UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 | ||||
FORM 8-K | ||||
CURRENT REPORT | ||||
Pursuant to Section 13 OR 15(d) of the Securities Exchange Act of 1934 | ||||
Date of Report (Date of earliest event reported) | October 24, 2017 | |||
MidSouth Bancorp, Inc. | ||||
(Exact name of registrant as specified in its charter) | ||||
Louisiana | 1-11826 | 72-1020809 | ||
(State or other jurisdiction of incorporation) | (Commission File Number) | (I.R.S. Employer Identification No.) | ||
102 Versailles Boulevard, Lafayette, Louisiana | 70501 | |||
(Address of principal executive offices) | (Zip Code) | |||
Registrant’s telephone number, including area code 337-237-8343 | ||||
(Former name or former address, if changed since last report.) | ||||
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (See General Instruction A.2. below): | ||||
¨ | Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425) | |||
¨ | Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12) | |||
¨ | Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b)) | |||
¨ | Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c)) | |||
Indicate by check mark whether the registrant is an emerging growth company as defined in Rile 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter). | ||||
Emerging growth company ¨ | ||||
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13 (a) of the Exchange Act. ¨ |
MIDSOUTH BANCORP, INC. | ||||
Registrant | ||||
By: | /s/ James R. McLemore | |||
James R. McLemore | ||||
President and Chief Executive Officer | ||||
Date: | October 24, 2017 | |||
Investor Contacts: Jim McLemore, CFA President & CEO 337.237.8343 Lorraine Miller, CFA EVP & CFO 337.593.3143 |
• | Pre-tax, pre-provision operating income of $7.1 million increased 14% |
• | Excluding energy, loans increased 2.6% annualized |
• | Energy C&I loans declined to 13% of total loans with a 5.7% reserve |
• | Closed 7 branches; sale of 2 branches expected to close in 4Q17 |
• | Operating efficiency ratio improved to 70.4% from 73.1% |
• | Tangible common equity to tangible assets increased 33 bps to 9.5% |
• | Total energy loans, as defined above, decreased $11.0 million during 3Q17 to $197.8 million, or 16.0% of total loans, from 16.8% at June 30, 2017 primarily due to $8.9 million of payoffs during the quarter as well as $862,000 of charge-offs of energy loans. |
• | Direct C&I energy loans were $161.3 million or 13.0% of total loans and had a weighted average maturity of 3.1 years at September 30, 2017. |
• | Energy-related CRE and residential real estate loans were $36.3 million or 2.9% of total loans at September 30, 2017. |
• | Total criticized energy-related loans decreased $5.1 million, or 5.5%, during 3Q17 to $88.4 million and represented 44.7% of energy loans at September 30, 2017, unchanged from 44.7% at June 30, 2017. |
• | Seven energy loan relationships had rating changes during the quarter. |
◦ | Two loan relationships totaling $3.6 million were downgraded to Special Mention |
◦ | Five loan relationships totaling $1.8 million were downgraded to Substandard |
• | Three energy-related charge-offs totaled $862,000. |
• | Cycle to date net charge-offs totaled $10.8 million, or 4.08% of December 31, 2014 energy loans, which was when the effects of declining oil prices began to surface. |
• | One new energy-related impairment totaling $103,000 was identified during 3Q17 and two additional impairment charges of $104,000 were recorded related to existing impaired loans identified prior to 3Q17. |
• | The energy reserve as a percentage of total energy loans, as defined, was 5.5% at September 30, 2017. The reserve attributable to C&I energy loans was approximately 5.7%. The reserve on all other energy loans was 4.5%. |
• | The Bank has two Shared National Credits (SNCs) totaling $12.7 million in the energy portfolio at September 30, 2017 and both are rated as Substandard. |
• | To date, during the month of October 2017, the Bank has had one rating related change to its energy portfolio: |
◦ | One credit in the amount of $2.6 million was upgraded to Special Mention from Classified. |
MIDSOUTH BANCORP, INC. and SUBSIDIARIES | ||||||||||||||||||||
Condensed Consolidated Financial Information (unaudited) | ||||||||||||||||||||
(in thousands except per share data) | ||||||||||||||||||||
Quarter | Quarter | Quarter | Quarter | Quarter | ||||||||||||||||
Ended | Ended | Ended | Ended | Ended | ||||||||||||||||
EARNINGS DATA | 9/30/2017 | 6/30/2017 | 3/31/2017 | 12/31/2016 | 9/30/2016 | |||||||||||||||
Total interest income | $ | 20,379 | $ | 19,758 | $ | 19,531 | $ | 19,694 | $ | 19,667 | ||||||||||
Total interest expense | 1,566 | 1,512 | 1,465 | 1,459 | 1,414 | |||||||||||||||
Net interest income | 18,813 | 18,246 | 18,066 | 18,235 | 18,253 | |||||||||||||||
FTE net interest income | 19,003 | 18,442 | 18,279 | 18,478 | 18,472 | |||||||||||||||
Provision for loan losses | 4,300 | 12,500 | 2,800 | 2,600 | 2,900 | |||||||||||||||
