– моментальные уведомления о рынке акций
– моментальные уведомления о рынке акций
Business fundamentals drive performance
ROCKLAND, Mass.--(BUSINESS WIRE)--Independent Bank Corp. (Nasdaq Global Select Market: INDB), parent of Rockland Trust Company, today announced 2022 first quarter net income of $53.1 million, or $1.12 per diluted share, compared to net income of $1.7 million, or $0.04 per diluted share, reported for the fourth quarter of 2021. Financial results for the first quarter 2022 and fourth quarter 2021 included pre-tax merger-related costs of $7.1 million and $37.2 million, respectively, associated with the acquisition of Meridian Bancorp, Inc. ("Meridian") and its subsidiary, East Boston Savings Bank ("EBSB"). Excluding these merger-related costs in both quarters, as well as the initial provision for credit losses recorded on acquired loans in the fourth quarter of 2021, and the related tax effects, operating net income was $58.2 million, or $1.23 per diluted share, for the first quarter of 2022 compared to operating net income of $65.7 million, or $1.63 per diluted share for the fourth quarter of 2021. Please refer to "Reconciliation of Net Income (GAAP) to Operating Net Income (Non-GAAP)" below for a reconciliation of net income to operating net income.
“We are off to a great start in 2022. We are very pleased with the outcome of all our hard work on the integration of East Boston Savings Bank and are enjoying building relationships with our new colleagues, customers, and communities,” said Christopher Oddleifson, the Chief Executive Officer of Independent Bank Corp. and Rockland Trust Company. “We continue to strengthen the bank in a variety of ways through my colleagues’ tireless dedication to bringing our vision of being the Bank Where Each Relationship Matters® to life; I am proud to work alongside each of them every day. ”
Total assets of $20.2 billion at March 31, 2022 decreased by $264.2 million, or 1.3%, from the prior quarter, and increased by $6.4 billion, or 46.4%, as compared to the year ago period, inclusive of the accretive impact of the Meridian acquisition.
Total loans at March 31, 2022 of $13.6 billion were essentially flat compared to the prior quarter level. Excluding $116.6 million of net paydowns associated with the Paycheck Protection Program ("PPP"), the loan portfolio increased by $109.4 million, or 3.3% on an annualized basis, compared to the prior quarter. Organic loan growth was primarily driven by line utilization increases within the commercial and industrial portfolio as well as a healthy increase in the residential real estate portfolio as a higher portion of loan closings were retained on the balance sheet. Partially offsetting these growth drivers were ongoing reductions in the acquired EBSB portfolio which led to a decrease in commercial real estate balances, while continued low utilization rates and attrition continue to negate strong home equity closing volumes.
Deposit balances of $16.8 billion at March 31, 2022 decreased by $153.7 million, or 0.9%, from the prior quarter primarily attributable to continued runoff in higher-cost time deposits. The total cost of deposits for the quarter remained at 0.05%. Core deposits comprised 85.8% of total deposits at March 31, 2022, a slight increase from 84.5% at December 31, 2021.
The securities portfolio increased by $196.9 million, or 7.4%, when compared to the prior quarter, reflecting the Company's ongoing strategy to deploy a portion of excess cash balances into investment securities. Total purchases for the quarter were $365.2 million, offset by an unrealized loss of $81.6 million related to the available for sale portfolio, as well as paydowns, calls, and maturities. Total securities represent 14.2% of total assets as of March 31, 2022, as compared to 13.0 % at December 31, 2021
Total borrowings decreased by $14.0 million, or 9.2%, when compared to the prior quarter due primarily to the re-payment of a revolving loan credit facility.
Stockholders' equity at March 31, 2022 decreased 1.8% when compared to the prior quarter, as strong earnings retention was countered by elevated levels of unrealized losses on available for sale investment securities included in other comprehensive income. As a result, book value per share decreased by $1.16, or 1.8%, to $62.59 during the first quarter as compared to the prior quarter. The Company's ratio of common equity to assets of 14.71% at March 31, 2022 represented a decrease of 7 basis points from the prior quarter and an increase of 226 basis points from the year ago period. The Company's tangible book value per share at March 31, 2022 declined by $1.10, or 2.6%, from the prior quarter to $41.15, but represented an increase of 14.4% from the year ago period inclusive of the accretive impact of the Meridian acquisition. The Company's ratio of tangible common equity to tangible assets of 10.18% at March 31, 2022 represents a decrease of 13 basis points from the prior quarter and an increase of 122 basis points from the year ago period. Please refer to Appendix A for a detailed reconciliation of Non-GAAP metrics.
NET INTEREST INCOME
Net interest income for the first quarter increased 12.2% to $137.4 million compared to $122.5 million for the prior quarter, reflecting primarily the full quarter impact of the Meridian acquisition, partly offset by decreased PPP fee recognition and purchase accounting loan accretion. The reported net interest margin increased by 4 basis points from the prior quarter to 3.09%, and increased 17 basis points on a core basis when excluding PPP fees, purchase accounting, and other non-recurring items. Please refer to Appendix C for additional details regarding the net interest margin.
NONINTEREST INCOME
Noninterest income of $26.3 million for the first quarter of 2022 was $2.9 million, representing a 10.0% decrease compared to the prior quarter. Significant changes in noninterest income for the first quarter compared to the prior quarter included the following:
NONINTEREST EXPENSE
Noninterest expense of $95.5 million for the first quarter of 2022 was $21.6 million, representing an 18.5% decrease compared to the prior quarter. Significant changes in noninterest expense for the first quarter compared to the prior quarter included the following:
The Company generated a return on average assets and a return on average common equity of 1.06% and 7.16%, respectively, for the first quarter of 2022, as compared to 0.04% and 0.28%, respectively, for the prior quarter. On an operating basis, return on average assets and return on average common equity were 1.17% and 7.85%, respectively, for the first quarter of 2022 as compared to 1.47% and 10.75%, respectively for the prior quarter.
The Company’s tax rate for the first quarter of 2022 was 24.4%.
During the 2022 first quarter, the Company recorded total net charge-offs of $404,000, equating to 0.01% of average loans on an annualized basis. Nonperforming loans increased to $56.6 million, or 0.42% of total loans at March 31, 2022, as compared to $27.8 million, or 0.20% of total loans, at December 31, 2021. The increase primarily reflects the migration to nonaccrual status during the quarter of a single syndicated credit facility which is in an active workout process. Delinquency as a percentage of total loans decreased 5 basis points from the prior quarter to 0.29% at March 31, 2022.
In addition, total loans subject to a payment deferral decreased to $304.5 million, or 2.2% of total loans, at March 31, 2022, as compared to $383.1 million, or 2.8% of total loans, at December 31, 2021. All loans subject to a payment deferral at March 31, 2022 were performing in accordance with the modified terms.
The Company recorded credit reserve releases of $2.0 million during the first quarter of 2022, reflecting a stabilized credit quality environment. The allowance for credit losses on total loans was $144.5 million, or 1.06% of total loans, at March 31, 2022, as compared to $146.9 million, or 1.08% of total loans, at December 31, 2021.
CONFERENCE CALL INFORMATION
Christopher Oddleifson, Chief Executive Officer, Robert Cozzone, Chief Operating Officer, and Mark Ruggiero, Chief Financial Officer, will host a conference call to discuss first quarter earnings at 10:00 a.m. Eastern Time on Friday, April 22, 2022. Internet access to the call is available on the Company’s website at https://INDB.RocklandTrust.com or via telephonic access by dial-in at 1-888-336-7153 reference: INDB. A replay of the call will be available by calling 1-877-344-7529, Replay Conference Number: 5499216 and will be available through April 29, 2022. Additionally, a webcast replay will be available on the Company's website until April 22, 2023.
ABOUT INDEPENDENT BANK CORP.
Independent Bank Corp. (NASDAQ Global Select Market: INDB) is the holding company for Rockland Trust Company, a full-service commercial bank headquartered in Massachusetts. Rockland Trust was named to The Boston Globe's "Top Places to Work" 2021 list, an honor earned for the 13th consecutive year. In 2021, Rockland Trust was ranked the #1 Bank in Massachusetts according to Forbes World's Best Banks list for the second year in a row. Rockland Trust has a longstanding commitment to equity and inclusion. This commitment is underscored by initiatives such as Diversity and Inclusion leadership training, a colleague Allyship mentoring program, and numerous Employee Resource Groups focused on providing colleague support and education, reinforcing a culture of mutual respect and advancing professional development, and Rockland Trust's sponsorship of diverse community organizations through charitable giving and employee-based volunteerism. In addition, Rockland Trust is deeply committed to the communities it serves, as reflected in the overall "Outstanding" rating in its most recent Community Reinvestment Act performance evaluation. Rockland Trust offers a wide range of banking, investment, and insurance services. The Bank serves businesses and individuals through over 120 retail branches, commercial and residential lending centers, and investment management offices in eastern Massachusetts, including Greater Boston, North Shore, South Shore, Cape Cod and Islands, Worcester County, and Rhode Island. Rockland Trust also offers a full suite of mobile, online, and telephone banking services. Rockland Trust is an FDIC member and an Equal Housing Lender. To find out why Rockland Trust is the bank "Where Each Relationship Matters®," please visit RocklandTrust.com.
This press release contains certain “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995 with respect to the financial condition, results of operations and business of the Company. These statements may be identified by such forward-looking terminology as “expect,” “achieve,” “plan,” “believe,” “future,” “positioned,” “continued,” “will,” “would,” “potential,” or similar statements or variations of such terms. Actual results may differ from those contemplated by these forward-looking statements.
Factors that may cause actual results to differ materially from those contemplated by such forward-looking statements include, but are not limited to:
Further, the foregoing factors may be exacerbated by the ultimate impact of the COVID-19 pandemic, which remains unknown at this time due to factors and future developments that are uncertain, unpredictable and, in many cases, beyond the Company's control, including the scope, duration and extent of the pandemic and any further resurgences, the efficacy, availability and public acceptance of vaccines, boosters or other treatments, actions taken by governmental authorities in response to the pandemic and the direct and indirect impact of these actions and the pandemic generally on the Company’s employees, customers, business and third-parties with which the Company conducts business.
The Company wishes to caution readers not to place undue reliance on any forward-looking statements as the Company’s business and its forward-looking statements involve substantial known and unknown risks and uncertainties described in the Company’s Annual Report on Form 10-K and subsequent Quarterly Reports on Form 10-Q (“Risk Factors”). Except as required by law, the Company disclaims any intent or obligation to update publicly any such forward-looking statements, whether in response to new information, future events or otherwise. Any public statements or disclosures by the Company following this release which modify or impact any of the forward-looking statements contained in this release will be deemed to modify or supersede such statements in this release. In addition to the information set forth in this press release, you should carefully consider the Risk Factors.
This press release contains financial information determined by methods other than in accordance with accounting principles generally accepted in the United States of America (“GAAP”). This information includes operating net income and operating earnings per share ("EPS"), operating return on average assets, operating return on average common equity, operating return on average tangible common equity, core net interest margin ("core margin"), tangible book value per share and the tangible common equity ratio.
Operating net income, operating EPS, operating return on average assets and operating return on average common equity, exclude items that management believes are unrelated to the Company's core banking business such as merger and acquisition expenses, provision for credit losses on acquired loan portfolios, and other items, if applicable. Management uses operating net income and related ratios and operating EPS to measure the strength of the Company’s core banking business and to identify trends that may to some extent be obscured by such items. Management reviews its core margin to determine any items that may impact the net interest margin that may be one-time in nature or not reflective of its core operating environment, such as out-sized cash balances, unique low-yielding loans originated through government programs in response to the pandemic, or significant purchase accounting adjustments. Management believes that adjusting for these items to arrive at a core margin provides additional insight into the operating environment and how management decisions impact the net interest margin. Similarly, management reviews certain loan metrics such as growth rates and allowance as a percentage of total loans, adjusted to exclude loans that are not considered part of its core portfolio, which includes loans originated in association with government sponsored and guaranteed programs in response to the pandemic, to arrive at adjusted numbers more representative of the core growth of the portfolio and core reserve to loan ratio.
Management also supplements its evaluation of financial performance with analysis of tangible book value per share (which is computed by dividing stockholders' equity less goodwill and identifiable intangible assets, or "tangible common equity", by common shares outstanding), the tangible common equity ratio (which is computed by dividing tangible common equity by "tangible assets", defined as total assets less goodwill and other intangibles), and return on average tangible common equity (which is computed by dividing net income by average tangible common equity). The Company has included information on tangible book value per share, the tangible common equity ratio and return on average tangible common equity because management believes that investors may find it useful to have access to the same analytical tools used by management. As a result of merger and acquisition activity, the Company has recognized goodwill and other intangible assets in conjunction with business combination accounting principles. Excluding the impact of goodwill and other intangibles in measuring asset and capital values for the ratios provided, along with other bank standard capital ratios, provides a framework to compare the capital adequacy of the Company to other companies in the financial services industry.
These non-GAAP measures should not be viewed as a substitute for operating results and other financial measures determined in accordance with GAAP. An item which management excludes when computing these non-GAAP measures can be of substantial importance to the Company’s results for any particular quarter or year. The Company’s non-GAAP performance measures, including operating net income, operating EPS, operating return on average assets, operating return on average common equity, core margin, tangible book value per share and the tangible common equity ratio, are not necessarily comparable to non-GAAP performance measures which may be presented by other companies.
