☒ | 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 |
Delaware | 81-4552413 | |||||||
(State or other jurisdiction of incorporation or organization) | (I.R.S. Employer Identification Number) |
Large accelerated filer | ☐ | Accelerated filer | ☐ | ||||||||
Non-accelerated filer | ☒ | Smaller reporting company | ☐ | ||||||||
Emerging growth company | ☒ |
Page | |||||
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(Unaudited) | (Unaudited) | |||||||||||||||||||||
(In thousands, except par and share amounts) | (In thousands, except par and share amounts) | June 30, 2023 | December 31, 2022 | (In thousands, except par and share amounts) | September 30, 2023 | December 31, 2022 | ||||||||||||||||
Assets | Assets | Assets | ||||||||||||||||||||
Cash and cash equivalents | Cash and cash equivalents | $ | 492,735 | $ | 343,526 | Cash and cash equivalents | $ | 443,887 | $ | 343,526 | ||||||||||||
Securities available-for-sale, at fair value | Securities available-for-sale, at fair value | 515,956 | 536,973 | Securities available-for-sale, at fair value | 495,992 | 536,973 | ||||||||||||||||
Securities held-to-maturity, fair value of $32,827 and $33,218, respectively | 37,883 | 38,901 | ||||||||||||||||||||
Securities held-to-maturity, fair value of $30,792 and $33,218, respectively | Securities held-to-maturity, fair value of $30,792 and $33,218, respectively | 37,410 | 38,901 | |||||||||||||||||||
Loans held-for-sale, at fair value | Loans held-for-sale, at fair value | 56,350 | 57,323 | Loans held-for-sale, at fair value | 51,465 | 57,323 | ||||||||||||||||
Loans, net of allowance for credit losses of $77,362 and $65,917, respectively | 6,077,728 | 5,845,915 | ||||||||||||||||||||
Loans, net of allowance for credit losses of $78,666 and $65,917, respectively | Loans, net of allowance for credit losses of $78,666 and $65,917, respectively | 6,100,856 | 5,845,915 | |||||||||||||||||||
Mortgage servicing rights, at fair value | Mortgage servicing rights, at fair value | 78,390 | 74,097 | Mortgage servicing rights, at fair value | 81,036 | 74,097 | ||||||||||||||||
Premises and equipment, net | Premises and equipment, net | 84,483 | 87,079 | Premises and equipment, net | 83,733 | 87,079 | ||||||||||||||||
Other real estate owned and foreclosed assets, net | Other real estate owned and foreclosed assets, net | 10,139 | 6,358 | Other real estate owned and foreclosed assets, net | 8,395 | 6,358 | ||||||||||||||||
Bank-owned life insurance | Bank-owned life insurance | 78,855 | 77,923 | Bank-owned life insurance | 79,341 | 77,923 | ||||||||||||||||
Restricted equity securities | Restricted equity securities | 46,364 | 50,215 | Restricted equity securities | 35,396 | 50,215 | ||||||||||||||||
Goodwill | Goodwill | 93,483 | 93,483 | Goodwill | 93,483 | 93,483 | ||||||||||||||||
Core deposits and other intangible assets, net | Core deposits and other intangible assets, net | 12,712 | 15,806 | Core deposits and other intangible assets, net | 11,813 | 15,806 | ||||||||||||||||
Accrued interest receivable | Accrued interest receivable | 29,464 | 28,543 | Accrued interest receivable | 37,218 | 28,543 | ||||||||||||||||
Deferred tax assets, net | Deferred tax assets, net | 48,006 | 48,355 | Deferred tax assets, net | 50,269 | 48,355 | ||||||||||||||||
Prepaid expenses and other assets | Prepaid expenses and other assets | 134,796 | 125,825 | Prepaid expenses and other assets | 146,581 | 125,825 | ||||||||||||||||
Total assets | Total assets | $ | 7,797,344 | $ | 7,430,322 | Total assets | $ | 7,756,875 | $ | 7,430,322 | ||||||||||||
Liabilities and Stockholders’ Equity | Liabilities and Stockholders’ Equity | Liabilities and Stockholders’ Equity | ||||||||||||||||||||
Liabilities: | Liabilities: | Liabilities: | ||||||||||||||||||||
Deposits: | Deposits: | Deposits: | ||||||||||||||||||||
Noninterest-bearing accounts | Noninterest-bearing accounts | $ | 1,667,247 | $ | 1,820,490 | Noninterest-bearing accounts | $ | 1,610,650 | $ | 1,820,490 | ||||||||||||
Interest-bearing accounts | Interest-bearing accounts | 4,483,171 | 3,944,572 | Interest-bearing accounts | 4,729,197 | 3,944,572 | ||||||||||||||||
Total deposits | Total deposits | 6,150,418 | 5,765,062 | Total deposits | 6,339,847 | 5,765,062 | ||||||||||||||||
Securities sold under agreements to repurchase | Securities sold under agreements to repurchase | 32,861 | 36,721 | Securities sold under agreements to repurchase | 25,868 | 36,721 | ||||||||||||||||
Federal Home Loan Bank advances | Federal Home Loan Bank advances | 570,585 | 643,885 | Federal Home Loan Bank advances | 330,000 | 643,885 | ||||||||||||||||
Convertible notes payable, net | Convertible notes payable, net | 5,431 | 5,355 | Convertible notes payable, net | — | 5,355 | ||||||||||||||||
Subordinated debt, net | Subordinated debt, net | 75,080 | 74,880 | Subordinated debt, net | 75,180 | 74,880 | ||||||||||||||||
Accrued interest payable | Accrued interest payable | 13,542 | 5,798 | Accrued interest payable | 9,862 | 5,798 | ||||||||||||||||
Accrued expenses and other liabilities | Accrued expenses and other liabilities | 125,792 | 124,085 | Accrued expenses and other liabilities | 132,399 | 124,085 | ||||||||||||||||
Total liabilities | Total liabilities | 6,973,709 | 6,655,786 | Total liabilities | 6,913,156 | 6,655,786 | ||||||||||||||||
Stockholders’ equity: | Stockholders’ equity: | Stockholders’ equity: | ||||||||||||||||||||
Preferred stock, $0.0001 par value, 10,000,000 shares authorized, none issued or outstanding, respectively | Preferred stock, $0.0001 par value, 10,000,000 shares authorized, none issued or outstanding, respectively | — | — | Preferred stock, $0.0001 par value, 10,000,000 shares authorized, none issued or outstanding, respectively | — | — | ||||||||||||||||
Common stock, $0.0001 par value; 50,000,000 shares authorized; 24,941,468 and 24,920,984 shares issued; 24,941,468 and 24,920,984 shares outstanding, respectively | 2 | 2 | ||||||||||||||||||||
Common stock, $0.0001 par value; 50,000,000 shares authorized; 24,942,645 and 24,920,984 shares issued; 24,942,645 and 24,920,984 shares outstanding, respectively | Common stock, $0.0001 par value; 50,000,000 shares authorized; 24,942,645 and 24,920,984 shares issued; 24,942,645 and 24,920,984 shares outstanding, respectively | 2 | 2 | |||||||||||||||||||
Additional paid-in capital | Additional paid-in capital | 461,856 | 460,720 | Additional paid-in capital | 462,507 | 460,720 | ||||||||||||||||
Retained earnings | Retained earnings | 408,276 | 357,797 | Retained earnings | 433,508 | 357,797 | ||||||||||||||||
Accumulated other comprehensive loss, net | Accumulated other comprehensive loss, net | (46,499) | (43,983) | Accumulated other comprehensive loss, net | (52,298) | (43,983) | ||||||||||||||||
Total stockholders’ equity | Total stockholders’ equity | 823,635 | 774,536 | Total stockholders’ equity | 843,719 | 774,536 | ||||||||||||||||
Total liabilities and stockholders’ equity | Total liabilities and stockholders’ equity | $ | 7,797,344 | $ | 7,430,322 | Total liabilities and stockholders’ equity | $ | 7,756,875 | $ | 7,430,322 |
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 amounts) | (In thousands, except per share amounts) | 2023 | 2022 | 2023 | 2022 | (In thousands, except per share amounts) | 2023 | 2022 | 2023 | 2022 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Interest income: | Interest income: | Interest income: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Interest and fee income on loans: | Interest and fee income on loans: | Interest and fee income on loans: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Taxable | Taxable | $ | 90,480 | $ | 53,749 | $ | 174,417 | $ | 90,640 | Taxable | $ | 94,734 | $ | 63,626 | $ | 269,151 | $ | 154,266 | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Tax exempt | Tax exempt | 4,840 | 4,836 | 9,504 | 9,803 | Tax exempt | 4,831 | 4,644 | 14,335 | 14,447 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Interest and dividend income on securities: | Interest and dividend income on securities: | Interest and dividend income on securities: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Taxable | Taxable | 4,221 | 3,340 | 8,378 | 5,611 | Taxable | 4,219 | 3,639 | 12,597 | 9,250 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Tax exempt | Tax exempt | 6 | (7) | 13 | (3) | Tax exempt | 7 | 5 | 20 | 2 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Other interest income | Other interest income | 2,485 | 1,310 | 4,623 | 1,838 | Other interest income | 2,984 | 1,849 | 7,607 | 3,687 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total interest income | Total interest income | 102,032 | 63,228 | 196,935 | 107,889 | Total interest income | 106,775 | 73,763 | 303,710 | 181,652 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Interest expense: | Interest expense: | Interest expense: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Interest expense on deposits | Interest expense on deposits | 20,729 | 2,172 | 34,908 | 3,746 | Interest expense on deposits | 30,896 | 3,274 | 65,804 | 7,020 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Interest expense on securities sold under agreements to repurchase | Interest expense on securities sold under agreements to repurchase | 68 | 15 | 98 | 23 | Interest expense on securities sold under agreements to repurchase | 65 | 51 | 163 | 74 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Interest expense on other borrowed funds | Interest expense on other borrowed funds | 7,400 | 2,456 | 13,977 | 4,250 | Interest expense on other borrowed funds | 2,404 | 1,952 | 16,381 | 6,202 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total interest expense | Total interest expense | 28,197 | 4,643 | 48,983 | 8,019 | Total interest expense | 33,365 | 5,277 | 82,348 | 13,296 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Net interest income | Net interest income | 73,835 | 58,585 | 147,952 | 99,870 | Net interest income | 73,410 | 68,486 | 221,362 | 168,356 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Provision for credit losses | Provision for credit losses | 4,422 | 5,000 | 7,782 | 8,700 | Provision for credit losses | 3,890 | 3,750 | 11,672 | 12,450 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Net interest income after credit loss expense | Net interest income after credit loss expense | 69,413 | 53,585 | 140,170 | 91,170 | Net interest income after credit loss expense | 69,520 | 64,736 | 209,690 | 155,906 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Noninterest income: | Noninterest income: | Noninterest income: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Service charges on deposit accounts | Service charges on deposit accounts | 5,358 | 4,379 | 10,373 | 8,304 | Service charges on deposit accounts | 5,475 | 4,807 | 15,848 | 13,111 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Credit and debit card fees | Credit and debit card fees | 3,057 | 2,990 | 6,038 | 5,405 | Credit and debit card fees | 2,996 | 3,103 | 9,034 | 8,508 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Trust and investment advisory fees | Trust and investment advisory fees | 1,478 | 1,909 | 2,939 | 3,856 | Trust and investment advisory fees | 1,398 | 1,552 | 4,337 | 5,408 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Income from mortgage banking services, net | Income from mortgage banking services, net | 11,659 | 11,671 | 19,088 | 26,232 | Income from mortgage banking services, net | 7,413 | 13,785 | 26,501 | 40,017 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
(Loss) gain on other real estate owned and foreclosed assets activity, net | (Loss) gain on other real estate owned and foreclosed assets activity, net | — | (11) | — | 9 | (Loss) gain on other real estate owned and foreclosed assets activity, net | (643) | 155 | (643) | 164 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Other noninterest income | Other noninterest income | 2,738 | 1,364 | 4,783 | 2,189 | Other noninterest income | 2,011 | 1,551 | 6,794 | 3,740 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total noninterest income | Total noninterest income | 24,290 | 22,302 | 43,221 | 45,995 | Total noninterest income | 18,650 | 24,953 | 61,871 | 70,948 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Noninterest expense: | Noninterest expense: | Noninterest expense: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Salary and employee benefits | Salary and employee benefits | 34,056 | 35,248 | 69,105 | 69,473 | Salary and employee benefits | 33,968 | 32,508 | 103,073 | 101,981 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Occupancy and equipment | Occupancy and equipment | 7,948 | 7,753 | 16,122 | 14,586 | Occupancy and equipment | 8,216 | 8,216 | 24,338 | 22,802 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Amortization of intangible assets | Amortization of intangible assets | 2,050 | 935 | 3,094 | 1,262 | Amortization of intangible assets | 899 | 935 | 3,993 | 2,197 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Merger related expenses | Merger related expenses | — | 18,448 | — | 18,751 | Merger related expenses | — | — | — | 18,751 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Other noninterest expenses | Other noninterest expenses | 13,989 | 13,284 | 25,988 | 24,063 | Other noninterest expenses | 13,093 | 13,889 | 39,081 | 37,952 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total noninterest expense | Total noninterest expense | 58,043 | 75,668 | 114,309 | 128,135 | Total noninterest expense | 56,176 | 55,548 | 170,485 | 183,683 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Income before income taxes | Income before income taxes | 35,660 | 219 | 69,082 | 9,030 | Income before income taxes | 31,994 | 34,141 | 101,076 | 43,171 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Provision (benefit) for income taxes | 7,654 | (211) | 14,795 | 931 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Provision for income taxes | Provision for income taxes | 6,762 | 7,628 | 21,557 | 8,559 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Net income | Net income | $ | 28,006 | $ | 430 | $ | 54,287 | $ | 8,099 | Net income | $ | 25,232 | $ | 26,513 | $ | 79,519 | $ | 34,612 | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Other comprehensive income (loss), net of tax: | Other comprehensive income (loss), net of tax: | Other comprehensive income (loss), net of tax: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Loss on securities available-for-sale | Loss on securities available-for-sale | (5,091) | (25,867) | (2,820) | (42,199) | Loss on securities available-for-sale | (7,089) | (5,107) | (9,909) | (47,306) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Gain on fair value hedges of securities available-for-sale | Gain on fair value hedges of securities available-for-sale | 988 | 1,098 | 304 | 1,098 | Gain on fair value hedges of securities available-for-sale | 1,290 | 1,438 | 1,594 | 2,536 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Other comprehensive income (loss), net of tax | Other comprehensive income (loss), net of tax | (4,103) | (24,769) | (2,516) | (41,101) | Other comprehensive income (loss), net of tax | (5,799) | (3,669) | (8,315) | (44,770) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Comprehensive income (loss) | Comprehensive income (loss) | $ | 23,903 | $ | (24,339) | $ | 51,771 | $ | (33,002) | Comprehensive income (loss) | $ | 19,433 | $ | 22,844 | $ | 71,204 | $ | (10,158) | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Earnings per share: | Earnings per share: | Earnings per share: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Net income available to common stockholders | Net income available to common stockholders | $ | 28,006 | $ | 430 | $ | 54,287 | $ | 8,099 | Net income available to common stockholders | $ | 25,232 | $ | 26,513 | $ | 79,519 | $ | 34,612 | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Basic | Basic | $ | 1.12 | $ | 0.02 | $ | 2.18 | $ | 0.38 | Basic | $ | 1.01 | $ | 1.07 | $ | 3.19 | $ | 1.53 | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Diluted | Diluted | $ | 1.11 | $ | 0.02 | $ | 2.14 | $ | 0.36 | Diluted | $ | 1.00 | $ | 1.04 | $ | 3.13 | $ | 1.49 |
(in thousands, except share amounts) | (in thousands, except share amounts) | Issued shares of common stock | Common stock | Additional paid-in capital | Treasury stock | Retained earnings | Accumulated other comprehensive loss | Total stockholders’ equity | (in thousands, except share amounts) | Issued shares of common stock | Common stock | Additional paid-in capital | Treasury stock | Retained earnings | Accumulated other comprehensive loss | Total stockholders’ equity | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
2023 | 2023 | 2023 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Balance, beginning of period | Balance, beginning of period | 24,924,023 | $ | 2 | $ | 461,174 | $ | — | $ | 380,270 | $ | (42,396) | $ | 799,050 | Balance, beginning of period | 24,941,468 | $ | 2 | $ | 461,856 | $ | — | $ | 408,276 | $ | (46,499) | $ | 823,635 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
Issuance of common stock on restricted stock grants | 15,007 | — | 68 | — | — | — | 68 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Issuance of common stock on restricted stock grants (15,007 shares in the second quarter of 2023) | Issuance of common stock on restricted stock grants (15,007 shares in the second quarter of 2023) | — | — | 102 | — | — | — | 102 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Stock option exercises | Stock option exercises | 2,438 | — | 25 | — | — | — | 25 | Stock option exercises | 1,177 | — | (9) | — | — | — | (9) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Share-based compensation, net of forfeitures | Share-based compensation, net of forfeitures | — | — | 589 | — | — | — | 589 | Share-based compensation, net of forfeitures | — | — | 558 | — | — | — | 558 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Net income | Net income | — | — | — | — | 28,006 | — | 28,006 | Net income | — | — | — | — | 25,232 | — | 25,232 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Other comprehensive loss | Other comprehensive loss | — | — | — | — | — | (4,103) | (4,103) | Other comprehensive loss | — | — | — | — | — | (5,799) | (5,799) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Balance, end of period | Balance, end of period | 24,941,468 | $ | 2 | $ | 461,856 | $ | — | $ | 408,276 | $ | (46,499) | $ | 823,635 | Balance, end of period | 24,942,645 | $ | 2 | $ | 462,507 | $ | — | $ | 433,508 | $ | (52,298) | $ | 843,719 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
2022 | 2022 | 2022 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Balance, beginning of period | Balance, beginning of period | 19,903,342 | $ | 2 | $ | 262,071 | $ | (38,148) | $ | 306,284 | $ | (14,668) | $ | 515,541 | Balance, beginning of period | 24,850,954 | $ | 2 | $ | 460,263 | $ | — | $ | 306,714 | $ | (39,437) | $ | 727,542 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
Merger with Pioneer Bancshares, Inc. (issuance of treasury stock 1,557,054 shares) | 4,910,412 | — | 197,946 | 38,148 | — | — | 236,094 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Issuance of common stock on restricted stock grants | 11,344 | — | 67 | — | — | — | 67 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Issuance of common stock on restricted stock grants (11,344 shares in the second quarter of 2022) | Issuance of common stock on restricted stock grants (11,344 shares in the second quarter of 2022) | — | — | 102 | — | — | — | 102 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Stock option exercises | Stock option exercises | 25,856 | — | (208) | — | — | — | (208) | Stock option exercises | 55,078 | — | (206) | — | — | — | (206) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Share-based compensation, net of forfeitures | Share-based compensation, net of forfeitures | — | — | 387 | — | — | — | 387 | Share-based compensation, net of forfeitures | — | — | 371 | — | — | — | 371 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Net income | Net income | — | — | — | — | 430 | — | 430 | Net income | — | — | — | — | 26,513 | — | 26,513 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Other comprehensive loss | Other comprehensive loss | — | — | — | — | — | (24,769) | (24,769) | Other comprehensive loss | — | — | — | — | — | (3,669) | (3,669) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Balance, end of period | Balance, end of period | 24,850,954 | $ | 2 | $ | 460,263 | $ | — | $ | 306,714 | $ | (39,437) | $ | 727,542 | Balance, end of period | 24,906,032 | $ | 2 | $ | 460,530 | $ | — | $ | 333,227 | $ | (43,106) | $ | 750,653 |
(in thousands, except share amounts) | (in thousands, except share amounts) | Issued shares of common stock | Common stock | Additional paid-in capital | Treasury stock | Retained earnings | Accumulated other comprehensive income (loss) | Total stockholders’ equity | (in thousands, except share amounts) | Issued shares of common stock | Common stock | Additional paid-in capital | Treasury stock | Retained earnings | Accumulated other comprehensive income (loss) | Total stockholders’ equity | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
2023 | 2023 | 2023 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Balance, beginning of period | Balance, beginning of period | 24,920,984 | $ | 2 | $ | 460,720 | $ | — | $ | 357,797 | $ | (43,983) | $ | 774,536 | Balance, beginning of period | 24,920,984 | $ | 2 | $ | 460,720 | $ | — | $ | 357,797 | $ | (43,983) | $ | 774,536 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
Cumulative effect of accounting change (Note 1) | Cumulative effect of accounting change (Note 1) | — | — | — | — | (3,808) | — | (3,808) | Cumulative effect of accounting change (Note 1) | — | — | — | — | (3,808) | — | (3,808) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Adjusted beginning balance | Adjusted beginning balance | 24,920,984 | 2 | 460,720 | — | 353,989 | (43,983) | 770,728 | Adjusted beginning balance | 24,920,984 | 2 | 460,720 | — | 353,989 | (43,983) | 770,728 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Issuance of common stock on restricted stock grants | Issuance of common stock on restricted stock grants | 15,007 | — | 202 | — | — | — | 202 | Issuance of common stock on restricted stock grants | 15,007 | — | 304 | — | — | — | 304 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Stock option exercises | Stock option exercises | 5,477 | — | 53 | — | — | — | 53 | Stock option exercises | 6,654 | — | 44 | — | — | — | 44 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Share-based compensation, net of forfeitures | Share-based compensation, net of forfeitures | — | — | 881 | — | — | — | 881 | Share-based compensation, net of forfeitures | — | — | 1,439 | — | — | — | 1,439 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Net income | Net income | — | — | — | — | 54,287 | — | 54,287 | Net income | — | — | — | — | 79,519 | — | 79,519 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Other comprehensive income | Other comprehensive income | — | — | — | — | — | (2,516) | (2,516) | Other comprehensive income | — | — | — | — | — | (8,315) | (8,315) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Balance, end of period | Balance, end of period | 24,941,468 | $ | 2 | $ | 461,856 | $ | — | $ | 408,276 | $ | (46,499) | $ | 823,635 | Balance, end of period | 24,942,645 | $ | 2 | $ | 462,507 | $ | — | $ | 433,508 | $ | (52,298) | $ | 843,719 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
2022 | 2022 | 2022 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Balance, beginning of period | Balance, beginning of period | 19,903,342 | $ | 2 | $ | 261,905 | $ | (38,148) | $ | 298,615 | $ | 1,664 | $ | 524,038 | Balance, beginning of period | 19,903,342 | $ | 2 | $ | 261,905 | $ | (38,148) | $ | 298,615 | $ | 1,664 | $ | 524,038 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
Merger with Pioneer Bancshares, Inc. (issuance of treasury stock 1,557,054 shares) | Merger with Pioneer Bancshares, Inc. (issuance of treasury stock 1,557,054 shares) | 4,910,412 | — | 197,946 | 38,148 | — | — | 236,094 | Merger with Pioneer Bancshares, Inc. (issuance of treasury stock 1,557,054 shares) | 4,910,412 | — | 197,946 | 38,148 | — | — | 236,094 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Issuance of common stock on restricted stock grants | Issuance of common stock on restricted stock grants | 11,344 | — | 67 | — | — | — | 67 | Issuance of common stock on restricted stock grants | 11,344 | — | 169 | — | — | — | 169 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Stock option exercises | Stock option exercises | 25,856 | — | (208) | — | — | — | (208) | Stock option exercises | 80,934 | — | (414) | — | — | — | (414) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Share-based compensation, net of forfeitures | Share-based compensation, net of forfeitures | — | — | 553 | — | — | — | 553 | Share-based compensation, net of forfeitures | — | — | 924 | — | — | — | 924 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Net income | Net income | — | — | — | — | 8,099 | — | 8,099 | Net income | — | — | — | — | 34,612 | — | 34,612 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Other comprehensive income | — | — | — | — | — | (41,101) | (41,101) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Other comprehensive loss | Other comprehensive loss | — | — | — | — | — | (44,770) | (44,770) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Balance, end of period | Balance, end of period | 24,850,954 | $ | 2 | $ | 460,263 | $ | — | $ | 306,714 | $ | (39,437) | $ | 727,542 | Balance, end of period | 24,906,032 | $ | 2 | $ | 460,530 | $ | — | $ | 333,227 | $ | (43,106) | $ | 750,653 |
(In thousands) | (In thousands) | 2023 | 2022 | (In thousands) | 2023 | 2022 | ||||||||||||||||||||||||||||||||||||||||
Cash flows from operating activities: | Cash flows from operating activities: | Cash flows from operating activities: | ||||||||||||||||||||||||||||||||||||||||||||
Net income | Net income | $ | 54,287 | $ | 8,099 | Net income | $ | 79,519 | $ | 34,612 | ||||||||||||||||||||||||||||||||||||
Adjustments to reconcile income to net cash provided by operating activities: | Adjustments to reconcile income to net cash provided by operating activities: | Adjustments to reconcile income to net cash provided by operating activities: | ||||||||||||||||||||||||||||||||||||||||||||
Provision for credit losses | Provision for credit losses | 7,782 | 8,700 | Provision for credit losses | 11,672 | 12,450 | ||||||||||||||||||||||||||||||||||||||||
Depreciation | Depreciation | 3,423 | 3,385 | Depreciation | 5,047 | 5,305 | ||||||||||||||||||||||||||||||||||||||||
Deferred tax expense | Deferred tax expense | 54 | — | Deferred tax expense | 65 | 671 | ||||||||||||||||||||||||||||||||||||||||
Amortization of net premium on securities | Amortization of net premium on securities | 523 | 1,226 | Amortization of net premium on securities | 791 | 1,737 | ||||||||||||||||||||||||||||||||||||||||
Accretion of net discount on acquired loans | Accretion of net discount on acquired loans | (1,695) | (1,104) | Accretion of net discount on acquired loans | (2,451) | (1,832) | ||||||||||||||||||||||||||||||||||||||||
Net change in deferred loan origination fees and costs | Net change in deferred loan origination fees and costs | (485) | 1,689 | Net change in deferred loan origination fees and costs | (282) | 398 | ||||||||||||||||||||||||||||||||||||||||
Amortization of core deposits and other intangible assets | Amortization of core deposits and other intangible assets | 3,094 | 1,262 | Amortization of core deposits and other intangible assets | 3,993 | 2,197 | ||||||||||||||||||||||||||||||||||||||||
Amortization of software implementation costs | Amortization of software implementation costs | 368 | 437 | Amortization of software implementation costs | 610 | 639 | ||||||||||||||||||||||||||||||||||||||||
Amortization of premium on acquired deposits | Amortization of premium on acquired deposits | (540) | (396) | Amortization of premium on acquired deposits | (770) | (743) | ||||||||||||||||||||||||||||||||||||||||
Accretion of discount on subordinated debt | Accretion of discount on subordinated debt | 127 | 127 | Accretion of discount on subordinated debt | 190 | 191 | ||||||||||||||||||||||||||||||||||||||||
Amortization of issuance costs on subordinated debt | Amortization of issuance costs on subordinated debt | 73 | 71 | Amortization of issuance costs on subordinated debt | 110 | 108 | ||||||||||||||||||||||||||||||||||||||||
Accretion of discount on convertible notes payable | Accretion of discount on convertible notes payable | 76 | 1,055 | Accretion of discount on convertible notes payable | 101 | 1,093 | ||||||||||||||||||||||||||||||||||||||||
Accretion of discount (amortization of premium) on Federal Home Loan Bank advances | Accretion of discount (amortization of premium) on Federal Home Loan Bank advances | — | 44 | Accretion of discount (amortization of premium) on Federal Home Loan Bank advances | — | 64 | ||||||||||||||||||||||||||||||||||||||||
Increase in cash surrender value of bank-owned life insurance | Increase in cash surrender value of bank-owned life insurance | (932) | (765) | Increase in cash surrender value of bank-owned life insurance | (1,418) | (1,222) | ||||||||||||||||||||||||||||||||||||||||
Impairment of premises and equipment | Impairment of premises and equipment | — | 720 | Impairment of premises and equipment | — | 720 | ||||||||||||||||||||||||||||||||||||||||
Impairment of other real estate owned and foreclosed assets | Impairment of other real estate owned and foreclosed assets | 285 | 21 | Impairment of other real estate owned and foreclosed assets | 285 | 21 | ||||||||||||||||||||||||||||||||||||||||
Federal Home Loan Bank stock dividends | Federal Home Loan Bank stock dividends | (1,158) | (136) | Federal Home Loan Bank stock dividends | (1,372) | (238) | ||||||||||||||||||||||||||||||||||||||||
Share-based compensation expense | Share-based compensation expense | 1,083 | 620 | Share-based compensation expense | 1,743 | 1,093 | ||||||||||||||||||||||||||||||||||||||||
Decrease (increase) in fair value of mortgage servicing rights | Decrease (increase) in fair value of mortgage servicing rights | 651 | (10,463) | Decrease (increase) in fair value of mortgage servicing rights | 695 | (14,777) | ||||||||||||||||||||||||||||||||||||||||
Net loss on disposal of premises and equipment | Net loss on disposal of premises and equipment | 17 | 84 | Net loss on disposal of premises and equipment | 34 | 86 | ||||||||||||||||||||||||||||||||||||||||
Net gain on other real estate owned and foreclosed assets activity | — | (9) | ||||||||||||||||||||||||||||||||||||||||||||
Net (loss) gain on other real estate owned and foreclosed assets activity | Net (loss) gain on other real estate owned and foreclosed assets activity | 643 | (164) | |||||||||||||||||||||||||||||||||||||||||||
Net gain on sales of loans held-for-sale | Net gain on sales of loans held-for-sale | (2,217) | (9,990) | Net gain on sales of loans held-for-sale | (2,997) | (10,498) | ||||||||||||||||||||||||||||||||||||||||
Origination of loans held-for-sale | Origination of loans held-for-sale | (433,293) | (616,115) | Origination of loans held-for-sale | (669,412) | (899,200) | ||||||||||||||||||||||||||||||||||||||||
Proceeds from sales of loans held-for-sale | Proceeds from sales of loans held-for-sale | 431,540 | 663,522 | Proceeds from sales of loans held-for-sale | 670,634 | 937,343 | ||||||||||||||||||||||||||||||||||||||||
Changes in operating assets and liabilities: | Changes in operating assets and liabilities: | Changes in operating assets and liabilities: | ||||||||||||||||||||||||||||||||||||||||||||
Lease right-of-use assets | Lease right-of-use assets | (243) | — | Lease right-of-use assets | (478) | — | ||||||||||||||||||||||||||||||||||||||||
Accrued interest receivable | Accrued interest receivable | (921) | (1,595) | Accrued interest receivable | (8,675) | (6,255) | ||||||||||||||||||||||||||||||||||||||||
Prepaid expenses and other assets | Prepaid expenses and other assets | (10,213) | (18,504) | Prepaid expenses and other assets | (20,428) | (32,474) | ||||||||||||||||||||||||||||||||||||||||
Accrued interest payable | Accrued interest payable | 7,744 | (45) | Accrued interest payable | 4,064 | 297 | ||||||||||||||||||||||||||||||||||||||||
Accrued expenses and other liabilities | Accrued expenses and other liabilities | 3,740 | 747 | Accrued expenses and other liabilities | 10,329 | 10,666 | ||||||||||||||||||||||||||||||||||||||||
Deferred tax assets | Deferred tax assets | 2,341 | 669 | Deferred tax assets | 1,944 | — | ||||||||||||||||||||||||||||||||||||||||
Net cash provided by (used in) operating activities | $ | 65,511 | $ | 33,356 | ||||||||||||||||||||||||||||||||||||||||||
Net cash provided by operating activities | Net cash provided by operating activities | $ | 84,186 | $ | 42,288 |
(In thousands) | (In thousands) | 2023 | 2022 | (In thousands) | 2023 | 2022 | ||||||||||||||||||||||||||||||||||||||||
Cash flows from operating activities: (previous page) | Cash flows from operating activities: (previous page) | $ | 65,511 | $ | 33,356 | Cash flows from operating activities: (previous page) | $ | 84,186 | $ | 42,288 | ||||||||||||||||||||||||||||||||||||
Cash flows from investing activities: | Cash flows from investing activities: | Cash flows from investing activities: | ||||||||||||||||||||||||||||||||||||||||||||
Cash acquired in excess of cash paid in connection with Pioneer Merger | Cash acquired in excess of cash paid in connection with Pioneer Merger | — | 444,541 | Cash acquired in excess of cash paid in connection with Pioneer Merger | — | 444,541 | ||||||||||||||||||||||||||||||||||||||||
Proceeds from maturities of held-to-maturity securities | Proceeds from maturities of held-to-maturity securities | 1,060 | 2,359 | Proceeds from maturities of held-to-maturity securities | 1,555 | 3,027 | ||||||||||||||||||||||||||||||||||||||||
Purchases of available-for-sale securities | Purchases of available-for-sale securities | (1,757) | (66,606) | Purchases of available-for-sale securities | (5,201) | (66,606) | ||||||||||||||||||||||||||||||||||||||||
Proceeds from sale or maturities of available-for-sale securities | Proceeds from sale or maturities of available-for-sale securities | 18,470 | 136,952 | Proceeds from sale or maturities of available-for-sale securities | 32,203 | 157,399 | ||||||||||||||||||||||||||||||||||||||||
Loan originations, net of repayments | Loan originations, net of repayments | (245,914) | (540,552) | Loan originations, net of repayments | (272,090) | (707,439) | ||||||||||||||||||||||||||||||||||||||||
Purchases of premises and equipment | Purchases of premises and equipment | (1,211) | (1,058) | Purchases of premises and equipment | (1,367) | (1,795) | ||||||||||||||||||||||||||||||||||||||||
Proceeds from the sale of premises and equipment | Proceeds from the sale of premises and equipment | 45 | 2 | Proceeds from the sale of premises and equipment | — | 2 | ||||||||||||||||||||||||||||||||||||||||
Proceeds from sales of other real estate owned and foreclosed assets | Proceeds from sales of other real estate owned and foreclosed assets | — | 713 | Proceeds from sales of other real estate owned and foreclosed assets | 1,101 | 867 | ||||||||||||||||||||||||||||||||||||||||
Purchases of restricted equity securities | Purchases of restricted equity securities | (18,529) | (10,575) | Purchases of restricted equity securities | (33,061) | (18,549) | ||||||||||||||||||||||||||||||||||||||||
Proceeds from the sale or redemption of restricted equity securities | Proceeds from the sale or redemption of restricted equity securities | 23,537 | 8,432 | Proceeds from the sale or redemption of restricted equity securities | 49,251 | 9,471 | ||||||||||||||||||||||||||||||||||||||||
Purchase of other investments | Purchase of other investments | (948) | — | Purchase of other investments | (1,777) | (388) | ||||||||||||||||||||||||||||||||||||||||
Proceeds from the sale or redemption of other investments | Proceeds from the sale or redemption of other investments | 158 | 500 | Proceeds from the sale or redemption of other investments | 158 | 745 | ||||||||||||||||||||||||||||||||||||||||
Net cash used in investing activities | Net cash used in investing activities | (225,089) | (25,292) | Net cash used in investing activities | (229,228) | (178,725) | ||||||||||||||||||||||||||||||||||||||||
Cash flows from financing activities: | Cash flows from financing activities: | Cash flows from financing activities: | ||||||||||||||||||||||||||||||||||||||||||||
Net change in deposits | Net change in deposits | 385,895 | (113,611) | Net change in deposits | 575,554 | (285,868) | ||||||||||||||||||||||||||||||||||||||||
Net change in securities sold under agreements to repurchase | Net change in securities sold under agreements to repurchase | (3,861) | (21,255) | Net change in securities sold under agreements to repurchase | (10,854) | (40,837) | ||||||||||||||||||||||||||||||||||||||||
Proceeds from Federal Home Loan Bank advances | Proceeds from Federal Home Loan Bank advances | 1,107,000 | — | Proceeds from Federal Home Loan Bank advances | 1,547,000 | 170,884 | ||||||||||||||||||||||||||||||||||||||||
Repayments of Federal Home Loan Bank advances | Repayments of Federal Home Loan Bank advances | (1,180,300) | (40,000) | Repayments of Federal Home Loan Bank advances | (1,860,885) | (60,000) | ||||||||||||||||||||||||||||||||||||||||
Repayments of convertible notes payable | Repayments of convertible notes payable | (5,456) | (15,217) | |||||||||||||||||||||||||||||||||||||||||||
Repayments of other borrowings | — | (15,217) | ||||||||||||||||||||||||||||||||||||||||||||
Proceeds from subordinated debt, net | Proceeds from subordinated debt, net | — | 24,466 | Proceeds from subordinated debt, net | — | 24,466 | ||||||||||||||||||||||||||||||||||||||||
Proceeds from issuance of common stock, net of issuance costs | Proceeds from issuance of common stock, net of issuance costs | 53 | (208) | Proceeds from issuance of common stock, net of issuance costs | 44 | (414) | ||||||||||||||||||||||||||||||||||||||||
Net cash provided by (used in) financing activities | Net cash provided by (used in) financing activities | 308,787 | (165,825) | Net cash provided by (used in) financing activities | 245,403 | (206,986) | ||||||||||||||||||||||||||||||||||||||||
Net increase (decrease) in cash and cash equivalents | Net increase (decrease) in cash and cash equivalents | 149,209 | (157,761) | Net increase (decrease) in cash and cash equivalents | 100,361 | (343,423) | ||||||||||||||||||||||||||||||||||||||||
Cash and cash equivalents, beginning of period | Cash and cash equivalents, beginning of period | 343,526 | 668,462 | Cash and cash equivalents, beginning of period | 343,526 | 668,462 | ||||||||||||||||||||||||||||||||||||||||
Cash and cash equivalents, end of period | Cash and cash equivalents, end of period | $ | 492,735 | $ | 510,701 | Cash and cash equivalents, end of period | $ | 443,887 | $ | 325,039 | ||||||||||||||||||||||||||||||||||||
Supplemental disclosures of cash flow information: | Supplemental disclosures of cash flow information: | Supplemental disclosures of cash flow information: | ||||||||||||||||||||||||||||||||||||||||||||
Interest paid on deposits | Interest paid on deposits | $ | 26,034 | $ | 3,670 | Interest paid on deposits | $ | 59,999 | $ | 6,726 | ||||||||||||||||||||||||||||||||||||
Interest paid on borrowed funds | Interest paid on borrowed funds | $ | 18,120 | $ | 4,557 | Interest paid on borrowed funds | $ | 18,675 | $ | 6,605 | ||||||||||||||||||||||||||||||||||||
Cash paid for income taxes, net | Cash paid for income taxes, net | $ | 30,905 | $ | 10,276 | Cash paid for income taxes, net | $ | 23,152 | $ | 10,276 | ||||||||||||||||||||||||||||||||||||
Non-cash investing and financing activities: | Non-cash investing and financing activities: | Non-cash investing and financing activities: | ||||||||||||||||||||||||||||||||||||||||||||
Assets acquired from Merger with Pioneer Bancshares, Inc. | Assets acquired from Merger with Pioneer Bancshares, Inc. | $ | — | $ | 1,085,506 | Assets acquired from Merger with Pioneer Bancshares, Inc. | $ | — | $ | 1,085,506 | ||||||||||||||||||||||||||||||||||||
Liabilities assumed from Merger with Pioneer Bancshares, Inc. | Liabilities assumed from Merger with Pioneer Bancshares, Inc. | $ | — | $ | 1,354,387 | Liabilities assumed from Merger with Pioneer Bancshares, Inc. | $ | — | $ | 1,354,387 | ||||||||||||||||||||||||||||||||||||
Net change in unrealized loss on available-for-sale securities and unrealized gain on fair value hedges of securities available-for-sale | Net change in unrealized loss on available-for-sale securities and unrealized gain on fair value hedges of securities available-for-sale | $ | (3,736) | $ | (54,470) | Net change in unrealized loss on available-for-sale securities and unrealized gain on fair value hedges of securities available-for-sale | $ | (13,117) | $ | (59,262) | ||||||||||||||||||||||||||||||||||||
Loan charge-offs | Loan charge-offs | $ | 920 | $ | 2,112 | Loan charge-offs | $ | 4,019 | $ | 2,412 | ||||||||||||||||||||||||||||||||||||
Premises and equipment transferred to other real estate owned and foreclosed assets | Premises and equipment transferred to other real estate owned and foreclosed assets | $ | — | $ | 338 | Premises and equipment transferred to other real estate owned and foreclosed assets | $ | — | $ | 338 | ||||||||||||||||||||||||||||||||||||
Loans transferred to other real estate owned and foreclosed assets | Loans transferred to other real estate owned and foreclosed assets | $ | 4,065 | $ | 291 | Loans transferred to other real estate owned and foreclosed assets | $ | 4,065 | $ | 291 | ||||||||||||||||||||||||||||||||||||
Premises and equipment transferred (from) to other assets | Premises and equipment transferred (from) to other assets | $ | (331) | $ | 64 | Premises and equipment transferred (from) to other assets | $ | 387 | $ | 64 | ||||||||||||||||||||||||||||||||||||
Mortgage servicing rights resulting from sale or securitization of mortgage loans | Mortgage servicing rights resulting from sale or securitization of mortgage loans | $ | 4,944 | $ | 8,192 | Mortgage servicing rights resulting from sale or securitization of mortgage loans | $ | 7,634 | $ | 11,681 |
April 1, 2022 | |||||
Cash and cash equivalents | $ | 449,278 | |||
Investment securities | 157,859 | ||||
Loans held-for-sale | 2,923 | ||||
Loans | 811,300 | ||||
Premises and equipment | 39,935 | ||||
Bank-owned life insurance | 21,382 | ||||
Restricted equity securities | 9,320 | ||||
Core deposits and other intangible assets | 11,771 | ||||
Accrued interest receivable | 3,947 | ||||
Deferred tax assets | 19,752 | ||||
Prepaid expenses and other assets | 7,317 | ||||
Total assets acquired | 1,534,784 | ||||
Deposits | 1,192,081 | ||||
Federal Home Loan Bank advances | 159,924 | ||||
Accrued interest payable | 407 | ||||
Accrued expenses and other liabilities | 1,975 | ||||
Total liabilities assumed | 1,354,387 | ||||
Fair value of net assets acquired | 180,397 | ||||
Purchase price | 240,830 | ||||
Goodwill | $ | 60,433 |
Acquired Loans | Contractual Principal Balance | ||||||||||
Commercial and industrial | $ | 98,351 | $ | 98,752 | |||||||
Commercial real estate | 509,173 | 516,341 | |||||||||
Residential real estate | 173,094 | 174,763 | |||||||||
Consumer | 30,682 | 31,982 | |||||||||
Total fair value | $ | 811,300 | $ | 821,838 |
(Unaudited) Pro forma for the | |||||||||||
2022 | |||||||||||
Net interest income | $ | ||||||||||
Provision for loan losses | |||||||||||
Net interest income after provision for loan losses | |||||||||||
Noninterest income | |||||||||||
Noninterest expenses | |||||||||||
Income before income taxes | |||||||||||
Provision for income taxes | |||||||||||
Net income | $ | ||||||||||
Earnings per share: | |||||||||||
Net income available to common stockholders | $ | ||||||||||
Basic | $ | ||||||||||
Diluted | $ |
Amortized Cost | Gross Unrealized Gains | Gross Unrealized Losses | Estimated Fair Value | Amortized Cost | Gross Unrealized Gains | Gross Unrealized Losses | Estimated Fair Value | |||||||||||||||||||||||||||||||||||||||
June 30, 2023 | ||||||||||||||||||||||||||||||||||||||||||||||
September 30, 2023 | September 30, 2023 | |||||||||||||||||||||||||||||||||||||||||||||
Available-for-sale: | Available-for-sale: | Available-for-sale: | ||||||||||||||||||||||||||||||||||||||||||||
U.S. treasury | U.S. treasury | $ | 61,989 | $ | — | $ | (5,120) | $ | 56,869 | U.S. treasury | $ | 58,478 | $ | — | $ | (5,625) | $ | 52,853 | ||||||||||||||||||||||||||||
U.S. agency | U.S. agency | 2,264 | — | (36) | 2,228 | U.S. agency | 2,089 | — | (34) | 2,055 | ||||||||||||||||||||||||||||||||||||
Obligations of states and political subdivisions | Obligations of states and political subdivisions | 29,973 | — | (4,237) | 25,736 | Obligations of states and political subdivisions | 29,941 | — | (5,453) | 24,488 | ||||||||||||||||||||||||||||||||||||
Mortgage backed - residential | Mortgage backed - residential | 122,828 | 1 | (15,593) | 107,236 | Mortgage backed - residential | 118,975 | — | (18,422) | 100,553 | ||||||||||||||||||||||||||||||||||||
Collateralized mortgage obligations | Collateralized mortgage obligations | 215,095 | — | (22,524) | 192,571 | Collateralized mortgage obligations | 208,949 | — | (24,492) | 184,457 | ||||||||||||||||||||||||||||||||||||
Mortgage backed - commercial | Mortgage backed - commercial | 131,860 | — | (15,597) | 116,263 | Mortgage backed - commercial | 134,990 | — | (18,079) | 116,911 | ||||||||||||||||||||||||||||||||||||
Other debt | Other debt | 16,783 | — | (1,730) | 15,053 | Other debt | 16,787 | — | (2,112) | 14,675 | ||||||||||||||||||||||||||||||||||||
Total available-for-sale | Total available-for-sale | $ | 580,792 | $ | 1 | $ | (64,837) | $ | 515,956 | Total available-for-sale | $ | 570,209 | $ | — | $ | (74,217) | $ | 495,992 | ||||||||||||||||||||||||||||
Held-to-maturity: | Held-to-maturity: | Held-to-maturity: | ||||||||||||||||||||||||||||||||||||||||||||
Obligations of states and political subdivisions | Obligations of states and political subdivisions | $ | 25,459 | $ | 1 | $ | (4,099) | $ | 21,361 | Obligations of states and political subdivisions | $ | 25,500 | $ | — | $ | (5,473) | $ | 20,027 | ||||||||||||||||||||||||||||
Mortgage backed - residential | Mortgage backed - residential | 8,116 | 2 | (656) | 7,462 | Mortgage backed - residential | 7,859 | — | (815) | 7,044 | ||||||||||||||||||||||||||||||||||||
Collateralized mortgage obligations | Collateralized mortgage obligations | 4,308 | — | (304) | 4,004 | Collateralized mortgage obligations | 4,051 | — | (330) | 3,721 | ||||||||||||||||||||||||||||||||||||
Total held-to-maturity | Total held-to-maturity | $ | 37,883 | $ | 3 | $ | (5,059) | $ | 32,827 | Total held-to-maturity | $ | 37,410 | $ | — | $ | (6,618) | $ | 30,792 | ||||||||||||||||||||||||||||
December 31, 2022 | December 31, 2022 | December 31, 2022 | ||||||||||||||||||||||||||||||||||||||||||||
Available-for-sale: | Available-for-sale: | Available-for-sale: | ||||||||||||||||||||||||||||||||||||||||||||
U.S. treasury | U.S. treasury | $ | 62,010 | $ | — | $ | (5,361) | $ | 56,649 | U.S. treasury | $ | 62,010 | $ | — | $ | (5,361) | $ | 56,649 | ||||||||||||||||||||||||||||
U.S. agency | U.S. agency | 2,881 | — | (47) | 2,834 | U.S. agency | 2,881 | — | (47) | 2,834 | ||||||||||||||||||||||||||||||||||||
Obligations of states and political subdivisions | Obligations of states and political subdivisions | 29,897 | — | (4,998) | 24,899 | Obligations of states and political subdivisions | 29,897 | — | (4,998) | 24,899 | ||||||||||||||||||||||||||||||||||||
Mortgage backed - residential | Mortgage backed - residential | 129,955 | 6 | (13,826) | 116,135 | Mortgage backed - residential | 129,955 | 6 | (13,826) | 116,135 | ||||||||||||||||||||||||||||||||||||
Collateralized mortgage obligations | Collateralized mortgage obligations | 225,559 | — | (21,294) | 204,265 | Collateralized mortgage obligations | 225,559 | — | (21,294) | 204,265 | ||||||||||||||||||||||||||||||||||||
Mortgage backed - commercial | Mortgage backed - commercial | 130,997 | — | (13,661) | 117,336 | Mortgage backed - commercial | 130,997 | — | (13,661) | 117,336 | ||||||||||||||||||||||||||||||||||||
Other debt | Other debt | 16,774 | — | (1,919) | 14,855 | Other debt | 16,774 | — | (1,919) | 14,855 | ||||||||||||||||||||||||||||||||||||
Total available-for-sale | Total available-for-sale | $ | 598,073 | $ | 6 | $ | (61,106) | $ | 536,973 | Total available-for-sale | $ | 598,073 | $ | 6 | $ | (61,106) | $ | 536,973 | ||||||||||||||||||||||||||||
Held-to-maturity: | Held-to-maturity: | Held-to-maturity: | ||||||||||||||||||||||||||||||||||||||||||||
Obligations of states and political subdivisions | Obligations of states and political subdivisions | $ | 25,378 | $ | 5 | $ | (4,891) | $ | 20,492 | Obligations of states and political subdivisions | $ | 25,378 | $ | 5 | $ | (4,891) | $ | 20,492 | ||||||||||||||||||||||||||||
Mortgage backed - residential | Mortgage backed - residential | 8,705 | 4 | (511) | 8,198 | Mortgage backed - residential | 8,705 | 4 | (511) | 8,198 | ||||||||||||||||||||||||||||||||||||
Collateralized mortgage obligations | Collateralized mortgage obligations | 4,818 | — | (290) | 4,528 | Collateralized mortgage obligations | 4,818 | — | (290) | 4,528 | ||||||||||||||||||||||||||||||||||||
Total held-to-maturity | Total held-to-maturity | $ | 38,901 | $ | 9 | $ | (5,692) | $ | 33,218 | Total held-to-maturity | $ | 38,901 | $ | 9 | $ | (5,692) | $ | 33,218 |
Less than 12 months | 12 months or longer | Total | Less than 12 months | 12 months or longer | Total | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Estimated Fair Value | Unrealized Losses | Estimated Fair Value | Unrealized Losses | Estimated Fair Value | Unrealized Losses | Number of Securities | Estimated Fair Value | Unrealized Losses | Estimated Fair Value | Unrealized Losses | Estimated Fair Value | Unrealized Losses | Number of Securities | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
June 30, 2023 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
September 30, 2023 | September 30, 2023 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Available-for-sale: | Available-for-sale: | Available-for-sale: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
U.S. treasury | U.S. treasury | $ | — | $ | — | $ | 56,869 | $ | (5,120) | $ | 56,869 | $ | (5,120) | 10 | U.S. treasury | $ | — | $ | — | $ | 52,853 | $ | (5,625) | $ | 52,853 | $ | (5,625) | 9 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
U.S. agency | U.S. agency | — | — | 2,228 | (36) | 2,228 | (36) | 7 | U.S. agency | — | — | 2,055 | (34) | 2,055 | (34) | 7 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Obligations of states and political subdivisions | Obligations of states and political subdivisions | — | — | 25,267 | (4,237) | 25,267 | (4,237) | 18 | Obligations of states and political subdivisions | — | — | 24,488 | (5,453) | 24,488 | (5,453) | 19 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Mortgage backed - residential | Mortgage backed - residential | 1,291 | (100) | 105,607 | (15,493) | 106,898 | (15,593) | 85 | Mortgage backed - residential | 320 | (4) | 100,233 | (18,418) | 100,553 | (18,422) | 88 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Collateralized mortgage obligations | Collateralized mortgage obligations | 16,293 | (1,007) | 176,278 | (21,517) | 192,571 | (22,524) | 66 | Collateralized mortgage obligations | — | — | 184,457 | (24,492) | 184,457 | (24,492) | 66 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Mortgage backed - commercial | Mortgage backed - commercial | 1,742 | (15) | 114,521 | (15,582) | 116,263 | (15,597) | 23 | Mortgage backed - commercial | 5,086 | (115) | 111,825 | (17,964) | 116,911 | (18,079) | 25 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Other debt | Other debt | — | — | 15,053 | (1,730) | 15,053 | (1,730) | 9 | Other debt | — | — | 14,675 | (2,112) | 14,675 | (2,112) | 9 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total available-for-sale | Total available-for-sale | $ | 19,326 | $ | (1,122) | $ | 495,823 | $ | (63,715) | $ | 515,149 | $ | (64,837) | 218 | Total available-for-sale | $ | 5,406 | $ | (119) | $ | 490,586 | $ | (74,098) | $ | 495,992 | $ | (74,217) | 223 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
Held-to-maturity: | Held-to-maturity: | Held-to-maturity: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Obligations of states and political subdivisions | Obligations of states and political subdivisions | $ | — | $ | — | $ | 21,026 | $ | (4,099) | $ | 21,026 | $ | (4,099) | 8 | Obligations of states and political subdivisions | $ | 329 | $ | (4) | $ | 19,698 | $ | (5,469) | $ | 20,027 | $ | (5,473) | 9 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
Mortgage backed - residential | Mortgage backed - residential | — | — | 7,291 | (656) | 7,291 | (656) | 10 | Mortgage backed - residential | 135 | — | 6,888 | (815) | 7,023 | (815) | 13 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Collateralized mortgage obligations | Collateralized mortgage obligations | — | — | 4,004 | (304) | 4,004 | (304) | 5 | Collateralized mortgage obligations | — | — | 3,721 | (330) | 3,721 | (330) | 5 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total held-to-maturity | Total held-to-maturity | $ | — | $ | — | $ | 32,321 | $ | (5,059) | $ | 32,321 | $ | (5,059) | 23 | Total held-to-maturity | $ | 464 | $ | (4) | $ | 30,307 | $ | (6,614) | $ | 30,771 | $ | (6,618) | 27 |
Less than 12 months | 12 months or longer | Total | |||||||||||||||||||||||||||||||||||||||
Estimated Fair Value | Unrealized Losses | Estimated Fair Value | Unrealized Losses | Estimated Fair Value | Unrealized Losses | Number of Securities | |||||||||||||||||||||||||||||||||||
December 31, 2022 | |||||||||||||||||||||||||||||||||||||||||
Available-for-sale: | |||||||||||||||||||||||||||||||||||||||||
U.S. treasury | $ | 25,702 | $ | (967) | $ | 30,947 | $ | (4,394) | $ | 56,649 | $ | (5,361) | 10 | ||||||||||||||||||||||||||||
U.S. agency | — | — | 2,834 | (47) | 2,834 | (47) | 7 | ||||||||||||||||||||||||||||||||||
Obligations of states and political subdivisions | 21,676 | (3,784) | 2,753 | (1,214) | 24,429 | (4,998) | 18 | ||||||||||||||||||||||||||||||||||
Mortgage backed - residential | 51,921 | (2,939) | 63,691 | (10,887) | 115,612 | (13,826) | 87 | ||||||||||||||||||||||||||||||||||
Collateralized mortgage obligations | 111,360 | (4,631) | 92,905 | (16,663) | 204,265 | (21,294) | 66 | ||||||||||||||||||||||||||||||||||
Mortgage backed - commercial | 70,710 | (6,475) | 46,626 | (7,186) | 117,336 | (13,661) | 22 | ||||||||||||||||||||||||||||||||||
Other debt | 14,855 | (1,919) | — | — | 14,855 | (1,919) | 9 | ||||||||||||||||||||||||||||||||||
Total available-for-sale | $ | 296,224 | $ | (20,715) | $ | 239,756 | $ | (40,391) | $ | 535,980 | $ | (61,106) | 219 | ||||||||||||||||||||||||||||
Held-to-maturity: | |||||||||||||||||||||||||||||||||||||||||
Obligations of states and political subdivisions | $ | 20,153 | $ | (4,891) | $ | — | $ | — | $ | 20,153 | $ | (4,891) | 8 | ||||||||||||||||||||||||||||
Mortgage backed - residential | 7,993 | (511) | — | — | 7,993 | (511) | 10 | ||||||||||||||||||||||||||||||||||
Collateralized mortgage obligations | 4,127 | (275) | 401 | (15) | 4,528 | (290) | 5 | ||||||||||||||||||||||||||||||||||
Total held-to-maturity | $ | 32,273 | $ | (5,677) | $ | 401 | $ | (15) | $ | 32,674 | $ | (5,692) | 23 |
Amortized Cost | Estimated Fair Value | Amortized Cost | Estimated Fair Value | |||||||||||||||||||
Available-for-sale: | Available-for-sale: | Available-for-sale: | ||||||||||||||||||||
Due within 1 year | Due within 1 year | $ | 18,497 | $ | 18,107 | Due within 1 year | $ | 14,995 | $ | 14,726 | ||||||||||||
Due after 1 year through 5 years | Due after 1 year through 5 years | 42,198 | 39,135 | Due after 1 year through 5 years | 61,708 | 55,491 | ||||||||||||||||
Due after 5 years through 10 years | Due after 5 years through 10 years | 163,870 | 145,002 | Due after 5 years through 10 years | 146,294 | 127,028 | ||||||||||||||||
Due after 10 years | Due after 10 years | 356,227 | 313,712 | Due after 10 years | 347,212 | 298,747 | ||||||||||||||||
Total available-for-sale | Total available-for-sale | $ | 580,792 | $ | 515,956 | Total available-for-sale | $ | 570,209 | $ | 495,992 | ||||||||||||
Held-to-maturity: | Held-to-maturity: | Held-to-maturity: | ||||||||||||||||||||
Due after 1 year through 5 years | Due after 1 year through 5 years | $ | 1,066 | $ | 1,028 | Due after 1 year through 5 years | $ | 1,026 | $ | 983 | ||||||||||||
Due after 5 years through 10 years | Due after 5 years through 10 years | 778 | 744 | Due after 5 years through 10 years | 757 | 711 | ||||||||||||||||
Due after 10 years | Due after 10 years | 36,039 | 31,055 | Due after 10 years | 35,627 | 29,098 | ||||||||||||||||
Total held-to-maturity | Total held-to-maturity | $ | 37,883 | $ | 32,827 | Total held-to-maturity | $ | 37,410 | $ | 30,792 |
June 30, 2023 | December 31, 2022 | September 30, 2023 | December 31, 2022 | |||||||||||||||||||
Commercial and industrial | Commercial and industrial | $ | 2,474,531 | $ | 2,310,929 | Commercial and industrial | $ | 2,459,358 | $ | 2,310,929 | ||||||||||||
Commercial real estate: | Commercial real estate: | Commercial real estate: | ||||||||||||||||||||
Non-owner occupied | Non-owner occupied | 723,365 | 779,546 | Non-owner occupied | 767,135 | 779,546 | ||||||||||||||||
Owner occupied | Owner occupied | 643,191 | 636,272 | Owner occupied | 631,352 | 636,272 | ||||||||||||||||
Construction and land | Construction and land | 316,399 | 327,817 | Construction and land | 329,433 | 327,817 | ||||||||||||||||
Multifamily | Multifamily | 100,464 | 102,068 | Multifamily | 114,535 | 102,068 | ||||||||||||||||
Total commercial real estate | Total commercial real estate | 1,783,419 | 1,845,703 | Total commercial real estate | 1,842,455 | 1,845,703 | ||||||||||||||||
Residential real estate | Residential real estate | 1,082,991 | 1,003,931 | Residential real estate | 1,059,074 | 1,003,931 | ||||||||||||||||
Public finance | Public finance | 611,748 | 590,284 | Public finance | 602,844 | 590,284 | ||||||||||||||||
Consumer | Consumer | 39,909 | 42,588 | Consumer | 37,681 | 42,588 | ||||||||||||||||
Other | Other | 162,492 | 118,397 | Other | 178,110 | 118,397 | ||||||||||||||||
Total loans | Total loans | $ | 6,155,090 | $ | 5,911,832 | Total loans | $ | 6,179,522 | $ | 5,911,832 | ||||||||||||
Allowance for credit losses | Allowance for credit losses | (77,362) | (65,917) | Allowance for credit losses | (78,666) | (65,917) | ||||||||||||||||
Loans, net of allowance for credit losses | Loans, net of allowance for credit losses | $ | 6,077,728 | $ | 5,845,915 | Loans, net of allowance for credit losses | $ | 6,100,856 | $ | 5,845,915 |
Commercial and Industrial | Commercial Real Estate | Residential Real Estate | Public Finance | Consumer | Other | Total | Commercial and Industrial | Commercial Real Estate | Residential Real Estate | Public Finance | Consumer | Other | Total | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
2023 | 2023 | 2023 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Allowance for credit losses: | Allowance for credit losses: | Allowance for credit losses: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Balance, beginning of period | Balance, beginning of period | $ | 28,545 | $ | 24,186 | $ | 14,165 | $ | 5,549 | $ | 676 | $ | 1,338 | $ | 74,459 | Balance, beginning of period | $ | 33,197 | $ | 21,598 | $ | 14,959 | $ | 5,506 | $ | 854 | $ | 1,248 | $ | 77,362 | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Provision (benefit) for credit losses | Provision (benefit) for credit losses | 5,343 | (2,588) | 773 | (43) | 225 | (90) | 3,620 | Provision (benefit) for credit losses | 4,252 | 1,495 | (2,429) | 135 | (28) | 175 | 3,600 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Loans charged off | Loans charged off | (729) | — | — | — | (68) | — | (797) | Loans charged off | (2,963) | — | — | — | (136) | — | (3,099) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Recoveries | Recoveries | 38 | — | 21 | — | 21 | — | 80 | Recoveries | 155 | 9 | 627 | — | 12 | — | 803 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Balance, end of period | Balance, end of period | $ | 33,197 | $ | 21,598 | $ | 14,959 | $ | 5,506 | $ | 854 | $ | 1,248 | $ | 77,362 | Balance, end of period | $ | 34,641 | $ | 23,102 | $ | 13,157 | $ | 5,641 | $ | 702 | $ | 1,423 | $ | 78,666 | ||||||||||||||||||||||||||||||||||||||||||||||||||||
2022 | 2022 | 2022 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Allowance for credit losses: | Allowance for credit losses: | Allowance for credit losses: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Balance, beginning of period | Balance, beginning of period | $ | 33,009 | $ | 14,566 | $ | 997 | $ | 1,611 | $ | 233 | $ | 93 | $ | 50,509 | Balance, beginning of period | $ | 33,305 | $ | 18,351 | $ | 2,418 | $ | 1,538 | $ | 318 | $ | 147 | $ | 56,077 | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Provision for (benefit from) credit losses | Provision for (benefit from) credit losses | (303) | 3,784 | 1,422 | (73) | 116 | 54 | 5,000 | Provision for (benefit from) credit losses | 2,394 | 1,213 | 222 | (108) | 32 | (3) | 3,750 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Loans charged off | Loans charged off | (947) | — | (98) | — | (38) | — | (1,083) | Loans charged off | (223) | — | (24) | — | (53) | — | (300) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Recoveries | Recoveries | 1,546 | 1 | 97 | — | 7 | — | 1,651 | Recoveries | 112 | 2 | 1 | — | 36 | — | 151 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Balance, end of period | Balance, end of period | $ | 33,305 | $ | 18,351 | $ | 2,418 | $ | 1,538 | $ | 318 | $ | 147 | $ | 56,077 | Balance, end of period | $ | 35,588 | $ | 19,566 | $ | 2,617 | $ | 1,430 | $ | 333 | $ | 144 | $ | 59,678 |
Commercial and Industrial | Commercial Real Estate | Residential Real Estate | Public Finance | Consumer | Other | Total | Commercial and Industrial | Commercial Real Estate | Residential Real Estate | Public Finance | Consumer | Other | Total | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
2023 | 2023 | 2023 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Allowance for credit losses: | Allowance for credit losses: | Allowance for credit losses: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Balance, beginning of period | Balance, beginning of period | $ | 40,785 | $ | 19,754 | $ | 2,963 | $ | 1,664 | $ | 352 | $ | 399 | $ | 65,917 | Balance, beginning of period | $ | 40,785 | $ | 19,754 | $ | 2,963 | $ | 1,664 | $ | 352 | $ | 399 | $ | 65,917 | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Impact of adopting ASC 326 | Impact of adopting ASC 326 | (13,583) | 3,867 | 10,256 | 3,890 | 249 | 577 | 5,256 | Impact of adopting ASC 326 | (13,583) | 3,867 | 10,256 | 3,890 | 249 | 577 | 5,256 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Provision (benefit) for credit losses | Provision (benefit) for credit losses | 6,689 | (2,026) | 1,719 | (48) | 354 | 272 | 6,960 | Provision (benefit) for credit losses | 10,941 | (531) | (710) | 87 | 326 | 447 | 10,560 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Loans charged off | Loans charged off | (788) | — | — | — | (132) | — | (920) | Loans charged off | (3,751) | — | — | — | (268) | — | (4,019) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Recoveries | Recoveries | 94 | 3 | 21 | — | 31 | — | 149 | Recoveries | 249 | 12 | 648 | — | 43 | — | 952 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Balance, end of period | Balance, end of period | $ | 33,197 | $ | 21,598 | $ | 14,959 | $ | 5,506 | $ | 854 | $ | 1,248 | $ | 77,362 | Balance, end of period | $ | 34,641 | $ | 23,102 | $ | 13,157 | $ | 5,641 | $ | 702 | $ | 1,423 | $ | 78,666 | ||||||||||||||||||||||||||||||||||||||||||||||||||||
2022 | 2022 | 2022 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Allowance for credit losses: | Allowance for credit losses: | Allowance for credit losses: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Balance, beginning of period | Balance, beginning of period | $ | 31,622 | $ | 13,198 | $ | 836 | $ | 1,544 | $ | 235 | $ | 112 | $ | 47,547 | Balance, beginning of period | $ | 31,622 | $ | 13,198 | $ | 836 | $ | 1,544 | $ | 235 | $ | 112 | $ | 47,547 | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Provision (benefit) for credit losses | Provision (benefit) for credit losses | 1,910 | 5,152 | 1,485 | (6) | 124 | 35 | 8,700 | Provision (benefit) for credit losses | 4,304 | 6,365 | 1,707 | (114) | 156 | 32 | 12,450 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Loans charged off | Loans charged off | (1,950) | — | (98) | — | (64) | — | (2,112) | Loans charged off | (2,173) | — | (122) | — | (117) | — | (2,412) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Recoveries | Recoveries | 1,723 | 1 | 195 | — | 23 | — | 1,942 | Recoveries | 1,835 | 3 | 196 | — | 59 | — | 2,093 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Balance, end of period | Balance, end of period | $ | 33,305 | $ | 18,351 | $ | 2,418 | $ | 1,538 | $ | 318 | $ | 147 | $ | 56,077 | Balance, end of period | $ | 35,588 | $ | 19,566 | $ | 2,617 | $ | 1,430 | $ | 333 | $ | 144 | $ | 59,678 |
Loans Not Past Due | Loans 30-59 Days Past Due | Loans 60-89 Days Past Due | Loans Greater than 90 Days Past Due, Still Accruing | Nonaccrual | Total | Loans Not Past Due | Loans 30-59 Days Past Due | Loans 60-89 Days Past Due | Loans Greater than 90 Days Past Due, Still Accruing | Nonaccrual | Total | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
June 30, 2023 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
September 30, 2023 | September 30, 2023 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Commercial and industrial | Commercial and industrial | $ | 2,438,328 | $ | 955 | $ | 1,070 | $ | — | $ | 34,178 | $ | 2,474,531 | Commercial and industrial | $ | 2,441,207 | $ | 2,858 | $ | 3,065 | $ | 193 | $ | 12,035 | $ | 2,459,358 | ||||||||||||||||||||||||||||||||||||||||||||
Commercial real estate: | Commercial real estate: | Commercial real estate: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Non-owner occupied | Non-owner occupied | 718,562 | 780 | — | — | 4,023 | 723,365 | Non-owner occupied | 762,297 | 111 | 545 | — | 4,182 | 767,135 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Owner occupied | Owner occupied | 635,395 | — | — | — | 7,796 | 643,191 | Owner occupied | 629,542 | 450 | 620 | — | 740 | 631,352 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Construction and land | Construction and land | 311,446 | — | — | — | 4,953 | 316,399 | Construction and land | 329,206 | 39 | — | — | 188 | 329,433 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Multifamily | Multifamily | 100,464 | — | — | — | — | 100,464 | Multifamily | 114,535 | — | — | — | — | 114,535 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total commercial real estate | Total commercial real estate | 1,765,867 | 780 | — | — | 16,772 | 1,783,419 | Total commercial real estate | 1,835,580 | 600 | 1,165 | — | 5,110 | 1,842,455 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Residential real estate | Residential real estate | 1,063,855 | 1,415 | 1,364 | 19 | 16,338 | 1,082,991 | Residential real estate | 1,036,230 | 575 | 1,697 | 18 | 20,554 | 1,059,074 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Public Finance | Public Finance | 611,748 | — | — | — | — | 611,748 | Public Finance | 602,844 | — | — | — | — | 602,844 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Consumer | Consumer | 39,775 | 17 | 30 | — | 87 | 39,909 | Consumer | 37,590 | 90 | — | — | 1 | 37,681 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Other | Other | 159,538 | 2,508 | — | — | 446 | 162,492 | Other | 175,278 | — | — | — | 2,832 | 178,110 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total loans | Total loans | $ | 6,079,111 | $ | 5,675 | $ | 2,464 | $ | 19 | $ | 67,821 | $ | 6,155,090 | Total loans | $ | 6,128,729 | $ | 4,123 | $ | 5,927 | $ | 211 | $ | 40,532 | $ | 6,179,522 | ||||||||||||||||||||||||||||||||||||||||||||
December 31, 2022 | December 31, 2022 | December 31, 2022 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Commercial and industrial | Commercial and industrial | $ | 2,298,207 | $ | 2,409 | $ | 819 | $ | — | $ | 9,494 | $ | 2,310,929 | Commercial and industrial | $ | 2,298,207 | $ | 2,409 | $ | 819 | $ | — | $ | 9,494 | $ | 2,310,929 | ||||||||||||||||||||||||||||||||||||||||||||
Commercial real estate: | Commercial real estate: | Commercial real estate: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Non-owner occupied | Non-owner occupied | 773,042 | 4,356 | — | — | 2,148 | 779,546 | Non-owner occupied | 773,042 | 4,356 | — | — | 2,148 | 779,546 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Owner occupied | Owner occupied | 630,335 | — | — | — | 5,937 | 636,272 | Owner occupied | 630,335 | — | — | — | 5,937 | 636,272 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Construction and land | Construction and land | 324,888 | 2,632 | 99 | — | 198 | 327,817 | Construction and land | 324,888 | 2,632 | 99 | — | 198 | 327,817 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Multifamily | Multifamily | 102,068 | — | — | — | — | 102,068 | Multifamily | 102,068 | — | — | — | — | 102,068 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total commercial real estate | Total commercial real estate | 1,830,333 | 6,988 | 99 | — | 8,283 | 1,845,703 | Total commercial real estate | 1,830,333 | 6,988 | 99 | — | 8,283 | 1,845,703 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Residential real estate | Residential real estate | 974,450 | 17,231 | 1,524 | 98 | 10,628 | 1,003,931 | Residential real estate | 974,450 | 17,231 | 1,524 | 98 | 10,628 | 1,003,931 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Public Finance | Public Finance | 590,284 | — | — | — | — | 590,284 | Public Finance | 590,284 | — | — | — | — | 590,284 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Consumer | Consumer | 42,434 | 58 | 3 | — | 93 | 42,588 | Consumer | 42,434 | 58 | 3 | — | 93 | 42,588 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Other | Other | 117,926 | — | — | — | 471 | 118,397 | Other | 117,926 | — | — | — | 471 | 118,397 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total loans | Total loans | $ | 5,853,634 | $ | 26,686 | $ | 2,445 | $ | 98 | $ | 28,969 | $ | 5,911,832 | Total loans | $ | 5,853,634 | $ | 26,686 | $ | 2,445 | $ | 98 | $ | 28,969 | $ | 5,911,832 |
2023 | 2022 | 2021 | 2020 | 2019 | Prior | Term Total | Revolving | Total | 2023 | 2022 | 2021 | 2020 | 2019 | Prior | Revolving Loans Converted to Term | Revolving | Total | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Commercial and industrial: | Commercial and industrial: | Commercial and industrial: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Pass | Pass | $ | 298,843 | $ | 629,602 | $ | 315,686 | $ | 132,497 | $ | 47,452 | $ | 34,547 | $ | 1,458,627 | $ | 800,730 | $ | 2,259,357 | Pass | $ | 300,415 | $ | 480,464 | $ | 388,085 | $ | 154,171 | $ | 45,291 | $ | 48,799 | $ | 26,617 | $ | 803,301 | $ | 2,247,143 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Pass/Watch | Pass/Watch | 948 | 12,627 | 8,210 | 3,110 | 704 | 3,640 | 29,239 | 25,819 | 55,058 | Pass/Watch | 9,176 | 2,522 | 7,001 | 2,484 | 1,483 | 1,626 | 167 | 68,825 | 93,284 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Special Mention | Special Mention | 2,716 | 50,431 | 33,333 | 707 | 708 | 2,283 | 90,178 | 6,398 | 96,576 | Special Mention | 3,526 | 38,881 | 30,790 | 1,290 | 684 | 1,061 | 199 | 7,662 | 84,093 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Substandard - Accruing | Substandard - Accruing | 491 | 2,544 | 9,519 | 6,819 | 2,112 | 3,778 | 25,263 | 4,099 | 29,362 | Substandard - Accruing | 630 | — | 5,648 | 5,888 | 1,406 | 3,680 | 3,304 | 2,247 | 22,803 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Substandard - Nonaccrual | Substandard - Nonaccrual | — | 531 | 10,891 | 5,585 | 722 | 3,606 | 21,335 | 12,500 | 33,835 | Substandard - Nonaccrual | — | — | 3,180 | 6,656 | 796 | 395 | — | 96 | 11,123 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Doubtful | Doubtful | 37 | — | 306 | — | — | — | 343 | — | 343 | Doubtful | — | — | — | — | 570 | 35 | 250 | 57 | 912 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total commercial and industrial | Total commercial and industrial | $ | 303,035 | $ | 695,735 | $ | 377,945 | $ | 148,718 | $ | 51,698 | $ | 47,854 | $ | 1,624,985 | $ | 849,546 | $ | 2,474,531 | Total commercial and industrial | $ | 313,747 | $ | 521,867 | $ | 434,704 | $ | 170,489 | $ | 50,230 | $ | 55,596 | $ | 30,537 | $ | 882,188 | $ | 2,459,358 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Gross charge-offs | Gross charge-offs | $ | — | $ | 59 | $ | — | $ | — | $ | — | $ | 729 | $ | 788 | $ | — | $ | 788 | Gross charge-offs | $ | — | $ | — | $ | 395 | $ | — | $ | — | $ | 366 | $ | 2,990 | $ | — | $ | 3,751 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Commercial real estate: | Commercial real estate: | Commercial real estate: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Non-owner occupied: | Non-owner occupied: | Non-owner occupied: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Pass | Pass | $ | 56,777 | $ | 120,593 | $ | 132,211 | $ | 116,058 | $ | 92,647 | $ | 141,459 | $ | 659,745 | $ | 22,648 | $ | 682,393 | Pass | $ | 52,362 | $ | 98,135 | $ | 129,180 | $ | 111,588 | $ | 69,011 | $ | 183,353 | $ | 20,935 | $ | 54,485 | $ | 719,049 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Pass/Watch | Pass/Watch | — | — | — | — | — | 25,097 | 25,097 | — | 25,097 | Pass/Watch | — | — | — | 986 | — | 23,562 | 1,300 | — | 25,848 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Special Mention | Special Mention | — | — | — | — | — | 4,907 | 4,907 | — | 4,907 | Special Mention | — | 3,542 | — | 2,857 | — | — | — | — | 6,399 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Substandard - Accruing | Substandard - Accruing | — | — | 1,969 | — | — | 4,976 | 6,945 | — | 6,945 | Substandard - Accruing | — | — | — | 1,895 | — | 9,762 | — | — | 11,657 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Substandard - Nonaccrual | Substandard - Nonaccrual | — | — | — | — | 105 | 3,918 | 4,023 | — | 4,023 | Substandard - Nonaccrual | — | — | — | — | — | 4,182 | — | — | 4,182 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total non-owner occupied | Total non-owner occupied | $ | 56,777 | $ | 120,593 | $ | 134,180 | $ | 116,058 | $ | 92,752 | $ | 180,357 | $ | 700,717 | $ | 22,648 | $ | 723,365 | Total non-owner occupied | $ | 52,362 | $ | 101,677 | $ | 129,180 | $ | 117,326 | $ | 69,011 | $ | 220,859 | $ | 22,235 | $ | 54,485 | $ | 767,135 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Gross charge-offs | Gross charge-offs | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | Gross charge-offs | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Owner occupied: | Owner occupied: | Owner occupied: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Pass | Pass | $ | 59,556 | $ | 113,041 | $ | 144,057 | $ | 102,838 | $ | 61,929 | $ | 100,796 | $ | 582,217 | $ | 7,241 | $ | 589,458 | Pass | $ | 60,548 | $ | 85,790 | $ | 118,772 | $ | 117,027 | $ | 67,740 | $ | 127,986 | $ | 2,455 | $ | 6,553 | $ | 586,871 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Pass/Watch | Pass/Watch | 609 | 1,111 | 1,005 | 1,436 | 1,462 | 7,729 | 13,352 | 1,639 | 14,991 | Pass/Watch | 605 | 909 | 990 | 1,427 | 1,457 | 1,601 | — | 1,628 | 8,617 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Special Mention | Special Mention | — | — | 1,633 | 2,003 | 1,845 | 4,578 | 10,059 | — | 10,059 | Special Mention | — | 495 | 1,623 | 1,990 | 488 | 4,391 | — | — | 8,987 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Substandard - Accruing | Substandard - Accruing | 334 | 466 | 4,503 | 6,873 | 1,869 | 6,842 | 20,887 | — | 20,887 | Substandard - Accruing | — | 463 | 638 | 6,805 | 2,252 | 15,979 | — | — | 26,137 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Substandard - Nonaccrual | Substandard - Nonaccrual | — | — | — | — | 7,018 | 778 | 7,796 | — | 7,796 | Substandard - Nonaccrual | — | — | — | — | — | 740 | — | — | 740 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total owner occupied | Total owner occupied | $ | 60,499 | $ | 114,618 | $ | 151,198 | $ | 113,150 | $ | 74,123 | $ | 120,723 | $ | 634,311 | $ | 8,880 | $ | 643,191 | Total owner occupied | $ | 61,153 | $ | 87,657 | $ | 122,023 | $ | 127,249 | $ | 71,937 | $ | 150,697 | $ | 2,455 | $ | 8,181 | $ | 631,352 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Gross charge-offs | Gross charge-offs | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | Gross charge-offs | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Construction & land: | Construction & land: | Construction & land: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Pass | Pass | $ | 27,825 | $ | 132,258 | $ | 84,791 | $ | 28,883 | $ | 8,290 | $ | 6,115 | $ | 288,162 | $ | 20,642 | $ | 308,804 | Pass | $ | 25,539 | $ | 143,285 | $ | 60,953 | $ | 35,204 | $ | 13,554 | $ | 9,458 | $ | 15,369 | $ | 21,651 | $ | 325,013 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Pass/Watch | Pass/Watch | — | — | — | — | — | 17 | 17 | — | 17 | Pass/Watch | — | — | — | — | — | 16 | — | — | 16 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Special Mention | Special Mention | — | — | 1,407 | 641 | — | — | 2,048 | — | 2,048 | Special Mention | — | — | 1,394 | 2,256 | — | — | — | — | 3,650 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Substandard - Accruing | Substandard - Accruing | — | 577 | — | — | — | — | 577 | — | 577 | Substandard - Accruing | — | — | 566 | — | — | — | — | — | 566 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Substandard - Nonaccrual | Substandard - Nonaccrual | — | 350 | 4,415 | 188 | — | — | 4,953 | — | 4,953 | Substandard - Nonaccrual | — | — | — | 188 | — | — | — | — | 188 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total construction & land | Total construction & land | $ | 27,825 | $ | 133,185 | $ | 90,613 | $ | 29,712 | $ | 8,290 | $ | 6,132 | $ | 295,757 | $ | 20,642 | $ | 316,399 | Total construction & land | $ | 25,539 | $ | 143,285 | $ | 62,913 | $ | 37,648 | $ | 13,554 | $ | 9,474 | $ | 15,369 | $ | 21,651 | $ | 329,433 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Gross charge-offs | Gross charge-offs | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | Gross charge-offs | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Multifamily: | Multifamily: | Multifamily: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Pass | Pass | $ | 2,322 | $ | 35,789 | $ | 36,495 | $ | 13,052 | $ | 6,033 | $ | 1,201 | $ | 94,892 | $ | 5,572 | $ | 100,464 | Pass | $ | 1,362 | $ | 47,809 | $ | 36,731 | $ | 12,973 | $ | 2,723 | $ | 6,060 | $ | — | $ | 5,572 | $ | 113,230 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Special Mention | Special Mention | — | — | — | — | 1,305 | — | — | — | 1,305 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total multifamily | Total multifamily | $ | 2,322 | $ | 35,789 | $ | 36,495 | $ | 13,052 | $ | 6,033 | $ | 1,201 | $ | 94,892 | $ | 5,572 | $ | 100,464 | Total multifamily | $ | 1,362 | $ | 47,809 | $ | 36,731 | $ | 12,973 | $ | 4,028 | $ | 6,060 | $ | — | $ | 5,572 | $ | 114,535 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Gross charge-offs | Gross charge-offs | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | Gross charge-offs | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — |
2023 | 2022 | 2021 | 2020 | 2019 | Prior | Term Total | Revolving | Total | 2023 | 2022 | 2021 | 2020 | 2019 | Prior | Revolving Loans Converted to Term | Revolving | Total | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total commercial real estate: | Total commercial real estate: | Total commercial real estate: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Pass | Pass | $ | 146,480 | $ | 401,681 | $ | 397,554 | $ | 260,831 | $ | 168,899 | $ | 249,571 | $ | 1,625,016 | $ | 56,103 | $ | 1,681,119 | Pass | $ | 139,811 | $ | 375,019 | $ | 345,636 | $ | 276,792 | $ | 153,028 | $ | 326,857 | $ | 38,759 | $ | 88,261 | $ | 1,744,163 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Pass/Watch | Pass/Watch | 609 | 1,111 | 1,005 | 1,436 | 1,462 | 32,843 | 38,466 | 1,639 | 40,105 | Pass/Watch | 605 | 909 | 990 | 2,413 | 1,457 | 25,179 | 1,300 | 1,628 | 34,481 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Special Mention | Special Mention | — | — | 3,040 | 2,644 | 1,845 | 9,485 | 17,014 | — | 17,014 | Special Mention | — | 4,037 | 3,017 | 7,103 | 1,793 | 4,391 | — | — | 20,341 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Substandard - Accruing | Substandard - Accruing | 334 | 1,043 | 6,472 | 6,873 | 1,869 | 11,818 | 28,409 | — | 28,409 | Substandard - Accruing | — | 463 | 1,204 | 8,700 | 2,252 | 25,741 | — | — | 38,360 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Substandard - Nonaccrual | Substandard - Nonaccrual | — | 350 | 4,415 | 188 | 7,123 | 4,696 | 16,772 | — | 16,772 | Substandard - Nonaccrual | — | — | — | 188 | — | 4,922 | — | — | 5,110 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total commercial real estate: | Total commercial real estate: | $ | 147,423 | $ | 404,185 | $ | 412,486 | $ | 271,972 | $ | 181,198 | $ | 308,413 | $ | 1,725,677 | $ | 57,742 | $ | 1,783,419 | Total commercial real estate: | $ | 140,416 | $ | 380,428 | $ | 350,847 | $ | 295,196 | $ | 158,530 | $ | 387,090 | $ | 40,059 | $ | 89,889 | $ | 1,842,455 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Gross charge-offs | Gross charge-offs | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | Gross charge-offs | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Residential real estate: | Residential real estate: | Residential real estate: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Pass | Pass | $ | 93,610 | $ | 556,873 | $ | 111,646 | $ | 43,442 | $ | 43,335 | $ | 165,637 | $ | 1,014,543 | $ | 40,614 | $ | 1,055,157 | Pass | $ | 88,688 | $ | 572,932 | $ | 118,264 | $ | 38,618 | $ | 38,835 | $ | 152,436 | $ | 1,670 | $ | 14,804 | $ | 1,026,247 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Pass/Watch | Pass/Watch | 205 | 4,355 | 29 | — | 414 | 3,986 | 8,989 | — | 8,989 | Pass/Watch | 173 | 4,881 | 28 | — | 350 | 4,808 | 179 | — | 10,419 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Special Mention | Special Mention | — | — | — | — | 257 | 1,493 | 1,750 | — | 1,750 | Special Mention | — | — | — | — | 256 | 1,478 | — | — | 1,734 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Substandard - Accruing | Substandard - Accruing | 631 | — | — | — | — | 126 | 757 | — | 757 | Substandard - Accruing | — | — | — | — | — | 120 | — | — | 120 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Substandard - Nonaccrual | Substandard - Nonaccrual | — | 4,194 | — | 2,202 | 3,051 | 6,854 | 16,301 | 37 | 16,338 | Substandard - Nonaccrual | — | 5,706 | 3,240 | 2,223 | 3,942 | 5,408 | — | 35 | 20,554 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total residential real estate | Total residential real estate | $ | 94,446 | $ | 565,422 | $ | 111,675 | $ | 45,644 | $ | 47,057 | $ | 178,096 | $ | 1,042,340 | $ | 40,651 | $ | 1,082,991 | Total residential real estate | $ | 88,861 | $ | 583,519 | $ | 121,532 | $ | 40,841 | $ | 43,383 | $ | 164,250 | $ | 1,849 | $ | 14,839 | $ | 1,059,074 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Gross charge-offs | Gross charge-offs | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | Gross charge-offs | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Public Finance: | Public Finance: | Public Finance: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Pass | Pass | $ | 31,602 | $ | 12,457 | $ | 44,308 | $ | 168,647 | $ | 212,855 | $ | 138,915 | $ | 608,784 | $ | 2,964 | $ | 611,748 | Pass | $ | 31,609 | $ | — | $ | 43,980 | $ | 178,130 | $ | 203,950 | $ | 137,539 | $ | — | $ | 2 | $ | 595,210 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Pass/Watch | Pass/Watch | — | — | — | — | 7,634 | — | — | — | 7,634 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total public finance | Total public finance | $ | 31,602 | $ | 12,457 | $ | 44,308 | $ | 168,647 | $ | 212,855 | $ | 138,915 | $ | 608,784 | $ | 2,964 | $ | 611,748 | Total public finance | $ | 31,609 | $ | — | $ | 43,980 | $ | 178,130 | $ | 211,584 | $ | 137,539 | $ | — | $ | 2 | $ | 602,844 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Gross charge-offs | Gross charge-offs | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | Gross charge-offs | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Consumer: | Consumer: | Consumer: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Pass | Pass | $ | 1,470 | $ | 2,973 | $ | 6,269 | $ | 10,342 | $ | 3,938 | $ | 3,164 | $ | 28,156 | $ | 10,930 | $ | 39,086 | Pass | $ | 2,387 | $ | 2,590 | $ | 5,646 | $ | 9,846 | $ | 3,674 | $ | 2,760 | $ | 66 | $ | 9,968 | $ | 36,937 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Pass/Watch | Pass/Watch | — | 64 | 125 | 105 | 192 | 165 | 651 | 49 | 700 | Pass/Watch | — | 62 | 119 | 100 | 187 | 159 | 1 | 51 | 679 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Special Mention | Special Mention | 15 | — | — | 8 | — | — | 23 | — | 23 | Special Mention | — | — | 14 | 8 | — | — | — | — | 22 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Substandard - Accruing | Substandard - Accruing | 6 | — | — | 7 | — | — | 13 | — | 13 | Substandard - Accruing | 5 | — | — | — | — | — | 37 | — | 42 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Substandard - Nonaccrual | Substandard - Nonaccrual | — | — | 1 | — | 66 | 20 | 87 | — | 87 | