• First Mid Bancshares, Inc. Announces Third Quarter 2022 Results

    Source: Nasdaq GlobeNewswire / 27 Oct 2022 08:00:03   America/New_York

    MATTOON, Ill., Oct. 27, 2022 (GLOBE NEWSWIRE) -- First Mid Bancshares, Inc. (NASDAQ: FMBH) (the “Company”) today announced its financial results for the quarter ended September 30, 2022.

    Highlights

    • Net income of $17.9 million, or $0.88 diluted EPS
    • Adjusted net income (non-GAAP) of $18.5 million, or $0.90 diluted EPS
    • Solid loan growth of $71.6 million, or 1.5% for the quarter
    • Strong asset quality ratios with adversely classified loans declining by 15.3% for the quarter
    • Board of Directors declares regular quarterly dividend of $0.23 per share

    “Our third quarter results were highlighted by solid loan growth and the strength in the credit quality of our loan portfolio,” said Joe Dively, Chairman and Chief Executive Officer. “Our diversified revenue sources continued to perform well with wealth management and insurance driving a year-over-year increase in noninterest income, despite significantly lower mortgage banking revenues. Net interest income and margin increased in the period, despite the significant movement in interest rates by the Federal Reserve adding pressure on funding costs.”

    Net Interest Income

    Net interest income for the third quarter of 2022 increased by $1.4 million, or 3.1% compared to the second quarter of 2022. Interest income increased by $5.5 million primarily driven by loan growth and higher interest rates. Interest expense increased by $4.0 million on increased rates and higher balances. Accretion income was the same as the previous quarter at $0.9 million.      

    In comparison to the third quarter of 2021, net interest income increased $2.8 million, or 6.1%. The increase was primarily the result of organic loan growth, the impact of the Jefferson Bank and Trust (“Jefferson”) acquisition, and rising interest rates.            

    Net Interest Margin

    Net interest margin, on a tax equivalent basis, was 3.21% for the third quarter of 2022, which was an increase of 1 basis point compared to the prior quarter. Earning asset yields increased by 27 basis points and the average cost of funds increased 26 basis points.   

    In comparison to the third quarter of last year, the net interest margin decreased 17 basis points.   The primary reasons for the decrease were due to $0.7 million of lower accretion income and $5.1 million of lower PPP fee income compared to the third quarter of 2021.

    Loan Portfolio

    Total loans ended the quarter at $4.72 billion, representing an increase of $71.6 million compared to the prior quarter. Growth occurred in all sectors, except multifamily, which had multiple payoffs in the quarter from customer asset sales.                 

    Asset Quality

    First Mid’s asset quality continues to be very strong and positioned well for the varying economic cycles. On a combined basis, special mention and substandard loans decreased in the quarter by $11.3 million.   As of September 30, 2022, the allowance for credit losses (“ACL”) decreased by $0.3 million to $58.8 million with an ending ACL to total loans ratio of 1.25%. In addition, the Company has $7.6 million, or 16 basis points, of discount remaining on purchased loans. Provision expense was recorded in the amount of $0.1 million and net charge offs totaled $0.4 million. Also, at the end of the third quarter, the ratio of non-performing loans to total loans was 0.44%, and the ACL to non-performing loans was 282%.   The ratio of nonperforming assets to total assets was 0.38% at quarter end. Nonperforming loans increased $0.8 million in the period to $20.8 million.

    Deposits

    Total deposits ended the quarter at $5.48 billion, which represented an increase of $164.2 million from the prior quarter. The increase was primarily in money market balances where funds were moved from lower interest-bearing products and balances added from customer asset sales. The Company’s average rate on cost of funds was 0.56% compared to 0.30% in the prior quarter, and 0.29% versus the third quarter of 2021.               

    Noninterest Income

    Noninterest income for the third quarter of 2022 was $16.8 million compared to $18.6 million in the second quarter of 2022.   The decrease was expected as the third quarter typically reflects a seasonal decline in our wealth management revenues from farmland sales and in insurance renewals. Wealth management revenue was down $0.6 million and insurance revenue was down $1.5 million from the prior quarter. These declines were partially offset by increases in service charges and other income.