Category: Earnings Releases
INDEPENDENT BANK CORP. FINANCIAL SUMMARY |
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CONSOLIDATED BALANCE SHEETS |
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(Unaudited, dollars in thousands) |
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|
|
|
|
% Change |
|
% Change |
||||||||
|
March 31
|
|
December 31
|
|
March 31
|
|
Mar 2022 vs. |
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Mar 2022 vs. |
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Dec 2021 |
|
Mar 2021 |
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Assets |
|
|
|
|
|
|
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||||||||
Cash and due from banks |
$ |
173,779 |
|
|
$ |
141,581 |
|
|
$ |
126,651 |
|
|
22.74 |
% |
|
37.21 |
% |
Interest-earning deposits with banks |
|
1,666,580 |
|
|
|
2,099,103 |
|
|
|
1,642,688 |
|
|
(20.61 |
)% |
|
1.45 |
% |
Securities |
|
|
|
|
|
|
|
|
|
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Trading |
|
3,956 |
|
|
|
3,720 |
|
|
|
3,269 |
|
|
6.34 |
% |
|
21.02 |
% |
Equities |
|
22,611 |
|
|
|
23,173 |
|
|
|
22,419 |
|
|
(2.43 |
)% |
|
0.86 |
% |
Available for sale |
|
1,552,731 |
|
|
|
1,571,148 |
|
|
|
600,213 |
|
|
(1.17 |
)% |
|
158.70 |
% |
Held to maturity |
|
1,282,441 |
|
|
|
1,066,818 |
|
|
|
805,529 |
|
|
20.21 |
% |
|
59.20 |
% |
Total securities |
|
2,861,739 |
|
|
|
2,664,859 |
|
|
|
1,431,430 |
|
|
7.39 |
% |
|
99.92 |
% |
Loans held for sale |
|
6,144 |
|
|
|
24,679 |
|
|
|
41,632 |
|
|
(75.10 |
)% |
|
(85.24 |
)% |
Loans |
|
|
|
|
|
|
|
|
|
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Commercial and industrial |
|
1,566,192 |
|
|
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1,563,279 |
|
|
|
2,086,671 |
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|
0.19 |
% |
|
(24.94 |
)% |
Commercial real estate |
|
7,897,616 |
|
|
|
7,992,344 |
|
|
|
4,177,617 |
|
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(1.19 |
)% |
|
89.05 |
% |
Commercial construction |
|
1,153,945 |
|
|
|
1,165,457 |
|
|
|
516,362 |
|
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(0.99 |
)% |
|
123.48 |
% |
Small business |
|
200,405 |
|
|
|
193,189 |
|
|
|
174,211 |
|
|
3.74 |
% |
|
15.04 |
% |
Total commercial |
|
10,818,158 |
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|
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10,914,269 |
|
|
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6,954,861 |
|
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(0.88 |
)% |
|
55.55 |
% |
Residential real estate |
|
1,706,045 |
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|
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1,604,686 |
|
|
|
1,241,789 |
|
|
6.32 |
% |
|
37.39 |
% |
Home equity - first position |
|
577,881 |
|
|
|
589,550 |
|
|
|
610,907 |
|
|
(1.98 |
)% |
|
(5.41 |
)% |
Home equity - subordinate positions |
|
447,934 |
|
|
|
450,061 |
|
|
|
417,588 |
|
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(0.47 |
)% |
|
7.27 |
% |
Total consumer real estate |
|
2,731,860 |
|
|
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2,644,297 |
|
|
|
2,270,284 |
|
|
3.31 |
% |
|
20.33 |
% |
Other consumer |
|
30,009 |
|
|
|
28,720 |
|
|
|
21,546 |
|
|
4.49 |
% |
|
39.28 |
% |
Total loans |
|
13,580,027 |
|
|
|
13,587,286 |
|
|
|
9,246,691 |
|
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(0.05 |
) % |
|
46.86 |
% |
Less: allowance for credit losses |
|
(144,518 |
) |
|
|
(146,922 |
) |
|
|
(107,549 |
) |
|
(1.64 |
)% |
|
34.37 |
% |
Net loans |
|
13,435,509 |
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|
13,440,364 |
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|
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9,139,142 |
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(0.04 |
)% |
|
47.01 |
% |
Federal Home Loan Bank stock |
|
11,407 |
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|
|
11,407 |
|
|
|
10,250 |
|
|
— |
% |
|
11.29 |
% |
Bank premises and equipment, net |
|
199,106 |
|
|
|
195,590 |
|
|
|
115,945 |
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|
1.80 |
% |
|
71.72 |
% |
Goodwill |
|
985,072 |
|
|
|
985,072 |
|
|
|
506,206 |
|
|
— |
% |
|
94.60 |
% |
Other intangible assets |
|
30,759 |
|
|
|
32,772 |
|
|
|
21,689 |
|
|
(6.14 |
)% |
|
41.82 |
% |
Cash surrender value of life insurance policies |
|
291,192 |
|
|
|
289,304 |
|
|
|
241,365 |
|
|
0.65 |
% |
|
20.64 |
% |
Other assets |
|
497,891 |
|
|
|
538,674 |
|
|
|
496,916 |
|
|
(7.57 |
)% |
|
0.20 |
% |
Total assets |
$ |
20,159,178 |
|
|
$ |
20,423,405 |
|
|
$ |
13,773,914 |
|
|
(1.29 |
)% |
|
46.36 |
% |
Liabilities and Stockholders' Equity |
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Deposits |
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Noninterest-bearing demand deposits |
$ |
5,537,156 |
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$ |
5,479,503 |
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$ |
4,136,259 |
|
|
1.05 |
% |
|
33.87 |
% |
Savings and interest checking accounts |
|
6,247,806 |
|
|
|
6,350,016 |
|
|
|
4,242,235 |
|
|
(1.61 |
)% |
|
47.28 |
% |
Money market |
|
3,579,820 |
|
|
|
3,556,375 |
|
|
|
2,346,985 |
|
|
0.66 |
% |
|
52.53 |
% |
Time certificates of deposit |
|
1,398,610 |
|
|
|
1,531,150 |
|
|
|
868,045 |
|
|
(8.66 |
)% |
|
61.12 |
% |
Total deposits |
|
16,763,392 |
|
|
|
16,917,044 |
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|
11,593,524 |
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(0.91 |
)% |
|
44.59 |
% |
Borrowings |
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|
|
|
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|
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|
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Federal Home Loan Bank borrowings |
|
25,660 |
|
|
|
25,667 |
|
|
|
35,717 |
|
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(0.03 |
)% |
|
(28.16 |
)% |
Long-term borrowings, net |
|
— |
|
|
|
14,063 |
|
|
|
28,099 |
|
|
(100.00 |
)% |
|
(100.00 |
)% |
Junior subordinated debentures, net |
|
62,854 |
|
|
|
62,853 |
|
|
|
62,851 |
|
|
— |
% |
|
— |
% |
Subordinated debentures, net |
|
49,814 |
|
|
|
49,791 |
|
|
|
49,720 |
|
|
0.05 |
% |
|
0.19 |
% |
Total borrowings |
|
138,328 |
|
|
|
152,374 |
|
|
|
176,387 |
|
|
(9.22 |
)% |
|
(21.58 |
)% |
Total deposits and borrowings |
|
16,901,720 |
|
|
|
17,069,418 |
|
|
|
11,769,911 |
|
|
(0.98 |
)% |
|
43.60 |
% |
Other liabilities |
|
292,019 |
|
|
|
335,538 |
|
|
|
288,632 |
|
|
(12.97 |
)% |
|
1.17 |
% |
Total liabilities |
|
17,193,739 |
|
|
|
17,404,956 |
|
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|
12,058,543 |
|
|
(1.21 |
)% |
|
42.59 |
% |
Stockholders' equity |
|
|
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Common stock |
|
472 |
|
|
|
472 |
|
|
|
329 |
|
|
— |
% |
|
43.47 |
% |
Additional paid in capital |
|
2,247,518 |
|
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|
2,249,078 |
|
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|
946,002 |
|
|
(0.07 |
)% |
|
137.58 |
% |
Retained earnings |
|
795,651 |
|
|
|
766,716 |
|
|
|
741,883 |
|
|
3.77 |
% |
|
7.25 |
% |
Accumulated other comprehensive income/(loss), net of tax |
|
(78,202 |
) |
|
|
2,183 |
|
|
|
27,157 |
|
|
(3,682.32 |
)% |
|
(387.96 |
)% |
Total stockholders' equity |
|
2,965,439 |
|
|
|
3,018,449 |
|
|
|
1,715,371 |
|
|
(1.76 |
)% |
|
72.87 |
% |
Total liabilities and stockholders' equity |
$ |
20,159,178 |
|
|
$ |
20,423,405 |
|
|
$ |
13,773,914 |
|
|
(1.29 |
)% |
|
46.36 |
% |
CONSOLIDATED STATEMENTS OF INCOME |
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(Unaudited, dollars in thousands, except per share data) |
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Three Months Ended |
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% Change |
|
% Change |
||||||||
|
March 31
|
|
December 31
|
|
March 31
|
|
Mar 2022 vs. |
|
Mar 2022 vs. |
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|
Dec 2021 |
|
Mar 2021 |
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Interest income |
|
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|
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|
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Interest on federal funds sold and short-term investments |
$ |
886 |
|
|
$ |
840 |
|
|
$ |
326 |
|
|
5.48 |
% |
|
171.78 |
% |
Interest and dividends on securities |
|
10,044 |
|
|
|
8,876 |
|
|
|
6,632 |
|
|
13.16 |
% |
|
51.45 |
% |
Interest and fees on loans |
|
129,625 |
|
|
|
116,024 |
|
|
|
92,383 |
|
|
11.72 |
% |
|
40.31 |
% |
Interest on loans held for sale |
|
64 |
|
|
|
181 |
|
|
|
296 |
|
|
(64.64 |
)% |
|
(78.38 |
)% |
Total interest income |
|
140,619 |
|
|
|
125,921 |
|
|
|
99,637 |
|
|
11.67 |
% |
|
41.13 |
% |
Interest expense |
|
|
|
|
|
|
|
|
|
||||||||
Interest on deposits |
|
2,107 |
|
|
|
1,966 |
|
|
|
2,711 |
|
|
7.17 |
% |
|
(22.28 |
)% |
Interest on borrowings |
|
1,080 |
|
|
|
1,425 |
|
|
|
1,342 |
|
|
(24.21 |
)% |
|
(19.52 |
)% |
Total interest expense |
|
3,187 |
|
|
|
3,391 |
|
|
|
4,053 |
|
|
(6.02 |
)% |
|
(21.37 |
)% |
Net interest income |
|
137,432 |
|
|
|
122,530 |
|
|
|
95,584 |
|
|
12.16 |
% |
|
43.78 |
% |
Provision for credit losses |
|
(2,000 |
) |
|
|
35,705 |
|
|
|
(2,500 |
) |
|
(105.60 |
)% |
|
(20.00 |
)% |
Net interest income after provision for credit losses |
|
139,432 |
|
|
|
86,825 |
|
|
|
98,084 |
|
|
60.59 |
% |
|
42.16 |
% |
Noninterest income |
|
|
|
|
|
|
|
|
|
||||||||
Deposit account fees |
|
5,493 |
|
|
|
5,041 |
|
|
|
3,584 |
|
|
8.97 |
% |
|
53.26 |
% |
Interchange and ATM fees |
|
3,609 |
|
|
|
3,758 |
|
|
|
2,720 |
|
|
(3.96 |
)% |
|
32.68 |
% |
Investment management |
|
8,673 |
|
|
|
8,958 |
|
|
|
8,304 |
|
|
(3.18 |
)% |
|
4.44 |
% |
Mortgage banking income |
|
1,362 |
|
|
|
2,010 |
|
|
|
5,740 |
|
|
(32.24 |
)% |
|
(76.27 |
)% |
Increase in cash surrender value of life insurance policies |
|
1,795 |
|
|
|
1,923 |
|
|
|
1,323 |
|
|
(6.66 |
)% |
|
35.68 |
% |
Gain on life insurance benefits |
|
— |
|
|
|
— |
|
|
|
258 |
|
|
n/a |
|
|
(100.00 |
)% |
Loan level derivative income |
|
604 |
|
|
|
2,382 |
|
|
|
173 |
|
|
(74.64 |
)% |
|
249.13 |
% |
Other noninterest income |
|
4,736 |
|
|
|
5,108 |
|
|
|
3,144 |
|
|
(7.28 |
)% |
|
50.64 |
% |
Total noninterest income |
|
26,272 |
|
|
|
29,180 |
|
|
|
25,246 |
|
|
(9.97 |
)% |
|
4.06 |
% |
Noninterest expenses |
|
|
|
|
|
|
|
|
|
||||||||
Salaries and employee benefits |
|
48,711 |
|
|
|
47,827 |
|
|
|
39,889 |
|
|
1.85 |
% |
|
22.12 |
% |
Occupancy and equipment expenses |
|
13,302 |
|
|
|
9,722 |
|
|
|
9,273 |
|
|
36.82 |
% |
|
43.45 |
% |
Data processing and facilities management |
|
2,372 |
|
|
|
1,875 |
|
|
|
1,665 |
|
|
26.51 |
% |
|
42.46 |
% |
FDIC assessment |
|
1,805 |
|
|
|
1,175 |
|
|
|
1,050 |
|
|
53.62 |
% |
|
71.90 |
% |
Merger and acquisition expense |
|
7,100 |
|
|
|
37,166 |
|
|
|
— |
|
|
(80.90 |
)% |
|
100.00 |
% |
Other noninterest expenses |
|
22,210 |
|
|
|
19,361 |
|
|
|
17,805 |
|
|
14.72 |
% |
|
24.74 |
% |
Total noninterest expenses |
|
95,500 |
|
|
|
117,126 |
|
|
|
69,682 |
|
|
(18.46 |
)% |
|
37.05 |
% |
Income (loss) before income taxes |
|
70,204 |
|
|
|
(1,121 |
) |
|
|
53,648 |
|
|
(6,362.62 |
)% |
|
30.86 |
% |
Provision (benefit) for income taxes |
|
17,107 |
|
|
|
(2,823 |
) |
|
|
11,937 |
|
|
(705.99 |
)% |
|
43.31 |
% |
Net Income |
$ |
53,097 |
|
|
$ |
1,702 |
|
|
$ |
41,711 |
|
|
3,019.68 |
% |
|
27.30 |
% |
|
|
|
|
|
|
|
|
|
|
||||||||
Weighted average common shares (basic) |
|
47,366,753 |
|
|
|
40,354,728 |
|
|
|
32,995,332 |
|
|
|
|
|
||
Common share equivalents |
|
20,711 |
|
|
|
20,438 |
|
|
|
30,098 |
|
|
|
|
|
||
Weighted average common shares (diluted) |
|
47,387,464 |
|
|
|
40,375,166 |
|
|
|
33,025,430 |
|
|
|
|
|
||
|
|
|
|
|
|
|
|
|
|
||||||||
Basic earnings per share |
$ |
1.12 |
|
|
$ |
0.04 |
|
|
$ |
1.26 |
|
|
2,700.00 |
% |
|
(11.11 |
)% |
Diluted earnings per share |
$ |
1.12 |
|
|
$ |
0.04 |
|
|
$ |
1.26 |
|
|
2,700.00 |
% |
|
(11.11 |
)% |
|
|
|
|
|
|
|
|
|
|
||||||||
