☒ | QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
☐ | TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
Title of Each Class | Trading Symbol | Name of each exchange on which registered | ||||||
Common Stock, par value $1.00 per share | HTLF | Nasdaq Stock Market | ||||||
Depositary Shares, each representing 1/400th interest in a share of 7.00% Fixed-Rate Reset Non-Cumulative Perpetual Preferred Stock, Series E | HTLFP | Nasdaq Stock Market |
Large accelerated filer | ☒ | Accelerated Filer | ☐ | |||||||||||
Non-accelerated filer | ☐ | Smaller reporting company | ☐ | |||||||||||
Emerging growth company | ☐ |
Part I | |||||
Part II | |||||
HEARTLAND FINANCIAL USA, INC. CONSOLIDATED BALANCE SHEETS (Dollars in thousands, except per share data) | HEARTLAND FINANCIAL USA, INC. CONSOLIDATED BALANCE SHEETS (Dollars in thousands, except per share data) | HEARTLAND FINANCIAL USA, INC. CONSOLIDATED BALANCE SHEETS (Dollars in thousands, except per share data) | ||||||||||||||||||||
June 30, 2023 (Unaudited) | December 31, 2022 | September 30, 2023 (Unaudited) | December 31, 2022 | |||||||||||||||||||
ASSETS | ASSETS | ASSETS | ||||||||||||||||||||
Cash and due from banks | Cash and due from banks | $ | 317,303 | $ | 309,045 | Cash and due from banks | $ | 248,756 | $ | 309,045 | ||||||||||||
Interest bearing deposits with other banks and other short-term investments | Interest bearing deposits with other banks and other short-term investments | 82,884 | 54,042 | Interest bearing deposits with other banks and other short-term investments | 99,239 | 54,042 | ||||||||||||||||
Cash and cash equivalents | Cash and cash equivalents | 400,187 | 363,087 | Cash and cash equivalents | 347,995 | 363,087 | ||||||||||||||||
Time deposits in other financial institutions | Time deposits in other financial institutions | 1,490 | 1,740 | Time deposits in other financial institutions | 1,490 | 1,740 | ||||||||||||||||
Securities: | Securities: | Securities: | ||||||||||||||||||||
Carried at fair value (cost of $6,415,588 at June 30, 2023, and $6,788,729 at December 31, 2022) | 5,798,041 | 6,147,144 | ||||||||||||||||||||
Held to maturity, net of allowance for credit losses of $0 at both June 30, 2023, and December 31, 2022 (fair value of $806,942 at June 30, 2023, and $776,557 at December 31, 2022) | 834,673 | 829,403 | ||||||||||||||||||||
Carried at fair value (cost of $6,229,280 at September 30, 2023, and $6,788,729 at December 31, 2022) | Carried at fair value (cost of $6,229,280 at September 30, 2023, and $6,788,729 at December 31, 2022) | 5,482,687 | 6,147,144 | |||||||||||||||||||
Held to maturity, net of allowance for credit losses of $0 at both September 30, 2023, and December 31, 2022 (fair value of $758,626 at September 30, 2023, and $776,557 at December 31, 2022) | Held to maturity, net of allowance for credit losses of $0 at both September 30, 2023, and December 31, 2022 (fair value of $758,626 at September 30, 2023, and $776,557 at December 31, 2022) | 835,468 | 829,403 | |||||||||||||||||||
Other investments, at cost | Other investments, at cost | 72,291 | 74,567 | Other investments, at cost | 90,001 | 74,567 | ||||||||||||||||
Loans held for sale | Loans held for sale | 14,353 | 5,277 | Loans held for sale | 6,262 | 5,277 | ||||||||||||||||
Loans receivable: | Loans receivable: | Loans receivable: | ||||||||||||||||||||
Held to maturity | Held to maturity | 11,717,974 | 11,428,352 | Held to maturity | 11,872,436 | 11,428,352 | ||||||||||||||||
Allowance for credit losses | Allowance for credit losses | (111,198) | (109,483) | Allowance for credit losses | (110,208) | (109,483) | ||||||||||||||||
Loans receivable, net | Loans receivable, net | 11,606,776 | 11,318,869 | Loans receivable, net | 11,762,228 | 11,318,869 | ||||||||||||||||
Premises, furniture and equipment, net | Premises, furniture and equipment, net | 186,679 | 190,479 | Premises, furniture and equipment, net | 184,638 | 190,479 | ||||||||||||||||
Premises, furniture and equipment held for sale | Premises, furniture and equipment held for sale | 3,741 | 6,851 | Premises, furniture and equipment held for sale | 2,798 | 6,851 | ||||||||||||||||
Other real estate, net | Other real estate, net | 2,677 | 8,401 | Other real estate, net | 14,362 | 8,401 | ||||||||||||||||
Goodwill | Goodwill | 576,005 | 576,005 | Goodwill | 576,005 | 576,005 | ||||||||||||||||
Core deposit intangibles and customer relationship intangibles, net | Core deposit intangibles and customer relationship intangibles, net | 21,651 | 25,154 | Core deposit intangibles and customer relationship intangibles, net | 20,026 | 25,154 | ||||||||||||||||
Servicing rights, net | Servicing rights, net | — | 7,840 | Servicing rights, net | — | 7,840 | ||||||||||||||||
Cash surrender value on life insurance | Cash surrender value on life insurance | 195,793 | 193,403 | Cash surrender value on life insurance | 196,694 | 193,403 | ||||||||||||||||
Other assets | Other assets | 510,359 | 496,008 | Other assets | 609,139 | 496,008 | ||||||||||||||||
TOTAL ASSETS | TOTAL ASSETS | $ | 20,224,716 | $ | 20,244,228 | TOTAL ASSETS | $ | 20,129,793 | $ | 20,244,228 | ||||||||||||
LIABILITIES AND EQUITY | LIABILITIES AND EQUITY | LIABILITIES AND EQUITY | ||||||||||||||||||||
LIABILITIES: | LIABILITIES: | LIABILITIES: | ||||||||||||||||||||
Deposits: | Deposits: | Deposits: | ||||||||||||||||||||
Demand | Demand | $ | 4,897,858 | $ | 5,701,340 | Demand | $ | 4,792,813 | $ | 5,701,340 | ||||||||||||
Savings | Savings | 8,772,596 | 9,994,391 | Savings | 8,754,911 | 9,994,391 | ||||||||||||||||
Time | Time | 3,993,089 | 1,817,278 | Time | 3,553,269 | 1,817,278 | ||||||||||||||||
Total deposits | Total deposits | 17,663,543 | 17,513,009 | Total deposits | 17,100,993 | 17,513,009 | ||||||||||||||||
Short-term borrowings | Short-term borrowings | 44,364 | 376,117 | Short-term borrowings | 392,634 | 376,117 | ||||||||||||||||
Other borrowings | Other borrowings | 372,403 | 371,753 | Other borrowings | 372,059 | 371,753 | ||||||||||||||||
Accrued expenses and other liabilities | Accrued expenses and other liabilities | 285,416 | 248,294 | Accrued expenses and other liabilities | 438,577 | 248,294 | ||||||||||||||||
TOTAL LIABILITIES | TOTAL LIABILITIES | 18,365,726 | 18,509,173 | TOTAL LIABILITIES | 18,304,263 | 18,509,173 | ||||||||||||||||
STOCKHOLDERS' EQUITY: | STOCKHOLDERS' EQUITY: | STOCKHOLDERS' EQUITY: | ||||||||||||||||||||
Preferred stock (par value $1 per share; authorized 188,500 and 6,104 shares at June 30, 2023, and December 31, 2022; none issued or outstanding at both June 30, 2023, and December 31, 2022) | — | — | ||||||||||||||||||||
Preferred stock (par value $1 per share; authorized 188,500 and 6,104 shares at September 30, 2023, and December 31, 2022; none issued or outstanding at both September 30, 2023, and December 31, 2022) | Preferred stock (par value $1 per share; authorized 188,500 and 6,104 shares at September 30, 2023, and December 31, 2022; none issued or outstanding at both September 30, 2023, and December 31, 2022) | — | — | |||||||||||||||||||
Series E Fixed-Rate Reset Non-Cumulative Perpetual Preferred Stock (par value $1 per share; 11,500 shares authorized at both June 30, 2023, and December 31, 2022; 11,500 shares issued and outstanding at both June 30, 2023 and December 31, 2022) | 110,705 | 110,705 | ||||||||||||||||||||
Common stock (par value $1 per share; 60,000,000 shares authorized at both June 30, 2023, and December 31, 2022; issued 42,644,544 shares at June 30, 2023, and 42,467,394 shares at December 31, 2022) | 42,645 | 42,467 | ||||||||||||||||||||
Series E Fixed-Rate Reset Non-Cumulative Perpetual Preferred Stock (par value $1 per share; 11,500 shares authorized at both September 30, 2023, and December 31, 2022; 11,500 shares issued and outstanding at both September 30, 2023 and December 31, 2022) | Series E Fixed-Rate Reset Non-Cumulative Perpetual Preferred Stock (par value $1 per share; 11,500 shares authorized at both September 30, 2023, and December 31, 2022; 11,500 shares issued and outstanding at both September 30, 2023 and December 31, 2022) | 110,705 | 110,705 | |||||||||||||||||||
Common stock (par value $1 per share; 60,000,000 shares authorized at both September 30, 2023, and December 31, 2022; issued 42,656,303 shares at September 30, 2023, and 42,467,394 shares at December 31, 2022) | Common stock (par value $1 per share; 60,000,000 shares authorized at both September 30, 2023, and December 31, 2022; issued 42,656,303 shares at September 30, 2023, and 42,467,394 shares at December 31, 2022) | 42,656 | 42,467 | |||||||||||||||||||
Capital surplus | Capital surplus | 1,087,358 | 1,080,964 | Capital surplus | 1,088,267 | 1,080,964 | ||||||||||||||||
Retained earnings | Retained earnings | 1,193,522 | 1,120,925 | Retained earnings | 1,226,740 | 1,120,925 | ||||||||||||||||
Accumulated other comprehensive loss | Accumulated other comprehensive loss | (575,240) | (620,006) | Accumulated other comprehensive loss | (642,838) | (620,006) | ||||||||||||||||
TOTAL STOCKHOLDERS' EQUITY | TOTAL STOCKHOLDERS' EQUITY | 1,858,990 | 1,735,055 | TOTAL STOCKHOLDERS' EQUITY | 1,825,530 | 1,735,055 | ||||||||||||||||
TOTAL LIABILITIES AND EQUITY | TOTAL LIABILITIES AND EQUITY | $ | 20,224,716 | $ | 20,244,228 | TOTAL LIABILITIES AND EQUITY | $ | 20,129,793 | $ | 20,244,228 | ||||||||||||
See accompanying notes to consolidated financial statements. | See accompanying notes to consolidated financial statements. | See accompanying notes to consolidated financial statements. |
HEARTLAND FINANCIAL USA, INC. CONSOLIDATED STATEMENTS OF INCOME (Unaudited) (Dollars in thousands, except per share data) | HEARTLAND FINANCIAL USA, INC. CONSOLIDATED STATEMENTS OF INCOME (Unaudited) (Dollars in thousands, except per share data) | HEARTLAND FINANCIAL USA, INC. CONSOLIDATED STATEMENTS OF INCOME (Unaudited) (Dollars in thousands, except per share data) | ||||||||||||||||||||||||||||||||||||||||||||
Three Months Ended June 30, | Six Months Ended June 30, | Three Months Ended September 30, | Nine Months Ended September 30, | |||||||||||||||||||||||||||||||||||||||||||
2023 | 2022 | 2023 | 2022 | 2023 | 2022 | 2023 | 2022 | |||||||||||||||||||||||||||||||||||||||
INTEREST INCOME: | INTEREST INCOME: | INTEREST INCOME: | ||||||||||||||||||||||||||||||||||||||||||||
Interest and fees on loans | Interest and fees on loans | $ | 168,899 | $ | 108,718 | $ | 322,742 | $ | 211,087 | Interest and fees on loans | $ | 182,394 | $ | 122,913 | $ | 505,136 | $ | 334,000 | ||||||||||||||||||||||||||||
Interest on securities: | Interest on securities: | Interest on securities: | ||||||||||||||||||||||||||||||||||||||||||||
Taxable | Taxable | 58,172 | 38,098 | 114,148 | 70,718 | Taxable | 54,800 | 45,648 | 168,948 | 116,366 | ||||||||||||||||||||||||||||||||||||
Nontaxable | Nontaxable | 6,378 | 5,508 | 12,406 | 11,710 | Nontaxable | 6,584 | 6,164 | 18,990 | 17,874 | ||||||||||||||||||||||||||||||||||||
Interest on federal funds sold | Interest on federal funds sold | 3 | — | 3 | — | |||||||||||||||||||||||||||||||||||||||||
Interest on interest bearing deposits in other financial institutions | Interest on interest bearing deposits in other financial institutions | 2,051 | 563 | 3,182 | 634 | Interest on interest bearing deposits in other financial institutions | 1,651 | 1,081 | 4,833 | 1,715 | ||||||||||||||||||||||||||||||||||||
TOTAL INTEREST INCOME | TOTAL INTEREST INCOME | 235,500 | 152,887 | 452,478 | 294,149 | TOTAL INTEREST INCOME | 245,432 | 175,806 | 697,910 | 469,955 | ||||||||||||||||||||||||||||||||||||
INTEREST EXPENSE: | INTEREST EXPENSE: | INTEREST EXPENSE: | ||||||||||||||||||||||||||||||||||||||||||||
Interest on deposits | Interest on deposits | 81,975 | 6,530 | 138,873 | 9,507 | Interest on deposits | 92,744 | 15,158 | 231,617 | 24,665 | ||||||||||||||||||||||||||||||||||||
Interest on short-term borrowings | Interest on short-term borrowings | 848 | 88 | 3,270 | 134 | Interest on short-term borrowings | 1,167 | 360 | 4,437 | 494 | ||||||||||||||||||||||||||||||||||||
Interest on other borrowings (includes $(63) and $182 of interest (income) expense related to derivatives reclassified from accumulated other comprehensive income (loss) for the three months ended June 30, 2023 and 2022, respectively, and $701 and $363 of interest expense related to derivatives reclassified from accumulated other comprehensive income (loss) for the six months ended June 30, 2023 and 2022, respectively) | 5,545 | 3,808 | 10,991 | 7,368 | ||||||||||||||||||||||||||||||||||||||||||
Interest on other borrowings (includes $(63) and $189 of interest (income) expense related to derivatives reclassified from accumulated other comprehensive loss for the three months ended September 30, 2023 and 2022, respectively, and $638 and $552 of interest expense related to derivatives reclassified from accumulated other comprehensive income (loss) for the nine months ended September 30, 2023 and 2022, respectively) | Interest on other borrowings (includes $(63) and $189 of interest (income) expense related to derivatives reclassified from accumulated other comprehensive loss for the three months ended September 30, 2023 and 2022, respectively, and $638 and $552 of interest expense related to derivatives reclassified from accumulated other comprehensive income (loss) for the nine months ended September 30, 2023 and 2022, respectively) | 5,765 | 4,412 | 16,756 | 11,780 | |||||||||||||||||||||||||||||||||||||||||
TOTAL INTEREST EXPENSE | TOTAL INTEREST EXPENSE | 88,368 | 10,426 | 153,134 | 17,009 | TOTAL INTEREST EXPENSE | 99,676 | 19,930 | 252,810 | 36,939 | ||||||||||||||||||||||||||||||||||||
NET INTEREST INCOME | NET INTEREST INCOME | 147,132 | 142,461 | 299,344 | 277,140 | NET INTEREST INCOME | 145,756 | 155,876 | 445,100 | 433,016 | ||||||||||||||||||||||||||||||||||||
Provision for credit losses | Provision for credit losses | 5,379 | 3,246 | 8,453 | 6,491 | Provision for credit losses | 1,516 | 5,492 | 9,969 | 11,983 | ||||||||||||||||||||||||||||||||||||
NET INTEREST INCOME AFTER PROVISION FOR CREDIT LOSSES | NET INTEREST INCOME AFTER PROVISION FOR CREDIT LOSSES | 141,753 | 139,215 | 290,891 | 270,649 | NET INTEREST INCOME AFTER PROVISION FOR CREDIT LOSSES | 144,240 | 150,384 | 435,131 | 421,033 | ||||||||||||||||||||||||||||||||||||
NONINTEREST INCOME: | NONINTEREST INCOME: | NONINTEREST INCOME: | ||||||||||||||||||||||||||||||||||||||||||||
Service charges and fees | Service charges and fees | 19,627 | 18,066 | 36,763 | 33,317 | Service charges and fees | 18,553 | 17,282 | 55,316 | 50,599 | ||||||||||||||||||||||||||||||||||||
Loan servicing income | Loan servicing income | 411 | 834 | 1,125 | 1,120 | Loan servicing income | 278 | 831 | 1,403 | 1,951 | ||||||||||||||||||||||||||||||||||||
Trust fees | Trust fees | 5,419 | 5,679 | 11,076 | 11,758 | Trust fees | 4,734 | 5,372 | 15,810 | 17,130 | ||||||||||||||||||||||||||||||||||||
Brokerage and insurance commissions | Brokerage and insurance commissions | 677 | 839 | 1,373 | 1,708 | Brokerage and insurance commissions | 692 | 649 | 2,065 | 2,357 | ||||||||||||||||||||||||||||||||||||
Capital markets fees | Capital markets fees | 4,037 | 4,871 | 6,486 | 7,910 | Capital markets fees | 1,845 | 1,809 | 8,331 | 9,719 | ||||||||||||||||||||||||||||||||||||
Securities (losses) gains, net (includes $325 and $2,641 of net security losses reclassified from accumulated other comprehensive income (loss) for the three months ended June 30, 2023 and 2022, respectively, and $1,429 and $650 of net security losses reclassified from accumulated other comprehensive income (loss) for the six months ended June 30, 2023 and 2022, respectively) | (314) | (2,089) | (1,418) | 783 | ||||||||||||||||||||||||||||||||||||||||||
Securities losses, net (includes $59 and $(1,070) of net security gains (losses) reclassified from accumulated other comprehensive loss for the three months ended September 30, 2023 and 2022, respectively, and $(1,370) and $(1,720) of net security losses reclassified from accumulated other comprehensive income (loss) for the nine months ended September 30, 2023 and 2022, respectively) | Securities losses, net (includes $59 and $(1,070) of net security gains (losses) reclassified from accumulated other comprehensive loss for the three months ended September 30, 2023 and 2022, respectively, and $(1,370) and $(1,720) of net security losses reclassified from accumulated other comprehensive income (loss) for the nine months ended September 30, 2023 and 2022, respectively) | (114) | (1,055) | (1,532) | (272) | |||||||||||||||||||||||||||||||||||||||||
Unrealized gain (loss) on equity securities, net | Unrealized gain (loss) on equity securities, net | (41) | (121) | 152 | (404) | Unrealized gain (loss) on equity securities, net | 13 | (211) | 165 | (615) | ||||||||||||||||||||||||||||||||||||
Net gains on sale of loans held for sale | Net gains on sale of loans held for sale | 1,050 | 2,901 | 2,881 | 6,312 | Net gains on sale of loans held for sale | 905 | 1,832 | 3,786 | 8,144 | ||||||||||||||||||||||||||||||||||||
Valuation adjustment on servicing rights | Valuation adjustment on servicing rights | — | — | — | 1,658 | Valuation adjustment on servicing rights | — | — | — | 1,658 | ||||||||||||||||||||||||||||||||||||
Income on bank owned life insurance | Income on bank owned life insurance | 1,220 | 523 | 2,184 | 1,047 | Income on bank owned life insurance | 858 | 694 | 3,042 | 1,741 | ||||||||||||||||||||||||||||||||||||
Other noninterest income | Other noninterest income | 407 | 3,036 | 1,870 | 3,899 | Other noninterest income | 619 | 1,978 | 2,489 | 5,877 | ||||||||||||||||||||||||||||||||||||
TOTAL NONINTEREST INCOME | TOTAL NONINTEREST INCOME | 32,493 | 34,539 | 62,492 | 69,108 | TOTAL NONINTEREST INCOME | 28,383 | 29,181 | 90,875 | 98,289 | ||||||||||||||||||||||||||||||||||||
NONINTEREST EXPENSES: | NONINTEREST EXPENSES: | NONINTEREST EXPENSES: | ||||||||||||||||||||||||||||||||||||||||||||
Salaries and employee benefits | Salaries and employee benefits | 62,099 | 64,032 | 124,248 | 130,206 | Salaries and employee benefits | 62,262 | 62,661 | 186,510 | 192,867 | ||||||||||||||||||||||||||||||||||||
Occupancy | Occupancy | 6,691 | 7,094 | 13,900 | 14,456 | Occupancy | 6,438 | 6,794 | 20,338 | 21,250 | ||||||||||||||||||||||||||||||||||||
Furniture and equipment | Furniture and equipment | 3,063 | 3,033 | 5,978 | 6,552 | Furniture and equipment | 2,720 | 2,928 | 8,698 | 9,480 | ||||||||||||||||||||||||||||||||||||
Professional fees | Professional fees | 15,194 | 14,457 | 27,991 | 27,997 | Professional fees | 13,616 | 14,289 | 41,607 | 42,286 | ||||||||||||||||||||||||||||||||||||
FDIC insurance assessments | FDIC insurance assessments | 3,035 | 1,530 | 6,314 | 3,146 | FDIC insurance assessments | 3,313 | 1,988 | 9,627 | 5,134 | ||||||||||||||||||||||||||||||||||||
Advertising | Advertising | 3,052 | 1,283 | 5,037 | 2,838 | Advertising | 1,633 | 1,554 | 6,670 | 4,392 | ||||||||||||||||||||||||||||||||||||
Core deposit and customer relationship intangibles amortization | Core deposit and customer relationship intangibles amortization | 1,715 | 2,083 | 3,503 | 4,137 | Core deposit and customer relationship intangibles amortization | 1,625 | 1,856 | 5,128 | 5,993 | ||||||||||||||||||||||||||||||||||||
Other real estate and loan collection expenses | Other real estate and loan collection expenses | 348 | 78 | 503 | 273 | Other real estate and loan collection expenses | 481 | 304 | 984 | 577 | ||||||||||||||||||||||||||||||||||||
Gain on sales/valuations of assets, net | (3,372) | (3,230) | (2,257) | (3,184) | ||||||||||||||||||||||||||||||||||||||||||
Loss (gain) on sales/valuations of assets, net | Loss (gain) on sales/valuations of assets, net | 108 | (251) | (2,149) | (3,435) | |||||||||||||||||||||||||||||||||||||||||
Acquisition, integration and restructuring costs | Acquisition, integration and restructuring costs | 1,892 | 2,412 | 3,565 | 2,988 | Acquisition, integration and restructuring costs | 2,429 | 2,156 | 5,994 | 5,144 | ||||||||||||||||||||||||||||||||||||
Partnership investment in tax credit projects | Partnership investment in tax credit projects | 154 | 737 | 692 | 814 | Partnership investment in tax credit projects | 1,136 | 979 | 1,828 | 1,793 | ||||||||||||||||||||||||||||||||||||
Other noninterest expenses | Other noninterest expenses | 15,575 | 12,970 | 31,015 | 27,053 | Other noninterest expenses | 15,292 | 13,625 | 46,307 | 40,678 | ||||||||||||||||||||||||||||||||||||
TOTAL NONINTEREST EXPENSES | TOTAL NONINTEREST EXPENSES | 109,446 | 106,479 | 220,489 | 217,276 | TOTAL NONINTEREST EXPENSES | 111,053 | 108,883 | 331,542 | 326,159 | ||||||||||||||||||||||||||||||||||||
INCOME BEFORE INCOME TAXES | INCOME BEFORE INCOME TAXES | 64,800 | 67,275 | 132,894 | 122,481 | INCOME BEFORE INCOME TAXES | 61,570 | 70,682 | 194,464 | 193,163 | ||||||||||||||||||||||||||||||||||||
Income taxes (includes $63 and $667 of income tax benefit reclassified from accumulated other comprehensive income (loss) for the three months ended June 30, 2023 and 2022, respectively, and $535 and $164 of income tax benefit reclassified from accumulated other comprehensive income (loss) for the six months ended June 30, 2023 and 2022, respectively) | 15,384 | 15,402 | 30,702 | 27,519 | ||||||||||||||||||||||||||||||||||||||||||
Income taxes (includes $9,877 and $302 of income tax benefit reclassified from accumulated other comprehensive loss for the three months ended September 30, 2023 and 2022, respectively, and $19,253 and $466 of income tax benefit reclassified from accumulated other comprehensive income (loss) for the nine months ended September 30, 2023 and 2022, respectively) | Income taxes (includes $9,877 and $302 of income tax benefit reclassified from accumulated other comprehensive loss for the three months ended September 30, 2023 and 2022, respectively, and $19,253 and $466 of income tax benefit reclassified from accumulated other comprehensive income (loss) for the nine months ended September 30, 2023 and 2022, respectively) | 13,479 | 14,118 | 44,181 | 41,637 | |||||||||||||||||||||||||||||||||||||||||
NET INCOME | NET INCOME | 49,416 | 51,873 | 102,192 | 94,962 | NET INCOME | 48,091 | 56,564 | 150,283 | 151,526 | ||||||||||||||||||||||||||||||||||||
Preferred dividends | Preferred dividends | (2,012) | (2,012) | (4,025) | (4,025) | Preferred dividends | (2,013) | (2,013) | (6,038) | (6,038) | ||||||||||||||||||||||||||||||||||||
NET INCOME AVAILABLE TO COMMON STOCKHOLDERS | NET INCOME AVAILABLE TO COMMON STOCKHOLDERS | $ | 47,404 | $ | 49,861 | $ | 98,167 | $ | 90,937 | NET INCOME AVAILABLE TO COMMON STOCKHOLDERS | $ | 46,078 | $ | 54,551 | $ | 144,245 | $ | 145,488 | ||||||||||||||||||||||||||||
EARNINGS PER COMMON SHARE - BASIC | EARNINGS PER COMMON SHARE - BASIC | $ | 1.11 | $ | 1.17 | $ | 2.30 | $ | 2.14 | EARNINGS PER COMMON SHARE - BASIC | $ | 1.08 | $ | 1.28 | $ | 3.38 | $ | 3.43 | ||||||||||||||||||||||||||||
EARNINGS PER COMMON SHARE - DILUTED | EARNINGS PER COMMON SHARE - DILUTED | $ | 1.11 | $ | 1.17 | $ | 2.30 | $ | 2.14 | EARNINGS PER COMMON SHARE - DILUTED | $ | 1.08 | $ | 1.28 | $ | 3.37 | $ | 3.42 | ||||||||||||||||||||||||||||
CASH DIVIDENDS DECLARED PER COMMON SHARE | CASH DIVIDENDS DECLARED PER COMMON SHARE | $ | 0.30 | $ | 0.27 | $ | 0.60 | $ | 0.54 | CASH DIVIDENDS DECLARED PER COMMON SHARE | $ | 0.30 | $ | 0.27 | $ | 0.90 | $ | 0.81 | ||||||||||||||||||||||||||||
See accompanying notes to consolidated financial statements. | See accompanying notes to consolidated financial statements. | See accompanying notes to consolidated financial statements. |
HEARTLAND FINANCIAL USA, INC. CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (Unaudited) (Dollars in thousands) | HEARTLAND FINANCIAL USA, INC. CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (Unaudited) (Dollars in thousands) | HEARTLAND FINANCIAL USA, INC. CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (Unaudited) (Dollars in thousands) | ||||||||||||||||||||||||||||||||||||||||||||
Three Months Ended June 30, | Six Months Ended June 30, | Three Months Ended September 30, | Nine Months Ended September 30, | |||||||||||||||||||||||||||||||||||||||||||
2023 | 2022 | 2023 | 2022 | 2023 | 2022 | 2023 | 2022 | |||||||||||||||||||||||||||||||||||||||
NET INCOME | NET INCOME | $ | 49,416 | $ | 51,873 | $ | 102,192 | $ | 94,962 | NET INCOME | $ | 48,091 | $ | 56,564 | $ | 150,283 | $ | 151,526 | ||||||||||||||||||||||||||||
OTHER COMPREHENSIVE INCOME (LOSS) | OTHER COMPREHENSIVE INCOME (LOSS) | OTHER COMPREHENSIVE INCOME (LOSS) | ||||||||||||||||||||||||||||||||||||||||||||
Changes in available for sale ("AFS") securities: | Changes in available for sale ("AFS") securities: | Changes in available for sale ("AFS") securities: | ||||||||||||||||||||||||||||||||||||||||||||
Net change in unrealized gain (loss) on securities | (43,558) | (263,212) | 22,609 | (641,902) | ||||||||||||||||||||||||||||||||||||||||||
Net change in unrealized loss on securities | Net change in unrealized loss on securities | (128,987) | (218,463) | (106,378) | (860,365) | |||||||||||||||||||||||||||||||||||||||||
Reclassification adjustment for net losses on hedged AFS securities | Reclassification adjustment for net losses on hedged AFS securities | 29,510 | — | 29,510 | — | Reclassification adjustment for net losses on hedged AFS securities | 36,362 | — | 65,872 | — | ||||||||||||||||||||||||||||||||||||
Reclassification adjustment for net losses realized in net income | 325 | 2,641 | 1,429 | 650 | ||||||||||||||||||||||||||||||||||||||||||
Income tax (expense) benefit | 3,366 | 60,429 | (14,555) | 159,799 | ||||||||||||||||||||||||||||||||||||||||||
Other comprehensive income (loss) on available for sale securities | (10,357) | (200,142) | 38,993 | (481,453) | ||||||||||||||||||||||||||||||||||||||||||
Reclassification adjustment for net (gains) losses realized in net income | Reclassification adjustment for net (gains) losses realized in net income | (59) | 1,070 | 1,370 | 1,720 | |||||||||||||||||||||||||||||||||||||||||
Income tax benefit | Income tax benefit | 22,943 | 53,529 | 8,388 | 213,328 | |||||||||||||||||||||||||||||||||||||||||
Other comprehensive loss on AFS securities | Other comprehensive loss on AFS securities | (69,741) | (163,864) | (30,748) | (645,317) | |||||||||||||||||||||||||||||||||||||||||
Changes in securities held to maturity: | Changes in securities held to maturity: | Changes in securities held to maturity: | ||||||||||||||||||||||||||||||||||||||||||||
Net amortization of unrealized losses on securities transferred from AFS | Net amortization of unrealized losses on securities transferred from AFS | 2,768 | — | 5,508 | — | Net amortization of unrealized losses on securities transferred from AFS | 2,893 | — | 8,401 | — | ||||||||||||||||||||||||||||||||||||
Income tax expense | Income tax expense | (693) | — | (1,753) | — | Income tax expense | (709) | — | (2,462) | — | ||||||||||||||||||||||||||||||||||||
Other comprehensive income on held to maturity securities | Other comprehensive income on held to maturity securities | 2,075 | — | 3,755 | — | Other comprehensive income on held to maturity securities | 2,184 | — | 5,939 | — | ||||||||||||||||||||||||||||||||||||
Change in cash flow hedges: | Change in cash flow hedges: | Change in cash flow hedges: | ||||||||||||||||||||||||||||||||||||||||||||
Net change in unrealized gain on derivatives | Net change in unrealized gain on derivatives | — | — | 1,952 | — | Net change in unrealized gain on derivatives | — | — | 1,952 | — | ||||||||||||||||||||||||||||||||||||
Reclassification adjustment for net losses (gains) on derivatives realized in net income | (63) | 182 | 701 | 363 | ||||||||||||||||||||||||||||||||||||||||||
Income taxes | 24 | (37) | (635) | (76) | ||||||||||||||||||||||||||||||||||||||||||
Reclassification adjustment for net (gains) losses on derivatives realized in net income | Reclassification adjustment for net (gains) losses on derivatives realized in net income | (63) | 189 | 638 | 552 | |||||||||||||||||||||||||||||||||||||||||
Income tax benefit (expense) | Income tax benefit (expense) | 22 | (43) | (613) | (119) | |||||||||||||||||||||||||||||||||||||||||
Other comprehensive income (loss) on cash flow hedges | Other comprehensive income (loss) on cash flow hedges | (39) | 145 | 2,018 | 287 | Other comprehensive income (loss) on cash flow hedges | (41) | 146 | 1,977 | 433 | ||||||||||||||||||||||||||||||||||||
Other comprehensive income (loss) | (8,321) | (199,997) | 44,766 | (481,166) | ||||||||||||||||||||||||||||||||||||||||||
Other comprehensive loss | Other comprehensive loss | (67,598) | (163,718) | (22,832) | (644,884) | |||||||||||||||||||||||||||||||||||||||||
TOTAL COMPREHENSIVE INCOME (LOSS) | TOTAL COMPREHENSIVE INCOME (LOSS) | $ | 41,095 | $ | (148,124) | $ | 146,958 | $ | (386,204) | TOTAL COMPREHENSIVE INCOME (LOSS) | $ | (19,507) | $ | (107,154) | $ | 127,451 | $ | (493,358) | ||||||||||||||||||||||||||||
See accompanying notes to consolidated financial statements. | See accompanying notes to consolidated financial statements. | See accompanying notes to consolidated financial statements. |
HEARTLAND FINANCIAL USA, INC. CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited) (Dollars in thousands) | HEARTLAND FINANCIAL USA, INC. CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited) (Dollars in thousands) | HEARTLAND FINANCIAL USA, INC. CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited) (Dollars in thousands) | ||||||||||||||||||||
Six Months Ended June 30, | Nine Months Ended September 30, | |||||||||||||||||||||
2023 | 2022 | 2023 | 2022 | |||||||||||||||||||
CASH FLOWS FROM OPERATING ACTIVITIES: | CASH FLOWS FROM OPERATING ACTIVITIES: | CASH FLOWS FROM OPERATING ACTIVITIES: | ||||||||||||||||||||
Net income | Net income | $ | 102,192 | $ | 94,962 | Net income | $ | 150,283 | $ | 151,526 | ||||||||||||
Adjustments to reconcile net income to net cash provided by operating activities: | Adjustments to reconcile net income to net cash provided by operating activities: | Adjustments to reconcile net income to net cash provided by operating activities: | ||||||||||||||||||||
Depreciation and amortization | Depreciation and amortization | 10,519 | 12,964 | Depreciation and amortization | 15,467 | 18,758 | ||||||||||||||||
Provision for credit losses | Provision for credit losses | 8,453 | 6,491 | Provision for credit losses | 9,969 | 11,983 | ||||||||||||||||
Net amortization of premium on securities | Net amortization of premium on securities | 14,848 | 38,332 | Net amortization of premium on securities | 23,332 | 50,886 | ||||||||||||||||
Securities losses (gains), net | 1,418 | (783) | ||||||||||||||||||||
Securities losses, net | Securities losses, net | 1,532 | 272 | |||||||||||||||||||
Unrealized (gain) loss on equity securities, net | Unrealized (gain) loss on equity securities, net | (152) | 404 | Unrealized (gain) loss on equity securities, net | (165) | 615 | ||||||||||||||||
Stock based compensation | Stock based compensation | 6,893 | 5,090 | Stock based compensation | 7,742 | 7,411 | ||||||||||||||||
Loans originated for sale | Loans originated for sale | (86,860) | (180,072) | Loans originated for sale | (122,764) | (244,908) | ||||||||||||||||
Proceeds on sales of loans held for sale | Proceeds on sales of loans held for sale | 80,641 | 188,317 | Proceeds on sales of loans held for sale | 138,603 | 263,904 | ||||||||||||||||
Net gains on sale of loans held for sale | Net gains on sale of loans held for sale | (2,857) | (5,408) | Net gains on sale of loans held for sale | (3,762) | (6,926) | ||||||||||||||||
Increase in accrued interest receivable | Increase in accrued interest receivable | (2,135) | (280) | Increase in accrued interest receivable | (9,203) | (5,348) | ||||||||||||||||
Decrease (increase) in prepaid expenses | 2,647 | (2,194) | ||||||||||||||||||||
Increase (decrease) in accrued interest payable | 30,446 | (91) | ||||||||||||||||||||
Decrease in prepaid expenses | Decrease in prepaid expenses | 964 | 1,479 | |||||||||||||||||||
Increase in accrued interest payable | Increase in accrued interest payable | 46,697 | 483 | |||||||||||||||||||
Capitalization of servicing rights | Capitalization of servicing rights | (24) | (904) | Capitalization of servicing rights | (24) | (1,218) | ||||||||||||||||
Valuation adjustment on servicing rights | Valuation adjustment on servicing rights | — | (1,658) | Valuation adjustment on servicing rights | — | (1,658) | ||||||||||||||||
Gain on sales/valuations of assets, net | Gain on sales/valuations of assets, net | (2,257) | (139) | Gain on sales/valuations of assets, net | (2,149) | (390) | ||||||||||||||||
Net excess tax benefit (expense) from stock based compensation | Net excess tax benefit (expense) from stock based compensation | (75) | 129 | Net excess tax benefit (expense) from stock based compensation | (115) | 129 | ||||||||||||||||
Other, net | Other, net | 21,028 | 33,327 | Other, net | 140,670 | 66,142 | ||||||||||||||||
NET CASH PROVIDED BY OPERATING ACTIVITIES | NET CASH PROVIDED BY OPERATING ACTIVITIES | 184,725 | 188,487 | NET CASH PROVIDED BY OPERATING ACTIVITIES | 397,077 | 313,140 | ||||||||||||||||
CASH FLOWS FROM INVESTING ACTIVITIES: | CASH FLOWS FROM INVESTING ACTIVITIES: | CASH FLOWS FROM INVESTING ACTIVITIES: | ||||||||||||||||||||
Proceeds from the sale of securities available for sale | Proceeds from the sale of securities available for sale | 286,738 | 973,911 | Proceeds from the sale of securities available for sale | 331,196 | 1,031,521 | ||||||||||||||||
Proceeds from the sale of securities held to maturity | Proceeds from the sale of securities held to maturity | — | 2,337 | Proceeds from the sale of securities held to maturity | — | 2,337 | ||||||||||||||||
Proceeds from the maturity of and principal paydowns on securities available for sale | Proceeds from the maturity of and principal paydowns on securities available for sale | 336,175 | 565,196 | Proceeds from the maturity of and principal paydowns on securities available for sale | 480,362 | 758,453 | ||||||||||||||||
Proceeds from the maturity of and principal paydowns on securities held to maturity | Proceeds from the maturity of and principal paydowns on securities held to maturity | 298 | 1,286 | Proceeds from the maturity of and principal paydowns on securities held to maturity | 2,325 | 2,500 | ||||||||||||||||
Proceeds from the maturity of time deposits in other financial institutions | Proceeds from the maturity of time deposits in other financial institutions | 250 | 1,039 | Proceeds from the maturity of time deposits in other financial institutions | 250 | 1,154 | ||||||||||||||||
Proceeds from the sale, maturity of, redemption of and principal paydowns on other investments | Proceeds from the sale, maturity of, redemption of and principal paydowns on other investments | 6,761 | 6,715 | Proceeds from the sale, maturity of, redemption of and principal paydowns on other investments | 13,255 | 13,674 | ||||||||||||||||
Purchase of securities available for sale | Purchase of securities available for sale | (265,959) | (1,788,922) | Purchase of securities available for sale | (276,635) | (1,982,073) | ||||||||||||||||
Purchase of other investments | Purchase of other investments | (4,474) | (8,714) | Purchase of other investments | (28,851) | (10,045) | ||||||||||||||||
Net increase in loans | Net increase in loans | (307,920) | (752,767) | Net increase in loans | (505,924) | (1,002,220) | ||||||||||||||||
