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GlobeNewswire (Europe)
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West Bancorporation, Inc. Announces Fourth Quarter and Year End 2022 Financial Results, Declares Quarterly Dividend

WEST DES MOINES, Iowa, Jan. 26, 2023 (GLOBE NEWSWIRE) -- West Bancorporation, Inc. (Nasdaq: WTBA; the "Company"), parent company of West Bank, today reported 2022 net income of $46.4 million, or $2.76 per diluted common share, compared to 2021 net income of $49.6 million, or $2.95 per diluted common share. Net income for the fourth quarter 2022 was $8.9 million, or $0.53 per diluted common share, compared to fourth quarter 2021 net income of $11.9 million, or $0.71 per diluted common share. On January 25, 2023, the Company's Board of Directors declared a regular quarterly dividend of $0.25 per common share. The dividend is payable on February 22, 2023, to stockholders of record on February 8, 2023.

David Nelson, President and Chief Executive Officer of the Company, commented, "Our company had another strong year, the second best year in our company's history. Our credit quality continues to be pristine and we remain diligent in monitoring and managing our credit risk as we anticipate increasing economic challenges resulting from the Federal Reserve's aggressive interest rate hikes in 2022. Loan growth in 2022 exceeded eleven percent and for the sixth consecutive quarter end, we had no loans greater than 30 days past due."

David Nelson added, "Rising interest rates in 2022 have increased the average yield of our loan portfolio. However, changes in liquidity and competitive deposit pricing, as a result of volatility and uncertainty in the interest rate environment, have increased our cost of funds and resulted in a decline in our net interest income and net interest margin. We expect to continue to experience a lower than normal net interest margin while the Federal Reserve continues raising short-term rates. Our capital position is strong and we remain focused on delivering high quality services and products through our very successful relationship based business model."

Fourth Quarter and Year Ended 2022 Financial Highlights

Quarter Ended
December 31,
2022
Year Ended
December 31,
2022
Net Income (in thousands) $8,946 $46,399
Return on Average Equity 17.75% 20.71%
Return on Average Assets 1.01% 1.32%
Efficiency ratio (a non-GAAP measure) 50.42% 43.70%
Nonperforming assets to total assets 0.01% 0.01%

Fourth Quarter 2022 Compared to Third Quarter 2022 Overview

  • Loans increased $128.7 million in the fourth quarter of 2022, or 19.7 percent annualized.

  • No provision for loan losses was recorded in either the fourth quarter of 2022 or the third quarter of 2022.

  • The allowance for loan losses to total loans was 0.93 percent at December 31, 2022, compared to 0.97 percent at September 30, 2022. There were no loans greater than 30 days past due at December 31, 2022, which was the sixth consecutive quarter in which no loans were greater than 30 days past due. Nonaccrual loans at December 31, 2022, consisted of one loan with a balance of $322 thousand.

  • Deposits increased $57.6 million in the fourth quarter of 2022. Included in deposits were brokered deposits totaling $272.7 million at December 31, 2022, compared to $258.1 million at September 30, 2022.

  • The efficiency ratio (a non-GAAP measure) was 50.42 percent for the fourth quarter of 2022, compared to 43.16 percent for the third quarter of 2022. The increase in the efficiency ratio is primarily the result of the decline in tax equivalent net interest income.

  • Net interest margin, on a fully tax-equivalent basis (a non-GAAP measure), was 2.49 percent for the fourth quarter of 2022, compared to 2.78 percent for the third quarter of 2022. Net interest income for the fourth quarter of 2022 was $20.7 million, compared to $23.0 million for the third quarter of 2022. The rising cost of deposits and borrowed funds and the change in mix of liabilities has increased interest expense faster than the increase in interest income from loan repricing and loan growth.

  • The tangible common equity ratio was 5.84 percent at December 31, 2022, an increase of 19 basis points compared to 5.65 percent at September 30, 2022 due to a modest increase in the market value of the securities portfolio, which decreased the accumulated other comprehensive loss.

