FARMERS NATIONAL BANC CORP /OH/ false 0000709337 0000709337 2024-10-23 2024-10-23
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 23, 2024
Farmers National Banc Corp.
(Exact name of registrant as specified in its charter)
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| Ohio |
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001-35296 |
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34-1371693 |
| (State or other jurisdiction of incorporation) |
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(Commission File Number) |
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(IRS Employer Identification No.) |
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| 20 South Broad Street, P.O. Box 555, Canfield, Ohio |
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44406-0555 |
| (Address of principal executive offices) |
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(Zip Code) |
(330) 533-3341
(Registrant’s telephone number, including area code)
(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:
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☐ |
Written communication pursuant to Rule 425 under the Securities Act (17 CFR 230.425) |
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☐ |
Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12) |
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☐ |
Pre-commencement communication pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b)) |
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☐ |
Pre-commencement communication pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c)) |
Securities registered pursuant to Section 12(b) of the Act:
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| Title of each class |
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Trading Symbol |
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Name of each exchange on which registered |
| Common Stock, No Par Value |
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FMNB |
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The NASDAQ Stock Market |
Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 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. ☐
| Item 2.02 |
Results of Operations and Financial Condition. |
On October 23, 2024, Farmers National Banc Corp. (the “Company”) announced earnings for the quarter ended September 30, 2024. A copy of the press release and certain financial information for this period is attached as Exhibit 99.1 hereto and incorporated by reference herein.
Also on October 23, 2024, the Company first provided investors with a supplemental presentation regarding third quarter earnings and other current financial information, attached as Exhibit 99.2 hereto and incorporated by reference herein.
Pursuant to General Instruction B.2 of Current Report on Form 8-K, the information in this Item 2.02 and Exhibits 99.1 and 99.2 is being furnished and shall not be deemed to be “filed” for purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), or otherwise subject to the liability of that section. Furthermore, the information in this Item 2.02 and Exhibits 99.1 and 99.2 shall not be deemed to be incorporated by reference into the filings of the Company under the Securities Act of 1933, as amended (the “Securities Act”) except as may be expressly set forth by specific reference in such filing.
| Item 7.01 |
Regulation FD Disclosure. |
On October 23, 2024, the Company first provided investors with a supplemental presentation regarding third quarter earnings and other current financial information, attached as Exhibit 99.2 hereto and incorporated by reference herein.
The presentation is furnished herein, as part of this Item 7.01, as Exhibit 99.2. Pursuant to General Instruction B.2 of Current Report on Form 8-K, the information in this Item 7.01 and Exhibit 99.2 shall not be deemed to be “filed” for purposes of Section 18 of the Exchange Act, or otherwise subject to the liability of that section. Furthermore, the information in this Item 7.01 and Exhibit 99.2 shall not be deemed to be incorporated by reference into the filings of the Company under the Securities Act, except as may be expressly set forth by specific reference in such filing.
| Item 9.01 |
Financial Statements and Exhibits. |
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
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| Farmers National Banc Corp. |
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| By: |
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/s/ Kevin J. Helmick |
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Kevin J. Helmick |
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President and Chief Executive Officer |
Date: October 23, 2024
Exhibit 99.1
October 23, 2024
Press Release
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Source: |
Farmers National Banc Corp. |
Kevin J. Helmick, President and CEO
20 South Broad Street, P.O. Box 555
Canfield, OH 44406
330.533.3341
Email:
exec@farmersbankgroup.com
FARMERS NATIONAL BANC CORP. ANNOUNCES
EARNINGS FOR THE THIRD QUARTER OF 2024
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167 consecutive quarters of profitability |
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Strong commercial loan growth of $35.2 million, or 7.2% annualized, for the third quarter of 2024
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Overall loan growth of $43.1 million, or 5.3% annualized, for the third quarter of 2024
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Customer deposit growth of $81.1 million, or 7.7% annualized, for the third quarter of 2024
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Strong growth in fee-based businesses |
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Wealth management assets under management have grown to $4.0 billion at September 30, 2024
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CANFIELD, Ohio (October 23, 2024) – Farmers National Banc Corp. (“Farmers” or the “Company”) (NASDAQ:
FMNB) today announced net income of $8.5 million, or $0.23 per diluted share, for the quarter ended September 30, 2024, compared to $13.3 million, or $0.36 per diluted share, for the quarter ended September 30, 2023. Net income in the
third quarter of 2024 was impacted by a single $12.5 million commercial credit backed by office space which resulted in a $4.4 million charge-off along with the establishment of a specific reserve on
the credit in the amount of $1.2 million. The impact of this credit reduced third quarter results by $0.12 per diluted share.
Kevin J. Helmick,
President and CEO, stated “Our third quarter performance was solid as we experienced strong loan and deposit growth, reflecting strengthening levels of underlying profitability. We produced outstanding loan growth for a second consecutive
quarter along with great results from our fee-based business lines. Overall, we believe we are very well positioned to grow earnings in 2025, while navigating continued macro-level uncertainty.”
Balance Sheet
The Company’s total assets were
$5.24 billion at September 30, 2024, an increase from $5.16 billion at June 30, 2024, and $5.08 billion at December 31, 2023. Loans increased $82.4 million from December 31, 2023 to $3.28 billion at September 30, 2024 and
increased $43.1 million from June 30, 2024 to September 30, 2024. The 5.3% annualized loan growth from the second quarter of 2024 to the third quarter of 2024 was driven by strong commercial loan growth of $35.2 million. With a
second consecutive quarter of positive loan growth, the Company now anticipates total loans to increase by approximately 2.8% - 3.0% for 2024. The Company remains committed to maintaining solid asset quality and prudent pricing standards, which is
expected to contribute to higher overall profitability.
Securities available for sale totaled $1.29 billion at September 30, 2024, compared to
$1.25 billion at June 30, 2024, and $1.30 billion at December 31, 2023. Gross unrealized losses on the portfolio totaled $189.4 million at September 30, 2024, a decrease from $242.3 million at June 30, 2024,
and $217.1 million at December 31, 2023. While interest rates have started to decline, the Company still expects bond market volatility to continue for the remainder of 2024 and into 2025.
Total deposits increased to $4.36 billion at September 30, 2024, compared to $4.21 billion at June 30, 2024, and $4.18 billion at
December 31, 2023. The increase since December 31, 2023, was driven by the acquisition of $74.9 in brokered deposits in the third quarter of 2024 and growth in customer deposits (non brokered) of $109.5 million. The increase since
June 30, 2024, was driven by the brokered deposits and an increase in customer deposits of $81.1 million. The brokered deposits were used to pay down more expensive wholesale funding.
Total stockholders’ equity increased to $439.7 million at September 30, 2024, compared to $396.7 million at June 30, 2024, and
$404.4 million at December 31, 2023. The increase from both prior periods has primarily been driven by a decrease in the unrealized losses on investment securities.
Credit Quality
The Company’s non-performing loans increased to $19.1 million at September 30, 2024, compared to
$12.9 million at June 30, 2024, and $15.1 million at December 31, 2023. The increase resulted from the addition of the remaining $8.1 million balance of the single commercial credit discussed previously, offset by large
declines in the balance of other non-performing loans. Non-performing loans to total loans were 0.58% at September 30, 2024, compared to 0.40% at June 30, 2024 and 0.47%
at December 31, 2023. The Company’s loans which were 30-89 days delinquent were $15.6 million at September 30, 2024, or 0.47% of total loans. This is down significantly from the
$18.5 million figure reported at June 30, 2024 and the $16.7 million figure from December 31, 2023.
The provision for credit losses and
unfunded commitments totaled $7.0 million for the three months ended September 30, 2024, compared to $243,000 for the three months ended September 30, 2023. The increased provision for credit losses was primarily due to the increased
level of net charge-offs and reserving activity resulting from the deterioration in the single credit. Strong loan growth during the quarter also increased provision costs during the quarter. Annualized net charge-offs as a percentage of average
loans were 0.58% for the third quarter of 2024, compared to 0.05% for the third quarter of 2023. The allowance for credit losses to total loans was 1.10% at September 30, 2024, compared to 1.05% at June 30 2024, and 1.08% at December 31,
2023.
Net Interest Income
Net interest income for
the third quarter of 2024 was $31.9 million compared to $33.8 million in the third quarter of 2023. Average interest earning assets increased to $4.89 billion in the third quarter of 2024 compared to $4.82 billion for the third
quarter of 2023. The increase was driven by an increase in average loan balances of $88.3 million and an increase in fed funds sold and other of $51.1 million. These increases were offset by declines in the average balance of investment
securities. The net interest margin declined to 2.66% for the third quarter of 2024 from 2.86% for the third quarter of 2023 and 2.71% for the second quarter of 2024. The year-over-year decline in net interest margin was due to higher funding costs
outstripping the increase in yields on earning assets. The increase in funding costs has been due to the rapid increase in deposit rates due to intense competition for deposits, the Federal Reserve’s rate hiking cycle, and the runoff of
noninterest bearing deposit balances which are being replaced with more costly wholesale funding. The decline in net interest margin compared to the second quarter of 2024 was due to the higher balance of fed funds sold and other along with a
decline in the accretion of acquisition marks. The Federal Reserve’s 50 basis point cut in the fed funds rate at the end of September 2024 will have a positive impact on the Company’s net interest margin in the fourth quarter of 2024.
Excluding acquisition marks and PPP interest, non-GAAP, the Company’s net interest margin was 2.48% in the third quarter of 2024 compared to 2.61% in the third quarter of 2023.
Noninterest Income
Noninterest income for the third
quarter of 2024 was $12.3 million compared to $9.8 million for the third quarter of 2023. This increase was due to solid growth in the Company’s fee-based business lines along with gains from
SBIC funds and a $444,000 gain on the purchase of $3.0 million of the Company’s subordinated debt.
Service charges on deposit accounts
increased $280,000 to $2.0 million for the third quarter of 2024 compared to $1.7 million for the third quarter in 2023. The Company undertook a review of all service charges in late 2023 and early 2024 and implemented fee increases across
deposit product lines in the second quarter of 2024. Trust fees increased by $217,000 to $2.5 million at September 30, 2024, from $2.3 million at September 30, 2023. The increase was due to continued growth in the business unit.
Insurance agency commissions grew to $1.4 million in the third quarter of 2024 from $1.1 million in the third quarter of 2023. The increase has been driven by strong growth in fixed annuity sales. Losses on the sale of securities totaled
$403,000 in the third quarter of 2024 compared to losses on the sale of securities of $624,000 during the third quarter of 2023. Net gains on the sale of loans increased to $506,000 in the third quarter of 2024 compared to $395,000 in the third
quarter of 2023. Greater saleable volume drove this increase. Other mortgage banking fee income was a loss of $168,000 for the third quarter compared to income of $185,000 during the third quarter of 2023. The decline in income was due to an
impairment charge on the Company’s higher coupon mortgage servicing right tranches in the third quarter of 2024. Debit card income grew to $2.0 million in the third quarter of 2024 from $1.8 million in the third quarter of 2023 as
better volumes were realized in the current period. Other noninterest income increased from $1.1 million in the third quarter of 2023 to $2.6 million in the third quarter of 2024. The Company recorded $854,000 more in SBIC income in the
third quarter of 2024 compared to the same period in 2023. In addition, the Company purchased $3.0 million of its subordinated debt during the third quarter of 2024 recording a gain of $444,000. In the third quarter of 2023, the Company had no
gains from the purchase of subordinated debt but instead recorded losses of $110,000 on assets held for sale.