Purchase of bank owned life insurance policies | Purchase of bank owned life insurance policies | (206) | (201) | Purchase of bank owned life insurance policies | (226) | (209) | ||||||||||||||||
Proceeds from bank owned life insurance policies | Proceeds from bank owned life insurance policies | — | 502 | Proceeds from bank owned life insurance policies | — | 502 | ||||||||||||||||
Proceeds from sale of mortgage servicing rights | Proceeds from sale of mortgage servicing rights | 6,714 | — | Proceeds from sale of mortgage servicing rights | 6,714 | — | ||||||||||||||||
Capital expenditures | Capital expenditures | (3,043) | (8,181) | Capital expenditures | (5,701) | (12,276) | ||||||||||||||||
Proceeds from the sale of equipment | Proceeds from the sale of equipment | 1,321 | 4,264 | Proceeds from the sale of equipment | 4,446 | 6,789 | ||||||||||||||||
Net cash expended in divestitures | Net cash expended in divestitures | — | (50,616) | Net cash expended in divestitures | — | (50,616) | ||||||||||||||||
Proceeds on sale of OREO and other repossessed assets | Proceeds on sale of OREO and other repossessed assets | 5,077 | 1,927 | Proceeds on sale of OREO and other repossessed assets | 5,672 | 2,564 | ||||||||||||||||
NET CASH PROVIDED (USED) BY INVESTING ACTIVITIES | NET CASH PROVIDED (USED) BY INVESTING ACTIVITIES | $ | 61,732 | $ | (1,052,224) | NET CASH PROVIDED (USED) BY INVESTING ACTIVITIES | $ | 26,883 | $ | (1,237,945) |
HEARTLAND FINANCIAL USA, INC. CONSOLIDATED STATEMENTS OF CASH FLOWS, CONTINUED (Unaudited) (Dollars in thousands) | HEARTLAND FINANCIAL USA, INC. CONSOLIDATED STATEMENTS OF CASH FLOWS, CONTINUED (Unaudited) (Dollars in thousands) | HEARTLAND FINANCIAL USA, INC. CONSOLIDATED STATEMENTS OF CASH FLOWS, CONTINUED (Unaudited) (Dollars in thousands) | ||||||||||||||||||||
Six Months Ended June 30, | Nine Months Ended September 30, | |||||||||||||||||||||
2023 | 2022 | 2023 | 2022 | |||||||||||||||||||
CASH FLOWS FROM FINANCING ACTIVITIES: | CASH FLOWS FROM FINANCING ACTIVITIES: | CASH FLOWS FROM FINANCING ACTIVITIES: | ||||||||||||||||||||
Net decrease in demand deposits | Net decrease in demand deposits | $ | (803,482) | $ | (392,811) | Net decrease in demand deposits | $ | (908,527) | $ | (396,552) | ||||||||||||
Net (decrease) increase in savings deposits | Net (decrease) increase in savings deposits | (1,221,795) | 1,203,729 | Net (decrease) increase in savings deposits | (1,239,480) | 1,204,574 | ||||||||||||||||
Net increase in time deposit accounts | Net increase in time deposit accounts | 2,175,811 | 61,228 | Net increase in time deposit accounts | 1,735,991 | 105,695 | ||||||||||||||||
Net decrease in short-term borrowings | (281,753) | (33,848) | ||||||||||||||||||||
Net (decrease) increase in short-term borrowings | Net (decrease) increase in short-term borrowings | (285,255) | 14,003 | |||||||||||||||||||
Proceeds from short term advances | Proceeds from short term advances | 51,000 | 141,000 | Proceeds from short term advances | 617,391 | 236,000 | ||||||||||||||||
Repayments of short term advances | Repayments of short term advances | (101,000) | (141,000) | Repayments of short term advances | (315,619) | (236,000) | ||||||||||||||||
Repayments of other borrowings | Repayments of other borrowings | (60) | (168) | Repayments of other borrowings | (740) | (198) | ||||||||||||||||
Proceeds from issuance of common stock | Proceeds from issuance of common stock | 1,456 | 1,682 | Proceeds from issuance of common stock | 1,527 | 1,896 | ||||||||||||||||
Dividends paid | Dividends paid | (29,534) | (26,880) | Dividends paid | (44,340) | (40,352) | ||||||||||||||||
NET CASH (USED) PROVIDED BY FINANCING ACTIVITIES | NET CASH (USED) PROVIDED BY FINANCING ACTIVITIES | (209,357) | 812,932 | NET CASH (USED) PROVIDED BY FINANCING ACTIVITIES | (439,052) | 889,066 | ||||||||||||||||
Net increase (decrease) in cash and cash equivalents | 37,100 | (50,805) | ||||||||||||||||||||
Net decrease in cash and cash equivalents | Net decrease in cash and cash equivalents | (15,092) | (35,739) | |||||||||||||||||||
Cash and cash equivalents at beginning of year | Cash and cash equivalents at beginning of year | 363,087 | 435,599 | Cash and cash equivalents at beginning of year | 363,087 | 435,599 | ||||||||||||||||
CASH AND CASH EQUIVALENTS AT END OF PERIOD | CASH AND CASH EQUIVALENTS AT END OF PERIOD | $ | 400,187 | $ | 384,794 | CASH AND CASH EQUIVALENTS AT END OF PERIOD | $ | 347,995 | $ | 399,860 | ||||||||||||
Supplemental disclosures: | Supplemental disclosures: | Supplemental disclosures: | ||||||||||||||||||||
Cash paid for income/franchise taxes | Cash paid for income/franchise taxes | $ | 40,303 | $ | 17,457 | Cash paid for income/franchise taxes | $ | 47,240 | $ | 33,412 | ||||||||||||
Cash paid for interest | Cash paid for interest | 122,688 | 17,100 | Cash paid for interest | 206,113 | 36,456 | ||||||||||||||||
Loans transferred to OREO | Loans transferred to OREO | 239 | 4,684 | Loans transferred to OREO | 12,776 | 8,458 | ||||||||||||||||
Transfer of premises from premises, furniture and equipment, net, to premises, furniture and equipment held for sale | Transfer of premises from premises, furniture and equipment, net, to premises, furniture and equipment held for sale | 3,741 | 4,061 | Transfer of premises from premises, furniture and equipment, net, to premises, furniture and equipment held for sale | 4,091 | 4,555 | ||||||||||||||||
Transfer of premises from premises, furniture and equipment held for sale to premises, furniture and equipment, net | Transfer of premises from premises, furniture and equipment held for sale to premises, furniture and equipment, net | 5,825 | — | Transfer of premises from premises, furniture and equipment held for sale to premises, furniture and equipment, net | 5,825 | — | ||||||||||||||||
Dividends declared, not paid | Dividends declared, not paid | 2,074 | 2,013 | Dividends declared, not paid | 2,141 | 2,013 | ||||||||||||||||
Purchases of securities available for sale, accrued, not settled | — | 7,420 | ||||||||||||||||||||
Transfer of available for sale securities to held to maturity securities | Transfer of available for sale securities to held to maturity securities | — | 748,252 | |||||||||||||||||||
See accompanying notes to consolidated financial statements. | See accompanying notes to consolidated financial statements. | See accompanying notes to consolidated financial statements. |
HEARTLAND FINANCIAL USA, INC. CONSOLIDATED STATEMENTS OF CHANGES IN EQUITY (Unaudited) (Dollars in thousands, except per share data) | HEARTLAND FINANCIAL USA, INC. CONSOLIDATED STATEMENTS OF CHANGES IN EQUITY (Unaudited) (Dollars in thousands, except per share data) | HEARTLAND FINANCIAL USA, INC. CONSOLIDATED STATEMENTS OF CHANGES IN EQUITY (Unaudited) (Dollars in thousands, except per share data) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Heartland Financial USA, Inc. Stockholders' Equity | Heartland Financial USA, Inc. Stockholders' Equity | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Preferred Stock | Common Stock | Capital Surplus | Retained Earnings | Accumulated Other Comprehensive Income (Loss) | Total Equity | Preferred Stock | Common Stock | Capital Surplus | Retained Earnings | Accumulated Other Comprehensive Loss | Total Equity | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Balance at March 31, 2022 | $ | 110,705 | $ | 42,370 | $ | 1,073,048 | $ | 992,655 | $ | (286,921) | $ | 1,931,857 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Comprehensive income (loss) | 51,873 | (199,997) | (148,124) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Balance at June 30, 2022 | Balance at June 30, 2022 | $ | 110,705 | $ | 42,439 | $ | 1,076,766 | $ | 1,031,076 | $ | (486,918) | $ | 1,774,068 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Comprehensive (loss) income | Comprehensive (loss) income | 56,564 | (163,718) | (107,154) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Cash dividends declared: | Cash dividends declared: | Cash dividends declared: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Preferred, $175.00 per share | Preferred, $175.00 per share | (2,012) | (2,012) | Preferred, $175.00 per share | (2,013) | (2,013) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Common, $0.27 per share | Common, $0.27 per share | (11,440) | (11,440) | Common, $0.27 per share | (11,459) | (11,459) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Issuance of 69,531 shares of common stock | 69 | 1,332 | 1,401 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Issuance of 4,667 shares of common stock | Issuance of 4,667 shares of common stock | 5 | 190 | 195 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Stock based compensation | Stock based compensation | 2,386 | 2,386 | Stock based compensation | 2,321 | 2,321 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Balance at June 30, 2022 | $ | 110,705 | $ | 42,439 | $ | 1,076,766 | $ | 1,031,076 | $ | (486,918) | $ | 1,774,068 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Balance at September 30, 2022 | Balance at September 30, 2022 | $ | 110,705 | $ | 42,444 | $ | 1,079,277 | $ | 1,074,168 | $ | (650,636) | $ | 1,655,958 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Balance at January 1, 2022 | Balance at January 1, 2022 | $ | 110,705 | $ | 42,275 | $ | 1,071,956 | $ | 962,994 | $ | (5,752) | $ | 2,182,178 | Balance at January 1, 2022 | $ | 110,705 | $ | 42,275 | $ | 1,071,956 | $ | 962,994 | $ | (5,752) | $ | 2,182,178 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Comprehensive income (loss) | 94,962 | (481,166) | (386,204) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Comprehensive (loss) income | Comprehensive (loss) income | 151,526 | (644,884) | (493,358) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Cash dividends declared: | Cash dividends declared: | Cash dividends declared: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Preferred, $350.00 per share | (4,025) | (4,025) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Preferred, $525.00 per share | Preferred, $525.00 per share | (6,038) | (6,038) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Common, $0.54 per share | (22,855) | (22,855) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Common, $0.81 per share | Common, $0.81 per share | (34,314) | (34,314) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Issuance of 164,175 shares of common stock | 164 | (280) | (116) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Issuance of 168,842 shares of common stock | Issuance of 168,842 shares of common stock | 169 | (90) | 79 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Stock based compensation | Stock based compensation | 5,090 | 5,090 | Stock based compensation | 7,411 | 7,411 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Balance at June 30, 2022 | $ | 110,705 | $ | 42,439 | $ | 1,076,766 | $ | 1,031,076 | $ | (486,918) | $ | 1,774,068 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Balance at September 30, 2022 | Balance at September 30, 2022 | $ | 110,705 | $ | 42,444 | $ | 1,079,277 | $ | 1,074,168 | $ | (650,636) | $ | 1,655,958 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Balance at March 31, 2023 | $ | 110,705 | $ | 42,559 | $ | 1,084,112 | $ | 1,158,948 | $ | (566,919) | $ | 1,829,405 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Comprehensive income (loss) | 49,416 | (8,321) | 41,095 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Balance at June 30, 2023 | Balance at June 30, 2023 | $ | 110,705 | $ | 42,645 | $ | 1,087,358 | $ | 1,193,522 | $ | (575,240) | $ | 1,858,990 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Comprehensive (loss) income | Comprehensive (loss) income | 48,091 | (67,598) | (19,507) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Cash dividends declared: | Cash dividends declared: | Cash dividends declared: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Preferred, $175.00 per share | Preferred, $175.00 per share | (2,012) | (2,012) | Preferred, $175.00 per share | (2,013) | (2,013) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Common, $0.30 per share | Common, $0.30 per share | (12,830) | (12,830) | Common, $0.30 per share | (12,860) | (12,860) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Issuance of 85,818 shares of common stock | 86 | 1,072 | 1,158 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Issuance of 11,759 shares of common stock | Issuance of 11,759 shares of common stock | 11 | 60 | 71 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Stock based compensation | Stock based compensation | 2,174 | 2,174 | Stock based compensation | 849 | 849 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Balance at June 30, 2023 | $ | 110,705 | $ | 42,645 | $ | 1,087,358 | $ | 1,193,522 | $ | (575,240) | $ | 1,858,990 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Balance at September 30, 2023 | Balance at September 30, 2023 | $ | 110,705 | $ | 42,656 | $ | 1,088,267 | $ | 1,226,740 | $ | (642,838) | $ | 1,825,530 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Balance at January 1, 2023 | Balance at January 1, 2023 | $ | 110,705 | $ | 42,467 | $ | 1,080,964 | $ | 1,120,925 | $ | (620,006) | $ | 1,735,055 | Balance at January 1, 2023 | $ | 110,705 | $ | 42,467 | $ | 1,080,964 | $ | 1,120,925 | $ | (620,006) | $ | 1,735,055 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Comprehensive income (loss) | 102,192 | 44,766 | 146,958 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Comprehensive (loss) income | Comprehensive (loss) income | 150,283 | (22,832) | 127,451 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Cash dividends declared: | Cash dividends declared: | Cash dividends declared: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Preferred, $350.00 per share | (4,025) | (4,025) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Common, $0.60 per share | (25,570) | (25,570) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Preferred, $525.00 per share | Preferred, $525.00 per share | (6,038) | (6,038) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Common, $0.90 per share | Common, $0.90 per share | (38,430) | (38,430) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Issuance of 177,150 shares of common stock | 178 | (499) | (321) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Issuance of 188,909 shares of common stock | Issuance of 188,909 shares of common stock | 189 | (439) | (250) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Stock based compensation | Stock based compensation | 6,893 | 6,893 | Stock based compensation | 7,742 | 7,742 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Balance at June 30, 2023 | $ | 110,705 | $ | 42,645 | $ | 1,087,358 | $ | 1,193,522 | $ | (575,240) | $ | 1,858,990 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Balance at September 30, 2023 | Balance at September 30, 2023 | $ | 110,705 | $ | 42,656 | $ | 1,088,267 | $ | 1,226,740 | $ | (642,838) | $ | 1,825,530 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
See accompanying notes to consolidated financial statements. | See accompanying notes to consolidated financial statements. | See accompanying notes to consolidated financial statements. |
Three Months Ended June 30, | Three Months Ended September 30, | |||||||||||||||||||||
2023 | 2022 | 2023 | 2022 | |||||||||||||||||||
Net income | Net income | $ | 49,416 | $ | 51,873 | Net income | $ | 48,091 | $ | 56,564 | ||||||||||||
Preferred dividends | Preferred dividends | (2,012) | (2,012) | Preferred dividends | (2,013) | (2,013) | ||||||||||||||||
Net income available to common stockholders | Net income available to common stockholders | $ | 47,404 | $ | 49,861 | Net income available to common stockholders | $ | 46,078 | $ | 54,551 | ||||||||||||
Weighted average common shares outstanding for basic earnings per share | Weighted average common shares outstanding for basic earnings per share | 42,696 | 42,475 | Weighted average common shares outstanding for basic earnings per share | 42,761 | 42,575 | ||||||||||||||||
Assumed incremental common shares issued upon vesting of outstanding restricted stock units | Assumed incremental common shares issued upon vesting of outstanding restricted stock units | 62 | 91 | Assumed incremental common shares issued upon vesting of outstanding restricted stock units | 52 | 69 | ||||||||||||||||
Weighted average common shares for diluted earnings per share | Weighted average common shares for diluted earnings per share | 42,758 | 42,566 | Weighted average common shares for diluted earnings per share | 42,813 | 42,644 | ||||||||||||||||
Earnings per common share — basic | Earnings per common share — basic | $ | 1.11 | $ | 1.17 | Earnings per common share — basic | $ | 1.08 | $ | 1.28 | ||||||||||||
Earnings per common share — diluted | Earnings per common share — diluted | $ | 1.11 | $ | 1.17 | Earnings per common share — diluted | $ | 1.08 | $ | 1.28 | ||||||||||||
Number of antidilutive common stock equivalents excluded from diluted earnings per share computation | Number of antidilutive common stock equivalents excluded from diluted earnings per share computation | 59 | 172 | Number of antidilutive common stock equivalents excluded from diluted earnings per share computation | 204 | 4 | ||||||||||||||||
Number of antidilutive stock options excluded from diluted earnings per share computation | Number of antidilutive stock options excluded from diluted earnings per share computation | 221 | — | Number of antidilutive stock options excluded from diluted earnings per share computation | 58 | — | ||||||||||||||||
Six Months Ended June 30, | Nine Months Ended September 30, | |||||||||||||||||||||
2023 | 2022 | 2023 | 2022 | |||||||||||||||||||
Net income | Net income | $ | 102,192 | $ | 94,962 | Net income | $ | 150,283 | $ | 151,526 | ||||||||||||
Preferred dividends | Preferred dividends | (4,025) | (4,025) | Preferred dividends | (6,038) | (6,038) | ||||||||||||||||
Net income available to stockholders | Net income available to stockholders | $ | 98,167 | $ | 90,937 | Net income available to stockholders | $ | 144,245 | $ | 145,488 | ||||||||||||
Weighted average common shares outstanding for basic earnings per share | Weighted average common shares outstanding for basic earnings per share | 42,655 | 42,418 | Weighted average common shares outstanding for basic earnings per share | 42,681 | 42,471 | ||||||||||||||||
Assumed incremental common shares issued upon vesting of outstanding restricted stock units | Assumed incremental common shares issued upon vesting of outstanding restricted stock units | 98 | 145 | Assumed incremental common shares issued upon vesting of outstanding restricted stock units | 89 | 125 | ||||||||||||||||
Weighted average common shares for diluted earnings per share | Weighted average common shares for diluted earnings per share | 42,753 | 42,563 | Weighted average common shares for diluted earnings per share | 42,770 | 42,596 | ||||||||||||||||
Earnings per common share — basic | Earnings per common share — basic | $ | 2.30 | $ | 2.14 | Earnings per common share — basic | $ | 3.38 | $ | 3.43 | ||||||||||||
Earnings per common share — diluted | Earnings per common share — diluted | $ | 2.30 | $ | 2.14 | Earnings per common share — diluted | $ | 3.37 | $ | 3.42 | ||||||||||||
Number of antidilutive common stock equivalents excluded from diluted earnings per share computation | Number of antidilutive common stock equivalents excluded from diluted earnings per share computation | 95 | 76 | Number of antidilutive common stock equivalents excluded from diluted earnings per share computation | 107 | 8 | ||||||||||||||||
Number of antidilutive stock options excluded from diluted earnings per share computation | Number of antidilutive stock options excluded from diluted earnings per share computation | 62 | — | Number of antidilutive stock options excluded from diluted earnings per share computation | 62 | — |
Amortized Cost | Gross Unrealized Gains | Gross Unrealized Losses | Estimated Fair Value | Amortized Cost | Gross Unrealized Gains | Gross Unrealized Losses | Estimated Fair Value | |||||||||||||||||||||||||||||||||||||||
June 30, 2023 | ||||||||||||||||||||||||||||||||||||||||||||||
September 30, 2023 | September 30, 2023 | |||||||||||||||||||||||||||||||||||||||||||||
U.S. treasuries | U.S. treasuries | $ | 32,413 | $ | — | $ | (734) | $ | 31,679 | U.S. treasuries | $ | 32,436 | $ | — | $ | (631) | $ | 31,805 | ||||||||||||||||||||||||||||
U.S. agencies | U.S. agencies | 48,944 | — | (5,908) | 43,036 | U.S. agencies | 48,022 | — | (6,918) | 41,104 | ||||||||||||||||||||||||||||||||||||
Obligations of states and political subdivisions | Obligations of states and political subdivisions | 985,387 | 5 | (136,153) | 849,239 | Obligations of states and political subdivisions | 982,570 | — | (207,883) | 774,687 | ||||||||||||||||||||||||||||||||||||
Mortgage-backed securities - agency | Mortgage-backed securities - agency | 1,958,157 | 51 | (271,562) | 1,686,646 | Mortgage-backed securities - agency | 1,910,725 | 48 | (316,378) | 1,594,395 | ||||||||||||||||||||||||||||||||||||
Mortgage-backed securities - non-agency | Mortgage-backed securities - non-agency | 2,150,547 | 39 | (154,777) | 1,995,809 | Mortgage-backed securities - non-agency | 2,058,422 | 20 | (163,362) | 1,895,080 | ||||||||||||||||||||||||||||||||||||
Commercial mortgage-backed securities - agency | Commercial mortgage-backed securities - agency | 99,072 | — | (15,247) | 83,825 | Commercial mortgage-backed securities - agency | 98,497 | — | (17,053) | 81,444 | ||||||||||||||||||||||||||||||||||||
Commercial mortgage-backed securities - non-agency | Commercial mortgage-backed securities - non-agency | 635,549 | — | (17,557) | 617,992 | Commercial mortgage-backed securities - non-agency | 621,163 | — | (18,730) | 602,433 | ||||||||||||||||||||||||||||||||||||
Asset-backed securities | Asset-backed securities | 425,632 | — | (12,916) | 412,716 | Asset-backed securities | 397,410 | — | (13,031) | 384,379 | ||||||||||||||||||||||||||||||||||||
Corporate bonds | Corporate bonds | 59,199 | — | (2,788) | 56,411 | Corporate bonds | 59,197 | — | (2,675) | 56,522 | ||||||||||||||||||||||||||||||||||||
Total debt securities | Total debt securities | 6,394,900 | 95 | (617,642) | 5,777,353 | Total debt securities | 6,208,442 | 68 | (746,661) | 5,461,849 | ||||||||||||||||||||||||||||||||||||
Equity securities with a readily determinable fair value | Equity securities with a readily determinable fair value | 20,688 | — | — | 20,688 | Equity securities with a readily determinable fair value | 20,838 | — | — | 20,838 | ||||||||||||||||||||||||||||||||||||
Total | Total | $ | 6,415,588 | $ | 95 | $ | (617,642) | $ | 5,798,041 | Total | $ | 6,229,280 | $ | 68 | $ | (746,661) | $ | 5,482,687 | ||||||||||||||||||||||||||||
December 31, 2022 | December 31, 2022 | December 31, 2022 | ||||||||||||||||||||||||||||||||||||||||||||
U.S. treasuries | U.S. treasuries | $ | 32,369 | $ | 8 | $ | (678) | $ | 31,699 | U.S. treasuries | $ | 32,369 | $ | 8 | $ | (678) | $ | 31,699 | ||||||||||||||||||||||||||||
U.S. agencies | U.S. agencies | 49,437 | — | (6,302) | 43,135 | U.S. agencies | 49,437 | — | (6,302) | 43,135 | ||||||||||||||||||||||||||||||||||||
Obligations of states and political subdivisions | Obligations of states and political subdivisions | 1,049,578 | 14 | (170,155) | 879,437 | Obligations of states and political subdivisions | 1,049,578 | 14 | (170,155) | 879,437 | ||||||||||||||||||||||||||||||||||||
Mortgage-backed securities - agency | Mortgage-backed securities - agency | 2,042,092 | 56 | (270,043) | 1,772,105 | Mortgage-backed securities - agency | 2,042,092 | 56 | (270,043) | 1,772,105 | ||||||||||||||||||||||||||||||||||||
Mortgage-backed securities - non-agency | Mortgage-backed securities - non-agency | 2,327,308 | 1,417 | (146,849) | 2,181,876 | Mortgage-backed securities - non-agency | 2,327,308 | 1,417 | (146,849) | 2,181,876 | ||||||||||||||||||||||||||||||||||||
Commercial mortgage-backed securities - agency | Commercial mortgage-backed securities - agency | 100,518 | — | (15,395) | 85,123 | Commercial mortgage-backed securities - agency | 100,518 | — | (15,395) | 85,123 | ||||||||||||||||||||||||||||||||||||
Commercial mortgage-backed securities - non-agency | Commercial mortgage-backed securities - non-agency | 679,511 | — | (20,052) | 659,459 | Commercial mortgage-backed securities - non-agency | 679,511 | — | (20,052) | 659,459 | ||||||||||||||||||||||||||||||||||||
Asset-backed securities | Asset-backed securities | 428,397 | — | (12,343) | 416,054 | Asset-backed securities | 428,397 | — | (12,343) | 416,054 | ||||||||||||||||||||||||||||||||||||
Corporate bonds | Corporate bonds | 59,205 | — | (1,263) | 57,942 | Corporate bonds | 59,205 | — | (1,263) | 57,942 | ||||||||||||||||||||||||||||||||||||
Total debt securities | Total debt securities | 6,768,415 | 1,495 | (643,080) | 6,126,830 | Total debt securities | 6,768,415 | 1,495 | (643,080) | 6,126,830 | ||||||||||||||||||||||||||||||||||||
Equity securities with a readily determinable fair value | Equity securities with a readily determinable fair value | 20,314 | — | — | 20,314 | Equity securities with a readily determinable fair value | 20,314 | — | — | 20,314 | ||||||||||||||||||||||||||||||||||||
Total | Total | $ | 6,788,729 | $ | 1,495 | $ | (643,080) | $ | 6,147,144 | Total | $ | 6,788,729 | $ | 1,495 | $ | (643,080) | $ | 6,147,144 |
Amortized Cost | Gross Unrealized Gains | Gross Unrealized Losses | Estimated Fair Value | Amortized Cost | Gross Unrealized Gains | Gross Unrealized Losses | Estimated Fair Value | |||||||||||||||||||||||||||||||||||||||||||||||||||
June 30, 2023 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
September 30, 2023 | September 30, 2023 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Obligations of states and political subdivisions | Obligations of states and political subdivisions | $ | 834,673 | $ | 2,775 | (30,506) | $ | 806,942 | Obligations of states and political subdivisions | $ | 835,468 | $ | 1,307 | (78,149) | $ | 758,626 | ||||||||||||||||||||||||||||||||||||||||||
Total | Total | $ | 834,673 | $ | 2,775 | $ | (30,506) | $ | 806,942 | Total | $ | 835,468 | $ | 1,307 | $ | (78,149) | $ | 758,626 | ||||||||||||||||||||||||||||||||||||||||
December 31, 2022 | December 31, 2022 | December 31, 2022 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Obligations of states and political subdivisions | Obligations of states and political subdivisions | $ | 829,403 | $ | 3,096 | $ | (55,942) | $ | 776,557 | Obligations of states and political subdivisions | $ | 829,403 | $ | 3,096 | $ | (55,942) | $ | 776,557 | ||||||||||||||||||||||||||||||||||||||||
Total | Total | $ | 829,403 | $ | 3,096 | $ | (55,942) | $ | 776,557 | Total | $ | 829,403 | $ | 3,096 | $ | (55,942) | $ | 776,557 |
June 30, 2023 | September 30, 2023 | |||||||||||||||||||||
Amortized Cost | Estimated Fair Value | Amortized Cost | Estimated Fair Value | |||||||||||||||||||
Due in 1 year or less | Due in 1 year or less | $ | 17,299 | $ | 16,935 | Due in 1 year or less | $ | 22,124 | $ | 21,736 | ||||||||||||
Due in 1 to 5 years | Due in 1 to 5 years | 70,602 | 68,532 | Due in 1 to 5 years | 65,617 | 63,728 | ||||||||||||||||
Due in 5 to 10 years | Due in 5 to 10 years | 48,317 | 40,477 | Due in 5 to 10 years | 49,120 | 39,808 | ||||||||||||||||
Due after 10 years | Due after 10 years | 989,725 | 854,421 | Due after 10 years | 985,364 | 778,846 | ||||||||||||||||
Total debt securities | Total debt securities | 1,125,943 | 980,365 | Total debt securities | 1,122,225 | 904,118 | ||||||||||||||||
Mortgage and asset-backed securities | Mortgage and asset-backed securities | 5,268,957 | 4,796,988 | Mortgage and asset-backed securities | 5,086,217 | 4,557,731 | ||||||||||||||||
Equity securities with a readily determinable fair value | Equity securities with a readily determinable fair value | 20,688 | 20,688 | Equity securities with a readily determinable fair value | 20,838 | 20,838 | ||||||||||||||||
Total investment securities | Total investment securities | $ | 6,415,588 | $ | 5,798,041 | Total investment securities | $ | 6,229,280 | $ | 5,482,687 |
June 30, 2023 | September 30, 2023 | |||||||||||||||||||||
Amortized Cost | Estimated Fair Value | Amortized Cost | Estimated Fair Value | |||||||||||||||||||
Due in 1 year or less | Due in 1 year or less | $ | 1,459 | $ | 1,460 | Due in 1 year or less | $ | 5,584 | $ | 5,573 | ||||||||||||
Due in 1 to 5 years | Due in 1 to 5 years | 70,913 | 70,453 | Due in 1 to 5 years | 86,908 | 85,469 | ||||||||||||||||
Due in 5 to 10 years | Due in 5 to 10 years | 159,786 | 157,595 | Due in 5 to 10 years | 156,899 | 147,931 | ||||||||||||||||
Due after 10 years | Due after 10 years | 602,515 | 577,434 | Due after 10 years | 586,077 | 519,653 | ||||||||||||||||
Total debt securities | Total debt securities | $ | 834,673 | $ | 806,942 | Total debt securities | $ | 835,468 | $ | 758,626 |
Three Months Ended June 30, | Six Months Ended June 30, | ||||||||||||||||||||||
2023 | 2022 | 2023 | 2022 | ||||||||||||||||||||
Proceeds from sales | $ | 140,290 | $ | 149,840 | $ | 286,738 | $ | 973,911 | |||||||||||||||
Gross security gains | 483 | 357 | 483 | 7,298 | |||||||||||||||||||
Gross security losses | 808 | 2,998 | 1,912 | 7,948 |
Three Months Ended September 30, | Nine Months Ended September 30, | ||||||||||||||||||||||
2023 | 2022 | 2023 | 2022 | ||||||||||||||||||||
Proceeds from sales | $ | 44,457 | $ | 57,610 | $ | 331,196 | $ | 1,031,521 | |||||||||||||||
Gross security gains | 803 | — | 1,286 | 7,298 | |||||||||||||||||||
Gross security losses | 744 | 1,070 | 2,656 | 9,018 |
Debt securities available for sale | Less than 12 months | 12 months or longer | Total | ||||||||||||||||||||||||||||||||||||||||||||||||||
Fair Value | Unrealized Losses | Count | Fair Value | Unrealized Losses | Count | Fair Value | Unrealized Losses | Count | |||||||||||||||||||||||||||||||||||||||||||||
June 30, 2023 | |||||||||||||||||||||||||||||||||||||||||||||||||||||
U.S. treasuries | $ | 28,270 | $ | (652) | 5 | $ | 3,409 | $ | (82) | 1 | $ | 31,679 | $ | (734) | 6 | ||||||||||||||||||||||||||||||||||||||
U.S. agencies | — | — | — | 43,036 | (5,908) | 6 | 43,036 | (5,908) | 6 | ||||||||||||||||||||||||||||||||||||||||||||
Obligations of states and political subdivisions | 2,698 | (118) | 3 | 844,628 | (136,035) | 162 | 847,326 | (136,153) | 165 | ||||||||||||||||||||||||||||||||||||||||||||
Mortgage-backed securities - agency | 27,450 | (1,774) | 30 | 1,657,307 | (269,788) | 191 | 1,684,757 | (271,562) | 221 | ||||||||||||||||||||||||||||||||||||||||||||
Mortgage-backed securities - non-agency | 393,712 | (33,619) | 16 | 1,205,116 | (121,158) | 43 | 1,598,828 | (154,777) | 59 | ||||||||||||||||||||||||||||||||||||||||||||
Commercial mortgage-backed securities - agency | 1,795 | (96) | 1 | 82,030 | (15,151) | 19 | 83,825 | (15,247) | 20 | ||||||||||||||||||||||||||||||||||||||||||||
Commercial mortgage-backed securities - non-agency | 7,254 | (262) | 2 | 588,183 | (17,295) | 16 | 595,437 | (17,557) | 18 | ||||||||||||||||||||||||||||||||||||||||||||
Asset-backed securities | 31,941 | (1,997) | 1 | 121,281 | (10,919) | 10 | 153,222 | (12,916) | 11 | ||||||||||||||||||||||||||||||||||||||||||||
Corporate bonds | 48,966 | (1,532) | 2 | 7,445 | (1,256) | 6 | 56,411 | (2,788) | 8 | ||||||||||||||||||||||||||||||||||||||||||||
Total temporarily impaired securities | $ | 542,086 | $ | (40,050) | 60 | $ | 4,552,435 | $ | (577,592) | 454 | $ | 5,094,521 | $ | (617,642) | 514 | ||||||||||||||||||||||||||||||||||||||
December 31, 2022 | |||||||||||||||||||||||||||||||||||||||||||||||||||||
U.S. treasuries | $ | 28,699 | $ | (678) | 4 | $ | — | $ | — | — | $ | 28,699 | $ | (678) | 4 | ||||||||||||||||||||||||||||||||||||||
U.S. agencies | 16,487 | (222) | 5 | 26,648 | (6,080) | 2 | 43,135 | (6,302) | 7 | ||||||||||||||||||||||||||||||||||||||||||||
Obligations of states and political subdivisions | 288,457 | (28,378) | 69 | 589,641 | (141,777) | 113 | 878,098 | (170,155) | 182 | ||||||||||||||||||||||||||||||||||||||||||||
Mortgage-backed securities - agency | 241,288 | (21,420) | 99 | 1,528,951 | (248,623) | 126 | 1,770,239 | (270,043) | 225 | ||||||||||||||||||||||||||||||||||||||||||||
Mortgage-backed securities - non-agency | 950,054 | (70,213) | 25 | 693,531 | (76,636) | 25 | 1,643,585 | (146,849) | 50 | ||||||||||||||||||||||||||||||||||||||||||||
Commercial mortgage-backed securities - agency | 27,732 | (2,291) | 12 | 57,392 | (13,104) | 7 | 85,124 | (15,395) | 19 | ||||||||||||||||||||||||||||||||||||||||||||
Commercial mortgage-backed securities - non-agency | 530,541 | (16,830) | 15 | 84,619 | (3,222) | 4 | 615,160 | (20,052) | 19 | ||||||||||||||||||||||||||||||||||||||||||||
Asset-backed securities | 118,613 | (6,107) | 7 | 56,621 | (6,236) | 6 | 175,234 | (12,343) | 13 | ||||||||||||||||||||||||||||||||||||||||||||
Corporate bonds | 57,544 | (1,257) | 7 | 398 | (6) | 1 | 57,942 | (1,263) | 8 | ||||||||||||||||||||||||||||||||||||||||||||
Total temporarily impaired securities | $ | 2,259,415 | $ | (147,396) | 243 | $ | 3,037,801 | $ | (495,684) | 284 | $ | 5,297,216 | $ | (643,080) | 527 |
Securities held to maturity | Less than 12 months | 12 months or longer | Total | ||||||||||||||||||||||||||||||||||||||||||||||||||
Fair Value | Unrealized Losses | Count | Fair Value | Unrealized Losses | Count | Fair Value | Unrealized Losses | Count | |||||||||||||||||||||||||||||||||||||||||||||
June 30, 2023 | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Obligations of states and political subdivisions | $ | 727,436 | $ | (30,464) | 155 | $ | 1,522 | $ | (42) | 1 | $ | 728,958 | $ | (30,506) | 156 | ||||||||||||||||||||||||||||||||||||||
Total temporarily impaired securities | $ | 727,436 | (30,464) | 155 | $ | 1,522 | $ | (42) | 1 | $ | 728,958 | (30,506) | 156 | ||||||||||||||||||||||||||||||||||||||||
December 31, 2022 | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Obligations of states and political subdivisions | $ | 697,424 | $ | (55,942) | 155 | $ | — | $ | — | — | $ | 697,424 | $ | (55,942) | 155 | ||||||||||||||||||||||||||||||||||||||
Total temporarily impaired securities | $ | 697,424 | $ | (55,942) | 155 | $ | — | $ | — | — | $ | 697,424 | $ | (55,942) | 155 | ||||||||||||||||||||||||||||||||||||||
Debt securities available for sale | Less than 12 months | 12 months or longer | Total | ||||||||||||||||||||||||||||||||||||||||||||||||||
Fair Value | Unrealized Losses | Count | Fair Value | Unrealized Losses | Count | Fair Value | Unrealized Losses | Count | |||||||||||||||||||||||||||||||||||||||||||||
September 30, 2023 | |||||||||||||||||||||||||||||||||||||||||||||||||||||
U.S. treasuries | $ | 5,917 | $ | (72) | 2 | $ | 25,888 | $ | (559) | 3 | $ | 31,805 | $ | (631) | 5 | ||||||||||||||||||||||||||||||||||||||
U.S. agencies | — | — | — | 41,104 | (6,918) | 6 | 41,104 | (6,918) | 6 | ||||||||||||||||||||||||||||||||||||||||||||
Obligations of states and political subdivisions | 3,360 | (470) | 4 | 771,031 | (207,413) | 163 | 774,391 | (207,883) | 167 | ||||||||||||||||||||||||||||||||||||||||||||
Mortgage-backed securities - agency | 1,958 | (62) | 11 | 1,591,796 | (316,316) | 215 | 1,593,754 | (316,378) | 226 | ||||||||||||||||||||||||||||||||||||||||||||
Mortgage-backed securities - non-agency | 488,800 | (41,299) | 14 | 1,282,494 | (122,063) | 43 | 1,771,294 | (163,362) | 57 | ||||||||||||||||||||||||||||||||||||||||||||
Commercial mortgage-backed securities - agency | — | — | — | 81,444 | (17,053) | 19 | 81,444 | (17,053) | 19 | ||||||||||||||||||||||||||||||||||||||||||||
