First Mid Bancshares, Inc. Announces Second Quarter 2025 Results
24-Jul-2025 08:00:03 EDT
First Mid Bancshares, Inc. Announces Second Quarter 2025 Results
GlobeNewswire July 24, 2025
MATTOON, Ill., July 24, 2025 (GLOBE NEWSWIRE) — First Mid Bancshares, Inc. (NASDAQ: FMBH) (the “Company”) today announced its financial results for the quarter ended June 30, 2025.
Highlights
Record high quarterly net income of $23.4 million, or $0.98 diluted EPS, quarterly increase of $0.05
Adjusted quarterly net income* of $23.7 million, or $0.99 diluted EPS
Net interest margin tax equivalent* expands to 3.72%, quarterly increase of 12 basis points, helping drive the fifth consecutive quarter of growth in net interest income
Total loans of $5.77 billion, quarterly increase of $68.1 million, or 1.20%
Total deposits of $6.19 billion, quarterly increase of $59.8 million, or 0.98%
Tangible book value per share* increased 4.3% during the quarter
Board of Directors declares a $0.01 increase in the quarterly dividend to $0.25 per share
“The first half of 2025 has provided strong results. The second quarter provided a record high quarterly net income along with expansion in net interest income. The quarter reflects our strategic approach to driving a higher return on assets,” said Joe Dively, Chairman and Chief Executive Officer. “Along with significant expansion of our net interest margin, we delivered growth in both loans and deposits.”
“I am pleased with our execution on our strategic plan and while the macro-economic environment continues to fluctuate, we continue to focus on what we can control by maintaining our disciplined credit culture. We continue to make investments in our technology platforms that will position us well for future growth,” Dively concluded.
Net Interest Income Net interest income for the second quarter of 2025 was $63.9 million, an increase of $4.5 million, or 7.5% compared to the first quarter of 2025. The increase was primarily the result of higher yields on earning assets while maintaining funding costs. The increase in interest income included $0.5 million in higher accretion income, which totaled $3.4 million compared to $2.9 million of accretion income in the first quarter.
In comparison to the second quarter of 2024, net interest income increased $7.1 million, or 12.5%. Interest income was higher by $4.7 million, inclusive of a decrease in accretion income of $0.3 million compared to the second quarter last year. Interest expense was lower by $2.4 million compared to the second quarter of last year.
Net Interest Margin Net interest margin, on a tax equivalent basis*, was 3.72% for the second quarter of 2025 representing an increase of 12 basis points over the prior quarter, driven by both an increase to earning asset yields and maintaining funding costs. Excluding the increase in accretion income, the net interest margin increased 9 basis points in the period.
Loan Portfolio
Total loans ended the quarter at $5.77 billion, representing an increase of $68.1 million, or 1.2%, from the prior quarter. The increase was well diversified and included construction and land development, farm real estate, 1-4 family residential real estate, multi-family residential real estate, agriculture operating lines, and commercial and industrial loans. Commercial real estate and consumer loans saw modest declines in the quarter.
In comparison to the second quarter of last year, loan balances increased $206.4 million, or 3.7%. The largest increases were in construction and land development, agriculture operating lines, and commercial and industrial loans.
Asset Quality The second quarter was another solid performance with respect to the Company's asset quality metrics. The allowance for credit losses (“ACL”) ended the period at $71.2 million and the ACL to total loans ratio was 1.23%. In addition to the ACL, an unearned discount of $28.7 million remains at quarter end. Provision expense was recorded in the amount of $2.6 million with net charge-offs of $1.5 million in the quarter. Also, at the end of the second quarter, the ratio of non-performing loans to total loans was 0.38%, the ACL to non-performing loans ratio was 325%, and the ratio of nonperforming assets to total assets was 0.31%. During the quarter, nonperforming loans declined by $4.7 million to $21.9 million. Special mention loans increased by $7.8 million to $81.8 million and substandard loans increased $5.1 million to $39.0 million.
Deposits Total deposits ended the quarter at $6.19 billion, which represented an increase of $59.8 million, or 0.98%, from the prior quarter. Interest bearing demand deposits, money market accounts, and time deposits were the primary drivers of the increase.