    In comparison to the third quarter of 2021, noninterest income increased $0.4 million, or 2.6%. This increase is a testament to the strength of our diversification in revenues with wealth management and insurance driving the growth, which more than offset mortgage banking declines. The year-over-year increase in wealth management and insurance was a combined 10.6%.            

    Noninterest Expenses     

    Noninterest expense for the third quarter of 2022 totaled $41.5 million, which was flat compared to the prior quarter. The current quarter included $0.7 million of nonrecurring integration expenses for the Jefferson acquisition compared to $1.0 million in the second quarter. The current quarter also included an increase of $0.4 million of provision for unfunded commitments.   

    In comparison to the third quarter of 2021, noninterest expenses increased $5.2 million. The increase was primarily driven by the additional expense related to the Jefferson acquisition and overall inflationary changes.   

    The Company’s efficiency ratio, as adjusted in the non-GAAP reconciliation table herein, for the third quarter 2022 was 59.6% compared to 58.5% in the prior quarter and 52.7% for the same period last year.

    Capital Levels and Dividend

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

    Total capital to risk-weighted assets15.11% 
    Tier 1 capital to risk-weighted assets12.28% 
    Common equity tier 1 capital to risk-weighted assets11.91% 
    Leverage ratio9.52% 

    The Company’s Board of Directors approved a regular quarterly dividend of $0.23 payable on December 1, 2022 for shareholders of record on November 17, 2022.

    About First Mid: First Mid Bancshares, Inc. (“First Mid”) is the parent company of First Mid Bank & Trust, N.A., First Mid Insurance Group, Inc., and First Mid Wealth Management Co. First Mid is a $6.7 billion community-focused organization that provides a full-suite of financial services including banking, wealth management, brokerage, Ag services, and insurance through a sizeable network of locations throughout Illinois, Missouri, and Texas, and a loan production office in the greater Indianapolis area. Together, our First Mid team takes great pride in providing solutions and services to the customers and communities and has done so over the last 157 years. More information about the Company is available on our website at www.firstmid.com.

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

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

    Investor Contact:
    Aaron Holt
    VP, Shareholder Relations
    217-258-0463
    aholt@firstmid.com

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

    – Tables Follow –

     
    FIRST MID BANCSHARES, INC.
    Condensed Consolidated Balance Sheets
    (In thousands, unaudited)
     
     As of
     September 30,  December 31,  September 30, 
     2022  2021  2021 
             
    Assets        
    Cash and cash equivalents$               160,954  $               168,602  $               345,206 
    Investment securities              1,235,505                1,431,299                1,357,035 
    Loans (including loans held for sale)              4,720,290                3,995,523                3,947,769 
    Less allowance for credit losses                  (58,777)                   (54,655)                   (53,983)
    Net loans              4,661,513                3,940,868                3,893,786 
    Premises and equipment, net                   90,659                     81,484                     81,823 
    Goodwill and intangibles, net                 170,897                   141,376                   142,656 
    Bank owned life insurance                 150,831                   132,375                   131,547 
    Other assets                 181,024                     90,578                     91,306 
      Total assets$           6,651,383  $           5,986,582  $           6,043,359 
             
    Liabilities and Stockholders' Equity        
    Deposits:        
    Non-interest bearing$           1,334,686  $           1,246,673  $           1,242,950 
    Interest bearing              4,148,512                3,709,813                3,745,612 
    Total deposits              5,483,198                4,956,486                4,988,562 
    Repurchase agreement with customers                 220,707                   146,268                   149,891 
    Other borrowings                 181,232                     86,446                   112,641 
    Junior subordinated debentures                   19,322                     19,195                     19,153 
    Subordinated debt                   94,515                     94,400                     94,363 
    Other liabilities                   51,694                     49,893                     51,524 
      Total liabilities              6,050,668                5,352,688                5,416,134 
             
