TOWN - TowneBank Reports Record First Quarter 2021 Earnings
SUFFOLK, Va., April 29, 2021 (GLOBE NEWSWIRE) -- TowneBank (the “Company”) (NASDAQ: TOWN) today reported earnings for the quarter ended March 31, 2021 of $69.0 million, or $0.95 per diluted share, compared to $26.38 million, or $0.36 per diluted share, for the quarter ended March 31, 2020.
“Towne continued the strong earnings momentum from the latter half of last year fueled by continued strength in our fee-based businesses and solid growth in deposits and loans. Our deposit balances climbed to new record levels and our teams continue to assist those companies and individuals most impacted by the pandemic by delivering $429 million in new Paycheck Protection Program funding during the first quarter. Overall, we are off to a great start to the year,” said G. Robert Aston, Jr., Executive Chairman.
Highlights for First Quarter 2021 Compared to First Quarter 2020:
- Total revenues were $182.51 million, an increase of $44.81 million, or 32.54%.
- Pre-provision, pre-tax, net revenues (non-GAAP) were $81.55 million, an increase of $41.96 million, or 105.99%.
- Loans held for investment were $9.73 billion, an increase of $0.95 billion, or 10.82%, from March 31, 2020, and $0.11 billion, or 1.10%, from December 31, 2020. In first quarter 2021, the Company originated approximately $429.41 million of loans in round two of the Small Business Administration's Paycheck Protection Program ("PPP"). The balance at March 31, 2021 and December 31, 2020 included $898.73 million and $855.89 million, respectively, of PPP loans.
- Total deposits were $12.14 billion, an increase of $2.83 billion, or 30.42%, compared to prior year and $0.57 billion, or 4.89%, from December 31, 2020.
- Noninterest bearing deposits increased by 58.17%, to $4.84 billion, representing 39.87% of total deposits. Compared to the linked quarter, noninterest bearing deposits increased 10.66%.
- Annualized return on common shareholders' equity was 15.70% and annualized return on average tangible common shareholders' equity was 22.45% (non-GAAP).
- Net interest margin for the quarter was 3.04% and taxable equivalent net interest margin (non-GAAP) was 3.06%.
- Nonperforming assets were $17.27 million, or 0.11% of total assets, compared to $29.75 million, or 0.24%, at March 31, 2020.
- Effective tax rate of 19.37% in the quarter compared to 19.00% in the first quarter of 2020.
“During the quarter we opened our newest banking office located in the Myers Park area of Charlotte, North Carolina, with a third Charlotte region banking office planned to open later this year. Looking ahead, we believe the investments in our newer markets will deliver significant growth opportunities as the economy improves,” stated J. Morgan Davis, President and Chief Executive Officer.
Quarterly Net Interest Income Compared to First Quarter 2020:
- Net interest income was $99.99 million compared to $89.50 million at March 31, 2020.
- Taxable equivalent net interest margin (non-GAAP) was 3.06%, including purchase accounting accretion of 5 basis points and PPP interest and fees of 12 basis points, compared to 3.37%, including purchase accounting accretion of 13 basis points and no PPP interest and fees, for first quarter 2020.
- Average loans held for investment, with an average yield of 4.29%, represented 72.30% of average earning assets at March 31, 2021 compared to an average yield of 4.73% and 79.60% of average earning assets in the first quarter of 2020. Excluding PPP loans, loan yields were 4.18% in first quarter 2021.
- Interest and fee income on PPP loans was $11.63 million in first quarter 2021, compared to $11.29 million in the linked quarter, and zero in first quarter 2020.
- Total cost of deposits decreased to 0.30% from 0.83% at March 31, 2020.
- Average interest-earning assets totaled $13.34 billion at March 31, 2021 compared to $10.74 billion at March 31, 2020, an increase of 24.21%.
- Average interest-bearing liabilities totaled $8.01 billion, an increase of $0.85 billion from prior year.
- Interest expense on the Federal Reserve Bank ("FRB") PPP lending facility was $0.16 million in first quarter, compared to $0.04 million in the linked quarter, and zero in first quarter 2020.
Quarterly Provision for Credit Losses:
- The quarterly provision for credit losses for on-balance-sheet loans was a benefit of $3.41 million compared to a provision expense of $5.76 million one year ago and an expense of $1.21 million in the linked quarter. The first quarter 2021 included a release in the allowance for credit losses of $3.41 million driven by a combination of minimal net charge-offs, improvements in the economic forecast, offset by modest core loan growth.
- Net loan charge-offs were $0.67 million compared to charge-offs of $0.56 million one year prior. The ratio of net loan charge-offs to average loans on an annualized basis was 0.03% in first quarter 2021 and 2020.
- The provision for credit losses on off-balance-sheet commitments was a benefit of $0.48 million compared to a provision expense of $1.10 million in the first quarter of 2020, and $0.06 million in the linked quarter.
- The allowance for credit losses on loans represented 1.19% of total loans compared to 1.25% at December 31, 2020 and 0.73% at March 31, 2020. Excluding PPP loans, which are fully government guaranteed, the allowance for credit losses (non-GAAP) was 1.31%, compared to 1.37% at December 31, 2020. The allowance for credit losses on loans was 9.09 times nonperforming loans compared to 10.74 times at December 31, 2020 and 3.85 times at March 31, 2020.
Quarterly Noninterest Income Compared to First Quarter 2020:
- Total noninterest income was $82.52 million compared to $48.20 million in 2020, an increase of $34.32 million, or 71.20%. Residential mortgage banking income increased $30.0 million and real estate brokerage and property management income increased $11.0 million. Also included in noninterest income are net gains on investment securities of $1.0 million as compared to net gains of $5.0 million in the prior year.
- Residential mortgage banking recorded income of $37.41 million compared to $7.42 million in first quarter 2020. Loan volume in the current quarter was $1.60 billion, with purchase activity comprising 53.45% of that volume. Loan volume in first quarter 2020 was $0.92 billion, with purchase activity comprising 61.31%. In addition to increased income resulting from the impact of higher loan volume and strong margins in the current quarter compared to prior year, the Company recorded a net gain on derivative instruments of $2.86 million compared to a loss on derivative instruments of $10.89 million in first quarter 2020.
- Total Insurance segment revenue decreased $0.17 million, or 0.83% to $20.07 million in first quarter 2021 compared to 2020. The Company acquired a property and casualty insurance agency in December 2020, which brought in $0.61 million in additional revenue in first quarter 2021 and partially offset the impact of the reduction in revenues due to the sale of its travel insurance joint venture in third quarter 2020, which contributed revenue of $1.27 million in first quarter 2020.
- Property management fee revenue increased 205.20%, or $10.41 million, to $15.48 million compared to first quarter 2020. The continuation of international travel restrictions related to COVID-19 coupled with many businesses and schools continuing to operate remotely has positively impacted the demand for domestic travel destinations. This high demand is in sharp contrast to the virtual shut-downs created by quarantines in first quarter 2020 that resulted in only limited reservation activities.
Quarterly Noninterest Expense Compared to First Quarter 2020:
- Total noninterest expense was $97.33 million compared to $96.89 million in 2020, an increase of $0.44 million, or 0.45%. Increases in salary and benefits expense of $2.57 million, occupancy expense of $0.57 million, data processing expense of $0.45 million, and software expense of $0.70 million, were partially offset by a $2.27 million reduction in the estimated fourth quarter 2020 incentive accrual and $2.34 million in deferred loan costs related to the origination of PPP loans during first quarter 2021.
- The quarterly increase in salaries and benefits was primarily driven by higher variable production related costs. Strong first quarter mortgage production resulted in increased overtime and incentive expenses as well as related payroll taxes.
- Increased mortgage volume and higher credit card fees on vacation property reservation activities drove the increase in data processing expense, while increased costs associated with our core banking platform resulted in higher software expenses.
Consolidated Balance Sheet Highlights:
- Total assets were $15.08 billion for the quarter ended March 31, 2021, an increase of $0.45 billion, or 3.10%, compared to $14.63 billion at December 31, 2020. Total assets increased $2.46 billion, or 19.45%, from $12.62 billion at March 31, 2020. The year-over-year increase was driven primarily by higher liquidity levels and loans held for investment tied to PPP lending activities.
- Loans held for investment increased $0.95 billion, or 10.82%, compared to prior year and $0.11 billion compared the linked quarter. Excluding PPP loans of $0.90 billion in the first quarter, and $0.86 billion in the fourth quarter of 2020, loans held for investment increased $52.06 million, or 0.59%, compared to prior year, and $63.08 million, or 0.72%, compared to the linked quarter, or 2.92% on an annualized basis.
- Average loans held for investment, excluding PPP loans, were $8.78 billion in the first quarter of 2021, an increase of $213.39 million, or 2.49% compared to prior year. In the linked quarter comparison, average loans held for investment, excluding PPP loans, increased 0.61%, or $53.48 million, 2.49% on an annualized basis.
- Mortgage loans held for sale increased $129.76 million, or 28.64%, compared to the prior year and $42.11 million, or 7.79%, compared to the linked quarter.
- Total deposits increased $2.83 billion, or 30.42%, compared to the prior year and $0.57 billion, or 4.89%, compared to the linked quarter.
- Total borrowings decreased $0.64 billion, or 45.63%, from prior year and $0.20 billion, or 20.82%, compared to the linked quarter.