Non-interest income | 5,486 | 5,223 | 5,044 | 5,071 | 5,152 | |||||||||||||||
Non-interest expense | 17,759 | 19,604 | 17,230 | 17,636 | 17,114 | |||||||||||||||
Earnings (loss) before income taxes | 2,240 | (8,635 | ) | 3,080 | 3,070 | 3,391 | ||||||||||||||
Income tax expense (benefit) | 574 | (3,221 | ) | 589 | 871 | 993 | ||||||||||||||
Net earnings (loss) | 1,666 | (5,414 | ) | 2,491 | 2,199 | 2,398 | ||||||||||||||
Dividends on preferred stock | 810 | 811 | 811 | 812 | 811 | |||||||||||||||
Net earnings (loss) available to common shareholders | $ | 856 | $ | (6,225 | ) | $ | 1,680 | $ | 1,387 | $ | 1,587 | |||||||||
PER COMMON SHARE DATA | ||||||||||||||||||||
Basic earnings (loss) per share | 0.05 | (0.51 | ) | 0.15 | 0.12 | 0.14 | ||||||||||||||
Diluted earnings (loss) per share | 0.05 | (0.51 | ) | 0.15 | 0.12 | 0.14 | ||||||||||||||
Diluted earnings (loss) per share, operating (Non-GAAP)(*) | 0.07 | (0.38 | ) | 0.15 | 0.12 | 0.14 | ||||||||||||||
Quarterly dividends per share | 0.01 | 0.09 | 0.09 | 0.09 | 0.09 | |||||||||||||||
Book value at end of period | 13.70 | 13.76 | 15.37 | 15.25 | 15.58 | |||||||||||||||
Tangible book value at period end (Non-GAAP)(*) | 10.92 | 10.87 | 11.28 | 11.13 | 11.44 | |||||||||||||||
Market price at end of period | 12.05 | 11.75 | 15.30 | 13.60 | 10.40 | |||||||||||||||
Shares outstanding at period end | 16,548,829 | 16,026,355 | 11,383,914 | 11,362,716 | 11,362,716 | |||||||||||||||
Weighted average shares outstanding | ||||||||||||||||||||
Basic | 16,395,317 | 12,227,456 | 11,264,394 | 11,271,948 | 11,262,282 | |||||||||||||||
Diluted | 16,395,740 | 12,237,299 | 11,282,491 | 11,273,302 | 11,262,710 | |||||||||||||||
AVERAGE BALANCE SHEET DATA | ||||||||||||||||||||
Total assets | $ | 1,954,343 | $ | 1,926,408 | $ | 1,932,818 | $ | 1,960,436 | $ | 1,927,351 | ||||||||||
Loans and leases | 1,254,885 | 1,254,402 | 1,274,213 | 1,277,555 | 1,268,270 | |||||||||||||||
Total deposits | 1,546,837 | 1,551,498 | 1,569,188 | 1,591,814 | 1,562,193 | |||||||||||||||
Total common equity | 227,948 | 187,762 | 174,785 | 176,747 | 177,866 | |||||||||||||||
Total tangible common equity (Non-GAAP)(*) | 181,851 | 141,389 | 128,124 | 129,821 | 130,662 | |||||||||||||||
Total equity | 269,035 | 228,871 | 215,895 | 217,857 | 218,976 | |||||||||||||||
SELECTED RATIOS | ||||||||||||||||||||
Annualized return on average assets, operating (Non-GAAP)(*) | 0.25 | % | (0.97 | )% | 0.35 | % | 0.28 | % | 0.33 | % | ||||||||||
Annualized return on average common equity, operating (Non-GAAP)(*) | 2.13 | % | (10.00 | )% | 3.89 | % | 3.12 | % | 3.55 | % | ||||||||||
Annualized return on average tangible common equity, operating (Non-GAAP)(*) | 2.67 | % | (13.28 | )% | 5.31 | % | 4.25 | % | 4.83 | % | ||||||||||
Pre-tax, pre-provision annualized return on average assets, operating (Non-GAAP)(*) | 1.44 | % | 1.30 | % | 1.23 | % | 1.15 | % | 1.30 | % | ||||||||||
Efficiency ratio, operating (Non-GAAP)(*) | 70.43 | % | 73.11 | % | 74.51 | % | 75.67 | % | 73.04 | % | ||||||||||
Average loans to average deposits | 81.13 | % | 80.85 | % | 81.20 | % | 80.26 | % | 81.19 | % | ||||||||||
Taxable-equivalent net interest margin | 4.20 | % | 4.18 | % | 4.18 | % | 4.09 | % | 4.17 | % | ||||||||||
Tier 1 leverage capital ratio | 12.84 | % | 12.66 | % | 10.27 | % | 10.11 | % | 10.27 | % | ||||||||||
CREDIT QUALITY | ||||||||||||||||||||
Allowance for loan and lease losses (ALLL) as a % of total loans | 2.03 | % | 1.99 | % | 1.93 | % | 1.90 | % | 1.83 | % | ||||||||||
Nonperforming assets to tangible equity + ALLL | 21.83 | % | 23.50 | % | 30.34 | % | 33.88 | % | 32.98 | % | ||||||||||
Nonperforming assets to total loans, other real estate owned and other repossessed assets | 4.35 | % | 4.54 | % | 4.62 | % | 5.06 | % | 5.03 | % | ||||||||||
Annualized QTD net charge-offs to total loans | 1.26 | % | 4.01 | % | 0.83 | % | 0.46 | % | 0.32 | % | ||||||||||
(*) See reconciliation of Non-GAAP financial measures on pages 17-19. |
MIDSOUTH BANCORP, INC. and SUBSIDIARIES | ||||||||||||||||||||
Condensed Consolidated Balance Sheets (unaudited) | ||||||||||||||||||||
(in thousands) | ||||||||||||||||||||
BALANCE SHEET | September 30, | June 30, | March 31, | December 31, | September 30, | |||||||||||||||
2017 | 2017 | 2017 | 2016 | 2016 | ||||||||||||||||
Assets | ||||||||||||||||||||
Cash and cash equivalents | $ | 163,123 | $ | 131,437 | $ | 78,471 | $ | 82,228 | $ | 126,667 | ||||||||||
Securities available-for-sale | 326,222 | 348,580 | 357,803 | 341,873 | 316,145 | |||||||||||||||
Securities held-to-maturity | 83,739 | 87,462 | 91,242 | 98,211 | 103,412 | |||||||||||||||
Total investment securities | 409,961 | 436,042 | 449,045 | 440,084 | 419,557 | |||||||||||||||
Other investments | 12,200 | 11,666 | 11,362 | 11,355 | 11,339 | |||||||||||||||
Total loans | 1,235,969 | 1,240,253 | 1,272,000 | 1,284,082 | 1,272,800 | |||||||||||||||
Allowance for loan losses | (25,053 | ) | (24,674 | ) | (24,578 | ) | (24,372 | ) | (23,268 | ) | ||||||||||