Reconciliation of Net Income (GAAP) to Operating Net Income (Non-GAAP): |
|
|
|
|
|
|
|||||||||||
Net income |
$ |
53,097 |
|
|
$ |
1,702 |
|
|
$ |
41,711 |
|
|
|
|
|
||
Provision for non-PCD acquired loans |
|
— |
|
|
|
50,705 |
|
|
|
— |
|
|
|
|
|
||
Noninterest expense components |
|
|
|
|
|
|
|
|
|
||||||||
Add - merger and acquisition expenses |
|
7,100 |
|
|
|
37,166 |
|
|
|
— |
|
|
|
|
|
||
Noncore increases to income before taxes |
|
7,100 |
|
|
|
87,871 |
|
|
|
— |
|
|
|
|
|
||
Net tax benefit associated with noncore items (1) |
|
(1,995 |
) |
|
|
(23,866 |
) |
|
|
— |
|
|
|
|
|
||
Noncore increases to net income |
|
5,105 |
|
|
|
64,005 |
|
|
|
— |
|
|
|
|
|
||
Operating net income (Non-GAAP) |
$ |
58,202 |
|
|
$ |
65,707 |
|
|
$ |
41,711 |
|
|
(11.42 |
)% |
|
39.54 |
% |
|
|
|
|
|
|
|
|
|
|
||||||||
Diluted earnings per share, on an operating basis |
$ |
1.23 |
|
|
$ |
1.63 |
|
|
$ |
1.26 |
|
|
(24.54 |
)% |
|
(2.38 |
)% |
|
|
|
|
|
|
|
|
|
|
||||||||
(1) The net tax benefit associated with noncore items is determined by assessing whether each noncore item is included or excluded from net taxable income and applying the Company's combined marginal tax rate to only those items included in net taxable income. |
|||||||||||||||||
|
|
|
|
|
|
|
|
|
|
||||||||
Performance ratios |
|
|
|
|
|
|
|
|
|
||||||||
Net interest margin (FTE) |
|
3.09 |
% |
|
|
3.05 |
% |
|
|
3.25 |
% |
|
|
|
|
||
Return on average assets (GAAP) (calculated by dividing net income by average assets) |
|
1.06 |
% |
|
|
0.04 |
% |
|
|
1.26 |
% |
|
|
|
|
||
Return on average assets on an operating basis (Non-GAAP) (calculated by dividing net operating net income by average assets) |
|
1.17 |
% |
|
|
1.47 |
% |
|
|
1.26 |
% |
|
|
|
|
||
Return on average common equity (GAAP) (calculated by dividing net income by average common equity) |
|
7.16 |
% |
|
|
0.28 |
% |
|
|
9.87 |
% |
|
|
|
|
||
Return on average common equity on an operating basis (Non-GAAP) (calculated by dividing net operating net income by average common equity) |
|
7.85 |
% |
|
|
10.75 |
% |
|
|
9.87 |
% |
|
|
|
|
||
Noninterest income as a % of total revenue (calculated by dividing total noninterest income by net interest income plus total noninterest income) |
|
16.05 |
% |
|
|
19.23 |
% |
|
|
20.89 |
% |
|
|
|
|
||
Noninterest income as a % of total revenue on an operating basis (Non-GAAP) (calculated by dividing total noninterest income on an operating basis by net interest income plus total noninterest income) |
|
16.05 |
% |
|
|
19.23 |
% |
|
|
20.89 |
% |
|
|
|
|
||
Efficiency ratio (GAAP) (calculated by dividing total noninterest expense by total revenue) |
|
58.34 |
% |
|
|
77.20 |
% |
|
|
57.67 |
% |
|
|
|
|
||
Efficiency ratio on an operating basis (Non-GAAP) (calculated by dividing total noninterest expense on an operating basis by total revenue) |
|
54.00 |
% |
|
|
52.71 |
% |
|
|
57.67 |
% |
|
|
|
|
||
Return on average tangible common equity (Non-GAAP) (calculated by dividing net income by average tangible common equity) |
|
10.82 |
% |
|
|
0.41 |
% |
|
|
14.28 |
% |
|
|
|
|
||
Return on average tangible common equity on an operating basis (Non-GAAP) (calculated by dividing net operating net income by average tangible common equity) |
|
11.86 |
% |
|
|
15.92 |
% |
|
|
14.28 |
% |
|
|
|
|
||
ASSET QUALITY |
|
|
||||||||||
(Unaudited, dollars in thousands) |
|
Nonperforming Assets At |
||||||||||
|
|
March 31
|
|
December 31
|
|
March 31
|
||||||
Nonperforming loans |
|
|
|
|
|
|
||||||
Commercial & industrial loans |
|
$ |
3,517 |
|
|
$ |
3,439 |
|
|
$ |
29,785 |
|
Commercial real estate loans |
|
|
40,470 |
|
|
|
10,870 |
|
|
|
9,635 |
|
Small business loans |
|
|
20 |
|
|
|
44 |
|
|
|
660 |
|
Residential real estate loans |
|
|
8,457 |
|
|
|
9,182 |
|
|
|
13,392 |
|
Home equity |
|
|
3,761 |
|
|
|
3,781 |
|
|
|
5,592 |
|
Other consumer |
|
|
393 |
|
|
|
504 |
|
|
|
137 |
|
Total nonperforming loans |
|
|
56,618 |
|
|
|
27,820 |
|
|
|
59,201 |
|
Total nonperforming assets |
|
$ |
56,618 |
|
|
$ |
27,820 |
|
|
$ |
59,201 |
|
|
|
|
|
|
|
|
||||||
Nonperforming loans/gross loans |
|
|
0.42 |
% |
|
|
0.20 |
% |
|
|
0.64 |
% |
Nonperforming assets/total assets |
|
|
0.28 |
% |
|
|
0.14 |
% |
|
|
0.43 |
% |
Allowance for credit losses/nonperforming loans |
|
|
255.25 |
% |
|
|
528.12 |
% |
|
|
181.67 |
% |
Allowance for credit losses/total loans |
|
|
1.06 |
% |
|
|
1.08 |
% |
|
|
1.16 |
% |
Delinquent loans/total loans |
|
|
0.29 |
% |
|
|
0.34 |
% |
|
|
0.12 |
% |
|
|
|
|
|
|
|
||||||
|
|
Nonperforming Assets Reconciliation for the Three Months Ended |
||||||||||
|
|
March 31
|
|
December 31
|
|
March 31
|
||||||
|
|
|
|
|
|
|
||||||
Nonperforming assets beginning balance |
|
$ |
27,820 |
|
|
$ |
45,810 |
|
|
$ |
66,861 |
|
New to nonperforming |
|
|
33,754 |
|
|
|
3,875 |
|
|
|
2,359 |
|
Acquired loans |
|
|
— |
|
|
|
4,463 |
|
|
|
— |
|
Loans charged-off |
|
|
(706 |
) |
|
|
(445 |
) |
|
|
(3,686 |
) |
Loans paid-off /sold |
|
|
(1,485 |
) |
|
|
(21,162 |
) |
|
|
(4,025 |
) |
Loans restored to performing status |
|
|
(2,702 |
) |
|
|
(4,925 |
) |
|
|
(2,559 |
) |
Other |
|
|
(63 |
) |
|
|
204 |
|
|
|
251 |
|
Nonperforming assets ending balance |
|
$ |
56,618 |
|
|
$ |
27,820 |
|
|
$ |
59,201 |
|
|
|
Net Charge-Offs (Recoveries) |
||||||||||
|
|
Three Months Ended |
||||||||||
|
|
March 31
|
|
December 31
|
|
March 31
|
||||||
Net charge-offs (recoveries) |
|
|
|
|
|
|
||||||
Commercial and industrial loans |
|
$ |
(13 |
) |
|
$ |
(2,586 |
) |
|
$ |
3,267 |
|
Commercial real estate loans |
|
|
(3 |
) |
|
|
— |
|
|
|
(57 |
) |
Small business loans |
|
|
22 |
|
|
|
2 |
|
|
|
55 |
|
Residential real estate loans |
|
|
— |
|
|
|
— |
|
|
|
(1 |
) |
Home equity |
|
|
(2 |
) |
|
|
(142 |
) |
|
|
(13 |
) |
Other consumer |
|
|
400 |
|
|
|
295 |
|
|
|
92 |
|
Total net (recoveries) charge-offs |
|
$ |
404 |
|
|
$ |
(2,431 |
) |
|
$ |
3,343 |
|
|
|
|
|
|
|
|
||||||
Net charge-offs (recoveries) to average loans (annualized) |
|
|
0.01 |
% |
|
|
(0.09 |
) % |
|
|
0.15 |
% |
|
|
Troubled Debt Restructurings At |
||||||||||
|
|
March 31
|
|
December 31
|
|
March 31
|
||||||
Troubled debt restructurings on accrual status |
|
$ |
13,288 |
|
|
$ |
14,635 |
|
|
$ |
20,262 |
|
Troubled debt restructurings on nonaccrual status |
|
|
1,972 |
|
|
|
1,993 |
|
|
|
21,167 |
|
Total troubled debt restructurings |
|
$ |
15,260 |
|
|
$ |
16,628 |
|
|
$ |
41,429 |
|
|
|
|
|
|
|
|
||||||
BALANCE SHEET AND CAPITAL RATIOS |
|
|
|
|
|
|
||||||
|
|
March 31
|
|
December 31
|
|
March 31
|
||||||
Gross loans/total deposits |
|
|
81.01 |
% |
|
|
80.32 |
% |
|
|
79.76 |
% |
Common equity tier 1 capital ratio (1) |
|
|
14.46 |
% |
|
|
14.22 |
% |
|
|
13.16 |
% |
Tier 1 leverage capital ratio (1) |
|
|
10.62 |
% |
|
|
12.38 |
% |
|
|
9.63 |
% |
Common equity to assets ratio GAAP |
|
|
14.71 |
% |
|
|
14.78 |
% |
|
|
12.45 |
% |
Tangible common equity to tangible assets ratio (2) |
|
|
10.18 |
% |
|
|
10.31 |
% |
|
|
8.96 |
% |
Book value per share GAAP |
|
$ |
62.59 |
|
|
$ |
63.75 |
|
|
$ |
51.94 |
|
Tangible book value per share (2) |
|
$ |
41.15 |
|
|
$ |
42.25 |
|
|
$ |
35.96 |
|
(1) Estimated number for March 31, 2022. |
||||||||||||
(2) See Appendix A for detailed reconciliation from GAAP to Non-GAAP ratios. |
||||||||||||
INDEPENDENT BANK CORP. SUPPLEMENTAL FINANCIAL INFORMATION |
|||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||
(Unaudited, dollars in thousands) |
|
Three Months Ended |
|||||||||||||||||||||||||
|
|
March 31, 2022 |
|
December 31, 2021 |
|
March 31, 2021 |
|||||||||||||||||||||
|
|
|
|
Interest |
|
|
|
|
Interest |
|
|
|
|
Interest |
|
|
|||||||||||
|
|
Average |
|
Earned/ |
Yield/ |
|
Average |
|
Earned/ |
Yield/ |
|
Average |
|
Earned/ |
|
Yield/ |
|||||||||||
|
|
Balance |
|
Paid (1) |
|
Rate |
|
Balance |
|
Paid (1) |
|
Rate |
|
Balance |
|
Paid (1) |
|
Rate |
|||||||||
Interest-earning assets |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||
Interest-earning deposits with banks, federal funds sold, and short term investments |
|
$ |
1,906,164 |
|
$ |
886 |
|
0.19 |
% |
|
$ |
2,107,325 |
|
$ |
840 |
|
0.16 |
% |
|
$ |
1,321,430 |
|
$ |
326 |
|
0.10 |
% |
Securities |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||
Securities - trading |
|
|
3,732 |
|
|
— |
|
— |
% |
|
|
3,572 |
|
|
— |
|
— |
% |
|
|
2,939 |
|
|
— |
|
— |
% |
Securities - taxable investments |
|
|
2,726,281 |
|
|
10,043 |
|
1.49 |
% |
|
|
2,520,248 |
|
|
8,874 |
|
1.40 |
% |
|
|
1,250,451 |
|
|
6,627 |
|
2.15 |
% |
Securities - nontaxable investments (1) |
|
|
201 |
|
|
1 |
|
2.02 |
% |
|
|
216 |
|
|
3 |
|
5.51 |
% |
|
|
642 |
|
|
6 |
|
3.79 |
% |
Total securities |
|
$ |
2,730,214 |
|
$ |
10,044 |
|
1.49 |
% |
|
$ |
2,524,036 |
|
$ |
8,877 |
|
1.40 |
% |
|
$ |
1,254,032 |
|
$ |
6,633 |
|
2.15 |
% |
Loans held for sale |
|
|
9,475 |
|
|
64 |
|
2.74 |
% |
|
|
28,428 |
|
|
181 |
|
2.53 |
% |
|
|
49,652 |
|
|
296 |
|
2.42 |
% |
Loans |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||
Commercial and industrial (1) |
|
|
1,535,619 |
|
|
17,031 |
|
4.50 |
% |
|
|
1,603,776 |
|
|
21,046 |
|
5.21 |
% |
|
|
2,115,069 |
|
|
23,046 |
|
4.42 |
% |
Commercial real estate (1) |
|
|
7,911,349 |
|
|
76,030 |
|
3.90 |
% |
|
|
6,207,248 |
|
|
62,531 |
|
4.00 |
% |
|
|
4,156,012 |
|
|
40,376 |
|
3.94 |
% |
Commercial construction |
|
|
1,190,659 |
|
|
12,268 |
|
4.18 |
% |
|
|
884,243 |
|
|
9,720 |
|
4.36 |
% |
|
|
555,153 |
|
|
5,283 |
|
3.86 |
% |
Small business |
|
|
194,819 |
|
|
2,416 |
|
5.03 |
% |
|
|
186,939 |
|
|
2,352 |
|
4.99 |
% |
|
|
174,320 |
|
|
2,281 |
|
5.31 |
% |
Total commercial |
|
|
10,832,446 |
|
|
107,745 |
|
4.03 |
% |
|
|
8,882,206 |
|
|
95,649 |
|
4.27 |
% |
|
|
7,000,554 |
|
|
70,986 |
|
4.11 |
% |
Residential real estate |
|
|
1,649,157 |
|
|
13,697 |
|
3.37 |
% |
|
|
1,415,488 |
|
|
11,830 |
|
3.32 |
% |
|
|
1,271,283 |
|
|
12,436 |
|
3.97 |
% |
Home equity |
|
|
1,032,308 |
|
|
8,662 |
|
3.40 |
% |
|
|
1,021,354 |
|
|
8,769 |
|
3.41 |
% |
|
|
1,050,234 |
|
|
8,757 |
|
3.38 |
% |
Total consumer real estate |
|
|
2,681,465 |
|
|
22,359 |
|
3.38 |
% |
|
|
2,436,842 |
|
|
20,599 |
|
3.35 |
% |
|
|
2,321,517 |
|
|
21,193 |
|
3.70 |
% |
Other consumer |
|
|
29,814 |
|
|
489 |
|
6.65 |
% |
|
|
25,378 |
|
|
427 |
|
6.68 |
% |
|
|
21,698 |
|
|
432 |
|
8.07 |
% |
Total loans |
|
$ |
13,543,725 |
|
$ |
130,593 |
|
3.91 |
% |
|
$ |
11,344,426 |
|
$ |
116,675 |
|
4.08 |
% |
|
$ |
9,343,769 |
|
$ |
92,611 |
|
4.02 |
% |
Total interest-earning assets |
|
$ |
18,189,578 |
|
$ |
141,587 |
|
3.16 |
% |
|
$ |
16,004,215 |
|
$ |
126,573 |
|
3.14 |
% |
|
$ |
11,968,883 |
|
$ |
99,866 |
|
3.38 |
% |
Cash and due from banks |
|
|
171,533 |
|
|
|
|
|
|
168,907 |
|
|
|
|
|
|
154,870 |
|
|
|
|
||||||
Federal Home Loan Bank stock |
|
|
11,407 |
|
|
|
|
|
|
12,557 |
|
|
|
|
|
|
10,250 |
|
|
|
|
||||||
Other assets |
|
|
1,851,196 |
|
|
|
|
|
|
1,569,995 |
|
|
|
|
|
|
1,241,651 |
|
|
|
|
||||||
Total assets |
|
$ |
20,223,714 |
|
|
|
|
|
$ |
17,755,674 |
|
|
|
|
|
$ |
13,375,654 |
|
|
|
|
||||||
Interest-bearing liabilities |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||
Deposits |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||
Savings and interest checking accounts |
|
$ |
6,255,843 |
|
$ |
598 |
|
0.04 |
% |
|
$ |
5,471,560 |
|
$ |
465 |
|
0.03 |
% |
|
$ |
4,109,747 |
|
$ |
423 |
|
0.04 |
% |
Money market |
|
|
3,608,793 |
|
|
559 |
|
0.06 |
% |
|
|
3,049,300 |
|
|
537 |
|
0.07 |
% |
|
|
2,288,030 |
|
|
521 |
|
0.09 |
% |
Time deposits |
|
|
1,466,651 |
|
|
950 |
|
0.26 |
% |
|
|
1,196,889 |
|
|
964 |
|
0.32 |
% |
|
|
906,613 |
|
|
1,767 |
|
0.79 |
% |
Total interest-bearing deposits |
|
$ |
11,331,287 |
|
$ |
2,107 |
|
0.08 |
% |
|
$ |
9,717,749 |
|
$ |
1,966 |
|
0.08 |
% |
|
$ |
7,304,390 |
|
$ |
2,711 |
|
0.15 |
% |
Borrowings |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||
Federal Home Loan Bank borrowings |
|
|
25,696 |
|
|
133 |
|
2.10 |
% |
|
|
63,428 |
|
|
353 |
|
2.21 |
% |
|
|
35,785 |
|
|
188 |
|
2.13 |
% |
Long-term borrowings |
|
|
9,063 |
|
|
31 |
|
1.39 |
% |
|
|
14,063 |
|
|
49 |
|
1.38 |
% |
|
|
