577 
    Income before income taxes  26,943   21,653  20,489  21,353   24,910 
    Income taxes  6,440   3,582  5,372  4,786   5,730 
    Net income $20,503  $18,071 $15,117 $16,567  $19,180 
               
    Per Share Information          
    Basic earnings per common share $0.86  $0.76 $0.68 $0.81  $0.94 
    Diluted earnings per common share  0.86   0.76  0.68  0.80   0.93 
               
    Weighted average shares outstanding  23,872,731   23,837,853  22,220,438  20,528,717   20,492,254 
    Diluted weighted average shares outstanding  23,960,335   23,921,758  22,319,334  20,628,239   20,563,972 
               


               
      FIRST MID BANCSHARES, INC.
      Consolidated Financial Highlights and Ratios
      (Dollars in thousands, except per share data)
      (Unaudited)
      As of and for the Quarter Ended
      March 31, December 31, September 30, June 30, March 31,
       2024   2023   2023   2023   2023 
               
    Loan Portfolio           
    Construction and land development $186,851  $205,077  $189,206  $151,574  $159,157 
    Farm real estate loans  388,941   391,132   399,834   392,220   401,957 
    1-4 Family residential properties  518,641   542,469   531,699   418,932   424,545 
    Multifamily residential properties  312,758   319,129   327,067   303,482   301,808 
    Commercial real estate  2,396,092   2,384,704   2,392,834   2,056,529   2,003,647 
         Loans secured by real estate  3,803,283   3,842,511   3,840,640   3,322,737   3,291,114 
    Agricultural operating loans  213,217   196,272   179,447   148,318   146,847 
    Commercial and industrial loans  1,227,906   1,266,159   1,242,653   1,094,522   1,078,021 
    Consumer loans  79,569   91,014   99,542   80,241   88,430 
    All other loans  175,320   184,609   177,783   167,598   156,219 
    Total loans  5,499,295   5,580,565   5,540,065   4,813,416   4,760,631 
               
    Deposit Portfolio           
    Non-interest bearing demand deposits $1,448,299  $1,398,234  $1,389,022  $1,171,047  $1,262,181 
    Interest bearing demand deposits  1,974,857   1,837,296   1,940,162   1,477,765   1,419,791 
    Savings deposits  704,777   710,586   734,377   602,523   639,691 
    Money Market  1,107,177   1,129,950   1,161,957   923,259   878,452 
    Time deposits  1,007,826   1,047,593   1,120,806   1,044,991   830,663 
    Total deposits  6,242,936   6,123,659   6,346,324   5,219,585   5,030,778 
               
    Asset Quality          
    Non-performing loans $20,064  $20,128  $21,269  $18,637  $15,163 
    Non-performing assets  21,471   21,292   23,565   22,615   19,225 
    Net charge-offs (recoveries)  381   118   181   (38)  53 
    Allowance for credit losses to non-performing loans  338.60%  341.19%  320.85%  315.07%  383.98%
    Allowance for credit losses to total loans outstanding  1.24%  1.23%  1.23%  1.22%  1.22%
    Nonperforming loans to total loans  0.36%  0.36%  0.38%  0.39%  0.32%
    Nonperforming assets to total assets  0.28%  0.28%  0.30%  0.34%  0.29%
    Special Mention loans  65,693   74,050   73,732   40,687   47,022 
    Substandard and Doubtful loans  29,296   28,945   30,575   28,255   29,931 
               
    Common Share Data          
    Common shares outstanding  23,888,929   23,827,137   23,830,038   20,528,192   20,519,717 
    Book value per common share $33.40  $33.29  $30.97  $32.18  $32.26 
    Tangible book value per common share (1)  22.49   22.20   19.73   23.48   24.05 
    Tangible book value per common share excluding other comprehensive income at period end (1)  28.67   27.93   27.24   30.87   30.77 
    Market price of stock  32.68   34.66   26.56   24.14   27.22 
               
    Key Performance Ratios and Metrics          
    End of period earning assets $6,923,742  $6,780,160  $7,007,282  $6,023,553  $5,995,674 
    Average earning assets  6,884,855   6,948,309   6,593,781   6,049,626   6,052,264 
    Average rate on average earning assets (tax equivalent)  5.16%  5.18%  4.89%  4.43%  4.32%
    Average rate on cost of funds  1.91%  1.85%  1.83%  1.59%  1.38%
    Net interest margin (tax equivalent) (1)  3.25%  3.33%  3.06%  2.84%  2.94%
    Return on average assets  1.07%  0.93%  0.90%  0.99%  1.15%
    Adjusted return on average assets (1)  1.17%  1.16%  0.94%  1.03%  1.18%
    Return on average common equity  10.37%  9.76%  8.70%  10.07%  12.11%
    Adjusted return on average common equity (1)  11.28%  12.11%  9.82%  10.42%  11.92%
    Efficiency ratio (tax equivalent) (1)  59.09%  58.91%  58.60%  60.37%  59.01%
    Full-time equivalent employees  1,188   1,187   1,224   995   988 
               
               
    1 Non-GAAP financial measure. Refer to reconciliation to the comparable GAAP measure.         
               


    FIRST MID BANCSHARES, INC.
    Net Interest Margin
    (In thousands, unaudited)
     For the Quarter Ended March 31, 2024
     QTD Average   Average
     Balance Interest Rate
    INTEREST EARNING ASSETS     
    Interest bearing deposits$173,365  $2,407 5.58%
    Federal funds sold 1,094   17 6.25%
    Certificates of deposits investments 1,545   20 5.21%
    Investment Securities:     
    Taxable (total less municipals) 904,451   5,470 2.42%
    Tax-exempt (Municipals) 280,215   2,450 3.50%
    Loans (net of unearned income) 5,524,185   77,924 5.67%
          