Noninterest Income Noninterest income for the second quarter of 2025 was $23.6 million compared to $24.9 million in the first quarter of 2025. The decline was primarily driven by seasonality in the wealth management and insurance business lines. Wealth management revenues for the quarter were $5.4 million, which is in line with the second quarter of 2024. Insurance revenues for the quarter were $7.8 million, up $1.3 million from the second quarter of 2024. Overall Ag Services revenue was $2.3 million in the period. Debit card fee income was boosted in the quarter by our annual incentive of $1.0 million from our service provider.
In comparison to the second quarter of 2024, noninterest income increased $1.2 million, or 5.2%, primarily driven by insurance commissions from both organic growth and strategic acquisitions.
Noninterest Expenses Noninterest expense for the second quarter of 2025 totaled $54.8 million compared to $54.5 million in the prior quarter. The current quarter included $0.2 million of nonrecurring expenses primarily related to the Company's technology initiatives, versus $1.0 million in nonrecurring costs in the prior quarter. The quarter over quarter increase is primarily driven by an increase in salaries and employee benefits. This resulted from annual salary increases and higher incentive compensation from overall performance compared to budget.
In comparison to the second quarter of 2024, noninterest expenses increased $3.4 million. The increase was primarily driven by annual compensation increases and incentive accrual for overperformance compared to budget.
The Company's efficiency ratio, as adjusted in the non-GAAP reconciliation table herein, for the second quarter 2025 was 58.09% compared to 58.88% in the prior quarter and 59.61% for the same period last year.
Capital Levels and Dividend The Company's capital levels remained strong and above the “well capitalized” levels. Capital levels ended the period as follows:
Total capital to risk-weighted assets
15.76%
Tier 1 capital to risk-weighted assets
13.31%
Common equity tier 1 capital to risk-weighted assets
12.92%
Leverage ratio
10.73%
Tangible book value per share* increased $1.09, or 4.3% during the second quarter of 2025. The increase was driven primarily by earnings growth, which accounted for $0.90 of the increase. The remaining increase of $0.19 was the result of improvement in accumulated other comprehensive income from a lower unrealized loss position in the investment portfolio.
The Company's Board of Directors increased the quarterly dividend to $0.25 payable on August 29, 2025, for shareholders of record on August 15, 2025.
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 $7.7 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, Texas, and Wisconsin 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 160 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 Earnings,” “Adjusted Diluted EPS,” “Efficiency Ratio,” “Net Interest Margin, tax equivalent,” “Tangible Book Value per Common Share,” “Adjusted Tangible Book Value per Common Share,” “Adjusted Return on Assets,” and “Adjusted Return on Average Common Equity”. 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; and the impact of pandemics on First Mid's businesses. 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: Austin Frank SVP, Shareholder Relations 217-258-5522 afrank@firstmid.com
Jordan Read Chief Financial and Risk Officer 636-626-2265 jread@firstmid.com
– Tables Follow –
FIRST MID BANCSHARES, INC.
Condensed Consolidated Balance Sheets
(In thousands, unaudited)
As of
June 30,
December 31,
June 30,
2025
2024
2024
Assets
Cash and cash equivalents
$
190,017
$
121,216
$
235,480
Investment securities
1,085,701
1,073,510
1,120,930
Loans (including loans held for sale)
5,766,999
5,672,462
5,560,617
Less allowance for credit losses
(71,160
)
(70,182
)
(68,312
)
Net loans
5,695,839
5,602,280
5,492,305
Premises and equipment, net
97,740
100,234
101,583
Goodwill and intangibles, net
255,547
261,906
257,377
Bank Owned Life Insurance
172,333
170,854
168,439
Other assets
183,298
189,734
204,946
Total assets
$
7,680,475
$
7,519,734
$
7,581,060
Liabilities and Stockholders' Equity
Deposits:
Non-interest bearing
$
1,321,446
$
1,329,155
$
1,393,336
Interest bearing
4,868,753
4,727,941
4,722,443
Total deposits
6,190,199
6,057,096
6,115,779
Repurchase agreements with customers
193,941
204,122
205,955
Other borrowings
245,000
242,520
263,735
Junior subordinated debentures
24,384
24,280
24,169
Subordinated debt
79,590
87,472
103,029
Other liabilities
53,221
57,853
54,748
Total liabilities
6,786,335
6,673,343
6,767,415
Total stockholders' equity
894,140
846,391
813,645
Total liabilities and stockholders' equity
$
7,680,475
$
7,519,734
$
7,581,060
FIRST MID BANCSHARES, INC.