Noninterest Expense
Noninterest expense totaled $27.1 million for the quarter ended September 30, 2024 compared to $27.7 million for the quarter ended
September 30, 2023. The third quarter of 2023 included $268,000 of merger related charges. There were no merger related expenses during the third quarter of 2024. Salaries and employee benefits were $14.9 million in the third quarter of
2024 compared to $14.2 million in the third quarter of 2023. The increase was primarily driven by higher salaries associated with employee raises along with higher health care expenses. FDIC and state and local taxes decreased by $168,000 to
$1.5 million for the third quarter of 2024 compared
to $1.6 million for the third quarter of 2023 due to lower FDIC premiums. Intangible amortization
declined to $629,000 in the third quarter of 2024 from $725,000 for the third quarter of 2023. This decrease was driven by amortization from a prior acquisition running off. Other noninterest expense decreased $804,000 in the third quarter of 2024
to $3.4 million from $4.2 million in the third quarter of 2023. The primary reason for the decrease was due to a $785,000 charge incurred in 2023 for the settlement of a lawsuit.
Liquidity
At September 30, 2024, the Company had access
to an additional $695.8 million of FHLB borrowing capacity, along with $250.0 million in available for sale securities that are available for additional pledging. The Company’s loan to deposit ratio was 75.2% at September 30, 2024
while the Company’s average deposit balance per account (excluding collateralized deposits) was $24,742 for the same period.
About Farmers
National Banc Corp.
Founded in 1887, Farmers National Banc Corp. is a diversified financial services company headquartered in Canfield, Ohio, with
$5.2 billion in banking assets. Farmers National Banc Corp.’s wholly-owned subsidiaries are comprised of The Farmers National Bank of Canfield, a full-service national bank engaged in commercial and retail banking with 62 banking locations
in Mahoning, Trumbull, Columbiana, Portage, Stark, Wayne, Medina, Geauga and Cuyahoga Counties in Ohio and Beaver, Butler, Allegheny, Jefferson, Clarion, Venango, Clearfield, Mercer, Elk and Crawford Counties in Pennsylvania, and Farmers Trust
Company, which operates five trust offices and offers services in the same geographic markets. Total wealth management assets under care at September 30, 2024 are $4.0 billion. Farmers National Insurance, LLC, a wholly-owned subsidiary of The
Farmers National Bank of Canfield, offers a variety of insurance products.
Non-GAAP Disclosure
This press release includes disclosures of Farmers’ tangible common equity ratio, return on average tangible assets, return on average tangible equity,
net income excluding costs related to acquisition activities and certain items, return on average assets excluding merger costs and certain items, return on average equity excluding merger costs and certain items, net interest margin excluding
acquisition marks and related accretion and PPP interest and fees and efficiency ratio less certain items, which are financial measures not prepared in accordance with generally accepted accounting principles in the United States (GAAP). A non-GAAP financial measure is a numerical measure of historical or future financial performance, financial position or cash flows that excludes or includes amounts that are required to be disclosed by GAAP. Farmers
believes that these non-GAAP financial measures provide both management and investors a more complete understanding of the underlying operational results and trends and Farmers’ marketplace performance.
The presentation of this additional information is not meant to be considered in isolation or as a substitute for the numbers prepared in accordance with GAAP. The reconciliations of non-GAAP financial
measures to their GAAP equivalents are included in the tables following Consolidated Financial Highlights below.
Cautionary Statements Regarding
Forward-Looking Statements
We make statements in this news release and our related investor conference call, and we may from time to time make other
statements, that are forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995, including statements about Farmers’ financial condition, results of operations, asset quality trends and profitability.
Forward-looking statements are not historical facts but instead represent only management’s current expectations and forecasts regarding future events, many of which, by their nature, are inherently uncertain and outside of Farmers’
control. Forward-looking statements are preceded by terms such as “expects,” “believes,” “anticipates,” “intends” and similar expressions, as well as any statements related to future expectations of
performance or conditional verbs, such as “will,” “would,” “should,” “could” or “may.” Farmers’ actual results and financial condition may differ, possibly materially, from the anticipated
results and financial condition indicated in these forward-looking statements. Factors that could cause Farmers’ actual results to differ materially from those described in certain forward-looking statements include significant changes in
near-term local, regional, and U.S. economic conditions including those resulting from continued high rates of inflation, tightening monetary policy of the Board of Governors of the Federal Reserve, and possibility of a recession; and the other
factors contained in Farmers’ Annual Report on Form 10-K for the year ended December 31, 2023 and subsequent Quarterly Reports on Form 10-Q filed with the
Securities and Exchange Commission (SEC) and available on Farmers’ website (www.farmersbankgroup.com) and on the SEC’s website (www.sec.gov). Forward-looking statements are not guarantees of future performance and should not be relied upon
as representing management’s views as of any subsequent date. Farmers does not undertake any obligation to update the forward-looking statements to reflect the impact of circumstances or events that may arise after the date of the
forward-looking statements.
Farmers National Banc Corp. and Subsidiaries
Consolidated Financial Highlights
(Amounts in thousands, except
per share results) Unaudited
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| Consolidated Statements of Income |
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For the Three Months Ended |
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For the Nine Months Ended |
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Sept. 30, |
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June 30, |
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March 31, |
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Dec. 31, |
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Sept. 30, |
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Sept. 30, |
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Sept. 30, |
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Percent |
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2024 |
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2024 |
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2024 |
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2023 |
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2023 |
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2024 |
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2023 |
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Change |
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| Total interest income |
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$ |
57,923 |
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$ |
56,846 |
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$ |
55,054 |
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$ |
55,069 |
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$ |
54,229 |
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$ |
169,823 |
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$ |
158,266 |
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7.3 |
% |
| Total interest expense |
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26,047 |
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24,780 |
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23,367 |
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22,239 |
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20,461 |
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74,194 |
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53,310 |
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39.2 |
% |
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| Net interest income |
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31,876 |
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32,066 |
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31,687 |
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32,830 |
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33,768 |
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95,629 |
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104,956 |
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-8.9 |
% |
| Provision (credit) for credit losses |
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7,008 |
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1,112 |
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(449 |
) |
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286 |
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243 |
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7,671 |
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8,867 |
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-13.5 |
