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Strong Loan Growth Drives Higher Earnings as Stock Yards Bancorp Reports Second Quarter 2014 Net Income Up 25% to $8.0 Million or $0.55 Per Diluted Share

SYBT

Stock Yards Bancorp, Inc. (NASDAQ: SYBT), parent company of Stock Yards Bank & Trust Company, with offices in the Louisville, Indianapolis and Cincinnati metropolitan markets, today reported results for the second quarter and six months ended June 30, 2014, highlighted by a 25% increase in net income versus the same quarter last year along with a 22% increase in diluted earnings per share. The Company's performance continued to reflect several key drivers, including:

  • Strong momentum in loan growth, with portfolio loans up nearly 5% – all organic – for the first half of the year, or 9% on an annualized basis;
  • Ongoing growth in income from investment management and trust services, which generates a level of non-interest income for Stock Yards Bancorp that is significantly above peer banks and which augments the positive impact of an expanding loan portfolio;
  • Stable net interest margin as the Company continues to deploy its strong capital base to grow its balance sheet;
  • Further improvements in overall credit quality, with steadily declining credit costs; and
  • Strong returns on average equity and assets.
 

The following is a summary of the Company's reported results:

           

Quarter Ended June 30,

2014

2013

Change

Net income $ 8,034,000 $ 6,407,000 25 %
Net income per share, diluted $ 0.55 $ 0.45 22 %
Return on average equity 13.35 % 11.69 %
Return on average assets 1.37 % 1.16 %
 

Six Months Ended June 30,

2014

2013

Change

Net income $ 16,211,000 $ 13,175,000 23 %
Net income per share, diluted $ 1.10 $ 0.94 17 %
Return on average equity 13.74 % 12.41 %
Return on average assets 1.39 % 1.23 %
 

"We are pleased to report a solid performance for Stock Yards in the second quarter of 2014, reflecting great execution on our plans for the year and our success in capitalizing on opportunities in our markets," said David P. Heintzman, Chairman and Chief Executive Officer. "We are excited to note that key among these opportunities was our excellent loan growth during the second quarter, after solid loan production for first quarter was offset by an increased level of early loan repayments. With annualized loan growth for the first half of 9%, all of which was organic, we anticipate our increased volume will continue to have a stabilizing effect on net interest income and drive higher earnings for all of 2014."

Heintzman also noted that the Company's investment management and trust department, which highly differentiates Stock Yards from most other community banks, continues to contribute significantly to earnings growth. "With almost $2.4 billion of assets under management, our investment management and trust department has experienced fee income growth of 16% through the first half of 2014," Heintzman added, "which strongly complements our loan growth. By way of illustration, last year this department generated a $2 million increase in revenue compared with 2012, and that increase would have been equivalent to income from an additional $54 million or 3.5% of loan growth on top of the 6% core loan growth we achieved year over year."

Heintzman pointed out that the Company's investment management and trust department provides an enviable level of non-interest income and is a significant element of overall fee income. With it, the Company's non-interest income has historically exceeded 30% of the Company's total revenue and was 33% for the second quarter of 2014. In contrast, many peer banks have witnessed increasing pressure on fee income with declining service charges, mortgage banking revenue and interchange income. Median fee income at banks with $2-$5 billion in assets declined to 19% of total revenue for the first quarter of 2014 from 25% for the first quarter of 2013.

The Company's credit quality metrics continued to improve in the second quarter. Over the past year, non-performing loans (NPLs) have declined 38%, while non-performing assets (NPAs) have declined 43%. On a linked-quarter basis, NPLs declined a further 5% since March 31, 2014, while NPAs declined 4%.

Concluding, Heintzman said, "We are pleased with the Company's performance through the first six months of 2014 and consider it to be a firm foundation for us as we move into the back half of the year. In our view, Stock Yards Bancorp remains well situated to participate in the continued economic improvement in our home market and new opportunities in our expansion markets. Additionally, we are excited about the opportunities we have to generate similarly attractive and complementary growth through our investment management and trust department. We believe this growth profile and other important investor considerations, such as our strong capital position and our record of uninterrupted and increasing dividend payments, not only demonstrate the success of our bank, but also present a solid investment rationale for our stockholders."

