07/22/2024 | Press release | Distributed by Public on 07/22/2024 14:10
Quarter ended | ||||||||||||||||||
June 30, 2024 | March 31, 2024 | June 30, 2023 | ||||||||||||||||
($ in thousands) |
Average Balance |
Interest Income/ Expense |
Average Yield/ Rate |
Average Balance |
Interest Income/ Expense |
Average Yield/ Rate |
Average Balance |
Interest Income/ Expense |
Average Yield/ Rate | |||||||||
Assets | ||||||||||||||||||
Interest-earning assets: | ||||||||||||||||||
Loans1, 2
|
$ | 10,962,488 | $ | 189,346 | 6.95 | % | $ | 10,927,932 | $ | 186,703 | 6.87 | % | $ | 10,284,873 | $ | 170,314 | 6.64 | % |
Securities2
|
2,396,519 | 19,956 | 3.35 | 2,400,571 | 19,491 | 3.27 | 2,297,995 | 17,550 | 3.06 | |||||||||
Interest-earning deposits | 325,452 | 4,389 | 5.42 | 268,068 | 3,569 | 5.35 | 173,785 | 2,095 | 4.84 | |||||||||
Total interest-earning assets | 13,684,459 | 213,691 | 6.28 | 13,596,571 | 209,763 | 6.20 | 12,756,653 | 189,959 | 5.97 | |||||||||
Noninterest-earning assets | 961,922 | 959,548 | 915,332 | |||||||||||||||
Total assets | $ | 14,646,381 | $ | 14,556,119 | $ | 13,671,985 | ||||||||||||
Liabilities and Shareholders' Equity | ||||||||||||||||||
Interest-bearing liabilities: | ||||||||||||||||||
Interest-bearing demand accounts | $ | 2,950,827 | $ | 18,801 | 2.56 | % | $ | 2,924,276 | $ | 18,612 | 2.56 | % | $ | 2,509,805 | $ | 10,120 | 1.62 | % |
Money market accounts | 3,434,712 | 31,926 | 3.74 | 3,401,802 | 31,357 | 3.71 | 2,920,079 | 20,499 | 2.82 | |||||||||
Savings accounts | 573,115 | 335 | 0.24 | 587,113 | 303 | 0.21 | 686,973 | 227 | 0.13 | |||||||||
Certificates of deposit | 1,412,263 | 15,312 | 4.36 | 1,341,990 | 14,201 | 4.26 | 1,219,500 | 10,526 | 3.46 | |||||||||
Total interest-bearing deposits | 8,370,917 | 66,374 | 3.19 | 8,255,181 | 64,473 | 3.14 | 7,336,357 | 41,372 | 2.26 | |||||||||
Subordinated debentures and notes | 156,188 | 2,684 | 6.91 | 156,046 | 2,484 | 6.40 | 155,632 | 2,431 | 6.27 | |||||||||
FHLB advances | 40,308 | 561 | 5.60 | 73,791 | 1,029 | 5.61 | 98,912 | 1,279 | 5.19 | |||||||||
Securities sold under agreements to repurchase | 158,969 | 1,401 | 3.54 | 204,898 | 1,804 | 3.54 | 162,606 | 704 | 1.74 | |||||||||
Other borrowings | 36,203 | 95 | 1.06 | 42,736 | 205 | 1.93 | 133,770 | 1,419 | 4.25 | |||||||||
Total interest-bearing liabilities | 8,762,585 | 71,115 | 3.26 | 8,732,652 | 69,995 | 3.22 | 7,887,277 | 47,205 | 2.40 | |||||||||
Noninterest-bearing liabilities: | ||||||||||||||||||
Demand deposits | 3,973,336 | 3,925,522 | 4,051,456 | |||||||||||||||
Other liabilities | 162,220 | 159,247 | 111,915 | |||||||||||||||
Total liabilities | 12,898,141 | 12,817,421 | 12,050,648 | |||||||||||||||
Shareholders' equity | 1,748,240 | 1,738,698 | 1,621,337 | |||||||||||||||
Total liabilities and shareholders' equity | $ | 14,646,381 | $ | 14,556,119 | $ | 13,671,985 | ||||||||||||
Total net interest income | $ | 142,576 | $ | 139,768 | $ | 142,754 | ||||||||||||
Net interest margin | 4.19 | % | 4.13 | % | 4.49 | % | ||||||||||||
1 Average balances include nonaccrual loans. Interest income includes loan fees of $2.2 million, $2.4 million, and $3.7 million for the three months ended June 30, 2024, March 31, 2024, and June 30, 2023, respectively.
|
||||||||||||||||||
2 Non-taxable income is presented on a fully tax-equivalent basis using a tax rate of approximately 25%. The tax-equivalent adjustments were $2.1 million, $2.0 million, and $2.1 million for the three months ended June 30, 2024, March 31, 2024, and June 30, 2023, respectively.