% |
| Noninterest income |
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12,340 |
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9,606 |
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8,357 |
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12,156 |
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9,831 |
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30,302 |
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29,705 |
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2.0 |
% |
| Acquisition related costs |
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0 |
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0 |
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0 |
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452 |
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268 |
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0 |
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5,022 |
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-100.0 |
% |
| Other expense |
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27,075 |
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26,403 |
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27,039 |
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26,520 |
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27,448 |
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80,517 |
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79,802 |
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0.9 |
% |
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| Income before income taxes |
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10,133 |
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14,157 |
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13,454 |
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17,728 |
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15,640 |
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37,743 |
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40,970 |
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-7.9 |
% |
| Income taxes |
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1,598 |
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2,374 |
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2,214 |
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3,151 |
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|
2,326 |
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|
6,185 |
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|
5,614 |
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10.2 |
% |
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| Net income |
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$ |
8,535 |
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$ |
11,783 |
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$ |
11,240 |
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$ |
14,577 |
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$ |
13,314 |
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$ |
31,558 |
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$ |
35,356 |
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-10.7 |
% |
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| Average diluted shares outstanding |
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37,567 |
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37,487 |
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37,479 |
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37,426 |
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37,379 |
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37,495 |
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37,533 |
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| Basic earnings per share |
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0.23 |
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0.32 |
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0.30 |
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|
0.39 |
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0.36 |
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|
0.85 |
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|
0.94 |
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| Diluted earnings per share |
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|
0.23 |
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|
0.31 |
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0.30 |
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|
0.39 |
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|
0.36 |
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|
0.84 |
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|
0.94 |
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| Cash dividends per share |
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0.17 |
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|
0.17 |
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|
0.17 |
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0.17 |
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0.17 |
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0.51 |
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0.51 |
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| Performance Ratios |
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| Net Interest Margin (Annualized) |
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2.66 |
% |
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2.71 |
% |
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2.70 |
% |
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|
2.78 |
% |
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|
2.86 |
% |
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|
2.69 |
% |
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2.95 |
% |
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| Efficiency Ratio (Tax equivalent basis) |
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58.47 |
% |
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60.80 |
% |
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61.54 |
% |
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57.84 |
% |
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60.11 |
% |
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60.24 |
% |
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|
59.70 |
% |
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| Return on Average Assets (Annualized) |
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|
0.66 |
% |
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|
0.93 |
% |
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|
0.90 |
% |
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|
1.17 |
% |
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|
1.06 |
% |
|
|
0.83 |
% |
|
|
0.93 |
% |
|
|
|
|
| Return on Average Equity (Annualized) |
|
|
8.18 |
% |
|
|
12.15 |
% |
|
|
11.47 |
% |
|
|
17.98 |
% |
|
|
14.49 |
% |
|
|
10.51 |
% |
|
|
12.79 |
% |
|
|
|
|
| Other Performance Ratios (Non-GAAP) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Return on Average Tangible Assets |
|
|
0.69 |
% |
|
|
0.97 |
% |
|
|
0.93 |
% |
|
|
1.22 |
% |
|
|
1.09 |
% |
|
|
0.86 |
% |
|
|
0.97 |
% |
|
|
|
|
| Return on Average Tangible Equity |
|
|
14.94 |
% |
|
|
23.74 |
% |
|
|
21.88 |
% |
|
|
43.77 |
% |
|
|
30.29 |
% |
|
|
19.95 |
% |
|
|
26.80 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Consolidated Statements of Financial Condition |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
|
Sept. 30, |
|
|
June 30, |
|
|
March 31, |
|
|
Dec. 31, |
|
|
Sept. 30, |
|
| |
|
2024 |
|
|
2024 |
|
|
2024 |
|
|
2023 |
|
|
2023 |
|
| Assets |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Cash and cash equivalents |
|
$ |
189,136 |
|
|
$ |
180,987 |
|
|
$ |
148,630 |
|
|
$ |
103,658 |
|
|
$ |
93,923 |
|
| Debt securities available for sale |
|
|
1,293,350 |
|
|
|
1,246,730 |
|
|
|
1,270,149 |
|
|
|
1,299,701 |
|
|
|
1,210,736 |
|
| Other investments |
|
|
33,617 |
|
|
|
37,594 |
|
|
|
34,619 |
|
|
|
35,311 |
|
|
|
35,342 |
|
| Loans held for sale |
|
|
2,852 |
|
|
|
2,577 |
|
|
|
1,854 |
|
|
|
3,711 |
|
|
|
1,910 |
|
| Loans |
|
|
3,280,517 |
|
|
|
3,237,369 |
|
|
|
3,181,318 |
|
|
|
3,198,127 |
|
|
|
3,168,554 |
|
| Less allowance for credit losses |
|
|
36,186 |
|
|
|
33,991 |
|
|
|
33,159 |
|
|
|
34,440 |
|
|
|
34,753 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Net Loans |
|
|
3,244,331 |
|
|
|
3,203,378 |
|
|
|
3,148,159 |
|
|
|
3,163,687 |
|
|
|
3,133,801 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Other assets |
|
|
473,217 |
|
|
|
485,587 |
|
|
|
476,599 |
|
|
|
472,282 |
|
|
|
495,451 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Total Assets |
|
$ |
5,236,503 |
|
|
$ |
5,156,853 |
|
|
$ |
5,080,010 |
|
|
$ |
5,078,350 |
|
|
$ |
4,971,163 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Liabilities and Stockholders’ Equity |
|
|
|
|
| Deposits |
|
|
|
|
| Noninterest-bearing |
|
$ |
969,682 |
|
|
$ |
968,693 |
|
|
$ |
977,475 |
|
|
$ |
1,026,630 |
|
|
$ |
1,039,524 |
|
| Interest-bearing |
|
|
3,317,223 |
|
|
|
3,237,142 |
|
|
|
3,220,650 |
|
|
|
3,150,756 |
|
|
|
3,217,869 |
|
| Brokered time deposits |
|
|
74,932 |
|
|
|
0 |
|
|
|
0 |
|
|
|
0 |
|
|
|
254,257 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Total deposits |
|
|
4,361,837 |
|
|
|
4,205,835 |
|
|
|
4,198,125 |
|
|
|
4,177,386 |
|
|
|
4,511,650 |
|
| Other interest-bearing liabilities |
|
|
371,038 |
|
|
|
494,890 |
|
|
|
433,777 |
|
|
|
443,663 |
|
|
|
88,550 |
|
| Other liabilities |
|
|
63,950 |
|
|
|
59,434 |
|
|
|
51,082 |