Investment Securities:
- Total investment securities were $1.46 billion compared to $1.42 billion at December 31, 2020 and $1.35 billion at March 31, 2020. The weighted average duration of the portfolio at March 31, 2021 was 4.33 years. The carrying value of the AFS debt securities portfolio included $28.12 million in net unrealized gains compared to $58.32 million in net unrealized gains at December 31, 2020. During the first quarter of 2021, we sold $15.18 million in AFS debt securities at a gain of $1.0 million to reposition the portfolio.
Loans and Asset Quality:
- Total loans held for investment were $9.73 billion at March 31, 2021 compared to $9.63 billion at December 31, 2020 and $8.78 billion at March 31, 2020.
- Nonperforming assets were $17.27 million, or 0.11% of total assets, compared to $29.75 million, or 0.24%, at March 31, 2020.
- Nonperforming loans were 0.13% of period end loans compared to 0.19% at March 31, 2020.
- Foreclosed property decreased to $3.75 million from $13.05 million at March 31, 2020.
- Expected loss estimates are subject to change based on continuing review of models and assumptions, portfolio performance, changes in forecasted macroeconomic conditions and loan mix which could result in material changes to the reserve in future periods.
- At March 31, 2021 we had $210.25 million in loan modifications made in accordance with section 4013 of the CARES Act.
Deposits and Borrowings:
- Total deposits were $12.14 billion compared to $11.57 billion at December 31, 2020 and $9.31 billion at March 31, 2020.
- Total loans to deposits were 80.19% compared to 83.20% at December 31, 2020 and 94.37% at March 31, 2020.
- Non-interest bearing deposits were 39.87% of total deposits at March 31, 2021 compared to 37.80% at December 31, 2020 and 32.88% at March 31, 2020.
- Total borrowings were $0.76 billion compared to $0.96 billion at December 31, 2020 and $1.39 billion at March 31, 2020.
Capital:
- Common equity tier 1 capital ratio of 12.15%.
- Tier 1 leverage capital ratio of 9.54%.
- Tier 1 risk-based capital ratio of 12.30%.
- Total risk-based capital ratio of 15.59%.
- Book value was $24.78 compared to $24.31 at December 31, 2020 and $22.77 at March 31, 2020.
- Tangible book value (non-GAAP) was $17.94 compared to $17.46 at December 31, 2020 and $15.91 at March 31, 2020.
About TowneBank:
Founded in 1999, TowneBank is a company built on relationships, offering a full range of banking and other financial services, with a mission of serving others and enriching lives. Dedicated to a culture of caring, Towne values all employees and members by embracing their diverse talents, perspectives, and experiences.
Today, the bank operates over 40 banking offices throughout Hampton Roads and Central Virginia, as well as Northeastern and Central North Carolina – serving as a local leader in promoting the social, cultural, and economic growth in each community. Towne offers a competitive array of business and personal banking solutions, delivered with only the highest ethical standards. Experienced local bankers providing a higher level of expertise and personal attention with local decision-making are key to the TowneBank strategy. Towne has grown its capabilities beyond banking to provide expertise through its controlled divisions and subsidiaries that include Towne Investment Group, Towne Wealth Management, Towne Insurance Agency, Towne Benefits, TowneBank Mortgage, TowneBank Commercial Mortgage, Berkshire Hathaway HomeServices Towne Realty, Towne 1031 Exchange, LLC, and Towne Vacations. With total assets of $15.08 billion as of March 31, 2021, TowneBank is one of the largest banks headquartered in Virginia.
Non-GAAP Financial Measures:
This press release contains financial information determined by methods other than in accordance with GAAP. The Company's management uses these non-GAAP financial measures in its analysis of the Company's performance. These measures typically adjust GAAP performance measures to exclude the effects of the amortization of intangibles and include the tax benefit associated with revenue items that are tax-exempt, as well as adjust income available to common shareholders for certain significant activities or transactions that are infrequent in nature. Management believes presentations of these non-GAAP financial measures provide useful supplemental information that is essential to a proper understanding of the operating results of the Company’s core businesses. These non-GAAP disclosures should not be viewed as a substitute for operating results determined in accordance with GAAP, nor are they necessarily comparable to non-GAAP performance measures that may be presented by other companies. Reconciliations of GAAP to non-GAAP disclosures are included as tables at the end of this release.
Forward-Looking Statements:
Certain statements contained in this release constitute forward-looking statements within the meaning of U.S. federal securities laws. These forward-looking statements speak only as of the date of this release, are based on current expectations, and involve a number of assumptions. These include statements regarding TowneBank’s future economic performance, financial condition, prospects, growth, strategies and expectations, and objectives of management, and are generally identified by the use of words such as “believe,” “expect,” “intend,” “anticipate,” “estimate,” or “project” or similar expressions. TowneBank 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 and is including this statement for purposes of these safe harbor provisions. You should not place undue reliance on forward-looking statements, which are subject to assumptions that are subject to change. TowneBank’s ability to predict results, or the actual effect of future plans or strategies, is inherently uncertain. These forward-looking statements are subject to a number of factors and uncertainties that could cause actual results to differ from those indicated or implied in the forward-looking statements and such differences may be material. Factors which could have a material effect on the operations and future prospects of TowneBank include but are not limited to: the impacts of the ongoing coronavirus (COVID-19) pandemic, changes in interest rates, general economic and business conditions; legislative/regulatory changes; the monetary and fiscal policies of the U.S. government, including policies of the U.S. Treasury and the Board of Governors of the Federal Reserve System; the quality and composition of TowneBank’s loan and securities portfolios; demand for loan products; deposit flows; competition; demand for financial services in TowneBank’s market area; implementation of new technologies and the ability to develop and maintain secure and reliable electronic systems; changes in the securities markets; changes in accounting principles, policies and guidelines; and other risk factors detailed from time to time in filings made by TowneBank with the Federal Deposit Insurance Corporation. TowneBank undertakes no obligation to update or clarify these forward-looking statements, whether as a result of new information, future events or otherwise.
Media contact:
G. Robert Aston, Jr., Executive Chairman, 757-638-6780
J. Morgan Davis, President and Chief Executive Officer, 757-673-1673
Investor contact:
