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Chemung Financial Corporation Reports First Quarter 2019 Net Income of $4.5 Million, or $0.92 per Share

ELMIRA, N.Y., April 17, 2019 (GLOBE NEWSWIRE) -- Chemung Financial Corporation (the “Corporation”) (CHMG), the parent company of Chemung Canal Trust Company (the “Bank”), today reported net income of $4.5 million, or $0.92 per share, for the first quarter of 2019, compared to $4.4 million, or $0.92 per share, for the first quarter of 2018.

Anders M. Tomson, Chemung Financial Corporation CEO, stated:

“We are pleased to report a strong first quarter, which included a 6.4% increase in interest income and a 4.7% reduction in non-interest expenses, when compared to the first quarter of last year.  Unfortunately, an increase in our first quarter provision for loan losses was required due to a nonperforming commercial loan relationship in our legacy market.  We remain diligent in our efforts to work with the borrower in expectation of full satisfaction of the debt.  As we move forward through the year, we are cognizant of increased lending demand within several regions of our footprint and remain optimistic of the balance sheet growth opportunity that this level of activity would provide.”

First Quarter Highlights1

  • Total interest and dividend income increased $1.0 million, or 6.4%
  • Net interest income increased $0.3 million, or 1.8%
  • Provision for loan losses increased $0.4 million, or 54.2% 
  • Total non-interest expense decreased $0.7 million, or 4.7%
  • Total assets increased $14.2 million, or 0.8%
  • Securities available for sale increased $24.5 million, or 10.1%
  • Dividends declared during the first quarter of 2019 were $0.26 per share

A more detailed summary of financial performance follows.

1 Balance sheet comparisons are calculated for March 31, 2019 versus December 31, 2018.  Income statement comparisons are calculated for the first quarter of 2019 versus the first quarter of 2018.


1st Quarter 2019 vs 1st Quarter 2018

Net Interest Income:

Net interest income for the current quarter totaled $15.2 million compared with $14.9 million for the same period in the prior year, an increase of $0.3 million, or 1.8%, due primarily to a $1.0 million increase in total interest and dividend income, offset by a $0.7 million increase in total interest expense.  Interest and fees from loans increased $0.4 million and interest from interest-earning deposits increased $0.7 million, while interest and dividends from investments decreased $0.1 million in the first quarter of 2019 as compared to the same period in the prior year.  Interest expense on deposits increased $1.0 million, while interest expense on securities sold under agreements to repurchase decreased $0.1 million and interest expense on borrowed funds decreased $0.1 million in the first quarter of 2019 when compared to the same period in the prior year.  Fully taxable equivalent net interest margin was 3.71% in the first quarter of 2019, compared with 3.75% for the same period in the prior year.  The average yield on interest-earning assets increased 13 basis points, while the average cost of interest-bearing liabilities increased 26 basis points in the first quarter of 2019, compared to the same period in the prior year.  Average interest-earning assets increased $47.3 million in the first quarter of 2019, compared to the same period in the prior year.  The increase in interest and dividend income for the current quarter can be mostly attributed to average yield increases of 18 basis points on commercial loans, 29 basis points in consumer loans, 18 basis points in taxable securities and 23 basis points in interest-earning deposits, due to rising interest rates, along with a $9.5 million increase in the average balance of commercial loans, primarily commercial real estate, and a $110.0 million increase in the average balance of interest-earning deposits, compared to the same period in the prior year.  The increase in interest expense for the current quarter can be mostly attributed to an increase in interest rates on interest-bearing deposit accounts, including promotional interest rates on time deposits, offset by a $44.5 million decrease in the average balance of borrowed funds.

Non-Interest Income:

Non-interest income for the current quarter was $4.9 million compared with $5.5 million for the same period in the prior year, a decrease of $0.6 million, or 10.0%.  The decrease was due primarily to decreases of $0.4 million in other non-interest income and $0.1 million in service charges on deposit accounts, along with $0.1 million in net losses on sales of other real estate owned.  These items were offset by a $0.1 million increase in the fair market value of equity investments.  The decrease in other non-interest income was due primarily to the $0.4 million New York State sales tax refund received in March 2018.