|
|
|
52,886 |
|
|
|
54,981 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Total liabilities |
|
|
4,796,825 |
|
|
|
4,760,159 |
|
|
|
4,682,984 |
|
|
|
4,673,935 |
|
|
|
4,655,181 |
|
| Stockholders’ Equity |
|
|
439,678 |
|
|
|
396,694 |
|
|
|
397,026 |
|
|
|
404,415 |
|
|
|
315,982 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Total Liabilities and Stockholders’ Equity |
|
$ |
5,236,503 |
|
|
$ |
5,156,853 |
|
|
$ |
5,080,010 |
|
|
$ |
5,078,350 |
|
|
$ |
4,971,163 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Period-end shares outstanding |
|
|
37,574 |
|
|
|
37,575 |
|
|
|
37,546 |
|
|
|
37,503 |
|
|
|
37,489 |
|
| Book value per share |
|
$ |
11.70 |
|
|
$ |
10.56 |
|
|
$ |
10.57 |
|
|
$ |
10.78 |
|
|
$ |
8.43 |
|
| Tangible book value per share (Non-GAAP)* |
|
|
6.69 |
|
|
|
5.53 |
|
|
|
5.52 |
|
|
|
5.71 |
|
|
|
3.33 |
|
| * |
Tangible book value per share is calculated by dividing tangible common equity by outstanding shares
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
|
For the Three Months Ended |
|
|
For the Nine Months Ended |
|
| |
|
Sept. 30, |
|
|
June 30, |
|
|
March 31, |
|
|
Dec. 31, |
|
|
Sept. 30, |
|
|
Sept. 30, |
|
|
Sept. 30, |
|
| Capital and Liquidity |
|
2024 |
|
|
2024 |
|
|
2024 |
|
|
2023 |
|
|
2023 |
|
|
2024 |
|
|
2023 |
|
| Common Equity Tier 1 Capital Ratio (a) |
|
|
10.96 |
% |
|
|
10.94 |
% |
|
|
10.88 |
% |
|
|
10.61 |
% |
|
|
10.37 |
% |
|
|
|
|
|
|
|
|
| Total Risk Based Capital Ratio (a) |
|
|
14.35 |
% |
|
|
14.42 |
% |
|
|
14.38 |
% |
|
|
14.06 |
% |
|
|
13.83 |
% |
|
|
|
|
|
|
|
|
| Tier 1 Risk Based Capital Ratio (a) |
|
|
11.44 |
% |
|
|
11.43 |
% |
|
|
11.37 |
% |
|
|
11.10 |
% |
|
|
10.86 |
% |
|
|
|
|
|
|
|
|
| Tier 1 Leverage Ratio (a) |
|
|
8.22 |
% |
|
|
8.26 |
% |
|
|
8.19 |
% |
|
|
8.02 |
% |
|
|
7.84 |
% |
|
|
|
|
|
|
|
|
| Equity to Asset Ratio |
|
|
8.40 |
% |
|
|
7.69 |
% |
|
|
7.82 |
% |
|
|
7.96 |
% |
|
|
6.36 |
% |
|
|
|
|
|
|
|
|
| Tangible Common Equity Ratio (b) |
|
|
4.98 |
% |
|
|
4.18 |
% |
|
|
4.24 |
% |
|
|
4.38 |
% |
|
|
2.61 |
% |
|
|
|
|
|
|
|
|
| Net Loans to Assets |
|
|
61.96 |
% |
|
|
62.12 |
% |
|
|
61.97 |
% |
|
|
62.30 |
% |
|
|
63.04 |
% |
|
|
|
|
|
|
|
|
| Loans to Deposits |
|
|
75.21 |
% |
|
|
76.97 |
% |
|
|
75.78 |
% |
|
|
76.56 |
% |
|
|
70.23 |
% |
|
|
|
|
|
|
|
|
| Asset Quality |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Non-performing loans |
|
$ |
19,076 |
|
|
$ |
12,870 |
|
|
$ |
11,951 |
|
|
$ |
15,063 |
|
|
$ |
18,368 |
|
|
|
|
|
|
|
|
|
| Non-performing assets |
|
|
19,137 |
|
|
|
12,975 |
|
|
|
12,215 |
|
|
|
15,321 |
|
|
|
18,522 |
|
|
|
|
|
|
|
|
|
| Loans 30 - 89 days delinquent |
|
|
15,562 |
|
|
|
18,546 |
|
|
|
14,069 |
|
|
|
16,705 |
|
|
|
13,314 |
|
|
|
|
|
|
|
|
|
| Charged-off loans |
|
|
5,116 |
|
|
|
661 |
|
|
|
1,282 |
|
|
|
972 |
|
|
|
525 |
|
|
|
7,059 |
|
|
|
1,965 |
|
| Recoveries |
|
|
504 |
|
|
|
98 |
|
|
|
271 |
|
|
|
172 |
|
|
|
139 |
|
|
|
873 |
|
|
|
509 |
|
| Net Charge-offs |
|
|
4,612 |
|
|
|
563 |
|
|
|
1,011 |
|
|
|
800 |
|
|
|
386 |
|
|
|
6,186 |
|
|
|
1,456 |
|
| Annualized Net Charge-offs to Average Net Loans |
|
|
0.58 |
% |
|
|
0.07 |
% |
|
|
0.13 |
% |
|
|
0.10 |
% |
|
|
0.05 |
% |
|
|
0.26 |
% |
|
|
0.06 |
% |
| Allowance for Credit Losses to Total Loans |
|
|
1.10 |
% |
|
|
1.05 |
% |
|
|
1.04 |
% |
|
|
1.08 |
% |
|
|
1.10 |
% |
|
|
|
|
|
|
|
|
| Non-performing Loans to Total Loans |
|
|
0.58 |
% |
|
|
0.40 |
% |
|
|
0.38 |
% |
|
|
0.47 |
% |
|
|
0.58 |
% |
|
|
|
|
|
|
|
|
| Loans 30 - 89 Days Delinquent to Total Loans |
|
|
0.47 |
% |
|
|
0.57 |
% |
|
|
0.44 |
% |
|
|
0.52 |
% |
|
|
0.42 |
% |
|
|
|
|
|
|
|
|
| Allowance to Non-performing Loans |
|
|
189.69 |
% |
|
|
264.11 |
% |
|
|
277.46 |
% |
|
|
228.64 |
% |
|
|
189.20 |
% |
|
|
|
|
|
|
|
|
| Non-performing Assets to Total Assets |
|
|
0.37 |
% |
|
|
0.25 |
% |
|
|
0.24 |
% |
|
|
0.30 |
% |
|
|
0.37 |
% |
|
|
|
|
|
|
|
|
| (a) |
September 30, 2024 ratio is estimated |
| (b) |
This is a non-GAAP financial measure. A reconciliation to GAAP is shown
below |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
|
|
|
|
For the Three Months Ended |
|
|
|
|
| |
|
Sept. 30, |
|
|
June 30, |
|
|
March 31, |
|
|
Dec. 31, |
|
|
Sept. 30, |
|
| End of Period Loan Balances |
|
2024 |
|
|
2024 |
|
|
2024 |
|
|
2023 |
|
|
2023 |
|
| Commercial real estate |
|
$ |
1,372,374 |
|
|
$ |
1,348,675 |
|
|
$ |
1,339,372 |
|
|
$ |
1,335,806 |
|
|
$ |
1,295,847 |
|
| Commercial |
|
|
358,247 |
|
|
|
343,694 |
|
|
|
335,747 |
|
|
|
346,354 |
|
|
|
357,691 |
|
| Residential real estate |
|
|
852,444 |
|
|
|
849,561 |
|
|
|
836,252 |
|
|
|
843,697 |
|
|
|
842,729 |
|
| HELOC |
|
|
155,967 |
|
|
|
151,511 |
|
|
|
143,696 |
|
|
|
142,441 |
|
|
|
140,772 |
|
| Consumer |
|
|
269,231 |
|
|
|
268,606 |
|
|
|
256,846 |
|
|
|
259,784 |
|
|
|
261,136 |
|
| Agricultural loans |
|
|
261,773 |
|
|
|
265,035 |
|
|
|
260,425 |
|
|
|
261,288 |
|
|
|
261,738 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Total, excluding net deferred loan costs |
|
$ |
3,270,036 |
|
|
$ |
3,227,082 |
|
|
$ |
3,172,338 |
|
|
$ |
3,189,370 |
|
|
$ |
3,159,913 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
|
|
|
|
For the Three Months Ended |
|
|
|
|
| |
|
Sept. 30, |
|
|
June 30, |
|
|
March 31, |
|
|
Dec. 31, |
|
|
Sept. 30, |
|
| End of Period Customer Deposit Balances |
|
2024 |
|
|
2024 |
|
|
2024 |
|
|
2023 |
|
|
2023 |
|
| Noninterest-bearing demand |
|
$ |
969,682 |
|
|
$ |
968,693 |
|
|
$ |
977,474 |
|
|
$ |
1,026,630 |
|
|
$ |
1,039,524 |
|
| Interest-bearing demand |
|
|
1,453,288 |
|
|
|
1,380,266 |
|
|
|
1,381,383 |
|
|
|
1,362,609 |
|
|
|
1,426,349 |
|
| Money market |
|
|
676,664 |
|
|
|
677,058 |
|
|
|
646,308 |
|
|
|
593,975 |
|
|
|
588,043 |
|
| Savings |
|
|
418,771 |
|
|
|
433,166 |
|
|
|
452,949 |
|
|
|
468,890 |
|
|
|
488,991 |
|
| Certificate of deposit |
|
|
768,500 |
|
|
|
746,652 |
|
|
|
740,011 |
|
|
|
725,282 |
|
|
|
714,486 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Total customer deposits |
|
$ |
4,286,905 |
|
|
$ |
4,205,835 |
|
|
$ |
4,198,125 |
|
|
$ |
4,177,386 |
|
|
$ |
4,257,393 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
|
For the Three Months Ended |
|
|
For the Nine Months Ended |
|
| |
|
Sept. 30, |
|
|
June 30, |
|
|
March 31, |
|
|
Dec. 31, |
|
|
Sept. 30, |
|
|
Sept. 30, |
|
|
Sept. 30, |
|
| Noninterest Income |
|
2024 |
|
|
2024 |
|
|
2024 |
|
|
2023 |
|
|
2023 |
|
|
2024 |
|
|
2023 |
|
| Service charges on deposit accounts |
|
$ |
1,992 |
|
|
$ |
1,846 |
|
|
$ |
1,583 |
|
|
$ |
1,677 |
|
|
$ |
1,712 |
|
|
$ |
5,421 |
|
|
$ |
4,646 |
|
| Bank owned life insurance income, including death benefits |
|
|
688 |
|
|
|
652 |
|
|
|
707 |
|
|
|
617 |
|
|
|
694 |
|
|
|
2,046 |
|
|
|
1,825 |
|
| Trust fees |
|
|
2,544 |
|
|
|
2,345 |
|
|
|
2,510 |
|
|
|
2,382 |
|
|
|
2,327 |
|
|
|
7,398 |
|
|
|
6,665 |
|
| Insurance agency commissions |
|
|
1,416 |
|
|
|
1,255 |
|
|
|
1,528 |
|
|
|
1,540 |
|
|
|
1,116 |
|
|
|
4,199 |
|
|
|
3,904 |
|
| Security gains (losses), including fair value changes for equity securities |
|
|
(403 |
) |
|
|
(124 |
) |
|
|
(2,120 |
) |
|
|
19 |
|
|
|
(624 |
) |
|
|
(2,647 |
) |
|
|
(490 |
) |
| Retirement plan consulting fees |
|
|
677 |
|
|
|
623 |
|
|
|
617 |
|
|
|
631 |
|
|
|
650 |
|
|
|
1,918 |
|
|
|
1,837 |
|
| Investment commissions |
|
|
476 |
|
|
|
478 |
|
|
|
432 |
|
|
|
589 |
|
|
|
520 |
|
|
|
1,386 |
|
|
|
1,389 |
|
| Net gains on sale of loans |
|
|
506 |
|
|
|
417 |
|
|
|
297 |
|
|
|
1,280 |
|
|
|
395 |
|
|
|
1,219 |
|
|
|
1,111 |
|
| Other mortgage banking fee income (loss), net |
|
|
(168 |
) |
|
|
192 |
|
|
|
125 |
|
|
|
139 |
|
|
|
185 |
|
|
|
150 |
|
|
|
571 |
|
| Debit card and EFT fees |
|
|
1,993 |
|
|
|
1,760 |
|
|
|
1,567 |
|
|
|
1,697 |
|
|
|
1,763 |
|
|
|
5,320 |
|
|
|
5,362 |
|
| Other noninterest income |
|
|
2,619 |
|
|
|
162 |
|
|
|
1,111 |
|
|
|
1,585 |
|
|
|
1,093 |
|
|
|
3,892 |
|
|
|
2,885 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Total Noninterest Income |
|
$ |
12,340 |
|
|
$ |
9,606 |
|
|
$ |
8,357 |
|
|
$ |
12,156 |
|
|
$ |
9,831 |
|
|
$ |
30,302 |
|
|
$ |
29,705 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
|
For the Three Months Ended |
|
|
For the Nine Months Ended |
|
| |
|
Sept. 30, |
|
|
June 30, |
|
|
March 31, |
|
|
Dec. 31, |
|
|
Sept. 30, |
|
|
Sept. 30, |
|
|
Sept. 30, |
|
| Noninterest Expense |
|
2024 |
|
|
2024 |
|
|
2024 |
|
|
2023 |
|
|
2023 |
|
|
2024 |
|
|
2023 |
|
| Salaries and employee benefits |
|
$ |
14,874 |
|
|
$ |
14,558 |
|
|
$ |
15,069 |
|
|
$ |
14,871 |
|
|
$ |
14,233 |
|
|
$ |
44,501 |
|
|
$ |
42,503 |
|
| Occupancy and equipment |
|
|
3,968 |
|
|
|
3,815 |
|
|
|
3,730 |
|
|
|
3,896 |
|
|
|
3,810 |
|
|
|
11,512 |
|
|
|
11,538 |
|
| FDIC insurance and state and local taxes |
|
|
1,480 |
|
|
|
1,185 |
|
|
|
1,345 |
|
|
|
1,484 |
|
|
|
1,648 |
|
|
|
4,010 |
|
|
|
4,365 |
|
| Professional fees |
|
|
1,084 |
|
|
|
1,194 |
|
|
|
1,254 |
|
|
|
1,004 |
|
|
|
1,043 |
|
|
|
3,532 |
|
|
|
3,347 |
|
| Merger related costs |
|
|
0 |
|
|
|
0 |
|
|
|
0 |
|
|
|
452 |
|
|
|
268 |
|
|
|
0 |
|
|
|
5,022 |
|
| Advertising |
|
|
435 |
|
|
|
445 |
|
|
|
431 |
|
|
|
414 |
|
|
|
492 |
|
|
|
1,312 |
|
|
|
1,379 |
|
| Intangible amortization |
|
|
629 |
|
|
|
630 |
|
|
|
688 |
|
|
|
578 |
|
|
|
725 |
|
|
|
1,947 |
|
|
|
2,856 |
|
| Core processing charges |
|
|
1,186 |
|
|
|
1,099 |
|
|
|
1,135 |
|
|
|
1,057 |
|
|
|
1,274 |
|
|
|
3,420 |
|
|
|
3,582 |
|
| Other noninterest expenses |
|
|
3,419 |
|
|
|
3,477 |
|
|
|
3,387 |
|
|
|
3,216 |
|
|
|
4,223 |
|
|
|
10,283 |
|
|
|
10,232 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Total Noninterest Expense |
|
$ |
27,075 |
|
|
$ |
26,403 |
|
|
$ |
27,039 |
|
|
$ |
26,972 |
|
|
