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First Mid Bancshares, Inc. (FMBH)

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41.44-1.69 (-3.92%)
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41.44 0.00 (0.00%)
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Previous Close43.13
Open42.44
Bid41.39 x 1000
Ask41.54 x 1200
Day's Range41.43 - 43.32
52 Week Range22.24 - 45.00
Volume36,408
Avg. Volume39,490
Market Cap747.673M
Beta (5Y Monthly)0.99
PE Ratio (TTM)17.80
EPS (TTM)2.33
Earnings DateJul 28, 2021 - Aug 02, 2021
Forward Dividend & Yield0.82 (1.85%)
Ex-Dividend DateMay 17, 2021
1y Target Est51.20
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  • First Mid Bancshares, Inc. Announces First Quarter 2021 Results
    GlobeNewswire

    First Mid Bancshares, Inc. Announces First Quarter 2021 Results

    MATTOON, Ill., April 28, 2021 (GLOBE NEWSWIRE) -- First Mid Bancshares, Inc. (NASDAQ: FMBH) (the “Company”) today announced its financial results for the quarter ended March 31, 2021. Highlights Net income of $4.1 million, or $0.24 diluted EPSAdjusted net income (non-GAAP) of $15.2 million, or $0.88 diluted EPS, reflecting a record highCompleted the acquisition of LINCO Bancshares, Inc. (“LINCO”) and its subsidiary Providence Bank (“Providence”) on February 22, 2021Solid quarter of wealth management and insurance revenues drives noninterest income to 33% of totalBoard of Directors declares regular quarterly dividend of $0.205 per share “We kicked off 2021 on a positive note with a strong financial performance, including record high adjusted earnings driven by successes across our business lines,” said Joe Dively, Chairman and Chief Executive Officer. “The quarter was highlighted by the closing of the LINCO acquisition where we met both our timing and financial targets. The reception from customers has been very good and the teams have been working extremely well together as we prepare for a mid-May bank system conversion.” “We also had a strong start to the year in our farm management business and continued to play an important role in assisting our clients with the Paycheck Protection Program (PPP). Our commitment to our customers and communities is evident with the success we have had in the PPP program for both existing and new customers. We have had employees working long hours to help customers and added $107.4 million in loans under the new round of PPP, while working with borrowers from the previous rounds to process forgiveness applications. The First Mid team demonstrated how much it can accomplish within an unprecedented operating environment and I am proud of all the work they have done to support our customers and communities,” Dively concluded. Net Interest Income Net interest income for the first quarter of 2021 increased by $3.3 million, or 9.9% compared to the fourth quarter of 2020. Interest income increased by $3.2 million and interest expense declined by $0.1 million from the previous quarter. The increase in interest income was primarily driven by the addition of Providence for the period subsequent to closing on February 22, 2021. Accretion income increased by $0.9 million in the quarter to $1.2 million. This was offset by a decline in PPP fee income of $0.9 million to $2.3 million in total. At quarter end, the Company had $7.5 million of deferred fee income on PPP loans remaining. Interest expense declined, despite the addition of Providence, driven by additional reductions in money market and savings products and continuing to allow wholesale time deposit and FHLB advances to mature without replacement. In comparison to the first quarter of 2020, net interest income increased $6.9 million, or 23.1%. The increase was primarily the result of the addition of Providence, the additional income from the PPP, and the active management to lower funding costs. Net Interest Margin Net interest margin, on a tax equivalent basis, was 3.16% for the first quarter of 2021, which was one basis point lower compared to the prior quarter. Earning asset