☒ | 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(s) | Name of each exchange on which registered | ||||||||||||
Common Stock, par value $0.01 per share | EFSC | Nasdaq Global Select Market | ||||||||||||
Depositary Shares, each representing a 1/40th interest in a share of 5.00% Fixed Rate Non-Cumulative Perpetual Preferred Stock, Series A | EFSCP | Nasdaq Global Select Market |
Large accelerated filer | ☒ | Accelerated filer | ☐ | |||||||||||
Non-accelerated filer | ☐ | Smaller reporting company | ☐ | |||||||||||
Emerging growth company | ☐ |
Page | ||||||||
PART I - FINANCIAL INFORMATION | ||||||||
Item 1. Financial Statements | ||||||||
Condensed Consolidated Balance Sheets (Unaudited) | ||||||||
Condensed Consolidated Statements of Operations (Unaudited) | ||||||||
Condensed Consolidated Statements of Comprehensive Income (Unaudited) | ||||||||
Condensed Consolidated Statements of Shareholders’ Equity (Unaudited) | ||||||||
Condensed Consolidated Statements of Cash Flows (Unaudited) | ||||||||
Notes to Condensed Consolidated Financial Statements (Unaudited) | ||||||||
Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations | ||||||||
Item 3. Quantitative and Qualitative Disclosures About Market Risk | ||||||||
Item 4. Controls and Procedures | ||||||||
PART II - OTHER INFORMATION | ||||||||
Item 1. Legal Proceedings | ||||||||
Item 1A. Risk Factors | ||||||||
Item 2. Unregistered Sales of Equity Securities and Use of Proceeds | ||||||||
Item 3. Defaults Upon Senior Securities | ||||||||
Item 4. Mine Safety Disclosures | ||||||||
Item 5. Other Information | ||||||||
Item 6. Exhibits | ||||||||
Signatures | ||||||||
ACL | Allowance for Credit Losses | FASB | Financial Accounting Standards Board | |||||||||||
ASU | Accounting Standards Update | FCBP | First Choice Bancorp | |||||||||||
Bank | Enterprise Bank & Trust | FHLB | Federal Home Loan Bank | |||||||||||
C&I | Commercial and Industrial | GAAP | Generally Accepted Accounting Principles (United States) | |||||||||||
CCB | Capital Conservation Buffer | LIBOR | London Interbank Offered Rate | |||||||||||
CDFI | Community Development Financial Institution | NIM | Net Interest Margin | |||||||||||
CECL | Current Expected Credit Loss | |||||||||||||
Company | Enterprise Financial Services Corp | |||||||||||||
CRE | Commercial Real Estate | Small Business | ||||||||||||
EFSC | Enterprise Financial Services Corp | SEC | Securities and Exchange Commission | |||||||||||
Enterprise | Enterprise Financial Services Corp | SOFR | Secured Overnight Financing Rate |
(in thousands, except share and per share data) | (in thousands, except share and per share data) | June 30, 2022 | December 31, 2021 | (in thousands, except share and per share data) | September 30, 2022 | December 31, 2021 | ||||||||||||||||
Assets | Assets | Assets | ||||||||||||||||||||
Cash and due from banks | Cash and due from banks | $ | 271,763 | $ | 209,177 | Cash and due from banks | $ | 264,078 | $ | 209,177 | ||||||||||||
Federal funds sold | Federal funds sold | 1,398 | 1,356 | Federal funds sold | 1,063 | 1,356 | ||||||||||||||||
Interest-earning deposits (including $135 and $14,595 pledged as collateral, respectively) | 671,643 | 1,811,156 | ||||||||||||||||||||
Interest-earning deposits (including $0 and $14,595 pledged as collateral, respectively) | Interest-earning deposits (including $0 and $14,595 pledged as collateral, respectively) | 479,735 | 1,811,156 | |||||||||||||||||||
Total cash and cash equivalents | Total cash and cash equivalents | 944,804 | 2,021,689 | Total cash and cash equivalents | 744,876 | 2,021,689 | ||||||||||||||||
Interest-earning deposits greater than 90 days | Interest-earning deposits greater than 90 days | 7,302 | 6,996 | Interest-earning deposits greater than 90 days | 9,027 | 6,996 | ||||||||||||||||
Securities available-for-sale | Securities available-for-sale | 1,493,277 | 1,366,006 | Securities available-for-sale | 1,466,912 | 1,366,006 | ||||||||||||||||
Securities held-to-maturity, net | Securities held-to-maturity, net | 617,767 | 429,681 | Securities held-to-maturity, net | 646,393 | 429,681 | ||||||||||||||||
Loans held-for-sale | Loans held-for-sale | 4,615 | 6,389 | Loans held-for-sale | 785 | 6,389 | ||||||||||||||||
Loans | Loans | 9,269,176 | 9,017,642 | Loans | 9,354,987 | 9,017,642 | ||||||||||||||||
Allowance for credit losses on loans | Allowance for credit losses on loans | (140,546) | (145,041) | Allowance for credit losses on loans | (140,572) | (145,041) | ||||||||||||||||
Total loans, net | Total loans, net | 9,128,630 | 8,872,601 | Total loans, net | 9,214,415 | 8,872,601 | ||||||||||||||||
Other investments | Other investments | 61,274 | 59,896 | Other investments | 58,637 | 59,896 | ||||||||||||||||
Fixed assets, net | Fixed assets, net | 46,028 | 47,915 | Fixed assets, net | 43,882 | 47,915 | ||||||||||||||||
Goodwill | Goodwill | 365,164 | 365,164 | Goodwill | 365,164 | 365,164 | ||||||||||||||||
Intangible assets, net | Intangible assets, net | 19,528 | 22,286 | Intangible assets, net | 18,217 | 22,286 | ||||||||||||||||
Other assets | Other assets | 396,117 | 338,735 | Other assets | 426,479 | 338,735 | ||||||||||||||||
Total assets | Total assets | $ | 13,084,506 | $ | 13,537,358 | Total assets | $ | 12,994,787 | $ | 13,537,358 | ||||||||||||
Liabilities and Shareholders' Equity | Liabilities and Shareholders' Equity | Liabilities and Shareholders' Equity | ||||||||||||||||||||
Noninterest-bearing demand accounts | Noninterest-bearing demand accounts | $ | 4,746,478 | $ | 4,578,436 | Noninterest-bearing demand accounts | $ | 4,642,539 | $ | 4,578,436 | ||||||||||||
Interest-bearing demand accounts | Interest-bearing demand accounts | 2,197,957 | 2,465,884 | Interest-bearing demand accounts | 2,270,898 | 2,465,884 | ||||||||||||||||
Money market accounts | Money market accounts | 2,726,024 | 2,890,976 | Money market accounts | 2,792,766 | 2,890,976 | ||||||||||||||||
Savings accounts | Savings accounts | 836,958 | 800,210 | Savings accounts | 824,483 | 800,210 | ||||||||||||||||
Certificates of deposit: | Certificates of deposit: | Certificates of deposit: | ||||||||||||||||||||
Brokered | Brokered | 129,064 | 128,970 | Brokered | 129,039 | 128,970 | ||||||||||||||||
Other | Other | 456,137 | 479,323 | Other | 397,869 | 479,323 | ||||||||||||||||
Total deposits | Total deposits | 11,092,618 | 11,343,799 | Total deposits | 11,057,594 | 11,343,799 | ||||||||||||||||
Subordinated debentures and notes | Subordinated debentures and notes | 155,164 | 154,899 | Subordinated debentures and notes | 155,298 | 154,899 | ||||||||||||||||
FHLB advances | FHLB advances | 50,000 | 50,000 | FHLB advances | — | 50,000 | ||||||||||||||||
Other borrowings | Other borrowings | 226,695 | 353,863 | Other borrowings | 197,422 | 353,863 | ||||||||||||||||
Other liabilities | Other liabilities | 112,617 | 105,681 | Other liabilities | 138,255 | 105,681 | ||||||||||||||||
Total liabilities | Total liabilities | $ | 11,637,094 | $ | 12,008,242 | Total liabilities | $ | 11,548,569 | $ | 12,008,242 | ||||||||||||
Commitments and contingent liabilities (Note 5) | Commitments and contingent liabilities (Note 5) | 0 | 0 | Commitments and contingent liabilities (Note 5) | ||||||||||||||||||
Shareholders' equity: | Shareholders' equity: | Shareholders' equity: | ||||||||||||||||||||
Preferred stock, $0.01 par value; 5,000,000 shares authorized; 75,000 shares issued and outstanding ($1,000 per share liquidation preference) | 71,988 | 71,988 | ||||||||||||||||||||
Common stock, $0.01 par value; 75,000,000 shares authorized; 37,205,524 shares issued and outstanding and 39,799,615 shares issued, respectively | 372 | 398 | ||||||||||||||||||||
Treasury stock, at cost; 1,980,093 shares | — | (73,528) | ||||||||||||||||||||
Preferred stock, $0.01 par value; 5,000,000 shares authorized; 75,000 shares issued and outstanding ($1,000 per share liquidation preference) | Preferred stock, $0.01 par value; 5,000,000 shares authorized; 75,000 shares issued and outstanding ($1,000 per share liquidation preference) | 71,988 | 71,988 | |||||||||||||||||||
Common stock, $0.01 par value; 75,000,000 shares authorized; 37,222,900 shares issued and outstanding and 39,799,615 shares issued, respectively | Common stock, $0.01 par value; 75,000,000 shares authorized; 37,222,900 shares issued and outstanding and 39,799,615 shares issued, respectively | 372 | 398 | |||||||||||||||||||
Treasury stock, at cost; 0 and 1,980,093 shares | Treasury stock, at cost; 0 and 1,980,093 shares | — | (73,528) | |||||||||||||||||||
Additional paid in capital | Additional paid in capital | 976,684 | 1,018,799 | Additional paid in capital | 979,543 | 1,018,799 | ||||||||||||||||
Retained earnings | Retained earnings | 506,849 | 492,682 | Retained earnings | 547,506 | 492,682 | ||||||||||||||||
Accumulated other comprehensive (loss) income | Accumulated other comprehensive (loss) income | (108,481) | 18,777 | Accumulated other comprehensive (loss) income | (153,191) | 18,777 | ||||||||||||||||
Total shareholders' equity | Total shareholders' equity | 1,447,412 | 1,529,116 | Total shareholders' equity | 1,446,218 | 1,529,116 | ||||||||||||||||
Total liabilities and shareholders' equity | Total liabilities and shareholders' equity | $ | 13,084,506 | $ | 13,537,358 | Total liabilities and shareholders' equity | $ | 12,994,787 | $ | 13,537,358 |
Three months ended June 30, | Six months ended June 30, | Three months ended September 30, | Nine months ended September 30, | |||||||||||||||||||||||||||||||||||||||||||
(in thousands, except per share data) | (in thousands, except per share data) | 2022 | 2021 | 2022 | 2021 | (in thousands, except per share data) | 2022 | 2021 | 2022 | 2021 | ||||||||||||||||||||||||||||||||||||
Interest income: | Interest income: | Interest income: | ||||||||||||||||||||||||||||||||||||||||||||
Loans | Loans | $ | 102,153 | $ | 79,064 | $ | 198,276 | $ | 156,037 | Loans | $ | 118,465 | $ | 94,353 | $ | 316,741 | $ | 250,390 | ||||||||||||||||||||||||||||
Debt securities: | Debt securities: | Debt securities: | ||||||||||||||||||||||||||||||||||||||||||||
Taxable | Taxable | 6,553 | 4,318 | 11,904 | 8,858 | Taxable | 7,766 | 4,435 | 19,670 | 13,293 | ||||||||||||||||||||||||||||||||||||
Nontaxable | Nontaxable | 4,526 | 3,394 | 8,468 | 6,473 | Nontaxable | 4,976 | 3,585 | 13,444 | 10,058 | ||||||||||||||||||||||||||||||||||||
Interest-earning deposits | Interest-earning deposits | 2,495 | 237 | 3,312 | 426 | Interest-earning deposits | 4,190 | 480 | 7,502 | 906 | ||||||||||||||||||||||||||||||||||||
Dividends on equity securities | Dividends on equity securities | 342 | 388 | 690 | 567 | Dividends on equity securities | 298 | 375 | 988 | 942 | ||||||||||||||||||||||||||||||||||||
Total interest income | Total interest income | 116,069 | 87,401 | 222,650 | 172,361 | Total interest income | 135,695 | 103,228 | 358,345 | 275,589 | ||||||||||||||||||||||||||||||||||||
Interest expense: | Interest expense: | Interest expense: | ||||||||||||||||||||||||||||||||||||||||||||
Deposits | Deposits | 3,850 | 2,467 | 6,709 | 5,130 | Deposits | 8,687 | 2,740 | 15,396 | 7,870 | ||||||||||||||||||||||||||||||||||||
Subordinated debentures and notes | Subordinated debentures and notes | 2,257 | 2,847 | 4,477 | 5,666 | Subordinated debentures and notes | 2,313 | 2,855 | 6,790 | 8,521 | ||||||||||||||||||||||||||||||||||||
FHLB advances | FHLB advances | 197 | 197 | 392 | 392 | FHLB advances | 103 | 212 | 495 | 604 | ||||||||||||||||||||||||||||||||||||
Other borrowings | Other borrowings | 152 | 152 | 294 | 312 | Other borrowings | 302 | 148 | 596 | 460 | ||||||||||||||||||||||||||||||||||||
Total interest expense | Total interest expense | 6,456 | 5,663 | 11,872 | 11,500 | Total interest expense | 11,405 | 5,955 | 23,277 | 17,455 | ||||||||||||||||||||||||||||||||||||
Net interest income | Net interest income | 109,613 | 81,738 | 210,778 | 160,861 | Net interest income | 124,290 | 97,273 | 335,068 | 258,134 | ||||||||||||||||||||||||||||||||||||
Provision (benefit) for credit losses | Provision (benefit) for credit losses | 658 | (2,669) | (3,410) | (2,623) | Provision (benefit) for credit losses | 676 | 19,668 | (2,734) | 17,045 | ||||||||||||||||||||||||||||||||||||
Net interest income after provision (benefit) for credit losses | Net interest income after provision (benefit) for credit losses | 108,955 | 84,407 | 214,188 | 163,484 | Net interest income after provision (benefit) for credit losses | 123,614 | 77,605 | 337,802 | 241,089 | ||||||||||||||||||||||||||||||||||||
Noninterest income: | Noninterest income: | Noninterest income: | ||||||||||||||||||||||||||||||||||||||||||||
Deposit service charges | Deposit service charges | 4,749 | 3,862 | 8,912 | 6,946 | Deposit service charges | 4,951 | 4,520 | 13,863 | 11,466 | ||||||||||||||||||||||||||||||||||||
Wealth management revenue | Wealth management revenue | 2,533 | 2,516 | 5,155 | 4,999 | Wealth management revenue | 2,432 | 2,573 | 7,587 | 7,572 | ||||||||||||||||||||||||||||||||||||
Card services revenue | Card services revenue | 3,514 | 2,975 | 6,554 | 5,471 | Card services revenue | 2,652 | 3,186 | 9,206 | 8,657 | ||||||||||||||||||||||||||||||||||||
Tax credit income | 1,186 | 1,370 | 3,794 | 329 | ||||||||||||||||||||||||||||||||||||||||||
Tax credit income (loss) | Tax credit income (loss) | (3,625) | 3,325 | 169 | 3,654 | |||||||||||||||||||||||||||||||||||||||||
Other income | Other income | 2,212 | 5,481 | 8,420 | 9,749 | Other income | 3,044 | 4,015 | 11,464 | 13,764 | ||||||||||||||||||||||||||||||||||||
Total noninterest income | Total noninterest income | 14,194 | 16,204 | 32,835 | 27,494 | Total noninterest income | 9,454 | 17,619 | 42,289 | 45,113 | ||||||||||||||||||||||||||||||||||||
Noninterest expense: | Noninterest expense: | Noninterest expense: | ||||||||||||||||||||||||||||||||||||||||||||
Employee compensation and benefits | Employee compensation and benefits | 36,028 | 28,132 | 71,855 | 57,694 | Employee compensation and benefits | 36,999 | 33,722 | 108,854 | 91,416 | ||||||||||||||||||||||||||||||||||||
Occupancy | Occupancy | 4,309 | 3,529 | 8,895 | 7,280 | Occupancy | 4,497 | 4,496 | 13,392 | 11,776 | ||||||||||||||||||||||||||||||||||||
Data processing | Data processing | 3,111 | 2,850 | 6,371 | 5,740 | Data processing | 3,543 | 3,328 | 9,914 | 9,068 | ||||||||||||||||||||||||||||||||||||
Professional fees | Professional fees | 1,542 | 1,300 | 2,719 | 2,288 | Professional fees | 1,597 | 901 | 4,316 | 3,189 | ||||||||||||||||||||||||||||||||||||
Branch-closure expenses | Branch-closure expenses | — | 3,441 | — | 3,441 | |||||||||||||||||||||||||||||||||||||||||
Merger-related expenses | Merger-related expenses | — | 1,949 | — | 5,091 | Merger-related expenses | — | 14,671 | — | 19,762 | ||||||||||||||||||||||||||||||||||||
Other expense | Other expense | 20,434 | 14,696 | 38,384 | 27,247 | Other expense | 22,207 | 16,326 | 60,591 | 43,573 | ||||||||||||||||||||||||||||||||||||
Total noninterest expense | Total noninterest expense | 65,424 | 52,456 | 128,224 | 105,340 | Total noninterest expense | 68,843 | 76,885 | 197,067 | 182,225 | ||||||||||||||||||||||||||||||||||||
Income before income tax expense | Income before income tax expense | 57,725 | 48,155 | 118,799 | 85,638 | Income before income tax expense | 64,225 | 18,339 | 183,024 | 103,977 | ||||||||||||||||||||||||||||||||||||
Income tax expense | Income tax expense | 12,576 | 9,750 | 25,957 | 17,307 | Income tax expense | 14,025 | 4,426 | 39,982 | 21,733 | ||||||||||||||||||||||||||||||||||||
Net income | Net income | $ | 45,149 | $ | 38,405 | $ | 92,842 | $ | 68,331 | Net income | $ | 50,200 | $ | 13,913 | $ | 143,042 | $ | 82,244 | ||||||||||||||||||||||||||||
Dividends on preferred stock | Dividends on preferred stock | 938 | — | 2,167 | — | Dividends on preferred stock | 937 | — | 3,104 | — | ||||||||||||||||||||||||||||||||||||
Net income available to common shareholders | Net income available to common shareholders | $ | 44,211 | $ | 38,405 | $ | 90,675 | $ | 68,331 | Net income available to common shareholders | $ | 49,263 | $ | 13,913 | $ | 139,938 | $ | 82,244 | ||||||||||||||||||||||||||||
Earnings per common share | Earnings per common share | Earnings per common share | ||||||||||||||||||||||||||||||||||||||||||||
Basic | Basic | $ | 1.19 | $ | 1.23 | $ | 2.42 | $ | 2.19 | Basic | $ | 1.32 | $ | 0.38 | $ | 3.74 | $ | 2.48 | ||||||||||||||||||||||||||||
Diluted | Diluted | 1.19 | 1.23 | 2.41 | 2.18 | Diluted | 1.32 | 0.38 | 3.73 | 2.48 |
Three months ended June 30, | Six months ended June 30, | Three months ended September 30, | Nine months ended September 30, | |||||||||||||||||||||||||||||||||||||||||||
(in thousands) | (in thousands) | 2022 | 2021 | 2022 | 2021 | (in thousands) | 2022 | 2021 | 2022 | 2021 | ||||||||||||||||||||||||||||||||||||
Net income | Net income | $ | 45,149 | $ | 38,405 | $ | 92,842 | $ | 68,331 | Net income | $ | 50,200 | $ | 13,913 | $ | 143,042 | $ | 82,244 | ||||||||||||||||||||||||||||
Other comprehensive income (loss), after-tax: | Other comprehensive income (loss), after-tax: | Other comprehensive income (loss), after-tax: | ||||||||||||||||||||||||||||||||||||||||||||
Change in unrealized gain (loss) on available-for-sale securities | (49,242) | 2,850 | (128,595) | (8,070) | ||||||||||||||||||||||||||||||||||||||||||
Change in unrealized loss on available-for-sale securities | Change in unrealized loss on available-for-sale securities | (45,283) | (7,870) | (173,878) | (15,941) | |||||||||||||||||||||||||||||||||||||||||
Reclassification of gain on held-to-maturity securities | Reclassification of gain on held-to-maturity securities | (701) | (837) | (1,405) | (1,986) | Reclassification of gain on held-to-maturity securities | (647) | (805) | (2,052) | (2,791) | ||||||||||||||||||||||||||||||||||||
Change in unrealized gain (loss) on cash flow hedges arising during the period | 535 | (205) | 2,286 | 642 | ||||||||||||||||||||||||||||||||||||||||||
Change in unrealized gain on cash flow hedges | Change in unrealized gain on cash flow hedges | 1,165 | 9 | 3,451 | 651 | |||||||||||||||||||||||||||||||||||||||||
Reclassification of loss on cash flow hedges | Reclassification of loss on cash flow hedges | 187 | 287 | 456 | 566 | Reclassification of loss on cash flow hedges | 55 | 296 | 511 | 863 | ||||||||||||||||||||||||||||||||||||
Total other comprehensive income (loss), after-tax | (49,221) | 2,095 | (127,258) | (8,848) | ||||||||||||||||||||||||||||||||||||||||||
Total other comprehensive loss, after-tax | Total other comprehensive loss, after-tax | (44,710) | (8,370) | (171,968) | (17,218) | |||||||||||||||||||||||||||||||||||||||||
Comprehensive income (loss) | Comprehensive income (loss) | $ | (4,072) | $ | 40,500 | $ | (34,416) | $ | 59,483 | Comprehensive income (loss) | $ | 5,490 | $ | 5,543 | $ | (28,926) | $ | 65,026 |
Three and six months ended June 30, 2022 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Three and nine months ended September 30, 2022 | Three and nine months ended September 30, 2022 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Preferred Stock | Common Stock | Preferred Stock | Common Stock | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
(in thousands, except per share data) | (in thousands, except per share data) | Shares | Amount | Shares | Amount | Treasury Stock | Additional Paid in Capital | Retained Earnings | Accumulated Other Comprehensive Income (Loss) | Total Shareholders’ Equity | (in thousands, except per share data) | Shares | Amount | Shares | Amount | Treasury Stock | Additional Paid in Capital | Retained Earnings | Accumulated Other Comprehensive Income (Loss) | Total Shareholders’ Equity | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Balance at March 31, 2022 | 75 | $ | 71,988 | 37,516 | $ | 395 | $ | (73,528) | $ | 1,010,446 | $ | 523,136 | $ | (59,260) | $ | 1,473,177 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Balance at June 30, 2022 | Balance at June 30, 2022 | 75 | $ | 71,988 | 37,206 | $ | 372 | $ | — | $ | 976,684 | $ | 506,849 | $ | (108,481) | $ | 1,447,412 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Net income | Net income | — | — | — | — | — | — | 45,149 | — | 45,149 | Net income | — | — | — | — | — | — | 50,200 | — | 50,200 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Other comprehensive loss | Other comprehensive loss | — | — | — | — | — | — | — | (49,221) | (49,221) | Other comprehensive loss | — | — | — | — | — | — | — | (44,710) | (44,710) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Common stock dividends ($0.22 per share) | — | — | — | — | — | — | (8,185) | — | (8,185) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Common stock dividends ($0.23 per share) | Common stock dividends ($0.23 per share) | — | — | — | — | — | — | (8,562) | — | (8,562) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Preferred stock dividends ($12.50 per share) | Preferred stock dividends ($12.50 per share) | — | — | — | — | — | (938) | — | (938) | Preferred stock dividends ($12.50 per share) | — | — | — | — | — | — | (937) | — | (937) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Repurchase of common stock | — | — | (349) | (3) | — | (9,410) | (6,536) | — | (15,949) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Issuance under equity compensation plans, net | Issuance under equity compensation plans, net | — | — | 39 | — | — | 1,266 | (7) | — | 1,259 | Issuance under equity compensation plans, net | — | — | 17 | — | — | 737 | (44) | — | 693 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Share-based compensation | Share-based compensation | — | — | — | — | — | 2,120 | — | — | 2,120 | Share-based compensation | — | — | — | — | — | 2,122 | — | — | 2,122 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Retirement of treasury stock (1,980 shares) | — | — | — | (20) | 73,528 | (27,738) | (45,770) | — | — | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Balance at June 30, 2022 | 75 | $ | 71,988 | 37,206 | $ | 372 | $ | — | $ | 976,684 | $ | 506,849 | $ | (108,481) | $ | 1,447,412 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Balance at September 30, 2022 | Balance at September 30, 2022 | 75 | $ | 71,988 | 37,223 | $ | 372 | $ | — | $ | 979,543 | $ | 547,506 | $ | (153,191) | $ | 1,446,218 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Balance at December 31, 2021 | Balance at December 31, 2021 | 75 | $ | 71,988 | 37,820 | $ | 398 | $ | (73,528) | $ | 1,018,799 | $ | 492,682 | $ | 18,777 | $ | 1,529,116 | Balance at December 31, 2021 | 75 | $ | 71,988 | 37,820 | $ | 398 | $ | (73,528) | $ | 1,018,799 | $ | 492,682 | $ | 18,777 | $ | 1,529,116 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Net income | Net income | — | — | — | — | — | — | 92,842 | — | 92,842 | Net income | — | — | — | — | — | — | 143,042 | — | 143,042 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Other comprehensive loss | Other comprehensive loss | — | — | — | — | — | — | — | (127,258) | (127,258) | Other comprehensive loss | — | — | — | — | — | — | — | (171,968) | (171,968) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Common stock dividends ($0.43 per share) | — | — | — | — | — | — | (16,100) | — | (16,100) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Preferred stock dividends ($28.889 per share) | — | — | — | — | — | — | (2,167) | — | (2,167) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Common stock dividends ($0.66 per share) | Common stock dividends ($0.66 per share) | — | — | — | — | — | — | (24,662) | — | (24,662) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Preferred stock dividends ($41.389 per share) | Preferred stock dividends ($41.389 per share) | — | — | — | — | — | — | (3,104) | — | (3,104) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Repurchase of common stock | Repurchase of common stock | — | — | (700) | (7) | — | (18,867) | (14,049) | — | (32,923) | Repurchase of common stock | — | — | (700) | (7) | — | (18,867) | (14,049) | — | (32,923) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Issuance under equity compensation plans, net | Issuance under equity compensation plans, net | — | — | 86 | 1 | — | 684 | (589) | — | 96 | Issuance under equity compensation plans, net | — | — | 103 | 1 | — | 1,421 | (633) | — | 789 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Share-based compensation | Share-based compensation | — | — | — | — | — | 3,806 | — | — | 3,806 | Share-based compensation | — | — | — | — | — | 5,928 | — | — | 5,928 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Retirement of treasury stock (1,980 shares) | Retirement of treasury stock (1,980 shares) | — | — | — | (20) | 73,528 | (27,738) | (45,770) | — | — | Retirement of treasury stock (1,980 shares) | — | — | — | (20) | 73,528 | (27,738) | (45,770) | — | — | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Balance at June 30, 2022 | 75 | $ | 71,988 | 37,206 | $ | 372 | $ | — | $ | 976,684 | $ | 506,849 | $ | (108,481) | $ | 1,447,412 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Balance at September 30, 2022 | Balance at September 30, 2022 | 75 | $ | 71,988 | 37,223 | $ | 372 | $ | — | $ | 979,543 | $ | 547,506 | $ | (153,191) | $ | 1,446,218 |