$ |
27,716 |
|
|
$ |
80,517 |
|
|
$ |
84,824 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Average Balance Sheets and Related Yields and Rates
(Dollar Amounts in Thousands)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
|
Three Months Ended |
|
|
Three Months Ended |
|
| |
|
September 30, 2024 |
|
|
September 30, 2023 |
|
| |
|
AVERAGE |
|
|
|
|
|
YIELD/ |
|
|
AVERAGE |
|
|
|
|
|
YIELD/ |
|
| |
|
BALANCE |
|
|
INTEREST (1) |
|
|
RATE (1) |
|
|
BALANCE |
|
|
INTEREST (1) |
|
|
RATE (1) |
|
| EARNING ASSETS |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Loans (2) |
|
$ |
3,241,603 |
|
|
$ |
47,060 |
|
|
|
5.81 |
% |
|
$ |
3,153,309 |
|
|
$ |
43,928 |
|
|
|
5.57 |
% |
| Taxable securities |
|
|
1,104,264 |
|
|
|
6,761 |
|
|
|
2.45 |
|
|
|
1,132,959 |
|
|
|
6,492 |
|
|
|
2.29 |
|
| Tax-exempt securities (2) |
|
|
379,551 |
|
|
|
2,992 |
|
|
|
3.15 |
|
|
|
413,117 |
|
|
|
3,251 |
|
|
|
3.15 |
|
| Other investments |
|
|
34,873 |
|
|
|
346 |
|
|
|
3.97 |
|
|
|
42,581 |
|
|
|
487 |
|
|
|
4.57 |
|
| Federal funds sold and other |
|
|
130,053 |
|
|
|
1,371 |
|
|
|
4.22 |
|
|
|
78,922 |
|
|
|
751 |
|
|
|
3.81 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Total earning assets |
|
|
4,890,344 |
|
|
|
58,530 |
|
|
|
4.79 |
|
|
|
4,820,888 |
|
|
|
54,909 |
|
|
|
4.56 |
|
| Nonearning assets |
|
|
243,718 |
|
|
|
|
|
|
|
|
|
|
|
215,445 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Total assets |
|
$ |
5,134,062 |
|
|
|
|
|
|
|
|
|
|
$ |
5,036,333 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| INTEREST-BEARING LIABILITIES |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Time deposits |
|
$ |
753,163 |
|
|
$ |
7,584 |
|
|
|
4.03 |
% |
|
$ |
677,291 |
|
|
$ |
5,308 |
|
|
|
3.13 |
% |
| Brokered time deposits |
|
|
26,062 |
|
|
|
286 |
|
|
|
4.39 |
|
|
|
145,839 |
|
|
|
1,882 |
|
|
|
5.16 |
|
| Savings deposits |
|
|
1,103,269 |
|
|
|
4,372 |
|
|
|
1.59 |
|
|
|
1,099,682 |
|
|
|
2,625 |
|
|
|
0.95 |
|
| Demand deposits - interest bearing |
|
|
1,411,520 |
|
|
|
9,305 |
|
|
|
2.64 |
|
|
|
1,412,922 |
|
|
|
7,647 |
|
|
|
2.16 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Total interest-bearing deposits |
|
|
3,294,014 |
|
|
|
21,547 |
|
|
|
2.62 |
|
|
|
3,335,734 |
|
|
|
17,462 |
|
|
|
2.09 |
|
| Short term borrowings |
|
|
289,652 |
|
|
|
3,477 |
|
|
|
4.80 |
|
|
|
141,717 |
|
|
|
1,961 |
|
|
|
5.53 |
|
| Long term borrowings |
|
|
87,368 |
|
|
|
1,023 |
|
|
|
4.68 |
|
|
|
88,494 |
|
|
|
1,038 |
|
|
|
4.69 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Total borrowed funds |
|
|
377,020 |
|
|
|
4,500 |
|
|
|
4.77 |
|
|
|
230,211 |
|
|
|
2,999 |
|
|
|
5.21 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Total interest-bearing liabilities |
|
|
3,671,034 |
|
|
|
26,047 |
|
|
|
2.84 |
|
|
|
3,565,945 |
|
|
|
20,461 |
|
|
|
2.30 |
|
| NONINTEREST-BEARING LIABILITIES AND STOCKHOLDERS’ EQUITY |
|
|
|
|
| Demand deposits - noninterest bearing |
|
|
983,274 |
|
|
|
|
|
|
|
|
|
|
|
1,052,062 |
|
|
|
|
|
|
|
|
|
| Other liabilities |
|
|
62,427 |
|
|
|
|
|
|
|
|
|
|
|
50,726 |
|
|
|
|
|
|
|
|
|
| Stockholders’ equity |
|
|
417,327 |
|
|
|
|
|
|
|
|
|
|
|
367,600 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| TOTAL LIABILITIES AND STOCKHOLDERS’ EQUITY |
|
$ |
5,134,062 |
|
|
|
|
|
|
|
|
|
|
$ |
5,036,333 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Net interest income and interest rate spread |
|
|
|
|
|
$ |
32,483 |
|
|
|
1.95 |
% |
|
|
|
|
|
$ |
34,448 |
|
|
|
2.26 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Net interest margin |
|
|
|
|
|
|
|
|
|
|
2.66 |
% |
|
|
|
|
|
|
|
|
|
|
2.86 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| (1) |
Interest and yields are calculated on a tax-equivalent basis where
applicable. |
| (2) |
For 2024, adjustments of $71 thousand and $536 thousand, respectively, were made to tax equate income
on tax exempt loans and tax exempt securities. For 2023, adjustments of $90 thousand and $590 thousand, respectively, were made to tax equate income on tax exempt loans and tax exempt securities. These adjustments were based on a marginal
federal income tax rate of 21%, less disallowances. |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
|
Nine Months Ended |
|
|
Nine Months Ended |
|
| |
|
September 30, 2024 |
|
|
September 30, 2023 |
|
| |
|
AVERAGE |
|
|
|
|
|
YIELD/ |
|
|
AVERAGE |
|
|
|
|
|
YIELD/ |
|
| |
|
BALANCE |
|
|
INTEREST (1) |
|
|
RATE (1) |
|
|
BALANCE |
|
|
INTEREST (1) |
|
|
RATE (1) |
|
| EARNING ASSETS |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Loans (2) |
|
$ |
3,212,799 |
|
|
$ |
138,746 |
|
|
|
5.76 |
% |
|
$ |
3,144,817 |
|
|
$ |
127,293 |
|
|
|
5.40 |
% |
| Taxable securities |
|
|
1,108,055 |
|
|
|
19,988 |
|
|
|
2.41 |
|
|
|
1,153,804 |
|
|
|
19,697 |
|
|
|
2.28 |
|
| Tax-exempt securities (2) |
|
|
389,094 |
|
|
|
9,174 |
|
|
|
3.14 |
|
|
|
422,151 |
|
|
|
10,048 |
|
|
|
3.17 |
|
| Other investments |
|
|
34,243 |
|
|
|
1,030 |
|
|
|
4.01 |
|
|
|
40,211 |
|
|
|
1,457 |
|
|
|
4.83 |
|
| Federal funds sold and other |
|
|
93,601 |
|
|
|
2,740 |
|
|
|
3.90 |
|
|
|
78,224 |
|
|
|
1,911 |
|
|
|
3.26 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Total earning assets |
|
|
4,837,792 |
|
|
|
171,678 |
|
|
|
4.73 |
|
|
|
4,839,207 |
|
|
|
160,406 |
|
|
|
4.42 |
|
| Nonearning assets |
|
|
229,966 |
|
|
|
|
|
|
|
|
|
|
|
219,762 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Total assets |
|
$ |
5,067,758 |
|
|
|
|
|
|
|
|
|
|
$ |
5,058,969 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| INTEREST-BEARING LIABILITIES |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Time deposits |
|
$ |
741,450 |
|
|
$ |
21,865 |
|
|
|
3.93 |
% |
|
$ |
636,939 |
|
|
$ |
13,171 |
|
|
|
2.76 |
% |
| Brokered time deposits |
|
|
8,751 |
|
|
|
286 |
|
|
|
4.36 |
|
|
|
145,115 |
|
|
|
4,889 |
|
|
|
4.49 |
|
| Savings deposits |
|
|
1,096,788 |
|
|
|
12,087 |
|
|
|
1.47 |
|
|
|
1,128,760 |
|
|
|
6,981 |
|
|
|
0.82 |
|
| Demand deposits - interest bearing |
|
|
1,386,390 |
|
|
|
25,857 |
|
|
|
2.49 |
|
|
|
1,421,208 |
|
|
|
19,619 |
|
|
|
1.84 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Total interest-bearing deposits |
|
|
3,233,379 |
|
|
|
60,095 |
|
|
|
2.48 |
|
|
|
3,332,022 |
|
|
|
44,660 |
|
|
|
1.79 |
|
| Short term borrowings |
|
|
304,607 |
|
|
|
11,000 |
|
|
|
4.81 |
|
|
|
145,509 |
|
|
|
5,608 |
|
|
|
5.14 |
|
| Long term borrowings |
|
|
88,304 |
|
|
|
3,098 |
|
|
|
4.68 |
|
|
|
88,382 |
|
|
|
3,043 |
|
|
|
4.59 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Total borrowed funds |
|
|
392,911 |
|
|
|
14,098 |
|
|
|
4.78 |
|
|
|
233,891 |
|
|
|
8,651 |
|
|
|
4.93 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Total interest-bearing liabilities |
|
|
3,626,290 |
|
|
|
74,193 |
|
|
|
2.73 |
|
|
|
3,565,913 |
|
|
|
53,311 |
|
|
|
1.99 |
|
| NONINTEREST-BEARING LIABILITIES AND STOCKHOLDERS’ EQUITY |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Demand deposits - noninterest bearing |
|
$ |
983,576 |
|
|
|
|
|
|
|
|
|
|
$ |
1,075,493 |
|
|
|
|
|
|
|
|
|
| Other liabilities |
|
|
57,577 |
|
|
|
|
|
|
|
|
|
|
|
48,936 |
|
|
|
|
|
|
|
|
|
| Stockholders’ equity |
|
|
400,315 |
|
|
|
|
|
|
|
|
|
|
|
368,627 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| TOTAL LIABILITIES AND STOCKHOLDERS’ EQUITY |
|
$ |
5,067,758 |
|
|
|
|
|
|
|
|
|
|
$ |
5,058,969 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Net interest income and interest rate spread |
|
|
|
|
|
$ |
97,485 |
|
|
|
2.00 |
% |
|
|
|
|
|
$ |
107,095 |
|
|
|
2.43 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Net interest margin |
|
|
|
|
|
|
|
|
|
|
2.69 |
% |
|
|
|
|
|
|
|
|
|
|
2.95 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| (1) |
Interest and yields are calculated on a tax-equivalent basis where
applicable. |
| (2) |
For 2024, adjustments of $227 thousand and $1.6 million, respectively, were made to tax equate income
on tax exempt loans and tax exempt securities. For 2023, adjustments of $268 thousand and $1.9 million, respectively, were made to tax equate income on tax exempt loans and tax exempt securities. These adjustments were based on a marginal
federal income tax rate of 21%, less disallowances. |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Reconciliation of Total Assets to Tangible
Assets |
|
For the Three Months Ended |
|
|
For the Nine Months Ended |
|
| |
|
Sept. 30, |
|
|
June 30, |
|
|
March 31, |
|
|
Dec. 31, |
|
|
Sept. 30, |
|
|
Sept. 30, |
|
|
Sept. 30, |
|
| |
|
2024 |
|
|
2024 |
|
|
2024 |
|
|
2023 |
|
|
2023 |
|
|
2024 |
|
|
2023 |
|
| Total Assets |
|
$ |
5,236,503 |
|
|
$ |
5,156,853 |
|
|
$ |
5,080,010 |
|
|
$ |
5,078,350 |
|
|
$ |
4,971,163 |
|
|
$ |
5,236,503 |
|
|
$ |
4,971,163 |
|
| Less Goodwill and other intangibles |
|
|
188,340 |
|
|
|
188,970 |
|
|
|
189,599 |
|
|
|
190,288 |
|
|
|
191,326 |
|
|
|
188,340 |
|
|
|
191,326 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Tangible Assets |
|
$ |
5,048,163 |
|
|
$ |
4,967,883 |
|
|
$ |
4,890,411 |
|
|
$ |
4,888,062 |
|
|
$ |
4,779,837 |
|
|
$ |
5,048,163 |
|
|
$ |
4,779,837 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Average Assets |
|
|
5,134,062 |
|
|
|
5,044,516 |
|
|
|
5,023,966 |
|
|
|
4,980,314 |
|
|
|
5,058,969 |
|
|
|
5,067,758 |
|
|
|
5,058,969 |
|
| Less average Goodwill and other intangibles |
|
|
188,755 |
|
|
|
189,382 |
|
|
|
190,040 |
|
|
|
191,108 |
|
|
|
191,804 |
|
|
|
189,391 |
|
|
|
192,709 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Average Tangible Assets |
|
$ |
4,945,307 |
|
|
$ |
4,855,134 |
|
|
$ |
4,833,926 |
|
|
$ |
4,789,206 |
|
|
$ |
4,867,165 |
|
|
$ |
4,878,367 |
|
|
$ |
4,866,260 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Reconciliation of Common Stockholders’ Equity to Tangible