Condensed Consolidated Statements of Income
(In thousands, except per share data, unaudited)
Three Months Ended
Six Months Ended
June 30,
June 30,
2025
2024
2025
2024
Interest income:
Interest and fees on loans
$
84,784
$
79,560
$
164,702
$
157,383
Interest on investment securities
6,895
7,405
13,672
14,810
Interest on federal funds sold & other deposits
1,722
1,718
2,586
4,162
Total interest income
93,401
88,683
180,960
176,355
Interest expense:
Interest on deposits
24,964
26,338
48,686
52,434
Interest on securities sold under agreements to repurchase
1,218
1,615
2,398
3,671
Interest on other borrowings
2,043
2,248
3,874
4,562
Interest on jr. subordinated debentures
464
537
932
1,079
Interest on subordinated debt
849
1,180
1,798
2,374
Total interest expense
29,538
31,918
57,688
64,120
Net interest income
63,863
56,765
123,272
112,235
Provision for credit losses
2,567
1,083
4,219
726
Net interest income after provision for credit losses
61,296
55,682
119,053
111,509
Non-interest income:
Wealth management revenues
5,394
5,405
11,205
10,727
Insurance commissions
7,840
6,531
17,765
15,744
Service charges
2,995
3,227
5,896
6,183
Net securities losses
0
(156
)
(181
)
(156
)
Mortgage banking revenues
1,070
1,038
1,781
1,744
ATM/debit card revenue
4,636
4,281
8,282
8,336
Other
1,658
2,096
3,709
4,322
Total non-interest income
23,593
22,422
48,457
46,900
Non-interest expense:
Salaries and employee benefits
33,623
30,164
65,371
60,612
Net occupancy and equipment expense
7,869
7,507
16,348
15,067
Net other real estate owned (income) expense
75
85
176
64
FDIC insurance
873
902
1,722
1,771
Amortization of intangible assets
3,121
3,340
6,352
6,837
Stationary and supplies
367
370
798
761
Legal and professional expense
2,757
2,536
5,833
4,985
ATM/debit card expense
1,144
1,281
2,975
2,472
Marketing and donations
777
814
1,629
1,676
Other
4,156
4,392
8,030
10,508
Total non-interest expense
54,762
51,391
109,234
104,753
Income before income taxes
30,127
26,713
58,276
53,656
Income taxes
6,689
6,968
12,667
13,408
Net income
$
23,438
$
19,745
$
45,609
$
40,248
Per Share Information
Basic earnings per common share
$
0.98
$
0.83
$
1.91
$
1.69
Diluted earnings per common share
0.98
0.82
1.90
1.68
Weighted average shares outstanding
23,867,592
23,896,210
23,863,229
23,884,472
Diluted weighted average shares outstanding
23,988,974
23,998,152
23,974,183
23,979,244
FIRST MID BANCSHARES, INC.