Three and six months ended June 30, 2021 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Three and nine months ended September 30, 2021 | Three and nine months ended September 30, 2021 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Common Stock | Common Stock | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
(in thousands, except per share data) | (in thousands, except per share data) | Shares | Amount | Treasury Stock | Additional Paid in Capital | Retained Earnings | Accumulated Other Comprehensive Income (Loss) | Total Shareholders’ Equity | (in thousands, except per share data) | Shares | Amount | Treasury Stock | Additional Paid in Capital | Retained Earnings | Accumulated Other Comprehensive Income (Loss) | Total Shareholders’ Equity | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Balance at March 31, 2021 | 31,259 | $ | 332 | $ | (73,528) | $ | 698,005 | $ | 441,511 | $ | 26,177 | $ | 1,092,497 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Balance at June 30, 2021 | Balance at June 30, 2021 | 31,052 | $ | 330 | $ | (73,528) | $ | 688,945 | $ | 474,282 | $ | 28,272 | $ | 1,118,301 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Net income | Net income | — | — | — | 38,405 | — | 38,405 | Net income | — | — | — | — | 13,913 | — | 13,913 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Other comprehensive loss | Other comprehensive loss | — | — | — | — | 2,095 | 2,095 | Other comprehensive loss | — | — | — | — | — | (8,370) | (8,370) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Common stock dividends ($0.18 per share) | — | — | — | (5,634) | — | (5,634) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Common stock dividends ($0.19 per share) | Common stock dividends ($0.19 per share) | — | — | — | — | (7,305) | — | (7,305) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Repurchase of common stock | Repurchase of common stock | (252) | (2) | — | (11,831) | — | — | (11,833) | Repurchase of common stock | (470) | (4) | — | (3,412) | (17,820) | — | (21,236) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Issuance under equity compensation plans, net | Issuance under equity compensation plans, net | 45 | — | — | 1,263 | — | — | 1,263 | Issuance under equity compensation plans, net | 13 | — | — | 1,376 | (649) | — | 727 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Share-based compensation | Share-based compensation | — | — | 1,508 | — | — | 1,508 | Share-based compensation | — | — | — | 1,325 | — | — | 1,325 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Shares issued in connection with acquisition of First Choice Bancorp | Shares issued in connection with acquisition of First Choice Bancorp | — | 78 | — | 342,912 | (710) | — | 342,280 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Balance at June 30, 2021 | 31,052 | $ | 330 | $ | (73,528) | $ | 688,945 | $ | 474,282 | $ | 28,272 | $ | 1,118,301 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Balance at September 30, 2021 | Balance at September 30, 2021 | 38,372 | $ | 404 | $ | (73,528) | $ | 1,031,146 | $ | 461,711 | $ | 19,902 | $ | 1,439,635 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Balance at December 31, 2020 | Balance at December 31, 2020 | 31,210 | $ | 332 | $ | (73,528) | $ | 697,839 | $ | 417,212 | $ | 37,120 | $ | 1,078,975 | Balance at December 31, 2020 | 31,210 | $ | 332 | $ | (73,528) | $ | 697,839 | $ | 417,212 | $ | 37,120 | $ | 1,078,975 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Net income | Net income | — | — | — | 68,331 | — | 68,331 | Net income | — | — | — | — | 82,244 | — | 82,244 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Other comprehensive income | Other comprehensive income | — | — | — | — | (8,848) | (8,848) | Other comprehensive income | — | — | — | — | — | (17,218) | (17,218) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Common stock dividends ($0.36 per share) | — | — | — | (11,261) | — | (11,261) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Common stock dividends ($0.55 per share) | Common stock dividends ($0.55 per share) | — | — | — | — | (18,566) | — | (18,566) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Repurchase of common stock | Repurchase of common stock | (252) | (2) | — | (11,831) | — | — | (11,833) | Repurchase of common stock | (722) | (6) | — | (15,243) | (17,820) | — | (33,069) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Issuance under equity compensation plans, net | Issuance under equity compensation plans, net | 94 | — | — | 154 | — | — | 154 | Issuance under equity compensation plans, net | 107 | — | — | 1,530 | (649) | — | 881 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Share-based compensation | Share-based compensation | — | — | 2,783 | — | — | 2,783 | Share-based compensation | — | — | — | 4,108 | — | — | 4,108 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Shares issued in connection with acquisition of First Choice Bancorp | Shares issued in connection with acquisition of First Choice Bancorp | — | 78 | — | 342,912 | (710) | — | 342,280 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Balance at June 30, 2021 | 31,052 | $ | 330 | $ | (73,528) | $ | 688,945 | $ | 474,282 | $ | 28,272 | $ | 1,118,301 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Balance at September 30, 2021 | Balance at September 30, 2021 | 38,372 | $ | 404 | $ | (73,528) | $ | 1,031,146 | $ | 461,711 | $ | 19,902 | $ | 1,439,635 |
Six months ended June 30, | Nine months ended September 30, | |||||||||||||||||||||
(in thousands, except share data) | (in thousands, except share data) | 2022 | 2021 | (in thousands, except share data) | 2022 | 2021 | ||||||||||||||||
Cash flows from operating activities: | Cash flows from operating activities: | Cash flows from operating activities: | ||||||||||||||||||||
Net income | Net income | $ | 92,842 | $ | 68,331 | Net income | $ | 143,042 | $ | 82,244 | ||||||||||||
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 | Depreciation | 2,891 | 3,044 | Depreciation | 4,268 | 4,609 | ||||||||||||||||
Benefit for credit losses | (3,410) | (2,623) | ||||||||||||||||||||
Provision (benefit) for credit losses | Provision (benefit) for credit losses | (2,734) | 17,045 | |||||||||||||||||||
Deferred income taxes | Deferred income taxes | 4,644 | 4,025 | Deferred income taxes | 1,796 | (8,813) | ||||||||||||||||
Net amortization of debt securities | Net amortization of debt securities | 3,157 | 3,926 | Net amortization of debt securities | 4,488 | 5,704 | ||||||||||||||||
Net accretion on loan discount/premiums | Net accretion on loan discount/premiums | (633) | (1,386) | Net accretion on loan discount/premiums | (289) | (1,672) | ||||||||||||||||
Amortization of intangible assets | Amortization of intangible assets | 2,758 | 2,726 | Amortization of intangible assets | 4,068 | 4,199 | ||||||||||||||||
Amortization of servicing assets | Amortization of servicing assets | 1,693 | 234 | Amortization of servicing assets | 2,195 | 690 | ||||||||||||||||
Mortgage loans originated-for-sale | Mortgage loans originated-for-sale | (43,352) | (87,299) | Mortgage loans originated-for-sale | (57,281) | (120,700) | ||||||||||||||||
Proceeds from mortgage loans sold | Proceeds from mortgage loans sold | 44,789 | 94,327 | Proceeds from mortgage loans sold | 63,266 | 128,687 | ||||||||||||||||
Loss (gain) on: | Loss (gain) on: | Loss (gain) on: | ||||||||||||||||||||
Sale of other real estate | Sale of other real estate | 71 | (596) | Sale of other real estate | 93 | (931) | ||||||||||||||||
Sale of fixed assets | Sale of fixed assets | (44) | — | |||||||||||||||||||
Sale of state tax credits | Sale of state tax credits | (41) | (96) | Sale of state tax credits | (154) | (437) | ||||||||||||||||
Asset impairment | Asset impairment | — | 3,441 | |||||||||||||||||||
Share-based compensation | Share-based compensation | 3,806 | 2,783 | Share-based compensation | 5,928 | 4,108 | ||||||||||||||||
Changes in other assets and liabilities, net | Changes in other assets and liabilities, net | 5,534 | (22,401) | Changes in other assets and liabilities, net | 19,215 | (12,544) | ||||||||||||||||
Net cash provided by operating activities | Net cash provided by operating activities | 114,749 | 64,995 | Net cash provided by operating activities | 187,857 | 105,630 | ||||||||||||||||
Cash flows from investing activities: | Cash flows from investing activities: | Cash flows from investing activities: | ||||||||||||||||||||
Net increase in loans | (251,381) | (9,370) | ||||||||||||||||||||
Proceeds from acquisition, net | Proceeds from acquisition, net | — | 212,642 | |||||||||||||||||||
Net (increase) decrease in loans | Net (increase) decrease in loans | (337,863) | 42,865 | |||||||||||||||||||
Proceeds received from: | Proceeds received from: | Proceeds received from: | ||||||||||||||||||||
Sale of debt securities, available-for-sale | Sale of debt securities, available-for-sale | — | 27,135 | |||||||||||||||||||
Paydown or maturity of debt securities, available-for-sale | Paydown or maturity of debt securities, available-for-sale | 127,119 | 131,948 | Paydown or maturity of debt securities, available-for-sale | 183,230 | 222,993 | ||||||||||||||||
Paydown or maturity of debt securities, held-to-maturity | Paydown or maturity of debt securities, held-to-maturity | 8,671 | 32,698 | Paydown or maturity of debt securities, held-to-maturity | 10,819 | 42,874 | ||||||||||||||||
Redemption of other investments | Redemption of other investments | 3,376 | 2,213 | Redemption of other investments | 8,304 | 16,952 | ||||||||||||||||
Sale of state tax credits held for sale | Sale of state tax credits held for sale | 3,641 | 4,262 | Sale of state tax credits held for sale | 8,406 | 5,534 | ||||||||||||||||
Sale of other real estate | Sale of other real estate | 1,834 | 5,542 | Sale of other real estate | 2,517 | 5,915 | ||||||||||||||||
Sale of fixed assets | Sale of fixed assets | 1,489 | — | |||||||||||||||||||
Settlement of bank-owned life insurance policies | Settlement of bank-owned life insurance policies | 534 | — | Settlement of bank-owned life insurance policies | 534 | — | ||||||||||||||||
Payments for the purchase of: | Payments for the purchase of: | Payments for the purchase of: | ||||||||||||||||||||
Available-for-sale debt securities | Available-for-sale debt securities | (544,909) | (316,743) | Available-for-sale debt securities | (635,733) | (547,526) | ||||||||||||||||
Held-to-maturity debt securities | Held-to-maturity debt securities | (83,283) | — | Held-to-maturity debt securities | (115,697) | — | ||||||||||||||||
Other investments | Other investments | (19,437) | (4,729) | Other investments | (17,963) | (7,629) | ||||||||||||||||
State tax credits held for sale | State tax credits held for sale | (7,352) | (3,285) | State tax credits held for sale | (18,846) | (6,688) | ||||||||||||||||
Fixed assets | Fixed assets | (1,004) | (847) | Fixed assets | (1,321) | (1,635) | ||||||||||||||||
Net cash used in investing activities | (762,191) | (158,311) | ||||||||||||||||||||
Net cash (used in) provided by investing activities | Net cash (used in) provided by investing activities | (912,124) | 13,432 | |||||||||||||||||||
Cash flows from financing activities: | Cash flows from financing activities: | Cash flows from financing activities: | ||||||||||||||||||||
Net increase in noninterest-bearing deposit accounts | Net increase in noninterest-bearing deposit accounts | 168,042 | 399,753 | Net increase in noninterest-bearing deposit accounts | 64,103 | 666,480 | ||||||||||||||||
Net (decrease) increase in interest-bearing deposit accounts | Net (decrease) increase in interest-bearing deposit accounts | (419,223) | 254,362 | Net (decrease) increase in interest-bearing deposit accounts | (350,308) | 335,477 | ||||||||||||||||
Repayments of long-term FHLB advances | Repayments of long-term FHLB advances | (50,000) | — | |||||||||||||||||||
Net decrease in FHLB advances | Net decrease in FHLB advances | — | (160,000) | |||||||||||||||||||
Repayments of notes payable | Repayments of notes payable | (2,857) | (4,286) | Repayments of notes payable | (4,286) | (5,714) | ||||||||||||||||
Net decrease in other borrowings | Net decrease in other borrowings | (124,311) | (62,285) | Net decrease in other borrowings | (152,155) | (51,597) | ||||||||||||||||
Repurchase of common stock | Repurchase of common stock | (32,923) | (11,833) | Repurchase of common stock | (32,923) | (33,069) | ||||||||||||||||
Cash dividends paid on common stock | Cash dividends paid on common stock | (16,100) | (11,261) | Cash dividends paid on common stock | (24,662) | (18,566) | ||||||||||||||||
Cash dividends paid on preferred stock | Cash dividends paid on preferred stock | (2,167) | — | Cash dividends paid on preferred stock | (3,104) | — | ||||||||||||||||
Other | Other | 96 | 154 | Other | 789 | (489) | ||||||||||||||||
Net cash (used in) provided by financing activities | Net cash (used in) provided by financing activities | (429,443) | 564,604 | Net cash (used in) provided by financing activities | (552,546) | 732,522 | ||||||||||||||||
Net (decrease) increase in cash and cash equivalents | Net (decrease) increase in cash and cash equivalents | (1,076,885) | 471,288 | Net (decrease) increase in cash and cash equivalents | (1,276,813) | 851,584 | ||||||||||||||||
Cash and cash equivalents, beginning of period | Cash and cash equivalents, beginning of period | 2,021,689 | 537,703 | Cash and cash equivalents, beginning of period | 2,021,689 | 537,703 | ||||||||||||||||
Cash and cash equivalents, end of period | Cash and cash equivalents, end of period | $ | 944,804 | $ | 1,008,991 | Cash and cash equivalents, end of period | $ | 744,876 | $ | 1,389,287 | ||||||||||||
Supplemental disclosures of cash flow information: | Supplemental disclosures of cash flow information: | Supplemental disclosures of cash flow information: | ||||||||||||||||||||
Cash paid during the period for: | Cash paid during the period for: | Cash paid during the period for: | ||||||||||||||||||||
Interest | Interest | $ | 11,873 | $ | 11,897 | Interest | $ | 22,517 | $ | 16,679 | ||||||||||||
Income taxes | Income taxes | 14,889 | 34,571 | Income taxes | 30,505 | 45,230 | ||||||||||||||||
Noncash investing and financing transactions: | Noncash investing and financing transactions: | Noncash investing and financing transactions: | ||||||||||||||||||||
Transfer to other real estate owned in settlement of loans | Transfer to other real estate owned in settlement of loans | $ | — | $ | 3,227 | Transfer to other real estate owned in settlement of loans | $ | — | $ | 3,227 | ||||||||||||
Sales of other real estate financed | Sales of other real estate financed | — | 228 | Sales of other real estate financed | — | 228 | ||||||||||||||||
Right-of-use assets obtained in exchange for lease obligations | Right-of-use assets obtained in exchange for lease obligations | 4,178 | — | Right-of-use assets obtained in exchange for lease obligations | 9,072 | 4,319 | ||||||||||||||||
Common shares issued in connection with acquisition | Common shares issued in connection with acquisition | — | 343,650 | |||||||||||||||||||
Transfer of securities from available-for-sale to held-to-maturity | Transfer of securities from available-for-sale to held-to-maturity | 116,927 | — | Transfer of securities from available-for-sale to held-to-maturity | 116,927 | — |
Three months ended June 30, | Six months ended June 30, | Three months ended September 30, | Nine months ended September 30, | |||||||||||||||||||||||||||||||||||||||||||
(in thousands, except per share data) | (in thousands, except per share data) | 2022 | 2021 | 2022 | 2021 | (in thousands, except per share data) | 2022 | 2021 | 2022 | 2021 | ||||||||||||||||||||||||||||||||||||
Net income available to common shareholders | Net income available to common shareholders | $ | 44,211 | $ | 38,405 | $ | 90,675 | $ | 68,331 | Net income available to common shareholders | $ | 49,263 | $ | 13,913 | $ | 139,938 | $ | 82,244 | ||||||||||||||||||||||||||||
Weighted average common shares outstanding | Weighted average common shares outstanding | 37,243 | 31,265 | 37,514 | 31,256 | Weighted average common shares outstanding | 37,241 | 36,898 | 37,422 | 33,158 | ||||||||||||||||||||||||||||||||||||
Additional dilutive common stock equivalents | Additional dilutive common stock equivalents | 39 | 47 | 58 | 49 | Additional dilutive common stock equivalents | 106 | 49 | 96 | 47 | ||||||||||||||||||||||||||||||||||||
Weighted average diluted common shares outstanding | Weighted average diluted common shares outstanding | 37,282 | 31,312 | 37,572 | 31,305 | Weighted average diluted common shares outstanding | 37,347 | 36,947 | 37,518 | 33,205 | ||||||||||||||||||||||||||||||||||||
Basic earnings per common share: | Basic earnings per common share: | $ | 1.19 | $ | 1.23 | $ | 2.42 | $ | 2.19 | Basic earnings per common share: | $ | 1.32 | $ | 0.38 | $ | 3.74 | $ | 2.48 | ||||||||||||||||||||||||||||
Diluted earnings per common share: | Diluted earnings per common share: | 1.19 | 1.23 | $ | 2.41 | $ | 2.18 | Diluted earnings per common share: | 1.32 | 0.38 | $ | 3.73 | $ | 2.48 |
June 30, 2022 | September 30, 2022 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
(in thousands) | (in thousands) | Amortized Cost | Gross Unrealized Gains | Gross Unrealized Losses | Fair Value | (in thousands) | Amortized Cost | Gross Unrealized Gains | Gross Unrealized Losses | Fair Value | ||||||||||||||||||||||||||||||||||||||||||||||||
Available-for-sale securities: | Available-for-sale securities: | Available-for-sale securities: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Obligations of U.S. Government-sponsored enterprises | Obligations of U.S. Government-sponsored enterprises | $ | 250,833 | $ | — | $ | (19,160) | $ | 231,673 | Obligations of U.S. Government-sponsored enterprises | $ | 263,717 | $ | — | $ | (28,778) | $ | 234,939 | ||||||||||||||||||||||||||||||||||||||||
Obligations of states and political subdivisions | Obligations of states and political subdivisions | 510,047 | 21 | (93,233) | 416,835 | Obligations of states and political subdivisions | 509,274 | 27 | (120,283) | 389,018 | ||||||||||||||||||||||||||||||||||||||||||||||||
Agency mortgage-backed securities | Agency mortgage-backed securities | 686,957 | 34 | (50,203) | 636,788 | Agency mortgage-backed securities | 692,187 | 1 | (70,900) | 621,288 | ||||||||||||||||||||||||||||||||||||||||||||||||
U.S. Treasury bills | U.S. Treasury bills | 196,825 | 35 | (2,232) | 194,628 | U.S. Treasury bills | 213,659 | — | (4,905) | 208,754 | ||||||||||||||||||||||||||||||||||||||||||||||||
Corporate debt securities | Corporate debt securities | 13,750 | 37 | (434) | 13,353 | Corporate debt securities | 13,750 | — | (837) | 12,913 | ||||||||||||||||||||||||||||||||||||||||||||||||
Total securities available for sale | Total securities available for sale | $ | 1,658,412 | $ | 127 | $ | (165,262) | $ | 1,493,277 | Total securities available for sale | $ | 1,692,587 | $ | 28 | $ | (225,703) | $ | 1,466,912 | ||||||||||||||||||||||||||||||||||||||||
Held-to-maturity securities: | Held-to-maturity securities: | Held-to-maturity securities: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Obligations of states and political subdivisions | Obligations of states and political subdivisions | $ | 433,212 | $ | 57 | $ | (65,422) | $ | 367,847 | Obligations of states and political subdivisions | $ | 463,941 | $ | — | $ | (88,973) | $ | 374,968 | ||||||||||||||||||||||||||||||||||||||||
Agency mortgage-backed securities | Agency mortgage-backed securities | 60,042 | — | (4,763) | 55,279 | Agency mortgage-backed securities | 58,221 | — | (6,277) | 51,944 | ||||||||||||||||||||||||||||||||||||||||||||||||