Common Equity |
|
For the Three Months Ended |
|
|
For the Nine Months Ended |
|
| |
|
Sept. 30, |
|
|
June 30, |
|
|
March 31, |
|
|
Dec. 31, |
|
|
Sept. 30, |
|
|
Sept. 30, |
|
|
Sept. 30, |
|
| |
|
2024 |
|
|
2024 |
|
|
2024 |
|
|
2023 |
|
|
2023 |
|
|
2024 |
|
|
2023 |
|
| Stockholders’ Equity |
|
$ |
439,678 |
|
|
$ |
396,694 |
|
|
$ |
397,026 |
|
|
$ |
404,415 |
|
|
$ |
315,982 |
|
|
$ |
439,678 |
|
|
$ |
315,982 |
|
| Less Goodwill and other intangibles |
|
|
188,340 |
|
|
|
188,970 |
|
|
|
189,599 |
|
|
|
190,288 |
|
|
|
191,326 |
|
|
|
188,340 |
|
|
|
191,326 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Tangible Common Equity |
|
$ |
251,338 |
|
|
$ |
207,724 |
|
|
$ |
207,427 |
|
|
$ |
214,127 |
|
|
$ |
124,656 |
|
|
$ |
251,338 |
|
|
$ |
124,656 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Average Stockholders’ Equity |
|
|
417,327 |
|
|
|
387,881 |
|
|
|
395,549 |
|
|
|
324,332 |
|
|
|
367,600 |
|
|
|
400,315 |
|
|
|
368,627 |
|
| Less average Goodwill and other intangibles |
|
|
188,755 |
|
|
|
189,382 |
|
|
|
190,040 |
|
|
|
191,108 |
|
|
|
191,804 |
|
|
|
189,391 |
|
|
|
192,709 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Average Tangible Common Equity |
|
$ |
228,572 |
|
|
$ |
198,499 |
|
|
$ |
205,509 |
|
|
$ |
133,224 |
|
|
$ |
175,796 |
|
|
$ |
210,924 |
|
|
$ |
175,918 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Reconciliation of Net Income, Less Merger and Certain Items |
|
For the Three Months Ended |
|
|
For the Nine Months Ended |
|
| |
|
Sept. 30, |
|
|
June 30, |
|
|
March 31, |
|
|
Dec. 31, |
|
|
Sept. 30, |
|
|
Sept. 30, |
|
|
Sept. 30, |
|
| |
|
2024 |
|
|
2024 |
|
|
2024 |
|
|
2023 |
|
|
2023 |
|
|
2024 |
|
|
2023 |
|
| Net income |
|
$ |
8,535 |
|
|
$ |
11,783 |
|
|
$ |
11,240 |
|
|
$ |
14,577 |
|
|
$ |
13,314 |
|
|
$ |
31,558 |
|
|
$ |
35,356 |
|
| Acquisition related costs - after tax |
|
|
0 |
|
|
|
0 |
|
|
|
0 |
|
|
|
358 |
|
|
|
234 |
|
|
|
0 |
|
|
|
4,037 |
|
| Acquisition related provision - after tax |
|
|
0 |
|
|
|
0 |
|
|
|
0 |
|
|
|
0 |
|
|
|
0 |
|
|
|
0 |
|
|
|
6,077 |
|
| Employee severence - after tax |
|
|
0 |
|
|
|
0 |
|
|
|
0 |
|
|
|
798 |
|
|
|
0 |
|
|
|
0 |
|
|
|
0 |
|
| Lawsuit settlement expense - after tax |
|
|
0 |
|
|
|
0 |
|
|
|
0 |
|
|
|
0 |
|
|
|
620 |
|
|
|
0 |
|
|
|
620 |
|
| Net (gain) on loan sale - after tax |
|
|
0 |
|
|
|
0 |
|
|
|
0 |
|
|
|
(723 |
) |
|
|
0 |
|
|
|
0 |
|
|
|
0 |
|
| Net loss (gain) on asset/security sales - after tax |
|
|
(32 |
) |
|
|
407 |
|
|
|
1,675 |
|
|
|
171 |
|
|
|
604 |
|
|
|
2,050 |
|
|
|
527 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Net income - Adjusted |
|
$ |
8,503 |
|
|
$ |
12,190 |
|
|
$ |
12,915 |
|
|
$ |
15,181 |
|
|
$ |
14,772 |
|
|
$ |
33,608 |
|
|
$ |
46,617 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Diluted EPS excluding merger and certain items |
|
$ |
0.23 |
|
|
$ |
0.33 |
|
|
$ |
0.34 |
|
|
$ |
0.41 |
|
|
$ |
0.40 |
|
|
$ |
0.90 |
|
|
$ |
1.24 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Return on Average Assets excluding merger and certain items (Annualized) |
|
|
0.66 |
% |
|
|
0.97 |
% |
|
|
1.03 |
% |
|
|
1.22 |
% |
|
|
1.17 |
% |
|
|
0.88 |
% |
|
|
1.23 |
% |
| Return on Average Equity excluding merger and certain items (Annualized) |
|
|
8.15 |
% |
|
|
12.57 |
% |
|
|
13.06 |
% |
|
|
18.72 |
% |
|
|
16.07 |
% |
|
|
11.19 |
% |
|
|
16.86 |
% |
| Return on Average Tangible Equity excluding acquisition costs and certain items
(Annualized) |
|
|
14.88 |
% |
|
|
24.56 |
% |
|
|
25.14 |
% |
|
|
45.58 |
% |
|
|
33.61 |
% |
|
|
21.24 |
% |
|
|
35.33 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Efficiency ratio excluding certain items |
|
For the Three Months Ended |
|
|
For the Nine Months Ended |
|
| |
|
Sept. 30, |
|
|
June 30, |
|
|
March 31, |
|
|
Dec. 31, |
|
|
Sept. 30, |
|
|
Sept. 30, |
|
|
Sept. 30, |
|
| |
|
2024 |
|
|
2024 |
|
|
2024 |
|
|
2023 |
|
|
2023 |
|
|
2024 |
|
|
2023 |
|
| Net interest income, tax equated |
|
$ |
32,483 |
|
|
$ |
32,661 |
|
|
$ |
32,341 |
|
|
$ |
33,494 |
|
|
$ |
34,448 |
|
|
$ |
97,485 |
|
|
$ |
107,095 |
|
| Noninterest income |
|
|
12,340 |
|
|
|
9,606 |
|
|
|
8,357 |
|
|
|
12,156 |
|
|
|
9,831 |
|
|
|
30,302 |
|
|
|
29,705 |
|
| Net (gain) on loan sale |
|
|
0 |
|
|
|
0 |
|
|
|
0 |
|
|
|
(915 |
) |
|
|
0 |
|
|
|
0 |
|
|
|
0 |
|
| Net loss (gain) on asset/security sales |
|
|
(41 |
) |
|
|
515 |
|
|
|
2,120 |
|
|
|
217 |
|
|
|
764 |
|
|
|
2,594 |
|
|
|
667 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Net interest income and noninterest income adjusted |
|
|
44,782 |
|
|
|
42,782 |
|
|
|
42,818 |
|
|
|
44,952 |
|
|
|
45,043 |
|
|
|
130,381 |
|
|
|
137,467 |
|
| Noninterest expense less intangible amortization |
|
|
26,446 |
|
|
|
25,773 |
|
|
|
26,351 |
|
|
|
26,394 |
|
|
|
26,991 |
|
|
|
78,570 |
|
|
|
81,968 |
|
| Legal settlement expense |
|
|
0 |
|
|
|
0 |
|
|
|
0 |
|
|
|
0 |
|
|
|
785 |
|
|
|
0 |
|
|
|
785 |
|
| Employee severence |
|
|
0 |
|
|
|
0 |
|
|
|
0 |
|
|
|
1,010 |
|
|
|
0 |
|
|
|
0 |
|
|
|
0 |
|
| Acquisition related costs |
|
|
0 |
|
|
|
0 |
|
|
|
0 |
|
|
|
452 |
|
|
|
268 |
|
|
|
0 |
|
|
|
5,022 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Noninterest expense adjusted |
|
|
26,446 |
|
|
|
25,773 |
|
|
|
26,351 |
|
|
|
24,932 |
|
|
|
25,938 |
|
|
|
78,570 |
|
|
|
76,161 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Efficiency ratio excluding certain items |
|
|
59.05 |
% |
|
|
60.24 |
% |
|
|
61.54 |
% |
|
|
55.46 |
% |
|
|
57.58 |
% |
|
|
60.26 |
% |
|
|
55.40 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net interest margin excluding acquisition
marks and PPP interest and fees |
|
For the Three Months Ended |
|
|
For the Nine Months Ended |
|
| |
|
Sept. 30, |
|
|
June 30, |
|
|
March 31, |
|
|
Dec. 31, |
|
|
Sept. 30, |
|
|
Sept. 30, |
|
|
Sept. 30, |
|
| |
|
2024 |
|
|
2024 |
|
|
2024 |
|
|
2023 |
|
|
2023 |
|
|
2024 |
|
|
2023 |
|
| Net interest income, tax equated |
|
$ |
32,483 |
|
|
$ |
32,661 |
|
|
$ |
32,341 |
|
|
$ |
33,494 |
|
|
$ |
34,448 |
|
|
$ |
97,485 |
|
|
$ |
107,095 |
|
| Acquisition marks |
|
|
2,123 |
|
|
|
2,391 |
|
|
|
2,370 |
|
|
|
2,475 |
|
|
|
2,959 |
|
|
|
6,884 |
|
|
|
8,471 |
|
| PPP interest and fees |
|
|
0 |
|
|
|
1 |
|
|
|
1 |
|
|
|
1 |
|
|
|
1 |
|
|
|
2 |
|
|
|
4 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Adjusted and annualized net interest income |
|
|
121,440 |
|
|
|
121,076 |
|
|
|
119,880 |
|
|
|
124,072 |
|
|
|
125,952 |
|
|
|
120,799 |
|
|
|
131,493 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Average earning assets |
|
|
4,890,344 |
|
|
|
4,825,532 |
|
|
|
4,796,922 |
|
|
|
4,816,409 |
|
|
|
4,820,888 |
|
|
|
4,837,792 |
|
|
|
4,839,207 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Less PPP average balances |
|
|
118 |
|
|
|
171 |
|
|
|
213 |
|
|
|
229 |
|
|
|
247 |
|
|
|
167 |
|
|
|
262 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Adjusted average earning assets |
|
|
4,890,226 |
|
|
|
4,825,361 |
|
|
|
4,796,709 |
|
|
|
4,816,180 |
|
|
|
4,820,641 |
|
|
|
4,837,625 |
|
|
|
4,838,945 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Net interest margin excluding marks and PPP interest and fees |
|
|
2.48 |
% |
|
|
2.51 |
% |
|
|
2.50 |
% |
|
|
2.58 |
% |
|
|
2.61 |
% |
|
|
2.50 |
% |
|
|
2.72 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Exhibit 99.2 Q3 2024 Investor Presentation NASDAQ: FMNB
Disclosure Statement Forward-Looking Statements This presentation
contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995, including statements about the financial condition, results of operations, asset quality trends and profitability of Farmers National
Banc Corp. (“Farmers”). Forward-looking statements are not historical facts but instead express only management’s current expectations and forecasts of future events or long-term-goals, many of which, by their nature, are
inherently uncertain and outside of Farmers’ control. Forward-looking statements are preceded by terms such as “expects,” “believes,” “anticipates,” “intends” and similar expressions, as well as
any statements related to future expectations of performance or conditional verbs, such as “will,” “would,” “should,” “could” or “may.” Farmers’ actual results and financial condition
may differ, possibly materially, from those indicated in these forward-looking statements. Factors that could cause Farmers’ actual results to differ materially from those described in the forward-looking statements include significant changes
in near-term local, regional, and U.S. economic conditions including those resulting from continued high rates of inflation, tightening monetary policy of the Board of Governors of the Federal Reserve, and possibility of a recession; and the other
factors contained in Farmers’ periodic reports and registration statements filed with the Securities and Exchange Commission, including its Annual Report on Form 10-K for the year ended December 31, 2023, and Quarterly Report on Form 10-Q,
which have been filed with the Securities and Exchange Commission and are available on Farmers’ website (www.farmersbankgroup.com) and on the Securities and Exchange Commission’s website (www.sec.gov). Forward- looking statements are not
guarantees of future performance and should not be relied upon as representing management’s views as of any subsequent date. Farmers undertakes no obligation to update forward-looking statements, whether as a result of new information, future
events or otherwise. Use of Non-GAAP Financial Measures This presentation contains certain financial information determined by methods other than in accordance with accounting principles generally accepted in the United States (“GAAP”).
