• Independent Bank Corporation Reports 2024 Second Quarter Results

    ソース: Nasdaq GlobeNewswire / 25 7 2024 06:59:11   America/Chicago

    Second Quarter Highlights

    Highlights for the second quarter of 2024 include:

    • Increases in net income and diluted earnings per share of 25.3% and 25.7%, respectively, over second quarter of 2023;
    • An increase in tangible book value per share of $2.71 (16.5%) over the second quarter of 2023;
    • Net growth in core deposits of $53.3 million (or 4.8% annualized) from March 31, 2024;
    • Net growth in loans of $11.9 million (or 1.2% annualized) from March 31, 2024; and
    • The payment of a 24 cent per share dividend on common stock on May 13, 2024.

    GRAND RAPIDS, Mich., July 25, 2024 (GLOBE NEWSWIRE) -- Independent Bank Corporation (NASDAQ: IBCP) reported second quarter 2024 net income of $18.5 million, or $0.88 per diluted share, versus net income of $14.8 million, or $0.70 per diluted share, in the prior-year period.

    William B. (“Brad”) Kessel, the President and Chief Executive Officer of Independent Bank Corporation, commented: “I am proud of our team and very pleased with our second quarter 2024 results, driving organic growth on both sides of the balance sheet. Overall loans increased 1.2% (annualized), despite a higher-than-normal level of commercial payoffs and paydowns, while core deposits are up 4.8% (annualized). We were able to generate net interest margin expansion, increasing to 3.40% from 3.30% on a linked quarter basis and net interest income growth on both a linked quarter basis and on a year over year quarterly basis. We believe that our expenses continue to be well managed, and we continue to see improved operational scale from strategic investments we have made in recent years. Our credit metrics continue to be excellent, with watch credits and non-performing assets near historic lows. These fundamentals drove good growth in both our earnings per share (26%) and tangible book value per share (16%) compared to the prior year quarter. Based on a robust commercial loan pipeline, the past record of our core group of professionals and the on-going strategic initiative to add talented bankers to our team, we are optimistic about continuing these growth trends for the second half of the year and into 2025.”

    Significant items impacting comparable second quarter 2024 and 2023 results include the following:

    • Changes in the fair value due to price of capitalized mortgage loan servicing rights (the “MSR Changes”) of $0.9 million ($0.03 per diluted share, after taxes) for the three-month period ended June 30, 2024, as compared to $2.4 million ($0.09 per diluted share, after taxes) for the three-months ended June 30, 2023.
    • The provision for credit losses was an expense of $0.02 million ($0.00 per diluted share, after taxes) in the second quarter ended June 30, 2024, as compared to an expense of $3.3 million ($0.12 per diluted share, after taxes) in the second quarter ended June 30, 2023.
    • Gain on equity securities at fair value of $2.7 million ($0.10 per diluted share, after tax) in the second quarter ended June 30, 2024, attributable to the exchange of our Visa Class B-1 common stock. No gain or loss on equity securities at fair value was recorded for the second quarter of 2023.

    Operating Results

    The Company’s net interest income totaled $41.3 million during the second quarter of 2024, an increase of $3.0 million, or 7.8% from the year-ago period, and an increase of $1.1 million, or 2.9%, from the first quarter of 2024. The Company’s tax equivalent net interest income as a percent of average interest-earning assets (the “net interest margin”) was 3.40% during the second quarter of 2024, compared to 3.24% in the year-ago period, and 3.30% in the first quarter of 2024. The year-over-year quarterly increase in net interest income was due to an increase in average interest-earning assets and the net interest margin. The increase in net interest income compared to the linked quarter was due to an increase in the net interest margin that was partially offset by a decrease in average interest earning assets. Average interest-earning assets were $4.89 billion in the second quarter of 2024, compared to $4.76 billion in the year ago quarter and $4.91 billion in the first quarter of 2024.

    Non-interest income totaled $15.2 million for the second quarter of 2024, compared to $15.4 million in the comparable prior year period. This change was primarily due to variances in mortgage banking related revenues and gain on equity securities at fair value.

    Gain on equity securities at fair value totaled $2.7 million during the second quarter of 2024. This gain is the consequence of the exchange of our shares of Visa Class B-1 common stock on May 6, 2024 into a combination of Visa Class C common stock and Visa Class B-2 common stock. With the completion of this exchange, we were able to record the fair value of the Visa Class C common stock through income (as it is convertible into publicly traded Visa Class A common stock) while the Visa Class B-2 common stock continues to be carried at zero.

