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

    المصدر: Nasdaq GlobeNewswire / 28 يوليو 2022 08:00:03   America/New_York

    MATTOON, Ill., July 28, 2022 (GLOBE NEWSWIRE) -- First Mid Bancshares, Inc. (NASDAQ: FMBH) (the “Company”) today announced its financial results for the quarter ended June 30, 2022.

    Highlights

    • Net income of $17.8 million, or $0.86 diluted EPS
    • Adjusted net income (non-GAAP) of $18.5 million, or $0.90 diluted EPS
    • Strong loan growth of $194.1 million, or 4.4% for the quarter
    • Successful completion of bank merger and system conversion with Jefferson Bank and Trust (“Jefferson”)
    • Board of Directors increases quarterly dividend by $0.01, or 4.5% to $0.23 per share

    “Our second quarter was highlighted by our successful system conversion and integration of Jefferson Bank,” said Joe Dively, Chairman and Chief Executive Officer. “In addition, we had an unprecedented quarter of loan growth and delivered solid earnings through our multiple sources of income diversification. We continue to stress test our loans for the various macro-economic challenges and feel confident in the strength of our portfolio if there were to be an extended downturn.”

    Net Interest Income

    Net interest income for the second quarter of 2022 increased by $3.3 million, or 7.6% compared to the first quarter of 2022. Both interest income and interest expense increased in the quarter by $4.1 million and $0.8 million, respectively.   The increase in interest income was primarily driven by the full quarter benefit from the Jefferson acquisition, organic loan growth, and higher interest rates. Accretion income decreased by $0.2 million in the quarter to $0.9 million. Interest expense increased primarily from the full quarter of Jefferson, and rising rates in money market deposits and Federal Home Loan Bank borrowings.      

    In comparison to the second quarter of 2021, net interest income increased $4.1 million, or 9.5%. The increase was primarily the result of organic loan growth, the impact of the Jefferson acquisition, and rising interest rates.               

    Net Interest Margin

    Net interest margin, on a tax equivalent basis, was 3.20% for the second quarter of 2022, which was 13 basis points higher compared to the prior quarter. Earning asset yields increased by 17 basis points and the average cost of funds increased 4 basis points.   

    In comparison to the second quarter of last year, the net interest margin decreased 2 basis points, and average cost of funds were flat.   The primary reason for the decrease was due to lower accretion income and PPP fee income compared to the second quarter of 2021.

    Loan Portfolio

    Total loans ended the quarter at $4.65 billion, representing an increase of $194.1 million compared to the prior quarter. Growth was primarily within our C&I and farm real estate sectors, partially offset by a decline in multifamily. We had a strong pipeline going into the quarter and most of the loans closed within the period. We also experienced an increase in utilization of lines of credit, which was partially offset by higher payoffs in the multifamily sector.            

    Asset Quality

    The Company has always prided itself on a strong credit culture and the asset quality metrics for June 30, 2022 were strong. The allowance for credit losses (‘ACL’) increased by $0.6 million to $59.1 million with an ending ACL to total loans ratio of 1.27%. Provision expense was recorded in the amount of $0.9 million and net charge offs totaled $0.3 million. Also, at the end of the second quarter, the ratio of non-performing loans to total loans was 0.43%, and the ACL to non-performing loans was 296%.   The ratio of nonperforming assets to total assets was 0.36% at quarter end. Nonperforming loans declined by $2.5 million in the period to $19.9 million representing the lowest amount since the first quarter of 2018, which illustrates the strength of our asset quality position. Outstanding special mention and substandard loans improved in the quarter, declining to $35.8 million and $38.2 million, respectively.   

    Deposits

    Total deposits ended the quarter at $5.32 billion, which represented a decrease of $168.3 million from the prior quarter. The decline was primarily in money market balances in the depository agreement with Promontory and Stifel, Nicolaus & Company, Inc. that was setup with the loan purchase in April of 2020. The Company’s average rate on cost of funds was 0.30% compared to 0.26% in the prior quarter, and flat versus the second quarter of 2021.                  

    Noninterest Income

    Noninterest income for the second quarter of 2022 was $18.6 million compared to $21.1 million in the first quarter of 2022.   The decrease compared to the prior quarter was primarily due to the seasonality of the insurance business, which was down by $1.5 million. In addition, other income includes an unrealized loss on equity securities of $0.7 million. Increases in service charges and debit card income were offset by decreases in mortgage banking and wealth management. The decrease in wealth management was the result of a combination of seasonally lower farmland sales and lower equity market values.