Loans, net | 1,210,916 | 1,215,579 | 1,247,422 | 1,259,710 | 1,249,532 | |||||||||||||||
Premises and equipment | 64,969 | 65,739 | 68,216 | 68,954 | 69,778 | |||||||||||||||
Goodwill and other intangibles | 45,963 | 46,239 | 46,516 | 46,792 | 47,069 | |||||||||||||||
Other assets | 39,934 | 38,867 | 33,907 | 34,217 | 29,978 | |||||||||||||||
Total assets | $ | 1,947,066 | $ | 1,945,569 | $ | 1,934,939 | $ | 1,943,340 | $ | 1,953,920 | ||||||||||
Liabilities and Shareholders' Equity | ||||||||||||||||||||
Non-interest bearing deposits | $ | 428,183 | $ | 428,419 | $ | 426,998 | $ | 414,921 | $ | 403,301 | ||||||||||
Interest-bearing deposits | 1,127,752 | 1,107,801 | 1,145,946 | 1,164,509 | 1,181,906 | |||||||||||||||
Total deposits | 1,555,935 | 1,536,220 | 1,572,944 | 1,579,430 | 1,585,207 | |||||||||||||||
Securities sold under agreements to repurchase | 54,875 | 90,799 | 89,807 | 94,461 | 95,210 | |||||||||||||||
Short-term FHLB advances | 12,500 | — | — | — | — | |||||||||||||||
Long-term FHLB advances | 25,110 | 25,211 | 25,318 | 25,424 | 25,531 | |||||||||||||||
Junior subordinated debentures | 22,167 | 22,167 | 22,167 | 22,167 | 22,167 | |||||||||||||||
Other liabilities | 8,836 | 9,602 | 8,641 | 7,482 | 7,679 | |||||||||||||||
Total liabilities | 1,679,423 | 1,683,999 | 1,718,877 | 1,728,964 | 1,735,794 | |||||||||||||||
Total shareholders' equity | 267,643 | 261,570 | 216,062 | 214,376 | 218,126 | |||||||||||||||
Total liabilities and shareholders' equity | $ | 1,947,066 | $ | 1,945,569 | $ | 1,934,939 | $ | 1,943,340 | $ | 1,953,920 |
MIDSOUTH BANCORP, INC. and SUBSIDIARIES | |||||||||||||||||||||||||||||
Condensed Consolidated Income Statements (unaudited) | |||||||||||||||||||||||||||||
(in thousands except per share data) | |||||||||||||||||||||||||||||
Percent Change | |||||||||||||||||||||||||||||
EARNINGS STATEMENT | Three Months Ended | 3Q17 vs. 2Q17 | 3Q17 vs. 3Q16 | Nine Months Ended | Percent | ||||||||||||||||||||||||
9/30/2017 | 6/30/2017 | 9/30/2016 | 9/30/2017 | 9/30/2016 | Change | ||||||||||||||||||||||||
Interest income: | |||||||||||||||||||||||||||||
Loans, including fees | $ | 17,064 | $ | 16,440 | $ | 16,688 | 3.8 | % | 2.3 | % | $ | 49,941 | $ | 49,424 | 1.0 | % | |||||||||||||
Investment securities | 2,639 | 2,790 | 2,399 | (5.4 | )% | 10.0 | % | 8,163 | 7,253 | 12.5 | % | ||||||||||||||||||
Accretion of purchase accounting adjustments | 265 | 291 | 399 | (8.9 | )% | (33.6 | )% | 741 | 1,101 | (32.7 | )% | ||||||||||||||||||
Other interest income | 411 | 237 | 181 | 73.4 | % | 127.1 | % | 823 | 558 | 47.5 | % | ||||||||||||||||||
Total interest income | 20,379 | 19,758 | 19,667 | 3.1 | % | 3.6 | % | 59,668 | 58,336 | 2.3 | % | ||||||||||||||||||
Interest expense: | |||||||||||||||||||||||||||||
Deposits | 1,094 | 973 | 919 | 12.4 | % | 19.0 | % | 3,002 | 2,753 | 9.0 | % | ||||||||||||||||||
Borrowings | 350 | 416 | 419 | (15.9 | )% | (16.5 | )% | 1,177 | 1,269 | (7.2 | )% | ||||||||||||||||||
Junior subordinated debentures | 212 | 212 | 170 | — | % | 24.7 | % | 632 | 507 | 24.7 | % | ||||||||||||||||||
Accretion of purchase accounting adjustments | (90 | ) | (89 | ) | (94 | ) | 1.1 | % | (4.3 | )% | (268 | ) | (298 | ) | (10.1 | )% | |||||||||||||
Total interest expense | 1,566 | 1,512 | 1,414 | 3.6 | % | 10.7 | % | 4,543 | 4,231 | 7.4 | % | ||||||||||||||||||
Net interest income | 18,813 | 18,246 | 18,253 | 3.1 | % | 3.1 | % | 55,125 | 54,105 | 1.9 | % | ||||||||||||||||||
Provision for loan losses | 4,300 | 12,500 | 2,900 | (65.6 | )% | 48.3 | % | 19,600 | 8,000 | 145.0 | % | ||||||||||||||||||
Net interest income after provision for loan losses | 14,513 | 5,746 | 15,353 | 152.6 | % | (5.5 | )% | 35,525 | 46,105 | (22.9 | )% | ||||||||||||||||||
Noninterest income: | |||||||||||||||||||||||||||||
Service charges on deposit accounts | 2,463 | 2,396 | 2,584 | 2.8 | % | (4.7 | )% | 7,339 | 7,404 | (0.9 | )% | ||||||||||||||||||
ATM and debit card income | 1,687 | 1,766 | 1,620 | (4.5 | )% | 4.1 | % | 5,156 | 4,897 | 5.3 | % | ||||||||||||||||||
Gain on securities, net (non-operating)(*) | 338 | 3 | — | 11,166.7 | % | - | 347 | 20 | 1,635.0 | % | |||||||||||||||||||
Mortgage lending | 155 | 167 | 190 | (7.2 | )% | (18.4 | )% | 465 | 422 | 10.2 | % | ||||||||||||||||||
Other charges and fees | 843 | 891 | 758 | (5.4 | )% | 11.2 | % | 2,446 | 2,292 | 6.7 | % | ||||||||||||||||||
Total non-interest income | 5,486 | 5,223 | 5,152 | 5.0 | % | 6.5 | % | 15,753 | 15,035 | 4.8 | % | ||||||||||||||||||
Noninterest expense: | |||||||||||||||||||||||||||||
Salaries and employee benefits | 7,849 | 8,110 | 8,034 | (3.2 | )% | (2.3 | )% | 24,648 | 24,206 | 1.8 | % | ||||||||||||||||||
Occupancy expense | 3,443 | 3,428 | 3,635 | 0.4 | % | (5.3 | )% | 9,859 | 10,899 | (9.5 | )% | ||||||||||||||||||
ATM and debit card | 654 | 713 | 833 | (8.3 | )% | (21.5 | )% | 2,088 | 2,410 | (13.4 | )% | ||||||||||||||||||
Legal and professional fees | 1,404 | 936 | 516 | 50.0 | % | 172.1 | % | 2,726 | 1,335 | 104.2 | % | ||||||||||||||||||