      Total stockholders' equity                 600,715                   633,894                   627,225 
    Total liabilities and stockholders' equity$           6,651,383  $           5,986,582  $           6,043,359 


     
    FIRST MID BANCSHARES, INC.
    Condensed Consolidated Statements of Income
    (In thousands, except per share data, unaudited)
            
     Three Months Ended Nine Months Ended
     September 30, September 30,
     2022 2021 2022 2021
    Interest income:       
    Interest and fees on loans$          49,278 $          43,292 $            132,741 $            119,973
    Interest on investment securities7,302 5,835 22,095 16,416
    Interest on federal funds sold & other deposits174 136 346 325
    Total interest income56,754 49,263 155,182 136,714
    Interest expense:       
    Interest on deposits4,915 2,234 9,586 6,980
    Interest on securities sold under agreements to repurchase428 52 632 179
    Interest on other borrowings1,927 359 2,848 1,178
    Interest on jr. subordinated debentures241 137 553 416
    Interest on subordinated debt986 985 2,958 2,954
    Total interest expense8,497 3,767 16,577 11,707
    Net interest income48,257 45,496 138,605 125,007
    Provision for loan losses142 1,103 4,001 12,679
    Net interest income after provision for loan48,115 44,393 134,604 112,328
    Non-interest income:       
    Wealth management revenues4,843 4,204 16,291 14,146
    Insurance commissions4,158 3,932 16,903 14,777
    Service charges2,445 1,838 6,737 4,741
    Securities gains, net79 11 81 88
    Mortgage banking revenues355 1,477 1,125 4,577
    ATM/debit card revenue3,101 3,060 9,213 8,900
    Other1,810 1,837 6,125 5,163
    Total non-interest income16,791 16,359 56,475 52,392
    Non-interest expense:       
    Salaries and employee benefits24,877 21,092 74,984 69,487
    Net occupancy and equipment expense5,903 5,382 18,131 15,834
    Net other real estate owned (income) expense58 1,507 243 3,551
    FDIC insurance479 268 1,341 1,198
    Amortization of intangible assets1,598 1,414 4,753 3,929
    Stationary and supplies361 299 997 850
    Legal and professional expense1,770 1,878 5,389 4,919
    Marketing and donations739 679 2,318 1,688
    Other5,764 3,802 15,333 18,478
    Total non-interest expense41,549 36,321 123,489 119,934
    Income before income taxes23,357 24,431 67,590 44,786
    Income taxes5,418 6,105 15,277 10,130
    Net income$17,939 $18,326 $52,313 $34,656
            
    Per Share Information       
    Basic earnings per common share$               0.88 $               1.01 $                   2.61 $                   1.94
    Diluted earnings per common share0.88 1.01 2.60 1.94
            
    Weighted average shares outstanding20,454,669 18,083,126 20,070,687 17,819,619
    Diluted weighted average shares outstanding20,535,215 18,136,146 20,145,435 17,872,639


     
    FIRST MID BANCSHARES, INC.
    Condensed Consolidated Statements of Income
    (In thousands, except per share data, unaudited)
              
