þ | Quarterly Report Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934 |
o | Transition Report Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934 |
Nevada | 37-1078406 | ||||
(State or other jurisdiction of incorporation | (I.R.S. Employer Identification No.) | ||||
100 W. University Ave. Champaign, Illinois | 61820 | ||||
(Address of principal executive offices) | (Zip code) |
Title of each class | Trading Symbol (s) | Name of each exchange on which registered | ||||||||||||
Common Stock, $.001 par value | BUSE | The Nasdaq Stock Market LLC |
Large accelerated filer | þ | Accelerated filer o | Non-accelerated filer o | ||||||||
Smaller reporting company ☐ | Emerging growth company ☐ |
Class | Outstanding at | |||||||||||||
Common Stock, $.001 par value |
Term | Definition | |||||||
2020 Equity Plan | First Busey's 2020 Equity Incentive Plan | |||||||
ACL | Allowance for credit losses | |||||||
Annual Report | Annual report filed with the SEC on Form 10-K pursuant to Section 13 or 15(d) of the Exchange Act | |||||||
AOCI | Accumulated other comprehensive income (loss) | |||||||
ASC | Accounting Standards Codification | |||||||
ASU | Accounting Standards Update | |||||||
Basel III | 2010 capital accord adopted by the international Basel Committee on Banking Supervision | |||||||
Basel III Rule | Regulations promulgated by U.S. federal banking agencies – the OCC, the Federal Reserve, and the FDIC – to both enforce implementation of certain aspects of the Basel III capital reforms and effect certain changes required by the Dodd-Frank Wall Street Reform and Consumer Protection Act | |||||||
bps | basis points | |||||||
CAC | Cummins-American Corp. | |||||||
CARES Act | Coronavirus Aid, Relief, and Economic Security Act | |||||||
CECL | ASU 2016-13, codified as ASC Topic 326 “Financial Instruments-Credit Losses,” which established the Current Expected Credit Losses methodology for measuring credit losses on financial instruments | |||||||
COVID-19 | Coronavirus disease 2019 | |||||||
DSU | Deferred stock unit | |||||||
ESPP | Employee Stock Purchase Plan | |||||||
Exchange Act | Securities Exchange Act of 1934, as amended | |||||||
Fair value | The price that would be received to sell an asset, or paid to transfer a liability, in an orderly transaction between market participants at the measurement date, as defined in ASC Topic 820 | |||||||
Financial Accounting Standards Board | ||||||||
FDIC | Federal Deposit Insurance Corporation | |||||||
Federal Reserve | Board of Governors of the Federal Reserve System | |||||||
FHLB | Federal Home Loan Bank | |||||||
First Busey | First Busey Corporation, | |||||||
First Busey Risk Management | First Busey Risk Management, Inc. | |||||||
FirsTech | FirsTech, Inc. | |||||||
FOMC | Federal Open Market Committee | |||||||
GAAP | U.S. Generally Accepted Accounting Principles | |||||||
GSB | Glenview State Bank | |||||||
Interagency Statement | Interagency Statement on Loan Modifications and Reporting for Financial Institutions Working with Customers Affected by the Coronavirus, issued on March 22, 2020, and revised on April 7, 2020 | |||||||
LIBOR | London Interbank Offered Rate | |||||||
LOCOM | Lower of Cost or Market, an accounting approach under which | |||||||
Nasdaq | National Association of Securities Dealers Automated Quotations | |||||||
NM | Not meaningful | |||||||
Term | Definition | |||||||
NMTC | New Markets Tax Credit | |||||||
OCI | Other comprehensive income (loss) | |||||||
OREO | Other real estate owned | |||||||
PCD | Purchased credit deteriorated | |||||||
PPP | Paycheck Protection Program | |||||||
PSU | Performance-based restricted stock unit | |||||||
Quarterly Report | Quarterly report filed with the SEC on Form 10-Q pursuant to Section 13 or 15(d) of the Exchange Act | |||||||
Regulatory Relief Act | Economic Growth, Regulatory Relief, and Consumer Protection Act | |||||||
RSU | Restricted stock unit | |||||||
SBA | U.S. Small Business Administration | |||||||
SEC | U.S. Securities and Exchange Commission | |||||||
SOFR | Secured Overnight Financing Rate published by the Federal Reserve | |||||||
TDR | Troubled debt restructuring | |||||||
U.S. | United States of America | |||||||
U.S. Treasury | U.S. Department of the Treasury | |||||||
As of | As of | |||||||||||||||||||||
September 30, 2022 | December 31, 2021 | March 31, 2023 | December 31, 2022 | |||||||||||||||||||
Assets | Assets | Assets | ||||||||||||||||||||
Cash and cash equivalents: | Cash and cash equivalents: | Cash and cash equivalents: | ||||||||||||||||||||
Cash and due from banks | Cash and due from banks | $ | 121,419 | $ | 102,983 | Cash and due from banks | $ | 126,577 | $ | 117,513 | ||||||||||||
Interest-bearing deposits | Interest-bearing deposits | 225,730 | 733,112 | Interest-bearing deposits | 148,992 | 109,651 | ||||||||||||||||
Total cash and cash equivalents | Total cash and cash equivalents | 347,149 | 836,095 | Total cash and cash equivalents | 275,569 | 227,164 | ||||||||||||||||
Debt securities available for sale | Debt securities available for sale | 2,547,041 | 3,981,251 | Debt securities available for sale | 2,383,550 | 2,461,393 | ||||||||||||||||
Debt securities held to maturity | Debt securities held to maturity | 936,328 | — | Debt securities held to maturity | 907,559 | 918,312 | ||||||||||||||||
Equity securities | Equity securities | 11,341 | 13,571 | Equity securities | 10,915 | 11,535 | ||||||||||||||||
Loans held for sale (2022 at LOCOM, 2021 at fair value) | 4,546 | 23,875 | ||||||||||||||||||||
Portfolio loans (net of ACL of $90,722 at September 30, 2022, and $87,887 at December 31, 2021) | 7,579,392 | 7,101,111 | ||||||||||||||||||||
Loans held for sale | Loans held for sale | 2,714 | 1,253 | |||||||||||||||||||
Portfolio loans (net of ACL of $91,727 at March 31, 2023, and $91,608 at December 31, 2022) | Portfolio loans (net of ACL of $91,727 at March 31, 2023, and $91,608 at December 31, 2022) | 7,692,081 | 7,634,094 | |||||||||||||||||||
Premises and equipment, net | Premises and equipment, net | 128,175 | 136,147 | Premises and equipment, net | 126,515 | 126,524 | ||||||||||||||||
Right of use assets | Right of use assets | 10,202 | 10,533 | Right of use assets | 12,291 | 12,829 | ||||||||||||||||
Goodwill | Goodwill | 317,873 | 317,873 | Goodwill | 317,873 | 317,873 | ||||||||||||||||
Other intangible assets, net | Other intangible assets, net | 49,218 | 58,051 | Other intangible assets, net | 43,694 | 46,423 | ||||||||||||||||
Cash surrender value of bank owned life insurance | Cash surrender value of bank owned life insurance | 179,533 | 176,940 | Cash surrender value of bank owned life insurance | 180,187 | 180,485 | ||||||||||||||||
Other assets | Other assets | 386,590 | 204,242 | Other assets | 391,607 | 398,792 | ||||||||||||||||
Total assets | Total assets | $ | 12,497,388 | $ | 12,859,689 | Total assets | $ | 12,344,555 | $ | 12,336,677 | ||||||||||||
Liabilities and Stockholders’ Equity | ||||||||||||||||||||||
Liabilities and stockholders’ equity | Liabilities and stockholders’ equity | |||||||||||||||||||||
Liabilities | Liabilities | Liabilities | ||||||||||||||||||||
Deposits: | Deposits: | Deposits: | ||||||||||||||||||||
Noninterest-bearing | Noninterest-bearing | $ | 3,628,169 | $ | 3,670,267 | Noninterest-bearing | $ | 3,173,783 | $ | 3,393,666 | ||||||||||||
Interest-bearing | Interest-bearing | 6,973,228 | 7,098,310 | Interest-bearing | 6,627,386 | 6,677,614 | ||||||||||||||||
Total deposits | Total deposits | 10,601,397 | 10,768,577 | Total deposits | 9,801,169 | 10,071,280 | ||||||||||||||||
Securities sold under agreements to repurchase | Securities sold under agreements to repurchase | 234,597 | 270,139 | Securities sold under agreements to repurchase | 210,977 | 229,806 | ||||||||||||||||
Short-term borrowings | Short-term borrowings | 16,225 | 17,678 | Short-term borrowings | 615,881 | 351,054 | ||||||||||||||||
Long-term debt | Long-term debt | 33,000 | 46,056 | Long-term debt | 27,000 | 30,000 | ||||||||||||||||
Senior notes, net of unamortized issuance costs | — | 39,944 | ||||||||||||||||||||
Subordinated notes, net of unamortized issuance costs | Subordinated notes, net of unamortized issuance costs | 221,835 | 182,773 | Subordinated notes, net of unamortized issuance costs | 222,245 | 222,038 | ||||||||||||||||
Junior subordinated debt owed to unconsolidated trusts | Junior subordinated debt owed to unconsolidated trusts | 71,765 | 71,635 | Junior subordinated debt owed to unconsolidated trusts | 71,855 | 71,810 | ||||||||||||||||
Lease liabilities | Lease liabilities | 10,311 | 10,591 | Lease liabilities | 12,515 | 12,995 | ||||||||||||||||
Other liabilities | Other liabilities | 201,670 | 133,184 | Other liabilities | 184,355 | 201,717 | ||||||||||||||||
Total liabilities | Total liabilities | 11,390,800 | 11,540,577 | Total liabilities | 11,145,997 | 11,190,700 | ||||||||||||||||
Outstanding commitments and contingent liabilities (see Notes 9 and 15) | ||||||||||||||||||||||
Outstanding commitments and contingent liabilities (see Notes 4 and 9) | Outstanding commitments and contingent liabilities (see Notes 4 and 9) | |||||||||||||||||||||
Stockholders’ Equity | ||||||||||||||||||||||
Stockholders’ equity | Stockholders’ equity | |||||||||||||||||||||
Common stock, ($.001 par value; 100,000,000 shares authorized) | Common stock, ($.001 par value; 100,000,000 shares authorized) | 58 | 58 | Common stock, ($.001 par value; 100,000,000 shares authorized) | 58 | 58 | ||||||||||||||||
Additional paid-in capital | Additional paid-in capital | 1,319,921 | 1,316,984 | Additional paid-in capital | 1,322,407 | 1,320,980 | ||||||||||||||||
Retained earnings | Retained earnings | 147,358 | 92,463 | Retained earnings | 191,924 | 168,769 | ||||||||||||||||
AOCI | AOCI | (288,995) | (23,758) | AOCI | (245,784) | (273,278) | ||||||||||||||||
Total stockholders’ equity before treasury stock | Total stockholders’ equity before treasury stock | 1,178,342 | 1,385,747 | Total stockholders’ equity before treasury stock | 1,268,605 | 1,216,529 | ||||||||||||||||
Treasury stock at cost | Treasury stock at cost | (71,754) | (66,635) | Treasury stock at cost | (70,047) | (70,552) | ||||||||||||||||
Total stockholders’ equity | Total stockholders’ equity | 1,106,588 | 1,319,112 | Total stockholders’ equity | 1,198,558 | 1,145,977 | ||||||||||||||||
Total liabilities and stockholders’ equity | Total liabilities and stockholders’ equity | $ | 12,497,388 | $ | 12,859,689 | Total liabilities and stockholders’ equity | $ | 12,344,555 | $ | 12,336,677 | ||||||||||||
Shares | Shares | Shares | ||||||||||||||||||||
Common shares issued | Common shares issued | 58,116,970 | 58,116,970 | Common shares issued | 58,116,970 | 58,116,970 | ||||||||||||||||
Less treasury shares | (2,884,536) | (2,682,060) | ||||||||||||||||||||
Less: Treasury shares | Less: Treasury shares | (2,822,515) | (2,837,846) | |||||||||||||||||||
Common shares outstanding | Common shares outstanding | 55,232,434 | 55,434,910 | Common shares outstanding | 55,294,455 | 55,279,124 |
Three Months Ended September 30, | Nine Months Ended September 30, | Three Months Ended March 31, | ||||||||||||||||||||||||||||||||||||||||||||
2022 | 2021 | 2022 | 2021 | 2023 | 2022 | |||||||||||||||||||||||||||||||||||||||||
Interest income | Interest income | Interest income | ||||||||||||||||||||||||||||||||||||||||||||
Interest and fees on loans | Interest and fees on loans | $ | 76,081 | $ | 65,163 | $ | 202,530 | $ | 189,132 | Interest and fees on loans | $ | 89,775 | $ | 60,882 | ||||||||||||||||||||||||||||||||
Interest and dividends on investment securities: | Interest and dividends on investment securities: | Interest and dividends on investment securities: | ||||||||||||||||||||||||||||||||||||||||||||
Taxable interest income | Taxable interest income | 17,436 | 11,324 | 47,370 | 29,016 | Taxable interest income | 19,599 | 14,094 | ||||||||||||||||||||||||||||||||||||||
Non-taxable interest income | Non-taxable interest income | 813 | 915 | 2,482 | 2,878 | Non-taxable interest income | 743 | 838 | ||||||||||||||||||||||||||||||||||||||
Other interest income | Other interest income | 1,085 | 462 | 1,720 | 857 | Other interest income | 988 | 277 | ||||||||||||||||||||||||||||||||||||||
Total interest income | Total interest income | 95,415 | 77,864 | 254,102 | 221,883 | Total interest income | 111,105 | 76,091 | ||||||||||||||||||||||||||||||||||||||
Interest expense | Interest expense | Interest expense | ||||||||||||||||||||||||||||||||||||||||||||
Deposits | Deposits | 3,565 | 3,059 | 7,835 | 10,086 | Deposits | 14,740 | 2,124 | ||||||||||||||||||||||||||||||||||||||
Federal funds purchased and securities sold under agreements to repurchase | Federal funds purchased and securities sold under agreements to repurchase | 459 | 60 | 665 | 177 | Federal funds purchased and securities sold under agreements to repurchase | 1,222 | 59 | ||||||||||||||||||||||||||||||||||||||
Short-term borrowings | Short-term borrowings | 190 | 112 | 426 | 195 | Short-term borrowings | 4,822 | 89 | ||||||||||||||||||||||||||||||||||||||
Long-term debt | Long-term debt | 372 | 270 | 859 | 415 | Long-term debt | 454 | 226 | ||||||||||||||||||||||||||||||||||||||
Senior notes | Senior notes | — | 400 | 637 | 1,199 | Senior notes | — | 400 | ||||||||||||||||||||||||||||||||||||||
Subordinated notes | Subordinated notes | 3,738 | 2,480 | 9,243 | 7,436 | Subordinated notes | 3,097 | 2,483 | ||||||||||||||||||||||||||||||||||||||
Junior subordinated debt owed to unconsolidated trusts | Junior subordinated debt owed to unconsolidated trusts | 786 | 728 | 2,148 | 2,185 | Junior subordinated debt owed to unconsolidated trusts | 913 | 654 | ||||||||||||||||||||||||||||||||||||||
Total interest expense | Total interest expense | 9,110 | 7,109 | 21,813 | 21,693 | Total interest expense | 25,248 | 6,035 | ||||||||||||||||||||||||||||||||||||||
Net interest income | Net interest income | 86,305 | 70,755 | 232,289 | 200,190 | Net interest income | 85,857 | 70,056 | ||||||||||||||||||||||||||||||||||||||
Provision for credit losses | Provision for credit losses | 2,364 | (1,869) | 3,764 | (10,365) | Provision for credit losses | 953 | (253) | ||||||||||||||||||||||||||||||||||||||
Net interest income after provision for credit losses | Net interest income after provision for credit losses | 83,941 | 72,624 | 228,525 | 210,555 | Net interest income after provision for credit losses | 84,904 | 70,309 | ||||||||||||||||||||||||||||||||||||||
Noninterest income | Noninterest income | Noninterest income | ||||||||||||||||||||||||||||||||||||||||||||
Wealth management fees | Wealth management fees | 12,508 | 13,749 | 42,422 | 39,335 | Wealth management fees | 14,797 | 15,779 | ||||||||||||||||||||||||||||||||||||||
Fees for customer services | Fees for customer services | 7,627 | 9,288 | 26,122 | 25,936 | Fees for customer services | 6,819 | 8,907 | ||||||||||||||||||||||||||||||||||||||
Payment technology solutions | Payment technology solutions | 5,080 | 4,620 | 15,045 | 13,771 | Payment technology solutions | 5,315 | 5,077 | ||||||||||||||||||||||||||||||||||||||
Mortgage revenue | Mortgage revenue | 438 | 1,740 | 1,697 | 6,153 | Mortgage revenue | 288 | 975 | ||||||||||||||||||||||||||||||||||||||
Income on bank owned life insurance | Income on bank owned life insurance | 958 | 999 | 2,716 | 3,439 | Income on bank owned life insurance | 1,652 | 884 | ||||||||||||||||||||||||||||||||||||||
Realized net gains (losses) on securities | Realized net gains (losses) on securities | (74) | (5) | 52 | 114 | Realized net gains (losses) on securities | 4 | 106 | ||||||||||||||||||||||||||||||||||||||
Unrealized net gains (losses) recognized on equity securities | Unrealized net gains (losses) recognized on equity securities | 78 | 62 | (2,376) | 2,482 | Unrealized net gains (losses) recognized on equity securities | (620) | (720) | ||||||||||||||||||||||||||||||||||||||
Other income | Other income | 4,318 | 2,806 | 12,046 | 6,485 | Other income | 3,593 | 4,764 | ||||||||||||||||||||||||||||||||||||||
Total noninterest income | Total noninterest income | 30,933 | 33,259 | 97,724 | 97,715 | Total noninterest income | 31,848 | 35,772 | ||||||||||||||||||||||||||||||||||||||
Noninterest expense | Noninterest expense | Noninterest expense | ||||||||||||||||||||||||||||||||||||||||||||
Salaries, wages, and employee benefits | Salaries, wages, and employee benefits | 39,762 | 41,949 | 117,226 | 107,222 | Salaries, wages, and employee benefits | 40,331 | 39,354 | ||||||||||||||||||||||||||||||||||||||
Data processing | Data processing | 5,447 | 7,782 | 15,800 | 16,881 | Data processing | 5,640 | 4,978 | ||||||||||||||||||||||||||||||||||||||
Net occupancy expense of premises | Net occupancy expense of premises | 4,705 | 4,797 | 14,492 | 13,606 | Net occupancy expense of premises | 4,762 | 5,067 | ||||||||||||||||||||||||||||||||||||||
Furniture and equipment expenses | Furniture and equipment expenses | 1,799 | 2,208 | 5,874 | 6,300 | Furniture and equipment expenses | 1,746 | 2,030 | ||||||||||||||||||||||||||||||||||||||
Professional fees | Professional fees | 1,579 | 1,361 | 4,693 | 5,617 | Professional fees | 2,058 | 1,507 | ||||||||||||||||||||||||||||||||||||||
Amortization of intangible assets | Amortization of intangible assets | 2,871 | 3,149 | 8,833 | 8,200 | Amortization of intangible assets | 2,729 | 3,011 | ||||||||||||||||||||||||||||||||||||||
Interchange expense | Interchange expense | 1,574 | 1,434 | 4,606 | 4,360 | Interchange expense | 1,853 | 1,545 | ||||||||||||||||||||||||||||||||||||||
Other expense | Other expense | 12,999 | 10,807 | 38,680 | 28,425 | Other expense | 11,284 | 12,884 | ||||||||||||||||||||||||||||||||||||||
Total noninterest expense | Total noninterest expense | 70,736 | 73,487 | 210,204 | 190,611 | Total noninterest expense | 70,403 | 70,376 | ||||||||||||||||||||||||||||||||||||||
Income before income taxes | Income before income taxes | 44,138 | 32,396 | 116,045 | 117,659 | Income before income taxes | 46,349 | 35,705 | ||||||||||||||||||||||||||||||||||||||
Income taxes | Income taxes | 8,477 | 6,455 | 22,121 | 24,136 | Income taxes | 9,563 | 7,266 | ||||||||||||||||||||||||||||||||||||||
Net income | Net income | $ | 35,661 | $ | 25,941 | $ | 93,924 | $ | 93,523 | Net income | $ | 36,786 | $ | 28,439 | ||||||||||||||||||||||||||||||||
Basic earnings per common share | Basic earnings per common share | $ | 0.64 | $ | 0.46 | $ | 1.70 | $ | 1.69 | Basic earnings per common share | $ | 0.66 | $ | 0.51 | ||||||||||||||||||||||||||||||||
Diluted earnings per common share | Diluted earnings per common share | $ | 0.64 | $ | 0.46 | $ | 1.67 | $ | 1.67 | Diluted earnings per common share | 0.65 | 0.51 | ||||||||||||||||||||||||||||||||||
Dividends declared per share of common stock | Dividends declared per share of common stock | $ | 0.23 | $ | 0.23 | $ | 0.69 | $ | 0.69 | Dividends declared per share of common stock | 0.24 | 0.23 |
Three Months Ended September 30, | Nine Months Ended September 30, | ||||||||||||||||||||||
2022 | 2021 | 2022 | 2021 | ||||||||||||||||||||
Net income | $ | 35,661 | $ | 25,941 | $ | 93,924 | $ | 93,523 | |||||||||||||||
OCI: | |||||||||||||||||||||||
Unrealized gains (losses) on debt securities available for sale: | |||||||||||||||||||||||
Net unrealized holding gains (losses) on debt securities available for sale, net of taxes of $27,631, $4,902, $84,519, and $14,195, respectively | (69,306) | (12,296) | (211,988) | (35,606) | |||||||||||||||||||
Unrealized gains (losses) on debt securities transferred to held to maturity from available for sale, net of taxes of $—, $—, $13,812, and $—, respectively | — | — | (34,644) | — | |||||||||||||||||||
Reclassification adjustment for realized (gains) losses on debt securities available for sale included in net income, net of taxes of $(21), $(1), $8, and $7, respectively | 53 | 4 | (20) | (16) | |||||||||||||||||||
Amortization of unrealized losses on securities transferred to held to maturity, net of taxes of $(515), $—, $(1,396), and $—, respectively | 1,291 | — | 3,500 | — | |||||||||||||||||||
Net change in unrealized gains (losses) on debt securities available for sale | (67,962) | (12,292) | (243,152) | (35,622) | |||||||||||||||||||
Unrealized gains (losses) on cash flow hedges: | |||||||||||||||||||||||
Net unrealized holding gains (losses) on cash flow hedges, net of taxes of $4,061, $2, $8,604, and $(134), respectively | (10,192) | (5) | (21,587) | 336 | |||||||||||||||||||
Reclassification adjustment for realized (gains) losses on cash flow hedges included in net income, net of taxes of $(104), ($82), $199, and ($243), respectively | 266 | 206 | (498) | 611 | |||||||||||||||||||
Net change in unrealized gains (losses) on cash flow hedges | (9,926) | 201 | (22,085) | 947 | |||||||||||||||||||
Net change in AOCI | (77,888) | (12,091) | (265,237) | (34,675) | |||||||||||||||||||
Total comprehensive income (loss) | $ | (42,227) | $ | 13,850 | $ | (171,313) | $ | 58,848 |
Three Months Ended March 31, | |||||||||||||||||||||||
2023 | 2022 | ||||||||||||||||||||||
Net income | $ | 36,786 | $ | 28,439 | |||||||||||||||||||
OCI: | |||||||||||||||||||||||
Unrealized/Unrecognized gains (losses) on debt securities: | |||||||||||||||||||||||
Net unrealized holding gains (losses) on debt securities available for sale, net of taxes of $(8,749), and $29,726, respectively | 21,944 | (74,556) | |||||||||||||||||||||
Net unrealized gains (losses) on debt securities transferred to held to maturity from available for sale, net of taxes of $0, and $13,812, respectively | — | (34,644) | |||||||||||||||||||||
Reclassification adjustment for realized (gains) losses on debt securities available for sale included in net income, net of taxes of $1, and $30, respectively | (3) | (76) | |||||||||||||||||||||
Amortization of unrecognized losses on securities transferred to held to maturity, net of taxes of $(483), and $(252), respectively | 1,210 | 631 | |||||||||||||||||||||
Net change in unrealized/unrecognized gains (losses) on debt securities | 23,151 | (108,645) | |||||||||||||||||||||
Unrealized gains (losses) on cash flow hedges: | |||||||||||||||||||||||
Net unrealized holding gains (losses) on cash flow hedges, net of taxes of $(1,214), and $1,931, respectively | 3,050 | (4,845) | |||||||||||||||||||||
Reclassification adjustment for realized (gains) losses on cash flow hedges included in net income, net of taxes of $(516), and $143, respectively | 1,293 | (357) | |||||||||||||||||||||
Net change in unrealized gains (losses) on cash flow hedges | 4,343 | (5,202) | |||||||||||||||||||||
Net change in AOCI | 27,494 | (113,847) | |||||||||||||||||||||
Total comprehensive income (loss) | $ | 64,280 | $ | (85,408) |
Three Months Ended September 30, 2022 | |||||||||||||||||||||||||||||||||||||||||
Shares | Common Stock | Additional Paid-in Capital | Retained Earnings | Accumulated Other Comprehensive Income (Loss) | Treasury Stock | Total Stockholders' Equity | |||||||||||||||||||||||||||||||||||
Balance, June 30, 2022 | 55,335,703 | $ | 58 | $ | 1,317,675 | $ | 124,685 | $ | (211,107) | $ | (69,354) | $ | 1,161,957 | ||||||||||||||||||||||||||||
Net income | — | — | — | 35,661 | — | — | 35,661 | ||||||||||||||||||||||||||||||||||
OCI, net of tax | — | — | — | — | (77,888) | — | (77,888) | ||||||||||||||||||||||||||||||||||
Repurchase of stock | (130,000) | — | — | — | — | (3,088) | (3,088) | ||||||||||||||||||||||||||||||||||
Issuance of treasury stock for ESPP | 10,993 | — | (77) | — | — | 283 | 206 | ||||||||||||||||||||||||||||||||||
Net issuance of treasury stock for RSU/DSU vesting and related tax | 15,738 | — | (434) | — | — | 405 | (29) | ||||||||||||||||||||||||||||||||||
Cash dividends on common stock at $0.23 per share | — | — | — | (12,707) | — | — | (12,707) | ||||||||||||||||||||||||||||||||||
Stock dividend equivalents on RSUs at $0.23 per share | — | — | 281 | (281) | — | — | — | ||||||||||||||||||||||||||||||||||
Stock-based compensation | — | — | 2,476 | — | — | — | 2,476 | ||||||||||||||||||||||||||||||||||
Balance, September 30, 2022 | 55,232,434 | $ | 58 | $ | 1,319,921 | $ | 147,358 | $ | (288,995) | $ | (71,754) | $ | 1,106,588 |
Nine Months Ended September 30, 2022 | Three Months Ended March 31, 2023 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Shares | Common Stock | Additional Paid-in Capital | Retained Earnings | Accumulated Other Comprehensive Income (Loss) | Treasury Stock | Total Stockholders' Equity | Shares | Common Stock | Additional Paid-in Capital | Retained Earnings | AOCI | Treasury Stock | Total Stockholders' Equity | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Balance, December 31, 2021 | 55,434,910 | $ | 58 | $ | 1,316,984 | $ | 92,463 | $ | (23,758) | $ | (66,635) | $ | 1,319,112 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Balance, December 31, 2022 | Balance, December 31, 2022 | 55,279,124 | $ | 58 | $ | 1,320,980 | $ | 168,769 | $ | (273,278) | $ | (70,552) | $ | 1,145,977 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Net income | Net income | — | — | — | 93,924 | — | — | 93,924 | Net income | — | — | — | 36,786 | — | — | 36,786 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
OCI, net of tax | OCI, net of tax | — | — | — | — | (265,237) | — | (265,237) | OCI, net of tax | — | — | — | — | 27,494 | — | 27,494 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Repurchase of stock | Repurchase of stock | (388,614) | — | — | — | — | (9,912) | (9,912) | Repurchase of stock | (25,000) | — | — | — | — | (534) | (534) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Issuance of treasury stock for ESPP | Issuance of treasury stock for ESPP | 50,033 | — | (271) | — | — | 1,288 | 1,017 | Issuance of treasury stock for ESPP | 30,360 | — | (257) | — | — | 782 | 525 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Net issuance of treasury stock for RSU/DSU vesting and related tax | 136,105 | — | (4,383) | — | — | 3,505 | (878) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Cash dividends on common stock at $0.69 per share | — | — | — | (38,159) | — | — | (38,159) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Stock dividend equivalents on RSUs at $0.69 per share | — | — | 870 | (870) | — | — | — | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Net issuance of treasury stock for RSU/PSU/DSU vesting and related tax | Net issuance of treasury stock for RSU/PSU/DSU vesting and related tax | 8,977 | — | (331) | — | — | 231 | (100) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Net issuance of treasury stock for warrants exercised | Net issuance of treasury stock for warrants exercised | 994 | (17) | 26 | 9 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Cash dividends on common stock at $0.24 per share | Cash dividends on common stock at $0.24 per share | — | — | — | (13,268) | — | — | (13,268) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Stock dividend equivalents on RSUs/PSUs/DSUs | Stock dividend equivalents on RSUs/PSUs/DSUs | — | — | 363 | (363) | — | — | — | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Stock-based compensation | Stock-based compensation | — | — | 6,721 | — | — | — | 6,721 | Stock-based compensation | — | — | 1,669 | — | — | — | 1,669 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Balance, September 30, 2022 | 55,232,434 | $ | 58 | $ | 1,319,921 | $ | 147,358 | $ | (288,995) | $ | (71,754) | $ | 1,106,588 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Balance, March 31, 2023 | Balance, March 31, 2023 | 55,294,455 | $ | 58 | $ | 1,322,407 | $ | 191,924 | $ | (245,784) | $ | (70,047) | $ | 1,198,558 |
Three Months Ended September 30, 2021 | |||||||||||||||||||||||||||||||||||||||||
Shares | Common Stock | Additional Paid-in Capital | Retained Earnings (Accumulated Deficit) | Accumulated Other Comprehensive Income (Loss) | Treasury Stock | Total Stockholders' Equity | |||||||||||||||||||||||||||||||||||
Balance, June 30, 2021 | 56,330,616 | $ | 58 | $ | 1,316,716 | $ | 62,926 | $ | 10,725 | $ | (44,734) | $ | 1,345,691 | ||||||||||||||||||||||||||||
Net income | — | — | — | 25,941 | — | — | 25,941 | ||||||||||||||||||||||||||||||||||
OCI, net of tax | — | — | — | — | (12,091) | — | (12,091) | ||||||||||||||||||||||||||||||||||
Stock issued in acquisition, net of stock issuance costs | — | — | (29) | — | — | — | (29) | ||||||||||||||||||||||||||||||||||
Repurchase of stock | (625,000) | — | — | — | — | (14,790) | (14,790) | ||||||||||||||||||||||||||||||||||
Issuance of treasury stock for ESPP | 14,658 | — | (70) | — | — | 377 | 307 | ||||||||||||||||||||||||||||||||||
Net issuance of treasury stock for RSU/DSU vesting and related tax | 106,710 | (3,738) | — | — | 2,850 | (888) | |||||||||||||||||||||||||||||||||||
Cash dividends on common stock at $0.23 per share | — | — | — | (12,956) | — | — | (12,956) | ||||||||||||||||||||||||||||||||||
Stock dividend equivalents on RSUs at $0.23 per share | — | — | 268 | (268) | — | — | — | ||||||||||||||||||||||||||||||||||
Stock-based compensation | — | — | 1,891 | — | — | — | 1,891 | ||||||||||||||||||||||||||||||||||
Balance, September 30, 2021 | 55,826,984 | $ | 58 | $ | 1,315,038 | $ | 75,643 | $ | (1,366) | $ | (56,297) | $ | 1,333,076 |
Nine Months Ended September 30, 2021 | Three Months Ended March 31, 2022 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Shares | Common Stock | Additional Paid-in Capital | Retained Earnings (Accumulated Deficit) | Accumulated Other Comprehensive Income (Loss) | Treasury Stock | Total Stockholders' Equity | Shares | Common Stock | Additional Paid-in Capital | Retained Earnings | AOCI | Treasury Stock | Total Stockholders' Equity | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Balance, December 31, 2020 | 54,404,379 | $ | 56 | $ | 1,253,360 | $ | 20,830 | $ | 33,309 | $ | (37,486) | $ | 1,270,069 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Balance, December 31, 2021 | Balance, December 31, 2021 | 55,434,910 | $ | 58 | $ | 1,316,984 | $ | 92,463 | $ | (23,758) | $ | (66,635) | $ | 1,319,112 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Net income | Net income | — | — | — | 93,523 | — | — | 93,523 | Net income | — | — | — | 28,439 | — | — | 28,439 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