    Net gains on mortgage loans in the second quarters of 2024 and 2023, were approximately $1.3 million and $2.1 million, respectively. The comparative quarterly decrease in net gains on mortgage loans was primarily due to an decrease in both gain on sale margin on mortgage loans sold and a decrease in the volume of mortgage loans sold.

    Mortgage loan servicing, net, generated income of $2.1 million and $3.7 million in the second quarters of 2024 and 2023, respectively. The significant variance in mortgage loan servicing, net is primarily due to changes in the fair value of capitalized mortgage loan servicing rights associated with changes in interest rates and the associated expected future prepayment levels and expected float rates. Mortgage loan servicing, net activity is summarized in the following table:

     Three months ended Six months ended
     6/30/2024 6/30/2023 6/30/2024 6/30/2023
     (In thousands)
    Mortgage loan servicing, net:       
    Revenue, net$2,214  $2,193  $4,433  $4,415 
    Fair value change due to price 911   2,443   2,176   1,808 
    Fair value change due to pay-downs (1,034)  (962)  (1,793)  (1,823)
    Total$2,091  $3,674  $4,816  $4,400 
     

    Non-interest expenses totaled $33.3 million in the second quarter of 2024, compared to $32.2 million in the year-ago period.

    The Company recorded income tax expense of $4.6 million in the second quarter of 2024. This compares to an income tax expense of $3.4 million in the second quarter of 2023. The changes in income tax expense principally reflect changes in pre-tax earnings in 2024 relative to 2023.

    Asset Quality

    A breakdown of non-performing loans by loan type is as follows:

     6/30/2024 12/31/2023 6/30/2023
    Loan Type(Dollars in thousands)
    Commercial$312  $28  $33 
    Mortgage 4,819   6,425   6,149 
    Installment 843   970   694 
    Sub total 5,974   7,423   6,876 
    Less - government guaranteed loans 1,489   2,191   2,882 
    Total non-performing loans$4,485  $5,232  $3,994 
    Ratio of non-performing loans to total portfolio loans 0.12%  0.14%  0.11%
    Ratio of non-performing assets to total assets 0.10%  0.11%  0.09%
    Ratio of allowance for credit losses to total non-performing loans 1253.98%  1044.69%  1351.13%
                

    The provision for credit losses was an expense of $0.02 million and $3.32 million in the second quarters of 2024 and 2023, respectively. The quarterly change in the provision for credit losses in 2024 compared to 2023, is the result of a decrease in net newly allocated losses in the commercial loan portfolio primarily driven by a large specific reserve in the prior year as well as a decrease in loan growth and a decrease in the adjustment to allocations based on subjective factors. We recorded loan net charge offs (recoveries) of $0.09 million and $(0.10) million in the second quarters of 2024 and 2023, respectively. At June 30, 2024, the allowance for credit losses for loans totaled $56.2 million, or 1.46% of total portfolio loans compared to $54.7 million, or 1.44% of total portfolio loans at December 31, 2023.

    Balance Sheet, Capital and Liquidity

    Total assets were $5.28 billion at June 30, 2024, a increase of $13.8 million from December 31, 2023. Loans, excluding loans held for sale, were $3.85 billion at June 30, 2024, compared to $3.79 billion at December 31, 2023. Deposits totaled $4.61 billion at June 30, 2024, a decrease of $8.6 million from December 31, 2023. This decrease is primarily due to decreases in non-interest bearing and brokered time deposits that were partially offset by growth in savings and interest-bearing checking, reciprocal, and time deposits.

    Cash and cash equivalents totaled $214.3 million at June 30, 2024, versus $169.8 million at December 31, 2023. Securities available for sale (“AFS”) totaled $592.0 million at June 30, 2024, versus $679.4 million at December 31, 2023.

    Total shareholders’ equity was $430.5 million at June 30, 2024, or 8.16% of total assets compared to $404.4 million or 7.68% at December 31, 2023. Tangible common equity totaled $400.4 million at June 30, 2024, or $19.16 per share compared to $374.1 million or $17.96 per share at December 31, 2023. The increase in shareholder equity as well as tangible common equity are primarily the result of earnings retention.

    The Company’s wholly owned subsidiary, Independent Bank, remains significantly above “well capitalized” for regulatory purposes with the following ratios:

    Regulatory Capital Ratios6/30/2024 12/31/2023 Well
    Capitalized
    Minimum
          
    Tier 1 capital to average total assets 9.34%  8.80%  5.00%
    Tier 1 common equity to risk-weighted assets 11.70%  11.21%  6.50%
    Tier 1 capital to risk-weighted assets 11.70%  11.21%  8.00%
    Total capital to risk-weighted assets 12.95%  12.46%  10.00%
                

    At June 30, 2024, in addition to liquidity available from our normal operating, funding, and investing activities, we had unused credit lines with the FHLB and FRB of approximately $1.00 billion and $438.5 million, respectively. We also had approximately $787.4 million in fair value of unpledged securities AFS and HTM at June 30, 2024 which could be pledged for an estimated additional borrowing capacity at the FHLB and FRB of approximately $732.5 million.

    Share Repurchase Plan

    On December 19, 2023, the Board of Directors of the Company authorized the 2024 share repurchase plan. Under the terms of the 2024 share repurchase plan, the Company is authorized to purchase up to 1,100,000 shares, or approximately 5% of its then outstanding common stock. The repurchase plan is authorized to last through December 31, 2024. The Company did not repurchase any shares of common stock during the first six months of 2024.

    Earnings Conference Call

    Brad Kessel, President and CEO, Gavin Mohr, CFO and Joel Rahn, EVP – Commercial Banking will review the quarterly results in a conference call for investors and analysts beginning at 11:00 am ET on Thursday, July 25, 2024.

    To participate in the live conference call, please dial 1-833-470-1428 (Access Code # 459632). Also, the conference call will be accessible through an audio webcast with user-controlled slides via the following site/URL: https://events.q4inc.com/attendee/697238975.

    A playback of the call can be accessed by dialing 1-866-813-9403 (Access Code # 287261). The replay will be available through August 1, 2024.

    About Independent Bank Corporation

    Independent Bank Corporation (NASDAQ: IBCP) is a Michigan-based bank holding company with total assets of approximately $5.3 billion. Founded as First National Bank of Ionia in 1864, Independent Bank Corporation operates a branch network across Michigan's Lower Peninsula through one state-chartered bank subsidiary. This subsidiary (Independent Bank) provides a full range of financial services, including commercial banking, mortgage lending, consumer banking, investments and insurance. Independent Bank Corporation is committed to providing exceptional personal service and value to its customers, stockholders and the communities it serves.

    For more information, please visit our Web site at: IndependentBank.com.

    Forward-Looking Statements
    This presentation contains forward-looking statements, which are any statements or information that are not historical facts. These forward-looking statements include statements about our anticipated future revenue and expenses and our future plans and prospects.

    Forward-looking statements involve inherent risks and uncertainties, and important factors could cause actual results to differ materially from those anticipated. For example, deterioration in general business and economic conditions or turbulence in domestic or global financial markets could adversely affect our revenues and the values of our assets and liabilities, reduce the availability of funding to us, lead to a tightening of credit, and increase stock price volatility. Our results could also be adversely affected by changes in interest rates; increases in unemployment rates; deterioration in the credit quality of our loan portfolios or in the value of the collateral securing those loans; deterioration in the value of our investment securities; legal and regulatory developments; changes in customer behavior and preferences; breaches in data security; and management’s ability to effectively manage the multitude of risks facing our business. Key risk factors that could affect our future results are described in more detail in our Annual Report on Form 10-K for the year ended December 31, 2023 and the other reports we file with the SEC, including under the heading “Risk Factors.” Investors should not place undue reliance on forward-looking statements as a prediction of our future results.

    Any forward-looking statement speaks only as of the date on which it is made, and we undertake no obligation to update any forward-looking statement, whether as a result of new information, future events, or otherwise.

    Contact:William B. Kessel, President and CEO, 616.447.3933
    Gavin A. Mohr, Chief Financial Officer, 616.447.3929



    INDEPENDENT BANK CORPORATION AND SUBSIDIARIES
    Consolidated Statements of Financial Condition
     
     June 30, 2024 December 31, 2023
     (Unaudited)
     (In thousands, except share
    amounts)
    Assets   
    Cash and due from banks$54,910  $68,208 
    Interest bearing deposits 159,438   101,573 
    Cash and Cash Equivalents 214,348   169,781 
    Equity securities at fair value 872    
    Securities available for sale 591,974   679,350 
    Securities held to maturity (fair value of $305,654 at June 30, 2024 and $318,606 at December 31, 2023) 344,220   353,988 
    Federal Home Loan Bank and Federal Reserve Bank stock, at cost 16,099   16,821 
    Loans held for sale, carried at fair value 15,935   12,063 
    Loans   
    Commercial 1,732,353   1,679,731 
    Mortgage 1,501,377   1,485,872 
    Installment 618,159   625,298 
    Total Loans 3,851,889   3,790,901 
    Allowance for credit losses (56,241)  (54,658)
    Net Loans 3,795,648   3,736,243 
    Other real estate and repossessed assets, net 945   569 
    Property and equipment, net 35,041   35,523 
    Bank-owned life insurance 53,821   54,341 
    Capitalized mortgage loan servicing rights, carried at fair value 44,406   42,243 
    Other intangibles 1,746   2,004 
    Goodwill 28,300   28,300 
    Accrued income and other assets 134,145   132,500 
    Total Assets$5,277,500  $5,263,726 
    Liabilities and Shareholders' Equity   
    Deposits   
    Non-interest bearing$1,049,625  $1,076,093 
    Savings and interest-bearing checking 1,926,065   1,905,701 
    Reciprocal 925,828   832,020 
    Time 585,561   524,325 
    Brokered time 127,249   284,740 
    Total Deposits 4,614,328   4,622,879 
    Other borrowings 50,012   50,026 
    Subordinated debt 39,548   39,510 
    Subordinated debentures 39,762   39,728 
    Accrued expenses and other liabilities 103,391   107,134 
    Total Liabilities 4,847,041   4,859,277 
    Shareholders’ Equity   
    Preferred stock, no par value, 200,000 shares authorized; none issued or outstanding     
    Common stock, no par value, 500,000,000 shares authorized; issued and outstanding: 20,899,358 shares at June 30, 2024 and 20,835,633 shares at December 31, 2023 317,676   317,483 
    Retained earnings 183,611   159,108 
    Accumulated other comprehensive loss (70,828)  (72,142)
    Total Shareholders’ Equity 430,459   404,449 
    Total Liabilities and Shareholders’ Equity$5,277,500  $5,263,726 



    INDEPENDENT BANK CORPORATION AND SUBSIDIARIES
    Consolidated Statements of Operations
     
     Three Months Ended Six Months Ended
    June 30,
      June 30,
    2024
       March 31,
    2024
       June 30,
    2024
       2024   2023 
     (Unaudited)
    Interest Income(In thousands, except per share amounts)
    Interest and fees on loans$56,786  $55,043  $47,679  $111,829  $91,973 
    Interest on securities         
    Taxable 4,713   5,251   5,919   9,964   11,803 
    Tax-exempt 3,400   3,391   3,283   6,791   6,366 
    Other investments 1,439   1,441   1,067   2,880   1,742 
    Total Interest Income 66,338   65,126   57,948   131,464   111,884 
    Interest Expense         
    Deposits 22,876   22,810   17,461   45,686   31,221 
    Other borrowings and subordinated debt and debentures 2,116   2,119   2,137   4,235   3,872 
    Total Interest Expense 24,992   24,929   19,598   49,921   35,093 
    Net Interest Income 41,346   40,197   38,350   81,543   76,791 
    Provision for credit losses 19   744   3,317   763   5,477 
    Net Interest Income After Provision for Credit Losses 41,327   39,453   35,033   80,780   71,314 
    Non-interest Income         
    Interchange income 3,401   3,151   3,355   6,552   6,560 
    Service charges on deposit accounts 2,937   2,872   3,134   5,809   5,991 
    Net gains (losses) on assets         
    Mortgage loans 1,333   1,364   2,120   2,697   3,376 
    Equity securities at fair value 2,693         2,693    
    Securities available for sale    (269)     (269)  (222)
    Mortgage loan servicing, net 2,091   2,725   3,674   4,816   4,400 
    Other 2,717   2,718   3,134   5,435   5,863 
    Total Non-interest Income 15,172   12,561   15,417   27,733   25,968 
    Non-interest Expense         
    Compensation and employee benefits 21,251   20,770   20,602   42,021   39,941 
    Data processing 3,257   3,255   2,891   6,512   5,882 
    Occupancy, net 1,886   2,074   1,845   3,960   4,004 
    Interchange expense 1,127   1,097   1,054   2,224   2,103 
    Furniture, fixtures and equipment 948   954   929   1,902   1,855 
    FDIC deposit insurance 695   782   749   1,477   1,532 
    Advertising 788   491   431   1,279   926 
    Loan and collection 699   512   620   1,211   1,198 
    Communications 499   615   635   1,114   1,303 
    Legal and professional 544   486   473   1,030   1,080 
    Costs (recoveries) related to unfunded lending commitments (137)  (652)  100   (789)  (375)
    Other 1,776   1,809   1,919   3,585   3,756 
    Total Non-interest Expense 33,333   32,193   32,248   65,526   63,205 
    Income Before Income Tax 23,166   19,821   18,202   42,987   34,077 
    Income tax expense 4,638   3,830   3,412   8,468   6,296 
    Net Income$18,528  $15,991  $14,790  $34,519  $27,781 
    Net Income Per Common Share         
    Basic$0.89  $0.77  $0.70  $1.65  $1.32 
    Diluted$0.88  $0.76  $0.70  $1.64  $1.31 