Corporate debt securities | Corporate debt securities | 125,220 | 136 | (10,907) | 114,449 | Corporate debt securities | 124,920 | 149 | (14,193) | 110,876 | ||||||||||||||||||||||||||||||||||||||||||||||||
Total securities held-to-maturity | Total securities held-to-maturity | $ | 618,474 | $ | 193 | $ | (81,092) | $ | 537,575 | Total securities held-to-maturity | $ | 647,082 | $ | 149 | $ | (109,443) | $ | 537,788 | ||||||||||||||||||||||||||||||||||||||||
Allowance for credit losses | Allowance for credit losses | (707) | Allowance for credit losses | (689) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total securities held-to-maturity, net | Total securities held-to-maturity, net | $ | 617,767 | Total securities held-to-maturity, net | $ | 646,393 |
December 31, 2021 | |||||||||||||||||||||||
(in thousands) | Amortized Cost | Gross Unrealized Gains | Gross Unrealized Losses | Fair Value | |||||||||||||||||||
Available-for-sale securities: | |||||||||||||||||||||||
Obligations of U.S. Government-sponsored enterprises | $ | 175,409 | $ | 3 | $ | (1,901) | $ | 173,511 | |||||||||||||||
Obligations of states and political subdivisions | 571,587 | 5,907 | (2,410) | 575,084 | |||||||||||||||||||
Agency mortgage-backed securities | 509,243 | 8,485 | (3,869) | 513,859 | |||||||||||||||||||
U.S. Treasury Bills | 90,971 | 220 | (21) | 91,170 | |||||||||||||||||||
Corporate debt securities | 11,750 | 632 | — | 12,382 | |||||||||||||||||||
Total securities available for sale | $ | 1,358,960 | $ | 15,247 | $ | (8,201) | $ | 1,366,006 | |||||||||||||||
Held-to-maturity securities: | |||||||||||||||||||||||
Obligations of states and political subdivisions | $ | 236,379 | $ | 1,794 | $ | (730) | $ | 237,443 | |||||||||||||||
Agency mortgage-backed securities | 68,105 | 940 | (666) | 68,379 | |||||||||||||||||||
Corporate debt securities | 125,811 | 3,039 | — | 128,850 | |||||||||||||||||||
Total securities held to maturity | $ | 430,295 | $ | 5,773 | $ | (1,396) | $ | 434,672 | |||||||||||||||
Allowance for credit losses | (614) | ||||||||||||||||||||||
Total securities held-to-maturity, net | $ | 429,681 |
Available for sale | Held to maturity | Available for sale | Held to maturity | |||||||||||||||||||||||||||||||||||||||||||
(in thousands) | (in thousands) | Amortized Cost | Estimated Fair Value | Amortized Cost | Estimated Fair Value | (in thousands) | Amortized Cost | Estimated Fair Value | Amortized Cost | Estimated Fair Value | ||||||||||||||||||||||||||||||||||||
Due in one year or less | Due in one year or less | $ | 99,932 | $ | 99,696 | $ | 890 | $ | 891 | Due in one year or less | $ | 98,847 | $ | 98,463 | $ | 675 | $ | 671 | ||||||||||||||||||||||||||||
Due after one year through five years | Due after one year through five years | 318,870 | 301,463 | 24,065 | 23,081 | Due after one year through five years | 331,727 | 304,813 | 24,003 | 22,507 | ||||||||||||||||||||||||||||||||||||
Due after five years through ten years | Due after five years through ten years | 64,599 | 59,319 | 156,468 | 143,490 | Due after five years through ten years | 83,490 | 74,785 | 176,436 | 157,691 | ||||||||||||||||||||||||||||||||||||
Due after ten years | Due after ten years | 488,054 | 396,011 | 377,009 | 314,834 | Due after ten years | 486,336 | 367,563 | 387,747 | 304,975 | ||||||||||||||||||||||||||||||||||||
Agency mortgage-backed securities | Agency mortgage-backed securities | 686,957 | 636,788 | 60,042 | 55,279 | Agency mortgage-backed securities | 692,187 | 621,288 | 58,221 | 51,944 | ||||||||||||||||||||||||||||||||||||
$ | 1,658,412 | $ | 1,493,277 | $ | 618,474 | $ | 537,575 | $ | 1,692,587 | $ | 1,466,912 | $ | 647,082 | $ | 537,788 |
June 30, 2022 | September 30, 2022 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Less than 12 months | 12 months or more | Total | Less than 12 months | 12 months or more | Total | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
(in thousands) | (in thousands) | Fair Value | Unrealized Losses | Fair Value | Unrealized Losses | Fair Value | Unrealized Losses | (in thousands) | Fair Value | Unrealized Losses | Fair Value | Unrealized Losses | Fair Value | Unrealized Losses | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Obligations of U.S. Government-sponsored enterprises | Obligations of U.S. Government-sponsored enterprises | $ | 210,225 | $ | 17,108 | $ | 21,448 | $ | 2,052 | $ | 231,673 | $ | 19,160 | Obligations of U.S. Government-sponsored enterprises | $ | 138,491 | $ | 15,104 | $ | 96,448 | $ | 13,674 | $ | 234,939 | $ | 28,778 | ||||||||||||||||||||||||||||||||||||||||||||
Obligations of states and political subdivisions | Obligations of states and political subdivisions | 389,067 | 86,331 | 22,140 | 6,902 | 411,207 | 93,233 | Obligations of states and political subdivisions | 261,078 | 75,462 | 126,173 | 44,821 | 387,251 | 120,283 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Agency mortgage-backed securities | Agency mortgage-backed securities | 581,194 | 41,640 | 49,116 | 8,563 | 630,310 | 50,203 | Agency mortgage-backed securities | 473,629 | 42,796 | 147,440 | 28,104 | 621,069 | 70,900 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
U.S. Treasury bills | U.S. Treasury bills | 187,738 | 2,232 | — | — | 187,738 | 2,232 | U.S. Treasury bills | 208,754 | 4,905 | — | — | 208,754 | 4,905 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Corporate debt securities | Corporate debt securities | 11,316 | 434 | — | — | 11,316 | 434 | Corporate debt securities | 12,913 | 837 | — | — | 12,913 | 837 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
$ | 1,379,540 | $ | 147,745 | $ | 92,704 | $ | 17,517 | $ | 1,472,244 | $ | 165,262 | $ | 1,094,865 | $ | 139,104 | $ | 370,061 | $ | 86,599 | $ | 1,464,926 | $ | 225,703 | |||||||||||||||||||||||||||||||||||||||||||||||
December 31, 2021 | December 31, 2021 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Less than 12 months | 12 months or more | Total | Less than 12 months | 12 months or more | Total | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
(in thousands) | (in thousands) | Fair Value | Unrealized Losses | Fair Value | Unrealized Losses | Fair Value | Unrealized Losses | (in thousands) | Fair Value | Unrealized Losses | Fair Value | Unrealized Losses | Fair Value | Unrealized Losses | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Obligations of U.S. Government-sponsored enterprises | Obligations of U.S. Government-sponsored enterprises | $ | 163,634 | $ | 1,775 | $ | 4,874 | $ | 126 | $ | 168,508 | $ | 1,901 | Obligations of U.S. Government-sponsored enterprises | $ | 163,634 | $ | 1,775 | $ | 4,874 | $ | 126 | $ | 168,508 | $ | 1,901 | ||||||||||||||||||||||||||||||||||||||||||||
Obligations of states and political subdivisions | Obligations of states and political subdivisions | 242,188 | 2,361 | 1,776 | 49 | 243,964 | 2,410 | Obligations of states and political subdivisions | 242,188 | 2,361 | 1,776 | 49 | 243,964 | 2,410 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Agency mortgage-backed securities | Agency mortgage-backed securities | 259,047 | 3,685 | 6,467 | 184 | 265,514 | 3,869 | Agency mortgage-backed securities | 259,047 | 3,685 | 6,467 | 184 | 265,514 | 3,869 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
U.S. Treasury bills | U.S. Treasury bills | 60,961 | 21 | — | — | 60,961 | 21 | U.S. Treasury bills | 60,961 | 21 | — | — | 60,961 | 21 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
$ | 725,830 | $ | 7,842 | $ | 13,117 | $ | 359 | $ | 738,947 | $ | 8,201 | $ | 725,830 | $ | 7,842 | $ | 13,117 | $ | 359 | $ | 738,947 | $ | 8,201 |
(in thousands) | (in thousands) | June 30, 2022 | December 31, 2021 | (in thousands) | September 30, 2022 | December 31, 2021 | ||||||||||||||||
Commercial and industrial | Commercial and industrial | $ | 3,597,225 | $ | 3,396,590 | Commercial and industrial | $ | 3,710,012 | $ | 3,396,590 | ||||||||||||
Real estate: | Real estate: | Real estate: | ||||||||||||||||||||
Commercial - investor owned | Commercial - investor owned | 2,173,640 | 2,141,143 | Commercial - investor owned | 2,286,458 | 2,141,143 | ||||||||||||||||
Commercial - owner occupied | Commercial - owner occupied | 2,120,735 | 2,035,785 | Commercial - owner occupied | 2,152,189 | 2,035,785 | ||||||||||||||||
Construction and land development | Construction and land development | 724,163 | 734,073 | Construction and land development | 583,649 | 734,073 | ||||||||||||||||
Residential | Residential | 413,727 | 454,052 | Residential | 397,450 | 454,052 | ||||||||||||||||
Total real estate loans | Total real estate loans | 5,432,265 | 5,365,053 | Total real estate loans | 5,419,746 | 5,365,053 | ||||||||||||||||
Other | Other | 246,298 | 265,137 | Other | 232,158 | 265,137 | ||||||||||||||||
Loans, before unearned loan fees | Loans, before unearned loan fees | 9,275,788 | 9,026,780 | Loans, before unearned loan fees | 9,361,916 | 9,026,780 | ||||||||||||||||
Unearned loan fees, net | Unearned loan fees, net | (6,612) | (9,138) | Unearned loan fees, net | (6,929) | (9,138) | ||||||||||||||||
Loans, including unearned loan fees | Loans, including unearned loan fees | $ | 9,269,176 | $ | 9,017,642 | Loans, including unearned loan fees | $ | 9,354,987 | $ | 9,017,642 |
(in thousands) | (in thousands) | Commercial and industrial | CRE - investor owned | CRE - owner occupied | Construction and land development | Residential real estate | Other | Total | (in thousands) | Commercial and industrial | CRE - investor owned | CRE - owner occupied | Construction and land development | Residential real estate | Other | Total | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Allowance for credit losses on loans: | Allowance for credit losses on loans: | Allowance for credit losses on loans: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Balance at March 31, 2022 | $ | 60,975 | $ | 36,194 | $ | 17,038 | $ | 12,983 | $ | 7,109 | $ | 4,913 | $ | 139,212 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Balance at June 30, 2022 | Balance at June 30, 2022 | $ | 65,646 | $ | 33,338 | $ | 16,156 | $ | 13,180 | $ | 7,478 | $ | 4,748 | $ | 140,546 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Provision (benefit) for credit losses | Provision (benefit) for credit losses | 4,562 | (2,680) | (1,066) | 183 | 307 | (147) | 1,159 | Provision (benefit) for credit losses | 4,202 | 71 | 224 | (3,987) | 99 | (105) | 504 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Charge-offs | Charge-offs | (97) | (200) | (25) | — | (418) | (88) | (828) | Charge-offs | (1,320) | — | (190) | — | (401) | (88) | (1,999) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Recoveries | Recoveries | 206 | 24 | 209 | 14 | 480 | 70 | 1,003 | Recoveries | 640 | 225 | 232 | 10 | 365 | 49 | 1,521 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Balance at June 30, 2022 | $ | 65,646 | $ | 33,338 | $ | 16,156 | $ | 13,180 | $ | 7,478 | $ | 4,748 | $ | 140,546 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Balance at September 30, 2022 | Balance at September 30, 2022 | $ | 69,168 | $ | 33,634 | $ | 16,422 | $ | 9,203 | $ | 7,541 | $ | 4,604 | $ | 140,572 |
(in thousands) | (in thousands) | Commercial and industrial | CRE - investor owned | CRE - owner occupied | Construction and land development | Residential real estate | Other | Total | (in thousands) | Commercial and industrial | CRE - investor owned | CRE - owner occupied | Construction and land development | Residential real estate | Other | Total | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Allowance for credit losses on loans: | Allowance for credit losses on loans: | Allowance for credit losses on loans: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Balance at December 31, 2021 | Balance at December 31, 2021 | $ | 63,825 | $ | 35,877 | $ | 17,560 | $ | 14,536 | $ | 7,927 | $ | 5,316 | $ | 145,041 | Balance at December 31, 2021 | $ | 63,825 | $ | 35,877 | $ | 17,560 | $ | 14,536 | $ | 7,927 | $ | 5,316 | $ | 145,041 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Provision (benefit) for credit losses | Provision (benefit) for credit losses | 3,081 | (2,559) | (1,648) | (1,391) | (149) | (483) | (3,149) | Provision (benefit) for credit losses | 7,283 | (2,488) | (1,424) | (5,378) | (50) | (588) | (2,645) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Charge-offs | Charge-offs | (2,256) | (200) | (205) | — | (1,305) | (174) | (4,140) | Charge-offs | (3,576) | (200) | (395) | — | (1,706) | (262) | (6,139) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Recoveries | Recoveries | 996 | 220 | 449 | 35 | 1,005 | 89 | 2,794 | Recoveries | 1,636 | 445 | 681 | 45 | 1,370 | 138 | 4,315 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Balance at June 30, 2022 | $ | 65,646 | $ | 33,338 | $ | 16,156 | $ | 13,180 | $ | 7,478 | $ | 4,748 | $ | 140,546 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Balance at September 30, 2022 | Balance at September 30, 2022 | $ | 69,168 | $ | 33,634 | $ | 16,422 | $ | 9,203 | $ | 7,541 | $ | 4,604 | $ | 140,572 |
(in thousands) | (in thousands) | Commercial and industrial | CRE - investor owned | CRE - owner occupied | Construction and land development | Residential real estate | Other | Total | (in thousands) | Commercial and industrial | CRE - investor owned | CRE - owner occupied | Construction and land development | Residential real estate | Other | Total | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Allowance for credit losses on loans: | Allowance for credit losses on loans: | Allowance for credit losses on loans: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Balance at March 31, 2021 | $ | 55,941 | $ | 33,105 | $ | 20,219 | $ | 14,557 | $ | 4,305 | $ | 3,400 | $ | 131,527 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Provision for credit losses | (1,839) | 2,859 | (4,449) | (2,957) | 255 | 3,658 | (2,473) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Balance at June 30, 2021 | Balance at June 30, 2021 | $ | 53,351 | $ | 36,003 | $ | 15,564 | $ | 11,632 | $ | 4,677 | $ | 6,958 | $ | 128,185 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Initial allowance on acquired PCD loans | Initial allowance on acquired PCD loans | 1,077 | 3,651 | 1,504 | 37 | — | 737 | 7,006 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Provision for credit losses* | Provision for credit losses* | 9,836 | 1,475 | 1,909 | 2,215 | 5,271 | (1,951) | 18,755 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Charge-offs | Charge-offs | (1,451) | — | (216) | — | (44) | (121) | (1,832) | Charge-offs | (2,829) | (117) | (259) | (3) | (840) | (203) | (4,251) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Recoveries | Recoveries | 700 | 39 | 10 | 32 | 161 | 21 | 963 | Recoveries | 452 | 1,623 | 15 | 171 | 115 | 25 | 2,401 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Balance at June 30, 2021 | $ | 53,351 | $ | 36,003 | $ | 15,564 | $ | 11,632 | $ | 4,677 | $ | 6,958 | $ | 128,185 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Balance at September 30, 2021 | Balance at September 30, 2021 | $ | 61,887 | $ | 42,635 | $ | 18,733 | $ | 14,052 | $ | 9,223 | $ | 5,566 | $ | 152,096 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
*Provision includes $23.9 million on certain acquired First Choice loans | *Provision includes $23.9 million on certain acquired First Choice loans |
(in thousands) | (in thousands) | Commercial and industrial | CRE - investor owned | CRE - owner occupied | Construction and land development | Residential real estate | Other | Total | (in thousands) | Commercial and industrial | CRE - investor owned | CRE - owner occupied | Construction and land development | Residential real estate | Other | Total | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Allowance for credit losses on loans: | Allowance for credit losses on loans: | Allowance for credit losses on loans: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Balance at December 31, 2020 | Balance at December 31, 2020 | $ | 58,812 | $ | 32,062 | $ | 17,012 | $ | 21,413 | $ | 4,585 | $ | 2,787 | $ | 136,671 | Balance at December 31, 2020 | $ | 58,812 | $ | 32,062 | $ | 17,012 | $ | 21,413 | $ | 4,585 | $ | 2,787 | $ | 136,671 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Provision for credit losses | (1,298) | 6,240 | (1,223) | (10,048) | 103 | 4,256 | (1,970) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Initial allowance on acquired PCD loans | Initial allowance on acquired PCD loans | 1,077 | 3,651 | 1,504 | 37 | — | 737 | 7,006 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Provision for credit losses* | Provision for credit losses* | 8,538 | 7,715 | 686 | (7,833) | 5,374 | 2,305 | 16,785 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Charge-offs | Charge-offs | (5,190) | (2,372) | (244) | — | (315) | (185) | (8,306) | Charge-offs | (8,019) | (2,489) | (503) | (3) | (1,155) | (389) | (12,558) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Recoveries | Recoveries | 1,027 | 73 | 19 | 267 | 304 | 100 | 1,790�� | Recoveries | 1,479 | 1,696 | 34 | 438 | 419 | 126 | 4,192 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Balance at June 30, 2021 | $ | 53,351 | $ | 36,003 | $ | 15,564 | $ | 11,632 | $ | 4,677 | $ | 6,958 | $ | 128,185 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Balance at September 30, 2021 | Balance at September 30, 2021 | $ | 61,887 | $ | 42,635 | $ | 18,733 | $ | 14,052 | $ | 9,223 | $ | 5,566 | $ | 152,096 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
*Provision includes $23.9 million on certain acquired First Choice loans | *Provision includes $23.9 million on certain acquired First Choice loans |
June 30, 2022 | September 30, 2022 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
(in thousands) | (in thousands) | Nonaccrual | Restructured, accruing | Loans over 90 days past due and still accruing interest | Total nonperforming loans | Nonaccrual loans with no allowance | (in thousands) | Nonaccrual | Restructured, accruing | Loans over 90 days past due and still accruing interest | Total nonperforming loans | Nonaccrual loans with no allowance | ||||||||||||||||||||||||||||||||||||||||||||||
Commercial and industrial | Commercial and industrial | $ | 16,323 | $ | — | $ | 3 | $ | 16,326 | $ | 2,113 | Commercial and industrial | $ | 13,304 | $ | — | $ | 1 | $ | 13,305 | $ | 1,551 | ||||||||||||||||||||||||||||||||||||
Real estate: | Real estate: | Real estate: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Commercial - investor owned | Commercial - investor owned | 1,150 | — | — | 1,150 | 1,150 | Commercial - investor owned | 3,388 | — | — | 3,388 | 3,388 | ||||||||||||||||||||||||||||||||||||||||||||||
Commercial - owner occupied | Commercial - owner occupied | 1,212 | — | — | 1,212 | 1,212 | Commercial - owner occupied | 1,150 | — | — | 1,150 | 1,150 | ||||||||||||||||||||||||||||||||||||||||||||||
Residential | Residential | 776 | 74 | — | 850 | 776 | Residential | 252 | 74 | — | 326 | 252 | ||||||||||||||||||||||||||||||||||||||||||||||
Other | Other | 1 | — | 21 | 22 | — | Other | 1 | — | 14 | 15 | — | ||||||||||||||||||||||||||||||||||||||||||||||
Total | Total | $ | 19,462 | $ | 74 | $ | 24 | $ | 19,560 | $ | 5,251 | Total | $ | 18,095 | $ | 74 | $ | 15 | $ | 18,184 | $ | 6,341 |
December 31, 2021 | |||||||||||||||||||||||||||||
(in thousands) | Nonaccrual | Restructured, accruing | Loans over 90 days past due and still accruing interest | Total nonperforming loans | Nonaccrual loans with no allowance | ||||||||||||||||||||||||
Commercial and industrial | $ | 17,052 | $ | 2,783 | $ | 1,703 | $ | 21,538 | $ | 5,685 | |||||||||||||||||||
Real estate: | |||||||||||||||||||||||||||||
Commercial - investor owned | 1,575 | — | — | 1,575 | 168 | ||||||||||||||||||||||||
Commercial - owner occupied | 2,839 | — | — | 2,839 | 2,550 | ||||||||||||||||||||||||
Residential | 1,971 | 76 | 1 | 2,048 | 1,348 | ||||||||||||||||||||||||
Other | 12 | — | 12 | 24 | — | ||||||||||||||||||||||||
Total | $ | 23,449 | $ | 2,859 | $ | 1,716 | $ | 28,024 | $ | 9,751 |
June 30, 2022 | September 30, 2022 | |||||||||||||||||||||||||||||||||||||||||||||
Type of Collateral | Type of Collateral | |||||||||||||||||||||||||||||||||||||||||||||
(in thousands) | (in thousands) | Commercial Real Estate | Residential Real Estate | Blanket Lien | (in thousands) | Commercial Real Estate | Residential Real Estate | Blanket Lien | ||||||||||||||||||||||||||||||||||||||
Commercial and industrial | Commercial and industrial | $ | 4,271 | $ | 37 | $ | 5,676 | Commercial and industrial | $ | 4,271 | $ | — | $ | 4,726 | ||||||||||||||||||||||||||||||||
Real estate: | Real estate: | Real estate: | ||||||||||||||||||||||||||||||||||||||||||||
Commercial - investor owned | Commercial - investor owned | 1,193 | 1,150 | — | Commercial - investor owned | 2,268 | 1,120 | — | ||||||||||||||||||||||||||||||||||||||
Commercial - owner occupied | Commercial - owner occupied | — | 19 | — | Commercial - owner occupied | 1,139 | 11 | — | ||||||||||||||||||||||||||||||||||||||
Residential | Residential | — | 850 | — | Residential | — | 326 | — | ||||||||||||||||||||||||||||||||||||||
Total | Total | $ | 5,464 | $ | 2,056 | $ | 5,676 | Total | $ | 7,678 | $ | 1,457 | $ | 4,726 |
December 31, 2021 | |||||||||||||||||||||||
Type of Collateral | |||||||||||||||||||||||
(in thousands) | Commercial Real Estate | Residential Real Estate | Blanket Lien | ||||||||||||||||||||
Commercial and industrial | $ | 4,271 | $ | 209 | $ | 9,312 | |||||||||||||||||
Real estate: | |||||||||||||||||||||||
Commercial - investor owned | 169 | 1,200 | — | ||||||||||||||||||||
Commercial - owner occupied | 2,807 | 32 | — | ||||||||||||||||||||
Residential | — | 2,048 | — | ||||||||||||||||||||
Total | $ | 7,247 | $ | 3,489 | $ | 9,312 |
June 30, 2022 | September 30, 2022 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
(in thousands) | (in thousands) | 30-89 Days Past Due | 90 or More Days Past Due | Total Past Due | Current | Total | (in thousands) | 30-89 Days Past Due | 90 or More Days Past Due | Total Past Due | Current | Total | ||||||||||||||||||||||||||||||||||||||||||||||
Commercial and industrial | Commercial and industrial | $ | 10,960 | $ | 5,227 | $ | 16,187 | $ | 3,580,514 | $ | 3,596,701 | Commercial and industrial | $ | 4,966 | $ | 6,869 | $ | 11,835 | $ | 3,698,058 | $ | 3,709,893 | ||||||||||||||||||||||||||||||||||||