FDIC premiums | 448 | 430 | 365 | 4.2 | % | 22.7 | % | 1,275 | 1,214 | 5.0 | % | ||||||||||||||||||
Marketing | 302 | 262 | 442 | 15.3 | % | (31.7 | )% | 844 | 1,174 | (28.1 | )% | ||||||||||||||||||
Corporate development | 189 | 253 | 395 | (25.3 | )% | (52.2 | )% | 758 | 1,149 | (34.0 | )% | ||||||||||||||||||
Data processing | 640 | 667 | 527 | (4.0 | )% | 21.4 | % | 1,928 | 1,463 | 31.8 | % | ||||||||||||||||||
Printing and supplies | 81 | 135 | 191 | (40.0 | )% | (57.6 | )% | 399 | 602 | (33.7 | )% | ||||||||||||||||||
Expenses on ORE, net | 15 | 92 | 100 | (83.7 | )% | (85.0 | )% | 186 | 330 | (43.6 | )% | ||||||||||||||||||
Amortization of core deposit intangibles | 277 | 276 | 277 | 0.4 | % | — | % | 830 | 830 | — | % | ||||||||||||||||||
Severance and retention accruals (non-operating)(*) | — | 1,341 | — | (100.0 | )% | — | % | 1,341 | — | — | % | ||||||||||||||||||
One-time charge related to discontinued branch projects (non-operating)(*) | — | 465 | — | (100.0 | )% | — | % | 465 | — | — | % | ||||||||||||||||||
One-time charge related to closure of branches (non-operating)(*) | 903 | — | — | — | % | — | % | 903 | — | — | % | ||||||||||||||||||
Write-down of assets held for sale (non-operating) (*) | — | 570 | — | (100.0 | )% | — | % | 570 | — | — | % | ||||||||||||||||||
Other non-interest expense | 1,554 | 1,926 | 1,799 | (19.3 | )% | (13.6 | )% | 5,773 | 5,302 | 8.9 | % | ||||||||||||||||||
Total non-interest expense | 17,759 | 19,604 | 17,114 | (9.4 | )% | 3.8 | % | 54,593 | 50,914 | 7.2 | % | ||||||||||||||||||
Earnings (loss) before income taxes | 2,240 | (8,635 | ) | 3,391 | (125.9 | )% | (33.9 | )% | (3,315 | ) | 10,226 | (132.4 | )% | ||||||||||||||||
Income tax expense (benefit) | 574 | (3,221 | ) | 993 | (117.8 | )% | (42.2 | )% | (2,058 | ) | 2,986 | (168.9 | )% | ||||||||||||||||
Net earnings (loss) | 1,666 | (5,414 | ) | 2,398 | (130.8 | )% | (30.5 | )% | (1,257 | ) | 7,240 | (117.4 | )% | ||||||||||||||||
Dividends on preferred stock | 810 | 811 | 811 | (0.1 | )% | (0.1 | )% | 2,432 | 2,049 | 18.7 | % | ||||||||||||||||||
Net earnings (loss) available to common shareholders | $ | 856 | $ | (6,225 | ) | $ | 1,587 | (113.8 | )% | (46.1 | )% | $ | (3,689 | ) | $ | 5,191 | (171.1 | )% | |||||||||||
Earnings (loss) per common share, diluted | $ | 0.05 | $ | (0.51 | ) | $ | 0.14 | (109.8 | )% | (64.3 | )% | $ | (0.28 | ) | $ | 0.46 | (160.9 | )% | |||||||||||
Operating earnings (loss) per common share, diluted (Non-GAAP)(*) | $ | 0.07 | $ | (0.38 | ) | $ | 0.14 | (118.4 | )% | (50.0 | )% | $ | (0.13 | ) | $ | 0.46 | (128.3 | )% | |||||||||||
(*) See reconciliation of Non-GAAP financial measures on pages 17-19. | |||||||||||||||||||||||||||||
Note: Prior period information presented above has been adjusted to reflect a reclass of certain credit card income from interest income to other non-interest income as well as certain wire fee income from other non-interest income into service charges on deposit accounts. |
MIDSOUTH BANCORP, INC. and SUBSIDIARIES | ||||||||||||||||||||||||||
Composition of Loans and Deposits and Asset Quality Data (unaudited) | ||||||||||||||||||||||||||
(in thousands) | ||||||||||||||||||||||||||
COMPOSITION OF LOANS | September 30, | June 30, | Sept 17 vs Jun 17 | March 31, | December 31, | September 30, | Sept 17 vs Sept 16 | |||||||||||||||||||
2017 | 2017 | % Change | 2017 | 2016 | 2016 | % Change | ||||||||||||||||||||
Commercial, financial, and agricultural | $ | 447,482 | $ | 451,767 | (0.9 | )% | $ | 469,815 | $ | 459,574 | $ | 463,031 | (3.4 | )% | ||||||||||||
Lease financing receivable | 760 | 866 | (12.2 | )% | 969 | 1,095 | 1,449 | (47.6 | )% | |||||||||||||||||
Real estate - construction | 90,088 | 98,695 | (8.7 | )% | 100,248 | 100,959 | 96,365 | (6.5 | )% | |||||||||||||||||
Real estate - commercial | 473,046 | 461,064 | 2.6 | % | 464,859 | 481,155 | 464,853 | 1.8 | % | |||||||||||||||||
Real estate - residential | 155,676 | 156,394 | (0.5 | )% | 159,426 | 157,872 | 155,653 | — | % | |||||||||||||||||
Installment loans to individuals | 63,148 | 70,031 | (9.8 | )% | 75,258 | 82,660 | 88,537 | (28.7 | )% | |||||||||||||||||
Other | 5,769 | 1,436 | 301.7 | % | 1,425 | 767 | 2,912 | 98.1 | % | |||||||||||||||||
Total loans | $ | 1,235,969 | $ | 1,240,253 | (0.3 | )% | $ | 1,272,000 | $ | 1,284,082 | $ | 1,272,800 | (2.9 | )% | ||||||||||||
COMPOSITION OF DEPOSITS | ||||||||||||||||||||||||||
September 30, | June 30, | Sept 17 vs Jun 17 | March 31, | December 31, | September 30, | Sept 17 vs Sept 16 | ||||||||||||||||||||
2017 | 2017 | % Change | 2017 | 2016 | 2016 | % Change | ||||||||||||||||||||
Noninterest bearing | $ | 428,183 | $ | 428,419 | (0.1 | )% | $ | 426,998 | $ | 414,921 | $ | 403,301 | 6.2 | % | ||||||||||||
NOW & other | 461,740 | 465,505 | (0.8 | )% | 489,789 | 472,484 | 465,850 | (0.9 | )% | |||||||||||||||||
Money market/savings | 473,023 | 493,232 | (4.1 | )% | 505,669 | 539,815 | 557,068 | (15.1 | )% | |||||||||||||||||
