07/30/2024 | Press release | Distributed by Public on 07/30/2024 14:10
Three Months Ended | ||||||
($ in millions, except per share amounts) |
June 30, 2024 |
March 31, 2024 |
June 30, 2023 |
|||
Total net revenue | $ | 187.2 | $ | 180.7 | $ | 232.5 |
Non-interest expense | 132.3 | 132.2 | 151.1 | |||
Pre-provision net revenue (1)
|
55.0 | 48.5 | 81.4 | |||
Provision for credit losses | 35.6 | 31.9 | 66.6 | |||
Income before income tax expense | 19.4 | 16.5 | 14.8 | |||
Income tax expense | (4.5) | (4.3) | (4.7) | |||
Net income | $ | 14.9 | $ | 12.3 | $ | 10.1 |
Diluted EPS | $ | 0.13 | $ | 0.11 | $ | 0.09 |
Third Quarter 2024 | |
Loan originations |
$1.8B to $1.9B
|
Pre-provision net revenue (PPNR) |
$40M to $50M
|
As of and for the three months ended | % Change | |||||||||||||
June 30, 2024 |
March 31, 2024 |
December 31, 2023 |
September 30, 2023 |
June 30, 2023 |
Q/Q | Y/Y | ||||||||
Operating Highlights: | ||||||||||||||
Non-interest income | $ | 58,713 | $ | 57,800 | $ | 54,129 | $ | 63,844 | $ | 85,818 | 2 | % | (32) | % |
Net interest income | 128,528 | 122,888 | 131,477 | 137,005 | 146,652 | 5 | % | (12) | % | |||||
Total net revenue | 187,241 | 180,688 | 185,606 | 200,849 | 232,470 | 4 | % | (19) | % | |||||
Non-interest expense | 132,258 | 132,233 | 130,015 | 128,035 | 151,079 | 0 | % | (12) | % | |||||
Pre-provision net revenue(1)
|
54,983 | 48,455 | 55,591 | 72,814 | 81,391 | 13 | % | (32) | % | |||||
Provision for credit losses | 35,561 | 31,927 | 41,907 | 64,479 | 66,595 | 11 | % | (47) | % | |||||
Income before income tax expense
|
19,422 | 16,528 | 13,684 | 8,335 | 14,796 | 18 | % | 31 | % | |||||
Income tax expense
|
(4,519) | (4,278) | (3,529) | (3,327) | (4,686) | 6 | % | (4) | % | |||||
Net income | $ | 14,903 | $ | 12,250 | $ | 10,155 | $ | 5,008 | $ | 10,110 | 22 | % | 47 | % |
Basic EPS | $ | 0.13 | $ | 0.11 | $ | 0.09 | $ | 0.05 | $ | 0.09 | 18 | % | 44 | % |
Diluted EPS | $ | 0.13 | $ | 0.11 | $ | 0.09 | $ | 0.05 | $ | 0.09 | 18 | % | 44 | % |
LendingClub Corporation Performance Metrics: | ||||||||||||||
Net interest margin | 5.75 | % | 5.75 | % | 6.40 | % | 6.91 | % | 7.09 | % | ||||
Efficiency ratio(2)
|
70.6 | % | 73.2 | % | 70.0 | % | 63.7 | % | 65.0 | % | ||||
Return on average equity (ROE)(3)
|
4.7 | % | 3.9 | % | 3.3 | % | 1.7 | % | 3.4 | % | ||||
Return on average total assets (ROA)(4)
|
0.6 | % | 0.5 | % | 0.5 | % | 0.2 | % | 0.5 | % | ||||
Marketing expense as a % of loan originations | 1.47 | % | 1.47 | % | 1.44 | % | 1.30 | % | 1.19 | % | ||||
LendingClub Corporation Capital Metrics: | ||||||||||||||
Common equity Tier 1 capital ratio | 17.9 | % | 17.6 | % | 17.9 | % | 16.9 | % | 16.1 | % | ||||
Tier 1 leverage ratio | 12.1 | % | 12.5 | % | 12.9 | % | 13.2 | % | 12.4 | % | ||||
Book value per common share | $ | 11.52 | $ | 11.40 | $ | 11.34 | $ | 11.02 | $ | 11.09 | 1 | % | 4 | % |
Tangible book value per common share(1)
|
$ | 10.75 | $ | 10.61 | $ | 10.54 | $ | 10.21 | $ | 10.26 | 1 | % | 5 | % |