Real estate: | Real estate: | Real estate: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Commercial - investor owned | Commercial - investor owned | 5,856 | — | 5,856 | 2,167,784 | 2,173,640 | Commercial - investor owned | 2,059 | — | 2,059 | 2,284,399 | 2,286,458 | ||||||||||||||||||||||||||||||||||||||||||||||
Commercial - owner occupied | Commercial - owner occupied | 6,052 | 199 | 6,251 | 2,114,484 | 2,120,735 | Commercial - owner occupied | 9,241 | 187 | 9,428 | 2,142,761 | 2,152,189 | ||||||||||||||||||||||||||||||||||||||||||||||
Construction and land development | Construction and land development | — | — | — | 724,163 | 724,163 | Construction and land development | 1,192 | — | 1,192 | 582,457 | 583,649 | ||||||||||||||||||||||||||||||||||||||||||||||
Residential | Residential | 578 | 454 | 1,032 | 412,695 | 413,727 | Residential | 192 | — | 192 | 397,258 | 397,450 | ||||||||||||||||||||||||||||||||||||||||||||||
Other | Other | 22 | 21 | 43 | 240,167 | 240,210 | Other | 44 | 15 | 59 | 225,289 | 225,348 | ||||||||||||||||||||||||||||||||||||||||||||||
Total | Total | $ | 23,468 | $ | 5,901 | $ | 29,369 | $ | 9,239,807 | $ | 9,269,176 | Total | $ | 17,694 | $ | 7,071 | $ | 24,765 | $ | 9,330,222 | $ | 9,354,987 |
December 31, 2021 | |||||||||||||||||||||||||||||
(in thousands) | 30-89 Days Past Due | 90 or More Days Past Due | Total Past Due | Current | Total | ||||||||||||||||||||||||
Commercial and industrial | $ | 24,447 | $ | 14,158 | $ | 38,605 | $ | 3,353,770 | $ | 3,392,375 | |||||||||||||||||||
Real estate: | |||||||||||||||||||||||||||||
Commercial - investor owned | 3,880 | — | 3,880 | 2,137,263 | 2,141,143 | ||||||||||||||||||||||||
Commercial - owner occupied | 10,070 | 289 | 10,359 | 2,025,426 | 2,035,785 | ||||||||||||||||||||||||
Construction and land development | 24 | — | 24 | 734,049 | 734,073 | ||||||||||||||||||||||||
Residential | 3,181 | 1,305 | 4,486 | 449,566 | 454,052 | ||||||||||||||||||||||||
Other | 37 | 11 | 48 | 260,166 | 260,214 | ||||||||||||||||||||||||
Total | $ | 41,639 | $ | 15,763 | $ | 57,402 | $ | 8,960,240 | $ | 9,017,642 |
June 30, 2022 | September 30, 2022 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Term Loans by Origination Year | Term Loans by Origination Year | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
(in thousands) | (in thousands) | 2022 | 2021 | 2020 | 2019 | 2018 | Prior | Revolving Loans Converted to Term Loans | Revolving Loans | Total | (in thousands) | 2022 | 2021 | 2020 | 2019 | 2018 | Prior | Revolving Loans Converted to Term Loans | Revolving Loans | Total | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Commercial and industrial | Commercial and industrial | Commercial and industrial | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Pass (1-6) | Pass (1-6) | $ | 772,231 | $ | 871,166 | $ | 365,734 | $ | 215,249 | $ | 81,055 | $ | 116,448 | $ | 2,756 | $ | 953,568 | $ | 3,378,207 | Pass (1-6) | $ | 1,085,307 | $ | 717,307 | $ | 360,383 | $ | 208,530 | $ | 65,014 | $ | 89,982 | $ | 7,860 | $ | 936,868 | $ | 3,471,251 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Watch (7) | Watch (7) | 25,384 | 16,809 | 18,519 | 2,121 | 8,315 | 10,578 | 360 | 76,292 | 158,378 | Watch (7) | 45,503 | 12,222 | 14,739 | 495 | 9,026 | 4,145 | 155 | 87,336 | 173,621 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Classified (8-9) | Classified (8-9) | 6,131 | 12,518 | 4,440 | 3,839 | 1,350 | 284 | 121 | 13,065 | 41,748 | Classified (8-9) | 16,722 | 7,013 | 1,328 | 3,839 | 172 | 1,024 | — | 14,672 | 44,770 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total Commercial and industrial | Total Commercial and industrial | $ | 803,746 | $ | 900,493 | $ | 388,693 | $ | 221,209 | $ | 90,720 | $ | 127,310 | $ | 3,237 | $ | 1,042,925 | $ | 3,578,333 | Total Commercial and industrial | $ | 1,147,532 | $ | 736,542 | $ | 376,450 | $ | 212,864 | $ | 74,212 | $ | 95,151 | $ | 8,015 | $ | 1,038,876 | $ | 3,689,642 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Commercial real estate-investor owned | Commercial real estate-investor owned | Commercial real estate-investor owned | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Pass (1-6) | Pass (1-6) | $ | 329,489 | $ | 599,145 | $ | 398,097 | $ | 283,247 | $ | 142,431 | $ | 264,598 | $ | 595 | $ | 49,606 | $ | 2,067,208 | Pass (1-6) | $ | 484,071 | $ | 628,899 | $ | 406,567 | $ | 265,033 | $ | 121,771 | $ | 227,789 | $ | 593 | $ | 45,532 | $ | 2,180,255 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Watch (7) | Watch (7) | 18,755 | 14,058 | 30,767 | 10,811 | 78 | 14,338 | — | — | 88,807 | Watch (7) | 18,638 | 9,041 | 29,920 | 12,168 | — | 13,128 | — | — | 82,895 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Classified (8-9) | Classified (8-9) | 2,317 | — | 198 | 824 | 333 | 5,292 | 50 | — | 9,014 | Classified (8-9) | 1,221 | — | 196 | 821 | 194 | 6,879 | 50 | — | 9,361 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total Commercial real estate-investor owned | Total Commercial real estate-investor owned | $ | 350,561 | $ | 613,203 | $ | 429,062 | $ | 294,882 | $ | 142,842 | $ | 284,228 | $ | 645 | $ | 49,606 | $ | 2,165,029 | Total Commercial real estate-investor owned | $ | 503,930 | $ | 637,940 | $ | 436,683 | $ | 278,022 | $ | 121,965 | $ | 247,796 | $ | 643 | $ | 45,532 | $ | 2,272,511 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Commercial real estate-owner occupied | Commercial real estate-owner occupied | Commercial real estate-owner occupied | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Pass (1-6) | Pass (1-6) | $ | 280,474 | $ | 571,629 | $ | 399,477 | $ | 251,344 | $ | 136,528 | $ | 307,517 | $ | — | $ | 53,056 | $ | 2,000,025 | Pass (1-6) | $ | 364,007 | $ | 577,848 | $ | 380,740 | $ | 244,923 | $ | 126,757 | $ | 287,072 | $ | — | $ | 55,602 | $ | 2,036,949 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Watch (7) | Watch (7) | 3,272 | 9,596 | 14,412 | 4,590 | 13,986 | 9,145 | — | 800 | 55,801 | Watch (7) | 9,052 | 2,282 | 13,694 | 5,125 | 14,284 | 8,303 | — | 800 | 53,540 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Classified (8-9) | Classified (8-9) | 977 | 128 | 568 | 10,379 | 15,975 | 13,650 | — | 94 | 41,771 | Classified (8-9) | — | — | 3,206 | 8,880 | 16,147 | 11,505 | — | — | 39,738 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total Commercial real estate-owner occupied | Total Commercial real estate-owner occupied | $ | 284,723 | $ | 581,353 | $ | 414,457 | $ | 266,313 | $ | 166,489 | $ | 330,312 | $ | — | $ | 53,950 | $ | 2,097,597 | Total Commercial real estate-owner occupied | $ | 373,059 | $ | 580,130 | $ | 397,640 | $ | 258,928 | $ | 157,188 | $ | 306,880 | $ | — | $ | 56,402 | $ | 2,130,227 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Construction real estate | Construction real estate | Construction real estate | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Pass (1-6) | Pass (1-6) | $ | 169,592 | $ | 310,168 | $ | 144,451 | $ | 32,339 | $ | 23,588 | $ | 12,255 | $ | — | $ | 8,460 | $ | 700,853 | Pass (1-6) | $ | 224,466 | $ | 243,622 | $ | 77,015 | $ | 2,966 | $ | 2,543 | $ | 9,232 | $ | — | $ | 1,901 | $ | 561,745 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Watch (7) | Watch (7) | 16,431 | — | 501 | — | 1,181 | 2,236 | — | — | 20,349 | Watch (7) | 17,349 | — | 520 | — | — | — | — | — | 17,869 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Classified (8-9) | Classified (8-9) | — | — | — | 12 | 413 | 17 | — | — | 442 | Classified (8-9) | 1,192 | — | — | 12 | 410 | 14 | — | — | 1,628 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total Construction real estate | Total Construction real estate | $ | 186,023 | $ | 310,168 | $ | 144,952 | $ | 32,351 | $ | 25,182 | $ | 14,508 | $ | — | $ | 8,460 | $ | 721,644 | Total Construction real estate | $ | 243,007 | $ | 243,622 | $ | 77,535 | $ | 2,978 | $ | 2,953 | $ | 9,246 | $ | — | $ | 1,901 | $ | 581,242 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Residential real estate | Residential real estate | Residential real estate | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Pass (1-6) | Pass (1-6) | $ | 30,367 | $ | 89,475 | $ | 59,283 | $ | 23,991 | $ | 11,825 | $ | 97,936 | $ | 518 | $ | 92,605 | $ | 406,000 | Pass (1-6) | $ | 47,323 | $ | 69,924 | $ | 57,277 | $ | 22,535 | $ | 11,568 | $ | 93,339 | $ | 513 | $ | 90,659 | $ | 393,138 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Watch (7) | Watch (7) | 116 | 856 | — | 81 | 357 | 1,363 | — | 24 | 2,797 | Watch (7) | 113 | 290 | — | 80 | 353 | 791 | — | — | 1,627 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Classified (8-9) | Classified (8-9) | 159 | 402 | — | 56 | 795 | 1,425 | — | 6 | 2,843 | Classified (8-9) | 156 | 82 | — | 55 | 767 | 1,223 | — | 5 | 2,288 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total residential real estate | Total residential real estate | $ | 30,642 | $ | 90,733 | $ | 59,283 | $ | 24,128 | $ | 12,977 | $ | 100,724 | $ | 518 | $ | 92,635 | $ | 411,640 | Total residential real estate | $ | 47,592 | $ | 70,296 | $ | 57,277 | $ | 22,670 | $ | 12,688 | $ | 95,353 | $ | 513 | $ | 90,664 | $ | 397,053 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Other | Other | Other | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Pass (1-6) | Pass (1-6) | $ | 4,150 | $ | 96,456 | $ | 63,634 | $ | 20,203 | $ | 21,965 | $ | 19,695 | $ | — | $ | 10,978 | $ | 237,081 | Pass (1-6) | $ | 12,963 | $ | 92,335 | $ | 57,732 | $ | 11,299 | $ | 21,135 | $ | 20,562 | $ | — | $ | 8,399 | $ | 224,425 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Watch (7) | Watch (7) | — | — | — | — | 2 | 2,341 | — | — | 2,343 | Watch (7) | — | — | — | — | 2 | — | — | — | 2 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Classified (8-9) | Classified (8-9) | — | — | — | 7 | 7 | 13 | — | 1 | 28 | Classified (8-9) | — | — | — | 5 | 5 | 13 | — | 1 | 24 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total Other | Total Other | $ | 4,150 | $ | 96,456 | $ | 63,634 | $ | 20,210 | $ | 21,974 | $ | 22,049 | $ | — | $ | 10,979 | $ | 239,452 | Total Other | $ | 12,963 | $ | 92,335 | $ | 57,732 | $ | 11,304 | $ | 21,142 | $ | 20,575 | $ | — | $ | 8,400 | $ | 224,451 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total loans classified by risk category | Total loans classified by risk category | $ | 1,659,845 | $ | 2,592,406 | $ | 1,500,081 | $ | 859,093 | $ | 460,184 | $ | 879,131 | $ | 4,400 | $ | 1,258,555 | $ | 9,213,695 | Total loans classified by risk category | $ | 2,328,083 | $ | 2,360,865 | $ | 1,403,317 | $ | 786,766 | $ | 390,148 | $ | 775,001 | $ | 9,171 | $ | 1,241,775 | $ | 9,295,126 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total loans classified by performing status | Total loans classified by performing status | 55,481 | Total loans classified by performing status | 59,861 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total loans | Total loans | $ | 9,269,176 | Total loans | $ | 9,354,987 |
December 31, 2021 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Term Loans by Origination Year | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
(in thousands) | 2021 | 2020 | 2019 | 2018 | 2017 | Prior | Revolving Loans Converted to Term Loans | Revolving Loans | Total | |||||||||||||||||||||||||||||||||||||||||||||||
Commercial and industrial | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Pass (1-6) | $ | 1,180,601 | $ | 477,374 | $ | 317,869 | $ | 132,851 | $ | 116,738 | $ | 82,846 | $ | 11,648 | $ | 854,102 | $ | 3,174,029 | ||||||||||||||||||||||||||||||||||||||
Watch (7) | 35,005 | 17,502 | 9,404 | 9,880 | 12,217 | 10,979 | 4,037 | 53,595 | 152,619 | |||||||||||||||||||||||||||||||||||||||||||||||
Classified (8-9) | 14,917 | 3,530 | 3,840 | 1,689 | 2,988 | 813 | 787 | 10,996 | 39,560 | |||||||||||||||||||||||||||||||||||||||||||||||
Total Commercial and industrial | $ | 1,230,523 | $ | 498,406 | $ | 331,113 | $ | 144,420 | $ | 131,943 | $ | 94,638 | $ | 16,472 | $ | 918,693 | $ | 3,366,208 | ||||||||||||||||||||||||||||||||||||||
Commercial real estate-investor owned | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Pass (1-6) | $ | 651,740 | $ | 476,946 | $ | 346,245 | $ | 146,107 | $ | 112,043 | $ | 217,808 | $ | 3,625 | $ | 68,236 | $ | 2,022,750 | ||||||||||||||||||||||||||||||||||||||
Watch (7) | 16,871 | 35,908 | 32,755 | 1,003 | 502 | 17,478 | 300 | 2,062 | 106,879 | |||||||||||||||||||||||||||||||||||||||||||||||
Classified (8-9) | 1,376 | 3,135 | 835 | 817 | 1,159 | 4,141 | — | 50 | 11,513 | |||||||||||||||||||||||||||||||||||||||||||||||
Total Commercial real estate-investor owned | $ | 669,987 | $ | 515,989 | $ | 379,835 | $ | 147,927 | $ | 113,704 | $ | 239,427 | $ | 3,925 | $ | 70,348 | $ | 2,141,142 | ||||||||||||||||||||||||||||||||||||||
Commercial real estate-owner occupied | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Pass (1-6) | $ | 604,975 | $ | 423,263 | $ | 278,830 | $ | 164,210 | $ | 140,515 | $ | 235,973 | $ | 250 | $ | 48,349 | $ | 1,896,365 | ||||||||||||||||||||||||||||||||||||||
Watch (7) | 12,825 | 13,585 | 4,301 | 16,774 | 10,274 | 15,764 | — | 300 | 73,823 | |||||||||||||||||||||||||||||||||||||||||||||||
Classified (8-9) | 2,048 | 556 | 9,181 | 17,016 | 6,432 | 6,959 | — | — | 42,192 | |||||||||||||||||||||||||||||||||||||||||||||||
Total Commercial real estate-owner occupied | $ | 619,848 | $ | 437,404 | $ | 292,312 | $ | 198,000 | $ | 157,221 | $ | 258,696 | $ | 250 | $ | 48,649 | $ | 2,012,380 | ||||||||||||||||||||||||||||||||||||||
Construction real estate | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Pass (1-6) | $ | 310,140 | $ | 229,396 | $ | 70,531 | $ | 35,936 | $ | 14,860 | $ | 7,180 | $ | 568 | $ | 2,992 | $ | 671,603 | ||||||||||||||||||||||||||||||||||||||
Watch (7) | 28,947 | 15,348 | 60 | 1,199 | 11,068 | 2,330 | — | — | 58,952 | |||||||||||||||||||||||||||||||||||||||||||||||
Classified (8-9) | — | — | 387 | 419 | — | 22 | — | — | 828 | |||||||||||||||||||||||||||||||||||||||||||||||
Total Construction real estate | $ | 339,087 | $ | 244,744 | $ | 70,978 | $ | 37,554 | $ | 25,928 | $ | 9,532 | $ | 568 | $ | 2,992 | $ | 731,383 | ||||||||||||||||||||||||||||||||||||||
Residential real estate | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Pass (1-6) | $ | 116,352 | $ | 66,481 | $ | 21,356 | $ | 14,841 | $ | 24,778 | $ | 103,840 | $ | 9,980 | $ | 87,146 | $ | 444,774 | ||||||||||||||||||||||||||||||||||||||
Watch (7) | 2,425 | 2 | 622 | 1,157 | 248 | 1,305 | — | 79 | 5,838 | |||||||||||||||||||||||||||||||||||||||||||||||
Classified (8-9) | 414 | 169 | 554 | — | 12 | 2,024 | — | — | 3,173 | |||||||||||||||||||||||||||||||||||||||||||||||
Total residential real estate | $ | 119,191 | $ | 66,652 | $ | 22,532 | $ | 15,998 | $ | 25,038 | $ | 107,169 | $ | 9,980 | $ | 87,225 | $ | 453,785 | ||||||||||||||||||||||||||||||||||||||
Other | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Pass (1-6) | $ | 108,209 | $ | 68,806 | $ | 22,684 | $ | 23,145 | $ | 6,924 | $ | 13,832 | $ | 1,500 | $ | 9,166 | $ | 254,266 | ||||||||||||||||||||||||||||||||||||||
Watch (7) | — | — | — | 4 | — | 2,440 | — | 1 | 2,445 | |||||||||||||||||||||||||||||||||||||||||||||||
Classified (8-9) | — | — | 10 | 10 | — | 16 | — | 2 | 38 | |||||||||||||||||||||||||||||||||||||||||||||||
Total Other | $ | 108,209 | $ | 68,806 | $ | 22,694 | $ | 23,159 | $ | 6,924 | $ | 16,288 | $ | 1,500 | $ | 9,169 | $ | 256,749 | ||||||||||||||||||||||||||||||||||||||
Total loans classified by risk category | $ | 3,086,845 | $ | 1,832,001 | $ | 1,119,464 | $ | 567,058 | $ | 460,758 | $ | 725,750 | $ | 32,695 | $ | 1,137,076 | $ | 8,961,647 | ||||||||||||||||||||||||||||||||||||||
Total loans classified by performing status | 55,995 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total loans | $ | 9,017,642 |
June 30, 2022 | September 30, 2022 | |||||||||||||||||||||||||||||||||
(in thousands) | (in thousands) | Performing | Non Performing | Total | (in thousands) | Performing | Non Performing | Total | ||||||||||||||||||||||||||
Commercial and industrial | Commercial and industrial | $ | 18,365 | $ | 3 | $ | 18,368 | Commercial and industrial | $ | 20,250 | $ | 1 | $ | 20,251 | ||||||||||||||||||||
Real estate: | Real estate: | Real estate: | ||||||||||||||||||||||||||||||||
Commercial - investor owned | Commercial - investor owned | 8,611 | — | 8,611 | Commercial - investor owned | 13,947 | — | 13,947 | ||||||||||||||||||||||||||
Commercial - owner occupied | Commercial - owner occupied | 23,138 | — | 23,138 | Commercial - owner occupied | 21,962 | — | 21,962 | ||||||||||||||||||||||||||
Construction and land development | Construction and land development | 2,519 | — | 2,519 | Construction and land development | 2,407 | — | 2,407 | ||||||||||||||||||||||||||
Residential | Residential | 2,087 | — | 2,087 | Residential | 397 | — | 397 | ||||||||||||||||||||||||||
Other | Other | 737 | 21 | 758 | Other | 883 | 14 | 897 | ||||||||||||||||||||||||||
Total | Total | $ | 55,457 | $ | 24 | $ | 55,481 | Total | $ | 59,846 | $ | 15 | $ | 59,861 |
December 31, 2021 | |||||||||||||||||
(in thousands) | Performing | Non Performing | Total | ||||||||||||||
Commercial and industrial | $ | 26,166 | $ | 1 | $ | 26,167 | |||||||||||
Real estate: | |||||||||||||||||
Commercial - investor owned | 1 | — | 1 | ||||||||||||||
Commercial - owner occupied | 23,405 | — | 23,405 | ||||||||||||||
Construction and land development | 2,690 | — | 2,690 | ||||||||||||||
Residential | 267 | — | 267 | ||||||||||||||
Other | 3,453 | 12 | 3,465 | ||||||||||||||
Total | $ | 55,982 | $ | 13 | $ | 55,995 |
(in thousands) | (in thousands) | June 30, 2022 | December 31, 2021 | (in thousands) | September 30, 2022 | December 31, 2021 | ||||||||||||||||
Commitments to extend credit | Commitments to extend credit | $ | 2,619,588 | $ | 2,481,173 | Commitments to extend credit | $ | 2,912,107 | $ | 2,481,173 | ||||||||||||
Letters of credit | Letters of credit | 66,739 | 77,314 | Letters of credit | 68,211 | 77,314 |
(in thousands) | ||||||||||||||
Notional | Fixed Rate | Maturity Date | ||||||||||||
$ | 15,465 | 2.60 | % | March 15, 2024 | ||||||||||
$ | 14,433 | 2.60 | % | March 30, 2024 | ||||||||||
$ | 18,558 | 2.64 | % | March 15, 2026 | ||||||||||
$ | 13,506 | 2.64 | % | March 17, 2026 |
Notional Amount | Derivative Assets | Derivative Liabilities | Notional Amount | Derivative Assets | Derivative Liabilities | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
(in thousands) | (in thousands) | June 30, 2022 | December 31, 2021 | June 30, 2022 | December 31, 2021 | June 30, 2022 | December 31, 2021 | (in thousands) | September 30, 2022 | December 31, 2021 | September 30, 2022 | December 31, 2021 | September 30, 2022 | December 31, 2021 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Derivatives Designated as Hedging Instruments: | Derivatives Designated as Hedging Instruments: | Derivatives Designated as Hedging Instruments: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Interest rate swap | Interest rate swap | $ | 61,962 | $ | 61,962 | $ | 755 | $ | — | $ | — | $ | 2,911 | Interest rate swap | $ | 61,962 | $ | 61,962 | $ | 2,385 | $ | — | $ | — | $ | 2,911 | ||||||||||||||||||||||||||||||||||||||||||||
Derivatives not Designated as Hedging Instruments: | Derivatives not Designated as Hedging Instruments: | Derivatives not Designated as Hedging Instruments: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Interest rate swap | Interest rate swap | $ | 901,995 | $ | 918,698 | $ | 12,559 | $ | 12,869 | $ | 12,589 | $ | 12,883 | Interest rate swap | $ | 636,314 | $ | 918,698 | $ | 21,094 | $ | 12,869 | $ | 21,110 | $ | 12,883 | ||||||||||||||||||||||||||||||||||||||||||||
Derivative assets are classified on the balance sheet in other assets. Derivative liabilities are classified on the balance sheet in other liabilities. | Derivative assets are classified on the balance sheet in other assets. Derivative liabilities are classified on the balance sheet in other liabilities. | Derivative assets are classified on the balance sheet in other assets. Derivative liabilities are classified on the balance sheet in other liabilities. |
As of June 30, 2022 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
As of September 30, 2022 | As of September 30, 2022 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Gross Amounts Not Offset in the Statement of Financial Position | Gross Amounts Not Offset in the Statement of Financial Position | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
(in thousands) | (in thousands) | Gross Amounts Recognized | Gross Amounts Offset in the Statement of Financial Position | Net Amounts of Assets presented in the Statement of Financial Position | Financial Instruments | Fair Value Collateral Received/ Pledged | Net Amount | (in thousands) | Gross Amounts Recognized | Gross Amounts Offset in the Statement of Financial Position | Net Amounts of Assets presented in the Statement of Financial Position | Financial Instruments | Fair Value Collateral Received/ Pledged | Net Amount | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Assets: | Assets: | Assets: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Interest rate swap | Interest rate swap | $ | 13,314 | $ | — | $ | 13,314 | $ | 373 | $ | 12,773 | $ | 168 | Interest rate swap | $ | 23,479 | $ | — | $ | 23,479 | $ | — | $ | 22,640 | $ | 839 | ||||||||||||||||||||||||||||||||||||||||||||
Liabilities: | Liabilities: | Liabilities: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Interest rate swap | Interest rate swap | $ | 12,589 | $ | — | $ | 12,589 | $ | 373 | $ | — | $ | 12,216 | Interest rate swap | $ | 21,110 | $ | — | $ | 21,110 | $ | — | $ | — | $ | 21,110 | ||||||||||||||||||||||||||||||||||||||||||||
Securities sold under agreements to repurchase | Securities sold under agreements to repurchase | 206,695 | — | 206,695 | — | 206,695 | — | Securities sold under agreements to repurchase | 206,695 | — | 206,695 | — | 206,695 | — | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
As of December 31, 2021 | As of December 31, 2021 | As of December 31, 2021 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Gross Amounts Not Offset in the Statement of Financial Position | Gross Amounts Not Offset in the Statement of Financial Position | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