William B. Littreal, Chief Financial Officer, 757-638-6813
| TOWNEBANK |
| Selected Financial Highlights (unaudited) |
| (dollars in thousands, except per share data) |
| Three Months Ended |
| March 31, |
| December 31, |
| September 30, |
| June 30, |
| March 31, |
| 2021 |
| 2020 |
| 2020 |
| 2020 |
| 2020 |
| Income and Performance Ratios: |
| Total Revenue |
| $ |
| 182,509 |
| $ |
| 171,848 |
| $ |
| 192,135 |
| $ |
| 162,656 |
| $ |
| 137,696 |
| Net income |
| 72,631 |
| 53,891 |
| 50,715 |
| 37,222 |
| 27,605 |
| Net income available to common shareholders |
| 68,995 |
| 50,082 |
| 34,464 |
| 34,605 |
| 26,384 |
| Pre-provision, pre-tax, net revenues (non-GAAP) |
| 81,547 |
| 62,107 |
| 73,903 |
| 69,014 |
| 39,587 |
| Net income per common share - diluted |
| 0.95 |
| 0.69 |
| 0.48 |
| 0.48 |
| 0.36 |
| Book value per common share |
| 24.78 |
| 24.31 |
| 23.83 |
| 23.50 |
| 22.77 |
| Book value per common share - tangible (non-GAAP) |
| 17.94 |
| 17.46 |
| 17.06 |
| 16.68 |
| 15.91 |
| Return on average assets |
| 1.92 |
| % |
| 1.35 |
| % |
| 0.89 |
| % |
| 0.97 |
| % |
| 0.88 |
| % |
| Return on average assets - tangible (non-GAAP) |
| 2.05 |
| % |
| 1.46 |
| % |
| 0.97 |
| % |
| 1.07 |
| % |
| 1.00 |
| % |
| Return on average equity |
| 15.56 |
| % |
| 11.26 |
| % |
| 7.85 |
| % |
| 8.18 |
| % |
| 6.37 |
| % |
| Return on average equity - tangible (non-GAAP) |
| 22.19 |
| % |
| 16.28 |
| % |
| 11.66 |
| % |
| 12.32 |
| % |
| 9.91 |
| % |
| Return on average common equity |
| 15.70 |
| % |
| 11.36 |
| % |
| 7.91 |
| % |
| 8.24 |
| % |
| 6.42 |
| % |
| Return on average common equity - tangible (non-GAAP) |
| 22.45 |
| % |
| 16.48 |
| % |
| 11.79 |
| % |
| 12.44 |
| % |
| 10.01 |
| % |
| Noninterest income as a percentage of total revenue |
| 45.21 |
| % |
| 41.45 |
| % |
| 49.64 |
| % |
| 42.66 |
| % |
| 35.00 |
| % |
| Regulatory Capital Ratios (1): |
| Common equity tier 1 |
| 12.15 |
| % |
| 11.87 |
| % |
| 11.75 |
| % |
| 11.54 |
| % |
| 11.23 |
| % |
| Tier 1 |
| 12.30 |
| % |
| 12.04 |
| % |
| 11.91 |
| % |
| 11.67 |
| % |
| 11.35 |
| % |
| Total |
| 15.59 |
| % |
| 15.42 |
| % |
| 15.35 |
| % |
| 14.91 |
| % |
| 14.40 |
| % |
| Tier 1 leverage ratio |
| 9.54 |
| % |
| 8.99 |
| % |
| 8.89 |
| % |
| 9.05 |
| % |
| 10.11 |
| % |
| Asset Quality: |
| Allowance for credit losses on loans to nonperforming loans |
| 9.09x |
| 10.74x |
| 7.31x |
| 5.34x |
| 3.85x |
| Allowance for credit losses on loans to period end loans |
| 1.19 |
| % |
| 1.25 |
| % |
| 1.22 |
| % |
| 0.92 |
| % |
| 0.73 |
| % |
| Allowance for credit losses on loans to period end loans excluding PPP loans (non-GAAP) |
| 1.31 |
| % |
| 1.37 |
| % |
| 1.37 |
| % |
| 1.04 |
| % |
| 0.73 |
| % |
| Nonperforming loans to period end loans |
| 0.13 |
| % |
| 0.12 |
| % |
| 0.17 |
| % |
| 0.17 |
| % |
| 0.19 |
| % |
| Nonperforming assets to period end assets |
| 0.11 |
| % |
| 0.11 |
| % |
| 0.19 |
| % |
| 0.19 |
| % |
| 0.24 |
| % |
| Net charge-offs (recoveries) to average loans (annualized) |
| 0.03 |
| % |
| — |
| % |
| (0.01 |
| )% |
| — |
| % |
| 0.03 |
| % |
| Net charge-offs (recoveries) |
| $ |
| 669 |
| $ |
| 109 |
| $ |
| (328 |
| ) |
| $ |
| (102 |
| ) |
| $ |
| 559 |
| Nonperforming loans |
| $ |
| 12,768 |
| $ |
| 11,188 |
| $ |
| 16,295 |
| $ |
| 16,935 |
| $ |
| 16,700 |
| Former bank premises |
| 750 |
| 750 |
| 750 |
| — |
| — |
| Foreclosed property |
| 3,748 |
| 4,276 |
| 11,695 |
| 12,315 |
| 13,053 |
| Total nonperforming assets |
| $ |
| 17,266 |
| $ |
| 16,214 |
| $ |
| 28,740 |
| $ |
| 29,250 |
| $ |
| 29,753 |
| Loans past due 90 days and still accruing interest |
| $ |
| 108 |
| $ |
| 528 |
| $ |
| 19 |
| $ |
| 464 |
| $ |
| 91 |
| Allowance for credit losses on loans |
| $ |
| 116,077 |
| $ |
| 120,157 |
| $ |
| 119,058 |
| $ |
| 90,467 |
| $ |
| 64,372 |
| Mortgage Banking: |
| Loans originated, mortgage |
| $ |
| 1,187,595 |
| $ |
| 1,257,963 |
| $ |
| 1,292,801 |
| $ |
| 1,116,782 |
| $ |
| 718,681 |
| Loans originated, joint venture |
| 417,177 |
| 429,848 |
| 498,100 |
| 357,815 |
| 204,522 |
| Total loans originated |
| $ |
| 1,604,772 |
| $ |
| 1,687,811 |
| $ |
| 1,790,901 |
| $ |
| 1,474,597 |
| $ |
| 923,203 |
| Number of loans originated |
| 5,165 |
| 5,481 |
| 5,817 |
| 4,818 |
| 3,025 |
| Number of originators |
| 229 |
| 228 |
| 224 |
| 216 |
| 223 |
| Purchase % |
| 53.45 |
| % |
| 59.76 |
| % |
| 61.21 |
| % |
| 51.26 |
| % |
| 61.31 |
| % |
| Loans sold |
| $ |
| 1,601,480 |
| $ |
| 1,845,926 |
| $ |
| 1,833,590 |
| $ |
| 1,398,649 |
| $ |
| 809,834 |
| Rate lock asset |
| $ |
| 12,522 |
| $ |
| 11,781 |
| $ |
| 10,480 |
| $ |
| 7,202 |
| $ |
| 3,691 |
| Gross realized gain on sales and fees as a % of loans originated |
| 4.01 |
| % |
| 4.02 |
| % |
| 3.65 |
| % |
| 3.17 |
| % |
| 1.80 |
| % |
| Other Ratios: |
| Net interest margin |
| 3.04 |
| % |
| 2.97 |
| % |
| 2.70 |
| % |
| 2.85 |
| % |
| 3.35 |
| % |
| Net interest margin-fully tax equivalent (non-GAAP) |
| 3.06 |
| % |
| 2.98 |
| % |
| 2.72 |
| % |
| 2.87 |
| % |
| 3.37 |
| % |
| Average earning assets/total average assets |
| 91.47 |
| % |
| 91.59 |
| % |
| 92.09 |
| % |
| 91.33 |
| % |
| 89.15 |
| % |
| Average loans/average deposits |
| 82.71 |
| % |
| 83.42 |
| % |
| 86.29 |
| % |
| 91.81 |
| % |
| 92.99 |
| % |
| Average noninterest deposits/total average deposits |
| 38.39 |
| % |
| 39.61 |
| % |
| 37.76 |
| % |
| 36.52 |
| % |
| 32.21 |
| % |
| Period end equity/period end total assets |
| 12.04 |
| % |
| 12.20 |
| % |
| 11.82 |
| % |
| 11.05 |
| % |
| 13.19 |
| % |
| Efficiency ratio (non-GAAP) |
| 52.11 |
| % |
| 60.02 |
| % |
| 57.36 |
| % |
| 55.17 |
| % |
| 70.79 |
| % |
| (1) Current reporting period regulatory capital ratios are preliminary |
| TOWNEBANK |
| Selected Data (unaudited) |
| (dollars in thousands) |
| Investment Securities |
| % Change |
| Q1 |
| Q1 |
| Q4 |
| Q1 21 vs. |
| Q1 21 vs. |
| Available-for-sale securities, at fair value |
| 2021 |
| 2020 |
| 2020 |
| Q1 20 |
| Q4 20 |
| U.S. agency securities |
| $ |
| 201,787 |
| $ |
| 121,857 |
| $ |
| 184,657 |
| 65.59 |
| % |
| 9.28 |
| % |
| U.S. Treasury notes |
| 1,019 |
| 1,014 |
| 1,000 |
| 0.49 |
| % |
| 1.90 |
| % |
| Municipal securities |
| 334,751 |
| 266,489 |
| 353,651 |
| 25.62 |
| % |
| (5.34 |
| )% |
| Trust preferred and other corporate securities |
| 31,241 |
| 59,606 |
| 31,499 |
| (47.59 |
| )% |
| (0.82 |
| )% |
| Mortgage-backed securities issued by GSE and GNMA |
| 849,418 |
| 799,713 |
| 797,765 |
| 6.22 |
| % |
| 6.47 |
| % |
| Allowance for credit losses |
| (210 |
| ) |
| (259 |
| ) |
| (348 |
| ) |
| (18.92 |
| )% |
| (39.66 |
| )% |
| Total |
| $ |
| 1,418,006 |
| $ |
| 1,248,420 |
| $ |
| 1,368,224 |
| 13.58 |
| % |
| 3.64 |
| % |
| Gross unrealized gains (losses) reflected in financial statements |
| Total gross unrealized gains |
| $ |
| 38,751 |
| $ |
| 30,545 |
| $ |
| 60,025 |
| 26.87 |
| % |
| (35.44 |
| )% |
| Total gross unrealized losses |
| (10,632 |
| ) |
| (9,848 |
| ) |
| (1,703 |
| ) |
| 7.96 |
| % |
| 524.31 |
| % |
| Net unrealized gains (losses) and other adjustments on AFS securities |
| $ |
| 28,119 |
| $ |
| 20,697 |
| $ |
| 58,322 |
| 35.86 |
| % |
| (51.79 |
| )% |
| Held-to-maturity securities, at amortized cost |
| Municipal securities |
| $ |
| 5,032 |
| $ |
| 28,852 |
| $ |
| 5,012 |
| (82.56 |
| )% |
| 0.40 |
| % |