OCI, net of tax | OCI, net of tax | — | — | — | — | (34,675) | — | (34,675) | OCI, net of tax | — | — | — | — | (113,847) | — | (113,847) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Stock issued in acquisition, net of stock issuance costs | 2,206,237 | 2 | 58,953 | 58,955 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Repurchase of stock | Repurchase of stock | (905,000) | — | — | — | — | (22,038) | (22,038) | Repurchase of stock | (188,614) | — | — | — | — | (5,220) | (5,220) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Issuance of treasury stock for ESPP | Issuance of treasury stock for ESPP | 14,658 | — | (70) | — | — | 377 | 307 | Issuance of treasury stock for ESPP | 25,140 | — | (106) | — | — | 647 | 541 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Net issuance of treasury stock for RSU/DSU vesting and related tax | Net issuance of treasury stock for RSU/DSU vesting and related tax | 106,710 | — | (3,738) | — | — | 2,850 | (888) | Net issuance of treasury stock for RSU/DSU vesting and related tax | 7,349 | — | (359) | — | — | 189 | (170) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Cash dividends on common stock at $0.69 per share | — | — | — | (37,953) | — | — | (37,953) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Stock dividend equivalents on RSUs at $0.69 per share | — | — | 757 | (757) | — | — | — | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Cash dividends on common stock at $0.23 per share | Cash dividends on common stock at $0.23 per share | — | — | — | (12,739) | — | — | (12,739) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Stock dividend equivalents on RSUs/DSUs | Stock dividend equivalents on RSUs/DSUs | — | — | 273 | (273) | — | — | — | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Stock-based compensation | Stock-based compensation | — | — | 5,776 | — | — | — | 5,776 | Stock-based compensation | — | — | 1,909 | — | — | — | 1,909 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Balance, September 30, 2021 | 55,826,984 | $ | 58 | $ | 1,315,038 | $ | 75,643 | $ | (1,366) | $ | (56,297) | $ | 1,333,076 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Balance, March 31, 2022 | Balance, March 31, 2022 | 55,278,785 | $ | 58 | $ | 1,318,701 | $ | 107,890 | $ | (137,605) | $ | (71,019) | $ | 1,218,025 |
Nine Months Ended September 30, | |||||||||||
2022 | 2021 | ||||||||||
Cash Flows Provided by (Used in) Operating Activities | |||||||||||
Net income | $ | 93,924 | $ | 93,523 | |||||||
Adjustments to reconcile net income to net cash provided by (used in) operating activities: | |||||||||||
Provision for credit losses | 3,764 | (10,365) | |||||||||
Amortization of intangible assets | 8,833 | 8,200 | |||||||||
Amortization of mortgage servicing rights | 2,757 | 4,202 | |||||||||
Amortization of NMTC | 4,668 | 4,308 | |||||||||
Depreciation and amortization of premises and equipment | 8,035 | 8,723 | |||||||||
Net amortization (accretion) on portfolio loans | 2,524 | (4,860) | |||||||||
Net amortization (accretion) of premium (discount) on investment securities | 15,820 | 17,263 | |||||||||
Net amortization (accretion) of premium (discount) on time deposits | (318) | (929) | |||||||||
Net amortization (accretion) of premium (discount) on FHLB advances and other borrowings | 1,152 | 620 | |||||||||
Impairment of OREO and other repossessed assets | 611 | — | |||||||||
Impairment of fixed assets held for sale | 427 | — | |||||||||
Impairment of mortgage servicing rights | (9) | (542) | |||||||||
Impairment of leases | 84 | — | |||||||||
Unrealized (gains) losses recognized on equity securities, net | 2,376 | (2,482) | |||||||||
(Gain) loss on sales of equity securities, net | (24) | — | |||||||||
(Gain) loss on sales of debt securities, net | (28) | (114) | |||||||||
(Gain) loss on sales of loans, net | (1,777) | (8,202) | |||||||||
(Gain) loss on sales of OREO | 56 | 163 | |||||||||
(Gain) loss on sales of premises and equipment | (666) | (1,007) | |||||||||
(Gain) loss on life insurance proceeds | — | (493) | |||||||||
(Increase) decrease in cash surrender value of bank owned life insurance | (2,716) | (2,946) | |||||||||
Provision for deferred income taxes | (3) | 2,326 | |||||||||
Stock-based compensation | 6,721 | 5,776 | |||||||||
Mortgage loans originated for sale | (63,986) | (214,096) | |||||||||
Proceeds from sales of mortgage loans | 84,732 | 244,356 | |||||||||
(Increase) decrease in other assets | (45,575) | (17,099) | |||||||||
Increase (decrease) in other liabilities | (3,364) | (23,829) | |||||||||
Net cash provided by (used in) operating activities | $ | 118,018 | $ | 102,496 | |||||||
Cash Flows Provided by (Used in) Investing Activities | |||||||||||
Purchases of equity securities | $ | (14,820) | $ | (11,017) | |||||||
Purchases of debt securities available for sale | (279,831) | (2,048,554) | |||||||||
Proceeds from sales of equity securities | 15,418 | 7,254 | |||||||||
Proceeds from sales of debt securities available for sale | — | 290,955 | |||||||||
Proceeds from paydowns and maturities of debt securities held to maturity | 51,552 | — | |||||||||
Proceeds from paydowns and maturities of debt securities available for sale | 370,274 | 641,754 | |||||||||
Proceeds from the redemption of FHLB stock | 225 | — | |||||||||
Net cash received in (paid for) acquisitions (see Note 2) | — | 228,279 | |||||||||
Net (increase) decrease in loans | (484,701) | 114,729 | |||||||||
Cash paid for premiums on bank-owned life insurance | (101) | (118) | |||||||||
Proceeds from life insurance | 219 | 3,232 | |||||||||
Purchases of premises and equipment | (4,006) | (4,041) | |||||||||
Proceeds from disposition of premises and equipment | 4,182 | 6,519 | |||||||||
Proceeds from sales of OREO | 2,662 | 1,452 | |||||||||
Net cash provided by (used in) investing activities | $ | (338,927) | $ | (769,556) |
Three Months Ended March 31, | |||||||||||
2023 | 2022 | ||||||||||
Cash flows provided by (used in) operating activities | |||||||||||
Net income | $ | 36,786 | $ | 28,439 | |||||||
Adjustments to reconcile net income to net cash provided by (used in) operating activities: | |||||||||||
Provision for credit losses | 953 | (253) | |||||||||
Amortization of intangible assets | 2,729 | 3,011 | |||||||||
Amortization of mortgage servicing rights | 749 | 980 | |||||||||
Amortization of NMTC | 2,221 | 1,341 | |||||||||
Depreciation and amortization of premises and equipment | 2,371 | 2,756 | |||||||||
Net amortization (accretion) on portfolio loans | 1,803 | (36) | |||||||||
Net amortization (accretion) of premium (discount) on investment securities | 4,231 | 5,930 | |||||||||
Net amortization (accretion) of premium (discount) on time deposits | (80) | (124) | |||||||||
Net amortization (accretion) of premium (discount) on FHLB advances and other borrowings | 252 | 212 | |||||||||
Impairment of OREO and other repossessed assets | 113 | 611 | |||||||||
Impairment of mortgage servicing rights | 1 | (9) | |||||||||
Unrealized (gains) losses recognized on equity securities, net | 620 | 720 | |||||||||
(Gain) loss on sales of debt securities, net | (4) | (106) | |||||||||
(Gain) loss on sales of loans, net | (159) | (1,089) | |||||||||
(Gain) loss on sales of premises and equipment | (266) | (838) | |||||||||
(Gain) loss on life insurance proceeds | (707) | 1 | |||||||||
(Increase) decrease in cash surrender value of bank owned life insurance | (945) | (885) | |||||||||
Provision for deferred income taxes | (1,617) | (157) | |||||||||
Stock-based compensation | 1,669 | 1,909 | |||||||||
Mortgage loans originated for sale | (9,524) | (33,506) | |||||||||
Proceeds from sales of mortgage loans | 8,219 | 51,350 | |||||||||
(Increase) decrease in other assets | (2,119) | (16,429) | |||||||||
Increase (decrease) in other liabilities | (2,000) | (1,323) | |||||||||
Net cash provided by (used in) operating activities | 45,296 | 42,505 | |||||||||
Cash flows provided by (used in) investing activities | |||||||||||
Purchases of equity securities | $ | (14) | $ | (5,948) | |||||||
Purchases of debt securities available for sale | (2,449) | (274,964) | |||||||||
Proceeds from sales of equity securities | 14 | — | |||||||||
Proceeds from paydowns and maturities of debt securities held to maturity | 11,708 | 9,585 | |||||||||
Proceeds from paydowns and maturities of debt securities available for sale | 107,492 | 166,709 | |||||||||
Purchases of FHLB and other bank stock | (17,891) | — | |||||||||
Proceeds from the redemption of FHLB and other bank stock | 6,086 | — | |||||||||
Net (increase) decrease in loans | (60,807) | (83,392) | |||||||||
Cash paid for premiums on bank-owned life insurance | (76) | (96) | |||||||||
Proceeds from life insurance | 2,026 | 217 | |||||||||
Purchases of premises and equipment | (2,380) | (734) | |||||||||
Proceeds from disposition of premises and equipment | 284 | 1,305 | |||||||||
Proceeds from sales of OREO | 42 | 331 | |||||||||
Net cash provided by (used in) investing activities | 44,035 | (186,987) |
Nine Months Ended September 30, | Three Months Ended March 31, | |||||||||||||||||||||
2022 | 2021 | 2023 | 2022 | |||||||||||||||||||
Cash Flows Provided by (Used in) Financing Activities | ||||||||||||||||||||||
Cash flows provided by (used in) financing activities | Cash flows provided by (used in) financing activities | |||||||||||||||||||||
Net increase (decrease) in deposits | Net increase (decrease) in deposits | $ | (166,862) | $ | 816,551 | Net increase (decrease) in deposits | $ | (270,031) | $ | (176,617) | ||||||||||||
Net change in federal funds purchased and securities sold under agreements to repurchase | Net change in federal funds purchased and securities sold under agreements to repurchase | (35,542) | 48,977 | Net change in federal funds purchased and securities sold under agreements to repurchase | (18,829) | (14,471) | ||||||||||||||||
Proceeds from FHLB advances | Proceeds from FHLB advances | — | 5,000 | Proceeds from FHLB advances | 265,000 | — | ||||||||||||||||
Repayment of FHLB advances | Repayment of FHLB advances | (5,507) | (4,492) | Repayment of FHLB advances | (173) | (168) | ||||||||||||||||
Proceeds from other borrowings, net of debt issuance costs | 98,094 | 72,500 | ||||||||||||||||||||
Repayment of other borrowings | Repayment of other borrowings | (109,000) | (15,500) | Repayment of other borrowings | (3,000) | (3,000) | ||||||||||||||||
Cash dividends paid | Cash dividends paid | (38,159) | (37,953) | Cash dividends paid | (13,268) | (12,739) | ||||||||||||||||
Purchase of treasury stock | Purchase of treasury stock | (9,912) | (22,038) | Purchase of treasury stock | (534) | (5,220) | ||||||||||||||||
Cash paid for withholding taxes on stock-based payments | Cash paid for withholding taxes on stock-based payments | (878) | (888) | Cash paid for withholding taxes on stock-based payments | (100) | (170) | ||||||||||||||||
Issuance of treasury stock for ESPP | (271) | 361 | ||||||||||||||||||||
Common stock issuance costs | — | (150) | ||||||||||||||||||||
Proceeds from stock warrants exercised | Proceeds from stock warrants exercised | 9 | — | |||||||||||||||||||
Net cash provided by (used in) financing activities | Net cash provided by (used in) financing activities | $ | (268,037) | $ | 862,368 | Net cash provided by (used in) financing activities | (40,926) | (212,385) | ||||||||||||||
Net increase (decrease) in cash and cash equivalents | Net increase (decrease) in cash and cash equivalents | (488,946) | 195,308 | Net increase (decrease) in cash and cash equivalents | $ | 48,405 | $ | (356,867) | ||||||||||||||
Cash and cash equivalents, beginning of period | Cash and cash equivalents, beginning of period | 836,095 | 688,537 | Cash and cash equivalents, beginning of period | 227,164 | 836,095 | ||||||||||||||||
Cash and cash equivalents, ending of period | Cash and cash equivalents, ending of period | $ | 347,149 | $ | 883,845 | Cash and cash equivalents, ending of period | $ | 275,569 | $ | 479,228 | ||||||||||||
SUPPLEMENTAL DISCLOSURES OF CASH FLOW INFORMATION | SUPPLEMENTAL DISCLOSURES OF CASH FLOW INFORMATION | SUPPLEMENTAL DISCLOSURES OF CASH FLOW INFORMATION | ||||||||||||||||||||
Cash payments for: | Cash payments for: | Cash payments for: | ||||||||||||||||||||
Interest | Interest | $ | 19,465 | $ | 16,257 | Interest | $ | 19,961 | $ | 3,647 | ||||||||||||
Income taxes | 30,506 | 19,586 | ||||||||||||||||||||
Non-cash investing and financing activities: | Non-cash investing and financing activities: | Non-cash investing and financing activities: | ||||||||||||||||||||
OREO acquired in settlement of loans | OREO acquired in settlement of loans | 132 | 228 | OREO acquired in settlement of loans | 64 | 132 | ||||||||||||||||
Transfer of debt securities available for sale to held to maturity | Transfer of debt securities available for sale to held to maturity | 985,199 | — | Transfer of debt securities available for sale to held to maturity | — | 985,199 |
As of September 30, 2022 | As of March 31, 2023 | |||||||||||||||||||||||||||||||||||||||||||||
Amortized Cost | Unrealized | Fair Value | Amortized Cost | Unrealized | Fair Value | |||||||||||||||||||||||||||||||||||||||||
Gross Gains | Gross Losses | Gross Gains | Gross Losses | |||||||||||||||||||||||||||||||||||||||||||
Debt securities available for sale | Debt securities available for sale | Debt securities available for sale | ||||||||||||||||||||||||||||||||||||||||||||
U.S. Treasury securities | U.S. Treasury securities | $ | 145,495 | $ | — | $ | (4,653) | $ | 140,842 | U.S. Treasury securities | $ | 87,182 | $ | — | $ | (2,550) | $ | 84,632 | ||||||||||||||||||||||||||||
Obligations of U.S. government corporations and agencies | Obligations of U.S. government corporations and agencies | 25,287 | 4 | (358) | 24,933 | Obligations of U.S. government corporations and agencies | 11,855 | 3 | (231) | 11,627 | ||||||||||||||||||||||||||||||||||||
Obligations of states and political subdivisions | Obligations of states and political subdivisions | 298,653 | 35 | (27,853) | 270,835 | Obligations of states and political subdivisions | 274,858 | 193 | (20,790) | 254,261 | ||||||||||||||||||||||||||||||||||||
Asset-backed securities | Asset-backed securities | 490,076 | — | (23,552) | 466,524 | Asset-backed securities | 488,234 | — | (19,087) | 469,147 | ||||||||||||||||||||||||||||||||||||
Commercial mortgage-backed securities | Commercial mortgage-backed securities | 98,719 | — | (10,968) | 87,751 | Commercial mortgage-backed securities | 123,720 | — | (14,893) | 108,827 | ||||||||||||||||||||||||||||||||||||
Residential mortgage-backed securities | Residential mortgage-backed securities | 1,538,308 | 1 | (233,995) | 1,304,314 | Residential mortgage-backed securities | 1,426,529 | 4 | (200,599) | 1,225,934 | ||||||||||||||||||||||||||||||||||||
Corporate debt securities | Corporate debt securities | 279,310 | 20 | (27,488) | 251,842 | Corporate debt securities | 251,543 | 12 | (22,433) | 229,122 | ||||||||||||||||||||||||||||||||||||
Total debt securities available for sale | Total debt securities available for sale | $ | 2,875,848 | $ | 60 | $ | (328,867) | $ | 2,547,041 | Total debt securities available for sale | $ | 2,663,921 | $ | 212 | $ | (280,583) | $ | 2,383,550 | ||||||||||||||||||||||||||||
Debt securities held to maturity | ||||||||||||||||||||||||||||||||||||||||||||||
Commercial mortgage-backed securities | $ | 486,116 | $ | — | $ | (60,341) | $ | 425,775 | ||||||||||||||||||||||||||||||||||||||
Residential mortgage-backed securities | 450,212 | — | (67,102) | 383,110 | ||||||||||||||||||||||||||||||||||||||||||
Total debt securities held to maturity | $ | 936,328 | $ | — | $ | (127,443) | $ | 808,885 |
As of December 31, 2021 | |||||||||||||||||||||||
Amortized Cost | Unrealized | Fair Value | |||||||||||||||||||||
Gross Gains | Gross Losses | ||||||||||||||||||||||
Debt securities available for sale | |||||||||||||||||||||||
U.S. Treasury securities | $ | 166,768 | $ | 41 | $ | (1,047) | $ | 165,762 | |||||||||||||||
Obligations of U.S. government corporations and agencies | 37,579 | 891 | — | 38,470 | |||||||||||||||||||
Obligations of states and political subdivisions | 300,602 | 7,760 | (1,493) | 306,869 | |||||||||||||||||||
Asset-backed securities | 492,055 | 295 | (164) | 492,186 | |||||||||||||||||||
Commercial mortgage-backed securities | 625,339 | 3,425 | (13,766) | 614,998 | |||||||||||||||||||
Residential mortgage-backed securities | 2,095,104 | 8,889 | (34,680) | 2,069,313 | |||||||||||||||||||
Corporate debt securities | 296,076 | 1,081 | (3,504) | 293,653 | |||||||||||||||||||
Total debt securities available for sale | $ | 4,013,523 | $ | 22,382 | $ | (54,654) | $ | 3,981,251 |
Amortized Cost | Unrecognized | Fair Value | |||||||||||||||||||||
Gross Gains | Gross Losses | ||||||||||||||||||||||
Debt securities held to maturity | |||||||||||||||||||||||
Commercial mortgage-backed securities | $ | 470,138 | $ | — | $ | (63,198) | $ | 406,940 | |||||||||||||||
Residential mortgage-backed securities | 437,421 | — | (63,708) | 373,713 | |||||||||||||||||||
Total debt securities held to maturity | $ | 907,559 | $ | — | $ | (126,906) | $ | 780,653 |
As of December 31, 2022 | |||||||||||||||||||||||
Amortized Cost | Unrealized | Fair Value | |||||||||||||||||||||
Gross Gains | Gross Losses | ||||||||||||||||||||||
Debt securities available for sale | |||||||||||||||||||||||
U.S. Treasury securities | $ | 117,805 | $ | — | $ | (3,744) | $ | 114,061 | |||||||||||||||
Obligations of U.S. government corporations and agencies | 20,097 | 3 | (321) | 19,779 | |||||||||||||||||||
Obligations of states and political subdivisions | 283,481 | 106 | (26,075) | 257,512 | |||||||||||||||||||
Asset-backed securities | 489,558 | — | (19,683) | 469,875 | |||||||||||||||||||
Commercial mortgage-backed securities | 124,423 | — | (16,029) | 108,394 | |||||||||||||||||||
Residential mortgage-backed securities | 1,463,971 | 2 | (220,717) | 1,243,256 | |||||||||||||||||||
Corporate debt securities | 273,118 | 33 | (24,635) | 248,516 | |||||||||||||||||||
Total debt securities available for sale | $ | 2,772,453 | $ | 144 | $ | (311,204) | $ | 2,461,393 |
Amortized Cost | Unrecognized | Fair Value | |||||||||||||||||||||
Gross Gains | Gross Losses | ||||||||||||||||||||||
Debt securities held to maturity | |||||||||||||||||||||||
Commercial mortgage-backed securities | $ | 474,820 | $ | — | $ | (63,738) | $ | 411,082 | |||||||||||||||
Residential mortgage-backed securities | 443,492 | — | (69,279) | 374,213 | |||||||||||||||||||
Total debt securities held to maturity | $ | 918,312 | $ | — | $ | (133,017) | $ | 785,295 |
As of September 30, 2022 | As of March 31, 2023 | |||||||||||||||||||||
Amortized Cost | Fair Value | Amortized Cost | Fair Value | |||||||||||||||||||
Debt securities available for sale | Debt securities available for sale | Debt securities available for sale | ||||||||||||||||||||
Due in one year or less | Due in one year or less | $ | 176,516 | $ | 174,227 | Due in one year or less | $ | 105,794 | $ | 103,746 | ||||||||||||
Due after one year through five years | Due after one year through five years | 410,372 | 379,095 | Due after one year through five years | 363,407 | 340,503 | ||||||||||||||||
Due after five years through ten years | Due after five years through ten years | 353,968 | 319,381 | Due after five years through ten years | 369,029 | 337,071 | ||||||||||||||||
Due after ten years | Due after ten years | 1,934,992 | 1,674,338 | Due after ten years | 1,825,691 | 1,602,230 | ||||||||||||||||
Debt securities available for sale | Debt securities available for sale | $ | 2,875,848 | $ | 2,547,041 | Debt securities available for sale | $ | 2,663,921 | $ | 2,383,550 | ||||||||||||
Debt securities held to maturity | ||||||||||||||||||||||
Due after one year through five years | 46,961 | 43,738 | ||||||||||||||||||||
Due after five years through ten years | 65,516 | 58,346 | ||||||||||||||||||||
Due after ten years | 823,851 | 706,801 | ||||||||||||||||||||
Debt securities held to maturity | $ | 936,328 | $ | 808,885 |
Debt securities held to maturity | |||||||||||
Due after one year through five years | $ | 43,594 | $ | 41,147 | |||||||
Due after five years through ten years | 63,632 | 57,859 | |||||||||
Due after ten years | 800,333 | 681,647 | |||||||||
Debt securities held to maturity | $ | 907,559 | $ | 780,653 |
Three Months Ended September 30, | Nine Months Ended September 30, | ||||||||||||||||||||||
2022 | 2021 | 2022 | 2021 | ||||||||||||||||||||
Realized gains and losses on debt securities | |||||||||||||||||||||||
Gross gains on debt securities | $ | — | $ | — | $ | 114 | $ | 524 | |||||||||||||||
Gross (losses) on debt securities | (74) | (5) | (86) | (410) | |||||||||||||||||||
Realized net gains (losses) on debt securities1 | $ | (74) | $ | (5) | $ | 28 | $ | 114 |
Three Months Ended March 31, | |||||||||||||||||||||||
2023 | 2022 | ||||||||||||||||||||||
Realized gains and losses on debt securities | |||||||||||||||||||||||
Gross gains on debt securities | $ | 10 | $ | 113 | |||||||||||||||||||
Gross (losses) on debt securities | (6) | (7) | |||||||||||||||||||||
Realized net gains (losses) on debt securities | $ | 4 | $ | 106 |
As of September 30, 2022 | As of March 31, 2023 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Less than 12 months | 12 months or more | Total | Less than 12 months | 12 months or more | Total | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Fair Value | Unrealized Losses | Fair Value | Unrealized Losses | Fair Value | Unrealized Losses | Fair Value | Unrealized Losses | Fair Value | Unrealized Losses | Fair Value | Unrealized Losses | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Debt securities available for sale | Debt securities available for sale | Debt securities available for sale | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
U.S. Treasury securities | U.S. Treasury securities | $ | 2,067 | $ | (5) | $ | 138,775 | $ | (4,648) | $ | 140,842 | $ | (4,653) | U.S. Treasury securities | $ | 964 | $ | (32) | $ | 83,668 | $ | (2,518) | $ | 84,632 | $ | (2,550) | ||||||||||||||||||||||||||||||||||||||||||||
Obligations of U.S. government corporations and agencies | Obligations of U.S. government corporations and agencies | 21,629 | (358) | — | — | 21,629 | (358) | Obligations of U.S. government corporations and agencies | 11,262 | (223) | 196 | (8) | 11,458 | (231) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Obligations of states and political subdivisions | Obligations of states and political subdivisions | 220,960 | (20,029) | 41,779 | (7,824) | 262,739 | (27,853) | Obligations of states and political subdivisions | 80,541 | (755) | 133,343 | (20,035) | 213,884 | (20,790) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Asset-backed securities | Asset-backed securities | 441,896 | (21,681) | 24,628 | (1,871) | 466,524 | (23,552) | Asset-backed securities | 16,954 | (346) | 452,193 | (18,741) | 469,147 | (19,087) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Commercial mortgage-backed securities | Commercial mortgage-backed securities | 74,334 | (8,761) | 13,417 | (2,207) | 87,751 | (10,968) | Commercial mortgage-backed securities | 7,634 | (290) | 101,193 | (14,603) | 108,827 | (14,893) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Residential mortgage-backed securities | Residential mortgage-backed securities | 557,046 | (72,807) | 747,141 | (161,188) | 1,304,187 | (233,995) | Residential mortgage-backed securities | 103,167 | (5,778) | 1,122,195 | (194,821) | 1,225,362 | (200,599) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Corporate debt securities | Corporate debt securities | 75,608 | (9,426) | 173,266 | (18,062) | 248,874 | (27,488) | Corporate debt securities | 17,362 | (1,213) | 209,280 | (21,220) | 226,642 | (22,433) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Debt securities available for sale with gross unrealized losses | Debt securities available for sale with gross unrealized losses | $ | 1,393,540 | $ | (133,067) | $ | 1,139,006 | $ | (195,800) | $ | 2,532,546 | $ | (328,867) | Debt securities available for sale with gross unrealized losses | $ | 237,884 | $ | (8,637) | $ | 2,102,068 | $ | (271,946) | $ | 2,339,952 | $ | (280,583) | ||||||||||||||||||||||||||||||||||||||||||||
Debt securities held to maturity | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Commercial mortgage-backed securities | $ | 109,085 | $ | (15,592) | $ | 316,690 | $ | (44,749) | $ | 425,775 | $ | (60,341) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Residential mortgage-backed securities | 162,575 | (29,243) | 220,535 | (37,859) | 383,110 | (67,102) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Debt securities held to maturity with gross unrealized losses | $ | 271,660 | $ | (44,835) | $ | 537,225 | $ | (82,608) | $ | 808,885 | $ | (127,443) |
As of December 31, 2021 | |||||||||||||||||||||||||||||||||||
Less than 12 months | 12 months or more | Total | |||||||||||||||||||||||||||||||||
Fair Value | Unrealized Losses | Fair Value | Unrealized Losses | Fair Value | Unrealized Losses | ||||||||||||||||||||||||||||||
Debt securities available for sale | |||||||||||||||||||||||||||||||||||
U.S. Treasury securities | $ | 163,653 | $ | (1,047) | $ | — | $ | — | $ | 163,653 | $ | (1,047) | |||||||||||||||||||||||
Obligations of states and political subdivisions | 92,680 | (1,493) | — | — | 92,680 | (1,493) | |||||||||||||||||||||||||||||
Asset-backed securities | 89,983 | (164) | — | — | 89,983 | (164) | |||||||||||||||||||||||||||||
Commercial mortgage-backed securities | 389,078 | (10,186) | 85,905 | (3,580) | 474,983 | (13,766) | |||||||||||||||||||||||||||||
Residential mortgage-backed securities | 1,700,187 | (33,453) | 20,538 | (1,227) | 1,720,725 | (34,680) | |||||||||||||||||||||||||||||
Corporate debt securities | 241,153 | (3,504) | — | — | 241,153 | (3,504) | |||||||||||||||||||||||||||||
Debt securities available for sale with gross unrealized losses | $ | 2,676,734 | $ | (49,847) | $ | 106,443 | $ | (4,807) | $ | 2,783,177 | $ | (54,654) |
12 months or more | Total | ||||||||||||||||||||||||||||||||||
Fair Value | Unrecognized Losses | Fair Value | Unrecognized Losses | ||||||||||||||||||||||||||||||||
Debt securities held to maturity | |||||||||||||||||||||||||||||||||||
Commercial mortgage-backed securities | $ | 406,940 | $ | (63,198) | $ | 406,940 | $ | (63,198) | |||||||||||||||||||||||||||
Residential mortgage-backed securities | 373,713 | (63,708) | 373,713 | (63,708) | |||||||||||||||||||||||||||||||
Debt securities held to maturity with gross unrecognized losses | $ | 780,653 | $ | (126,906) | $ | 780,653 | $ | (126,906) |
As of December 31, 2022 | |||||||||||||||||||||||||||||||||||
Less than 12 months | 12 months or more | Total | |||||||||||||||||||||||||||||||||
Fair Value | Unrealized Losses | Fair Value | Unrealized Losses | Fair Value | Unrealized Losses | ||||||||||||||||||||||||||||||
Debt securities available for sale | |||||||||||||||||||||||||||||||||||
U.S. Treasury securities1 | $ | 74 | $ | — | $ | 113,987 | $ | (3,744) | $ | 114,061 | $ | (3,744) | |||||||||||||||||||||||
Obligations of U.S. government corporations and agencies | 19,603 | (321) | — | — | 19,603 | (321) | |||||||||||||||||||||||||||||
Obligations of states and political subdivisions | 166,147 | (10,059) | 75,217 | (16,016) | 241,364 | (26,075) | |||||||||||||||||||||||||||||
Asset-backed securities | 390,164 | (15,648) | 79,711 | (4,035) | 469,875 | (19,683) | |||||||||||||||||||||||||||||
Commercial mortgage-backed securities | 89,428 | (12,623) | 18,966 | (3,406) | 108,394 | (16,029) | |||||||||||||||||||||||||||||
Residential mortgage-backed securities | 366,221 | (38,111) | 876,668 | (182,606) | 1,242,889 | (220,717) | |||||||||||||||||||||||||||||
Corporate debt securities | 39,037 | (5,079) | 204,310 | (19,556) | 243,347 | (24,635) | |||||||||||||||||||||||||||||
Debt securities available for sale with gross unrealized losses | $ | 1,070,674 | $ | (81,841) | $ | 1,368,859 | $ | (229,363) | $ | 2,439,533 | $ | (311,204) |
Less than 12 months | 12 months or more | Total | |||||||||||||||||||||||||||||||||
Fair Value | Unrecognized Losses | Fair Value | Unrecognized Losses | Fair Value | Unrecognized Losses | ||||||||||||||||||||||||||||||
Debt securities held to maturity | |||||||||||||||||||||||||||||||||||
Commercial mortgage-backed securities | $ | 58,065 | $ | (8,009) | $ | 353,017 | $ | (55,729) | $ | 411,082 | $ | (63,738) | |||||||||||||||||||||||
Residential mortgage-backed securities | — | — | 374,213 | (69,279) | 374,213 | (69,279) | |||||||||||||||||||||||||||||
Debt securities held to maturity with gross unrecognized losses | $ | 58,065 | $ | (8,009) | $ | 727,230 | $ | (125,008) | $ | 785,295 | $ | (133,017) |
As of September 30, 2022 | |||||||||||||||||
Available for Sale | Held to Maturity | Total | |||||||||||||||
Debt securities with gross unrealized losses, fair value | $ | 2,532,546 | $ | 808,885 | $ | 3,341,431 | |||||||||||
Gross unrealized losses on debt securities | $ | 328,867 | $ | 127,443 | $ | 456,310 | |||||||||||
Ratio of gross unrealized losses to debt securities with gross unrealized losses | 13.0 | % | 15.8 | % | 13.7 | % | |||||||||||
Count of debt securities | 1,145 | 55 | 1,200 | ||||||||||||||
Count of debt securities in an unrealized loss position | 1,109 | 55 | 1,164 |
As of March 31, 2023 | |||||||||||||||||
Available for Sale | Held to Maturity | Total | |||||||||||||||
Debt securities with gross unrealized or unrecognized losses, fair value | $ | 2,339,952 | $ | 780,653 | $ | 3,120,605 | |||||||||||
Gross unrealized or unrecognized losses on debt securities | 280,583 | 126,906 | 407,489 | ||||||||||||||
Ratio of gross unrealized or unrecognized losses to debt securities with gross unrealized or unrecognized losses | 12.0 | % | 16.3 | % | 13.1 | % | |||||||||||
Count of debt securities | 1,058 | 55 | 1,113 | ||||||||||||||
Count of debt securities in an unrealized or unrecognized loss position | 947 | 55 | 1,002 |
As of December 31, 2021 | |||||||||||||||||
Available for Sale | Held to Maturity | Total | |||||||||||||||
Debt securities with gross unrealized losses, fair value | $ | 2,783,177 | $ | — | $ | 2,783,177 | |||||||||||
Gross unrealized losses on debt securities | $ | 54,654 | $ | — | $ | 54,654 | |||||||||||
Ratio of gross unrealized losses to debt securities with gross unrealized losses | 2.0 | % | — | 2.0 | % | ||||||||||||
Count of debt securities | 1,252 | — | 1,252 | ||||||||||||||
Count of debt securities in an unrealized loss position | 373 | — | 373 |
As of December 31, 2022 | |||||||||||||||||
Available for Sale | Held to Maturity | Total | |||||||||||||||
Debt securities with gross unrealized or unrecognized losses, fair value | $ | 2,439,533 | $ | 785,295 | $ | 3,224,828 | |||||||||||
Gross unrealized or unrecognized losses on debt securities | 311,204 | 133,017 | 444,221 | ||||||||||||||
Ratio of gross unrealized or unrecognized losses to debt securities with gross unrealized or unrecognized losses | 12.8 | % | 16.9 | % | 13.8 | % | |||||||||||
Count of debt securities | 1,091 | 55 | 1,146 | ||||||||||||||
Count of debt securities in an unrealized or unrecognized loss position | 1,032 | 55 | 1,087 |
As of | As of | |||||||||||||||||||||
September 30, 2022 | December 31, 2021 | March 31, 2023 | December 31, 2022 | |||||||||||||||||||
Portfolio loans | ||||||||||||||||||||||
Commercial loans | Commercial loans | |||||||||||||||||||||
Commercial | Commercial | $ | 1,945,893 | $ | 1,943,886 | Commercial | $ | 1,937,158 | $ | 1,974,154 | ||||||||||||