Commercial mortgage-backed securities - non-agency | 9,695 | (344) | 1 | 584,871 | (18,386) | 17 | 594,566 | (18,730) | 18 | ||||||||||||||||||||||||||||||||||||||||||||
Asset-backed securities | — | — | — | 139,217 | (13,031) | 11 | 139,217 | (13,031) | 11 | ||||||||||||||||||||||||||||||||||||||||||||
Corporate bonds | 48,634 | (1,365) | 1 | 7,888 | (1,310) | 7 | 56,522 | (2,675) | 8 | ||||||||||||||||||||||||||||||||||||||||||||
Total temporarily impaired securities | $ | 558,364 | $ | (43,612) | 33 | $ | 4,525,733 | $ | (703,049) | 484 | $ | 5,084,097 | $ | (746,661) | 517 | ||||||||||||||||||||||||||||||||||||||
December 31, 2022 | |||||||||||||||||||||||||||||||||||||||||||||||||||||
U.S. treasuries | $ | 28,699 | $ | (678) | 4 | $ | — | $ | — | — | $ | 28,699 | $ | (678) | 4 | ||||||||||||||||||||||||||||||||||||||
U.S. agencies | 16,487 | (222) | 5 | 26,648 | (6,080) | 2 | 43,135 | (6,302) | 7 | ||||||||||||||||||||||||||||||||||||||||||||
Obligations of states and political subdivisions | 288,457 | (28,378) | 69 | 589,641 | (141,777) | 113 | 878,098 | (170,155) | 182 | ||||||||||||||||||||||||||||||||||||||||||||
Mortgage-backed securities - agency | 241,288 | (21,420) | 99 | 1,528,951 | (248,623) | 126 | 1,770,239 | (270,043) | 225 | ||||||||||||||||||||||||||||||||||||||||||||
Mortgage-backed securities - non-agency | 950,054 | (70,213) | 25 | 693,531 | (76,636) | 25 | 1,643,585 | (146,849) | 50 | ||||||||||||||||||||||||||||||||||||||||||||
Commercial mortgage-backed securities - agency | 27,732 | (2,291) | 12 | 57,392 | (13,104) | 7 | 85,124 | (15,395) | 19 | ||||||||||||||||||||||||||||||||||||||||||||
Commercial mortgage-backed securities - non-agency | 530,541 | (16,830) | 15 | 84,619 | (3,222) | 4 | 615,160 | (20,052) | 19 | ||||||||||||||||||||||||||||||||||||||||||||
Asset-backed securities | 118,613 | (6,107) | 7 | 56,621 | (6,236) | 6 | 175,234 | (12,343) | 13 | ||||||||||||||||||||||||||||||||||||||||||||
Corporate bonds | 57,544 | (1,257) | 7 | 398 | (6) | 1 | 57,942 | (1,263) | 8 | ||||||||||||||||||||||||||||||||||||||||||||
Total temporarily impaired securities | $ | 2,259,415 | $ | (147,396) | 243 | $ | 3,037,801 | $ | (495,684) | 284 | $ | 5,297,216 | $ | (643,080) | 527 |
Securities held to maturity | Less than 12 months | 12 months or longer | Total | ||||||||||||||||||||||||||||||||||||||||||||||||||
Fair Value | Unrealized Losses | Count | Fair Value | Unrealized Losses | Count | Fair Value | Unrealized Losses | Count | |||||||||||||||||||||||||||||||||||||||||||||
September 30, 2023 | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Obligations of states and political subdivisions | $ | 164,348 | $ | (14,240) | 38 | $ | 531,005 | $ | (63,909) | 129 | $ | 695,353 | $ | (78,149) | 167 | ||||||||||||||||||||||||||||||||||||||
Total temporarily impaired securities | $ | 164,348 | (14,240) | 38 | $ | 531,005 | $ | (63,909) | 129 | $ | 695,353 | (78,149) | 167 | ||||||||||||||||||||||||||||||||||||||||
December 31, 2022 | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Obligations of states and political subdivisions | $ | 697,424 | $ | (55,942) | 155 | $ | — | $ | — | — | $ | 697,424 | $ | (55,942) | 155 | ||||||||||||||||||||||||||||||||||||||
Total temporarily impaired securities | $ | 697,424 | $ | (55,942) | 155 | $ | — | $ | — | — | $ | 697,424 | $ | (55,942) | 155 | ||||||||||||||||||||||||||||||||||||||
June 30, 2023 | December 31, 2022 | September 30, 2023 | December 31, 2022 | |||||||||||||||||||
Rating | Rating | Rating | ||||||||||||||||||||
AAA | AAA | $ | 83,190 | $ | 79,598 | AAA | $ | 88,254 | $ | 79,598 | ||||||||||||
AA, AA+, AA- | AA, AA+, AA- | 588,448 | 588,354 | AA, AA+, AA- | 583,188 | 588,354 | ||||||||||||||||
A+, A, A- | A+, A, A- | 138,122 | 136,624 | A+, A, A- | 138,885 | 136,624 | ||||||||||||||||
BBB | BBB | 20,618 | 20,623 | BBB | 20,113 | 20,623 | ||||||||||||||||
Not Rated | Not Rated | 4,295 | 4,204 | Not Rated | 5,028 | 4,204 | ||||||||||||||||
Total | Total | $ | 834,673 | $ | 829,403 | Total | $ | 835,468 | $ | 829,403 |
June 30, 2023 | December 31, 2022 | September 30, 2023 | December 31, 2022 | |||||||||||||||||||
Loans receivable held to maturity: | Loans receivable held to maturity: | Loans receivable held to maturity: | ||||||||||||||||||||
Commercial and industrial | Commercial and industrial | $ | 3,590,680 | $ | 3,464,414 | Commercial and industrial | $ | 3,591,809 | $ | 3,464,414 | ||||||||||||
Paycheck Protection Program ("PPP") | Paycheck Protection Program ("PPP") | 4,139 | 11,025 | Paycheck Protection Program ("PPP") | 3,750 | 11,025 | ||||||||||||||||
Owner occupied commercial real estate | Owner occupied commercial real estate | 2,398,698 | 2,265,307 | Owner occupied commercial real estate | 2,429,659 | 2,265,307 | ||||||||||||||||
Non-owner occupied commercial real estate | Non-owner occupied commercial real estate | 2,530,736 | 2,330,940 | Non-owner occupied commercial real estate | 2,656,358 | 2,330,940 | ||||||||||||||||
Real estate construction | Real estate construction | 1,013,134 | 1,076,082 | Real estate construction | 1,029,554 | 1,076,082 | ||||||||||||||||
Agricultural and agricultural real estate | Agricultural and agricultural real estate | 839,817 | 920,510 | Agricultural and agricultural real estate | 842,116 | 920,510 | ||||||||||||||||
Residential real estate | Residential real estate | 828,437 | 853,361 | Residential real estate | 813,803 | 853,361 | ||||||||||||||||
Consumer | Consumer | 512,333 | 506,713 | Consumer | 505,387 | 506,713 | ||||||||||||||||
Total loans receivable held to maturity | Total loans receivable held to maturity | 11,717,974 | 11,428,352 | Total loans receivable held to maturity | 11,872,436 | 11,428,352 | ||||||||||||||||
Allowance for credit losses | Allowance for credit losses | (111,198) | (109,483) | Allowance for credit losses | (110,208) | (109,483) | ||||||||||||||||
Loans receivable, net | Loans receivable, net | $ | 11,606,776 | $ | 11,318,869 | Loans receivable, net | $ | 11,762,228 | $ | 11,318,869 |
Allowance For Credit Losses | Gross Loans Receivable Held to Maturity | Allowance For Credit Losses | Gross Loans Receivable Held to Maturity | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Individually Evaluated for Credit Losses | Collectively Evaluated for Credit Losses | Total | Loans Individually Evaluated for Credit Losses | Loans Collectively Evaluated for Credit Losses | Total | Individually Evaluated for Credit Losses | Collectively Evaluated for Credit Losses | Total | Loans Individually Evaluated for Credit Losses | Loans Collectively Evaluated for Credit Losses | Total | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
June 30, 2023 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
September 30, 2023 | September 30, 2023 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Commercial and industrial | Commercial and industrial | $ | 6,817 | $ | 22,579 | $ | 29,396 | $ | 16,051 | $ | 3,574,629 | $ | 3,590,680 | Commercial and industrial | $ | 6,712 | $ | 21,584 | $ | 28,296 | $ | 15,242 | $ | 3,576,567 | $ | 3,591,809 | ||||||||||||||||||||||||||||||||||||||||||||
PPP | PPP | — | — | — | — | 4,139 | 4,139 | PPP | — | — | — | — | 3,750 | 3,750 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Owner occupied commercial real estate | Owner occupied commercial real estate | 290 | 14,419 | 14,709 | 7,629 | 2,391,069 | 2,398,698 | Owner occupied commercial real estate | — | 14,674 | 14,674 | 4,411 | 2,425,248 | 2,429,659 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Non-owner occupied commercial real estate | Non-owner occupied commercial real estate | 257 | 17,719 | 17,976 | 14,018 | 2,516,718 | 2,530,736 | Non-owner occupied commercial real estate | 257 | 17,027 | 17,284 | 6,580 | 2,649,778 | 2,656,358 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Real estate construction | Real estate construction | — | 28,246 | 28,246 | 910 | 1,012,224 | 1,013,134 | Real estate construction | — | 28,979 | 28,979 | 910 | 1,028,644 | 1,029,554 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Agricultural and agricultural real estate | Agricultural and agricultural real estate | 1,000 | 2,511 | 3,511 | 7,147 | 832,670 | 839,817 | Agricultural and agricultural real estate | 2,021 | 2,383 | 4,404 | 6,964 | 835,152 | 842,116 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Residential real estate | Residential real estate | — | 7,644 | 7,644 | 2,254 | 826,183 | 828,437 | Residential real estate | — | 7,107 | 7,107 | 2,216 | 811,587 | 813,803 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Consumer | Consumer | — | 9,716 | 9,716 | — | 512,333 | 512,333 | Consumer | — | 9,464 | 9,464 | — | 505,387 | 505,387 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total | Total | $ | 8,364 | $ | 102,834 | $ | 111,198 | $ | 48,009 | $ | 11,669,965 | $ | 11,717,974 | Total | $ | 8,990 | $ | 101,218 | $ | 110,208 | $ | 36,323 | $ | 11,836,113 | $ | 11,872,436 | ||||||||||||||||||||||||||||||||||||||||||||
December 31, 2022 | December 31, 2022 | December 31, 2022 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Commercial and industrial | Commercial and industrial | $ | 6,670 | $ | 22,401 | $ | 29,071 | $ | 18,712 | $ | 3,445,702 | $ | 3,464,414 | Commercial and industrial | $ | 6,670 | $ | 22,401 | $ | 29,071 | $ | 18,712 | $ | 3,445,702 | $ | 3,464,414 | ||||||||||||||||||||||||||||||||||||||||||||
PPP | PPP | — | — | — | — | 11,025 | 11,025 | PPP | — | — | — | — | 11,025 | 11,025 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Owner occupied commercial real estate | Owner occupied commercial real estate | 376 | 13,572 | 13,948 | 7,932 | 2,257,375 | 2,265,307 | Owner occupied commercial real estate | 376 | 13,572 | 13,948 | 7,932 | 2,257,375 | 2,265,307 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Non-owner occupied commercial real estate | Non-owner occupied commercial real estate | — | 16,539 | 16,539 | 11,371 | 2,319,569 | 2,330,940 | Non-owner occupied commercial real estate | — | 16,539 | 16,539 | 11,371 | 2,319,569 | 2,330,940 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Real estate construction | Real estate construction | — | 29,998 | 29,998 | 1,518 | 1,074,564 | 1,076,082 | Real estate construction | — | 29,998 | 29,998 | 1,518 | 1,074,564 | 1,076,082 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Agricultural and agricultural real estate | Agricultural and agricultural real estate | 63 | 2,571 | 2,634 | 3,851 | 916,659 | 920,510 | Agricultural and agricultural real estate | 63 | 2,571 | 2,634 | 3,851 | 916,659 | 920,510 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Residential real estate | Residential real estate | — | 7,711 | 7,711 | 1,607 | 851,754 | 853,361 | Residential real estate | — | 7,711 | 7,711 | 1,607 | 851,754 | 853,361 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Consumer | Consumer | — | 9,582 | 9,582 | — | 506,713 | 506,713 | Consumer | — | 9,582 | 9,582 | — | 506,713 | 506,713 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total | Total | $ | 7,109 | $ | 102,374 | $ | 109,483 | $ | 44,991 | $ | 11,383,361 | $ | 11,428,352 | Total | $ | 7,109 | $ | 102,374 | $ | 109,483 | $ | 44,991 | $ | 11,383,361 | $ | 11,428,352 |
For the Three Months Ended June 30, 2023 | Loan Modifications Made to Borrowers Experiencing Financial Difficulty | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
For the Three Months Ended September 30, 2023 | For the Three Months Ended September 30, 2023 | Loan Modifications Made to Borrowers Experiencing Financial Difficulty | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Term Extension | Term Extension and Interest Only Payments | Term Extension | Term Extension and Interest Only Payments | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Amortized Cost Basis | % of Loan Category | Amortized Cost Basis | % of Loan Category | Amortized Cost Basis | % of Loan Category | Amortized Cost Basis | % of Loan Category | ||||||||||||||||||||||||||||||||||||||||||||||||
Commercial | Commercial | $ | 1,411 | 0.04 | % | $ | — | — | % | Commercial | $ | — | — | % | $ | — | — | % | |||||||||||||||||||||||||||||||||||||
Owner occupied commercial real estate | Owner occupied commercial real estate | — | — | — | — | Owner occupied commercial real estate | — | — | — | — | |||||||||||||||||||||||||||||||||||||||||||||
Real estate construction | Real estate construction | — | — | — | — | Real estate construction | — | — | — | — | |||||||||||||||||||||||||||||||||||||||||||||
Agricultural and agricultural real estate | Agricultural and agricultural real estate | 1,354 | 0.16 | — | — | Agricultural and agricultural real estate | 1,992 | 0.24 | — | — | |||||||||||||||||||||||||||||||||||||||||||||
Residential real estate | Residential real estate | — | — | — | — | Residential real estate | — | — | — | — | |||||||||||||||||||||||||||||||||||||||||||||
Total | Total | $ | 2,765 | 0.02 | % | $ | — | — | % | Total | $ | 1,992 | 0.02 | % | $ | — | — | % |
For the Six Months Ended June 23, 2023 | Loan Modifications Made to Borrowers Experiencing Financial Difficulty | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
For the Nine Months Ended September 30, 2023 | For the Nine Months Ended September 30, 2023 | Loan Modifications Made to Borrowers Experiencing Financial Difficulty | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Term Extension | Term Extension and Interest Only Payments | Term Extension | Term Extension and Interest Only Payments | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Amortized Cost Basis | % of Loan Category | Amortized Cost Basis | % of Loan Category | Amortized Cost Basis | % of Loan Category | Amortized Cost Basis | % of Loan Category | ||||||||||||||||||||||||||||||||||||||||||||||||
Commercial | Commercial | $ | 5,073 | 0.14 | % | $ | — | — | % | Commercial | $ | 4,233 | 0.12 | % | $ | — | — | % | |||||||||||||||||||||||||||||||||||||
Owner occupied commercial real estate | Owner occupied commercial real estate | — | — | 5,043 | 0.21 | Owner occupied commercial real estate | — | — | 5,043 | 0.21 | |||||||||||||||||||||||||||||||||||||||||||||
Real estate construction | Real estate construction | 1,477 | 0.15 | — | — | Real estate construction | 1,453 | 0.14 | — | — | |||||||||||||||||||||||||||||||||||||||||||||
Agricultural and agricultural real estate | Agricultural and agricultural real estate | 1,354 | 0.16 | — | — | Agricultural and agricultural real estate | 3,546 | 0.42 | — | — | |||||||||||||||||||||||||||||||||||||||||||||
Residential real estate | Residential real estate | 752 | 0.09 | — | — | Residential real estate | 741 | 0.09 | — | — | |||||||||||||||||||||||||||||||||||||||||||||
Total | Total | $ | 8,656 | 0.07 | % | $ | 5,043 | 0.04 | % | Total | $ | 9,973 | 0.08 | % | $ | 5,043 | 0.04 | % |
Loan Type | Loan Type | Weighted Average Term Extension (months) | Weighted Average Term Extension and Interest Only Payments (months) | Loan Type | Weighted Average Term Extension (months) | Weighted Average Term Extension and Interest Only Payments (months) | ||||||||||||||||||||||
Commercial and industrial | Commercial and industrial | 9 | 0 | Commercial and industrial | 8 | 0 | ||||||||||||||||||||||
Owner occupied commercial real estate | Owner occupied commercial real estate | 0 | 12 | Owner occupied commercial real estate | 0 | 12 | ||||||||||||||||||||||
Real estate construction | Real estate construction | 6 | 0 | Real estate construction | 6 | 0 | ||||||||||||||||||||||
Agricultural and agricultural real estate | Agricultural and agricultural real estate | 9 | 0 | Agricultural and agricultural real estate | 11 | 0 | ||||||||||||||||||||||
Residential real estate | Residential real estate | 12 | 0 | Residential real estate | 12 | 0 |
Accruing Loans | Accruing Loans | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
30-59 Days Past Due | 60-89 Days Past Due | 90 Days or More Past Due | Total Past Due | Current | Nonaccrual | 30-59 Days Past Due | 60-89 Days Past Due | 90 Days or More Past Due | Total Past Due | Current | Nonaccrual | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
June 30, 2023 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
September 30, 2023 | September 30, 2023 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Commercial and industrial | Commercial and industrial | $ | — | $ | — | $ | — | $ | — | $ | 5,073 | $ | — | Commercial and industrial | $ | — | $ | — | $ | — | $ | — | $ | 4,233 | $ | — | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Owner occupied commercial real estate | Owner occupied commercial real estate | — | — | — | — | 5,043 | — | Owner occupied commercial real estate | — | — | — | — | 5,043 | — | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Real estate construction | Real estate construction | — | — | — | — | — | 1,477 | Real estate construction | — | — | — | — | — | 1,453 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Agricultural and agricultural real estate | Agricultural and agricultural real estate | — | — | — | — | 1,354 | — | Agricultural and agricultural real estate | — | — | — | — | 3,546 | — | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Residential real estate | Residential real estate | — | — | — | — | — | 752 | Residential real estate | — | — | — | — | — | 741 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total | Total | $ | — | $ | — | $ | — | $ | — | $ | 11,470 | $ | 2,229 | Total | $ | — | $ | — | $ | — | $ | — | $ | 12,822 | $ | 2,194 |
As of June 30, 2023 | Amortized Cost Basis of Term Loans by Year of Origination | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
As of September 30, 2023 | As of September 30, 2023 | Amortized Cost Basis of Term Loans by Year of Origination | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
2023 | 2022 | 2021 | 2020 | 2019 | 2018 and Prior | Revolving | Total | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 and Prior | Revolving | Total | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Commercial and industrial | Commercial and industrial | Commercial and industrial | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Pass | Pass | $ | 347,091 | $ | 891,309 | $ | 375,623 | $ | 221,147 | $ | 88,352 | $ | 340,468 | $ | 1,139,264 | $ | 3,403,254 | Pass | $ | 371,612 | $ | 844,387 | $ | 359,961 | $ | 207,736 | $ | 86,378 | $ | 331,567 | $ | 1,232,550 | $ | 3,434,191 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Watch | Watch | 5,500 | 16,536 | 1,431 | 1,764 | 6,012 | 11,266 | 46,907 | 89,416 | Watch | 4,078 | 23,685 | 253 | 3,266 | 3,200 | 10,002 | 26,000 | 70,484 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Substandard | Substandard | 20,127 | 7,012 | 5,520 | 9,008 | 20,299 | 10,765 | 25,279 | 98,010 | Substandard | 18,954 | 12,849 | 4,005 | 6,025 | 18,761 | 7,971 | 18,569 | 87,134 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Commercial and industrial total | Commercial and industrial total | $ | 372,718 | $ | 914,857 | $ | 382,574 | $ | 231,919 | $ | 114,663 | $ | 362,499 | $ | 1,211,450 | $ | 3,590,680 | Commercial and industrial total | $ | 394,644 | $ | 880,921 | $ | 364,219 | $ | 217,027 | $ | 108,339 | $ | 349,540 | $ | 1,277,119 | $ | 3,591,809 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Commercial and industrial charge-offs | Commercial and industrial charge-offs | $ | — | $ | 290 | $ | 101 | $ | 1,414 | $ | 554 | $ | 1,386 | $ | 1,392 | $ | 5,137 | Commercial and industrial charge-offs | $ | — | $ | 567 | $ | 196 | $ | 1,414 | $ | 554 | $ | 1,938 | $ | 1,812 | $ | 6,481 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
PPP | PPP | PPP | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Pass | Pass | $ | — | $ | — | $ | 3,944 | $ | 69 | $ | — | $ | — | $ | — | $ | 4,013 | Pass | $ | — | $ | — | $ | 2,968 | $ | 59 | $ | — | $ | — | $ | — | $ | 3,027 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Watch | Watch | — | — | 6 | — | — | — | — | 6 | Watch | — | — | 636 | — | — | — | — | 636 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Substandard | Substandard | — | — | 120 | — | — | — | — | 120 | Substandard | — | — | 87 | — | — | — | — | 87 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
PPP total | PPP total | $ | — | $ | — | $ | 4,070 | $ | 69 | $ | — | $ | — | $ | — | $ | 4,139 | PPP total | $ | — | $ | — | $ | 3,691 | $ | 59 | $ | — | $ | — | $ | — | $ | 3,750 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
PPP charge-offs | PPP charge-offs | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | PPP charge-offs | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Owner occupied commercial real estate |
As of June 30, 2023 | Amortized Cost Basis of Term Loans by Year of Origination | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
As of September 30, 2023 | As of September 30, 2023 | Amortized Cost Basis of Term Loans by Year of Origination | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
2023 | 2022 | 2021 | 2020 | 2019 | 2018 and Prior | Revolving | Total | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 and Prior | Revolving | Total | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Owner occupied commercial real estate | Owner occupied commercial real estate | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Pass | Pass | $ | 223,815 | $ | 500,240 | $ | 768,837 | $ | 228,536 | $ | 246,327 | $ | 242,129 | $ | 40,683 | $ | 2,250,567 | Pass | $ | 283,766 | $ | 501,294 | $ | 770,707 | $ | 228,578 | $ | 242,952 | $ | 236,637 | $ | 43,522 | $ | 2,307,456 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Watch | Watch | 19,888 | 15,187 | 15,238 | 4,013 | 8,418 | 11,065 | 321 | 74,130 | Watch | 15,369 | 11,034 | 15,380 | 2,690 | 10,724 | 6,661 | — | 61,858 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Substandard | Substandard | 23,518 | 9,897 | 3,665 | 22,093 | 5,154 | 9,322 | 352 | 74,001 | Substandard | 23,354 | 12,824 | 3,479 | 12,050 | 4,132 | 4,506 | — | 60,345 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Owner occupied commercial real estate total | Owner occupied commercial real estate total | $ | 267,221 | $ | 525,324 | $ | 787,740 | $ | 254,642 | $ | 259,899 | $ | 262,516 | $ | 41,356 | $ | 2,398,698 | Owner occupied commercial real estate total | $ | 322,489 | $ | 525,152 | $ | 789,566 | $ | 243,318 | $ | 257,808 | $ | 247,804 | $ | 43,522 | $ | 2,429,659 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Owner occupied commercial real estate charge-offs | Owner occupied commercial real estate charge-offs | $ | — | $ | — | $ | — | $ | 5 | $ | — | $ | 14 | $ | — | $ | 19 | Owner occupied commercial real estate charge-offs | $ | — | $ | — | $ | — | $ | 5 | $ | — | $ | 14 | $ | — | $ | 19 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Non-owner occupied commercial real estate | Non-owner occupied commercial real estate | Non-owner occupied commercial real estate | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Pass | Pass | $ | 282,886 | $ | 742,328 | $ | 518,555 | $ | 219,439 | $ | 245,083 | $ | 302,523 | $ | 63,131 | $ | 2,373,945 | Pass | $ | 479,766 | $ | 743,063 | $ | 480,475 | $ | 219,733 | $ | 242,084 | $ | 276,518 | $ | 43,226 | $ | 2,484,865 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Watch | Watch | — | 4,448 | 1,355 | 3,222 | 27,118 | 40,103 | — | 76,246 | Watch | 28,925 | 3,673 | 437 | 2,412 | 27,620 | 51,230 | — | 114,297 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Substandard | Substandard | — | 6,873 | 3,757 | 942 | 26,916 | 42,057 | — | 80,545 | Substandard | — | 6,697 | 690 | 652 | 14,816 | 34,341 | — | 57,196 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Non-owner occupied commercial real estate total | Non-owner occupied commercial real estate total | $ | 282,886 | $ | 753,649 | $ | 523,667 | $ | 223,603 | $ | 299,117 | $ | 384,683 | $ | 63,131 | $ | 2,530,736 | Non-owner occupied commercial real estate total | $ | 508,691 | $ | 753,433 | $ | 481,602 | $ | 222,797 | $ | 284,520 | $ | 362,089 | $ | 43,226 | $ | 2,656,358 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Non-owner occupied commercial real estate charge-offs | Non-owner occupied commercial real estate charge-offs | $ | — | $ | — | $ | — | $ | 29 | $ | — | $ | — | $ | — | $ | 29 | Non-owner occupied commercial real estate charge-offs | $ | — | $ | 62 | $ | — | $ | 29 | $ | 398 | $ | 147 | $ | — | $ | 636 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Real estate construction | Real estate construction | Real estate construction | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Pass | Pass | $ | 114,193 | $ | 557,657 | $ | 262,600 | $ | 41,632 | $ | 12,094 | $ | 4,591 | $ | 7,906 | $ | 1,000,673 | Pass | $ | 207,371 | $ | 529,810 | $ | 207,672 | $ | 35,069 | $ | 11,885 | $ | 3,834 | $ | 8,438 | $ | 1,004,079 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Watch | Watch | — | 6,546 | — | 76 | — | 102 | — | 6,724 | Watch | — | 12,808 | 1,823 | 74 | — | 100 | — | 14,805 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Substandard | Substandard | 406 | 4,239 | 665 | 340 | 17 | 70 | — | 5,737 | Substandard | 394 | 9,275 | 665 | 336 | — | — | — | 10,670 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Real estate construction total | Real estate construction total | $ | 114,599 | $ | 568,442 | $ | 263,265 | $ | 42,048 | $ | 12,111 | $ | 4,763 | $ | 7,906 | $ | 1,013,134 | Real estate construction total | $ | 207,765 | $ | 551,893 | $ | 210,160 | $ | 35,479 | $ | 11,885 | $ | 3,934 | $ | 8,438 | $ | 1,029,554 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Real estate construction charge-offs | Real estate construction charge-offs | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | Real estate construction charge-offs | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Agricultural and agricultural real estate | Agricultural and agricultural real estate | Agricultural and agricultural real estate | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Pass | Pass | $ | 109,375 | $ | 233,885 | $ | 120,638 | $ | 69,406 | $ | 30,000 | $ | 51,715 | $ | 187,766 | $ | 802,785 | Pass | $ | 130,711 | $ | 231,769 | $ | 119,184 | $ | 68,386 | $ | 29,310 | $ | 49,609 | $ | 178,635 | $ | 807,604 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Watch | Watch | 780 | 240 | 750 | 2,901 | 418 | 607 | 764 | 6,460 | Watch | 2,626 | 359 | 740 | 2,033 | 150 | 438 | 2,292 | 8,638 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Substandard | Substandard | 1,366 | 9,832 | 3,374 | 54 | 911 | 14,117 | 918 | 30,572 | Substandard | 1,496 | 7,635 | 1,770 | 35 | 912 | 13,454 | 572 | 25,874 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Agricultural and agricultural real estate total | Agricultural and agricultural real estate total | $ | 111,521 | $ | 243,957 | $ | 124,762 | $ | 72,361 | $ | 31,329 | $ | 66,439 | $ | 189,448 | $ | 839,817 | Agricultural and agricultural real estate total | $ | 134,833 | $ | 239,763 | $ | 121,694 | $ | 70,454 | $ | 30,372 | $ | 63,501 | $ | 181,499 | $ | 842,116 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Agricultural and agricultural real estate charge-offs | Agricultural and agricultural real estate charge-offs | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | 5,309 | $ | 5,309 | Agricultural and agricultural real estate charge-offs | $ | — | $ | — | $ | — | $ | 9 | $ | — | $ | 1 | $ | 5,309 | $ | 5,319 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Residential real estate | Residential real estate | Residential real estate | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Pass | Pass | $ | 41,579 | $ | 189,390 | $ | 256,355 | $ | 80,165 | $ | 44,278 | $ | 177,741 | $ | 19,838 | $ | 809,346 | Pass | $ | 60,769 | $ | 183,291 | $ | 247,584 | $ | 75,960 | $ | 44,007 | $ | 166,554 | $ | 18,715 | $ | 796,880 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Watch | Watch | — | 2,045 | 3,006 | 48 | 1,441 | 4,632 | 34 | 11,206 | Watch | 63 | 1,479 | 1,666 | 614 | 674 | 4,194 | — | 8,690 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Substandard | Substandard | 799 | 203 | 1,512 | 827 | 219 | 3,926 | 399 | 7,885 | Substandard | 741 | — | 2,728 | 768 | 265 | 3,332 | 399 | 8,233 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Residential real estate total | Residential real estate total | $ | 42,378 | $ | 191,638 | $ | 260,873 | $ | 81,040 | $ | 45,938 | $ | 186,299 | $ | 20,271 | $ | 828,437 | Residential real estate total | $ | 61,573 | $ | 184,770 | $ | 251,978 | $ | 77,342 | $ | 44,946 | $ | 174,080 | $ | 19,114 | $ | 813,803 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Residential real estate charge-offs | Residential real estate charge-offs | $ | — | $ | 59 | $ | — | $ | — | $ | — | $ | — | $ | — | $ | 59 | Residential real estate charge-offs | $ | — | $ | 59 | $ | — | $ | — | $ | — | $ | — | $ | — | $ | 59 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Consumer | Consumer | Consumer | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Pass | Pass | $ | 30,129 | $ | 70,624 | $ | 41,217 | $ | 9,952 | $ | 4,700 | $ | 15,735 | $ | 332,789 | $ | 505,146 | Pass | $ | 41,649 | $ | 66,162 | $ | 38,254 | $ | 9,007 | $ | 4,167 | $ | 14,394 | $ | 325,015 | $ | 498,648 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Watch | Watch | 625 | 69 | 829 | 35 | 44 | 801 | 1,491 | 3,894 | Watch | 618 | 91 | 710 | 26 | 44 | 430 | 1,582 | 3,501 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Substandard | Substandard | 8 | 264 | 222 | 95 | 185 | 1,938 | 581 | 3,293 | Substandard | 2 | 282 | 320 | 69 | 145 | 2,039 | 381 | 3,238 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Consumer total | Consumer total | $ | 30,762 | $ | 70,957 | $ | 42,268 | $ | 10,082 | $ | 4,929 | $ | 18,474 | $ | 334,861 | $ | 512,333 | Consumer total | $ | 42,269 | $ | 66,535 | $ | 39,284 | $ | 9,102 | $ | 4,356 | $ | 16,863 | $ | 326,978 | $ | 505,387 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Consumer charge-offs | Consumer charge-offs | $ | — | $ | 87 | $ | 71 | $ | 23 | $ | 18 | $ | 8 | $ | 1,004 | $ | 1,211 | Consumer charge-offs | $ | — | $ | 210 | $ | 112 | $ | 23 | $ | 18 | $ | 27 | $ | 2,824 | $ | 3,214 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total Pass | Total Pass | $ | 1,149,068 | $ | 3,185,433 | $ | 2,347,769 | $ | 870,346 | $ | 670,834 | $ | 1,134,902 | $ | 1,791,377 | $ | 11,149,729 | Total Pass | $ | 1,575,644 | $ | 3,099,776 | $ | 2,226,805 | $ | 844,528 | $ | 660,783 | $ | 1,079,113 | $ | 1,850,101 | $ | 11,336,750 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total Watch | Total Watch | 26,793 | 45,071 | 22,615 | 12,059 | 43,451 | 68,576 | 49,517 | 268,082 | Total Watch | 51,679 | 53,129 | 21,645 | 11,115 | 42,412 | 73,055 | 29,874 | 282,909 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total Substandard | Total Substandard | 46,224 | 38,320 | 18,835 | 33,359 | 53,701 | 82,195 | 27,529 | 300,163 | Total Substandard | 44,941 | 49,562 | 13,744 | 19,935 | 39,031 | 65,643 | 19,921 | 252,777 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total Loans | Total Loans | $ | 1,222,085 | $ | 3,268,824 | $ | 2,389,219 | $ | 915,764 | $ | 767,986 | $ | 1,285,673 | $ | 1,868,423 | $ | 11,717,974 | Total Loans | $ | 1,672,264 | $ | 3,202,467 | $ | 2,262,194 | $ | 875,578 | $ | 742,226 | $ | 1,217,811 | $ | 1,899,896 | $ | 11,872,436 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total Charge-offs | Total Charge-offs | $ | — | $ | 436 | $ | 172 | $ | 1,471 | $ | 572 | $ | 1,408 | $ | 7,705 | $ | 11,764 | Total Charge-offs | $ | — | $ | 898 | $ | 308 | $ | 1,480 | $ | 970 | $ | 2,127 | $ | 9,945 | $ | 15,728 |
As of December 31, 2022 | Amortized Cost Basis of Term Loans by Year of Origination | ||||||||||||||||||||||||||||||||||||||||||||||
2022 | 2021 | 2020 | 2019 | 2018 | 2017 and Prior | Revolving | Total | ||||||||||||||||||||||||||||||||||||||||
Commercial and industrial | |||||||||||||||||||||||||||||||||||||||||||||||
Pass | $ | 967,103 | $ | 442,001 | $ | 260,021 | $ | 101,998 | $ | 57,776 | $ | 421,312 | $ | 1,064,333 | $ | 3,314,544 | |||||||||||||||||||||||||||||||
Watch | 12,638 | 1,370 | 685 | 5,487 | 2,882 | 3,315 | 21,984 | 48,361 | |||||||||||||||||||||||||||||||||||||||
Substandard | 6,691 | 14,366 | 9,369 | 22,171 | 5,546 | 6,758 | 36,608 | 101,509 | |||||||||||||||||||||||||||||||||||||||
Commercial and industrial total | $ | 986,432 | $ | 457,737 | $ | 270,075 | $ | 129,656 | $ | 66,204 | $ | 431,385 | $ | 1,122,925 | $ | 3,464,414 | |||||||||||||||||||||||||||||||
PPP | |||||||||||||||||||||||||||||||||||||||||||||||
Pass | $ | — | $ | 7,807 | $ | 526 | $ | — | $ | — | $ | — | $ | — | $ | 8,333 | |||||||||||||||||||||||||||||||
Watch | — | 7 | — | — | — | — | — | 7 | |||||||||||||||||||||||||||||||||||||||
Substandard | — | 2,685 | — | — | — | — | — | 2,685 | |||||||||||||||||||||||||||||||||||||||
PPP total | $ | — | $ | 10,499 | $ | 526 | $ | — | $ | — | $ | — | $ | — | $ | 11,025 | |||||||||||||||||||||||||||||||
Owner occupied commercial real estate | |||||||||||||||||||||||||||||||||||||||||||||||
Pass | $ | 511,547 | $ | 781,946 | $ | 255,476 | $ | 266,228 | $ | 103,943 | $ | 179,503 | $ | 34,117 | $ | 2,132,760 | |||||||||||||||||||||||||||||||
Watch | 22,079 | 3,410 | 12,346 | 8,520 | 3,645 | 11,899 | — | 61,899 | |||||||||||||||||||||||||||||||||||||||
Substandard | 2,971 | 23,802 | 26,490 | 6,358 | 2,574 | 7,353 | 1,100 | 70,648 | |||||||||||||||||||||||||||||||||||||||
Owner occupied commercial real estate total | $ | 536,597 | $ | 809,158 | $ | 294,312 | $ | 281,106 | $ | 110,162 | $ | 198,755 | $ | 35,217 | $ | 2,265,307 | |||||||||||||||||||||||||||||||
Non-owner occupied commercial real estate | |||||||||||||||||||||||||||||||||||||||||||||||
Pass | $ | 756,059 | $ | 515,075 | $ | 227,383 | $ | 261,964 | $ | 127,400 | $ | 210,289 | $ | 70,398 | $ | 2,168,568 | |||||||||||||||||||||||||||||||
Watch | 8,131 | 792 | 2,849 | 38,218 | 38,510 | 16,180 | 547 | 105,227 | |||||||||||||||||||||||||||||||||||||||
Substandard | 202 | 6,784 | 1,838 | 16,019 | 22,332 | 9,970 | — | 57,145 | |||||||||||||||||||||||||||||||||||||||
Non-owner occupied commercial real estate total | $ | 764,392 | $ | 522,651 | $ | 232,070 | $ | 316,201 | $ | 188,242 | $ | 236,439 | $ | 70,945 | $ | 2,330,940 | |||||||||||||||||||||||||||||||
Real estate construction | |||||||||||||||||||||||||||||||||||||||||||||||
Pass | $ | 597,370 | $ | 328,391 | $ | 88,660 | $ | 21,221 | $ | 2,568 | $ | 6,274 | $ | 8,252 | $ | 1,052,736 | |||||||||||||||||||||||||||||||
Watch | 665 | 16,218 | 1,257 | — | — | 122 | — | 18,262 | |||||||||||||||||||||||||||||||||||||||
Substandard | 2,587 | 356 | 173 | 446 | 1,478 | 44 | — | 5,084 | |||||||||||||||||||||||||||||||||||||||
Real estate construction total | $ | 600,622 | $ | 344,965 | $ | 90,090 | $ | 21,667 | $ | 4,046 | $ | 6,440 | $ | 8,252 | $ | 1,076,082 | |||||||||||||||||||||||||||||||
Agricultural and agricultural real estate | |||||||||||||||||||||||||||||||||||||||||||||||
Pass | $ | 324,791 | $ | 140,252 | $ | 79,307 | $ | 34,447 | $ | 22,600 | $ | 38,672 | $ | 239,686 | $ | 879,755 | |||||||||||||||||||||||||||||||
Watch | 3,795 | 515 | 3,865 | 641 | 444 | 672 | 902 | 10,834 | |||||||||||||||||||||||||||||||||||||||
Substandard | 8,674 | 3,224 | 204 | 1,859 | 12,323 | 2,682 | 955 | 29,921 | |||||||||||||||||||||||||||||||||||||||
Agricultural and agricultural real estate total | $ | 337,260 | $ | 143,991 | $ | 83,376 | $ | 36,947 | $ | 35,367 | $ | 42,026 | $ | 241,543 | $ | 920,510 | |||||||||||||||||||||||||||||||
Residential real estate | |||||||||||||||||||||||||||||||||||||||||||||||
Pass | $ | 189,133 | $ | 268,561 | $ | 64,627 | $ | 39,468 | $ | 34,863 | $ | 217,489 | $ | 23,331 | $ | 837,472 | |||||||||||||||||||||||||||||||