| Trust preferred corporate securities |
| 2,309 |
| 2,357 |
| 2,321 |
| (2.04 |
| )% |
| (0.52 |
| )% |
| Mortgage-backed securities issued by GSE and GNMA |
| 8,639 |
| 11,222 |
| 9,179 |
| (23.02 |
| )% |
| (5.88 |
| )% |
| Allowance for credit losses |
| (97 |
| ) |
| (133 |
| ) |
| (97 |
| ) |
| (27.07 |
| )% |
| — |
| % |
| Total |
| $ |
| 15,883 |
| $ |
| 42,298 |
| $ |
| 16,415 |
| (62.45 |
| )% |
| (3.24 |
| )% |
| Gross unrealized gains (losses) not reflected in financial statements |
| Total gross unrealized gains |
| $ |
| 1,598 |
| $ |
| 964 |
| $ |
| 1,957 |
| 65.77 |
| % |
| (18.34 |
| )% |
| Total gross unrealized losses |
| — |
| — |
| — |
| — |
| % |
| — |
| % |
| Net unrealized gains (losses) in HTM securities |
| $ |
| 1,598 |
| $ |
| 964 |
| $ |
| 1,957 |
| 65.77 |
| % |
| (18.34 |
| )% |
| Loans Held For Investment (1) |
| % Change |
| Q1 |
| Q1 |
| Q4 |
| Q1 21 vs. |
| Q1 21 vs. |
| 2021 |
| 2020 |
| 2020 |
| Q1 20 |
| Q4 20 |
| Real estate - construction and development |
| $ |
| 1,031,267 |
| $ |
| 1,060,834 |
| $ |
| 1,199,772 |
| (2.79 |
| )% |
| (14.04 |
| )% |
| Commercial real estate - owner occupied |
| 1,439,412 |
| 1,398,216 |
| 1,380,516 |
| 2.95 |
| % |
| 4.27 |
| % |
| Commercial real estate - non owner occupied |
| 2,477,315 |
| 2,305,971 |
| 2,335,235 |
| 7.43 |
| % |
| 6.08 |
| % |
| Real estate - multifamily |
| 360,125 |
| 283,514 |
| 295,488 |
| 27.02 |
| % |
| 21.87 |
| % |
| Residential 1-4 family |
| 1,173,761 |
| 1,229,909 |
| 1,216,629 |
| (4.57 |
| )% |
| (3.52 |
| )% |
| HELOC |
| 400,314 |
| 463,653 |
| 412,476 |
| (13.66 |
| )% |
| (2.95 |
| )% |
| Commercial and industrial business (C&I) |
| 2,005,558 |
| 1,311,266 |
| 1,990,808 |
| 52.95 |
| % |
| 0.74 |
| % |
| Government |
| 398,579 |
| 324,978 |
| 379,243 |
| 22.65 |
| % |
| 5.10 |
| % |
| Indirect |
| 278,567 |
| 268,347 |
| 271,459 |
| 3.81 |
| % |
| 2.62 |
| % |
| Consumer loans and other |
| 169,685 |
| 137,507 |
| 147,442 |
| 23.40 |
| % |
| 15.09 |
| % |
| Total |
| $ |
| 9,734,583 |
| $ |
| 8,784,195 |
| $ |
| 9,629,068 |
| 10.82 |
| % |
| 1.10 |
| % |
| (1) Paycheck Protection Program loans totaling $0.90 billion and $0.86 billion, primarily in C&I, are included in Q1 2021 and Q4 2020, respectively. |
| Deposits |
| % Change |
| Q1 |
| Q1 |
| Q4 |
| Q1 21 vs. |
| Q1 21 vs. |
| 2021 |
| 2020 |
| 2020 |
| Q1 20 |
| Q4 20 |
| Noninterest-bearing demand |
| $ |
| 4,840,678 |
| $ |
| 3,060,515 |
| $ |
| 4,374,566 |
| 58.17 |
| % |
| 10.66 |
| % |
| Interest-bearing: |
| Demand and money market accounts |
| 5,062,461 |
| 3,573,926 |
| 4,819,604 |
| 41.65 |
| % |
| 5.04 |
| % |
| Savings |
| 342,554 |
| 280,807 |
| 330,091 |
| 21.99 |
| % |
| 3.78 |
| % |
| Certificates of deposits |
| 1,893,951 |
| 2,392,744 |
| 2,048,905 |
| (20.85 |
| )% |
| (7.56 |
| % |
| Total |
| $ |
| 12,139,644 |
| $ |
| 9,307,992 |
| $ |
| 11,573,166 |
| 30.42 |
| % |
| 4.89 |
| % |
| TOWNEBANK |
| Average Balances, Yields and Rate Paid (unaudited) |
| (dollars in thousands) |
| Three Months Ended |
| Three Months Ended |
| Three Months Ended |
| March 31, 2021 |
| December 31, 2020 |
| March 31, 2020 |
| Interest |
| Average |
| Interest |
| Average |
| Interest |
| Average |
| Average |
| Income/ |
| Yield/ |
| Average |
| Income/ |
| Yield/ |
| Average |
| Income/ |
| Yield/ |
| Balance |
| Expense |
| Rate |
| Balance |
| Expense |
| Rate |
| Balance |
| Expense |
| Rate |
| Assets: |
| Loans (net of unearned income and deferred costs), excluding nonaccrual loans (1) |
| $ |
| 9,647,129 |
| $ |
| 101,960 |
| 4.29 |
| % |
| $ |
| 9,752,150 |
| $ |
| 104,799 |
| 4.28 |
| % |
| $ |
| 8,550,216 |
| $ |
| 100,566 |
| 4.73 |
| % |
| Taxable investment securities |
| 1,303,535 |
| 6,604 |
| 2.03 |
| % |
| 1,250,375 |
| 6,878 |
| 2.20 |
| % |
| 1,356,411 |
| 9,211 |
| 2.72 |
| % |
| Tax-exempt investment securities |
| 139,859 |
| 542 |
| 1.55 |
| % |
| 139,572 |
| 520 |
| 1.49 |
| % |
| 128,204 |
| 861 |
| 2.69 |
| % |
| Total securities |
| 1,443,394 |
| 7,146 |
| 1.98 |
| % |
| 1,389,947 |
| 7,398 |
| 2.13 |
| % |
| 1,484,615 |
| 10,072 |
| 2.71 |
| % |
| Interest-bearing deposits |
| 1,715,110 |
| 416 |
| 0.10 |
| % |
| 1,754,365 |
| 435 |
| 0.10 |
| % |
| 373,984 |
| 1,102 |
| 1.19 |
| % |
| Loans held for sale |
| 536,997 |
| 3,361 |
| 2.50 |
| % |
| 587,517 |
| 3,867 |
| 2.63 |
| % |
| 333,070 |
| 2,988 |
| 3.59 |
| % |
| Total earning assets |
| 13,342,630 |
| 112,883 |
| 3.43 |
| % |
| 13,483,979 |
| 116,499 |
| 3.44 |
| % |
| 10,741,885 |
| 114,728 |
| 4.30 |
| % |
| Less: allowance for credit losses |
| (120,934 |
| ) |
| (121,402 |
| ) |
| (55,331 |
| ) |
| Total nonearning assets |
| 1,370,720 |
| 1,359,808 |
| 1,362,769 |
| Total assets |
| $ |
| 14,592,416 |
| $ |
| 14,722,385 |
| $ |
| 12,049,323 |
| Liabilities and Equity: |
| Interest-bearing deposits |
| Demand and money market |
| $ |
| 4,904,885 |
| $ |
| 2,075 |
| 0.17 |
| % |
| $ |
| 4,582,588 |
| $ |
| 2,633 |
| 0.23 |
| % |
| $ |
| 3,521,707 |
| $ |
| 5,319 |
| 0.61 |
| % |
| Savings |
| 332,006 |
| 522 |
| 0.64 |
| % |
| 317,561 |
| 552 |
| 0.69 |
| % |
| 276,947 |
| 593 |
| 0.86 |
| % |
| Certificates of deposit |
| 1,959,225 |
| 5,951 |
| 1.23 |
| % |
| 2,159,573 |
| 7,578 |
| 1.40 |
| % |
| 2,434,098 |
| 13,150 |
| 2.17 |
| % |
| Total interest-bearing deposits |
| 7,196,116 |
| 8,548 |
| 0.48 |
| % |
| 7,059,722 |
| 10,763 |
| 0.61 |
| % |
| 6,232,752 |
| 19,062 |
| 1.23 |
| % |
| Borrowings |
| 562,451 |
| 822 |
| 0.58 |
| % |
| 722,291 |
| 1,645 |
| 0.89 |
| % |
| 679,745 |
| 2,581 |
| 1.50 |
| % |
| Subordinated debt, net |
| 249,114 |
| 2,930 |
| 4.70 |
| % |
| 248,965 |
| 2,962 |
| 4.76 |
| % |
| 248,510 |
| 2,962 |
| 4.77 |
| % |
| Total interest-bearing liabilities |
| 8,007,681 |
| 12,300 |
| 0.62 |
| % |
| 8,030,978 |
| 15,370 |
| 0.76 |
| % |
| 7,161,007 |
| 24,605 |
| 1.38 |
| % |
| Demand deposits |
| 4,483,444 |
| 4,630,665 |
| 2,962,110 |
| Other noninterest-bearing liabilities |
| 303,524 |
| 291,836 |
| 260,500 |
| Total liabilities |
| 12,794,649 |
| 12,953,479 |
| 10,383,617 |
| Shareholders’ equity |
| 1,797,767 |
| 1,768,906 |
| 1,665,706 |
| Total liabilities and equity |
| $ |
| 14,592,416 |
| $ |
| 14,722,385 |
| $ |
| 12,049,323 |
| Net interest income (tax-equivalent basis) |
| $ |
| 100,583 |
| $ |
| 101,129 |
| $ |
| 90,123 |
| Reconciliation of Non-GAAP Financial Measures |
| Tax-equivalent basis adjustment |
| (593 |
| ) |
| (515 |
| ) |
| (627 |
| ) |
| Net interest income (GAAP) |
| $ |
| 99,990 |
| $ |
| 100,614 |
| $ |
| 89,496 |
| Interest rate spread (2)(3) |
| 2.81 |
| % |
| 2.68 |
| % |
| 2.92 |
| % |
| Interest expense as a percent of average earning assets |
| 0.37 |
| % |
| 0.45 |
| % |
| 0.92 |
| % |
| Net interest margin (tax equivalent basis) (3)(4) |
| 3.06 |
| % |
| 2.98 |
| % |
| 3.37 |
| % |
| Total cost of deposits |
| 0.30 |
| % |
| 0.37 |
| % |
| 0.83 |
| % |
(1) March 31, 2021 and December 31, 2020 includes average PPP balances of $0.88 billion and $1.04 billion, and related interest and fee income of $11.63 million and $11.29 million, respectively.
(2) Interest spread is the average yield earned on earning assets less the average rate paid on interest-bearing liabilities. Fully tax equivalent.
(3) Net interest margin is net interest income expressed as a percentage of average earning assets. Fully tax equivalent.