    In comparison to the second quarter of 2021, noninterest income increased $0.3 million, or 1.5%. The year-over-year increase was driven by strong growth in our wealth management and insurance businesses and the addition of Jefferson, partially offset by a $1.4 million decline in mortgage banking revenue.           

    Noninterest Expenses     

    Noninterest expense for the second quarter of 2022 totaled $41.5 million compared to $40.4 million in the prior quarter. The increase was primarily driven by the full quarter inclusion of expenses from the Jefferson acquisition, including $1.0 million in nonrecurring integration expenses tied to the successful bank merger and system conversion.   

    In comparison to the second quarter of 2021, noninterest expenses decreased $4.5 million. The decrease was primarily driven by lower nonrecurring expenses from the integration of Providence and the branch consolidation efforts that occurred in the second quarter of 2021.

    The Company’s efficiency ratio, as adjusted in the non-GAAP reconciliation table herein, for the second quarter 2022 was 58.5% compared to 58.6% in the prior quarter and 59.9% for the same period last year.

    Capital Levels and Dividend

    The Company’s capital levels remained strong and comfortably above the “well capitalized” levels. During the second quarter, significant loan growth increased risk-weighted assets resulting in a modest decrease in certain of the ratios. Capital levels ended the period as follows:

    Total capital to risk-weighted assets 15.05%
    Tier 1 capital to risk-weighted assets    12.16%
    Common equity tier 1 capital to risk-weighted assets   11.79%
    Leverage ratio   9.70%

    The Company’s Board of Directors approved an increase of $0.01 to $0.23 to its quarterly dividend payable on September 1, 2022 for shareholders of record on August 18, 2022.

    The Company’s tangible book value decreased in the quarter as a result of an increase in the unrealized loss position in the investment portfolio from higher interest rates. Had such impact not occurred in the unrealized loss position of the investment portfolio, tangible book value per share would have increased by 3.1% in the period.   

    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
      June 30, December 31, June 30,
       2022   2021   2021 
           
    Assets      
    Cash and cash equivalents $137,544  $168,602  $340,741 
    Investment securities  1,354,943   1,431,299   1,231,998 
    Loans (including loans held for sale) 4,648,663   3,995,523   3,796,304 
    Less allowance for credit losses  (59,075)  (54,655)  (54,597)
    Net loans  4,589,588   3,940,868   3,741,707 
    Premises and equipment, net  90,766   81,484   82,099 
    Goodwill and intangibles, net  172,871   141,376   139,995 
    Bank owned life insurance  149,917   132,375   130,734 
    Other assets  165,293   90,578   123,308 
    Total assets $6,660,922  $5,986,582  $5,790,582 
           
    Liabilities and Stockholders' Equity     
    Deposits:      
    Non-interest bearing $1,369,756  $1,246,673  $1,157,009 
    Interest bearing  3,949,222   3,709,813   3,582,313 
    Total deposits  5,318,978   4,956,486   4,739,322 
    Repurchase agreement with customers 174,934   146,268   151,394 
    Other borrowings  386,286   86,446   112,753 
    Junior subordinated debentures 19,279   19,195   19,111 
    Subordinated debt  94,476   94,400   94,326 
    Other liabilities  40,701   49,893   57,610 
    Total liabilities  6,034,654   5,352,688   5,174,516 
           
    Total stockholders' equity  626,268   633,894   616,066 
    Total liabilities and stockholders' equity$6,660,922  $5,986,582  $5,790,582 
           


    FIRST MID BANCSHARES, INC.
    Condensed Consolidated Statements of Income
    (In thousands, except per share data, unaudited)
              