Condensed Consolidated Statements of Income
(In thousands, except per share data, unaudited)
For the Quarter Ended
June 30,
March 31,
December 31,
September 30,
June 30,
2025
2025
2024
2024
2024
Interest income:
Interest and fees on loans
$
84,784
$
79,918
$
81,288
$
81,775
$
79,560
Interest on investment securities
6,895
6,777
6,990
7,036
7,405
Interest on federal funds sold & other deposits
1,722
864
1,564
2,371
1,718
Total interest income
93,401
87,559
89,842
91,182
88,683
Interest expense:
Interest on deposits
24,964
23,722
26,144
28,341
26,338
Interest on securities sold under agreements to repurchase
1,218
1,180
1,333
1,444
1,615
Interest on other borrowings
2,043
1,831
1,917
2,195
2,248
Interest on jr. subordinated debentures
464
468
510
567
537
Interest on subordinated debt
849
949
988
1,092
1,180
Total interest expense
29,538
28,150
30,892
33,639
31,918
Net interest income
63,863
59,409
58,950
57,543
56,765
Provision for credit losses
2,567
1,652
3,643
1,266
1,083
Net interest income after provision for credit losses
61,296
57,757
55,307
56,277
55,682
Non-interest income:
Wealth management revenues
5,394
5,800
6,275
5,816
5,405
Insurance commissions
7,840
9,925
6,805
6,003
6,531
Service charges
2,995
2,901
3,058
3,121
3,227
Net securities losses
0
(181
)
0
(277
)
(156
)
Mortgage banking revenues
1,070
711
1,104
1,109
1,038
ATM/debit card revenue
4,636
3,646
4,204
4,267
4,281
Other
1,658
2,062
4,917
2,984
2,096
Total non-interest income
23,593
24,864
26,363
23,023
22,422
Non-interest expense:
Salaries and employee benefits
33,623
31,748
31,957
31,565
30,164
Net occupancy and equipment expense
7,869
8,479
7,285
8,055
7,507
Net other real estate owned expense
75
101
240
107
85
FDIC insurance
873
849
863
829
902
Amortization of intangible assets
3,121
3,231
3,314
3,405
3,340
Stationary and supplies
367
431
642
482
370
Legal and professional expense
2,757
3,076
5,386
2,573
2,536
ATM/debit card expense
1,144
1,831
2,043
1,869
1,281
Marketing and donations
777
852
906
836
814
Other
4,156
3,874
3,661
4,212
4,392
Total non-interest expense
54,762
54,472
56,297
53,933
51,391
Income before income taxes
30,127
28,149
25,373
25,367
26,713
Income taxes
6,689
5,978
6,205
5,885
6,968
Net income
$
23,438
$
22,171
$
19,168
$
19,482
$
19,745
Per Share Information
Basic earnings per common share
$
0.98
$
0.93
$
0.80
$
0.81
$
0.83
Diluted earnings per common share
0.98
0.93
0.80
0.81
0.82
Weighted average shares outstanding
23,867,592
23,858,817
23,818,806
23,905,099
23,896,210
Diluted weighted average shares outstanding
23,988,974
23,959,228
23,908,340
24,006,647
23,998,152
FIRST MID BANCSHARES, INC.
Consolidated Financial Highlights and Ratios
(Dollars in thousands, except per share data)
(Unaudited)
As of and for the Quarter Ended
June 30,
March 31,
December 31,
September 30,
June 30,
2025
2025
2024
2024
2024
Loan Portfolio
Construction and land development
$
298,812
$
269,148
$
236,093
$
190,857
$
195,389
Farm real estate loans
381,517
373,413
390,760
384,620
387,015
1-4 Family residential properties
495,787
488,139
496,597
505,342
507,517
Multifamily residential properties
360,604
356,858
332,644
338,167
334,446
Commercial real estate
2,393,640
2,397,985
2,417,585
2,440,120
2,406,955
Loans secured by real estate
3,930,360
3,885,543
3,873,679
3,859,106
3,831,322
Agricultural operating loans
306,374
296,811
239,671
233,414
213,997
Commercial and industrial loans
1,324,653
1,303,712
1,335,920
1,283,631
1,268,646
Consumer loans
41,604
47,220
53,960
63,222
70,841
All other loans
164,008
165,572
169,232
175,218
175,811
Total loans
5,766,999
5,698,858
5,672,462
5,614,591
5,560,617
Deposit Portfolio
Non-interest bearing demand deposits
$
1,321,446
$
1,394,590
$
1,329,155
$
1,387,290
$
1,393,336
Interest bearing demand deposits
1,947,744
1,814,427
1,907,733
1,834,123
1,909,993
Savings deposits
632,925
643,289
636,427
648,582
673,381
Money Market
1,206,140
1,215,420
1,196,537
1,183,594
1,127,699