Watch | 706 | 1,095 | 88 | 957 | 2,296 | 2,237 | 399 | 7,778 | |||||||||||||||||||||||||||||||||||||||
Substandard | 28 | 1,273 | 1,024 | 99 | 792 | 4,895 | — | 8,111 | |||||||||||||||||||||||||||||||||||||||
Residential real estate total | $ | 189,867 | $ | 270,929 | $ | 65,739 | $ | 40,524 | $ | 37,951 | $ | 224,621 | $ | 23,730 | $ | 853,361 | |||||||||||||||||||||||||||||||
Consumer | |||||||||||||||||||||||||||||||||||||||||||||||
Pass | $ | 80,592 | $ | 47,787 | $ | 11,722 | $ | 6,022 | $ | 4,840 | $ | 24,655 | $ | 325,247 | $ | 500,865 | |||||||||||||||||||||||||||||||
Watch | 20 | 191 | 35 | 119 | 74 | 1,584 | 953 | 2,976 | |||||||||||||||||||||||||||||||||||||||
Substandard | 188 | 331 | 242 | 303 | 75 | 1,539 | 194 | 2,872 | |||||||||||||||||||||||||||||||||||||||
Consumer total | $ | 80,800 | $ | 48,309 | $ | 11,999 | $ | 6,444 | $ | 4,989 | $ | 27,778 | $ | 326,394 | $ | 506,713 | |||||||||||||||||||||||||||||||
Total Pass | $ | 3,426,595 | $ | 2,531,820 | $ | 987,722 | $ | 731,348 | $ | 353,990 | $ | 1,098,194 | $ | 1,765,364 | $ | 10,895,033 | |||||||||||||||||||||||||||||||
Total Watch | 48,034 | 23,598 | 21,125 | 53,942 | 47,851 | 36,009 | 24,785 | 255,344 | |||||||||||||||||||||||||||||||||||||||
Total Substandard | 21,341 | 52,821 | 39,340 | 47,255 | 45,120 | 33,241 | 38,857 | 277,975 | |||||||||||||||||||||||||||||||||||||||
Total Loans | $ | 3,495,970 | $ | 2,608,239 | $ | 1,048,187 | $ | 832,545 | $ | 446,961 | $ | 1,167,444 | $ | 1,829,006 | $ | 11,428,352 |
Accruing Loans | |||||||||||||||||||||||||||||||||||||||||
30-59 Days Past Due | 60-89 Days Past Due | 90 Days or More Past Due | Total Past Due | Current | Nonaccrual | Total Loans | |||||||||||||||||||||||||||||||||||
June 30, 2023 | |||||||||||||||||||||||||||||||||||||||||
Commercial and industrial | $ | 6,646 | $ | 1,202 | $ | 517 | $ | 8,365 | $ | 3,561,379 | $ | 20,936 | $ | 3,590,680 | |||||||||||||||||||||||||||
PPP | 19 | — | 109 | 128 | 4,011 | — | 4,139 | ||||||||||||||||||||||||||||||||||
Owner occupied commercial real estate | 137 | 2,290 | — | 2,427 | 2,387,931 | 8,340 | 2,398,698 | ||||||||||||||||||||||||||||||||||
Non-owner occupied commercial real estate | — | — | — | — | 2,516,515 | 14,221 | 2,530,736 | ||||||||||||||||||||||||||||||||||
Real estate construction | 36 | — | — | 36 | 1,010,274 | 2,824 | 1,013,134 | ||||||||||||||||||||||||||||||||||
Agricultural and agricultural real estate | 108 | 360 | 1 | 469 | 829,814 | 9,534 | 839,817 | ||||||||||||||||||||||||||||||||||
Residential real estate | 673 | 321 | 780 | 1,774 | 821,925 | 4,738 | 828,437 | ||||||||||||||||||||||||||||||||||
Consumer | 1,499 | 371 | 52 | 1,922 | 509,048 | 1,363 | 512,333 | ||||||||||||||||||||||||||||||||||
Total gross loans receivable held to maturity | $ | 9,118 | $ | 4,544 | $ | 1,459 | $ | 15,121 | $ | 11,640,897 | $ | 61,956 | $ | 11,717,974 | |||||||||||||||||||||||||||
December 31, 2022 | |||||||||||||||||||||||||||||||||||||||||
Commercial and industrial | $ | 1,099 | $ | 356 | $ | 131 | $ | 1,586 | $ | 3,440,062 | $ | 22,766 | $ | 3,464,414 | |||||||||||||||||||||||||||
PPP | — | — | — | — | 11,006 | 19 | 11,025 | ||||||||||||||||||||||||||||||||||
Owner occupied commercial real estate | 12 | 127 | — | 139 | 2,256,365 | 8,803 | 2,265,307 | ||||||||||||||||||||||||||||||||||
Non-owner occupied commercial real estate | — | — | — | — | 2,319,282 | 11,658 | 2,330,940 | ||||||||||||||||||||||||||||||||||
Real estate construction | 16 | 28 | — | 44 | 1,073,687 | 2,351 | 1,076,082 | ||||||||||||||||||||||||||||||||||
Agricultural and agricultural real estate | 48 | — | 142 | 190 | 914,088 | 6,232 | 920,510 | ||||||||||||||||||||||||||||||||||
Residential real estate | 1,206 | 152 | — | 1,358 | 846,739 | 5,264 | 853,361 | ||||||||||||||||||||||||||||||||||
Consumer | 1,526 | 196 | — | 1,722 | 503,853 | 1,138 | 506,713 | ||||||||||||||||||||||||||||||||||
Total gross loans receivable held to maturity | $ | 3,907 | $ | 859 | $ | 273 | $ | 5,039 | $ | 11,365,082 | $ | 58,231 | $ | 11,428,352 |
Accruing Loans | |||||||||||||||||||||||||||||||||||||||||
30-59 Days Past Due | 60-89 Days Past Due | 90 Days or More Past Due | Total Past Due | Current | Nonaccrual | Total Loans | |||||||||||||||||||||||||||||||||||
September 30, 2023 | |||||||||||||||||||||||||||||||||||||||||
Commercial and industrial | $ | 2,736 | $ | 653 | $ | 152 | $ | 3,541 | $ | 3,568,215 | $ | 20,053 | $ | 3,591,809 | |||||||||||||||||||||||||||
PPP | 597 | 35 | 20 | 652 | 3,098 | — | 3,750 | ||||||||||||||||||||||||||||||||||
Owner occupied commercial real estate | 707 | — | 318 | 1,025 | 2,422,914 | 5,720 | 2,429,659 | ||||||||||||||||||||||||||||||||||
Non-owner occupied commercial real estate | 125 | — | — | 125 | 2,649,460 | 6,773 | 2,656,358 | ||||||||||||||||||||||||||||||||||
Real estate construction | 4,752 | — | — | 4,752 | 1,022,040 | 2,762 | 1,029,554 | ||||||||||||||||||||||||||||||||||
Agricultural and agricultural real estate | — | 12 | — | 12 | 832,609 | 9,495 | 842,116 | ||||||||||||||||||||||||||||||||||
Residential real estate | 1,310 | 777 | 21 | 2,108 | 806,638 | 5,057 | 813,803 | ||||||||||||||||||||||||||||||||||
Consumer | 1,933 | 179 | — | 2,112 | 501,831 | 1,444 | 505,387 | ||||||||||||||||||||||||||||||||||
Total gross loans receivable held to maturity | $ | 12,160 | $ | 1,656 | $ | 511 | $ | 14,327 | $ | 11,806,805 | $ | 51,304 | $ | 11,872,436 | |||||||||||||||||||||||||||
December 31, 2022 | |||||||||||||||||||||||||||||||||||||||||
Commercial and industrial | $ | 1,099 | $ | 356 | $ | 131 | $ | 1,586 | $ | 3,440,062 | $ | 22,766 | $ | 3,464,414 | |||||||||||||||||||||||||||
PPP | — | — | — | — | 11,006 | 19 | 11,025 | ||||||||||||||||||||||||||||||||||
Owner occupied commercial real estate | 12 | 127 | — | 139 | 2,256,365 | 8,803 | 2,265,307 | ||||||||||||||||||||||||||||||||||
Non-owner occupied commercial real estate | — | — | — | — | 2,319,282 | 11,658 | 2,330,940 | ||||||||||||||||||||||||||||||||||
Real estate construction | 16 | 28 | — | 44 | 1,073,687 | 2,351 | 1,076,082 | ||||||||||||||||||||||||||||||||||
Agricultural and agricultural real estate | 48 | — | 142 | 190 | 914,088 | 6,232 | 920,510 | ||||||||||||||||||||||||||||||||||
Residential real estate | 1,206 | 152 | — | 1,358 | 846,739 | 5,264 | 853,361 | ||||||||||||||||||||||||||||||||||
Consumer | 1,526 | 196 | — | 1,722 | 503,853 | 1,138 | 506,713 | ||||||||||||||||||||||||||||||||||
Total gross loans receivable held to maturity | $ | 3,907 | $ | 859 | $ | 273 | $ | 5,039 | $ | 11,365,082 | $ | 58,231 | $ | 11,428,352 |
Commercial and Industrial | Owner Occupied Commercial Real Estate | Non-Owner Occupied Commercial Real Estate | Real Estate Construction | Agricultural and Agricultural Real Estate | Residential Real Estate | Consumer | Total | Commercial and Industrial | Owner Occupied Commercial Real Estate | Non-Owner Occupied Commercial Real Estate | Real Estate Construction | Agricultural and Agricultural Real Estate | Residential Real Estate | Consumer | Total | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Balance at March 31, 2023 | $ | 31,823 | $ | 14,151 | $ | 17,062 | $ | 30,138 | $ | 2,546 | $ | 7,564 | $ | 9,423 | $ | 112,707 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Balance at June 30, 2023 | Balance at June 30, 2023 | $ | 29,396 | $ | 14,709 | $ | 17,976 | $ | 28,246 | $ | 3,511 | $ | 7,644 | $ | 9,716 | $ | 111,198 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Charge-offs | Charge-offs | (3,686) | (5) | (29) | — | (5,309) | (59) | (525) | (9,613) | Charge-offs | (1,344) | — | (607) | — | (10) | — | (2,003) | (3,964) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Recoveries | Recoveries | 118 | — | — | 2 | 1 | — | 154 | 275 | Recoveries | 167 | 1 | — | 7 | — | — | 127 | 302 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Provision (benefit) | Provision (benefit) | 1,141 | 563 | 943 | (1,894) | 6,273 | 139 | 664 | 7,829 | Provision (benefit) | 77 | (36) | (85) | 726 | 903 | (537) | 1,624 | 2,672 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Balance at June 30, 2023 | $ | 29,396 | $ | 14,709 | $ | 17,976 | $ | 28,246 | $ | 3,511 | $ | 7,644 | $ | 9,716 | $ | 111,198 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Balance at September 30, 2023 | Balance at September 30, 2023 | $ | 28,296 | $ | 14,674 | $ | 17,284 | $ | 28,979 | $ | 4,404 | $ | 7,107 | $ | 9,464 | $ | 110,208 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Commercial and Industrial | Owner Occupied Commercial Real Estate | Non-Owner Occupied Commercial Real Estate | Real Estate Construction | Agricultural and Agricultural Real Estate | Residential Real Estate | Consumer | Total | Commercial and Industrial | Owner Occupied Commercial Real Estate | Non-Owner Occupied Commercial Real Estate | Real Estate Construction | Agricultural and Agricultural Real Estate | Residential Real Estate | Consumer | Total | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Balance at December 31, 2022 | Balance at December 31, 2022 | $ | 29,071 | $ | 13,948 | $ | 16,539 | $ | 29,998 | $ | 2,634 | $ | 7,711 | $ | 9,582 | $ | 109,483 | Balance at December 31, 2022 | $ | 29,071 | $ | 13,948 | $ | 16,539 | $ | 29,998 | $ | 2,634 | $ | 7,711 | $ | 9,582 | $ | 109,483 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Charge-offs | Charge-offs | (5,137) | (19) | (29) | — | (5,309) | (59) | (1,211) | (11,764) | Charge-offs | (6,481) | (19) | (636) | — | (5,319) | (59) | (3,214) | (15,728) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Recoveries | Recoveries | 1,840 | 112 | — | 19 | 11 | 19 | 1,465 | 3,466 | Recoveries | 2,007 | 113 | — | 26 | 11 | 19 | 1,592 | 3,768 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Provision (benefit) | Provision (benefit) | 3,622 | 668 | 1,466 | (1,771) | 6,175 | (27) | (120) | 10,013 | Provision (benefit) | 3,699 | 632 | 1,381 | (1,045) | 7,078 | (564) | 1,504 | 12,685 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Balance at June 30, 2023 | $ | 29,396 | $ | 14,709 | $ | 17,976 | $ | 28,246 | $ | 3,511 | $ | 7,644 | $ | 9,716 | $ | 111,198 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Balance at September 30, 2023 | Balance at September 30, 2023 | $ | 28,296 | $ | 14,674 | $ | 17,284 | $ | 28,979 | $ | 4,404 | $ | 7,107 | $ | 9,464 | $ | 110,208 |
Commercial and Industrial | Owner Occupied Commercial Real Estate | Non-Owner Occupied Commercial Real Estate | Real Estate Construction | Agricultural and Agricultural Real Estate | Residential Real Estate | Consumer | Total | Commercial and Industrial | Owner Occupied Commercial Real Estate | Non-Owner Occupied Commercial Real Estate | Real Estate Construction | Agricultural and Agricultural Real Estate | Residential Real Estate | Consumer | Total | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Balance at March 31, 2022 | $ | 25,800 | $ | 17,975 | $ | 16,013 | $ | 21,397 | $ | 2,667 | $ | 7,875 | $ | 8,795 | $ | 100,522 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Balance at June 30, 2022 | Balance at June 30, 2022 | $ | 27,668 | $ | 17,658 | $ | 15,738 | $ | 19,391 | $ | 2,948 | $ | 8,571 | $ | 9,379 | $ | 101,353 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Charge-offs | Charge-offs | (643) | — | (193) | — | (25) | (49) | (563) | (1,473) | Charge-offs | (385) | — | — | (35) | (34) | (1) | (483) | (938) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Recoveries | Recoveries | 445 | — | — | 2 | 124 | — | 188 | 759 | Recoveries | 506 | — | 20 | 3 | 76 | — | 307 | 912 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Provision (benefit) | Provision (benefit) | 2,066 | (317) | (82) | (2,008) | 182 | 745 | 959 | 1,545 | Provision (benefit) | 2,474 | (686) | (949) | 4,911 | (423) | (1,144) | 205 | 4,388 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Balance at June 30, 2022 | $ | 27,668 | $ | 17,658 | $ | 15,738 | $ | 19,391 | $ | 2,948 | $ | 8,571 | $ | 9,379 | $ | 101,353 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Balance at September 30, 2022 | Balance at September 30, 2022 | $ | 30,263 | $ | 16,972 | $ | 14,809 | $ | 24,270 | $ | 2,567 | $ | 7,426 | $ | 9,408 | $ | 105,715 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Commercial and Industrial | Owner Occupied Commercial Real Estate | Non-Owner Occupied Commercial Real Estate | Real Estate Construction | Agricultural and Agricultural Real Estate | Residential Real Estate | Consumer | Total | Commercial and Industrial | Owner Occupied Commercial Real Estate | Non-Owner Occupied Commercial Real Estate | Real Estate Construction | Agricultural and Agricultural Real Estate | Residential Real Estate | Consumer | Total | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Balance at December 31, 2021 | Balance at December 31, 2021 | $ | 27,738 | $ | 19,214 | $ | 17,908 | $ | 22,538 | $ | 5,213 | $ | 8,427 | $ | 9,050 | $ | 110,088 | Balance at December 31, 2021 | $ | 27,738 | $ | 19,214 | $ | 17,908 | $ | 22,538 | $ | 5,213 | $ | 8,427 | $ | 9,050 | $ | 110,088 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Charge-offs | Charge-offs | (5,143) | — | (322) | — | (3,129) | (137) | (5,959) | (14,690) | Charge-offs | (5,528) | — | (322) | (35) | (3,163) | (138) | (6,442) | (15,628) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Recoveries | Recoveries | 651 | 40 | 33 | 9 | 577 | — | 472 | 1,782 | Recoveries | 1,157 | 40 | 53 | 12 | 653 | — | 779 | 2,694 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Provision (benefit) | Provision (benefit) | 4,422 | (1,596) | (1,881) | (3,156) | 287 | 281 | 5,816 | 4,173 | Provision (benefit) | 6,896 | (2,282) | (2,830) | 1,755 | (136) | (863) | 6,021 | 8,561 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Balance at June 30, 2022 | $ | 27,668 | $ | 17,658 | $ | 15,738 | $ | 19,391 | $ | 2,948 | $ | 8,571 | $ | 9,379 | $ | 101,353 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Balance at September 30, 2022 | Balance at September 30, 2022 | $ | 30,263 | $ | 16,972 | $ | 14,809 | $ | 24,270 | $ | 2,567 | $ | 7,426 | $ | 9,408 | $ | 105,715 |
For the Three Months Ended June 30, | For the Three Months Ended September 30, | |||||||||||||||||||||
2023 | 2022 | 2023 | 2022 | |||||||||||||||||||
Balance at March 31, | $ | 21,086 | $ | 16,079 | ||||||||||||||||||
Balance at June 30, | Balance at June 30, | $ | 18,636 | $ | 17,780 | |||||||||||||||||
Provision (benefit) | Provision (benefit) | (2,450) | 1,701 | Provision (benefit) | (1,156) | 1,104 | ||||||||||||||||
Balance at June 30, | $ | 18,636 | $ | 17,780 | ||||||||||||||||||
Balance at September 30, | Balance at September 30, | $ | 17,480 | $ | 18,884 |
For the Six Months Ended June 30, | For the Nine Months Ended September 30, | |||||||||||||||||||||
2023 | 2022 | 2023 | 2022 | |||||||||||||||||||
Balance at December 31, | Balance at December 31, | $ | 20,196 | $ | 15,462 | Balance at December 31, | $ | 20,196 | $ | 15,462 | ||||||||||||
Provision (benefit) | Provision (benefit) | (1,560) | 2,318 | Provision (benefit) | (2,716) | 3,422 | ||||||||||||||||
Balance at June 30, | $ | 18,636 | $ | 17,780 | ||||||||||||||||||
Balance at September 30, | Balance at September 30, | $ | 17,480 | $ | 18,884 |
June 30, 2023 | December 31, 2022 | September 30, 2023 | December 31, 2022 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Gross Carrying Amount | Accumulated Amortization | Net Carrying Amount | Gross Carrying Amount | Accumulated Amortization | Net Carrying Amount | Gross Carrying Amount | Accumulated Amortization | Net Carrying Amount | Gross Carrying Amount | Accumulated Amortization | Net Carrying Amount | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Amortizing intangible assets: | Amortizing intangible assets: | Amortizing intangible assets: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Core deposit intangibles | Core deposit intangibles | $ | 101,185 | $ | 79,534 | $ | 21,651 | $ | 101,185 | $ | 76,031 | $ | 25,154 | Core deposit intangibles | $ | 101,185 | $ | 81,159 | $ | 20,026 | $ | 101,185 | $ | 76,031 | $ | 25,154 | ||||||||||||||||||||||||||||||||||||||||||||
Mortgage servicing rights | Mortgage servicing rights | — | — | — | 13,700 | 5,860 | 7,840 | Mortgage servicing rights | — | — | — | 13,700 | 5,860 | 7,840 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total | Total | $ | 101,185 | $ | 79,534 | $ | 21,651 | $ | 114,885 | $ | 81,891 | $ | 32,994 | Total | $ | 101,185 | $ | 81,159 | $ | 20,026 | $ | 114,885 | $ | 81,891 | $ | 32,994 |
Core Deposit Intangibles | Core Deposit Intangibles | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Six months ending December 31, 2023 | $ | 3,236 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Three months ending December 31, 2023 | Three months ending December 31, 2023 | $ | 1,611 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
Year ending December 31, | Year ending December 31, | Year ending December 31, | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
2024 | 2024 | 5,591 | 2024 | 5,591 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
2025 | 2025 | 4,700 | 2025 | 4,700 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
2026 | 2026 | 3,533 | 2026 | 3,533 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
2027 | 2027 | 2,601 | 2027 | 2,601 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
2028 | 2028 | 1,287 | 2028 | 1,287 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
Thereafter | Thereafter | 703 | Thereafter | 703 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total | Total | $ | 21,651 | Total | $ | 20,026 |
2023 | 2022 | 2023 | 2022 | |||||||||||||||||||
Balance at January 1, | Balance at January 1, | $ | 7,840 | $ | 6,412 | Balance at January 1, | $ | 7,840 | $ | 6,412 | ||||||||||||
Originations | Originations | 24 | 904 | Originations | 24 | 1,218 | ||||||||||||||||
Amortization | Amortization | (210) | (686) | Amortization | (210) | (909) | ||||||||||||||||
Sale of mortgage servicing rights | Sale of mortgage servicing rights | (7,654) | — | Sale of mortgage servicing rights | (7,654) | — | ||||||||||||||||
Valuation adjustment | Valuation adjustment | — | 1,658 | Valuation adjustment | — | 1,658 | ||||||||||||||||
Balance at period end | Balance at period end | $ | — | $ | 8,288 | Balance at period end | $ | — | $ | 8,379 | ||||||||||||
Mortgage servicing rights, net to servicing portfolio | Mortgage servicing rights, net to servicing portfolio | — | % | 1.13 | % | Mortgage servicing rights, net to servicing portfolio | — | % | 1.14 | % |
Book Value 15-Year Tranche | Fair Value 15-Year Tranche | Valuation Allowance 15-Year Tranche | Book Value 30-Year Tranche | Fair Value 30-Year Tranche | Valuation Allowance 30-Year Tranche | ||||||||||||||||||||||||||||||
December 31, 2022 | $ | 1,388 | $ | 1,388 | $ | — | $ | 6,452 | $ | 6,452 | $ | — | |||||||||||||||||||||||
Notional Amount | Fair Value | Balance Sheet Category | |||||||||||||||||||||||||||||||||
December 31, 2022 | |||||||||||||||||||||||||||||||||||
Interest rate swap | $ | 500,000 | $ | 13 | Other Assets | ||||||||||||||||||||||||||||||
Recognized in OCI | Reclassified from AOCI into Income | Recognized in OCI | Reclassified from AOCI into Income | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
Amount of Gain (Loss) | Category | Amount of Gain (Loss) | Amount of Gain (Loss) | Category | Amount of Gain (Loss) | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Three Months Ended June 30, 2023 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Three Months Ended September 30, 2023 | Three Months Ended September 30, 2023 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Interest rate swap | Interest rate swap | $ | — | Interest income | $ | 63 | Interest rate swap | $ | — | Interest income | $ | 63 | ||||||||||||||||||||||||||||||||||||||||||||||
Six Months Ended June 30, 2023 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Nine Months Ended September 30, 2023 | Nine Months Ended September 30, 2023 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Interest rate swap | Interest rate swap | $ | 1,952 | Interest income | $ | (701) | Interest rate swap | $ | 1,952 | Interest income | $ | (638) | ||||||||||||||||||||||||||||||||||||||||||||||
Three Months Ended June 30, 2022 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Three Months Ended September 30, 2022 | Three Months Ended September 30, 2022 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Interest rate swap | Interest rate swap | $ | — | Interest income | $ | — | Interest rate swap | $ | — | Interest income | $ | — | ||||||||||||||||||||||||||||||||||||||||||||||
Six Months Ended June 30, 2022 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Nine Months Ended September 30, 2022 | Nine Months Ended September 30, 2022 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Interest rate swap | Interest rate swap | $ | — | Interest income | $ | — | Interest rate swap | $ | — | Interest income | $ | — |
Fair Value | Balance Sheet Category | ||||||||||
Interest rate swaps-loans receivable held to maturity | $ | Other assets | |||||||||
Interest rate swaps-securities carried at fair value | Other assets | ||||||||||
December 31, 2022 | |||||||||||
Interest rate swaps-loans receivable held to maturity | 54 | Other assets |
Location in the consolidated balance sheet | Carrying Amount of the Hedged Assets | Cumulative Amount of Fair Value Hedging Adjustment Included in Carrying Amount of Hedged Assets | Location in the consolidated balance sheet | Carrying Amount of the Hedged Assets | Cumulative Amount of Fair Value Hedging Adjustment Included in Carrying Amount of Hedged Assets | |||||||||||||||||||||||||||||||||||||||||
June 30, 2023 | ||||||||||||||||||||||||||||||||||||||||||||||
September 30, 2023 | September 30, 2023 | |||||||||||||||||||||||||||||||||||||||||||||
Interest rate swap | Interest rate swap | Loans receivable held to maturity | $ | 501,080 | $ | (12,938) | Interest rate swap | Loans receivable held to maturity | $ | 2,476,983 | $ | (23,707) | ||||||||||||||||||||||||||||||||||
Interest rate swap | Interest rate swap | Securities carried at fair value | 826,545 | (29,584) | Interest rate swap | Securities carried at fair value | 729,528 | (64,820) | ||||||||||||||||||||||||||||||||||||||
December 31, 2022 | December 31, 2022 | December 31, 2022 | ||||||||||||||||||||||||||||||||||||||||||||
Interest rate swap | Interest rate swap | Loans receivable held to maturity | $ | 1,185 | $ | (54) | Interest rate swap | Loans receivable held to maturity | $ | 1,185 | $ | (54) |
Three Months Ended September 30, | Nine Months Ended September 30, | ||||||||||||||||||||||
2023 | 2022 | 2023 | 2022 | ||||||||||||||||||||
Gain (loss) recognized in interest income and fees on loans | $ | (375) | $ | 5 | $ | (371) | $ | 44 | |||||||||||||||
Total amount of interest and fees on loans | 182,394 | 122,913 | 505,136 | 334,000 | |||||||||||||||||||
Gain (loss) recognized in interest income on securities-taxable | (1,126) | — | (1,052) | — | |||||||||||||||||||
Total amount of interest on securities-taxable | 54,800 | 45,648 | 168,948 | 116,366 |
Three Months Ended June 30, | Six Months Ended June 30, | ||||||||||||||||||||||
2023 | 2022 | 2023 | 2022 | ||||||||||||||||||||
Gain recognized in interest income and fees on loans | $ | 13,604 | $ | 42 | $ | 13,589 | $ | 1,225 | |||||||||||||||
Gain recognized in interest income on securities-taxable | 31,052 | — | 31,052 | — |
Three Months Ended September 30, | Nine Months Ended September 30, | ||||||||||||||||||||||
2023 | 2022 | 2023 | 2022 | ||||||||||||||||||||
Hedged item (loans receivable held to maturity) | $ | (11,144) | $ | (34) | $ | (24,026) | $ | (117) | |||||||||||||||
Hedged item (securities carried at fair value) | (36,362) | — | (65,872) | — | |||||||||||||||||||
Derivatives designated as hedging instruments on loans receivable held to maturity | 10,769 | 39 | 23,655 | 161 | |||||||||||||||||||
Derivatives designated as hedging instruments on securities carried at fair value | 35,236 | — | 64,820 | — |
Notional Amount | Fair Value | Balance Sheet Category | Notional Amount | Fair Value | Balance Sheet Category | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
June 30, 2023 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
September 30, 2023 | September 30, 2023 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Embedded derivatives | Embedded derivatives | $ | 5,843 | $ | 118 | Other assets | Embedded derivatives | $ | 4,185 | $ | 109 | Other assets | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
December 31, 2022 | December 31, 2022 | December 31, 2022 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Embedded derivatives | Embedded derivatives | $ | 6,028 | $ | 135 | Other assets | Embedded derivatives | $ | 6,028 | $ | 135 | Other assets |
Three Months Ended June 30, | Six Months Ended June 30, | ||||||||||||||||||||||
2023 | 2022 | 2023 | 2022 | ||||||||||||||||||||
Gain (loss) recognized in other noninterest income on embedded derivatives | $ | 20 | $ | 100 | $ | (17) | $ | 325 |
Three Months Ended September 30, | Nine Months Ended September 30, | ||||||||||||||||||||||
2023 | 2022 | 2023 | 2022 | ||||||||||||||||||||
Gain (loss) recognized in other noninterest income on embedded derivatives | $ | (9) | $ | 121 | $ | (26) | $ | 446 |
Notional Amount | Fair Value | Balance Sheet Category | Weighted Average Receive Rate | Weighted Average Pay Rate | Notional Amount | Fair Value | Balance Sheet Category | |||||||||||||||||||||||||||||||||||||||||||||||||||
June 30, 2023 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
September 30, 2023 | September 30, 2023 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Customer interest rate swaps | Customer interest rate swaps | $ | 1,325,478 | $ | 51,876 | Other assets | 4.08 | % | 7.16 | % | Customer interest rate swaps | $ | 1,500,715 | $ | 75,965 | Other assets | ||||||||||||||||||||||||||||||||||||||||||
Customer interest rate swaps | Customer interest rate swaps | 1,325,478 | (51,876) | Other liabilities | 7.16 | 4.08 | Customer interest rate swaps | 1,500,715 | (75,965) | Other liabilities | ||||||||||||||||||||||||||||||||||||||||||||||||
December 31, 2022 | December 31, 2022 | December 31, 2022 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Customer interest rate swaps | Customer interest rate swaps | $ | 819,662 | $ | 46,091 | Other assets | 4.23 | % | 6.76 | % | Customer interest rate swaps | $ | 819,662 | $ | 46,091 | Other assets | ||||||||||||||||||||||||||||||||||||||||||
Customer interest rate swaps | Customer interest rate swaps | 819,662 | (46,091) | Other liabilities | 6.76 | 4.23 | Customer interest rate swaps | 819,662 | (46,091) | Other liabilities |
Balance Sheet Category | Notional Amount | Fair Value | Balance Sheet Category | Notional Amount | Fair Value | |||||||||||||||||||||||||||||
June 30, 2023 | ||||||||||||||||||||||||||||||||||
September 30, 2023 | September 30, 2023 | |||||||||||||||||||||||||||||||||
Interest rate lock commitments (mortgage) | Interest rate lock commitments (mortgage) | Other assets | $ | 12,329 | $ | 306 | Interest rate lock commitments (mortgage) | Other assets | $ | 4,000 | $ | 99 | ||||||||||||||||||||||
Forward commitments | Forward commitments | Other assets | 18,500 | 43 | Forward commitments | Other assets | 7,500 | 41 | ||||||||||||||||||||||||||
Forward commitments | Forward commitments | Other liabilities | 1,500 | (4) | Forward commitments | Other liabilities | 1,750 | (5) | ||||||||||||||||||||||||||
Undesignated interest rate swaps | Undesignated interest rate swaps | Other liabilities | 5,843 | (118) | Undesignated interest rate swaps | Other liabilities | 4,185 | (109) | ||||||||||||||||||||||||||
December 31, 2022 | December 31, 2022 | December 31, 2022 | ||||||||||||||||||||||||||||||||
Interest rate lock commitments (mortgage) | Interest rate lock commitments (mortgage) | Other assets | $ | 9,340 | $ | 174 | Interest rate lock commitments (mortgage) | Other assets | $ | 9,340 | $ | 174 | ||||||||||||||||||||||
Forward commitments | Forward commitments | Other assets | 6,400 | 47 | Forward commitments | Other assets | 6,400 | 47 | ||||||||||||||||||||||||||
Forward commitments | Forward commitments | Other liabilities | 5,750 | (99) | Forward commitments | Other liabilities | 5,750 | (99) | ||||||||||||||||||||||||||
Undesignated interest rate swaps | Undesignated interest rate swaps | Other liabilities | 6,028 | (135) | Undesignated interest rate swaps | Other liabilities | 6,028 | (135) |
Three Months Ended June 30, | Six Months Ended June 30, | Three Months Ended September 30, | Nine Months Ended September 30, | |||||||||||||||||||||||||||||||||||||||||||
2023 | 2022 | 2023 | 2022 | 2023 | 2022 | 2023 | 2022 | |||||||||||||||||||||||||||||||||||||||
Interest rate lock commitments (mortgage) | Interest rate lock commitments (mortgage) | $ | (128) | $ | 523 | $ | 282 | $ | (672) | Interest rate lock commitments (mortgage) | $ | (352) | $ | (1,337) | $ | (70) | $ | (2,009) | ||||||||||||||||||||||||||||
Forward commitments | Forward commitments | (181) | (967) | 91 | 68 | Forward commitments | (4) | 813 | 87 | 881 | ||||||||||||||||||||||||||||||||||||
Undesignated interest rate swaps | Undesignated interest rate swaps | 20 | (100) | 17 | (325) | Undesignated interest rate swaps | 9 | (121) | 26 | (446) |
Total Fair Value | Level 1 | Level 2 | Level 3 | Total Fair Value | Level 1 | Level 2 | Level 3 | |||||||||||||||||||||||||||||||||||||||
June 30, 2023 | ||||||||||||||||||||||||||||||||||||||||||||||
September 30, 2023 | September 30, 2023 | |||||||||||||||||||||||||||||||||||||||||||||
Assets | Assets | Assets | ||||||||||||||||||||||||||||||||||||||||||||
Securities available for sale | Securities available for sale | Securities available for sale | ||||||||||||||||||||||||||||||||||||||||||||
U.S. treasuries | U.S. treasuries | $ | 31,679 | $ | 31,679 | $ | — | $ | — | U.S. treasuries | $ | 31,805 | $ | 31,805 | $ | — | $ | — | ||||||||||||||||||||||||||||
U.S. agencies | U.S. agencies | 43,036 | — | 43,036 | — | U.S. agencies | 41,104 | — | 41,104 | — | ||||||||||||||||||||||||||||||||||||
Obligations of states and political subdivisions | Obligations of states and political subdivisions | 849,239 | — | 849,239 | — | Obligations of states and political subdivisions | 774,687 | — | 774,687 | — | ||||||||||||||||||||||||||||||||||||
Mortgage-backed securities - agency | Mortgage-backed securities - agency | 1,686,646 | — | 1,686,646 | — | Mortgage-backed securities - agency | 1,594,395 | — | 1,594,395 | — | ||||||||||||||||||||||||||||||||||||
Mortgage-backed securities - non-agency | Mortgage-backed securities - non-agency | 1,995,809 | — | 1,995,809 | — | Mortgage-backed securities - non-agency | 1,895,080 | — | 1,895,080 | — | ||||||||||||||||||||||||||||||||||||
Commercial mortgage-backed securities - agency | Commercial mortgage-backed securities - agency | 83,825 | — | 83,825 | — | Commercial mortgage-backed securities - agency | 81,444 | — | 81,444 | — | ||||||||||||||||||||||||||||||||||||
Commercial mortgage-backed securities - non-agency | Commercial mortgage-backed securities - non-agency | 617,992 | — | 617,992 | — | Commercial mortgage-backed securities - non-agency | 602,433 | — | 602,433 | — | ||||||||||||||||||||||||||||||||||||
Asset-backed securities | Asset-backed securities | 412,716 | — | 412,716 | — | Asset-backed securities | 384,379 | — | 384,379 | — | ||||||||||||||||||||||||||||||||||||
Corporate bonds | Corporate bonds | 56,411 | — | 56,411 | — | Corporate bonds | 56,522 | — | 56,522 | — | ||||||||||||||||||||||||||||||||||||
Equity securities with a readily determinable fair value | Equity securities with a readily determinable fair value | 20,688 | — | 20,688 | — | Equity securities with a readily determinable fair value | 20,838 | — | 20,838 | — | ||||||||||||||||||||||||||||||||||||
Derivative financial instruments(1) | Derivative financial instruments(1) | 96,689 | — | 96,689 | — | Derivative financial instruments(1) | 167,925 | — | 167,925 | — | ||||||||||||||||||||||||||||||||||||
Interest rate lock commitments | Interest rate lock commitments | 306 | — | — | 306 | Interest rate lock commitments | 99 | — | — | 99 | ||||||||||||||||||||||||||||||||||||
Forward commitments | Forward commitments | 43 | — | 43 | — | Forward commitments | 41 | — | 41 | — | ||||||||||||||||||||||||||||||||||||
Total assets at fair value | Total assets at fair value | $ | 5,895,079 | $ | 31,679 | $ | 5,863,094 | $ | 306 | Total assets at fair value | $ | 5,650,752 | $ | 31,805 | $ | 5,618,848 | $ | 99 | ||||||||||||||||||||||||||||
Liabilities | Liabilities | Liabilities | ||||||||||||||||||||||||||||||||||||||||||||
Derivative financial instruments(2) | Derivative financial instruments(2) | $ | 51,994 | $ | — | $ | 51,994 | $ | — | Derivative financial instruments(2) | $ | 76,074 | $ | — | $ | 76,074 | $ | — | ||||||||||||||||||||||||||||
Forward commitments | Forward commitments | 4 | — | 4 | — | Forward commitments | 5 | — | 5 | — | ||||||||||||||||||||||||||||||||||||
Total liabilities at fair value | Total liabilities at fair value | $ | 51,998 | $ | — | $ | 51,998 | $ | — | Total liabilities at fair value | $ | 76,079 | $ | — | $ | 76,079 | $ | — | ||||||||||||||||||||||||||||
December 31, 2022 | December 31, 2022 | December 31, 2022 | ||||||||||||||||||||||||||||||||||||||||||||
Assets | Assets | Assets | ||||||||||||||||||||||||||||||||||||||||||||
Securities available for sale | Securities available for sale | Securities available for sale | ||||||||||||||||||||||||||||||||||||||||||||
U.S. treasuries | U.S. treasuries | $ | 31,699 | $ | 31,699 | $ | — | $ | — | U.S. treasuries | $ | 31,699 | $ | 31,699 | $ | — | $ | — | ||||||||||||||||||||||||||||
U.S. agencies | U.S. agencies | 43,135 | — | 43,135 | — | U.S. agencies | 43,135 | — | 43,135 | — | ||||||||||||||||||||||||||||||||||||
Obligations of states and political subdivisions | Obligations of states and political subdivisions | 879,437 | — | 879,437 | — | Obligations of states and political subdivisions | 879,437 | — | 879,437 | — | ||||||||||||||||||||||||||||||||||||
Mortgage-backed securities - agency | Mortgage-backed securities - agency | 1,772,105 | — | 1,772,105 | — | Mortgage-backed securities - agency | 1,772,105 | — | 1,772,105 | — | ||||||||||||||||||||||||||||||||||||
Mortgage-backed securities - non-agency | Mortgage-backed securities - non-agency | 2,181,876 | — | 2,181,876 | — | Mortgage-backed securities - non-agency | 2,181,876 | — | 2,181,876 | — | ||||||||||||||||||||||||||||||||||||
Commercial mortgage-backed securities - agency | Commercial mortgage-backed securities - agency | 85,123 | — | 85,123 | — | Commercial mortgage-backed securities - agency | 85,123 | — | 85,123 | — | ||||||||||||||||||||||||||||||||||||
Commercial mortgage-backed securities - non-agency | Commercial mortgage-backed securities - non-agency | 659,459 | — | 659,459 | — | Commercial mortgage-backed securities - non-agency | 659,459 | — | 659,459 | — | ||||||||||||||||||||||||||||||||||||
Asset-backed securities | Asset-backed securities | 416,054 | — | 416,054 | — | Asset-backed securities | 416,054 | — | 416,054 | — | ||||||||||||||||||||||||||||||||||||
Corporate bonds | Corporate bonds | 57,942 | — | 57,942 | — | Corporate bonds | 57,942 | — | 57,942 | — | ||||||||||||||||||||||||||||||||||||
Equity securities with a readily determinable fair value | Equity securities with a readily determinable fair value | 20,314 | — | 20,314 | — | Equity securities with a readily determinable fair value | 20,314 | — | 20,314 | — | ||||||||||||||||||||||||||||||||||||
