-
Landmark Bancorp, Inc. Announces First Quarter Earnings Per Share of $0.51. Declares Cash Dividend of $0.21 per Share
Source: Nasdaq GlobeNewswire / 01 May 2024 16:50:00 America/New_York
Manhattan, KS, May 01, 2024 (GLOBE NEWSWIRE) -- Landmark Bancorp, Inc. (“Landmark”; Nasdaq: LARK) reported diluted earnings per share of $0.51 for the three months ended March 31, 2024, compared to $0.48 per share in the fourth quarter of 2023 and $0.61 per share in the same quarter last year. Net earnings for the first quarter of 2024 amounted to $2.8 million, compared to $2.6 million in the prior quarter and $3.4 million for the first quarter of 2023. For the three months ended March 31, 2024, the return on average assets was 0.72%, the return on average equity was 8.88%, and the efficiency ratio was 73.0%.
In announcing these results, Abby Wendel, President and Chief Executive Officer of Landmark, said, “We are pleased with our first quarter results, which included continued solid loan growth, controlled expenses, and good credit quality. Compared to the fourth quarter 2023, total gross loans increased by $15.4 million, or 6.5% on an annualized basis, reflecting solid demand for residential mortgage, construction and commercial loans. Average interest-bearing deposits also increased $24.8 million this quarter. Net interest income totaled $10.7 million, a decrease of 1.3% from the prior quarter, as increased interest costs on deposits outpaced growth in interest income on loans. Our net interest margin increased slightly to 3.12% aided by relatively stable interest rates this quarter from the fourth quarter. Non-interest income increased $1.1 million as the fourth quarter of 2023 included a $1.2 million loss on the sale of lower rate investment securities. Our continuing focus on managing non-interest expense resulted in a slight decline this quarter while non-interest expense increased only 2.0% over the same period last year. A provision for credit losses of $300,000 was recorded in the first quarter of 2024 as we increased our allowance for credit losses to reflect the growth in loans.”
Ms. Wendel continued, “The credit quality of our loan portfolio remains excellent. Landmark recorded net loan charge-offs of $7,000 in the first quarter of 2024 compared to $362,000 in the fourth quarter of 2023 and $47,000 in the first quarter of 2023. The ratio of net loan charge-offs to loans remains low. Non-accrual loans totaled $3.6 million, or 0.38%, of gross loans at March 31, 2024 while the balance of loans past due 30 to 89 days totaled $3.9 million, or 0.41%, of gross loans at March 31, 2024. The allowance for credit losses totaled $10.9 million at March 31, 2024, or 1.13% of period end gross loans. Our loans to deposits ratio totaled 73.6% at the end of the first quarter reflecting ample liquidity for future loan growth.”
Landmark’s Board of Directors declared a cash dividend of $0.21 per share, an increase of 5%, to be paid May 29, 2024, to common stockholders of record as of the close of business on May 15, 2024.
Management will host a conference call to discuss the Company’s financial results at 10:00 a.m. (Central time) on Thursday, May 2, 2024. Investors may participate via telephone by dialing (833) 470-1428 and using access code 688391. A replay of the call will be available through June 1, 2024, by dialing (866) 813-9403 and using access code 260752.
SUMMARY OF FIRST QUARTER RESULTS
Net Interest Income
Net interest income in the first quarter of 2024 amounted to $10.7 million representing a decrease of $139,000, or 1.3%, compared to the previous quarter. This decrease in net interest income was due mainly to higher interest expense on deposits, and was partially offset by growth in interest income on loans and lower interest expense on borrowings. The net interest margin increased to 3.12% during the first quarter. Compared to the previous quarter, interest income on loans increased $267,000, or 1.9%, to $14.5 million due to both higher balances and rates. The average tax-equivalent yield on the loan portfolio increased 12 basis points to 6.16%. Interest expense on deposits increased $578,000, or 11.8%, in the first quarter 2024, compared to the prior quarter, mainly due to higher rates and average balances on interest-bearing deposits. The average rate on interest-bearing deposits increased in the first quarter to 2.35% compared to 2.13% in the prior quarter. Interest on borrowed funds decreased $180,000 due primarily to lower average balances.