Non-Interest Expense:

Non-interest expense for the current quarter was $13.5 million compared with $14.2 million for the same period in the prior year, a decrease of $0.7 million, or 4.7%.  The decrease was due primarily to decreases of $0.1 million in pension and other employee benefits, $0.1 million in furniture and equipment expense, $0.1 million in professional services, $0.1 million in other real estate owned expense, and $0.3 million in other non-interest expenses.  These items were partially offset by a $0.3 million reduced credit in other components of net periodic pension and postretirement benefits.  The decrease in pension and other employee benefits was due primarily to reduced health care costs.  The decrease in furniture and equipment expense was due primarily to runoff in depreciation expense related to mechanical equipment, as well as a reduction in non-capitalized fixed asset purchases as compared to the prior year period due to the opening of two new branches in 2018.  The decrease in professional services was due primarily to consulting costs associated with the New York State sales tax refund received in March 2018. 

Income Tax Expense:

Income tax expense for the current quarter was $1.0 million, a slight decrease when compared to the same period in the prior year.  The effective tax rate decreased from 19.3% for the first quarter of 2018 to 18.8% for the first quarter of 2019.

1st Quarter 2019 vs 4th Quarter 2018

Net Interest Income:

Net interest income for the current quarter totaled $15.2 million compared with $15.5 million for the prior quarter, a decrease of $0.3 million, or 2.0%, due primarily to a $0.2 million decrease in total interest and dividend income and an increase of $0.1 million in total interest expense.  Total interest and dividend income decreased due primarily to a decrease of $0.4 million in interest and fees from loans, offset by increases of $0.1 million in interest and dividends from taxable securities and $0.1 million in interest income from interest-earning deposits.  Total interest expense increased $0.1 million due to an increase in interest expense on deposits.  Fully taxable equivalent net interest margin was 3.71% in the first quarter of 2019, compared with 3.68% for the prior quarter.  The average yield on interest-earning assets increased six basis points, while the average cost of interest-bearing liabilities increased five basis points in the first quarter of 2019, compared to the prior quarter.  Average interest-earning assets decreased $9.2 million in the first quarter of 2019, compared to the prior quarter.  The decrease in total interest and dividend income for the current quarter can be mostly attributed to the lower average balances of $4.4 million in residential mortgages, $8.7 million in consumer loans and $3.7 million in investment securities, along with a four basis points decrease in the average yield on commercial loans.  These items were offset by a 33 basis points increase in the average yield on taxable securities, compared to the prior quarter.  The increase in interest expense for the current quarter can be mostly attributed to an increase in interest rates on interest-bearing deposit accounts, including promotional interest rates on time deposits.

Non-Interest Income:

Non-interest income for the current quarter was $4.9 million, a slight increase when compared to the prior quarter.  The slight increase was due primarily to a $0.3 million increase in the fair market value of equity investments, offset by decreases of $0.1 million in net gains on sales of loans held for sale and $0.1 million in service charges on deposit accounts.

Non-Interest Expense:

Non-interest expense for the current quarter was $13.5 million compared with $14.2 million for the prior quarter, a decrease of $0.7 million, or 5.0%.  The decrease can be mostly attributed to a $0.8 million charge related to the lump sum settlement to terminated, vested employees that was included in other components of net periodic pension and postretirement benefits in the prior quarter. There were also decreases of $0.2 million in professional services and $0.4 million in other non-interest expense, partially offset by increases of $0.4 million in salaries and wages and $0.5 million in pension and other employee benefits.  The decreases in professional services and other non-interest expense was related to the timing of various projects.  The increase in salaries and wages can be attributed to reductions in year-end bonus accruals and deferred compensation recorded in the prior quarter, along with a decrease in open positions in the current quarter.  The increase in pension and other employee benefits can be attributed to higher payroll taxes and health care costs.

Income Tax Expense:

Income tax expense for the current quarter was $1.0 million compared with $0.7 million for the prior quarter, a decrease of $0.3 million, or 56.7%.  The increase in income tax expense can be attributed to a tax benefit of $0.4 million recorded in December 2018, due to the enactment of the Tax Cuts and Job Act of 2017.

Asset Quality

Non-performing loans totaled $15.1 million at March 31, 2019, or 1.16% of total loans, compared with $12.3 million at December 31, 2018, or 0.93% of total loans.  Non-performing assets, which are comprised of non-performing loans and other real estate owned, were $15.3 million, or 0.86% of total assets, at March 31, 2019, compared with $12.8 million, or 0.73% of total assets, at December 31, 2018. The increase in non-performing loans can be mostly attributed to one commercial relationship for $3.4 million, partially offset by decreases in non-performing loans in the residential mortgage and consumer loan portfolios.  The increase in in non-performing assets can also be attributed to the one commercial relationship for $3.4 million, partially offset by the sale of multiple other real estate owned properties during the first quarter of 2019.