(in thousands) | (in thousands) | Gross Amounts Recognized | Gross Amounts Offset in the Statement of Financial Position | Net Amounts of Assets presented in the Statement of Financial Position | Financial Instruments | Fair Value Collateral Received/ Pledged | Net Amount | (in thousands) | Gross Amounts Recognized | Gross Amounts Offset in the Statement of Financial Position | Net Amounts of Assets presented in the Statement of Financial Position | Financial Instruments | Fair Value Collateral Received/ Pledged | Net Amount | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Assets: | Assets: | Assets: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Interest rate swap | Interest rate swap | $ | 12,869 | $ | — | $ | 12,869 | $ | 1,033 | $ | — | $ | 11,836 | Interest rate swap | $ | 12,869 | $ | — | $ | 12,869 | $ | 1,033 | $ | — | $ | 11,836 | ||||||||||||||||||||||||||||||||||||||||||||
Liabilities: | Liabilities: | Liabilities: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Interest rate swap | Interest rate swap | $ | 15,794 | $ | — | $ | 15,794 | $ | 1,033 | $ | 14,031 | $ | 730 | Interest rate swap | $ | 15,794 | $ | — | $ | 15,794 | $ | 1,033 | $ | 14,031 | $ | 730 | ||||||||||||||||||||||||||||||||||||||||||||
Securities sold under agreements to repurchase | Securities sold under agreements to repurchase | 331,006 | — | 331,006 | — | 331,006 | — | Securities sold under agreements to repurchase | 331,006 | — | 331,006 | — | 331,006 | — |
June 30, 2022 | September 30, 2022 | |||||||||||||||||||||||||||||||||||||||||||||
(in thousands) | (in thousands) | Quoted Prices in Active Markets for Identical Assets (Level 1) | Significant Other Observable Inputs (Level 2) | Significant Unobservable Inputs (Level 3) | Total Fair Value | (in thousands) | Quoted Prices in Active Markets for Identical Assets (Level 1) | Significant Other Observable Inputs (Level 2) | Significant Unobservable Inputs (Level 3) | Total Fair Value | ||||||||||||||||||||||||||||||||||||
Assets | Assets | Assets | ||||||||||||||||||||||||||||||||||||||||||||
Securities available for sale | Securities available for sale | Securities available for sale | ||||||||||||||||||||||||||||||||||||||||||||
Obligations of U.S. Government-sponsored enterprises | Obligations of U.S. Government-sponsored enterprises | $ | — | $ | 231,673 | $ | — | $ | 231,673 | Obligations of U.S. Government-sponsored enterprises | $ | — | $ | 234,939 | $ | — | $ | 234,939 | ||||||||||||||||||||||||||||
Obligations of states and political subdivisions | Obligations of states and political subdivisions | — | 416,835 | — | 416,835 | Obligations of states and political subdivisions | — | 389,018 | — | 389,018 | ||||||||||||||||||||||||||||||||||||
Agency mortgage-backed securities | Agency mortgage-backed securities | — | 636,788 | — | 636,788 | Agency mortgage-backed securities | — | 621,288 | — | 621,288 | ||||||||||||||||||||||||||||||||||||
U.S. Treasury bills | U.S. Treasury bills | — | 194,628 | — | 194,628 | U.S. Treasury bills | — | 208,754 | — | 208,754 | ||||||||||||||||||||||||||||||||||||
Corporate debt securities | Corporate debt securities | — | 13,353 | — | 13,353 | Corporate debt securities | — | 12,913 | — | 12,913 | ||||||||||||||||||||||||||||||||||||
Total securities available for sale | Total securities available for sale | — | 1,493,277 | — | 1,493,277 | Total securities available for sale | — | 1,466,912 | — | 1,466,912 | ||||||||||||||||||||||||||||||||||||
Other investments | Other investments | — | 2,734 | — | 2,734 | Other investments | — | 2,606 | — | 2,606 | ||||||||||||||||||||||||||||||||||||
Derivatives | Derivatives | — | 13,314 | — | 13,314 | Derivatives | — | 23,479 | — | 23,479 | ||||||||||||||||||||||||||||||||||||
Total assets | Total assets | $ | — | $ | 1,509,325 | $ | — | $ | 1,509,325 | Total assets | $ | — | $ | 1,492,997 | $ | — | $ | 1,492,997 | ||||||||||||||||||||||||||||
Liabilities | Liabilities | Liabilities | ||||||||||||||||||||||||||||||||||||||||||||
Derivatives | Derivatives | $ | — | $ | 12,589 | $ | — | $ | 12,589 | Derivatives | $ | — | $ | 21,110 | $ | — | $ | 21,110 | ||||||||||||||||||||||||||||
Total liabilities | Total liabilities | $ | — | $ | 12,589 | $ | — | $ | 12,589 | Total liabilities | $ | — | $ | 21,110 | $ | — | $ | 21,110 |
December 31, 2021 | |||||||||||||||||||||||
(in thousands) | Quoted Prices in Active Markets for Identical Assets (Level 1) | Significant Other Observable Inputs (Level 2) | Significant Unobservable Inputs (Level 3) | Total Fair Value | |||||||||||||||||||
Assets | |||||||||||||||||||||||
Securities available for sale | |||||||||||||||||||||||
Obligations of U.S. Government-sponsored enterprises | $ | — | $ | 173,511 | $ | — | $ | 173,511 | |||||||||||||||
Obligations of states and political subdivisions | — | 575,084 | — | 575,084 | |||||||||||||||||||
Residential mortgage-backed securities | — | 513,859 | — | 513,859 | |||||||||||||||||||
U.S. Treasury bills | — | 91,170 | — | 91,170 | |||||||||||||||||||
Corporate debt securities | — | 12,382 | — | 12,382 | |||||||||||||||||||
Total securities available-for-sale | — | 1,366,006 | — | 1,366,006 | |||||||||||||||||||
Other investments | — | 3,012 | — | 3,012 | |||||||||||||||||||
Derivative financial instruments | — | 12,869 | — | 12,869 | |||||||||||||||||||
Total assets | $ | — | $ | 1,381,887 | $ | — | $ | 1,381,887 | |||||||||||||||
Liabilities | |||||||||||||||||||||||
Derivatives | $ | — | $ | 15,794 | $ | — | $ | 15,794 | |||||||||||||||
Total liabilities | $ | — | $ | 15,794 | $ | — | $ | 15,794 |
June 30, 2022 | September 30, 2022 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
(in thousands) | (in thousands) | Total Fair Value | Quoted Prices in Active Markets for Identical Assets (Level 1) | Significant Other Observable Inputs (Level 2) | Significant Unobservable Inputs (Level 3) | (in thousands) | Total Fair Value | Quoted Prices in Active Markets for Identical Assets (Level 1) | Significant Other Observable Inputs (Level 2) | Significant Unobservable Inputs (Level 3) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Other real estate | Other real estate | $ | 280 | $ | — | $ | — | $ | 280 | Other real estate | $ | 269 | $ | — | $ | — | $ | 269 | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Loan servicing asset | Loan servicing asset | 3,413 | — | 3,413 | — | Loan servicing asset | 3,248 | — | 3,248 | — | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total | Total | $ | 3,693 | $ | — | $ | 3,413 | $ | 280 | Total | $ | 3,517 | $ | — | $ | 3,248 | $ | 269 |
December 31, 2021 | |||||||||||||||||||||||||||||||||||
(in thousands) | Total Fair Value | Quoted Prices in Active Markets for Identical Assets (Level 1) | Significant Other Observable Inputs (Level 2) | Significant Unobservable Inputs (Level 3) | |||||||||||||||||||||||||||||||
Nonaccrual loans | $ | 6,406 | $ | — | $ | — | $ | 6,406 | |||||||||||||||||||||||||||
Other real estate | 632 | — | — | 632 | |||||||||||||||||||||||||||||||
Loan servicing asset | 3,146 | — | 3,146 | — | |||||||||||||||||||||||||||||||
Total | $ | 10,184 | $ | — | $ | 3,146 | $ | 7,038 | |||||||||||||||||||||||||||
Three months ended | Six months ended | Three months ended | Nine months ended | |||||||||||||||||||||||||||||||||||||||||||
(in thousands) | (in thousands) | June 30, 2022 | June 30, 2021 | June 30, 2022 | June 30, 2021 | (in thousands) | September 30, 2022 | September 30, 2021 | September 30, 2022 | September 30, 2021 | ||||||||||||||||||||||||||||||||||||
Nonaccrual loans | Nonaccrual loans | $ | — | $ | — | $ | (1,781) | $ | (1,742) | Nonaccrual loans | $ | — | $ | (1,126) | $ | (1,781) | $ | (1,126) | ||||||||||||||||||||||||||||
Other real estate | Other real estate | (40) | — | (161) | — | Other real estate | (11) | — | (172) | — | ||||||||||||||||||||||||||||||||||||
Loan servicing asset | Loan servicing asset | (276) | — | (120) | — | Loan servicing asset | 230 | — | 110 | — | ||||||||||||||||||||||||||||||||||||
Fixed assets | Fixed assets | — | (2,546) | — | (2,546) | |||||||||||||||||||||||||||||||||||||||||
Total | Total | $ | (316) | $ | — | $ | (2,062) | $ | (1,742) | Total | $ | 219 | $ | (3,672) | $ | (1,843) | $ | (3,672) |
June 30, 2022 | December 31, 2021 | September 30, 2022 | December 31, 2021 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
(in thousands) | (in thousands) | Carrying Amount | Estimated fair value | Level | Carrying Amount | Estimated fair value | Level | (in thousands) | Carrying Amount | Estimated fair value | Level | Carrying Amount | Estimated fair value | Level | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Balance sheet assets | Balance sheet assets | Balance sheet assets | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Securities held-to-maturity, net | Securities held-to-maturity, net | $ | 617,767 | $ | 537,575 | Level 2 | $ | 429,681 | $ | 434,672 | Level 2 | Securities held-to-maturity, net | $ | 646,393 | $ | 537,788 | Level 2 | $ | 429,681 | $ | 434,672 | Level 2 | ||||||||||||||||||||||||||||||||||||||||||||||||
Other investments | Other investments | 58,540 | 58,540 | Level 2 | 56,884 | 56,884 | Level 2 | Other investments | 56,031 | 56,031 | Level 2 | 56,884 | 56,884 | Level 2 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Loans held for sale | Loans held for sale | 4,615 | 4,615 | Level 2 | 6,389 | 6,389 | Level 2 | Loans held for sale | 785 | 785 | Level 2 | 6,389 | 6,389 | Level 2 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Loans, net | Loans, net | 9,128,630 | 9,008,274 | Level 3 | 8,872,601 | 8,869,891 | Level 3 | Loans, net | 9,214,415 | 9,004,778 | Level 3 | 8,872,601 | 8,869,891 | Level 3 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
State tax credits, held for sale | State tax credits, held for sale | 31,746 | 34,168 | Level 3 | 27,994 | 30,686 | Level 3 | State tax credits, held for sale | 38,588 | 40,310 | Level 3 | 27,994 | 30,686 | Level 3 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Servicing asset | Servicing asset | 5,022 | 5,127 | Level 2 | 6,714 | 6,714 | Level 2 | Servicing asset | 4,519 | 5,050 | Level 2 | 6,714 | 6,714 | Level 2 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Balance sheet liabilities | Balance sheet liabilities | Balance sheet liabilities | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Certificates of deposit | Certificates of deposit | $ | 585,201 | $ | 571,337 | Level 3 | $ | 608,293 | $ | 606,177 | Level 3 | Certificates of deposit | $ | 526,908 | $ | 508,571 | Level 3 | $ | 608,293 | $ | 606,177 | Level 3 | ||||||||||||||||||||||||||||||||||||||||||||||||
Subordinated debentures and notes | Subordinated debentures and notes | 155,164 | 154,453 | Level 2 | 154,899 | 155,972 | Level 2 | Subordinated debentures and notes | 155,298 | 151,135 | Level 2 | 154,899 | 155,972 | Level 2 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
FHLB advances | FHLB advances | 50,000 | 49,977 | Level 2 | 50,000 | 51,527 | Level 2 | FHLB advances | — | — | Level 2 | 50,000 | 51,527 | Level 2 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Other borrowings and notes payable | 226,695 | 226,695 | Level 2 | 353,863 | 353,863 | Level 2 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Other borrowings | Other borrowings | 197,422 | 197,422 | Level 2 | 353,863 | 353,863 | Level 2 |
Three months ended | Three months ended | Three months ended | ||||||||||||||||||||||||||||||||||||||||||||
(in thousands) | (in thousands) | Net Unrealized Gain (Loss) on Available-for-Sale Securities | Unamortized Gain (Loss) on Held-to-Maturity Securities | Net Unrealized Gain (Loss) on Cash Flow Hedges | Total | (in thousands) | Net Unrealized Gain (Loss) on Available-for-Sale Securities | Unamortized Gain (Loss) on Held-to-Maturity Securities | Net Unrealized Gain (Loss) on Cash Flow Hedges | Total | ||||||||||||||||||||||||||||||||||||
Balance, March 31, 2022 | $ | (74,279) | $ | 15,177 | $ | (158) | $ | (59,260) | ||||||||||||||||||||||||||||||||||||||
Balance, June 30, 2022 | Balance, June 30, 2022 | $ | (123,521) | $ | 14,476 | $ | 564 | $ | (108,481) | |||||||||||||||||||||||||||||||||||||
Net change | Net change | $ | (49,242) | $ | (701) | $ | 722 | $ | (49,221) | Net change | $ | (45,283) | $ | (647) | $ | 1,220 | $ | (44,710) | ||||||||||||||||||||||||||||
Balance, June 30, 2022 | $ | (123,521) | $ | 14,476 | $ | 564 | $ | (108,481) | ||||||||||||||||||||||||||||||||||||||
Balance, September 30, 2022 | Balance, September 30, 2022 | $ | (168,804) | $ | 13,829 | $ | 1,784 | $ | (153,191) | |||||||||||||||||||||||||||||||||||||
Balance, March 31, 2021 | $ | 11,400 | $ | 18,159 | $ | (3,382) | $ | 26,177 | ||||||||||||||||||||||||||||||||||||||
Balance, June 30, 2021 | Balance, June 30, 2021 | $ | 14,250 | $ | 17,322 | $ | (3,300) | $ | 28,272 | |||||||||||||||||||||||||||||||||||||
Net change | Net change | $ | 2,850 | $ | (837) | $ | 82 | $ | 2,095 | Net change | $ | (7,870) | $ | (805) | $ | 305 | $ | (8,370) | ||||||||||||||||||||||||||||
Balance, June 30, 2021 | $ | 14,250 | $ | 17,322 | $ | (3,300) | $ | 28,272 | ||||||||||||||||||||||||||||||||||||||
Balance, September 30, 2021 | Balance, September 30, 2021 | $ | 6,380 | $ | 16,517 | $ | (2,995) | $ | 19,902 | |||||||||||||||||||||||||||||||||||||
Six months ended | ||||||||||||||||||||||||||||||||||||||||||||||
Nine months ended | Nine months ended | |||||||||||||||||||||||||||||||||||||||||||||
(in thousands) | (in thousands) | Net Unrealized Gain (Loss) on Available-for-Sale Debt Securities | Unamortized Gain (Loss) on Held-to-Maturity Securities | Net Unrealized Gain (Loss) on Cash Flow Hedges | Total | (in thousands) | Net Unrealized Gain (Loss) on Available-for-Sale Debt Securities | Unamortized Gain (Loss) on Held-to-Maturity Securities | Net Unrealized Gain (Loss) on Cash Flow Hedges | Total | ||||||||||||||||||||||||||||||||||||
Balance, December 31, 2021 | Balance, December 31, 2021 | $ | 5,271 | $ | 15,684 | $ | (2,178) | $ | 18,777 | Balance, December 31, 2021 | $ | 5,271 | $ | 15,684 | $ | (2,178) | $ | 18,777 | ||||||||||||||||||||||||||||
Net change | Net change | (128,595) | (1,405) | 2,742 | (127,258) | Net change | (173,878) | (2,052) | 3,962 | (171,968) | ||||||||||||||||||||||||||||||||||||
Transfer from available-for-sale to held-to-maturity | Transfer from available-for-sale to held-to-maturity | $ | (197) | $ | 197 | $ | — | $ | — | Transfer from available-for-sale to held-to-maturity | $ | (197) | $ | 197 | $ | — | $ | — | ||||||||||||||||||||||||||||
Balance, June 30, 2022 | $ | (123,521) | $ | 14,476 | $ | 564 | $ | (108,481) | ||||||||||||||||||||||||||||||||||||||
Balance, September 30, 2022 | Balance, September 30, 2022 | $ | (168,804) | $ | 13,829 | $ | 1,784 | $ | (153,191) | |||||||||||||||||||||||||||||||||||||
Balance, December 31, 2020 | Balance, December 31, 2020 | $ | 22,320 | $ | 19,308 | $ | (4,508) | $ | 37,120 | Balance, December 31, 2020 | $ | 22,320 | $ | 19,308 | $ | (4,508) | $ | 37,120 | ||||||||||||||||||||||||||||
Net change | Net change | $ | (8,070) | $ | (1,986) | $ | 1,208 | $ | (8,848) | Net change | $ | (15,940) | $ | (2,791) | $ | 1,513 | $ | (17,218) | ||||||||||||||||||||||||||||
Balance, June 30, 2021 | $ | 14,250 | $ | 17,322 | $ | (3,300) | $ | 28,272 | ||||||||||||||||||||||||||||||||||||||
Balance, September 30, 2021 | Balance, September 30, 2021 | $ | 6,380 | $ | 16,517 | $ | (2,995) | $ | 19,902 |
Three months ended June 30, | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
2022 | 2021 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
(in thousands) | Pre-tax | Tax effect | After-tax | Pre-tax | Tax effect | After-tax | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Change in unrealized gain (loss) on available-for-sale debt securities | $ | (65,832) | $ | (16,590) | $ | (49,242) | $ | 3,795 | $ | 945 | $ | 2,850 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Reclassification of gain on held-to-maturity securities(a) | (937) | (236) | (701) | (1,115) | (278) | (837) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Change in unrealized gain (loss) on cash flow hedges arising during the period | 715 | 180 | 535 | (273) | (68) | (205) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Reclassification of loss on cash flow hedges(a) | 250 | 63 | 187 | 382 | 95 | 287 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total other comprehensive income (loss) | $ | (65,804) | $ | (16,583) | $ | (49,221) | $ | 2,789 | $ | 694 | $ | 2,095 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Six months ended June 30, | Three months ended September 30, | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
2022 | 2021 | 2022 | 2021 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
(in thousands) | (in thousands) | Pre-tax | Tax effect | After-tax | Pre-tax | Tax effect | After-tax | (in thousands) | Pre-tax | Tax effect | After-tax | Pre-tax | Tax effect | After-tax | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Change in unrealized loss on available-for-sale debt securities | Change in unrealized loss on available-for-sale debt securities | $ | (171,918) | $ | (43,323) | $ | (128,595) | $ | (10,746) | $ | (2,676) | $ | (8,070) | Change in unrealized loss on available-for-sale debt securities | $ | (60,539) | $ | (15,256) | $ | (45,283) | $ | (10,479) | $ | (2,609) | $ | (7,870) | ||||||||||||||||||||||||||||||||||||||||||||
Reclassification of gain on held-to-maturity securities(a) | Reclassification of gain on held-to-maturity securities(a) | (1,879) | (474) | (1,405) | (2,644) | (658) | (1,986) | Reclassification of gain on held-to-maturity securities(a) | (865) | (218) | (647) | (1,072) | (267) | (805) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Change in unrealized gain on cash flow hedges arising during the period | Change in unrealized gain on cash flow hedges arising during the period | 3,056 | 770 | 2,286 | 855 | 213 | 642 | Change in unrealized gain on cash flow hedges arising during the period | 1,557 | 392 | 1,165 | 12 | 3 | 9 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Reclassification of loss on cash flow hedges(a) | Reclassification of loss on cash flow hedges(a) | 609 | 153 | 456 | 754 | 188 | 566 | Reclassification of loss on cash flow hedges(a) | 73 | 18 | 55 | 395 | 99 | 296 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total other comprehensive loss | Total other comprehensive loss | $ | (170,132) | $ | (42,874) | $ | (127,258) | $ | (11,781) | $ | (2,933) | $ | (8,848) | Total other comprehensive loss | $ | (59,774) | $ | (15,064) | $ | (44,710) | $ | (11,144) | $ | (2,774) | $ | (8,370) | ||||||||||||||||||||||||||||||||||||||||||||
Nine months ended September 30, | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
(a)The pre-tax amount is reported in interest income/expense in the Consolidated Statements of Operations | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
2022 | 2021 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
(in thousands) | (in thousands) | Pre-tax | Tax effect | After-tax | Pre-tax | Tax effect | After-tax | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Change in unrealized loss on available-for-sale debt securities | Change in unrealized loss on available-for-sale debt securities | $ | (232,457) | $ | (58,579) | $ | (173,878) | $ | (21,226) | $ | (5,285) | $ | (15,941) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Reclassification of gain on held-to-maturity securities(a) | Reclassification of gain on held-to-maturity securities(a) | (2,743) | (691) | (2,052) | (3,716) | (925) | (2,791) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Change in unrealized gain on cash flow hedges arising during the period | Change in unrealized gain on cash flow hedges arising during the period | 4,615 | 1,164 | 3,451 | 867 | 216 | 651 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Reclassification of loss on cash flow hedges(a) | Reclassification of loss on cash flow hedges(a) | 682 | 171 | 511 | 1,149 | 286 | 863 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total other comprehensive loss | Total other comprehensive loss | $ | (229,903) | $ | (57,935) | $ | (171,968) | $ | (22,926) | $ | (5,708) | $ | (17,218) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
(a)The pre-tax amount is reported in interest income/expense in the Consolidated Statements of Operations. | (a)The pre-tax amount is reported in interest income/expense in the Consolidated Statements of Operations. |
Three months ended June 30, | Six months ended June 30, | Three months ended September 30, | Nine months ended September 30, | |||||||||||||||||||||||||||||||||||||||||||
(in thousands) | (in thousands) | 2022 | 2021 | 2022 | 2021 | (in thousands) | 2022 | 2021 | 2022 | 2021 | ||||||||||||||||||||||||||||||||||||
Other income: | Other income: | Other income: | ||||||||||||||||||||||||||||||||||||||||||||
Bank-owned life insurance | Bank-owned life insurance | $ | 748 | $ | 728 | $ | 1,782 | $ | 1,452 | Bank-owned life insurance | $ | 769 | $ | 739 | $ | 2,551 | $ | 2,191 | ||||||||||||||||||||||||||||
Private equity fund distribution | 240 | 2,015 | 428 | 2,565 | ||||||||||||||||||||||||||||||||||||||||||
Other income | Other income | 1,224 | 2,738 | 6,210 | 5,732 | Other income | 2,275 | 3,276 | 8,913 | 11,573 | ||||||||||||||||||||||||||||||||||||
Total other noninterest income | Total other noninterest income | $ | 2,212 | $ | 5,481 | $ | 8,420 | $ | 9,749 | Total other noninterest income | $ | 3,044 | $ | 4,015 | $ | 11,464 | $ | 13,764 | ||||||||||||||||||||||||||||
Other expense: | Other expense: | Other expense: | ||||||||||||||||||||||||||||||||||||||||||||
Amortization of intangibles | Amortization of intangibles | $ | 1,328 | $ | 1,312 | $ | 2,758 | $ | 2,727 | Amortization of intangibles | $ | 1,310 | $ | 1,473 | $ | 4,068 | $ | 4,200 | ||||||||||||||||||||||||||||
Banking expense | Banking expense | 1,911 | 1,536 | 3,412 | 2,730 | Banking expense | 1,958 | 1,674 | 5,370 | 4,404 | ||||||||||||||||||||||||||||||||||||
Deposit costs | Deposit costs | 5,905 | 3,441 | 10,165 | 5,783 | Deposit costs | 7,661 | 3,683 | 17,826 | 9,466 | ||||||||||||||||||||||||||||||||||||
FDIC and other insurance | FDIC and other insurance | 1,623 | 1,368 | 3,478 | 2,331 | FDIC and other insurance | 2,022 | 1,690 | 5,500 | 4,021 | ||||||||||||||||||||||||||||||||||||
Loan, legal expenses | Loan, legal expenses | 2,502 | 1,727 | 4,235 | 3,310 | Loan, legal expenses | 1,768 | 1,772 | 6,003 | 5,082 | ||||||||||||||||||||||||||||||||||||
Outside services | Outside services | 1,366 | 1,251 | 2,628 | 2,488 | Outside services | 1,332 | 1,349 | 3,960 | 3,837 | ||||||||||||||||||||||||||||||||||||
Other expense | Other expense | 5,799 | 4,061 | 11,708 | 7,878 | Other expense | 6,156 | 4,685 | 17,864 | 12,563 | ||||||||||||||||||||||||||||||||||||