Non-Interest Income
Non-interest income totaled $3.4 million for the first quarter of 2024, a decrease of $95,000, or 2.7%, compared to the same period last year and an increase of $1.1 million, or 50.8%, from the previous quarter. The increase in non-interest income compared to the fourth quarter of 2023 was primarily the result of securities losses of $1.2 million taken in the fourth quarter of 2023 which did not re-occur in the current quarter. Gains on sales of one-to-four family residential real estate loans declined $181,000 from the same period last year but increased $257,000 from the prior quarter. Fees and service charges increased $103,000 compared to the same period last year but declined $302,000 from the prior quarter.
Non-Interest Expense
During the first quarter of 2024, non-interest expense totaled $10.6 million, an increase of $208,000, or 2.0%, over the same period in 2023 and a decrease of $11,000 compared to the prior quarter. Compared to the 1st quarter last year, compensation and benefits were flat while data processing expense declined 18.3%. Amortization expense also declined 10.6% but professional fees and other expenses increased $156,000 and $198,000, respectively. The increase in professional fees was associated with increased legal costs associated with revisions to the Company’s benefit plans while growth in other expense resulted from increased due to a valuation allowance recorded against real estate held for sale and an increase in operating losses incurred.
Income Tax Expense
Landmark recorded income tax expense of $518,000 in the first quarter of 2024 compared to income tax expense of $693,000 in the first quarter of 2023 and an income tax benefit of $111,000 in the fourth quarter of 2023. The effective tax rate was 15.7% in the first quarter of 2024 compared to 17.1% in the first quarter of 2023 and (4.4%) in the fourth quarter of 2023. The fourth quarter of 2023 included the recognition of $517,000 of previously unrecognized tax benefits, which reduced the effective tax rate in the periods.
Liquidity Highlights
In addition to local retail, commercial and public fund deposits, Landmark has access to multiple sources of brokered deposits that can be utilized for liquidity. Landmark also has diverse sources of liquidity available through both secured and unsecured borrowing lines of credit. At March 31, 2024, Landmark had collateral pledged to the Federal Home Loan Bank (“FHLB”) that would allow for an additional $165.3 million of FHLB borrowings. Additionally, investment securities were pledged to the Federal Reserve discount window that provides borrowing capacity with the Federal Reserve of $56.9 million. Landmark also had various other federal funds agreements, both secured and unsecured with correspondent banks totaling approximately $30.0 million in available credit at March 31, 2024.
As of March 31, 2024, Landmark had unpledged available-for-sale investment securities with a fair value of $63.4 million as well as approximately $69.5 million of pledged investment securities in excess of required levels. The average life of the Company’s investment portfolio is approximately 4.2 years and is projected to generate cash flow through maturities of $71.5 million over the next 12 months.
Balance Sheet Highlights
As of March 31, 2024, gross loans totaled $964.0 million, an increase of $15.4 million, or 6.5% annualized since December 31, 2023. During the quarter, loan growth was primarily comprised of one-to-four family residential real estate (growth of $10.3 million), construction and land (growth of $3.7 million), commercial real estate (growth of $2.4 million), municipal (growth of $1.2 million) and commercial (growth of $1.0 million) loans. The increase in one-to-four family residential real estate loans is primarily related to continued demand for adjustable-rate mortgage loans which are retained in our portfolio. Investment securities decreased $15.5 million during the first quarter of 2024, while pre-tax unrealized net losses on these investment securities increased from $21.9 million at December 31, 2023 to $24.4 million at March 31, 2024 mainly due to slightly higher interest rates.
Period end deposit balances decreased $22.7 million to $1.3 billion at March 31, 2024. The decrease in deposits was mainly driven by declines in money market and checking (decrease of $30.3 million) and non-interest-bearing demand (decrease of $2.7 million) in the first quarter but partly offset by higher certificate of deposit accounts and savings accounts, which increased in total by $10.3 million. The decrease in money market and checking accounts was mainly driven by a seasonal decline in public fund deposit account balances. However average interest-bearing deposits increased $24.8 million this quarter. Average borrowings, including FHLB advances and repurchase agreements decreased $11.8 million this quarter. At March 31, 2024, the loan to deposits ratio was 73.6% compared to 71.2% in the prior quarter and 66.4% in the same period last year.
Estimated uninsured deposits, excluding collateralized public fund deposits, totaled $174.2 million and $197.2 million as of March 31, 2024 and December 31, 2023, respectively. This represents approximately 14% of total deposits at March 31, 2024 and compares favorably with other similar community banking organizations. Over 92% of Landmark’s total deposits were considered core deposits at March 31, 2024. These deposit balances are from retail, commercial and public fund customers located in the markets where the Company has bank branch locations. Brokered deposits are considered non-core and totaled $95.7 million at March 31, 2024 compared to $83.2 million at December 31, 2023 and are utilized as an additional source of liquidity.