28,247 |
|
|
111 |
|
1.59 |
% |
Junior subordinated debentures |
|
|
62,853 |
|
|
299 |
|
1.93 |
% |
|
|
62,853 |
|
|
405 |
|
2.56 |
% |
|
|
62,851 |
|
|
426 |
|
2.75 |
% |
Subordinated debentures |
|
|
49,800 |
|
|
617 |
|
5.02 |
% |
|
|
49,776 |
|
|
618 |
|
4.93 |
% |
|
|
49,705 |
|
|
617 |
|
5.03 |
% |
Total borrowings |
|
$ |
147,412 |
|
$ |
1,080 |
|
2.97 |
% |
|
$ |
190,120 |
|
$ |
1,425 |
|
2.97 |
% |
|
$ |
176,588 |
|
$ |
1,342 |
|
3.08 |
% |
Total interest-bearing liabilities |
|
$ |
11,478,699 |
|
$ |
3,187 |
|
0.11 |
% |
|
$ |
9,907,869 |
|
$ |
3,391 |
|
0.14 |
% |
|
$ |
7,480,978 |
|
$ |
4,053 |
|
0.22 |
% |
Noninterest-bearing demand deposits |
|
|
5,443,465 |
|
|
|
|
|
|
5,124,859 |
|
|
|
|
|
|
3,895,447 |
|
|
|
|
||||||
Other liabilities |
|
|
293,597 |
|
|
|
|
|
|
298,557 |
|
|
|
|
|
|
285,857 |
|
|
|
|
||||||
Total liabilities |
|
$ |
17,215,761 |
|
|
|
|
|
$ |
15,331,285 |
|
|
|
|
|
$ |
11,662,282 |
|
|
|
|
||||||
Stockholders' equity |
|
|
3,007,953 |
|
|
|
|
|
|
2,424,389 |
|
|
|
|
|
|
1,713,372 |
|
|
|
|
||||||
Total liabilities and stockholders' equity |
|
$ |
20,223,714 |
|
|
|
|
|
$ |
17,755,674 |
|
|
|
|
|
$ |
13,375,654 |
|
|
|
|
||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||
Net interest income |
|
|
|
$ |
138,400 |
|
|
|
|
|
$ |
123,182 |
|
|
|
|
|
$ |
95,813 |
|
|
||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||
Interest rate spread (2) |
|
|
|
|
|
3.05 |
% |
|
|
|
|
|
3.00 |
% |
|
|
|
|
|
3.16 |
% |
||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||
Net interest margin (3) |
|
|
|
|
|
3.09 |
% |
|
|
|
|
|
3.05 |
% |
|
|
|
|
|
3.25 |
% |
||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||
Supplemental Information |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||
Total deposits, including demand deposits |
|
$ |
16,774,752 |
|
$ |
2,107 |
|
|
|
$ |
14,842,608 |
|
$ |
1,966 |
|
|
|
$ |
11,199,837 |
|
$ |
2,711 |
|
|
|||
Cost of total deposits |
|
|
|
|
|
0.05 |
% |
|
|
|
|
|
0.05 |
% |
|
|
|
|
|
0.10 |
% |
||||||
Total funding liabilities, including demand deposits |
|
$ |
16,922,164 |
|
$ |
3,187 |
|
|
|
$ |
15,032,728 |
|
$ |
3,391 |
|
|
|
$ |
11,376,425 |
|
$ |
4,053 |
|
|
|||
Cost of total funding liabilities |
|
|
|
|
|
0.08 |
% |
|
|
|
|
|
0.09 |
% |
|
|
|
|
|
0.14 |
% |
||||||
(1) The total amount of adjustment to present interest income and yield on a fully tax-equivalent basis is $968,000, $652,000, and $229,000 for the three months ended March 31, 2022, December 31, 2021, and March 31, 2021, respectively, determined by applying the Company's marginal tax rates in effect during each respective quarter. |
|||||||||||||||||||||||||||
(2) Interest rate spread represents the difference between weighted average yield on interest-earning assets and the weighted average cost of interest-bearing liabilities. |
|||||||||||||||||||||||||||
(3) Net interest margin represents annualized net interest income as a percentage of average interest-earning assets. |
|||||||||||||||||||||||||||
APPENDIX A: NON-GAAP Reconciliation of Balance Sheet Metrics
(Unaudited, dollars in thousands, except per share data)
The following table summarizes the calculation of the Company's tangible common equity to tangible assets ratio, tangible book value per share, and loan and allowance metrics, exclusive of PPP loan balances at the dates indicated:
|
|
March 31
|
|
December 31
|
|
March 31
|
|
||||||
Tangible common equity |
|
(Dollars in thousands, except per share data) |
|
||||||||||
Stockholders' equity (GAAP) |
|
$ |
2,965,439 |
|
|
$ |
3,018,449 |
|
|
$ |
1,715,371 |
|
(a) |
Less: Goodwill and other intangibles |
|
|
1,015,831 |
|
|
|
1,017,844 |
|
|
|
527,895 |
|
|
Tangible common equity |
|
$ |
1,949,608 |
|
|
$ |
2,000,605 |
|
|
$ |
1,187,476 |
|
(b) |
Tangible assets |
|
|
|
|
|
|
|
||||||
Assets (GAAP) |
|
$ |
20,159,178 |
|
|
$ |
20,423,405 |
|
|
$ |
13,773,914 |
|
(c) |
Less: Goodwill and other intangibles |
|
|
1,015,831 |
|
|
|
1,017,844 |
|
|
|
527,895 |
|
|
Tangible assets |
|
$ |
19,143,347 |
|
|
$ |
19,405,561 |
|
|
$ |
13,246,019 |
|
(d) |
|
|
|
|
|
|
|
|
||||||
Common Shares |
|
|
47,377,125 |
|
|
|
47,349,778 |
|
|
|
33,024,882 |
|
(e) |
|
|
|
|
|
|
|
|
||||||
Common equity to assets ratio (GAAP) |
|
|
14.71 |
% |
|
|
14.78 |
% |
|
|
12.45 |
% |
(a/c) |
Tangible common equity to tangible assets ratio (Non-GAAP) |
|
|
10.18 |
% |
|
|
10.31 |
% |
|
|
8.96 |
% |
(b/d) |
Book value per share (GAAP) |
|
$ |
62.59 |
|
|
$ |
63.75 |
|
|
$ |
51.94 |
|
(a/e) |
Tangible book value per share (Non-GAAP) |
|
$ |
41.15 |
|
|
$ |
42.25 |
|
|
$ |
35.96 |
|
(b/e) |
|
|
|
|
|
|
|
|
||||||
APPENDIX B: Non-GAAP Reconciliation of Earnings Metrics
(Unaudited, dollars in thousands)
The following table summarizes the impact of noncore items on the Company's calculation of noninterest income and noninterest expense, the impact of noncore items on noninterest income as a percentage of total revenue and the efficiency ratio, as well as the average tangible common equity used to calculate return on average tangible common equity and operating return on tangible common equity for the periods indicated:
|
Three Months Ended |
|
||||||||||
|
March 31
|
|
December 31
|
|
March 31
|
|
||||||
Net interest income (GAAP) |
$ |
137,432 |
|
|
$ |
122,530 |
|
|
$ |
95,584 |
|
(a) |
|
|
|
|
|
|
|
||||||
Noninterest income (GAAP) |
$ |
26,272 |
|
|
$ |
29,180 |
|
|
$ |
25,246 |
|
(b) |
Noninterest income on an operating basis (Non-GAAP) |
$ |
26,272 |
|
|
$ |
29,180 |
|
|
$ |
25,246 |
|
(c) |
|
|
|
|
|
|
|
||||||
Noninterest expense (GAAP) |
$ |
95,500 |
|
|
$ |
117,126 |
|
|
$ |
69,682 |
|
(d) |
Less: |
|
|
|
|
|
|
||||||
Merger and acquisition expense |
|
7,100 |
|
|
|
37,166 |
|
|
|
— |
|
|
Noninterest expense on an operating basis (Non-GAAP) |
$ |
88,400 |
|
|
$ |
79,960 |
|
|
$ |
69,682 |
|
(e) |
|
|
|
|
|
|
|
||||||
Total revenue (GAAP) |
$ |
163,704 |
|
|
$ |
151,710 |
|
|
$ |
120,830 |
|
(a+b) |
Total operating revenue (Non-GAAP) |
$ |
163,704 |
|
|
$ |
151,710 |
|
|
$ |
120,830 |
|
(a+c) |
|
|
|
|
|
|
|
||||||
Net income (GAAP) |
$ |
53,097 |
|
|
$ |
1,702 |
|
|
$ |
41,711 |
|
(f) |
Operating net income (Non-GAAP) (See income statement for reconciliation of GAAP to Non-GAAP) |
$ |
58,202 |
|
|
$ |
65,707 |
|
|
$ |
41,711 |
|
(g) |
|
|
|
|
|
|
|
||||||
Average common equity (GAAP) |
$ |
3,007,953 |
|
|
$ |
2,424,389 |
|
|
$ |
1,713,372 |
|
|
Less: Average goodwill and other intangibles |
|
1,017,040 |
|
|
|
786,576 |
|
|
|
528,771 |
|
|
Tangible average tangible common equity |
$ |
1,990,913 |
|
|
$ |
1,637,813 |
|
|
$ |
1,184,601 |
|
(h) |
|
|
|
|
|
|
|
||||||
Ratios |
|
|
|
|
|
|
||||||
Noninterest income as a % of total revenue (GAAP) |
|
16.05 |
% |
|
|
19.23 |
% |
|
|
20.89 |
% |
(b/(a+b)) |
Noninterest income as a % of total revenue on an operating basis (Non-GAAP) |
|
16.05 |
% |
|
|
19.23 |
% |
|
|
20.89 |
% |
(c/(a+c)) |
Efficiency ratio (GAAP) |
|
58.34 |
% |
|
|
77.20 |
% |
|
|
57.67 |
% |
(d/(a+b)) |
Efficiency ratio on an operating basis (Non-GAAP) |
|
54.00 |
% |
|
|
52.71 |
% |
|
|
57.67 |
% |
(e/(a+c)) |
Return on average tangible common equity (Non-GAAP) |
|
10.82 |
% |
|
|
0.41 |
% |
|
|
14.28 |
% |
(f/h) |
Return on average tangible common equity on an operating basis (Non-GAAP) |
|
11.86 |
% |
|
|
15.92 |
% |
|
|
14.28 |
% |
(g/h) |
APPENDIX C: Net Interest Margin Analysis & Non-GAAP Reconciliation of Core Margin
|
Three Months Ended |
||||||||||||||||
|
March 31, 2022 |
|
December 31, 2021 |
||||||||||||||
|
Volume |
Interest |
Margin
|
|
Volume |
Interest |
Margin
|
||||||||||
|
(Dollars in thousands) |
||||||||||||||||
Reported total interest earning assets |
$ |
18,189,578 |
|
$ |
138,403 |
|
3.09 |
% |
|
$ |
16,004,215 |
|
$ |
123,589 |
|
3.05 |
% |
Core adjustments: |
|
|
|
|
|
|
|
||||||||||
PPP volume @ 1% |
|
(148,384 |
) |
|
(362 |
) |
|
|
|
(315,420 |
) |
|
(793 |
) |
|
||
PPP fee amortization |
|
|
(3,486 |
) |
|
|
|
|
(7,537 |
) |
|
||||||
Total PPP impact |
|
(148,384 |
) |
|
(3,848 |
) |
(0.07 |
)% |
|
|
(315,420 |
) |
|
(8,330 |
) |
(0.14 |
)% |
Acquisition related: |
|
|
|
|
|
|
|
||||||||||
Loan accretion |
|
|
(83 |
) |
|
|
|
|
(1,534 |
) |
|
||||||
CD fair market accretion |
|
|
(684 |
) |
|
|
|
|
(365 |
) |
|
||||||
|
|
|
(767 |
) |
(0.02 |
)% |
|
|
|
(1,899 |
) |
(0.05 |
)% |
||||
|
|
|
|
|
|
|
|
||||||||||
Nonaccrual interest |
|
|
310 |
|
0.01 |
% |
|
|
|
64 |
|
— |
% |
||||
|
|
|
|
|
|
|
|
||||||||||
Other noncore adjustments |
|
|
(773 |
) |
(0.01 |
)% |
|
|
|
(1,234 |
) |
(0.03 |
)% |
||||
|
|
|
|
|
|
|
|
||||||||||
Core margin (Non-GAAP) |
$ |
18,041,194 |
|
$ |
133,325 |
|
3.00 |
% |
|
$ |
15,688,795 |
|
$ |
112,190 |
|
2.83 |
% |
Основы бизнеса определяют производительность
РОКЛЕНД, МАССАЧУСЕТС. - (ДЕЛОВАЯ ТЕЛЕГРАММА) -Independent Bank Corp. (Nasdaq Global Select Market: INDB), материнская компания Rockland Trust Company, сегодня объявила о чистой прибыли за первый квартал 2022 года в размере 53,1 миллиона долларов, или 1,12 доллара на разводненную акцию, по сравнению с чистой прибылью в размере 1,7 миллиона долларов, или 0,04 доллара на разводненную акцию, о которой сообщалось за четвертый квартал 2021 года. Финансовые результаты за первый квартал 2022 года и четвертый квартал 2021 года включали расходы до налогообложения, связанные со слиянием, в размере 7,1 млн долларов США и 37,2 млн долларов США соответственно, связанные с приобретением Meridian Bancorp, Inc. ("Meridian") и его дочерней компании East Boston Savings Bank ("EBSB"). Без учета этих расходов, связанных со слиянием, в обоих кварталах, а также первоначального резерва на возможные потери по кредитам, зарегистрированным по приобретенным кредитам в четвертом квартале 2021 года, и соответствующих налоговых последствий операционная чистая прибыль составила 58,2 млн долларов, или 1,23 доллара на разводненную акцию, за первый квартал 2022 года по сравнению с операционной чистая прибыль за четвертый квартал 2021 года составила 65,7 млн долларов, или 1,63 доллара на разводненную акцию. Пожалуйста, обратитесь к разделу "Сверка чистой прибыли (GAAP) с операционной чистой прибылью (без учета GAAP)" ниже для сверки чистой прибыли с операционной чистой прибылью.
“В 2022 году нас ждет отличный старт. Мы очень довольны результатами всей нашей напряженной работы по интеграции East Boston Savings Bank и наслаждаемся налаживанием отношений с нашими новыми коллегами, клиентами и сообществами”, - сказал Кристофер Оддлейфсон, главный исполнительный директор Independent Bank Corp. и "Рокленд Траст Компани". “Мы продолжаем укреплять банк различными способами благодаря неустанной приверженности моих коллег воплощению в жизнь нашего видения Банка, в котором важны все отношения®. Я горжусь тем, что работаю бок о бок с каждым из них каждый день”.
Совокупные активы в размере 20,2 миллиарда долларов по состоянию на 31 марта 2022 года сократились на 264,2 миллиона долларов, или на 1,3%, по сравнению с предыдущим кварталом и увеличились на 6,4 миллиарда долларов, или на 46,4%, по сравнению с аналогичным периодом прошлого года, включая дополнительное влияние приобретения Meridian.
Общий объем кредитов на 31 марта 2022 года в размере 13,6 миллиарда долларов практически не изменился по сравнению с уровнем предыдущего квартала. Без учета чистых выплат в размере 116,6 млн. долларов США, связанных с Программой защиты зарплаты ("PPP"), кредитный портфель увеличился на 109,4 млн. долларов США, или на 3,3% в годовом исчислении, по сравнению с предыдущим кварталом. Органический рост кредитования был в основном обусловлен увеличением использования кредитных линий в коммерческом и промышленном портфеле, а также значительным увеличением портфеля жилой недвижимости, поскольку большая часть закрытых кредитов была сохранена на балансе. Частично эти факторы роста компенсировались продолжающимся сокращением приобретенного портфеля EBSB, что привело к сокращению остатков коммерческой недвижимости, в то время как сохраняющиеся низкие показатели использования и выбытия продолжают сводить на нет высокие объемы закрытия сделок с недвижимостью.