Time deposits
1,081,944
1,062,654
987,244
1,035,245
1,011,370
Total deposits
6,190,199
6,130,380
6,057,096
6,088,834
6,115,779
Asset Quality
Non-performing loans
$
21,895
$
26,598
$
29,835
$
18,242
$
19,079
Non-performing assets
23,572
28,703
32,030
20,076
20,557
Net charge-offs (recoveries)
1,458
1,783
2,235
804
708
Allowance for credit losses to non-performing loans
325.00
%
263.36
%
235.23
%
377.01
%
358.05
%
Allowance for credit losses to total loans outstanding
1.23
%
1.23
%
1.24
%
1.22
%
1.23
%
Nonperforming loans to total loans
0.38
%
0.47
%
0.53
%
0.32
%
0.34
%
Nonperforming assets to total assets
0.31
%
0.38
%
0.43
%
0.27
%
0.27
%
Special Mention loans
81,815
74,019
57,848
38,151
30,767
Substandard and Doubtful loans
39,031
33,884
35,516
29,037
27,594
Common Share Data
Common shares outstanding
23,988,845
23,981,916
23,895,807
23,904,051
23,895,868
Book value per common share
$
37.27
$
36.32
$
35.42
$
35.91
$
34.05
Tangible book value per common share (1)
26.62
25.53
24.46
24.82
23.28
Tangible book value per common share excluding other comprehensive income at period end (1)
32.07
31.21
30.42
29.70
29.43
Market price of stock
37.49
34.90
36.82
38.91
32.88
Key Performance Ratios and Metrics
End of period earning assets
$
6,924,934
$
6,844,096
$
6,775,075
$
6,786,458
$
6,812,574
Average earning assets
6,975,783
6,769,858
6,884,303
6,857,070
6,815,932
Average rate on average earning assets (tax equivalent)
5.41
%
5.29
%
5.24
%
5.35
%
5.27
%
Average rate on cost of funds
1.75
%
1.74
%
1.83
%
2.00
%
1.91
%
Net interest margin (tax equivalent) (1)(2)
3.72
%
3.60
%
3.41
%
3.35
%
3.36
%
Return on average assets
1.20
%
1.19
%
1.01
%
1.03
%
1.05
%
Adjusted return on average assets (1)
1.23
%
1.23
%
1.10
%
1.05
%
1.07
%
Return on average common equity
10.52
%
10.35
%
9.04
%
9.40
%
9.92
%
Adjusted return on average common equity (1)
10.80
%
10.78
%
9.80
%
9.58
%
10.11
%
Efficiency ratio (tax equivalent) (1)
58.09
%
58.88
%
58.76
%
61.33
%
59.61
%
Full-time equivalent employees
1,190
1,194
1,198
1,207
1,185
1 Non-GAAP financial measure. Refer to reconciliation to the comparable GAAP measure.
2 During the first quarter 2025, the Company changed the methodology utilized for the calculation of net interest margin to be more consistent with what is typically used by peer banks and research analysts. The calculation now is the annualized net interest income on a tax equivalent basis divided by average interest earning assets.
FIRST MID BANCSHARES, INC.
Net Interest Margin
(In thousands, unaudited)
For the Quarter Ended June 30, 2025
QTD Average
Average
Balance
Interest
Rate
INTEREST EARNING ASSETS
Interest bearing deposits
$
146,907
$
1,694
4.63%
Federal funds sold
75
–
0.00%
Certificates of deposits investments
2,515
28
4.47%
Investment Securities
1,082,974
7,381
2.73%
Loans (net of unearned income)
5,743,312
85,070
5.94%
Total interest earning assets
6,975,783
94,173
5.41%
NONEARNING ASSETS
Other nonearning assets
767,422
Allowance for loan losses
(70,671
)
Total assets
$
7,672,534
INTEREST BEARING LIABILITIES
Demand deposits
$
3,119,484
$
15,594
2.01%
Savings deposits
638,174
158
0.10%
Time deposits
1,078,174
9,213
3.43%
Total interest bearing deposits
4,835,832
24,965
2.07%
Repurchase agreements
199,345
1,218
2.45%
FHLB advances
218,846
2,043
3.74%
Federal funds purchased
–
–
0.00%
Subordinated debt
79,554
849
4.28%
Jr. subordinated debentures
24,360
464
7.64%
Other debt
–
–
0.00%
Total borrowings
522,105
4,574
3.51%
Total interest bearing liabilities
5,357,937
29,539
2.21%
NONINTEREST BEARING LIABILITIES
Demand deposits
1,402,374
Avg Cost of Funds
1.75%
Other liabilities
35,264
Stockholders' equity
876,959
Total liabilities & stockholders' equity
$
7,672,534
Net Interest Earnings / Spread
$
64,634
3.20%
Tax effected yield on interest earning assets
3.72%
Tax equivalent net interest margin is a non-GAAP financial measure. Refer to reconciliation to the comparable GAAP measure.