Total other noninterest expense | Total other noninterest expense | $ | 20,434 | $ | 14,696 | $ | 38,384 | $ | 27,247 | Total other noninterest expense | $ | 22,207 | $ | 16,326 | $ | 60,591 | $ | 43,573 |
(in thousands, except per share data) | (in thousands, except per share data) | Three months ended | At or for the six months ended | (in thousands, except per share data) | Three months ended | At or for the nine months ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||
June 30, 2022 | March 31, 2022 | June 30, 2021 | June 30, 2022 | June 30, 2021 | September 30, 2022 | June 30, 2022 | September 30, 2021 | September 30, 2022 | September 30, 2021 | |||||||||||||||||||||||||||||||||||||||||||||||||
EARNINGS | EARNINGS | EARNINGS | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total interest income | Total interest income | $ | 116,069 | $ | 106,581 | $ | 87,401 | $ | 222,650 | $ | 172,361 | Total interest income | $ | 135,695 | $ | 116,069 | $ | 103,228 | $ | 358,345 | $ | 275,589 | ||||||||||||||||||||||||||||||||||||
Total interest expense | Total interest expense | 6,456 | 5,416 | 5,663 | 11,872 | 11,500 | Total interest expense | 11,405 | 6,456 | 5,955 | 23,277 | 17,455 | ||||||||||||||||||||||||||||||||||||||||||||||
Net interest income | Net interest income | 109,613 | 101,165 | 81,738 | 210,778 | 160,861 | Net interest income | 124,290 | 109,613 | 97,273 | 335,068 | 258,134 | ||||||||||||||||||||||||||||||||||||||||||||||
Provision (benefit) for credit losses | Provision (benefit) for credit losses | 658 | (4,068) | (2,669) | (3,410) | (2,623) | Provision (benefit) for credit losses | 676 | 658 | 19,668 | (2,734) | 17,045 | ||||||||||||||||||||||||||||||||||||||||||||||
Net interest income after provision (benefit) for credit losses | Net interest income after provision (benefit) for credit losses | 108,955 | 105,233 | 84,407 | 214,188 | 163,484 | Net interest income after provision (benefit) for credit losses | 123,614 | 108,955 | 77,605 | 337,802 | 241,089 | ||||||||||||||||||||||||||||||||||||||||||||||
Total noninterest income | Total noninterest income | 14,194 | 18,641 | 16,204 | 32,835 | 27,494 | Total noninterest income | 9,454 | 14,194 | 17,619 | 42,289 | 45,113 | ||||||||||||||||||||||||||||||||||||||||||||||
Total noninterest expense | Total noninterest expense | 65,424 | 62,800 | 52,456 | 128,224 | 105,340 | Total noninterest expense | 68,843 | 65,424 | 76,885 | 197,067 | 182,225 | ||||||||||||||||||||||||||||||||||||||||||||||
Income before income tax expense | Income before income tax expense | 57,725 | 61,074 | 48,155 | 118,799 | 85,638 | Income before income tax expense | 64,225 | 57,725 | 18,339 | 183,024 | 103,977 | ||||||||||||||||||||||||||||||||||||||||||||||
Income tax expense | Income tax expense | 12,576 | 13,381 | 9,750 | 25,957 | 17,307 | Income tax expense | 14,025 | 12,576 | 4,426 | 39,982 | 21,733 | ||||||||||||||||||||||||||||||||||||||||||||||
Net income | Net income | $ | 45,149 | $ | 47,693 | $ | 38,405 | $ | 92,842 | $ | 68,331 | Net income | $ | 50,200 | $ | 45,149 | $ | 13,913 | $ | 143,042 | $ | 82,244 | ||||||||||||||||||||||||||||||||||||
Preferred stock dividends | Preferred stock dividends | 938 | 1,229 | — | 2,167 | — | Preferred stock dividends | 937 | 938 | — | 3,104 | — | ||||||||||||||||||||||||||||||||||||||||||||||
Net income available to common shareholders | Net income available to common shareholders | $ | 44,211 | $ | 46,464 | $ | 38,405 | $ | 90,675 | $ | 68,331 | Net income available to common shareholders | $ | 49,263 | $ | 44,211 | $ | 13,913 | $ | 139,938 | $ | 82,244 | ||||||||||||||||||||||||||||||||||||
Basic earnings per share | Basic earnings per share | $ | 1.19 | $ | 1.23 | $ | 1.23 | $ | 2.42 | $ | 2.19 | Basic earnings per share | $ | 1.32 | $ | 1.19 | $ | 0.38 | $ | 3.74 | $ | 2.48 | ||||||||||||||||||||||||||||||||||||
Diluted earnings per share | Diluted earnings per share | $ | 1.19 | $ | 1.23 | $ | 1.23 | $ | 2.41 | $ | 2.18 | Diluted earnings per share | $ | 1.32 | $ | 1.19 | $ | 0.38 | $ | 3.73 | $ | 2.48 | ||||||||||||||||||||||||||||||||||||
Return on average assets | Return on average assets | 1.34 | % | 1.42 | % | 1.50 | % | 1.38 | % | 1.36 | % | Return on average assets | 1.51 | % | 1.34 | % | 0.45 | % | 1.42 | % | 1.01 | % | ||||||||||||||||||||||||||||||||||||
Return on average common equity | Return on average common equity | 12.65 | % | 12.87 | % | 13.79 | % | 12.76 | % | 12.45 | % | Return on average common equity | 13.74 | % | 12.65 | % | 3.96 | % | 13.09 | % | 9.14 | % | ||||||||||||||||||||||||||||||||||||
Return on average tangible common equity1 | Return on average tangible common equity1 | 17.44 | % | 17.49 | % | 18.44 | % | 17.46 | % | 16.71 | % | Return on average tangible common equity1 | 18.82 | % | 17.44 | % | 5.37 | % | 17.92 | % | 12.31 | % | ||||||||||||||||||||||||||||||||||||
Net interest margin (tax equivalent) | Net interest margin (tax equivalent) | 3.55 | % | 3.28 | % | 3.46 | % | 3.41 | % | 3.48 | % | Net interest margin (tax equivalent) | 4.10 | % | 3.55 | % | 3.40 | % | 3.64 | % | 3.45 | % | ||||||||||||||||||||||||||||||||||||
Efficiency ratio | Efficiency ratio | 52.84 | % | 52.42 | % | 53.56 | % | 52.63 | % | 55.93 | % | Efficiency ratio | 51.47 | % | 52.84 | % | 66.92 | % | 52.22 | % | 60.09 | % | ||||||||||||||||||||||||||||||||||||
Core efficiency ratio1 | Core efficiency ratio1 | 52.81 | % | 52.43 | % | 51.86 | % | 52.62 | % | 53.38 | % | Core efficiency ratio1 | 51.47 | % | 52.81 | % | 51.30 | % | 52.21 | % | 52.59 | % | ||||||||||||||||||||||||||||||||||||
Book value per common share | Book value per common share | $ | 36.97 | $ | 37.35 | $ | 35.86 | Book value per common share | $ | 36.92 | $ | 36.97 | $ | 37.52 | ||||||||||||||||||||||||||||||||||||||||||||
Tangible book value per common share1 | Tangible book value per common share1 | $ | 26.63 | $ | 27.06 | $ | 26.85 | Tangible book value per common share1 | $ | 26.62 | $ | 26.63 | $ | 27.38 | ||||||||||||||||||||||||||||||||||||||||||||
ASSET QUALITY | ASSET QUALITY | ASSET QUALITY | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Net charge-offs (recoveries) | Net charge-offs (recoveries) | $ | (175) | $ | 1,521 | $ | 869 | $ | 1,346 | $ | 6,516 | Net charge-offs (recoveries) | $ | 478 | $ | (175) | $ | 1,850 | $ | 1,824 | $ | 8,366 | ||||||||||||||||||||||||||||||||||||
Nonperforming loans | Nonperforming loans | 19,560 | 21,160 | 42,252 | Nonperforming loans | 18,184 | 19,560 | 41,554 | ||||||||||||||||||||||||||||||||||||||||||||||||||
Classified assets | Classified assets | 96,801 | 93,199 | 100,063 | Classified assets | 98,078 | 96,801 | 104,220 | ||||||||||||||||||||||||||||||||||||||||||||||||||
Nonperforming loans to total loans | Nonperforming loans to total loans | 0.21 | % | 0.23 | % | 0.58 | % | Nonperforming loans to total loans | 0.19 | % | 0.21 | % | 0.46 | % | ||||||||||||||||||||||||||||||||||||||||||||
Nonperforming assets to total assets | Nonperforming assets to total assets | 0.16 | % | 0.17 | % | 0.44 | % | Nonperforming assets to total assets | 0.14 | % | 0.16 | % | 0.35 | % | ||||||||||||||||||||||||||||||||||||||||||||
ACL on loans to total loans | ACL on loans to total loans | 1.52 | % | 1.54 | % | 1.77 | % | ACL on loans to total loans | 1.50 | % | 1.52 | % | 1.67 | % | ||||||||||||||||||||||||||||||||||||||||||||
Net charge-offs (recoveries) to average loans (annualized) | Net charge-offs (recoveries) to average loans (annualized) | (0.01) | % | 0.07 | % | 0.05 | % | 0.03 | % | 0.18 | % | Net charge-offs (recoveries) to average loans (annualized) | 0.02 | % | (0.01) | % | 0.08 | % | 0.03 | % | 0.14 | % | ||||||||||||||||||||||||||||||||||||
(1) A non-GAAP measure. A reconciliation has been included in this section under the caption “Use of Non-GAAP Financial Measures.” | (1) A non-GAAP measure. A reconciliation has been included in this section under the caption “Use of Non-GAAP Financial Measures.” | (1) A non-GAAP measure. A reconciliation has been included in this section under the caption “Use of Non-GAAP Financial Measures.” |
Quarter ended | At or for the six months ended | Quarter ended | At or for the nine months ended | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
(in thousands) | (in thousands) | June 30, 2022 | March 31, 2022 | Jun 30, 2021 | June 30, 2022 | June 30, 2021 | (in thousands) | September 30, 2022 | June 30, 2022 | September 30, 2021 | September 30, 2022 | September 30, 2021 | ||||||||||||||||||||||||||||||||||||||||||||||
PPP loans outstanding, net of deferred fees | PPP loans outstanding, net of deferred fees | $ | 49,175 | $ | 134,084 | $ | 396,660 | $ | 49,175 | $ | 396,660 | PPP loans outstanding, net of deferred fees | $ | 13,165 | $ | 49,175 | $ | 438,959 | $ | 13,165 | $ | 438,959 | ||||||||||||||||||||||||||||||||||||
Average PPP loans outstanding, net | Average PPP loans outstanding, net | 89,152 | 194,382 | 664,375 | 141,476 | 678,268 | Average PPP loans outstanding, net | 26,113 | 89,152 | 489,104 | 102,599 | 614,470 | ||||||||||||||||||||||||||||||||||||||||||||||
PPP interest and fee income recognized | PPP interest and fee income recognized | 1,557 | 2,858 | 7,940 | 4,415 | 16,415 | PPP interest and fee income recognized | 471 | 1,557 | 6,048 | 4,886 | 22,463 | ||||||||||||||||||||||||||||||||||||||||||||||
PPP deferred fees remaining | PPP deferred fees remaining | 524 | 1,851 | 12,243 | 524 | 12,243 | PPP deferred fees remaining | 119 | 524 | 7,428 | 119 | 7,428 | ||||||||||||||||||||||||||||||||||||||||||||||
PPP average yield | PPP average yield | 7.01 | % | 5.96 | % | 4.79 | % | 6.29 | % | 4.88 | % | PPP average yield | 7.16 | % | 7.01 | % | 4.91 | % | 6.37 | % | 4.89 | % |
Three months ended June 30, | Three months ended March 31, | Three months ended June 30, | Three months ended September 30, | Three months ended June 30, | Three months ended September 30, | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
2022 | 2022 | 2021 | 2022 | 2022 | 2021 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
(in thousands) | (in thousands) | Average Balance | Interest Income/Expense | Average Yield/ Rate | Average Balance | Interest Income/Expense | Average Yield/ Rate | Average Balance | Interest Income/Expense | Average Yield/ Rate | (in thousands) | Average Balance | Interest Income/Expense | Average Yield/ Rate | Average Balance | Interest Income/Expense | Average Yield/ Rate | Average Balance | Interest Income/Expense | Average Yield/ Rate | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Assets | Assets | Assets | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Interest-earning assets: | Interest-earning assets: | Interest-earning assets: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total loans1, 2 | Total loans1, 2 | $ | 9,109,131 | $ | 102,328 | 4.51 | % | $ | 9,005,875 | $ | 96,301 | 4.34 | % | $ | 7,306,471 | $ | 79,162 | 4.35 | % | Total loans1, 2 | $ | 9,230,738 | $ | 118,642 | 5.10 | % | $ | 9,109,131 | $ | 102,328 | 4.51 | % | $ | 8,666,353 | $ | 94,465 | 4.32 | % | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Taxable securities | Taxable securities | 1,209,498 | 6,894 | 2.29 | 1,151,743 | 5,699 | 2.01 | 856,439 | 4,706 | 2.20 | Taxable securities | 1,294,470 | 8,064 | 2.27 | 1,209,498 | 6,894 | 2.29 | 904,338 | 4,810 | 2.11 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Non-taxable securities2 | Non-taxable securities2 | 858,621 | 6,050 | 2.83 | 772,226 | 5,270 | 2.77 | 646,143 | 4,520 | 2.81 | Non-taxable securities2 | 907,785 | 6,653 | 2.84 | 858,621 | 6,050 | 2.83 | 690,600 | 4,773 | 2.74 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total securities | Total securities | 2,068,119 | 12,944 | 2.51 | 1,923,969 | 10,969 | 2.31 | 1,502,582 | 9,226 | 2.46 | Total securities | 2,202,255 | 14,717 | 2.65 | 2,068,119 | 12,944 | 2.51 | 1,594,938 | 9,583 | 2.38 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Interest-earning deposits | Interest-earning deposits | 1,401,961 | 2,496 | 0.71 | 1,781,272 | 817 | 0.19 | 806,928 | 237 | 0.12 | Interest-earning deposits | 765,258 | 4,190 | 2.17 | 1,401,961 | 2,496 | 0.71 | 1,251,988 | 480 | 0.15 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total interest-earning assets | Total interest-earning assets | 12,579,211 | 117,768 | 3.76 | 12,711,116 | 108,087 | 3.45 | 9,615,981 | 88,625 | 3.70 | Total interest-earning assets | 12,198,251 | 137,549 | 4.47 | 12,579,211 | 117,768 | 3.76 | 11,513,279 | 104,528 | 3.60 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Noninterest-earning assets | Noninterest-earning assets | 949,263 | 902,887 | 665,363 | Noninterest-earning assets | 959,870 | 949,263 | 821,279 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total assets | Total assets | $ | 13,528,474 | $ | 13,614,003 | $ | 10,281,344 | Total assets | $ | 13,158,121 | $ | 13,528,474 | $ | 12,334,558 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Liabilities and Shareholders' Equity | Liabilities and Shareholders' Equity | Liabilities and Shareholders' Equity | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Interest-bearing liabilities: | Interest-bearing liabilities: | Interest-bearing liabilities: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Interest-bearing demand accounts | Interest-bearing demand accounts | $ | 2,329,431 | $ | 659 | 0.11 | % | $ | 2,505,319 | $ | 536 | 0.09 | % | $ | 1,985,811 | $ | 336 | 0.07 | % | Interest-bearing demand accounts | $ | 2,200,619 | $ | 1,707 | 0.31 | % | $ | 2,329,431 | $ | 659 | 0.11 | % | $ | 2,228,466 | $ | 459 | 0.08 | % | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Money market accounts | Money market accounts | 2,767,595 | 2,270 | 0.33 | 2,872,302 | 1,460 | 0.21 | 2,344,871 | 988 | 0.17 | Money market accounts | 2,791,822 | 6,067 | 0.86 | 2,767,595 | 2,270 | 0.33 | 2,675,405 | 1,294 | 0.19 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Savings | Savings | 854,860 | 70 | 0.03 | 817,431 | 66 | 0.03 | 718,193 | 52 | 0.03 | Savings | 828,747 | 69 | 0.03 | 854,860 | 70 | 0.03 | 747,927 | 61 | 0.03 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Certificates of deposit | Certificates of deposit | 591,091 | 851 | 0.58 | 607,133 | 797 | 0.53 | 522,633 | 1,091 | 0.84 | Certificates of deposit | 554,987 | 844 | 0.60 | 591,091 | 851 | 0.58 | 604,594 | 927 | 0.61 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total interest-bearing deposits | Total interest-bearing deposits | 6,542,977 | 3,850 | 0.24 | 6,802,185 | 2,859 | 0.17 | 5,571,508 | 2,467 | 0.18 | Total interest-bearing deposits | 6,376,175 | 8,687 | 0.54 | 6,542,977 | 3,850 | 0.24 | 6,256,392 | 2,741 | 0.17 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Subordinated debentures | Subordinated debentures | 155,092 | 2,257 | 5.84 | 154,959 | 2,220 | 5.81 | 203,849 | 2,847 | 5.60 | Subordinated debentures | 155,225 | 2,313 | 5.91 | 155,092 | 2,257 | 5.84 | 204,011 | 2,855 | 5.55 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
FHLB advances | FHLB advances | 50,000 | 197 | 1.58 | 50,000 | 195 | 1.58 | 50,000 | 197 | 1.58 | FHLB advances | 25,543 | 103 | 1.60 | 50,000 | 197 | 1.58 | 89,457 | 211 | 0.94 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Securities sold under agreements to repurchase | Securities sold under agreements to repurchase | 202,537 | 41 | 0.08 | 262,252 | 60 | 0.09 | 209,062 | 58 | 0.11 | Securities sold under agreements to repurchase | 198,027 | 123 | 0.25 | 202,537 | 41 | 0.08 | 216,403 | 58 | 0.11 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Other borrowed funds | Other borrowed funds | 21,413 | 111 | 2.08 | 22,841 | 82 | 1.46 | 27,147 | 94 | 1.39 | Other borrowed funds | 19,984 | 179 | 3.53 | 21,413 | 111 | 2.08 | 25,699 | 90 | 1.39 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total interest-bearing liabilities | Total interest-bearing liabilities | 6,972,019 | 6,456 | 0.37 | 7,292,237 | 5,416 | 0.30 | 6,061,566 | 5,663 | 0.37 | Total interest-bearing liabilities | 6,774,954 | 11,405 | 0.67 | 6,972,019 | 6,456 | 0.37 | 6,791,962 | 5,955 | 0.35 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Noninterest bearing liabilities: | Noninterest bearing liabilities: | Noninterest bearing liabilities: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Demand deposits | Demand deposits | 4,987,455 | 4,692,027 | 3,008,703 | Demand deposits | 4,778,720 | 4,987,455 | 4,040,761 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Other liabilities | Other liabilities | 94,733 | 93,518 | 94,106 | Other liabilities | 109,943 | 94,733 | 107,739 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total liabilities | Total liabilities | 12,054,207 | 12,077,782 | 9,164,375 | Total liabilities | 11,663,617 | 12,054,207 | 10,940,462 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Shareholders' equity | Shareholders' equity | 1,474,267 | 1,536,221 | 1,116,969 | Shareholders' equity | 1,494,504 | 1,474,267 | 1,394,096 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total liabilities & shareholders' equity | Total liabilities & shareholders' equity | $ | 13,528,474 | $ | 13,614,003 | $ | 10,281,344 | Total liabilities & shareholders' equity | $ | 13,158,121 | $ | 13,528,474 | $ | 12,334,558 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Net interest income | Net interest income | $ | 111,312 | $ | 102,671 | $ | 82,962 | Net interest income | $ | 126,144 | $ | 111,312 | $ | 98,573 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Net interest spread | Net interest spread | 3.39 | % | 3.15 | % | 3.33 | % | Net interest spread | 3.80 | % | 3.39 | % | 3.25 | % | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Net interest margin | Net interest margin | 3.55 | % | 3.28 | % | 3.46 | % | Net interest margin | 4.10 | % | 3.55 | % | 3.40 | % |
Six months ended June 30, | Nine months ended September 30, | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
2022 | 2021 | 2022 | 2021 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
(in thousands) | (in thousands) | Average Balance | Interest Income/Expense | Average Yield/ Rate | Average Balance | Interest Income/Expense | Average Yield/ Rate | (in thousands) | Average Balance | Interest Income/Expense | Average Yield/ Rate | Average Balance | Interest Income/Expense | Average Yield/ Rate | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Assets | Assets | Assets | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Interest-earning assets: | Interest-earning assets: | Interest-earning assets: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total loans1, 2 | Total loans1, 2 | $ | 9,057,788 | $ | 198,629 | 4.42 | % | $ | 7,249,938 | $ | 156,234 | 4.35 | % | Total loans1, 2 | $ | 9,116,072 | $ | 317,271 | 4.65 | % | $ | 7,727,264 | $ | 250,699 | 4.34 | % | ||||||||||||||||||||||||||||||||||||||||||||
Taxable securities | Taxable securities | 1,180,780 | 12,593 | 2.15 | 852,802 | 9,425 | 2.23 | Taxable securities | 1,219,093 | 20,658 | 2.27 | 870,169 | 14,235 | 2.19 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Non-taxable securities2 | Non-taxable securities2 | 815,662 | 11,320 | 2.80 | 607,377 | 8,619 | 2.86 | Non-taxable securities2 | 846,707 | 17,973 | 2.84 | 635,423 | 13,392 | 2.82 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total securities | Total securities | 1,996,442 | 23,913 | 2.42 | 1,460,179 | 18,044 | 2.49 | Total securities | 2,065,800 | 38,631 | 2.50 | 1,505,592 | 27,627 | 2.45 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Interest-earning deposits | Interest-earning deposits | 1,590,569 | 3,313 | 0.42 | 743,645 | 426 | 0.12 | Interest-earning deposits | 1,312,442 | 7,502 | 0.76 | 914,954 | 906 | 0.13 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total interest-earning assets | Total interest-earning assets | 12,644,799 | 225,855 | 3.60 | 9,453,762 | 174,704 | 3.73 | Total interest-earning assets | 12,494,314 | 363,404 | 3.89 | 10,147,810 | 279,232 | 3.68 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Noninterest-earning assets | Noninterest-earning assets | 926,203 | 657,879 | Noninterest-earning assets | 937,549 | 712,946 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total assets | Total assets | $ | 13,571,002 | $ | 10,111,641 | Total assets | $ | 13,431,863 | $ | 10,860,756 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Liabilities and Shareholders' Equity | Liabilities and Shareholders' Equity | Liabilities and Shareholders' Equity | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Interest-bearing liabilities: | Interest-bearing liabilities: | Interest-bearing liabilities: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Interest-bearing demand accounts | Interest-bearing demand accounts | $ | 2,416,889 | $ | 1,194 | 0.10 | % | $ | 1,936,707 | $ | 664 | 0.07 | % | Interest-bearing demand accounts | $ | 2,344,007 | $ | 2,902 | 0.17 | % | $ | 2,035,029 | $ | 1,123 | 0.07 | % | ||||||||||||||||||||||||||||||||||||||||||||
Money market accounts | Money market accounts | 2,819,659 | 3,730 | 0.27 | 2,347,716 | 1,963 | 0.17 | Money market accounts | 2,810,278 | 9,797 | 0.47 | 2,458,146 | 3,257 | 0.18 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Savings | Savings | 836,249 | 137 | 0.03 | 686,603 | 100 | 0.03 | Savings | 833,721 | 205 | 0.03 | 707,269 | 161 | 0.03 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Certificates of deposit | Certificates of deposit | 599,067 | 1,648 | 0.55 | 529,860 | 2,403 | 0.91 | Certificates of deposit | 584,213 | 2,492 | 0.57 | 555,045 | 3,329 | 0.80 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total interest-bearing deposits | Total interest-bearing deposits | 6,671,864 | 6,709 | 0.20 | 5,500,886 | 5,130 | 0.19 | Total interest-bearing deposits | 6,572,219 | 15,396 | 0.31 | 5,755,489 | 7,870 | 0.18 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Subordinated debentures | Subordinated debentures | 155,026 | 4,477 | 5.82 | 203,772 | 5,666 | 5.61 | Subordinated debentures | 155,093 | 6,790 | 5.85 | 203,853 | 8,521 | 5.59 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