    INDEPENDENT BANK CORPORATION AND SUBSIDIARIES
    Selected Financial Data
     
     June 30,
    2024
     March 31,
    2024
     December 31,
    2023
     September 30,
    2023
     June 30,
    2023
     (unaudited)
     (Dollars in thousands except per share data)
    Three Months Ended         
    Net interest income$41,346  $40,197  $40,111  $39,427  $38,350 
    Provision for credit losses 19   744   (617)  1,350   3,317 
    Non-interest income 15,172   12,561   9,097   15,611   15,417 
    Non-interest expense 33,333   32,193   31,878   32,036   32,248 
    Income before income tax 23,166   19,821   17,947   21,652   18,202 
    Income tax expense 4,638   3,830   4,204   4,109   3,412 
    Net income$18,528  $15,991  $13,743  $17,543  $14,790 
              
    Basic earnings per share$0.89  $0.77  $0.66  $0.84  $0.70 
    Diluted earnings per share 0.88   0.76   0.65   0.83   0.70 
    Cash dividend per share 0.24   0.24   0.23   0.23   0.23 
              
    Average shares outstanding 20,901,741   20,877,067   20,840,680   20,922,431   21,040,349 
    Average diluted shares outstanding 21,105,387   21,079,607   21,049,030   21,114,445   21,222,535 
              
    Performance Ratios         
    Return on average assets 1.44%  1.24%  1.04%  1.34%  1.18%
    Return on average equity 17.98   15.95   14.36   18.68   16.29 
    Efficiency ratio (1) 61.49   60.26   64.27   57.52   59.26 
              
    As a Percent of Average Interest-Earning Assets (1)        
    Interest income 5.45%  5.34%  5.29%  5.10%  4.89%
    Interest expense 2.05   2.04   2.03   1.87   1.65 
    Net interest income 3.40   3.30   3.26   3.23   3.24 
              
    Average Balances         
    Loans$3,849,199  $3,810,526  $3,764,752  $3,694,534  $3,567,920 
    Securities 944,435   999,140   1,027,240   1,071,211   1,111,670 
    Total earning assets 4,893,367   4,910,669   4,928,697   4,892,208   4,763,295 
    Total assets 5,181,317   5,201,452   5,233,666   5,192,114   5,044,746 
    Deposits 4,531,917   4,561,645   4,612,797   4,577,796   4,447,843 
    Interest bearing liabilities 3,611,972   3,627,446   3,635,771   3,554,179   3,415,621 
    Shareholders' equity 414,549   403,225   379,614   372,667   364,143 

    (1) Presented on a fully tax equivalent basis assuming a marginal tax rate of 21%.



    INDEPENDENT BANK CORPORATION AND SUBSIDIARIES
    Selected Financial Data (continued)
     
     June 30,
    2024
     March 31,
    2024
     December 31,
    2023
     September 30,
    2023
     June 30,
    2023
     (unaudited)
     (Dollars in thousands except per share data)
    End of Period         
    Capital         
    Tangible common equity ratio 7.63%  7.41%  7.15%  6.67%  6.75%
    Tangible common equity ratio excluding accumulated other comprehensive loss 8.76   8.57   8.31   8.20   8.09 
    Average equity to average assets 8.00   7.75   7.25   7.18   7.22 
    Total capital to risk-weighted assets (2) 14.21   13.85   13.71   13.58   13.66 
    Tier 1 capital to risk-weighted assets (2) 12.01   11.65   11.50   11.37   11.42 
    Common equity tier 1 capital to risk-weighted assets (2) 11.09   10.73   10.58   10.44   10.46 
    Tier 1 capital to average assets (2) 9.59   9.29   9.03   8.94   8.97 
    Common shareholders' equity per share of common stock$20.60  $19.88  $19.41  $17.99  $17.91 
    Tangible common equity per share of common stock 19.16   18.44   17.96   16.53   16.45 
    Total shares outstanding 20,899,358   20,903,677   20,835,633   20,850,455   20,943,694 
              