Fourth Quarter 2022 Compared to Fourth Quarter 2021 Overview

  • Loans increased $286.6 million at December 31, 2022, or 11.7 percent, compared to December 31, 2021.

  • Deposits decreased $135.6 million at December 31, 2022, compared to December 31, 2021. Included in deposits were brokered deposits totaling $272.7 million at December 31, 2022, compared to $176.0 million at December 31, 2021. The decline in deposits was primarily attributable to customers using their own liquidity to fund business transactions, instead of using debt, and customers seeking higher yielding investment options for excess deposits accumulated over the past couple of years.

  • Borrowed funds increased to $485.9 million at December 31, 2022, compared to $199.9 million at December 31, 2021. The increase included $58.9 million in subordinated notes that were issued in June 2022, $30.0 million in FHLB Advances associated with a long-term interest rate swap and $197.1 million in federal funds purchased and other short-term borrowings.

  • The efficiency ratio (a non-GAAP measure) was 50.42 percent for the fourth quarter of 2022, compared to 43.32 percent for the fourth quarter of 2021. Tax-equivalent net interest income decreased in the fourth quarter of 2022 compared to the fourth quarter of 2021 due to the increased cost of deposits and borrowed funds. Additionally, salaries and benefits were higher in the fourth quarter of 2022 compared to the fourth quarter of 2021, due primarily to annual compensation adjustments.

  • Net interest margin, on a fully tax-equivalent basis (a non-GAAP measure), was 2.49 percent for the fourth quarter of 2022, compared to 3.00 percent for the fourth quarter of 2021. Net interest income for the fourth quarter of 2022 was $20.7 million, compared to $24.6 million for the fourth quarter of 2021. Net interest income in the fourth quarter of 2021 included $912 thousand of PPP loan interest income, compared to $5 thousand in the fourth quarter of 2022. In 2022, the rising cost of deposits and borrowed funds and the change in mix of liabilities has increased interest expense faster than the increase in interest income from loan repricing and loan growth.

Year Ended 2022 Compared to Year Ended 2021 Overview

  • The provision for loan losses recorded in 2022 was negative $2.5 million, compared to a negative provision of $1.5 million in 2021. The negative provision in 2022 was primarily due to the reversal of a specific reserve on an impaired loan and the reduction of certain qualitative factors resulting from the sustained performance of loans after the expiration of COVID-19 modifications and continued improvement in classified loans. The negative provision in 2021 was primarily due to the reduction of certain qualitative factors resulting from improvements in economic conditions and lack of loan losses during the COVID-19 pandemic.

  • Net interest income declined $3.3 million, or 3.5 percent, in 2022 compared to 2021. Net interest margin decreased to 2.76 percent in 2022, compared to 3.05 percent in 2021. The decline in both net interest income and net interest margin was primarily due to the rising cost of deposits and borrowed funds and the change in mix of liabilities, which has increased interest expense faster than the increase in interest income from loan repricing and loan growth.

  • Noninterest income increased $479 thousand, or 4.9 percent, in 2022 compared to 2021. This increase was primarily due to the increase in loan swap fees.

  • Noninterest expense increased $1.7 million, or 3.9 percent, in 2022 compared to 2021. The increase was primarily due to an increase of $2.6 million, or 11.2 percent, in salaries and benefits resulting from an increase in expenses related to the issuance of restricted stock units, an increase in full time equivalent employees and annual compensation adjustments. This was partially offset by a decrease of $822 thousand in FDIC insurance expense primarily due to reductions in the assessment rate resulting from capital injections into the Bank.

The Company plans to file its report on Form 10-K with the Securities and Exchange Commission on or before February 23, 2023. Please refer to that document for a more in-depth discussion of the Company's financial results. The Form 10-K will be available on the Investor Relations section of West Bank's website at www.westbankstrong.com.