Commercial real estate | Commercial real estate | 3,278,684 | 3,119,807 | Commercial real estate | 3,324,536 | 3,261,873 | ||||||||||||||||
Real estate construction | Real estate construction | 499,560 | 385,996 | Real estate construction | 554,009 | 530,469 | ||||||||||||||||
Total commercial loans | Total commercial loans | 5,815,703 | 5,766,496 | |||||||||||||||||||
Retail loans | Retail loans | |||||||||||||||||||||
Retail real estate | Retail real estate | 1,643,099 | 1,512,976 | Retail real estate | 1,667,537 | 1,657,082 | ||||||||||||||||
Retail other | Retail other | 302,878 | 226,333 | Retail other | 300,568 | 302,124 | ||||||||||||||||
Total retail loans | Total retail loans | 1,968,105 | 1,959,206 | |||||||||||||||||||
Total portfolio loans | Total portfolio loans | 7,670,114 | 7,188,998 | Total portfolio loans | 7,783,808 | 7,725,702 | ||||||||||||||||
ACL | ACL | (90,722) | (87,887) | ACL | (91,727) | (91,608) | ||||||||||||||||
Portfolio loans, net | Portfolio loans, net | $ | 7,579,392 | $ | 7,101,111 | Portfolio loans, net | $ | 7,692,081 | $ | 7,634,094 |
As of | |||||||||||
March 31, 2023 | December 31, 2022 | ||||||||||
Pledged loans | |||||||||||
FHLB | $ | 5,065,913 | $ | 5,095,448 | |||||||
Federal Reserve Bank | 825,410 | 804,718 | |||||||||
Total pledged loans | $ | 5,891,323 | $ | 5,900,166 |
As of September 30, 2022 | |||||||||||||||||||||||||||||||||||
Pass | Watch | Special Mention | Substandard | Substandard Non-accrual | Total | ||||||||||||||||||||||||||||||
Portfolio loans | |||||||||||||||||||||||||||||||||||
Commercial | $ | 1,707,528 | $ | 135,254 | $ | 58,189 | $ | 38,695 | $ | 6,227 | $ | 1,945,893 | |||||||||||||||||||||||
Commercial real estate | 2,889,804 | 299,638 | 42,728 | 40,722 | 5,792 | 3,278,684 | |||||||||||||||||||||||||||||
Real estate construction | 475,099 | 22,011 | 2 | 2,400 | 48 | 499,560 | |||||||||||||||||||||||||||||
Retail real estate | 1,625,702 | 8,601 | 2,087 | 3,469 | 3,240 | 1,643,099 | |||||||||||||||||||||||||||||
Retail other | 302,760 | — | — | — | 118 | 302,878 | |||||||||||||||||||||||||||||
Total portfolio loans | $ | 7,000,893 | $ | 465,504 | $ | 103,006 | $ | 85,286 | $ | 15,425 | $ | 7,670,114 |
As of December 31, 2021 | |||||||||||||||||||||||||||||||||||
Pass | Watch | Special Mention | Substandard | Substandard Non-accrual | Total | ||||||||||||||||||||||||||||||
Portfolio loans | |||||||||||||||||||||||||||||||||||
Commercial | $ | 1,747,756 | $ | 93,582 | $ | 69,427 | $ | 26,117 | $ | 7,004 | $ | 1,943,886 | |||||||||||||||||||||||
Commercial real estate | 2,682,441 | 343,304 | 49,695 | 38,394 | 5,973 | 3,119,807 | |||||||||||||||||||||||||||||
Real estate construction | 369,797 | 13,793 | 6 | 2,400 | — | 385,996 | |||||||||||||||||||||||||||||
Retail real estate | 1,491,845 | 12,374 | 1,992 | 3,867 | 2,898 | 1,512,976 | |||||||||||||||||||||||||||||
Retail other | 226,262 | — | — | — | 71 | 226,333 | |||||||||||||||||||||||||||||
Total portfolio loans | $ | 6,518,101 | $ | 463,053 | $ | 121,120 | $ | 70,778 | $ | 15,946 | $ | 7,188,998 |
As of September 30, 2022 | ||||||||||||||||||||||||||||||||||||||||||||||||||
Term Loans Amortized Cost Basis by Origination Year | Revolving Loans | Total | ||||||||||||||||||||||||||||||||||||||||||||||||
Risk Grade Ratings | 2022 | 2021 | 2020 | 2019 | 2018 | Prior | ||||||||||||||||||||||||||||||||||||||||||||
Commercial | ||||||||||||||||||||||||||||||||||||||||||||||||||
Pass | $ | 403,643 | $ | 315,433 | $ | 145,695 | $ | 60,284 | $ | 53,197 | $ | 149,627 | $ | 579,649 | $ | 1,707,528 | ||||||||||||||||||||||||||||||||||
Watch | 27,665 | 18,423 | 4,263 | 8,372 | 1,404 | 3,144 | 71,983 | 135,254 | ||||||||||||||||||||||||||||||||||||||||||
Special Mention | 1,772 | 691 | 1,325 | 1,078 | 3,102 | 17,538 | 32,683 | 58,189 | ||||||||||||||||||||||||||||||||||||||||||
Substandard | 9,075 | 1,292 | 695 | 6,999 | 433 | 5,402 | 14,799 | 38,695 | ||||||||||||||||||||||||||||||||||||||||||
Substandard non-accrual | — | 3,586 | 306 | 137 | — | 198 | 2,000 | 6,227 | ||||||||||||||||||||||||||||||||||||||||||
Total commercial | 442,155 | 339,425 | 152,284 | 76,870 | 58,136 | 175,909 | 701,114 | 1,945,893 | ||||||||||||||||||||||||||||||||||||||||||
Commercial real estate | ||||||||||||||||||||||||||||||||||||||||||||||||||
Pass | 765,398 | 880,522 | 501,085 | 332,768 | 171,177 | 222,947 | 15,907 | 2,889,804 | ||||||||||||||||||||||||||||||||||||||||||
Watch | 69,877 | 44,756 | 50,799 | 95,446 | 18,821 | 13,338 | 6,601 | 299,638 | ||||||||||||||||||||||||||||||||||||||||||
Special Mention | 3,010 | 4,737 | 15,598 | 1,517 | 6,994 | 10,872 | — | 42,728 | ||||||||||||||||||||||||||||||||||||||||||
Substandard | 14,349 | 12,681 | 497 | 1,841 | 10,412 | 942 | — | 40,722 | ||||||||||||||||||||||||||||||||||||||||||
Substandard non-accrual | — | 4,092 | 41 | — | 1,650 | 9 | — | 5,792 | ||||||||||||||||||||||||||||||||||||||||||
Total commercial real estate | 852,634 | 946,788 | 568,020 | 431,572 | 209,054 | 248,108 | 22,508 | 3,278,684 | ||||||||||||||||||||||||||||||||||||||||||
Real estate construction | ||||||||||||||||||||||||||||||||||||||||||||||||||
Pass | 176,071 | 191,006 | 84,748 | 1,570 | 2,012 | 1,949 | 17,743 | 475,099 | ||||||||||||||||||||||||||||||||||||||||||
Watch | 3,100 | 3,666 | 3,269 | 10,533 | — | 1,443 | — | 22,011 | ||||||||||||||||||||||||||||||||||||||||||
Special Mention | — | — | — | 2 | — | — | — | 2 | ||||||||||||||||||||||||||||||||||||||||||
Substandard | 2,400 | — | — | — | — | — | — | 2,400 | ||||||||||||||||||||||||||||||||||||||||||
Substandard non-accrual | — | — | 48 | — | — | — | — | 48 | ||||||||||||||||||||||||||||||||||||||||||
Total real estate construction | 181,571 | 194,672 | 88,065 | 12,105 | 2,012 | 3,392 | 17,743 | 499,560 | ||||||||||||||||||||||||||||||||||||||||||
Retail real estate | ||||||||||||||||||||||||||||||||||||||||||||||||||
Pass | 344,033 | 464,066 | 180,543 | 79,304 | 58,925 | 281,430 | 217,401 | 1,625,702 | ||||||||||||||||||||||||||||||||||||||||||
Watch | 2,881 | 1,163 | 1,875 | 1,469 | 1,146 | 67 | — | 8,601 | ||||||||||||||||||||||||||||||||||||||||||
Special Mention | 148 | 1,864 | — | — | — | — | 75 | 2,087 | ||||||||||||||||||||||||||||||||||||||||||
Substandard | — | 1,163 | 207 | 82 | 142 | 1,868 | 7 | 3,469 | ||||||||||||||||||||||||||||||||||||||||||
Substandard non-accrual | — | 150 | 110 | — | 390 | 1,985 | 605 | 3,240 | ||||||||||||||||||||||||||||||||||||||||||
Total retail real estate | 347,062 | 468,406 | 182,735 | 80,855 | 60,603 | 285,350 | 218,088 | 1,643,099 | ||||||||||||||||||||||||||||||||||||||||||
Retail other | ||||||||||||||||||||||||||||||||||||||||||||||||||
Pass | 121,375 | 47,136 | 14,999 | 15,909 | 7,677 | 2,124 | 93,540 | 302,760 | ||||||||||||||||||||||||||||||||||||||||||
Substandard non-accrual | 14 | 89 | 3 | — | 10 | 2 | — | 118 | ||||||||||||||||||||||||||||||||||||||||||
Total retail other | 121,389 | 47,225 | 15,002 | 15,909 | 7,687 | 2,126 | 93,540 | 302,878 | ||||||||||||||||||||||||||||||||||||||||||
Total portfolio loans | $ | 1,944,811 | $ | 1,996,516 | $ | 1,006,106 | $ | 617,311 | $ | 337,492 | $ | 714,885 | $ | 1,052,993 | $ | 7,670,114 |
As of March 31, 2023 | |||||||||||||||||||||||||||||||||||
Pass | Watch | Special Mention | Substandard | Substandard Non-accrual | Total | ||||||||||||||||||||||||||||||
Commercial loans | |||||||||||||||||||||||||||||||||||
Commercial | $ | 1,624,656 | $ | 208,613 | $ | 42,827 | $ | 55,652 | $ | 5,410 | $ | 1,937,158 | |||||||||||||||||||||||
Commercial real estate | 2,888,970 | 362,187 | 43,195 | 24,623 | 5,561 | 3,324,536 | |||||||||||||||||||||||||||||
Real estate construction | 531,786 | 16,819 | — | 5,404 | — | 554,009 | |||||||||||||||||||||||||||||
Total commercial loans | 5,045,412 | 587,619 | 86,022 | 85,679 | 10,971 | 5,815,703 | |||||||||||||||||||||||||||||
Retail loans | |||||||||||||||||||||||||||||||||||
Retail real estate | 1,649,407 | 11,722 | 503 | 2,206 | 3,699 | 1,667,537 | |||||||||||||||||||||||||||||
Retail other | 300,524 | — | — | — | 44 | 300,568 | |||||||||||||||||||||||||||||
Total retail loans | 1,949,931 | 1,949,931 | 11,722 | 503 | 2,206 | 3,743 | 1,968,105 | ||||||||||||||||||||||||||||
Total portfolio loans | $ | 6,995,343 | $ | 599,341 | $ | 86,525 | $ | 87,885 | $ | 14,714 | $ | 7,783,808 |
As of December 31, 2022 | |||||||||||||||||||||||||||||||||||
Pass | Watch | Special Mention | Substandard | Substandard Non-accrual | Total | ||||||||||||||||||||||||||||||
Commercial loans | |||||||||||||||||||||||||||||||||||
Commercial | $ | 1,668,495 | $ | 201,758 | $ | 46,540 | $ | 51,187 | $ | 6,174 | $ | 1,974,154 | |||||||||||||||||||||||
Commercial real estate | 2,851,709 | 326,455 | 43,526 | 34,539 | 5,644 | 3,261,873 | |||||||||||||||||||||||||||||
Real estate construction | 502,904 | 25,164 | 1 | 2,400 | — | 530,469 | |||||||||||||||||||||||||||||
Total commercial loans | 5,023,108 | 553,377 | 90,067 | 88,126 | 11,818 | 5,766,496 | |||||||||||||||||||||||||||||
Retail loans | |||||||||||||||||||||||||||||||||||
Retail real estate | 1,639,599 | 10,520 | 1,338 | 2,529 | 3,096 | 1,657,082 | |||||||||||||||||||||||||||||
Retail other | 301,971 | — | — | — | 153 | 302,124 | |||||||||||||||||||||||||||||
Total retail loans | 1,941,570 | 1,941,570 | 10,520 | 1,338 | 2,529 | 3,249 | 1,959,206 | ||||||||||||||||||||||||||||
Total portfolio loans | $ | 6,964,678 | $ | 563,897 | $ | 91,405 | $ | 90,655 | $ | 15,067 | $ | 7,725,702 |
As of December 31, 2021 | As of and For The Three Months Ended March 31, 2023 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Term Loans Amortized Cost Basis by Origination Year | Revolving Loans | Total | Term Loans Amortized Cost Basis by Origination Year | Revolving Loans | Total | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Risk Grade Ratings | Risk Grade Ratings | 2021 | 2020 | 2019 | 2018 | 2017 | Prior | Risk Grade Ratings | 2023 | 2022 | 2021 | 2020 | 2019 | Prior | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Commercial | Commercial | Commercial | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Pass | Pass | $ | 512,729 | $ | 228,811 | $ | 107,877 | $ | 84,873 | $ | 74,351 | $ | 122,418 | $ | 616,697 | $ | 1,747,756 | Pass | $ | 193,301 | $ | 326,112 | $ | 237,528 | $ | 130,503 | $ | 45,737 | $ | 152,200 | $ | 539,275 | $ | 1,624,656 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Watch | Watch | 13,847 | 5,913 | 14,274 | 5,060 | 1,361 | 2,866 | 50,261 | 93,582 | Watch | 19,141 | 44,289 | 47,474 | 2,758 | 6,384 | 5,162 | 83,405 | 208,613 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Special Mention | Special Mention | 7,062 | 898 | 5,961 | 4,025 | 6,790 | 11,845 | 32,846 | 69,427 | Special Mention | — | 1,682 | 2,811 | 1,340 | 652 | 17,343 | 18,999 | 42,827 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Substandard | Substandard | 3,595 | 3,362 | 3,136 | 1,855 | 1,125 | 5,459 | 7,585 | 26,117 | Substandard | 19,386 | 1,360 | 1,143 | 526 | 6,229 | 2,030 | 24,978 | 55,652 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Substandard non-accrual | Substandard non-accrual | 4,126 | 364 | 142 | — | 320 | 52 | 2,000 | 7,004 | Substandard non-accrual | 94 | — | 2,976 | 205 | 133 | 2 | 2,000 | 5,410 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total commercial | Total commercial | 541,359 | 239,348 | 131,390 | 95,813 | 83,947 | 142,640 | 709,389 | 1,943,886 | Total commercial | 231,922 | 373,443 | 291,932 | 135,332 | 59,135 | 176,737 | 668,657 | 1,937,158 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Current period charge-offs | Current period charge-offs | — | — | 400 | — | — | — | — | 400 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Commercial real estate | Commercial real estate | Commercial real estate | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Pass | Pass | 969,548 | 637,550 | 425,850 | 235,928 | 200,373 | 198,002 | 15,190 | 2,682,441 | Pass | 139,599 | 882,834 | 810,278 | 457,122 | 279,737 | 306,763 | 12,637 | 2,888,970 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Watch | Watch | 51,560 | 38,820 | 123,324 | 48,088 | 46,761 | 32,608 | 2,143 | 343,304 | Watch | 29,344 | 65,687 | 75,032 | 57,391 | 89,469 | 40,302 | 4,962 | 362,187 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Special Mention | Special Mention | 9,542 | 7,060 | 6,585 | 10,098 | 6,357 | 9,870 | 183 | 49,695 | Special Mention | 816 | 7,001 | 4,365 | 15,293 | 3,743 | 11,977 | — | 43,195 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Substandard | Substandard | 21,002 | 3,781 | 1,218 | 11,451 | 521 | 421 | — | 38,394 | Substandard | 11,604 | 5,975 | 1,095 | 3,394 | 1,888 | 667 | — | 24,623 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Substandard non-accrual | Substandard non-accrual | 112 | 181 | 359 | 1,893 | 3,407 | 21 | — | 5,973 | Substandard non-accrual | — | 604 | 3,847 | 30 | — | 1,080 | — | 5,561 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total commercial real estate | Total commercial real estate | 1,051,764 | 687,392 | 557,336 | 307,458 | 257,419 | 240,922 | 17,516 | 3,119,807 | Total commercial real estate | 181,363 | 962,101 | 894,617 | 533,230 | 374,837 | 360,789 | 17,599 | 3,324,536 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Current period charge-offs | Current period charge-offs | — | — | — | — | — | 539 | — | 539 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Real estate construction | Real estate construction | Real estate construction | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Pass | Pass | 202,082 | 123,491 | 31,927 | 3,155 | 738 | 1,223 | 7,181 | 369,797 | Pass | 38,451 | 219,520 | 179,369 | 69,767 | 1,447 | 3,510 | 19,722 | 531,786 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Watch | Watch | 7,886 | 4,159 | 54 | — | 1,574 | 120 | — | 13,793 | Watch | 12 | 4,454 | 9,230 | 3,077 | 46 | — | — | 16,819 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Special Mention | — | — | 6 | — | — | — | — | 6 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Substandard | Substandard | — | 2,400 | — | — | — | — | — | 2,400 | Substandard | — | 5,404 | — | — | — | — | — | 5,404 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total real estate construction | Total real estate construction | 209,968 | 130,050 | 31,987 | 3,155 | 2,312 | 1,343 | 7,181 | 385,996 | Total real estate construction | 38,463 | 229,378 | 188,599 | 72,844 | 1,493 | 3,510 | 19,722 | 554,009 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Current period charge-offs | Current period charge-offs | — | — | — | — | — | — | — | — | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Retail real estate | Retail real estate | Retail real estate | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Pass | Pass | 523,541 | 215,068 | 96,617 | 79,158 | 82,478 | 281,737 | 213,246 | 1,491,845 | Pass | 62,890 | 394,383 | 439,515 | 171,450 | 75,296 | 307,826 | 198,047 | 1,649,407 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Watch | Watch | 4,100 | 2,460 | 1,780 | 1,312 | 343 | 150 | 2,229 | 12,374 | Watch | 546 | 2,989 | 2,952 | 1,332 | 1,423 | 974 | 1,506 | 11,722 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Special Mention | Special Mention | 1,965 | 27 | — | — | — | — | — | 1,992 | Special Mention | 55 | 58 | — | — | — | 390 | — | 503 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Substandard | Substandard | 1,369 | 232 | 12 | 71 | 165 | 1,687 | 331 | 3,867 | Substandard | — | 75 | 361 | 189 | 82 | 1,256 | 243 | 2,206 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Substandard non-accrual | Substandard non-accrual | 235 | 63 | — | 16 | 227 | 1,705 | 652 | 2,898 | Substandard non-accrual | — | 10 | 238 | 159 | 104 | 2,387 | 801 | 3,699 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total retail real estate | Total retail real estate | 531,210 | 217,850 | 98,409 | 80,557 | 83,213 | 285,279 | 216,458 | 1,512,976 | Total retail real estate | 63,491 | 397,515 | 443,066 | 173,130 | 76,905 | 312,833 | 200,597 | 1,667,537 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Current period charge-offs | Current period charge-offs | — | — | — | — | — | 5 | — | 5 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Retail other | Retail other | Retail other | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Pass | Pass | 59,366 | 22,305 | 26,126 | 16,189 | 7,180 | 1,326 | 93,770 | 226,262 | Pass | 35,635 | 123,857 | 32,214 | 11,275 | 10,581 | 4,278 | 82,684 | 300,524 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Substandard non-accrual | Substandard non-accrual | 34 | 10 | — | 14 | 13 | — | — | 71 | Substandard non-accrual | — | 6 | 35 | 3 | — | — | — | 44 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total retail other | Total retail other | 59,400 | 22,315 | 26,126 | 16,203 | 7,193 | 1,326 | 93,770 | 226,333 | Total retail other | 35,635 | 123,863 | 32,249 | 11,278 | 10,581 | 4,278 | 82,684 | 300,568 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Current period charge-offs | Current period charge-offs | $ | — | $ | 36 | $ | 102 | $ | 1 | $ | — | $ | 98 | $ | — | $ | 237 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total portfolio loans | Total portfolio loans | $ | 2,393,701 | $ | 1,296,955 | $ | 845,248 | $ | 503,186 | $ | 434,084 | $ | 671,510 | $ | 1,044,314 | $ | 7,188,998 | Total portfolio loans | $ | 550,874 | $ | 2,086,300 | $ | 1,850,463 | $ | 925,814 | $ | 522,951 | $ | 858,147 | $ | 989,259 | $ | 7,783,808 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total current period charge-offs | Total current period charge-offs | $ | — | $ | 36 | $ | 502 | $ | 1 | $ | — | $ | 642 | $ | — | $ | 1,181 |
As of and For The Year Ended December 31, 2022 | ||||||||||||||||||||||||||||||||||||||||||||||||||
Term Loans Amortized Cost Basis by Origination Year | Revolving Loans | Total | ||||||||||||||||||||||||||||||||||||||||||||||||
Risk Grade Ratings | 2022 | 2021 | 2020 | 2019 | 2018 | Prior | ||||||||||||||||||||||||||||||||||||||||||||
Commercial | ||||||||||||||||||||||||||||||||||||||||||||||||||
Pass | $ | 479,893 | $ | 266,122 | $ | 136,445 | $ | 52,046 | $ | 50,764 | $ | 135,000 | $ | 548,225 | $ | 1,668,495 | ||||||||||||||||||||||||||||||||||
Watch | 54,195 | 49,382 | 3,288 | 7,201 | 1,258 | 2,160 | 84,274 | 201,758 | ||||||||||||||||||||||||||||||||||||||||||
Special Mention | 1,958 | 937 | 1,642 | 974 | 1,000 | 17,024 | 23,005 | 46,540 | ||||||||||||||||||||||||||||||||||||||||||
Substandard | 8,926 | 1,165 | 570 | 6,671 | 2,382 | 5,191 | 26,282 | 51,187 | ||||||||||||||||||||||||||||||||||||||||||
Substandard non-accrual | 21 | 3,292 | 226 | 135 | — | 100 | 2,400 | 6,174 | ||||||||||||||||||||||||||||||||||||||||||
Total commercial | 544,993 | 320,898 | 142,171 | 67,027 | 55,404 | 159,475 | 684,186 | 1,974,154 | ||||||||||||||||||||||||||||||||||||||||||
Commercial real estate | ||||||||||||||||||||||||||||||||||||||||||||||||||
Pass | 883,688 | 819,133 | 478,452 | 297,525 | 161,409 | 198,419 | 13,083 | 2,851,709 | ||||||||||||||||||||||||||||||||||||||||||
Watch | 77,346 | 56,113 | 64,282 | 96,664 | 21,592 | 5,758 | 4,700 | 326,455 | ||||||||||||||||||||||||||||||||||||||||||
Special Mention | 11,943 | 5,389 | 12,386 | 1,420 | 6,917 | 5,471 | — | 43,526 | ||||||||||||||||||||||||||||||||||||||||||
Substandard | 5,340 | 13,528 | 3,454 | 1,907 | 10,248 | 62 | — | 34,539 | ||||||||||||||||||||||||||||||||||||||||||
Substandard non-accrual | — | 3,959 | 33 | — | 1,647 | 5 | — | 5,644 | ||||||||||||||||||||||||||||||||||||||||||
Total commercial real estate | 978,317 | 898,122 | 558,607 | 397,516 | 201,813 | 209,715 | 17,783 | 3,261,873 | ||||||||||||||||||||||||||||||||||||||||||
Real estate construction | ||||||||||||||||||||||||||||||||||||||||||||||||||
Pass | 219,112 | 191,724 | 68,015 | 1,490 | 1,901 | 1,751 | 18,911 | 502,904 | ||||||||||||||||||||||||||||||||||||||||||
Watch | 8,530 | 12,019 | 3,169 | 48 | — | 1,398 | — | 25,164 | ||||||||||||||||||||||||||||||||||||||||||
Special Mention | — | — | — | 1 | — | — | — | 1 | ||||||||||||||||||||||||||||||||||||||||||
Substandard | 2,400 | — | — | — | — | — | — | 2,400 | ||||||||||||||||||||||||||||||||||||||||||
Total real estate construction | 230,042 | 203,743 | 71,184 | 1,539 | 1,901 | 3,149 | 18,911 | 530,469 | ||||||||||||||||||||||||||||||||||||||||||
Retail real estate | ||||||||||||||||||||||||||||||||||||||||||||||||||
Pass | 396,547 | 456,158 | 175,148 | 77,569 | 56,887 | 267,387 | 209,903 | 1,639,599 | ||||||||||||||||||||||||||||||||||||||||||
Watch | 2,928 | 2,991 | 1,846 | 1,444 | 1,063 | 27 | 221 | 10,520 | ||||||||||||||||||||||||||||||||||||||||||
Special Mention | 945 | — | — | — | — | 393 | — | 1,338 | ||||||||||||||||||||||||||||||||||||||||||
Substandard | 77 | 732 | 198 | 81 | 141 | 1,293 | 7 | 2,529 | ||||||||||||||||||||||||||||||||||||||||||
Substandard non-accrual | 10 | 191 | 107 | 32 | 390 | 1,708 | 658 | 3,096 | ||||||||||||||||||||||||||||||||||||||||||
Total retail real estate | 400,507 | 460,072 | 177,299 | 79,126 | 58,481 | 270,808 | 210,789 | 1,657,082 | ||||||||||||||||||||||||||||||||||||||||||
Retail other | ||||||||||||||||||||||||||||||||||||||||||||||||||
Pass | 134,567 | 43,512 | 13,141 | 13,086 | 5,646 | 991 | 91,028 | 301,971 | ||||||||||||||||||||||||||||||||||||||||||
Substandard non-accrual | 14 | 134 | 3 | — | — | 2 | — | 153 | ||||||||||||||||||||||||||||||||||||||||||
Total retail other | 134,581 | 43,646 | 13,144 | 13,086 | 5,646 | 993 | 91,028 | 302,124 | ||||||||||||||||||||||||||||||||||||||||||
Total portfolio loans | $ | 2,288,440 | $ | 1,926,481 | $ | 962,405 | $ | 558,294 | $ | 323,245 | $ | 644,140 | $ | 1,022,697 | $ | 7,725,702 |
As of September 30, 2022 | As of March 31, 2023 | |||||||||||||||||||||||||||||||||||||||||||||
Loans past due, still accruing | Non-accrual Loans | Loans past due, still accruing | Non-accrual Loans | |||||||||||||||||||||||||||||||||||||||||||
30-59 Days | 60-89 Days | 90+Days | 30-59 Days | 60-89 Days | 90+Days | |||||||||||||||||||||||||||||||||||||||||
Past due and non-accrual loans | Past due and non-accrual loans | Past due and non-accrual loans | ||||||||||||||||||||||||||||||||||||||||||||
Commercial loans: | Commercial loans: | |||||||||||||||||||||||||||||||||||||||||||||
Commercial | Commercial | $ | 19 | $ | 45 | $ | 625 | $ | 6,227 | Commercial | $ | 78 | $ | 1 | $ | — | $ | 5,410 | ||||||||||||||||||||||||||||
Commercial real estate | Commercial real estate | 411 | — | 349 | 5,792 | Commercial real estate | 444 | — | — | 5,561 | ||||||||||||||||||||||||||||||||||||
Real estate construction | — | — | — | 48 | ||||||||||||||||||||||||||||||||||||||||||
Past due and non-accrual commercial loans | Past due and non-accrual commercial loans | 522 | 1 | — | 10,971 | |||||||||||||||||||||||||||||||||||||||||
Retail loans: | Retail loans: | |||||||||||||||||||||||||||||||||||||||||||||
Retail real estate | Retail real estate | 3,734 | 1,831 | 255 | 3,240 | Retail real estate | 3,120 | 1,169 | 472 | 3,699 | ||||||||||||||||||||||||||||||||||||
Retail other | Retail other | 262 | 5 | — | 118 | Retail other | 653 | 7 | 28 | 44 | ||||||||||||||||||||||||||||||||||||
Past due and non-accrual retail loans | Past due and non-accrual retail loans | 3,773 | 1,176 | 500 | 3,743 | |||||||||||||||||||||||||||||||||||||||||
Total past due and non-accrual loans | Total past due and non-accrual loans | $ | 4,426 | $ | 1,881 | $ | 1,229 | $ | 15,425 | Total past due and non-accrual loans | $ | 4,295 | $ | 1,177 | $ | 500 | $ | 14,714 |
As of December 31, 2021 | As of December 31, 2022 | |||||||||||||||||||||||||||||||||||||||||||||
Loans past due, still accruing | Non-accrual Loans | Loans past due, still accruing | Non-accrual Loans | |||||||||||||||||||||||||||||||||||||||||||
30-59 Days | 60-89 Days | 90+Days | 30-59 Days | 60-89 Days | 90+Days | |||||||||||||||||||||||||||||||||||||||||
Past due and non-accrual loans | Past due and non-accrual loans | Past due and non-accrual loans | ||||||||||||||||||||||||||||||||||||||||||||
Commercial loans: | Commercial loans: | |||||||||||||||||||||||||||||||||||||||||||||
Commercial | Commercial | $ | 363 | $ | 10 | $ | 213 | $ | 7,004 | Commercial | $ | 2 | $ | — | $ | — | $ | 6,174 | ||||||||||||||||||||||||||||
Commercial real estate | Commercial real estate | 151 | 441 | — | 5,973 | Commercial real estate | 124 | — | — | 5,644 | ||||||||||||||||||||||||||||||||||||
Real estate construction | 56 | — | — | — | ||||||||||||||||||||||||||||||||||||||||||
Past due and non-accrual commercial loans | Past due and non-accrual commercial loans | 126 | — | — | 11,818 | |||||||||||||||||||||||||||||||||||||||||
Retail loans: | Retail loans: | |||||||||||||||||||||||||||||||||||||||||||||
Retail real estate | Retail real estate | 3,312 | 1,830 | 693 | 2,898 | Retail real estate | 4,709 | 1,239 | 673 | 3,096 | ||||||||||||||||||||||||||||||||||||
Retail other | Retail other | 82 | 16 | — | 71 | Retail other | 414 | 60 | — | 153 | ||||||||||||||||||||||||||||||||||||
Past due and non-accrual retail loans | Past due and non-accrual retail loans | 5,123 | 1,299 | 673 | 3,249 | |||||||||||||||||||||||||||||||||||||||||
Total past due and non-accrual loans | Total past due and non-accrual loans | $ | 3,964 | $ | 2,297 | $ | 906 | $ | 15,946 | Total past due and non-accrual loans | $ | 5,249 | $ | 1,299 | $ | 673 | $ | 15,067 |
As of | |||||||||||
September 30, 2022 | December 31, 2021 | ||||||||||
TDRs | |||||||||||
In compliance with modified terms | $ | 1,940 | $ | 1,801 | |||||||
30 – 89 days past due | — | — | |||||||||
Non-performing TDRs | 483 | 551 | |||||||||
Total TDRs | $ | 2,423 | $ | 2,352 |
As of March 31, 2023 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Payment Deferral1 | % of Total Class of Financing Receivable2 | Term Extension3 | % of Total Class of Financing Receivable | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Loan class: | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Commercial | $ | 489 | — | % | $ | 25,155 | 1.3 | % | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Commercial real estate | — | — | % | 12,698 | 0.4 | % | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total of loans modified during the period4 | $ | 489 | — | % | $ | 37,853 | 0.5 | % |
Weighted Average Term Extension | |||||||||||||||||
Loan class: | |||||||||||||||||
Commercial | 9.1 months | ||||||||||||||||
Commercial real estate | 5.8 months | ||||||||||||||||
Total financial effect | 8.0 months |
As of March 31, 2023 | |||||||||||||||||
Current | 30-89 Days | 90+ Days | |||||||||||||||
Loan class: | |||||||||||||||||
Commercial | $ | 25,644 | $ | — | $ | — | |||||||||||
Commercial real estate | 12,698 | — | — | ||||||||||||||
Amortized cost of modified loans | $ | 38,342 | $ | — | $ | — |
Three Months Ended September 30, 2022 | Nine Months Ended September 30, 2022 | ||||||||||||||||||||||||||||||||||
Recorded Investment | Recorded Investment | ||||||||||||||||||||||||||||||||||
Number of Contracts | Rate Modification1 | Payment Modification1 | Number of Contracts | Rate Modification1 | Payment Modification1 | ||||||||||||||||||||||||||||||
Commercial | — | $ | — | $ | — | 1 | $ | — | $ | 381 | |||||||||||||||||||||||||
Three Months Ended September 30, 2021 | Nine Months Ended September 30, 2021 | ||||||||||||||||||||||||||||||||||
Recorded Investment | Recorded Investment | ||||||||||||||||||||||||||||||||||
Number of Contracts | Rate Modification1 | Payment Modification1 | Number of Contracts | Rate Modification1 | Payment Modification1 | ||||||||||||||||||||||||||||||
Commercial | — | $ | — | $ | — | 1 | $ | 444 | $ | — | |||||||||||||||||||||||||
As of September 30, 2022 | As of December 31, 2021 | ||||||||||||||||||||||
Number of Contracts | Recorded Investment | Number of Contracts | Recorded Investment | ||||||||||||||||||||
COVID-19 loan modifications | |||||||||||||||||||||||
Commercial loans: | |||||||||||||||||||||||
Interest-only deferrals | 8 | $ | 20,556 | 32 | $ | 128,730 | |||||||||||||||||
Retail loans: | |||||||||||||||||||||||
Mortgage and personal loan deferrals | 1 | 99 | 2 | 137 | |||||||||||||||||||
Total COVID-19 loans modifications | 9 | $ | 20,655 | 34 | $ | 128,867 |
As of September 30, 2022 | As of March 31, 2023 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Unpaid Principal Balance | Recorded Investment | Average Recorded Investment | Unpaid Principal Balance | Recorded Investment | Average Recorded Investment | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
With No Allowance | With Allowance | Total | Related Allowance | With No Allowance | With Allowance | Total | Related Allowance | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Loans evaluated individually | Loans evaluated individually | Loans evaluated individually | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Commercial loans: | Commercial loans: | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Commercial | Commercial | $ | 9,455 | $ | 547 | $ | 5,892 | $ | 6,439 | $ | 2,806 | $ | 7,488 | Commercial | $ | 8,761 | $ | 564 | $ | 5,181 | $ | 5,745 | $ | 1,825 | $ | 6,512 | ||||||||||||||||||||||||||||||||||||||||||||
Commercial real estate | Commercial real estate | 7,497 | 1,663 | 4,035 | 5,698 | 2,000 | 5,216 | Commercial real estate | 8,421 | 2,286 | 3,794 | 6,080 | 1,344 | 5,285 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Real estate construction | Real estate construction | 255 | 255 | — | 255 | — | 266 | Real estate construction | — | — | — | — | — | 206 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Commercial loans evaluated individually | Commercial loans evaluated individually | 17,182 | 2,850 | 8,975 | 11,825 | 3,169 | 12,003 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Retail loans: | Retail loans: | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Retail real estate | Retail real estate | 2,258 | 2,089 | 25 | 2,114 | 25 | 2,526 | Retail real estate | 1,249 | 1,080 | 25 | 1,105 | 25 | 2,058 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Retail loans evaluated individually | Retail loans evaluated individually | 1,249 | 1,080 | 25 | 1,105 | 25 | 2,058 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total loans evaluated individually | Total loans evaluated individually | $ | 19,465 | $ | 4,554 | $ | 9,952 | $ | 14,506 | $ | 4,831 | $ | 15,496 | Total loans evaluated individually | $ | 18,431 | $ | 3,930 | $ | 9,000 | $ | 12,930 | $ | 3,194 | $ | 14,061 |
As of December 31, 2021 | As of December 31, 2022 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Unpaid Principal Balance | Recorded Investment | Average Recorded Investment | Unpaid Principal Balance | Recorded Investment | Average Recorded Investment | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