Loan Originations (in millions)(5):
|
||||||||||||||
Total loan originations | $ | 1,813 | $ | 1,646 | $ | 1,630 | $ | 1,508 | $ | 2,011 | 10 | % | (10) | % |
Marketplace loans | $ | 1,477 | $ | 1,361 | $ | 1,432 | $ | 1,182 | $ | 1,353 | 9 | % | 9 | % |
Loan originations held for investment | $ | 336 | $ | 285 | $ | 198 | $ | 326 | $ | 657 | 18 | % | (49) | % |
Loan originations held for investment as a % of total loan originations | 19 | % | 17 | % | 12 | % | 22 | % | 33 | % | ||||
Servicing Portfolio AUM (in millions)(6):
|
||||||||||||||
Total servicing portfolio | $ | 12,999 | $ | 13,437 | $ | 14,122 | $ | 14,818 | $ | 15,669 | (3) | % | (17) | % |
Loans serviced for others | $ | 8,337 | $ | 8,671 | $ | 9,336 | $ | 9,601 | $ | 10,204 | (4) | % | (18) | % |
As of and for the three months ended | % Change | |||||||||||||
June 30, 2024 |
March 31, 2024 |
December 31, 2023 |
September 30, 2023 |
June 30, 2023 |
Q/Q | Y/Y | ||||||||
Balance Sheet Data: | ||||||||||||||
Securities available for sale | $ | 2,814,383 | $ | 2,228,500 | $ | 1,620,262 | $ | 795,669 | $ | 523,579 | 26 | % | 438 | % |
Loans held for sale at fair value | $ | 791,059 | $ | 550,415 | $ | 407,773 | $ | 362,789 | $ | 250,361 | 44 | % | 216 | % |
Loans and leases held for investment at amortized cost | $ | 4,228,391 | $ | 4,505,816 | $ | 4,850,302 | $ | 5,237,277 | $ | 5,533,349 | (6) | % | (24) | % |
Gross allowance for loan and lease losses (1)
|
$ | (285,368) | $ | (311,794) | $ | (355,773) | $ | (388,156) | $ | (383,960) | (8) | % | (26) | % |
Recovery asset value (2)
|
$ | 56,459 | $ | 52,644 | $ | 45,386 | $ | 37,661 | $ | 28,797 | 7 | % | 96 | % |
Allowance for loan and lease losses | $ | (228,909) | $ | (259,150) | $ | (310,387) | $ | (350,495) | $ | (355,163) | (12) | % | (36) | % |
Loans and leases held for investment at amortized cost, net | $ | 3,999,482 | $ | 4,246,666 | $ | 4,539,915 | $ | 4,886,782 | $ | 5,178,186 | (6) | % | (23) | % |
Loans held for investment at fair value (3)
|
$ | 339,222 | $ | 427,396 | $ | 272,678 | $ | 344,417 | $ | 430,956 | (21) | % | (21) | % |
Total loans and leases held for investment (3)
|
$ | 4,338,704 | $ | 4,674,062 | $ | 4,812,593 | $ | 5,231,199 | $ | 5,609,142 | (7) | % | (23) | % |
Whole loans held on balance sheet (4)
|
$ | 5,129,763 | $ | 5,224,477 | $ | 5,220,366 | $ | 5,593,988 | $ | 5,859,503 | (2) | % | (12) | % |
Total assets | $ | 9,586,050 | $ | 9,244,828 | $ | 8,827,463 | $ | 8,472,351 | $ | 8,342,506 | 4 | % | 15 | % |
Total deposits | $ | 8,095,328 | $ | 7,521,655 | $ | 7,333,486 | $ | 7,000,263 | $ | 6,843,535 | 8 | % | 18 | % |
Total liabilities | $ | 8,298,105 | $ | 7,978,542 | $ | 7,575,641 | $ | 7,264,132 | $ | 7,136,983 | 4 | % | 16 | % |
Total equity | $ | 1,287,945 | $ | 1,266,286 | $ | 1,251,822 | $ | 1,208,219 | $ | 1,205,523 | 2 | % | 7 | % |
As of and for the three months ended | ||||||||||
June 30, 2024 |
March 31, 2024 |
December 31, 2023 |
September 30, 2023 |
June 30, 2023 |
||||||