Time deposits of less than $100,000 | 120,685 | 75,196 | 60.5 | % | 75,579 | 75,940 | 78,785 | 53.2 | % | |||||||||||||||||
Time deposits of $100,000 or more | 72,304 | 73,868 | (2.1 | )% | 74,909 | 76,270 | 80,203 | (9.8 | )% | |||||||||||||||||
Total deposits | $ | 1,555,935 | $ | 1,536,220 | 1.3 | % | $ | 1,572,944 | $ | 1,579,430 | $ | 1,585,207 | (1.8 | )% | ||||||||||||
ASSET QUALITY DATA | ||||||||||||||||||||||||||
September 30, | June 30, | March 31, | December 31, | September 30, | ||||||||||||||||||||||
2017 | 2017 | 2017 | 2016 | 2016 | ||||||||||||||||||||||
Nonaccrual loans | $ | 51,289 | $ | 54,810 | $ | 56,443 | $ | 62,580 | $ | 60,522 | ||||||||||||||||
Loans past due 90 days and over | 402 | 165 | 775 | 268 | 968 | |||||||||||||||||||||
Total nonperforming loans | 51,691 | 54,975 | 57,218 | 62,848 | 61,490 | |||||||||||||||||||||
Other real estate | 1,931 | 1,387 | 1,643 | 2,175 | 2,317 | |||||||||||||||||||||
Other repossessed assets | 234 | 36 | 30 | 16 | 283 | |||||||||||||||||||||
Total nonperforming assets | $ | 53,856 | $ | 56,398 | $ | 58,891 | $ | 65,039 | $ | 64,090 | ||||||||||||||||
Troubled debt restructurings, accruing | $ | 1,557 | $ | 1,653 | $ | 1,995 | $ | 152 | $ | 153 | ||||||||||||||||
Nonperforming assets to total assets | 2.77 | % | 2.90 | % | 3.04 | % | 3.35 | % | 3.28 | % | ||||||||||||||||
Nonperforming assets to total loans + ORE + other repossessed assets | 4.35 | % | 4.54 | % | 4.62 | % | 5.06 | % | 5.03 | % | ||||||||||||||||
ALLL to nonperforming loans | 48.47 | % | 44.88 | % | 42.96 | % | 38.78 | % | 37.84 | % | ||||||||||||||||
ALLL to total loans | 2.03 | % | 1.99 | % | 1.93 | % | 1.90 | % | 1.83 | % | ||||||||||||||||
Quarter-to-date charge-offs | $ | 4,381 | $ | 12,659 | $ | 2,906 | $ | 1,835 | $ | 1,161 | ||||||||||||||||
Quarter-to-date recoveries | 460 | 255 | 312 | 339 | 151 | |||||||||||||||||||||
Quarter-to-date net charge-offs | $ | 3,921 | $ | 12,404 | $ | 2,594 | $ | 1,496 | $ | 1,010 | ||||||||||||||||
Annualized QTD net charge-offs to total loans | 1.26 | % | 4.01 | % | 0.83 | % | 0.46 | % | 0.32 | % |
MIDSOUTH BANCORP, INC. and SUBSIDIARIES | ||||||||||||
Loan Portfolio - Quarterly Roll Forward (unaudited) | ||||||||||||
(in thousands) | ||||||||||||
Three Months Ended | ||||||||||||
September 30, | June 30, | June 30, | ||||||||||
2017 | 2017 | 2016 | ||||||||||
LOAN ACTIVITY | ||||||||||||
Loans originated | $ | 87,377 | $ | 72,316 | $ | 87,991 | ||||||
Repayments | (91,856 | ) | (116,885 | ) | (65,871 | ) | ||||||
Increases on renewals | 5,773 | 2,531 | 4,749 | |||||||||
Change in lines of credit | (6,931 | ) | 9,151 | (20,079 | ) | |||||||
Change in allowance for loan losses | (379 | ) | (96 | ) | (1,890 | ) | ||||||
Other | 1,353 | 1,140 | 3,621 | |||||||||
Net change in loans | $ | (4,663 | ) | $ | (31,843 | ) | $ | 8,521 |
MIDSOUTH BANCORP, INC. and SUBSIDIARIES | ||||||||
Tangible Common Equity to Tangible Assets and Regulatory Ratios (unaudited) | ||||||||
(in thousands) | ||||||||
COMPUTATION OF TANGIBLE COMMON EQUITY TO TANGIBLE ASSETS | September 30, 2017 | September 30, 2016 | ||||||
Total equity | $ | 267,643 | $ | 218,126 | ||||
Less preferred equity | 40,987 | 41,110 | ||||||
Total common equity | 226,656 | 177,016 | ||||||
Less goodwill | 42,171 | 42,171 | ||||||
Less intangibles | 3,792 | 4,898 | ||||||
Tangible common equity | $ | 180,693 | $ | 129,947 | ||||
Total assets | $ | 1,947,066 | $ | 1,953,920 | ||||
Less goodwill | 42,171 | 42,171 | ||||||
Less intangibles | 3,792 | 4,898 | ||||||
Tangible assets | $ | 1,901,103 | $ | 1,906,851 | ||||
Tangible common equity to tangible assets | 9.50 | % | 6.81 | % | ||||
REGULATORY CAPITAL | ||||||||
Common equity tier 1 capital | $ | 182,768 | $ | 130,349 | ||||
Tier 1 capital | 245,254 | 192,958 | ||||||
Total capital | 263,365 | 211,468 | ||||||
Regulatory capital ratios: | ||||||||
Common equity tier 1 capital ratio | 12.68 | % | 8.83 | % | ||||
Tier 1 risk-based capital ratio | 17.01 | % | 13.07 | % | ||||
Total risk-based capital ratio | 18.27 | % | 14.33 | % | ||||
Tier 1 leverage ratio | 12.84 | % | 10.27 | % |
MIDSOUTH BANCORP, INC. and SUBSIDIARIES | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
Quarterly Yield Analysis (unaudited) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
(in thousands) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
YIELD ANALYSIS | Three Months Ended | Three Months Ended | Three Months Ended | Three Months Ended | Three Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||
September 30, 2017 | June 30, 2017 | March 31, 2017 | December 31, 2016 | September 30, 2016 | |||||||||||||||||||||||||||||||||||||||||||||||||||
Tax | Tax | Tax | Tax | Tax | |||||||||||||||||||||||||||||||||||||||||||||||||||
Average | Equivalent | Yield/ | Average | Equivalent | Yield/ | Average | Equivalent | Yield/ | Average | Equivalent | Yield/ | Average | Equivalent | Yield/ | |||||||||||||||||||||||||||||||||||||||||
Balance | Interest | Rate | Balance | Interest | Rate | Balance | Interest | Rate | Balance | Interest | Rate | Balance | Interest | Rate | |||||||||||||||||||||||||||||||||||||||||