With No Allowance | With Allowance | Total | Related Allowance | With No Allowance | With Allowance | Total | Related Allowance | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Loans evaluated individually | Loans evaluated individually | Loans evaluated individually | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Commercial loans: | Commercial loans: | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Commercial | Commercial | $ | 10,247 | $ | 498 | $ | 6,490 | $ | 6,988 | $ | 3,564 | $ | 8,791 | Commercial | $ | 9,589 | $ | 656 | $ | 5,918 | $ | 6,574 | $ | 2,476 | $ | 6,761 | ||||||||||||||||||||||||||||||||||||||||||||
Commercial real estate | Commercial real estate | 6,456 | 5,750 | — | 5,750 | — | 6,390 | Commercial real estate | 8,039 | 2,334 | 3,903 | 6,237 | 2,000 | 5,219 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Real estate construction | Real estate construction | 272 | 272 | — | 272 | — | 282 | Real estate construction | 247 | 247 | — | 247 | — | 260 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Commercial loans evaluated individually | Commercial loans evaluated individually | 17,875 | 3,237 | 9,821 | 13,058 | 4,476 | 12,240 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Retail loans: | Retail loans: | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Retail real estate | Retail real estate | 2,514 | 2,345 | 25 | 2,370 | 25 | 4,093 | Retail real estate | 2,733 | 2,564 | 25 | 2,589 | 25 | 2,311 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Retail loans evaluated individually | Retail loans evaluated individually | 2,733 | 2,564 | 25 | 2,589 | 25 | 2,311 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total loans evaluated individually | Total loans evaluated individually | $ | 19,489 | $ | 8,865 | $ | 6,515 | $ | 15,380 | $ | 3,589 | $ | 19,556 | Total loans evaluated individually | $ | 20,608 | $ | 5,801 | $ | 9,846 | $ | 15,647 | $ | 4,501 | $ | 14,551 |
Three Months Ended September 30, 2022 | Three Months Ended March 31, 2023 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Commercial | Commercial Real Estate | Real Estate Construction | Retail Real Estate | Retail Other | Total | Commercial | Commercial Real Estate | Real Estate Construction | Retail Real Estate | Retail Other | Total | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
ACL balance, June 30, 2022 | $ | 23,359 | $ | 37,182 | $ | 5,669 | $ | 17,984 | $ | 4,563 | $ | 88,757 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
ACL balance, December 31, 2022 | ACL balance, December 31, 2022 | $ | 23,860 | $ | 38,299 | $ | 6,457 | $ | 18,193 | $ | 4,799 | $ | 91,608 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Provision for credit losses | Provision for credit losses | 615 | 598 | 216 | 684 | 251 | 2,364 | Provision for credit losses | 695 | (3,359) | (1,329) | 5,948 | (1,002) | 953 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Charged-off | Charged-off | (381) | — | — | (220) | (218) | (819) | Charged-off | (400) | (539) | — | (5) | (237) | (1,181) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Recoveries | Recoveries | 102 | 19 | 86 | 172 | 41 | 420 | Recoveries | 121 | 20 | 31 | 119 | 56 | 347 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
ACL balance, September 30, 2022 | $ | 23,695 | $ | 37,799 | $ | 5,971 | $ | 18,620 | $ | 4,637 | $ | 90,722 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
ACL balance, March 31, 2023 | ACL balance, March 31, 2023 | $ | 24,276 | $ | 34,421 | $ | 5,159 | $ | 24,255 | $ | 3,616 | $ | 91,727 |
Nine Months Ended September 30, 2022 | Three Months Ended March 31, 2022 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Commercial | Commercial Real Estate | Real Estate Construction | Retail Real Estate | Retail Other | Total | Commercial | Commercial Real Estate | Real Estate Construction | Retail Real Estate | Retail Other | Total | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
ACL balance, December 31, 2021 | ACL balance, December 31, 2021 | $ | 23,855 | $ | 38,249 | $ | 5,102 | $ | 17,589 | $ | 3,092 | $ | 87,887 | ACL balance, December 31, 2021 | $ | 23,855 | $ | 38,249 | $ | 5,102 | $ | 17,589 | $ | 3,092 | $ | 87,887 | ||||||||||||||||||||||||||||||||||||||||||||
Provision for credit losses | Provision for credit losses | 123 | 408 | 663 | 826 | 1,744 | 3,764 | Provision for credit losses | 251 | (1,218) | 510 | (170) | 374 | (253) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Charged-off | Charged-off | (589) | (1,372) | — | (253) | (409) | (2,623) | Charged-off | — | — | — | (16) | (109) | (125) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Recoveries | Recoveries | 306 | 514 | 206 | 458 | 210 | 1,694 | Recoveries | 67 | 308 | 93 | 152 | 84 | 704 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
ACL balance, September 30, 2022 | $ | 23,695 | $ | 37,799 | $ | 5,971 | $ | 18,620 | $ | 4,637 | $ | 90,722 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
ACL balance, March 31, 2022 | ACL balance, March 31, 2022 | $ | 24,173 | $ | 37,339 | $ | 5,705 | $ | 17,555 | $ | 3,441 | $ | 88,213 |
As of March 31, 2023 | |||||||||||||||||||||||||||||||||||
Portfolio Loans | ACL Attributed to Portfolio Loans | ||||||||||||||||||||||||||||||||||
Collectively Evaluated for Impairment | Individually Evaluated for Impairment | Total | Collectively Evaluated for Impairment | Individually Evaluated for Impairment | Total | ||||||||||||||||||||||||||||||
Portfolio loans and related ACL | |||||||||||||||||||||||||||||||||||
Commercial loans: | |||||||||||||||||||||||||||||||||||
Commercial | $ | 1,931,413 | $ | 5,745 | $ | 1,937,158 | $ | 22,451 | $ | 1,825 | $ | 24,276 | |||||||||||||||||||||||
Commercial real estate | 3,318,456 | 6,080 | 3,324,536 | 33,077 | 1,344 | 34,421 | |||||||||||||||||||||||||||||
Real estate construction | 554,009 | — | 554,009 | 5,159 | — | 5,159 | |||||||||||||||||||||||||||||
Commercial loans and related ACL | 5,803,878 | 11,825 | 5,815,703 | 60,687 | 3,169 | 63,856 | |||||||||||||||||||||||||||||
Retail loans: | |||||||||||||||||||||||||||||||||||
Retail real estate | 1,666,432 | 1,105 | 1,667,537 | 24,230 | 25 | 24,255 | |||||||||||||||||||||||||||||
Retail other | 300,568 | — | 300,568 | 3,616 | — | 3,616 | |||||||||||||||||||||||||||||
Retail loans and related ACL | 1,967,000 | 1,105 | 1,968,105 | 27,846 | 25 | 27,871 | |||||||||||||||||||||||||||||
Portfolio loans and related ACL | $ | 7,770,878 | $ | 12,930 | $ | 7,783,808 | $ | 88,533 | $ | 3,194 | $ | 91,727 |
As of December 31, 2022 | |||||||||||||||||||||||||||||||||||
Portfolio Loans | ACL Attributed to Portfolio Loans | ||||||||||||||||||||||||||||||||||
Collectively Evaluated for Impairment | Individually Evaluated for Impairment | Total | Collectively Evaluated for Impairment | Individually Evaluated for Impairment | Total | ||||||||||||||||||||||||||||||
Portfolio loans and related ACL | |||||||||||||||||||||||||||||||||||
Commercial loans: | |||||||||||||||||||||||||||||||||||
Commercial | $ | 1,967,580 | $ | 6,574 | $ | 1,974,154 | $ | 21,384 | $ | 2,476 | $ | 23,860 | |||||||||||||||||||||||
Commercial real estate | 3,255,636 | 6,237 | 3,261,873 | 36,299 | 2,000 | 38,299 | |||||||||||||||||||||||||||||
Real estate construction | 530,222 | 247 | 530,469 | 6,457 | — | 6,457 | |||||||||||||||||||||||||||||
Commercial loans and related ACL | 5,753,438 | 13,058 | 5,766,496 | 64,140 | 4,476 | 68,616 | |||||||||||||||||||||||||||||
Retail loans: | |||||||||||||||||||||||||||||||||||
Retail real estate | 1,654,493 | 2,589 | 1,657,082 | 18,168 | 25 | 18,193 | |||||||||||||||||||||||||||||
Retail other | 302,124 | — | 302,124 | 4,799 | — | 4,799 | |||||||||||||||||||||||||||||
Retail loans and related ACL | 1,956,617 | 2,589 | 1,959,206 | 22,967 | 25 | 22,992 | |||||||||||||||||||||||||||||
Portfolio loans and related ACL | $ | 7,710,055 | $ | 15,647 | $ | 7,725,702 | $ | 87,107 | $ | 4,501 | $ | 91,608 |
As of | |||||||||||
March 31, 2023 | December 31, 2022 | ||||||||||
Lease balances | |||||||||||
Right of use assets | $ | 12,291 | $ | 12,829 | |||||||
Lease liabilities | 12,515 | 12,995 | |||||||||
Supplemental information | |||||||||||
Year through which lease terms extend | 2037 | 2037 | |||||||||
Weighted average remaining lease term, in years | 8.82 years | 8.90 years | |||||||||
Weighted average discount rate | 3.49 | % | 3.45 | % |
Three Months Ended March 31, | |||||||||||||||||||||||
2023 | 2022 | ||||||||||||||||||||||
Lease costs | |||||||||||||||||||||||
Operating lease costs | $ | 628 | $ | 617 | |||||||||||||||||||
Variable lease costs | 5 | 128 | |||||||||||||||||||||
Short-term lease costs | 6 | 4 | |||||||||||||||||||||
Total lease cost1 | $ | 639 | $ | 749 | |||||||||||||||||||
Cash flows related to leases | |||||||||||||||||||||||
Cash paid for amounts included in the measurement of lease liabilities: | |||||||||||||||||||||||
Operating lease cash flows – Fixed payments | $ | 570 | $ | 631 | |||||||||||||||||||
Operating lease cash flows – Liability reduction | 479 | 585 | |||||||||||||||||||||
Right of use assets obtained during the period in exchange for operating lease liabilities | 4 | 55 |
As of March 31, 2023 | |||||
Rent commitments | |||||
Remainder of 2023 | $ | 1,650 | |||
2024 | 1,933 | ||||
2025 | 1,716 | ||||
2026 | 1,441 | ||||
2027 | 1,276 | ||||
2028 | 1,255 | ||||
Thereafter | 5,477 | ||||
Total undiscounted cash flows | 14,748 | ||||
Less: Amounts representing interest | 2,233 | ||||
Present value of net future minimum lease payments | $ | 12,515 |
Three Months Ended March 31, | |||||||||||||||||||||||
2023 | 2022 | ||||||||||||||||||||||
Rental income | $ | 191 | $ | 230 |
As of | |||||||||||
March 31, 2023 | December 31, 2022 | ||||||||||
Deposits | |||||||||||
Noninterest-bearing demand deposits | $ | 3,173,783 | $ | 3,393,666 | |||||||
Interest-bearing transaction deposits | 2,648,116 | 2,857,818 | |||||||||
Saving deposits and money market deposits | 2,830,599 | 2,964,421 | |||||||||
Time deposits | 1,148,671 | 855,375 | |||||||||
Total deposits | $ | 9,801,169 | $ | 10,071,280 |
Three Months Ended September 30, 2021 | |||||||||||||||||||||||||||||||||||
Commercial | Commercial Real Estate | Real Estate Construction | Retail Real Estate | Retail Other | Total | ||||||||||||||||||||||||||||||
ACL balance, June 30, 2021 | $ | 24,356 | $ | 39,974 | $ | 7,599 | $ | 20,505 | $ | 2,976 | $ | 95,410 | |||||||||||||||||||||||
Provision for credit losses | 657 | (25) | (1,503) | (1,155) | 157 | (1,869) | |||||||||||||||||||||||||||||
Charged-off | (764) | (191) | — | (155) | (98) | (1,208) | |||||||||||||||||||||||||||||
Recoveries | 157 | 73 | 25 | 157 | 57 | 469 | |||||||||||||||||||||||||||||
ACL balance, September 30, 2021 | $ | 24,406 | $ | 39,831 | $ | 6,121 | $ | 19,352 | $ | 3,092 | $ | 92,802 |
Nine Months Ended September 30, 2021 | |||||||||||||||||||||||||||||||||||
Commercial | Commercial Real Estate | Real Estate Construction | Retail Real Estate | Retail Other | Total | ||||||||||||||||||||||||||||||
ACL balance, December 31, 2020 | $ | 23,866 | $ | 46,230 | $ | 8,193 | $ | 21,992 | $ | 767 | $ | 101,048 | |||||||||||||||||||||||
Day 1 PCD1 | 3,546 | 336 | — | 129 | 167 | 4,178 | |||||||||||||||||||||||||||||
Provision for credit losses | (1,428) | (6,109) | (2,082) | (3,028) | 2,282 | (10,365) | |||||||||||||||||||||||||||||
Charged-off | (2,026) | (812) | (209) | (315) | (349) | (3,711) | |||||||||||||||||||||||||||||
Recoveries | 448 | 186 | 219 | 574 | 225 | 1,652 | |||||||||||||||||||||||||||||
ACL balance, September 30, 2021 | $ | 24,406 | $ | 39,831 | $ | 6,121 | $ | 19,352 | $ | 3,092 | $ | 92,802 |
As of September 30, 2022 | |||||||||||||||||||||||||||||||||||
Portfolio Loans | ACL Attributed to Portfolio Loans | ||||||||||||||||||||||||||||||||||
Collectively Evaluated for Impairment | Individually Evaluated for Impairment | Total | Collectively Evaluated for Impairment | Individually Evaluated for Impairment | Total | ||||||||||||||||||||||||||||||
Portfolio loan category | |||||||||||||||||||||||||||||||||||
Commercial | $ | 1,939,454 | $ | 6,439 | $ | 1,945,893 | $ | 20,889 | $ | 2,806 | $ | 23,695 | |||||||||||||||||||||||
Commercial real estate | 3,272,986 | 5,698 | 3,278,684 | 35,799 | 2,000 | 37,799 | |||||||||||||||||||||||||||||
Real estate construction | 499,305 | 255 | 499,560 | 5,971 | — | 5,971 | |||||||||||||||||||||||||||||
Retail real estate | 1,640,985 | 2,114 | 1,643,099 | 18,595 | 25 | 18,620 | |||||||||||||||||||||||||||||
Retail other | 302,878 | — | 302,878 | 4,637 | — | 4,637 | |||||||||||||||||||||||||||||
Portfolio loans and related ACL | $ | 7,655,608 | $ | 14,506 | $ | 7,670,114 | $ | 85,891 | $ | 4,831 | $ | 90,722 |
As of December 31, 2021 | |||||||||||||||||||||||||||||||||||
Portfolio Loans | ACL Attributed to Portfolio Loans | ||||||||||||||||||||||||||||||||||
Collectively Evaluated for Impairment | Individually Evaluated for Impairment | Total | Collectively Evaluated for Impairment | Individually Evaluated for Impairment | Total | ||||||||||||||||||||||||||||||
Portfolio loan category | |||||||||||||||||||||||||||||||||||
Commercial | $ | 1,936,898 | $ | 6,988 | $ | 1,943,886 | $ | 20,291 | $ | 3,564 | $ | 23,855 | |||||||||||||||||||||||
Commercial real estate | 3,114,057 | 5,750 | 3,119,807 | 38,249 | — | 38,249 | |||||||||||||||||||||||||||||
Real estate construction | 385,724 | 272 | 385,996 | 5,102 | — | 5,102 | |||||||||||||||||||||||||||||
Retail real estate | 1,510,606 | 2,370 | 1,512,976 | 17,564 | 25 | 17,589 | |||||||||||||||||||||||||||||
Retail other | 226,333 | — | 226,333 | 3,092 | — | 3,092 | |||||||||||||||||||||||||||||
Portfolio loans and related ACL | $ | 7,173,618 | $ | 15,380 | $ | 7,188,998 | $ | 84,298 | $ | 3,589 | $ | 87,887 |
As of | |||||||||||
September 30, 2022 | December 31, 2021 | ||||||||||
Deposits | |||||||||||
Demand deposits, noninterest-bearing | $ | 3,628,169 | $ | 3,670,267 | |||||||
Interest-bearing transaction deposits | 2,952,414 | 2,720,417 | |||||||||
Saving deposits and money market deposits | 3,220,627 | 3,442,244 | |||||||||
Time deposits | 800,187 | 935,649 | |||||||||
Total deposits | $ | 10,601,397 | $ | 10,768,577 |
As of | |||||||||||
September 30, 2022 | December 31, 2021 | ||||||||||
Brokered savings deposits and money market deposits | $ | 2,006 | $ | 2,248 | |||||||
Brokered time deposits | 273 | 266 | |||||||||
Aggregate amount of time deposits with a minimum denomination of $100,000 | 379,136 | 454,649 | |||||||||
Aggregate amount of time deposits with a minimum denomination that meets or exceeds the FDIC insurance limit of $250,000 | 103,534 | 137,449 |
As of | |||||||||||
March 31, 2023 | December 31, 2022 | ||||||||||
Brokered savings deposits and money market deposits | $ | 6,005 | $ | 1,303 | |||||||
Brokered time deposits | 278 | 275 | |||||||||
Aggregate amount of time deposits with a minimum denomination of $100,000 | 630,529 | 416,445 | |||||||||
Aggregate amount of time deposits with a minimum denomination that meets or exceeds the FDIC insurance limit of $250,000 | 200,898 | 120,377 |
As of September 30, 2022 | As of March 31, 2023 | |||||||||
Time deposits by schedule of maturities | Time deposits by schedule of maturities | Time deposits by schedule of maturities | ||||||||
Remainder of 2022 | $ | 188,332 | ||||||||
2023 | 431,060 | |||||||||
Remainder of 2023 | Remainder of 2023 | $ | 474,277 | |||||||
2024 | 2024 | 126,309 | 2024 | 596,731 | ||||||
2025 | 2025 | 23,078 | 2025 | 42,344 | ||||||
2026 | 2026 | 17,910 | 2026 | 17,183 | ||||||
2027 | 2027 | 12,844 | 2027 | 13,746 | ||||||
2028 | 2028 | 3,851 | ||||||||
Thereafter | Thereafter | 654 | Thereafter | 539 | ||||||
Time deposits | Time deposits | $ | 800,187 | Time deposits | $ | 1,148,671 |
As of | As of | |||||||||||||||||||||
September 30, 2022 | December 31, 2021 | March 31, 2023 | December 31, 2022 | |||||||||||||||||||
Securities sold under agreements to repurchase | Securities sold under agreements to repurchase | $ | 234,597 | $ | 270,139 | Securities sold under agreements to repurchase | $ | 210,977 | $ | 229,806 | ||||||||||||
Weighted average rate for securities sold under agreements to repurchase | Weighted average rate for securities sold under agreements to repurchase | 0.98 | % | 0.08 | % | Weighted average rate for securities sold under agreements to repurchase | 2.44 | % | 1.91 | % |
As of | As of | |||||||||||||||||||||
September 30, 2022 | December 31, 2021 | March 31, 2023 | December 31, 2022 | |||||||||||||||||||
Short-term borrowings | Short-term borrowings | Short-term borrowings | ||||||||||||||||||||
FHLB advances maturing in less than one year from date of origination, and the current portion of long-term FHLB advances due within 12 months | FHLB advances maturing in less than one year from date of origination, and the current portion of long-term FHLB advances due within 12 months | $ | 4,225 | $ | 5,678 | FHLB advances maturing in less than one year from date of origination, and the current portion of long-term FHLB advances due within 12 months | $ | 603,881 | $ | 339,054 | ||||||||||||
Term Loan, current portion due within 12 months | Term Loan, current portion due within 12 months | 12,000 | 12,000 | Term Loan, current portion due within 12 months | 12,000 | 12,000 | ||||||||||||||||
Total short-term debt | Total short-term debt | $ | 16,225 | $ | 17,678 | Total short-term debt | $ | 615,881 | $ | 351,054 |
As of | |||||||||||
September 30, 2022 | December 31, 2021 | ||||||||||
Long-term debt | |||||||||||
Notes payable, FHLB, original maturity of 5 years, collateralized by FHLB deposits, residential and commercial real estate loans and FHLB stock | $ | — | $ | 4,056 | |||||||
Term Loan | 33,000 | 42,000 | |||||||||
Total long-term debt | $ | 33,000 | $ | 46,056 |
As of | |||||||||||
March 31, 2023 | December 31, 2022 | ||||||||||
Long-term debt | |||||||||||
Term Loan | $ | 27,000 | $ | 30,000 | |||||||
As of | As of | |||||||||||||||||||||
September 30, 2022 | December 31, 2021 | March 31, 2023 | December 31, 2022 | |||||||||||||||||||
Unamortized debt issuance costs | Unamortized debt issuance costs | Unamortized debt issuance costs | ||||||||||||||||||||
Senior notes issued in 2017 | $ | — | $ | 56 | ||||||||||||||||||
Subordinated notes issued in 2017 | — | 549 | ||||||||||||||||||||
Subordinated notes issued in 2020 | Subordinated notes issued in 2020 | 1,337 | 1,678 | Subordinated notes issued in 2020 | $ | 1,101 | $ | 1,220 | ||||||||||||||
Subordinated notes issued in 2022 | Subordinated notes issued in 2022 | 1,828 | — | Subordinated notes issued in 2022 | 1,654 | 1,742 | ||||||||||||||||
Total unamortized debt issuance costs | Total unamortized debt issuance costs | $ | 3,165 | $ | 2,283 | Total unamortized debt issuance costs | $ | 2,755 | $ | 2,962 |
As of September 30, 2022 | |||||||||||||||||||||||||||||||||||
Actual | Minimum Capital Requirement | Minimum To Be Well Capitalized | |||||||||||||||||||||||||||||||||
Amount | Ratio | Amount | Ratio | Amount | Ratio | ||||||||||||||||||||||||||||||
Common Equity Tier 1 Capital to Risk Weighted Assets | |||||||||||||||||||||||||||||||||||
Consolidated | $ | 1,056,206 | 11.79 | % | $ | 403,047 | 4.50 | % | $ | 582,179 | 6.50 | % | |||||||||||||||||||||||
Busey Bank | $ | 1,288,945 | 14.45 | % | $ | 401,307 | 4.50 | % | $ | 579,665 | 6.50 | % | |||||||||||||||||||||||
Tier 1 Capital to Risk Weighted Assets | |||||||||||||||||||||||||||||||||||
Consolidated | $ | 1,130,206 | 12.62 | % | $ | 537,396 | 6.00 | % | $ | 716,528 | 8.00 | % | |||||||||||||||||||||||
Busey Bank | $ | 1,288,945 | 14.45 | % | $ | 535,076 | 6.00 | % | $ | 713,434 | 8.00 | % | |||||||||||||||||||||||
Total Capital to Risk Weighted Assets | |||||||||||||||||||||||||||||||||||
Consolidated | $ | 1,431,308 | 15.98 | % | $ | 716,528 | 8.00 | % | $ | 895,660 | 10.00 | % | |||||||||||||||||||||||
Busey Bank | $ | 1,365,046 | 15.31 | % | $ | 713,434 | 8.00 | % | $ | 891,793 | 10.00 | % | |||||||||||||||||||||||
Leverage Ratio of Tier 1 Capital to Average Assets | |||||||||||||||||||||||||||||||||||
Consolidated | $ | 1,130,206 | 9.15 | % | $ | 494,124 | 4.00 | % | N/A | N/A | |||||||||||||||||||||||||
Busey Bank | $ | 1,288,945 | 10.47 | % | $ | 492,534 | 4.00 | % | $ | 615,668 | 5.00 | % |
As of March 31, 2023 | |||||||||||||||||||||||||||||||||||
Actual | Minimum Capital Requirement | Minimum To Be Well Capitalized | |||||||||||||||||||||||||||||||||
Amount | Ratio | Amount | Ratio | Amount | Ratio | ||||||||||||||||||||||||||||||
Common equity Tier 1 capital to risk weighted assets | |||||||||||||||||||||||||||||||||||
First Busey | $ | 1,103,960 | 12.18 | % | $ | 407,938 | 4.50 | % | $ | 589,243 | 6.50 | % | |||||||||||||||||||||||
Busey Bank | $ | 1,325,556 | 14.66 | % | $ | 406,788 | 4.50 | % | $ | 587,582 | 6.50 | % | |||||||||||||||||||||||
Tier 1 capital to risk weighted assets | |||||||||||||||||||||||||||||||||||
First Busey | $ | 1,177,960 | 12.99 | % | $ | 543,917 | 6.00 | % | $ | 725,222 | 8.00 | % | |||||||||||||||||||||||
Busey Bank | $ | 1,325,556 | 14.66 | % | $ | 542,383 | 6.00 | % | $ | 723,178 | 8.00 | % | |||||||||||||||||||||||
Total capital to risk weighted assets | |||||||||||||||||||||||||||||||||||
First Busey | $ | 1,486,577 | 16.40 | % | $ | 725,222 | 8.00 | % | $ | 906,528 | 10.00 | % | |||||||||||||||||||||||
Busey Bank | $ | 1,409,173 | 15.59 | % | $ | 723,178 | 8.00 | % | $ | 903,972 | 10.00 | % | |||||||||||||||||||||||
Leverage ratio of Tier 1 capital to average assets | |||||||||||||||||||||||||||||||||||
First Busey | $ | 1,177,960 | 9.71 | % | $ | 485,472 | 4.00 | % | N/A | N/A | |||||||||||||||||||||||||
Busey Bank | $ | 1,325,556 | 10.95 | % | $ | 484,256 | 4.00 | % | $ | 605,320 | 5.00 | % |
As of December 31, 2021 | |||||||||||||||||||||||||||||||||||
Actual | Minimum Capital Requirement | Minimum To Be Well Capitalized | |||||||||||||||||||||||||||||||||
Amount | Ratio | Amount | Ratio | Amount | Ratio | ||||||||||||||||||||||||||||||
Common Equity Tier 1 Capital to Risk Weighted Assets | |||||||||||||||||||||||||||||||||||
Consolidated | $ | 995,874 | 11.85 | % | $ | 378,334 | 4.50 | % | $ | 546,482 | 6.50 | % | |||||||||||||||||||||||
Busey Bank | $ | 1,241,303 | 14.81 | % | $ | 377,096 | 4.50 | % | $ | 544,695 | 6.50 | % | |||||||||||||||||||||||
Tier 1 Capital to Risk Weighted Assets | |||||||||||||||||||||||||||||||||||
Consolidated | $ | 1,069,874 | 12.73 | % | $ | 504,445 | 6.00 | % | $ | 672,594 | 8.00 | % | |||||||||||||||||||||||
Busey Bank | $ | 1,241,303 | 14.81 | % | $ | 502,795 | 6.00 | % | $ | 670,394 | 8.00 | % | |||||||||||||||||||||||
Total Capital to Risk Weighted Assets | |||||||||||||||||||||||||||||||||||
Consolidated | $ | 1,320,187 | 15.70 | % | $ | 672,594 | 8.00 | % | $ | 840,742 | 10.00 | % | |||||||||||||||||||||||
Busey Bank | $ | 1,306,616 | 15.59 | % | $ | 670,394 | 8.00 | % | $ | 837,992 | 10.00 | % | |||||||||||||||||||||||
Leverage Ratio of Tier 1 Capital to Average Assets | |||||||||||||||||||||||||||||||||||
Consolidated | $ | 1,069,874 | 8.52 | % | $ | 502,336 | 4.00 | % | N/A | N/A | |||||||||||||||||||||||||
Busey Bank | $ | 1,241,303 | 9.91 | % | $ | 501,104 | 4.00 | % | $ | 626,379 | 5.00 | % |
As of December 31, 2022 | |||||||||||||||||||||||||||||||||||
Actual | Minimum Capital Requirement | Minimum To Be Well Capitalized | |||||||||||||||||||||||||||||||||
Amount | Ratio | Amount | Ratio | Amount | Ratio | ||||||||||||||||||||||||||||||
Common equity Tier 1 capital to risk weighted assets | |||||||||||||||||||||||||||||||||||
First Busey | $ | 1,081,686 | 11.96 | % | $ | 406,980 | 4.50 | % | $ | 587,861 | 6.50 | % | |||||||||||||||||||||||
Busey Bank | $ | 1,306,716 | 14.49 | % | $ | 405,736 | 4.50 | % | $ | 586,063 | 6.50 | % | |||||||||||||||||||||||
Tier 1 capital to risk weighted assets | |||||||||||||||||||||||||||||||||||
First Busey | $ | 1,155,686 | 12.78 | % | $ | 542,640 | 6.00 | % | $ | 723,521 | 8.00 | % | |||||||||||||||||||||||
Busey Bank | $ | 1,306,716 | 14.49 | % | $ | 540,981 | 6.00 | % | $ | 721,308 | 8.00 | % | |||||||||||||||||||||||
Total capital to risk weighted assets | |||||||||||||||||||||||||||||||||||
First Busey | $ | 1,457,994 | 16.12 | % | $ | 723,521 | 8.00 | % | $ | 904,401 | 10.00 | % | |||||||||||||||||||||||
Busey Bank | $ | 1,384,024 | 15.35 | % | $ | 721,308 | 8.00 | % | $ | 901,635 | 10.00 | % | |||||||||||||||||||||||
Leverage ratio of Tier 1 capital to average assets | |||||||||||||||||||||||||||||||||||
First Busey | $ | 1,081,686 | 9.45 | % | $ | 489,124 | 4.00 | % | N/A | N/A | |||||||||||||||||||||||||
Busey Bank | $ | 1,306,716 | 10.72 | % | $ | 487,541 | 4.00 | % | $ | 609,426 | 5.00 | % |
Shares | Weighted- Average Exercise Price | Weighted- Average Remaining Contractual Life | |||||||||||||||
Options outstanding at December 31, 2021 | 31,386 | $ | 23.53 | 4.88 | |||||||||||||
Expired | (440) | 23.53 | |||||||||||||||
Options outstanding at September 30, 2022 | 30,946 | $ | 23.53 | 4.13 | |||||||||||||
Options exercisable at September 30, 2022 | 30,946 | $ | 23.53 | 4.13 |
Shares | Weighted- Average Exercise Price | Weighted- Average Remaining Contractual Life | |||||||||||||||
Options outstanding at December 31, 2022 | 26,106 | $ | 23.53 | 3.88 | |||||||||||||
Forfeited | (3,300) | 23.53 | |||||||||||||||
Options outstanding at March 31, 2023 | 22,806 | 23.53 | 3.63 | ||||||||||||||
Options exercisable at March 31, 2023 | 22,806 | 23.53 | 3.63 |
RSU Awards | |||||||||||
Shares | Weighted- Average Grant Date Fair Value | ||||||||||
Nonvested at December 31, 2022 | 1,096,931 | $ | 23.61 | ||||||||
Granted | 224,316 | 20.44 | |||||||||
Dividend equivalents earned | 11,509 | 22.85 | |||||||||
Vested | (4,308) | 25.79 | |||||||||
Forfeited | (6,863) | 20.88 | |||||||||
Nonvested at March 31, 2023 | 1,321,585 | 23.07 |
PSU Awards | |||||||||||
Shares1 | Weighted- Average Grant Date Fair Value | ||||||||||
Nonvested at December 31, 2022 | 285,351 | $ | 25.40 | ||||||||
Granted | 224,331 | 20.44 | |||||||||
Dividend equivalents earned | 92 | 22.85 | |||||||||
Vested | (92) | 22.85 | |||||||||
Forfeited | (36,345) | 25.24 | |||||||||
Nonvested at March 31, 2023 | 473,337 | 23.06 | |||||||||
RSU Awards | PSU Awards | DSU Awards | |||||||||||||||||||||||||||||||||
Shares | Weighted- Average Grant Date Fair Value | Shares1 | Weighted- Average Grant Date Fair Value | Shares | Weighted- Average Grant Date Fair Value | ||||||||||||||||||||||||||||||
Nonvested at December 31, 2021 | 1,147,927 | $ | 23.97 | 113,915 | $ | 22.86 | 34,135 | $ | 24.59 | ||||||||||||||||||||||||||
Granted | 156,483 | 25.79 | 195,240 | 26.14 | 32,658 | 25.79 | |||||||||||||||||||||||||||||
Dividend equivalents earned | 33,690 | 24.56 | — | — | 4,156 | 24.47 | |||||||||||||||||||||||||||||
Vested | (152,992) | 28.93 | — | — | (40,140) | 24.67 | |||||||||||||||||||||||||||||
Forfeited | (35,172) | 23.51 | (4,556) | 24.86 | — | — | |||||||||||||||||||||||||||||
Nonvested at September 30, 2022 | 1,149,936 | $ | 23.59 | 304,599 | $ | 24.93 | 30,809 | $ | 25.75 | ||||||||||||||||||||||||||
Vested and outstanding at September 30, 2022 | 116,285 | $ | 22.82 |
DSU Awards | |||||||||||
Shares | Weighted- Average Grant Date Fair Value | ||||||||||
Nonvested at December 31, 2022 | 31,085 | $ | 25.75 | ||||||||
Granted | 41,548 | 20.44 | |||||||||
Dividend equivalents earned | 1,507 | 22.86 | |||||||||
Vested | (32,592) | 25.61 | |||||||||
Nonvested at March 31, 2023 | 41,548 | 20.44 | |||||||||
Vested and outstanding at March 31, 2023 | 145,026 | 23.66 |
Three Months Ended September 30, | Nine Months Ended September 30, | Three Months Ended March 31, | ||||||||||||||||||||||||||||||||||||||||||||
2022 | 2021 | 2022 | 2021 | 2023 | 2022 | |||||||||||||||||||||||||||||||||||||||||
Stock-based compensation expense | Stock-based compensation expense | Stock-based compensation expense | ||||||||||||||||||||||||||||||||||||||||||||
RSU awards | RSU awards | $ | 1,072 | $ | 1,316 | $ | 3,521 | $ | 4,362 | RSU awards | $ | 1,020 | $ | 1,176 | ||||||||||||||||||||||||||||||||
PSU awards1 | PSU awards1 | 1,172 | 290 | 2,342 | 619 | PSU awards1 | 360 | 412 | ||||||||||||||||||||||||||||||||||||||
DSU awards | DSU awards | 196 | 231 | 679 | 741 | DSU awards | 196 | 226 | ||||||||||||||||||||||||||||||||||||||
2021 ESPP | 2021 ESPP | 36 | 54 | 179 | 54 | 2021 ESPP | 93 | 95 | ||||||||||||||||||||||||||||||||||||||
Total stock-based compensation expense | Total stock-based compensation expense | $ | 2,476 | $ | 1,891 | $ | 6,721 | $ | 5,776 | Total stock-based compensation expense | $ | 1,669 | $ | 1,909 |
As of | As of | |||||||||||||||||||||
September 30, 2022 | December 31, 2021 | March 31, 2023 | December 31, 2022 | |||||||||||||||||||
Unamortized stock-based compensation | Unamortized stock-based compensation | Unamortized stock-based compensation | ||||||||||||||||||||
RSU awards | RSU awards | $ | 9,966 | $ | 10,204 | RSU awards | $ | 12,005 | $ | 8,570 | ||||||||||||
PSU awards1 | PSU awards1 | 5,279 | 1,547 | PSU awards1 | 8,632 | 4,279 | ||||||||||||||||
DSU awards | DSU awards | 371 | 209 | DSU awards | 829 | 175 | ||||||||||||||||
Total unamortized stock-based compensation | Total unamortized stock-based compensation | $ | 15,616 | $ | 11,960 | Total unamortized stock-based compensation | $ | 21,466 | $ | 13,024 | ||||||||||||
Weighted average period over which expense is to be recognized | Weighted average period over which expense is to be recognized | 2.6 yrs | 2.9 yrs | Weighted average period over which expense is to be recognized | 2.8 years | 2.5 years |
Available for Issuance Pursuant to the Plan | ||||||||
As of | |||||||||||
September 30, 2022 | December 31, 2021 | ||||||||||
Financial instruments whose contract amounts represent credit risk | |||||||||||
Commitments to extend credit | $ | 2,024,255 | $ | 1,983,655 | |||||||
Standby letters of credit | 31,933 | 32,552 | |||||||||
Total commitments | $ | 2,056,188 | $ | 2,016,207 |
As of | |||||||||||
March 31, 2023 | December 31, 2022 | ||||||||||
Financial instruments whose contract amounts represent credit risk | |||||||||||
Commitments to extend credit | $ | 2,066,438 | $ | 1,991,769 | |||||||
Standby letters of credit | 37,472 | 33,008 | |||||||||
Total commitments | $ | 2,103,910 | $ | 2,024,777 |
As of | As of | |||||||||||||||||||||
September 30, 2022 | December 31, 2021 | March 31, 2023 | December 31, 2022 | |||||||||||||||||||
Cash pledged to secure obligations under derivative contracts | Cash pledged to secure obligations under derivative contracts | $ | 36,048 | $ | 27,300 | Cash pledged to secure obligations under derivative contracts | $ | 37,827 | $ | 38,609 | ||||||||||||
Collateral held to secure obligations under derivative contracts | Collateral held to secure obligations under derivative contracts | 31,550 | — | Collateral held to secure obligations under derivative contracts | 22,650 | 29,830 |
As of | As of | |||||||||||||||||||||||||||||||||
Location | September 30, 2022 | December 31, 2021 | Location | March 31, 2023 | December 31, 2022 | |||||||||||||||||||||||||||||
Debt Swap | Debt Swap | Debt Swap | ||||||||||||||||||||||||||||||||
Notional amount | Notional amount | $ | 50,000 | $ | 50,000 | Notional amount | $ | 50,000 | $ | 50,000 | ||||||||||||||||||||||||