Остатки на депозитах в размере 16,8 млрд долларов США по состоянию на 31 марта 2022 года сократились на 153,7 млн долларов, или на 0,9%, по сравнению с предыдущим кварталом, что в основном связано с продолжающимся оттоком более дорогостоящих срочных депозитов. Общая стоимость депозитов за квартал осталась на уровне 0,05%. Основные депозиты составляли 85,8% от общего объема депозитов на 31 марта 2022 года, что немного больше по сравнению с 84,5% на 31 декабря 2021 года.
Портфель ценных бумаг увеличился на 196,9 млн долларов, или на 7,4%, по сравнению с предыдущим кварталом, что отражает продолжающуюся стратегию Компании по размещению части избыточных остатков денежных средств в инвестиционные ценные бумаги. Общий объем покупок за квартал составил 365,2 млн долларов, что было компенсировано нереализованным убытком в размере 81,6 млн долларов, связанным с портфелем, имеющимся в наличии для продажи, а также выплатами, обращениями и сроками погашения. Всего ценные бумаги составляют 14,2% от общего объема активов по состоянию на 31 марта 2022 года по сравнению с 13,0% на 31 декабря 2021 года
Общий объем заимствований сократился на 14,0 млн. долларов США, или на 9,2%, по сравнению с предыдущим кварталом, в основном из-за повторной выплаты возобновляемой кредитной линии.
Собственный капитал акционеров по состоянию на 31 марта 2022 года снизился на 1,8% по сравнению с предыдущим кварталом, поскольку сильному удержанию прибыли противостоял повышенный уровень нереализованных убытков по инвестиционным ценным бумагам, имеющимся в наличии для продажи, включенным в состав прочего совокупного дохода. В результате балансовая стоимость одной акции снизилась на 1,16 доллара, или на 1,8%, до 62,59 доллара в первом квартале по сравнению с предыдущим кварталом. Отношение обыкновенного капитала Компании к активам в размере 14,71% по состоянию на 31 марта 2022 года представляло собой снижение на 7 базисных пунктов по сравнению с предыдущим кварталом и увеличение на 226 базисных пунктов по сравнению с аналогичным периодом прошлого года. Материальная балансовая стоимость Компании на акцию по состоянию на 31 марта 2022 года снизилась на 1,10 доллара, или на 2,6%, по сравнению с предыдущим кварталом до 41,15 доллара, но представляет собой увеличение на 14,4% по сравнению с аналогичным периодом прошлого года, включая дополнительное влияние приобретения Meridian. Отношение материального обыкновенного капитала Компании к материальным активам в размере 10,18% по состоянию на 31 марта 2022 года представляет собой снижение на 13 базисных пунктов по сравнению с предыдущим кварталом и увеличение на 122 базисных пункта по сравнению с аналогичным периодом прошлого года. Пожалуйста, обратитесь к Приложению А для получения подробной сверки показателей, не относящихся к GAAP.
чистый процентный доход
Чистый процентный доход за первый квартал увеличился на 12,2% до 137,4 млн долларов США по сравнению с 122,5 млн долларов США за предыдущий квартал, что отражает, в первую очередь, влияние приобретения Meridian на весь квартал, частично компенсированное снижением признания комиссионных за ППС и увеличением кредита при учете покупок. Заявленная чистая процентная маржа увеличилась на 4 базисных пункта по сравнению с предыдущим кварталом до 3,09% и увеличилась на 17 базисных пунктов на базовой основе, если исключить комиссионные за ППС, учет покупок и другие разовые статьи. Пожалуйста, обратитесь к Приложению C для получения дополнительной информации о чистой процентной марже.
незаинтересованный доход
Непроцентный доход в размере 26,3 млн долларов США за первый квартал 2022 года составил 2,9 млн долларов, что на 10,0% меньше по сравнению с предыдущим кварталом. Существенные изменения в непроцентном доходе за первый квартал по сравнению с предыдущим кварталом включали следующее:
незаинтересованные расходы
Непроцентные расходы в размере 95,5 млн долларов США за первый квартал 2022 года составили 21,6 млн долларов, что на 18,5% меньше по сравнению с предыдущим кварталом. Существенные изменения в непроцентных расходах за первый квартал по сравнению с предыдущим кварталом включали следующее:
Компания обеспечила доходность средних активов и доходность среднего обыкновенного капитала в размере 1,06% и 7,16% соответственно за первый квартал 2022 года по сравнению с 0,04% и 0,28% соответственно за предыдущий квартал. На операционной основе средняя рентабельность активов и средняя рентабельность обыкновенного капитала составили 1,17% и 7,85% соответственно за первый квартал 2022 года по сравнению с 1,47% и 10,75% соответственно за предыдущий квартал.
Налоговая ставка Компании за первый квартал 2022 года составила 24,4%.
В течение первого квартала 2022 года Компания зафиксировала общие чистые списания в размере 404 000 долларов США, что составляет 0,01% от средних кредитов в годовом исчислении. Просроченные кредиты увеличились до 56,6 млн долларов, или 0,42% от общего объема кредитов на 31 марта 2022 года, по сравнению с 27,8 млн долларов, или 0,20% от общего объема кредитов, на 31 декабря 2021 года. Увеличение в первую очередь отражает переход в течение квартала в статус неаккредитованного по единственной синдицированной кредитной линии, которая находится в активном процессе разработки. Просроченная задолженность в процентах от общего объема кредитов снизилась на 5 базисных пунктов по сравнению с предыдущим кварталом до 0,29% по состоянию на 31 марта 2022 года.
Кроме того, общий объем кредитов, подлежащих отсрочке платежа, сократился до 304,5 млн долларов США, или 2,2% от общего объема кредитов, на 31 марта 2022 года по сравнению с 383,1 млн долларов США, или 2,8% от общего объема кредитов, на 31 декабря 2021 года. Все кредиты, подлежащие отсрочке платежа по состоянию на 31 марта 2022 года, были предоставлены в соответствии с измененными условиями.
Компания зафиксировала высвобождение кредитных резервов в размере 2,0 млн долларов США в течение первого квартала 2022 года, что отражает стабилизацию условий кредитного качества. Резерв на возможные потери по кредитам по общему объему кредитов на 31 марта 2022 года составил 144,5 млн долларов США, или 1,06% от общего объема кредитов, по сравнению с 146,9 млн долларов США, или 1,08% от общего объема кредитов, на 31 декабря 2021 года.
информация о конференц-звонке
Кристофер Оддлейфсон, Главный исполнительный директор, Роберт Коззоне, Главный операционный директор, и Марк Руджеро, финансовый директор, проведут телефонную конференцию, чтобы обсудить прибыль за первый квартал в 10:00 утра по восточному времени в пятницу, 22 апреля 2022 года. Доступ к Интернету для вызова доступен на веб-сайте Компании по адресу https://INDB .RocklandTrust.com или через телефонный доступ по набранному номеру 1-888-336-7153 ссылка: INDB. Повторный вызов будет доступен по телефону 1-877-344-7529, номер конференции Replay: 5499216 и будет доступен до 29 апреля 2022 года. Кроме того, повтор веб-трансляции будет доступен на веб-сайте Компании до 22 апреля 2023 года.
о Independent Bank Corp.
Independent Bank Corp. (NASDAQ Global Select Market: INDB) является холдинговой компанией Rockland Trust Company, коммерческого банка с полным спектром услуг со штаб-квартирой в Массачусетсе. Rockland Trust был включен в список Boston Globe "Лучшие места для работы" 2021 года, и эта честь присуждается уже 13-й год подряд. В 2021 году Rockland Trust второй год подряд занял первое место в списке лучших банков мира по версии Forbes в Массачусетсе. Rockland Trust имеет давнюю приверженность справедливости и инклюзивности. Эта приверженность подчеркивается такими инициативами, как Обучение лидерству в области разнообразия и инклюзивности, программа наставничества "Союз коллег" и многочисленные группы поддержки сотрудников, нацеленные на оказание поддержки коллегам и обучение, укрепление культуры взаимного уважения и содействие профессиональному развитию, а также спонсорство Rockland Trust различных общественных организаций посредством благотворительных пожертвований и основанных на сотрудниках добровольчество. Кроме того, Rockland Trust глубоко предан сообществам, которым он служит, что отражено в общей оценке "Выдающийся" в его последней оценке эффективности Закона о реинвестировании сообщества. Rockland Trust предлагает широкий спектр банковских, инвестиционных и страховых услуг. Банк обслуживает предприятия и частных лиц через более чем 120 розничных филиалов, центры коммерческого и жилищного кредитования, а также офисы по управлению инвестициями в восточном Массачусетсе, включая Большой Бостон, Норт-Шор, Саут-Шор, Кейп-Код и Айлендс, графство Вустер и Род-Айленд. Rockland Trust также предлагает полный набор услуг мобильного, онлайн- и телефонного банкинга. Rockland Trust является членом FDIC и Равноправным кредитором жилья. Чтобы узнать, почему Rockland Trust - это банк, "Где важны все отношения®", пожалуйста, посетите RocklandTrust.com .
Настоящий пресс-релиз содержит определенные “прогнозные заявления” по смыслу Закона о реформе судебных разбирательств по частным ценным бумагам 1995 года в отношении финансового состояния, результатов деятельности и бизнеса Компании. Эти заявления могут быть идентифицированы с помощью такой прогнозной терминологии, как “ожидать”, “достигать”, “планировать”, “верить”, “будущее”, “позиционируется”, “продолжение”, “будет”, “будет”, “потенциал” или аналогичные заявления или варианты таких терминов. Фактические результаты могут отличаться от тех, которые предусмотрены в этих прогнозных заявлениях.
Факторы, которые могут привести к тому, что фактические результаты будут существенно отличаться от тех, которые предусмотрены в таких прогнозных заявлениях, включают, но не ограничиваются ими:
Кроме того, вышеуказанные факторы могут усугубляться конечным воздействием пандемии COVID-19, которое в настоящее время остается неизвестным из-за факторов и будущих событий, которые являются неопределенными, непредсказуемыми и во многих случаях неподконтрольными Компании, включая масштабы, продолжительность и масштабы пандемии и любые дальнейшие вспышки, эффективность, доступность и общественное признание вакцин, бустеров или других методов лечения, действия, предпринятые государственными органами в ответ на пандемию, а также прямое и косвенное воздействие этих действий и пандемии в целом на сотрудников Компании, клиентов, бизнес и третьих сторон, с которыми Компания ведет бизнес.
Компания хотела бы предостеречь читателей от чрезмерного доверия к каким-либо прогнозным заявлениям, поскольку бизнес Компании и ее прогнозные заявления связаны со значительными известными и неизвестными рисками и неопределенностями, описанными в Годовом отчете Компании по форме 10-K и последующих квартальных отчетах по форме 10-Q (“Риск Факторы”). За исключением случаев, предусмотренных законом, Компания отказывается от каких-либо намерений или обязательств по публичному обновлению любых таких прогнозных заявлений, будь то в ответ на новую информацию, будущие события или иным образом. Любые публичные заявления или раскрытия информации Компанией после этого выпуска, которые изменяют или влияют на какие-либо прогнозные заявления, содержащиеся в этом выпуске, будут считаться изменяющими или заменяющими такие заявления в этом выпуске. В дополнение к информации, изложенной в этом пресс-релизе, вам следует тщательно рассмотреть Факторы риска.
Настоящий пресс-релиз содержит финансовую информацию, определенную иными методами, чем в соответствии с принципами бухгалтерского учета, общепринятыми в Соединенных Штатах Америки (“GAAP”). Эта информация включает в себя чистую операционную прибыль и операционную прибыль на акцию ("EPS"), среднюю операционную рентабельность активов, среднюю операционную рентабельность обыкновенного капитала, среднюю операционную рентабельность осязаемого обыкновенного капитала, базовую чистую процентную маржу ("базовая маржа"), реальную балансовую стоимость на акцию и коэффициент осязаемого обыкновенного капитала.
Операционная чистая прибыль, операционная прибыль на акцию, операционная рентабельность активов и операционная рентабельность обыкновенного капитала исключают статьи, которые, по мнению руководства, не связаны с основным банковским бизнесом Компании, такие как расходы на слияния и поглощения, резерв на возможные потери по приобретенным кредитным портфелям и другие статьи, если применимо. Руководство использует операционную чистую прибыль и соответствующие коэффициенты, а также операционную прибыль на акцию для оценки эффективности основного банковского бизнеса Компании и выявления тенденций, которые могут в некоторой степени быть скрыты такими статьями. Руководство анализирует свою базовую маржу, чтобы определить любые статьи, которые могут повлиять на чистую процентную маржу, которые могут быть одноразовыми по своему характеру или не отражать ее основные операционные условия, такие как чрезмерные остатки денежных средств, уникальные кредиты с низкой доходностью, выданные в рамках государственных программ в ответ на пандемию, или учет значительных покупок корректировки. Руководство считает, что корректировка этих статей для получения базовой маржи дает дополнительную информацию об операционной среде и о том, как управленческие решения влияют на чистую процентную маржу. Аналогичным образом, руководство пересматривает некоторые показатели по кредитам, такие как темпы роста и резервы в процентах от общего объема кредитов, скорректированные с учетом исключения кредитов, которые не считаются частью его основного портфеля, который включает кредиты, выданные в рамках спонсируемых правительством и гарантированных программ в ответ на пандемию, чтобы получить скорректированные цифры, более репрезентативные для основной рост портфеля и соотношение основных резервов к кредитам.
Руководство также дополняет свою оценку финансовых результатов анализом материальной балансовой стоимости на акцию (которая рассчитывается путем деления собственного капитала акционеров за вычетом гудвила и идентифицируемых нематериальных активов, или "материального обыкновенного капитала", на обыкновенные акции в обращении), коэффициента материального обыкновенного капитала (который рассчитывается путем деления материального обыкновенного капитала на "материальные активы", определяемые как совокупные активы за вычетом гудвила и других нематериальных активов), и доходность среднего материального обыкновенного капитала (которая рассчитывается путем деления чистой прибыли на средний материальный обыкновенный капитал). Компания включила информацию о реальной балансовой стоимости одной акции, коэффициенте реального обыкновенного капитала и средней доходности материального обыкновенного капитала, поскольку руководство считает, что инвесторам может быть полезно иметь доступ к тем же аналитическим инструментам, которые использует руководство. В результате деятельности по слияниям и поглощениям Компания признала гудвилл и другие нематериальные активы в соответствии с принципами учета объединения бизнеса. Исключение влияния гудвила и других нематериальных активов при оценке стоимости активов и капитала для приведенных коэффициентов, наряду с другими стандартными банковскими коэффициентами достаточности капитала, обеспечивает основу для сравнения достаточности капитала Компании с другими компаниями в сфере финансовых услуг.
Эти показатели, не относящиеся к GAAP, не следует рассматривать как замену операционных результатов и других финансовых показателей, определенных в соответствии с GAAP. Элемент, который руководство исключает при расчете этих показателей, не относящихся к GAAP, может иметь существенное значение для результатов Компании за любой конкретный квартал или год. Показатели эффективности Компании, не относящиеся к GAAP, включая операционную чистую прибыль, операционную прибыль на акцию, операционную рентабельность активов, операционную рентабельность обыкновенного капитала, базовую маржу, ощутимую балансовую стоимость на акцию и реальный коэффициент обыкновенного капитала, не обязательно сопоставимы с показателями эффективности, не относящимися к GAAP, которые могут быть представлены другие компании.