    Total interest earning assets 6,884,855   88,288 5.16%
          
    NONEARNING ASSETS     
    Cash and due from banks 102,922     
    Premises and equipment 101,530     
    Other nonearning assets 624,205     
    Allowance for loan losses (69,059)    
          
    Total assets$7,644,453     
          
    INTEREST BEARING LIABILITIES     
    Demand deposits$3,036,837  $16,612 2.20%
    Savings deposits 707,849   178 0.10%
    Time deposits 1,028,045   9,306 3.64%
    Total interest bearing deposits 4,772,731   26,096 2.20%
    Repurchase agreements 264,587   2,056 3.13%
    FHLB advances 258,554   2,314 3.60%
    Federal funds purchased -   - 0.00%
    Subordinated debt 106,791   1,194 4.50%
    Jr. subordinated debentures 24,084   542 9.05%
    Other debt -   - 0.00%
    Total borrowings 654,016   6,106 3.75%
    Total interest bearing liabilities 5,426,747   32,202 2.39%
          
    NONINTEREST BEARING LIABILITIES     
    Demand deposits 1,367,798  Average cost of funds1.91%
    Other liabilities 59,056     
    Stockholders' equity 790,852     
          
    Total liabilities & stockholders' equity$7,644,453     
          
    Net Interest Earnings / Spread  $56,086 2.77%
          
    Impact of Non-Interest Bearing Funds    0.48%
          
    Tax effected yield on interest earning assets   3.25%
          


               
    FIRST MID BANCSHARES, INC.
    Reconciliation of Non-GAAP Financial Measures
    (In thousands, unaudited)
               
      As of and for the Quarter Ended
      March 31, December 31, September 30,June 30, March 31,
       2024   2023   2023   2023   2023 
               
    Net interest income as reported $55,470  $57,462  $50,443  $42,367  $43,191 
    Net interest income, (tax equivalent)  56,086   58,255   51,212   43,109   43,947 
    Average earning assets  6,884,855   6,948,309   6,593,781   6,049,626   6,052,264 
    Net interest margin (tax equivalent)  3.25%  3.33%  3.06%  2.84%  2.94%
               
               
    Common stockholder's equity $797,952  $793,204  $737,948  $660,687  $661,865 
    Goodwill and intangibles, net  260,699   264,231   267,793   178,615   168,373 
    Common shares outstanding  23,889   23,827   23,830   20,528   20,520 
    Tangible Book Value per common share $22.49  $22.20  $19.73  $23.48  $24.05 
    Accumulated other comprehensive loss (AOCI)  (147,667)  (136,427)  (178,903)  (151,566)  (137,901)
    Adjusted tangible book value per common share $28.67  $27.93  $27.24  $30.87  $30.77 
               


               
    FIRST MID BANCSHARES, INC.
    Reconciliation of Non-GAAP Financial Measures
    (In thousands, except per share data, unaudited)
               
      As of and for the Quarter Ended
      March 31, December 31, September 30,June 30, March 31,
       2024   2023   2023   2023   2023 
    Adjusted earnings Reconciliation          
    Net Income - GAAP $20,503  $18,071  $15,117  $16,567  $19,180 
    Adjustments (post-tax): (1)          
    Acquisition ACL on non-PCD assets in provision expense  -   -   2,985   -   - 
    Nonrecurring severance expense  -   -   -   -   416 
    Net (gain)/loss on securities sales  -   (36)  (2,677)  -   - 
    Integration and acquisition expenses  1,804   4,385   1,653   589   135 
    Total non-recurring adjustments (non-GAAP) $1,804  $4,348  $1,962  $589  $551 
               
    Adjusted earnings - non-GAAP $22,307  $22,419  $17,079  $17,156  $19,731 
    Adjusted diluted earnings per share (non-GAAP) $0.93  $0.94  $0.77  $0.83  $0.96 
    Adjusted return on average assets - non-GAAP  1.17%  1.16%  0.94%  1.03%  1.18%
    Adjusted return on average common equity - non-GAAP  11.28%  12.11%  9.82%  10.42%  11.92%
               
    Efficiency Ratio Reconciliation          
    Noninterest expense - GAAP $53,362  $57,025  $47,096  $40,042  $41,577 
    Other real estate owned property income (expense)  21   (800)  (902)  (27)  (133)
    Amortization of intangibles  (3,497)  (3,560)  (2,568)  (1,477)  (1,522)
    Nonrecurring severance expense  -   -   -   -   (527)
    Integration and acquisition expenses  (2,283)  (5,550)  (2,093)  (745)  (171)
      Adjusted noninterest expense (non-GAAP) $47,603  $47,115  $41,533  $37,793  $39,224 
               
    Net interest income -GAAP $55,470  $57,462  $50,443  $42,367  $43,192 
    Effect of tax-exempt income (1)  616   793   769   742   755 
      Adjusted net interest income (non-GAAP) $56,086  $58,255  $51,212  $43,109  $43,947 
               
    Noninterest income - GAAP $24,478  $21,768  $23,053  $19,486  $22,479 
    Net (gain)/loss on securities sales  0   (46)  (3,389)  6   46 
      Adjusted noninterest income (non-GAAP) $24,478  $21,722  $19,664  $19,492  $22,525 
               
      Adjusted total revenue (non-GAAP) $80,564  $79,977  $70,876  $62,601  $66,472 
               
    Efficiency ratio (non-GAAP)  59.09%  58.91%  58.60%  60.37%  59.01%
               
    (1) Nonrecurring items (post-tax) and tax-exempt income are calculated using an estimated effective tax rate of 21%.     

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