Weighted average fixed pay rates | Weighted average fixed pay rates | 1.79 | % | 1.79 | % | Weighted average fixed pay rates | 1.79 | % | 1.79 | % | ||||||||||||||||||||||||
Weighted average variable 3-month LIBOR receive rates | Weighted average variable 3-month LIBOR receive rates | 3.29 | % | 0.20 | % | Weighted average variable 3-month LIBOR receive rates | 4.87 | % | 4.77 | % | ||||||||||||||||||||||||
Weighted average maturity, in years | Weighted average maturity, in years | 1.96 yrs | 2.71 yrs | Weighted average maturity, in years | 1.46 years | 1.71 years | ||||||||||||||||||||||||||||
Loan Swap | Loan Swap | Loan Swap | ||||||||||||||||||||||||||||||||
Notional amount | Notional amount | $ | 300,000 | N/A | Notional amount | $ | 300,000 | $ | 300,000 | |||||||||||||||||||||||||
Weighted average fixed receive rates | Weighted average fixed receive rates | 4.81 | % | N/A | Weighted average fixed receive rates | 4.81 | % | 4.81 | % | |||||||||||||||||||||||||
Weighted average variable Prime pay rates | Weighted average variable Prime pay rates | 5.80 | % | N/A | Weighted average variable Prime pay rates | 7.85 | % | 7.32 | % | |||||||||||||||||||||||||
Weighted average maturity, in years | Weighted average maturity, in years | 6.35 yrs | N/A | Weighted average maturity, in years | 5.85 years | 6.10 years | ||||||||||||||||||||||||||||
Gross aggregate fair value of the swaps | Gross aggregate fair value of the swaps | Gross aggregate fair value of the swaps | ||||||||||||||||||||||||||||||||
Gross aggregate fair value of swap assets | Gross aggregate fair value of swap assets | Other assets | $ | 2,486 | $ | — | Gross aggregate fair value of swap assets | Other assets | $ | 2,062 | $ | 2,535 | ||||||||||||||||||||||
Gross aggregate fair value of swap liabilities | Gross aggregate fair value of swap liabilities | Other liabilities | $ | 34,515 | $ | 958 | Gross aggregate fair value of swap liabilities | Other liabilities | 25,970 | 32,367 | ||||||||||||||||||||||||
Balances carried in AOCI | Balances carried in AOCI | Balances carried in AOCI | ||||||||||||||||||||||||||||||||
Unrealized gains (losses) on cash flow hedges, net of tax | Unrealized gains (losses) on cash flow hedges, net of tax | AOCI | $ | (22,770) | $ | (685) | Unrealized gains (losses) on cash flow hedges, net of tax | AOCI | $ | (16,642) | $ | (20,985) |
As of | |||||
Unrealized gains (losses) in OCI expected to be recognized in income | |||||
Unrealized gains expected to be reclassified from OCI to interest income | $ | ||||
Unrealized losses expected to be reclassified from OCI to interest expense | |||||
Net unrealized gains (losses) in OCI expected to be recognized in net interest income | $ |
Three Months Ended September 30, | Nine Months Ended September 30, | ||||||||||||||||||||||
2022 | 2021 | 2022 | 2021 | ||||||||||||||||||||
Interest income (expense) on swap transactions | $ | (370) | $ | (288) | $ | 697 | $ | (854) |
Three Months Ended March 31, | |||||||||||||||||||||||
2023 | 2022 | ||||||||||||||||||||||
Interest on swap transactions | |||||||||||||||||||||||
Interest income on swap transactions | $ | 383 | $ | 685 | |||||||||||||||||||
Interest expense on swap transactions | (2,192) | (185) | |||||||||||||||||||||
Net interest income (expense) on swap transactions | $ | (1,809) | $ | 500 |
Three Months Ended September 30, | Nine Months Ended September 30, | Three Months Ended March 31, | ||||||||||||||||||||||||||||||||||||||||||||
2022 | 2021 | 2022 | 2021 | 2023 | 2022 | |||||||||||||||||||||||||||||||||||||||||
Unrealized gains (losses) on cash flow hedges | Unrealized gains (losses) on cash flow hedges | Unrealized gains (losses) on cash flow hedges | ||||||||||||||||||||||||||||||||||||||||||||
Gain (loss) recognized in OCI, net of tax | $ | (10,192) | $ | (5) | $ | (21,587) | $ | 336 | ||||||||||||||||||||||||||||||||||||||
Net gain (loss) recognized in OCI, net of tax | Net gain (loss) recognized in OCI, net of tax | $ | 3,050 | $ | (4,845) | |||||||||||||||||||||||||||||||||||||||||
(Gain) loss reclassified from OCI to interest income, net of tax | (Gain) loss reclassified from OCI to interest income, net of tax | (274) | (489) | |||||||||||||||||||||||||||||||||||||||||||
(Gain) loss reclassified from OCI to interest expense, net of tax | (Gain) loss reclassified from OCI to interest expense, net of tax | 266 | 206 | (498) | 611 | (Gain) loss reclassified from OCI to interest expense, net of tax | 1,567 | 132 | ||||||||||||||||||||||||||||||||||||||
Net change in unrealized gains (losses) on cash flow hedges | $ | (9,926) | $ | 201 | $ | (22,085) | $ | 947 | ||||||||||||||||||||||||||||||||||||||
Net change in unrealized gains (losses) on cash flow hedges, net of tax | Net change in unrealized gains (losses) on cash flow hedges, net of tax | $ | 4,343 | $ | (5,202) |
As of September 30, 2022 | |||||||||||||||||||||||
Derivative Asset | Derivative Liability | ||||||||||||||||||||||
Notional Amount | Fair Value | Notional Amount | Fair Value | ||||||||||||||||||||
Derivatives not designated as hedging instruments | |||||||||||||||||||||||
Interest rate swaps – pay floating, receive fixed | $ | 4,668 | $ | 46 | $ | 543,207 | $ | 42,001 | |||||||||||||||
Interest rate swaps – pay fixed, receive floating | 543,207 | 42,001 | 4,668 | 46 | |||||||||||||||||||
Total derivatives not designated as hedging instruments | $ | 547,875 | $ | 42,047 | $ | 547,875 | $ | 42,047 |
As of December 31, 2021 | As of March 31, 2023 | |||||||||||||||||||||||||||||||||||||||||||||
Derivative Asset | Derivative Liability | Derivative Asset | Derivative Liability | |||||||||||||||||||||||||||||||||||||||||||
Notional Amount | Fair Value | Notional Amount | Fair Value | Notional Amount | Fair Value | Notional Amount | Fair Value | |||||||||||||||||||||||||||||||||||||||
Derivatives not designated as hedging instruments | Derivatives not designated as hedging instruments | Derivatives not designated as hedging instruments | ||||||||||||||||||||||||||||||||||||||||||||
Interest rate swaps – pay floating, receive fixed | Interest rate swaps – pay floating, receive fixed | $ | 404,572 | $ | 17,839 | $ | 86,784 | $ | 2,259 | Interest rate swaps – pay floating, receive fixed | $ | 161,772 | $ | 2,256 | $ | 486,488 | $ | 30,226 | ||||||||||||||||||||||||||||
Interest rate swaps – pay fixed, receive floating | Interest rate swaps – pay fixed, receive floating | 86,784 | 2,259 | 404,572 | 17,839 | Interest rate swaps – pay fixed, receive floating | 486,488 | 30,226 | 161,772 | 2,256 | ||||||||||||||||||||||||||||||||||||
Total derivatives not designated as hedging instruments | Total derivatives not designated as hedging instruments | $ | 491,356 | $ | 20,098 | $ | 491,356 | $ | 20,098 | Total derivatives not designated as hedging instruments | $ | 648,260 | $ | 32,482 | $ | 648,260 | $ | 32,482 |
As of December 31, 2022 | |||||||||||||||||||||||
Derivative Asset | Derivative Liability | ||||||||||||||||||||||
Notional Amount | Fair Value | Notional Amount | Fair Value | ||||||||||||||||||||
Derivatives not designated as hedging instruments | |||||||||||||||||||||||
Interest rate swaps – pay floating, receive fixed | $ | 48,728 | $ | 370 | $ | 528,183 | $ | 39,685 | |||||||||||||||
Interest rate swaps – pay fixed, receive floating | 528,183 | 39,685 | 48,728 | 370 | |||||||||||||||||||
Total derivatives not designated as hedging instruments | $ | 576,911 | $ | 40,055 | $ | 576,911 | $ | 40,055 |
Three Months Ended September 30, | Nine Months Ended September 30, | Three Months Ended March 31, | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Location | 2022 | 2021 | 2022 | 2021 | Location | 2023 | 2022 | |||||||||||||||||||||||||||||||||||||||||||||||||||
Interest rate swaps | Interest rate swaps | Interest rate swaps | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Pay floating, receive fixed | Pay floating, receive fixed | Noninterest expense | $ | 18,317 | $ | (2,024) | $ | 21,792 | $ | (11,355) | Pay floating, receive fixed | Noninterest expense | $ | (7,667) | $ | (3,550) | ||||||||||||||||||||||||||||||||||||||||||
Pay fixed, receive floating | Pay fixed, receive floating | Noninterest expense | (18,317) | 2,024 | (21,792) | 11,355 | Pay fixed, receive floating | Noninterest expense | 7,667 | 3,550 | ||||||||||||||||||||||||||||||||||||||||||||||||
Net change in fair value of interest rate swaps | Net change in fair value of interest rate swaps | $ | — | $ | — | $ | — | $ | — | Net change in fair value of interest rate swaps | $ | — | $ | — |
As of | As of | |||||||||||||||||||||
September 30, 2022 | December 31, 2021 | March 31, 2023 | December 31, 2022 | |||||||||||||||||||
Risk participation agreements | Risk participation agreements | Risk participation agreements | ||||||||||||||||||||
Number of risk participation agreements | Number of risk participation agreements | 3 | 2 | |||||||||||||||||||
Notional amount | Notional amount | $ | 18,921 | $ | 3,990 | Notional amount | $ | 34,320 | $ | 18,899 | ||||||||||||
Fair value | Fair value | 4 | 11 | Fair value | 24 | 5 |
As of September 30, 2022 | As of December 31, 2021 | As of March 31, 2023 | As of December 31, 2022 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
Location | Notional Amount | Fair Value | Notional Amount | Fair Value | Location | Notional Amount | Fair Value | Notional Amount | Fair Value | |||||||||||||||||||||||||||||||||||||||||||||||||
Derivatives with positive fair value | Derivatives with positive fair value | Derivatives with positive fair value | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Interest rate lock commitments | Interest rate lock commitments | Other assets | $ | 3,434 | $ | 42 | $ | 19,384 | $ | 206 | Interest rate lock commitments | Other assets | $ | 2,955 | $ | 53 | $ | 1,517 | $ | 16 | ||||||||||||||||||||||||||||||||||||||
Forward sales commitments | Forward sales commitments | Other assets | 4,107 | 134 | 1,884 | 10 | Forward sales commitments | Other assets | 697 | 3 | 83 | 1 | ||||||||||||||||||||||||||||||||||||||||||||||
Mortgage banking derivatives recorded in other assets | Mortgage banking derivatives recorded in other assets | $ | 7,541 | $ | 176 | $ | 21,268 | $ | 216 | Mortgage banking derivatives recorded in other assets | $ | 3,652 | $ | 56 | $ | 1,600 | $ | 17 | ||||||||||||||||||||||||||||||||||||||||
Derivatives with negative fair value | Derivatives with negative fair value | Derivatives with negative fair value | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Interest rate lock commitments | Interest rate lock commitments | Other liabilities | $ | 408 | $ | 4 | $ | 499 | $ | 6 | Interest rate lock commitments | Other liabilities | $ | 36 | $ | — | $ | 83 | $ | 1 | ||||||||||||||||||||||||||||||||||||||
Forward sales commitments | Forward sales commitments | Other liabilities | 4,342 | 52 | 41,002 | 439 | Forward sales commitments | Other liabilities | 4,983 | 95 | 2,757 | 39 | ||||||||||||||||||||||||||||||||||||||||||||||
Mortgage banking derivatives recorded in other liabilities | Mortgage banking derivatives recorded in other liabilities | $ | 4,750 | $ | 56 | $ | 41,501 | $ | 445 | Mortgage banking derivatives recorded in other liabilities | $ | 5,019 | $ | 95 | $ | 2,840 | $ | 40 |
Three Months Ended September 30, | Nine Months Ended September 30, | Three Months Ended March 31, | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Location | 2022 | 2021 | 2022 | 2021 | Location | 2023 | 2022 | |||||||||||||||||||||||||||||||||||||||||||||||||||
Net gains (losses) | Net gains (losses) | Net gains (losses) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Interest rate lock commitments | Interest rate lock commitments | Mortgage revenue | $ | (111) | $ | 537 | $ | 38 | $ | 1,502 | Interest rate lock commitments | Mortgage revenue | $ | 37 | $ | 15 | ||||||||||||||||||||||||||||||||||||||||||
Forward sales commitments | Forward sales commitments | Mortgage revenue | 295 | (1,438) | 82 | (3,616) | Forward sales commitments | Mortgage revenue | (54) | 106 | ||||||||||||||||||||||||||||||||||||||||||||||||
Net gains (losses) | Net gains (losses) | $ | 184 | $ | (901) | $ | 120 | $ | (2,114) | Net gains (losses) | $ | (17) | $ | 121 |
As of September 30, 2022 | As of March 31, 2023 | |||||||||||||||||||||||||||||||||||||||||||||
Level 1 Inputs | Level 2 Inputs | Level 3 Inputs | Total Fair Value | Level 1 Inputs | Level 2 Inputs | Level 3 Inputs | Total Fair Value | |||||||||||||||||||||||||||||||||||||||
Debt securities available for sale: | Debt securities available for sale: | Debt securities available for sale: | ||||||||||||||||||||||||||||||||||||||||||||
U.S. Treasury securities | U.S. Treasury securities | $ | — | $ | 140,842 | $ | — | $ | 140,842 | U.S. Treasury securities | $ | — | $ | 84,632 | $ | — | $ | 84,632 | ||||||||||||||||||||||||||||
Obligations of U.S. government corporations and agencies | Obligations of U.S. government corporations and agencies | — | 24,933 | — | 24,933 | Obligations of U.S. government corporations and agencies | — | 11,627 | — | 11,627 | ||||||||||||||||||||||||||||||||||||
Obligations of states and political subdivisions | Obligations of states and political subdivisions | — | 270,835 | — | 270,835 | Obligations of states and political subdivisions | — | 254,261 | — | 254,261 | ||||||||||||||||||||||||||||||||||||
Asset-backed securities | Asset-backed securities | — | 466,524 | — | 466,524 | Asset-backed securities | — | 469,147 | — | 469,147 | ||||||||||||||||||||||||||||||||||||
Commercial mortgage-backed securities | Commercial mortgage-backed securities | — | 87,751 | — | 87,751 | Commercial mortgage-backed securities | — | 108,827 | — | 108,827 | ||||||||||||||||||||||||||||||||||||
Residential mortgage-backed securities | Residential mortgage-backed securities | — | 1,304,314 | — | 1,304,314 | Residential mortgage-backed securities | — | 1,225,934 | — | 1,225,934 | ||||||||||||||||||||||||||||||||||||
Corporate debt securities | Corporate debt securities | — | 251,842 | — | 251,842 | Corporate debt securities | — | 229,122 | — | 229,122 | ||||||||||||||||||||||||||||||||||||
Equity securities | Equity securities | — | 11,341 | — | 11,341 | Equity securities | — | 10,915 | — | 10,915 | ||||||||||||||||||||||||||||||||||||
Derivative assets | Derivative assets | — | 44,709 | 4 | 44,713 | Derivative assets | — | 34,600 | 24 | 34,624 | ||||||||||||||||||||||||||||||||||||
Derivative liabilities | Derivative liabilities | — | 76,589 | — | 76,589 | Derivative liabilities | — | 58,547 | — | 58,547 |
As of December 31, 2021 | As of December 31, 2022 | |||||||||||||||||||||||||||||||||||||||||||||
Level 1 Inputs | Level 2 Inputs | Level 3 Inputs | Total Fair Value | Level 1 Inputs | Level 2 Inputs | Level 3 Inputs | Total Fair Value | |||||||||||||||||||||||||||||||||||||||
Debt securities available for sale: | Debt securities available for sale: | Debt securities available for sale: | ||||||||||||||||||||||||||||||||||||||||||||
U.S. Treasury securities | U.S. Treasury securities | $ | — | $ | 165,762 | $ | — | $ | 165,762 | U.S. Treasury securities | $ | — | $ | 114,061 | $ | — | $ | 114,061 | ||||||||||||||||||||||||||||
Obligations of U.S. government corporations and agencies | Obligations of U.S. government corporations and agencies | — | 38,470 | — | 38,470 | Obligations of U.S. government corporations and agencies | — | 19,779 | — | 19,779 | ||||||||||||||||||||||||||||||||||||
Obligations of states and political subdivisions | Obligations of states and political subdivisions | — | 306,869 | — | 306,869 | Obligations of states and political subdivisions | — | 257,512 | — | 257,512 | ||||||||||||||||||||||||||||||||||||
Asset-backed securities | Asset-backed securities | — | 492,186 | — | 492,186 | Asset-backed securities | — | 469,875 | — | 469,875 | ||||||||||||||||||||||||||||||||||||
Commercial mortgage-backed securities | Commercial mortgage-backed securities | — | 614,998 | — | 614,998 | Commercial mortgage-backed securities | — | 108,394 | — | 108,394 | ||||||||||||||||||||||||||||||||||||
Residential mortgage-backed securities | Residential mortgage-backed securities | — | 2,069,313 | — | 2,069,313 | Residential mortgage-backed securities | — | 1,243,256 | — | 1,243,256 | ||||||||||||||||||||||||||||||||||||
Corporate debt securities | Corporate debt securities | — | 293,653 | — | 293,653 | Corporate debt securities | — | 248,516 | — | 248,516 | ||||||||||||||||||||||||||||||||||||
Equity securities | Equity securities | — | 13,571 | — | 13,571 | Equity securities | — | 11,535 | — | 11,535 | ||||||||||||||||||||||||||||||||||||
Loans held for sale | — | 23,875 | — | 23,875 | ||||||||||||||||||||||||||||||||||||||||||
Derivative assets | Derivative assets | — | 20,314 | — | 20,314 | Derivative assets | — | 42,607 | 5 | 42,612 | ||||||||||||||||||||||||||||||||||||
Derivative liabilities | Derivative liabilities | — | 21,501 | — | 21,501 | Derivative liabilities | — | 72,462 | — | 72,462 |
As of September 30, 2022 | As of March 31, 2023 | |||||||||||||||||||||||||||||||||||||||||||||
Level 1 Inputs | Level 2 Inputs | Level 3 Inputs | Total Fair Value | Level 1 Inputs | Level 2 Inputs | Level 3 Inputs | Total Fair Value | |||||||||||||||||||||||||||||||||||||||
Loans evaluated individually, net of related allowance | Loans evaluated individually, net of related allowance | $ | — | $ | — | $ | 5,121 | $ | 5,121 | Loans evaluated individually, net of related allowance | $ | — | $ | — | $ | 5,806 | $ | 5,806 | ||||||||||||||||||||||||||||
OREO with subsequent impairment | — | — | 274 | 274 | ||||||||||||||||||||||||||||||||||||||||||
OREO and other repossessed assets with subsequent impairment | OREO and other repossessed assets with subsequent impairment | — | — | 639 | 639 | |||||||||||||||||||||||||||||||||||||||||
Bank property held for sale with impairment | Bank property held for sale with impairment | — | — | 7,923 | 7,923 | Bank property held for sale with impairment | — | — | 7,923 | 7,923 |
As of December 31, 2021 | As of December 31, 2022 | |||||||||||||||||||||||||||||||||||||||||||||
Level 1 Inputs | Level 2 Inputs | Level 3 Inputs | Total Fair Value | Level 1 Inputs | Level 2 Inputs | Level 3 Inputs | Total Fair Value | |||||||||||||||||||||||||||||||||||||||
Loans evaluated individually, net of related allowance | Loans evaluated individually, net of related allowance | $ | — | $ | — | $ | 2,926 | $ | 2,926 | Loans evaluated individually, net of related allowance | $ | — | $ | — | $ | 5,345 | $ | 5,345 | ||||||||||||||||||||||||||||
OREO with subsequent impairment | — | — | 51 | 51 | ||||||||||||||||||||||||||||||||||||||||||
Bank property held for sale with impairment | Bank property held for sale with impairment | — | — | 10,103 | 10,103 | Bank property held for sale with impairment | — | — | 7,923 | 7,923 |
As of | |||||||||||||||||||||||
Fair Value | Valuation Techniques | Unobservable Input | Range (Weighted Average) | ||||||||||||||||||||
Loans evaluated individually, net of related allowance | $ | Appraisal of collateral | Appraisal adjustments | ||||||||||||||||||||
OREO and other repossessed assets with subsequent impairment | Appraisal of collateral | Appraisal adjustments | |||||||||||||||||||||
Bank property held for sale with impairment | 7,923 | Appraisal of collateral or real estate listing price | Appraisal adjustments | -0.7% to -70.1% (-35.1)% |
As of December 31, | |||||||||||||||||||||||||
Fair Value | Valuation Techniques | Unobservable Input | Range (Weighted Average) | ||||||||||||||||||||||
Loans evaluated individually, net of related allowance | $ | Appraisal of collateral | Appraisal adjustments | ||||||||||||||||||||||
Bank property held for sale with impairment | Appraisal of collateral or real estate listing price | Appraisal adjustments | -0.7% to -70.1% |
As of September 30, 2022 | As of December 31, 2021 | As of March 31, 2023 | As of December 31, 2022 | |||||||||||||||||||||||||||||||||||||||||||
Carrying Amount | Fair Value | Carrying Amount | Fair Value | Carrying Amount | Fair Value | Carrying Amount | Fair Value | |||||||||||||||||||||||||||||||||||||||
Financial assets | Financial assets | Financial assets | ||||||||||||||||||||||||||||||||||||||||||||
Level 1 inputs: | Level 1 inputs: | Level 1 inputs: | ||||||||||||||||||||||||||||||||||||||||||||
Cash and cash equivalents | Cash and cash equivalents | $ | 347,149 | $ | 347,149 | $ | 836,095 | $ | 836,095 | Cash and cash equivalents | $ | 275,569 | $ | 275,569 | $ | 227,164 | $ | 227,164 | ||||||||||||||||||||||||||||
Level 2 inputs: | Level 2 inputs: | Level 2 inputs: | ||||||||||||||||||||||||||||||||||||||||||||
Debt securities held to maturity | Debt securities held to maturity | 936,328 | 808,885 | — | — | Debt securities held to maturity | 907,559 | 780,653 | 918,312 | 785,295 | ||||||||||||||||||||||||||||||||||||
Loans held for sale1 | 4,546 | 4,555 | — | — | ||||||||||||||||||||||||||||||||||||||||||
Loans held for sale | Loans held for sale | 2,714 | 2,756 | 1,253 | 1,276 | |||||||||||||||||||||||||||||||||||||||||
Accrued interest receivable | Accrued interest receivable | 37,409 | 37,409 | 31,064 | 31,064 | Accrued interest receivable | 42,854 | 42,854 | 43,372 | 43,372 | ||||||||||||||||||||||||||||||||||||
Level 3 inputs: | Level 3 inputs: | Level 3 inputs: | ||||||||||||||||||||||||||||||||||||||||||||
Portfolio loans, net | Portfolio loans, net | 7,579,392 | 7,319,530 | 7,101,111 | 7,161,466 | Portfolio loans, net | 7,692,081 | 7,431,580 | 7,634,094 | 7,320,422 | ||||||||||||||||||||||||||||||||||||
Mortgage servicing rights | Mortgage servicing rights | 6,564 | 18,815 | 8,608 | 12,133 | Mortgage servicing rights | 5,158 | 17,748 | 5,861 | 18,284 | ||||||||||||||||||||||||||||||||||||
Other servicing rights | Other servicing rights | 1,862 | 2,253 | 1,830 | 2,268 | Other servicing rights | 1,813 | 2,242 | 1,914 | 2,331 | ||||||||||||||||||||||||||||||||||||
Financial liabilities | Financial liabilities | Financial liabilities | ||||||||||||||||||||||||||||||||||||||||||||
Level 2 inputs: | Level 2 inputs: | Level 2 inputs: | ||||||||||||||||||||||||||||||||||||||||||||
Time deposits | Time deposits | $ | 800,187 | $ | 775,441 | $ | 935,649 | $ | 935,778 | Time deposits | $ | 1,148,671 | $ | 1,122,686 | $ | 855,375 | $ | 830,596 | ||||||||||||||||||||||||||||
Securities sold under agreements to repurchase | Securities sold under agreements to repurchase | 234,597 | 234,597 | 270,139 | 270,139 | Securities sold under agreements to repurchase | 210,977 | 210,977 | 229,806 | 229,806 | ||||||||||||||||||||||||||||||||||||
Short-term borrowings | Short-term borrowings | 16,225 | 16,255 | 17,678 | 17,673 | Short-term borrowings | 615,881 | 615,899 | 351,054 | 351,085 | ||||||||||||||||||||||||||||||||||||
Long-term debt | Long-term debt | 33,000 | 33,071 | 46,056 | 46,164 | Long-term debt | 27,000 | 27,025 | 30,000 | 30,052 | ||||||||||||||||||||||||||||||||||||
Junior subordinated debt owed to unconsolidated trusts | Junior subordinated debt owed to unconsolidated trusts | 71,765 | 60,603 | 71,635 | 63,586 | Junior subordinated debt owed to unconsolidated trusts | 71,855 | 56,640 | 71,810 | 59,111 | ||||||||||||||||||||||||||||||||||||
Accrued interest payable | Accrued interest payable | 5,075 | 5,075 | 2,728 | 2,728 | Accrued interest payable | 9,265 | 9,265 | 3,978 | 3,978 | ||||||||||||||||||||||||||||||||||||
Level 3 inputs: | Level 3 inputs: | Level 3 inputs: | ||||||||||||||||||||||||||||||||||||||||||||
Senior notes, net of unamortized issuance costs | — | — | 39,944 | 40,400 | ||||||||||||||||||||||||||||||||||||||||||
Subordinated notes, net of unamortized issuance costs | Subordinated notes, net of unamortized issuance costs | 221,835 | 209,000 | 182,773 | 195,600 | Subordinated notes, net of unamortized issuance costs | 222,245 | 199,375 | 222,038 | 208,562 |
Three Months Ended September 30, | Nine Months Ended September 30, | Three Months Ended March 31, | ||||||||||||||||||||||||||||||||||||||||||||
2022 | 2021 | 2022 | 2021 | 2023 | 2022 | |||||||||||||||||||||||||||||||||||||||||
Net income | Net income | $ | 35,661 | $ | 25,941 | $ | 93,924 | $ | 93,523 | Net income | $ | 36,786 | $ | 28,439 | ||||||||||||||||||||||||||||||||
Weighted average number of common shares outstanding, basic | Weighted average number of common shares outstanding, basic | 55,349,547 | 56,227,816 | 55,399,424 | 55,256,348 | Weighted average number of common shares outstanding, basic | 55,397,989 | 55,427,696 | ||||||||||||||||||||||||||||||||||||||
Dilutive effect of common stock equivalents: | Dilutive effect of common stock equivalents: | Dilutive effect of common stock equivalents: | ||||||||||||||||||||||||||||||||||||||||||||
Options | Options | 249 | 122 | 1,606 | 1,009 | Options | — | 4,568 | ||||||||||||||||||||||||||||||||||||||
Warrants | Warrants | 1,708 | 1,704 | 1,749 | 1,732 | Warrants | 1,296 | 1,855 | ||||||||||||||||||||||||||||||||||||||
RSU awards | RSU awards | 624,576 | 577,611 | 661,173 | 602,311 | RSU awards | 651,777 | 703,574 | ||||||||||||||||||||||||||||||||||||||
PSU awards | PSU awards | 81,268 | 4,915 | 37,393 | 2,601 | PSU awards | 90,645 | 16,378 | ||||||||||||||||||||||||||||||||||||||
DSU awards | DSU awards | 10,414 | 12,796 | 14,275 | 6,316 | DSU awards | 24,345 | 29,373 | ||||||||||||||||||||||||||||||||||||||
ESPP | ESPP | 5,402 | 7,554 | 8,136 | 2,518 | ESPP | 13,554 | 11,502 | ||||||||||||||||||||||||||||||||||||||
Weighted average number of common shares outstanding, diluted | Weighted average number of common shares outstanding, diluted | 56,073,164 | 56,832,518 | 56,123,756 | 55,872,835 | Weighted average number of common shares outstanding, diluted | 56,179,606 | 56,194,946 | ||||||||||||||||||||||||||||||||||||||
Basic earnings per common share | Basic earnings per common share | $ | 0.64 | $ | 0.46 | $ | 1.70 | $ | 1.69 | Basic earnings per common share | $ | 0.66 | $ | 0.51 | ||||||||||||||||||||||||||||||||
Diluted earnings per common share | Diluted earnings per common share | $ | 0.64 | $ | 0.46 | $ | 1.67 | $ | 1.67 | Diluted earnings per common share | 0.65 | 0.51 |
Three Months Ended September 30, | Nine Months Ended September 30, | Three Months Ended March 31, | ||||||||||||||||||||||||||||||||||||||||||||
2022 | 2021 | 2022 | 2021 | 2023 | 2022 | |||||||||||||||||||||||||||||||||||||||||
Anti-dilutive common stock equivalents | Anti-dilutive common stock equivalents | Anti-dilutive common stock equivalents | ||||||||||||||||||||||||||||||||||||||||||||
Options | Options | — | — | 10,389 | — | Options | 22,806 | — | ||||||||||||||||||||||||||||||||||||||
RSU awards | — | 47,805 | 51,883 | 86,744 | ||||||||||||||||||||||||||||||||||||||||||
PSU awards | PSU awards | 160,391 | 85,571 | 226,771 | 95,511 | PSU awards | 265,459 | 241,452 | ||||||||||||||||||||||||||||||||||||||
DSU awards | — | — | — | 10,323 | ||||||||||||||||||||||||||||||||||||||||||
Total anti-dilutive common stock equivalents | Total anti-dilutive common stock equivalents | 160,391 | 133,376 | 289,043 | 192,578 | Total anti-dilutive common stock equivalents | 288,265 | 241,452 |
Three Months Ended September 30, | |||||||||||||||||||||||||||||||||||
2022 | 2021 | ||||||||||||||||||||||||||||||||||
Before Tax | Tax Effect | Net of Tax | Before Tax | Tax Effect | Net of Tax | ||||||||||||||||||||||||||||||
Unrealized gains (losses) on debt securities available for sale | |||||||||||||||||||||||||||||||||||
Balance at beginning of period | $ | (277,310) | $ | 79,047 | $ | (198,263) | $ | 17,013 | $ | (4,850) | $ | 12,163 | |||||||||||||||||||||||
Unrealized holding gains (losses) on debt securities available for sale, net | (96,937) | 27,631 | (69,306) | (17,198) | 4,902 | (12,296) | |||||||||||||||||||||||||||||
Amounts reclassified from AOCI, net | 74 | (21) | 53 | 5 | (1) | 4 | |||||||||||||||||||||||||||||
Amortization of unrealized losses on securities transferred to held to maturity | 1,806 | (515) | 1,291 | — | — | — | |||||||||||||||||||||||||||||
Balance at end of period | $ | (372,367) | $ | 106,142 | $ | (266,225) | $ | (180) | $ | 51 | $ | (129) | |||||||||||||||||||||||
Unrealized gains (losses) on cash flow hedges | |||||||||||||||||||||||||||||||||||
Balance at beginning of period | $ | (17,963) | $ | 5,119 | $ | (12,844) | $ | (2,012) | $ | 574 | $ | (1,438) | |||||||||||||||||||||||
Unrealized holding gains (losses) on cash flow hedges, net | (14,253) | 4,061 | (10,192) | (7) | 2 | (5) | |||||||||||||||||||||||||||||
Amounts reclassified from AOCI, net | 370 | (104) | 266 | 288 | (82) | 206 | |||||||||||||||||||||||||||||
Balance at end of period | $ | (31,846) | $ | 9,076 | $ | (22,770) | $ | (1,731) | $ | 494 | $ | (1,237) | |||||||||||||||||||||||
Total AOCI | $ | (404,213) | $ | 115,218 | $ | (288,995) | $ | (1,911) | $ | 545 | $ | (1,366) |
Nine Months Ended September 30, | Three Months Ended March 31, | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
2022 | 2021 | 2023 | 2022 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Before Tax | Tax Effect | Net of Tax | Before Tax | Tax Effect | Net of Tax | Before Tax | Tax Effect | Net of Tax | Before Tax | Tax Effect | Net of Tax | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Unrealized gains (losses) on debt securities available for sale | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Unrealized/Unrecognized gains (losses) on debt securities | Unrealized/Unrecognized gains (losses) on debt securities | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Balance at beginning of period | Balance at beginning of period | $ | (32,272) | $ | 9,199 | $ | (23,073) | $ | 49,644 | $ | (14,151) | $ | 35,493 | Balance at beginning of period | $ | (352,878) | $ | 100,585 | $ | (252,293) | $ | (32,272) | $ | 9,199 | $ | (23,073) | ||||||||||||||||||||||||||||||||||||||||||||
Unrealized holding gains (losses) on debt securities available for sale, net | Unrealized holding gains (losses) on debt securities available for sale, net | (296,507) | 84,519 | (211,988) | (49,801) | 14,195 | (35,606) | Unrealized holding gains (losses) on debt securities available for sale, net | 30,693 | (8,749) | 21,944 | (104,282) | 29,726 | (74,556) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Unrealized losses on debt securities transferred to held to maturity from available for sale | (48,456) | 13,812 | (34,644) | — | — | — | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Unrecognized losses on debt securities transferred to held to maturity from available for sale | Unrecognized losses on debt securities transferred to held to maturity from available for sale | — | — | — | (48,456) | 13,812 | (34,644) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Amounts reclassified from AOCI, net | Amounts reclassified from AOCI, net | (28) | 8 | (20) | (23) | 7 | (16) | Amounts reclassified from AOCI, net | (4) | 1 | (3) | (106) | 30 | (76) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Amortization of unrealized losses on securities transferred to held to maturity | 4,896 | (1,396) | 3,500 | — | — | — | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Amortization of unrecognized losses on securities transferred to held to maturity | Amortization of unrecognized losses on securities transferred to held to maturity | 1,693 | (483) | 1,210 | 883 | (252) | 631 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Balance at end of period | Balance at end of period | $ | (372,367) | $ | 106,142 | $ | (266,225) | $ | (180) | $ | 51 | $ | (129) | Balance at end of period | (320,496) | 91,354 | (229,142) | (184,233) | 52,515 | (131,718) | ||||||||||||||||||||||||||||||||||||||||||||||||||