Taxable securities | $ | 372,648 | $ | 2,276 | 2.44 | % | $ | 387,441 | $ | 2,416 | 2.49 | % | $ | 382,105 | $ | 2,327 | 2.44 | % | $ | 348,673 | $ | 1,965 | 2.25 | % | $ | 354,770 | $ | 1,983 | 2.24 | % | |||||||||||||||||||||||||
Tax-exempt securities | 55,129 | 553 | 4.01 | % | 56,622 | 570 | 4.03 | % | 60,618 | 620 | 4.09 | % | 66,549 | 705 | 4.24 | % | 60,544 | 635 | 4.20 | % | |||||||||||||||||||||||||||||||||||
Total investment securities | 427,777 | 2,829 | 2.65 | % | 444,063 | 2,986 | 2.69 | % | 442,723 | 2,947 | 2.66 | % | 415,222 | 2,670 | 2.57 | % | 415,314 | 2,618 | 2.52 | % | |||||||||||||||||||||||||||||||||||
Federal funds sold | 4,319 | 13 | 1.18 | % | 3,573 | 9 | 1.00 | % | 3,571 | 6 | 0.67 | % | 3,261 | 5 | 0.60 | % | 2,703 | 3 | 0.43 | % | |||||||||||||||||||||||||||||||||||
Time and interest bearing deposits in other banks | 94,675 | 305 | 1.26 | % | 55,331 | 150 | 1.07 | % | 41,785 | 85 | 0.81 | % | 90,527 | 125 | 0.54 | % | 64,444 | 83 | 0.50 | % | |||||||||||||||||||||||||||||||||||
Other investments | 12,098 | 93 | 3.07 | % | 11,493 | 78 | 2.71 | % | 11,355 | 84 | 2.96 | % | 11,342 | 78 | 2.75 | % | 11,253 | 95 | 3.38 | % | |||||||||||||||||||||||||||||||||||
Loans | 1,254,885 | 17,329 | 5.48 | % | 1,254,402 | 16,731 | 5.35 | % | 1,274,213 | 16,622 | 5.29 | % | 1,277,555 | 17,059 | 5.31 | % | 1,268,270 | 17,087 | 5.36 | % | |||||||||||||||||||||||||||||||||||
Total interest earning assets | 1,793,754 | 20,569 | 4.55 | % | 1,768,862 | 19,954 | 4.52 | % | 1,773,647 | 19,744 | 4.51 | % | 1,797,907 | 19,937 | 4.41 | % | 1,761,984 | 19,886 | 4.49 | % | |||||||||||||||||||||||||||||||||||
Non-interest earning assets | 160,589 | 157,546 | 159,171 | 162,529 | 165,367 | ||||||||||||||||||||||||||||||||||||||||||||||||||
Total assets | $ | 1,954,343 | $ | 1,926,408 | $ | 1,932,818 | $ | 1,960,436 | $ | 1,927,351 | |||||||||||||||||||||||||||||||||||||||||||||
Interest-bearing liabilities: | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
Deposits | $ | 1,118,593 | $ | 1,094 | 0.39 | % | $ | 1,125,482 | $ | 973 | 0.35 | % | $ | 1,155,407 | $ | 935 | 0.33 | % | $ | 1,179,174 | $ | 929 | 0.31 | % | $ | 1,170,660 | $ | 915 | 0.31 | % | |||||||||||||||||||||||||
Repurchase agreements | 75,654 | 149 | 0.78 | % | 90,807 | 236 | 1.04 | % | 92,571 | 234 | 1.03 | % | 94,609 | 241 | 1.01 | % | 88,560 | 236 | 1.06 | % | |||||||||||||||||||||||||||||||||||
Short-term FHLB advances | 6,522 | 19 | 1.14 | % | — | — | — | % | — | — | — | % | — | — | — | % | — | — | — | % | |||||||||||||||||||||||||||||||||||
Long-term FHLB advances | 25,155 | 92 | 1.43 | % | 25,260 | 91 | 1.43 | % | 25,370 | 88 | 1.39 | % | 25,474 | 92 | 1.41 | % | 25,581 | 93 | 1.42 | % | |||||||||||||||||||||||||||||||||||
Junior subordinated debentures | 22,167 | 212 | 3.74 | % | 22,167 | 212 | 3.78 | % | 22,167 | 208 | 3.75 | % | 22,167 | 197 | 3.48 | % | 22,167 | 170 | 3.00 | % | |||||||||||||||||||||||||||||||||||
Total interest bearing liabilities | 1,248,091 | 1,566 | 0.50 | % | 1,263,716 | 1,512 | 0.48 | % | 1,295,515 | 1,465 | 0.46 | % | 1,321,424 | 1,459 | 0.44 | % | 1,306,968 | 1,414 | 0.43 | % | |||||||||||||||||||||||||||||||||||
Non-interest bearing liabilities | 437,217 | 433,821 | 421,408 | 421,155 | 401,407 | ||||||||||||||||||||||||||||||||||||||||||||||||||
Shareholders' equity | 269,035 | 228,871 | 215,895 | 217,857 | 218,976 | ||||||||||||||||||||||||||||||||||||||||||||||||||
Total liabilities and shareholders' equity | $ | 1,954,343 | $ | 1,926,408 | $ | 1,932,818 | $ | 1,960,436 | $ | 1,927,351 | |||||||||||||||||||||||||||||||||||||||||||||
Net interest income (TE) and spread | $ | 19,003 | 4.05 | % | $ | 18,442 | 4.04 | % | $ | 18,279 | 4.05 | % | $ | 18,478 | 3.97 | % | $ | 18,472 | 4.06 | % | |||||||||||||||||||||||||||||||||||
Net interest margin | 4.20 | % | 4.18 | % | 4.18 | % | 4.09 | % | 4.17 | % | |||||||||||||||||||||||||||||||||||||||||||||
Core net interest margin (Non-GAAP)(*) | 4.12 | % | 4.09 | % | 4.11 | % | 3.98 | % | 4.05 | % | |||||||||||||||||||||||||||||||||||||||||||||
(*) See reconciliation of Non-GAAP financial measures on pages 17-19. | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
Note: Prior period information presented above has been adjusted to reflect a reclass of certain credit card income from interest income to non-interest income. |
MIDSOUTH BANCORP, INC. and SUBSIDIARIES | ||||||||||||||||||||
Reconciliation of Non-GAAP Financial Measures (unaudited) | ||||||||||||||||||||
(in thousands except per share data) | ||||||||||||||||||||