(4) Non-GAAP.
| TOWNEBANK |
| Consolidated Balance Sheets |
| (dollars in thousands, except share data) |
| March 31, |
| December 31, |
| 2021 |
| 2020 |
| (unaudited) |
| (audited) |
| ASSETS |
| Cash and due from banks |
| $ |
| 141,545 |
| $ |
| 41,514 |
| Interest-bearing deposits at FRB - Richmond |
| 1,936,458 |
| 1,795,241 |
| Interest-bearing deposits in financial institutions |
| 30,031 |
| 27,532 |
| Total Cash and Cash Equivalents |
| 2,108,034 |
| 1,864,287 |
| Securities available for sale, at fair value (amortized cost of $1,390,097 and $1,310,250, and allowance for credit losses of $210 and $348 at March 31, 2021 and December 31, 2020, respectively.) |
| 1,418,006 |
| 1,368,224 |
| Securities held to maturity, at amortized cost (fair value $17,578 and $18,469 at March 31, 2021 and December 31, 2020, respectively.) |
| 15,980 |
| 16,512 |
| Less: allowance for credit losses |
| (97 |
| ) |
| (97 |
| ) |
| Securities held to maturity, net of allowance for credit losses |
| 15,883 |
| 16,415 |
| Other equity securities |
| 6,355 |
| 6,492 |
| FHLB stock |
| 16,909 |
| 30,135 |
| Total Securities |
| 1,457,153 |
| 1,421,266 |
| Mortgage loans held for sale |
| 582,905 |
| 540,798 |
| Loans, net of unearned income and deferred costs |
| 9,734,583 |
| 9,629,068 |
| Less: allowance for credit losses |
| (116,077 |
| ) |
| (120,157 |
| ) |
| Net Loans |
| 9,618,506 |
| 9,508,911 |
| Premises and equipment, net |
| 261,831 |
| 260,242 |
| Goodwill |
| 452,328 |
| 452,328 |
| Other intangible assets, net |
| 44,808 |
| 45,533 |
| BOLI |
| 247,655 |
| 246,109 |
| Other assets |
| 306,176 |
| 286,970 |
| TOTAL ASSETS |
| $ |
| 15,079,396 |
| $ |
| 14,626,444 |
| LIABILITIES AND EQUITY |
| Deposits: |
| Noninterest-bearing demand |
| $ |
| 4,840,678 |
| $ |
| 4,374,566 |
| Interest-bearing: |
| Demand and money market accounts |
| 5,062,461 |
| 4,819,604 |
| Savings |
| 342,554 |
| 330,091 |
| Certificates of deposit |
| 1,893,951 |
| 2,048,905 |
| Total Deposits |
| 12,139,644 |
| 11,573,166 |
| Advances from the FHLB |
| 255,872 |
| 456,038 |
| Subordinated debt, net |
| 249,204 |
| 249,055 |
| FRB PPP lending facility |
| 183,164 |
| 182,852 |
| Repurchase agreements and other borrowings |
| 68,509 |
| 67,786 |
| Total Borrowings |
| 756,749 |
| 955,731 |
| Other liabilities |
| 366,697 |
| 313,719 |
| TOTAL LIABILITIES |
| 13,263,090 |
| 12,842,616 |
| Preferred stock, authorized and unissued shares - 2,000,000 |
| — |
| — |
| Common stock, $1.667 par: 150,000,000 shares authorized 72,653,670 and 72,667,541 shares issued at March 31, 2021 and December 31, 2020, respectively |
| 121,108 |
| 121,132 |
| Capital surplus |
| 1,047,312 |
| 1,046,642 |
| Retained earnings |
| 613,826 |
| 557,889 |
| Common stock issued to deferred compensation trust, at cost 873,521 and 873,486 shares at March 31, 2021 and December 31, 2020, respectively |
| (17,063 |
| ) |
| (16,969 |
| ) |
| Deferred compensation trust |
| 17,063 |
| 16,969 |
| Accumulated other comprehensive income (loss) |
| 17,969 |
| 41,184 |
| TOTAL SHAREHOLDERS’ EQUITY |
| 1,800,215 |
| 1,766,847 |
| Noncontrolling interest |
| 16,091 |
| 16,981 |
| TOTAL EQUITY |
| 1,816,306 |
| 1,783,828 |
| TOTAL LIABILITIES AND EQUITY |
| $ |
| 15,079,396 |
| $ |
| 14,626,444 |
| TOWNEBANK |
| Consolidated Statements of Income (unaudited) |
| (dollars in thousands, except per share data) |
| Three Months Ended |
| March 31, |
| 2021 |
| 2020 |
| INTEREST INCOME: |
| Loans, including fees |
| $ |
| 101,396 |
| $ |
| 100,062 |
| Investment securities |
| 7,117 |
| 9,949 |
| Interest-bearing deposits in financial institutions and federal funds sold |
| 416 |
| 1,102 |
| Mortgage loans held for sale |
| 3,361 |
| 2,988 |
| Total interest income |
| 112,290 |
| 114,101 |
| INTEREST EXPENSE: |
| Deposits |
| 8,548 |
| 19,062 |
| Advances from the FHLB |
| 497 |
| 2,492 |
| Subordinated debt, net |
| 2,930 |
| 2,962 |
| Repurchase agreements and other borrowings |
| 325 |
| 89 |
| Total interest expense |
| 12,300 |
| 24,605 |
| Net interest income |
| 99,990 |
| 89,496 |
| PROVISION FOR CREDIT LOSSES |
| (4,027 |
| ) |
| 7,016 |
| Net interest income after provision for credit losses |
| 104,017 |
| 82,480 |
| NONINTEREST INCOME: |
| Residential mortgage banking income, net |
| 37,412 |
| 7,416 |
| Insurance commissions and other title fees and income, net |
| 16,325 |
| 16,893 |
| Real estate brokerage and property management income, net |
| 17,934 |
| 6,938 |
| Service charges on deposit accounts |
| 2,190 |
| 2,440 |
| Credit card merchant fees, net |
| 1,302 |
| 1,179 |
| BOLI |
| 1,519 |
| 3,105 |
| Other income |
| 4,837 |
| 5,227 |
| Net gain/(loss) on investment securities |
| 1,000 |
| 5,002 |
| Total noninterest income |
| 82,519 |
| 48,200 |
| NONINTEREST EXPENSE: |
| Salaries and employee benefits |
| 58,435 |
| 55,867 |
| Occupancy expense |
| 8,072 |
| 7,502 |
| Furniture and equipment |
| 3,512 |
| 3,640 |
| Amortization - intangibles |
| 2,723 |
| 2,950 |
| Software expense |
| 4,194 |
| 3,492 |
| Data processing |
| 3,239 |
| 2,791 |
| Professional fees |
| 2,339 |
| 3,067 |
| Advertising and marketing |
| 2,968 |
| 3,584 |
| Other expenses |
| 11,844 |
| 13,995 |
| Total noninterest expense |
| 97,326 |
| 96,888 |
| Income before income tax expense and noncontrolling interest |
| 89,210 |
| 33,792 |
| Provision for income tax expense |
| 16,579 |
| 6,187 |
| Net income |
| $ |
| 72,631 |
| $ |
| 27,605 |
| Net income attributable to noncontrolling interest |
| (3,636 |
| ) |
| (1,221 |
| ) |
| Net income attributable to TowneBank |
| $ |
| 68,995 |
| $ |
| 26,384 |
| Per common share information |
| Basic earnings |
| $ |
| 0.95 |
| $ |
| 0.37 |
| Diluted earnings |
| $ |
| 0.95 |
| $ |
| 0.36 |
| Cash dividends declared |
| $ |
| 0.18 |
| $ |
| 0.18 |
| TOWNEBANK |
| Consolidated Balance Sheets - Five Quarter Trend |
| (dollars in thousands, except share data) |
| March 31, |
| December 31, |
| September 30, |
| June 30, |
| March 31, |
| 2021 |
| 2020 |
| 2020 |
| 2020 |
| 2020 |
| (unaudited) |
| (audited) |
| (unaudited) |
| (unaudited) |
| (unaudited) |
| ASSETS |
| Cash and due from banks |
| $ |
| 141,545 |
| $ |
| 41,514 |
| $ |
| 114,604 |
| $ |
| 115,724 |
| $ |
| 108,929 |
| Interest-bearing deposits at FRB - Richmond |
| 1,936,458 |
| 1,795,241 |
| 1,670,186 |
| 2,511,152 |
| 753,643 |
| Interest-bearing deposits in financial institutions |
| 30,031 |
| 27,532 |
| 24,890 |
| 24,374 |
| 23,564 |
| Total Cash and Cash Equivalents |