Stockholders’ equity decreased slightly to $126.7 million (book value of $23.14 per share) as of December 31, 2023, from $126.9 million (book value of $23.17 per share) as of December 31, 2023, primarily due to an increase in other comprehensive losses during the first quarter of 2024. The increase in other comprehensive losses resulted from higher market interest rates which increased the unrealized losses on the Company’s investment securities portfolio. The ratio of equity to total assets increased to 8.16% on March 31, 2024, from 8.13% on December 31, 2023.
The allowance for credit losses totaled $10.9 million, or 1.13% of total gross loans on March 31, 2024, compared to $10.6 million, or 1.12% of total gross loans on December 31, 2023. Net loan charge-offs totaled $7,000 in the first quarter of 2024, compared to $47,000 during the same quarter last year and $362,000 during the fourth quarter of 2023. A provision for credit losses of $300,000 was made in the first quarter of 2024 related to an increase loan balances and unfunded loan commitments.
Non-performing loans totaled $3.6 million, or 0.38% of gross loans at March 31, 2024 compared to $2.4 million, or 0.25% of gross loans at December 31, 2023. Loans 30-89 days delinquent totaled $3.9 million, or 0.41% of gross loans, as of March 31, 2024 compared to $1.6 million, or 0.17% of gross loans, as of December 31, 2023. Real estate owned totaled $428,000 at March 31, 2024.
About Landmark
Landmark Bancorp, Inc., the holding company for Landmark National Bank, is listed on the Nasdaq Global Market under the symbol “LARK.” Headquartered in Manhattan, Kansas, Landmark National Bank is a community banking organization dedicated to providing quality financial and banking services. Landmark National Bank has 30 locations in 24 communities across Kansas: Manhattan (2), Auburn, Dodge City (2), Fort Scott (2), Garden City, Great Bend (2), Hoisington, Iola, Junction City, Kincaid, La Crosse, Lawrence (2), Lenexa, Louisburg, Mound City, Osage City, Osawatomie, Overland Park, Paola, Pittsburg, Prairie Village, Topeka (2), Wamego and Wellsville, Kansas. Visit www.banklandmark.com for more information.
Contact: Mark A. Herpich Chief Financial Officer (785) 565-2000 Special Note Concerning Forward-Looking Statements
This press release may contain forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995 with respect to the financial condition, results of operations, plans, objectives, future performance and business of Landmark. Forward-looking statements, which may be based upon beliefs, expectations and assumptions of our management and on information currently available to management, are generally identifiable by the use of words such as “believe,” “expect,” “anticipate,” “plan,” “intend,” “estimate,” “may,” “will,” “would,” “could,” “should” or other similar expressions. Additionally, all statements in this press release, including forward-looking statements, speak only as of the date they are made, and Landmark undertakes no obligation to update any statement in light of new information or future events. A number of factors, many of which are beyond our ability to control or predict, could cause actual results to differ materially from those in our forward-looking statements. These factors include, among others, the following: (i) the strength of the local, national and international economies, including the effects of inflationary pressures and supply chain constraints on such economies; (ii) changes in state and federal laws, regulations and governmental policies concerning banking, securities, consumer protection, insurance, monetary, trade and tax matters, including any changes in response to the recent failures of other banks; (iii) changes in interest rates and prepayment rates of our assets; (iv) increased competition in the financial services sector and the inability to attract new customers, including from non-bank competitors such as credit unions and “fintech” companies; (v) timely development and acceptance of new products and services; (vi) changes in technology and the ability to develop and maintain secure and reliable electronic systems; (vii) our risk management framework; (viii) interruptions in information technology and telecommunications systems and third-party services; (ix) changes and uncertainty in benchmark interest rates, including the timing of rate changes, if any, by the Federal Reserve; (x) the effects of severe weather, natural disasters, widespread disease or pandemics, or other external events; (xi) the loss of key executives or employees; (xii) changes in consumer spending; (xiii) integration of acquired businesses; (xiv) unexpected outcomes of existing or new litigation; (xv) changes in accounting policies and practices, such as the implementation of the current expected credit losses accounting standard; (xvi) the economic impact of past and any future terrorist attacks, acts of war, including the current Israeli-Palestinian conflict and the conflict in Ukraine, or threats thereof, and the response of the United States to any such threats and attacks; (xvii) the ability to manage credit risk, forecast loan losses and maintain an adequate allowance for loan losses; (xviii) fluctuations in the value of securities held in our securities portfolio; (xix) concentrations within our loan portfolio, large loans to certain borrowers, and large deposits from certain clients; (xx) the concentration of large deposits from certain clients who have balances above current FDIC insurance limits and may withdraw deposits to diversify their exposure; (xxi) the level of non-performing assets on our balance sheets; (xxii) the ability to raise additional capital; (xxiii) cyber-attacks; (xxiv) declines in real estate values; (xxv) the effects of fraud on the part of our employees, customers, vendors or counterparties; and (xxvi) any other risks described in the “Risk Factors” sections of reports filed by Landmark with the Securities and Exchange Commission. These risks and uncertainties should be considered in evaluating forward-looking statements, and undue reliance should not be placed on such statements. Additional information concerning Landmark and its business, including additional risk factors that could materially affect Landmark’s financial results, is included in our filings with the Securities and Exchange Commission.