Management performs an ongoing assessment of the adequacy of the allowance for loan losses based upon a number of factors including an analysis of historical loss factors, collateral evaluations, recent charge-off experience, credit quality of the loan portfolio, current economic conditions and loan growth.  Based on this analysis, the provision for loan losses for the first quarter of 2019 was $1.1 million, an increase of $0.4 million compared with the same period in the prior year.  The increase in the provision for loan losses was due primarily to recording a $1.9 million provision for the $3.4 million commercial relationship noted above.  This item was partially offset by lower loan loss factors and loan volume for the residential mortgage and consumer loan portfolios.  Net charge-offs for the first quarter of 2019 were $0.3 million, compared with $0.5 million for the first quarter of 2018. 

The allowance for loan losses was $19.7 million at March 31, 2019 compared with $18.9 million at December 31, 2018.  The allowance for loan losses was 130.77% of non-performing loans at March 31, 2019 compared with 154.59% at December 31, 2018.  The ratio of the allowance for loan losses to total loans was 1.52% at March 31, 2019 compared with 1.44% at December 31, 2018.

Balance Sheet Activity

Total assets were $1.770 billion at March 31, 2019 compared with $1.755 billion at December 31, 2018, an increase of $14.2 million, or 0.8%.  The increase can be mostly attributed to an increase of $24.5 million in securities available for sale and an increase of $8.4 million in operating lease right-of-use assets related to the adoption of ASU No. 2016-02 Leases (“Topic 842”) as of January 1, 2019.  These items were offset by decreases of $12.9 million in loans and $4.2 million in cash and cash equivalents.

The decrease in cash and cash equivalents was due to changes in securities, loans, deposits, and borrowings.  The decrease in total loans can be mostly attributed to decreases of $7.0 million in indirect consumer loans, $3.1 million in other consumer loans, $1.3 million in residential mortgages and $3.3 million in commercial mortgages, offset by an increase of $1.9 million in commercial and agricultural loans.  The increase in securities available for sale can be mostly attributed to purchases in the amount of $29.5 million, offset by maturities and paydowns.

Total liabilities were $1.598 billion at March 31, 2019 compared with $1.590 billion at December 31, 2018, an increase of $7.7 million or 0.5%.  The increase in total liabilities can be mostly attributed to an increase in operating lease liabilities related to the January 1, 2019 adoption of Topic 842.  Deposits totaled $1.567 billion at March 31, 2019 compared with $1.569 billion at December 31, 2018, a decrease of $2.7 million, or 0.2%.  The decline was attributable to a decrease of $22.4 million in non-interest bearing demand deposit accounts, offset by increases of $8.2 million in interest-bearing demand deposit accounts, $2.5 million in money market accounts, $2.2 million in savings accounts and $6.8 million in time deposits, due to a rate promotion.  The decrease in non-interest-bearing demand deposit accounts was mainly attributable to an outflow of commercial deposits.

Total shareholders’ equity was $171.5 million at March 31, 2019 compared with $165.0 million at December 31, 2018, an increase of $6.5 million, or 3.9%.  The increase in retained earnings of $3.2 million was due primarily to earnings of $4.5 million, offset by $1.3 million in dividends declared.  The decrease in accumulated other comprehensive loss of $2.6 million can be mostly attributed to the increase in the fair market value of the securities portfolio.  Also, treasury stock decreased $0.4 million, due to the issuance of shares to the Corporation’s employee benefit stock plans and directors’ stock plans.

The total equity to total assets ratio was 9.69% at March 31, 2019 compared with 9.40% at December 31, 2018.  The tangible equity to tangible assets ratio was 8.50% at March 31, 2019 compared with 8.19% at December 31, 2018.  Book value per share increased to $35.27 at March 31, 2019 from $33.99 at December 31, 2018.  As of March 31, 2019, the Bank’s capital ratios were in excess of those required to be considered well-capitalized under the regulatory framework for prompt corrective action.

Other Items

The market value of total assets under management or administration in our Wealth Management Group was $1.805 billion at March 31, 2019, including $282.1 million of assets under management or administration for the Corporation, compared to $1.768 billion at December 31, 2018, including $283.0 million of assets under management or administration for the Corporation, an increase of $36.7 million, or 2.1%.  The growth in total assets under management or administration can be mostly attributed to an increase in the market value of total assets.