Unrealized gains (losses) on cash flow hedges | Unrealized gains (losses) on cash flow hedges | Unrealized gains (losses) on cash flow hedges | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Balance at beginning of period | Balance at beginning of period | $ | (958) | $ | 273 | $ | (685) | $ | (3,055) | $ | 871 | $ | (2,184) | Balance at beginning of period | (29,350) | 8,365 | (20,985) | (958) | 273 | (685) | ||||||||||||||||||||||||||||||||||||||||||||||||||
Unrealized holding gains (losses) on cash flow hedges, net | Unrealized holding gains (losses) on cash flow hedges, net | (30,191) | 8,604 | (21,587) | 470 | (134) | 336 | Unrealized holding gains (losses) on cash flow hedges, net | 4,264 | (1,214) | 3,050 | (6,776) | 1,931 | (4,845) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Amounts reclassified from AOCI, net | Amounts reclassified from AOCI, net | (697) | 199 | (498) | 854 | (243) | 611 | Amounts reclassified from AOCI, net | 1,809 | (516) | 1,293 | (500) | 143 | (357) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Balance at end of period | Balance at end of period | $ | (31,846) | $ | 9,076 | $ | (22,770) | $ | (1,731) | $ | 494 | $ | (1,237) | Balance at end of period | (23,277) | 6,635 | (16,642) | (8,234) | 2,347 | (5,887) | ||||||||||||||||||||||||||||||||||||||||||||||||||
Total AOCI | Total AOCI | $ | (404,213) | $ | 115,218 | $ | (288,995) | $ | (1,911) | $ | 545 | $ | (1,366) | Total AOCI | $ | (343,773) | $ | 97,989 | $ | (245,784) | $ | (192,467) | $ | 54,862 | $ | (137,605) |
Goodwill | Total Assets | Goodwill | Total Assets | |||||||||||||||||||||||||||||||||||||||||||
As of | As of | As of | As of | |||||||||||||||||||||||||||||||||||||||||||
September 30, 2022 | December 31, 2021 | September 30, 2022 | December 31, 2021 | March 31, 2023 | December 31, 2022 | March 31, 2023 | December 31, 2022 | |||||||||||||||||||||||||||||||||||||||
Operating segment | Operating segment | Operating segment | ||||||||||||||||||||||||||||||||||||||||||||
Banking | Banking | $ | 294,773 | $ | 294,773 | $ | 12,352,413 | $ | 12,746,833 | Banking | $ | 294,773 | $ | 294,773 | $ | 12,206,562 | $ | 12,199,960 | ||||||||||||||||||||||||||||
FirsTech | FirsTech | 8,992 | 8,992 | 48,499 | 47,481 | FirsTech | 8,992 | 8,992 | 47,750 | 48,715 | ||||||||||||||||||||||||||||||||||||
Wealth Management | Wealth Management | 14,108 | 14,108 | 80,082 | 65,587 | Wealth Management | 14,108 | 14,108 | 87,878 | 84,082 | ||||||||||||||||||||||||||||||||||||
Other | Other | — | — | 16,394 | (212) | Other | — | — | 2,365 | 3,920 | ||||||||||||||||||||||||||||||||||||
Consolidated total | Consolidated total | $ | 317,873 | $ | 317,873 | $ | 12,497,388 | $ | 12,859,689 | Consolidated total | $ | 317,873 | $ | 317,873 | $ | 12,344,555 | $ | 12,336,677 |
Three Months Ended September 30, | Nine Months Ended September 30, | Three Months Ended March 31, | ||||||||||||||||||||||||||||||||||||||||||||
2022 | 2021 | 2022 | 2021 | 2023 | 2022 | |||||||||||||||||||||||||||||||||||||||||
Net interest income | Net interest income | Net interest income | ||||||||||||||||||||||||||||||||||||||||||||
Banking | Banking | $ | 90,916 | $ | 74,672 | $ | 244,820 | $ | 211,377 | Banking | $ | 89,890 | $ | 73,832 | ||||||||||||||||||||||||||||||||
FirsTech | FirsTech | 15 | 19 | 50 | 60 | FirsTech | 13 | 18 | ||||||||||||||||||||||||||||||||||||||
Other | Other | (4,626) | (3,936) | (12,581) | (11,247) | Other | (4,046) | (3,794) | ||||||||||||||||||||||||||||||||||||||
Total net interest income | Total net interest income | $ | 86,305 | $ | 70,755 | $ | 232,289 | $ | 200,190 | Total net interest income | $ | 85,857 | $ | 70,056 | ||||||||||||||||||||||||||||||||
Noninterest income | Noninterest income | Noninterest income | ||||||||||||||||||||||||||||||||||||||||||||
Banking | Banking | $ | 13,559 | $ | 14,976 | $ | 42,827 | $ | 42,798 | Banking | $ | 12,421 | $ | 15,286 | ||||||||||||||||||||||||||||||||
FirsTech | FirsTech | 5,578 | 5,030 | 16,333 | 14,700 | FirsTech | 5,674 | 5,419 | ||||||||||||||||||||||||||||||||||||||
Wealth Management | Wealth Management | 12,514 | 13,746 | 42,425 | 39,333 | Wealth Management | 14,926 | 15,776 | ||||||||||||||||||||||||||||||||||||||
Other | Other | (718) | (493) | (3,861) | 884 | Other | (1,173) | (709) | ||||||||||||||||||||||||||||||||||||||
Total noninterest income | Total noninterest income | $ | 30,933 | $ | 33,259 | $ | 97,724 | $ | 97,715 | Total noninterest income | $ | 31,848 | $ | 35,772 | ||||||||||||||||||||||||||||||||
Noninterest expense | Noninterest expense | Noninterest expense | ||||||||||||||||||||||||||||||||||||||||||||
Banking | Banking | $ | 55,273 | $ | 59,520 | $ | 165,220 | $ | 150,032 | Banking | $ | 54,651 | $ | 55,567 | ||||||||||||||||||||||||||||||||
FirsTech | FirsTech | 5,109 | 4,519 | 14,601 | 13,086 | FirsTech | 5,739 | 4,683 | ||||||||||||||||||||||||||||||||||||||
Wealth Management | Wealth Management | 7,682 | 7,679 | 23,533 | 20,961 | Wealth Management | 8,534 | 8,265 | ||||||||||||||||||||||||||||||||||||||
Other | Other | 2,672 | 1,769 | 6,850 | 6,532 | Other | 1,479 | 1,861 | ||||||||||||||||||||||||||||||||||||||
Total noninterest expense | Total noninterest expense | $ | 70,736 | $ | 73,487 | $ | 210,204 | $ | 190,611 | Total noninterest expense | $ | 70,403 | $ | 70,376 | ||||||||||||||||||||||||||||||||
Income before income taxes | Income before income taxes | Income before income taxes | ||||||||||||||||||||||||||||||||||||||||||||
Banking | Banking | $ | 46,838 | $ | 31,996 | $ | 118,663 | $ | 114,507 | Banking | $ | 46,707 | $ | 33,804 | ||||||||||||||||||||||||||||||||
FirsTech | FirsTech | 484 | 530 | 1,782 | 1,674 | FirsTech | (52) | 754 | ||||||||||||||||||||||||||||||||||||||
Wealth Management | Wealth Management | 4,832 | 6,068 | 18,892 | 18,373 | Wealth Management | 6,392 | 7,511 | ||||||||||||||||||||||||||||||||||||||
Other | Other | (8,016) | (6,198) | (23,292) | (16,895) | Other | (6,698) | (6,364) | ||||||||||||||||||||||||||||||||||||||
Total income before income taxes | Total income before income taxes | $ | 44,138 | $ | 32,396 | $ | 116,045 | $ | 117,659 | Total income before income taxes | $ | 46,349 | $ | 35,705 | ||||||||||||||||||||||||||||||||
Net income | Net income | Net income | ||||||||||||||||||||||||||||||||||||||||||||
Banking | Banking | $ | 37,082 | $ | 25,123 | $ | 94,032 | $ | 89,889 | Banking | $ | 36,835 | $ | 26,451 | ||||||||||||||||||||||||||||||||
FirsTech | FirsTech | 353 | 384 | 1,300 | 1,214 | FirsTech | (38) | 550 | ||||||||||||||||||||||||||||||||||||||
Wealth Management | Wealth Management | 3,756 | 4,719 | 14,688 | 14,285 | Wealth Management | 4,858 | 5,840 | ||||||||||||||||||||||||||||||||||||||
Other | Other | (5,530) | (4,285) | (16,096) | (11,865) | Other | (4,869) | (4,402) | ||||||||||||||||||||||||||||||||||||||
Total net income | Total net income | $ | 35,661 | $ | 25,941 | $ | 93,924 | $ | 93,523 | Total net income | $ | 36,786 | $ | 28,439 |
As of | |||||||||||
September 30, 2022 | December 31, 2021 | ||||||||||
Lease balances | |||||||||||
Right of use assets | $ | 10,202 | $ | 10,533 | |||||||
Lease liabilities | 10,311 | 10,591 | |||||||||
Supplemental information | |||||||||||
Year through which lease terms extend | 2037 | 2031 | |||||||||
Weighted average remaining lease term (in years) | 8.61 | 6.47 | |||||||||
Weighted average discount rate | 2.91 | % | 2.16 | % |
Three Months Ended September 30, | Nine Months Ended September 30, | ||||||||||||||||||||||
2022 | 2021 | 2022 | 2021 | ||||||||||||||||||||
Lease costs | |||||||||||||||||||||||
Operating lease costs | $ | 563 | $ | 656 | $ | 1,762 | $ | 1,828 | |||||||||||||||
Variable lease costs | 214 | 94 | 436 | 394 | |||||||||||||||||||
Short-term lease costs | 5 | 9 | 15 | 43 | |||||||||||||||||||
Total lease cost1 | $ | 782 | $ | 759 | $ | 2,213 | $ | 2,265 | |||||||||||||||
Cash flows related to leases | |||||||||||||||||||||||
Cash paid for amounts included in the measurement of lease liabilities: | |||||||||||||||||||||||
Operating lease cash flows – Fixed payments | $ | 1,076 | $ | 620 | $ | 2,445 | $ | 1,756 | |||||||||||||||
Operating lease cash flows – Liability reduction | 464 | 569 | 1,741 | 1,610 | |||||||||||||||||||
Right of use assets obtained during the period in exchange for operating lease liabilities | 1,127 | 3,408 | 1,182 | 5,018 |
As of September 30, 2022 | |||||
Rent commitments | |||||
Remainder of 2022 | $ | 539 | |||
2023 | 1,857 | ||||
2024 | 1,573 | ||||
2025 | 1,349 | ||||
2026 | 1,059 | ||||
2027 | 886 | ||||
Thereafter | 4,626 | ||||
Total undiscounted cash flows | 11,889 | ||||
Less: Amounts representing interest | 1,578 | ||||
Present value of net future minimum lease payments | $ | 10,311 |
Three Months Ended September 30, | Nine Months Ended September 30, | ||||||||||||||||||||||
2022 | 2021 | 2022 | 2021 | ||||||||||||||||||||
Rental income | $ | 146 | $ | 208 | $ | 519 | $ | 339 |
Three Months Ended September 30, | Nine Months Ended September 30, | Three Months Ended March 31, | ||||||||||||||||||||||||||||||||||||||||||||||||||
2022 | 2021 | 2022 | 2021 | 2023 | 2022 | |||||||||||||||||||||||||||||||||||||||||||||||
Reported: | Reported: | Net income | $ | 35,661 | $ | 25,941 | $ | 93,924 | $ | 93,523 | Reported: | Net income | $ | 36,786 | $ | 28,439 | ||||||||||||||||||||||||||||||||||||
Adjusted: | Adjusted: | Net income1 | $ | 36,435 | $ | 32,845 | $ | 95,620 | $ | 102,831 | Adjusted: | Net income1 | $ | 36,786 | $ | 29,104 | ||||||||||||||||||||||||||||||||||||
Reported: | Reported: | Diluted earnings per common share | $ | 0.64 | $ | 0.46 | $ | 1.67 | $ | 1.67 | Reported: | Diluted earnings per common share | $ | 0.65 | $ | 0.51 | ||||||||||||||||||||||||||||||||||||
Adjusted: | Adjusted: | Diluted earnings per common share1 | $ | 0.65 | $ | 0.58 | $ | 1.70 | $ | 1.84 | Adjusted: | Diluted earnings per common share1 | $ | 0.65 | $ | 0.52 | ||||||||||||||||||||||||||||||||||||
Reported: | Reported: | Return on average assets2 | 1.13 | % | 0.81 | % | 1.00 | % | 1.08 | % | Reported: | Return on average assets2 | 1.22 | % | 0.91 | % | ||||||||||||||||||||||||||||||||||||
Adjusted: | Adjusted: | Return on average assets1, 2 | 1.15 | % | 1.03 | % | 1.02 | % | 1.19 | % | Adjusted: | Return on average assets1, 2 | 1.22 | % | 0.93 | % | ||||||||||||||||||||||||||||||||||||
Reported: | Reported: | Return on average tangible common equity1, 2 | 17.41 | % | 10.60 | % | 14.81 | % | 13.12 | % | Reported: | Return on average tangible common equity1, 2 | 18.48 | % | 12.72 | % | ||||||||||||||||||||||||||||||||||||
Adjusted: | Adjusted: | Return on average tangible common equity1, 2 | 17.79 | % | 13.43 | % | 15.08 | % | 14.43 | % | Adjusted: | Return on average tangible common equity1, 2 | 18.48 | % | 13.02 | % | ||||||||||||||||||||||||||||||||||||
Reported: | Reported: | Pre-provision net revenue1 | $ | 46,498 | $ | 30,470 | $ | 122,133 | $ | 104,698 | Reported: | Pre-provision net revenue1 | $ | 47,918 | $ | 36,066 | ||||||||||||||||||||||||||||||||||||
Adjusted: | Adjusted: | Pre-provision net revenue1 | $ | 48,800 | $ | 39,409 | $ | 129,421 | $ | 119,648 | Adjusted: | Pre-provision net revenue1 | $ | 49,504 | $ | 39,354 | ||||||||||||||||||||||||||||||||||||
Reported: | Reported: | Pre-provision net revenue to average assets1, 2 | 1.47 | % | 0.95 | % | 1.30 | % | 1.21 | % | Reported: | Pre-provision net revenue to average assets1, 2 | 1.58 | % | 1.16 | % | ||||||||||||||||||||||||||||||||||||
Adjusted: | Adjusted: | Pre-provision net revenue to average assets1, 2 | 1.54 | % | 1.23 | % | 1.38 | % | 1.38 | % | Adjusted: | Pre-provision net revenue to average assets1, 2 | 1.64 | % | 1.26 | % |
Three Months Ended March 31, | |||||||||||||||||||||||
2023 | 2022 | ||||||||||||||||||||||
Non-operating costs | |||||||||||||||||||||||
Acquisition related expenses1 | $ | — | $ | 835 | |||||||||||||||||||
Restructuring charges2 | — | — | |||||||||||||||||||||
Total non-operating costs | $ | — | $ | 835 |
Three Months Ended September 30, | Three Months Ended March 31, | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
2022 | 2021 | 2023 | 2022 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Average Balance | Income/ Expense | Yield/ Rate5 | Average Balance | Income/ Expense | Yield/ Rate5 | Average Balance | Income/ Expense | Yield/ Rate | Average Balance | Income/ Expense | Yield/ Rate | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Assets | Assets | Assets | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Interest-bearing bank deposits and federal funds sold | Interest-bearing bank deposits and federal funds sold | $ | 207,917 | $ | 1,085 | 2.07 | % | $ | 860,200 | $ | 462 | 0.21 | % | Interest-bearing bank deposits and federal funds sold | $ | 108,051 | $ | 988 | 3.71 | % | $ | 560,824 | $ | 277 | 0.20 | % | ||||||||||||||||||||||||||||||||||||||||||||
Investment securities: | Investment securities: | Investment securities: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
U.S. Government obligations | U.S. Government obligations | 174,357 | 267 | 0.61 | % | 251,553 | 416 | 0.66 | % | U.S. Government obligations | 125,218 | 195 | 0.63 | % | 197,590 | 288 | 0.59 | % | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Obligations of states and political subdivisions1 | Obligations of states and political subdivisions1 | 284,069 | 1,900 | 2.65 | % | 299,024 | 1,900 | 2.52 | % | Obligations of states and political subdivisions1 | 254,403 | 1,765 | 2.81 | % | 302,336 | 1,915 | 2.57 | % | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Other securities | Other securities | 3,209,327 | 16,298 | 2.01 | % | 3,171,163 | 10,167 | 1.27 | % | Other securities | 2,980,364 | 18,579 | 2.53 | % | 3,470,430 | 12,951 | 1.51 | % | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Loans held for sale | Loans held for sale | 4,195 | 53 | 5.01 | % | 15,589 | 99 | 2.52 | % | Loans held for sale | 1,650 | 23 | 5.65 | % | 11,930 | 83 | 2.82 | % | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Portfolio loans1, 2 | Portfolio loans1, 2 | 7,617,918 | 76,355 | 3.98 | % | 7,133,108 | 65,418 | 3.64 | % | Portfolio loans1, 2 | 7,710,876 | 90,113 | 4.74 | % | 7,160,837 | 61,123 | 3.46 | % | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Total interest-earning assets1, 3 | Total interest-earning assets1, 3 | $ | 11,497,783 | $ | 95,958 | 3.31 | % | $ | 11,730,637 | $ | 78,462 | 2.65 | % | Total interest-earning assets1, 3 | 11,180,562 | $ | 111,663 | 4.05 | % | 11,703,947 | $ | 76,637 | 2.66 | % | ||||||||||||||||||||||||||||||||||||||||||||||
Cash and due from banks | Cash and due from banks | 123,480 | 149,550 | Cash and due from banks | 115,145 | 126,631 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Premises and equipment | Premises and equipment | 130,367 | 144,334 | Premises and equipment | 127,094 | 135,377 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
ACL | ACL | (89,019) | (96,682) | ACL | (92,693) | (88,454) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Other assets | Other assets | 869,245 | 769,956 | Other assets | 933,610 | 783,438 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total assets | Total assets | $ | 12,531,856 | $ | 12,697,795 | Total assets | $ | 12,263,718 | $ | 12,660,939 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Liabilities and Stockholders’ Equity | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Liabilities and stockholders’ equity | Liabilities and stockholders’ equity | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Interest-bearing transaction deposits | Interest-bearing transaction deposits | $ | 2,880,802 | $ | 1,582 | 0.22 | % | $ | 2,809,669 | $ | 522 | 0.07 | % | Interest-bearing transaction deposits | $ | 2,767,507 | $ | 6,938 | 1.02 | % | $ | 2,680,333 | $ | 364 | 0.06 | % | ||||||||||||||||||||||||||||||||||||||||||||
Savings and money market deposits | Savings and money market deposits | 3,311,327 | 1,058 | 0.13 | % | 3,369,482 | 811 | 0.10 | % | Savings and money market deposits | 2,911,194 | 3,952 | 0.55 | % | 3,429,909 | 560 | 0.07 | % | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Time deposits | Time deposits | 800,996 | 925 | 0.46 | % | 1,074,091 | 1,726 | 0.64 | % | Time deposits | 958,704 | 3,850 | 1.63 | % | 917,244 | 1,200 | 0.53 | % | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Federal funds purchased and repurchase agreements | Federal funds purchased and repurchase agreements | 233,032 | 459 | 0.78 | % | 221,813 | 60 | 0.11 | % | Federal funds purchased and repurchase agreements | 230,351 | 1,222 | 2.15 | % | 271,095 | 59 | 0.09 | % | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Borrowings4 | Borrowings4 | 307,255 | 4,300 | 5.55 | % | 296,185 | 3,262 | 4.37 | % | Borrowings4 | 675,349 | 8,373 | 5.03 | % | 284,430 | 3,198 | 4.56 | % | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Junior subordinated debt issued to unconsolidated trusts | Junior subordinated debt issued to unconsolidated trusts | 71,736 | 786 | 4.35 | % | 71,565 | 728 | 4.04 | % | Junior subordinated debt issued to unconsolidated trusts | 71,825 | 913 | 5.16 | % | 71,650 | 654 | 3.70 | % | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Total interest-bearing liabilities | Total interest-bearing liabilities | $ | 7,605,148 | $ | 9,110 | 0.48 | % | $ | 7,842,805 | $ | 7,109 | 0.36 | % | Total interest-bearing liabilities | 7,614,930 | $ | 25,248 | 1.34 | % | 7,654,661 | $ | 6,035 | 0.32 | % | ||||||||||||||||||||||||||||||||||||||||||||||
Net interest spread1 | Net interest spread1 | 2.83 | % | 2.29 | % | Net interest spread1 | 2.71 | % | 2.34 | % | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Noninterest-bearing deposits | Noninterest-bearing deposits | 3,583,693 | 3,365,823 | Noninterest-bearing deposits | 3,272,745 | 3,589,952 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Other liabilities | Other liabilities | 161,567 | 137,751 | Other liabilities | 205,224 | 134,791 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Stockholders’ equity | Stockholders’ equity | 1,181,448 | 1,351,416 | Stockholders’ equity | 1,170,819 | 1,281,535 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total liabilities and stockholders’ equity | Total liabilities and stockholders’ equity | $ | 12,531,856 | $ | 12,697,795 | Total liabilities and stockholders’ equity | $ | 12,263,718 | $ | 12,660,939 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Interest income / earning assets1, 3 | Interest income / earning assets1, 3 | $ | 11,497,783 | $ | 95,958 | 3.31 | % | $ | 11,730,637 | $ | 78,462 | 2.65 | % | Interest income / earning assets1, 3 | $ | 11,180,562 | $ | 111,663 | 4.05 | % | $ | 11,703,947 | $ | 76,637 | 2.66 | % | ||||||||||||||||||||||||||||||||||||||||||||
Interest expense / earning assets | Interest expense / earning assets | 11,497,783 | $ | 9,110 | 0.31 | % | $ | 11,730,637 | $ | 7,109 | 0.24 | % | Interest expense / earning assets | 11,180,562 | 25,248 | 0.92 | % | 11,703,947 | 6,035 | 0.21 | % | |||||||||||||||||||||||||||||||||||||||||||||||||
Net interest margin1 | Net interest margin1 | $ | 86,848 | 3.00 | % | $ | 71,353 | 2.41 | % | Net interest margin1 | $ | 86,415 | 3.13 | % | $ | 70,602 | 2.45 | % |
Nine Months Ended September 30, | |||||||||||||||||||||||||||||||||||
2022 | 2021 | ||||||||||||||||||||||||||||||||||
Average Balance | Income/ Expense | Yield/ Rate5 | Average Balance | Income/ Expense | Yield/ Rate5 | ||||||||||||||||||||||||||||||
Assets | |||||||||||||||||||||||||||||||||||
Interest-bearing bank deposits and federal funds sold | $ | 331,664 | $ | 1,720 | 0.69 | % | $ | 597,960 | $ | 857 | 0.19 | % | |||||||||||||||||||||||
Investment securities: | |||||||||||||||||||||||||||||||||||
U.S. Government obligations | 186,493 | 836 | 0.60 | % | 166,300 | 1,375 | 1.11 | % | |||||||||||||||||||||||||||
Obligations of states and political subdivisions1 | 293,161 | 5,762 | 2.63 | % | 297,094 | 5,772 | 2.60 | % | |||||||||||||||||||||||||||
Other securities | 3,345,611 | 43,913 | 1.75 | % | 2,645,746 | 25,513 | 1.29 | % | |||||||||||||||||||||||||||
Loans held for sale | 6,376 | 168 | 3.52 | % | 23,060 | 401 | 2.32 | % | |||||||||||||||||||||||||||
Portfolio loans1, 2 | 7,387,582 | 203,338 | 3.68 | % | 6,921,226 | 189,743 | 3.67 | % | |||||||||||||||||||||||||||
Total interest-earning assets1, 3 | $ | 11,550,887 | $ | 255,737 | 2.96 | % | $ | 10,651,386 | $ | 223,661 | 2.81 | % | |||||||||||||||||||||||
Cash and due from banks | 123,881 | 134,998 | |||||||||||||||||||||||||||||||||
Premises and equipment | 132,977 | 138,257 | |||||||||||||||||||||||||||||||||
ACL | (88,744) | (98,522) | |||||||||||||||||||||||||||||||||
Other assets | 828,815 | 745,151 | |||||||||||||||||||||||||||||||||
Total assets | $ | 12,547,816 | $ | 11,571,270 | |||||||||||||||||||||||||||||||
Liabilities and Stockholders’ Equity | |||||||||||||||||||||||||||||||||||
Interest-bearing transaction deposits | $ | 2,742,105 | $ | 2,446 | 0.12 | % | $ | 2,534,979 | $ | 1,529 | 0.08 | % | |||||||||||||||||||||||
Savings and money market deposits | 3,399,782 | 2,310 | 0.09 | % | 2,981,559 | 2,151 | 0.10 | % | |||||||||||||||||||||||||||
Time deposits | 855,219 | 3,079 | 0.48 | % | 1,060,993 | 6,406 | 0.81 | % | |||||||||||||||||||||||||||
Federal funds purchased and repurchase agreements | 246,481 | 665 | 0.36 | % | 203,777 | 177 | 0.12 | % | |||||||||||||||||||||||||||
Borrowings4 | 296,034 | 11,165 | 5.04 | % | 262,024 | 9,245 | 4.72 | % | |||||||||||||||||||||||||||
Junior subordinated debt issued to unconsolidated trusts | 71,693 | 2,148 | 4.01 | % | 71,524 | 2,185 | 4.08 | % | |||||||||||||||||||||||||||
Total interest-bearing liabilities | $ | 7,611,314 | $ | 21,813 | 0.38 | % | $ | 7,114,856 | $ | 21,693 | 0.41 | % | |||||||||||||||||||||||
Net interest spread1 | 2.58 | % | 2.40 | % | |||||||||||||||||||||||||||||||
Noninterest-bearing deposits | 3,569,562 | 3,010,999 | |||||||||||||||||||||||||||||||||
Other liabilities | 147,295 | 121,844 | |||||||||||||||||||||||||||||||||
Stockholders’ equity | 1,219,645 | 1,323,571 | |||||||||||||||||||||||||||||||||
Total liabilities and stockholders’ equity | $ | 12,547,816 | $ | 11,571,270 | |||||||||||||||||||||||||||||||
Interest income / earning assets1, 3 | $ | 11,550,887 | $ | 255,737 | 2.96 | % | $ | 10,651,386 | $ | 223,661 | 2.81 | % | |||||||||||||||||||||||
Interest expense / earning assets | $ | 11,550,887 | $ | 21,813 | 0.25 | % | $ | 10,651,386 | $ | 21,693 | 0.27 | % | |||||||||||||||||||||||
Net interest margin1 | $ | 233,924 | 2.71 | % | $ | 201,968 | 2.54 | % |
Three Months Ended September 30, | |||||||||||||||||||||||
2022 | 2021 | Change | % Change | ||||||||||||||||||||
Average interest-earning assets | $ | 11,497,783 | $ | 11,730,637 | $ | (232,854) | (2.0) | % | |||||||||||||||
Average interest-bearing liabilities | 7,605,148 | 7,842,805 | (237,657) | (3.0) | % | ||||||||||||||||||
Average noninterest-bearing deposits | 3,583,693 | 3,365,823 | 217,870 | 6.5 | % | ||||||||||||||||||
Total average deposits | 10,576,818 | 10,619,065 | (42,247) | (0.4) | % | ||||||||||||||||||
Total average liabilities | 11,350,408 | 11,346,379 | 4,029 | — | % | ||||||||||||||||||
Average noninterest-bearing deposits as a percent of total average deposits | 33.9 | % | 31.7 | % | 220 bps | ||||||||||||||||||
Total average deposits as a percent of total average liabilities | 93.2 | % | 93.6 | % | (40) bps |
Nine Months Ended September 30, | |||||||||||||||||||||||
2022 | 2021 | Change | % Change | ||||||||||||||||||||
Average interest-earning assets | $ | 11,550,887 | $ | 10,651,386 | $ | 899,501 | 8.4 | % | |||||||||||||||
Average interest-bearing liabilities | 7,611,314 | 7,114,856 | 496,458 | 7.0 | % | ||||||||||||||||||
Average noninterest-bearing deposits | 3,569,562 | 3,010,999 | 558,563 | 18.6 | % | ||||||||||||||||||
Total average deposits | 10,566,668 | 9,588,530 | 978,138 | 10.2 | % | ||||||||||||||||||
Total average liabilities | 11,328,171 | 10,247,699 | 1,080,472 | 10.5 | % | ||||||||||||||||||
Average noninterest-bearing deposits as a percent of total average deposits | 33.8 | % | 31.4 | % | 240 bps | ||||||||||||||||||
Total average deposits as a percent of total average liabilities | 93.3 | % | 93.6 | % | (30) bps |
Three Months Ended March 31, | |||||||||||||||||||||||
2023 | 2022 | Change | % Change | ||||||||||||||||||||
Average interest-earning assets | $ | 11,180,562 | $ | 11,703,947 | $ | (523,385) | (4.5) | % | |||||||||||||||
Average interest-bearing liabilities | 7,614,930 | 7,654,661 | (39,731) | (0.5) | % | ||||||||||||||||||
Average noninterest-bearing deposits | 3,272,745 | 3,589,952 | (317,207) | (8.8) | % | ||||||||||||||||||
Total average deposits | 9,910,150 | 10,617,438 | (707,288) | (6.7) | % | ||||||||||||||||||
Total average liabilities | 11,092,899 | 11,379,404 | (286,505) | (2.5) | % | ||||||||||||||||||
Average noninterest-bearing deposits as a percent of total average deposits | 33.0 | % | 33.8 | % | (80) bps | ||||||||||||||||||
Total average deposits as a percent of total average liabilities | 89.3 | % | 93.3 | % | (400) bps |
Three Months Ended September 30, | Three Months Ended March 31, | |||||||||||||||||||||||||||||||||||||||||||||
2022 | 2021 | Change | % Change | 2023 | 2022 | Change | % Change | |||||||||||||||||||||||||||||||||||||||
Net interest income | Net interest income | Net interest income | ||||||||||||||||||||||||||||||||||||||||||||
Interest income, on a tax-equivalent basis1 | Interest income, on a tax-equivalent basis1 | $ | 95,958 | $ | 78,462 | $ | 17,496 | 22.3 | % | Interest income, on a tax-equivalent basis1 | $ | 111,663 | $ | 76,637 | $ | 35,026 | 45.7 | % | ||||||||||||||||||||||||||||
Interest expense | Interest expense | (9,110) | (7,109) | (2,001) | 28.1 | % | Interest expense | (25,248) | (6,035) | (19,213) | 318.4 | % | ||||||||||||||||||||||||||||||||||
Net interest income, on a tax-equivalent basis1 | Net interest income, on a tax-equivalent basis1 | $ | 86,848 | $ | 71,353 | $ | 15,495 | 21.7 | % | Net interest income, on a tax-equivalent basis1 | $ | 86,415 | $ | 70,602 | $ | 15,813 | 22.4 | % | ||||||||||||||||||||||||||||
Net interest margin1, 2 | Net interest margin1, 2 | 3.00 | % | 2.41 | % | 59 bps | Net interest margin1, 2 | 3.13 | % | 2.45 | % | 68 bps |
Nine Months Ended September 30, | |||||||||||||||||||||||
2022 | 2021 | Change | % Change | ||||||||||||||||||||
Net interest income | |||||||||||||||||||||||
Interest income, on a tax-equivalent basis1 | $ | 255,737 | $ | 223,661 | $ | 32,076 | 14.3 | % | |||||||||||||||
Interest expense | (21,813) | (21,693) | (120) | 0.6 | % | ||||||||||||||||||
Net interest income, on a tax-equivalent basis1 | $ | 233,924 | $ | 201,968 | $ | 31,956 | 15.8 | % | |||||||||||||||
Net interest margin1, 2 | 2.71 | % | 2.54 | % | 17 bps |
2022 | 2021 | ||||||||||
First Quarter | 2.45 | % | 2.72 | % | |||||||
Second Quarter | 2.68 | % | 2.50 | % | |||||||
Third Quarter | 3.00 | % | 2.41 | % | |||||||
Fourth Quarter | 2.36 | % |
2023 | 2022 | ||||||||||
First Quarter | 3.13 | % | 2.45 | % | |||||||
Second Quarter | 2.68 | % | |||||||||
Third Quarter | 3.00 | % | |||||||||
Fourth Quarter | 3.24 | % |
Three Months Ended September 30, | |||||||||||||||||||||||
2022 | 2021 | Change | % Change | ||||||||||||||||||||
Noninterest income | |||||||||||||||||||||||
Wealth management and payment technology income: | |||||||||||||||||||||||
Wealth management fees | $ | 12,508 | $ | 13,749 | $ | (1,241) | (9.0) | % | |||||||||||||||
Payment technology solutions | 5,080 | 4,620 | 460 | 10.0 | % | ||||||||||||||||||
Combined, wealth management fees and payment technology solutions | 17,588 | 18,369 | (781) | (4.3) | % | ||||||||||||||||||
Fees for customer services | 7,627 | 9,288 | (1,661) | (17.9) | % | ||||||||||||||||||
Mortgage revenue | 438 | 1,740 | (1,302) | (74.8) | % | ||||||||||||||||||
Income on bank owned life insurance | 958 | 999 | (41) | (4.1) | % | ||||||||||||||||||
Securities income: | |||||||||||||||||||||||
Realized net gains (losses) on securities | (74) | (5) | (69) | NM | |||||||||||||||||||
Unrealized net gains (losses) recognized on equity securities | 78 | 62 | 16 | 25.8 | % | ||||||||||||||||||
Net securities gains (losses) | 4 | 57 | (53) | (93.0) | % | ||||||||||||||||||
Other income | 4,318 | 2,806 | 1,512 | 53.9 | % | ||||||||||||||||||
Total noninterest income | $ | 30,933 | $ | 33,259 | $ | (2,326) | (7.0) | % |
Nine Months Ended September 30, | Three Months Ended March 31, | |||||||||||||||||||||||||||||||||||||||||||||
2022 | 2021 | Change | % Change | 2023 | 2022 | Change | % Change | |||||||||||||||||||||||||||||||||||||||
Noninterest income | Noninterest income | Noninterest income | ||||||||||||||||||||||||||||||||||||||||||||
Wealth management and payment technology income: | ||||||||||||||||||||||||||||||||||||||||||||||
Wealth management and payment technology solutions income: | Wealth management and payment technology solutions income: | |||||||||||||||||||||||||||||||||||||||||||||
Wealth management fees | Wealth management fees | $ | 42,422 | $ | 39,335 | $ | 3,087 | 7.8 | % | Wealth management fees | $ | 14,797 | $ | 15,779 | $ | (982) | (6.2) | % | ||||||||||||||||||||||||||||
Payment technology solutions | Payment technology solutions | 15,045 | 13,771 | 1,274 | 9.3 | % | Payment technology solutions | 5,315 | 5,077 | 238 | 4.7 | % | ||||||||||||||||||||||||||||||||||
Combined, wealth management fees and payment technology solutions | Combined, wealth management fees and payment technology solutions | 57,467 | 53,106 | 4,361 | 8.2 | % | Combined, wealth management fees and payment technology solutions | 20,112 | 20,856 | (744) | (3.6) | % | ||||||||||||||||||||||||||||||||||
Fees for customer services | Fees for customer services | 26,122 | 25,936 | 186 | 0.7 | % | Fees for customer services | 6,819 | 8,907 | (2,088) | (23.4) | % | ||||||||||||||||||||||||||||||||||
Mortgage revenue | Mortgage revenue | 1,697 | 6,153 | (4,456) | (72.4) | % | Mortgage revenue | 288 | 975 | (687) | (70.5) | % | ||||||||||||||||||||||||||||||||||
Income on bank owned life insurance | Income on bank owned life insurance | 2,716 | 3,439 | (723) | (21.0) | % | Income on bank owned life insurance | 1,652 | 884 | 768 | 86.9 | % | ||||||||||||||||||||||||||||||||||