The Company will discuss its results in a conference call scheduled for 2:00 p.m. Central Time on Thursday, January 26, 2023. The telephone number for the conference call is 844-200-6205. The access code for the conference call is 214929. A recording of the call will be available until February 9, 2023, by dialing 866-813-9403. The replay access code is 559343.

About West Bancorporation, Inc. (Nasdaq: WTBA)

West Bancorporation, Inc. is headquartered in West Des Moines, Iowa. Serving customers since 1893, West Bank, a wholly-owned subsidiary of West Bancorporation, Inc., is a community bank that focuses on lending, deposit services, and trust services for small- to medium-sized businesses and consumers. West Bank has six offices in the Des Moines, Iowa metropolitan area, one office in Coralville, Iowa, and four offices in Minnesota in the cities of Rochester, Owatonna, Mankato and St. Cloud.

Certain statements in this report, other than purely historical information, including estimates, projections, statements relating to the Company's business plans, objectives and expected operating results, and the assumptions upon which those statements are based, are "forward-looking statements" within the meanings of the Private Securities Litigation Reform Act of 1995, Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. Forward-looking statements may appear throughout this report. These forward-looking statements are generally identified by the words "believes," "expects," "intends," "anticipates," "projects," "future," "confident," "may," "should," "will," "strategy," "plan," "opportunity," "will be," "will likely result," "will continue" or similar references, or references to estimates, predictions or future events. Such forward-looking statements are based upon certain underlying assumptions, risks and uncertainties. Because of the possibility that the underlying assumptions are incorrect or do not materialize as expected in the future, actual results could differ materially from these forward-looking statements. Risks and uncertainties that may affect future results include: interest rate risk, including the effects of recent rate increases by the Federal Reserve; fluctuations in the values of the securities held in our investment portfolio, including as a result of rising interest rates, which has resulted in unrealized losses in our portfolio; competitive pressures, including from non-bank competitors such as "fintech" companies and digital asset service providers; pricing pressures on loans and deposits; our ability to successfully manage liquidity risk; changes in credit and other risks posed by the Company's loan portfolio, including declines in commercial or residential real estate values or changes in the allowance for loan losses dictated by new market conditions, accounting standards (including as a result of the implementation of the current expected credit loss (CECL) accounting standard) or regulatory requirements; changes in local, national and international economic conditions, including rising rates of inflation; changes in legal and regulatory requirements, limitations and costs; changes in customers' acceptance of the Company's products and services; cyber-attacks; unexpected outcomes of existing or new litigation involving the Company; the monetary, trade and other regulatory policies of the U.S. government; acts of war or terrorism, including the Russian invasion of Ukraine, widespread disease or pandemics, such as the COVID-19 pandemic, or other adverse external events; risks related to climate change and the negative impact it may have on our customers and their businesses; developments and uncertainty related to the future use and availability of some reference rates, such as the expected discontinuation of the London Interbank Offered Rate and the development of other alternative reference rates; changes to U.S. tax laws, regulations and guidance; talent and labor shortages; the new 1% excise tax on stock buybacks by publicly traded companies; and any other risks described in the "Risk Factors" sections of reports filed by the Company with the Securities and Exchange Commission. The Company undertakes no obligation to revise or update such forward-looking statements to reflect current or future events or circumstances after the date hereof or to reflect the occurrence of unanticipated events.

WEST BANCORPORATION, INC. AND SUBSIDIARY
Financial Information (unaudited)
(in thousands)
As of
CONDENSED BALANCE SHEETS December 31,
2022
September 30,
2022
June 30,
2022
March 31,
2022
December 31,
2021
Assets
Cash and due from banks $24,896 $58,342 $26,174 $21,896 $17,555
Interest-bearing deposits 1,643 1,049 766 122,359 175,270
Securities available for sale, at fair value 664,115 671,752 731,970 797,912 758,822
Federal Home Loan Bank stock, at cost 19,336 18,350 15,532 10,269 9,965
Loans 2,742,836 2,614,145 2,573,129 2,485,366 2,456,196
Allowance for loan losses (25,473) (25,418) (25,434) (27,623) (28,364)
Loans, net 2,717,363 2,588,727 2,547,695 2,457,743 2,427,832
Premises and equipment, net 53,124 44,592 41,807 40,898 34,568
Bank-owned life insurance 44,573 44,318 44,072 43,836 43,609
Other assets 88,168 90,387 66,775 52,156 32,580
Total assets $3,613,218 $3,517,517 $3,474,791 $3,547,069 $3,500,201
Liabilities and Stockholders' Equity
Deposits $2,880,408 $2,822,847 $2,842,451 $3,091,252 $3,016,005
Federal funds purchased and other short-term borrowings 200,000 204,500 133,000 - 2,880
Other borrowings 285,855 255,789 255,751 196,954 196,986
Other liabilities 35,843 35,617 27,400 22,383 24,002
Stockholders' equity 211,112 198,764 216,189 236,480 260,328
Total liabilities and stockholders' equity $3,613,218 $3,517,517 $3,474,791 $3,547,069 $3,500,201
For the quarter ended
AVERAGE BALANCES December 31,
2022
September 30,
2022
June 30,
2022
March 31,
2022
December 31,
2021
Assets $3,511,717 $3,475,894 $3,503,686 $3,544,564 $3,421,020
Loans 2,649,671 2,579,862 2,537,152 2,449,521 2,379,872
Deposits 2,901,928 2,864,648 3,002,535 3,067,019 2,964,585
Stockholders' equity 199,947 219,065 222,731 255,130 255,224


WEST BANCORPORATION, INC. AND SUBSIDIARY
Financial Information (unaudited)
(in thousands)
As of
ANALYSIS OF LOAN PORTFOLIO December 31,
2022
September 30,
2022
June 30,
2022
March 31,
2022
December 31,
2021
Loan mix:
Commercial $519,196 $526,336 $475,704 $466,874 $492,815
Real estate:
Construction, land and land development 363,015 341,549 390,137 388,424 359,258
1-4 family residential first mortgages 75,211 69,991 69,829 65,978 66,216
Home equity 10,322 10,271 8,564 9,213 8,422
Commercial 1,771,940 1,661,907 1,627,150 1,555,001 1,530,218
Consumer and other 7,291 7,884 5,912 4,068 3,797
2,746,975 2,617,938 2,577,296 2,489,558 2,460,726
Net unamortized fees and costs (4,139) (3,793) (4,167) (4,192) (4,530)
Total loans $2,742,836 $2,614,145 $2,573,129 $2,485,366 $2,456,196
Less allowance for loan losses (25,473) (25,418) (25,434) (27,623) (28,364)
Net loans $2,717,363 $2,588,727 $2,547,695 $2,457,743 $2,427,832
ANALYSIS OF DEPOSITS
Deposit mix:
Noninterest-bearing demand $693,563 $712,722 $690,335 $710,697 $720,136
Interest-bearing demand 536,226 469,257 472,919 554,235 548,242
Savings and money market 1,237,954 1,252,694 1,360,020 1,632,690 1,550,636
Time 412,665 388,174 319,177 193,630 196,991
Total deposits $2,880,408 $2,822,847 $2,842,451 $3,091,252 $3,016,005
ANALYSIS OF BORROWINGS
Borrowings mix:
Federal funds purchased and other short-term borrowings $200,000 $204,500 $133,000 $- $2,880
Subordinated notes, net 79,369 79,303 79,265 20,468 20,465
Federal Home Loan Bank advances 155,000 125,000 125,000 125,000 125,000
Long-term debt 51,486 51,486 51,486 51,486 51,521
Total borrowings $485,855 $460,289 $388,751 $196,954 $199,866
STOCKHOLDERS' EQUITY
Preferred stock $- $- $- $- $-
Common stock 3,000 3,000 3,000 3,000 3,000
Additional paid-in capital 32,021 31,152 30,283 29,421 30,183
Retained earnings 267,562 262,776 255,334 246,827 237,782
Accumulated other comprehensive loss (91,471) (98,164) (72,428) (42,768) (10,637)
Total Stockholders' Equity $211,112 $198,764 $216,189 $236,480 $260,328