Asset Quality Metrics (1):
|
||||||||||
Allowance for loan and lease losses to total loans and leases held for investment at amortized cost
|
5.4 | % | 5.8 | % | 6.4 | % | 6.7 | % | 6.4 | % |
Allowance for loan and lease losses to commercial loans and leases held for investment at amortized cost | 2.7 | % | 1.9 | % | 1.8 | % | 2.0 | % | 1.9 | % |
Allowance for loan and lease losses to consumer loans and leases held for investment at amortized cost
|
5.9 | % | 6.4 | % | 7.2 | % | 7.4 | % | 7.1 | % |
Gross allowance for loan and lease losses to consumer loans and leases held for investment at amortized cost
|
7.5 | % | 7.8 | % | 8.3 | % | 8.2 | % | 7.7 | % |
Net charge-offs | $ | 66,818 | $ | 80,483 | $ | 82,511 | $ | 68,795 | $ | 59,884 |
Net charge-off ratio (2)
|
6.2 | % | 6.9 | % | 6.6 | % | 5.1 | % | 4.4 | % |
June 30, 2024 |
December 31, 2023 |
|||
Unsecured personal | $ | 3,144,504 | $ | 3,726,830 |
Residential mortgages | 178,290 | 183,050 | ||
Secured consumer | 244,288 | 250,039 | ||
Total consumer loans held for investment | 3,567,082 | 4,159,919 | ||
Equipment finance (1)
|
83,770 | 110,992 | ||
Commercial real estate | 381,873 | 380,322 | ||
Commercial and industrial
|
195,666 | 199,069 | ||
Total commercial loans and leases held for investment | 661,309 | 690,383 | ||
Total loans and leases held for investment at amortized cost | 4,228,391 | 4,850,302 | ||
Allowance for loan and lease losses | (228,909) | (310,387) | ||
Loans and leases held for investment at amortized cost, net | $ | 3,999,482 | $ | 4,539,915 |
Loans held for investment at fair value (2)
|
339,222 | 272,678 | ||
Total loans and leases held for investment | $ | 4,338,704 | $ | 4,812,593 |
June 30, 2024 | December 31, 2023 | |||
Gross allowance for loan and lease losses (1)
|
$ | 285,368 | $ | 355,773 |
Recovery asset value (2)
|
(56,459) | (45,386) | ||
Allowance for loan and lease losses | $ | 228,909 | $ | 310,387 |
Three Months Ended | ||||||||||||
June 30, 2024 | March 31, 2024 | |||||||||||
Consumer | Commercial | Total | Consumer | Commercial | Total | |||||||
Allowance for loan and lease losses, beginning of period | $ | 246,280 | $ | 12,870 | $ | 259,150 | $ | 298,061 | $ | 12,326 | $ | 310,387 |
Credit loss expense for loans and leases held for investment | 30,760 | 5,817 | 36,577 | 27,686 | 1,560 | 29,246 | ||||||
Charge-offs | (77,494) | (594) | (78,088) | (89,110) | (1,232) | (90,342) | ||||||
Recoveries | 11,183 | 87 | 11,270 | 9,643 | 216 | 9,859 | ||||||
Allowance for loan and lease losses, end of period | $ | 210,729 | $ | 18,180 | $ | 228,909 | $ | 246,280 | $ | 12,870 | $ | 259,150 |
Three Months Ended | ||||||
June 30, 2023 | ||||||
Consumer | Commercial | Total | ||||
Allowance for loan and lease losses, beginning of period | $ | 333,546 | $ | 15,311 | $ | 348,857 |
Credit loss expense (benefit) for loans and leases held for investment
|
66,874 | (684) | 66,190 | |||
Charge-offs | (63,345) | (924) | (64,269) | |||
Recoveries | 4,086 | 299 | 4,385 | |||