Securities income: | Securities income: | Securities income: | ||||||||||||||||||||||||||||||||||||||||||||
Realized net gains (losses) on securities | Realized net gains (losses) on securities | 52 | 114 | (62) | (54.4) | % | Realized net gains (losses) on securities | 4 | 106 | (102) | (96.2) | % | ||||||||||||||||||||||||||||||||||
Unrealized net gains (losses) recognized on equity securities | Unrealized net gains (losses) recognized on equity securities | (2,376) | 2,482 | (4,858) | (195.7) | % | Unrealized net gains (losses) recognized on equity securities | (620) | (720) | 100 | 13.9 | % | ||||||||||||||||||||||||||||||||||
Net securities gains (losses) | Net securities gains (losses) | (2,324) | 2,596 | (4,920) | (189.5) | % | Net securities gains (losses) | (616) | (614) | (2) | (0.3) | % | ||||||||||||||||||||||||||||||||||
Other income | Other income | 12,046 | 6,485 | 5,561 | 85.8 | % | Other income | 3,593 | 4,764 | (1,171) | (24.6) | % | ||||||||||||||||||||||||||||||||||
Total noninterest income | Total noninterest income | $ | 97,724 | $ | 97,715 | $ | 9 | — | % | Total noninterest income | $ | 31,848 | $ | 35,772 | $ | (3,924) | (11.0) | % |
Three Months Ended September 30, | Three Months Ended March 31, | |||||||||||||||||||||||||||||||||||||||||||||
2022 | 2021 | Change | % Change | 2023 | 2022 | Change | % Change | |||||||||||||||||||||||||||||||||||||||
Noninterest expense | Noninterest expense | Noninterest expense | ||||||||||||||||||||||||||||||||||||||||||||
Salaries, wages, and employee benefits | Salaries, wages, and employee benefits | $ | 39,762 | $ | 41,949 | $ | (2,187) | (5.2) | % | Salaries, wages, and employee benefits | $ | 40,331 | $ | 39,354 | $ | 977 | 2.5 | % | ||||||||||||||||||||||||||||
Data processing | Data processing | 5,447 | 7,782 | (2,335) | (30.0) | % | Data processing | 5,640 | 4,978 | 662 | 13.3 | % | ||||||||||||||||||||||||||||||||||
Premises expenses: | Premises expenses: | Premises expenses: | ||||||||||||||||||||||||||||||||||||||||||||
Net occupancy expense of premises | Net occupancy expense of premises | 4,705 | 4,797 | (92) | (1.9) | % | Net occupancy expense of premises | 4,762 | 5,067 | (305) | (6.0) | % | ||||||||||||||||||||||||||||||||||
Furniture and equipment expenses | Furniture and equipment expenses | 1,799 | 2,208 | (409) | (18.5) | % | Furniture and equipment expenses | 1,746 | 2,030 | (284) | (14.0) | % | ||||||||||||||||||||||||||||||||||
Combined, net occupancy expense of premises and furniture and equipment expenses | Combined, net occupancy expense of premises and furniture and equipment expenses | 6,504 | 7,005 | (501) | Combined, net occupancy expense of premises and furniture and equipment expenses | 6,508 | 7,097 | (589) | (8.3) | % | ||||||||||||||||||||||||||||||||||||
Professional fees | Professional fees | 1,579 | 1,361 | 218 | 16.0 | % | Professional fees | 2,058 | 1,507 | 551 | 36.6 | % | ||||||||||||||||||||||||||||||||||
Amortization of intangible assets | Amortization of intangible assets | 2,871 | 3,149 | (278) | (8.8) | % | Amortization of intangible assets | 2,729 | 3,011 | (282) | (9.4) | % | ||||||||||||||||||||||||||||||||||
Interchange expense | Interchange expense | 1,574 | 1,434 | 140 | 9.8 | % | Interchange expense | 1,853 | 1,545 | 308 | 19.9 | % | ||||||||||||||||||||||||||||||||||
Other expense | Other expense | 12,999 | 10,807 | 2,192 | 20.3 | % | Other expense | 11,284 | 12,884 | (1,600) | (12.4) | % | ||||||||||||||||||||||||||||||||||
Total noninterest expense | Total noninterest expense | $ | 70,736 | $ | 73,487 | $ | (2,751) | (3.7) | % | Total noninterest expense | $ | 70,403 | $ | 70,376 | $ | 27 | — | % | ||||||||||||||||||||||||||||
Income taxes | Income taxes | $ | 8,477 | $ | 6,455 | $ | 2,022 | 31.3 | % | Income taxes | $ | 9,563 | $ | 7,266 | $ | 2,297 | 31.6 | % | ||||||||||||||||||||||||||||
Effective income tax rate | Effective income tax rate | 19.2 | % | 19.9 | % | (70) bps | Effective income tax rate | 20.6 | % | 20.4 | % | 20 bps | ||||||||||||||||||||||||||||||||||
Efficiency ratio1 | Efficiency ratio1 | 57.6 | % | 67.3 | % | (970) bps | Efficiency ratio1 | 56.9 | % | 63.0 | % | (610) bps | ||||||||||||||||||||||||||||||||||
Adjusted efficiency ratio1 | Adjusted efficiency ratio1 | 56.8 | % | 59.0 | % | (220) bps | Adjusted efficiency ratio1 | 56.9 | % | 62.2 | % | (530) bps | ||||||||||||||||||||||||||||||||||
Full-time equivalent employees as of period-end | Full-time equivalent employees as of period-end | 1,473 | 1,465 | 8 | 0.5 | % |
Nine Months Ended September 30, | |||||||||||||||||||||||
2022 | 2021 | Change | % Change | ||||||||||||||||||||
Noninterest expense | |||||||||||||||||||||||
Salaries, wages, and employee benefits | $ | 117,226 | $ | 107,222 | $ | 10,004 | 9.3 | % | |||||||||||||||
Data processing | 15,800 | 16,881 | (1,081) | (6.4) | % | ||||||||||||||||||
Premises expenses: | |||||||||||||||||||||||
Net occupancy expense of premises | 14,492 | 13,606 | 886 | 6.5 | % | ||||||||||||||||||
Furniture and equipment expenses | 5,874 | 6,300 | (426) | (6.8) | % | ||||||||||||||||||
Combined, net occupancy expense of premises and furniture and equipment expenses | 20,366 | 19,906 | 460 | ||||||||||||||||||||
Professional fees | 4,693 | 5,617 | (924) | (16.5) | % | ||||||||||||||||||
Amortization of intangible assets | 8,833 | 8,200 | 633 | 7.7 | % | ||||||||||||||||||
Interchange expense | 4,606 | 4,360 | 246 | 5.6 | % | ||||||||||||||||||
Other expense | 38,680 | 28,425 | 10,255 | 36.1 | % | ||||||||||||||||||
Total noninterest expense | $ | 210,204 | $ | 190,611 | $ | 19,593 | 10.3 | % | |||||||||||||||
Income taxes | $ | 22,121 | $ | 24,136 | $ | (2,015) | (8.3) | % | |||||||||||||||
Effective income tax rate | 19.1 | % | 20.5 | % | (140) bps | ||||||||||||||||||
Efficiency ratio1 | 60.3 | % | 61.4 | % | (110) bps | ||||||||||||||||||
Adjusted efficiency ratio1 | 59.7 | % | 57.5 | % | 220 bps | ||||||||||||||||||
Full-time equivalent employees as of period-end | 1,513 | 1,462 | 51 | 3.5 | % |
As of | As of | |||||||||||||||||||||||||||||||||||||||||||||
September 30, 2022 | December 31, 2021 | Change | % Change | March 31, 2023 | December 31, 2022 | Change | % Change | |||||||||||||||||||||||||||||||||||||||
Assets | Assets | Assets | ||||||||||||||||||||||||||||||||||||||||||||
Debt securities available for sale | Debt securities available for sale | $ | 2,547,041 | $ | 3,981,251 | $ | (1,434,210) | (36.0) | % | Debt securities available for sale | $ | 2,383,550 | $ | 2,461,393 | $ | (77,843) | (3.2) | % | ||||||||||||||||||||||||||||
Debt securities held to maturity | Debt securities held to maturity | 936,328 | — | 936,328 | N/A | Debt securities held to maturity | 907,559 | 918,312 | (10,753) | (1.2) | % | |||||||||||||||||||||||||||||||||||
Portfolio loans, net of ACL | Portfolio loans, net of ACL | 7,579,392 | 7,101,111 | 478,281 | 6.7 | % | Portfolio loans, net of ACL | 7,692,081 | 7,634,094 | 57,987 | 0.8 | % | ||||||||||||||||||||||||||||||||||
Total assets | Total assets | $ | 12,497,388 | $ | 12,859,689 | $ | (362,301) | (2.8) | % | Total assets | $ | 12,344,555 | $ | 12,336,677 | $ | 7,878 | 0.1 | % | ||||||||||||||||||||||||||||
Liabilities | Liabilities | Liabilities | ||||||||||||||||||||||||||||||||||||||||||||
Deposits: | Deposits: | Deposits: | ||||||||||||||||||||||||||||||||||||||||||||
Noninterest-bearing | Noninterest-bearing | $ | 3,628,169 | $ | 3,670,267 | $ | (42,098) | (1.1) | % | Noninterest-bearing | $ | 3,173,783 | $ | 3,393,666 | $ | (219,883) | (6.5) | % | ||||||||||||||||||||||||||||
Interest-bearing | Interest-bearing | 6,973,228 | 7,098,310 | (125,082) | (1.8) | % | Interest-bearing | 6,627,386 | 6,677,614 | (50,228) | (0.8) | % | ||||||||||||||||||||||||||||||||||
Total deposits | Total deposits | $ | 10,601,397 | $ | 10,768,577 | $ | (167,180) | (1.6) | % | Total deposits | $ | 9,801,169 | $ | 10,071,280 | $ | (270,111) | (2.7) | % | ||||||||||||||||||||||||||||
Securities sold under agreements to repurchase | Securities sold under agreements to repurchase | $ | 234,597 | $ | 270,139 | $ | (35,542) | (13.2) | % | Securities sold under agreements to repurchase | $ | 210,977 | $ | 229,806 | $ | (18,829) | (8.2) | % | ||||||||||||||||||||||||||||
Short-term borrowings | Short-term borrowings | 615,881 | 351,054 | 264,827 | 75.4 | % | ||||||||||||||||||||||||||||||||||||||||
Subordinated notes, net of unamortized issuance costs | Subordinated notes, net of unamortized issuance costs | 221,835 | 182,773 | 39,062 | 21.4 | % | Subordinated notes, net of unamortized issuance costs | 222,245 | 222,038 | 207 | 0.1 | % | ||||||||||||||||||||||||||||||||||
Junior subordinated debt owed to unconsolidated trusts | 71,765 | 71,635 | 130 | 0.2 | % | |||||||||||||||||||||||||||||||||||||||||
Total liabilities | Total liabilities | $ | 11,390,800 | $ | 11,540,577 | $ | (149,777) | (1.3) | % | Total liabilities | $ | 11,145,997 | $ | 11,190,700 | $ | (44,703) | (0.4) | % | ||||||||||||||||||||||||||||
Stockholders’ Equity | $ | 1,106,588 | $ | 1,319,112 | $ | (212,524) | (16.1) | % | ||||||||||||||||||||||||||||||||||||||
Stockholders’ equity | Stockholders’ equity | $ | 1,198,558 | $ | 1,145,977 | $ | 52,581 | 4.6 | % |
September 30, 2022 | March 31, 2023 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Illinois | Missouri | Florida | Indiana | Total | Illinois | Missouri | Florida | Indiana | Total | |||||||||||||||||||||||||||||||||||||||||||||||||
Portfolio loans | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Commercial loans | Commercial loans | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Commercial | Commercial | $ | 1,371,973 | $ | 475,655 | $ | 47,527 | $ | 50,738 | $ | 1,945,893 | Commercial | $ | 1,410,180 | $ | 423,124 | $ | 47,569 | $ | 56,285 | $ | 1,937,158 | ||||||||||||||||||||||||||||||||||||
Commercial real estate | Commercial real estate | 2,211,923 | 680,607 | 202,927 | 183,227 | 3,278,684 | Commercial real estate | 2,243,896 | 670,339 | 228,839 | 181,462 | 3,324,536 | ||||||||||||||||||||||||||||||||||||||||||||||
Real estate construction | Real estate construction | 290,248 | 135,102 | 41,062 | 33,148 | 499,560 | Real estate construction | 327,899 | 138,588 | 38,160 | 49,362 | 554,009 | ||||||||||||||||||||||||||||||||||||||||||||||
Total commercial loans | Total commercial loans | 3,981,975 | 1,232,051 | 314,568 | 287,109 | 5,815,703 | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Retail loans | Retail loans | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Retail real estate | Retail real estate | 1,240,568 | 210,693 | 121,881 | 69,957 | 1,643,099 | Retail real estate | 1,243,370 | 228,455 | 123,575 | 72,137 | 1,667,537 | ||||||||||||||||||||||||||||||||||||||||||||||
Retail other | Retail other | 297,772 | 2,177 | 1,699 | 1,230 | 302,878 | Retail other | 294,843 | 2,798 | 1,639 | 1,288 | 300,568 | ||||||||||||||||||||||||||||||||||||||||||||||
Total retail loans | Total retail loans | 1,538,213 | 231,253 | 125,214 | 73,425 | 1,968,105 | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Total portfolio loans | Total portfolio loans | $ | 5,412,484 | $ | 1,504,234 | $ | 415,096 | $ | 338,300 | $ | 7,670,114 | Total portfolio loans | $ | 5,520,188 | $ | 1,463,304 | $ | 439,782 | $ | 360,534 | $ | 7,783,808 | ||||||||||||||||||||||||||||||||||||
ACL | ACL | (90,722) | ACL | (91,727) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
Portfolio loans, net of ACL | Portfolio loans, net of ACL | $ | 7,579,392 | Portfolio loans, net of ACL | $ | 7,692,081 |
December 31, 2021 | December 31, 2022 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Illinois | Missouri | Florida | Indiana | Total | Illinois | Missouri | Florida | Indiana | Total | |||||||||||||||||||||||||||||||||||||||||||||||||
Portfolio loans | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Commercial loans | Commercial loans | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Commercial | Commercial | $ | 1,372,584 | $ | 463,085 | $ | 55,180 | $ | 53,037 | $ | 1,943,886 | Commercial | $ | 1,401,165 | $ | 466,904 | $ | 52,925 | $ | 53,160 | $ | 1,974,154 | ||||||||||||||||||||||||||||||||||||
Commercial real estate | Commercial real estate | 2,063,681 | 691,969 | 191,303 | 172,854 | 3,119,807 | Commercial real estate | 2,180,767 | 680,532 | 220,939 | 179,635 | 3,261,873 | ||||||||||||||||||||||||||||||||||||||||||||||
Real estate construction | Real estate construction | 199,471 | 120,785 | 31,265 | 34,475 | 385,996 | Real estate construction | 326,154 | 131,782 | 31,212 | 41,321 | 530,469 | ||||||||||||||||||||||||||||||||||||||||||||||
Total commercial loans | Total commercial loans | 3,908,086 | 1,279,218 | 305,076 | 274,116 | 5,766,496 | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Retail loans | Retail loans | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Retail real estate | Retail real estate | 1,124,486 | 235,083 | 96,563 | 56,844 | 1,512,976 | Retail real estate | 1,253,069 | 210,048 | 122,397 | 71,568 | 1,657,082 | ||||||||||||||||||||||||||||||||||||||||||||||
Retail other | Retail other | 219,000 | 3,684 | 2,181 | 1,468 | 226,333 | Retail other | 296,719 | 2,565 | 1,788 | 1,052 | 302,124 | ||||||||||||||||||||||||||||||||||||||||||||||
Total retail loans | Total retail loans | 1,549,788 | 212,613 | 124,185 | 72,620 | 1,959,206 | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Total portfolio loans | Total portfolio loans | $ | 4,979,222 | $ | 1,514,606 | $ | 376,492 | $ | 318,678 | $ | 7,188,998 | Total portfolio loans | $ | 5,457,874 | $ | 1,491,831 | $ | 429,261 | $ | 346,736 | $ | 7,725,702 | ||||||||||||||||||||||||||||||||||||
ACL | ACL | (87,887) | ACL | (91,608) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
Portfolio loans, net of ACL | Portfolio loans, net of ACL | $ | 7,101,111 | Portfolio loans, net of ACL | $ | 7,634,094 |
As of | As of | |||||||||||||||||||||||||||||||||||||||||||||
September 30, 2022 | December 31, 2021 | Change | % Change | March 31, 2023 | December 31, 2022 | Change | % Change | |||||||||||||||||||||||||||||||||||||||
Portfolio loans | ||||||||||||||||||||||||||||||||||||||||||||||
Commercial loans: | ||||||||||||||||||||||||||||||||||||||||||||||
Commercial loans | Commercial loans | |||||||||||||||||||||||||||||||||||||||||||||
Commercial | Commercial | $ | 1,945,893 | $ | 1,943,886 | $ | 2,007 | 0.1 | % | Commercial | $ | 1,937,158 | $ | 1,974,154 | $ | (36,996) | (1.9) | % | ||||||||||||||||||||||||||||
Commercial real estate | Commercial real estate | 3,278,684 | 3,119,807 | 158,877 | 5.1% | Commercial real estate | 3,324,536 | 3,261,873 | 62,663 | 1.9% | ||||||||||||||||||||||||||||||||||||
Real estate construction | Real estate construction | 499,560 | 385,996 | 113,564 | 29.4% | Real estate construction | 554,009 | 530,469 | 23,540 | 4.4% | ||||||||||||||||||||||||||||||||||||
Commercial loan balances | 5,724,137 | 5,449,689 | 274,448 | 5.0% | ||||||||||||||||||||||||||||||||||||||||||
Retail loans: | ||||||||||||||||||||||||||||||||||||||||||||||
Total commercial loans | Total commercial loans | 5,815,703 | 5,766,496 | 49,207 | 0.9% | |||||||||||||||||||||||||||||||||||||||||
Retail loans | Retail loans | |||||||||||||||||||||||||||||||||||||||||||||
Retail real estate | Retail real estate | 1,643,099 | 1,512,976 | 130,123 | 8.6% | Retail real estate | 1,667,537 | 1,657,082 | 10,455 | 0.6% | ||||||||||||||||||||||||||||||||||||
Retail other | Retail other | 302,878 | 226,333 | 76,545 | 33.8% | Retail other | 300,568 | 302,124 | (1,556) | (0.5)% | ||||||||||||||||||||||||||||||||||||
Retail loan balances | 1,945,977 | 1,739,309 | 206,668 | 11.9% | ||||||||||||||||||||||||||||||||||||||||||
Total retail loans | Total retail loans | 1,968,105 | 1,959,206 | 8,899 | 0.5% | |||||||||||||||||||||||||||||||||||||||||
Total portfolio loans | Total portfolio loans | 7,670,114 | 7,188,998 | 481,116 | 6.7% | Total portfolio loans | 7,783,808 | 7,725,702 | 58,106 | 0.8% | ||||||||||||||||||||||||||||||||||||
ACL | ACL | (90,722) | (87,887) | (2,835) | 3.2 | % | ACL | (91,727) | (91,608) | (119) | 0.1 | % | ||||||||||||||||||||||||||||||||||
Portfolio loans, net of ACL | Portfolio loans, net of ACL | $ | 7,579,392 | $ | 7,101,111 | $ | 478,281 | 6.7% | Portfolio loans, net of ACL | $ | 7,692,081 | $ | 7,634,094 | $ | 57,987 | 0.8% |
As of | |||||||||||||||||||||||
September 30, 2022 | December 31, 2021 | Change | % Change | ||||||||||||||||||||
Commercial loan balances | $ | 5,724,137 | $ | 5,449,689 | $ | 274,448 | 5.0% | ||||||||||||||||
PPP loans amortized cost | (1,426) | (74,958) | 73,532 | (98.1) | % | ||||||||||||||||||
Commercial loan balances, excluding PPP loans | $ | 5,722,711 | $ | 5,374,731 | $ | 347,980 | 6.5% |
As of | |||||||||||||||||||||||
March 31, 2023 | December 31, 2022 | Change | % Change | ||||||||||||||||||||
Total commercial loans | $ | 5,815,703 | $ | 5,766,496 | $ | 49,207 | 0.9% | ||||||||||||||||
Less: PPP loans amortized cost | (750) | (845) | 95 | (11.2) | % | ||||||||||||||||||
Commercial loan balances, excluding PPP loans | $ | 5,814,953 | $ | 5,765,651 | $ | 49,302 | 0.9% |
Three Months Ended March 31, | |||||||||||||||||||||||
2023 | 2022 | ||||||||||||||||||||||
Provision for credit losses | $ | 953 | $ | (253) |
As of | As of | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
September 30, 2022 | June 30, 2022 | March 31, 2022 | December 31, 2021 | September 30, 2021 | March 31, 2023 | December 31, 2022 | September 30, 2022 | June 30, 2022 | March 31, 2022 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
Portfolio loans | Portfolio loans | [a] | $ | 7,670,114 | $ | 7,497,778 | $ | 7,272,873 | $ | 7,188,998 | $ | 7,150,635 | Portfolio loans | [a] | $ | 7,783,808 | $ | 7,725,702 | $ | 7,670,114 | $ | 7,497,778 | $ | 7,272,873 | ||||||||||||||||||||||||||||||||||||||||
Non-GAAP adjustments: | Non-GAAP adjustments: | Non-GAAP adjustments: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
PPP loans amortized cost | PPP loans amortized cost | (1,426) | (7,616) | (31,769) | (74,958) | (178,231) | PPP loans amortized cost | (750) | (845) | (1,426) | (7,616) | (31,769) | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Core loans1 | Core loans1 | [b] | $ | 7,668,688 | $ | 7,490,162 | $ | 7,241,104 | $ | 7,114,040 | $ | 6,972,404 | Core loans1 | [b] | $ | 7,783,058 | $ | 7,724,857 | $ | 7,668,688 | $ | 7,490,162 | $ | 7,241,104 | ||||||||||||||||||||||||||||||||||||||||
ACL | ACL | [c] | $ | 90,722 | $ | 88,757 | $ | 88,213 | $ | 87,887 | $ | 92,802 | ACL | [c] | $ | 91,727 | $ | 91,608 | $ | 90,722 | $ | 88,757 | $ | 88,213 | ||||||||||||||||||||||||||||||||||||||||
Ratios | Ratios | Ratios | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
ACL to portfolio loans | ACL to portfolio loans | [c÷a] | 1.18% | 1.18% | 1.21% | 1.22% | 1.30% | ACL to portfolio loans | [c÷a] | 1.18 | % | 1.19 | % | 1.18 | % | 1.18 | % | 1.21 | % | |||||||||||||||||||||||||||||||||||||||||||||
ACL to core loans1 | ACL to core loans1 | [c÷b] | 1.18% | 1.18% | 1.22% | 1.24% | 1.33% | ACL to core loans1 | [c÷b] | 1.18 | % | 1.19 | % | 1.18 | % | 1.18 | % | 1.22 | % |
As of | ||||||||||||||||||||||||||||||||
September 30, 2022 | June 30, 2022 | March 31, 2022 | December 31, 2021 | September 30, 2021 | ||||||||||||||||||||||||||||
Portfolio loans | [a] | $ | 7,670,114 | $ | 7,497,778 | $ | 7,272,873 | $ | 7,188,998 | $ | 7,150,635 | |||||||||||||||||||||
Non-GAAP adjustments: | ||||||||||||||||||||||||||||||||
PPP loans amortized cost | (1,426) | (7,616) | (31,769) | (74,958) | (178,231) | |||||||||||||||||||||||||||
Core loans1 | [b] | $ | 7,668,688 | $ | 7,490,162 | $ | 7,241,104 | $ | 7,114,040 | $ | 6,972,404 | |||||||||||||||||||||
Loans 30 – 89 days past due | $ | 6,307 | $ | 5,157 | $ | 3,916 | $ | 6,261 | $ | 6,446 | ||||||||||||||||||||||
Total assets | [c] | 12,497,388 | 12,356,433 | 12,567,509 | 12,859,689 | 12,899,330 | ||||||||||||||||||||||||||
Non-performing assets | ||||||||||||||||||||||||||||||||
Non-performing loans: | ||||||||||||||||||||||||||||||||
Non-accrual loans | [d] | 15,425 | 15,840 | 12,488 | 15,946 | 25,369 | ||||||||||||||||||||||||||
Loans 90+ days past due and still accruing | 1,229 | 1,654 | 197 | 906 | 491 | |||||||||||||||||||||||||||
Total non-performing loans | [e] | 16,654 | 17,494 | 12,685 | 16,852 | 25,860 | ||||||||||||||||||||||||||
OREO and other repossessed assets | [f] | 1,219 | 1,429 | 3,606 | 4,416 | 3,184 | ||||||||||||||||||||||||||
Total non-performing assets | [g] | $ | 17,873 | $ | 18,923 | $ | 16,291 | $ | 21,268 | $ | 29,044 | |||||||||||||||||||||
Substandard (excludes 90+ days past due) | 84,148 | 84,411 | 79,962 | 70,565 | 51,740 | |||||||||||||||||||||||||||
Classified assets | [h] | $ | 102,021 | $ | 103,334 | $ | 96,253 | $ | 91,833 | $ | 80,784 | |||||||||||||||||||||
Performing TDRs (includes 30 – 89 days past due) | $ | 1,940 | $ | 2,029 | $ | 1,771 | $ | 1,801 | $ | 2,083 | ||||||||||||||||||||||
ACL | [i] | $ | 90,722 | $ | 88,757 | $ | 88,213 | $ | 87,887 | $ | 92,802 | |||||||||||||||||||||
Bank Tier 1 Capital | [j] | $ | 1,288,945 | $ | 1,265,418 | $ | 1,247,370 | $ | 1,241,303 | $ | 1,238,060 | |||||||||||||||||||||
Ratios | ||||||||||||||||||||||||||||||||
ACL to non-accrual loans | [i÷d] | 588.15 | % | 560.33 | % | 706.38 | % | 551.15 | % | 365.81 | % | |||||||||||||||||||||
ACL to non-performing loans | [i÷e] | 544.75 | % | 507.36 | % | 695.41 | % | 521.52 | % | 358.86 | % | |||||||||||||||||||||
ACL to non-performing assets | [i÷g] | 507.59 | % | 469.04 | % | 541.48 | % | 413.24 | % | 319.52 | % | |||||||||||||||||||||
Non-accrual loans to portfolio loans | [d÷a] | 0.20 | % | 0.21 | % | 0.17 | % | 0.22 | % | 0.35 | % | |||||||||||||||||||||
Non-performing loans to portfolio loans | [e÷a] | 0.22 | % | 0.23 | % | 0.17 | % | 0.23 | % | 0.36 | % | |||||||||||||||||||||
Non-performing loans to core loans1 | [e÷b] | 0.22 | % | 0.23 | % | 0.18 | % | 0.24 | % | 0.37 | % | |||||||||||||||||||||
Non-performing assets to total assets | [g÷c] | 0.14 | % | 0.15 | % | 0.13 | % | 0.17 | % | 0.23 | % | |||||||||||||||||||||
Non-performing assets to portfolio loans and OREO | [g÷(a+f)] | 0.23 | % | 0.25 | % | 0.22 | % | 0.30 | % | 0.41 | % | |||||||||||||||||||||
Classified assets to Bank Tier 1 Capital and ACL | [h÷(i+j)] | 7.39 | % | 7.63 | % | 7.21 | % | 6.91 | % | 6.07 | % |
As of | ||||||||||||||||||||||||||||||||
March 31, 2023 | December 31, 2022 | September 30, 2022 | June 30, 2022 | March 31, 2022 | ||||||||||||||||||||||||||||
Portfolio loans | [a] | $ | 7,783,808 | $ | 7,725,702 | $ | 7,670,114 | $ | 7,497,778 | $ | 7,272,873 | |||||||||||||||||||||
Non-GAAP adjustments: | ||||||||||||||||||||||||||||||||
PPP loans amortized cost | (750) | (845) | (1,426) | (7,616) | (31,769) | |||||||||||||||||||||||||||
Core loans1 | [b] | $ | 7,783,058 | $ | 7,724,857 | $ | 7,668,688 | $ | 7,490,162 | $ | 7,241,104 | |||||||||||||||||||||
Loans 30 – 89 days past due | $ | 5,472 | $ | 6,548 | $ | 6,307 | $ | 5,157 | $ | 3,916 | ||||||||||||||||||||||
Total assets | [c] | 12,344,555 | 12,336,677 | 12,497,388 | 12,356,433 | 12,567,509 | ||||||||||||||||||||||||||
Non-performing assets | ||||||||||||||||||||||||||||||||
Non-performing loans: | ||||||||||||||||||||||||||||||||
Non-accrual loans | [d] | 14,714 | 15,067 | 15,425 | 15,840 | 12,488 | ||||||||||||||||||||||||||
Loans 90+ days past due and still accruing | 500 | 673 | 1,229 | 1,654 | 197 | |||||||||||||||||||||||||||
Total non-performing loans | [e] | 15,214 | 15,740 | 16,654 | 17,494 | 12,685 | ||||||||||||||||||||||||||
OREO and other repossessed assets | [f] | 759 | 850 | 1,219 | 1,429 | 3,606 | ||||||||||||||||||||||||||
Total non-performing assets | [g] | 15,973 | 16,590 | 17,873 | 18,923 | 16,291 | ||||||||||||||||||||||||||
Substandard (excludes 90+ days past due) | 87,886 | 90,489 | 84,148 | 84,411 | 79,962 | |||||||||||||||||||||||||||
Classified assets | [h] | $ | 103,859 | $ | 107,079 | $ | 102,021 | $ | 103,334 | $ | 96,253 | |||||||||||||||||||||
ACL | [i] | 91,727 | 91,608 | 90,722 | 88,757 | 88,213 | ||||||||||||||||||||||||||
Bank Tier 1 Capital | [j] | 1,325,556 | 1,306,716 | 1,288,945 | 1,265,418 | 1,247,370 | ||||||||||||||||||||||||||
Ratios | ||||||||||||||||||||||||||||||||
ACL to non-accrual loans | [i÷d] | 623.40 | % | 608.00 | % | 588.15 | % | 560.33 | % | 706.38 | % | |||||||||||||||||||||
ACL to non-performing loans | [i÷e] | 602.91 | % | 582.01 | % | 544.75 | % | 507.36 | % | 695.41 | % | |||||||||||||||||||||
ACL to non-performing assets | [i÷g] | 574.26 | % | 552.19 | % | 507.59 | % | 469.04 | % | 541.48 | % | |||||||||||||||||||||
Non-accrual loans to portfolio loans | [d÷a] | 0.19 | % | 0.20 | % | 0.20 | % | 0.21 | % | 0.17 | % | |||||||||||||||||||||
Non-performing loans to portfolio loans | [e÷a] | 0.20 | % | 0.20 | % | 0.22 | % | 0.23 | % | 0.17 | % | |||||||||||||||||||||
Non-performing loans to core loans1 | [e÷b] | 0.20 | % | 0.20 | % | 0.22 | % | 0.23 | % | 0.18 | % | |||||||||||||||||||||
Non-performing assets to total assets | [g÷c] | 0.13 | % | 0.13 | % | 0.14 | % | 0.15 | % | 0.13 | % | |||||||||||||||||||||
Non-performing assets to portfolio loans and OREO and other repossessed assets | [g÷(a+f)] | 0.21 | % | 0.21 | % | 0.23 | % | 0.25 | % | 0.22 | % | |||||||||||||||||||||
Classified assets to Bank Tier 1 Capital and ACL | [h÷(i+j)] | 7.33 | % | 7.66 | % | 7.39 | % | 7.63 | % | 7.21 | % |
Three Months Ended March 31, | |||||||||||||||||||||||
2023 | 2022 | ||||||||||||||||||||||
Average liquid assets | |||||||||||||||||||||||
Cash and due from banks | $ | 115,145 | $ | 126,631 | |||||||||||||||||||
Interest-bearing bank deposits | 108,051 | $ | 560,824 | ||||||||||||||||||||
Federal funds sold | — | — | |||||||||||||||||||||
Total average liquid assets | 223,196 | 687,455 | |||||||||||||||||||||
Average liquid assets as a percent of average total assets | 1.8 | % | 5.4 | % |
As of | |||||||||||
March 31, 2023 | December 31, 2022 | ||||||||||
Cash and unencumbered securities | |||||||||||
Total cash and cash equivalents | $ | 275,569 | $ | 227,164 | |||||||
Debt securities available for sale | 2,383,550 | 2,461,393 | |||||||||
Debt securities available for sale pledged as collateral | (568,244) | (746,675) | |||||||||
Cash and unencumbered securities | $ | 2,090,875 | $ | 1,941,882 |
As of | As of | |||||||||||||||||||||
September 30, 2022 | December 31, 2021 | March 31, 2023 | December 31, 2022 | |||||||||||||||||||
Additional borrowing capacity available from: | Additional borrowing capacity available from: | Additional borrowing capacity available from: | ||||||||||||||||||||
FHLB | FHLB | $ | 1,824,424 | $ | 1,536,019 | FHLB | $ | 1,442,093 | $ | 1,765,388 | ||||||||||||
Federal Reserve | 752,733 | 624,627 | ||||||||||||||||||||
Federal Reserve Bank | Federal Reserve Bank | 683,123 | 659,680 | |||||||||||||||||||
Federal funds purchased | Federal funds purchased | 482,500 | 482,500 | |||||||||||||||||||
Revolving credit facility | Revolving credit facility | 40,000 | 40,000 | Revolving credit facility | 40,000 | 40,000 | ||||||||||||||||
Additional borrowing capacity | Additional borrowing capacity | $ | 2,617,157 | $ | 2,200,646 | Additional borrowing capacity | $ | 2,647,716 | $ | 2,947,568 |
As of | |||||||||||
March 31, 2023 | December 31, 2022 | ||||||||||
Outstanding loan commitments and standby letters of credit | $ | 2,103,910 | $ | 2,024,777 | |||||||
Reserve for unfunded commitments | 5,967 | 6,601 |
Three Months Ended March 31, | |||||||||||||||||||||||||||||
2023 | 2022 | ||||||||||||||||||||||||||||
Provision for unfunded commitments expense (release) | $ | (635) | $ | 1,112 |
Minimum Capital Requirements with Capital Buffer | As of September 30, 2022 | Minimum Capital Requirements with Capital Buffer | As of March 31, 2023 | |||||||||||||||||||||||||||||||
First Busey Corporation | Busey Bank | First Busey | Busey Bank | |||||||||||||||||||||||||||||||
Common Equity Tier 1 Capital to Risk Weighted Assets | Common Equity Tier 1 Capital to Risk Weighted Assets | 7.00 | % | 11.79 | % | 14.45 | % | Common Equity Tier 1 Capital to Risk Weighted Assets | 7.00 | % | 12.18 | % | 14.66 | % | ||||||||||||||||||||
Tier 1 Capital to Risk Weighted Assets | Tier 1 Capital to Risk Weighted Assets | 8.50 | % | 12.62 | % | 14.45 | % | Tier 1 Capital to Risk Weighted Assets | 8.50 | % | 12.99 | % | 14.66 | % | ||||||||||||||||||||
Total Capital to Risk Weighted Assets | Total Capital to Risk Weighted Assets | 10.50 | % | 15.98 | % | 15.31 | % | Total Capital to Risk Weighted Assets | 10.50 | % | 16.40 | % | 15.59 | % | ||||||||||||||||||||
Leverage Ratio of Tier 1 Capital to Average Assets | Leverage Ratio of Tier 1 Capital to Average Assets | 6.50 | % | 9.15 | % | 10.47 | % | Leverage Ratio of Tier 1 Capital to Average Assets | 6.50 | % | 9.71 | % | 10.95 | % |
GAAP Financial Measures | Related Non-GAAP Financial Measures | Related Non-GAAP Ratios | ||||||||||||
Net interest income Total noninterest income Net security gains and losses Total noninterest expense | Pre-provision net revenue | Pre-provision net revenue to average assets | ||||||||||||
Adjusted pre-provision net revenue | Adjusted pre-provision net revenue to average assets | |||||||||||||
Net income | Adjusted net income | Adjusted diluted earnings per share | ||||||||||||
Adjusted return on average assets | ||||||||||||||
Adjusted return on average tangible common equity | ||||||||||||||
Average common equity | Average tangible common equity | Return on average tangible common equity | ||||||||||||
Adjusted return on average tangible common equity | ||||||||||||||
Net interest income | Tax-equivalent net interest income | Net interest margin | ||||||||||||
Adjusted net interest income | Adjusted net interest margin | |||||||||||||
Net interest income Total noninterest income Net security gains and losses | Tax-equivalent revenue | Efficiency ratio | ||||||||||||
Adjusted efficiency ratio | ||||||||||||||
Adjusted core efficiency ratio | ||||||||||||||
Total noninterest expense Amortization of intangible assets | Non-interest expense excluding amortization of intangible assets | Efficiency ratio | ||||||||||||
Adjusted noninterest expense | Adjusted efficiency ratio | |||||||||||||
Adjusted core expense | Adjusted core efficiency ratio | |||||||||||||
Total noninterest expense | Noninterest expense, excluding non-operating adjustments | |||||||||||||
Total assets Goodwill and other intangible assets, net | Tangible assets | Tangible common equity to tangible assets | ||||||||||||
Total stockholders’ equity Goodwill and other intangible assets, net | Tangible common equity | Tangible common equity to tangible assets | ||||||||||||
Tangible book value | Tangible book value per common share | |||||||||||||
Portfolio loans | Core loans | Core loans to portfolio loans | ||||||||||||
Core loans to core deposits | ||||||||||||||
Total deposits | Core deposits | Core deposits to total deposits | ||||||||||||
Core loans to core deposits |