    Selected Balances         
    Loans$3,851,889  $3,839,965  $3,790,901  $3,741,486  $3,631,114 
    Securities 936,194   963,577   1,033,338   1,043,540   1,092,703 
    Total earning assets 4,979,555   4,949,496   4,954,696   4,884,720   4,830,185 
    Total assets 5,277,500   5,231,255   5,263,726   5,200,018   5,135,564 
    Deposits 4,614,328   4,582,414   4,622,879   4,585,612   4,487,636 
    Interest bearing liabilities 3,694,025   3,677,060   3,676,050   3,573,187   3,501,280 
    Shareholders' equity 430,459   415,570   404,449   374,998   375,162 

    (2) June 30, 2024 are Preliminary.



    Reconciliation of Non-GAAP Financial Measures
    Independent Bank Corporation

    Independent Bank Corporation believes non-GAAP measures are meaningful because they reflect adjustments commonly made by management, investors, regulators and analysts to evaluate the adequacy of common equity and performance trends. Tangible common equity is used by the Company to measure the quality of capital.

    Reconciliation of Non-GAAP Financial Measures

     Three Months Ended June 30, Six Months Ended June 30,
      2024   2023   2024   2023 
     (Dollars in thousands)
    Net Interest Margin, Fully Taxable Equivalent ("FTE")       
            
    Net interest income$41,346  $38,350  $81,543  $76,791 
    Add: taxable equivalent adjustment 175   232   355   520 
    Net interest income - taxable equivalent$41,521  $38,582  $81,898  $77,311 
    Net interest margin (GAAP) (1) 3.39%  3.23%  3.33%  3.26%
    Net interest margin (FTE) (1) 3.40%  3.24%  3.35%  3.28%

    (1) Annualized.


    Tangible Common Equity Ratio

     June 30,
    2024
     March 31, 2024 December 31, 2023 September 30, 2023 June 30, 2023
     (Dollars in thousands)
    Common shareholders' equity$430,459  $415,570  $404,449  $374,998  $375,162 
    Less:         
    Goodwill 28,300   28,300   28,300   28,300   28,300 
    Other intangibles 1,746   1,875   2,004   2,141   2,278 
    Tangible common equity 400,413   385,395   374,145   344,557   344,584 
    Addition:         
    Accumulated other comprehensive loss for regulatory purposes 65,030   65,831   66,344   86,507   74,712 
    Tangible common equity excluding other comprehensive loss adjustments$465,443  $451,226  $440,489  $431,064  $419,296 
              
    Total assets$5,277,500  $5,231,255  $5,263,726  $5,200,018  $5,135,564 
    Less:         
    Goodwill 28,300   28,300   28,300   28,300   28,300 
    Other intangibles 1,746   1,875   2,004   2,141   2,278 
    Tangible assets 5,247,454   5,201,080   5,233,422   5,169,577   5,104,986 
    Addition:         
    Net unrealized losses on available for sale securities and derivatives, net of tax 65,030   65,831   66,344   86,507   74,712 
    Tangible assets excluding other comprehensive loss adjustments$5,312,484  $5,266,911  $5,299,766  $5,256,084  $5,179,698 
              
    Common equity ratio 8.16%  7.94%  7.68%  7.21%  7.31%
    Tangible common equity ratio 7.63%  7.41%  7.15%  6.67%  6.75%
    Tangible common equity ratio excluding other comprehensive loss 8.76%  8.57%  8.31%  8.20%  8.09%
              
    Tangible Common Equity per Share of Common Stock:
              
    Common shareholders' equity$430,459  $415,570  $404,449  $374,998  $375,162 
    Tangible common equity$400,413  $385,395  $374,145  $344,557  $344,584 
    Shares of common stock outstanding (in thousands) 20,899   20,904   20,836   20,850   20,944 
              
    Common shareholders' equity per share of common stock$20.60  $19.88  $19.41  $17.99  $17.91 
    Tangible common equity per share of common stock$19.16  $18.44  $17.96  $16.53  $16.45 
     

    The tangible common equity ratio removes the effect of goodwill and other intangible assets from capital and total assets. Tangible common equity per share of common stock removes the effect of goodwill and other intangible assets from common shareholders’ equity per share of common stock.


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