Категория: Отчеты о доходах
Independent Bank Corp. FINANCIAL SUMMARY |
|
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|||||||||||
CONSOLIDATED BALANCE SHEETS |
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|
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|
|||||||||||||
(Unaudited, dollars in thousands) |
|
|
|
|
|
|
% Change |
|
% Change |
||||||||
|
March 31
|
|
December 31
|
|
March 31
|
|
Mar 2022 vs. |
|
Mar 2022 vs. |
||||||||
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|
|
|
Dec 2021 |
|
Mar 2021 |
|||||||||||
Assets |
|
|
|
|
|
|
|
|
|
||||||||
Cash and due from banks |
$ |
173,779 |
|
|
$ |
141,581 |
|
|
$ |
126,651 |
|
|
22.74 |
% |
|
37.21 |
% |
Interest-earning deposits with banks |
|
1,666,580 |
|
|
|
2,099,103 |
|
|
|
1,642,688 |
|
|
(20.61 |
)% |
|
1.45 |
% |
Securities |
|
|
|
|
|
|
|
|
|
||||||||
Trading |
|
3,956 |
|
|
|
3,720 |
|
|
|
3,269 |
|
|
6.34 |
% |
|
21.02 |
% |
Equities |
|
22,611 |
|
|
|
23,173 |
|
|
|
22,419 |
|
|
(2.43 |
)% |
|
0.86 |
% |
Available for sale |
|
1,552,731 |
|
|
|
1,571,148 |
|
|
|
600,213 |
|
|
(1.17 |
)% |
|
158.70 |
% |
Held to maturity |
|
1,282,441 |
|
|
|
1,066,818 |
|
|
|
805,529 |
|
|
20.21 |
% |
|
59.20 |
% |
Total securities |
|
2,861,739 |
|
|
|
2,664,859 |
|
|
|
1,431,430 |
|
|
7.39 |
% |
|
99.92 |
% |
Loans held for sale |
|
6,144 |
|
|
|
24,679 |
|
|
|
41,632 |
|
|
(75.10 |
)% |
|
(85.24 |
)% |
Loans |
|
|
|
|
|
|
|
|
|
||||||||
Commercial and industrial |
|
1,566,192 |
|
|
|
1,563,279 |
|
|
|
2,086,671 |
|
|
0.19 |
% |
|
(24.94 |
)% |
Commercial real estate |
|
7,897,616 |
|
|
|
7,992,344 |
|
|
|
4,177,617 |
|
|
(1.19 |
)% |
|
89.05 |
% |
Commercial construction |
|
1,153,945 |
|
|
|
1,165,457 |
|
|
|
516,362 |
|
|
(0.99 |
)% |
|
123.48 |
% |
Small business |
|
200,405 |
|
|
|
193,189 |
|
|
|
174,211 |
|
|
3.74 |
% |
|
15.04 |
% |
Total commercial |
|
10,818,158 |
|
|
|
10,914,269 |
|
|
|
6,954,861 |
|
|
(0.88 |
)% |
|
55.55 |
% |
Residential real estate |
|
1,706,045 |
|
|
|
1,604,686 |
|
|
|
1,241,789 |
|
|
6.32 |
% |
|
37.39 |
% |
Home equity - first position |
|
577,881 |
|
|
|
589,550 |
|
|
|
610,907 |
|
|
(1.98 |
)% |
|
(5.41 |
)% |
Home equity - subordinate positions |
|
447,934 |
|
|
|
450,061 |
|
|
|
417,588 |
|
|
(0.47 |
)% |
|
7.27 |
% |
Total consumer real estate |
|
2,731,860 |
|
|
|
2,644,297 |
|
|
|
2,270,284 |
|
|
3.31 |
% |
|
20.33 |
% |
Other consumer |
|
30,009 |
|
|
|
28,720 |
|
|
|
21,546 |
|
|
4.49 |
% |
|
39.28 |
% |
Total loans |
|
13,580,027 |
|
|
|
13,587,286 |
|
|
|
9,246,691 |
|
|
(0.05 |
) % |
|
46.86 |
% |
Less: allowance for credit losses |
|
(144,518 |
) |
|
|
(146,922 |
) |
|
|
(107,549 |
) |
|
(1.64 |
)% |
|
34.37 |
% |
Net loans |
|
13,435,509 |
|
|
|
13,440,364 |
|
|
|
9,139,142 |
|
|
(0.04 |
)% |
|
47.01 |
% |
Federal Home Loan Bank stock |
|
11,407 |
|
|
|
11,407 |
|
|
|
10,250 |
|
|
— |
% |
|
11.29 |
% |
Bank premises and equipment, net |
|
199,106 |
|
|
|
195,590 |
|
|
|
115,945 |
|
|
1.80 |
% |
|
71.72 |
% |
Goodwill |
|
985,072 |
|
|
|
985,072 |
|
|
|
506,206 |
|
|
— |
% |
|
94.60 |
% |
Other intangible assets |
|
30,759 |
|
|
|
32,772 |
|
|
|
21,689 |
|
|
(6.14 |
)% |
|
41.82 |
% |
Cash surrender value of life insurance policies |
|
291,192 |
|
|
|
289,304 |
|
|
|
241,365 |
|
|
0.65 |
% |
|
20.64 |
% |
Other assets |
|
497,891 |
|
|
|
538,674 |
|
|
|
496,916 |
|
|
(7.57 |
)% |
|
0.20 |
% |
Total assets |
$ |
20,159,178 |
|
|
$ |
20,423,405 |
|
|
$ |
13,773,914 |
|
|
(1.29 |
)% |
|
46.36 |
% |
Liabilities and Stockholders' Equity |
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|
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|
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|
|
|
||||||||
Deposits |
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|
|
|
|
|
|
|
|
||||||||
Noninterest-bearing demand deposits |
$ |
5,537,156 |
|
|
$ |
5,479,503 |
|
|
$ |
4,136,259 |
|
|
1.05 |
% |
|
33.87 |
% |
Savings and interest checking accounts |
|
6,247,806 |
|
|
|
6,350,016 |
|
|
|
4,242,235 |
|
|
(1.61 |
)% |
|
47.28 |
% |
Money market |
|
3,579,820 |
|
|
|
3,556,375 |
|
|
|
2,346,985 |
|
|
0.66 |
% |
|
52.53 |
% |
Time certificates of deposit |
|
1,398,610 |
|
|
|
1,531,150 |
|
|
|
868,045 |
|
|
(8.66 |
)% |
|
61.12 |
% |
Total deposits |
|
16,763,392 |
|
|
|
16,917,044 |
|
|
|
11,593,524 |
|
|
(0.91 |
)% |
|
44.59 |
% |
Borrowings |
|
|
|
|
|
|
|
|
|
||||||||
Federal Home Loan Bank borrowings |
|
25,660 |
|
|
|
25,667 |
|
|
|
35,717 |
|
|
(0.03 |
)% |
|
(28.16 |
)% |
Long-term borrowings, net |
|
— |
|
|
|
14,063 |
|
|
|
28,099 |
|
|
(100.00 |
)% |
|
(100.00 |
)% |
Junior subordinated debentures, net |
|
62,854 |
|
|
|
62,853 |
|
|
|
62,851 |
|
|
— |
% |
|
— |
% |
Subordinated debentures, net |
|
49,814 |
|
|
|
49,791 |
|
|
|
49,720 |
|
|
0.05 |
% |
|
0.19 |
% |
Total borrowings |
|
138,328 |
|
|
|
152,374 |
|
|
|
176,387 |
|
|
(9.22 |
)% |
|
(21.58 |
)% |
Total deposits and borrowings |
|
16,901,720 |
|
|
|
17,069,418 |
|
|
|
11,769,911 |
|
|
(0.98 |
)% |
|
43.60 |
% |
Other liabilities |
|
292,019 |
|
|
|
335,538 |
|
|
|
288,632 |
|
|
(12.97 |
)% |
|
1.17 |
% |
Total liabilities |
|
17,193,739 |
|
|
|
17,404,956 |
|
|
|
12,058,543 |
|
|
(1.21 |
)% |
|
42.59 |
% |
Stockholders' equity |
|
|
|
|
|
|
|
|
|
||||||||
Common stock |
|
472 |
|
|
|
472 |
|
|
|
329 |
|
|
— |
% |
|
43.47 |
% |
Additional paid in capital |
|
2,247,518 |
|
|
|
2,249,078 |
|
|
|
946,002 |
|
|
(0.07 |
)% |
|
137.58 |
% |
Retained earnings |
|
795,651 |
|
|
|
766,716 |
|
|
|
741,883 |
|
|
3.77 |
% |
|
7.25 |
% |
Accumulated other comprehensive income/(loss), net of tax |
|
(78,202 |
) |
|
|
2,183 |
|
|
|
27,157 |
|
|
(3,682.32 |
)% |
|
(387.96 |
)% |
Total stockholders' equity |
|
2,965,439 |
|
|
|
3,018,449 |
|
|
|
1,715,371 |
|
|
(1.76 |
)% |
|
72.87 |
% |
Total liabilities and stockholders' equity |
$ |
20,159,178 |
|
|
$ |
20,423,405 |
|
|
$ |
13,773,914 |
|
|
(1.29 |
)% |
|
46.36 |
% |
CONSOLIDATED STATEMENTS OF INCOME |
|
|
|
|
|
||||||||||||
(Unaudited, dollars in thousands, except per share data) |
|
|
|
|
|
||||||||||||
|
Three Months Ended |
|
|
|
|
||||||||||||
|
|
|
|
|
|
|
% Change |
|
% Change |
||||||||
|
March 31
|
|
December 31
|
|
March 31
|
|
Mar 2022 vs. |
|
Mar 2022 vs. |
||||||||
|
|
|
|
Dec 2021 |
|
Mar 2021 |
|||||||||||
Interest income |
|
|
|
|
|
|
|
|
|
||||||||
Interest on federal funds sold and short-term investments |
$ |
886 |
|
|
$ |
840 |
|
|
$ |
326 |
|
|
5.48 |
% |
|
171.78 |
% |
Interest and dividends on securities |
|
10,044 |
|
|
|
8,876 |
|
|
|
6,632 |
|
|
13.16 |
% |
|
51.45 |
% |
Interest and fees on loans |
|
129,625 |
|
|
|
116,024 |
|
|
|
92,383 |
|
|
11.72 |
% |
|
40.31 |
% |
Interest on loans held for sale |
|
64 |
|
|
|
181 |
|
|
|
296 |
|
|
(64.64 |
)% |
|
(78.38 |
)% |
Total interest income |
|
140,619 |
|
|
|
125,921 |
|
|
|
99,637 |
|
|
11.67 |
% |
|
41.13 |
% |
Interest expense |
|
|
|
|
|
|
|
|
|
||||||||
Interest on deposits |
|
2,107 |
|
|
|
1,966 |
|
|
|
2,711 |
|
|
7.17 |
% |
|
(22.28 |
)% |
Interest on borrowings |
|
1,080 |
|
|
|
1,425 |
|
|
|
1,342 |
|
|
(24.21 |
)% |
|
(19.52 |
)% |
Total interest expense |
|
3,187 |
|
|
|
3,391 |
|
|
|
4,053 |
|
|
(6.02 |
)% |
|
(21.37 |
)% |
Net interest income |
|
137,432 |
|
|
|
122,530 |
|
|
|
95,584 |
|
|
12.16 |
% |
|
43.78 |
% |
Provision for credit losses |
|
(2,000 |
) |
|
|
35,705 |
|
|
|
(2,500 |
) |
|
(105.60 |
)% |
|
(20.00 |
)% |
Net interest income after provision for credit losses |
|
139,432 |
|
|
|
86,825 |
|
|
|
98,084 |
|
|
60.59 |
% |
|
42.16 |
% |
Noninterest income |
|
|
|
|
|
|
|
|
|
||||||||
Deposit account fees |
|
5,493 |
|
|
|
5,041 |
|
|
|
3,584 |
|
|
8.97 |
% |
|
53.26 |
% |
Interchange and ATM fees |
|
3,609 |
|
|
|
3,758 |
|
|
|
2,720 |
|
|
(3.96 |
)% |
|
32.68 |
% |
Investment management |
|
8,673 |
|
|
|
8,958 |
|
|
|
8,304 |
|
|
(3.18 |
)% |
|
4.44 |
% |
Mortgage banking income |
|
1,362 |
|
|
|
2,010 |
|
|
|
5,740 |
|
|
(32.24 |
)% |
|
(76.27 |
)% |
Increase in cash surrender value of life insurance policies |
|
1,795 |
|
|
|
1,923 |
|
|
|
1,323 |
|
|
(6.66 |
)% |
|
35.68 |
% |
Gain on life insurance benefits |
|
— |
|
|
|
— |
|
|
|
258 |
|
|
n/a |
|
|
(100.00 |
)% |
Loan level derivative income |
|
604 |
|
|
|
2,382 |
|
|
|
173 |
|
|
(74.64 |
)% |
|
249.13 |
% |
Other noninterest income |
|
4,736 |
|
|
|
5,108 |
|
|
|
3,144 |
|
|
(7.28 |
)% |
|
50.64 |
% |
Total noninterest income |
|
26,272 |
|
|
|
29,180 |
|
|
|
25,246 |
|
|
(9.97 |
)% |
|
4.06 |
% |
Noninterest expenses |
|
|
|
|
|
|
|
|
|
||||||||
Salaries and employee benefits |
|
48,711 |
|
|
|
47,827 |
|
|
|
39,889 |
|
|
1.85 |
% |
|
22.12 |
% |
Occupancy and equipment expenses |
|
13,302 |
|
|
|
9,722 |
|
|
|
9,273 |
|
|
36.82 |
% |
|
43.45 |
% |
Data processing and facilities management |
|
2,372 |
|
|
|
1,875 |
|
|
|
1,665 |
|
|
26.51 |
% |
|
42.46 |
% |
FDIC assessment |
|
1,805 |
|
|
|
1,175 |
|
|
|
1,050 |
|
|
53.62 |
% |
|
71.90 |
% |
Merger and acquisition expense |
|
7,100 |
|
|
|
37,166 |
|
|
|
— |
|
|
(80.90 |
)% |
|
100.00 |
% |
Other noninterest expenses |
|
22,210 |
|
|
|
19,361 |
|
|
|
17,805 |
|
|
14.72 |
% |
|
24.74 |
% |
Total noninterest expenses |
|
95,500 |
|
|
|
117,126 |
|
|
|
69,682 |
|
|
(18.46 |
)% |
|
37.05 |
% |
Income (loss) before income taxes |
|
70,204 |
|
|
|
(1,121 |
) |
|
|
53,648 |
|
|
(6,362.62 |
)% |
|
30.86 |
% |
Provision (benefit) for income taxes |
|
17,107 |
|
|
|
(2,823 |
) |
|
|
11,937 |
|
|
(705.99 |
)% |
|
43.31 |
% |
Net Income |
$ |
53,097 |
|
|
$ |
1,702 |
|
|
$ |
41,711 |
|
|
3,019.68 |
% |
|
27.30 |
% |
|
|
|
|
|
|
|
|
|
|
||||||||
Weighted average common shares (basic) |
|
47,366,753 |
|
|
|
40,354,728 |
|
|
|
32,995,332 |
|
|
|
|
|
||
Common share equivalents |
|
20,711 |
|
|
|
20,438 |
|
|
|
30,098 |
|
|
|
|
|
||
Weighted average common shares (diluted) |
|
47,387,464 |
|
|
|
40,375,166 |
|
|
|
33,025,430 |
|
|
|
|
|
||
|
|
|
|
|
|
|
|
|
|
||||||||
Basic earnings per share |
$ |
1.12 |
|
|
$ |
0.04 |
|
|
$ |
1.26 |
|
|
2,700.00 |
% |
|
(11.11 |
)% |
Diluted earnings per share |
$ |
1.12 |
|
|
$ |
0.04 |
|
|
$ |
1.26 |
|
|
2,700.00 |
% |
|
(11.11 |
)% |
|
|
|
|
|
|
|
|
|
|
||||||||
Reconciliation of Net Income (GAAP) to Operating Net Income (Non-GAAP): |
|
|
|
|
|
|
|||||||||||
Net income |
$ |
53,097 |
|
|
$ |
1,702 |
|
|
$ |
41,711 |
|
|
|
|
|
||
Provision for non-PCD acquired loans |