Certain financial information included in the earnings release and the associated Condensed Consolidated Financial Information (unaudited) is determined by methods other than in accordance with GAAP. We are providing disclosure of the reconciliation of these non-GAAP financial measures to the most comparable GAAP financial measures. "Tangible common equity" is defined as total common equity reduced by intangible assets. "Core net interest margin" is defined as reported net interest margin less purchase accounting adjustments. "Annualized return on average assets, operating" is defined as net earnings available to common shareholders adjusted for specified one-time items divided by average assets. "Annualized return on average common equity, operating" is defined as net earnings available to common shareholders adjusted for specified one-time items divided by average common equity. "Annualized return on average tangible common equity, operating" is defined as net earnings available to common shareholders adjusted for specified one-time items divided by average tangible common equity. "Pre-tax, pre-provision annualized return on average assets, operating" is defined as pre-tax, pre-provision earnings adjusted for specified one-time items divided by average assets. "Tangible book value per common share" is defined as tangible common equity divided by total common shares outstanding. "Diluted earnings per share, operating" is defined as net earnings available to common shareholders adjusted for specified one-time items divided by diluted weighted-average shares. The GAAP-based efficiency ratio is measured as noninterest expense as a percentage of net interest income plus noninterest income. The non-GAAP efficiency ratio excludes specified one-time items in addition to securities gains and losses and gains and losses on the sale/valuation of other real estate owned and other assets repossessed. | ||||||||||||||||||||
We use non-GAAP measures because we believe they are useful for evaluating our financial condition and performance over periods of time, as well as in managing and evaluating our business and in discussions about our performance. We also believe these non-GAAP financial measures provide users of our financial information with a meaningful measure for assessing our financial condition as well as comparison to financial results for prior periods. These results should not be viewed as a substitute for results determined in accordance with GAAP, and are not necessarily comparable to non-GAAP performance measures that other companies may use. | ||||||||||||||||||||
Three Months Ended | ||||||||||||||||||||
September 30, | June 30, | March 31, | December 31, | September 30, | ||||||||||||||||
2017 | 2017 | 2017 | 2016 | 2016 | ||||||||||||||||
Average Balance Sheet Data | ||||||||||||||||||||
Total average assets | A | $ | 1,954,343 | $ | 1,926,408 | $ | 1,932,818 | $ | 1,960,436 | $ | 1,927,351 | |||||||||
Total equity | $ | 269,035 | $ | 228,871 | $ | 215,895 | $ | 217,857 | $ | 218,976 | ||||||||||
Less preferred equity | 41,087 | 41,109 | 41,110 | 41,110 | 41,110 | |||||||||||||||
Total common equity | B | $ | 227,948 | $ | 187,762 | $ | 174,785 | $ | 176,747 | $ | 177,866 | |||||||||
Less intangible assets | 46,097 | 46,373 | 46,661 | 46,926 | 47,204 | |||||||||||||||
Tangible common equity | C | $ | 181,851 | $ | 141,389 | $ | 128,124 | $ | 129,821 | $ | 130,662 |
MIDSOUTH BANCORP, INC. and SUBSIDIARIES | ||||||||||||||||||||
Reconciliation of Non-GAAP Financial Measures (unaudited) (continued) | ||||||||||||||||||||
(in thousands except per share data) | ||||||||||||||||||||
Three Months Ended | ||||||||||||||||||||
September 30, | June 30, | March 31, | December 31, | September 30, | ||||||||||||||||
Core Net Interest Margin | 2017 | 2017 | 2017 | 2016 | 2016 | |||||||||||||||
Net interest income (TE) | $ | 19,003 | $ | 18,442 | $ | 18,279 | $ | 18,478 | $ | 18,472 | ||||||||||
Less purchase accounting adjustments | (355 | ) | (380 | ) | (274 | ) | (458 | ) | (493 | ) | ||||||||||
Core net interest income, net of purchase accounting adjustments | D | $ | 18,648 | $ | 18,062 | $ | 18,005 | $ | 18,020 | $ | 17,979 | |||||||||
Total average earnings assets | $ | 1,793,754 | $ | 1,768,862 | $ | 1,773,647 | $ | 1,797,907 | $ | 1,761,984 | ||||||||||
Add average balance of loan valuation discount | 1,504 | 1,720 | 1,964 | 2,316 | 2,634 | |||||||||||||||
Average earnings assets, excluding loan valuation discount | E | $ | 1,795,258 | $ | 1,770,582 | $ | 1,775,611 | $ | 1,800,223 | $ | 1,764,618 | |||||||||
Core net interest margin | D/E | 4.12 | % | 4.09 | % | 4.11 | % | 3.98 | % | 4.05 | % | |||||||||
Three Months Ended | ||||||||||||||||||||
September 30, | June 30, | March 31, | December 31, | September 30, | ||||||||||||||||
Return Ratios | 2017 | 2017 | 2017 | 2016 | 2016 | |||||||||||||||
Net earnings (loss) available to common shareholders | $ | 856 | $ | (6,225 | ) | $ | 1,680 | $ | 1,387 | $ | 1,587 | |||||||||
Severance and retention accruals, after-tax | — | 872 | — | — | — | |||||||||||||||
One-time charge related to discontinued branch projects, after-tax | — | 302 | — | — | — | |||||||||||||||
One-time charge related to closure of branches, after-tax | 587 | — | — | — | — | |||||||||||||||
Write-down of assets held for sale, after-tax | — | 371 | — | — | — | |||||||||||||||