|
At | ||||||||||||
June 30, 2024 | March 31, 2024 | June 30, 2023 | ||||||||||
($ in thousands) | Carrying Value | Net Unrealized Loss | Carrying Value | Net Unrealized Loss | Carrying Value | Net Unrealized Loss | ||||||
Available-for-sale (AFS) | $ | 1,615,930 | $ | (172,734) | $ | 1,611,883 | $ | (165,586) | $ | 1,550,375 | $ | (179,857) |
Held-to-maturity (HTM) | 772,648 | (69,442) | 758,017 | (63,593) | 723,959 | (71,673) | ||||||
Total | $ | 2,388,578 | $ | (242,176) | $ | 2,369,900 | $ | (229,179) | $ | 2,274,334 | $ | (251,530) |
At | ||||||||||
($ in thousands) |
June 30, 2024 |
March 31, 2024 |
December 31, 2023 | September 30, 2023 |
June 30, 2023 |
|||||
C&I | $ | 2,107,097 | $ | 2,263,817 | $ | 2,186,203 | $ | 2,020,303 | $ | 2,029,370 |
CRE investor owned | 2,308,926 | 2,280,990 | 2,291,660 | 2,260,220 | 2,290,701 | |||||
CRE owner occupied | 1,313,742 | 1,279,929 | 1,262,264 | 1,255,885 | 1,208,675 | |||||
SBA loans* | 1,269,145 | 1,274,780 | 1,281,632 | 1,309,497 | 1,327,667 | |||||
Sponsor finance* | 865,883 | 865,180 | 872,264 | 888,000 | 879,491 | |||||
Life insurance premium financing* | 996,154 | 1,003,597 | 956,162 | 928,486 | 912,274 | |||||
Tax credits* | 738,249 | 718,383 | 734,594 | 683,580 | 609,137 | |||||
Residential real estate | 339,889 | 354,615 | 359,957 | 364,618 | 354,588 | |||||
Construction and land development | 791,780 | 726,742 | 670,567 | 639,555 | 599,375 | |||||
Other | 269,142 | 260,459 | 268,815 | 266,676 | 301,345 | |||||
Total loans | $ | 11,000,007 | $ | 11,028,492 | $ | 10,884,118 | $ | 10,616,820 | $ | 10,512,623 |
Quarterly loan yield | 6.95 | % | 6.87 | % | 6.87 | % | 6.80 | % | 6.64 | % |
Variable interest rate loans to total loans | 61 | % | 61 | % | 61 | % | 61 | % | 62 | % |
*Specialty loan category |
At | ||||||||||
($ in thousands) |
June 30, 2024 |
March 31, 2024 |
December 31, 2023 |
September 30, 2023 |
June 30, 2023 |
|||||
Nonperforming loans* | $ | 39,384 | $ | 35,642 | $ | 43,728 | $ | 48,932 | $ | 16,112 |
Other | 8,746 | 8,466 | 5,736 | 6,933 | - | |||||
Nonperforming assets* | $ | 48,130 | $ | 44,108 | $ | 49,464 | $ | 55,865 | $ | 16,112 |
Nonperforming loans to total loans | 0.36 | % | 0.32 | % | 0.40 | % | 0.46 | % | 0.15 | % |
Nonperforming assets to total assets | 0.33 | % | 0.30 | % | 0.34 | % | 0.40 | % | 0.12 | % |
Allowance for credit losses to total loans | 1.27 | % | 1.23 | % | 1.24 | % | 1.34 | % | 1.34 | % |
Quarterly net charge-offs | $ | 605 | $ | 5,864 | $ | 28,479 | $ | 6,856 | $ | 2,973 |
*Guaranteed balances excluded | $ | 12,933 | $ | 9,630 | $ | 10,682 | $ | 5,974 | $ | 6,666 |
At | ||||||||||
($ in thousands) |
June 30, 2024 |
March 31, 2024 |
December 31, 2023 |
September 30, 2023 |
June 30, 2023 |
|||||
Noninterest-bearing demand accounts | $ | 3,928,308 | $ | 3,805,334 | $ | 3,958,743 | $ | 3,852,486 | $ | 3,880,561 |
Interest-bearing demand accounts | 2,951,899 | 2,956,282 | 2,950,259 | 2,749,598 | 2,629,339 | |||||
Money market and savings accounts | 4,039,626 | 4,006,702 | 3,994,455 | 3,837,145 | 3,577,856 | |||||
Brokered certificates of deposit | 494,870 | 659,005 | 482,759 | 695,551 | 893,808 | |||||
Other certificates of deposit | 867,680 | 826,378 | 790,155 | 775,127 | 638,296 | |||||
Total deposit portfolio | $ | 12,282,383 | $ | 12,253,701 | $ | 12,176,371 | $ | 11,909,907 | $ | 11,619,860 |
Noninterest-bearing deposits to total deposits | 32.0 | % | 31.1 | % | 32.5 | % | 32.3 | % | 33.4 | % |
Quarterly cost of deposits | 2.16 | % | 2.13 | % | 2.03 | % | 1.84 | % | 1.46 | % |
Linked quarter comparison | Prior year comparison | |||||||||||||
Quarter ended | Quarter ended | |||||||||||||
($ in thousands) |
June 30, 2024 |
March 31, 2024 | Increase (decrease) |
June 30, 2023 |
Increase (decrease) | |||||||||
Deposit service charges | $ | 4,542 | $ | 4,423 | $ | 119 | 3 | % | $ | 3,910 | $ | 632 | 16 | % |
Wealth management revenue | 2,590 | 2,544 | 46 | 2 | % | 2,472 | 118 | 5 | % | |||||
Card services revenue | 2,497 | 2,412 | 85 | 4 | % | 2,464 | 33 | 1 | % | |||||
Tax credit income (loss) | 1,874 | (2,190) | 4,064 | 186 | % | 368 | 1,506 | 409 | % | |||||
Other income | 3,991 | 4,969 | (978) | (20) | % | 5,076 | (1,085) | (21) | % | |||||
Total noninterest income | $ | 15,494 | $ | 12,158 | $ | 3,336 | 27 | % | $ | 14,290 | $ | 1,204 | 8 | % |
Linked quarter comparison | Prior year comparison | |||||||||||||
Quarter ended | Quarter ended | |||||||||||||
($ in thousands) |
June 30, 2024 |
March 31, 2024 | Increase (decrease) |
June 30, 2023 |
Increase (decrease) | |||||||||
Gain on SBA loan sales | $ | - | $ | 1,415 | $ | (1,415) | (100) | % | $ | - | $ | - | - | % |
BOLI | 855 | 864 | (9) | (1) | % | 797 | 58 | 7 | % | |||||
Community development investments | 381 | 585 | (204) | (35) | % | 2,077 | (1,696) | (82) | % | |||||
Private equity fund distributions | 411 | 162 | 249 | 154 | % | 371 | 40 | 11 | % | |||||
Servicing fees | 594 | 287 | 307 | 107 | % | 407 | 187 | 46 | % | |||||
Swap fees | 217 | 45 | 172 | 382 | % | 173 | 44 | 25 | % | |||||