WEST BANCORPORATION, INC. AND SUBSIDIARY
Financial Information (unaudited)
(in thousands)
For the Quarter Ended
CONSOLIDATED STATEMENTS OF INCOME December 31,
2022
September 30,
2022
June 30,
2022
March 31,
2022
December 31,
2021
Interest income:
Loans, including fees $30,859 $28,102 $24,848 $23,286 $24,179
Securities:
Taxable 3,398 3,147 3,090 2,889 2,590
Tax-exempt 887 890 892 858 829
Interest-bearing deposits 24 30 67 82 66
Total interest income 35,168 32,169 28,897 27,115 27,664
Interest expense:
Deposits 11,043 6,289 3,146 2,151 2,055
Federal funds purchased and other short-term borrowings 952 655 157 - 1
Subordinated notes 1,119 1,106 394 248 254
Federal Home Loan Bank advances 755 649 635 630 656
Long-term debt 630 466 326 258 96
Total interest expense 14,499 9,165 4,658 3,287 3,062
Net interest income 20,669 23,004 24,239 23,828 24,602
Provision for loan losses - - (1,750) (750) -
Net interest income after provision for loan losses 20,669 23,004 25,989 24,578 24,602
Noninterest income:
Service charges on deposit accounts 476 553 585 580 603
Debit card usage fees 492 498 507 472 505
Trust services 678 780 622 629 633
Increase in cash value of bank-owned life insurance 255 246 236 227 233
Loan swap fees - 835 - - 24
Other income 364 364 328 481 350
Total noninterest income 2,265 3,276 2,278 2,389 2,348
Noninterest expense:
Salaries and employee benefits 6,552 6,578 6,410 6,298 5,928
Occupancy 1,270 1,315 1,242 1,086 1,532
Data processing 673 644 656 624 630
FDIC insurance 243 127 289 337 460
Professional fees 205 250 202 217 183
Director fees 215 209 222 168 184
Other expenses 2,507 2,335 2,245 1,932 2,954
Total noninterest expense 11,665 11,458 11,266 10,662 11,871
Income before income taxes 11,269 14,822 17,001 16,305 15,079
Income taxes 2,323 3,220 4,334 3,121 3,169
Net income $8,946 $11,602 $12,667 $13,184 $11,910
Basic earnings per common share $0.54 $0.70 $0.76 $0.80 $0.72
Diluted earnings per common share $0.53 $0.69 $0.75 $0.78 $0.71


WEST BANCORPORATION, INC. AND SUBSIDIARY
Financial Information (unaudited)
(in thousands)
For the Year Ended
CONSOLIDATED STATEMENTS OF INCOME December 31, 2022 December 31, 2021
Interest income:
Loans, including fees $107,095 $95,585
Securities:
Taxable 12,524 8,542
Tax-exempt 3,527 2,861
Interest-bearing deposits 203 292
Total interest income 123,349 107,280
Interest expense:
Deposits 22,629 7,948
Federal funds purchased and other short-term borrowings 1,764 5
Subordinated notes 2,867 1,008
Federal Home Loan Bank advances 2,669 2,944
Long-term debt 1,680 316
Total interest expense 31,609 12,221
Net interest income 91,740 95,059
Provision for loan losses (2,500) (1,500)
Net interest income after provision for loan losses 94,240 96,559
Noninterest income:
Service charges on deposit accounts 2,194 2,352
Debit card usage fees 1,969 1,948
Trust services 2,709 2,671
Increase in cash value of bank-owned life insurance 964 923
Loan swap fees 835 66
Realized securities gains, net - 51
Other income 1,537 1,718
Total noninterest income 10,208 9,729
Noninterest expense:
Salaries and employee benefits 25,838 23,226
Occupancy 4,913 5,162
Data processing 2,597 2,465
FDIC insurance 996 1,818
Professional fees 874 946
Director fees 814 765
Other expenses 9,019 8,998
Total noninterest expense 45,051 43,380
Income before income taxes 59,397 62,908
Income taxes 12,998 13,301
Net income $46,399 $49,607
Basic earnings per common share $2.79 $3.00
Diluted earnings per common share $2.76 $2.95