yields declined by six basis points on higher cash liquidity invested at lower yields. The higher liquidity was primarily driven by additional government stimulus in the quarter. Average cost of funds declined by five basis points as the company continues to allow wholesale time deposits and FHLB advances to mature and lowered certain product rates during the period. In comparison to the first quarter of last year, the net interest margin decreased 35 basis points with earning asset yields down 59 basis points and average cost of funds lower by 24 basis points. The current quarter included $2.3 million of PPP fee income that did not exist in the first quarter of 2020 and accretion income was higher by $0.3 million compared to the same period last year. Loan Portfolio Total loans ended the quarter at $3.94 billion, representing an increase of $804.7 million compared to the prior quarter. The increase was primarily driven by the addition of Providence, which had $817.2 million, net of the discount, at quarter end. Excluding Providence, loans declined $12.5 million in the quarter and PPP loans increased $35.3 million. The Company had $72.1 million of the initial PPP loans forgiven and/or pay down in the period, while it added $107.4 million in the new PPP program. Total PPP loans ended the period at $259.7 million, which included $56.1 million for Providence. Overall, the loan growth pipeline has improved, but payoffs have increased as well. A combination of stimulus and PPP income has helped borrowers reduce debt and the stronger Ag economy has driven farmers to pay down borrowings to improve their overall balance sheets. The Company continues to see its loan deferrals trending lower. As of April 23, 2021, outstanding deferrals totaled $45.8 million, or 1.2% of the loan portfolio. Hotels represent the largest deferral category at 90% of the total outstanding deferrals. A majority of the remaining deferrals are expected to return to full principal and interest over the next three months. All but one of the remaining deferrals are paying interest with only principal deferred. Asset Quality The Company’s asset quality measures continue to reflect a strong credit culture. As of March 31, 2021, the allowance for credit losses, excluding $259.7 million of PPP loans, was 1.50% of total loans, excluding 25 basis points of credit discount. Also at quarter end, the ratio of non-performing loans to total loans was 0.81%, and the allowance for credit losses to non-performing loans was 173.3%. Nonperforming loans and nonperforming assets increased with the addition of Providence. Excluding Providence, nonperforming loans and nonperforming assets were essentially flat compared to the fourth quarter. The ratio of nonperforming assets to total assets was 0.78% at quarter end. Net charge-offs were $0.7 million during the first quarter compared to $0.6 million in the prior quarter. During the quarter, the Company recognized significant improvement in its classified loans. Excluding Providence, special mention loans decreased $14.0 million to $123.8 million and substandard loans decreased $9.3 million to $50.2 million. Provision expense was recorded in the amount of $12.1 million in the first quarter. The Company recorded $11.5 million for the non-PCD CECL requirement tied to the Providence acquisition. The allowance for credit losses increased $13.5 million to $55.4 million in the quarter. In addition to the non-PCD requirement related to the Providence acquisition, the Company added $2.1 million in PCD reserve through purchase accounting. Deposits Total deposits ended the quarter at $4.74 billion, which represented an increase of $1.04 billion from the prior quarter primarily from the addition of Providence, which had $870.4 million in deposits at quarter end. Excluding Providence, total deposits increased $174.5 million driven primarily from increases related to the government stimulus efforts. The Company’s average rate on cost of funds was 0.36% for the quarter compared to 0.41% in the prior quarter and 