Derivative financial instruments(2) | Derivative financial instruments(2) | 46,293 | — | 46,293 | — | Derivative financial instruments(2) | 46,293 | — | 46,293 | — | ||||||||||||||||||||||||||||||||||||
Interest rate lock commitments | Interest rate lock commitments | 174 | — | — | 174 | Interest rate lock commitments | 174 | — | — | 174 | ||||||||||||||||||||||||||||||||||||
Forward commitments | Forward commitments | 47 | — | 47 | — | Forward commitments | 47 | — | 47 | — | ||||||||||||||||||||||||||||||||||||
Total assets at fair value | Total assets at fair value | $ | 6,193,658 | $ | 31,699 | $ | 6,161,785 | $ | 174 | Total assets at fair value | $ | 6,193,658 | $ | 31,699 | $ | 6,161,785 | $ | 174 | ||||||||||||||||||||||||||||
Liabilities | Liabilities | Liabilities | ||||||||||||||||||||||||||||||||||||||||||||
Derivative financial instruments(1) | Derivative financial instruments(1) | $ | 46,226 | $ | — | $ | 46,226 | $ | — | Derivative financial instruments(1) | $ | 46,226 | $ | — | $ | 46,226 | $ | — | ||||||||||||||||||||||||||||
Forward commitments | Forward commitments | 99 | — | 99 | — | Forward commitments | 99 | — | 99 | — | ||||||||||||||||||||||||||||||||||||
Total liabilities at fair value | Total liabilities at fair value | $ | 46,325 | $ | — | $ | 46,325 | $ | — | Total liabilities at fair value | $ | 46,325 | $ | — | $ | 46,325 | $ | — | ||||||||||||||||||||||||||||
(1) Includes interest rate swaps, embedded derivatives and back-to-back loan swaps. | (1) Includes interest rate swaps, embedded derivatives and back-to-back loan swaps. | (1) Includes interest rate swaps, embedded derivatives and back-to-back loan swaps. | ||||||||||||||||||||||||||||||||||||||||||||
(2) Includes back-to-back loan swaps and free standing derivatives. | (2) Includes back-to-back loan swaps and free standing derivatives. | (2) Includes back-to-back loan swaps and free standing derivatives. |
Fair Value Measurements at June 30, 2023 | Fair Value Measurements at September 30, 2023 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total | Quoted Prices in Active Markets for Identical Assets (Level 1) | Significant Other Observable Inputs (Level 2) | Significant Unobservable Inputs (Level 3) | Year-to- Date (Gains) Losses | Total | Quoted Prices in Active Markets for Identical Assets (Level 1) | Significant Other Observable Inputs (Level 2) | Significant Unobservable Inputs (Level 3) | Year-to- Date (Gains) Losses | |||||||||||||||||||||||||||||||||||||||||||||||||
Collateral dependent individually assessed loans: | Collateral dependent individually assessed loans: | Collateral dependent individually assessed loans: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Commercial and industrial | Commercial and industrial | $ | 9,234 | $ | — | $ | — | $ | 9,234 | $ | 799 | Commercial and industrial | $ | 8,530 | $ | — | $ | — | $ | 8,530 | $ | 554 | ||||||||||||||||||||||||||||||||||||
Owner occupied commercial real estate | Owner occupied commercial real estate | 7,339 | — | — | 7,339 | — | Owner occupied commercial real estate | 4,411 | — | — | 4,411 | — | ||||||||||||||||||||||||||||||||||||||||||||||
Non-owner occupied commercial real estate | Non-owner occupied commercial real estate | 13,761 | — | — | 13,761 | — | Non-owner occupied commercial real estate | 6,323 | — | — | 6,323 | — | ||||||||||||||||||||||||||||||||||||||||||||||
Real estate construction | Real estate construction | 910 | — | — | 910 | — | Real estate construction | 910 | — | — | 910 | — | ||||||||||||||||||||||||||||||||||||||||||||||
Agricultural and agricultural real estate | Agricultural and agricultural real estate | 6,147 | — | — | 6,147 | 5,309 | Agricultural and agricultural real estate | 4,943 | — | — | 4,943 | 5,309 | ||||||||||||||||||||||||||||||||||||||||||||||
Residential real estate | Residential real estate | 2,254 | — | — | 2,254 | — | Residential real estate | 2,216 | — | — | 2,216 | — | ||||||||||||||||||||||||||||||||||||||||||||||
Total collateral dependent individually assessed loans | Total collateral dependent individually assessed loans | $ | 39,645 | $ | — | $ | — | $ | 39,645 | $ | 6,108 | Total collateral dependent individually assessed loans | $ | 27,333 | $ | — | $ | — | $ | 27,333 | $ | 5,863 | ||||||||||||||||||||||||||||||||||||
Loans held for sale | Loans held for sale | $ | 14,353 | $ | — | $ | 14,353 | $ | — | $ | (266) | Loans held for sale | $ | 6,262 | $ | — | $ | 6,262 | $ | — | $ | (121) | ||||||||||||||||||||||||||||||||||||
Other real estate owned | Other real estate owned | 2,677 | — | — | 2,677 | 737 | Other real estate owned | 14,362 | — | — | 14,362 | 1,010 | ||||||||||||||||||||||||||||||||||||||||||||||
Premises, furniture and equipment held for sale | Premises, furniture and equipment held for sale | 3,741 | — | — | 3,741 | 759 | Premises, furniture and equipment held for sale | 2,798 | — | — | 2,798 | 1,455 |
Fair Value Measurements at December 31, 2022 | |||||||||||||||||||||||||||||
Total | Quoted Prices in Active Markets for Identical Assets (Level 1) | Significant Other Observable Inputs (Level 2) | Significant Unobservable Inputs (Level 3) | Year-to- Date (Gains) Losses | |||||||||||||||||||||||||
Collateral dependent individually assessed loans: | |||||||||||||||||||||||||||||
Commercial and industrial | $ | 12,042 | $ | — | $ | — | $ | 12,042 | $ | 4,186 | |||||||||||||||||||
Owner occupied commercial real estate | 7,556 | — | — | 7,556 | — | ||||||||||||||||||||||||
Non-owner occupied commercial real estate | 11,371 | — | — | 11,371 | — | ||||||||||||||||||||||||
Real estate construction | 1,518 | — | — | 1,518 | — | ||||||||||||||||||||||||
Agricultural and agricultural real estate | 3,788 | — | — | 3,788 | — | ||||||||||||||||||||||||
Residential real estate | 1,607 | — | — | 1,607 | — | ||||||||||||||||||||||||
Total collateral dependent individually assessed loans | $ | 37,882 | $ | — | $ | — | $ | 37,882 | $ | 4,186 | |||||||||||||||||||
Loans held for sale | $ | 5,277 | $ | — | $ | 5,277 | $ | — | $ | (116) | |||||||||||||||||||
Other real estate owned | 8,401 | — | — | 8,401 | 180 | ||||||||||||||||||||||||
Premises, furniture and equipment held for sale | 6,851 | — | — | 6,851 | 1,562 | ||||||||||||||||||||||||
Servicing rights | 7,840 | — | — | 7,840 | 516 |
Fair Value at 6/30/2023 | Valuation Technique | Unobservable Input | Range (Weighted Average) | Fair Value at 9/30/2023 | Valuation Technique | Unobservable Input | Range (Weighted Average) | |||||||||||||||||||||||||||||||||||||||
Interest rate lock commitments | Interest rate lock commitments | $ | 306 | Discounted cash flows | Closing ratio | 0-99% (89%)(1) | Interest rate lock commitments | $ | 99 | Discounted cash flows | Closing ratio | 0-99% (89%)(1) | ||||||||||||||||||||||||||||||||||
Other real estate owned | Other real estate owned | 2,677 | Modified appraised value | Third party appraisal | (2) | Other real estate owned | 14,362 | Modified appraised value | Third party appraisal | (2) | ||||||||||||||||||||||||||||||||||||
Appraisal discount | 0-10%(3) | Appraisal discount | 0-10%(3) | |||||||||||||||||||||||||||||||||||||||||||
Premises, furniture and equipment held for sale | Premises, furniture and equipment held for sale | 3,741 | Modified appraised value | Third party appraisal | (2) | Premises, furniture and equipment held for sale | 2,798 | Modified appraised value | Third party appraisal | (2) | ||||||||||||||||||||||||||||||||||||
Appraisal discount | 0-10%(3) | Appraisal discount | 0-10%(3) | |||||||||||||||||||||||||||||||||||||||||||
Collateral dependent individually assessed loans: | Collateral dependent individually assessed loans: | Collateral dependent individually assessed loans: | ||||||||||||||||||||||||||||||||||||||||||||
Commercial | Commercial | 9,234 | Modified appraised value | Third party appraisal | (2) | Commercial | 8,530 | Modified appraised value | Third party appraisal | (2) | ||||||||||||||||||||||||||||||||||||
Appraisal discount | 0-10%(3) | Appraisal discount | 0-10%(3) | |||||||||||||||||||||||||||||||||||||||||||
Owner occupied commercial real estate | Owner occupied commercial real estate | 7,339 | Modified appraised value | Third party appraisal | (2) | Owner occupied commercial real estate | 4,411 | Modified appraised value | Third party appraisal | (2) | ||||||||||||||||||||||||||||||||||||
Appraisal discount | 0-13%(3) | Appraisal discount | 0-10%(3) | |||||||||||||||||||||||||||||||||||||||||||
Non-owner occupied commercial real estate | Non-owner occupied commercial real estate | 13,761 | Modified appraised value | Third party appraisal | (2) | Non-owner occupied commercial real estate | 6,323 | Modified appraised value | Third party appraisal | (2) | ||||||||||||||||||||||||||||||||||||
Appraisal discount | 0-9%(3) | Appraisal discount | 0-8%(3) | |||||||||||||||||||||||||||||||||||||||||||
Real estate construction | Real estate construction | 910 | Modified appraised value | Third party appraisal | (2) | Real estate construction | 910 | Modified appraised value | Third party appraisal | (2) | ||||||||||||||||||||||||||||||||||||
Appraisal discount | 0-10%(3) | Appraisal discount | 0-10%(3) | |||||||||||||||||||||||||||||||||||||||||||
Agricultural and agricultural real estate | Agricultural and agricultural real estate | 6,147 | Modified appraised value | Third party appraisal | (2) | Agricultural and agricultural real estate | 4,943 | Modified appraised value | Third party appraisal | (2) | ||||||||||||||||||||||||||||||||||||
Appraisal discount | 0-15%(3) | Appraisal discount | 0-10%(3) | |||||||||||||||||||||||||||||||||||||||||||
Residential real estate | Residential real estate | 2,254 | Modified appraised value | Third party appraisal | (2) | Residential real estate | 2,216 | Modified appraised value | Third party appraisal | (2) | ||||||||||||||||||||||||||||||||||||
Appraisal discount | 0-10%(3) | Appraisal discount | 0-10%(3) | |||||||||||||||||||||||||||||||||||||||||||
(1) The significant unobservable input used in the fair value measurement is the closing ratio, which represents the percentage of loans currently in a lock position which management estimates will ultimately close. The closing ratio calculation takes into consideration historical data and loan-level data. | (1) The significant unobservable input used in the fair value measurement is the closing ratio, which represents the percentage of loans currently in a lock position which management estimates will ultimately close. The closing ratio calculation takes into consideration historical data and loan-level data. | (1) The significant unobservable input used in the fair value measurement is the closing ratio, which represents the percentage of loans currently in a lock position which management estimates will ultimately close. The closing ratio calculation takes into consideration historical data and loan-level data. | ||||||||||||||||||||||||||||||||||||||||||||
(2) Third party appraisals are obtained and updated at least annually to establish the value of the underlying asset, but the disclosure of the unobservable inputs used by the appraisers would not be meaningful because the range will vary widely from appraisal to appraisal. | (2) Third party appraisals are obtained and updated at least annually to establish the value of the underlying asset, but the disclosure of the unobservable inputs used by the appraisers would not be meaningful because the range will vary widely from appraisal to appraisal. | (2) Third party appraisals are obtained and updated at least annually to establish the value of the underlying asset, but the disclosure of the unobservable inputs used by the appraisers would not be meaningful because the range will vary widely from appraisal to appraisal. | ||||||||||||||||||||||||||||||||||||||||||||
(3) Discounts applied to the appraised values primarily include estimated sales costs, but also consider the age of the appraisal, changes in local market conditions and changes in the current condition of the collateral. | (3) Discounts applied to the appraised values primarily include estimated sales costs, but also consider the age of the appraisal, changes in local market conditions and changes in the current condition of the collateral. | (3) Discounts applied to the appraised values primarily include estimated sales costs, but also consider the age of the appraisal, changes in local market conditions and changes in the current condition of the collateral. |
Fair Value at 12/31/2022 | Valuation Technique | Unobservable Input | Range (Weighted Average) | ||||||||||||||||||||
Interest rate lock commitments | $ | 174 | Discounted cash flows | Closing ratio | 0-99% (88%)(1) | ||||||||||||||||||
Other real estate owned | 8,401 | Modified appraised value | Third party appraisal | (2) | |||||||||||||||||||
Appraisal discount | 0-10%(3) | ||||||||||||||||||||||
Servicing rights | 7,840 | Discounted cash flows | Discount rate | 9.98 - 11.72% (10.02%)(4) | |||||||||||||||||||
Constant prepayment rate | 7.8 - 14.2% (7.9%)(4) | ||||||||||||||||||||||
Premises, furniture and equipment held for sale | 6,851 | Modified appraised value | Third party appraisal | (2) | |||||||||||||||||||
Appraisal discount | 0-10%(3) | ||||||||||||||||||||||
Collateral dependent individually assessed loans: | |||||||||||||||||||||||
Commercial and industrial | 12,042 | Modified appraised value | Third party appraisal | (2) | |||||||||||||||||||
Appraisal discount | 0-10%(3) | ||||||||||||||||||||||
Owner occupied commercial real estate | 7,556 | Modified appraised value | Third party appraisal | (2) | |||||||||||||||||||
Appraisal discount | 0-10%(3) | ||||||||||||||||||||||
Non-owner occupied commercial real estate | 11,371 | Modified appraised value | Third party appraisal | (2) | |||||||||||||||||||
Appraisal discount | 0-10%(3) | ||||||||||||||||||||||
Real estate construction | 1,518 | Modified appraised value | Third party appraisal | (2) | |||||||||||||||||||
Appraisal discount | 0-10%(3) | ||||||||||||||||||||||
Agricultural and agricultural real estate | 3,788 | Modified appraised value | Third party appraisal | (2) | |||||||||||||||||||
Appraisal discount | 0-15%(3) | ||||||||||||||||||||||
Residential real estate | 1,607 | Modified appraised value | Third party appraisal | (2) | |||||||||||||||||||
Appraisal discount | 0-10%(3) | ||||||||||||||||||||||
(1) The significant unobservable input used in the fair value measurement is the closing ratio, which represents the percentage of loans currently in a lock position which management estimates will ultimately close. The closing ratio calculation takes into consideration historical data and loan-level data. | |||||||||||||||||||||||
(2) Third party appraisals are obtained and updated at least annually to establish the value of the underlying asset, but the disclosure of the unobservable inputs used by the appraisers would not be meaningful because the range will vary widely from appraisal to appraisal. | |||||||||||||||||||||||
(3) Discounts applied to the appraised values primarily include estimated sales costs, but also consider the age of the appraisal, changes in local market conditions and changes in the current condition of the collateral. | |||||||||||||||||||||||
(4) The significant unobservable input used in the discounted cash flow analysis are the discount rate and constant prepayment rate. |
For the Six Months Ended June 30, 2023 | For the Year Ended December 31, 2022 | For the Nine Months Ended September 30, 2023 | For the Year Ended December 31, 2022 | |||||||||||||||||||
Balance at January 1, | Balance at January 1, | $ | 174 | $ | 1,306 | Balance at January 1, | $ | 174 | $ | 1,306 | ||||||||||||
Total net gains included in earnings | Total net gains included in earnings | 282 | (1,828) | Total net gains included in earnings | (70) | (1,828) | ||||||||||||||||
Issuances | Issuances | 1,110 | 3,683 | Issuances | 1,678 | 3,683 | ||||||||||||||||
Settlements | Settlements | (1,260) | (2,987) | Settlements | (1,683) | (2,987) | ||||||||||||||||
Balance at period end | Balance at period end | $ | 306 | $ | 174 | Balance at period end | $ | 99 | $ | 174 |
Fair Value Measurements at June 30, 2023 | Fair Value Measurements at September 30, 2023 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Carrying Amount | Estimated Fair Value | Quoted Prices in Active Markets for Identical Assets (Level 1) | Significant Other Observable Inputs (Level 2) | Significant Unobservable Inputs (Level 3) | Carrying Amount | Estimated Fair Value | Quoted Prices in Active Markets for Identical Assets (Level 1) | Significant Other Observable Inputs (Level 2) | Significant Unobservable Inputs (Level 3) | |||||||||||||||||||||||||||||||||||||||||||||||||
Financial assets: | Financial assets: | Financial assets: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Cash and cash equivalents | Cash and cash equivalents | $ | 400,187 | $ | 400,187 | $ | 400,187 | $ | — | $ | — | Cash and cash equivalents | $ | 347,995 | $ | 347,995 | $ | 347,995 | $ | — | $ | — | ||||||||||||||||||||||||||||||||||||
Time deposits in other financial institutions | Time deposits in other financial institutions | 1,490 | 1,490 | 1,490 | — | — | Time deposits in other financial institutions | 1,490 | 1,490 | 1,490 | — | — | ||||||||||||||||||||||||||||||||||||||||||||||
Securities: | Securities: | Securities: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Carried at fair value | Carried at fair value | 5,798,041 | 5,798,041 | 31,679 | 5,766,362 | — | Carried at fair value | 5,482,687 | 5,482,687 | 31,805 | 5,450,882 | — | ||||||||||||||||||||||||||||||||||||||||||||||
Held to maturity | Held to maturity | 834,673 | 806,942 | — | 806,942 | — | Held to maturity | 835,468 | 758,626 | — | 758,626 | — | ||||||||||||||||||||||||||||||||||||||||||||||
Other investments | Other investments | 72,291 | 72,291 | — | 72,291 | — | Other investments | 90,001 | 90,001 | — | 90,001 | — | ||||||||||||||||||||||||||||||||||||||||||||||
Loans held for sale | Loans held for sale | 14,353 | 14,353 | — | 14,353 | — | Loans held for sale | 6,262 | 6,262 | — | 6,262 | — | ||||||||||||||||||||||||||||||||||||||||||||||
Loans, net: | Loans, net: | Loans, net: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Commercial and industrial | Commercial and industrial | 3,561,284 | 3,380,572 | — | 3,371,338 | 9,234 | Commercial and industrial | 3,563,513 | 3,371,432 | — | 3,362,902 | 8,530 | ||||||||||||||||||||||||||||||||||||||||||||||
PPP | PPP | 4,139 | 4,139 | — | 4,139 | — | PPP | 3,750 | 3,750 | — | 3,750 | — | ||||||||||||||||||||||||||||||||||||||||||||||
Owner occupied commercial real estate | Owner occupied commercial real estate | 2,383,989 | 2,196,424 | — | 2,189,085 | 7,339 | Owner occupied commercial real estate | 2,414,985 | 2,225,107 | — | 2,220,696 | 4,411 | ||||||||||||||||||||||||||||||||||||||||||||||
Non-owner occupied commercial real estate | Non-owner occupied commercial real estate | 2,512,760 | 2,370,988 | — | 2,357,227 | 13,761 | Non-owner occupied commercial real estate | 2,639,074 | 2,493,314 | — | 2,486,991 | 6,323 | ||||||||||||||||||||||||||||||||||||||||||||||
Real estate construction | Real estate construction | 984,888 | 979,326 | — | 978,416 | 910 | Real estate construction | 1,000,575 | 977,316 | — | 976,406 | 910 | ||||||||||||||||||||||||||||||||||||||||||||||
Agricultural and agricultural real estate | Agricultural and agricultural real estate | 836,306 | 760,910 | — | 754,763 | 6,147 | Agricultural and agricultural real estate | 837,712 | 760,022 | — | 755,079 | 4,943 | ||||||||||||||||||||||||||||||||||||||||||||||
Residential real estate | Residential real estate | 820,793 | 708,992 | — | 706,738 | 2,254 | Residential real estate | 806,696 | 699,081 | — | 696,865 | 2,216 | ||||||||||||||||||||||||||||||||||||||||||||||
Consumer | Consumer | 502,617 | 483,574 | — | 483,574 | — | Consumer | 495,923 | 476,515 | — | 476,515 | — | ||||||||||||||||||||||||||||||||||||||||||||||
Total Loans, net | Total Loans, net | 11,606,776 | 10,884,925 | — | 10,845,280 | 39,645 | Total Loans, net | 11,762,228 | 11,006,537 | — | 10,979,204 | 27,333 | ||||||||||||||||||||||||||||||||||||||||||||||
Cash surrender value on life insurance | Cash surrender value on life insurance | 195,793 | 195,793 | — | 195,793 | — | Cash surrender value on life insurance | 196,694 | 196,694 | — | 196,694 | — | ||||||||||||||||||||||||||||||||||||||||||||||
Derivative financial instruments(1) | Derivative financial instruments(1) | 96,689 | 96,689 | — | 96,689 | — | Derivative financial instruments(1) | 167,925 | 167,925 | — | 167,925 | — | ||||||||||||||||||||||||||||||||||||||||||||||
Interest rate lock commitments | Interest rate lock commitments | 306 | 306 | — | — | 306 | Interest rate lock commitments | 99 | 99 | — | — | 99 | ||||||||||||||||||||||||||||||||||||||||||||||
Forward commitments | Forward commitments | 43 | 43 | — | 43 | — | Forward commitments | 41 | 41 | — | 41 | — | ||||||||||||||||||||||||||||||||||||||||||||||
Financial liabilities: | Financial liabilities: | Financial liabilities: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Deposits | Deposits | Deposits | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Demand deposits | Demand deposits | 4,897,858 | 4,897,858 | — | 4,897,858 | — | Demand deposits | 4,792,813 | 4,792,813 | — | 4,792,813 | — | ||||||||||||||||||||||||||||||||||||||||||||||
Savings deposits | Savings deposits | 8,772,596 | 8,772,596 | — | 8,772,596 | — | Savings deposits | 8,754,911 | 8,754,911 | — | 8,754,911 | — | ||||||||||||||||||||||||||||||||||||||||||||||
Time deposits | Time deposits | 3,993,089 | 3,993,089 | — | 3,993,089 | — | Time deposits | 3,553,269 | 3,553,269 | — | 3,553,269 | — | ||||||||||||||||||||||||||||||||||||||||||||||
Short term borrowings | Short term borrowings | 44,364 | 44,364 | — | 44,364 | — | Short term borrowings | 392,634 | 392,634 | — | 392,634 | — | ||||||||||||||||||||||||||||||||||||||||||||||
Other borrowings | Other borrowings | 372,403 | 374,127 | — | 374,127 | — | Other borrowings | 372,059 | 373,681 | — | 373,681 | — | ||||||||||||||||||||||||||||||||||||||||||||||
Derivative financial instruments(2) | Derivative financial instruments(2) | 51,994 | 51,994 | — | 51,994 | — | Derivative financial instruments(2) | 76,074 | 76,074 | — | 76,074 | — | ||||||||||||||||||||||||||||||||||||||||||||||
Forward commitments | Forward commitments | 4 | 4 | — | 4 | — | Forward commitments | 5 | 5 | — | 5 | — | ||||||||||||||||||||||||||||||||||||||||||||||
(1) Includes interest rate swaps, embedded derivatives and back-to-back loan swaps. | (1) Includes interest rate swaps, embedded derivatives and back-to-back loan swaps. | (1) Includes interest rate swaps, embedded derivatives and back-to-back loan swaps. | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
(2) Includes back-to-back loan swaps and free standing derivative instruments. | (2) Includes back-to-back loan swaps and free standing derivative instruments. | (2) Includes back-to-back loan swaps and free standing derivative instruments. |
Fair Value Measurements at December 31, 2022 | |||||||||||||||||||||||||||||
Carrying Amount | Estimated Fair Value | Quoted Prices in Active Markets for Identical Assets (Level 1) | Significant Other Observable Inputs (Level 2) | Significant Unobservable Inputs (Level 3) | |||||||||||||||||||||||||
Financial assets: | |||||||||||||||||||||||||||||
Cash and cash equivalents | $ | 363,087 | $ | 363,087 | $ | 363,087 | $ | — | $ | — | |||||||||||||||||||
Time deposits in other financial institutions | 1,740 | 1,740 | 1,740 | — | — | ||||||||||||||||||||||||
Securities: | |||||||||||||||||||||||||||||
Carried at fair value | 6,147,144 | 6,147,144 | 31,699 | 6,115,445 | — | ||||||||||||||||||||||||
Held to maturity | 829,403 | 776,557 | — | 776,557 | — | ||||||||||||||||||||||||
Other investments | 74,567 | 74,567 | — | 74,567 | — | ||||||||||||||||||||||||
Loans held for sale | 5,277 | 5,277 | — | 5,277 | — | ||||||||||||||||||||||||
Loans, net: | |||||||||||||||||||||||||||||
Commercial and industrial | 3,435,343 | 3,270,127 | — | 3,258,085 | 12,042 | ||||||||||||||||||||||||
PPP | 11,025 | 11,025 | — | 11,025 | — | ||||||||||||||||||||||||
Owner occupied commercial real estate | 2,251,359 | 2,084,665 | — | 2,077,109 | 7,556 | ||||||||||||||||||||||||
Non-owner occupied commercial real estate | 2,314,401 | 2,184,796 | — | 2,173,425 | 11,371 | ||||||||||||||||||||||||
Real estate construction | 1,046,084 | 1,039,244 | — | 1,037,726 | 1,518 | ||||||||||||||||||||||||
Agricultural and agricultural real estate | 917,876 | 842,637 | — | 838,849 | 3,788 | ||||||||||||||||||||||||
Residential real estate | 845,650 | 741,325 | — | 739,718 | 1,607 | ||||||||||||||||||||||||
Consumer | 497,131 | 480,018 | — | 480,018 | — | ||||||||||||||||||||||||
Total Loans, net | 11,318,869 | 10,653,837 | — | 10,615,955 | 37,882 | ||||||||||||||||||||||||
Cash surrender value on life insurance | 193,403 | 193,403 | — | 193,403 | — | ||||||||||||||||||||||||
Derivative financial instruments(1) | 46,293 | 46,293 | — | 46,293 | — | ||||||||||||||||||||||||
Interest rate lock commitments | 174 | 174 | — | — | 174 | ||||||||||||||||||||||||
Forward commitments | 47 | 47 | — | 47 | — | ||||||||||||||||||||||||
Financial liabilities: | |||||||||||||||||||||||||||||
Deposits | |||||||||||||||||||||||||||||
Demand deposits | 5,701,340 | 5,701,340 | — | 5,701,340 | — | ||||||||||||||||||||||||
Savings deposits | 9,994,391 | 9,994,391 | — | 9,994,391 | — | ||||||||||||||||||||||||
Time deposits | 1,817,278 | 1,817,278 | — | 1,817,278 | — | ||||||||||||||||||||||||
Short term borrowings | 376,117 | 376,117 | — | 376,117 | — | ||||||||||||||||||||||||
Other borrowings | 371,753 | 372,473 | — | 372,473 | — | ||||||||||||||||||||||||
Derivative financial instruments(1) | 46,226 | 46,226 | — | 46,226 | — | ||||||||||||||||||||||||
Forward commitments | 99 | 99 | — | 99 | — | ||||||||||||||||||||||||
(1) Includes interest rate swaps, fair value hedges, embedded derivatives and back-to-back loan swaps. | |||||||||||||||||||||||||||||
(2) Includes back-to-back loan swaps and undesignated interest rate swaps. |
2023 | 2022 | 2023 | 2022 | |||||||||||||||||||||||||||||||||||||||||||
Shares | Weighted-Average Grant Date Fair Value | Shares | Weighted-Average Grant Date Fair Value | Shares | Weighted-Average Grant Date Fair Value | Shares | Weighted-Average Grant Date Fair Value | |||||||||||||||||||||||||||||||||||||||
Outstanding at January 1, | Outstanding at January 1, | 424,086 | $ | 46.15 | 389,885 | $ | 44.19 | Outstanding at January 1, | 424,086 | $ | 46.15 | 389,885 | $ | 44.19 | ||||||||||||||||||||||||||||||||
Granted | Granted | 241,347 | 47.30 | 236,120 | 48.47 | Granted | 272,465 | 45.33 | 238,495 | 48.41 | ||||||||||||||||||||||||||||||||||||
Vested | Vested | (166,845) | 42.22 | (158,519) | 45.03 | Vested | (175,313) | 41.74 | (158,702) | 45.04 | ||||||||||||||||||||||||||||||||||||
Forfeited | Forfeited | (28,612) | 44.27 | (25,500) | 46.60 | Forfeited | (42,091) | 46.25 | (27,316) | 46.69 | ||||||||||||||||||||||||||||||||||||
Outstanding at June 30, | 469,976 | $ | 48.25 | 441,986 | $ | 46.03 | ||||||||||||||||||||||||||||||||||||||||
Outstanding at September 30, | Outstanding at September 30, | 479,147 | $ | 47.29 | 442,362 | $ | 46.01 |
2023 | 2023 | |||||||||||||||||||||
Shares | Weighted Average Exercise Price | Shares | Weighted Average Exercise Price | |||||||||||||||||||
Outstanding January 1, | Outstanding January 1, | 64,518 | $ | 48.79 | Outstanding January 1, | 64,518 | $ | 48.79 | ||||||||||||||
Granted | Granted | — | — | Granted | — | — | ||||||||||||||||
Exercised | Exercised | — | — | Exercised | — | — | ||||||||||||||||
Forfeited | Forfeited | (6,452) | 48.79 | Forfeited | (6,452) | 48.79 | ||||||||||||||||
Outstanding at June 30, | 58,066 | 48.79 | ||||||||||||||||||||
Options exercisable at June 30, | — | $ | — | |||||||||||||||||||
Outstanding at September 30, | Outstanding at September 30, | 58,066 | 48.79 | |||||||||||||||||||
Options exercisable at September 30, | Options exercisable at September 30, | — | $ | — |
FINANCIAL HIGHLIGHTS | FINANCIAL HIGHLIGHTS | FINANCIAL HIGHLIGHTS | ||||||||||||||||||||||||||||||||||||||||||||
(Dollars in thousands, except per share data) | (Dollars in thousands, except per share data) | Three Months Ended June 30, | Six Months Ended June 30, | (Dollars in thousands, except per share data) | Three Months Ended September 30, | Nine Months Ended September 30, | ||||||||||||||||||||||||||||||||||||||||
2023 | 2022 | 2023 | 2022 | 2023 | 2022 | 2023 | 2022 | |||||||||||||||||||||||||||||||||||||||
STATEMENT OF INCOME DATA | STATEMENT OF INCOME DATA | STATEMENT OF INCOME DATA | ||||||||||||||||||||||||||||||||||||||||||||
Interest income | Interest income | $ | 235,500 | $ | 152,887 | $ | 452,478 | $ | 294,149 | Interest income | $ | 245,432 | $ | 175,806 | $ | 697,910 | $ | 469,955 | ||||||||||||||||||||||||||||
Interest expense | Interest expense | 88,368 | 10,426 | 153,134 | 17,009 | Interest expense | 99,676 | 19,930 | 252,810 | 36,939 | ||||||||||||||||||||||||||||||||||||
Net interest income | Net interest income | 147,132 | 142,461 | 299,344 | 277,140 | Net interest income | 145,756 | 155,876 | 445,100 | 433,016 | ||||||||||||||||||||||||||||||||||||
Provision for credit losses | Provision for credit losses | 5,379 | 3,246 | 8,453 | 6,491 | Provision for credit losses | 1,516 | 5,492 | 9,969 | 11,983 | ||||||||||||||||||||||||||||||||||||
Net interest income after provision for credit losses | Net interest income after provision for credit losses | 141,753 | 139,215 | 290,891 | 270,649 | Net interest income after provision for credit losses | 144,240 | 150,384 | 435,131 | 421,033 | ||||||||||||||||||||||||||||||||||||
Noninterest income | Noninterest income | 32,493 | 34,539 | 62,492 | 69,108 | Noninterest income | 28,383 | 29,181 | 90,875 | 98,289 | ||||||||||||||||||||||||||||||||||||
Noninterest expenses | Noninterest expenses | 109,446 | 106,479 | 220,489 | 217,276 | Noninterest expenses | 111,053 | 108,883 | 331,542 | 326,159 | ||||||||||||||||||||||||||||||||||||
Income taxes | Income taxes | 15,384 | 15,402 | 30,702 | 27,519 | Income taxes | 13,479 | 14,118 | 44,181 | 41,637 | ||||||||||||||||||||||||||||||||||||
Net income | Net income | 49,416 | 51,873 | 102,192 | 94,962 | Net income | 48,091 | 56,564 | 150,283 | 151,526 | ||||||||||||||||||||||||||||||||||||
Preferred dividends | Preferred dividends | (2,012) | (2,012) | (4,025) | (4,025) | Preferred dividends | (2,013) | (2,013) | (6,038) | (6,038) | ||||||||||||||||||||||||||||||||||||
Net income available to common stockholders | Net income available to common stockholders | $ | 47,404 | $ | 49,861 | $ | 98,167 | $ | 90,937 | Net income available to common stockholders | $ | 46,078 | $ | 54,551 | $ | 144,245 | $ | 145,488 | ||||||||||||||||||||||||||||
KEY PERFORMANCE RATIOS | KEY PERFORMANCE RATIOS | KEY PERFORMANCE RATIOS | ||||||||||||||||||||||||||||||||||||||||||||
Annualized return on average assets | Annualized return on average assets | 0.98 | % | 1.06 | % | 1.02 | % | 0.99 | % | Annualized return on average assets | 0.94 | % | 1.13 | % | 1.00 | % | 1.04 | % | ||||||||||||||||||||||||||||
Annualized return on average common equity (GAAP) | Annualized return on average common equity (GAAP) | 11.01 | 11.55 | 11.70 | 9.82 | Annualized return on average common equity (GAAP) | 10.47 | 12.93 | 11.28 | 10.80 | ||||||||||||||||||||||||||||||||||||
Annualized return on average tangible common equity (non-GAAP)(1) | Annualized return on average tangible common equity (non-GAAP)(1) | 17.33 | 18.35 | 18.63 | 15.08 | Annualized return on average tangible common equity (non-GAAP)(1) | 16.34 | 20.76 | 17.83 | 16.79 | ||||||||||||||||||||||||||||||||||||
Annualized ratio of net charge-offs/(recoveries) to average loans | 0.32 | 0.03 | 0.15 | 0.25 | ||||||||||||||||||||||||||||||||||||||||||
Annualized ratio of net charge-offs to average loans | Annualized ratio of net charge-offs to average loans | 0.12 | 0.00 | 0.14 | 0.17 | |||||||||||||||||||||||||||||||||||||||||
Annualized net interest margin (GAAP) | Annualized net interest margin (GAAP) | 3.19 | 3.18 | 3.27 | 3.13 | Annualized net interest margin (GAAP) | 3.14 | 3.41 | 3.23 | 3.22 | ||||||||||||||||||||||||||||||||||||
Annualized net interest margin, fully tax-equivalent (non-GAAP)(1) | Annualized net interest margin, fully tax-equivalent (non-GAAP)(1) | 3.24 | 3.22 | 3.32 | 3.17 | Annualized net interest margin, fully tax-equivalent (non-GAAP)(1) | 3.18 | 3.45 | 3.27 | 3.27 | ||||||||||||||||||||||||||||||||||||
Efficiency ratio (GAAP) | Efficiency ratio (GAAP) | 60.93 | 60.16 | 60.94 | 62.75 | Efficiency ratio (GAAP) | 63.77 | 58.84 | 61.86 | 61.39 | ||||||||||||||||||||||||||||||||||||
Adjusted efficiency ratio, fully tax-equivalent (non-GAAP)(1) | Adjusted efficiency ratio, fully tax-equivalent (non-GAAP)(1) | 59.82 | 57.66 | 58.48 | 61.02 | Adjusted efficiency ratio, fully tax-equivalent (non-GAAP)(1) | 59.95 | 55.26 | 58.98 | 58.99 | ||||||||||||||||||||||||||||||||||||
Total noninterest expenses to average assets | Total noninterest expenses to average assets | 2.17 | 2.18 | 2.20 | 2.26 | Total noninterest expenses to average assets | 2.18 | 2.18 | 2.20 | 2.23 | ||||||||||||||||||||||||||||||||||||
Core noninterest expenses to average assets (non-GAAP)(1) | Core noninterest expenses to average assets (non-GAAP)(1) | 2.16 | 2.14 | 2.15 | 2.21 | Core noninterest expenses to average assets (non-GAAP)(1) | 2.08 | 2.09 | 2.12 | 2.17 |
Dollars in thousands, expect per share data | Dollars in thousands, expect per share data | As Of and For the Quarter Ended | Dollars in thousands, expect per share data | As Of and For the Quarter Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
6/30/2023 | 3/31/2023 | 12/31/2022 | 9/30/2022 | 6/30/2022 | 9/30/2023 | 6/30/2023 | 3/31/2023 | 12/31/2022 | 9/30/2022 | |||||||||||||||||||||||||||||||||||||||||||||||||
BALANCE SHEET DATA | BALANCE SHEET DATA | BALANCE SHEET DATA | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Investments | Investments | $ | 6,705,005 | $ | 7,001,119 | $ | 7,051,114 | $ | 6,970,864 | $ | 7,274,056 | Investments | $ | 6,408,156 | $ | 6,705,005 | $ | 7,001,119 | $ | 7,051,114 | $ | 6,970,864 | ||||||||||||||||||||||||||||||||||||
Loans held for sale | Loans held for sale | 14,353 | 10,425 | 5,277 | 9,570 | 18,803 | Loans held for sale | 6,262 | 14,353 | 10,425 | 5,277 | 9,570 | ||||||||||||||||||||||||||||||||||||||||||||||
Loans receivable held to maturity | Loans receivable held to maturity | 11,717,974 | 11,495,353 | 11,428,352 | 10,923,532 | 10,678,218 | Loans receivable held to maturity | 11,872,436 | 11,717,974 | 11,495,353 | 11,428,352 | 10,923,532 | ||||||||||||||||||||||||||||||||||||||||||||||
Allowance for credit losses | Allowance for credit losses | 111,198 | 112,707 | 109,483 | 105,715 | 101,353 | Allowance for credit losses | 110,208 | 111,198 | 112,707 | 109,483 | 105,715 | ||||||||||||||||||||||||||||||||||||||||||||||
Total assets | Total assets | 20,224,716 | 20,182,544 | 20,244,228 | 19,682,950 | 19,658,399 | Total assets | 20,129,793 | 20,224,716 | 20,182,544 | 20,244,228 | 19,682,950 | ||||||||||||||||||||||||||||||||||||||||||||||
Total deposits | Total deposits | 17,663,543 | 17,681,346 | 17,513,009 | 17,267,121 | 17,225,550 | Total deposits | 17,100,993 | 17,663,543 | 17,681,346 | 17,513,009 | 17,267,121 | ||||||||||||||||||||||||||||||||||||||||||||||
Long-term obligations | Long-term obligations | 372,403 | 372,097 | 371,753 | 371,446 | 372,538 | Long-term obligations | 372,059 | 372,403 | 372,097 | 371,753 | 371,446 | ||||||||||||||||||||||||||||||||||||||||||||||