Net gain on sale of securities, after-tax | (220 | ) | (2 | ) | (4 | ) | — | — | ||||||||||||
Net earnings (loss) available to common shareholders, operating | F | $ | 1,223 | $ | (4,682 | ) | $ | 1,676 | $ | 1,387 | $ | 1,587 | ||||||||
Earnings (loss) before income taxes | $ | 2,240 | $ | (8,635 | ) | $ | 3,080 | $ | 3,070 | $ | 3,391 | |||||||||
Severance and retention accruals | — | 1,341 | — | — | — | |||||||||||||||
One-time charge related to discontinued branch projects | — | 465 | — | — | — | |||||||||||||||
One-time charge related to closure of branches | 903 | — | — | — | — | |||||||||||||||
Write-down of assets held for sale | — | 570 | — | — | — | |||||||||||||||
Net gain on sale of securities | (338 | ) | (3 | ) | (6 | ) | — | — | ||||||||||||
Provision for loan losses | 4,300 | 12,500 | 2,800 | 2,600 | 2,900 | |||||||||||||||
Pre-tax, pre-provision earnings, operating | G | $ | 7,105 | $ | 6,238 | $ | 5,874 | $ | 5,670 | $ | 6,291 | |||||||||
Annualized return on average assets, operating | F/A | 0.25 | % | (0.97 | )% | 0.35 | % | 0.28 | % | 0.33 | % | |||||||||
Annualized return on average common equity, operating | F/B | 2.13 | % | (10.00 | )% | 3.89 | % | 3.12 | % | 3.55 | % | |||||||||
Annualized return on average tangible common equity, operating | F/C | 2.67 | % | (13.28 | )% | 5.31 | % | 4.25 | % | 4.83 | % | |||||||||
Pre-tax, pre-provision annualized return on average assets, operating | G/A | 1.44 | % | 1.30 | % | 1.23 | % | 1.15 | % | 1.30 | % |
MIDSOUTH BANCORP, INC. and SUBSIDIARIES | ||||||||||||||||||||||||||||
Reconciliation of Non-GAAP Financial Measures (unaudited) (continued) | ||||||||||||||||||||||||||||
(in thousands except per share data) | ||||||||||||||||||||||||||||
Three Months Ended | Nine Months Ended | |||||||||||||||||||||||||||
September 30, | June 30, | March 31, | December 31, | September 30, | September 30, | September 30, | ||||||||||||||||||||||
Per Common Share Data | 2017 | 2017 | 2017 | 2016 | 2016 | 2017 | 2016 | |||||||||||||||||||||
Diluted earnings (loss) per share | $ | 0.05 | $ | (0.51 | ) | $ | 0.15 | $ | 0.12 | $ | 0.14 | $ | (0.28 | ) | $ | 0.46 | ||||||||||||
Effect of severance and retention accruals | — | 0.08 | — | — | — | 0.07 | — | |||||||||||||||||||||
Effect of one-time charge related to discontinued branch projects | — | 0.02 | — | — | — | 0.02 | — | |||||||||||||||||||||
Effect of one-time charge related to closure of branches | 0.03 | — | — | — | — | 0.04 | — | |||||||||||||||||||||
Effect of write-down of assets held for sale | — | 0.03 | — | — | — | 0.03 | — | |||||||||||||||||||||
Effect of gain on sales of securities | (0.01 | ) | — | — | — | — | (0.01 | ) | — | |||||||||||||||||||
Diluted earnings (loss) per share, operating | $ | 0.07 | $ | (0.38 | ) | $ | 0.15 | $ | 0.12 | $ | 0.14 | $ | (0.13 | ) | $ | 0.46 | ||||||||||||
Book value per common share | $ | 13.70 | $ | 13.76 | $ | 15.37 | $ | 15.25 | $ | 15.58 | ||||||||||||||||||
Effect of intangible assets per share | 2.78 | 2.89 | 4.09 | 4.12 | 4.14 | |||||||||||||||||||||||
Tangible book value per common share | $ | 10.92 | $ | 10.87 | $ | 11.28 | $ | 11.13 | $ | 11.44 | ||||||||||||||||||
Three Months Ended | ||||||||||||||||||||||||||||
September 30, | June 30, | March 31, | December 31, | September 30, | ||||||||||||||||||||||||
Efficiency Ratio | 2017 | 2017 | 2017 | 2016 | 2016 | |||||||||||||||||||||||
Net interest income | $ | 18,813 | $ | 18,246 | $ | 18,066 | $ | 18,235 | $ | 18,253 | ||||||||||||||||||
Noninterest income | $ | 5,486 | $ | 5,223 | $ | 5,044 | $ | 5,071 | $ | 5,152 | ||||||||||||||||||
Net gain on sale of securities | (338 | ) | (3 | ) | (6 | ) | — | — | ||||||||||||||||||||
Noninterest income (non-GAAP) | $ | 5,148 | $ | 5,220 | $ | 5,038 | $ | 5,071 | $ | 5,152 | ||||||||||||||||||
Total revenue | H | $ | 24,299 | $ | 23,469 | $ | 23,110 | $ | 23,306 | $ | 23,405 | |||||||||||||||||
Total revenue (non-GAAP) | I | $ | 23,961 | $ | 23,466 | $ | 23,104 | $ | 23,306 | $ | 23,405 | |||||||||||||||||
Noninterest expense | J | $ | 17,759 | $ | 19,604 | $ | 17,230 | $ | 17,636 | $ | 17,114 | |||||||||||||||||
Severance and retention accruals | — | (1,341 | ) | — | — | — | ||||||||||||||||||||||
One-time charge related to discontinued branch projects | — | (465 | ) | — | — | — | ||||||||||||||||||||||
One-time charge related to closure of branches | (903 | ) | — | — | — | — | ||||||||||||||||||||||
Write-down of assets held for sale | — | (570 | ) | — | — | — | ||||||||||||||||||||||
Net (loss) gain on sale/valuation of other real estate owned | 19 | (72 | ) | (15 | ) | — | (19 | ) | ||||||||||||||||||||
Noninterest expense (non-GAAP) | K | $ | 16,875 | $ | 17,156 | $ | 17,215 | $ | 17,636 | $ | 17,095 | |||||||||||||||||
Efficiency ratio (GAAP) | J/H | 73.09 | % | 83.53 | % | 74.56 | % | 75.67 | % | 73.12 | % | |||||||||||||||||
Efficiency ratio (non-GAAP) | K/I | 70.43 | % | 73.11 | % | 74.51 | % | 75.67 | % | 73.04 | % |
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