0.60% in the first quarter of 2020. The Company continues to see opportunities to reprice CD’s lower as well as allow wholesale CD’s to mature. Noninterest Income Noninterest income for the first quarter of 2021 was $17.7 million compared to $15.5 million in the fourth quarter of 2020. The increase compared to the prior quarter was partially due to the addition of Providence and the seasonally higher insurance revenue. Wealth management had a solid quarter of farm management fee income on higher commodity prices. Both the wealth management and insurance business are well diversified in their revenue sources and deliver consistent cash flows. These two businesses represent approximately 60% of the Company’s noninterest income providing significant diversification for the Company. The quarter also included an increase in debit card fee income as more businesses came off of pandemic restrictions allowing for more consumer spending. Service charges declined with additional stimulus in the quarter and mortgage banking was lower on higher interest rates. In comparison to the first quarter of 2020, noninterest income increased $1.2 million, or 7.5%. The year-over-year increase was driven by the addition of Providence, higher farm management fee income within the wealth management division, an increase in mortgage banking and debit card usage. These were offset by lower insurance revenues, service charges and securities gains. Noninterest Expenses Noninterest expense for the first quarter totaled $37.6 million compared to $30.3 million in the fourth quarter. The increase was primarily driven by the addition of Providence, non-recurring acquisition costs of $2.6 million, and higher incentive compensation. In comparison to the first quarter of 2020, noninterest expenses increased $9.9 million. The increase was primarily due to the addition of Providence, non-recurring acquisition costs and higher incentive compensation. The Company’s efficiency ratio, as adjusted in the non-GAAP reconciliation table herein, for the first quarter 2021 was 61.2% compared to 58.3% in the prior quarter and 56.8% for the same period last year. Regulatory Capital Levels and Dividend The Company’s capital levels remained strong and comfortably above the “well capitalized” levels. Capital levels ended the period as follows: Total capital to risk-weighted assets13.75%Tier 1 capital to risk-weighted assets10.74%Common equity tier 1 capital to risk-weighted assets10.33%Leverage ratio9.84% The Company’s Board of Directors approved a regular quarterly dividend in the amount of $0.205 payable on June 1, 2021 for shareholders of record on May 18, 2021. About First Mid: First Mid Bancshares, Inc. (“First Mid”) is the parent company of First Mid Bank & Trust, N.A., Providence Bank, First Mid Insurance Group, Inc. and First Mid Wealth Management Co. First Mid is a $5.8 billion community-focused organization that provides a full-suite of financial services including banking, wealth management, brokerage, Ag services, and insurance through a sizeable network of locations throughout Illinois and Missouri and a loan production office in the greater Indianapolis area. Together, our First Mid team takes great pride in their work and their ability to serve our customers well over the last 155 years. More information about the Company is available on our website at www.firstmid.com. Non-GAAP Measures: In addition to reports presented in accordance with generally accepted accounting principles (“GAAP”), this release contains certain non-GAAP financial measures. The Company believes that such non-GAAP financial measures provide investors with information useful in understanding the Company’s financial performance. Readers of this release, however, are urged to review these non-GAAP financial measures in conjunction with the GAAP results as reported. These non-GAAP financial measures are detailed as supplemental tables and include “Adjusted Net Income,” “Adjusted Diluted EPS,” “Efficiency Ratio,” “Net Interest Margin, tax equivalent,” and “Tangible Book Value per Common Share”. While the Company believes these non-GAAP financial measures provide investors with a broader understanding of the capital adequacy, funding profile and financial trends of the Company, this information should be considered as supplemental in nature and not as a substitute to the related financial information prepared in accordance with GAAP. These non-GAAP financial measures may also differ from the similar measures presented by other companies. Forward Looking Statements: This document may contain certain forward-looking statements about First Mid Bancshares, Inc. (“First Mid”), such as discussions of First Mid’s pricing and fee trends, credit quality and outlook, liquidity, new business results, expansion plans, anticipated expenses and planned schedules. First Mid intends such forward-looking statements to be covered by the safe harbor provisions for forward-looking statements contained in the Private Securities Litigation Reform Act of 1955. Forward-looking statements, which are based on certain assumptions and describe future plans, strategies and expectations of First Mid, are identified by use of the words “believe,” “expect,” “intend,” “anticipate,” “estimate,” “project,” or similar expressions. Actual results could differ materially from the results indicated by these statements because the realization of those results is subject to many risks and uncertainties, including, among other things, the possibility that any of the anticipated benefits of the closed transaction between First Mid and LINCO will not be realized or will not be realized within the expected time period; the risk that integration of the operations of LINCO with First Mid will be materially delayed or will be more costly or difficult than expected; changes in interest rates; general economic conditions and those in the market areas of First Mid; legislative/regulatory changes; monetary and fiscal policies of the U.S. Government, including policies of the U.S. Treasury and the Federal Reserve Board; the quality or composition of First Mid’s loan or investment portfolios and the valuation of those investment portfolios; demand for loan products; deposit flows; competition, demand for financial services in the market areas of First Mid; accounting principles, policies and guidelines; the severity, magnitude and duration of COVID-19 pandemic, the direct and indirect impact of such pandemic, including responses to the pandemic by the government, commercial customers' businesses, the disruption of global, national, state and local economies associated with the COVID-19 pandemic, which could affect First Mid’s liquidity and capital positions, impair the ability of First Mid’s borrowers to repay outstanding loans, impair collateral values, and further increase the allowance for credit losses, and the impact of the COVID-19 pandemic on First Mid’s financial results, including possible lost revenue and increased expenses (including cost of capital), as well as possible goodwill impairment charges. Additional information concerning First Mid, including additional factors and risks that could materially affect First Mid’s financial results, are included in First Mid’s filings with the SEC, including its Annual Reports on Form 10-K and Quarterly Reports on Form 10-Q. Forward-looking statements speak only as of the date they are made. Except as required under the federal securities laws or the rules and regulations of the SEC, we do not undertake any obligation to update or review any forward-looking information, whether as a result of new information, future events or otherwise. Investor Contact:Aaron HoltVP, Shareholder Relations217-258-0463aholt@firstmid.com Matt SmithChief Financial Officer217-258-1528msmith@firstmid.com - Tables Follow - FIRST MID BANCSHARES, INC.Condensed Consolidated Balance Sheets(In thousands, unaudited) As of March 31, December 31, March 31, 2021 2020 2020 Assets Cash and cash equivalents$410,017 $417,281 $182,027 Investment securities 1,099,532 887,169 646,744 