     For the Quarter Ended
     September 30, June 30, March 31, December 31, September 30,
     2022 2022 2022 2021 2021
    Interest income:         
    Interest and fees on loans$              49,278 $              43,555 $              39,908 $              39,711 $           43,292
    Interest on investment securities7,302 7,623 7,170 6,500 5,835
    Interest on federal funds sold & other deposits174 105 67 88 136
    Total interest income56,754 51,283 47,145 46,299 49,263
    Interest expense:         
    Interest on deposits4,915 2,523 2,148 2,057 2,234
    Interest on securities sold under agreements to repurchase428 137 67 52 52
    Interest on other borrowings1,927 645 276 336 359
    Interest on jr. subordinated debentures241 166 146 125 137
    Interest on subordinated debt986 986 986 985 985
    Total interest expense8,497 4,457 3,623 3,555 3,767
    Net interest income48,257 46,826 43,522 42,744 45,496
    Provision for loan losses142 907 2,952 2,472 1,103
    Net interest income after provision for loan48,115 45,919 40,570 40,272 44,393
    Non-interest income:         
    Wealth management revenues4,843 5,473 5,975 6,261 4,204
    Insurance commissions4,158 5,641 7,104 4,150 3,932
    Service charges2,445 2,236 2,056 2,067 1,838
    Securities gains, net79 2 - 36 11
    Mortgage banking revenues355 289 444 890 1,477
    ATM/debit card revenue3,101 3,214 2,898 3,074 3,060
    Other1,810 1,704 2,611 1,646 1,837
    Total non-interest income16,791 18,559 21,088 18,124 16,359
    Non-interest expense:         
    Salaries and employee benefits24,877 25,768 24,302 20,424 21,092
    Net occupancy and equipment expense5,903 6,073 6,155 5,712 5,382
    Net other real estate owned (income) expense58 218 (33) 315 1,507
    FDIC insurance479 436 426 406 268
    Amortization of intangible assets1,598 1,633 1,522 1,462 1,414
    Stationary and supplies361 325 311 311 299
    Legal and professional expense1,770 1,885 1,734 1,811 1,878
    Marketing and donations739 706 873 1,915 679
    Other5,764 4,471 5,098 4,038 3,802
    Total non-interest expense41,549 41,515 40,388 36,394 36,321
    Income before income taxes23,357 22,963 21,270 22,002 24,431
    Income taxes5,418 5,205 4,654 5,168 6,105
    Net income$17,939 $17,758 $16,616 $16,834 $18,326
              
    Per Share Information         
    Basic earnings per common share$                   0.88 $                   0.87 $                   0.86 $                   0.93 $               1.01
    Diluted earnings per common share0.88 0.86 0.86 0.93 1.01
              
    Weighted average shares outstanding20,454,669 20,448,799 19,295,860 18,086,949 18,083,126
    Diluted weighted average shares outstanding20,535,215 20,529,523 19,358,457 18,135,380 18,136,146


     
    FIRST MID BANCSHARES, INC.
    Consolidated Financial Highlights and Ratios
    (Dollars in thousands, except per share data)
    (Unaudited)
      As of and for the Quarter Ended
      September 30,  June 30,  March 31,  December 31,  September 30, 
      2022  2022  2022  2021  2021 
                    
    Loan Portfolio                
    Construction and land development $              142,801  $          141,072  $             131,504  $             145,118  $            180,061 
    Farm real estate loans                  360,424              350,159                 280,993                 279,272                278,788 
    1-4 Family residential properties                  436,625              424,230                 417,232                 400,313                412,565 
    Multifamily residential properties                  298,321              330,600                 369,926                 298,942                306,911 
    Commercial real estate              1,996,338          1,976,654             1,965,321             1,666,198             1,583,255 
         Loans secured by real estate              3,234,509          3,222,715             3,164,976             2,789,843             2,761,580 
    Agricultural operating loans                  160,511              142,406                 121,708                 151,484                126,534 
    Commercial and industrial loans              1,064,033          1,036,987                 935,454                 832,008                835,860 
    Consumer loans                  100,783                94,828                   89,685                   78,442                   80,064 
    All other loans                  160,454              151,727                 142,738                 143,746                143,731 
    Total loans              4,720,290          4,648,663             4,454,561             3,995,523             3,947,769 
                    
    Deposit Portfolio                
    Non-interest bearing demand deposits $           1,334,686  $      1,369,756  $         1,373,881  $         1,246,673  $        1,242,950 
    Interest bearing demand deposits              1,364,306          1,453,932             1,482,556             1,452,765             1,416,361 
    Savings deposits                  657,592              683,944                 685,228                 626,523                612,404 
    Money Market              1,443,060          1,158,724             1,280,129             1,068,473             1,075,852 
    Time deposits                  683,554              652,622                 665,511                 562,052                640,995 
    Total deposits              5,483,198          5,318,978             5,487,305             4,956,486             4,988,562 
                    