Allowance for loan and lease losses, end of period | $ | 341,161 | $ | 14,002 | $ | 355,163 |
June 30, 2024 |
30-59 Days |
60-89 Days |
90 or More Days |
Total Days Past Due |
Guaranteed Amount (1)
|
|||||
Unsecured personal | $ | 24,837 | $ | 22,869 | $ | 23,825 | $ | 71,531 | $ | - |
Residential mortgages | - | 147 | - | 147 | - | |||||
Secured consumer | 1,825 | 622 | 258 | 2,705 | - | |||||
Total consumer loans held for investment | $ | 26,662 | $ | 23,638 | $ | 24,083 | $ | 74,383 | $ | - |
Equipment finance | $ | 18 | $ | - | $ | 8 | $ | 26 | $ | - |
Commercial real estate | 7,422 | 384 | 8,569 | 16,375 | 10,894 | |||||
Commercial and industrial
|
8,715 | 774 | 5,869 | 15,358 | 12,736 | |||||
Total commercial loans and leases held for investment
|
$ | 16,155 | $ | 1,158 | $ | 14,446 | $ | 31,759 | $ | 23,630 |
Total loans and leases held for investment at amortized cost
|
$ | 42,817 | $ | 24,796 | $ | 38,529 | $ | 106,142 | $ | 23,630 |
December 31, 2023 |
30-59 Days |
60-89 Days |
90 or More Days |
Total Days Past Due |
Guaranteed Amount (1)
|
|||||
Unsecured personal | $ | 32,716 | $ | 29,556 | $ | 30,132 | $ | 92,404 | $ | - |
Residential mortgages | 1,751 | - | - | 1,751 | - | |||||
Secured consumer | 2,076 | 635 | 217 | 2,928 | - | |||||
Total consumer loans held for investment | $ | 36,543 | $ | 30,191 | $ | 30,349 | $ | 97,083 | $ | - |
Equipment finance | $ | 1,265 | $ | - | $ | - | $ | 1,265 | $ | - |
Commercial real estate | - | 3,566 | 1,618 | 5,184 | 4,047 | |||||
Commercial and industrial
|
12,261 | 1,632 | 1,515 | 15,408 | 11,260 | |||||
Total commercial loans and leases held for investment
|
$ | 13,526 | $ | 5,198 | $ | 3,133 | $ | 21,857 | $ | 15,307 |
Total loans and leases held for investment at amortized cost
|
$ | 50,069 | $ | 35,389 | $ | 33,482 | $ | 118,940 | $ | 15,307 |
Three Months Ended | Change (%) | |||||||||
June 30, 2024 |
March 31, 2024 |
June 30, 2023 |
Q2 2024 vs Q1 2024 |
Q2 2024 vs Q2 2023 |
||||||
Non-interest income: | ||||||||||
Origination fees | $ | 77,131 | $ | 70,079 | $ | 70,989 | 10 | % | 9 | % |
Servicing fees | 19,869 | 19,592 | 22,015 | 1 | % | (10) | % | |||
Gain on sales of loans | 10,748 | 10,909 | 13,221 | (1) | % | (19) | % | |||
Net fair value adjustments | (51,395) | (44,689) | (23,442) | 15 | % | 119 | % | |||
Marketplace revenue | 56,353 | 55,891 | 82,783 | 1 | % | (32) | % | |||
Other non-interest income | 2,360 | 1,909 | 3,035 | 24 | % | (22) | % | |||
Total non-interest income | 58,713 | 57,800 | 85,818 | 2 | % | (32) | % | |||
Total interest income | 219,634 | 207,351 | 214,486 | 6 | % | 2 | % | |||
Total interest expense | 91,106 | 84,463 | 67,834 | 8 | % | 34 | % | |||
Net interest income | 128,528 | 122,888 | 146,652 | 5 | % | (12) | % | |||
Total net revenue | 187,241 | 180,688 | 232,470 | 4 | % | (19) | % | |||
Provision for credit losses | 35,561 | 31,927 | 66,595 | 11 | % | (47) | % | |||
Non-interest expense: | ||||||||||