Common equity | Common equity | 1,748,285 | 1,718,700 | 1,624,350 | 1,545,253 | 1,663,363 | Common equity | 1,714,825 | 1,748,285 | 1,718,700 | 1,624,350 | 1,545,253 | ||||||||||||||||||||||||||||||||||||||||||||||
COMMON SHARE DATA | COMMON SHARE DATA | COMMON SHARE DATA | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Book value per common share (GAAP) | Book value per common share (GAAP) | $ | 41.00 | $ | 40.38 | $ | 38.25 | $ | 36.41 | $ | 39.19 | Book value per common share (GAAP) | $ | 40.20 | $ | 41.00 | $ | 40.38 | $ | 38.25 | $ | 36.41 | ||||||||||||||||||||||||||||||||||||
Tangible book value per common share (non-GAAP)(1) | Tangible book value per common share (non-GAAP)(1) | $ | 26.98 | $ | 26.30 | $ | 24.09 | $ | 22.20 | $ | 24.94 | Tangible book value per common share (non-GAAP)(1) | $ | 26.23 | $ | 26.98 | $ | 26.30 | $ | 24.09 | $ | 22.20 | ||||||||||||||||||||||||||||||||||||
ASC 320 effect on book value per common share | ASC 320 effect on book value per common share | $ | (14.04) | $ | (13.35) | $ | (14.58) | $ | (15.31) | $ | (11.43) | ASC 320 effect on book value per common share | $ | (16.27) | $ | (14.04) | $ | (13.35) | $ | (14.58) | $ | (15.31) | ||||||||||||||||||||||||||||||||||||
Common shares outstanding, net of treasury stock | Common shares outstanding, net of treasury stock | 42,644,544 | 42,558,726 | 42,467,394 | 42,444,106 | 42,439,439 | Common shares outstanding, net of treasury stock | 42,656,303 | 42,644,544 | 42,558,726 | 42,467,394 | 42,444,106 | ||||||||||||||||||||||||||||||||||||||||||||||
Tangible common equity ratio (non-GAAP)(1) | Tangible common equity ratio (non-GAAP)(1) | 5.86 | % | 5.72 | % | 5.21 | % | 4.94 | % | 5.56 | % | Tangible common equity ratio (non-GAAP)(1) | 5.73 | % | 5.86 | % | 5.72 | % | 5.21 | % | 4.94 | % | ||||||||||||||||||||||||||||||||||||
Adjusted tangible common equity ratio (non-GAAP)(1) | Adjusted tangible common equity ratio (non-GAAP)(1) | 8.79 | % | 8.61 | % | 8.37 | % | 8.35 | % | 8.11 | % | Adjusted tangible common equity ratio (non-GAAP)(1) | 8.73 | % | 8.54 | % | 8.37 | % | 8.11 | % | 8.07 | % | ||||||||||||||||||||||||||||||||||||
(1) Refer to "Non-GAAP Financial Measures" for additional information on the usage and presentation of these non-GAAP measures, and refer to these financial tables for the reconciliations to the most directly comparable GAAP measures. | (1) Refer to "Non-GAAP Financial Measures" for additional information on the usage and presentation of these non-GAAP measures, and refer to these financial tables for the reconciliations to the most directly comparable GAAP measures. | (1) Refer to "Non-GAAP Financial Measures" for additional information on the usage and presentation of these non-GAAP measures, and refer to these financial tables for the reconciliations to the most directly comparable GAAP measures. |
Non-GAAP Reconciliations (Dollars in thousands, except per share data) | Non-GAAP Reconciliations (Dollars in thousands, except per share data) | Non-GAAP Reconciliations (Dollars in thousands, except per share data) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
As Of and For the Quarter Ended | As Of and For the Quarter Ended | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
6/30/2023 | 3/31/2023 | 12/31/2022 | 9/30/2022 | 6/30/2022 | 9/30/2023 | 6/30/2023 | 3/31/2023 | 12/31/2022 | 9/30/2022 | |||||||||||||||||||||||||||||||||||||||||||||||||
Reconciliation of Tangible Book Value Per Common Share (non-GAAP) | Reconciliation of Tangible Book Value Per Common Share (non-GAAP) | Reconciliation of Tangible Book Value Per Common Share (non-GAAP) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Common equity (GAAP) | Common equity (GAAP) | $ | 1,748,285 | $ | 1,718,700 | $ | 1,624,350 | $ | 1,545,253 | $ | 1,663,363 | Common equity (GAAP) | $ | 1,714,825 | $ | 1,748,285 | $ | 1,718,700 | $ | 1,624,350 | $ | 1,545,253 | ||||||||||||||||||||||||||||||||||||
Less goodwill | Less goodwill | 576,005 | 576,005 | 576,005 | 576,005 | 576,005 | Less goodwill | 576,005 | 576,005 | 576,005 | 576,005 | 576,005 | ||||||||||||||||||||||||||||||||||||||||||||||
Less core deposit and customer relationship intangibles, net | Less core deposit and customer relationship intangibles, net | 21,651 | 23,366 | 25,154 | 26,995 | 28,851 | Less core deposit and customer relationship intangibles, net | 20,026 | 21,651 | 23,366 | 25,154 | 26,995 | ||||||||||||||||||||||||||||||||||||||||||||||
Tangible common equity (non-GAAP) | Tangible common equity (non-GAAP) | $ | 1,150,629 | $ | 1,119,329 | $ | 1,023,191 | $ | 942,253 | $ | 1,058,507 | Tangible common equity (non-GAAP) | $ | 1,118,794 | $ | 1,150,629 | $ | 1,119,329 | $ | 1,023,191 | $ | 942,253 | ||||||||||||||||||||||||||||||||||||
Common shares outstanding, net of treasury stock | Common shares outstanding, net of treasury stock | 42,644,544 | 42,558,726 | 42,467,394 | 42,444,106 | 42,439,439 | Common shares outstanding, net of treasury stock | 42,656,303 | 42,644,544 | 42,558,726 | 42,467,394 | 42,444,106 | ||||||||||||||||||||||||||||||||||||||||||||||
Common equity (book value) per share (GAAP) | Common equity (book value) per share (GAAP) | $ | 41.00 | $ | 40.38 | $ | 38.25 | $ | 36.41 | $ | 39.19 | Common equity (book value) per share (GAAP) | $ | 40.20 | $ | 41.00 | $ | 40.38 | $ | 38.25 | $ | 36.41 | ||||||||||||||||||||||||||||||||||||
Tangible book value per common share (non-GAAP) | Tangible book value per common share (non-GAAP) | $ | 26.98 | $ | 26.30 | $ | 24.09 | $ | 22.20 | $ | 24.94 | Tangible book value per common share (non-GAAP) | $ | 26.23 | $ | 26.98 | $ | 26.30 | $ | 24.09 | $ | 22.20 | ||||||||||||||||||||||||||||||||||||
Reconciliation of Tangible Common Equity Ratio (non-GAAP) | Reconciliation of Tangible Common Equity Ratio (non-GAAP) | Reconciliation of Tangible Common Equity Ratio (non-GAAP) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Tangible common equity (non-GAAP) | Tangible common equity (non-GAAP) | $ | 1,150,629 | $ | 1,119,329 | $ | 1,023,191 | $ | 942,253 | $ | 1,058,507 | Tangible common equity (non-GAAP) | $ | 1,118,794 | $ | 1,150,629 | $ | 1,119,329 | $ | 1,023,191 | $ | 942,253 | ||||||||||||||||||||||||||||||||||||
Total assets (GAAP) | Total assets (GAAP) | $ | 20,224,716 | $ | 20,182,544 | $ | 20,244,228 | $ | 19,682,950 | $ | 19,658,399 | Total assets (GAAP) | $ | 20,129,793 | $ | 20,224,716 | $ | 20,182,544 | $ | 20,244,228 | $ | 19,682,950 | ||||||||||||||||||||||||||||||||||||
Less goodwill | Less goodwill | 576,005 | 576,005 | 576,005 | 576,005 | 576,005 | Less goodwill | 576,005 | 576,005 | 576,005 | 576,005 | 576,005 | ||||||||||||||||||||||||||||||||||||||||||||||
Less core deposit and customer relationship intangibles, net | Less core deposit and customer relationship intangibles, net | 21,651 | 23,366 | 25,154 | 26,995 | 28,851 | Less core deposit and customer relationship intangibles, net | 20,026 | 21,651 | 23,366 | 25,154 | 26,995 | ||||||||||||||||||||||||||||||||||||||||||||||
Total tangible assets (non-GAAP) | Total tangible assets (non-GAAP) | $ | 19,627,060 | $ | 19,583,173 | $ | 19,643,069 | $ | 19,079,950 | $ | 19,053,543 | Total tangible assets (non-GAAP) | $ | 19,533,762 | $ | 19,627,060 | $ | 19,583,173 | $ | 19,643,069 | $ | 19,079,950 | ||||||||||||||||||||||||||||||||||||
Tangible common equity ratio (non-GAAP) | Tangible common equity ratio (non-GAAP) | 5.86 | % | 5.72 | % | 5.21 | % | 4.94 | % | 5.56 | % | Tangible common equity ratio (non-GAAP) | 5.73 | % | 5.86 | % | 5.72 | % | 5.21 | % | 4.94 | % | ||||||||||||||||||||||||||||||||||||
Reconciliation of Adjusted Tangible Common Equity Ratio (non-GAAP) | Reconciliation of Adjusted Tangible Common Equity Ratio (non-GAAP) | Reconciliation of Adjusted Tangible Common Equity Ratio (non-GAAP) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Tangible common equity (non-GAAP) | Tangible common equity (non-GAAP) | $ | 1,150,629 | $ | 1,119,329 | $ | 1,023,191 | $ | 942,253 | $ | 1,058,507 | Tangible common equity (non-GAAP) | $ | 1,118,794 | $ | 1,150,629 | $ | 1,119,329 | $ | 1,023,191 | $ | 942,253 | ||||||||||||||||||||||||||||||||||||
Accumulated other comprehensive loss | Accumulated other comprehensive loss | 575,240 | 566,919 | 620,006 | 650,636 | 486,918 | Accumulated other comprehensive loss | 642,838 | 575,240 | 566,919 | 620,006 | 650,636 | ||||||||||||||||||||||||||||||||||||||||||||||
Adjusted tangible common equity (non-GAAP) | Adjusted tangible common equity (non-GAAP) | $ | 1,725,869 | $ | 1,686,248 | $ | 1,643,197 | $ | 1,592,889 | $ | 1,545,425 | Adjusted tangible common equity (non-GAAP) | $ | 1,761,632 | $ | 1,725,869 | $ | 1,686,248 | $ | 1,643,197 | $ | 1,592,889 | ||||||||||||||||||||||||||||||||||||
Total tangible assets (non-GAAP) | Total tangible assets (non-GAAP) | $ | 19,627,060 | $ | 19,583,173 | $ | 19,643,069 | $ | 19,079,950 | $ | 19,053,543 | Total tangible assets (non-GAAP) | $ | 19,533,762 | $ | 19,627,060 | $ | 19,583,173 | $ | 19,643,069 | $ | 19,079,950 | ||||||||||||||||||||||||||||||||||||
Fair value adjustment for securities and derivatives, net of deferred taxes | Fair value adjustment for securities and derivatives, net of deferred taxes | 642,838 | 575,240 | 566,919 | 620,006 | 650,636 | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Total adjusted tangible assets (non-GAAP) | Total adjusted tangible assets (non-GAAP) | $ | 20,176,600 | $ | 20,202,300 | $ | 20,150,092 | $ | 20,263,075 | $ | 19,730,586 | |||||||||||||||||||||||||||||||||||||||||||||||
Adjusted tangible common equity ratio (non-GAAP) | Adjusted tangible common equity ratio (non-GAAP) | 8.79 | % | 8.61 | % | 8.37 | % | 8.35 | % | 8.11 | % | Adjusted tangible common equity ratio (non-GAAP) | 8.73 | % | 8.54 | % | 8.37 | % | 8.11 | % | 8.07 | % | ||||||||||||||||||||||||||||||||||||
(1) Computed on a tax-equivalent basis using an effective tax rate of 21%. | (1) Computed on a tax-equivalent basis using an effective tax rate of 21%. | (1) Computed on a tax-equivalent basis using an effective tax rate of 21%. |
Non-GAAP Reconciliations (Dollars in thousands, except per share data) | Non-GAAP Reconciliations (Dollars in thousands, except per share data) | For the Quarter Ended June 30, | For the Six Months Ended June 30, | Non-GAAP Reconciliations (Dollars in thousands, except per share data) | For the Quarter Ended September 30, | For the Nine Months Ended September 30, | ||||||||||||||||||||||||||||||||||||||||
2023 | 2022 | 2023 | 2022 | 2023 | 2022 | 2023 | 2022 | |||||||||||||||||||||||||||||||||||||||
Reconciliation of Annualized Return on Average Tangible Common Equity (non-GAAP) | Reconciliation of Annualized Return on Average Tangible Common Equity (non-GAAP) | Reconciliation of Annualized Return on Average Tangible Common Equity (non-GAAP) | ||||||||||||||||||||||||||||||||||||||||||||
Net income available to common stockholders (GAAP) | Net income available to common stockholders (GAAP) | $ | 47,404 | $ | 49,861 | $ | 98,167 | $ | 90,937 | Net income available to common stockholders (GAAP) | $ | 46,078 | $ | 54,551 | $ | 144,245 | $ | 145,488 | ||||||||||||||||||||||||||||
Plus core deposit and customer relationship intangibles amortization, net of tax(1) | Plus core deposit and customer relationship intangibles amortization, net of tax(1) | 1,354 | 1,645 | 2,767 | 3,268 | Plus core deposit and customer relationship intangibles amortization, net of tax(1) | 1,284 | 1,466 | 4,051 | 4,734 | ||||||||||||||||||||||||||||||||||||
Net income available to common stockholders excluding intangible amortization (non-GAAP) | Net income available to common stockholders excluding intangible amortization (non-GAAP) | $ | 48,758 | $ | 51,506 | $ | 100,934 | $ | 94,205 | Net income available to common stockholders excluding intangible amortization (non-GAAP) | $ | 47,362 | $ | 56,017 | $ | 148,296 | $ | 150,222 | ||||||||||||||||||||||||||||
Average common equity (GAAP) | Average common equity (GAAP) | $ | 1,727,013 | $ | 1,731,393 | $ | 1,691,633 | $ | 1,866,657 | Average common equity (GAAP) | $ | 1,746,818 | $ | 1,674,306 | $ | 1,710,230 | $ | 1,801,835 | ||||||||||||||||||||||||||||
Less average goodwill | Less average goodwill | 576,005 | 576,005 | 576,005 | 576,005 | Less average goodwill | 576,005 | 576,005 | 576,005 | 576,005 | ||||||||||||||||||||||||||||||||||||
Less average core deposit and customer relationship intangibles, net | Less average core deposit and customer relationship intangibles, net | 22,481 | 29,845 | 23,355 | 30,883 | Less average core deposit and customer relationship intangibles, net | 20,821 | 27,902 | 22,501 | 29,878 | ||||||||||||||||||||||||||||||||||||
Average tangible common equity (non-GAAP) | Average tangible common equity (non-GAAP) | $ | 1,128,527 | $ | 1,125,543 | $ | 1,092,273 | $ | 1,259,769 | Average tangible common equity (non-GAAP) | $ | 1,149,992 | $ | 1,070,399 | $ | 1,111,724 | $ | 1,195,952 | ||||||||||||||||||||||||||||
Annualized return on average common equity (GAAP) | Annualized return on average common equity (GAAP) | 11.01 | % | 11.55 | % | 11.70 | % | 9.82 | % | Annualized return on average common equity (GAAP) | 10.47 | % | 12.93 | % | 11.28 | % | 10.80 | % | ||||||||||||||||||||||||||||
Annualized return on average tangible common equity (non-GAAP) | Annualized return on average tangible common equity (non-GAAP) | 17.33 | % | 18.35 | % | 18.63 | % | 15.08 | % | Annualized return on average tangible common equity (non-GAAP) | 16.34 | % | 20.76 | % | 17.83 | % | 16.79 | % | ||||||||||||||||||||||||||||
Reconciliation of Annualized Net Interest Margin, Fully Tax-Equivalent (non-GAAP) | Reconciliation of Annualized Net Interest Margin, Fully Tax-Equivalent (non-GAAP) | Reconciliation of Annualized Net Interest Margin, Fully Tax-Equivalent (non-GAAP) | ||||||||||||||||||||||||||||||||||||||||||||
Net interest income (GAAP) | Net interest income (GAAP) | $ | 147,132 | $ | 142,461 | $ | 299,344 | $ | 277,140 | Net interest income (GAAP) | $ | 145,756 | $ | 155,876 | $ | 445,100 | $ | 433,016 | ||||||||||||||||||||||||||||
Plus tax-equivalent adjustment(1) | Plus tax-equivalent adjustment(1) | 2,314 | 1,977 | 4,523 | 4,096 | Plus tax-equivalent adjustment(1) | 2,152 | 2,151 | 6,497 | 6,247 | ||||||||||||||||||||||||||||||||||||
Net interest income, fully tax-equivalent (non-GAAP) | Net interest income, fully tax-equivalent (non-GAAP) | $ | 149,446 | $ | 144,438 | $ | 303,867 | $ | 281,236 | Net interest income, fully tax-equivalent (non-GAAP) | $ | 147,908 | $ | 158,027 | $ | 451,597 | $ | 439,263 | ||||||||||||||||||||||||||||
Average earning assets | Average earning assets | $ | 18,523,552 | $ | 17,987,734 | $ | 18,458,462 | $ | 17,873,037 | Average earning assets | $ | 18,439,010 | $ | 18,157,795 | $ | 18,451,907 | $ | 17,969,001 | ||||||||||||||||||||||||||||
Annualized net interest margin (GAAP) | Annualized net interest margin (GAAP) | 3.19 | % | 3.18 | % | 3.27 | % | 3.13 | % | Annualized net interest margin (GAAP) | 3.14 | % | 3.41 | % | 3.23 | % | 3.22 | % | ||||||||||||||||||||||||||||
Annualized net interest margin, fully tax-equivalent (non-GAAP) | Annualized net interest margin, fully tax-equivalent (non-GAAP) | 3.24 | 3.22 | 3.32 | 3.17 | Annualized net interest margin, fully tax-equivalent (non-GAAP) | 3.18 | 3.45 | 3.27 | 3.27 | ||||||||||||||||||||||||||||||||||||
Net purchase accounting discount accretion on loans included in annualized net interest margin | Net purchase accounting discount accretion on loans included in annualized net interest margin | 0.03 | 0.07 | 0.02 | 0.06 | Net purchase accounting discount accretion on loans included in annualized net interest margin | 0.01 | 0.03 | 0.02 | 0.05 |
Reconciliation of Adjusted Efficiency Ratio (non-GAAP) | Reconciliation of Adjusted Efficiency Ratio (non-GAAP) | Reconciliation of Adjusted Efficiency Ratio (non-GAAP) | ||||||||||||||||||||||||||||||||||||||||||||
Net interest income (GAAP) | Net interest income (GAAP) | $ | 147,132 | $ | 142,461 | $ | 299,344 | $ | 277,140 | Net interest income (GAAP) | $ | 145,756 | $ | 155,876 | $ | 445,100 | $ | 433,016 | ||||||||||||||||||||||||||||
Tax-equivalent adjustment(1) | Tax-equivalent adjustment(1) | 2,314 | 1,977 | 4,523 | 4,096 | Tax-equivalent adjustment(1) | 2,152 | 2,151 | 6,497 | 6,247 | ||||||||||||||||||||||||||||||||||||
Fully tax-equivalent net interest income | Fully tax-equivalent net interest income | 149,446 | 144,438 | 303,867 | 281,236 | Fully tax-equivalent net interest income | 147,908 | 158,027 | 451,597 | 439,263 | ||||||||||||||||||||||||||||||||||||
Noninterest income (GAAP) | Noninterest income (GAAP) | 32,493 | 34,539 | 62,492 | 69,108 | Noninterest income (GAAP) | 28,383 | 29,181 | 90,875 | 98,289 | ||||||||||||||||||||||||||||||||||||
Securities (gains)/losses, net | Securities (gains)/losses, net | 314 | 2,089 | 1,418 | (783) | Securities (gains)/losses, net | 114 | 1,055 | 1,532 | 272 | ||||||||||||||||||||||||||||||||||||
Unrealized (gain)/loss on equity securities, net | Unrealized (gain)/loss on equity securities, net | 41 | 121 | (152) | 404 | Unrealized (gain)/loss on equity securities, net | (13) | 211 | (165) | 615 | ||||||||||||||||||||||||||||||||||||
Valuation adjustment on servicing rights | Valuation adjustment on servicing rights | — | — | — | (1,658) | Valuation adjustment on servicing rights | — | — | — | (1,658) | ||||||||||||||||||||||||||||||||||||
Adjusted revenue (non-GAAP) | Adjusted revenue (non-GAAP) | $ | 182,294 | $ | 181,187 | $ | 367,625 | $ | 348,307 | Adjusted revenue (non-GAAP) | $ | 176,392 | $ | 188,474 | $ | 543,839 | $ | 536,781 | ||||||||||||||||||||||||||||
Total noninterest expenses (GAAP) | Total noninterest expenses (GAAP) | $ | 109,446 | $ | 106,479 | $ | 220,489 | $ | 217,276 | Total noninterest expenses (GAAP) | $ | 111,053 | $ | 108,883 | $ | 331,542 | $ | 326,159 | ||||||||||||||||||||||||||||
Less: | Less: | Less: | ||||||||||||||||||||||||||||||||||||||||||||
Core deposit and customer relationship intangibles amortization | Core deposit and customer relationship intangibles amortization | 1,715 | 2,083 | 3,503 | 4,137 | Core deposit and customer relationship intangibles amortization | 1,625 | 1,856 | 5,128 | 5,993 | ||||||||||||||||||||||||||||||||||||
Partnership investment in tax credit projects | Partnership investment in tax credit projects | 154 | 737 | 692 | 814 | Partnership investment in tax credit projects | 1,136 | 979 | 1,828 | 1,793 | ||||||||||||||||||||||||||||||||||||
(Gain)/loss on sales/valuation of assets, net | (Gain)/loss on sales/valuation of assets, net | (3,372) | (3,230) | (2,257) | (3,184) | (Gain)/loss on sales/valuation of assets, net | 108 | (251) | (2,149) | (3,435) | ||||||||||||||||||||||||||||||||||||
Acquisition, integration and restructuring costs | Acquisition, integration and restructuring costs | 1,892 | 2,412 | 3,565 | 2,988 | Acquisition, integration and restructuring costs | 2,429 | 2,156 | 5,994 | 5,144 | ||||||||||||||||||||||||||||||||||||
Core expenses (non-GAAP) | Core expenses (non-GAAP) | $ | 109,057 | $ | 104,477 | $ | 214,986 | $ | 212,521 | Core expenses (non-GAAP) | $ | 105,755 | $ | 104,143 | $ | 320,741 | $ | 316,664 | ||||||||||||||||||||||||||||
Efficiency ratio (GAAP) | Efficiency ratio (GAAP) | 60.93 | % | 60.16 | % | 60.94 | % | 62.75 | % | Efficiency ratio (GAAP) | 63.77 | % | 58.84 | % | 61.86 | % | 61.39 | % | ||||||||||||||||||||||||||||
Adjusted efficiency ratio, fully tax-equivalent (non-GAAP) | Adjusted efficiency ratio, fully tax-equivalent (non-GAAP) | 59.82 | % | 57.66 | % | 58.48 | % | 61.02 | % | Adjusted efficiency ratio, fully tax-equivalent (non-GAAP) | 59.95 | % | 55.26 | % | 58.98 | % | 58.99 | % | ||||||||||||||||||||||||||||
(1) Computed on a tax-equivalent basis using an effective tax rate of 21%. | (1) Computed on a tax-equivalent basis using an effective tax rate of 21%. | (1) Computed on a tax-equivalent basis using an effective tax rate of 21%. |
Non-GAAP Reconciliations (Dollars in thousands, except per share data) | Non-GAAP Reconciliations (Dollars in thousands, except per share data) | For the Quarter Ended June 30, | For the Six Months Ended June 30, | Non-GAAP Reconciliations (Dollars in thousands, except per share data) | For the Quarter Ended September 30, | For the Nine Months Ended September 30, | ||||||||||||||||||||||||||||||||||||||||
2023 | 2022 | 2023 | 2022 | 2023 | 2022 | 2023 | 2022 | |||||||||||||||||||||||||||||||||||||||
Reconciliation of Annualized Ratio of Core Expenses to Average Assets (non-GAAP) | Reconciliation of Annualized Ratio of Core Expenses to Average Assets (non-GAAP) | Reconciliation of Annualized Ratio of Core Expenses to Average Assets (non-GAAP) | ||||||||||||||||||||||||||||||||||||||||||||
Total noninterest expenses (GAAP) | Total noninterest expenses (GAAP) | $ | 109,446 | $ | 106,479 | $ | 220,489 | $ | 217,276 | Total noninterest expenses (GAAP) | $ | 111,053 | $ | 108,883 | $ | 331,542 | $ | 326,159 | ||||||||||||||||||||||||||||
Core expenses (non-GAAP) | Core expenses (non-GAAP) | 109,057 | 104,477 | 214,986 | 212,521 | Core expenses (non-GAAP) | 105,755 | 104,143 | 320,741 | 316,664 | ||||||||||||||||||||||||||||||||||||
Average assets | Average assets | $ | 20,221,511 | $ | 19,559,091 | $ | 20,170,044 | $ | 19,395,391 | Average assets | $ | 20,207,920 | $ | 19,775,341 | $ | 20,182,808 | $ | 19,523,433 | ||||||||||||||||||||||||||||
Total noninterest expenses to average assets (GAAP) | Total noninterest expenses to average assets (GAAP) | 2.17 | % | 2.18 | % | 2.20 | % | 2.26 | % | Total noninterest expenses to average assets (GAAP) | 2.18 | % | 2.18 | % | 2.20 | % | 2.23 | % | ||||||||||||||||||||||||||||
Core expenses to average assets (non-GAAP) | Core expenses to average assets (non-GAAP) | 2.16 | % | 2.14 | % | 2.15 | % | 2.21 | % | Core expenses to average assets (non-GAAP) | 2.08 | % | 2.09 | % | 2.12 | % | 2.17 | % | ||||||||||||||||||||||||||||
Acquisition, integration and restructuring costs | Acquisition, integration and restructuring costs | Acquisition, integration and restructuring costs | ||||||||||||||||||||||||||||||||||||||||||||
Salaries and employee benefits | Salaries and employee benefits | $ | 93 | $ | 275 | $ | 167 | $ | 615 | Salaries and employee benefits | $ | 94 | $ | 365 | $ | 261 | $ | 980 | ||||||||||||||||||||||||||||
Professional fees | Professional fees | 1,068 | 1,779 | 2,002 | 2,015 | Professional fees | 1,617 | 1,480 | 3,619 | 3,495 | ||||||||||||||||||||||||||||||||||||
Advertising | Advertising | 222 | 156 | 344 | 156 | Advertising | 178 | 131 | 522 | 287 | ||||||||||||||||||||||||||||||||||||
Other noninterest expenses | Other noninterest expenses | 509 | 202 | 1,052 | 202 | Other noninterest expenses | 540 | 180 | 1,592 | 382 | ||||||||||||||||||||||||||||||||||||
Total acquisition, integration and restructuring costs | Total acquisition, integration and restructuring costs | $ | 1,892 | $ | 2,412 | $ | 3,565 | $ | 2,988 | Total acquisition, integration and restructuring costs | $ | 2,429 | $ | 2,156 | $ | 5,994 | $ | 5,144 | ||||||||||||||||||||||||||||
After tax impact on diluted earnings per common share(1) | After tax impact on diluted earnings per common share(1) | $ | 0.03 | $ | 0.04 | $ | 0.07 | $ | 0.06 | After tax impact on diluted earnings per common share(1) | $ | 0.04 | $ | 0.04 | $ | 0.11 | $ | 0.10 | ||||||||||||||||||||||||||||
(1) Computed on a tax-equivalent basis using an effective tax rate of 21%. | (1) Computed on a tax-equivalent basis using an effective tax rate of 21%. | (1) Computed on a tax-equivalent basis using an effective tax rate of 21%. |
ANALYSIS OF AVERAGE BALANCES, TAX EQUIVALENT YIELDS AND RATES (1) | |||||||||||||||||||||||||||||||||||||||||||||||||||||
For the Quarter Ended | |||||||||||||||||||||||||||||||||||||||||||||||||||||
June 30, 2023 | March 31, 2023 | June 30, 2022 | |||||||||||||||||||||||||||||||||||||||||||||||||||
Average Balance | Interest | Rate | Average Balance | Interest | Rate | Average Balance | Interest | Rate | |||||||||||||||||||||||||||||||||||||||||||||
Earning Assets | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Securities: | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Taxable | $ | 5,962,207 | $ | 58,172 | 3.91 | % | $ | 6,096,888 | $ | 55,976 | 3.72 | % | $ | 6,419,615 | $ | 38,098 | 2.38 | % | |||||||||||||||||||||||||||||||||||
Nontaxable(1) | 895,458 | 8,074 | 3.62 | 922,676 | 7,630 | 3.35 | 915,880 | 6,972 | 3.05 | ||||||||||||||||||||||||||||||||||||||||||||
Total securities | 6,857,665 | 66,246 | 3.87 | 7,019,564 | 63,606 | 3.67 | 7,335,495 | 45,070 | 2.46 | ||||||||||||||||||||||||||||||||||||||||||||
Interest on deposits with other banks and short-term investments | 153,622 | 2,051 | 5.41 | 105,400 | 1,131 | 4.35 | 277,773 | 563 | 0.81 | ||||||||||||||||||||||||||||||||||||||||||||
Federal funds sold | — | — | — | — | — | — | — | — | — | ||||||||||||||||||||||||||||||||||||||||||||
Loans:(2) | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Commercial and industrial(1) | 3,565,449 | 56,644 | 6.37 | 3,459,317 | 49,907 | 5.85 | 3,002,822 | 30,441 | 4.07 | ||||||||||||||||||||||||||||||||||||||||||||
PPP loans | 6,302 | 24 | 1.53 | 9,970 | 26 | 1.06 | 41,370 | 1,801 | 17.46 | ||||||||||||||||||||||||||||||||||||||||||||
Owner occupied commercial real estate | 2,366,107 | 28,031 | 4.75 | 2,289,002 | 26,769 | 4.74 | 2,294,524 | 22,863 | 4.00 | ||||||||||||||||||||||||||||||||||||||||||||
Non-owner occupied commercial real estate | 2,462,098 | 35,583 | 5.80 | 2,331,318 | 30,749 | 5.35 | 2,179,048 | 22,871 | 4.21 | ||||||||||||||||||||||||||||||||||||||||||||
Real estate construction | 1,028,109 | 18,528 | 7.23 | 1,099,026 | 18,131 | 6.69 | 878,555 | 10,015 | 4.57 | ||||||||||||||||||||||||||||||||||||||||||||
Agricultural and agricultural real estate | 848,554 | 12,256 | 5.79 | 835,648 | 11,353 | 5.51 | 782,610 | 7,933 | 4.07 | ||||||||||||||||||||||||||||||||||||||||||||
Residential mortgage | 840,741 | 9,383 | 4.48 | 852,561 | 9,273 | 4.41 | 849,174 | 8,358 | 3.95 | ||||||||||||||||||||||||||||||||||||||||||||
Consumer | 508,082 | 9,068 | 7.16 | 501,236 | 8,242 | 6.67 | 449,265 | 4,949 | 4.42 | ||||||||||||||||||||||||||||||||||||||||||||
Less: allowance for credit losses-loans | (113,177) | — | — | (110,393) | — | — | (102,902) | — | — | ||||||||||||||||||||||||||||||||||||||||||||
Net loans | 11,512,265 | 169,517 | 5.91 | 11,267,685 | 154,450 | 5.56 | 10,374,466 | 109,231 | 4.22 | ||||||||||||||||||||||||||||||||||||||||||||
Total earning assets | 18,523,552 | 237,814 | 5.15 | % | 18,392,649 | 219,187 | 4.83 | % | 17,987,734 | 154,864 | 3.45 | % | |||||||||||||||||||||||||||||||||||||||||
Nonearning Assets | 1,697,959 | 1,725,356 | 1,571,357 | ||||||||||||||||||||||||||||||||||||||||||||||||||
Total Assets | $ | 20,221,511 | $ | 20,118,005 | $ | 19,559,091 | |||||||||||||||||||||||||||||||||||||||||||||||
Interest Bearing Liabilities | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Savings | $ | 8,935,775 | $ | 41,284 | 1.85 | % | $ | 9,730,494 | $ | 37,893 | 1.58 | % | $ | 9,995,497 | $ | 5,372 | 0.22 | % | |||||||||||||||||||||||||||||||||||
Time deposits | 3,812,330 | 40,691 | 4.28 | 2,257,047 | 19,005 | 3.41 | 1,088,765 | 1,158 | 0.43 | ||||||||||||||||||||||||||||||||||||||||||||
Short-term borrowings | 89,441 | 848 | 3.80 | 222,772 | 2,422 | 4.41 | 118,646 | 88 | 0.30 | ||||||||||||||||||||||||||||||||||||||||||||
Other borrowings | 372,248 | 5,545 | 5.97 | 371,921 | 5,446 | 5.94 | 372,411 | 3,808 | 4.10 | ||||||||||||||||||||||||||||||||||||||||||||
Total interest bearing liabilities | 13,209,794 | 88,368 | 2.68 | % | 12,582,234 | 64,766 | 2.09 | % | 11,575,319 | 10,426 | 0.36 | % | |||||||||||||||||||||||||||||||||||||||||
Noninterest Bearing Liabilities | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Noninterest bearing deposits | 4,941,033 | 5,518,326 | 5,960,217 | ||||||||||||||||||||||||||||||||||||||||||||||||||
Accrued interest and other liabilities | 232,966 | 250,880 | 181,457 | ||||||||||||||||||||||||||||||||||||||||||||||||||
Total noninterest bearing liabilities | 5,173,999 | 5,769,206 | 6,141,674 | ||||||||||||||||||||||||||||||||||||||||||||||||||
Equity | 1,837,718 | 1,766,565 | 1,842,098 | ||||||||||||||||||||||||||||||||||||||||||||||||||
Total Liabilities and Equity | $ | 20,221,511 | $ | 20,118,005 | $ | 19,559,091 | |||||||||||||||||||||||||||||||||||||||||||||||
Net interest income, fully tax-equivalent (non-GAAP)(1)(3) | $ | 149,446 | $ | 154,421 | $ | 144,438 | |||||||||||||||||||||||||||||||||||||||||||||||
Net interest spread(1) | 2.47 | % | 2.74 | % | 3.09 | % | |||||||||||||||||||||||||||||||||||||||||||||||
Net interest income, fully tax-equivalent to total earning assets (non-GAAP)(1)(3) | 3.24 | % | 3.40 | % | 3.22 | % | |||||||||||||||||||||||||||||||||||||||||||||||
(1) Computed on a tax-equivalent basis using an effective tax rate of 21%. | |||||||||||||||||||||||||||||||||||||||||||||||||||||
(2) Nonaccrual loans and loans held for sale are included in the average loans outstanding. | |||||||||||||||||||||||||||||||||||||||||||||||||||||
(3) Refer to "Non-GAAP Financial Measures" for additional information on the usage and presentation of these non-GAAP measures, and refer to the financial tables under "Financial Highlights" for the reconciliations to the most directly comparable GAAP measures. |
ANALYSIS OF AVERAGE BALANCES, TAX EQUIVALENT YIELDS AND RATES (1) | ANALYSIS OF AVERAGE BALANCES, TAX EQUIVALENT YIELDS AND RATES (1) | ANALYSIS OF AVERAGE BALANCES, TAX EQUIVALENT YIELDS AND RATES (1) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
For the Six Months Ended | For the Quarter Ended | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
June 30, 2023 | June 30, 2022 | September 30, 2023 | June 30, 2023 | September 30, 2022 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Average Balance | Interest | Rate | Average Balance | Interest | Rate | Average Balance | Interest | Rate | Average Balance | Interest | Rate | Average Balance | Interest | Rate | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Earning Assets | Earning Assets | Earning Assets | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Securities: | Securities: | Securities: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Taxable | Taxable | $ | 6,029,175 | $ | 114,148 | 3.82 | % | $ | 6,460,412 | $ | 70,718 | 2.21 | % | Taxable | $ | 5,726,057 | $ | 54,800 | 3.80 | % | $ | 5,962,207 | $ | 58,172 | 3.91 | % | $ | 6,303,278 | $ | 45,648 | 2.87 | % | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Nontaxable(1) | Nontaxable(1) | 908,992 | 15,704 | 3.48 | 1,010,888 | 14,823 | 2.96 | Nontaxable(1) | 881,162 | 8,085 | 3.64 | 895,458 | 7,896 | 3.54 | 951,232 | 7,802 | 3.25 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total securities | Total securities | 6,938,167 | 129,852 | 3.77 | 7,471,300 | 85,541 | 2.31 | Total securities | 6,607,219 | 62,885 | 3.78 | 6,857,665 | 66,068 | 3.86 | 7,254,510 | 53,450 | 2.92 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Interest bearing deposits with other banks and other short-term investments | 129,645 | 3,182 | 4.95 | 247,281 | 634 | 0.52 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Interest on deposits with other banks and short-term investments | Interest on deposits with other banks and short-term investments | 142,301 | 1,651 | 4.60 | 153,622 | 2,051 | 5.36 | 222,170 | 1,081 | 1.93 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Federal funds sold | Federal funds sold | — | — | — | 6 | — | — | Federal funds sold | 152 | 3 | 7.83 | — | — | — | 11 | — | — | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Loans:(2) | Loans:(2) | Loans:(2) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Commercial and industrial(1) | Commercial and industrial(1) | 3,512,807 | 106,551 | 6.12 | 2,874,694 | 57,494 | 4.03 | Commercial and industrial(1) | 3,610,677 | 63,001 | 6.92 | 3,565,449 | 56,644 | 6.37 | 3,182,134 | 37,526 | 4.68 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
PPP loans | PPP loans | 8,126 | 50 | 1.24 | 86,460 | 6,124 | 14.28 | PPP loans | 3,948 | 11 | 1.11 | 6,302 | 24 | 1.53 | 17,859 | 363 | 8.06 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Owner occupied commercial real estate | Owner occupied commercial real estate | 2,327,702 | 54,800 | 4.75 | 2,268,963 | 44,141 | 3.92 | Owner occupied commercial real estate | 2,412,501 | 30,127 | 4.95 | 2,366,107 | 28,031 | 4.75 | 2,272,666 | 23,601 | 4.12 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Non-owner occupied commercial real estate | Non-owner occupied commercial real estate | 2,397,004 | 66,332 | 5.58 | 2,119,925 | 44,034 | 4.19 | Non-owner occupied commercial real estate | 2,586,011 | 38,779 | 5.95 | 2,462,098 | 35,583 | 5.80 | 2,258,424 | 25,895 | 4.55 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Real estate construction | Real estate construction | 1,063,372 | 36,659 | 6.95 | 862,989 | 19,291 | 4.51 | Real estate construction | 1,027,544 | 19,448 | 7.51 | 1,028,109 | 18,528 | 7.23 | 914,520 | 12,382 | 5.37 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Agricultural and agricultural real estate | Agricultural and agricultural real estate | 842,136 | 23,609 | 5.65 | 764,082 | 14,939 | 3.94 | Agricultural and agricultural real estate | 822,957 | 12,582 | 6.07 | 848,554 | 12,256 | 5.79 | 799,823 | 8,966 | 4.45 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Residential mortgage | Residential mortgage | 846,618 | 18,656 | 4.44 | 846,542 | 16,443 | 3.92 | Residential mortgage | 827,402 | 9,482 | 4.55 | 840,741 | 9,383 | 4.48 | 858,119 | 8,665 | 4.01 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Consumer | Consumer | 504,678 | 17,310 | 6.92 | 438,024 | 9,604 | 4.42 | Consumer | 509,024 | 9,615 | 7.49 | 508,082 | 9,068 | 7.16 | 479,590 | 6,028 | 4.99 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Less: allowance for loan losses | (111,793) | — | — | (107,229) | — | — | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Less: allowance for credit losses-loans | Less: allowance for credit losses-loans | (110,726) | — | — | (113,177) | — | — | (102,031) | — | — | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Net loans | Net loans | 11,390,650 | 323,967 | 5.74 | 10,154,450 | 212,070 | 4.21 | Net loans | 11,689,338 | 183,045 | 6.21 | 11,512,265 | 169,517 | 5.91 | 10,681,104 | 123,426 | 4.58 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total earning assets | Total earning assets | 18,458,462 | 457,001 | 4.99 | % | 17,873,037 | 298,245 | 3.37 | % | Total earning assets | 18,439,010 | 247,584 | 5.33 | % | 18,523,552 | 237,636 | 5.15 | % | 18,157,795 | 177,957 | 3.89 | % | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Nonearning Assets | Nonearning Assets | 1,711,582 | 1,522,354 | Nonearning Assets | 1,768,910 | 1,697,959 | 1,617,546 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total Assets | Total Assets | $ | 20,170,044 | $ | 19,395,391 | Total Assets | $ | 20,207,920 | $ | 20,221,511 | $ | 19,775,341 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Interest Bearing Liabilities | Interest Bearing Liabilities | Interest Bearing Liabilities | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Savings | Savings | $ | 9,330,939 | $ | 79,177 | 1.71 | % | $ | 9,445,778 | $ | 7,766 | 0.17 | % | Savings | $ | 8,737,581 | $ | 49,195 | 2.23 | % | $ | 8,935,775 | $ | 41,284 | 1.85 | % | $ | 10,059,652 | $ | 12,907 | 0.51 | % | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Time deposits | Time deposits | 3,038,985 | 59,696 | 3.96 | 1,080,267 | 1,741 | 0.32 | Time deposits | 3,945,371 | 43,549 | 4.38 | 3,812,330 | 40,691 | 4.28 | 1,156,908 | 2,251 | 0.77 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Short-term borrowings | Short-term borrowings | 155,738 | 3,270 | 4.23 | 119,115 | 134 | 0.23 | Short-term borrowings | 103,567 | 1,167 | 4.47 | 89,441 | 848 | 3.80 | 134,974 | 360 | 1.06 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Other borrowings | Other borrowings | 372,085 | 10,991 | 5.96 | 372,299 | 7,368 | 3.99 | Other borrowings | 372,112 | 5,765 | 6.15 | 372,248 | 5,545 | 5.97 | 371,492 | 4,412 | 4.71 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total interest bearing liabilities | Total interest bearing liabilities | 12,897,747 | 153,134 | 2.39 | % | 11,017,459 | 17,009 | 0.31 | % | Total interest bearing liabilities | 13,158,631 | 99,676 | 3.01 | % | 13,209,794 | 88,368 | 2.68 | % | 11,723,026 | 19,930 | 0.67 | % | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Noninterest Bearing Liabilities | Noninterest Bearing Liabilities | Noninterest Bearing Liabilities | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Noninterest bearing deposits | Noninterest bearing deposits | 5,228,085 | 6,227,499 | Noninterest bearing deposits | 4,824,861 | 4,941,033 | 6,065,729 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Accrued interest and other liabilities | Accrued interest and other liabilities | 241,874 | 173,071 | Accrued interest and other liabilities | 366,905 | 232,966 | 201,575 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total noninterest bearing liabilities | Total noninterest bearing liabilities | 5,469,959 | 6,400,570 | Total noninterest bearing liabilities | 5,191,766 | 5,173,999 | 6,267,304 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Equity | Equity | 1,802,338 | 1,977,362 | Equity | 1,857,523 | 1,837,718 | 1,785,011 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total Liabilities and Equity | Total Liabilities and Equity | $ | 20,170,044 | $ | 19,395,391 | Total Liabilities and Equity | $ | 20,207,920 | $ | 20,221,511 | $ | 19,775,341 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Net interest income, fully tax-equivalent (non-GAAP)(1)(3) | Net interest income, fully tax-equivalent (non-GAAP)(1)(3) | $ | 303,867 | $ | 281,236 | Net interest income, fully tax-equivalent (non-GAAP)(1)(3) | $ | 147,908 | $ | 149,268 | $ | 158,027 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Net interest spread(1) | Net interest spread(1) | 2.60 | % | 3.06 | % | Net interest spread(1) | 2.32 | % | 2.47 | % | 3.22 | % | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Net interest income, fully tax-equivalent (non-GAAP) to total earning assets(1)(3) | 3.32 | % | 3.17 | % | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Net interest income, fully tax-equivalent to total earning assets (non-GAAP)(1)(3) | Net interest income, fully tax-equivalent to total earning assets (non-GAAP)(1)(3) | 3.18 | % | 3.23 | % | 3.45 | % | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Interest bearing liabilities to earning assets | Interest bearing liabilities to earning assets | 69.87 | % | 61.64 | % | Interest bearing liabilities to earning assets | 71.36 | % | 71.31 | % | 64.56 | % | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