FIRST MID BANCSHARES, INC.
Reconciliation of Non-GAAP Financial Measures
(In thousands, unaudited)
As of and for the Quarter Ended
June 30,
March 31,
December 31,
September 30,
June 30,
2025
2025
2024
2024
2024
Net interest income as reported
$
63,863
$
59,409
$
58,950
$
57,543
$
56,765
Net interest income, (tax equivalent)
64,634
60,162
59,717
58,627
57,361
Average earning assets
6,975,783
6,769,858
6,884,303
6,857,070
6,815,932
Net interest margin (tax equivalent)
3.72
%
3.60
%
3.41
%
3.35
%
3.36
%
Common stockholder's equity
$
894,140
$
870,949
$
846,391
$
858,497
$
813,645
Goodwill and intangibles, net
255,547
258,671
261,906
265,139
257,377
Common shares outstanding
23,989
23,982
23,896
23,904
23,896
Tangible Book Value per common share
$
26.62
$
25.53
$
24.46
$
24.82
$
23.28
Accumulated other comprehensive loss (AOCI)
(130,710
)
(136,097
)
(142,383
)
(116,692
)
(146,998
)
Adjusted tangible book value per common share
$
32.07
$
31.21
$
30.42
$
29.70
$
29.43
FIRST MID BANCSHARES, INC.
Reconciliation of Non-GAAP Financial Measures
(In thousands, except per share data, unaudited)
As of and for the Quarter Ended
June 30,
March 31,
December 31,
September 30,
June 30,
2025
2025
2024
2024
2024
Adjusted earnings Reconciliation
Net Income – GAAP
$
23,438
$
22,171
$
19,168
$
19,482
$
19,745
Adjustments (post-tax): (1)
Nonrecurring technology project expenses
246
728
1,710
–
–
Net (gain)/loss on securities sales
–
143
–
219
123
Integration and acquisition expenses
3
41
–
137
250
Total non-recurring adjustments (non-GAAP)
$
249
$
912
$
1,710
$
356
$
373
Adjusted earnings – non-GAAP
$
23,687
$
23,083
$
20,878
$
19,838
$
20,118
Adjusted diluted earnings per share (non-GAAP)
$
0.99
$
0.96
$
0.87
$
0.83
$
0.84
Adjusted return on average assets – non-GAAP
1.23
%
1.23
%
1.10
%
1.05
%
1.07
%
Adjusted return on average common equity – non-GAAP
10.80
%
10.78
%
9.80
%
9.58
%
10.11
%
Efficiency Ratio Reconciliation
Noninterest expense – GAAP
$
54,762
$
54,472
$
56,297
$
53,933
$
51,391
Other real estate owned property income (expense)
(75
)
(101
)
(240
)
(107
)
(85
)
Amortization of intangibles
(3,121
)
(3,231
)
(3,314
)
(3,405
)
(3,340
)
Nonrecurring technology project expense
(311
)
(921
)
(2,164
)
–
–
Integration and acquisition expenses
(4
)
(52
)
–
(174
)
(316
)
Adjusted noninterest expense (non-GAAP)
$
51,251
$
50,167
$
50,579
$
50,247
$
47,650
Net interest income -GAAP
$
63,863
$
59,409
$
58,950
$
57,543
$
56,765
Effect of tax-exempt income (1)
771
753
767
1,084
596
Adjusted net interest income (non-GAAP)
$
64,634
$
60,162
$
59,717
$
58,627
$
57,361
Noninterest income – GAAP
$
23,593
$
24,864
$
26,363
$
23,023
$
22,422
Net (gain)/loss on securities sales
0
181
0
277
156
Adjusted noninterest income (non-GAAP)
$
23,593
$
25,045
$
26,363
$
23,300
$
22,578
Adjusted total revenue (non-GAAP)
$
88,227
$
85,207
$
86,080
$
81,927
$
79,939
Efficiency ratio (non-GAAP)
58.09
%
58.88
%
58.76
%
61.33
%
59.61
%
(1) Nonrecurring items (post-tax) and tax-exempt income are calculated using an estimated effective tax rate of 21%.