Total assets increased $153 million or 7% at June 30, 2014, reaching $2.41 billion compared with $2.26 billion at June 30, 2013. The Company's loan portfolio increased $133 million or 8% to $1.80 billion at June 30, 2014, compared with $1.67 billion at June 30, 2013. Total deposits increased $123 million or 7% to $1.99 billion at June 30, 2014, from $1.86 billion at June 30, 2013.

The Company's capital levels remained strong during the second quarter of 2014 and exceeded the required minimums necessary to be deemed a "well-capitalized" institution – the highest capital rating for financial institutions. By maintaining a strong capital position, Stock Yards Bancorp has continued to enhance stockholder value through steadily increased cash dividends, raising the dividend rate five times over the past four years, and maintain its flexibility to pursue expansion and other opportunities that may arise.

Net interest income – the Company's largest source of revenue – increased $1.7 million or 9% to $20.7 million in the second quarter of 2014 from $19.0 million in the prior-year quarter. In the second quarter of 2014, net interest margin was 3.77% versus 3.76% in the first quarter of 2014 and 3.72% in the second quarter of 2013.

NPLs totaled $19.5 million or 1.08% of total loans outstanding at June 30, 2014, down from $20.5 million or 1.18% of total loans outstanding at March 31, 2014, and $31.5 million or 1.89% of total loans at June 30, 2013. NPAs, which include NPLs and repossessed assets, were $22.4 million or 0.93% of total assets at June 30, 2014, down from $23.4 million or 0.99% of total assets at March 31, 2014, and $39.1 million or 1.73% of total assets at June 30, 2013.

Net charge-offs in the second quarter of 2014 totaled $180 thousand or 0.01% of average loans, down from $281 thousand or 0.02% of average loans in the first quarter of 2014 and $1.4 million or 0.08% of average loans in the year-earlier period.

The Company's loan loss provision for the second quarter of 2014 was $1.4 million, up from $350 thousand in the first quarter of 2014 and from $1.3 million in the prior-year quarter. The allowance for loan losses remained at 1.65% of total loans at June 30, 2014, compared with March 31, 2014, and decreased from 1.92% of total loans at June 30, 2013. While overall credit metrics have continued to improve, the downgrade of a commercial and industrial lending relationship during the second quarter caused management to pause what has been a steady reduction of the allowance coverage over the past year. Management believes that by year end there will be greater clarity regarding the ultimate risk presented by this loan.

Total non-interest income decreased $254 thousand or 3% to $10.1 million in the second quarter of 2014 from $10.3 million for the prior-year quarter, with the decline primarily reflecting higher mortgage banking revenue in the year-earlier quarter along with a non-recurring gain on acquisition in the second quarter 2013. These were largely offset by continued growth in investment management and trust services income.

Total non-interest expense decreased $1.1 million or 6% to $17.7 million in the second quarter of 2014 from $18.8 million in the same period last year. The change primarily reflected the non-recurring acquisition costs reported in the year-earlier quarter.

In May 2014, Stock Yards Bancorp's Board of Directors raised its quarterly cash dividend 5% to $0.22 per common share. The latest dividend was distributed on July 1, 2014, to stockholders of record as of June 9, 2014.

Louisville, Kentucky-based Stock Yards Bancorp, Inc., with $2.41 billion in assets, was incorporated in 1988 as a bank holding company. It is the parent company of Stock Yards Bank & Trust Company, which was established in 1904. The Company's common shares trade on the NASDAQ Global Select Market under the symbol SYBT.

The following table provides a reconciliation of total stockholders' equity, in accordance with US GAAP, to tangible common equity. The Company provides the tangible common equity ratio, in addition to those defined by banking regulators, because of its widespread use by investors as a means to evaluate capital adequacy.