(1) Computed on a tax-equivalent basis using an effective tax rate of 21%. | (1) Computed on a tax-equivalent basis using an effective tax rate of 21%. | (1) Computed on a tax-equivalent basis using an effective tax rate of 21%. | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
(2) Nonaccrual loans and loans held for sale are included in the average loans outstanding. | (2) Nonaccrual loans and loans held for sale are included in the average loans outstanding. | (2) Nonaccrual loans and loans held for sale are included in the average loans outstanding. | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
(3) Refer to "Non-GAAP Financial Measures" for additional information on the usage and presentation of these non-GAAP measures, and refer to the financial tables under "Financial Highlights" for the reconciliations to the most directly comparable GAAP measures. | (3) Refer to "Non-GAAP Financial Measures" for additional information on the usage and presentation of these non-GAAP measures, and refer to the financial tables under "Financial Highlights" for the reconciliations to the most directly comparable GAAP measures. | (3) Refer to "Non-GAAP Financial Measures" for additional information on the usage and presentation of these non-GAAP measures, and refer to the financial tables under "Financial Highlights" for the reconciliations to the most directly comparable GAAP measures. |
ANALYSIS OF AVERAGE BALANCES, TAX EQUIVALENT YIELDS AND RATES (1) | |||||||||||||||||||||||||||||||||||
For the Nine Months Ended | |||||||||||||||||||||||||||||||||||
September 30, 2023 | September 30, 2022 | ||||||||||||||||||||||||||||||||||
Average Balance | Interest | Rate | Average Balance | Interest | Rate | ||||||||||||||||||||||||||||||
Earning Assets | |||||||||||||||||||||||||||||||||||
Securities: | |||||||||||||||||||||||||||||||||||
Taxable | $ | 5,927,026 | $ | 168,948 | 3.81 | % | $ | 6,407,459 | $ | 116,366 | 2.43 | % | |||||||||||||||||||||||
Nontaxable(1) | 899,613 | 23,611 | 3.51 | 990,784 | 22,625 | 3.05 | |||||||||||||||||||||||||||||
Total securities | 6,826,639 | 192,559 | 3.77 | 7,398,243 | 138,991 | 2.51 | |||||||||||||||||||||||||||||
Interest bearing deposits with other banks and other short-term investments | 133,910 | 4,833 | 4.83 | 238,819 | 1,715 | 0.96 | |||||||||||||||||||||||||||||
Federal funds sold | 51 | 3 | 7.86 | 7 | — | — | |||||||||||||||||||||||||||||
Loans:(2) | |||||||||||||||||||||||||||||||||||
Commercial and industrial(1) | 3,547,256 | 169,552 | 6.39 | 2,977,751 | 95,020 | 4.27 | |||||||||||||||||||||||||||||
PPP loans | 6,718 | 61 | 1.21 | 63,342 | 6,487 | 13.69 | |||||||||||||||||||||||||||||
Owner occupied commercial real estate | 2,355,545 | 84,927 | 4.82 | 2,270,486 | 67,742 | 3.99 | |||||||||||||||||||||||||||||
Non-owner occupied commercial real estate | 2,459,965 | 105,111 | 5.71 | 2,166,873 | 69,929 | 4.31 | |||||||||||||||||||||||||||||
Real estate construction | 1,051,298 | 56,107 | 7.14 | 880,354 | 31,673 | 4.81 | |||||||||||||||||||||||||||||
Agricultural and agricultural real estate | 835,673 | 36,191 | 5.79 | 776,127 | 23,905 | 4.12 | |||||||||||||||||||||||||||||
Residential mortgage | 840,143 | 28,138 | 4.48 | 850,444 | 25,108 | 3.95 | |||||||||||||||||||||||||||||
Consumer | 506,143 | 26,925 | 7.11 | 452,032 | 15,632 | 4.62 | |||||||||||||||||||||||||||||
Less: allowance for loan losses | (111,434) | — | — | (105,477) | — | — | |||||||||||||||||||||||||||||
Net loans | 11,491,307 | 507,012 | 5.90 | 10,331,932 | 335,496 | 4.34 | |||||||||||||||||||||||||||||
Total earning assets | 18,451,907 | 704,407 | 5.10 | % | 17,969,001 | 476,202 | 3.54 | % | |||||||||||||||||||||||||||
Nonearning Assets | 1,730,901 | 1,554,432 | |||||||||||||||||||||||||||||||||
Total Assets | $ | 20,182,808 | $ | 19,523,433 | |||||||||||||||||||||||||||||||
Interest Bearing Liabilities | |||||||||||||||||||||||||||||||||||
Savings | $ | 9,130,980 | $ | 128,372 | 1.88 | % | $ | 9,652,651 | $ | 20,673 | 0.29 | % | |||||||||||||||||||||||
Time deposits | 3,344,434 | 103,245 | 4.13 | 1,106,095 | 3,992 | 0.48 | |||||||||||||||||||||||||||||
Short-term borrowings | 138,157 | 4,437 | 4.29 | 124,459 | 494 | 0.53 | |||||||||||||||||||||||||||||
Other borrowings | 372,094 | 16,756 | 6.02 | 372,027 | 11,780 | 4.23 | |||||||||||||||||||||||||||||
Total interest bearing liabilities | 12,985,665 | 252,810 | 2.60 | % | 11,255,232 | 36,939 | 0.44 | % | |||||||||||||||||||||||||||
Noninterest Bearing Liabilities | |||||||||||||||||||||||||||||||||||
Noninterest bearing deposits | 5,092,200 | 6,172,984 | |||||||||||||||||||||||||||||||||
Accrued interest and other liabilities | 284,008 | 182,677 | |||||||||||||||||||||||||||||||||
Total noninterest bearing liabilities | 5,376,208 | 6,355,661 | |||||||||||||||||||||||||||||||||
Equity | 1,820,935 | 1,912,540 | |||||||||||||||||||||||||||||||||
Total Liabilities and Equity | $ | 20,182,808 | $ | 19,523,433 | |||||||||||||||||||||||||||||||
Net interest income, fully tax-equivalent (non-GAAP)(1)(3) | $ | 451,597 | $ | 439,263 | |||||||||||||||||||||||||||||||
Net interest spread(1) | 2.50 | % | 3.10 | % | |||||||||||||||||||||||||||||||
Net interest income, fully tax-equivalent (non-GAAP) to total earning assets(1)(3) | 3.27 | % | 3.27 | % | |||||||||||||||||||||||||||||||
Interest bearing liabilities to earning assets | 70.38 | % | 62.64 | % | |||||||||||||||||||||||||||||||
(1) Computed on a tax-equivalent basis using an effective tax rate of 21%. | |||||||||||||||||||||||||||||||||||
(2) Nonaccrual loans and loans held for sale are included in the average loans outstanding. | |||||||||||||||||||||||||||||||||||
(3) Refer to "Non-GAAP Financial Measures" for additional information on the usage and presentation of these non-GAAP measures, and refer to the financial tables under "Financial Highlights" for the reconciliations to the most directly comparable GAAP measures. |
Three Months Ended | Three Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
June 30, 2023 Compared to June 30, 2022 Change Due to | June 30, 2023 Compared to March 31, 2023 Changes Due to | June 30, 2022 Compared to June 30, 2021 Change Due to | September 30, 2023 Compared to September 30, 2022 Change Due to | September 30, 2023 Compared to June 30, 2023 Changes Due to | September 30, 2022 Compared to September 30, 2021 Change Due to | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Volume | Rate | Net | Volume | Rate | Net | Volume | Rate | Net | Volume | Rate | Net | Volume | Rate | Net | Volume | Rate | Net | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Earnings Assets/Interest Income | Earnings Assets/Interest Income | Earnings Assets/Interest Income | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Investment securities: | Investment securities: | Investment securities: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Taxable | Taxable | $ | (17,607) | $ | 37,681 | $ | 20,074 | $ | (6,336) | $ | 8,532 | $ | 2,196 | $ | 3,145 | $ | 3,407 | $ | 6,552 | Taxable | $ | (23,787) | $ | 32,939 | $ | 9,152 | $ | (1,925) | $ | (1,447) | $ | (3,372) | $ | 310 | $ | 12,954 | $ | 13,264 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Nontaxable(1) | Nontaxable(1) | (994) | 2,096 | 1,102 | (1,205) | 1,649 | 444 | 2,078 | (879) | 1,199 | Nontaxable(1) | (2,705) | 2,988 | 283 | (587) | 776 | 189 | 1,555 | 412 | 1,967 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Interest bearing deposits | Interest bearing deposits | (1,759) | 3,247 | 1,488 | 612 | 308 | 920 | 1 | 502 | 503 | Interest bearing deposits | (2,330) | 2,900 | 570 | (138) | (262) | (400) | (290) | 1,239 | 949 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Federal funds sold | Federal funds sold | — | — | — | — | — | — | — | — | — | Federal funds sold | — | 3 | 3 | — | 3 | 3 | — | — | — | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Loans(1)(2) | Loans(1)(2) | 13,011 | 47,275 | 60,286 | 3,889 | 11,178 | 15,067 | 22,722 | (25,956) | (3,234) | Loans(1)(2) | 12,520 | 47,099 | 59,619 | 3,093 | 10,435 | 13,528 | 10,198 | 678 | 10,876 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total earning assets | Total earning assets | (7,349) | 90,299 | 82,950 | (3,040) | 21,667 | 18,627 | 27,946 | (22,926) | 5,020 | Total earning assets | (16,302) | 85,929 | 69,627 | 443 | 9,505 | 9,948 | 11,773 | 15,283 | 27,056 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Liabilities/Interest Expense | Liabilities/Interest Expense | Liabilities/Interest Expense | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Interest bearing deposits: | Interest bearing deposits: | Interest bearing deposits: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Savings | Savings | (4,012) | 39,924 | 35,912 | (15,977) | 19,368 | 3,391 | 562 | 2,577 | 3,139 | Savings | (11,602) | 47,890 | 36,288 | (5,859) | 13,770 | 7,911 | 541 | 10,126 | 10,667 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Time deposits | Time deposits | 8,572 | 30,961 | 39,533 | 15,851 | 5,835 | 21,686 | (104) | (295) | (399) | Time deposits | 14,053 | 27,245 | 41,298 | 1,725 | 1,133 | 2,858 | 69 | 978 | 1,047 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Short-term borrowings | Short-term borrowings | (155) | 915 | 760 | (1,280) | (294) | (1,574) | (120) | 110 | (10) | Short-term borrowings | (566) | 1,373 | 807 | 151 | 168 | 319 | (20) | 282 | 262 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Other borrowings | Other borrowings | (12) | 1,749 | 1,737 | 12 | 87 | 99 | 780 | 52 | 832 | Other borrowings | 7 | 1,346 | 1,353 | (13) | 233 | 220 | 1,062 | 248 | 1,310 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total interest bearing liabilities | Total interest bearing liabilities | 4,393 | 73,549 | 77,942 | (1,394) | 24,996 | 23,602 | 1,118 | 2,444 | 3,562 | Total interest bearing liabilities | 1,892 | 77,854 | 79,746 | (3,996) | 15,304 | 11,308 | 1,652 | 11,634 | 13,286 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Net interest income | Net interest income | $ | (11,742) | $ | 16,750 | $ | 5,008 | $ | (1,646) | $ | (3,329) | $ | (4,975) | $ | 26,828 | $ | (25,370) | $ | 1,458 | Net interest income | $ | (18,194) | $ | 8,075 | $ | (10,119) | $ | 4,439 | $ | (5,799) | $ | (1,360) | $ | 10,121 | $ | 3,649 | $ | 13,770 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
(1) Computed on a tax-equivalent basis using an effective tax rate of 21%. | (1) Computed on a tax-equivalent basis using an effective tax rate of 21%. | (1) Computed on a tax-equivalent basis using an effective tax rate of 21%. | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
(2) Nonaccrual loans and loans held for sale are included in average loans outstanding. | (2) Nonaccrual loans and loans held for sale are included in average loans outstanding. | (2) Nonaccrual loans and loans held for sale are included in average loans outstanding. |
Six Months Ended | Nine Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
June 30, 2023 Compared to June 30, 2022 Change Due to | June 30, 2022 Compared to June 30, 2021 Change Due to | September 30, 2023 Compared to September 30, 2022 Change Due to | September 30, 2022 Compared to September 30, 2021 Change Due to | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Volume | Rate | Net | Volume | Rate | Net | Volume | Rate | Net | Volume | Rate | Net | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Earnings Assets/Interest Income | Earnings Assets/Interest Income | Earnings Assets/Interest Income | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Investment securities: | Investment securities: | Investment securities: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Taxable | Taxable | $ | (13,802) | $ | 57,232 | $ | 43,430 | $ | 7,444 | $ | 1,285 | $ | 8,729 | Taxable | $ | (14,500) | $ | 67,082 | $ | 52,582 | $ | 7,891 | $ | 14,102 | $ | 21,993 | ||||||||||||||||||||||||||||||||||||||||||||
Nontaxable(1) | Nontaxable(1) | (3,531) | 4,412 | 881 | 5,274 | (1,924) | 3,350 | Nontaxable(1) | (3,069) | 4,055 | 986 | 5,862 | (545) | 5,317 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Interest bearing deposits | Interest bearing deposits | (1,019) | 3,567 | 2,548 | 5 | 503 | 508 | Interest bearing deposits | (1,510) | 4,628 | 3,118 | (48) | 1,505 | 1,457 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Federal funds sold | Federal funds sold | — | — | — | — | (1) | (1) | Federal funds sold | — | 3 | 3 | — | (1) | (1) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Loans(1)(2) | Loans(1)(2) | 28,170 | 83,727 | 111,897 | 15,635 | (29,033) | (13,398) | Loans(1)(2) | 40,865 | 130,651 | 171,516 | 21,786 | (24,308) | (2,522) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total earning assets | Total earning assets | 9,818 | 148,938 | 158,756 | 28,358 | (29,170) | (812) | Total earning assets | 21,786 | 206,419 | 228,205 | 35,491 | (9,247) | 26,244 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Liabilities/Interest Expense | Liabilities/Interest Expense | Liabilities/Interest Expense | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Interest bearing deposits: | Interest bearing deposits: | Interest bearing deposits: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Savings | Savings | (287) | 71,698 | 71,411 | 841 | 2,262 | 3,103 | Savings | (1,923) | 109,622 | 107,699 | 154 | 13,616 | 13,770 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Time deposits | Time deposits | 8,082 | 49,873 | 57,955 | (328) | (1,453) | (1,781) | Time deposits | 20,972 | 78,281 | 99,253 | 178 | (912) | (734) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Short-term borrowings | Short-term borrowings | 54 | 3,082 | 3,136 | (98) | (18) | (116) | Short-term borrowings | 60 | 3,883 | 3,943 | 16 | 130 | 146 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Other borrowings | Other borrowings | (13) | 3,636 | 3,623 | 350 | 742 | 1,092 | Other borrowings | 2 | 4,974 | 4,976 | (11) | 2,413 | 2,402 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total interest bearing liabilities | Total interest bearing liabilities | 7,836 | 128,289 | 136,125 | 765 | 1,533 | 2,298 | Total interest bearing liabilities | 19,111 | 196,760 | 215,871 | 337 | 15,247 | 15,584 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Net interest income | Net interest income | $ | 1,982 | $ | 20,649 | $ | 22,631 | $ | 27,593 | $ | (30,703) | $ | (3,110) | Net interest income | $ | 2,675 | $ | 9,659 | $ | 12,334 | $ | 35,154 | $ | (24,494) | $ | 10,660 | ||||||||||||||||||||||||||||||||||||||||||||
(1) Computed on a tax-equivalent basis using an effective tax rate of 21%. | (1) Computed on a tax-equivalent basis using an effective tax rate of 21%. | (1) Computed on a tax-equivalent basis using an effective tax rate of 21%. | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
(2) Nonaccrual loans and loans held for sale are included in average loans outstanding. | (2) Nonaccrual loans and loans held for sale are included in average loans outstanding. | (2) Nonaccrual loans and loans held for sale are included in average loans outstanding. |
Three Months Ended June 30, | Six Months Ended June 30, | Three Months Ended September 30, | Nine Months Ended September 30, | |||||||||||||||||||||||||||||||||||||||||||
2023 | 2022 | 2023 | 2022 | 2023 | 2022 | 2023 | 2022 | |||||||||||||||||||||||||||||||||||||||
Provision expense for credit losses-loans | Provision expense for credit losses-loans | $ | 7,829 | $ | 1,545 | $ | 10,013 | $ | 4,173 | Provision expense for credit losses-loans | $ | 2,672 | $ | 4,388 | $ | 12,685 | $ | 8,561 | ||||||||||||||||||||||||||||
Provision (benefit) expense for credit losses-unfunded commitments | (2,450) | 1,701 | (1,560) | 2,318 | ||||||||||||||||||||||||||||||||||||||||||
(Benefit) provision expense for credit losses-unfunded commitments | (Benefit) provision expense for credit losses-unfunded commitments | (1,156) | 1,104 | (2,716) | 3,422 | |||||||||||||||||||||||||||||||||||||||||
Total provision expense | Total provision expense | $ | 5,379 | $ | 3,246 | $ | 8,453 | $ | 6,491 | Total provision expense | $ | 1,516 | $ | 5,492 | $ | 9,969 | $ | 11,983 |
Three Months Ended June 30, | Three Months Ended September 30, | |||||||||||||||||||||||||||||||||||||||||||||
2023 | 2022 | Change | % Change | 2023 | 2022 | Change | % Change | |||||||||||||||||||||||||||||||||||||||
Service charges and fees | Service charges and fees | $ | 19,627 | $ | 18,066 | $ | 1,561 | 9 | % | Service charges and fees | $ | 18,553 | $ | 17,282 | $ | 1,271 | 7 | % | ||||||||||||||||||||||||||||
Loan servicing income | Loan servicing income | 411 | 834 | (423) | (51) | Loan servicing income | 278 | 831 | (553) | (67) | ||||||||||||||||||||||||||||||||||||
Trust fees | Trust fees | 5,419 | 5,679 | (260) | (5) | Trust fees | 4,734 | 5,372 | (638) | (12) | ||||||||||||||||||||||||||||||||||||
Brokerage and insurance commissions | Brokerage and insurance commissions | 677 | 839 | (162) | (19) | Brokerage and insurance commissions | 692 | 649 | 43 | 7 | ||||||||||||||||||||||||||||||||||||
Capital markets fees | Capital markets fees | 4,037 | 4,871 | (834) | (17) | Capital markets fees | 1,845 | 1,809 | 36 | 2 | ||||||||||||||||||||||||||||||||||||
Securities losses, net | Securities losses, net | (314) | (2,089) | 1,775 | 85 | Securities losses, net | (114) | (1,055) | 941 | 89 | ||||||||||||||||||||||||||||||||||||
Unrealized loss on equity securities, net | (41) | (121) | 80 | 66 | ||||||||||||||||||||||||||||||||||||||||||
Unrealized gain/(loss) on equity securities, net | Unrealized gain/(loss) on equity securities, net | 13 | (211) | 224 | 106 | |||||||||||||||||||||||||||||||||||||||||
Net gains on sale of loans held for sale | Net gains on sale of loans held for sale | 1,050 | 2,901 | (1,851) | (64) | Net gains on sale of loans held for sale | 905 | 1,832 | (927) | (51) | ||||||||||||||||||||||||||||||||||||
Valuation adjustment on servicing rights | Valuation adjustment on servicing rights | — | — | — | — | Valuation adjustment on servicing rights | — | — | — | — | ||||||||||||||||||||||||||||||||||||
Income on bank owned life insurance | Income on bank owned life insurance | 1,220 | 523 | 697 | 133 | Income on bank owned life insurance | 858 | 694 | 164 | 24 | ||||||||||||||||||||||||||||||||||||
Other noninterest income | Other noninterest income | 407 | 3,036 | (2,629) | (87) | Other noninterest income | 619 | 1,978 | (1,359) | (69) | ||||||||||||||||||||||||||||||||||||
Total noninterest income | Total noninterest income | $ | 32,493 | $ | 34,539 | $ | (2,046) | (6) | % | Total noninterest income | $ | 28,383 | $ | 29,181 | $ | (798) | (3) | % |
Six Months Ended June 30, | Nine Months Ended September 30, | |||||||||||||||||||||||||||||||||||||||||||||
2023 | 2022 | Change | % Change | 2023 | 2022 | Change | % Change | |||||||||||||||||||||||||||||||||||||||
Service charges and fees | Service charges and fees | $ | 36,763 | $ | 33,317 | $ | 3,446 | 10 | % | Service charges and fees | $ | 55,316 | $ | 50,599 | $ | 4,717 | 9 | % | ||||||||||||||||||||||||||||
Loan servicing income | Loan servicing income | 1,125 | 1,120 | 5 | — | Loan servicing income | 1,403 | 1,951 | (548) | (28) | ||||||||||||||||||||||||||||||||||||
Trust fees | Trust fees | 11,076 | 11,758 | (682) | (6) | Trust fees | 15,810 | 17,130 | (1,320) | (8) | ||||||||||||||||||||||||||||||||||||
Brokerage and insurance commissions | Brokerage and insurance commissions | 1,373 | 1,708 | (335) | (20) | Brokerage and insurance commissions | 2,065 | 2,357 | (292) | (12) | ||||||||||||||||||||||||||||||||||||
Capital markets fees | Capital markets fees | 6,486 | 7,910 | (1,424) | (18) | Capital markets fees | 8,331 | 9,719 | (1,388) | (14) | ||||||||||||||||||||||||||||||||||||
Securities (losses)/gains, net | (1,418) | 783 | (2,201) | (281) | ||||||||||||||||||||||||||||||||||||||||||
Securities losses, net | Securities losses, net | (1,532) | (272) | (1,260) | 463 | |||||||||||||||||||||||||||||||||||||||||
Unrealized gain/(loss) on equity securities, net | Unrealized gain/(loss) on equity securities, net | 152 | (404) | 556 | 138 | Unrealized gain/(loss) on equity securities, net | 165 | (615) | 780 | 127 | ||||||||||||||||||||||||||||||||||||
Net gains on sale of loans held for sale | Net gains on sale of loans held for sale | 2,881 | 6,312 | (3,431) | (54) | Net gains on sale of loans held for sale | 3,786 | 8,144 | (4,358) | (54) | ||||||||||||||||||||||||||||||||||||
Valuation adjustment on servicing rights | Valuation adjustment on servicing rights | — | 1,658 | (1,658) | (100) | Valuation adjustment on servicing rights | — | 1,658 | (1,658) | (100) | ||||||||||||||||||||||||||||||||||||
Income on bank owned life insurance | Income on bank owned life insurance | 2,184 | 1,047 | 1,137 | 109 | Income on bank owned life insurance | 3,042 | 1,741 | 1,301 | 75 | ||||||||||||||||||||||||||||||||||||
Other noninterest income | Other noninterest income | 1,870 | 3,899 | (2,029) | (52) | Other noninterest income | 2,489 | 5,877 | (3,388) | (58) | ||||||||||||||||||||||||||||||||||||
Total noninterest income | Total noninterest income | $ | 62,492 | $ | 69,108 | $ | (6,616) | (10) | % | Total noninterest income | $ | 90,875 | $ | 98,289 | $ | (7,414) | (8) | % |
Three Months Ended June 30, | Three Months Ended September 30, | |||||||||||||||||||||||||||||||||||||||||||||
2023 | 2022 | Change | % Change | 2023 | 2022 | Change | % Change | |||||||||||||||||||||||||||||||||||||||
Service charges and fees on deposit accounts | Service charges and fees on deposit accounts | $ | 5,229 | $ | 4,672 | $ | 557 | 12 | % | Service charges and fees on deposit accounts | $ | 5,431 | $ | 4,764 | $ | 667 | 14 | % | ||||||||||||||||||||||||||||
Overdraft fees | Overdraft fees | 3,094 | 2,982 | 112 | 4 | Overdraft fees | 3,184 | 3,152 | 32 | 1 | ||||||||||||||||||||||||||||||||||||
Customer service and other service fees | Customer service and other service fees | 93 | 106 | (13) | (12) | Customer service and other service fees | 94 | 102 | (8) | (8) | ||||||||||||||||||||||||||||||||||||
Credit card fee income | Credit card fee income | 8,908 | 7,885 | 1,023 | 13 | Credit card fee income | 7,551 | 6,885 | 666 | 10 | ||||||||||||||||||||||||||||||||||||
Debit card income | Debit card income | 2,303 | 2,421 | (118) | (5) | Debit card income | 2,293 | 2,379 | (86) | (4) | ||||||||||||||||||||||||||||||||||||
Total service charges and fees | Total service charges and fees | $ | 19,627 | $ | 18,066 | $ | 1,561 | 9 | % | Total service charges and fees | $ | 18,553 | $ | 17,282 | $ | 1,271 | 7 | % | ||||||||||||||||||||||||||||
Six Months Ended June 30, | Nine Months Ended September 30, | |||||||||||||||||||||||||||||||||||||||||||||
2023 | 2022 | Change | % Change | 2023 | 2022 | Change | % Change | |||||||||||||||||||||||||||||||||||||||
Service charges and fees on deposit accounts | Service charges and fees on deposit accounts | $ | 10,140 | $ | 9,067 | $ | 1,073 | 12 | % | Service charges and fees on deposit accounts | $ | 15,571 | $ | 13,831 | $ | 1,740 | 13 | % | ||||||||||||||||||||||||||||
Overdraft fees | Overdraft fees | 6,063 | 5,807 | 256 | 4 | Overdraft fees | 9,248 | 8,959 | 289 | 3 | ||||||||||||||||||||||||||||||||||||
Customer service and other service fees | Customer service and other service fees | 186 | 187 | (1) | (1) | Customer service and other service fees | 280 | 289 | (9) | (3) | ||||||||||||||||||||||||||||||||||||
Credit card fee income | Credit card fee income | 15,911 | 13,534 | 2,377 | 18 | Credit card fee income | 23,462 | 20,419 | 3,043 | 15 | ||||||||||||||||||||||||||||||||||||
Debit card income | Debit card income | 4,463 | 4,722 | (259) | (5) | Debit card income | 6,755 | 7,101 | (346) | (5) | ||||||||||||||||||||||||||||||||||||
Total service charges and fees | Total service charges and fees | $ | 36,763 | $ | 33,317 | $ | 3,446 | 10 | % | Total service charges and fees | $ | 55,316 | $ | 50,599 | $ | 4,717 | 9 | % |
Three Months Ended June 30, | Three Months Ended September 30, | |||||||||||||||||||||||||||||||||||||||||||||
2023 | 2022 | Change | % Change | 2023 | 2022 | Change | % Change | |||||||||||||||||||||||||||||||||||||||
Commercial and agricultural loan servicing fees(1) | Commercial and agricultural loan servicing fees(1) | $ | 373 | $ | 649 | $ | (276) | (43) | % | Commercial and agricultural loan servicing fees(1) | $ | 274 | $ | 583 | $ | (309) | (53) | % | ||||||||||||||||||||||||||||
Residential mortgage servicing fees | Residential mortgage servicing fees | 38 | 466 | (428) | (92) | Residential mortgage servicing fees | 4 | 471 | (467) | (99) | ||||||||||||||||||||||||||||||||||||
Mortgage servicing rights amortization | Mortgage servicing rights amortization | — | (281) | 281 | 100 | Mortgage servicing rights amortization | — | (223) | 223 | 100 | ||||||||||||||||||||||||||||||||||||
Total loan servicing income | Total loan servicing income | $ | 411 | $ | 834 | $ | (423) | (51) | % | Total loan servicing income | $ | 278 | $ | 831 | $ | (553) | (67) | % | ||||||||||||||||||||||||||||
Six Months Ended June 30, | Nine Months Ended September 30, | |||||||||||||||||||||||||||||||||||||||||||||
2023 | 2022 | Change | % Change | 2023 | 2022 | Change | % Change | |||||||||||||||||||||||||||||||||||||||
Commercial and agricultural loan servicing fees(1) | Commercial and agricultural loan servicing fees(1) | $ | 846 | $ | 886 | $ | (40) | (5) | % | Commercial and agricultural loan servicing fees(1) | $ | 1,120 | $ | 1,469 | $ | (349) | (24) | % | ||||||||||||||||||||||||||||
Residential mortgage servicing fees | Residential mortgage servicing fees | 489 | 920 | (431) | (47) | Residential mortgage servicing fees | 493 | 1,391 | (898) | (65) | ||||||||||||||||||||||||||||||||||||
Mortgage servicing rights amortization | Mortgage servicing rights amortization | (210) | (686) | 476 | 69 | Mortgage servicing rights amortization | (210) | (909) | 699 | 77 | ||||||||||||||||||||||||||||||||||||
Total loan servicing income | Total loan servicing income | $ | 1,125 | $ | 1,120 | $ | 5 | — | % | Total loan servicing income | $ | 1,403 | $ | 1,951 | $ | (548) | (28) | % | ||||||||||||||||||||||||||||
(1) Includes servicing fees for commercial, commercial real estate, agricultural and agricultural real estate loans. | (1) Includes servicing fees for commercial, commercial real estate, agricultural and agricultural real estate loans. | (1) Includes servicing fees for commercial, commercial real estate, agricultural and agricultural real estate loans. |
Three Months Ended June 30, | Three Months Ended September 30, | |||||||||||||||||||||||||||||||||||||||||||||
2023 | 2022 | Change | % Change | 2023 | 2022 | Change | % Change | |||||||||||||||||||||||||||||||||||||||
Salaries and employee benefits | Salaries and employee benefits | $ | 62,099 | $ | 64,032 | $ | (1,933) | (3) | % | Salaries and employee benefits | $ | 62,262 | $ | 62,661 | $ | (399) | (1) | % | ||||||||||||||||||||||||||||
Occupancy | Occupancy | 6,691 | 7,094 | (403) | (6) | Occupancy | 6,438 | 6,794 | (356) | (5) | ||||||||||||||||||||||||||||||||||||
Furniture and equipment | Furniture and equipment | 3,063 | 3,033 | 30 | 1 | Furniture and equipment | 2,720 | 2,928 | (208) | (7) | ||||||||||||||||||||||||||||||||||||
Professional fees | Professional fees | 15,194 | 14,457 | 737 | 5 | Professional fees | 13,616 | 14,289 | (673) | (5) | ||||||||||||||||||||||||||||||||||||
FDIC insurance assessments | FDIC insurance assessments | 3,035 | 1,530 | 1,505 | 98 | FDIC insurance assessments | 3,313 | 1,988 | 1,325 | 67 | ||||||||||||||||||||||||||||||||||||
Advertising | Advertising | 3,052 | 1,283 | 1,769 | 138 | Advertising | 1,633 | 1,554 | 79 | 5 | ||||||||||||||||||||||||||||||||||||
Core deposit and customer relationship intangibles amortization | Core deposit and customer relationship intangibles amortization | 1,715 | 2,083 | (368) | (18) | Core deposit and customer relationship intangibles amortization | 1,625 | 1,856 | (231) | (12) | ||||||||||||||||||||||||||||||||||||
Other real estate and loan collection expenses | Other real estate and loan collection expenses | 348 | 78 | 270 | 346 | Other real estate and loan collection expenses | 481 | 304 | 177 | 58 | ||||||||||||||||||||||||||||||||||||
Gain on sales/valuations of assets, net | (3,372) | (3,230) | (142) | (4) | ||||||||||||||||||||||||||||||||||||||||||
Loss/(gain) on sales/valuations of assets, net | Loss/(gain) on sales/valuations of assets, net | 108 | (251) | 359 | 143 | |||||||||||||||||||||||||||||||||||||||||
Acquisition, integration and restructuring costs | Acquisition, integration and restructuring costs | 1,892 | 2,412 | (520) | (22) | Acquisition, integration and restructuring costs | 2,429 | 2,156 | 273 | 13 | ||||||||||||||||||||||||||||||||||||
Partnership investment in tax credit projects | Partnership investment in tax credit projects | 154 | 737 | (583) | (79) | Partnership investment in tax credit projects | 1,136 | 979 | 157 | 16 | ||||||||||||||||||||||||||||||||||||
Other noninterest expenses | Other noninterest expenses | 15,575 | 12,970 | 2,605 | 20 | Other noninterest expenses | 15,292 | 13,625 | 1,667 | 12 | ||||||||||||||||||||||||||||||||||||
Total noninterest expenses | Total noninterest expenses | $ | 109,446 | $ | 106,479 | $ | 2,967 | 3 | % | Total noninterest expenses | $ | 111,053 | $ | 108,883 | $ | 2,170 | 2 | % |
Six Months Ended June 30, | Nine Months Ended September 30, | |||||||||||||||||||||||||||||||||||||||||||||
2023 | 2022 | Change | % Change | 2023 | 2022 | Change | % Change | |||||||||||||||||||||||||||||||||||||||
Salaries and employee benefits | Salaries and employee benefits | $ | 124,248 | $ | 130,206 | $ | (5,958) | (5) | % | Salaries and employee benefits | $ | 186,510 | $ | 192,867 | $ | (6,357) | (3) | % | ||||||||||||||||||||||||||||
Occupancy | Occupancy | 13,900 | 14,456 | (556) | (4) | Occupancy | 20,338 | 21,250 | (912) | (4) | ||||||||||||||||||||||||||||||||||||
Furniture and equipment | Furniture and equipment | 5,978 | 6,552 | (574) | (9) | Furniture and equipment | 8,698 | 9,480 | (782) | (8) | ||||||||||||||||||||||||||||||||||||
Professional fees | Professional fees | 27,991 | 27,997 | (6) | — | Professional fees | 41,607 | 42,286 | (679) | (2) | ||||||||||||||||||||||||||||||||||||
FDIC insurance assessments | FDIC insurance assessments | 6,314 | 3,146 | 3,168 | 101 | FDIC insurance assessments | 9,627 | 5,134 | 4,493 | 88 | ||||||||||||||||||||||||||||||||||||
Advertising | Advertising | 5,037 | 2,838 | 2,199 | 77 | Advertising | 6,670 | 4,392 | 2,278 | 52 | ||||||||||||||||||||||||||||||||||||
Core deposit and customer relationship intangibles amortization | Core deposit and customer relationship intangibles amortization | 3,503 | 4,137 | (634) | (15) | Core deposit and customer relationship intangibles amortization | 5,128 | 5,993 | (865) | (14) | ||||||||||||||||||||||||||||||||||||
Other real estate and loan collection expenses | Other real estate and loan collection expenses | 503 | 273 | 230 | 84 | Other real estate and loan collection expenses | 984 | 577 | 407 | 71 | ||||||||||||||||||||||||||||||||||||
Gain on sales/valuations of assets, net | (2,257) | (3,184) | 927 | (29) | ||||||||||||||||||||||||||||||||||||||||||
Loss/(gain) on sales/valuations of assets, net | Loss/(gain) on sales/valuations of assets, net | (2,149) | (3,435) | 1,286 | (37) | |||||||||||||||||||||||||||||||||||||||||
Acquisition, integration and restructuring costs | Acquisition, integration and restructuring costs | 3,565 | 2,988 | 577 | 19 | Acquisition, integration and restructuring costs | 5,994 | 5,144 | 850 | 17 | ||||||||||||||||||||||||||||||||||||
Partnership investment in tax credit projects | Partnership investment in tax credit projects | 692 | 814 | (122) | (15) | Partnership investment in tax credit projects | 1,828 | 1,793 | 35 | 2 | ||||||||||||||||||||||||||||||||||||
Other noninterest expenses | Other noninterest expenses | 31,015 | 27,053 | 3,962 | 15 | Other noninterest expenses | 46,307 | 40,678 | 5,629 | 14 | ||||||||||||||||||||||||||||||||||||
Total noninterest expenses | Total noninterest expenses | $ | 220,489 | $ | 217,276 | $ | 3,213 | 1 | % | Total noninterest expenses | $ | 331,542 | $ | 326,159 | $ | 5,383 | 2 | % |
June 30, 2023 | December 31, 2022 | Change | % Change | September 30, 2023 | December 31, 2022 | Change | % Change | |||||||||||||||||||||||||||||||||||||||