LANDMARK BANCORP, INC. AND SUBSIDIARIES
Consolidated Balance Sheets (unaudited)(Dollars in thousands) March 31, December 31, September 30, June 30, March 31, 2024 2023 2023 2023 2023 Assets Cash and cash equivalents $ 16,468 $ 27,101 $ 23,821 $ 20,038 $ 23,764 Interest-bearing deposits at other banks 4,920 4,918 5,904 8,336 8,586 Investment securities available-for-sale, at fair value: U.S. treasury securities 93,683 95,667 118,341 121,480 121,759 U.S. federal agency obligations - - - - 1,993 Municipal obligations, tax exempt 118,445 120,623 115,706 124,451 128,281 Municipal obligations, taxable 75,371 79,083 73,993 77,713 73,468 Agency mortgage-backed securities 149,777 157,396 148,817 160,734 164,669 Total investment securities available-for-sale 437,276 452,769 456,857 484,378 490,170 Investment securities held-to-maturity 3,584 3,555 3,525 3,496 3,467 Bank stocks, at cost 7,850 8,123 8,009 9,445 6,876 Loans: One-to-four family residential real estate 312,833 302,544 289,571 259,655 246,079 Construction and land 24,823 21,090 21,657 22,016 23,137 Commercial real estate 323,397 320,962 323,427 314,889 316,900 Commercial 181,945 180,942 185,831 181,424 172,331 Paycheck Protection Program (PPP) - - - - 21 Agriculture 86,808 89,680 84,560 84,345 80,499 Municipal 5,690 4,507 3,200 2,711 2,004 Consumer 28,544 28,931 29,180 28,219 28,835 Total gross loans 964,040 948,656 937,426 893,259 869,806 Net deferred loan (fees) costs and loans in process (578 ) (429 ) (396 ) (261 ) 2 Allowance for credit losses (10,851 ) (10,608 ) (10,970 ) (10,449 ) (10,267 ) Loans, net 952,611 937,619 926,060 882,549 859,541 Loans held for sale, at fair value 2,697 853 1,857 3,900 1,839 Bank owned life insurance 38,578 38,333 38,090 37,764 37,541 Premises and equipment, net 20,696 19,709 23,911 24,027 24,241 Goodwill 32,377 32,377 32,377 32,199 32,199 Other intangible assets, net 3,071 3,241 3,414 3,612 3,809 Mortgage servicing rights 2,977 3,158 3,368 3,514 3,652 Real estate owned, net 428 928 934 934 934 Other assets 29,684 28,988 29,459 25,148 24,198 Total assets $ 1,553,217 $ 1,561,672 $ 1,557,586 $ 1,539,340 $ 1,520,817 Liabilities and Stockholders’ Equity Liabilities: Deposits: Non-interest-bearing demand 364,386 367,103 395,046 382,410 421,971 Money market and checking 583,315 613,613 586,651 606,474 588,366 Savings 154,000 152,381 157,112 160,426 169,504 Certificates of deposit 191,823 183,154 169,225 131,661 114,189 Total deposits 1,293,524 1,316,251 1,308,034 1,280,971 1,294,030 FHLB and other borrowings 74,716 64,662 74,567 76,185 37,804 Subordinated debentures 21,651 21,651 21,651 21,651 21,651 Repurchase agreements 15,895 12,714 20,592 22,293 28,750 Accrued interest and other liabilities 20,760 19,480 23,185 20,887 20,864 Total liabilities 1,426,546 1,434,758 1,448,029 1,421,987 1,403,099 Stockholders’ equity: Common stock 55 55 52 52 52 Additional paid-in capital 89,364 89,208 84,568 84,475 84,413 Retained earnings 55,912 54,282 57,280 55,498 53,231 Treasury stock, at cost (249 ) (75 ) - - - Accumulated other comprehensive (loss) income (18,411 ) (16,556 ) (32,343 ) (22,672 ) (19,978 ) Total stockholders’ equity 126,671 126,914 109,557 117,353 117,718 Total liabilities and stockholders’ equity $ 1,553,217 $ 1,561,672 $ 1,557,586 $ 1,539,340 $ 1,520,817 LANDMARK BANCORP, INC. AND SUBSIDIARIES
Consolidated Statements of Earnings (unaudited)(Dollars in thousands, except per share amounts) Three months ended, March 31, December 31, March 31, 2024 2023 2023 Interest income: Loans $ 14,490 $ 14,223 $ 11,376 Investment securities: Taxable 2,428 2,453 2,317 Tax-exempt 764 761 786 Interest-bearing deposits at banks 63 49 98 Total interest income 17,745 17,486 14,577 Interest expense: Deposits 5,457 4,879 2,539 FHLB and other borrowings 1,022 1,203 567 Subordinated debentures 412 422 364 Repurchase agreements 107 96 160 Total interest expense 6,998 6,600 3,630 Net interest income 10,747 10,886 10,947 Provision for credit losses 300 50 49 Net interest income after provision for credit losses 10,447 10,836 10,898 Non-interest income: Fees and service charges 2,461 2,763 2,358 Gains on sales of loans, net 512 255 693 Bank owned life insurance 245 242 218 Losses on sales of investment securities, net - (1,246 ) - Other 182 240 226 Total non-interest income 3,400 2,254 3,495 Non-interest expense: Compensation and benefits 5,532 5,756 5,542 Occupancy and equipment 1,390 1,429 1,369 Data processing 481 462 589 Amortization of mortgage servicing rights and other intangibles 412 437 461 Professional fees 647 730 491 Other 2,089 1,748 1,891 Total non-interest expense 10,551 10,562 10,343 Earnings before income taxes 3,296 2,528 4,050 Income tax expense 518 (111 ) 693 Net earnings $ 2,778 $ 2,639 $ 3,357 Net earnings per share (1) Basic $ 0.51 $ 0.48 $ 0.61 Diluted 0.51 0.48 0.61 Dividends per share (1) 0.21 0.20 0.20 Shares outstanding at end of period (1) 5,473,867 5,477,595 5,476,354 Weighted average common shares outstanding - basic (1) 5,469,954 5,481,119 5,473,781 Weighted average common shares outstanding - diluted (1) 5,474,852 5,481,119 5,481,722 Tax equivalent net interest income $ 10,925 $ 11,017 $ 11,144 (1) Share and per share values at or for the period ended March 31, 2023 have been adjusted to give effect to the 5% stock dividend paid during December 2023.
LANDMARK BANCORP, INC. AND SUBSIDIARIES
Select Ratios and Other Data (unaudited)As of or for the (Dollars in thousands, except per share amounts) three months ended, March 31, December 31, March 31, 2024 2023 2023 Performance ratios: Return on average assets (1) 0.72 % 0.67 % 0.90 % Return on average equity (1) 8.88 % 9.39 % 12.04 % Net interest margin (1)(2) 3.12 % 3.11 % 3.31 % Effective tax rate 15.7 % -4.4 % 17.1 % Efficiency ratio (3) 73.0 % 71.9 % 70.1 % Non-interest income to total income (3) 24.1 % 24.3 % 24.2 % Average balances: Investment securities $ 456,933 $ 463,763 $ 499,538 Loans 945,737 934,333 850,331 Assets 1,555,662 1,555,742 1,511,077 Interest-bearing deposits 935,417 910,610 872,900 FHLB and other borrowings 72,618 84,408 45,217 Subordinated debentures 21,651 21,651 21,651 Repurchase agreements 14,371 13,785 27,548 Stockholders’ equity $ 125,846 $ 111,560 $ 113,115 Average tax equivalent yield/cost (1): Investment securities 2.96 % 2.86 % 2.68 % Loans 6.16 % 6.04 % 5.43 % Total interest-bearing assets 5.11 % 4.97 % 4.39 % Interest-bearing deposits 2.35 % 2.13 % 1.18 % FHLB and other borrowings 5.66 % 5.65 % 5.09 % Subordinated debentures 7.65 % 7.73 % 6.82 % Repurchase agreements 2.99 % 2.79 % 2.36 % Total interest-bearing liabilities 2.70 % 2.54 % 1.52 % Capital ratios: Equity to total assets 8.16 % 8.13 % 7.74 % Tangible equity to tangible assets (3) 6.01 % 5.98 % 5.50 % Book value per share $ 23.14 $ 23.17 $ 21.50 Tangible book value per share (3) $ 16.67 $ 16.67 $ 14.92 Rollforward of allowance for credit losses (loans): Beginning balance $ 10,608 $ 10,970 $ 8,791 Adoption of CECL - - 1,523 Charge-offs (141 ) (442 ) (108 ) Recoveries 134 80 61 Provision for credit losses for loans 250 - - Ending balance $ 10,851 $ 10,608 $ 10,267 Allowance for unfunded loan commitments $ 300 $ 250 $ 200 Non-performing assets: Non-accrual loans $ 3,621 $ 2,391 $ 3,311 Accruing loans over 90 days past due - - - Real estate owned 428 928 934 Total non-performing assets $ 4,049 $ 3,319 $ 4,245 Loans 30-89 days delinquent $ 4,064 $ 1,582 $ 1,490 Other ratios: Loans to deposits 73.64 % 71.23 % 66.42 % Loans 30-89 days delinquent and still accruing to gross loans outstanding 0.42 % 0.17 % 0.17 % Total non-performing loans to gross loans outstanding 0.38 % 0.25 % 0.38 % Total non-performing assets to total assets 0.26 % 0.21 % 0.28 % Allowance for credit losses to gross loans outstanding 1.13 % 1.12 % 1.18 % Allowance for credit losses to total non-performing loans 299.67 % 443.66 % 310.09 % Net loan charge-offs to average loans (1) 0.00 % 0.15 % 0.02 % (1) Information is annualized.
(2) Net interest margin is presented on a fully tax equivalent basis, using a 21% federal tax rate.
(3) Non-GAAP financial measures. See the “Non-GAAP Financial Measures” section of this press release for a reconciliation to the most comparable GAAP equivalent.LANDMARK BANCORP, INC. AND SUBSIDIARIES
Non-GAAP Finacials Measures (unaudited)As of or for the (Dollars in thousands, except per share amounts) three months ended, March 31, December 31, March 31, 2024 2023 2023 Non-GAAP financial ratio reconciliation: Total non-interest expense $ 10,551 $ 10,562 $ 10,343 Less: foreclosure and real estate owned expense (50 ) (40 ) (17 ) Less: amortization of other intangibles (170 ) (174 ) (197 ) Less: acquisition costs - - - Adjusted non-interest expense (A) 10,331 10,348 10,129 Net interest income (B) 10,747 10,886 10,947 Non-interest income 3,400 2,254 3,495 Less: losses (gains) on sales of investment securities, net - 1,246 - Less: gains on sales of premises and equipment and foreclosed assets 9 - (1 ) Adjusted non-interest income (C) $ 3,409 $ 3,500 $ 3,494 Efficiency ratio (A/(B+C)) 73.0 % 71.9 % 70.1 % Non-interest income to total income (C/(B+C)) 24.1 % 24.3 % 24.2 % Total stockholders’ equity $ 126,671 $ 126,914 $ 117,718 Less: goodwill and other intangible assets (35,448 ) (35,618 ) (36,008 ) Tangible equity (D) $ 91,223 $ 91,296 $ 81,710 Total assets $ 1,553,217 $ 1,561,672 $ 1,520,817 Less: goodwill and other intangible assets (35,448 ) (35,618 ) (36,008 ) Tangible assets (E) $ 1,517,769 $ 1,526,054 $ 1,484,809 Tangible equity to tangible assets (D/E) 6.01 % 5.98 % 5.50 % Shares outstanding at end of period (F) 5,473,867 5,477,595 5,476,354 Tangible book value per share (D/F) $ 16.67 $ 16.67 $ 14.92 