About Chemung Financial Corporation

Chemung Financial Corporation is a $1.8 billion financial services holding company headquartered in Elmira, New York and operates 32 retail offices through its principal subsidiary, Chemung Canal Trust Company, a full service community bank with trust powers.  Established in 1833, Chemung Canal Trust Company is the oldest locally-owned and managed community bank in New York State.  Chemung Financial Corporation is also the parent of CFS Group, Inc., a financial services subsidiary offering non-traditional services including mutual funds, annuities, brokerage services, tax preparation services and insurance, and Chemung Risk Management, Inc., a captive insurance company based in the State of Nevada.

This press release may be found at: www.chemungcanal.com under Investor Relations.

Forward-Looking Statements:

This press release may contain forward-looking statements within the meaning of Section 27A of the Securities Act and Section 21E of the Securities Exchange Act, and the Private Securities Litigation Reform Act of 1995.  The Corporation intends its forward-looking statements to be covered by the safe harbor provisions for forward-looking statements in this press release.  All statements regarding the Corporation's expected financial position and operating results, the Corporation's business strategy, the Corporation's financial plans, forecasted demographic and economic trends relating to the Corporation's industry and similar matters are forward-looking statements.  These statements can sometimes be identified by the Corporation's use of forward-looking words such as "may," "will," "anticipate," "estimate," "expect," or "intend."  The Corporation cannot promise that its expectations in such forward-looking statements will turn out to be correct.  The Corporation's actual results could be materially different from expectations because of various factors, including changes in economic conditions or interest rates, credit risk, difficulties in managing the Corporation’s growth, competition, changes in law or the regulatory environment, including the Dodd-Frank Act, and changes in general business and economic trends.  Information concerning these and other factors can be found in the Corporation’s periodic filings with the Securities and Exchange Commission (“SEC”), including the 2018 Annual Report on Form 10-K.  These filings are available publicly on the SEC's website at http://www.sec.gov, on the Corporation's website at http://www.chemungcanal.com or upon request from the Corporate Secretary at (607) 737-3746.  Except as otherwise required by law, the Corporation undertakes no obligation to publicly update or revise its forward-looking statements, whether as a result of new information, future events, or otherwise.


                     
Chemung Financial Corporation
Consolidated Balance Sheets (Unaudited)
    March 31,   Dec. 31,   Sept. 30,   June 30,   March 31,
(in thousands)     2019       2018       2018       2018       2018  
ASSETS                    
Cash and due from financial institutions   $   28,153     $   33,040     $   31,831     $   30,837     $   25,473  
Interest-earning deposits in other financial institutions       97,657         96,932         82,081         3,978         5,531  
Total cash and cash equivalents       125,810         129,972         113,912         34,815         31,004  
                     
Equity investments       2,032         1,909         1,987         2,112         2,154  
                     
Securities available for sale       266,721         242,258         246,473         265,157         278,984  
Securities held to maturity       3,861         4,875         4,203         3,806         3,640  
FHLB and FRB stocks, at cost       3,143         3,138         3,138         5,816         3,097  
Total investment securities       273,725         250,271         253,814         274,779         285,721  
                     
Commercial       862,597         864,024         857,954         860,209         848,075  
Mortgage       181,428         182,724         188,636         193,423         194,600  
Consumer       255,012         265,158         274,048         280,812         277,236  
Loans, net of deferred loan fees       1,299,037         1,311,906         1,320,638         1,334,444         1,319,911  
Allowance for loan losses       (19,745 )       (18,944 )       (19,635 )       (19,645 )       (21,390 )
Loans, net       1,279,292         1,292,962         1,301,003         1,314,799         1,298,521  
                     
Loans held for sale       658         502         1,715         684         190  
Premises and equipment, net       24,279         24,980         25,514         26,049         26,136  
Operating lease right-of-use assets       8,391         -          -          -          -   
Goodwill       21,824         21,824         21,824         21,824         21,824  
Other intangible assets, net       1,188         1,351         1,527         1,709         1,891  
Accrued interest receivable and other assets       32,373         31,572         32,568         33,395         32,513  
Total assets   $   1,769,572     $   1,755,343     $   1,753,864     $   1,710,166     $   1,699,954  
                     