    Asset Quality               
    Non-performing loans $                 20,812  $            19,981  $               22,465  $               22,036  $              27,723 
    Non-performing assets                    25,143                24,190                   27,269                   27,055                   33,359 
    Net charge-offs (recoveries)                          440                      307                            (5)                     1,800                     1,717 
    Allowance for credit losses to non-performing loans 282.42% 295.66% 260.29% 248.03% 194.72%
    Allowance for credit losses to total loans outstanding 1.25% 1.27% 1.31% 1.37%1 1.39%1
    Nonperforming loans to total loans 0.44% 0.43% 0.50% 0.55% 0.70%
    Nonperforming assets to total assets 0.38% 0.36% 0.41% 0.45% 0.55%
    Special Mention loans                    25,298                35,849                   64,160                   66,235                   76,222 
    Substandard and Doubtful loans                    37,378                38,155                   38,801                   46,862                   51,119 
                    
    Common Share Data               
    Common shares outstanding            20,454,636        20,448,799           20,437,183           18,080,303          18,083,126 
    Book value per common share $                   29.37  $              30.63  $                 32.61  $                 35.06  $                 34.69 
    Tangible book value per common share (2) 21.01  22.17  24.07  27.24  26.80 
    Market price of stock 31.97  35.67  38.49  42.79  41.06 
                    
    Key Performance Ratios and Metrics               
    End of period earning assets $           5,975,619  $      6,024,815  $         6,038,542  $         5,504,517  $        5,542,199 
    Average earning assets              6,063,061          5,975,821             5,817,752             5,539,819             5,396,239 
    Average rate on average earning assets (tax equivalent) 3.77% 3.50% 3.33% 3.37% 3.67%
    Average rate on cost of funds 0.56% 0.30% 0.26% 0.26% 0.29%
    Net interest margin (tax equivalent) (2) 3.21% 3.20% 3.07% 3.11% 3.38%
    Return on average assets 1.07% 1.08% 1.05% 1.12% 1.25%
    Return on average common equity 11.18% 11.02% 9.95% 10.74% 11.67%
    Efficiency ratio (tax equivalent) (2) 59.64% 58.45% 58.59% 55.75% 52.73%
    Full-time equivalent employees                      1,051                   1,025                      1,050                         965                         960 
                    
                    
    1 Excludes Paycheck Protection Loans
    2 Non-GAAP financial measure.  Refer to reconciliation to the comparable GAAP measure.


     
    FIRST MID BANCSHARES, INC.
    Net Interest Margin
    (In thousands, unaudited)
     For the Quarter Ended September 30, 2022
     QTD Average    Average 
     Balance  Interest Rate 
    INTEREST EARNING ASSETS       
    Interest bearing deposits$22,130  $128 2.29%
    Federal funds sold7,152  38 2.11%
    Certificates of deposits investments1,417  8 2.24%
    Investment Securities:       
    Taxable (total less municipals)1,047,335  5,106 1.95%
    Tax-exempt (Municipals)318,870  2,780 3.49%
    Loans (net of unearned income)4,666,157  49,498 4.21%
            
    Total interest earning assets6,063,061  57,558 3.77%
            
    NONEARNING ASSETS       
    Cash and due from banks122,616      
    Premises and equipment90,715      
    Other nonearning assets458,854      
    Allowance for loan losses(59,319)     
            
    Total assets$6,675,927      
            
    INTEREST BEARING LIABILITIES       
    Demand deposits$2,545,619  $3,570 0.56%
    Savings deposits674,524  149 0.09%
    Time deposits672,187  1,197 0.71%
    Total interest bearing deposits3,892,330  4,916 0.50%
    Repurchase agreements207,079  428 0.82%
    FHLB advances355,554  1,926 2.15%
    Federal funds purchased272  1 1.46%
    Subordinated debt94,491  986 4.14%
    Jr. subordinated debentures19,294  241 4.96%
    Other debt-  - 0.00%
    Total borrowings676,690  3,582 2.10%
    Total interest bearing liabilities4,569,020  8,498 0.74%
            
    NONINTEREST BEARING LIABILITIES       
    Demand deposits1,418,028  Average cost of funds0.56%
    Other liabilities47,131      
    Stockholders' equity641,748      
            