 
Tangible Common Equity Ratio

(Dollars in thousands)

       
   

June 30,
2014

March 31,
2014

June 30,
2013

Total stockholders' equity (a) $ 243,614 $ 236,976 $ 220,352
Less goodwill (682 ) (682 ) (682 )
Less core deposit intangible   (1,937 )   (2,004 )   (2,445 )
Tangible common equity (c) $ 240,995   $ 234,290   $ 217,225  
 
Total assets (b) $ 2,411,375 $ 2,354,238 $ 2,258,600
Less goodwill (682 ) (682 ) (682 )
Less core deposit intangible   (1,937 )   (2,004 )   (2,445 )
Tangible assets (d) $ 2,408,756   $ 2,351,552   $ 2,255,473  
 
Total stockholders' equity to total assets (a/b) 10.10 % 10.07 % 9.76 %
Tangible common equity ratio (c/d)   10.00 %   9.96 %   9.63 %
 

This report contains forward-looking statements under the Private Securities Litigation Reform Act that involve risks and uncertainties. Although the Company's management believes the assumptions underlying the forward-looking statements contained herein are reasonable, any of these assumptions could be inaccurate. Therefore, there can be no assurance the forward-looking statements included herein will prove to be accurate. Factors that could cause actual results to differ from those discussed in forward-looking statements include, but are not limited to: economic conditions both generally and more specifically in the markets in which the Company and its subsidiaries operate; competition for the Company's customers from other providers of financial services; government legislation and regulation, which change from time to time and over which the Company has no control; changes in interest rates; material unforeseen changes in liquidity, results of operations, or financial condition of the Company's customers; and other risks detailed in the Company's filings with the Securities and Exchange Commission, all of which are difficult to predict and many of which are beyond the control of the Company. See Risk Factors outlined in the Company's Form 10-K for the year ended December 31, 2013.

           
 
Stock Yards Bancorp, Inc. Financial Information (unaudited)
Second Quarter 2014 Earnings Release
(In thousands unless otherwise noted)
 
    Three Months Ended Six Months Ended
June 30, June 30,
2014 2013 2014 2013
Income Statement Data
Net interest income, fully tax equivalent (1) $ 20,900   $ 19,229   $ 41,377   $ 37,940  
Interest income:
Loans $ 19,787 $ 19,480 $ 39,146 $ 38,529
Federal funds sold 63 72 142 152
Mortgage loans held for sale 43 56 74 120
Securities   2,120     1,685     4,255     3,327  
Total interest income   22,013     21,293     43,617     42,128  
Interest expense:
Deposits 1,114 1,285 2,254 2,624
Federal funds purchased 9 9 15 17
Securities sold under agreements to repurchase 29 33 63 68
Federal Home Loan Bank (FHLB) advances 206 219 402 436
Subordinated debentures   -     772     -     1,545  
Total interest expense   1,358     2,318     2,734     4,690  
Net interest income 20,655 18,975 40,883 37,438
Provision for loan losses   1,350     1,325     1,700     3,650  
Net interest income after provision for loan losses   19,305     17,650     39,183     33,788  
Non-interest income:
Investment management and trust income 4,755 4,129 9,323 8,015
Service charges on deposit accounts 2,223 2,244 4,326 4,244
Bankcard transaction revenue 1,209 1,020 2,284 1,981
Mortgage banking revenue 722 1,195 1,310 2,375
Loss on the sale of securities (9 ) (5 ) (9 ) (5 )
Brokerage commissions and fees 462 622 967 1,237
Bank owned life insurance 234 259 470 511
Gain on acquisition - 449 - 449
Other non-interest income   461     398     861     732  
Total non-interest income   10,057     10,311     19,532     19,539  
Non-interest expense:
Salaries and employee benefits expense 10,724 10,021 21,842 19,678
Net occupancy expense 1,453 1,435 3,009 2,666
Data processing expense 1,718 1,819 3,278 3,175
Furniture and equipment expense 259 286 527 577
FDIC insurance expense 350 357 692 707
Gain on other real estate owned (6 ) (74 ) (349 ) (109 )
Acquisition costs - 1,548 - 1,548
Other non-interest expenses   3,203     3,430     6,246     6,159  
Total non-interest expense   17,701     18,822     35,245     34,401  
Net income before income tax expense 11,661 9,139 23,470 18,926
Income tax expense   3,627     2,732     7,259     5,751  
Net income $ 8,034   $ 6,407   $ 16,211   $ 13,175  
 
Weighted average shares - basic 14,545 14,203 14,526 14,010
Weighted average shares - diluted 14,704 14,243 14,714 14,055
 
Net income per share, basic $ 0.55 $ 0.45 $ 1.12 $ 0.94
Net income per share, diluted 0.55 0.45 1.10 0.94
Cash dividend declared per share 0.22 0.20 0.43 0.40
 