|
— |
|
|
|
50,705 |
|
|
|
— |
|
|
|
|
|
||
Noninterest expense components |
|
|
|
|
|
|
|
|
|
||||||||
Add - merger and acquisition expenses |
|
7,100 |
|
|
|
37,166 |
|
|
|
— |
|
|
|
|
|
||
Noncore increases to income before taxes |
|
7,100 |
|
|
|
87,871 |
|
|
|
— |
|
|
|
|
|
||
Net tax benefit associated with noncore items (1) |
|
(1,995 |
) |
|
|
(23,866 |
) |
|
|
— |
|
|
|
|
|
||
Noncore increases to net income |
|
5,105 |
|
|
|
64,005 |
|
|
|
— |
|
|
|
|
|
||
Operating net income (Non-GAAP) |
$ |
58,202 |
|
|
$ |
65,707 |
|
|
$ |
41,711 |
|
|
(11.42 |
)% |
|
39.54 |
% |
|
|
|
|
|
|
|
|
|
|
||||||||
Diluted earnings per share, on an operating basis |
$ |
1.23 |
|
|
$ |
1.63 |
|
|
$ |
1.26 |
|
|
(24.54 |
)% |
|
(2.38 |
)% |
|
|
|
|
|
|
|
|
|
|
||||||||
(1) The net tax benefit associated with noncore items is determined by assessing whether each noncore item is included or excluded from net taxable income and applying the Company's combined marginal tax rate to only those items included in net taxable income. |
|||||||||||||||||
|
|
|
|
|
|
|
|
|
|
||||||||
Performance ratios |
|
|
|
|
|
|
|
|
|
||||||||
Net interest margin (FTE) |
|
3.09 |
% |
|
|
3.05 |
% |
|
|
3.25 |
% |
|
|
|
|
||
Return on average assets (GAAP) (calculated by dividing net income by average assets) |
|
1.06 |
% |
|
|
0.04 |
% |
|
|
1.26 |
% |
|
|
|
|
||
Return on average assets on an operating basis (Non-GAAP) (calculated by dividing net operating net income by average assets) |
|
1.17 |
% |
|
|
1.47 |
% |
|
|
1.26 |
% |
|
|
|
|
||
Return on average common equity (GAAP) (calculated by dividing net income by average common equity) |
|
7.16 |
% |
|
|
0.28 |
% |
|
|
9.87 |
% |
|
|
|
|
||
Return on average common equity on an operating basis (Non-GAAP) (calculated by dividing net operating net income by average common equity) |
|
7.85 |
% |
|
|
10.75 |
% |
|
|
9.87 |
% |
|
|
|
|
||
Noninterest income as a % of total revenue (calculated by dividing total noninterest income by net interest income plus total noninterest income) |
|
16.05 |
% |
|
|
19.23 |
% |
|
|
20.89 |
% |
|
|
|
|
||
Noninterest income as a % of total revenue on an operating basis (Non-GAAP) (calculated by dividing total noninterest income on an operating basis by net interest income plus total noninterest income) |
|
16.05 |
% |
|
|
19.23 |
% |
|
|
20.89 |
% |
|
|
|
|
||
Efficiency ratio (GAAP) (calculated by dividing total noninterest expense by total revenue) |
|
58.34 |
% |
|
|
77.20 |
% |
|
|
57.67 |
% |
|
|
|
|
||
Efficiency ratio on an operating basis (Non-GAAP) (calculated by dividing total noninterest expense on an operating basis by total revenue) |
|
54.00 |
% |
|
|
52.71 |
% |
|
|
57.67 |
% |
|
|
|
|
||
Return on average tangible common equity (Non-GAAP) (calculated by dividing net income by average tangible common equity) |
|
10.82 |
% |
|
|
0.41 |
% |
|
|
14.28 |
% |
|
|
|
|
||
Return on average tangible common equity on an operating basis (Non-GAAP) (calculated by dividing net operating net income by average tangible common equity) |
|
11.86 |
% |
|
|
15.92 |
% |
|
|
14.28 |
% |
|
|
|
|
||
ASSET QUALITY |
|
|
||||||||||
(Unaudited, dollars in thousands) |
|
Nonperforming Assets At |
||||||||||
|
|
March 31
|
|
December 31
|
|
March 31
|
||||||
Nonperforming loans |
|
|
|
|
|
|
||||||
Commercial & industrial loans |
|
$ |
3,517 |
|
|
$ |
3,439 |
|
|
$ |
29,785 |
|
Commercial real estate loans |
|
|
40,470 |
|
|
|
10,870 |
|
|
|
9,635 |
|
Small business loans |
|
|
20 |
|
|
|
44 |
|
|
|
660 |
|
Residential real estate loans |
|
|
8,457 |
|
|
|
9,182 |
|
|
|
13,392 |
|
Home equity |
|
|
3,761 |
|
|
|
3,781 |
|
|
|
5,592 |
|
Other consumer |
|
|
393 |
|
|
|
504 |
|
|
|
137 |
|
Total nonperforming loans |
|
|
56,618 |
|
|
|
27,820 |
|
|
|
59,201 |
|
Total nonperforming assets |
|
$ |
56,618 |
|
|
$ |
27,820 |
|
|
$ |
59,201 |
|
|
|
|
|
|
|
|
||||||
Nonperforming loans/gross loans |
|
|
0.42 |
% |
|
|
0.20 |
% |
|
|
0.64 |
% |
Nonperforming assets/total assets |
|
|
0.28 |
% |
|
|
0.14 |
% |
|
|
0.43 |
% |
Allowance for credit losses/nonperforming loans |
|
|
255.25 |
% |
|
|
528.12 |
% |
|
|
181.67 |
% |
Allowance for credit losses/total loans |
|
|
1.06 |
% |
|
|
1.08 |
% |
|
|
1.16 |
% |
Delinquent loans/total loans |
|
|
0.29 |
% |
|
|
0.34 |
% |
|
|
0.12 |
% |
|
|
|
|
|
|
|
||||||
|
|
Nonperforming Assets Reconciliation for the Three Months Ended |
||||||||||
|
|
March 31
|
|
December 31
|
|
March 31
|
||||||
|
|
|
|
|
|
|
||||||
Nonperforming assets beginning balance |
|
$ |
27,820 |
|
|
$ |
45,810 |
|
|
$ |
66,861 |
|
New to nonperforming |
|
|
33,754 |
|
|
|
3,875 |
|
|
|
2,359 |
|
Acquired loans |
|
|
— |
|
|
|
4,463 |
|
|
|
— |
|
Loans charged-off |
|
|
(706 |
) |
|
|
(445 |
) |
|
|
(3,686 |
) |
Loans paid-off /sold |
|
|
(1,485 |
) |
|
|
(21,162 |
) |
|
|
(4,025 |
) |
Loans restored to performing status |
|
|
(2,702 |
) |
|
|
(4,925 |
) |
|
|
(2,559 |
) |
Other |
|
|
(63 |
) |
|
|
204 |
|
|
|
251 |
|
Nonperforming assets ending balance |
|
$ |
56,618 |
|
|
$ |
27,820 |
|
|
$ |
59,201 |
|
|
|
Net Charge-Offs (Recoveries) |
||||||||||
|
|
Three Months Ended |
||||||||||
|
|
March 31
|
|
December 31
|
|
March 31
|
||||||
Net charge-offs (recoveries) |
|
|
|
|
|
|
||||||
Commercial and industrial loans |
|
$ |
(13 |
) |
|
$ |
(2,586 |
) |
|
$ |
3,267 |
|
Commercial real estate loans |
|
|
(3 |
) |
|
|
— |
|
|
|
(57 |
) |
Small business loans |
|
|
22 |
|
|
|
2 |
|
|
|
55 |
|
Residential real estate loans |
|
|
— |
|
|
|
— |
|
|
|
(1 |
) |
Home equity |
|
|
(2 |
) |
|
|
(142 |
) |
|
|
(13 |
) |
Other consumer |
|
|
400 |
|
|
|
295 |
|
|
|
92 |
|
Total net (recoveries) charge-offs |
|
$ |
404 |
|
|
$ |
(2,431 |
) |
|
$ |
3,343 |
|
|
|
|
|
|
|
|
||||||
Net charge-offs (recoveries) to average loans (annualized) |
|
|
0.01 |
% |
|
|
(0.09 |
) % |
|
|
0.15 |
% |
|
|
Troubled Debt Restructurings At |
||||||||||
|
|
March 31
|
|
December 31
|
|
March 31
|
||||||
Troubled debt restructurings on accrual status |
|
$ |
13,288 |
|
|
$ |
14,635 |
|
|
$ |
20,262 |
|
Troubled debt restructurings on nonaccrual status |
|
|
1,972 |
|
|
|
1,993 |
|
|
|
21,167 |
|
Total troubled debt restructurings |
|
$ |
15,260 |
|
|
$ |
16,628 |
|
|
$ |
41,429 |
|
|
|
|
|
|
|
|
||||||
BALANCE SHEET AND CAPITAL RATIOS |
|
|
|
|
|
|
||||||
|
|
March 31
|
|
December 31
|
|
March 31
|
||||||
Gross loans/total deposits |
|
|
81.01 |
% |
|
|
80.32 |
% |
|
|
79.76 |
% |
Common equity tier 1 capital ratio (1) |
|
|
14.46 |
% |
|
|
14.22 |
% |
|
|
13.16 |
% |
Tier 1 leverage capital ratio (1) |
|
|
10.62 |
% |
|
|
12.38 |
% |
|
|
9.63 |
% |
Common equity to assets ratio GAAP |
|
|
14.71 |
% |
|
|
14.78 |
% |
|
|
12.45 |
% |
Tangible common equity to tangible assets ratio (2) |
|
|
10.18 |
% |
|
|
10.31 |
% |
|
|
8.96 |
% |
Book value per share GAAP |
|
$ |
62.59 |
|
|
$ |
63.75 |
|
|
$ |
51.94 |
|
Tangible book value per share (2) |
|
$ |
41.15 |
|
|
$ |
42.25 |
|
|
$ |
35.96 |
|
(1) Estimated number for March 31, 2022. |
||||||||||||
(2) See Appendix A for detailed reconciliation from GAAP to Non-GAAP ratios. |
||||||||||||
Independent Bank Corp. SUPPLEMENTAL FINANCIAL INFORMATION |
|||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||
(Unaudited, dollars in thousands) |
|
Three Months Ended |
|||||||||||||||||||||||||
|
|
March 31, 2022 |
|
December 31, 2021 |
|
March 31, 2021 |
|||||||||||||||||||||
|
|
|
|
Interest |
|
|
|
|
Interest |
|
|
|
|
Interest |
|
|
|||||||||||
|
|
Average |
|
Earned/ |
Yield/ |
|
Average |
|
Earned/ |
Yield/ |
|
Average |
|
Earned/ |
|
Yield/ |
|||||||||||
|
|
Balance |
|
Paid (1) |
|
Rate |
|
Balance |
|
Paid (1) |
|
Rate |
|
Balance |
|
Paid (1) |
|
Rate |
|||||||||
Interest-earning assets |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||
Interest-earning deposits with banks, federal funds sold, and short term investments |
|
$ |
1,906,164 |
|
$ |
886 |
|
0.19 |
% |
|
$ |
2,107,325 |
|
$ |
840 |
|
0.16 |
% |
|
$ |
1,321,430 |
|
$ |
326 |
|
0.10 |
% |
Securities |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||
Securities - trading |
|
|
3,732 |
|
|
— |
|
— |
% |
|
|
3,572 |
|
|
— |
|
— |
% |
|
|
2,939 |
|
|
— |
|
— |
% |
Securities - taxable investments |
|
|
2,726,281 |
|
|
10,043 |
|
1.49 |
% |
|
|
2,520,248 |
|
|
8,874 |
|
1.40 |
% |
|
|
1,250,451 |
|
|
6,627 |
|
2.15 |
% |
Securities - nontaxable investments (1) |
|
|
201 |
|
|
1 |
|
2.02 |
% |
|
|
216 |
|
|
3 |
|
5.51 |
% |
|
|
642 |
|
|
6 |
|
3.79 |
% |
Total securities |
|
$ |
2,730,214 |
|
$ |
10,044 |
|
1.49 |
% |
|
$ |
2,524,036 |
|
$ |
8,877 |
|
1.40 |
% |
|
$ |
1,254,032 |
|
$ |
6,633 |
|
2.15 |
% |
Loans held for sale |
|
|
9,475 |
|
|
64 |
|
2.74 |
% |
|
|
28,428 |
|
|
181 |
|
2.53 |
% |
|
|
49,652 |
|
|
296 |
|
2.42 |
% |
Loans |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||
Commercial and industrial (1) |
|
|
1,535,619 |
|
|
17,031 |
|
4.50 |
% |
|
|
1,603,776 |
|
|
21,046 |
|
5.21 |
% |
|
|
2,115,069 |
|
|
23,046 |
|
4.42 |
% |
Commercial real estate (1) |
|
|
7,911,349 |
|
|
76,030 |
|
3.90 |
% |
|
|
6,207,248 |
|
|
62,531 |
|
4.00 |
% |
|
|
4,156,012 |
|
|
40,376 |
|
3.94 |
% |
Commercial construction |
|
|
1,190,659 |
|
|
12,268 |
|
4.18 |
% |
|
|
884,243 |
|
|
9,720 |
|
4.36 |
% |
|
|
555,153 |
|
|
5,283 |
|
3.86 |
% |
Small business |
|
|
194,819 |
|
|
2,416 |
|
5.03 |
% |
|
|
186,939 |
|
|
2,352 |
|
4.99 |
% |
|
|
174,320 |
|
|
2,281 |
|
5.31 |
% |
Total commercial |
|
|
10,832,446 |
|
|
107,745 |
|
4.03 |
% |
|
|
8,882,206 |
|
|
95,649 |
|
4.27 |
% |
|
|
7,000,554 |
|
|
70,986 |
|
4.11 |
% |
Residential real estate |
|
|
1,649,157 |
|
|
13,697 |
|
3.37 |
% |
|
|
1,415,488 |
|
|
11,830 |
|
3.32 |
% |
|
|
1,271,283 |
|
|
12,436 |
|
3.97 |
% |
Home equity |
|
|
1,032,308 |
|
|
8,662 |
|
3.40 |
% |
|
|
1,021,354 |
|
|
8,769 |
|
3.41 |
% |
|
|
1,050,234 |
|
|
8,757 |
|
3.38 |
% |
Total consumer real estate |
|
|
2,681,465 |
|
|
22,359 |
|
3.38 |
% |
|
|
2,436,842 |
|
|
20,599 |
|
3.35 |
% |
|
|
2,321,517 |
|
|
21,193 |
|
3.70 |
% |
Other consumer |
|
|
29,814 |
|
|
489 |
|
6.65 |
% |
|
|
25,378 |
|
|
427 |
|
6.68 |
% |
|
|
21,698 |
|
|
432 |
|
8.07 |
% |
Total loans |
|
$ |
13,543,725 |
|
$ |
130,593 |
|
3.91 |
% |
|
$ |
11,344,426 |
|
$ |
116,675 |
|
4.08 |
% |
|
$ |
9,343,769 |
|
$ |
92,611 |
|
4.02 |
% |
Total interest-earning assets |
|
$ |
18,189,578 |
|
$ |