LIABILITIES AND SHAREHOLDERS' EQUITY                    
Deposits:                    
Non-interest-bearing demand deposits   $   462,000     $   484,433     $   469,887     $   462,233     $   460,271  
Interest-bearing demand deposits       187,834         179,603         211,099         125,867         144,707  
Money market accounts       540,476         537,948         532,489         522,328         574,075  
Savings deposits       219,199         217,027         217,621         222,387         222,700  
Time deposits       156,993         150,226         144,901         146,094         116,447  
Total deposits       1,566,502         1,569,237         1,575,997         1,478,909         1,518,200  
                     
Securities sold under agreements to repurchase       -          -          -          -          10,000  
FHLB advances and other debt       4,250         4,304         4,358         63,361         4,464  
Operating lease liabilities       8,399         -          -          -          -   
Accrued interest payable and other liabilities       18,887         16,773         17,010         16,116         17,028  
Total liabilities       1,598,038         1,590,314         1,597,365         1,558,386         1,549,692  
                     
Shareholders' equity                    
Common stock       53         53         53         53         53  
Additional-paid-in capital       46,174         45,820         46,006         45,873         46,404  
Retained earnings       146,340         143,129         138,654         132,973         131,694  
Treasury stock, at cost       (12,191 )       (12,562 )       (12,927 )       (12,998 )       (14,053 )
Accumulated other comprehensive loss       (8,842 )       (11,411 )       (15,287 )       (14,121 )       (13,836 )
Total shareholders' equity       171,534         165,029         156,499         151,780         150,262  
Total liabilities and shareholders' equity   $   1,769,572     $   1,755,343     $   1,753,864     $   1,710,166     $   1,699,954  
                     
Period-end shares outstanding       4,863         4,855         4,837         4,831         4,824  
                     

 

             
Chemung Financial Corporation
Consolidated Statements of Income (Unaudited)
    Three Months Ended    
    March 31,   Percent
(in thousands, except per share data)     2019       2018     Change
Interest and dividend income:            
Loans, including fees   $   14,489     $   14,050     3.1  
Taxable securities       1,195         1,289     (7.3 )
Tax exempt securities       273         308     (11.4 )
Interest-earning deposits       708         22     3118.2  
Total interest and dividend income       16,665         15,669     6.4  
             
Interest expense:            
Deposits       1,461         501     191.6  
Securities sold under agreements to repurchase       -          93     (100.0 )
Borrowed funds       37         175     (78.9 )
Total interest expense       1,498         769     94.8  
             
Net interest income       15,167         14,900     1.8  
Provision for loan losses       1,093         709     54.2  
Net interest income after provision for loan losses       14,074         14,191     (0.8 )
             
Non-interest income:            
Wealth management group fee income       2,276         2,316     (1.7 )
Service charges on deposit accounts       1,104         1,164     (5.2 )
Interchange revenue from debit card transactions       1,031         1,035     (0.4 )
Change in fair value of equity investments       89         (10 )   N/M
Net gains on sales of loans held for sale       48         46     4.3  
Net gains (losses) on sales of other real estate owned       (83 )       44     N/M
Income from bank owned life insurance       15         16     (6.3 )
Other       445         864     (48.5 )
Total non-interest income       4,925         5,475     (10.0 )
             
Non-interest expense:            
Salaries and wages       5,721         5,714     0.1  
Pension and other employee benefits       1,545         1,658     (6.8 )
Other components of net periodic pension and postretirement benefits       (141 )       (408 )   N/M
Net occupancy       1,567         1,608     (2.5 )
Furniture and equipment       528         658     (19.8 )
Data processing       1,727         1,742     (0.9 )
Professional services       405         540     (25.0 )
Amortization of intangible assets       163         194     (16.0 )
Marketing and advertising       268         349     (23.2 )
Other real estate owned expense       31         138     (77.5 )
FDIC insurance       265         317     (16.4 )
Loan expense       196         169     16.0  
Other       1,222         1,487     (17.8 )
Total non-interest expense       13,497         14,166     (4.7 )
             
Income before income tax expense       5,502         5,500     0.0  
Income tax expense       1,034         1,061     (2.5 )
Net income   $   4,468     $   4,439     0.7  
             
Basic and diluted earnings per share   $   0.92     $   0.92      
Cash dividends declared per share       0.26         0.26      
Average basic and diluted shares outstanding       4,860         4,822      
             
N/M - Not meaningful            
             

 

                     
Chemung Financial Corporation
Consolidated Financial Highlights (Unaudited)
                     