| 2,108,034 |
| 1,864,287 |
| 1,809,680 |
| 2,651,250 |
| 886,136 |
| Securities available for sale |
| 1,418,006 |
| 1,368,224 |
| 1,310,683 |
| 1,266,624 |
| 1,248,420 |
| Securities held to maturity |
| 15,980 |
| 16,512 |
| 17,131 |
| 41,595 |
| 42,431 |
| Less: allowance for credit losses |
| (97 |
| ) |
| (97 |
| ) |
| (90 |
| ) |
| (121 |
| ) |
| (133 |
| ) |
| Securities held to maturity, net of allowance for credit losses |
| 15,883 |
| 16,415 |
| 17,041 |
| 41,474 |
| 42,298 |
| Other equity securities |
| 6,355 |
| 6,492 |
| 6,497 |
| 6,497 |
| 6,462 |
| FHLB stock |
| 16,909 |
| 30,135 |
| 41,829 |
| 49,277 |
| 52,042 |
| Total Securities |
| 1,457,153 |
| 1,421,266 |
| 1,376,050 |
| 1,363,872 |
| 1,349,222 |
| Mortgage loans held for sale |
| 582,905 |
| 540,798 |
| 669,020 |
| 610,369 |
| 453,143 |
| Loans, net of unearned income and deferred costs |
| 9,734,583 |
| 9,629,068 |
| 9,770,570 |
| 9,801,889 |
| 8,784,195 |
| Less: allowance for credit losses |
| (116,077 |
| ) |
| (120,157 |
| ) |
| (119,058 |
| ) |
| (90,467 |
| ) |
| (64,372 |
| ) |
| Net Loans |
| 9,618,506 |
| 9,508,911 |
| 9,651,512 |
| 9,711,422 |
| 8,719,823 |
| Premises and equipment, net |
| 261,831 |
| 260,242 |
| 256,909 |
| 257,533 |
| 236,735 |
| Goodwill |
| 452,328 |
| 452,328 |
| 446,725 |
| 446,725 |
| 446,725 |
| Other intangible assets, net |
| 44,808 |
| 45,533 |
| 45,781 |
| 48,632 |
| 51,448 |
| BOLI |
| 247,655 |
| 246,109 |
| 244,103 |
| 242,493 |
| 240,924 |
| Other assets |
| 306,176 |
| 286,970 |
| 295,637 |
| 247,962 |
| 239,670 |
| TOTAL ASSETS |
| $ |
| 15,079,396 |
| $ |
| 14,626,444 |
| $ |
| 14,795,417 |
| $ |
| 15,580,258 |
| $ |
| 12,623,826 |
| LIABILITIES AND EQUITY |
| Deposits: |
| Noninterest-bearing demand |
| $ |
| 4,840,678 |
| $ |
| 4,374,566 |
| $ |
| 4,464,178 |
| $ |
| 4,226,208 |
| $ |
| 3,060,515 |
| Interest-bearing: |
| Demand and money market accounts |
| 5,062,461 |
| 4,819,604 |
| 4,642,482 |
| 4,223,391 |
| 3,573,926 |
| Savings |
| 342,554 |
| 330,091 |
| 312,444 |
| 298,673 |
| 280,807 |
| Certificates of deposit |
| 1,893,951 |
| 2,048,905 |
| 2,285,859 |
| 2,516,666 |
| 2,392,744 |
| Total Deposits |
| 12,139,644 |
| 11,573,166 |
| 11,704,963 |
| 11,264,938 |
| 9,307,992 |
| Advances from the FHLB |
| 255,872 |
| 456,038 |
| 731,202 |
| 906,365 |
| 971,527 |
| Subordinated debt, net |
| 249,204 |
| 249,055 |
| 248,906 |
| 248,756 |
| 248,607 |
| FRB PPP lending facility |
| 183,164 |
| 182,852 |
| — |
| 1,111,429 |
| — |
| Repurchase agreements and other borrowings |
| 68,509 |
| 67,786 |
| 58,061 |
| 60,913 |
| 171,762 |
| Total Borrowings |
| 756,749 |
| 955,731 |
| 1,038,169 |
| 2,327,463 |
| 1,391,896 |
| Other liabilities |
| 366,697 |
| 313,719 |
| 303,582 |
| 266,314 |
| 258,306 |
| TOTAL LIABILITIES |
| 13,263,090 |
| 12,842,616 |
| 13,046,714 |
| 13,858,715 |
| 10,958,194 |
| Preferred stock |
| Authorized shares - 2,000,000 |
| — |
| — |
| — |
| — |
| — |
| Common stock, $1.667 par value |
| 121,108 |
| 121,132 |
| 121,115 |
| 121,101 |
| 121,057 |
| Capital surplus |
| 1,047,312 |
| 1,046,642 |
| 1,045,170 |
| 1,043,774 |
| 1,041,870 |
| Retained earnings |
| 613,826 |
| 557,889 |
| 520,888 |
| 499,502 |
| 477,972 |
| Common stock issued to deferred compensation trust, at cost |
| (17,063 |
| ) |
| (16,969 |
| ) |
| (16,951 |
| ) |
| (16,776 |
| ) |
| (15,562 |
| ) |
| Deferred compensation trust |
| 17,063 |
| 16,969 |
| 16,951 |
| 16,776 |
| 15,562 |
| Accumulated other comprehensive income (loss) |
| 17,969 |
| 41,184 |
| 44,569 |
| 43,218 |
| 12,301 |
| TOTAL SHAREHOLDERS’ EQUITY |
| 1,800,215 |
| 1,766,847 |
| 1,731,742 |
| 1,707,595 |
| 1,653,200 |
| Noncontrolling interest |
| 16,091 |
| 16,981 |
| 16,961 |
| 13,948 |
| 12,432 |
| TOTAL EQUITY |
| 1,816,306 |
| 1,783,828 |
| 1,748,703 |
| 1,721,543 |
| 1,665,632 |
| TOTAL LIABILITIES AND EQUITY |
| $ |
| 15,079,396 |
| $ |
| 14,626,444 |
| $ |
| 14,795,417 |
| $ |
| 15,580,258 |
| $ |
| 12,623,826 |
| TOWNEBANK |
| Consolidated Statements of Income - Five Quarter Trend (unaudited) |
| (dollars in thousands, except share data) |
| Three Months Ended |
| March 31, |
| December 31, |
| September 30, |
| June 30, |
| March 31, |
| 2021 |
| 2020 |
| 2020 |
| 2020 |
| 2020 |
| INTEREST INCOME: |
| Loans, including fees |
| $ |
| 101,396 |
| $ |
| 104,182 |
| $ |
| 102,869 |
| $ |
| 102,139 |
| $ |
| 100,062 |
| Investment securities |
| 7,117 |
| 7,499 |
| 7,440 |
| 8,163 |
| 9,949 |
| Interest-bearing deposits in financial institutions and federal funds sold |
| 416 |
| 435 |
| 632 |
| 433 |
| 1,102 |
| Mortgage loans held for sale |
| 3,361 |
| 3,867 |
| 4,587 |
| 3,811 |
| 2,988 |
| Total interest income |
| 112,290 |
| 115,983 |
| 115,528 |
| 114,546 |
| 114,101 |
| INTEREST EXPENSE: |
| Deposits |
| 8,548 |
| 10,762 |
| 12,966 |
| 15,072 |
| 19,062 |
| Advances from the FHLB |
| 497 |
| 1,404 |
| 1,901 |
| 2,595 |
| 2,492 |
| Subordinated debt |
| 2,930 |
| 2,962 |
| 2,962 |
| 2,962 |
| 2,962 |
| Repurchase agreements and other borrowings |
| 325 |
| 241 |
| 940 |
| 643 |
| 89 |
| Total interest expense |
| 12,300 |
| 15,369 |
| 18,769 |
| 21,272 |
| 24,605 |
| Net interest income |
| 99,990 |
| 100,614 |
| 96,759 |
| 93,274 |
| 89,496 |
| PROVISION FOR CREDIT LOSSES |
| (4,027 |
| ) |
| 1,617 |
| 31,598 |
| 26,945 |
| 7,016 |
| Net interest income after provision for credit losses |
| 104,017 |
| 98,997 |
| 65,161 |
| 66,329 |
| 82,480 |
| NONINTEREST INCOME: |
| Residential mortgage banking income, net |
| 37,412 |
| 37,504 |
| 37,531 |
| 29,715 |
| 7,416 |
| Insurance commissions and other title fees and income, net |
| 16,325 |
| 13,868 |
| 17,468 |
| 17,612 |
| 16,893 |
| Real estate brokerage and property management income, net |
| 17,934 |
| 9,229 |
| 11,301 |
| 10,781 |
| 6,938 |
| Service charges on deposit accounts |
| 2,190 |
| 1,707 |
| 1,986 |
| 1,888 |
| 2,440 |
| Credit card merchant fees, net |
| 1,302 |
| 1,377 |
| 1,506 |
| 1,109 |
| 1,179 |
| BOLI |
| 1,519 |
| 1,990 |
| 1,605 |
| 1,584 |
| 3,105 |
| Other income |
| 4,837 |
| 5,559 |
| 22,278 |
| 3,763 |
| 5,227 |
| Net gain/(loss) on investment securities |
| 1,000 |
| — |
| 1,701 |
| 2,930 |
| 5,002 |
| Total noninterest income |
| 82,519 |
| 71,234 |
| 95,376 |
| 69,382 |
| 48,200 |
| NONINTEREST EXPENSE: |
| Salaries and employee benefits |
| 58,435 |
| 61,475 |
| 61,408 |
| 56,926 |
| 55,867 |
| Occupancy expense |
| 8,072 |
| 8,193 |
| 8,396 |
| 7,227 |
| 7,502 |
| Furniture and equipment |
| 3,512 |
| 3,462 |
| 3,247 |
| 3,564 |