141,587 |
|
3.16 |
% |
|
$ |
16,004,215 |
|
$ |
126,573 |
|
3.14 |
% |
|
$ |
11,968,883 |
|
$ |
99,866 |
|
3.38 |
% |
Cash and due from banks |
|
|
171,533 |
|
|
|
|
|
|
168,907 |
|
|
|
|
|
|
154,870 |
|
|
|
|
||||||
Federal Home Loan Bank stock |
|
|
11,407 |
|
|
|
|
|
|
12,557 |
|
|
|
|
|
|
10,250 |
|
|
|
|
||||||
Other assets |
|
|
1,851,196 |
|
|
|
|
|
|
1,569,995 |
|
|
|
|
|
|
1,241,651 |
|
|
|
|
||||||
Total assets |
|
$ |
20,223,714 |
|
|
|
|
|
$ |
17,755,674 |
|
|
|
|
|
$ |
13,375,654 |
|
|
|
|
||||||
Interest-bearing liabilities |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||
Deposits |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||
Savings and interest checking accounts |
|
$ |
6,255,843 |
|
$ |
598 |
|
0.04 |
% |
|
$ |
5,471,560 |
|
$ |
465 |
|
0.03 |
% |
|
$ |
4,109,747 |
|
$ |
423 |
|
0.04 |
% |
Money market |
|
|
3,608,793 |
|
|
559 |
|
0.06 |
% |
|
|
3,049,300 |
|
|
537 |
|
0.07 |
% |
|
|
2,288,030 |
|
|
521 |
|
0.09 |
% |
Time deposits |
|
|
1,466,651 |
|
|
950 |
|
0.26 |
% |
|
|
1,196,889 |
|
|
964 |
|
0.32 |
% |
|
|
906,613 |
|
|
1,767 |
|
0.79 |
% |
Total interest-bearing deposits |
|
$ |
11,331,287 |
|
$ |
2,107 |
|
0.08 |
% |
|
$ |
9,717,749 |
|
$ |
1,966 |
|
0.08 |
% |
|
$ |
7,304,390 |
|
$ |
2,711 |
|
0.15 |
% |
Borrowings |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||
Federal Home Loan Bank borrowings |
|
|
25,696 |
|
|
133 |
|
2.10 |
% |
|
|
63,428 |
|
|
353 |
|
2.21 |
% |
|
|
35,785 |
|
|
188 |
|
2.13 |
% |
Long-term borrowings |
|
|
9,063 |
|
|
31 |
|
1.39 |
% |
|
|
14,063 |
|
|
49 |
|
1.38 |
% |
|
|
28,247 |
|
|
111 |
|
1.59 |
% |
Junior subordinated debentures |
|
|
62,853 |
|
|
299 |
|
1.93 |
% |
|
|
62,853 |
|
|
405 |
|
2.56 |
% |
|
|
62,851 |
|
|
426 |
|
2.75 |
% |
Subordinated debentures |
|
|
49,800 |
|
|
617 |
|
5.02 |
% |
|
|
49,776 |
|
|
618 |
|
4.93 |
% |
|
|
49,705 |
|
|
617 |
|
5.03 |
% |
Total borrowings |
|
$ |
147,412 |
|
$ |
1,080 |
|
2.97 |
% |
|
$ |
190,120 |
|
$ |
1,425 |
|
2.97 |
% |
|
$ |
176,588 |
|
$ |
1,342 |
|
3.08 |
% |
Total interest-bearing liabilities |
|
$ |
11,478,699 |
|
$ |
3,187 |
|
0.11 |
% |
|
$ |
9,907,869 |
|
$ |
3,391 |
|
0.14 |
% |
|
$ |
7,480,978 |
|
$ |
4,053 |
|
0.22 |
% |
Noninterest-bearing demand deposits |
|
|
5,443,465 |
|
|
|
|
|
|
5,124,859 |
|
|
|
|
|
|
3,895,447 |
|
|
|
|
||||||
Other liabilities |
|
|
293,597 |
|
|
|
|
|
|
298,557 |
|
|
|
|
|
|
285,857 |
|
|
|
|
||||||
Total liabilities |
|
$ |
17,215,761 |
|
|
|
|
|
$ |
15,331,285 |
|
|
|
|
|
$ |
11,662,282 |
|
|
|
|
||||||
Stockholders' equity |
|
|
3,007,953 |
|
|
|
|
|
|
2,424,389 |
|
|
|
|
|
|
1,713,372 |
|
|
|
|
||||||
Total liabilities and stockholders' equity |
|
$ |
20,223,714 |
|
|
|
|
|
$ |
17,755,674 |
|
|
|
|
|
$ |
13,375,654 |
|
|
|
|
||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||
Net interest income |
|
|
|
$ |
138,400 |
|
|
|
|
|
$ |
123,182 |
|
|
|
|
|
$ |
95,813 |
|
|
||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||
Interest rate spread (2) |
|
|
|
|
|
3.05 |
% |
|
|
|
|
|
3.00 |
% |
|
|
|
|
|
3.16 |
% |
||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||
Net interest margin (3) |
|
|
|
|
|
3.09 |
% |
|
|
|
|
|
3.05 |
% |
|
|
|
|
|
3.25 |
% |
||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||
Supplemental Information |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||
Total deposits, including demand deposits |
|
$ |
16,774,752 |
|
$ |
2,107 |
|
|
|
$ |
14,842,608 |
|
$ |
1,966 |
|
|
|
$ |
11,199,837 |
|
$ |
2,711 |
|
|
|||
Cost of total deposits |
|
|
|
|
|
0.05 |
% |
|
|
|
|
|
0.05 |
% |
|
|
|
|
|
0.10 |
% |
||||||
Total funding liabilities, including demand deposits |
|
$ |
16,922,164 |
|
$ |
3,187 |
|
|
|
$ |
15,032,728 |
|
$ |
3,391 |
|
|
|
$ |
11,376,425 |
|
$ |
4,053 |
|
|
|||
Cost of total funding liabilities |
|
|
|
|
|
0.08 |
% |
|
|
|
|
|
0.09 |
% |
|
|
|
|
|
0.14 |
% |
||||||
(1) The total amount of adjustment to present interest income and yield on a fully tax-equivalent basis is $968,000, $652,000, and $229,000 for the three months ended March 31, 2022, December 31, 2021, and March 31, 2021, respectively, determined by applying the Company's marginal tax rates in effect during each respective quarter. |
|||||||||||||||||||||||||||
(2) Interest rate spread represents the difference between weighted average yield on interest-earning assets and the weighted average cost of interest-bearing liabilities. |
|||||||||||||||||||||||||||
(3) Net interest margin represents annualized net interest income as a percentage of average interest-earning assets. |
|||||||||||||||||||||||||||
ПРИЛОЖЕНИЕ А: Сверка показателей баланса, НЕ относящихся к GAAP
(Неаудировано, в тысячах долларов, за исключением данных на акцию)
В следующей таблице обобщен расчет соотношения материального обыкновенного капитала Компании к материальным активам, материальной балансовой стоимости на акцию, а также показателей ссуд и резервов, за исключением остатков ссуд по ППС на указанные даты:
|
|
March 31
|
|
December 31
|
|
March 31
|
|
||||||
Tangible common equity |
|
(Dollars in thousands, except per share data) |
|
||||||||||
Stockholders' equity (GAAP) |
|
$ |
2,965,439 |
|
|
$ |
3,018,449 |
|
|
$ |
1,715,371 |
|
(a) |
Less: Goodwill and other intangibles |
|
|
1,015,831 |
|
|
|
1,017,844 |
|
|
|
527,895 |
|
|
Tangible common equity |
|
$ |
1,949,608 |
|
|
$ |
2,000,605 |
|
|
$ |
1,187,476 |
|
(b) |
Tangible assets |
|
|
|
|
|
|
|
||||||
Assets (GAAP) |
|
$ |
20,159,178 |
|
|
$ |
20,423,405 |
|
|
$ |
13,773,914 |
|
(c) |
Less: Goodwill and other intangibles |
|
|
1,015,831 |
|
|
|
1,017,844 |
|
|
|
527,895 |
|
|
Tangible assets |
|
$ |
19,143,347 |
|
|
$ |
19,405,561 |
|
|
$ |
13,246,019 |
|
(d) |
|
|
|
|
|
|
|
|
||||||
Common Shares |
|
|
47,377,125 |
|
|
|
47,349,778 |
|
|
|
33,024,882 |
|
(e) |
|
|
|
|
|
|
|
|
||||||
Common equity to assets ratio (GAAP) |
|
|
14.71 |
% |
|
|
14.78 |
% |
|
|
12.45 |
% |
(a/c) |
Tangible common equity to tangible assets ratio (Non-GAAP) |
|
|
10.18 |
% |
|
|
10.31 |
% |
|
|
8.96 |
% |
(b/d) |
Book value per share (GAAP) |
|
$ |
62.59 |
|
|
$ |
63.75 |
|
|
$ |
51.94 |
|
(a/e) |
Tangible book value per share (Non-GAAP) |
|
$ |
41.15 |
|
|
$ |
42.25 |
|
|
$ |
35.96 |
|
(b/e) |
|
|
|
|
|
|
|
|
||||||
ПРИЛОЖЕНИЕ B: Сверка показателей прибыли, не относящихся к GAAP
(Неаудировано, в тысячах долларов США)
В следующей таблице суммируется влияние непрофильных статей на расчет непроцентных доходов и непроцентных расходов Компании, влияние непрофильных статей на непроцентные доходы в процентах от общей выручки и коэффициент эффективности, а также средний реальный обыкновенный капитал, используемый для расчета доходности среднего материального обыкновенного капитала и операционной прибыли по материальному общему капиталу за указанные периоды:
|
Three Months Ended |
|
||||||||||
|
March 31
|
|
December 31
|
|
March 31
|
|
||||||
Net interest income (GAAP) |
$ |
137,432 |
|
|
$ |
122,530 |
|
|
$ |
95,584 |
|
(a) |
|
|
|
|
|
|
|
||||||
Noninterest income (GAAP) |
$ |
26,272 |
|
|
$ |
29,180 |
|
|
$ |
25,246 |
|
(b) |
Noninterest income on an operating basis (Non-GAAP) |
$ |
26,272 |
|
|
$ |
29,180 |
|
|
$ |
25,246 |
|
(c) |
|
|
|
|
|
|
|
||||||
Noninterest expense (GAAP) |
$ |
95,500 |
|
|
$ |
117,126 |
|
|
$ |
69,682 |
|
(d) |
Less: |
|
|
|
|
|
|
||||||
Merger and acquisition expense |
|
7,100 |
|
|
|
37,166 |
|
|
|
— |
|
|
Noninterest expense on an operating basis (Non-GAAP) |
$ |
88,400 |
|
|
$ |
79,960 |
|
|
$ |
69,682 |
|
(e) |
|
|
|
|
|
|
|
||||||
Total revenue (GAAP) |
$ |
163,704 |
|
|
$ |
151,710 |
|
|
$ |
120,830 |
|
(a+b) |
Total operating revenue (Non-GAAP) |
$ |
163,704 |
|
|
$ |
151,710 |
|
|
$ |
120,830 |
|
(a+c) |
|
|
|
|
|
|
|
||||||
Net income (GAAP) |
$ |
53,097 |
|
|
$ |
1,702 |
|
|
$ |
41,711 |
|
(f) |
Operating net income (Non-GAAP) (See income statement for reconciliation of GAAP to Non-GAAP) |
$ |
58,202 |
|
|
$ |
65,707 |
|
|
$ |
41,711 |
|
(g) |
|
|
|
|
|
|
|
||||||
Average common equity (GAAP) |
$ |
3,007,953 |
|
|
$ |
2,424,389 |
|
|
$ |
1,713,372 |
|
|
Less: Average goodwill and other intangibles |
|
1,017,040 |
|
|
|
786,576 |
|
|
|
528,771 |
|
|
Tangible average tangible common equity |
$ |
1,990,913 |
|
|
$ |
1,637,813 |
|
|
$ |
1,184,601 |
|
(h) |
|
|
|
|
|
|
|
||||||
Ratios |
|
|
|
|
|
|
||||||
Noninterest income as a % of total revenue (GAAP) |
|
16.05 |
% |
|
|
19.23 |
% |
|
|
20.89 |
% |
(b/(a+b)) |
Noninterest income as a % of total revenue on an operating basis (Non-GAAP) |
|
16.05 |
% |
|
|
19.23 |
% |
|
|
20.89 |
% |
(c/(a+c)) |
Efficiency ratio (GAAP) |
|
58.34 |
% |
|
|
77.20 |
% |
|
|
57.67 |
% |
(d/(a+b)) |
Efficiency ratio on an operating basis (Non-GAAP) |
|
54.00 |
% |
|
|
52.71 |
% |
|
|
57.67 |
% |
(e/(a+c)) |
Return on average tangible common equity (Non-GAAP) |
|
10.82 |
% |
|
|
0.41 |
% |
|
|
14.28 |
% |
(f/h) |
Return on average tangible common equity on an operating basis (Non-GAAP) |
|
11.86 |
% |
|
|
15.92 |
% |
|
|
14.28 |
% |
(g/h) |
ПРИЛОЖЕНИЕ C: Анализ чистой процентной маржи и Сверка базовой маржи без учета GAAP
|
Three Months Ended |
||||||||||||||||
|
March 31, 2022 |
|
December 31, 2021 |
||||||||||||||
|
Volume |
Interest |
Margin
|
|
Volume |
Interest |
Margin
|
||||||||||
|
(Dollars in thousands) |
||||||||||||||||
Reported total interest earning assets |
$ |
18,189,578 |
|
$ |
138,403 |
|
3.09 |
% |
|
$ |
16,004,215 |
|
$ |
123,589 |
|
3.05 |
% |
Core adjustments: |
|
|
|
|
|
|
|
||||||||||
PPP volume @ 1% |
|
(148,384 |
) |
|
(362 |
) |
|
|
|
(315,420 |
) |
|
(793 |
) |
|
||
PPP fee amortization |
|
|
(3,486 |
) |
|
|
|
|
(7,537 |
) |
|
||||||
Total PPP impact |
|
(148,384 |
) |
|
(3,848 |
) |
(0.07 |
)% |
|
|
(315,420 |
) |
|
(8,330 |
) |
(0.14 |
)% |
Acquisition related: |
|
|
|
|
|
|
|
||||||||||
Loan accretion |
|
|
(83 |
) |
|
|
|
|
(1,534 |
) |
|
||||||
CD fair market accretion |
|
|
(684 |
) |
|
|
|
|
(365 |
) |
|
||||||
|
|
|
(767 |
) |
(0.02 |
)% |
|
|
|
(1,899 |
) |
(0.05 |
)% |
||||
|
|
|
|
|
|
|
|
||||||||||
Nonaccrual interest |
|
|
310 |
|
0.01 |
% |
|
|
|
64 |
|
— |
% |
||||
|
|
|
|
|
|
|
|
||||||||||
Other noncore adjustments |
|
|
(773 |
) |
(0.01 |
)% |
|
|
|
(1,234 |
) |
(0.03 |
)% |
||||
|
|
|
|
|
|
|
|
||||||||||
Core margin (Non-GAAP) |
$ |
18,041,194 |
|
$ |
133,325 |
|
3.00 |
% |
|
$ |
15,688,795 |
|
$ |
112,190 |
|
2.83 |
% |