WEST BANCORPORATION, INC. AND SUBSIDIARY
Financial Information (unaudited)
As of and for the Quarter Ended For the Year Ended
COMMON SHARE DATA December 31,
2022
September 30,
2022
June 30,
2022
March 31,
2022
December 31,
2021
December 31,
2022
December 31,
2021
Earnings per common share (basic) $0.54 $0.70 $0.76 $0.80 $0.72 $2.79 $3.00
Earnings per common share (diluted) 0.53 0.69 0.75 0.78 0.71 2.76 2.95
Dividends per common share 0.25 0.25 0.25 0.25 0.24 1.00 0.94
Book value per common share(1) 12.69 11.94 12.99 14.22 15.73
Closing stock price 25.55 20.81 24.34 27.21 31.07
Market price/book value(2) 201.34% 174.29% 187.37% 191.35% 197.52%
Price earnings ratio(3) 11.93 7.49 7.98 8.39 10.88
Annualized dividend yield(4) 3.91% 4.81% 4.11% 3.68% 3.89%
REGULATORY CAPITAL RATIOS
Consolidated:
Total risk-based capital ratio 12.08% 12.34% 12.53% 10.72% 10.89%
Tier 1 risk-based capital ratio 9.55 9.72 9.81 9.81 9.92
Tier 1 leverage capital ratio 8.81 8.85 8.59 8.39 8.49
Common equity tier 1 ratio 8.96 9.11 9.17 9.16 9.24
West Bank:
Total risk-based capital ratio 13.08% 13.38% 13.62% 11.88% 12.10%
Tier 1 risk-based capital ratio 12.33 12.60 12.81 10.98 11.13
Tier 1 leverage capital ratio 11.37 11.47 11.22 9.39 9.53
Common equity tier 1 ratio 12.33 12.60 12.81 10.98 11.13
KEY PERFORMANCE RATIOS AND OTHER METRICS
Return on average assets(5) 1.01% 1.32% 1.45% 1.51% 1.38% 1.32% 1.52%
Return on average equity(6) 17.75 21.01 22.81 20.96 18.51 20.71 20.33
Net interest margin(7)(13) 2.49 2.78 2.93 2.85 3.00 2.76 3.05
Yield on interest-earning assets(8) 4.21 3.87 3.49 3.24 3.36 3.70 3.44
Cost of interest-bearing liabilities 2.24 1.45 0.73 0.52 0.50 1.24 0.53
Efficiency ratio(9)(13) 50.42 43.16 41.96 40.14 43.32 43.70 40.91
Non-performing assets to total assets(10) 0.01 0.01 0.01 0.25 0.26
ALLL ratio(11) 0.93 0.97 0.99 1.11 1.15
Loans/total assets 75.91 74.32 74.05 70.07 70.17
Loans/total deposits 95.22 92.61 90.53 80.40 81.44
Tangible common equity ratio(12) 5.84 5.65 6.22 6.67 7.44

(1) Includes accumulated other comprehensive income (loss).
(2) Closing stock price divided by book value per common share.
(3) Closing stock price divided by annualized earnings per common share (basic).
(4) Annualized dividend divided by period end closing stock price.
(5) Annualized net income divided by average assets.
(6) Annualized net income divided by average stockholders' equity.
(7) Annualized tax-equivalent net interest income divided by average interest-earning assets.
(8) Annualized tax-equivalent interest income on interest-earning assets divided by average interest-earning assets.
(9) Noninterest expense (excluding other real estate owned expense and write-down of premises) divided by noninterest income (excluding net securities gains/losses and gains/losses on disposition of premises and equipment) plus tax-equivalent net interest income.
(10) Total nonperforming assets divided by total assets.
(11) Allowance for loan losses divided by total loans.
(12) Common equity less intangible assets (none held) divided by tangible assets.
(13) A non-GAAP measure.