Miscellaneous income | 1,533 | 1,611 | (78) | (5) | % | 1,251 | 282 | 23 | % | |||||
Total other income | $ | 3,991 | $ | 4,969 | $ | (978) | (20) | % | $ | 5,076 | $ | (1,085) | (21) | % |
Linked quarter comparison | Prior year comparison | |||||||||||||
Quarter ended | Quarter ended | |||||||||||||
($ in thousands) |
June 30, 2024 |
March 31, 2024 |
Increase (decrease) |
June 30, 2023 |
Increase (decrease) | |||||||||
Employee compensation and benefits | $ | 44,524 | $ | 45,262 | $ | (738) | (2) | % | $ | 41,641 | $ | 2,883 | 7 | % |
Deposit costs | 21,706 | 20,277 | 1,429 | 7 | % | 16,980 | 4,726 | 28 | % | |||||
Occupancy | 4,197 | 4,326 | (129) | (3) | % | 3,954 | 243 | 6 | % | |||||
FDIC special assessment | - | 625 | (625) | (100) | % | - | - | - | % | |||||
Core conversion expense | 1,250 | 350 | 900 | 257 | % | - | 1,250 | 100 | % | |||||
Other expense | 22,340 | 22,661 | (321) | (1) | % | 23,381 | (1,041) | (4) | % | |||||
Total noninterest expense | $ | 94,017 | $ | 93,501 | $ | 516 | 1 | % | $ | 85,956 | $ | 8,061 | 9 | % |
At | ||||||||||
($ in thousands) | June 30, 2024* | March 31, 2024 | December 31, 2023 | September 30, 2023 |
June 30, 2023 |
|||||
Shareholders' equity | $ | 1,755,273 | $ | 1,731,725 | $ | 1,716,068 | $ | 1,611,880 | $ | 1,618,233 |
Total risk-based capital to risk-weighted assets | 14.6 | % | 14.3 | % | 14.2 | % | 14.1 | % | 14.1 | % |
Tier 1 capital to risk weighted assets | 13.0 | % | 12.8 | % | 12.7 | % | 12.6 | % | 12.5 | % |
Common equity tier 1 capital to risk-weighted assets | 11.7 | % | 11.4 | % | 11.3 | % | 11.2 | % | 11.1 | % |
Leverage ratio | 11.1 | % | 11.0 | % | 11.0 | % | 10.9 | % | 11.0 | % |
Tangible common equity to tangible assets | 9.18 | % | 9.01 | % | 8.96 | % | 8.51 | % | 8.65 | % |
Quarter ended | Six months ended | |||||||||||||
(in thousands, except per share data) |
Jun 30, 2024 |
Mar 31, 2024 |
Dec 31, 2023 |
Sep 30, 2023 |
Jun 30, 2023 |
Jun 30, 2024 |
Jun 30, 2023 |
|||||||
EARNINGS SUMMARY | ||||||||||||||
Net interest income | $ | 140,529 | $ | 137,728 | $ | 140,732 | $ | 141,639 | $ | 140,692 | $ | 278,257 | $ | 280,221 |
Provision for credit losses | 4,819 | 5,756 | 18,053 | 8,030 | 6,339 | 10,575 | 10,522 | |||||||
Noninterest income | 15,494 | 12,158 | 25,452 | 12,085 | 14,290 | 27,652 | 31,188 | |||||||
Noninterest expense | 94,017 | 93,501 | 92,603 | 88,644 | 85,956 | 187,518 | 166,939 | |||||||
Income before income tax expense | 57,187 | 50,629 | 55,528 | 57,050 | 62,687 | 107,816 | 133,948 | |||||||
Income tax expense | 11,741 | 10,228 | 10,999 | 12,385 | 13,560 | 21,969 | 29,083 | |||||||
Net income | 45,446 | 40,401 | 44,529 | 44,665 | 49,127 | 85,847 | 104,865 | |||||||
Preferred stock dividends | 937 | 938 | 937 | 938 | 937 | 1,875 | 1,875 | |||||||
Net income available to common shareholders | $ | 44,509 | $ | 39,463 | $ | 43,592 | $ | 43,727 | $ | 48,190 | $ | 83,972 | $ | 102,990 |
Diluted earnings per common share | $ | 1.19 | $ | 1.05 | $ | 1.16 | $ | 1.17 | $ | 1.29 | $ | 2.24 | $ | 2.75 |
Adjusted diluted earnings per common share1
|
$ | 1.21 | $ | 1.07 | $ | 1.21 | $ | 1.17 | $ | 1.29 | $ | 2.28 | $ | 2.75 |
Return on average assets | 1.25 | % | 1.12 | % | 1.23 | % | 1.26 | % | 1.44 | % | 1.18 | % | 1.58 | % |
Adjusted return on average assets1
|
1.27 | % | 1.14 | % | 1.28 | % | 1.26 | % | 1.44 | % | 1.21 | % | 1.58 | % |
Return on average common equity1
|
10.68 | % | 9.52 | % | 10.94 | % | 11.00 | % | 12.48 | % | 10.10 | % | 13.64 | % |
Adjusted return on average common equity1
|
10.90 | % | 9.70 | % | 11.40 | % | 11.00 | % | 12.48 | % | 10.30 | % | 13.64 | % |
ROATCE1
|
13.77 | % | 12.31 | % | 14.38 | % | 14.49 | % | 16.53 | % | 13.04 | % | 18.18 | % |
Adjusted ROATCE1
|
14.06 | % | 12.53 | % | 14.98 | % | 14.49 | % | 16.53 | % | 13.30 | % | 18.18 | % |
Net interest margin (tax equivalent) | 4.19 | % | 4.13 | % | 4.23 | % | 4.33 | % | 4.49 | % | 4.16 | % | 4.60 | % |
Efficiency ratio | 60.26 | % | 62.38 | % | 55.72 | % | 57.66 | % | 55.46 | % | 61.30 | % | 53.61 | % |
Core efficiency ratio1
|
58.09 | % | 60.21 | % | 53.06 | % | 56.18 | % | 54.04 | % | 59.13 | % | 52.25 | % |
Assets | $ | 14,615,666 | $ | 14,613,338 | $ | 14,518,590 | $ | 14,025,042 | $ | 13,871,154 | ||||
Average assets | $ | 14,646,381 | $ | 14,556,119 | $ | 14,332,804 | $ | 14,068,860 | $ | 13,671,985 | $ | 14,601,250 | $ | 13,403,084 |
Period end common shares outstanding | 37,344 | 37,515 | 37,416 | 37,385 | 37,359 | |||||||||
Dividends per common share | $ | 0.26 | $ | 0.25 | $ | 0.25 | $ | 0.25 | $ | 0.25 | $ | 0.51 | $ | 0.50 |
Tangible book value per common share1
|
$ | 35.02 | $ | 34.21 | $ | 33.85 | $ | 31.06 | $ | 31.23 | ||||
Tangible common equity to tangible assets1
|
9.18 | % | 9.01 | % | 8.96 | % | 8.51 | % | 8.65 | % | ||||
Total risk-based capital to risk-weighted assets2
|
14.6 | % | 14.3 | % | 14.2 | % | 14.1 | % | 14.1 | % | ||||
1Refer to Reconciliations of Non-GAAP Financial Measures tables for a reconciliation of these measures to GAAP.