      Three Months Ended Six Months Ended 
      June 30, 2022 June 30, 2022 
      2022  2021   2022 2021 
    Interest income:         
    Interest and fees on loans $43,555 $40,795  $83,463 $76,681 
    Interest on investment securities  7,623  5,739   14,793  10,581 
    Interest on federal funds sold & other deposits 105  101   172  189 
    Total interest income  51,283  46,635   98,428  87,451 
    Interest expense:         
    Interest on deposits  2,523  2,262   4,671  4,746 
    Interest on securities sold under agreements to repurchase  137  57   204  127 
    Interest on other borrowings  645  445   921  819 
    Interest on jr. subordinated debentures  166  139   312  279 
    Interest on subordinated debt  986  985   1,972  1,969 
    Total interest expense  4,457  3,888   8,080  7,940 
    Net interest income  46,826  42,747   90,348  79,511 
    Provision for loan losses  907  (560)  3,859  11,576 
    Net interest income after provision for loan 45,919  43,307   86,489  67,935 
    Non-interest income:         
    Wealth management revenues  5,473  5,016   11,448  9,942 
    Insurance commissions  5,641  4,988   12,745  10,845 
    Service charges  2,236  1,539   4,292  2,903 
    Securities gains, net  2  73   2  77 
    Mortgage banking revenues  289  1,691   770  3,100 
    ATM/debit card revenue  3,214  3,141   6,112  5,840 
    Other  1,704  1,836   4,315  3,326 
    Total non-interest income  18,559  18,284   39,684  36,033 
    Non-interest expense:         
    Salaries and employee benefits  25,768  24,908   50,107  48,395 
    Net occupancy and equipment expense  6,073  5,482   12,228  10,452 
    Net other real estate owned (income) expense 218  1,966   185  2,044 
    FDIC insurance  436  478   862  930 
    Amortization of intangible assets  1,633  1,295   3,155  2,515 
    Stationary and supplies  325  235   636  551 
    Legal and professional expense  1,885  1,639   3,619  3,041 
    Marketing and donations  706  507   1,579  1,009 
    Other  4,471  9,503   9,569  14,676 
    Total non-interest expense  41,515  46,013   81,940  83,613 
    Income before income taxes  22,963  15,578   44,233  20,355 
    Income taxes  5,205  3,357   9,859  4,025 
    Net income $17,758 $12,221  $34,374 $16,330 
              
    Per Share Information         
    Basic earnings per common share $0.87 $0.68  $1.73 $0.92 
    Diluted earnings per common share  0.86  0.68   1.72  0.92 
              
    Weighted average shares outstanding  20,448,799  18,067,190   19,875,516  17,685,679 
    Diluted weighted average shares outstanding 20,529,523  18,120,210   19,947,227  17,738,699 
              


    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,
      2022  2022  2021 2021  2021 
    Interest income:          
    Interest and fees on loans $43,555 $39,908  $39,711 $43,292 $40,795 
    Interest on investment securities  7,623  7,170   6,500  5,835  5,739 
    Interest on federal funds sold & other deposits  105  67   88  136  101 
    Total interest income  51,283  47,145   46,299  49,263  46,635 
    Interest expense:          
    Interest on deposits  2,523  2,148   2,057  2,234  2,262 
    Interest on securities sold under agreements to repurchase  137  67   52  52  57 
    Interest on other borrowings  645  276   336  359  445 
    Interest on jr. subordinated debentures  166  146   125  137  139 
    Interest on subordinated debt  986  986   985  985  985 
    Total interest expense  4,457  3,623   3,555  3,767  3,888 
    Net interest income  46,826  43,522   42,744  45,496  42,747 
    Provision for loan losses  907  2,952   2,472  1,103  (560)
    Net interest income after provision for loan  45,919  40,570   40,272  44,393  43,307 
    Non-interest income:          
    Wealth management revenues  5,473  5,975   6,261  4,204  5,016 
    Insurance commissions  5,641  7,104   4,150  3,932  4,988 
    Service charges  2,236  2,056   2,067  1,838  1,539 
    Securities gains, net  2  -   36  11  73 
    Mortgage banking revenues  289  444   890  1,477  1,691 
    ATM/debit card revenue  3,214  2,898   3,074  3,060  3,141 
    Other  1,704  2,611   1,646  1,837  1,836 
    Total non-interest income  18,559  21,088   18,124  16,359  18,284 
    Non-interest expense:          
    Salaries and employee benefits  25,768  24,302   20,424  21,092  24,908 
    Net occupancy and equipment expense  6,073  6,155   5,712  5,382  5,482 
    Net other real estate owned (income) expense  218  (33)  315  1,507  1,966 
    FDIC insurance  436  426   406  268  478 
    Amortization of intangible assets  1,633  1,522   1,462  1,414  1,295 
    Stationary and supplies  325  311   311  299  235 
    Legal and professional expense  1,885  1,734   1,811  1,878  1,639 
    Marketing and donations  706  873   1,915  679  507 
    Other  4,471  5,098   4,038  3,802  9,503 
    Total non-interest expense  41,515  40,388   36,394  36,321  46,013 
    Income before income taxes  22,963  21,270   22,002  24,431  15,578 
    Income taxes  5,205  4,654   5,168  6,105  3,357 
    Net income $17,758 $16,616  $16,834 $18,326 $12,221 
               
    Per Share Information          
    Basic earnings per common share $0.87 $0.86  $0.93 $1.01 $0.68 
    Diluted earnings per common share  0.86  0.86   0.93  1.01  0.68 
               
    Weighted average shares outstanding  20,448,799  19,295,860   18,086,949  18,083,126  18,067,190 
    Diluted weighted average shares outstanding  20,529,523  19,358,457   18,135,380  18,136,146  18,120,210 
               


    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,
       2022   2022   2021   2021   2021 
               
    Loan Portfolio          
    Construction and land development $141,072  $131,504  $145,118  $180,061  $141,568 
    Farm real estate loans  350,159   280,993   279,272   278,788   277,362 
    1-4 Family residential properties  424,230   417,232   400,313   412,565   394,902 
    Multifamily residential properties  330,600   369,926   298,942   306,911   274,910 
    Commercial real estate  1,976,654   1,965,321   1,666,198   1,583,255   1,480,198 
    Loans secured by real estate  3,222,715   3,164,976   2,789,843   2,761,580   2,568,940 
    Agricultural operating loans  142,406   121,708   151,484   126,534   123,101 
    Commercial and industrial loans  1,036,987   935,454   832,008   835,860   864,554 
    Consumer loans  94,828   89,685   78,442   80,064   84,541 
    All other loans  151,727   142,738   143,746   143,731   155,168 
    Total loans  4,648,663   4,454,561   3,995,523   3,947,769   3,796,304 
               
    Deposit Portfolio          
    Non-interest bearing demand deposits $1,369,756  $1,373,881  $1,246,673  $1,242,950  $1,157,009 
    Interest bearing demand deposits  1,453,932   1,482,556   1,452,765   1,416,361   1,418,717 
    Savings deposits  683,944   685,228   626,523   612,404   598,232 
    Money Market  1,158,724   1,280,129   1,068,473   1,075,852   842,771 
    Time deposits  652,622   665,511   562,052   640,995   722,593 
    Total deposits  5,318,978   5,487,305   4,956,486   4,988,562   4,739,322 
               
    Asset Quality          
    Non-performing loans $19,981  $22,465  $22,036  $27,723  $30,410 
    Non-performing assets  24,190   27,269   27,055   33,359   37,648 
    Net charge-offs (recoveries)  307   (5)  1,800   1,717   261 
    Allowance for credit losses to non-performing loans 295.66%  260.29%  248.03%  194.72%  179.54%
    Allowance for credit losses to total loans outstanding 1.27%  1.31% 1.37%1 1.39%1 1.50%1
    Nonperforming loans to total loans  0.43%  0.50%  0.55%  0.70%  0.80%
    Nonperforming assets to total assets  0.36%  0.41%  0.45%  0.55%  0.65%
    Special Mention loans  35,849   64,160   66,235   76,222   86,915 
    Substandard and Doubtful loans  38,155   38,801   46,862   51,119   56,387 
               
    Common Share Data          
    Common shares outstanding  20,448,799   20,437,183   18,080,303   18,083,126   18,078,474 
    Book value per common share $30.63  $32.61  $35.06  $34.69  $34.08 
    Tangible book value per common share(2) 22.17   24.07   27.24   26.80   26.33 
    Market price of stock  35.67   38.49   42.79   41.06   40.51 
               
    Key Performance Ratios and Metrics          
    End of period earning assets $6,024,815  $6,038,542  $5,504,517  $5,542,199  $5,269,882 
    Average earning assets  5,975,821   5,817,752   5,539,819   5,396,239   5,380,411 
    Average rate on average earning assets (tax equivalent) 3.50%  3.33%  3.37%  3.67%  3.52%
    Average rate on cost of funds  0.30%  0.26%  0.26%  0.29%  0.30%
    Net interest margin (tax equivalent)(2)  3.20%  3.07%  3.11%  3.38%  3.22%
    Return on average assets  1.08%  1.05%  1.12%  1.25%  0.84%
    Return on average common equity  11.02%  9.95%  10.74%  11.67%  8.00%
    Efficiency ratio (tax equivalent)(2)  58.45%  58.59%  55.75%  52.73%  59.91%
    Full-time equivalent employees  1,025   1,050   965   960   960 
               
    1Excludes Paycheck Protection Loans  
    2Non-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 June 30, 2022
     QTD Average   Average
     Balance Interest Rate
    INTEREST EARNING ASSETS     
    Interest bearing deposits$52,006  $89 0.69%
    Federal funds sold 4,660   6 0.52%
    Certificates of deposits investments 1,912   10 2.10%
    Investment Securities:     
    Taxable (total less municipals) 1,098,389   5,346 1.95%
    Tax-exempt (Municipals) 337,261   2,882 3.42%
    Loans (net of unearned income) 4,481,593   43,749 3.92%
          
    Total interest earning assets 5,975,821   52,082 3.50%
          
    NONEARNING ASSETS     
    Cash and due from banks 114,362     
    Premises and equipment 89,605     
    Other nonearning assets 442,860     
    Allowance for loan losses (58,744)    
          
    Total assets$6,563,904     
          
    INTEREST BEARING LIABILITIES     
    Demand deposits$2,656,507  $1,804 0.27%
    Savings deposits 684,708   124 0.07%
    Time deposits 646,565   595 0.37%
    Total interest bearing deposits 3,987,780   2,523 0.25%
    Repurchase agreements 178,632   137 0.31%
    FHLB advances 230,636   640 1.11%
    Federal funds purchased 1,341   5 1.50%
    Subordinated debt 94,451   986 4.19%
    Jr. subordinated debentures 19,252   166 3.46%
    Other debt 55   - 0.00%
    Total borrowings 524,367   1,934 1.48%
    Total interest bearing liabilities 4,512,147   4,457 0.40%
          
    NONINTEREST BEARING LIABILITIES     
    Demand deposits 1,363,548  Average cost of funds0.30%
    Other liabilities 43,900     
    Stockholders' equity 644,309     
          
    Total liabilities & stockholders' equity$6,563,904     
          
    Net Interest Earnings / Spread  $47,625 3.10%
          
    Impact of Non-Interest Bearing Funds    0.10%
          
    Tax effected yield on interest earning assets   3.20%
          


    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,
       2022   2022   2021   2021   2021 
               
    Net interest income as reported $46,826  $43,522  $42,744  $45,496  $42,747 
    Net interest income, (tax equivalent)  47,625   44,292   43,492   46,165   43,359 
    Average earning assets  5,975,821   5,817,752   5,539,819   5,396,239   5,380,411 
    Net interest margin (tax equivalent)  3.20%  3.07%  3.11%  3.38%  3.22%
               
               
    Common stockholder's equity $626,268  $666,385  $633,894  $627,225  $616,066 
    Goodwill and intangibles, net  172,871   174,499   141,376   142,656   139,995 
    Common shares outstanding  20,449   20,437   18,080   18,083   18,078 
    Tangible Book Value per common share $22.17  $24.07  $27.24  $26.80  $26.33 
               


    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,
       2022   2022   2021   2021   2021 
    Adjusted earnings Reconciliation          
    Net Income - GAAP $17,758  $16,616  $16,834  $18,326  $12,221 
    Adjustments (post-tax):(1)          
    Acquisition ACL on non-PCD assets in provision expense -   1,580   -   -   - 
    Branch optimization costs  -   -   -   999   960 
    Integration and acquisition expenses  777   469   225   348   4,634 
    Total non-recurring adjustments (non-GAAP)$777  $2,049  $225  $1,347  $5,595 
               
    Adjusted earnings - non-GAAP $18,535  $18,665  $17,059  $19,673  $17,816 
    Adjusted diluted earnings per share (non-GAAP)$0.90  $0.96  $0.94  $1.08  $0.98 
               
    Efficiency Ratio Reconciliation          
    Noninterest expense - GAAP $41,515  $40,388  $36,394  $36,321  $46,013 
    Other real estate owned property income (expense) (218)  33   (315)  (242)  (751)
    Amortization of intangibles  (1,633)  (1,522)  (1,462)  (1,414)  (1,295)
    Branch optimization costs  -   -   -   (1,265)  (1,215)
    integration and acquisition expenses  (983)  (594)  (285)  (440)  (5,866)
    Adjusted noninterest expense (non-GAAP) $38,681  $38,305  $34,332  $32,960  $36,886 
               
    Net interest income -GAAP $46,826  $43,522  $42,744  $45,496  $42,747 
    Effect of tax-exempt income(1)  799   770   748   669   612 
    Adjusted net interest income (non-GAAP) $47,625  $44,292  $43,492  $46,165  $43,359 
               
    Noninterest income - GAAP $18,559  $21,088  $18,124  $16,359  $18,284 
    Gain on sales of investment securities, net  (2)  -   (36)  (11)  (73)
    Adjusted noninterest income (non-GAAP) $18,557  $21,088  $18,088  $16,348  $18,211 
               
    Adjusted total revenue (non-GAAP) $66,182  $65,380  $61,580  $62,513  $61,570 
               
    Efficiency ratio (non-GAAP)  58.45%  58.59%  55.75%  52.73%  59.91%
               
    (1) Nonrecurring items (post-tax) and tax-exempt income are calculated using an estimated effective tax rate of 21%.

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