FHLB advances | FHLB advances | 50,000 | 392 | 1.58 | 50,000 | 392 | 1.58 | FHLB advances | 41,758 | 495 | 1.58 | 63,297 | 603 | 1.27 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Securities sold under agreements to repurchase | Securities sold under agreements to repurchase | 232,229 | 101 | 0.09 | 220,233 | 118 | 0.11 | Securities sold under agreements to repurchase | 220,703 | 224 | 0.14 | 218,942 | 176 | 0.11 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Other borrowed funds | Other borrowed funds | 22,123 | 193 | 1.76 | 27,894 | 194 | 1.40 | Other borrowed funds | 21,402 | 372 | 2.32 | 27,154 | 285 | 1.40 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total interest-bearing liabilities | Total interest-bearing liabilities | 7,131,242 | 11,872 | 0.34 | 6,002,785 | 11,500 | 0.39 | Total interest-bearing liabilities | 7,011,175 | 23,277 | 0.44 | 6,268,735 | 17,455 | 0.37 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Noninterest bearing liabilities: | Noninterest bearing liabilities: | Noninterest bearing liabilities: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Demand deposits | Demand deposits | 4,840,558 | 2,893,939 | Demand deposits | 4,819,718 | 3,280,414 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Other liabilities | Other liabilities | 94,129 | 108,135 | Other liabilities | 99,458 | 108,001 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total liabilities | Total liabilities | 12,065,929 | 9,004,859 | Total liabilities | 11,930,351 | 9,657,150 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Shareholders' equity | Shareholders' equity | 1,505,073 | 1,106,782 | Shareholders' equity | 1,501,512 | 1,203,606 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total liabilities & shareholders' equity | Total liabilities & shareholders' equity | $ | 13,571,002 | $ | 10,111,641 | Total liabilities & shareholders' equity | $ | 13,431,863 | $ | 10,860,756 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Net interest income | Net interest income | $ | 213,983 | $ | 163,204 | Net interest income | $ | 340,127 | $ | 261,777 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Net interest spread | Net interest spread | 3.26 | % | 3.34 | % | Net interest spread | 3.45 | % | 3.31 | % | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Net interest margin | Net interest margin | 3.41 | % | 3.48 | % | Net interest margin | 3.64 | % | 3.45 | % |
Three months ended June 30, 2022 | Six months ended June 30, 2022 | Three months ended September 30, 2022 | Nine months ended September 30, 2022 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Three months ended March 31, 2022 | Six months ended June 30, 2021 | Three months ended June 30, 2022 | Nine months ended September 30, 2021 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Increase (decrease) due to | Increase (decrease) due to | Increase (decrease) due to | Increase (decrease) due to | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
(in thousands) | (in thousands) | Volume(1) | Rate(2) | Net | Volume(1) | Rate(2) | Net | (in thousands) | Volume(1) | Rate(2) | Net | Volume(1) | Rate(2) | Net | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Interest earned on: | Interest earned on: | Interest earned on: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Loans(3) | Loans(3) | 1,381 | 4,646 | 6,027 | 39,603 | 2,792 | 42,395 | Loans(3) | $ | 1,395 | $ | 14,919 | $ | 16,314 | $ | 47,366 | $ | 19,206 | $ | 66,572 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Taxable securities | Taxable securities | 316 | 879 | 1,195 | 3,509 | (341) | 3,168 | Taxable securities | 552 | 618 | 1,170 | 5,896 | 527 | 6,423 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Non-taxable securities(3) | Non-taxable securities(3) | 653 | 127 | 780 | 2,895 | (194) | 2,701 | Non-taxable securities(3) | 404 | 199 | 603 | 4,484 | 97 | 4,581 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Interest-earning deposits | Interest-earning deposits | (213) | 1,892 | 1,679 | 871 | 2,016 | 2,887 | Interest-earning deposits | (1,540) | 3,234 | 1,694 | 551 | 6,045 | 6,596 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total interest-earning assets | Total interest-earning assets | $ | 2,137 | $ | 7,544 | $ | 9,681 | $ | 46,878 | $ | 4,273 | $ | 51,151 | Total interest-earning assets | $ | 811 | $ | 18,970 | $ | 19,781 | $ | 58,297 | $ | 25,875 | $ | 84,172 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Interest paid on: | Interest paid on: | Interest paid on: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Interest-bearing demand accounts | Interest-bearing demand accounts | $ | (30) | $ | 153 | $ | 123 | $ | 191 | $ | 339 | $ | 530 | Interest-bearing demand accounts | $ | (37) | $ | 1,085 | $ | 1,048 | $ | 194 | $ | 1,585 | $ | 1,779 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Money market accounts | Money market accounts | (55) | 865 | 810 | 454 | 1,313 | 1,767 | Money market accounts | 21 | 3,776 | 3,797 | 528 | 6,012 | 6,540 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Savings | Savings | 4 | — | 4 | 24 | 13 | 37 | Savings | (1) | — | (1) | 30 | 15 | 45 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Certificates of deposit | Certificates of deposit | (21) | 75 | 54 | 283 | (1,038) | (755) | Certificates of deposit | (42) | 35 | (7) | 167 | (1,005) | (838) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Subordinated debentures | Subordinated debentures | 5 | 32 | 37 | (1,401) | 212 | (1,189) | Subordinated debentures | 4 | 52 | 56 | (2,119) | 388 | (1,731) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
FHLB advances | FHLB advances | — | 2 | 2 | — | — | — | FHLB advances | (96) | 2 | (94) | (234) | 126 | (108) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Securities sold under agreements to repurchase | Securities sold under agreements to repurchase | (12) | (7) | (19) | 6 | (23) | (17) | Securities sold under agreements to repurchase | (1) | 83 | 82 | 1 | 47 | 48 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Other borrowings | Other borrowings | (5) | 34 | 29 | (44) | 43 | (1) | Other borrowings | (7) | 75 | 68 | (70) | 157 | 87 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total interest-bearing liabilities | Total interest-bearing liabilities | (114) | 1,154 | 1,040 | (487) | 859 | 372 | Total interest-bearing liabilities | (159) | 5,108 | 4,949 | (1,503) | 7,325 | 5,822 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Net interest income | Net interest income | $ | 2,251 | $ | 6,390 | $ | 8,641 | $ | 47,365 | $ | 3,414 | $ | 50,779 | Net interest income | $ | 970 | $ | 13,862 | $ | 14,832 | $ | 59,800 | $ | 18,550 | $ | 78,350 |
Linked quarter comparison | Prior year comparison | Linked quarter comparison | Prior year comparison | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Quarter ended | Six months ended | Quarter ended | Nine months ended | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
(in thousands) | (in thousands) | June 30, 2022 | March 31, 2022 | Increase (decrease) | June 30, 2022 | June 30, 2021 | Increase (decrease) | (in thousands) | September 30, 2022 | June 30, 2022 | Increase (decrease) | September 30, 2022 | September 30, 2021 | Increase (decrease) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Deposit service charges | Deposit service charges | $ | 4,749 | $ | 4,163 | $ | 586 | 14 | % | $ | 8,912 | $ | 6,946 | $ | 1,966 | 28 | % | Deposit service charges | $ | 4,951 | $ | 4,749 | $ | 202 | 4 | % | $ | 13,863 | $ | 11,466 | $ | 2,397 | 21 | % | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Wealth management revenue | Wealth management revenue | 2,533 | 2,622 | (89) | (3) | % | 5,155 | 4,999 | 156 | 3 | % | Wealth management revenue | 2,432 | 2,533 | (101) | (4) | % | 7,587 | 7,572 | 15 | — | % | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Card services revenue | Card services revenue | 3,514 | 3,040 | 474 | 16 | % | 6,554 | 5,471 | 1,083 | 20 | % | Card services revenue | 2,652 | 3,514 | (862) | (25) | % | 9,206 | 8,657 | 549 | 6 | % | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Tax credit income | 1,186 | 2,608 | (1,422) | (55) | % | 3,794 | 329 | 3,465 | 1,053 | % | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Tax credit income (loss) | Tax credit income (loss) | (3,625) | 1,186 | (4,811) | (406) | % | 169 | 3,654 | (3,485) | (95) | % | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Other income | Other income | 2,212 | 6,208 | (3,996) | (64) | % | 8,420 | 9,749 | (1,329) | (14) | % | Other income | 3,044 | 2,212 | 832 | 38 | % | 11,464 | 13,764 | (2,300) | (17) | % | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total noninterest income | Total noninterest income | $ | 14,194 | $ | 18,641 | $ | (4,447) | (24) | % | $ | 32,835 | $ | 27,494 | $ | 5,341 | 19 | % | Total noninterest income | $ | 9,454 | $ | 14,194 | $ | (4,740) | (33) | % | $ | 42,289 | $ | 45,113 | $ | (2,824) | (6) | % |
Linked quarter comparison | Prior year comparison | Linked quarter comparison | Prior year comparison | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Quarter ended | Six months ended | Quarter ended | Nine months ended | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
(in thousands) | (in thousands) | June 30, 2022 | March 31, 2022 | Increase (decrease) | June 30, 2022 | June 30, 2021 | Increase (decrease) | (in thousands) | September 30, 2022 | June 30, 2022 | Increase (decrease) | September 30, 2022 | September 30, 2021 | Increase (decrease) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Employee compensation and benefits | Employee compensation and benefits | $ | 36,028 | $ | 35,827 | $ | 201 | 1 | % | $ | 71,855 | $ | 57,694 | $ | 14,161 | 25 | % | Employee compensation and benefits | $ | 36,999 | $ | 36,028 | $ | 971 | 3 | % | $ | 108,854 | $ | 91,416 | $ | 17,438 | 19 | % | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Occupancy | Occupancy | 4,309 | 4,586 | (277) | (6) | % | 8,895 | 7,280 | 1,615 | 22 | % | Occupancy | 4,497 | 4,309 | 188 | 4 | % | 13,392 | 11,776 | 1,616 | 14 | % | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Data processing | Data processing | 3,111 | 3,260 | (149) | (5) | % | 6,371 | 5,740 | 631 | 11 | % | Data processing | 3,543 | 3,111 | 432 | 14 | % | 9,914 | 9,068 | 846 | 9 | % | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Professional fees | Professional fees | 1,542 | 1,177 | 365 | 31 | % | 2,719 | 2,288 | 431 | 19 | % | Professional fees | 1,597 | 1,542 | 55 | 4 | % | 4,316 | 3,189 | 1,127 | 35 | % | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Branch closure expenses | Branch closure expenses | — | — | — | — | % | — | 3,441 | (3,441) | NM | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Merger-related expenses | Merger-related expenses | — | — | — | — | % | — | 5,091 | (5,091) | (100) | % | Merger-related expenses | — | — | — | — | % | — | 19,762 | (19,762) | NM | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Other expense | Other expense | 20,434 | 17,950 | 2,484 | 14 | % | 38,384 | 27,247 | 11,137 | 41 | % | Other expense | 22,207 | 20,434 | 1,773 | 9 | % | 60,591 | 43,573 | 17,018 | 39 | % | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total noninterest expense | Total noninterest expense | $ | 65,424 | $ | 62,800 | $ | 2,624 | 4 | % | $ | 128,224 | $ | 105,340 | $ | 22,884 | 22 | % | Total noninterest expense | $ | 68,843 | $ | 65,424 | $ | 3,419 | 5 | % | $ | 197,067 | $ | 182,225 | $ | 14,842 | 8 | % | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Efficiency ratio | Efficiency ratio | 52.84 | % | 52.42 | % | 0.42 | % | 52.63 | % | 55.93 | % | (3.30) | % | Efficiency ratio | 51.47 | % | 52.84 | % | (1.37) | % | 52.22 | % | 60.09 | % | (7.87) | % | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Core efficiency ratio1 | Core efficiency ratio1 | 52.81 | % | 52.43 | % | 0.38 | % | 52.62 | % | 53.38 | % | (0.57) | % | Core efficiency ratio1 | 51.47 | % | 52.81 | % | (1.34) | % | 52.21 | % | 52.59 | % | (1.12) | % | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
1 Core efficiency ratio is a non-GAAP measure. Refer to discussion and reconciliation of this measure in the accompanying financial tables. | 1 Core efficiency ratio is a non-GAAP measure. Refer to discussion and reconciliation of this measure in the accompanying financial tables. | 1 Core efficiency ratio is a non-GAAP measure. Refer to discussion and reconciliation of this measure in the accompanying financial tables. | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
NM - Not meaningful | NM - Not meaningful | NM - Not meaningful |
(in thousands) | (in thousands) | June 30, 2022 | December 31, 2021 | Increase (decrease) | (in thousands) | September 30, 2022 | December 31, 2021 | Increase (decrease) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total cash and cash equivalents | Total cash and cash equivalents | $ | 944,804 | $ | 2,021,689 | $ | (1,076,885) | (53) | % | Total cash and cash equivalents | $ | 744,876 | $ | 2,021,689 | $ | (1,276,813) | (63) | % | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Securities | Securities | 2,111,044 | 1,795,687 | 315,357 | 18 | % | Securities | 2,113,305 | 1,795,687 | 317,618 | 18 | % | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Loans (excluding PPP) | Loans (excluding PPP) | 9,220,001 | 8,745,684 | 474,317 | 5 | % | Loans (excluding PPP) | 9,341,822 | 8,921,989 | 419,833 | 5 | % | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
PPP loans, net | PPP loans, net | 49,175 | 271,958 | (222,783) | (82) | % | PPP loans, net | 13,165 | 134,084 | (120,919) | (90) | % | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total assets | Total assets | 13,084,506 | 13,537,358 | (452,852) | (3) | % | Total assets | 12,994,787 | 13,537,358 | (542,571) | (4) | % | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Deposits | Deposits | 11,092,618 | 11,343,799 | (251,181) | (2) | % | Deposits | 11,057,594 | 11,343,799 | (286,205) | (3) | % | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total liabilities | Total liabilities | 11,637,094 | 12,008,242 | (371,148) | (3) | % | Total liabilities | 11,548,569 | 12,008,242 | (459,673) | (4) | % | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total shareholders’ equity | Total shareholders’ equity | 1,447,412 | 1,529,116 | (81,704) | (5) | % | Total shareholders’ equity | 1,446,218 | 1,529,116 | (82,898) | (5) | % |
(in thousands) | (in thousands) | June 30, 2022 | December 31, 2021 | Increase (decrease) | (in thousands) | September 30, 2022 | December 31, 2021 | Increase (decrease) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Commercial and industrial | Commercial and industrial | $ | 3,596,701 | $ | 3,392,375 | $ | 204,326 | 6 | % | Commercial and industrial | $ | 3,709,893 | $ | 3,392,375 | $ | 317,518 | 9 | % | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Commercial real estate - investor owned | Commercial real estate - investor owned | 2,173,640 | 2,141,143 | 32,497 | 2 | % | Commercial real estate - investor owned | 2,286,458 | 2,141,143 | 145,315 | 7 | % | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Commercial real estate - owner occupied | Commercial real estate - owner occupied | 2,120,735 | 2,035,785 | 84,950 | 4 | % | Commercial real estate - owner occupied | 2,152,189 | 2,035,785 | 116,404 | 6 | % | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Construction and land development | Construction and land development | 724,163 | 734,073 | (9,910) | (1) | % | Construction and land development | 583,649 | 734,073 | (150,424) | (20) | % | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Residential real estate | Residential real estate | 413,727 | 454,052 | (40,325) | (9) | % | Residential real estate | 397,450 | 454,052 | (56,602) | (12) | % | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Other | Other | 240,210 | 260,214 | (20,004) | (8) | % | Other | 225,348 | 260,214 | (34,866) | (13) | % | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Loans held for investment | Loans held for investment | $ | 9,269,176 | $ | 9,017,642 | $ | 251,534 | 3 | % | Loans held for investment | $ | 9,354,987 | $ | 9,017,642 | $ | 337,345 | 4 | % |
(in thousands) | (in thousands) | June 30, 2022 | December 31, 2021 | Increase (decrease) | (in thousands) | September 30, 2022 | December 31, 2021 | Increase (decrease) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
C&I | C&I | $ | 1,702,081 | $ | 1,538,155 | $ | 163,926 | 11 | % | C&I | $ | 1,842,510 | $ | 1,538,155 | $ | 304,355 | 20 | % | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
CRE investor owned | CRE investor owned | 1,977,806 | 1,955,087 | 22,719 | 1 | % | CRE investor owned | 2,106,458 | 1,955,087 | 151,371 | 8 | % | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
CRE owner occupied | CRE owner occupied | 1,118,895 | 1,112,463 | 6,432 | 1 | % | CRE owner occupied | 1,133,467 | 1,112,463 | 21,004 | 2 | % | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
SBA Loans* | SBA Loans* | 1,284,279 | 1,241,449 | 42,830 | 3 | % | SBA Loans* | 1,269,065 | 1,241,449 | 27,616 | 2 | % | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Sponsor finance* | Sponsor finance* | 647,180 | 508,469 | 138,711 | 27 | % | Sponsor finance* | 650,102 | 508,469 | 141,633 | 28 | % | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Life insurance premium financing* | Life insurance premium financing* | 688,035 | 593,562 | 94,473 | 16 | % | Life insurance premium financing* | 717,773 | 593,562 | 124,211 | 21 | % | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Tax credits* | Tax credits* | 550,662 | 486,881 | 63,781 | 13 | % | Tax credits* | 507,681 | 486,881 | 20,800 | 4 | % | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
SBA PPP loans | SBA PPP loans | 49,175 | 271,958 | (222,783) | (82) | % | SBA PPP loans | 13,165 | 271,958 | (258,793) | (95) | % | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Residential real estate | Residential real estate | 391,867 | 430,985 | (39,118) | (9) | % | Residential real estate | 381,634 | 430,985 | (49,351) | (11) | % | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Construction and land development | Construction and land development | 626,577 | 625,526 | 1,051 | — | % | Construction and land development | 513,452 | 625,526 | (112,074) | (18) | % | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Other | Other | 232,619 | 253,107 | (20,488) | (8) | % | Other | 219,680 | 253,107 | (33,427) | (13) | % | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total loans | Total loans | $ | 9,269,176 | $ | 9,017,642 | $ | 251,534 | 3 | % | Total loans | $ | 9,354,987 | $ | 9,017,642 | $ | 337,345 | 4 | % | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
*Specialty loan category | *Specialty loan category | *Specialty loan category |
Quarter ended | Six months ended June 30, | Quarter ended | Nine months ended September 30, | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
(in thousands) | (in thousands) | June 30, 2022 | March 31, 2022 | 2022 | 2021 | (in thousands) | September 30, 2022 | June 30, 2022 | 2022 | 2021 | ||||||||||||||||||||||||||||||||||||||||||||||||
Provision (benefit) for credit losses on loans | Provision (benefit) for credit losses on loans | $ | 1,159 | $ | (4,308) | $ | (3,149) | $ | (1,970) | Provision (benefit) for credit losses on loans | $ | 504 | $ | 1,159 | $ | (2,645) | $ | (7,119) | ||||||||||||||||||||||||||||||||||||||||
Day 2 provision on First Choice acquired loans | Day 2 provision on First Choice acquired loans | — | 23,904 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
Provision (benefit) for off-balance sheet commitments | Provision (benefit) for off-balance sheet commitments | (212) | 725 | 513 | (332) | Provision (benefit) for off-balance sheet commitments | 340 | (212) | 853 | 1,309 | ||||||||||||||||||||||||||||||||||||||||||||||||
Provision (benefit) for held-to-maturity securities | Provision (benefit) for held-to-maturity securities | 149 | (56) | 93 | — | Provision (benefit) for held-to-maturity securities | (18) | 149 | 75 | 190 | ||||||||||||||||||||||||||||||||||||||||||||||||
Recovery of accrued interest | Recovery of accrued interest | (438) | (429) | (867) | (321) | Recovery of accrued interest | (150) | (438) | (1,017) | (1,239) | ||||||||||||||||||||||||||||||||||||||||||||||||
Provision (benefit) for credit losses | Provision (benefit) for credit losses | $ | 658 | $ | (4,068) | $ | (3,410) | $ | (2,623) | Provision (benefit) for credit losses | $ | 676 | $ | 658 | $ | (2,734) | $ | 17,045 |
June 30, 2022 | December 31, 2021 | September 30, 2022 | December 31, 2021 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
(in thousands) | (in thousands) | Allowance | Percent of loans in each category to total loans | Allowance | Percent of loans in each category to total loans | (in thousands) | Allowance | Percent of loans in each category to total loans | Allowance | Percent of loans in each category to total loans | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Commercial and industrial | Commercial and industrial | $ | 65,646 | 38.8 | % | $ | 63,825 | 37.6 | % | Commercial and industrial | $ | 69,168 | 39.7 | % | $ | 63,825 | 37.6 | % | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Real estate: | Real estate: | Real estate: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Commercial | Commercial | 49,494 | 46.3 | % | 53,437 | 46.3 | % | Commercial | 50,056 | 47.4 | % | 53,437 | 46.3 | % | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Construction and land development | Construction and land development | 13,180 | 7.8 | % | 14,536 | 8.1 | % | Construction and land development | 9,203 | 6.2 | % | 14,536 | 8.1 | % | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Residential | Residential | 7,478 | 4.5 | % | 7,927 | 5.1 | % | Residential | 7,541 | 4.3 | % | 7,927 | 5.1 | % | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Other | Other | 4,748 | 2.6 | % | 5,316 | 2.9 | % | Other | 4,604 | 2.4 | % | 5,316 | 2.9 | % | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total | Total | $140,546 | 100.0 | % | $145,041 | 100.0 | % | Total | $140,572 | 100.0 | % | $145,041 | 100.0 | % |
Quarter ended | Quarter ended | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
June 30, 2022 | March 31, 2022 | September 30, 2022 | June 30, 2022 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
(in thousands) | (in thousands) | Net Charge-offs (Recoveries) | Average Loans(1) | Net Charge-offs (Recoveries)/Average Loans | Net Charge-offs (Recoveries) | Average Loans(1) | Net Charge-offs (Recoveries)/Average Loans | (in thousands) | Net Charge-offs (Recoveries) | Average Loans(1) | Net Charge-offs (Recoveries)/Average Loans | Net Charge-offs (Recoveries) | Average Loans(1) | Net Charge-offs (Recoveries)/Average Loans | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Commercial and industrial | Commercial and industrial | $ | (109) | $ | 3,478,438 | (0.01) | % | $ | 1,369 | $ | 3,389,243 | 0.16 | % | Commercial and industrial | $ | 680 | $ | 3,625,372 | 0.07 | % | $ | (109) | $ | 3,478,438 | (0.01) | % | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Real estate: | Real estate: | Real estate: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Commercial | Commercial | (8) | 4,239,384 | — | % | (256) | 4,202,934 | (0.02) | % | Commercial | (267) | 4,353,044 | (0.02) | % | (8) | 4,239,384 | — | % | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Construction and land development | Construction and land development | (14) | 754,106 | (0.01) | % | (21) | 738,329 | (0.01) | % | Construction and land development | (10) | 647,887 | (0.01) | % | (14) | 754,106 | (0.01) | % | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Residential | Residential | (62) | 391,013 | (0.06) | % | 362 | 415,786 | 0.35 | % | Residential | 36 | 368,497 | 0.04 | % | (62) | 391,013 | (0.06) | % | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Other | Other | 18 | 244,131 | 0.03 | % | 67 | 256,033 | 0.11 | % | Other | 39 | 234,054 | 0.07 | % | 18 | 244,131 | 0.03 | % | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total | Total | $ | (175) | $ | 9,107,072 | (0.01) | % | $ | 1,521 | $ | 9,002,325 | 0.07 | % | Total | $ | 478 | $ | 9,228,854 | 0.02 | % | $ | (175) | $ | 9,107,072 | (0.01) | % |
Six months ended | Nine months ended | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
June 30, 2022 | June 30, 2021 | September 30, 2022 | September 30, 2021 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
(in thousands) | (in thousands) | Net Charge-offs (Recoveries) | Average Loans(1) | Net Charge-offs (Recoveries)/Average Loans | Net Charge-offs (Recoveries) | Average Loans(1) | Net Charge-offs (Recoveries)/Average Loans | (in thousands) | Net Charge-offs (Recoveries) | Average Loans(1) | Net Charge-offs (Recoveries)/Average Loans | Net Charge-offs (Recoveries) | Average Loans(1) | Net Charge-offs (Recoveries)/Average Loans | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Commercial and industrial | Commercial and industrial | $ | 1,260 | $ | 3,432,543 | 0.07 | % | $ | 4,163 | $ | 3,026,452 | 0.28 | % | Commercial and industrial | $ | 1,940 | $ | 3,496,364 | 0.07 | % | $ | 6,540 | $ | 3,015,185 | 0.29 | % | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Real estate: | Real estate: | Real estate: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Commercial | Commercial | (264) | 4,221,415 | (0.01) | % | 2,523 | 3,129,044 | 0.16 | % | Commercial | (531) | 4,279,682 | (0.02) | % | 1,261 | 3,203,527 | 0.05 | % | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Construction and land development | Construction and land development | (35) | 748,233 | (0.01) | % | (267) | 549,322 | (0.10) | % | Construction and land development | (45) | 703,236 | (0.01) | % | (435) | 549,542 | (0.11) | % | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Residential | Residential | 300 | 402,748 | 0.15 | % | 12 | 307,788 | 0.01 | % | Residential | 336 | 388,920 | 0.12 | % | 737 | 324,583 | 0.30 | % | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Other | Other | 85 | 250,049 | 0.07 | % | 85 | 229,457 | 0.07 | % | Other | 124 | 245,378 | 0.07 | % | 263 | 627,618 | 0.06 | % | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total | Total | $ | 1,346 | $ | 9,054,988 | 0.03 | % | $ | 6,516 | $ | 7,242,063 | 0.18 | % | Total | $ | 1,824 | $ | 9,113,580 | 0.03 | % | $ | 8,366 | $ | 7,720,455 | 0.14 | % |
(in thousands) | (in thousands) | June 30, 2022 | December 31, 2021 | (in thousands) | September 30, 2022 | December 31, 2021 | ||||||||||||||||||||||||||||
Nonaccrual loans | Nonaccrual loans | $ | 19,462 | $ | 23,449 | Nonaccrual loans | $ | 18,095 | $ | 23,449 | ||||||||||||||||||||||||
Loans past due 90 days or more and still accruing interest | Loans past due 90 days or more and still accruing interest | 24 | 1,716 | Loans past due 90 days or more and still accruing interest | 15 | 1,716 | ||||||||||||||||||||||||||||
Troubled debt restructurings | Troubled debt restructurings | 74 | 2,859 | Troubled debt restructurings | 74 | 2,859 | ||||||||||||||||||||||||||||
Total nonperforming loans | Total nonperforming loans | 19,560 | 28,024 | Total nonperforming loans | 18,184 | 28,024 | ||||||||||||||||||||||||||||
Other real estate | Other real estate | 955 | 3,493 | Other real estate | 269 | 3,493 | ||||||||||||||||||||||||||||
Total nonperforming assets | Total nonperforming assets | $ | 20,515 | $ | 31,517 | Total nonperforming assets | $ | 18,453 | $ | 31,517 | ||||||||||||||||||||||||
Total assets | Total assets | $ | 13,084,506 | $ | 13,537,358 | Total assets | $ | 12,994,787 | $ | 13,537,358 | ||||||||||||||||||||||||
Total loans | Total loans | 9,269,176 | 9,017,642 | Total loans | 9,354,987 | 9,017,642 | ||||||||||||||||||||||||||||
Total allowance for credit losses | Total allowance for credit losses | 140,546 | 145,041 | Total allowance for credit losses | 140,572 | 145,041 | ||||||||||||||||||||||||||||
ACL to nonaccrual loans | ACL to nonaccrual loans | 722 | % | 619 | % | ACL to nonaccrual loans | 777 | % | 619 | % | ||||||||||||||||||||||||
ACL to nonperforming loans | ACL to nonperforming loans | 719 | % | 518 | % | ACL to nonperforming loans | 773 | % | 518 | % | ||||||||||||||||||||||||
ACL to total loans | ACL to total loans | 1.52 | % | 1.61 | % | ACL to total loans | 1.50 | % | 1.61 | % | ||||||||||||||||||||||||
Nonaccrual loans to total loans | Nonaccrual loans to total loans | 0.21 | % | 0.26 | % | Nonaccrual loans to total loans | 0.19 | % | 0.26 | % | ||||||||||||||||||||||||
Nonperforming loans to total loans | Nonperforming loans to total loans | 0.21 | % | 0.31 | % | Nonperforming loans to total loans | 0.19 | % | 0.31 | % | ||||||||||||||||||||||||
Nonperforming assets to total assets | Nonperforming assets to total assets | 0.16 | % | 0.23 | % | Nonperforming assets to total assets | 0.14 | % | 0.23 | % |
(in thousands) | (in thousands) | June 30, 2022 | December 31, 2021 | (in thousands) | September 30, 2022 | December 31, 2021 | ||||||||||||||||||||||||||||
Commercial and industrial | Commercial and industrial | $ | 16,326 | $ | 21,538 | Commercial and industrial | $ | 13,305 | $ | 21,538 | ||||||||||||||||||||||||
Commercial real estate | Commercial real estate | 2,362 | 4,414 | Commercial real estate | 4,538 | 4,414 | ||||||||||||||||||||||||||||
Residential real estate | Residential real estate | 850 | 2,048 | Residential real estate | 326 | 2,048 | ||||||||||||||||||||||||||||
Other | Other | 22 | 24 | Other | 15 | 24 | ||||||||||||||||||||||||||||
Total | Total | $ | 19,560 | $ | 28,024 | Total | $ | 18,184 | $ | 28,024 |
(in thousands) | |||||||||||||||||
Nonperforming loans, beginning of period | $ | 28,024 | |||||||||||||||
Additions to nonaccrual loans | |||||||||||||||||
Charge-offs | |||||||||||||||||
Principal payments | |||||||||||||||||
Nonperforming loans, end of period | $ |
(in thousands) | (in thousands) | June 30, 2022 | December 31, 2021 | Increase (decrease) | (in thousands) | September 30, 2022 | December 31, 2021 | Increase (decrease) | ||||||||||||||||||||||||||||||||||||||
Noninterest-bearing demand accounts | Noninterest-bearing demand accounts | $ | 4,746,478 | $ | 4,578,436 | $ | 168,042 | 4 | % | Noninterest-bearing demand accounts | $ | 4,642,539 | $ | 4,578,436 | $ | 64,103 | 1 | % | ||||||||||||||||||||||||||||
Interest-bearing demand accounts | Interest-bearing demand accounts | 2,197,957 | 2,465,884 | (267,927) | (11) | % | Interest-bearing demand accounts | 2,270,898 | 2,465,884 | (194,986) | (8) | % | ||||||||||||||||||||||||||||||||||
Money market accounts | Money market accounts | 2,726,024 | 2,890,976 | (164,952) | (6) | % | Money market accounts | 2,792,766 | 2,890,976 | (98,210) | (3) | % | ||||||||||||||||||||||||||||||||||
Savings accounts | Savings accounts | 836,958 | 800,210 | 36,748 | 5 | % | Savings accounts | 824,483 | 800,210 | 24,273 | 3 | % | ||||||||||||||||||||||||||||||||||
Certificates of deposit: | Certificates of deposit: | Certificates of deposit: | ||||||||||||||||||||||||||||||||||||||||||||
Brokered | Brokered | 129,064 | 128,970 | 94 | — | % | Brokered | 129,039 | 128,970 | 69 | — | % | ||||||||||||||||||||||||||||||||||
Other | Other | 456,137 | 479,323 | (23,186) | (5) | % | Other | 397,869 | 479,323 | (81,454) | (17) | % | ||||||||||||||||||||||||||||||||||
Total deposits | Total deposits | $ | 11,092,618 | $ | 11,343,799 | $ | (251,181) | (2) | % | Total deposits | $ | 11,057,594 | $ | 11,343,799 | $ | (286,205) | (3) | % | ||||||||||||||||||||||||||||
Demand deposits / total deposits | Demand deposits / total deposits | 43 | % | 40 | % | Demand deposits / total deposits | 42 | % | 40 | % |
Three months ended | |||||||||||||||||||||||||||||||||||
June 30, 2022 | March 31, 2022 | June 30, 2021 | |||||||||||||||||||||||||||||||||
(in thousands) | Average Balance | Average Rate Paid | Average Balance | Average Rate Paid | Average Balance | Average Rate Paid | |||||||||||||||||||||||||||||
Noninterest-bearing deposit accounts | $ | 4,987,455 | — | % | $ | 4,692,027 | — | % | $ | 3,008,703 | — | % | |||||||||||||||||||||||
Interest-bearing demand accounts | 2,329,431 | 0.11 | 2,505,319 | 0.09 | 1,985,811 | 0.07 | |||||||||||||||||||||||||||||
Money market accounts | 2,767,595 | 0.33 | 2,872,302 | 0.21 | 2,344,871 | 0.17 | |||||||||||||||||||||||||||||
Savings accounts | 854,860 | 0.03 | 817,431 | 0.03 | 718,193 | 0.03 | |||||||||||||||||||||||||||||
Certificates of deposit | 591,091 | 0.58 | 607,133 | 0.53 | 522,633 | 0.84 | |||||||||||||||||||||||||||||
Total interest-bearing deposits | $ | 6,542,977 | 0.24 | $ | 6,802,185 | 0.17 | $ | 5,571,508 | 0.18 | ||||||||||||||||||||||||||
Total average deposits | $ | 11,530,432 | 0.13 | $ | 11,494,212 | 0.10 | $ | 8,580,211 | 0.12 |
Three months ended | |||||||||||||||||||||||||||||||||||
September 30, 2022 | June 30, 2022 | September 30, 2021 | |||||||||||||||||||||||||||||||||
(in thousands) | Average Balance | Average Rate Paid | Average Balance | Average Rate Paid | Average Balance | Average Rate Paid | |||||||||||||||||||||||||||||
Noninterest-bearing deposit accounts | $ | 4,778,720 | — | % | $ | 4,987,455 | — | % | $ | 4,040,761 | — | % | |||||||||||||||||||||||
Interest-bearing demand accounts | 2,200,619 | 0.31 | 2,329,431 | 0.11 | 2,228,466 | 0.08 | |||||||||||||||||||||||||||||
Money market accounts | 2,791,822 | 0.86 | 2,767,595 | 0.33 | 2,675,405 | 0.19 | |||||||||||||||||||||||||||||
Savings accounts | 828,747 | 0.03 | 854,860 | 0.03 | 747,927 | 0.03 | |||||||||||||||||||||||||||||
Certificates of deposit | 554,987 | 0.60 | 591,091 | 0.58 | 604,594 | 0.61 | |||||||||||||||||||||||||||||
Total interest-bearing deposits | $ | 6,376,175 | 0.54 | $ | 6,542,977 | 0.24 | $ | 6,256,392 | 0.17 | ||||||||||||||||||||||||||
Total average deposits | $ | 11,154,895 | 0.31 | $ | 11,530,432 | 0.13 | $ | 10,297,153 | 0.11 |
Nine months ended | |||||||||||||||||||||||
September 30, 2022 | September 30, 2021 | ||||||||||||||||||||||
(in thousands) | Average Balance | Average Rate Paid | Average Balance | Average Rate Paid | |||||||||||||||||||
Noninterest-bearing deposit accounts | $ | 4,819,718 | — | % | $ | 3,280,414 | — | % | |||||||||||||||
Interest-bearing demand accounts | 2,344,007 | 0.17 | 2,035,029 | 0.07 | |||||||||||||||||||
Money market accounts | 2,810,278 | 0.47 | 2,458,146 | 0.18 | |||||||||||||||||||
Savings accounts | 833,721 | 0.03 | 707,269 | 0.03 | |||||||||||||||||||
Certificates of deposit | 584,213 | 0.57 | 555,045 | 0.80 | |||||||||||||||||||
Total interest-bearing deposits | $ | 6,572,219 | 0.31 | $ | 5,755,489 | 0.18 | |||||||||||||||||
Total average deposits | $ | 11,391,937 | 0.18 | $ | 9,035,903 | 0.12 |
June 30, 2022 | December 31, 2021 | September 30, 2022 | December 31, 2021 | |||||||||||||||||||||||||||||||||||||||||||||||||
(in thousands) | (in thousands) | EFSC | Bank | EFSC | Bank | To Be Well-Capitalized | Minimum Ratio with CCB | (in thousands) | EFSC | Bank | EFSC | Bank | To Be Well-Capitalized | Minimum Ratio with CCB | ||||||||||||||||||||||||||||||||||||||
Common Equity Tier 1 Capital to Risk Weighted Assets | Common Equity Tier 1 Capital to Risk Weighted Assets | 10.9 | % | 12.0 | % | 11.3 | % | 12.5 | % | 6.5 | % | 7.0 | % | Common Equity Tier 1 Capital to Risk Weighted Assets | 11.0 | % | 12.2 | % | 11.3 | % | 12.5 | % | 6.5 | % | 7.0 | % | ||||||||||||||||||||||||||
Tier 1 Capital to Risk Weighted Assets | Tier 1 Capital to Risk Weighted Assets | 12.5 | % | 12.1 | % | 13.0 | % | 12.5 | % | 8.0 | % | 8.5 | % | Tier 1 Capital to Risk Weighted Assets | 12.6 | % | 12.2 | % | 13.0 | % | 12.5 | % | 8.0 | % | 8.5 | % | ||||||||||||||||||||||||||
Total Capital to Risk Weighted Assets | Total Capital to Risk Weighted Assets | 14.2 | % | 13.1 | % | 14.7 | % | 13.5 | % | 10.0 | % | 10.5 | % | Total Capital to Risk Weighted Assets | 14.2 | % | 13.2 | % | 14.7 | % | 13.5 | % | 10.0 | % | 10.5 | % | ||||||||||||||||||||||||||
Leverage Ratio (Tier 1 Capital to Average Assets) | Leverage Ratio (Tier 1 Capital to Average Assets) | 9.8 | % | 9.4 | % | 9.7 | % | 9.3 | % | 5.0 | % | 4.0 | % | Leverage Ratio (Tier 1 Capital to Average Assets) | 10.4 | % | 10.1 | % | 9.7 | % | 9.3 | % | 5.0 | % | 4.0 | % | ||||||||||||||||||||||||||
Tangible common equity to tangible assets1 | Tangible common equity to tangible assets1 | 7.8 | % | 8.1 | % | Tangible common equity to tangible assets1 | 7.9 | % | 8.1 | % | ||||||||||||||||||||||||||||||||||||||||||
Common equity tier 1 capital | Common equity tier 1 capital | $ | 1,130,152 | $ | 1,242,083 | $ | 1,091,823 | $ | 1,201,340 | Common equity tier 1 capital | $ | 1,174,612 | $ | 1,296,935 | $ | 1,091,823 | $ | 1,201,340 | ||||||||||||||||||||||||||||||||||
Tier 1 capital | Tier 1 capital | 1,295,791 | 1,242,134 | 1,257,462 | 1,201,391 | Tier 1 capital | 1,340,252 | 1,296,987 | 1,257,462 | 1,201,391 | ||||||||||||||||||||||||||||||||||||||||||
Total risk-based capital | Total risk-based capital | 1,469,579 | 1,352,672 | 1,423,036 | 1,303,715 | Total risk-based capital | 1,514,971 | 1,408,455 | 1,423,036 | 1,303,715 | ||||||||||||||||||||||||||||||||||||||||||
1 Not a required regulatory capital ratio | ||||||||||||||||||||||||||||||||||||||||||||||||||||
1 Not a required regulatory capital ratio. | 1 Not a required regulatory capital ratio. |
Three months ended | Six months ended | Three months ended | Nine months ended | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
(in thousands) | (in thousands) | June 30, 2022 | March 31, 2022 | June 30, 2021 | June 30, 2022 | June 30, 2021 | (in thousands) | September 30, 2022 | June 30, 2022 | September 30, 2021 | September 30, 2022 | September 30, 2021 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Net interest income | Net interest income | 109,613 | 101,165 | 81,738 | 210,778 | 160,861 | Net interest income | 124,290 | 109,613 | 97,273 | 335,068 | 258,134 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Noninterest income | Noninterest income | 14,194 | 18,641 | 16,204 | 32,835 | 27,494 | Noninterest income | 9,454 | 14,194 | 17,619 | 42,289 | 45,113 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Less gain (loss) on sale of other real estate | Less gain (loss) on sale of other real estate | (90) | 19 | 549 | (71) | 549 | Less gain (loss) on sale of other real estate | (22) | (90) | 335 | (93) | 884 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Core noninterest income | 14,284 | 18,622 | 15,655 | 32,906 | 26,945 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total core revenue | Total core revenue | 123,897 | 119,787 | 97,393 | 243,684 | 187,806 | Total core revenue | 133,766 | 123,897 | 114,557 | 377,450 | 302,363 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Noninterest expense | Noninterest expense | 65,424 | 62,800 | 52,456 | 128,224 | 105,340 | Noninterest expense | 68,843 | 65,424 | 76,885 | 197,067 | 182,225 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Less merger-related expenses | Less merger-related expenses | — | — | 1,949 | — | 5,091 | Less merger-related expenses | — | — | 14,671 | — | 19,762 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Less branch-closure expenses | Less branch-closure expenses | — | 3,441 | — | 3,441 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Core noninterest expense | Core noninterest expense | 65,424 | 62,800 | 50,507 | 128,224 | 100,249 | Core noninterest expense | 68,843 | 65,424 | 58,773 | 197,067 | 159,022 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Core efficiency ratio | Core efficiency ratio | 52.81 | % | 52.43 | % | 51.86 | % | 52.62 | % | 53.38 | % | Core efficiency ratio | 51.47 | % | 52.81 | % | 51.30 | % | 52.21 | % | 52.59 | % |
(in thousands) | (in thousands) | June 30, 2022 | December 31, 2021 | (in thousands) | September 30, 2022 | December 31, 2021 | ||||||||||||||||
Shareholders' equity | Shareholders' equity | $ | 1,447,412 | $ | 1,529,116 | Shareholders' equity | $ | 1,446,218 | $ | 1,529,116 | ||||||||||||
Less preferred stock | Less preferred stock | 71,988 | 71,988 | Less preferred stock | 71,988 | 71,988 | ||||||||||||||||
Less goodwill | Less goodwill | 365,164 | 365,164 | Less goodwill | 365,164 | 365,164 | ||||||||||||||||
Less intangible assets | Less intangible assets | 19,528 | 22,286 | Less intangible assets | 18,217 | 22,286 | ||||||||||||||||
Tangible common equity | Tangible common equity | $ | 990,732 | $ | 1,069,678 | Tangible common equity | $ | 990,849 | $ | 1,069,678 | ||||||||||||
Total assets | Total assets | $ | 13,084,506 | $ | 13,537,358 | Total assets | $ | 12,994,787 | $ | 13,537,358 | ||||||||||||
Less goodwill | Less goodwill | 365,164 | 365,164 | Less goodwill | 365,164 | 365,164 | ||||||||||||||||
Less intangible assets, net | Less intangible assets, net | 19,528 | 22,286 | Less intangible assets, net | 18,217 | 22,286 | ||||||||||||||||
Tangible assets | Tangible assets | $ | 12,699,814 | $ | 13,149,908 | Tangible assets | $ | 12,611,406 | $ | 13,149,908 | ||||||||||||
Tangible common equity to tangible assets | Tangible common equity to tangible assets | 7.80 | % | 8.13 | % | Tangible common equity to tangible assets | 7.86 | % | 8.13 | % |
For the three months ended | For the three months ended | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
(in thousands) | (in thousands) | June 30, 2022 | March 31, 2022 | June 30, 2021 | (in thousands) | September 30, 2022 | June 30, 2022 | September 30, 2021 | ||||||||||||||||||||||||||||||||||||||||||||||||||
Average shareholder’s equity | Average shareholder’s equity | $ | 1,474,267 | $ | 1,536,221 | $ | 1,116,969 | Average shareholder’s equity | $ | 1,494,504 | $ | 1,474,267 | $ | 1,394,096 | ||||||||||||||||||||||||||||||||||||||||||||
Less average preferred stock | Less average preferred stock | 71,988 | 71,988 | — | Less average preferred stock | 71,988 | 71,988 | — | ||||||||||||||||||||||||||||||||||||||||||||||||||
Less average goodwill | Less average goodwill | 365,164 | 365,164 | 260,567 | Less average goodwill | 365,164 | 365,164 | 342,622 | ||||||||||||||||||||||||||||||||||||||||||||||||||
Less average intangible assets | Less average intangible assets | 20,175 | 21,540 | 20,997 | Less average intangible assets | 18,857 | 20,175 | 23,473 | ||||||||||||||||||||||||||||||||||||||||||||||||||
Average tangible common equity | Average tangible common equity | $ | 1,016,940 | $ | 1,077,529 | $ | 835,405 | Average tangible common equity | $ | 1,038,495 | $ | 1,016,940 | $ | 1,028,001 |
Quarter ended | Six months ended | Quarter ended | Nine months ended | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
(in thousands) | (in thousands) | Jun 30, 2022 | Mar 31, 2022 | Jun 30, 2021 | Jun 30, 2022 | Jun 30, 2021 | (in thousands) | Sep 30, 2022 | Jun 30, 2022 | Sep 30, 2021 | Sep 30, 2022 | Sep 30, 2021 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Net interest income | Net interest income | $ | 109,613 | $ | 101,165 | $ | 81,738 | $ | 210,778 | $ | 160,861 | Net interest income | $ | 124,290 | $ | 109,613 | $ | 97,273 | $ | 335,068 | $ | 258,134 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Noninterest income | Noninterest income | 14,194 | 18,641 | 16,204 | 32,835 | 27,494 | Noninterest income | 9,454 | 14,194 | 17,619 | 42,289 | 45,113 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Less noninterest expense | Less noninterest expense | 65,424 | 62,800 | 52,456 | 128,224 | 105,340 | Less noninterest expense | 68,843 | 65,424 | 76,885 | 197,067 | 182,225 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Branch closure expenses | Branch closure expenses | — | — | 3,441 | — | 3,441 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Merger-related expenses | Merger-related expenses | — | — | 1,949 | — | 5,091 | Merger-related expenses | — | — | 14,671 | — | 19,762 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
PPNR | PPNR | $ | 58,383 | $ | 57,006 | $ | 47,435 | $ | 115,389 | $ | 88,106 | PPNR | $ | 64,901 | $ | 58,383 | $ | 56,119 | $ | 180,290 | $ | 144,225 |
Rate Shock | Annual % change in net interest income | ||||
+ 300 bp | |||||
+ 200 bp | |||||
+ 100 bp | |||||
- 100 bp | |||||
- 200 bp | |||||
Period | Total number of shares purchased (a) | Weighted-average price paid per share | Total number of shares purchased as part of publicly announced plans or programs | Maximum number of shares that may yet be purchased under the plans or programs | |||||||||||||||||||
April 1, 2022 through April 30, 2022 | 344,666 | $ | 45.67 | 344,666 | 4,717 | ||||||||||||||||||
May 1, 2022 through May 31, 2022 | 4,717 | 44.30 | 4,717 | 2,000,000 | |||||||||||||||||||
June 1, 2022 through June 30, 2022 | — | — | — | 2,000,000 | |||||||||||||||||||
Total | 349,383 | $ | 45.65 | 349,383 | 2,000,000 | ||||||||||||||||||
(a) In April 2021, the Company’s board of directors authorized the repurchase of up to two million shares of the Company’s common stock. As of May 2022, this plan was depleted. In May 2022, the Company’s board of directors authorized the repurchase of up to two million shares of the Company’s common stock. The repurchases may be made from time to time in the open market or through privately negotiated transactions. |
ENTERPRISE FINANCIAL SERVICES CORP | |||||||||||
By: | /s/ James B. Lally | ||||||||||
James B. Lally | |||||||||||
Chief Executive Officer | |||||||||||
By: | /s/ Keene S. Turner | ||||||||||
Keene S. Turner | |||||||||||
Chief Financial Officer |