| 3,640 |
| Amortization - intangibles |
| 2,723 |
| 2,797 |
| 2,851 |
| 2,901 |
| 2,950 |
| Software expense |
| 4,194 |
| 4,066 |
| 3,572 |
| 3,492 |
| 3,492 |
| Data processing |
| 3,239 |
| 2,363 |
| 3,113 |
| 2,718 |
| 2,791 |
| Professional fees |
| 2,339 |
| 2,591 |
| 2,637 |
| 2,972 |
| 3,067 |
| Advertising and marketing |
| 2,968 |
| 2,204 |
| 1,870 |
| 1,986 |
| 3,584 |
| Other expenses |
| 11,844 |
| 18,781 |
| 14,887 |
| 9,239 |
| 13,995 |
| Total noninterest expense |
| 97,326 |
| 105,932 |
| 101,981 |
| 91,025 |
| 96,888 |
| Income before income tax expense and noncontrolling interest |
| 89,210 |
| 64,299 |
| 58,556 |
| 44,686 |
| 33,792 |
| Provision for income tax expense |
| 16,579 |
| 10,408 |
| 7,841 |
| 7,464 |
| 6,187 |
| Net income |
| 72,631 |
| 53,891 |
| 50,715 |
| 37,222 |
| 27,605 |
| Net income attributable to noncontrolling interest |
| (3,636 |
| ) |
| (3,809 |
| ) |
| (16,251 |
| ) |
| (2,617 |
| ) |
| (1,221 |
| ) |
| Net income attributable to TowneBank |
| $ |
| 68,995 |
| $ |
| 50,082 |
| $ |
| 34,464 |
| $ |
| 34,605 |
| $ |
| 26,384 |
| Per common share information |
| Basic earnings |
| $ |
| 0.95 |
| $ |
| 0.69 |
| $ |
| 0.48 |
| $ |
| 0.48 |
| $ |
| 0.37 |
| Diluted earnings |
| $ |
| 0.95 |
| $ |
| 0.69 |
| $ |
| 0.48 |
| $ |
| 0.48 |
| $ |
| 0.36 |
| Basic weighted average shares outstanding |
| 72,414,953 |
| 72,357,177 |
| 72,339,413 |
| 72,280,555 |
| 72,206,228 |
| Diluted weighted average shares outstanding |
| 72,517,008 |
| 72,455,096 |
| 72,375,736 |
| 72,317,988 |
| 72,299,721 |
| Cash dividends declared |
| $ |
| 0.18 |
| $ |
| 0.18 |
| $ |
| 0.18 |
| $ |
| 0.18 |
| $ |
| 0.18 |
| TOWNEBANK |
| Banking Segment Financial Information (unaudited) |
| (dollars in thousands) |
| Three Months Ended |
| Increase/(Decrease) |
| March 31, |
| December 31, |
| 2021 over 2020 |
| 2021 |
| 2020 |
| 2020 |
| Amount |
| Percent |
| Revenue |
| Net interest income |
| $ |
| 97,604 |
| $ |
| 87,406 |
| $ |
| 97,412 |
| $ |
| 10,198 |
| 11.67 |
| % |
| Service charges on deposit accounts |
| 2,190 |
| 2,440 |
| 1,707 |
| (250 |
| ) |
| (10.25 |
| )% |
| Credit card merchant fees |
| 1,302 |
| 1,179 |
| 1,377 |
| 123 |
| 10.43 |
| % |
| Other income |
| 4,970 |
| 7,061 |
| 5,983 |
| (2,091 |
| ) |
| (29.61 |
| )% |
| Subtotal |
| 8,462 |
| 10,680 |
| 9,067 |
| (2,218 |
| ) |
| (20.77 |
| )% |
| Net gain/(loss) on investment securities |
| 1,000 |
| 5,002 |
| — |
| (4,002 |
| ) |
| (80.01 |
| )% |
| Total noninterest income |
| 9,462 |
| 15,682 |
| 9,067 |
| (6,220 |
| ) |
| (39.66 |
| )% |
| Total revenue |
| 107,066 |
| 103,088 |
| 106,479 |
| 3,978 |
| 3.86 |
| % |
| Provision for credit losses |
| (3,401 |
| ) |
| 7,041 |
| 1,628 |
| (10,442 |
| ) |
| (148.30 |
| )% |
| Expenses |
| Salaries and employee benefits |
| 31,861 |
| 33,225 |
| 37,358 |
| (1,364 |
| ) |
| (4.11 |
| )% |
| Occupancy expense |
| 5,546 |
| 4,916 |
| 5,681 |
| 630 |
| 12.82 |
| % |
| Furniture and equipment |
| 2,668 |
| 2,660 |
| 2,625 |
| 8 |
| 0.30 |
| % |
| Amortization of intangibles |
| 962 |
| 1,164 |
| 1,013 |
| (202 |
| ) |
| (17.35 |
| )% |
| Other expenses |
| 14,050 |
| 18,705 |
| 19,892 |
| (4,655 |
| ) |
| (24.89 |
| )% |
| Total expenses |
| 55,087 |
| 60,670 |
| 66,569 |
| (5,583 |
| ) |
| (9.20 |
| )% |
| Income before income tax, corporate allocation and noncontrolling interest |
| 55,380 |
| 35,377 |
| 38,282 |
| 20,003 |
| 56.54 |
| % |
| Corporate allocation |
| 1,292 |
| 670 |
| 643 |
| 622 |
| 92.84 |
| % |
| Income before income tax provision and noncontrolling interest |
| 56,672 |
| 36,047 |
| 38,925 |
| 20,625 |
| 57.22 |
| % |
| Provision for income tax expense |
| 9,701 |
| 6,663 |
| 5,163 |
| 3,038 |
| 45.60 |
| % |
| Net income |
| 46,971 |
| 29,384 |
| 33,762 |
| 17,587 |
| 59.85 |
| % |
| Noncontrolling interest |
| (5 |
| ) |
| (1 |
| ) |
| 4 |
| (4 |
| ) |
| 400.00 |
| % |
| Net income attributable to TowneBank |
| $ |
| 46,966 |
| $ |
| 29,383 |
| $ |
| 33,766 |
| $ |
| 17,583 |
| 59.84 |
| % |
| Efficiency ratio (non-GA AP ) |
| 51.03 |
| % |
| 60.67 |
| % |
| 61.57 |
| % |
| (9.64 |
| )% |
| (15.89 |
| )% |
| TOWNEBANK |
| Realty Segment Financial Information (unaudited) |
| (dollars in thousands) |
| Three Months Ended |
| Increase/(Decrease) |
| March 31, |
| December 31, |
| 2021 over 2020 |
| 2021 |
| 2020 |
| 2020 |
| Amount |
| Percent |
| Revenue |
| Residential mortgage brokerage income, net |
| $ |
| 37,877 |
| $ |
| 8,007 |
| $ |
| 38,040 |
| $ |
| 29,870 |
| 373.05 |
| % |
| Real estate brokerage income, net |
| 2,451 |
| 1,865 |
| 3,564 |
| 586 |
| 31.42 |
| % |
| Title insurance and settlement fees |
| 525 |
| 436 |
| 669 |
| 89 |
| 20.41 |
| % |
| Property management fees, net |
| 15,483 |
| 5,073 |
| 5,665 |
| 10,410 |
| 205.20 |
| % |
| Income from unconsolidated subsidiary |
| 406 |
| 186 |
| 398 |
| 220 |
| 118.28 |
| % |
| Net interest and other income |
| 2,736 |
| 2,396 |
| 3,627 |
| 340 |
| 14.19 |
| % |
| Total revenue |
| 59,478 |
| 17,963 |
| 51,963 |
| 41,515 |
| 231.11 |
| % |
| Provision for credit losses |
| (626 |
| ) |
| (25 |
| ) |
| (11 |
| ) |
| (601 |
| ) |
| 2,404.00 |
| % |
| Expenses |
| Salaries and employee benefits |
| 16,847 |
| 13,293 |
| 16,168 |
| 3,554 |
| 26.74 |
| % |
| Occupancy expense |
| 1,871 |
| 1,927 |
| 1,869 |
| (56 |
| ) |
| (2.91 |
| )% |
| Furniture and equipment |
| 649 |
| 762 |
| 614 |
| (113 |
| ) |
| (14.83 |
| )% |
| Amortization of intangible assets |
| 590 |
| 657 |
| 658 |
| (67 |
| ) |
| (10.20 |
| )% |
| Other expenses |
| 9,229 |
| 6,867 |
| 8,779 |
| 2,362 |
| 34.40 |
| % |
| Total expenses |
| 29,186 |
| 23,506 |
| 28,088 |
| 5,680 |
| 24.16 |
| % |
| Income (loss) before income tax, corporate allocation and noncontrolling interest |
| 30,918 |
| (5,518 |
| ) |
| 23,886 |
| 36,436 |
| (660.31 |
| )% |
| Corporate allocation |
| (1,000 |
| ) |
| (393 |
| ) |
| (403 |
| ) |
| (607 |
| ) |
| 154.45 |
| % |
| (Loss) income before income tax provision and noncontrolling interest |
| 29,918 |
| (5,911 |
| ) |
| 23,483 |
| 35,829 |
| (606.14 |
| )% |
| Provision for income tax (benefit) expense |
| 6,216 |
| (1,292 |
| ) |
| 4,421 |
| 7,508 |
| (581.11 |
| )% |
| Net (loss) income |
| 23,702 |
| (4,619 |
| ) |
| 19,062 |
| 28,321 |
| (613.14 |
| )% |
| Noncontrolling interest |
| (3,631 |
| ) |
| (791 |
| ) |
| (3,813 |
| ) |
| (2,840 |
| ) |
| 359.04 |
| % |
| Net (loss) income attributable to TowneBank |
| $ |
| 20,071 |
| $ |
| (5,410 |
| ) |
| $ |
| 15,249 |
| $ |
| 25,481 |