These non-GAAP financial measures include “Core Deposits” and “Tangible Common Equity ratio.” Farmers believes that these non-GAAP financial measures provide both management and investors a more complete understanding of
Farmers’ deposit profile and capital. These non-GAAP financial measures are supplemental and are not a substitute for any analysis based on GAAP financial measures. Because not all companies use the same calculation of “Core
Deposits” and “Tangible Common Equity ratio,” this presentation may not be comparable to other similarly titled measures as calculated by other companies. 2
About Farmers National Banc Corp. • $5.2 billion in banking assets
• $4.0 billion in wealth management assets under care • $0.68 (4.4%) annualized dividend yield* • Named a Best Employer in Ohio the past 2 years** • Founded in 1887 • 167 consecutive quarters of profitability •
Strong and diverse franchise currently operating • 62 banking locations throughout Ohio and Pennsylvania • Growth plan focused on combining big bank capabilities with local bank service *Stock data as of October 17, 2024 3 **Source: Best
Companies Group
Local, Established & Experienced Leadership Team Kevin Helmick (52)
Troy Adair (58) Amber Wallace (58) Michael Matuszak (56) Timothy Shaffer (62) President & Senior Executive Vice President, Senior Executive Vice President, Senior Executive Vice President, Senior Executive Vice President, Chief Executive Officer
Chief Financial Officer Chief Retail/Marketing Officer Chief Operating Officer Chief Credit Officer Mark Wenick (64) Brian Jackson (55) Michael Oberhaus (49) Mark Nicastro (53) William Shivers (63) Senior Executive Vice President, Executive Vice
President, Executive Vice President, Executive Vice President, Senior Vice President, Chief Chief Wealth Management Officer Chief Information Officer Chief Risk Officer Chief Human Resources Officer Commercial Lending Officer Training Talent
Acquisition Robust Succession Planning Alignment with Shareholders • Farmers Academy • Comprehensive recruitment • Annual review • Structure of STI and LTI programs program encourages sound business • In-house
leadership/management • Multi-layered approach practices and appropriate levels of training program • High percentage of referrals come focused on core competencies of risk management from our employees position • Ohio Bankers
League Bank • Recognition as Best Employer in − Linked to annual performance Management School • Retention of key executives Ohio in 2019, 2020, 2022 as voted appraisal and development plan by our employees* − Current
executive team has been • Executive succession planning with the bank for over nine years • Key metrics of success reflected in reviewed at holding company consistent results board level 4 * Source: Best Companies Group
Farmers Strategic Vision Leveraging our History with Modern Banking
Technologies to Support our Future Drive Financial Excellence Invest in our Franchise • Leverage technology • Strive for performance metrics in top quartile ranking vs. peer group • Drive efficiencies through Six Sigma operating
framework • Focus on growing noninterest income • Strive to be customer centric and provide exceptional experiences • Proactive capital management • Assure Farmers is the best place to work • Maintain financial strength
• Continued pursuit of organic and M&A opportunities • Prudent risk management and focus on asset quality 5
Proven Acquisition History and Strategy Long-term strategy of
value-enhancing acquisitions $6,000 Emclaire Seven acquisitions in the Financial (2023) past eight years $5,000 Cortland Bancorp (2021) Target franchises with similar culture, compelling reputation, and strong $4,000 Maple Leaf customer base (2020)
Bowers Insurance (2016) $3,000 Focus on businesses that support cross Farmers National sell opportunities and diversify footprint Trust Bancshares Company into compelling banking markets (2015) Private Client (2009) Services $2,000 (2012) Farmers
Monitor National Bancorp Insurance (2017) Manageable initial tangible book value (2008) dilution st $1,000 Tri-state 1 Banc National (2015) Associates (2013) $- Reasonable price with a currency mix of 07 08 09 10 11 12 13 14 15 16 17 18 19 20 21 22
23 24 cash and stock Assets Wealth Management Assets • Graph in millions 6 • As of September 30, 2024
Financial Performance NASDAQ: FMNB
Balance Sheet Strengths (1) 9/30/24 12/31/23 9/30/23 Customer Deposits*
$4.3 billion $4.2 billion $4.3 billion Cash Balances $189.1 million $103.7 million $93.3 million (1) Loan-to-Deposit Ratio 75.2% 76.6% 70.2% Nonperforming Loans to Total Loans 0.58% 0.47% 0.58% Allowance to Nonperforming Loans 189.7% 228.6% 189.2%
*Excludes Brokered Time Deposits. 7
Core Results Overview Core Net Income $62,316 $63,994 $61,798 $65,000
• Core EPS remains strong through challenging environments $55,000 • Robust fee businesses provide stability $44,461 $45,000 $33,608 $35,000 $25,000 $15,000 $5,000 2020 2021 2022 2023 YTD 9/30/2024 Core EPS Core Return on Assets $2.50
1.83% $2.13 1.55% 1.54% $1.89 $2.00 $1.65 $1.57 1.23% $1.50 0.88% $0.90 $1.00 $0.50 $0.00 2020 2021 2022 2023 YTD 9/30/2024 2020 2021 2022 2023 YTD 9/30/2024 8 Core items exclude the impact of acquisition related provision and other items. See
Non-GAAP reconciliation in appendix.
Loan Portfolio Overview Overview Rate Type Segments • Total loans
$3.3 billion Variable, 15% • Diverse loan mix • Farmers’ practice is to lend primarily within its market area Fixed, 52% Adjustable, 33% Total Loans (in millions) Net Loans to Assets $3,500.00 66.9% $3,000.00 62.3% 62.0% 58.3%
$2,500.00 55.6% $2,000.00 $1,500.00 $1,000.00 $500.00 $0.00 2020 2021 2022 2023 9/30/2024 2020 2021 2022 2023 9/30/2024 CRE C&I Agricultural Residential Mortgage Consumer 9
CRE Overview CRE Breakdown Construction, • Well diversified
portfolio 9% Owner • Strong credit culture Occupied, 29% Multifamily, 12% • Independent loan review Non-owner Occupied, 50% CRE Categories Loans by Industry Type 8% Category Balance % of CRE % of Port 11% Retail $ 339,876 25% 10% Office
$ 188,297 14% 6% Commercial Real Estate 42% Warehouse/Industrial $ 185,107 13% 6% Residential Real Estate Multifamily $ 168,528 12% 5% Consumer 13% Medical $ 149,113 11% 5% Commercial & Industrial Special Purpose $ 91,306 7% 3% Agricultural
Restaurant $ 53,816 4% 2% Multifamily - Construction $ 61,214 4% 2% 26% Hotel $ 44,729 3% 1% Remainder $ 89,318 7% 3% Total $ 1,371,304 10
Asset Quality Trends Overview Annualized Net Charge-Offs to Avg. Net
Loans • Early-stage delinquencies were $15.6 million, or 0.47% of total 0.26% loans at September 30, 2024, compared to $16.7 million, or 0.52% of total loans at December 31, 2023 • Conservative underwriting practices 0.11% • Sound
reserve levels under CECL 0.07% 0.07% 0.04% 2020 2021 2022 2023 YTD 9/30/2024 NPLs/Total Loans & Leases ($ in thousands) ACL to Total Loans 1.26% $25,000 0.90% 0.80% $20,000 0.70% 0.60% $15,000 1.12% 0.50% 1.10% 0.40% 1.08% $10,000 1.07% 0.30%
0.20% $5,000 0.10% $- 0.00% 2020 2021 2022 2023 9/30/2024 2020 2021 2022 2023 9/30/2024 NPLs NPLs / Total Loans 11
Securities Portfolio Overview CMOs, 8.7% Mortgage Corporates, 1.6%
• All of the Investment securities portfolio is categorized as Backed available for sale Securities U.S. Government, 39.6% 9.3% • All MBS and CMOs are U.S. government agency issued • All municipal securities are investment grade,
majority with credit enhancements • The duration of the available for sale securities portfolio is 6.7 years at September 30, 2024 • Assuming no changes to interest rates, the AOCI is expected to have accretion of approximately $23.1
million, or 12.2% over the next four quarters • Over the next three years, the AOCI is expected to have accretion of approximately $66.9 million, or 35.4%, assuming no changes to interest rates Municipals, 40.8% 12
Deposit Trends Customer Deposit Composition (in millions) Overview
• We are proud to say our bank is built on core deposits $4,500 • Total customer deposits: $4.3 billion $4,000 • Noninterest-bearing stood at 22.6% of total deposits $3,500 $3,000 $2,500 Customer Deposit Composition (in millions)
$2,000 $4,000 $1,500 $3,151 $3,317 $3,000 $1,000 $2,000 $500 $1,026 $970 $1,000 $0 $- 2020 2021 2022 2023 9/30/2024 31-Dec-23 30-Sep-24 Noninterest-Bearing Interest-Bearing Demand Money Market Savings Time Deposits Noninterest-bearing
Interest-bearing 13
Liquidity Farmers National Banc Corp. has the following sources of
liquidity at the holding company as of September 30, 2024: • $54.8 million of cash and equivalents • $5.0 million in unsecured lines of credit with a zero balance Farmers National Bank has the following sources of liquidity as of
September 30, 2024: • $187.3 million of cash and equivalents • $695.8 million of additional borrowing capacity at the FHLB • $25.0 million of unsecured lines of credit with a zero balance • $250.0 million of available for
sale securities that are not pledged • Brokered CDs • Securities roll-off of approximately $98.4 million in next 12 months 14
Net Interest Income and NIM Trends Overview Net Interest Income (in
thousands) $160,000 • Focused on growing loans to manage net interest margin $140,000 • Managing cost of funds and deposit betas through rising rate $120,000 environment $100,000 $80,000 $60,000 $40,000 $20,000 2020 2021 2022 2023 YTD
9/30/2024 Net Interest Margin (annualized) Loans to Deposits 3.70% 90.00% 3.45% 3.18% 80.00% 2.91% 2.69% 70.00% 60.00% 50.00% 40.00% 30.00% 20.00% 10.00% 0.00% 2020 2021 2022 2023 YTD 9/30/2024 2020 2021 2022 2023 9/30/2024 15
Noninterest Income Trends Overview Total Noninterest Income* (in
thousands) $50,000 • Robust Trust, Wealth Management and Insurance businesses $40,000 • Diverse revenue sources • Working to increase noninterest income to total revenue $30,000 $20,000 $10,000 $- 2020 2021 2022 2023 YTD 9/30/2024
Noninterest Income to Total Revenue* Components of Noninterest Income* (in thousands) $40,000 27.3% 26.1% 25.6% $35,000 22.9% 22.4% $30,000 $25,000 $20,000 $15,000 $10,000 $5,000 $- 2020 2021 2022 2023 YTD 9/30/2024 2020 2021 2022 2023 YTD 9/30/2024
Wealth Mortgage Banking Svc Chgs/Debit Fees Other 16 *Noninterest income in 2022 excludes $8.4 million in income related to the proceeds of a one-time legal settlement. In 2023, it excludes $915,000 related to the gain recognized on the sale of
commercial loans and in 2024, it excludes $2.6 million loss on sale of securities and other assets. See Non-GAAP reconciliation in appendix.
Noninterest Expense Trends 1) (1) Overview Noninterest Expense to
Average Assets • Overall focus on driving efficiencies 2.43% • The Company has a number of process improvement projects 2.12% 2.07% 2.05% 1.98% underway. • Track record of prudent expense management 2020 2021 2022 2023 YTD
9/30/2024 (2) (1) Noninterest Expense (in thousands) Efficiency Ratio $120,000 60.3% $100,000 55.4% 49.4% 49.0% 46.3% $80,000 $60,000 $40,000 $20,000 $- 2020 2021 2022 2023 YTD 9/30/24 2020 2021 2022 2023 YTD 9/30/2024 (1) Ratios adjusted for
certain items. See Non-GAAP reconciliation in appendix. 17 (2) All periods adjusted for certain items. See Non-GAAP reconciliation in appendix.