Compensation and benefits | 56,540 | 59,554 | 71,553 | (5) | % | (21) | % | |||
Marketing | 26,665 | 24,136 | 23,940 | 10 | % | 11 | % | |||
Equipment and software | 12,360 | 12,684 | 13,968 | (3) | % | (12) | % | |||
Depreciation and amortization | 13,072 | 12,673 | 11,638 | 3 | % | 12 | % | |||
Professional services | 7,804 | 7,091 | 9,974 | 10 | % | (22) | % | |||
Occupancy | 3,941 | 3,861 | 4,684 | 2 | % | (16) | % | |||
Other non-interest expense | 11,876 | 12,234 | 15,322 | (3) | % | (22) | % | |||
Total non-interest expense | 132,258 | 132,233 | 151,079 | - | % | (12) | % | |||
Income before income tax expense
|
19,422 | 16,528 | 14,796 | 18 | % | 31 | % | |||
Income tax expense
|
(4,519) | (4,278) | (4,686) | 6 | % | (4) | % | |||
Net income | $ | 14,903 | $ | 12,250 | $ | 10,110 | 22 | % | 47 | % |
Net income per share:
|
||||||||||
Basic EPS | $ | 0.13 | $ | 0.11 | $ | 0.09 | 18 | % | 44 | % |
Diluted EPS | $ | 0.13 | $ | 0.11 | $ | 0.09 | 18 | % | 44 | % |
Weighted-average common shares - Basic | 111,395,025 | 110,685,796 | 107,892,590 | 1 | % | 3 | % | |||
Weighted-average common shares - Diluted | 111,466,497 | 110,687,380 | 107,895,072 | 1 | % | 3 | % |
Consolidated LendingClub Corporation (1)
|
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Three Months Ended
June 30, 2024
|
Three Months Ended
March 31, 2024
|
Three Months Ended
June 30, 2023
|
||||||||||||||||
Average Balance |
Interest Income/ Expense |
Average Yield/ Rate |
Average Balance |
Interest Income/ Expense |
Average Yield/ Rate |
Average Balance |
Interest Income/ Expense |
Average Yield/ Rate |
||||||||||
Interest-earning assets (2)
|
||||||||||||||||||
Cash, cash equivalents, restricted cash and other | $ | 976,330 | $ | 13,168 | 5.40 | % | $ | 1,217,395 | $ | 16,503 | 5.42 | % | $ | 1,512,700 | $ | 19,134 | 5.06 | % |
Securities available for sale at fair value | 2,406,767 | 42,879 | 7.13 | % | 1,972,561 | 35,347 | 7.17 | % | 437,473 | 5,948 | 5.44 | % | ||||||
Loans held for sale at fair value | 838,143 | 26,721 | 12.75 | % | 467,275 | 14,699 | 12.58 | % | 106,865 | 4,433 | 16.59 | % | ||||||
Loans and leases held for investment: | ||||||||||||||||||
Unsecured personal loans | 3,243,161 | 108,425 | 13.37 | % | 3,518,101 | 116,055 | 13.20 | % | 4,360,506 | 145,262 | 13.33 | % | ||||||
Commercial and other consumer loans | 1,097,846 | 16,394 | 5.97 | % | 1,115,931 | 16,338 | 5.86 | % | 1,156,751 | 16,823 | 5.82 | % | ||||||
Loans and leases held for investment at amortized cost | 4,341,007 | 124,819 | 11.50 | % | 4,634,032 | 132,393 | 11.43 | % | 5,517,257 | 162,085 | 11.75 | % | ||||||
Loans held for investment at fair value (3)
|
383,872 | 12,047 | 12.55 | % | 256,335 | 8,409 | 13.12 | % | 703,729 | 22,886 | 13.01 | % | ||||||
Total loans and leases held for investment (3)
|
4,724,879 | 136,866 | 11.59 | % | 4,890,367 | 140,802 | 11.52 | % | 6,220,986 | 184,971 | 11.89 | % | ||||||
Total interest-earning assets | 8,946,119 | 219,634 | 9.82 | % | 8,547,598 | 207,351 | 9.70 | % | 8,278,024 | 214,486 | 10.36 | % | ||||||