Pre-Provision Net Revenue, Adjusted Pre-Provision Net Revenue, Pre-Provision Net Revenue to Average Assets, and Adjusted Pre-Provision Net Revenue to Average Assets | Pre-Provision Net Revenue, Adjusted Pre-Provision Net Revenue, Pre-Provision Net Revenue to Average Assets, and Adjusted Pre-Provision Net Revenue to Average Assets | Pre-Provision Net Revenue, Adjusted Pre-Provision Net Revenue, Pre-Provision Net Revenue to Average Assets, and Adjusted Pre-Provision Net Revenue to Average Assets | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
(dollars in thousands) | (dollars in thousands) | (dollars in thousands) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Three Months Ended | Nine Months Ended | Three Months Ended March 31, | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
September 30, 2022 | September 30, 2021 | September 30, 2022 | September 30, 2021 | 2023 | 2022 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
PRE-PROVISION NET REVENUE | PRE-PROVISION NET REVENUE | PRE-PROVISION NET REVENUE | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Net interest income | Net interest income | $ | 86,305 | $ | 70,755 | $ | 232,289 | $ | 200,190 | Net interest income | $ | 85,857 | $ | 70,056 | ||||||||||||||||||||||||||||||||||||||||||||||||||
Total noninterest income | Total noninterest income | 30,933 | 33,259 | 97,724 | 97,715 | Total noninterest income | 31,848 | 35,772 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Net security (gains) losses | Net security (gains) losses | (4) | (57) | 2,324 | (2,596) | Net security (gains) losses | 616 | 614 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total noninterest expense | Total noninterest expense | (70,736) | (73,487) | (210,204) | (190,611) | Total noninterest expense | (70,403) | (70,376) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Pre-provision net revenue | Pre-provision net revenue | 46,498 | 30,470 | 122,133 | 104,698 | Pre-provision net revenue | 47,918 | 36,066 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Non-GAAP adjustments: | Non-GAAP adjustments: | Non-GAAP adjustments: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Acquisition and other restructuring expenses | Acquisition and other restructuring expenses | 957 | 8,677 | 2,095 | 11,710 | Acquisition and other restructuring expenses | — | 835 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Provision for unfunded commitments | Provision for unfunded commitments | (320) | (978) | 525 | (1,068) | Provision for unfunded commitments | (635) | 1,112 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Amortization of New Markets Tax Credits | Amortization of New Markets Tax Credits | 1,665 | 1,240 | 4,668 | 4,308 | Amortization of New Markets Tax Credits | 2,221 | 1,341 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Adjusted pre-provision net revenue | Adjusted pre-provision net revenue | $ | 48,800 | $ | 39,409 | $ | 129,421 | $ | 119,648 | Adjusted pre-provision net revenue | $ | 49,504 | $ | 39,354 | ||||||||||||||||||||||||||||||||||||||||||||||||||
Pre-provision net revenue, annualized | Pre-provision net revenue, annualized | [a] | $ | 184,476 | $ | 120,886 | $ | 163,291 | $ | 139,981 | Pre-provision net revenue, annualized | [a] | $ | 194,334 | $ | 146,268 | ||||||||||||||||||||||||||||||||||||||||||||||||
Adjusted pre-provision net revenue, annualized | Adjusted pre-provision net revenue, annualized | [b] | 193,609 | 156,351 | 173,035 | 159,969 | Adjusted pre-provision net revenue, annualized | [b] | 200,766 | 159,602 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
Average total assets | Average total assets | [c] | 12,531,856 | 12,697,795 | 12,547,816 | 11,571,270 | Average total assets | [c] | 12,263,718 | 12,660,939 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
Reported: Pre-provision net revenue to average assets1 | Reported: Pre-provision net revenue to average assets1 | [a÷c] | 1.47% | 0.95% | 1.30% | 1.21% | Reported: Pre-provision net revenue to average assets1 | [a÷c] | 1.58 | % | 1.16 | % | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Adjusted: Pre-provision net revenue to average assets1 | Adjusted: Pre-provision net revenue to average assets1 | [b÷c] | 1.54% | 1.23% | 1.38% | 1.38% | Adjusted: Pre-provision net revenue to average assets1 | [b÷c] | 1.64 | % | 1.26 | % |
Adjusted Net Income, Adjusted Diluted Earnings Per Share, Adjusted Return on Average Assets, Return on Average Tangible Common Equity, and Adjusted Return on Average Tangible Common Equity | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Adjusted Net Income, Adjusted Diluted Earnings Per Share, Adjusted Return on Average Assets, Average Tangible Common Equity, Return on Average Tangible Common Equity, and Adjusted Return on Average Tangible Common Equity | Adjusted Net Income, Adjusted Diluted Earnings Per Share, Adjusted Return on Average Assets, Average Tangible Common Equity, Return on Average Tangible Common Equity, and Adjusted Return on Average Tangible Common Equity | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
(dollars in thousands, except per share amounts) | (dollars in thousands, except per share amounts) | (dollars in thousands, except per share amounts) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Three Months Ended | Nine Months Ended | Three Months Ended March 31, | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
September 30, 2022 | September 30, 2021 | September 30, 2022 | September 30, 2021 | 2023 | 2022 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
NET INCOME ADJUSTED FOR NON-OPERATING ITEMS | NET INCOME ADJUSTED FOR NON-OPERATING ITEMS | NET INCOME ADJUSTED FOR NON-OPERATING ITEMS | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Net income | Net income | [a] | $ | 35,661 | $ | 25,941 | $ | 93,924 | $ | 93,523 | Net income | [a] | $ | 36,786 | $ | 28,439 | ||||||||||||||||||||||||||||||||||||||||||||||||
Non-GAAP adjustments: | Non-GAAP adjustments: | Non-GAAP adjustments: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Acquisition expenses: | Acquisition expenses: | Acquisition expenses: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Salaries, wages, and employee benefits | Salaries, wages, and employee benefits | — | 4,462 | 587 | 5,587 | Salaries, wages, and employee benefits | — | 587 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Data processing | Data processing | — | 3,182 | 214 | 3,557 | Data processing | — | 214 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Loss on leases or fixed asset impairment | — | — | — | — | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Professional fees, occupancy, and other | Professional fees, occupancy, and other | 4 | 776 | 242 | 2,309 | Professional fees, occupancy, and other | — | 34 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Other restructuring expenses: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Salaries, wages, and employee benefits | — | 257 | — | 257 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Data processing | — | — | — | — | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Loss on leases or fixed asset impairment | 877 | — | 976 | — | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Professional fees, occupancy, and other | 76 | — | 76 | — | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
MSR valuation impairment | — | — | — | — | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Related tax benefit | Related tax benefit | (183) | (1,773) | (399) | (2,402) | Related tax benefit | — | (170) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
TJCA related adjustment | $ | — | $ | — | $ | — | $ | — | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Adjusted net income | Adjusted net income | [b] | $ | 36,435 | $ | 32,845 | $ | 95,620 | $ | 102,831 | Adjusted net income | [b] | $ | 36,786 | $ | 29,104 | ||||||||||||||||||||||||||||||||||||||||||||||||
DILUTED EARNINGS PER SHARE | DILUTED EARNINGS PER SHARE | DILUTED EARNINGS PER SHARE | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Diluted average common shares outstanding | Diluted average common shares outstanding | [c] | 56,073,164 | 56,832,518 | 56,123,756 | 55,872,835 | Diluted average common shares outstanding | [c] | 56,179,606 | 56,194,946 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
Reported: Diluted earnings per share | Reported: Diluted earnings per share | [a÷c] | $ | 0.64 | $ | 0.46 | $ | 1.67 | $ | 1.67 | Reported: Diluted earnings per share | [a÷c] | $ | 0.65 | $ | 0.51 | ||||||||||||||||||||||||||||||||||||||||||||||||
Adjusted: Diluted earnings per share | Adjusted: Diluted earnings per share | [b÷c] | $ | 0.65 | $ | 0.58 | $ | 1.70 | $ | 1.84 | Adjusted: Diluted earnings per share | [b÷c] | $ | 0.65 | $ | 0.52 | ||||||||||||||||||||||||||||||||||||||||||||||||
RETURN ON AVERAGE ASSETS | RETURN ON AVERAGE ASSETS | RETURN ON AVERAGE ASSETS | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Net income, annualized | Net income, annualized | [d] | $ | 141,481 | $ | 102,918 | $ | 125,576 | $ | 125,040 | Net income, annualized | [d] | $ | 149,188 | $ | 115,336 | ||||||||||||||||||||||||||||||||||||||||||||||||
Adjusted net income, annualized | Adjusted net income, annualized | [e] | 144,552 | 130,309 | 127,844 | 137,485 | Adjusted net income, annualized | [e] | 149,188 | 118,033 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
Average total assets | Average total assets | [f] | 12,531,856 | 12,697,795 | 12,547,816 | 11,571,270 | Average total assets | [f] | 12,263,718 | 12,660,939 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
Reported: Return on average assets1 | Reported: Return on average assets1 | [d÷f] | 1.13 | % | 0.81 | % | 1.00 | % | 1.08 | % | Reported: Return on average assets1 | [d÷f] | 1.22 | % | 0.91 | % | ||||||||||||||||||||||||||||||||||||||||||||||||
Adjusted: Return on average assets1 | Adjusted: Return on average assets1 | [e÷f] | 1.15 | % | 1.03 | % | 1.02 | % | 1.19 | % | Adjusted: Return on average assets1 | [e÷f] | 1.22 | % | 0.93 | % | ||||||||||||||||||||||||||||||||||||||||||||||||
RETURN ON AVERAGE TANGIBLE COMMON EQUITY | RETURN ON AVERAGE TANGIBLE COMMON EQUITY | RETURN ON AVERAGE TANGIBLE COMMON EQUITY | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Average common equity | Average common equity | $ | 1,181,448 | $ | 1,351,416 | $ | 1,219,645 | $ | 1,323,571 | Average common equity | $ | 1,170,819 | $ | 1,281,535 | ||||||||||||||||||||||||||||||||||||||||||||||||||
Average goodwill and other intangible assets, net | Average goodwill and other intangible assets, net | (368,981) | (380,885) | (371,873) | (370,829) | Average goodwill and other intangible assets, net | (363,354) | (374,811) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Average tangible common equity | Average tangible common equity | [g] | $ | 812,467 | $ | 970,531 | $ | 847,772 | $ | 952,742 | Average tangible common equity | [g] | $ | 807,465 | $ | 906,724 | ||||||||||||||||||||||||||||||||||||||||||||||||
Reported: Return on average tangible common equity1 | Reported: Return on average tangible common equity1 | [d÷g] | 17.41 | % | 10.60 | % | 14.81 | % | 13.12 | % | Reported: Return on average tangible common equity1 | [d÷g] | 18.48 | % | 12.72 | % | ||||||||||||||||||||||||||||||||||||||||||||||||
Adjusted: Return on average tangible common equity1 | Adjusted: Return on average tangible common equity1 | [e÷g] | 17.79 | % | 13.43 | % | 15.08 | % | 14.43 | % | Adjusted: Return on average tangible common equity1 | [e÷g] | 18.48 | % | 13.02 | % |
Adjusted Net Interest Income and Adjusted Net Interest Margin | Adjusted Net Interest Income and Adjusted Net Interest Margin | Adjusted Net Interest Income and Adjusted Net Interest Margin | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
(dollars in thousands) | (dollars in thousands) | (dollars in thousands) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Three Months Ended | Nine Months Ended | Three Months Ended March 31, | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
September 30, 2022 | September 30, 2021 | September 30, 2022 | September 30, 2021 | 2023 | 2022 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Net interest income | Net interest income | $ | 86,305 | $ | 70,755 | $ | 232,289 | $ | 200,190 | Net interest income | $ | 85,857 | $ | 70,056 | ||||||||||||||||||||||||||||||||||||||||||||||||||
Non-GAAP adjustments: | Non-GAAP adjustments: | Non-GAAP adjustments: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Tax-equivalent adjustment | Tax-equivalent adjustment | 543 | 598 | 1,635 | 1,778 | Tax-equivalent adjustment | 558 | 546 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Tax-equivalent net interest income | Tax-equivalent net interest income | 86,848 | 71,353 | 233,924 | 201,968 | Tax-equivalent net interest income | 86,415 | 70,602 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Purchase accounting accretion related to business combinations | Purchase accounting accretion related to business combinations | (830) | (1,799) | (2,588) | (5,682) | Purchase accounting accretion related to business combinations | (403) | (1,159) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Adjusted net interest income | Adjusted net interest income | $ | 86,018 | $ | 69,554 | $ | 231,336 | $ | 196,286 | Adjusted net interest income | $ | 86,012 | $ | 69,443 | ||||||||||||||||||||||||||||||||||||||||||||||||||
Tax-equivalent net interest income, annualized | Tax-equivalent net interest income, annualized | [a] | $ | 344,560 | $ | 283,085 | $ | 312,756 | $ | 270,030 | Tax-equivalent net interest income, annualized | [a] | $ | 350,461 | $ | 286,330 | ||||||||||||||||||||||||||||||||||||||||||||||||
Adjusted net interest income, annualized | Adjusted net interest income, annualized | [b] | 341,267 | 275,948 | 309,295 | 262,434 | Adjusted net interest income, annualized | [b] | 348,826 | 281,630 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
Average interest-earning assets | Average interest-earning assets | [c] | 11,497,783 | 11,730,637 | 11,550,887 | 10,651,386 | Average interest-earning assets | [c] | 11,180,562 | 11,703,947 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
Reported: Net interest margin1 | Reported: Net interest margin1 | [a÷c] | 3.00 | % | 2.41 | % | 2.71 | % | 2.54 | % | Reported: Net interest margin1 | [a÷c] | 3.13 | % | 2.45 | % | ||||||||||||||||||||||||||||||||||||||||||||||||
Adjusted: Net interest margin1 | Adjusted: Net interest margin1 | [b÷c] | 2.97 | % | 2.35 | % | 2.68 | % | 2.46 | % | Adjusted: Net interest margin1 | [b÷c] | 3.12 | % | 2.41 | % |
Adjusted Noninterest Expense, Adjusted Core Expense, Efficiency Ratio, Adjusted Efficiency Ratio, and Adjusted Core Efficiency Ratio | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Noninterest Expense Excluding Amortization of Intangible Assets, Adjusted Noninterest Expense, Adjusted Core Expense, Noninterest Expense Excluding Non-operating Adjustments, Efficiency Ratio, Adjusted Efficiency Ratio, and Adjusted Core Efficiency Ratio | Noninterest Expense Excluding Amortization of Intangible Assets, Adjusted Noninterest Expense, Adjusted Core Expense, Noninterest Expense Excluding Non-operating Adjustments, Efficiency Ratio, Adjusted Efficiency Ratio, and Adjusted Core Efficiency Ratio | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
(dollars in thousands) | (dollars in thousands) | (dollars in thousands) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Three Months Ended | Nine Months Ended | Three Months Ended March 31, | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
September 30, 2022 | September 30, 2021 | September 30, 2022 | September 30, 2021 | 2023 | 2022 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Net interest income | Net interest income | $ | 86,305 | $ | 70,755 | $ | 232,289 | $ | 200,190 | Net interest income | $ | 85,857 | $ | 70,056 | ||||||||||||||||||||||||||||||||||||||||||||||||||
Non-GAAP adjustments: | Non-GAAP adjustments: | Non-GAAP adjustments: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Tax-equivalent adjustment | Tax-equivalent adjustment | 543 | 598 | 1,635 | 1,778 | Tax-equivalent adjustment | 558 | 546 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Tax-equivalent net interest income | Tax-equivalent net interest income | 86,848 | 71,353 | 233,924 | 201,968 | Tax-equivalent net interest income | 86,415 | 70,602 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total noninterest income | Total noninterest income | 30,933 | 33,259 | 97,724 | 97,715 | Total noninterest income | 31,848 | 35,772 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Non-GAAP adjustments: | Non-GAAP adjustments: | Non-GAAP adjustments: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Net security (gains) losses | Net security (gains) losses | (4) | (57) | 2,324 | (2,596) | Net security (gains) losses | 616 | 614 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Noninterest income excluding net securities gains and losses | Noninterest income excluding net securities gains and losses | 30,929 | 33,202 | 100,048 | 95,119 | Noninterest income excluding net securities gains and losses | 32,464 | 36,386 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Tax-equivalent net interest income plus noninterest income excluding net securities gains and losses | [a] | $ | 117,777 | $ | 104,555 | $ | 333,972 | $ | 297,087 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
Tax-equivalent revenue | Tax-equivalent revenue | [a] | $ | 118,879 | $ | 106,988 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total noninterest expense | Total noninterest expense | 70,736 | 73,487 | 210,204 | 190,611 | Total noninterest expense | $ | 70,403 | $ | 70,376 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
Non-GAAP adjustments: | Non-GAAP adjustments: | Non-GAAP adjustments: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Amortization of intangible assets | Amortization of intangible assets | [b] | (2,871) | (3,149) | (8,833) | (8,200) | Amortization of intangible assets | [b] | (2,729) | (3,011) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
Non-interest expense excluding amortization of intangible assets | Non-interest expense excluding amortization of intangible assets | [c] | 67,865 | 70,338 | 201,371 | 182,411 | Non-interest expense excluding amortization of intangible assets | [c] | 67,674 | 67,365 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
Non-operating adjustments: | Non-operating adjustments: | Non-operating adjustments: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Salaries, wages, and employee benefits | Salaries, wages, and employee benefits | — | (4,719) | (587) | (5,844) | Salaries, wages, and employee benefits | — | (587) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Data processing | Data processing | — | (3,182) | (214) | (3,557) | Data processing | — | (214) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Impairment, professional fees, occupancy, and other | (957) | (776) | (1,294) | (2,309) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Professional fees and other | Professional fees and other | — | (34) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Adjusted noninterest expense | Adjusted noninterest expense | [f] | 66,908 | 61,661 | 199,276 | 170,701 | Adjusted noninterest expense | [f] | 67,674 | 66,530 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
Provision for unfunded commitments | Provision for unfunded commitments | 320 | 978 | (525) | 1,068 | Provision for unfunded commitments | 635 | (1,112) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Amortization of New Markets Tax Credits | Amortization of New Markets Tax Credits | (1,665) | (1,240) | (4,668) | (4,308) | Amortization of New Markets Tax Credits | (2,221) | (1,341) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Adjusted core expense | Adjusted core expense | [g] | $ | 65,563 | $ | 61,399 | $ | 194,083 | $ | 167,461 | Adjusted core expense | [g] | $ | 66,088 | $ | 64,077 | ||||||||||||||||||||||||||||||||||||||||||||||||
Noninterest expense, excluding non-operating adjustments | Noninterest expense, excluding non-operating adjustments | [f-b] | 69,779 | 64,810 | 208,109 | 178,901 | Noninterest expense, excluding non-operating adjustments | [f-b] | $ | 70,403 | $ | 69,541 | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Reported: Efficiency ratio | Reported: Efficiency ratio | [c÷a] | 57.62 | % | 67.27 | % | 60.30 | % | 61.40 | % | Reported: Efficiency ratio | [c÷a] | 56.93 | % | 62.97 | % | ||||||||||||||||||||||||||||||||||||||||||||||||
Adjusted: Efficiency ratio | Adjusted: Efficiency ratio | [f÷a] | 56.81 | % | 58.97 | % | 59.67 | % | 57.46 | % | Adjusted: Efficiency ratio | [f÷a] | 56.93 | % | 62.18 | % | ||||||||||||||||||||||||||||||||||||||||||||||||
Adjusted: Core efficiency ratio | Adjusted: Core efficiency ratio | [g÷a] | 55.67 | % | 58.72 | % | 58.11 | % | 56.37 | % | Adjusted: Core efficiency ratio | [g÷a] | 55.59 | % | 59.89 | % |
Tangible Book Value Per Common Share | ||||||||||||||||||||||||||||
Tangible Book Value and Tangible Book Value Per Common Share | Tangible Book Value and Tangible Book Value Per Common Share | |||||||||||||||||||||||||||
(dollars in thousands, except per share amounts) | (dollars in thousands, except per share amounts) | (dollars in thousands, except per share amounts) | ||||||||||||||||||||||||||
As of | As of | |||||||||||||||||||||||||||
September 30, 2022 | December 31, 2021 | March 31, 2023 | December 31, 2022 | |||||||||||||||||||||||||
Total stockholders' equity | Total stockholders' equity | $ | 1,106,588 | $ | 1,319,112 | Total stockholders' equity | $ | 1,198,558 | $ | 1,145,977 | ||||||||||||||||||
Goodwill and other intangible assets, net | Goodwill and other intangible assets, net | (367,091) | (375,924) | Goodwill and other intangible assets, net | (361,567) | (364,296) | ||||||||||||||||||||||
Tangible book value | Tangible book value | [a] | $ | 739,497 | $ | 943,188 | Tangible book value | [a] | $ | 836,991 | $ | 781,681 | ||||||||||||||||
Ending number of common shares outstanding | Ending number of common shares outstanding | [b] | 55,232 | 55,435 | Ending number of common shares outstanding | [b] | 55,294,455 | 55,279,124 | ||||||||||||||||||||
Tangible book value per common share | Tangible book value per common share | [a÷b] | $ | 13.39 | $ | 17.01 | Tangible book value per common share | [a÷b] | $ | 15.14 | $ | 14.14 |
Tangible Common Equity and Tangible Common Equity to Tangible Assets | Tangible Common Equity and Tangible Common Equity to Tangible Assets | Tangible Common Equity and Tangible Common Equity to Tangible Assets | ||||||||||||||||||||||||||
(dollars in thousands) | (dollars in thousands) | (dollars in thousands) | ||||||||||||||||||||||||||
As of | As of | |||||||||||||||||||||||||||
September 30, 2022 | December 31, 2021 | March 31, 2023 | December 31, 2022 | |||||||||||||||||||||||||
Total assets | Total assets | $ | 12,497,388 | $ | 12,859,689 | Total assets | $ | 12,344,555 | $ | 12,336,677 | ||||||||||||||||||
Non-GAAP adjustments: | Non-GAAP adjustments: | Non-GAAP adjustments: | ||||||||||||||||||||||||||
Goodwill and other intangible assets, net | Goodwill and other intangible assets, net | (367,091) | (375,924) | Goodwill and other intangible assets, net | (361,567) | (364,296) | ||||||||||||||||||||||
Tax effect of other intangible assets1 | Tax effect of other intangible assets1 | 9,369 | 16,254 | Tax effect of other intangible assets1 | 8,335 | 8,847 | ||||||||||||||||||||||
Tangible assets | Tangible assets | [a] | $ | 12,139,666 | $ | 12,500,019 | Tangible assets | [a] | $ | 11,991,323 | $ | 11,981,228 | ||||||||||||||||
Total stockholders' equity | Total stockholders' equity | $ | 1,106,588 | $ | 1,319,112 | Total stockholders' equity | $ | 1,198,558 | $ | 1,145,977 | ||||||||||||||||||
Non-GAAP adjustments: | Non-GAAP adjustments: | Non-GAAP adjustments: | ||||||||||||||||||||||||||
Goodwill and other intangible assets, net | Goodwill and other intangible assets, net | (367,091) | (375,924) | Goodwill and other intangible assets, net | (361,567) | (364,296) | ||||||||||||||||||||||
Tax effect of other intangible assets1 | Tax effect of other intangible assets1 | 9,369 | 16,254 | Tax effect of other intangible assets1 | 8,335 | 8,847 | ||||||||||||||||||||||
Tangible common equity | Tangible common equity | [b] | $ | 748,866 | $ | 959,442 | Tangible common equity | [b] | $ | 845,326 | $ | 790,528 | ||||||||||||||||
Tangible common equity to tangible assets2 | Tangible common equity to tangible assets2 | [b÷a] | 6.17% | 7.68% | Tangible common equity to tangible assets2 | [b÷a] | 7.05% | 6.60% |
Core Loans, Core Loans to Portfolio Loans, Core Deposits, Core Deposits to Total Deposits, and Core Loans to Core Deposits | Core Loans, Core Loans to Portfolio Loans, Core Deposits, Core Deposits to Total Deposits, and Core Loans to Core Deposits | Core Loans, Core Loans to Portfolio Loans, Core Deposits, Core Deposits to Total Deposits, and Core Loans to Core Deposits | ||||||||||||||||||||||||||
(dollars in thousands) | (dollars in thousands) | (dollars in thousands) | ||||||||||||||||||||||||||
As of | As of | |||||||||||||||||||||||||||
September 30, 2022 | December 31, 2021 | March 31, 2023 | December 31, 2022 | |||||||||||||||||||||||||
Portfolio loans | Portfolio loans | [a] | $ | 7,670,114 | $ | 7,188,998 | Portfolio loans | [a] | $ | 7,783,808 | $ | 7,725,702 | ||||||||||||||||
Non-GAAP adjustments: | Non-GAAP adjustments: | Non-GAAP adjustments: | ||||||||||||||||||||||||||
PPP loans amortized cost | PPP loans amortized cost | (1,426) | (74,958) | PPP loans amortized cost | (750) | (845) | ||||||||||||||||||||||
Loans acquired in business combinations, prior to integration | — | — | ||||||||||||||||||||||||||
Core loans | Core loans | [b] | $ | 7,668,688 | $ | 7,114,040 | Core loans | [b] | $ | 7,783,058 | $ | 7,724,857 | ||||||||||||||||
Total deposits | Total deposits | [c] | 10,601,397 | 10,768,577 | Total deposits | [c] | $ | 9,801,169 | $ | 10,071,280 | ||||||||||||||||||
Non-GAAP adjustments: | Non-GAAP adjustments: | Non-GAAP adjustments: | ||||||||||||||||||||||||||
Brokered transaction accounts | Brokered transaction accounts | (2,006) | (2,248) | Brokered transaction accounts | (6,005) | (1,303) | ||||||||||||||||||||||
Time deposits of $250,000 or more | Time deposits of $250,000 or more | (103,534) | (137,449) | Time deposits of $250,000 or more | (200,898) | (120,377) | ||||||||||||||||||||||
Deposits acquired in business combinations, prior to integration | — | — | ||||||||||||||||||||||||||
Core deposits | Core deposits | [d] | $ | 10,495,857 | $ | 10,628,880 | Core deposits | [d] | $ | 9,594,266 | $ | 9,949,600 | ||||||||||||||||
RATIOS | RATIOS | RATIOS | ||||||||||||||||||||||||||
Core loans to portfolio loans | Core loans to portfolio loans | [b÷a] | 99.98% | 98.96% | Core loans to portfolio loans | [b÷a] | 99.99% | 99.99% | ||||||||||||||||||||
Core deposits to total deposits | Core deposits to total deposits | [d÷c] | 99.00% | 98.70% | Core deposits to total deposits | [d÷c] | 97.89% | 98.79% | ||||||||||||||||||||
Core loans to core deposits | Core loans to core deposits | [b÷d] | 73.06% | 66.93% | Core loans to core deposits | [b÷d] | 81.12% | 77.64% |
Year-One: Basis Point Changes | |||||||||||||||||||||||||||||||||||
-300 | -200 | - 100 | +100 | +200 | +300 | ||||||||||||||||||||||||||||||
September 30, 2022 | (22.39) | % | (13.99)% | (5.83) | % | 4.60% | 9.17% | 13.76% | |||||||||||||||||||||||||||
December 31, 2021 | NM | NM | NM | 8.77% | 17.19% | 25.64% |
Year-One: Basis Point Changes | |||||||||||||||||||||||||||||||||||||||||||||||
-400 | -300 | -200 | - 100 | +100 | +200 | +300 | +400 | ||||||||||||||||||||||||||||||||||||||||
March 31, 2023 | (13.66) | % | (10.08)% | (6.03) | % | (2.92)% | 2.14% | 4.34% | 6.54% | 8.77% | |||||||||||||||||||||||||||||||||||||
December 31, 2022 | (21.24) | % | (14.74)% | (8.08) | % | (3.95)% | 3.05% | 6.11% | 9.18% | 12.27% |
Year-Two: Basis Point Changes | |||||||||||||||||||||||||||||||||||
-300 | -200 | - 100 | +100 | +200 | +300 | ||||||||||||||||||||||||||||||
September 30, 2022 | (27.75) | % | (17.09)% | (7.21) | % | 5.52% | 11.12% | 16.78% | |||||||||||||||||||||||||||
December 31, 2021 | NM | NM | NM | 9.51% | 18.22% | 26.84% |
Year-Two: Basis Point Changes | |||||||||||||||||||||||||||||||||||||||||||||||
-400 | -300 | -200 | - 100 | +100 | +200 | +300 | +400 | ||||||||||||||||||||||||||||||||||||||||
March 31, 2023 | (18.87) | % | (14.35)% | (8.54) | % | (4.12)% | 2.76% | 5.59% | 8.48% | 11.43% | |||||||||||||||||||||||||||||||||||||
December 31, 2022 | (27.82) | % | (19.56)% | (10.76) | % | (5.27)% | 3.94% | 7.91% | 11.94% | 16.02% |
Period | Total Number of Shares Purchased | Weighted Average Price Paid per Common Share | Number of Shares Purchased as Part of Publicly Announced Plans or Programs | Maximum Number of Shares That May Yet Be Purchased Under the Plans or Programs | ||||||||||||||||||||||
July 1-31, 2022 | 106,000 | $ | 23.58 | 106,000 | 171,210 | |||||||||||||||||||||
August 1-31, 2022 | 24,000 | $ | 24.50 | 24,000 | 147,210 | |||||||||||||||||||||
September 1-30, 2022 | — | $ | — | — | 147,210 | |||||||||||||||||||||
Three months ended September 30, 2022 | 130,000 | $ | 23.75 | 130,000 | ||||||||||||||||||||||
Nine months ended September 30, 2022 | 388,614 | $ | 25.50 | 388,614 |
Period | Total Number of Shares Purchased | Weighted Average Price Paid per Common Share | Number of Shares Purchased as Part of Publicly Announced Plans or Programs | Maximum Number of Shares That May Yet Be Purchased Under the Plans or Programs | ||||||||||||||||||||||
January 1-31, 2023 | — | $ | — | — | 147,210 | |||||||||||||||||||||
February 1-28, 2023 | — | $ | — | — | 147,210 | |||||||||||||||||||||
March 1-31, 2023 | 25,000 | $ | 21.34 | 25,000 | 122,210 | |||||||||||||||||||||
Exhibit Number | Description of Exhibit | Filed Herewith | ||||||||||||
31.1 | X | |||||||||||||
31.2 | X | |||||||||||||
32.1 | X | |||||||||||||
32.2 | X | |||||||||||||
101.INS | iXBRL Instance Document | |||||||||||||
101.SCH | iXBRL Taxonomy Extension Schema | |||||||||||||
101.CAL | iXBRL Taxonomy Extension Calculation Linkbase | |||||||||||||
101.LAB | iXBRL Taxonomy Extension Label Linkbase | |||||||||||||
101.PRE | iXBRL Taxonomy Extension Presentation Linkbase | |||||||||||||
101.DEF | iXBRL Taxonomy Extension Definition Linkbase | |||||||||||||
104.0 | Cover Page Interactive Data File (formatted as inline XBRL with applicable taxonomy extension information contained in Exhibits 101) |
Date: | FIRST BUSEY CORPORATION (Registrant) | |||||||
By: | /s/ VAN A. DUKEMAN | |||||||
Van A. Dukeman | ||||||||
Chairman, President and Chief Executive Officer (Principal Executive Officer) | ||||||||
By: | /s/ JEFFREY D. JONES | |||||||
Jeffrey D. Jones | ||||||||
Chief Financial Officer (Principal Financial Officer) | ||||||||
By: | /s/ | |||||||
Principal Accounting Officer |