Capital Overview Tangible Equity to Tangible Assets • All
regulatory capital ratios above well-capitalized threshold 8.95% 9.44% 9.30% • Announced 1,000,000 share repurchase program in Q1 2023 7.57% 7.68% • Strong dividend payout 9.94% 9.15% 4.98% 4.38% 4.79% 2020 2021 2022 2023 9/30/2024
Tangible Equity to Tangible Assets Tangible Equity less AOCI to Tangible Assets Less Unrealized Gains (Losses) Total Risk Based Capital Tier 1 Leverage Ratio 17.79% 17.60% 10.12% 9.84% 9.77% 14.72% 14.35% 14.08% 8.22% 8.02% 2020 2021 2022 2023
9/30/2024* 2020 2021 2022 2023 9/30/2024* * Estimate 18
Appendix – Non GAAP Reconciliations 2020 2021 2022 2023 9/30/2024
Net income $ 41,876 $ 51,844 $ 60,597 $ 49,932 $ 3 1,558 Acquisition related costs - after tax 2,585 5,731 3,290 4,395 - Acquisition related provision - after tax - 3,846 - 6,077 - Employee severance - - - 798 - Law suit settlement income - after
tax - - (6,616) - - Law suit settlement contingent legal expense - after tax - - 1,639 620 - Charitable donation - after tax - - 4,740 - - FHLB prepayment penalties - after tax 666 1,682 - - - Net loss (gain) on asset/security sales - after tax 404
(598) 344 ( 723) 2,050 Gain on sale of non-mortgage loans - after tax - (189) - 698 - Core net income $ 45,531 $ 62,316 $ 63,994 $ 61,797 $ 3 3,608 Reported diluted EPS $ 1.47 $ 1.77 $ 1.79 $ 1.33 $ 0 .84 Core diluted EPS $ 1.60 $ 2.13 $ 1.89 $ 1.65
$ 0 .90 Reported return on average assets (annualized) 1.46% 1.52% 1.46% 0.99% 0.83% Core return on average assets (annualized) 1.59% 1.83% 1.54% 1.23% 0.88% Net interest income, reported $ 96,191 $ 107,990 $ 124,166 $ 137,786 $ 9 5,629 Net interest
income, tax equated $ 98,582 $ 110,835 $ 127,530 $ 140,588 $ 9 7,485 Noninterest income 36,161 38,193 44,202 41,861 3 0,302 Legal settlement income - - (8,375) - - Net loss (gain) on asset/security sales 511 (757) 435 883 2,594 Net (gain) on
commercial loan sale - - - - - Gain on sale of non-mortgage loans - (239) - ( 915) - Adjusted noninterest income 36,672 37,197 36,262 41,829 3 2,896 Net interest income and noninterest income adjusted 135,254 148,032 163,792 182,417 1 30,381
Noninterest expense less intangible amortization 70,001 77,817 92,438 108,361 7 8,570 Charitable donation - - 6,000 - - Contingent legal settlement expense - - 2,075 785 - Employee severance - - - 1,010 - Acquisition related costs 3,223 7,109 4,070
5,475 - FHLB prepayment penalties - 2,129 - - - Adjusted noninterest expense 66,778 68,579 80,293 101,091 7 8,570 Reported efficiency ratio (tax equivalent basis) 52.55% 51.13% 53.68% 59.24% 60.24% 19 Efficiency ratio excluding certain items 49.37%
46.33% 49.02% 55.42% 60.26%
Appendix – Non GAAP Reconciliations 2020 2021 2022 2023 9/30/2024
Total assets $ 3,071,148 $ 4,142,749 $ 4,082,200 $ 5,078,350 $ 5,236,503 Less goodw ill and other intangibles 49,617 102,606 101,666 190,287 1 88,340 Tangible Assets $ 3,021,531 $ 4,040,143 $ 3,980,534 $ 4,888,063 $ 5,048,163 Gross unrealized losses
$ 27,889 $ 11,718 $ (266,487) $ ( 217,140) $ (189,448) Tangible assets less gross unrealized gains (losses) $ 2,993,642 $ 4,028,425 $ 4,247,021 $ 5,105,203 $ 5,237,611 Stockholders' Equity $ 350,097 $ 472,432 $ 292,295 $ 404,415 $ 4 39,678 Less
goodw ill and other intangibles 49,617 102,606 101,666 190,287 1 88,340 Tangible common equity 300,480 369,826 190,629 214,128 2 51,338 Accumulated othe comprehensive income (loss) (AOCI) 22,032 9,295 (210,490) ( 172,554) (150,951) Tangible common
equity less AOCI $ 278,448 $ 360,531 $ 401,119 $ 386,682 $ 4 02,289 Equity to assets 11.40% 11.40% 7.16% 7.96% 8.40% Tangible equity to tangible assets 9.94% 9.15% 4.79% 4.38% 4.98% Tangible equity less AOCI to tangible assets less gross unrealized
gains (losses) 9.30% 8.95% 9.44% 7.57% 7.68% 20
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| Balance Type: |
na |
| Period Type: |
duration |
|
| X |
- DefinitionCode for the postal or zip code
| Name: |
dei_EntityAddressPostalZipCode |
| Namespace Prefix: |
dei_ |
| Data Type: |
xbrli:normalizedStringItemType |
| Balance Type: |
na |
| Period Type: |
duration |
|
| X |
- DefinitionName of the state or province.
| Name: |
dei_EntityAddressStateOrProvince |
| Namespace Prefix: |
dei_ |
| Data Type: |
dei:stateOrProvinceItemType |
| Balance Type: |
na |
| Period Type: |
duration |
|
| X |
- DefinitionA unique 10-digit SEC-issued value to identify entities that have filed disclosures with the SEC. It is commonly abbreviated as CIK. Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher SEC
-Name Exchange Act
-Number 240
-Section 12
-Subsection b-2
| Name: |
dei_EntityCentralIndexKey |
| Namespace Prefix: |
dei_ |
| Data Type: |
dei:centralIndexKeyItemType |
| Balance Type: |
na |
| Period Type: |
duration |
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| X |
- DefinitionIndicate if registrant meets the emerging growth company criteria. Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher SEC
-Name Exchange Act
-Number 240
-Section 12
-Subsection b-2
| Name: |
dei_EntityEmergingGrowthCompany |
| Namespace Prefix: |
dei_ |
| Data Type: |
xbrli:booleanItemType |
| Balance Type: |
na |
| Period Type: |
duration |
|
| X |
- DefinitionCommission file number. The field allows up to 17 characters. The prefix may contain 1-3 digits, the sequence number may contain 1-8 digits, the optional suffix may contain 1-4 characters, and the fields are separated with a hyphen.
| Name: |
dei_EntityFileNumber |
| Namespace Prefix: |
dei_ |
| Data Type: |
dei:fileNumberItemType |
| Balance Type: |
na |
| Period Type: |
duration |
|
| X |
- DefinitionTwo-character EDGAR code representing the state or country of incorporation.
| Name: |
dei_EntityIncorporationStateCountryCode |
| Namespace Prefix: |
dei_ |
| Data Type: |
dei:edgarStateCountryItemType |
| Balance Type: |
na |
| Period Type: |
duration |
|
| X |
- DefinitionThe exact name of the entity filing the report as specified in its charter, which is required by forms filed with the SEC. Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher SEC
-Name Exchange Act
-Number 240
-Section 12
-Subsection b-2
| Name: |
dei_EntityRegistrantName |
| Namespace Prefix: |
dei_ |
| Data Type: |
xbrli:normalizedStringItemType |
| Balance Type: |
na |
| Period Type: |
duration |
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| X |
- DefinitionThe Tax Identification Number (TIN), also known as an Employer Identification Number (EIN), is a unique 9-digit value assigned by the IRS. Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher SEC
-Name Exchange Act
-Number 240
-Section 12
-Subsection b-2
| Name: |
dei_EntityTaxIdentificationNumber |
| Namespace Prefix: |
dei_ |
| Data Type: |
dei:employerIdItemType |
| Balance Type: |
na |
| Period Type: |
duration |
|
| X |
- DefinitionLocal phone number for entity.
| Name: |
dei_LocalPhoneNumber |
| Namespace Prefix: |
dei_ |
| Data Type: |
xbrli:normalizedStringItemType |
| Balance Type: |
na |
| Period Type: |
duration |
|
| X |
- DefinitionBoolean flag that is true when the Form 8-K filing is intended to satisfy the filing obligation of the registrant as pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act. Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher SEC
-Name Exchange Act
-Number 240
-Section 13e
-Subsection 4c
| Name: |
dei_PreCommencementIssuerTenderOffer |
| Namespace Prefix: |
dei_ |
| Data Type: |
xbrli:booleanItemType |
| Balance Type: |
na |
| Period Type: |
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| X |
- DefinitionBoolean flag that is true when the Form 8-K filing is intended to satisfy the filing obligation of the registrant as pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act. Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher SEC
-Name Exchange Act
-Number 240
-Section 14d
-Subsection 2b
| Name: |
dei_PreCommencementTenderOffer |
| Namespace Prefix: |
dei_ |
| Data Type: |
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| Balance Type: |
na |
| Period Type: |
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| X |
- DefinitionTitle of a 12(b) registered security. Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher SEC
-Name Exchange Act
-Number 240
-Section 12
-Subsection b
| Name: |
dei_Security12bTitle |
| Namespace Prefix: |
dei_ |
| Data Type: |
dei:securityTitleItemType |
| Balance Type: |
na |
| Period Type: |
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|
| X |
- DefinitionName of the Exchange on which a security is registered. Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher SEC
-Name Exchange Act
-Number 240
-Section 12
-Subsection d1-1
| Name: |
dei_SecurityExchangeName |
| Namespace Prefix: |
dei_ |
| Data Type: |
dei:edgarExchangeCodeItemType |
| Balance Type: |
na |
| Period Type: |
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|
| X |
- DefinitionBoolean flag that is true when the Form 8-K filing is intended to satisfy the filing obligation of the registrant as soliciting material pursuant to Rule 14a-12 under the Exchange Act. Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher SEC
-Name Exchange Act
-Section 14a
-Number 240
-Subsection 12
| Name: |
dei_SolicitingMaterial |
| Namespace Prefix: |
dei_ |
| Data Type: |
xbrli:booleanItemType |
| Balance Type: |
na |
| Period Type: |
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| X |
- DefinitionTrading symbol of an instrument as listed on an exchange.
| Name: |
dei_TradingSymbol |
| Namespace Prefix: |
dei_ |
| Data Type: |
dei:tradingSymbolItemType |
| Balance Type: |
na |
| Period Type: |
duration |
|
| X |
- DefinitionBoolean flag that is true when the Form 8-K filing is intended to satisfy the filing obligation of the registrant as written communications pursuant to Rule 425 under the Securities Act. Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher SEC
-Name Securities Act
-Number 230
-Section 425
| Name: |
dei_WrittenCommunications |
| Namespace Prefix: |
dei_ |
| Data Type: |
xbrli:booleanItemType |
| Balance Type: |
na |
| Period Type: |
duration |
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