NON-GAAP FINANCIAL MEASURES

This report contains references to financial measures that are not defined in GAAP. Such non-GAAP financial measures include the Company's presentation of net interest income and net interest margin on a fully taxable equivalent (FTE) basis and the presentation of the efficiency ratio on an adjusted and FTE basis, excluding certain income and expenses. Management believes these non-GAAP financial measures provide useful information to both management and investors to analyze and evaluate the Company's financial performance. These measures are considered standard measures of comparison within the banking industry. Additionally, management believes providing measures on a FTE basis enhances the comparability of income arising from taxable and nontaxable sources. Limitations associated with non-GAAP financial measures include the risks that persons might disagree as to the appropriateness of items included in these measures and that different companies might calculate these measures differently. These non-GAAP disclosures should not be considered an alternative to the Company's GAAP results. The following table reconciles the non-GAAP financial measures of net interest income and net interest margin on a fully taxable equivalent basis and efficiency ratio on an adjusted and FTE basis.

(in thousands) As of and for the Quarter Ended For the Year Ended
December 31,
2022
September 30,
2022
June 30,
2022
March 31,
2022
December 31,
2021
December 31,
2022
December 31,
2021
Reconciliation of net interest income and net interest margin on a FTE basis to GAAP:
Net interest income (GAAP) $20,669 $23,004 $24,239 $23,828 $24,602 $91,740 $95,059
Tax-equivalent adjustment (1) 197 270 326 329 397 1,122 1,202
Net interest income on a FTE basis (non-GAAP) 20,866 23,274 24,565 24,157 24,999 92,862 96,261
Average interest-earning assets 3,328,941 3,322,522 3,362,313 3,432,114 3,309,625 3,361,091 3,152,138
Net interest margin on a FTE basis (non-GAAP) 2.49% 2.78% 2.93% 2.85% 3.00% 2.76% 3.05%
Reconciliation of efficiency ratio on an adjusted and FTE basis to GAAP:
Net interest income on a FTE basis (non-GAAP) $20,866 $23,274 $24,565 $24,157 $24,999 $92,862 $96,261
Noninterest income 2,265 3,276 2,278 2,389 2,348 10,208 9,729
Adjustment for realized securities gains, net - - - - - - (51)
Adjustment for losses on disposal of premises and equipment, net 2 - 9 18 55 29 84
Adjusted income 23,133 26,550 26,852 26,564 27,402 103,099 106,023
Noninterest expense 11,665 11,458 11,266 10,662 11,871 45,051 43,380
Efficiency ratio on an adjusted and FTE basis (non-GAAP) (2) 50.42% 43.16% 41.96% 40.14% 43.32% 43.70% 40.91%

(1) Computed on a tax-equivalent basis using a federal income tax rate of 21 percent, adjusted to reflect the effect of the nondeductible interest expense associated with owning tax-exempt securities and loans. Management believes the presentation of this non-GAAP measure provides supplemental useful information for proper understanding of the financial results, as it enhances the comparability of income arising from taxable and nontaxable sources.
(2) The efficiency ratio expresses noninterest expense as a percent of fully taxable equivalent net interest income and noninterest income, excluding specific noninterest income and expenses. Management believes the presentation of this non-GAAP measure provides supplemental useful information for proper understanding of the Company's financial performance. It is a standard measure of comparison within the banking industry. A lower ratio is more desirable.

For more information contact:
Jane Funk, Executive Vice President, Treasurer and Chief Financial Officer (515) 222-5766


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