|
||||||||||||||
2Capital ratios for the current quarter are preliminary and subject to, among other things, completion and filing of the Company's regulatory reports and ongoing regulatory review.
|
Quarter ended | Six months ended | |||||||||||||
(in thousands, except per share data) |
Jun 30, 2024 |
Mar 31, 2024 |
Dec 31, 2023 |
Sep 30, 2023 |
Jun 30, 2023 |
Jun 30, 2024 |
Jun 30, 2023 |
|||||||
INCOME STATEMENTS | ||||||||||||||
NET INTEREST INCOME | ||||||||||||||
Interest income | $ | 211,644 | $ | 207,723 | $ | 207,083 | $ | 200,906 | $ | 187,897 | $ | 419,367 | $ | 356,930 |
Interest expense | 71,115 | 69,995 | 66,351 | 59,267 | 47,205 | 141,110 | 76,709 | |||||||
Net interest income | 140,529 | 137,728 | 140,732 | 141,639 | 140,692 | 278,257 | 280,221 | |||||||
Provision for credit losses | 4,819 | 5,756 | 18,053 | 8,030 | 6,339 | 10,575 | 10,522 | |||||||
Net interest income after provision for credit losses | 135,710 | 131,972 | 122,679 | 133,609 | 134,353 | 267,682 | 269,699 | |||||||
NONINTEREST INCOME | ||||||||||||||
Deposit service charges | 4,542 | 4,423 | 4,334 | 4,187 | 3,910 | 8,965 | 8,038 | |||||||
Wealth management revenue | 2,590 | 2,544 | 2,428 | 2,614 | 2,472 | 5,134 | 4,988 | |||||||
Card services revenue | 2,497 | 2,412 | 2,666 | 2,560 | 2,464 | 4,909 | 4,802 | |||||||
Tax credit income (loss) | 1,874 | (2,190) | 9,688 | (2,673) | 368 | (316) | 2,181 | |||||||
Other income | 3,991 | 4,969 | 6,336 | 5,397 | 5,076 | 8,960 | 11,179 | |||||||
Total noninterest income | 15,494 | 12,158 | 25,452 | 12,085 | 14,290 | 27,652 | 31,188 | |||||||
NONINTEREST EXPENSE | ||||||||||||||
Employee compensation and benefits | 44,524 | 45,262 | 39,651 | 40,771 | 41,641 | 89,786 | 84,144 | |||||||
Deposit costs | 21,706 | 20,277 | 21,606 | 20,987 | 16,980 | 41,983 | 29,700 | |||||||
Occupancy | 4,197 | 4,326 | 4,313 | 4,198 | 3,954 | 8,523 | 8,015 | |||||||
FDIC special assessment | - | 625 | 2,412 | - | - | 625 | - | |||||||
Core conversion expense | 1,250 | 350 | - | - | - | 1,600 | - | |||||||
Other expense | 22,340 | 22,661 | 24,621 | 22,688 | 23,381 | 45,001 | 45,080 | |||||||
Total noninterest expense | 94,017 | 93,501 | 92,603 | 88,644 | 85,956 | 187,518 | 166,939 | |||||||
Income before income tax expense | 57,187 | 50,629 | 55,528 | 57,050 | 62,687 | 107,816 | 133,948 | |||||||
Income tax expense | 11,741 | 10,228 | 10,999 | 12,385 | 13,560 | 21,969 | 29,083 | |||||||
Net income | $ | 45,446 | $ | 40,401 | $ | 44,529 | $ | 44,665 | $ | 49,127 | $ | 85,847 | $ | 104,865 |
Preferred stock dividends | 937 | 938 | 937 | 938 | 937 | 1,875 | 1,875 | |||||||
Net income available to common shareholders | $ | 44,509 | $ | 39,463 | $ | 43,592 | $ | 43,727 | $ | 48,190 | $ | 83,972 | $ | 102,990 |
Basic earnings per common share | $ | 1.19 | $ | 1.05 | $ | 1.16 | $ | 1.17 | $ | 1.29 | $ | 2.24 | $ | 2.76 |
Diluted earnings per common share | $ | 1.19 | $ | 1.05 | $ | 1.16 | $ | 1.17 | $ | 1.29 | $ | 2.24 | $ | 2.75 |
At | ||||||||||
($ in thousands) |
Jun 30, 2024 |
Mar 31, 2024 |
Dec 31, 2023 |
Sep 30, 2023 |
Jun 30, 2023 |
|||||
BALANCE SHEET | ||||||||||
ASSETS | ||||||||||
Cash and due from banks | $ | 176,698 | $ | 157,697 | $ | 193,275 | $ | 190,806 | $ | 202,702 |
Interest-earning deposits | 219,342 | 215,951 | 243,610 | 184,245 | 125,328 | |||||
Debt and equity investments | 2,460,549 | 2,443,977 | 2,434,902 | 2,279,578 | 2,340,821 | |||||
Loans held for sale | 606 | 610 | 359 | 212 | 551 | |||||
Loans | 11,000,007 | 11,028,492 | 10,884,118 | 10,616,820 | 10,512,623 | |||||
Allowance for credit losses | (139,464) | (135,498) | (134,771) | (142,133) | (141,319) | |||||
Total loans, net | 10,860,543 | 10,892,994 | 10,749,347 | 10,474,687 | 10,371,304 | |||||
Fixed assets, net | 44,831 | 44,382 | 42,681 | 41,268 | 41,988 | |||||
Goodwill | 365,164 | 365,164 | 365,164 | 365,164 | 365,164 | |||||
Intangible assets, net | 10,327 | 11,271 | 12,318 | 13,425 | 14,544 | |||||
Other assets | 477,606 | 481,292 | 476,934 | 475,657 | 408,752 | |||||