Balance Sheet Data (at period end)
Total loans $ 1,799,791 $ 1,666,991
Allowance for loan losses 29,761 31,980
Total assets 2,411,375 2,258,600
Non-interest bearing deposits 462,379 412,584
Interest bearing deposits 1,525,016 1,452,260
Federal Home Loan Bank advances 36,067 31,859
Subordinated debentures - 30,900
Stockholders' equity 243,614 220,352
Total shares outstanding 14,665 14,509
Book value per share 16.61 15.19
Market value per share 29.90 24.53
 

             
Stock Yards Bancorp, Inc. Financial Information (unaudited)
Second Quarter 2014 Earnings Release
 
Three Months Ended Six Months Ended
June 30 June 30
2014 2013 2014 2013
Average Balance Sheet Data
Average federal funds sold $ 77,386 $ 95,029 $ 87,024 $ 102,707
Average mortgage loans held for sale 4,438 6,471 3,615 7,157
Average securities available for sale 382,176 331,248 382,652 304,389
Average FHLB stock and other securities 6,995 6,772 7,170 6,478
Average loans 1,759,695 1,644,886 1,743,244 1,615,280
Average earning assets 2,221,482 2,073,415 2,214,385 2,026,542
Average assets 2,357,697 2,206,477 2,352,037 2,156,514
Average interest bearing deposits 1,550,363 1,427,469 1,551,330 1,394,591
Average total deposits 1,982,180 1,821,671 1,978,025 1,777,554

Average securities sold under agreement to repurchase

52,396 54,576 56,622 55,948

Average federal funds purchased and other short term borrowings

22,109 21,839 19,397 20,747
Average Federal Home Loan Bank advances 34,886 31,864 34,596 31,870
Average subordinated debentures - 30,900 - 30,900
Average interest bearing liabilities 1,659,754 1,566,648 1,661,945 1,534,056
Average stockholders' equity 241,376 219,871 238,000 214,069
 
Performance Ratios
Annualized return on average assets 1.37 % 1.16 % 1.39 % 1.23 %
Annualized return on average equity 13.35 % 11.69 % 13.74 % 12.41 %
Net interest margin, fully tax equivalent 3.77 % 3.72 % 3.77 % 3.78 %

Non-interest income to total revenue, fully tax equivalent

32.49 % 34.91 % 32.07 % 33.99 %
Efficiency ratio 57.18 % 63.72 % 57.87 % 59.85 %
 
Capital Ratios
Average stockholders' equity to average assets 10.24 % 9.96 % 10.12 % 9.93 %
Tier 1 risk-based capital 12.28 % 13.75 %
Total risk-based capital 13.53 % 15.00 %
Leverage 10.19 % 11.26 %
 
Loans by Type
Commercial and industrial $ 558,720 $ 474,255
Construction and development 124,390 133,464
Real estate mortgage - commercial investment 458,101 419,035
Real estate mortgage - owner occupied commercial 334,016 321,518
Real estate mortgage - 1-4 family residential 189,192 180,700
Home equity - first lien 39,050 38,598
Home equity - junior lien 64,162 65,486
Consumer 32,160 33,935
 
Asset Quality Data
Allowance for loan losses to total loans 1.65 % 1.92 %
Allowance for loan losses to average loans 1.69 % 1.94 % 1.71 % 1.98 %
Allowance for loan losses to non-performing loans 153.00 % 101.63 %
Nonaccrual loans $ 11,985 $ 20,886
Troubled debt restructuring 7,118 8,565
Loans - 90 days past due & still accruing 348 2,017
Total non-performing loans 19,451 31,468
OREO and repossessed assets 2,968 7,619
Total non-performing assets 22,419 39,087
Non-performing loans to total loans 1.08 % 1.89 %
Non-performing assets to total assets 0.93 % 1.73 %
Net charge-offs to average loans (2) 0.01 % 0.08 % 0.03 % 0.22 %
Net charge-offs $ 180 $ 1,367 461 $ 3,551

             
Stock Yards Bancorp, Inc. Financial Information (unaudited)
Second Quarter 2014 Earnings Release
     