Commercial and industrial | Commercial and industrial | $ | 3,590,680 | $ | 3,464,414 | $ | 126,266 | 4 | % | Commercial and industrial | $ | 3,591,809 | $ | 3,464,414 | $ | 127,395 | 4 | % | ||||||||||||||||||||||||||||
Paycheck Protection Program ("PPP") | Paycheck Protection Program ("PPP") | 4,139 | 11,025 | (6,886) | (62) | Paycheck Protection Program ("PPP") | 3,750 | 11,025 | (7,275) | (66) | ||||||||||||||||||||||||||||||||||||
Owner occupied commercial real estate | Owner occupied commercial real estate | 2,398,698 | 2,265,307 | 133,391 | 6 | Owner occupied commercial real estate | 2,429,659 | 2,265,307 | 164,352 | 7 | ||||||||||||||||||||||||||||||||||||
Non-owner occupied commercial real estate | Non-owner occupied commercial real estate | 2,530,736 | 2,330,940 | 199,796 | 9 | Non-owner occupied commercial real estate | 2,656,358 | 2,330,940 | 325,418 | 14 | ||||||||||||||||||||||||||||||||||||
Real estate construction | Real estate construction | 1,013,134 | 1,076,082 | (62,948) | (6) | Real estate construction | 1,029,554 | 1,076,082 | (46,528) | (4) | ||||||||||||||||||||||||||||||||||||
Agricultural and agricultural real estate | Agricultural and agricultural real estate | 839,817 | 920,510 | (80,693) | (9) | Agricultural and agricultural real estate | 842,116 | 920,510 | (78,394) | (9) | ||||||||||||||||||||||||||||||||||||
Residential mortgage | Residential mortgage | 828,437 | 853,361 | (24,924) | (3) | Residential mortgage | 813,803 | 853,361 | (39,558) | (5) | ||||||||||||||||||||||||||||||||||||
Consumer | Consumer | 512,333 | 506,713 | 5,620 | 1 | Consumer | 505,387 | 506,713 | (1,326) | — | ||||||||||||||||||||||||||||||||||||
Total loans held to maturity | Total loans held to maturity | $ | 11,717,974 | $ | 11,428,352 | $ | 289,622 | 3 | % | Total loans held to maturity | $ | 11,872,436 | $ | 11,428,352 | $ | 444,084 | 4 | % |
June 30, 2023 | December 31, 2022 | September 30, 2023 | December 31, 2022 | |||||||||||||||||||||||||||||||||||||||||||
Amount | Percent | Amount | Percent | Amount | Percent | Amount | Percent | |||||||||||||||||||||||||||||||||||||||
Loans receivable held to maturity: | Loans receivable held to maturity: | Loans receivable held to maturity: | ||||||||||||||||||||||||||||||||||||||||||||
Commercial and industrial | Commercial and industrial | $ | 3,590,680 | 30.63 | % | $ | 3,464,414 | 30.31 | % | Commercial and industrial | $ | 3,591,809 | 30.27 | % | $ | 3,464,414 | 30.31 | % | ||||||||||||||||||||||||||||
PPP | PPP | 4,139 | 0.04 | 11,025 | 0.10 | PPP | 3,750 | 0.03 | 11,025 | 0.10 | ||||||||||||||||||||||||||||||||||||
Owner occupied commercial real estate | Owner occupied commercial real estate | 2,398,698 | 20.47 | 2,265,307 | 19.82 | Owner occupied commercial real estate | 2,429,659 | 20.46 | 2,265,307 | 19.82 | ||||||||||||||||||||||||||||||||||||
Non-owner occupied commercial real estate | Non-owner occupied commercial real estate | 2,530,736 | 21.60 | 2,330,940 | 20.40 | Non-owner occupied commercial real estate | 2,656,358 | 22.37 | 2,330,940 | 20.40 | ||||||||||||||||||||||||||||||||||||
Real estate construction | Real estate construction | 1,013,134 | 8.65 | 1,076,082 | 9.42 | Real estate construction | 1,029,554 | 8.67 | 1,076,082 | 9.42 | ||||||||||||||||||||||||||||||||||||
Agricultural and agricultural real estate | Agricultural and agricultural real estate | 839,817 | 7.17 | 920,510 | 8.05 | Agricultural and agricultural real estate | 842,116 | 7.09 | 920,510 | 8.05 | ||||||||||||||||||||||||||||||||||||
Residential mortgage | Residential mortgage | 828,437 | 7.07 | 853,361 | 7.47 | Residential mortgage | 813,803 | 6.85 | 853,361 | 7.47 | ||||||||||||||||||||||||||||||||||||
Consumer | Consumer | 512,333 | 4.37 | 506,713 | 4.43 | Consumer | 505,387 | 4.26 | 506,713 | 4.43 | ||||||||||||||||||||||||||||||||||||
Gross loans receivable held to maturity | Gross loans receivable held to maturity | 11,717,974 | 100.00 | % | 11,428,352 | 100.00 | % | Gross loans receivable held to maturity | 11,872,436 | 100.00 | % | 11,428,352 | 100.00 | % | ||||||||||||||||||||||||||||||||
Allowance for credit losses-loans | Allowance for credit losses-loans | (111,198) | (109,483) | Allowance for credit losses-loans | (110,208) | (109,483) | ||||||||||||||||||||||||||||||||||||||||
Loans receivable, net | Loans receivable, net | $ | 11,606,776 | $ | 11,318,869 | Loans receivable, net | $ | 11,762,228 | $ | 11,318,869 |
June 30, 2023 | December 31, 2022 | September 30, 2023 | December 31, 2022 | |||||||||||||||||||||||||||||||||||||||||||||||||
Amount | % of Allowance | Amount | % of Allowance | Amount | % of Allowance | Amount | % of Allowance | |||||||||||||||||||||||||||||||||||||||||||||
Quantitative | Quantitative | $ | 82,417 | 63.48 | % | $ | 84,409 | 65.09 | % | Quantitative | $ | 88,482 | 69.30 | % | $ | 84,409 | 65.09 | % | ||||||||||||||||||||||||||||||||||
Qualitative/Economic Forecast | Qualitative/Economic Forecast | 47,417 | 36.52 | 45,270 | 34.91 | Qualitative/Economic Forecast | 39,206 | 30.70 | 45,270 | 34.91 | ||||||||||||||||||||||||||||||||||||||||||
Total | Total | $ | 129,834 | 100.00 | % | $ | 129,679 | 100.00 | % | Total | $ | 127,688 | 100.00 | % | $ | 129,679 | 100.00 | % |
Three Months Ended June 30, | Three Months Ended September 30, | |||||||||||||||||||||
2023 | 2022 | 2023 | 2022 | |||||||||||||||||||
Balance at beginning of period | Balance at beginning of period | $ | 112,707 | $ | 100,522 | Balance at beginning of period | $ | 111,198 | $ | 101,353 | ||||||||||||
Provision for credit losses | Provision for credit losses | 7,829 | 1,545 | Provision for credit losses | 2,672 | 4,388 | ||||||||||||||||
Recoveries on loans previously charged off | Recoveries on loans previously charged off | 275 | 759 | Recoveries on loans previously charged off | 302 | 912 | ||||||||||||||||
Charge-offs on loans | Charge-offs on loans | (9,613) | (1,473) | Charge-offs on loans | (3,964) | (938) | ||||||||||||||||
Balance at end of period | Balance at end of period | $ | 111,198 | $ | 101,353 | Balance at end of period | $ | 110,208 | $ | 105,715 | ||||||||||||
Allowance for credit losses for loans as a percent of loans | Allowance for credit losses for loans as a percent of loans | 0.95 | % | 0.95 | % | Allowance for credit losses for loans as a percent of loans | 0.93 | % | 0.97 | % | ||||||||||||
Annualized ratio of net charge-offs to average loans | Annualized ratio of net charge-offs to average loans | 0.32 | % | 0.03 | % | Annualized ratio of net charge-offs to average loans | 0.12 | % | 0.00 | % |
Six Months Ended June 30, | Nine Months Ended September 30, | |||||||||||||||||||||
2023 | 2022 | 2023 | 2022 | |||||||||||||||||||
Balance at beginning of period | Balance at beginning of period | $ | 109,483 | $ | 110,088 | Balance at beginning of period | $ | 109,483 | $ | 110,088 | ||||||||||||
Provision for credit losses | Provision for credit losses | 10,013 | 4,173 | Provision for credit losses | 12,685 | 8,561 | ||||||||||||||||
Recoveries on loans previously charged off | Recoveries on loans previously charged off | 3,466 | 1,782 | Recoveries on loans previously charged off | 3,768 | 2,694 | ||||||||||||||||
Charge-offs on loans | Charge-offs on loans | (11,764) | (14,690) | Charge-offs on loans | (15,728) | (15,628) | ||||||||||||||||
Balance at end of period | Balance at end of period | $ | 111,198 | $ | 101,353 | Balance at end of period | $ | 110,208 | $ | 105,715 | ||||||||||||
Allowance for credit losses for loans as a percent of loans | Allowance for credit losses for loans as a percent of loans | 0.95 | % | 0.95 | % | Allowance for credit losses for loans as a percent of loans | 0.93 | % | 0.97 | % | ||||||||||||
Annualized ratio of net charge-offs to average loans | Annualized ratio of net charge-offs to average loans | 0.15 | % | 0.25 | % | Annualized ratio of net charge-offs to average loans | 0.14 | % | 0.17 | % |
Three Months Ended June 30, | Three Months Ended September 30, | |||||||||||||||||||||||||||||||||
2023 | 2022 | 2023 | 2022 | |||||||||||||||||||||||||||||||
Balance at beginning of period | Balance at beginning of period | $ | 21,086 | $ | 16,079 | Balance at beginning of period | $ | 18,636 | $ | 17,780 | ||||||||||||||||||||||||
Provision (benefit) for credit losses | (2,450) | 1,701 | ||||||||||||||||||||||||||||||||
(Benefit) provision for credit losses | (Benefit) provision for credit losses | (1,156) | 1,104 | |||||||||||||||||||||||||||||||
Balance at end of period | Balance at end of period | $ | 18,636 | $ | 17,780 | Balance at end of period | $ | 17,480 | $ | 18,884 | ||||||||||||||||||||||||
Six Months Ended June 30, | Nine Months Ended September 30, | |||||||||||||||||||||||||||||||||
2023 | 2022 | 2023 | 2022 | |||||||||||||||||||||||||||||||
Balance at beginning of period | Balance at beginning of period | $ | 20,196 | $ | 15,462 | Balance at beginning of period | $ | 20,196 | $ | 15,462 | ||||||||||||||||||||||||
Provision (benefit) for credit losses | (1,560) | 2,318 | ||||||||||||||||||||||||||||||||
(Benefit) provision for credit losses | (Benefit) provision for credit losses | (2,716) | 3,422 | |||||||||||||||||||||||||||||||
Balance at end of period | Balance at end of period | $ | 18,636 | $ | 17,780 | Balance at end of period | $ | 17,480 | $ | 18,884 |
June 30, | December 31, | September 30, | December 31, | |||||||||||||||||||||||||||||||||||||||||||
2023 | 2022 | 2022 | 2021 | 2023 | 2022 | 2022 | 2021 | |||||||||||||||||||||||||||||||||||||||
Nonaccrual loans | Nonaccrual loans | $ | 61,956 | $ | 62,909 | $ | 58,231 | $ | 69,369 | Nonaccrual loans | $ | 51,304 | $ | 64,560 | $ | 58,231 | $ | 69,369 | ||||||||||||||||||||||||||||
Loans contractually past due 90 days or more | Loans contractually past due 90 days or more | 1,459 | 95 | 273 | 550 | Loans contractually past due 90 days or more | 511 | 678 | 273 | 550 | ||||||||||||||||||||||||||||||||||||
Total nonperforming loans | Total nonperforming loans | 63,415 | 63,004 | 58,504 | 69,919 | Total nonperforming loans | 51,815 | 65,238 | 58,504 | 69,919 | ||||||||||||||||||||||||||||||||||||
Other real estate | Other real estate | 2,677 | 4,528 | 8,401 | 1,927 | Other real estate | 14,362 | 8,030 | 8,401 | 1,927 | ||||||||||||||||||||||||||||||||||||
Other repossessed assets | Other repossessed assets | 5 | — | 26 | 43 | Other repossessed assets | 1 | — | 26 | 43 | ||||||||||||||||||||||||||||||||||||
Total nonperforming assets | Total nonperforming assets | $ | 66,097 | $ | 67,532 | $ | 66,931 | $ | 71,889 | Total nonperforming assets | $ | 66,178 | $ | 73,268 | $ | 66,931 | $ | 71,889 | ||||||||||||||||||||||||||||
Nonperforming loans to total loans | Nonperforming loans to total loans | 0.54 | % | 0.59 | % | 0.51 | % | 0.70 | % | Nonperforming loans to total loans | 0.44 | % | 0.60 | % | 0.51 | % | 0.70 | % | ||||||||||||||||||||||||||||
Nonperforming assets to total loans plus repossessed property | Nonperforming assets to total loans plus repossessed property | 0.56 | 0.63 | 0.59 | 0.72 | Nonperforming assets to total loans plus repossessed property | 0.56 | 0.67 | 0.59 | 0.72 | ||||||||||||||||||||||||||||||||||||
Nonperforming assets to total assets | Nonperforming assets to total assets | 0.33 | 0.34 | 0.33 | 0.37 | Nonperforming assets to total assets | 0.33 | 0.37 | 0.33 | 0.37 |
Nonperforming Loans | Other Real Estate Owned | Other Repossessed Assets | Total Nonperforming Assets | Nonperforming Loans | Other Real Estate Owned | Other Repossessed Assets | Total Nonperforming Assets | |||||||||||||||||||||||||||||||||||||||
March 31, 2023 | $ | 58,240 | $ | 7,438 | $ | 24 | $ | 65,702 | ||||||||||||||||||||||||||||||||||||||
June 30, 2023 | June 30, 2023 | $ | 63,415 | $ | 2,677 | $ | 5 | $ | 66,097 | |||||||||||||||||||||||||||||||||||||
Loan foreclosures | Loan foreclosures | (39) | 28 | 11 | — | Loan foreclosures | (12,542) | 12,537 | 5 | — | ||||||||||||||||||||||||||||||||||||
Net loan charge-offs | Net loan charge-offs | (9,338) | — | — | (9,338) | Net loan charge-offs | (3,662) | — | — | (3,662) | ||||||||||||||||||||||||||||||||||||
New nonperforming loans | New nonperforming loans | 19,805 | — | — | 19,805 | New nonperforming loans | 19,295 | — | — | 19,295 | ||||||||||||||||||||||||||||||||||||
Reduction of nonperforming loans(1) | Reduction of nonperforming loans(1) | (5,253) | — | — | (5,253) | Reduction of nonperforming loans(1) | (14,691) | — | — | (14,691) | ||||||||||||||||||||||||||||||||||||
OREO/Repossessed assets sales proceeds | OREO/Repossessed assets sales proceeds | — | (3,915) | (26) | (3,941) | OREO/Repossessed assets sales proceeds | — | (589) | (6) | (595) | ||||||||||||||||||||||||||||||||||||
OREO/Repossessed assets writedowns, net | OREO/Repossessed assets writedowns, net | — | (874) | (4) | (878) | OREO/Repossessed assets writedowns, net | — | (263) | (3) | (266) | ||||||||||||||||||||||||||||||||||||
June 30, 2023 | $ | 63,415 | $ | 2,677 | $ | 5 | $ | 66,097 | ||||||||||||||||||||||||||||||||||||||
September 30, 2023 | September 30, 2023 | $ | 51,815 | $ | 14,362 | $ | 1 | $ | 66,178 | |||||||||||||||||||||||||||||||||||||
(1) Includes principal reductions and transfers to performing status. | (1) Includes principal reductions and transfers to performing status. | (1) Includes principal reductions and transfers to performing status. |
Nonperforming Loans | Other Real Estate Owned | Other Repossessed Assets | Total Nonperforming Assets | Nonperforming Loans | Other Real Estate Owned | Other Repossessed Assets | Total Nonperforming Assets | |||||||||||||||||||||||||||||||||||||||
December 31, 2022 | December 31, 2022 | $ | 58,504 | $ | 8,401 | $ | 26 | $ | 66,931 | December 31, 2022 | $ | 58,504 | $ | 8,401 | $ | 26 | $ | 66,931 | ||||||||||||||||||||||||||||
Loan foreclosures | Loan foreclosures | (258) | 239 | 19 | — | Loan foreclosures | (12,800) | 12,776 | 24 | — | ||||||||||||||||||||||||||||||||||||
Net loan charge-offs | Net loan charge-offs | (8,298) | — | — | (8,298) | Net loan charge-offs | (11,960) | — | — | (11,960) | ||||||||||||||||||||||||||||||||||||
New nonperforming loans | New nonperforming loans | 24,431 | — | — | 24,431 | New nonperforming loans | 43,726 | — | — | 43,726 | ||||||||||||||||||||||||||||||||||||
Reduction of nonperforming loans(1) | Reduction of nonperforming loans(1) | (10,964) | — | — | (10,964) | Reduction of nonperforming loans(1) | (25,655) | — | — | (25,655) | ||||||||||||||||||||||||||||||||||||
OREO/Repossessed assets sales proceeds | OREO/Repossessed assets sales proceeds | — | (5,047) | (30) | (5,077) | OREO/Repossessed assets sales proceeds | — | (5,636) | (36) | (5,672) | ||||||||||||||||||||||||||||||||||||
OREO/Repossessed assets writedowns, net | OREO/Repossessed assets writedowns, net | — | (916) | (10) | (926) | OREO/Repossessed assets writedowns, net | — | (1,179) | (13) | (1,192) | ||||||||||||||||||||||||||||||||||||
June 30, 2023 | $ | 63,415 | $ | 2,677 | $ | 5 | $ | 66,097 | ||||||||||||||||||||||||||||||||||||||
September 30, 2023 | September 30, 2023 | $ | 51,815 | $ | 14,362 | $ | 1 | $ | 66,178 | |||||||||||||||||||||||||||||||||||||
(1) Includes principal reductions and transfers to performing status. | (1) Includes principal reductions and transfers to performing status. | (1) Includes principal reductions and transfers to performing status. |
June 30, 2023 | December 31, 2022 | September 30, 2023 | December 31, 2022 | |||||||||||||||||||||||||||||||||||||||||||||||||
Amount | Percent | Amount | Percent | Amount | Percent | Amount | Percent | |||||||||||||||||||||||||||||||||||||||||||||
U.S. treasuries | U.S. treasuries | $ | 31,679 | 0.47 | % | $ | 31,699 | 0.45 | % | U.S. treasuries | $ | 31,805 | 0.50 | % | $ | 31,699 | 0.45 | % | ||||||||||||||||||||||||||||||||||
U.S. agencies | U.S. agencies | 43,036 | 0.64 | 43,135 | 0.61 | U.S. agencies | 41,104 | 0.64 | 43,135 | 0.61 | ||||||||||||||||||||||||||||||||||||||||||
Obligations of states and political subdivisions | Obligations of states and political subdivisions | 1,683,912 | 25.11 | 1,708,840 | 24.24 | Obligations of states and political subdivisions | 1,610,155 | 25.13 | 1,708,840 | 24.24 | ||||||||||||||||||||||||||||||||||||||||||
Mortgage-backed securities - agency | Mortgage-backed securities - agency | 1,686,646 | 25.16 | 1,772,105 | 25.13 | Mortgage-backed securities - agency | 1,594,395 | 24.88 | 1,772,105 | 25.13 | ||||||||||||||||||||||||||||||||||||||||||
Mortgage-backed securities - non-agency | Mortgage-backed securities - non-agency | 1,995,809 | 29.76 | 2,181,876 | 30.94 | Mortgage-backed securities - non-agency | 1,895,080 | 29.57 | 2,181,876 | 30.94 | ||||||||||||||||||||||||||||||||||||||||||
Commercial mortgage-backed securities - agency | Commercial mortgage-backed securities - agency | 83,825 | 1.25 | 85,123 | 1.21 | Commercial mortgage-backed securities - agency | 81,444 | 1.27 | 85,123 | 1.21 | ||||||||||||||||||||||||||||||||||||||||||
Commercial mortgage-backed securities - non-agency | Commercial mortgage-backed securities - non-agency | 617,992 | 9.22 | 659,459 | 9.35 | Commercial mortgage-backed securities - non-agency | 602,433 | 9.40 | 659,459 | 9.35 | ||||||||||||||||||||||||||||||||||||||||||
Asset-backed securities | Asset-backed securities | 412,716 | 6.16 | 416,054 | 5.90 | Asset-backed securities | 384,379 | 6.00 | 416,054 | 5.90 | ||||||||||||||||||||||||||||||||||||||||||
Corporate bonds | Corporate bonds | 56,411 | 0.84 | 57,942 | 0.82 | Corporate bonds | 56,522 | 0.88 | 57,942 | 0.82 | ||||||||||||||||||||||||||||||||||||||||||
Equity securities with a readily determinable fair value | Equity securities with a readily determinable fair value | 20,688 | 0.31 | 20,314 | 0.29 | Equity securities with a readily determinable fair value | 20,838 | 0.33 | 20,314 | 0.29 | ||||||||||||||||||||||||||||||||||||||||||
Other securities | Other securities | 72,291 | 1.08 | 74,567 | 1.06 | Other securities | 90,001 | 1.40 | 74,567 | 1.06 | ||||||||||||||||||||||||||||||||||||||||||
Total securities | Total securities | $ | 6,705,005 | 100.00 | % | $ | 7,051,114 | 100.00 | % | Total securities | $ | 6,408,156 | 100.00 | % | $ | 7,051,114 | 100.00 | % |
June 30, 2023 | December 31, 2022 | Change | % Change | September 30, 2023 | December 31, 2022 | Change | % Change | |||||||||||||||||||||||||||||||||||||||
Demand-customer | Demand-customer | $ | 4,897,858 | $ | 5,701,340 | $ | (803,482) | (14) | % | Demand-customer | $ | 4,792,813 | $ | 5,701,340 | $ | (908,527) | (16) | % | ||||||||||||||||||||||||||||
Savings-customer | Savings-customer | 8,149,596 | 8,670,898 | (521,302) | (6) | Savings-customer | 8,190,430 | 8,670,898 | (480,468) | (6) | ||||||||||||||||||||||||||||||||||||
Savings-wholesale and institutional | Savings-wholesale and institutional | 623,000 | 1,323,493 | (700,493) | (53) | Savings-wholesale and institutional | 564,481 | 1,323,493 | (759,012) | (57) | ||||||||||||||||||||||||||||||||||||
Total savings | Total savings | 8,772,596 | 9,994,391 | (1,221,795) | (12) | Total savings | 8,754,911 | 9,994,391 | (1,239,480) | (12) | ||||||||||||||||||||||||||||||||||||
Time-customer | Time-customer | 1,597,849 | 851,539 | 746,310 | 88 | Time-customer | 1,814,335 | 851,539 | 962,796 | 113 | ||||||||||||||||||||||||||||||||||||
Time-wholesale | Time-wholesale | 2,395,240 | 965,739 | 1,429,501 | 148 | Time-wholesale | 1,738,934 | 965,739 | 773,195 | 80 | ||||||||||||||||||||||||||||||||||||
Total time | Total time | 3,993,089 | 1,817,278 | 2,175,811 | 120 | Total time | 3,553,269 | 1,817,278 | 1,735,991 | 96 | ||||||||||||||||||||||||||||||||||||
Total deposits | Total deposits | $ | 17,663,543 | $ | 17,513,009 | $ | 150,534 | 1 | % | Total deposits | $ | 17,100,993 | $ | 17,513,009 | $ | (412,016) | (2) | % | ||||||||||||||||||||||||||||
Total customer deposits | Total customer deposits | $ | 14,645,303 | $ | 15,223,777 | $ | (578,474) | (4) | % | Total customer deposits | $ | 14,797,578 | $ | 15,223,777 | $ | (426,199) | (3) | % | ||||||||||||||||||||||||||||
Total wholesale and institutional deposits | Total wholesale and institutional deposits | 3,018,240 | 2,289,232 | 729,008 | 32 | % | Total wholesale and institutional deposits | 2,303,415 | 2,289,232 | 14,183 | 1 | % | ||||||||||||||||||||||||||||||||||
Total deposits | Total deposits | $ | 17,663,543 | $ | 17,513,009 | $ | 150,534 | 1 | % | Total deposits | $ | 17,100,993 | $ | 17,513,009 | $ | (412,016) | (2) | % |
June 30, 2023 | December 31, 2022 | September 30, 2023 | December 31, 2022 | |||||||||||||||||||||||||||||||||||||||||||
Amount | Percent | Amount | Percent | Amount | Percent | Amount | Percent | |||||||||||||||||||||||||||||||||||||||
Demand-customer | Demand-customer | $ | 4,897,858 | 27.73 | % | $ | 5,701,340 | 32.55 | % | Demand-customer | $ | 4,792,813 | 28.03 | % | $ | 5,701,340 | 32.55 | % | ||||||||||||||||||||||||||||
Savings-customer | Savings-customer | 8,149,596 | 46.13 | 8,670,898 | 49.52 | Savings-customer | 8,190,430 | 47.89 | 8,670,898 | 49.52 | ||||||||||||||||||||||||||||||||||||
Savings-wholesale and institutional | Savings-wholesale and institutional | 623,000 | 3.53 | 1,323,493 | 7.56 | Savings-wholesale and institutional | 564,481 | 3.30 | 1,323,493 | 7.56 | ||||||||||||||||||||||||||||||||||||
Time-customer | Time-customer | 1,597,849 | 9.05 | 851,539 | 4.86 | Time-customer | 1,814,335 | 10.61 | 851,539 | 4.86 | ||||||||||||||||||||||||||||||||||||
Time-wholesale | Time-wholesale | 2,395,240 | 13.56 | 965,739 | 5.51 | Time-wholesale | 1,738,934 | 10.17 | 965,739 | 5.51 | ||||||||||||||||||||||||||||||||||||
Total | Total | $ | 17,663,543 | 100.00 | % | $ | 17,513,009 | 100.00 | % | Total | $ | 17,100,993 | 100.00 | % | $ | 17,513,009 | 100.00 | % |
June 30, 2023 | December 31, 2022 | Change | % Change | September 30, 2023 | December 31, 2022 | Change | % Change | |||||||||||||||||||||||||||||||||||||||
Securities sold under agreement to repurchase | Securities sold under agreement to repurchase | $ | 35,913 | $ | 95,303 | $ | (59,390) | (62) | % | Securities sold under agreement to repurchase | $ | 29,124 | $ | 95,303 | $ | (66,179) | (69) | % | ||||||||||||||||||||||||||||
Advances from the FHLB | Advances from the FHLB | — | 50,000 | (50,000) | (100) | Advances from the FHLB | 351,772 | 50,000 | 301,772 | 604 | ||||||||||||||||||||||||||||||||||||
Advances from the federal discount window | Advances from the federal discount window | — | 224,000 | (224,000) | (100) | Advances from the federal discount window | — | 224,000 | (224,000) | (100) | ||||||||||||||||||||||||||||||||||||
Other short-term borrowings | Other short-term borrowings | 8,451 | 6,814 | 1,637 | 24 | Other short-term borrowings | 11,738 | 6,814 | 4,924 | 72 | ||||||||||||||||||||||||||||||||||||
Total | Total | $ | 44,364 | $ | 376,117 | $ | (331,753) | (88) | % | Total | $ | 392,634 | $ | 376,117 | $ | 16,517 | 4 | % |
June 30, 2023 | December 31, 2022 | Change | % Change | September 30, 2023 | December 31, 2022 | Change | % Change | |||||||||||||||||||||||||||||||||||||||
Advances from the FHLB | Advances from the FHLB | $ | 680 | $ | 740 | $ | (60) | (8) | % | Advances from the FHLB | $ | — | $ | 740 | $ | (740) | (100) | % | ||||||||||||||||||||||||||||
Trust preferred securities | Trust preferred securities | 148,806 | 148,284 | 522 | — | Trust preferred securities | 148,595 | 148,284 | 311 | — | ||||||||||||||||||||||||||||||||||||
Contracts payable | Contracts payable | 80 | 82 | (2) | (2) | Contracts payable | 80 | 82 | (2) | (2) | ||||||||||||||||||||||||||||||||||||
Subordinated notes | Subordinated notes | 222,837 | 222,647 | 190 | — | Subordinated notes | 223,384 | 222,647 | 737 | — | ||||||||||||||||||||||||||||||||||||
Total | Total | $ | 372,403 | $ | 371,753 | $ | 650 | — | % | Total | $ | 372,059 | $ | 371,753 | $ | 306 | — | % |
Amount Issued | Issuance Date | Interest Rate | Interest Rate as of 6/30/2023(1) | Maturity Date | Callable Date | Amount Issued | Issuance Date | Interest Rate | Interest Rate as of 9/30/2023(1) | Maturity Date | Callable Date | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Heartland Financial Statutory Trust IV | Heartland Financial Statutory Trust IV | $ | 10,310 | 03/17/2004 | 2.75% over LIBOR | 8.26% | 03/17/2034 | 09/17/2023 | Heartland Financial Statutory Trust IV | $ | 10,310 | 03/17/2004 | 2.75% over LIBOR | 8.42% | 03/17/2034 | 12/17/2023 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Heartland Financial Statutory Trust V | Heartland Financial Statutory Trust V | 20,619 | 01/27/2006 | 1.33% over LIBOR | 6.59 | 04/07/2036 | 10/07/2023 | Heartland Financial Statutory Trust V | 20,619 | 01/27/2006 | 1.33% over LIBOR | 6.90 | 04/07/2036 | 01/07/2024 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Heartland Financial Statutory Trust VI | Heartland Financial Statutory Trust VI | 20,619 | 06/21/2007 | 1.48% over LIBOR | 7.03 | 09/15/2037 | 09/15/2023 | Heartland Financial Statutory Trust VI | 20,619 | 06/21/2007 | 1.48% over LIBOR | 7.15 | 09/15/2037 | 12/15/2023 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Heartland Financial Statutory Trust VII | Heartland Financial Statutory Trust VII | 18,042 | 06/26/2007 | 1.48% over LIBOR | 6.98 | 09/01/2037 | 09/01/2023 | Heartland Financial Statutory Trust VII | 18,042 | 06/26/2007 | 1.48% over LIBOR | 7.15 | 09/01/2037 | 12/01/2023 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Morrill Statutory Trust I | Morrill Statutory Trust I | 9,416 | 12/19/2002 | 3.25% over LIBOR | 8.79 | 12/26/2032 | 09/26/2023 | Morrill Statutory Trust I | 9,440 | 12/19/2002 | 3.25% over LIBOR | 8.91 | 12/26/2032 | 12/26/2023 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Morrill Statutory Trust II | Morrill Statutory Trust II | 9,143 | 12/17/2003 | 2.85% over LIBOR | 8.36 | 12/17/2033 | 09/17/2023 | Morrill Statutory Trust II | 9,170 | 12/17/2003 | 2.85% over LIBOR | 8.52 | 12/17/2033 | 12/17/2023 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Sheboygan Statutory Trust I | Sheboygan Statutory Trust I | 6,834 | 09/17/2003 | 2.95% over LIBOR | 8.46 | 09/17/2033 | 09/17/2023 | Sheboygan Statutory Trust I | 6,856 | 09/17/2003 | 2.95% over LIBOR | 8.62 | 09/17/2033 | 12/17/2023 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
CBNM Capital Trust I | CBNM Capital Trust I | 4,583 | 09/10/2004 | 3.25% over LIBOR | 8.80 | 12/15/2034 | 09/15/2023 | CBNM Capital Trust I | 4,595 | 09/10/2004 | 3.25% over LIBOR | 8.92 | 12/15/2034 | 12/15/2023 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Citywide Capital Trust III | Citywide Capital Trust III | 6,633 | 12/19/2003 | 2.80% over LIBOR | 8.10 | 12/19/2033 | 10/23/2023 | Citywide Capital Trust III | 6,647 | 12/19/2003 | 2.80% over LIBOR | 8.43 | 12/19/2033 | 01/23/2024 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Citywide Capital Trust IV | Citywide Capital Trust IV | 4,497 | 09/30/2004 | 2.20% over LIBOR | 7.59 | 09/30/2034 | 08/23/2023 | Citywide Capital Trust IV | 4,512 | 09/30/2004 | 2.20% over LIBOR | 7.84 | 09/30/2034 | 11/23/2023 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Citywide Capital Trust V | Citywide Capital Trust V | 12,536 | 05/31/2006 | 1.54% over LIBOR | 7.09 | 07/25/2036 | 09/15/2023 | Citywide Capital Trust V | 12,593 | 05/31/2006 | 1.54% over LIBOR | 7.21 | 07/25/2036 | 12/15/2023 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
OCGI Statutory Trust III | OCGI Statutory Trust III | 3,024 | 06/27/2002 | 3.65% over LIBOR | 8.91 | 09/30/2032 | 09/30/2023 | OCGI Statutory Trust III | 3,026 | 06/27/2002 | 3.65% over LIBOR | 9.22 | 09/30/2032 | 12/30/2023 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
OCGI Capital Trust IV | OCGI Capital Trust IV | 5,539 | 09/23/2004 | 2.50% over LIBOR | 8.05 | 12/15/2034 | 09/15/2023 | OCGI Capital Trust IV | 5,553 | 09/23/2004 | 2.50% over LIBOR | 8.17 | 12/15/2034 | 12/15/2023 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
BVBC Capital Trust II | BVBC Capital Trust II | 7,339 | 04/10/2003 | 3.25% over LIBOR | 8.55 | 04/24/2033 | 10/24/2023 | BVBC Capital Trust II | 7,349 | 04/10/2003 | 3.25% over LIBOR | 8.88 | 04/24/2033 | 01/24/2024 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
BVBC Capital Trust III | BVBC Capital Trust III | 9,672 | 07/29/2005 | 1.60% over LIBOR | 7.14 | 09/30/2035 | 09/30/2023 | BVBC Capital Trust III | 9,716 | 07/29/2005 | 1.60% over LIBOR | 7.26 | 09/30/2035 | 12/30/2023 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total trust preferred costs | $ | 148,806 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total trust preferred securities | Total trust preferred securities | $ | 149,047 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
(1) Effective weighted average interest rate as of June 30, 2023, was 8.17%. | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
(1) Effective weighted average interest rate as of September 30, 2023, was 8.35%. | (1) Effective weighted average interest rate as of September 30, 2023, was 8.35%. |
Total Capital (to Risk- Weighted Assets) | Tier 1 Capital (to Risk- Weighted Assets) | Common Equity Tier 1 (to Risk- Weighted Assets) | Tier 1 Capital (to Average Assets) | Total Capital (to Risk- Weighted Assets) | Tier 1 Capital (to Risk- Weighted Assets) | Common Equity Tier 1 (to Risk- Weighted Assets) | Tier 1 Capital (to Average Assets) | |||||||||||||||||||||||||||||||||||||||
June 30, 2023 | 14.93 | % | 12.05 | % | 11.33 | % | 9.40 | % | ||||||||||||||||||||||||||||||||||||||
September 30, 2023 | September 30, 2023 | 14.90 | % | 12.08 | % | 11.37 | % | 9.59 | % | |||||||||||||||||||||||||||||||||||||
Minimum capital requirement | Minimum capital requirement | 8.00 | 6.00 | 4.50 | 4.00 | Minimum capital requirement | 8.00 | 6.00 | 4.50 | 4.00 | ||||||||||||||||||||||||||||||||||||
Well capitalized requirement | Well capitalized requirement | 10.00 | 8.00 | 6.50 | 5.00 | Well capitalized requirement | 10.00 | 8.00 | 6.50 | 5.00 | ||||||||||||||||||||||||||||||||||||
Minimum capital requirement, including fully-phased in capital conservation buffer | Minimum capital requirement, including fully-phased in capital conservation buffer | 10.50 | 8.50 | 7.00 | N/A | Minimum capital requirement, including fully-phased in capital conservation buffer | 10.50 | 8.50 | 7.00 | N/A | ||||||||||||||||||||||||||||||||||||
Risk-weighted assets | Risk-weighted assets | $ | 15,324,421 | $ | 15,324,421 | $ | 15,324,421 | N/A | Risk-weighted assets | $ | 15,579,756 | $ | 15,579,756 | $ | 15,579,756 | N/A | ||||||||||||||||||||||||||||||
Average assets | Average assets | N/A | N/A | N/A | $ | 19,633,800 | Average assets | N/A | N/A | N/A | $ | 19,621,072 | ||||||||||||||||||||||||||||||||||
December 31, 2022 | December 31, 2022 | 14.76 | % | 11.81 | % | 11.07 | % | 9.13 | % | December 31, 2022 | 14.76 | % | 11.81 | % | 11.07 | % | 9.13 | % | ||||||||||||||||||||||||||||
Minimum capital requirement | Minimum capital requirement | 8.00 | 6.00 | 4.50 | 4.00 | Minimum capital requirement | 8.00 | 6.00 | 4.50 | 4.00 | ||||||||||||||||||||||||||||||||||||
Well capitalized requirement | Well capitalized requirement | 10.00 | 8.00 | 6.50 | 5.00 | Well capitalized requirement | 10.00 | 8.00 | 6.50 | 5.00 | ||||||||||||||||||||||||||||||||||||
Minimum capital requirement, including fully-phased in capital conservation buffer | Minimum capital requirement, including fully-phased in capital conservation buffer | 10.50 | 8.50 | 7.00 | N/A | Minimum capital requirement, including fully-phased in capital conservation buffer | 10.50 | 8.50 | 7.00 | N/A | ||||||||||||||||||||||||||||||||||||
Risk-weighted assets | Risk-weighted assets | $ | 14,937,128 | $ | 14,937,128 | $ | 14,937,128 | N/A | Risk-weighted assets | $ | 14,937,128 | $ | 14,937,128 | $ | 14,937,128 | N/A | ||||||||||||||||||||||||||||||
Average assets | Average assets | N/A | N/A | N/A | $ | 19,322,778 | Average assets | N/A | N/A | N/A | $ | 19,322,778 |
As of June 30, 2023 | As of September 30, 2023 | |||||||||||||||||||||
Source | Source | Outstanding | Available | Source | Outstanding | Available | ||||||||||||||||
Federal Reserve Discount Window | Federal Reserve Discount Window | $ | — | $ | 1,491,556 | Federal Reserve Discount Window | $ | — | $ | 1,337,967 | ||||||||||||
Bank Term Funding Program | Bank Term Funding Program | — | 630,400 | Bank Term Funding Program | — | 613,065 | ||||||||||||||||
Federal Home Loan Bank | Federal Home Loan Bank | 680 | 1,178,830 | Federal Home Loan Bank | 351,772 | 1,142,180 | ||||||||||||||||
Federal Funds | Federal Funds | — | 272,500 | Federal Funds | — | 295,000 | ||||||||||||||||
Wholesale deposits/brokered CDs | Wholesale deposits/brokered CDs | 2,893,391 | 1,175,723 | Wholesale deposits/brokered CDs | 2,163,287 | 1,864,025 | ||||||||||||||||
Total | Total | $ | 2,894,071 | $ | 4,749,009 | Total | $ | 2,515,059 | $ | 5,252,237 |
2023 | 2022 | 2023 | 2022 | |||||||||||||||||||||||||||||||||||||||||||
Net Interest Margin | % Change From Base | Net Interest Margin | % Change From Base | Net Interest Margin | % Change From Base | Net Interest Margin | % Change From Base | |||||||||||||||||||||||||||||||||||||||
Year 1 | Year 1 | Year 1 | ||||||||||||||||||||||||||||||||||||||||||||
Down 100 Basis Points | Down 100 Basis Points | $ | 610,231 | (1.00) | % | $ | 596,846 | (2.43) | % | Down 100 Basis Points | $ | 598,060 | (2.83) | % | $ | 596,846 | (2.43) | % | ||||||||||||||||||||||||||||
Base | Base | 616,421 | — | 611,715 | — | Base | 615,457 | — | 611,715 | — | ||||||||||||||||||||||||||||||||||||
Up 200 Basis Points | Up 200 Basis Points | 627,222 | 1.75 | 628,011 | 2.66 | Up 200 Basis Points | 648,671 | 5.40 | 628,011 | 2.66 | ||||||||||||||||||||||||||||||||||||
Year 2 | Year 2 | Year 2 | ||||||||||||||||||||||||||||||||||||||||||||
Down 100 Basis Points | Down 100 Basis Points | $ | 614,571 | (0.30) | % | $ | 590,415 | (3.48) | % | Down 100 Basis Points | $ | 609,155 | (1.02) | % | $ | 590,415 | (3.48) | % | ||||||||||||||||||||||||||||
Base | Base | 637,157 | 3.36 | 646,665 | 5.71 | Base | 657,034 | 6.76 | 646,665 | 5.71 | ||||||||||||||||||||||||||||||||||||
Up 200 Basis Points | Up 200 Basis Points | 650,264 | 5.49 | 680,461 | 11.24 | Up 200 Basis Points | 716,655 | 16.44 | 680,461 | 11.24 |
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101 | 101 | Financial statement formatted in Inline Extensible Business Reporting Language: (i) the Consolidated Balance Sheets, (ii) the Consolidated Statements of Income, (iii) the Consolidated Statements of Comprehensive Income, (iv) the Consolidated Statements of Cash Flows, (v) the Consolidated Statements of Changes in Equity, and (vi) the Notes to Consolidated Financial Statements. | 101 | Financial statement formatted in Inline Extensible Business Reporting Language: (i) the Consolidated Balance Sheets, (ii) the Consolidated Statements of Income, (iii) the Consolidated Statements of Comprehensive Income, (iv) the Consolidated Statements of Cash Flows, (v) the Consolidated Statements of Changes in Equity, and (vi) the Notes to Consolidated Financial Statements. | ||||||||||||||||||||||||
104 | 104 | Cover page formatted in Inline Extensible Business Reporting Language | 104 | Cover page formatted in Inline Extensible Business Reporting Language |
HEARTLAND FINANCIAL USA, INC. | ||
(Registrant) | ||
/s/ Bruce K. Lee | ||
By: Bruce K. Lee | ||
President and Chief Executive Officer | ||
(Principal Executive Officer and Duly Authorized Officer) | ||
/s/ Bryan R. McKeag | ||
By: Bryan R. McKeag | ||
Executive Vice President and Chief Financial Officer | ||
(Principal Financial Officer and Duly Authorized Officer) | ||
/s/ Janet M. Quick | ||
By: Janet M. Quick | ||
Executive Vice President and Deputy Chief Financial Officer | ||
(Principal Accounting Officer and Duly Authorized Officer) | ||
Dated: |