Cash and due from banks and restricted cash | 55,906 | 58,440 | 78,221 | |||||||||||||||
Allowance for loan and lease losses | (245,478) | (291,168) | (354,348) | |||||||||||||||
Other non-interest earning assets | 632,253 | 631,468 | 686,956 | |||||||||||||||
Total assets | $ | 9,388,800 | $ | 8,946,338 | $ | 8,688,853 | ||||||||||||
Interest-bearing liabilities | ||||||||||||||||||
Interest-bearing deposits: | ||||||||||||||||||
Checking and money market accounts | $ | 1,097,696 | $ | 10,084 | 3.69 | % | $ | 1,054,614 | $ | 9,410 | 3.59 | % | $ | 1,397,302 | $ | 7,760 | 2.23 | % |
Savings accounts and certificates of deposit | 6,449,061 | 80,109 | 5.00 | % | 6,069,942 | 74,553 | 4.94 | % | 5,546,862 | 58,761 | 4.25 | % | ||||||
Interest-bearing deposits | 7,546,757 | 90,193 | 4.81 | % | 7,124,556 | 83,963 | 4.74 | % | 6,944,164 | 66,521 | 3.84 | % | ||||||
Other interest-bearing liabilities (3)
|
56,628 | 913 | 6.45 | % | 26,571 | 500 | 7.53 | % | 64,169 | 1,313 | 8.18 | % | ||||||
Total interest-bearing liabilities | 7,603,385 | 91,106 | 4.82 | % | 7,151,127 | 84,463 | 4.75 | % | 7,008,333 | 67,834 | 3.88 | % | ||||||
Non-interest bearing deposits | 303,199 | 317,430 | 205,750 | |||||||||||||||
Other liabilities | 215,608 | 220,544 | 272,142 | |||||||||||||||
Total liabilities | $ | 8,122,192 | $ | 7,689,101 | $ | 7,486,225 | ||||||||||||
Total equity | $ | 1,266,608 | $ | 1,257,237 | $ | 1,202,628 | ||||||||||||
Total liabilities and equity | $ | 9,388,800 | $ | 8,946,338 | $ | 8,688,853 | ||||||||||||
Interest rate spread | 5.00 | % | 4.95 | % | 6.48 | % | ||||||||||||
Net interest income and net interest margin | $ | 128,528 | 5.75 | % | $ | 122,888 | 5.75 | % | $ | 146,652 | 7.09 | % |
June 30, 2024 |
December 31, 2023 |
|||
Assets | ||||
Cash and due from banks | $ | 19,099 | $ | 14,993 |
Interest-bearing deposits in banks | 919,020 | 1,237,511 | ||
Total cash and cash equivalents | 938,119 | 1,252,504 | ||
Restricted cash | 31,332 | 41,644 | ||
Securities available for sale at fair value ($2,869,880 and $1,663,990 at amortized cost, respectively)
|
2,814,383 | 1,620,262 | ||
Loans held for sale at fair value | 791,059 | 407,773 | ||
Loans and leases held for investment | 4,228,391 | 4,850,302 | ||
Allowance for loan and lease losses | (228,909) | (310,387) | ||
Loans and leases held for investment, net | 3,999,482 | 4,539,915 | ||
Loans held for investment at fair value (1)
|
339,222 | 272,678 | ||
Property, equipment and software, net | 166,150 | 161,517 | ||
Goodwill | 75,717 | 75,717 | ||
Other assets | 430,586 | 455,453 | ||
Total assets | $ | 9,586,050 | $ | 8,827,463 |
Liabilities and Equity | ||||
Deposits: | ||||
Interest-bearing | $ | 7,759,632 | $ | 7,001,680 |
Noninterest-bearing | 335,696 | 331,806 | ||
Total deposits | 8,095,328 | 7,333,486 | ||
Borrowings (1)
|
5,474 | 19,354 | ||
Other liabilities | 197,303 | 222,801 | ||
Total liabilities | 8,298,105 | 7,575,641 | ||
Equity | ||||