Five Quarter Comparison
6/30/14 3/31/14 12/31/13 9/30/13 6/30/13
Income Statement Data
Net interest income, fully tax equivalent (1) $ 20,900   $ 20,477   $ 20,096   $ 20,270   $ 19,229  
Net interest income $ 20,655 $ 20,228 $ 19,843 $ 20,017 $ 18,975
Provision for loan losses   1,350     350     1,575     1,325     1,325  
Net interest income after provision for loan losses   19,305     19,878     18,268     18,692     17,650  
Investment management and trust income 4,755 4,568 4,255 4,017 4,129
Service charges on deposit accounts 2,223 2,103 2,394 2,348 2,244
Bankcard transaction revenue 1,209 1,075 1,310 1,087 1,020
Mortgage banking revenue 722 588 608 995 1,195
Loss on the sale of securities (9 ) - - - (5 )
Brokerage commissions and fees 462 505 466 456 622
Bank owned life insurance 234 236 260 260 259
Gain on acquisition - - - - 449
Other non-interest income   461     400     518     489     398  
Total non-interest income   10,057     9,475     9,811     9,652     10,311  
Salaries and employee benefits expense 10,724 11,118 10,959 10,508 10,021
Net occupancy expense 1,453 1,556 1,427 1,522 1,435
Data processing expense 1,718 1,560 1,624 1,520 1,819
Furniture and equipment expense 259 268 280 269 286
FDIC Insurance expense 350 342 376 348 357
Loss (gain) on other real estate owned (6 ) (343 ) 287 475 (74 )
Acquisition costs - - - - 1,548
Other non-interest expenses   3,203     3,043     4,427     2,929     3,430  
Total non-interest expense   17,701     17,544     19,380     17,571     18,822  
Net income before income tax expense 11,661 11,809 8,699 10,773 9,139
Income tax expense   3,627     3,632     2,386     3,091     2,732  
Net income $ 8,034   $ 8,177   $ 6,313   $ 7,682   $ 6,407  
 
Weighted average shares - basic 14,545 14,506 14,455 14,408 14,203
Weighted average shares - diluted 14,704 14,701 14,677 14,556 14,243
 
Net income per share, basic $ 0.55 $ 0.56 $ 0.44 $ 0.53 $ 0.45
Net income per share, diluted 0.55 0.56 0.43 0.53 0.45
Cash dividend declared per share 0.22 0.21 0.21 0.20 0.20
 
Balance Sheet Data (at period end)
Cash and due from banks $ 57,365 $ 42,685 $ 34,519 $ 47,048 $ 41,480
Federal funds sold 37,896 40,269 36,251 23,472 36,177
Mortgage loans held for sale 4,162 3,473 1,757 3,829 7,080
Securities available for sale 414,490 440,184 490,031 401,063 402,807
FHLB stock and other securities 6,347 7,347 7,347 7,347 7,347
Total loans 1,799,791 1,728,619 1,721,350 1,709,258 1,666,991
Allowance for loan losses 29,761 28,591 28,522 28,990 31,980
Total assets 2,411,375 2,354,238 2,389,262 2,289,755 2,258,600
Non-interest bearing deposits 462,379 436,843 423,350 429,297 412,584
Interest bearing deposits 1,525,016 1,550,544 1,557,587 1,453,154 1,452,260
Securities sold under agreements to repurchase 56,475 52,453 62,615 56,225 56,554
Federal funds purchased 59,014 18,731 55,295 31,861 28,782
Federal Home Loan Bank advances 36,067 34,288 34,329 32,422 31,859
Subordinated debentures - - - 30,900 30,900
Stockholders' equity 243,614 236,976 229,444 226,535 220,352
Total shares outstanding 14,665 14,659 14,609 14,554 14,509
Book value per share 16.61 16.17 15.71 15.57 15.19
Market value per share 29.90 31.64 31.92 28.33 24.53
 
Capital Ratios
Average stockholders' equity to average assets 10.24 % 10.00 % 9.77 % 9.82 % 9.96 %
Tier 1 risk-based capital 12.28 % 12.47 % 12.29 % 13.66 % 13.75 %
Total risk-based capital 13.53 % 13.72 % 13.54 % 14.91 % 15.00 %
Leverage 10.19 % 10.00 % 9.75 % 11.21 % 11.26 %
 

               
Stock Yards Bancorp, Inc. Financial Information (unaudited)
Second Quarter 2014 Earnings Release
   
Five Quarter Comparison
6/30/14 3/31/14 12/31/13 9/30/13 6/30/13
Average Balance Sheet Data
Average federal funds sold $ 77,386 $ 96,770 $ 116,348 $ 75,705 $ 95,029
Average mortgage loans held for sale 4,438 2,783 3,582 5,685 6,471
Average investment securities 382,176 390,481 385,922 367,402 338,020
Average loans 1,759,695 1,726,610 1,713,062 1,674,049 1,644,886
Average earning assets 2,221,482 2,207,209 2,208,575 2,122,841 2,073,415
Average assets 2,357,697 2,346,314 2,351,127 2,264,937 2,206,477
Average interest bearing deposits 1,550,363 1,552,310 1,513,067 1,453,534 1,427,469
Average total deposits 1,982,180 1,973,827 1,949,209 1,867,229 1,821,671

Average securities sold under agreement to repurchase

52,396 60,895 66,244 64,652 54,576

Average federal funds purchased and other short term borrowings

22,109 16,654 17,102 19,628 21,839
Average Federal Home Loan Bank advances 34,886 34,302 34,341 31,970 31,864
Average subordinated debentures - - 29,221 30,900 30,900
Average interest bearing liabilities 1,659,754 1,664,161 1,659,975 1,600,684 1,566,648
Average stockholders' equity 241,376 234,587 229,685 222,528 219,871
 
Performance Ratios
Annualized return on average assets 1.37 % 1.41 % 1.07 % 1.35 % 1.16 %
Annualized return on average equity 13.35 % 14.14 % 10.90 % 13.70 % 11.69 %
Net interest margin, fully tax equivalent 3.77 % 3.76 % 3.61 % 3.79 % 3.72 %

Non-interest income to total revenue, fully tax equivalent

32.49 % 31.63 % 32.81 % 32.26 % 34.91 %
Efficiency ratio 57.18 % 58.57 % 64.80 % 58.72 % 63.72 %
 
Loans by Type
Commercial and industrial $ 558,720 $ 511,247 $ 510,739 $ 500,478 $ 474,255
Construction and development 124,390 117,317 129,590 135,786 133,464
Real estate mortgage - commercial investment 458,101 448,255 430,047 429,832 419,035
Real estate mortgage - owner occupied commercial 334,016 329,260 329,422 326,523 321,518
Real estate mortgage - 1-4 family residential 189,192 185,775 183,700 180,162 180,700
Home equity - 1st lien 39,050 40,700 40,251 38,364 38,598
Home equity - junior lien 64,162 62,605 63,403 63,983 65,486
Consumer 32,160 33,460 34,198 34,130 33,935
 
Asset Quality Data
Allowance for loan losses to total loans 1.65 % 1.65 % 1.66 % 1.70 % 1.92 %
Allowance for loan losses to average loans 1.69 % 1.66 % 1.66 % 1.73 % 1.94 %
Allowance for loan losses to non-performing loans 153.00 % 139.74 % 124.31 % 95.10 % 101.63 %
Nonaccrual loans $ 11,985 $ 12,741 $ 15,258 $ 20,284 $ 20,886
Troubled debt restructuring 7,118 7,280 7,249 8,585 8,565
Loans - 90 days past due & still accruing 348 439 437 1,615 2,017
Total non-performing loans 19,451 20,460 22,944 30,484 31,468
OREO and repossessed assets 2,968 2,935 5,592 6,565 7,619
Total non-performing assets 22,419 23,395 28,536 37,049 39,087
Non-performing loans to total loans 1.08 % 1.18 % 1.33 % 1.78 % 1.89 %
Non-performing assets to total assets 0.93 % 0.99 % 1.19 % 1.62 % 1.73 %
Net charge-offs to average loans (2) 0.01 % 0.02 % 0.12 % 0.26 % 0.08 %
Net charge-offs $ 180 $ 281 $ 2,043 $ 4,315 $ 1,367
 
Other Information
Total assets under management (in millions) $ 2,360 $ 2,279 $ 2,229 $ 2,140 $ 2,047
Full-time equivalent employees 528 522 519 510 511
 
(1) - Interest income on a fully tax equivalent basis includes the additional amount of interest income that would have been earned if investments in certain tax-exempt interest earning assets had been made in assets subject to federal, state and local taxes yielding the same after-tax income.
 
(2) - Interim ratios not annualized



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