Total assets | $ | 14,615,666 | $ | 14,613,338 | $ | 14,518,590 | $ | 14,025,042 | $ | 13,871,154 |
LIABILITIES AND SHAREHOLDERS' EQUITY | ||||||||||
Noninterest-bearing deposits | $ | 3,928,308 | $ | 3,805,334 | $ | 3,958,743 | $ | 3,852,486 | $ | 3,880,561 |
Interest-bearing deposits | 8,354,075 | 8,448,367 | 8,217,628 | 8,057,421 | 7,739,299 | |||||
Total deposits | 12,282,383 | 12,253,701 | 12,176,371 | 11,909,907 | 11,619,860 | |||||
Subordinated debentures and notes | 156,265 | 156,124 | 155,984 | 155,844 | 155,706 | |||||
FHLB advances | 78,000 | 125,000 | - | - | 150,000 | |||||
Other borrowings | 178,269 | 195,246 | 297,829 | 182,372 | 199,390 | |||||
Other liabilities | 165,476 | 151,542 | 172,338 | 165,039 | 127,965 | |||||
Total liabilities | 12,860,393 | 12,881,613 | 12,802,522 | 12,413,162 | 12,252,921 | |||||
Shareholders' equity: | ||||||||||
Preferred stock | 71,988 | 71,988 | 71,988 | 71,988 | 71,988 | |||||
Common stock | 373 | 375 | 374 | 374 | 374 | |||||
Additional paid-in capital | 994,116 | 995,969 | 995,208 | 992,044 | 988,355 | |||||
Retained earnings | 810,935 | 778,784 | 749,513 | 715,303 | 680,981 | |||||
Accumulated other comprehensive loss | (122,139) | (115,391) | (101,015) | (167,829) | (123,465) | |||||
Total shareholders' equity | 1,755,273 | 1,731,725 | 1,716,068 | 1,611,880 | 1,618,233 | |||||
Total liabilities and shareholders' equity | $ | 14,615,666 | $ | 14,613,338 | $ | 14,518,590 | $ | 14,025,042 | $ | 13,871,154 |
Six months ended | ||||||||||
June 30, 2024 | June 30, 2023 | |||||||||
($ in thousands) |
Average Balance |
Interest Income/ Expense |
Average Yield/ Rate |
Average Balance |
Interest Income/ Expense |
Average Yield/ Rate | ||||
AVERAGE BALANCE SHEET | ||||||||||
ASSETS | ||||||||||
Interest-earning assets: | ||||||||||
Loans1, 2
|
$ | 10,945,211 | $ | 376,049 | 6.91% | $ | 10,041,312 | $ | 323,076 | 6.49% |
Securities2
|
2,398,545 | 39,447 | 3.31 | 2,293,249 | 34,667 | 3.05 | ||||
Interest-earning deposits | 296,759 | 7,958 | 5.39 | 140,206 | 3,290 | 4.73 | ||||
Total interest-earning assets | 13,640,515 | 423,454 | 6.24 | 12,474,767 | 361,033 | 5.84 | ||||
Noninterest-earning assets | 960,735 | 928,317 | ||||||||
Total assets | $ | 14,601,250 | $ | 13,403,084 | ||||||
LIABILITIES AND SHAREHOLDERS' EQUITY | ||||||||||
Interest-bearing liabilities: | ||||||||||
Interest-bearing demand accounts | $ | 2,937,551 | $ | 37,413 | 2.56% | $ | 2,356,708 | $ | 16,027 | 1.37% |
Money market accounts | 3,418,257 | 63,283 | 3.72 | 2,873,715 | 35,970 | 2.52 | ||||
Savings accounts | 580,115 | 637 | 0.22 | 709,490 | 457 | 0.13 | ||||
Certificates of deposit | 1,377,126 | 29,514 | 4.31 | 946,527 | 13,579 | 2.89 | ||||
Total interest-bearing deposits | 8,313,049 | 130,847 | 3.17 | 6,886,440 | 66,033 | 1.93 | ||||
Subordinated debentures and notes | 156,117 | 5,168 | 6.66 | 155,565 | 4,840 | 6.27 | ||||
FHLB advances | 57,049 | 1,590 | 5.60 | 104,887 | 2,611 | 5.02 | ||||
Securities sold under agreements to repurchase | 181,933 | 3,205 | 3.54 | 188,958 | 1,453 | 1.55 | ||||
Other borrowings | 39,470 | 300 | 1.53 | 94,048 | 1,772 | 3.80 | ||||
Total interest-bearing liabilities | 8,747,618 | 141,110 | 3.24 | 7,429,898 | 76,709 | 2.08 | ||||
Noninterest-bearing liabilities: | ||||||||||
Demand deposits | 3,949,429 | 4,265,521 | ||||||||
Other liabilities | 160,734 | 112,625 | ||||||||
Total liabilities | 12,857,781 | 11,808,044 | ||||||||
Shareholders' equity | 1,743,469 | 1,595,040 | ||||||||
Total liabilities and shareholders' equity | $ | 14,601,250 | $ | 13,403,084 | ||||||
Total net interest income | $ | 282,344 | $ | 284,324 | ||||||
Net interest margin | 4.16% | 4.60% | ||||||||
1 Average balances include nonaccrual loans. Interest income includes loan fees of $4.6 million and $7.4 million for the six months ended June 30, 2024 and June 30, 2023, respectively.
|
||||||||||
2 Non-taxable income is presented on a fully tax-equivalent basis using a tax rate of approximately 25%. The tax-equivalent adjustments were $4.1 million for both the six months ended June 30, 2024 and June 30, 2023, respectively.