    Total liabilities & stockholders' equity$6,675,927      
            
    Net Interest Earnings / Spread   $49,060 3.03%
            
    Impact of Non-Interest Bearing Funds     0.18%
            
    Tax effected yield on interest earning assets     3.21%


     
    FIRST MID BANCSHARES, INC.
    Reconciliation of Non-GAAP Financial Measures
    (In thousands, unaudited)
     As of and for the Quarter Ended
     September 30,  June 30,  March 31,  December 31,  September 30, 
     2022  2022  2022  2021  2021 
                   
    Net interest income as reported$           48,257  $           46,826  $           43,522  $           42,744  $           45,496 
    Net interest income, (tax equivalent)49,060  47,625  44,292  43,492  46,165 
    Average earning assets6,063,061  5,975,821  5,817,752  5,539,819  5,396,239 
    Net interest margin (tax equivalent)3.21% 3.20% 3.07% 3.11% 3.38%
                   
                   
    Common stockholder's equity$        600,715  $        626,268  $        666,385  $        633,894  $        627,225 
    Goodwill and intangibles, net170,897  172,871  174,499  141,376  142,656 
    Common shares outstanding20,455  20,449  20,437  18,080  18,083 
    Tangible Book Value per common share$             21.01  $             22.17  $             24.07  $             27.24  $             26.80 


                   
    FIRST MID BANCSHARES, INC.
    Reconciliation of Non-GAAP Financial Measures
    (In thousands, except per share data, unaudited)
     
     As of and for the Quarter Ended
     September 30,  June 30,  March 31,  December 31,  September 30, 
     2022  2022  2022  2021  2021 
    Adjusted earnings Reconciliation              
    Net Income - GAAP$           17,939  $           17,758  $           16,616  $           16,834  $           18,326 
    Adjustments (post-tax): (1)              
    Acquisition ACL on non-PCD assets in provision expense-  -  1,580  -  - 
    Branch optimization costs-  -  -  -  999 
    Integration and acquisition expenses524  777  469  225  348 
    Total non-recurring adjustments (non-GAAP)$                524  $                777  $             2,049  $                225  $             1,347 
                   
    Adjusted earnings - non-GAAP$           18,463  $           18,535  $           18,665  $           17,059  $           19,673 
    Adjusted diluted earnings per share (non-GAAP)$0.90  $0.90  $0.96  $0.94  $1.08 
                   
    Efficiency Ratio Reconciliation              
    Noninterest expense - GAAP$           41,549  $           41,515  $           40,388  $           36,394  $           36,321 
    Other real estate owned property income (expense)(58) (218) 33  (315) (242)
    Amortization of intangibles(1,598) (1,633) (1,522) (1,462) (1,414)
    Branch optimization costs-  -  -  -  (1,265)
    integration and acquisition expenses(663) (983) (594) (285) (440)
    Adjusted noninterest expense (non-GAAP)$           39,230  $           38,681  $           38,305  $           34,332  $           32,960 
                   
    Net interest income -GAAP$           48,257  $           46,826  $           43,522  $           42,744  $           45,496 
    Effect of tax-exempt income (1)803  799  770  748  669 
    Adjusted net interest income (non-GAAP)$           49,060  $           47,625  $           44,292  $           43,492  $           46,165 
                   
    Noninterest income - GAAP$           16,791  $           18,559  $           21,088  $           18,124  $           16,359 
    Gain on sales of investment securities, net(79) (2) -  (36) (11)
    Adjusted noninterest income (non-GAAP)$           16,712  $           18,557  $           21,088  $           18,088  $           16,348 
                   
    Adjusted total revenue (non-GAAP)$           65,772  $           66,182  $           65,380  $           61,580  $           62,513 
                   
    Efficiency ratio (non-GAAP)59.64% 58.45% 58.59% 55.75% 52.73%
                   
    '(1) Nonrecurring items (post-tax) and tax-exempt income are calculated using an estimated effective tax rate of 21%.

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