Loans (including loans held for sale) 3,943,099 3,138,419 2,744,298 Less allowance for loan losses (55,418) (41,910) (32,876)Net loans 3,887,681 3,096,509 2,711,422 Premises and equipment, net 86,654 58,206 59,359 Goodwill and intangibles, net 138,606 128,120 132,199 Bank owned life insurance 124,925 68,955 67,656 Other assets 89,855 70,108 65,424 Total assets$5,837,270 $4,726,348 $3,864,831 Liabilities and Stockholders' Equity Deposits: Non-interest bearing$1,185,181 $936,926 $642,384 Interest bearing 3,552,512 2,755,858 2,266,243 Total deposits 4,737,693 3,692,784 2,908,627 Repurchase agreement with customers 212,503 206,937 231,649 Other borrowings 116,861 93,969 124,921 Junior subordinated debentures 19,069 19,027 18,900 Subordinated debt 94,289 94,253 - Other liabilities 54,971 51,150 47,683 Total liabilities 5,235,386 4,158,120 3,331,780 Total stockholders' equity 601,884 568,228 533,051 Total liabilities and stockholders' equity$5,837,270 $4,726,348 $3,864,831 FIRST MID BANCSHARES, INC.Condensed Consolidated Statements of Income(In thousands, except per share data, unaudited) Three Months Ended March 31, 2021 2020Interest income: Interest and fees on loans$35,886 $30,027 Interest on investment securities 4,842 4,589 Interest on federal funds sold & other deposits 88 125 Total interest income 40,816 34,741 Interest expense: Interest on deposits 2,484 3,861 Interest on securities sold under agreements to repurchase 70 194 Interest on other borrowings 374 595 Interest on jr. subordinated debentures 140 218 Interest on subordinated debt 984 0 Total interest expense 4,052 4,868 Net interest income 36,764 29,873 Provision for loan losses 12,136 5,481 Net interest income after provision for loan 24,628 24,392 Non-interest income: Wealth management revenues 4,926 3,626 Insurance commissions 5,857 6,621 Service charges 1,364 1,778 Securities gains, net 4 531 Mortgage banking revenues 1,409 308 ATM/debit card revenue 2,699 1,987 Other 1,490 1,659 Total non-interest income 17,749 16,510 Non-interest expense: Salaries and employee benefits 23,487 16,500 Net occupancy and equipment expense 4,970 4,242 Net other real estate owned (income) expense 78 (46)FDIC insurance 452 93 Amortization of intangible assets 1,220 1,295 Stationary and supplies 316 268 Legal and professional expense 1,402 1,398 Marketing and donations 502 481 Other 5,173 3,500 Total non-interest expense 37,600 27,731 Income before income taxes 4,777 13,171 Income taxes 668 3,172 Net income$4,109 $9,999 Per Share Information Basic earnings per common share$0.24 $0.60 Diluted earnings per common share 0.24 0.60 Weighted average shares outstanding 17,299,927 16,693,183 Diluted weighted average shares outstanding 17,352,947 16,740,091 FIRST MID BANCSHARES, INC.Condensed Consolidated Statements of Income(In thousands, except per share data, unaudited) For the Quarter Ended March 31, December 31, September 30, June 30, March 31, 2021 2020 2020 2020 2020Interest income: Interest and fees on loans $35,886 $33,254 $32,151 $31,382 $30,027 Interest on investment securities 4,842 4,226 4,074 4,077 4,589 Interest on federal funds sold & other deposits 88 90 70 76 125 Total interest income 40,816 37,570 36,295 35,535 34,741 Interest expense: Interest on deposits 2,484 2,617 3,168 3,105 3,861 Interest on securities sold under agreements to repurchase 70 68 68 158 194 Interest on other borrowings 374 371 395 516 595 Interest on jr. subordinated debentures 140 143 147 174 218 Interest on subordinated debt 984 931 - - - Total interest expense 4,052 4,130 3,778 3,953 4,868 Net interest income 36,764 33,440 32,517 31,582 29,873 Provision for loan losses 12,136 603 3,883 6,136 5,481 Net interest income after provision for loan 24,628 32,837 28,634 25,446 24,392 Non-interest income: Wealth management revenues 4,926 5,232 3,468 3,827 3,626 Insurance commissions 5,857 3,477 3,291 4,088 6,621 Service charges 1,364 1,527 1,446 1,111 1,778 Securities gains, net 4 193 95 287 531 Mortgage banking revenues 1,409 1,870 1,661 1,236 308 ATM/debit card revenue 2,699 2,369 2,367 2,239 1,987 Other 1,490 879 1,250 1,097 1,659 Total non-interest income 17,749 15,547 13,578 13,885 16,510 Non-interest expense: Salaries and employee benefits 23,487 19,151 15,346 15,455 16,500 Net occupancy and equipment expense 4,970 3,962 4,363 4,141 4,242 Net other real estate owned (income) expense 78 (20) 110 (2) (46)FDIC insurance 452 458 469 289 93 Amortization of intangible assets 1,220 1,200 1,277 1,290 1,295 Stationary and supplies 316 275 262 275 268 Legal and professional expense 1,402 1,220 1,320 1,489 1,398 Marketing and donations 502 434 387 314 481 Other 5,173 3,651 3,393 2,847 3,500 Total non-interest expense 37,600 30,331 26,927 26,098 27,731 Income before income taxes 4,777 18,053 15,285 13,233 13,171 Income taxes 668 4,484 3,720 3,096 3,172 Net income $4,109 $13,569 $11,565 $10,137 $9,999 Per Share Information Basic earnings per common share $0.24 $0.81 $0.69 $0.61 $0.60 Diluted earnings per common share 0.24 0.81 0.69 0.60 0.60 Weighted average shares outstanding 17,299,927 16,735,926 16,728,191 16,709,886 16,693,183 Diluted weighted average shares outstanding 17,352,947 16,779,129 16,775,099 16,756,794 16,740,091 FIRST MID BANCSHARES, INC.Consolidated Financial Highlights and Ratios(Dollars in thousands, except per share data)(Unaudited) As of and for the Quarter Ended March 31, December 31, September 30, June 30, March 31, 2021 2020 2020 2020 2020 Loan Portfolio Construction and land development $165,376 $122,479 $167,515 $180,934 $123,326 Farm real estate loans 269,652 254,341 256,230 251,382 242,891 1-4 Family residential properties 412,470 325,762 339,172 342,036 325,128 Multifamily residential properties 297,984 189,632 139,255 141,015 139,734 Commercial real estate 1,402,885 1,174,300 1,177,571 1,123,540 1,002,868 Loans secured by real estate 2,548,367 2,066,514 2,079,743 2,038,907 1,833,947 Agricultural operating loans 121,070 137,352 141,074 149,043 139,136 Commercial and industrial loans 1,017,400 738,313 807,668 811,169 565,789 Consumer loans 91,705 78,002 80,348 82,084 82,104 All other loans 164,557 118,238 127,414 124,059 123,322 Total loans 3,943,099 3,138,419 3,236,247 3,205,262 2,744,298 Deposit Portfolio Non-interest bearing demand deposits $1,185,181 $936,926 $837,602 $817,623 $642,384 Interest bearing demand deposits 1,268,882 1,031,183 1,053,691 938,710 827,387 Savings deposits 668,098 499,427 485,241 474,545 441,998 Money Market 803,946 748,179 736,262 625,361 441,381 Time deposits 811,586 477,069 507,040 529,588 555,477 Total deposits 4,737,693 3,692,784 3,619,836 3,385,827 2,908,627 Asset Quality Non-performing loans $31,984 $28,123 $22,439 $23,096 $24,463 Non-performing assets 45,323 30,616 24,712 25,397 27,306 Net charge-offs 702 608 349 631 1,188 Allowance for loan losses to non-performing loans 173.27% 149.02% 186.80% 166.18% 134.39%Allowance for loan losses to total loans outstanding1.50%1 1.41%1 1.41%1 1.30%1 1.20%Nonperforming loans to total loans 0.81% 0.90% 0.69% 0.72% 0.89%Nonperforming assets to total assets 0.78% 0.65% 0.55% 0.57% 0.71% Common Share Data Common shares outstanding 18,042,256 16,741,208 16,731,684 16,728,190 16,702,484 Book value per common share $33.36 $33.94 $33.53 $32.84 $31.91 Tangible book value per common share (2) 25.68 26.29 25.80 25.02 24.00 Market price of stock 43.93 33.66 24.95 26.23 23.74 Key Performance Ratios and Metrics End of period earning assets $5,837,270 $4,367,717 $4,130,186 $4,093,511 $3,492,271 Average earning assets 4,769,975 4,238,388 4,113,846 3,942,832 3,451,123 Average rate on average earning assets (tax equivalent) 3.52% 3.58% 3.56% 3.68% 4.11%Average rate on cost of funds 0.36% 0.41% 0.39% 0.43% 0.60%Net interest margin (tax equivalent) (2) 3.16% 3.17% 3.17% 3.25% 3.51%Return on average assets 0.32% 1.18% 1.03% 0.94% 1.05%Return on average common equity 2.78% 9.66% 8.31% 7.47% 7.48%Efficiency ratio (tax equivalent) (2) 61.20% 58.27% 54.66% 53.70% 56.81%Full-time equivalent employees 983 824 816 828 835 1 Excludes Paycheck Protection Program loans.2 Non-GAAP financial measure. Refer to reconciliation to the comparable GAAP measure. FIRST MID BANCSHARES, INC.Net Interest Margin(In thousands, unaudited) For the Quarter Ended March 2021 QTD Average Average Balance Interest RateINTEREST EARNING ASSETS Interest bearing deposits$278,295 $74 0.11%Federal funds sold 1,316 - 0.03%Certificates of deposits investments 2,695 14 2.14%Investment Securities: Taxable (total less municipals) 761,727 3,249 1.71%Tax-exempt (Municipals) 248,188 2,016 3.25%Loans (net of unearned income) 3,477,754 36,058 4.20% Total interest earning assets 4,769,975 41,411 3.52% NONEARNING ASSETS Cash and due from banks 84,392 Premises and equipment 68,282 Other nonearning assets 296,284 Allowance for loan losses (46,735) Total assets$5,172,198 INTEREST BEARING LIABILITIES Demand deposits$1,876,378 $886 0.19%Savings deposits 579,632 136 0.10%Time deposits 623,852 1,462 0.95%Total interest bearing deposits 3,079,862 2,484 0.33%Repurchase agreements 198,670 70 0.14%FHLB advances 102,081 374 1.49%Federal funds purchased - - 0.00%Subordinated debt 94,266 984 4.23%Jr. subordinated debentures 19,041 140 2.98%Other borrowings - - 0.00%Total borrowings 414,058 1,568 1.54%Total interest bearing liabilities 3,493,920 4,052 0.47% NONINTEREST BEARING LIABILITIES Demand deposits 1,033,741 Average cost of funds0.36%Other liabilities 54,346 Stockholders' equity 590,191 Total liabilities & stockholders' equity$5,172,198 Net Interest Earnings / Spread $37,359 3.05% Impact of Non-Interest Bearing Funds 0.11% Tax effected yield on interest earning assets 3.16% FIRST MID BANCSHARES, INC.Reconciliation of Non-GAAP Financial Measures(In thousands, unaudited) As of and for the Quarter Ended March 31, December 31, September 30,June 30, March 31, 2021 2020 2020 2020 2020 Net interest income as reported $36,764 $33,440 $32,517 $31,582 $29,873 Net interest income, (tax equivalent) 37,359 34,040 33,084 32,118 30,393 Average earning assets 4,769,975 4,238,388 4,113,846 3,942,832 3,451,123 Net interest margin (tax equivalent) 3.16% 3.17% 3.17% 3.25% 3.51% Common stockholder's equity $601,884 $568,228 $561,009 $549,273 $533,051 Goodwill and intangibles, net 138,606 128,120 129,287 130,656 132,199 Common shares outstanding 18,042 16,741 16,732 16,728 16,702 Tangible Book Value per common share $25.68 $26.29 $25.80 $25.02 $24.00 FIRST MID BANCSHARES, INC.Reconciliation of Non-GAAP Financial Measures(In thousands, except per share data, unaudited) As of and for the Quarter Ended March 31, December 31, September 30,June 30, March 31, 2021 2020 2020 2020 2020Adjusted earnings Reconciliation Net Income - GAAP $4,109 $13,569 $11,565 $10,137 $9,999 Adjustments (post-tax): (1) Acquisition ACL on non-PCD assets in provision expense 9,072 - - - - Integration and acquisition expenses 2,036 292 69 204 110 Total non-recurring adjustments (non-GAAP)$11,108 $292 $69 $204 $110 Adjusted earnings - non-GAAP $15,217 $13,861 $11,634 $10,341 $10,109 Adjusted diluted earnings per share (non-GAAP)$0.88 $0.83 $0.69 $0.62 $0.60 Efficiency Ratio Reconciliation Noninterest expense - GAAP $37,600 $30,331 $26,927 $26,098 $27,731 Foreclosed property income (expense) (78) 20 (110) 2 46 Amortization of intangibles (1,220) (1,200) (1,277) (1,290) (1,295)integration and acquisition expenses (2,578) (369) (87) (259) (139)Adjusted noninterest expense (non-GAAP) $33,724 $28,782 $25,453 $24,551 $26,343 Net interest income -GAAP $36,764 $33,440 $32,517 $31,582 $29,873 Effect of tax-exempt income (1) 595 601 566 537 520 Adjusted net interest income (non-GAAP) $37,359 $34,041 $33,083 $32,119 $30,393 Noninterest income - GAAP $17,749 $15,547 $13,578 $13,885 $16,510 Gain on sales of investment securities, net (4) (193) (95) (287) (531)Adjusted noninterest income (non-GAAP) $17,745 $15,354 $13,483 $13,598 $15,979 Adjusted total revenue (non-GAAP) $55,104 $49,395 $46,566 $45,717 $46,372 Efficiency ratio (non-GAAP) 61.20% 58.27% 54.66% 53.70% 56.81% (1) Nonrecurring items (post-tax) and tax-exempt income are calculated using an estimated effective tax rate of 21%.