10/25/2024 | Press release | Distributed by Public on 10/25/2024 06:34
Three Months Ended September 30, | Nine Months Ended September 30, | |||||||
2024 | 2023 | 2024 | 2023 | |||||
Interest income | ||||||||
Taxable loans, including fees | $ | 103,682 | $ | 26,425 | $ | 213,400 | $ | 74,485 |
Tax-exempt loans, including fees | 48 | - | 81 | - | ||||
Taxable securities | 10,076 | 8,909 | 29,949 | 28,130 | ||||
Tax-exempt securities | 3,135 | 1,376 | 7,052 | 4,243 | ||||
Other interest income | 1,585 | 562 | 2,886 | 1,858 | ||||
Total interest income | 118,526 | 37,272 | 253,368 | 108,716 | ||||
Interest expense | ||||||||
Deposits | 39,441 | 11,277 | 82,745 | 26,708 | ||||
Short-term borrowings | 3,080 | 3,078 | 10,806 | 10,495 | ||||
Subordinated debt | 2,798 | - | 4,658 | - | ||||
Other interest expense | 28 | 28 | 84 | 58 | ||||
Total interest expense | 45,347 | 14,383 | 98,293 | 37,261 | ||||
Net interest income | 73,179 | 22,889 | 155,075 | 71,455 | ||||
Credit loss expense - loans | 85 | 200 | 19,515 | 1,034 | ||||
Credit loss expense (recapture) - off-balance sheet credit exposures | 62 | 35 | 3,872 | (70) | ||||
Total provision for credit losses | 147 | 235 | 23,387 | 964 | ||||
Net interest income after credit loss expense | 73,032 | 22,654 | 131,688 | 70,491 | ||||
Non-interest income | ||||||||
Fiduciary and wealth management | 2,352 | 1,354 | 5,982 | 3,996 | ||||
Service charges and fees | 5,453 | 1,583 | 11,147 | 4,959 | ||||
Net gains (losses) on securities | - | (1) | 613 | (112) | ||||
Income from company-owned life insurance | 1,330 | 589 | 2,799 | 1,720 | ||||
Other non-interest income | 1,481 | 764 | 3,834 | 2,565 | ||||
Total non-interest income | 10,616 | 4,289 | 24,375 | 13,128 | ||||
Non-interest expense | ||||||||
Salaries and wages | 20,858 | 9,867 | 51,271 | 29,283 | ||||
Pensions and other employee benefits | 4,678 | 2,242 | 12,346 | 7,116 | ||||
Occupancy | 3,412 | 1,462 | 7,947 | 4,464 | ||||
Equipment rentals, depreciation and maintenance | 4,699 | 1,435 | 18,643 | 4,231 | ||||
Other operating | 17,179 | 7,417 | 46,216 | 19,042 | ||||
Total non-interest expense | 50,826 | 22,423 | 136,423 | 64,136 | ||||
Income before income taxes | 32,822 | 4,520 | 19,640 | 19,483 | ||||
Income tax expense | 5,200 | 464 | 3,725 | 1,869 | ||||
Net income | 27,622 | 4,056 | 15,915 | 17,614 | ||||
Preferred stock dividends | 225 | - | 450 | - | ||||
Net income applicable to common shares | $ | 27,397 | $ | 4,056 | $ | 15,465 | $ | 17,614 |
September 30, 2024 | December 31, 2023 | |||
(Unaudited) | (Audited) | |||
Assets | ||||
Cash and due from banks | $ | 44,902 | $ | 8,896 |
Interest-earning deposits with banks | 246,863 | 35,602 | ||
Cash and cash equivalents | 291,765 | 44,498 | ||
Securities available-for-sale, at fair value | 1,436,431 | 1,248,439 | ||
Restricted stock, at cost | 16,832 | 5,964 | ||
Loans held-for-sale, at fair value | 4,216 | 1,497 | ||
Loans | 5,574,037 | 2,087,756 | ||
Allowance for credit losses | (67,817) | (25,301) | ||
Net loans | 5,506,220 | 2,062,455 | ||
Other real estate owned | 2,576 | - | ||
Premises and equipment, net | 134,770 | 61,128 | ||
Accrued interest receivable | 32,791 | 15,895 | ||
Intangible assets | 61,598 | - | ||
Goodwill | 32,783 | - | ||
Company-owned life insurance | 182,380 | 94,159 | ||
Other assets | 162,551 | 83,544 | ||
Total Assets
|
$ | 7,864,913 | $ | 3,617,579 |
Liabilities and Shareholders' Equity | ||||
Liabilities | ||||
Non-interest-bearing deposits | $ | 1,392,123 | $ | 830,320 |
Interest-bearing deposits | 5,208,702 | 2,171,561 | ||
Total deposits | 6,600,825 | 3,001,881 | ||
Short-term borrowings | 320,163 | 272,000 | ||
Subordinated debentures, net | 93,532 | - | ||
Subordinated debentures owed to unconsolidated subsidiary trusts | 16,950 | - | ||
Accrued interest and other liabilities | 95,384 | 28,948 | ||
Total Liabilities | 7,126,854 | 3,302,829 | ||
Shareholders' Equity | ||||
Preferred stock and surplus | 10,413 | - | ||
Common stock | 7,767 | 4,000 | ||
Common stock, additional paid-in capital | 400,377 | 14,495 | ||
Retained earnings | 422,844 | 427,333 | ||
Accumulated other comprehensive income (loss) | (75,758) | (103,494) | ||
Treasury stock | (27,584) | (27,584) | ||
Total Shareholders' Equity | 738,059 | 314,750 | ||
Total Liabilities and Shareholders' Equity | $ | 7,864,913 | $ | 3,617,579 |
Details of Net Interest Margin - Yield Percentages | ||||||||||
September 30 | June 30 | March 31 | December 31 | September 30 | ||||||
2024 | 2024 | 2024 | 2023 | 2023 | ||||||
Interest-earning assets:
|
||||||||||
Loans:
|
||||||||||
Taxable loans
|
7.34 | % | 7.33 | % | 5.41 | % | 5.24 | % | 5.15 | % |
Tax-exempt loans
|
5.63 | 5.55 | - | - | - | |||||
Total loans
|
7.34 | 7.33 | 5.41 | 5.24 | 5.15 | |||||
Interest-earning deposits and fed funds sold
|
3.43 | 3.54 | 3.82 | 4.35 | 4.50 | |||||
Securities:
|
||||||||||
Taxable securities
|
4.05 | 4.48 | 3.63 | 3.73 | 3.57 | |||||
Tax-exempt securities
|
3.58 | 3.05 | 2.67 | 2.64 | 2.63 | |||||
Total securities
|
3.91 | 4.05 | 3.43 | 3.50 | 3.37 | |||||
Total interest-earning assets | 6.56 | % | 6.49 | % | 4.66 | % | 4.59 | % | 4.47 | % |
Interest-bearing liabilities:
|
||||||||||
Deposits:
|
||||||||||
Interest-bearing demand
|
3.19 | % | 3.00 | % | 0.63 | % | 0.61 | % | 0.56 | % |
Savings
|
1.43 | 1.53 | 1.97 | 1.97 | 1.82 | |||||
Time
|
4.82 | 4.55 | 4.12 | 3.97 | 3.73 | |||||
Total interest-bearing deposits
|
3.02 | 2.90 | 2.41 | 2.31 | 2.09 | |||||
Borrowings:
|
||||||||||
Short-term borrowings
|
4.06 | 4.38 | 4.82 | 4.76 | 4.69 | |||||
Subordinated debt borrowings and other
|
10.16 | 10.30 | - | - | - | |||||
Total interest-bearing liabilities
|
3.21 | % | 3.14 | % | 2.71 | % | 2.59 | % | 2.37 | % |
Taxable-equivalent net interest spread
|
3.35 | 3.35 | 1.95 | 2.00 | 2.10 | |||||
Benefit from use of non-interest-bearing deposits | 0.72 | 0.71 | 0.73 | 0.70 | 0.66 | |||||
Taxable-equivalent net interest margin (non-GAAP1)
|
4.07 | % | 4.06 | % | 2.68 | % | 2.70 | % | 2.76 | % |
Details of Net Interest Margin - Average Balances
|
||||||||||
September 30 | June 30 | March 31 | December 31 | September 30 | ||||||
2024 | 2024 | 2024 | 2023 | 2023 | ||||||
Interest-earning assets:
|
||||||||||
Loans:
|
||||||||||
Taxable loans
|
$ | 5,621,531 | $ | 4,481,993 | $ | 2,085,826 | $ | 2,069,738 | $ | 2,034,275 |
Tax-exempt loans
|
4,310 | 3,041 | - | - | - | |||||
Total loans
|
5,625,841 | 4,485,034 | 2,085,826 | 2,069,738 | 2,034,275 | |||||
Interest-earning deposits and fed funds sold
|
175,265 | 94,765 | 41,692 | 40,524 | 49,501 | |||||
Securities:
|
||||||||||
Taxable securities
|
996,749 | 988,492 | 989,875 | 961,396 | 991,170 | |||||
Tax-exempt securities
|
440,781 | 426,092 | 259,699 | 261,075 | 262,336 | |||||
Total securities
|
1,437,530 | 1,414,584 | 1,249,574 | 1,222,471 | 1,253,506 | |||||
Total interest-earning assets | $ | 7,238,636 | $ | 5,994,383 | $ | 3,377,092 | $ | 3,332,733 | $ | 3,337,282 |
Interest-bearing liabilities:
|
||||||||||
Deposits:
|
||||||||||
Interest-bearing demand
|
$ | 2,144,567 | $ | 1,587,914 | $ | 489,779 | $ | 514,760 | $ | 537,644 |
Savings
|
1,725,387 | 1,480,985 | 922,732 | 920,600 | 952,001 | |||||
Time
|
1,328,076 | 1,141,758 | 745,945 | 711,575 | 654,952 | |||||
Total interest-bearing deposits
|
5,198,030 | 4,210,657 | 2,158,456 | 2,146,935 | 2,144,597 | |||||
Borrowings:
|
||||||||||
Short-term borrowings
|
304,849 | 376,063 | 307,446 | 282,426 | 262,521 | |||||
Subordinated debt borrowings and other
|
109,557 | 72,643 | - | - | - | |||||
Total interest-bearing liabilities
|
$ | 5,612,436 | $ | 4,659,363 | $ | 2,465,902 | $ | 2,429,361 | $ | 2,407,118 |
Non-interest-bearing deposits
|
$ | 1,389,134 | $ | 1,207,443 | $ | 812,199 | $ | 852,120 | $ | 860,983 |
September 30 | June 30 | March 31 | December 31 | September 30 | ||||||
2024 | 2024 | 2024 | 2023 | 2023 | ||||||
Per common share information | ||||||||||
Basic earnings (loss)
|
$ | 1.83 | $ | (1.41) | $ | 0.70 | $ | 0.68 | $ | 0.55 |
Diluted earnings (loss)
|
1.82 | (1.41) | 0.69 | 0.67 | 0.55 | |||||
Cash dividends | 0.53 | 0.53 | 0.53 | 0.53 | 0.53 | |||||
Book value | 48.63 | 45.72 | 42.92 | 42.37 | 36.46 | |||||
Tangible book value (non-GAAP1)
|
42.32 | 39.11 | 42.92 | 42.37 | 36.46 | |||||
Balance sheet-related (at period end, unless otherwise indicated)
|
||||||||||
Assets | $ | 7,864,913 | $ | 7,810,193 | $ | 3,696,390 | $ | 3,617,579 | $ | 3,585,188 |
Average interest-earning assets
|
7,238,636 | 5,994,383 | 3,377,092 | 3,332,733 | 3,337,282 | |||||
Loans (gross) | 5,574,037 | 5,616,724 | 2,118,155 | 2,087,756 | 2,070,616 | |||||
Loans (net) | 5,506,220 | 5,548,707 | 2,093,549 | 2,062,455 | 2,044,505 | |||||
Securities, available-for-sale, at fair value | 1,436,431 | 1,414,870 | 1,275,520 | 1,248,439 | 1,224,395 | |||||
Intangible assets | 61,598 | 65,895 | - | - | - | |||||
Goodwill | 32,783 | 32,783 | - | - | - | |||||
Non-interest-bearing deposits | 1,392,123 | 1,397,030 | 822,767 | 830,320 | 853,385 | |||||
Interest-bearing deposits | 5,208,702 | 5,242,541 | 2,167,346 | 2,171,561 | 2,132,233 | |||||
Deposits, total | 6,600,825 | 6,639,571 | 2,990,113 | 3,001,881 | 2,985,618 | |||||
Brokered deposits | 345,328 | 403,668 | 370,847 | 389,011 | 389,018 | |||||
Uninsured deposits | 1,999,403 | 1,931,786 | 700,846 | 677,308 | 670,735 | |||||
Short-term borrowings | 320,163 | 285,161 | 360,000 | 272,000 | 299,000 | |||||
Subordinated debt, net | 110,482 | 109,064 | - | - | - | |||||
Unused borrowing capacity3
|
2,353,963 | 2,162,112 | 704,233 | 914,980 | 883,525 | |||||
Total equity | 738,059 | 693,126 | 319,308 | 314,750 | 270,819 | |||||
Total common equity | 727,646 | 682,713 | 319,308 | 314,750 | 270,819 | |||||
Accumulated other comprehensive income (loss) | (75,758) | (100,430) | (100,954) | (103,494) | (146,159) |
September 30 | June 30 | March 31 | December 31 | September 30 | ||||||
2024 | 2024 | 2024 | 2023 | 2023 | ||||||
Income statement | ||||||||||
Interest income | $ | 118,526 | $ | 96,097 | $ | 38,745 | $ | 38,180 | $ | 37,272 |
Interest expense | 45,347 | 36,332 | 16,614 | 15,876 | 14,383 | |||||
Non-interest income | 10,616 | 9,505 | 4,254 | 4,824 | 4,289 | |||||
Total revenue (non-GAAP1)
|
83,795 | 69,270 | 26,385 | 27,128 | 27,178 | |||||
Non-interest expense | 50,826 | 64,432 | 21,165 | 22,300 | 22,423 | |||||
Pretax, pre-provision earnings (non-GAAP1)
|
32,969 | 4,838 | 5,220 | 4,828 | 4,755 | |||||
Provision for (recapture of) credit losses | 147 | 23,910 | (670) | (750) | 235 | |||||
Income (loss) before income taxes
|
32,822 | (19,072) | 5,890 | 5,578 | 4,520 | |||||
Income tax expense (benefit)
|
5,200 | (2,153) | 678 | 500 | 464 | |||||
Net income (loss) | 27,622 | (16,919) | 5,212 | 5,078 | 4,056 | |||||
Preferred stock dividends | 225 | 225 | - | - | - | |||||
Net income (loss) applicable to common shares
|
$ | 27,397 | $ | (17,144) | $ | 5,212 | $ | 5,078 | $ | 4,056 |
Ratios | ||||||||||
Return on average assets (annualized) | 1.40 | % | (1.06) | % | 0.58 | % | 0.56 | % | 0.45 | % |
Return on average equity (annualized) | 15.20 | (12.44) | 6.67 | 7.30 | 5.60 | |||||
Net interest margin (non-GAAP1)
|
4.07 | 4.06 | 2.68 | 2.70 | 2.76 | |||||
Efficiency ratio | 60.66 | 93.02 | 80.22 | 82.20 | 82.50 | |||||
Loan-to-deposit ratio | 84.44 | 84.59 | 70.84 | 69.55 | 69.35 | |||||
Common Equity Tier 1 (CET1) capital ratio2
|
11.30 | 10.91 | 16.56 | 16.85 | 16.44 | |||||
Total risk-based capital ratio2
|
14.34 | 13.91 | 17.54 | 17.88 | 17.48 | |||||
Leverage ratio2
|
9.59 | 9.04 | 11.36 | 11.31 | 11.32 |
Operating net income, adjusted diluted EPS, and adjusted non-interest expense (non-GAAP1)
|
||||||||||
For the three months ended | ||||||||||
September 30 | June 30 | March 31 | December 31 | September 30 | ||||||
2024 | 2024 | 2024 | 2023 | 2023 | ||||||
Net income (loss) applicable to common shares | $ | 27,397 | $ | (17,144) | $ | 5,212 | $ | 5,078 | $ | 4,056 |
Add back significant items (tax effected): | ||||||||||
Listing-related | - | - | - | - | - | |||||
Merger-related | 2,449 | 18,806 | 537 | 1,141 | 1,592 | |||||
Day 2 non-PCD Provision | - | 23,305 | - | - | - | |||||
Total significant items | 2,449 | 42,111 | 537 | 1,141 | 1,592 | |||||
Operating net income | $ | 29,846 | $ | 24,967 | $ | 5,749 | $ | 6,219 | $ | 5,648 |
Weighted average dilutive shares | 15,040,145 | 12,262,979 | 7,527,489 | 7,508,289 | 7,499,278 | |||||
Adjusted diluted EPS4
|
$ | 1.98 | $ | 2.04 | $ | 0.76 | $ | 0.83 | $ | 0.75 |
Non-interest expense | $ | 50,826 | $ | 64,432 | $ | 21,165 | $ | 22,300 | $ | 22,423 |
Remove significant items: | ||||||||||
Listing-related | - | - | - | - | - | |||||
Merger-related | 3,101 | 23,805 | 680 | 1,444 | 2,015 | |||||
Total significant items | $ | 3,101 | $ | 23,805 | $ | 680 | $ | 1,444 | $ | 2,015 |
Adjusted non-interest expense | $ | 47,725 | $ | 40,627 | $ | 20,485 | $ | 20,856 | $ | 20,408 |
Total Revenue (non-GAAP1)
|
||||||||||
For the three months ended | ||||||||||
September 30 | June 30 | March 31 | December 31 | September 30 | ||||||
2024 | 2024 | 2024 | 2023 | 2023 | ||||||
Interest income | $ | 118,526 | $ | 96,097 | $ | 38,745 | $ | 38,180 | $ | 37,272 |
Interest expense | 45,347 | 36,332 | 16,614 | 15,876 | 14,383 | |||||
Non-interest income | 10,616 | 9,505 | 4,254 | 4,824 | 4,289 | |||||
Total revenue (non-GAAP1)
|
$ | 83,795 | $ | 69,270 | $ | 26,385 | $ | 27,128 | $ | 27,178 |
Pretax, Pre-Provision Earnings (non-GAAP1)
|
||||||||||
For the three months ended | ||||||||||
September 30 | June 30 | March 31 | December 31 | September 30 | ||||||
2024 | 2024 | 2024 | 2023 | 2023 | ||||||
Income (loss) before taxes
|
$ | 32,822 | $ | (19,072) | $ | 5,890 | $ | 5,578 | $ | 4,520 |
Provision for (recapture of) credit losses | 147 | 23,910 | (670) | (750) | 235 | |||||
Pretax, pre-provision earnings (non-GAAP1)
|
$ | 32,969 | $ | 4,838 | $ | 5,220 | $ | 4,828 | $ | 4,755 |
Tangible Common Equity (non-GAAP1)
|
||||||||||
For the three months ended | ||||||||||
September 30 | June 30 | March 31 | December 31 | September 30 | ||||||
2024 | 2024 | 2024 | 2023 | 2023 | ||||||
Common shareholders' equity | $ | 727,646 | $ | 682,713 | $ | 319,308 | $ | 314,750 | $ | 270,819 |
Less: | ||||||||||
Intangible assets | 61,598 | 65,895 | - | - | - | |||||
Goodwill | 32,783 | 32,783 | - | - | - | |||||
Tangible common equity (non-GAAP1)
|
$ | 633,265 | $ | 584,035 | $ | 319,308 | $ | 314,750 | $ | 270,819 |
Shares outstanding at end of period | 14,963,003 | 14,932,169 | 7,440,025 | 7,428,710 | 7,428,710 | |||||
Tangible book value per common share | $ | 42.32 | $ | 39.11 | $ | 42.92 | $ | 42.37 | $ | 36.46 |
Net Interest Margin & Taxable-Equivalent Net Interest Income (non-GAAP1)
|
||||||||||
As of or for the three months ended | ||||||||||
September 30 | June 30 | March 31 | December 31 | September 30 | ||||||
2024 | 2024 | 2024 | 2023 | 2023 | ||||||
Net interest income | $ | 73,179 | $ | 59,765 | $ | 22,131 | $ | 22,304 | $ | 22,889 |
Taxable-equivalent adjustments | 847 | 688 | 362 | 365 | 366 | |||||
Net interest income (Fully Taxable-Equivalent - FTE) | $ | 74,026 | $ | 60,453 | $ | 22,493 | $ | 22,669 | $ | 23,255 |
Average interest-earning assets
|
$ | 7,238,636 | $ | 5,994,383 | $ | 3,377,092 | $ | 3,332,733 | $ | 3,337,282 |
Net interest margin (non-GAAP1)
|
4.07 | % | 4.06 | % | 2.68 | % | 2.70 | % | 2.76 | % |