    As of or for the Three Months Ended
    March 31,   Dec. 31,   Sept. 30,   June 30,   March 31,
(in thousands, except per share data)     2019       2018       2018       2018       2018  
RESULTS OF OPERATIONS                    
Interest income   $   16,665     $   16,879     $   16,136     $   15,869     $   15,669  
Interest expense     1,498       1,395       1,057       852       769  
Net interest income     15,167       15,484       15,079       15,017       14,900  
Provision (credit) for loan losses     1,093       (218 )     300       2,362       709  
Net interest income after provision (credit) for loan losses   14,074       15,702       14,779       12,655       14,191  
Non-interest income     4,925       4,893       7,381       5,325       5,475  
Non-interest expense     13,497       14,205       13,428       14,967       14,166  
Income before income tax expense     5,502       6,390       8,732       3,013       5,500  
Income tax expense     1,034       660       1,802       486       1,061  
Net income   $   4,468     $   5,730     $   6,930     $   2,527     $   4,439  
                     
Basic and diluted earnings per share   $   0.92     $   1.18     $   1.43     $   0.52     $   0.92  
Average basic and diluted shares outstanding     4,860       4,843       4,834       4,828       4,822  
                     
PERFORMANCE RATIOS                    
Return on average assets     1.03 %     1.29 %     1.61 %     0.59 %     1.06 %
Return on average equity     10.83 %     14.29 %     17.81 %     6.70 %     11.96 %
Return on average tangible equity (a)     12.56 %     16.74 %     21.01 %     7.94 %     14.21 %
Efficiency ratio (unadjusted) (f)     67.18 %     69.71 %     59.79 %     73.58 %     69.53 %
Efficiency ratio (adjusted) (a) (b)     66.04 %     68.49 %     64.72 %     67.47 %     68.21 %
Non-interest expense to average assets     3.12 %     3.21 %     3.13 %     3.52 %     3.37 %
Loans to deposits     82.93 %     83.60 %     83.80 %     90.23 %     86.94 %
                     
YIELDS / RATES - Fully Taxable Equivalent                    
Yield on loans     4.54 %     4.54 %     4.36 %     4.33 %     4.34 %
Yield on investments     2.42 %     2.16 %     2.18 %     2.21 %     2.22 %
Yield on interest-earning assets     4.07 %     4.01 %     3.96 %     3.94 %     3.94 %
Cost of interest-bearing deposits     0.54 %     0.48 %     0.33 %     0.24 %     0.20 %
Cost of borrowings     3.52 %     3.58 %     2.38 %     2.41 %     2.23 %
Cost of interest-bearing liabilities     0.55 %     0.50 %     0.39 %     0.32 %     0.29 %
Interest rate spread     3.52 %     3.51 %     3.57 %     3.62 %     3.65 %
Net interest margin, fully taxable equivalent     3.71 %     3.68 %     3.71 %     3.73 %     3.75 %
                     
CAPITAL                    
Total equity to total assets at end of period     9.69 %     9.40 %     8.92 %     8.88 %     8.84 %
Tangible equity to tangible assets at end of period (a)     8.50 %     8.19 %     7.69 %     7.60 %     7.55 %
                     
Book value per share   $   35.27     $   33.99     $   32.35     $   31.42     $   31.16  
Tangible book value per share (a)     30.54       29.22       27.53       26.55       26.24  
Period-end market value per share     46.93       41.31       42.43       50.11       46.47  
Dividends declared per share     0.26       0.26       0.26       0.26       0.26  
                     
AVERAGE BALANCES                    
Loans and loans held for sale (c)   $   1,296,200     $   1,306,556     $   1,330,071     $   1,328,386     $   1,315,207  
Interest earning assets     1,671,063       1,680,269       1,625,132       1,625,591       1,623,748  
Total assets     1,753,788       1,756,765       1,704,721       1,703,722       1,703,047  
Deposits     1,565,371       1,576,629       1,501,082       1,495,410       1,488,708  
Total equity     167,385       159,032       154,331       151,216       150,495  
Tangible equity (a)     144,293       135,766       130,891       127,591       126,665  
                     
ASSET QUALITY                    
Net charge-offs   $   292     $   472     $   310     $   4,107     $   480  
Non-performing loans (d)     15,099       12,254       12,629       12,790       17,280  
Non-performing assets (e)     15,304       12,828       13,356       13,676       19,113  
Allowance for loan losses     19,745      ...