| (471.00 |
| )% |
| Efficiency ratio (non-GAAP) |
| 48.08 |
| % |
| 127.20 |
| % |
| 52.79 |
| % |
| (79.12 |
| )% |
| (62.20 |
| )% |
| TOWNEBANK |
| Insurance Segment Financial Information (unaudited) |
| (dollars in thousands) |
| Three Months Ended |
| Increase/(Decrease) |
| March 31, |
| December 31, |
| 2021 over 2020 |
| 2021 |
| 2020 |
| 2020 |
| Amount |
| Percent |
| Commission and fee income |
| Property and casualty |
| $ |
| 14,189 |
| $ |
| 12,786 |
| $ |
| 11,942 |
| $ |
| 1,403 |
| 10.97 |
| % |
| Employee benefits |
| 3,884 |
| 3,918 |
| 3,725 |
| (34 |
| ) |
| (0.87 |
| )% |
| Travel insurance |
| — |
| 1,266 |
| — |
| (1,266 |
| ) |
| (100.00 |
| )% |
| Specialized benefit services |
| 167 |
| 168 |
| 175 |
| (1 |
| ) |
| (0.60 |
| )% |
| Total commissions and fees |
| 18,240 |
| 18,138 |
| 15,842 |
| 102 |
| 0.56 |
| % |
| Contingency and bonus revenue |
| 1,759 |
| 2,022 |
| 1,087 |
| (263 |
| ) |
| (13.01 |
| )% |
| Other income |
| 73 |
| 81 |
| 69 |
| (8 |
| ) |
| (9.88 |
| )% |
| Total revenue |
| 20,072 |
| 20,241 |
| 16,998 |
| (169 |
| ) |
| (0.83 |
| )% |
| Employee commission expense |
| 4,107 |
| 3,596 |
| 3,592 |
| 511 |
| 14.21 |
| % |
| Revenue, net of commission expense |
| 15,965 |
| 16,645 |
| 13,406 |
| (680 |
| ) |
| (4.09 |
| )% |
| Salaries and employee benefits |
| 9,727 |
| 9,349 |
| 7,949 |
| 378 |
| 4.04 |
| % |
| Occupancy expense |
| 655 |
| 659 |
| 643 |
| (4 |
| ) |
| (0.61 |
| )% |
| Furniture and equipment |
| 195 |
| 218 |
| 223 |
| (23 |
| ) |
| (10.55 |
| )% |
| Amortization of intangible assets |
| 1,171 |
| 1,129 |
| 1,126 |
| 42 |
| 3.72 |
| % |
| Other expenses |
| 1,305 |
| 1,357 |
| 1,334 |
| (52 |
| ) |
| (3.83 |
| )% |
| Total operating expenses |
| 13,053 |
| 12,712 |
| 11,275 |
| 341 |
| 2.68 |
| % |
| Income before income tax, corporate allocation and noncontrolling interest |
| 2,912 |
| 3,933 |
| 2,131 |
| (1,021 |
| ) |
| (25.96 |
| )% |
| Corporate allocation |
| (292 |
| ) |
| (277 |
| ) |
| (240 |
| ) |
| (15 |
| ) |
| 5.42 |
| % |
| Income before income tax provision and noncontrolling interest |
| 2,620 |
| 3,656 |
| 1,891 |
| (1,036 |
| ) |
| (28.34 |
| )% |
| Provision for income tax expense |
| 662 |
| 816 |
| 824 |
| (154 |
| ) |
| (18.87 |
| )% |
| Net income |
| 1,958 |
| 2,840 |
| 1,067 |
| (882 |
| ) |
| (31.06 |
| )% |
| Noncontrolling interest |
| — |
| (429 |
| ) |
| — |
| 429 |
| (100.00 |
| )% |
| Net income attributable to TowneBank |
| $ |
| 1,958 |
| $ |
| 2,411 |
| $ |
| 1,067 |
| (453 |
| ) |
| (18.79 |
| )% |
| Provision for income taxes |
| 662 |
| 816 |
| 824 |
| (154 |
| ) |
| (18.87 |
| )% |
| Depreciation, amortization and interest expense |
| 1,308 |
| 1,300 |
| 1,274 |
| 8 |
| 0.62 |
| % |
| EBITDA (non-GAAP) |
| $ |
| 3,928 |
| $ |
| 4,527 |
| $ |
| 3,165 |
| $ |
| (599 |
| ) |
| (13.23 |
| )% |
| Efficiency ratio (non -GAAP) |
| 74.43 |
| % |
| 69.59 |
| % |
| 75.70 |
| % |
| 4.84 |
| % |
| 6.96 |
| % |
| TOWNEBANK |
| Reconciliation of Non-GAAP Financial Measures |
| (dollars in thousands) |
| Three Months Ended |
| March 31, |
| March 31, |
| December 31, |
| 2021 |
| 2020 |
| 2020 |
| Return on average assets (GAAP) |
| 1.92 |
| % |
| 0.88 |
| % |
| 1.35 |
| % |
| Impact of excluding average goodwill and other intangibles and amortization |
| 0.13 |
| % |
| 0.12 |
| % |
| 0.11 |
| % |
| Return on average tangible assets (non-GAAP) |
| 2.05 |
| % |
| 1.00 |
| % |
| 1.46 |
| % |
| Return on average equity (GAAP) |
| 15.56 |
| % |
| 6.37 |
| % |
| 11.26 |
| % |
| Impact of excluding average goodwill and other intangibles and amortization |
| 6.63 |
| % |
| 3.54 |
| % |
| 5.02 |
| % |
| Return on average tangible equity (non-GAAP) |
| 22.19 |
| % |
| 9.91 |
| % |
| 16.28 |
| % |
| Return on average common equity (GAAP) |
| 15.70 |
| % |
| 6.42 |
| % |
| 11.36 |
| % |
| Impact of excluding average goodwill and other intangibles and amortization |
| 6.75 |
| % |
| 3.59 |
| % |
| 5.12 |
| % |
| Return on average tangible common equity (non-GAAP) |
| 22.45 |
| % |
| 10.01 |
| % |
| 16.48 |
| % |
| Book value (GAAP) |
| $ |
| 24.78 |
| $ |
| 22.77 |
| $ |
| 24.31 |
| Impact of excluding average goodwill and other intangibles and amortization |
| (6.84 |
| ) |
| (6.86 |
| ) |
| (6.85 |
| ) |
| Tangible book value (non-GAAP) |
| $ |
| 17.94 |
| $ |
| 15.91 |
| $ |
| 17.46 |
| Efficiency ratio (GAAP) |
| 53.33 |
| % |
| 70.36 |
| % |
| 61.64 |
| % |
| Impact of exclusions |
| (1.22 |
| )% |
| 0.43 |
| % |
| (1.62 |
| )% |
| Efficiency ratio (non-GAAP) |
| 52.11 |
| % |
| 70.79 |
| % |
| 60.02 |
| % |
| Average assets (GAAP) |
| $ |
| 14,592,416 |
| $ |
| 12,049,323 |
| $ |
| 14,722,385 |
| Less: average goodwill and intangible assets |
| 497,446 |
| 500,123 |
| 491,453 |
| Average tangible assets (non-GAAP) |
| $ |
| 14,094,970 |
| $ |
| 11,549,200 |
| $ |
| 14,230,932 |
| Average equity (GAAP) |
| $ |
| 1,797,767 |
| $ |
| 1,665,706 |
| $ |
| 1,768,906 |
| Less: average goodwill and intangible assets |
| 497,446 |
| 500,123 |
| 491,453 |
| Average tangible equity (non-GAAP) |
| $ |
| 1,300,321 |
| $ |
| 1,165,583 |
| $ |
| 1,277,453 |
| Average common equity (GAAP) |
| $ |
| 1,782,795 |
| $ |
| 1,653,676 |
| $ |
| 1,753,596 |
| Less: average goodwill and intangible assets |
| 497,446 |
| 500,123 |
| 491,453 |
| Average tangible common equity (non-GAAP) |
| $ |
| 1,285,349 |
| $ |
| 1,153,553 |
| $ |
| 1,262,143 |
| Net Income (GAAP) |
| $ |
| 68,995 |
| $ |
| 26,384 |
| 50,082 |
| Amortization of Intangibles, net of tax |
| 2,151 |
| 2,331 |
| 2,210 |
| Tangible net income (non-GAAP) |
| $ |
| 71,146 |
| $ |
| 28,715 |
| $ |
| 52,292 |
| Net Income (GAAP) |
| $ |
| 68,995 |
| $ |
| 26,384 |
| $ |
| 50,082 |
| Provision for credit losses |
| (4,027 |
| ) |
| 7,016 |
| 1,617 |
| Provision for income tax |
| 16,579 |
| 6,187 |
| 10,408 |
| Pre-provision, pre-tax net revenues (non-GAAP) |
| $ |
| 81,547 |
| $ |
| 39,587 |
| $ |
| 62,107 |
| Total Revenue (GAAP) |
| $ |
| 182,509 |
| $ |
| 137,696 |
| $ |
| 171,848 |
| Net (gain)/loss on investment securities |
| (1,000 |
| ) |
| (5,002 |
| ) |
| — |
| Other nonrecurring (income) loss |
| 30 |
| — |
| — |
| Total Revenue for efficiency calculation (non-GAAP) |
| $ |
| 181,539 |
| $ |
| 132,694 |
| $ |
| 171,848 |
| Noninterest expense (GAAP) |
| $ |
| 97,326 |
| $ |
| 96,888 |
| $ |
| 105,932 |
| Less: Amortization of intangibles |
| 2,723 |
| 2,950 |
| 2,797 |
| Noninterest expense net of amortization (non-GAAP) |
| $ |
| 94,603 |
| $ |
| 93,938 |
| $ |
| 103,135 |