Common stock, $0.01 par value; 180,000,000 shares authorized; 111,812,215 and 110,410,602 shares issued and outstanding, respectively
|
1,118 | 1,104 | ||
Additional paid-in capital | 1,685,865 | 1,669,828 | ||
Accumulated deficit | (361,653) | (388,806) | ||
Accumulated other comprehensive loss | (37,385) | (30,304) | ||
Total equity | 1,287,945 | 1,251,822 | ||
Total liabilities and equity | $ | 9,586,050 | $ | 8,827,463 |
For the three months ended | ||||||||||
June 30, 2024 |
March 31, 2024 |
December 31, 2023 |
September 30, 2023 |
June 30, 2023 |
||||||
GAAP Net income | $ | 14,903 | $ | 12,250 | $ | 10,155 | $ | 5,008 | $ | 10,110 |
Less: Provision for credit losses | (35,561) | (31,927) | (41,907) | (64,479) | (66,595) | |||||
Less: Income tax expense
|
(4,519) | (4,278) | (3,529) | (3,327) | (4,686) | |||||
Pre-provision net revenue | $ | 54,983 | $ | 48,455 | $ | 55,591 | $ | 72,814 | $ | 81,391 |
For the three months ended | ||||||||||
June 30, 2024 |
March 31, 2024 |
December 31, 2023 |
September 30, 2023 |
June 30, 2023 |
||||||
Non-interest income | $ | 58,713 | $ | 57,800 | $ | 54,129 | $ | 63,844 | $ | 85,818 |
Net interest income | 128,528 | 122,888 | 131,477 | 137,005 | 146,652 | |||||
Total net revenue | 187,241 | 180,688 | 185,606 | 200,849 | 232,470 | |||||
Non-interest expense | (132,258) | (132,233) | (130,015) | (128,035) | (151,079) | |||||
Pre-provision net revenue | 54,983 | 48,455 | 55,591 | 72,814 | 81,391 | |||||
Provision for credit losses | (35,561) | (31,927) | (41,907) | (64,479) | (66,595) | |||||
Income before income tax expense
|
19,422 | 16,528 | 13,684 | 8,335 | 14,796 | |||||
Income tax expense
|
(4,519) | (4,278) | (3,529) | (3,327) | (4,686) | |||||
GAAP Net income | $ | 14,903 | $ | 12,250 | $ | 10,155 | $ | 5,008 | $ | 10,110 |
June 30, 2024 |
March 31, 2024 |
December 31, 2023 |
September 30, 2023 |
June 30, 2023 |
||||||
GAAP common equity | $ | 1,287,945 | $ | 1,266,286 | $ | 1,251,822 | $ | 1,208,219 | $ | 1,205,523 |
Less: Goodwill | (75,717) | (75,717) | (75,717) | (75,717) | (75,717) | |||||
Less: Intangible assets | (10,293) | (11,165) | (12,135) | (13,151) | (14,167) | |||||
Tangible common equity | $ | 1,201,935 | $ | 1,179,404 | $ | 1,163,970 | $ | 1,119,351 | $ | 1,115,639 |
Book value per common share | ||||||||||
GAAP common equity | $ | 1,287,945 | $ | 1,266,286 | $ | 1,251,822 | $ | 1,208,219 | $ | 1,205,523 |
Common shares issued and outstanding | 111,812,215 | 111,120,415 | 110,410,602 | 109,648,769 | 108,694,120 | |||||
Book value per common share | $ | 11.52 | $ | 11.40 | $ | 11.34 | $ | 11.02 | $ | 11.09 |
Tangible book value per common share | ||||||||||
Tangible common equity | $ | 1,201,935 | $ | 1,179,404 | $ | 1,163,970 | $ | 1,119,351 | $ | 1,115,639 |
Common shares issued and outstanding | 111,812,215 | 111,120,415 | 110,410,602 | 109,648,769 | 108,694,120 | |||||
Tangible book value per common share | $ | 10.75 | $ | 10.61 | $ | 10.54 | $ | 10.21 | $ | 10.26 |