|
||||||||||
At or for the quarter ended | ||||||||||
($ in thousands) |
Jun 30, 2024 |
Mar 31, 2024 |
Dec 31, 2023 |
Sep 30, 2023 |
Jun 30, 2023 |
|||||
LOAN PORTFOLIO | ||||||||||
Commercial and industrial | $ | 4,619,448 | $ | 4,766,310 | $ | 4,672,559 | $ | 4,448,535 | $ | 4,360,862 |
Commercial real estate | 4,856,751 | 4,804,803 | 4,803,571 | 4,794,355 | 4,802,293 | |||||
Construction real estate | 893,672 | 820,416 | 760,425 | 723,796 | 671,573 | |||||
Residential real estate | 351,934 | 367,218 | 372,188 | 376,120 | 368,867 | |||||
Other | 278,202 | 269,745 | 275,375 | 274,014 | 309,028 | |||||
Total loans | $ | 11,000,007 | $ | 11,028,492 | $ | 10,884,118 | $ | 10,616,820 | $ | 10,512,623 |
DEPOSIT PORTFOLIO | ||||||||||
Noninterest-bearing demand accounts | $ | 3,928,308 | $ | 3,805,334 | $ | 3,958,743 | $ | 3,852,486 | $ | 3,880,561 |
Interest-bearing demand accounts | 2,951,899 | 2,956,282 | 2,950,259 | 2,749,598 | 2,629,339 | |||||
Money market and savings accounts | 4,039,626 | 4,006,702 | 3,994,455 | 3,837,145 | 3,577,856 | |||||
Brokered certificates of deposit | 494,870 | 659,005 | 482,759 | 695,551 | 893,808 | |||||
Other certificates of deposit | 867,680 | 826,378 | 790,155 | 775,127 | 638,296 | |||||
Total deposits | $ | 12,282,383 | $ | 12,253,701 | $ | 12,176,371 | $ | 11,909,907 | $ | 11,619,860 |
AVERAGE BALANCES | ||||||||||
Loans | $ | 10,962,488 | $ | 10,927,932 | $ | 10,685,961 | $ | 10,521,966 | $ | 10,284,873 |
Securities | 2,396,519 | 2,400,571 | 2,276,915 | 2,302,850 | 2,297,995 | |||||
Interest-earning assets | 13,684,459 | 13,596,571 | 13,383,638 | 13,160,587 | 12,756,653 | |||||
Assets | 14,646,381 | 14,556,119 | 14,332,804 | 14,068,860 | 13,671,985 | |||||
Deposits | 12,344,253 | 12,180,703 | 12,163,346 | 11,922,534 | 11,387,813 | |||||
Shareholders' equity | 1,748,240 | 1,738,698 | 1,652,882 | 1,648,605 | 1,621,337 | |||||
Tangible common equity1
|
1,300,305 | 1,289,776 | 1,202,872 | 1,197,486 | 1,169,091 | |||||
YIELDS (tax equivalent) | ||||||||||
Loans | 6.95 | % | 6.87 | % | 6.87 | % | 6.80 | % | 6.64 | % |
Securities | 3.35 | 3.27 | 3.20 | 3.11 | 3.06 | |||||
Interest-earning assets | 6.28 | 6.20 | 6.20 | 6.12 | 5.97 | |||||
Interest-bearing deposits | 3.19 | 3.14 | 3.03 | 2.77 | 2.26 | |||||
Deposits | 2.16 | 2.13 | 2.03 | 1.84 | 1.46 | |||||
Subordinated debentures and notes | 6.91 | 6.40 | 6.30 | 6.28 | 6.27 | |||||
FHLB advances and other borrowed funds | 3.52 | 3.80 | 3.06 | 2.76 | 3.45 | |||||
Interest-bearing liabilities | 3.26 | 3.22 | 3.09 | 2.84 | 2.40 | |||||
Net interest margin | 4.19 | 4.13 | 4.23 | 4.33 | 4.49 |
Quarter ended | ||||||||||
(in thousands, except per share data) |
Jun 30, 2024 |
Mar 31, 2024 |
Dec 31, 2023 |
Sep 30, 2023 |
Jun 30, 2023 |
|||||
ASSET QUALITY | ||||||||||
Net charge-offs | $ | 605 | $ | 5,864 | $ | 28,479 | $ | 6,856 | $ | 2,973 |
Nonperforming loans | 39,384 | 35,642 | 43,728 | 48,932 | 16,112 | |||||
Classified assets | 169,822 | 185,150 | 185,389 | 184,393 | 108,065 | |||||
Nonperforming loans to total loans | 0.36 | % | 0.32 | % | 0.40 | % | 0.46 | % | 0.15 | % |
Nonperforming assets to total assets | 0.33 | % | 0.30 | % | 0.34 | % | 0.40 | % | 0.12 | % |
Allowance for credit losses to total loans | 1.27 | % | 1.23 | % | 1.24 | % | 1.34 | % | 1.34 | % |
Allowance for credit losses to total loans, excluding guaranteed loans | 1.38 | % | 1.34 | % | 1.35 | % | 1.47 | % | 1.48 | % |
Allowance for credit losses to nonperforming loans | 354.1 | % | 380.2 | % | 308.2 | % | 290.5 | % | 877.1 | % |
Net charge-offs to average loans -annualized | 0.02 | % | 0.22 | % | 1.06 | % | 0.26 | % | 0.12 | % |
WEALTH MANAGEMENT | ||||||||||
Trust assets under management | $ | 2,367,409 | $ | 2,352,902 | $ | 2,235,073 | $ | 2,129,408 | $ | 1,992,563 |
SHARE DATA | ||||||||||
Book value per common share | $ | 45.08 | $ | 44.24 | $ | 43.94 | $ | 41.19 | $ | 41.39 |
Tangible book value per common share1
|
$ | 35.02 | $ | 34.21 | $ | 33.85 | $ | 31.06 | $ | 31.23 |
Market value per share | $ | 40.91 | $ | 40.56 | $ | 44.65 | $ | 37.50 | $ | 39.10 |
Period end common shares outstanding | 37,344 | 37,515 | 37,416 | 37,385 | 37,359 | |||||
Average basic common shares | 37,485 | 37,490 | 37,421 | 37,405 | 37,347 | |||||
Average diluted common shares | 37,540 | 37,597 | 37,554 | 37,520 | 37,495 | |||||
CAPITAL | ||||||||||
Total risk-based capital to risk-weighted assets2
|
14.6 | % | 14.3 | % | 14.2 | % | 14.1 | % | 14.1 | % |
Tier 1 capital to risk-weighted assets2
|
13.0 | % | 12.8 | % | 12.7 | % | 12.6 | % | 12.5 | % |
Common equity tier 1 capital to risk-weighted assets2
|
11.7 | % | 11.4 | % | 11.3 | % | 11.2 | % | 11.1 | % |
Tangible common equity to tangible assets1
|
9.18 | % | 9.01 | % | 8.96 | % | 8.51 | % | 8.65 | % |
1Refer to Reconciliations of Non-GAAP Financial Measures tables for a reconciliation of these measures to GAAP.
|
||||||||||
2Capital ratios for the current quarter are preliminary and subject to, among other things, completion and filing of the Company's regulatory reports and ongoing regulatory review.
|
Quarter ended | Six months ended | |||||||||||||
($ in thousands) |
Jun 30, 2024 |
Mar 31, 2024 |
Dec 31, 2023 |
Sep 30, 2023 |
Jun 30, 2023 |
Jun 30, 2024 |
Jun 30, 2023 |
|||||||
CORE EFFICIENCY RATIO | ||||||||||||||
Net interest income (GAAP) | $ | 140,529 | $ | 137,728 | $ | 140,732 | $ | 141,639 | $ | 140,692 | $ | 278,257 | $ | 280,221 |
Tax-equivalent adjustment | 2,047 | 2,040 | 1,915 | 2,061 | 2,062 | 4,087 | 4,103 | |||||||
Noninterest income (GAAP) | 15,494 | 12,158 | 25,452 | 12,085 | 14,290 | 27,652 | 31,188 | |||||||
Less gain on sale of investment securities | - | - | 220 | - | - | - | 381 | |||||||
Less gain (loss) on sale of other real estate owned | - | (2) | - | - | 97 | (2) | 187 | |||||||
Core revenue (non-GAAP) | 158,070 | 151,928 | 167,879 | 155,785 | 156,947 | 309,998 | 314,944 | |||||||
Noninterest expense (GAAP) | 94,017 | 93,501 | 92,603 | 88,644 | 85,956 | 187,518 | 166,939 | |||||||
Less FDIC special assessment | - | 625 | 2,412 | - | - | 625 | - | |||||||
Less core conversion expense | 1,250 | 350 | - | - | - | 1,600 | - | |||||||
Less amortization on intangibles | 944 | 1,047 | 1,108 | 1,118 | 1,136 | 1,991 | 2,375 | |||||||
Core noninterest expense (non-GAAP) | 91,823 | 91,479 | 89,083 | 87,526 | 84,820 | 183,302 | 164,564 | |||||||
Core efficiency ratio (non-GAAP) | 58.09 | % | 60.21 | % | 53.06 | % | 56.18 | % | 54.04 | % | 59.13 | % | 52.25 | % |
Quarter ended | ||||||||||
(in thousands, except per share data) |
Jun 30, 2024 |
Mar 31, 2024 |
Dec 31, 2023 |
Sep 30, 2023 |
Jun 30, 2023 |
|||||
TANGIBLE COMMON EQUITY, TANGIBLE BOOK VALUE PER SHARE AND TANGIBLE COMMON EQUITY RATIO | ||||||||||
Shareholders' equity (GAAP) | $ | 1,755,273 | $ | 1,731,725 | $ | 1,716,068 | $ | 1,611,880 | $ | 1,618,233 |
Less preferred stock | 71,988 | 71,988 | 71,988 | 71,988 | 71,988 | |||||
Less goodwill | 365,164 | 365,164 | 365,164 | 365,164 | 365,164 | |||||
Less intangible assets | 10,327 | 11,271 | 12,318 | 13,425 | 14,544 | |||||
Tangible common equity (non-GAAP) | $ | 1,307,794 | $ | 1,283,302 | $ | 1,266,598 | $ | 1,161,303 | $ | 1,166,537 |
Less net unrealized losses on HTM securities, after tax | 52,220 | 47,822 | 41,038 | 81,367 | 53,611 | |||||
Tangible common equity adjusted for unrealized losses on HTM securities (non-GAAP) | $ | 1,255,574 | $ | 1,235,480 | $ | 1,225,560 | $ | 1,079,936 | $ | 1,112,926 |
Common shares outstanding | 37,344 | 37,515 | 37,416 | 37,385 | 37,359 | |||||
Tangible book value per share (non-GAAP) | $ | 35.02 | $ | 34.21 | $ | 33.85 | $ | 31.06 | $ | 31.23 |
Total assets (GAAP) | $ | 14,615,666 | $ | 14,613,338 | $ | 14,518,590 | $ | 14,025,042 | $ | 13,871,154 |
Less goodwill | 365,164 | 365,164 | 365,164 | 365,164 | 365,164 | |||||
Less intangible assets | 10,327 | 11,271 | 12,318 | 13,425 | 14,544 | |||||
Tangible assets (non-GAAP) | $ | 14,240,175 | $ | 14,236,903 | $ | 14,141,108 | $ | 13,646,453 | $ | 13,491,446 |
Tangible common equity to tangible assets (non-GAAP) | 9.18 | % | 9.01 | % | 8.96 | % | 8.51 | % | 8.65 | % |
Tangible common equity to tangible assets adjusted for unrealized losses on HTM securities (non-GAAP) | 8.82 | % | 8.68 | % | 8.67 | % | 7.91 | % | 8.25 | % |
Quarter Ended | Six months ended | |||||||||||||
($ in thousands) |
Jun 30, 2024 |
Mar 31, 2024 |
Dec 31, 2023 |
Sep 30, 2023 |
Jun 30, 2023 |
Jun 30, 2024 |
Jun 30, 2023 |
|||||||
RETURN ON AVERAGE TANGIBLE COMMON EQUITY (ROATCE) | ||||||||||||||
Average shareholder's equity (GAAP) | $ | 1,748,240 | $ | 1,738,698 | $ | 1,652,882 | $ | 1,648,605 | $ | 1,621,337 | $ | 1,743,469 | $ | 1,595,040 |
Less average preferred stock | 71,988 | 71,988 | 71,988 | 71,988 | 71,988 | 71,988 | 71,988 | |||||||
Less average goodwill | 365,164 | 365,164 | 365,164 | 365,164 | 365,164 | 365,164 | 365,164 | |||||||
Less average intangible assets | 10,783 | 11,770 | 12,858 | 13,967 | 15,094 | 11,277 | 15,667 | |||||||
Average tangible common equity (non-GAAP) | $ | 1,300,305 | $ | 1,289,776 | $ | 1,202,872 | $ | 1,197,486 | $ | 1,169,091 | $ | 1,295,040 | $ | 1,142,221 |
Net income available to common shareholders (GAAP) | $ | 44,509 | $ | 39,463 | $ | 43,592 | $ | 43,727 | $ | 48,190 | $ | 83,972 | $ | 102,990 |
FDIC special assessment (after tax) | - | 470 | 1,814 | - | - | 470 | - | |||||||
Core conversion expense (after tax) | 940 | 263 | - | - | - | 1,203 | - | |||||||
Net income available to common shareholders adjusted (non-GAAP) | $ | 45,449 | $ | 40,196 | $ | 45,406 | $ | 43,727 | $ | 48,190 | $ | 85,645 | $ | 102,990 |
Return on average common equity (non-GAAP) | 10.68 | % | 9.52 | % | 10.94 | % | 11.00 | % | 12.48 | % | 10.10 | % | 13.64 | % |
Adjusted return on average common equity (non-GAAP) | 10.90 | % | 9.70 | % | 11.40 | % | 11.00 | % | 12.48 | % | 10.30 | % | 13.64 | % |
ROATCE (non-GAAP) | 13.77 | % | 12.31 | % | 14.38 | % | 14.49 | % | 16.53 | % | 13.04 | % | 18.18 | % |
Adjusted ROATCE (non-GAAP) | 14.06 | % | 12.53 | % | 14.98 | % | 14.49 | % | 16.53 | % | 13.30 | % | 18.18 | % |
Quarter ended | ||||||||||
($ in thousands) |
Jun 30, 2024 |
Mar 31, 2024 |
Dec 31, 2023 |
Sep 30, 2023 |
Jun 30, 2023 |
|||||
CALCULATION OF PRE-PROVISION NET REVENUE (PPNR) | ||||||||||
Net interest income | $ | 140,529 | $ | 137,728 | $ | 140,732 | $ | 141,639 | $ | 140,692 |
Noninterest income | 15,494 | 12,158 | 25,452 | 12,085 | 14,290 | |||||
FDIC special assessment | - | 625 | 2,412 | - | - | |||||
Core conversion expense | 1,250 | 350 | - | - | - | |||||
Less gain on sale of investment securities | - | - | 220 | - | - | |||||
Less gain (loss) on sale of other real estate owned | - | (2) | - | - | 97 | |||||
Less noninterest expense | 94,017 | 93,501 | 92,603 | 88,644 | 85,956 | |||||
PPNR (non-GAAP) | $ | 63,256 | $ | 57,362 | $ | 75,773 | $ | 65,080 | $ | 68,929 |
Quarter ended | ||||
($ in thousands) |
Jun 30, 2024 |
Mar 31, 2024 |
||
CALCULATION OF ESTIMATED INSURED DEPOSITS | ||||
Estimated uninsured deposits per Call Report | $ | 4,020,979 | $ | 4,062,505 |
Collateralized/affiliate deposits | (454,084) | (515,439) | ||
Accrued interest on deposits | (5,632) | (5,542) | ||
Adjusted uninsured/uncollateralized deposits | 3,561,263 | 3,541,524 | ||
Estimated insured/collateralized deposits | 8,721,120 | 8,712,177 | ||
Total deposits | $ | 12,282,383 | $ | 12,253,701 |
Quarter ended | Six months ended | |||||||||||||
(in thousands, except per share data) |
Jun 30, 2024 |
Mar 31, 2024 |
Dec 31, 2023 |
Sep 30, 2023 |
Jun 30, 2023 |
Jun 30, 2024 |
Jun 30, 2023 |
|||||||
RETURN ON AVERAGE ASSETS AND DILUTED EARNINGS PER SHARE | ||||||||||||||
Net income (GAAP) | $ | 45,446 | $ | 40,401 | $ | 44,529 | $ | 44,665 | $ | 49,127 | $ | 85,847 | $ | 104,865 |
FDIC special assessment (after tax) | - | 470 | 1,814 | - | - | 470 | - | |||||||
Core conversion expense (after tax) | 940 | 263 | - | - | - | 1,203 | - | |||||||
Net income adjusted (non-GAAP) | $ | 46,386 | $ | 41,134 | $ | 46,343 | $ | 44,665 | $ | 49,127 | $ | 87,520 | $ | 104,865 |
Less preferred stock dividends | 937 | 938 | 937 | 938 | 937 | 1,875 | 1,875 | |||||||
Net income available to common shareholders adjusted (non-GAAP) | $ | 45,449 | $ | 40,196 | $ | 45,406 | $ | 43,727 | $ | 48,190 | $ | 85,645 | $ | 102,990 |
Average assets | $ | 14,646,381 | $ | 14,556,119 | $ | 14,332,804 | $ | 14,068,860 | $ | 13,671,985 | $ | 14,601,250 | $ | 13,403,084 |
Return on average assets (GAAP) | 1.25 | % | 1.12 | % | 1.23 | % | 1.26 | % | 1.44 | % | 1.18 | % | 1.58 | % |
Adjusted return on average assets (non-GAAP) | 1.27 | % | 1.14 | % | 1.28 | % | 1.26 | % | 1.44 | % | 1.21 | % | 1.58 | % |
Average diluted common shares | 37,540 | 37,597 | 37,554 | 37,520 | 37,495 | 37,564 | 37,511 | |||||||
Adjusted diluted earnings per share (non-GAAP) | $ | 1.21 | $ | 1.07 | $ | 1.21 | $ | 1.17 | $ | 1.29 | $ | 2.28 | $ | 2.75 |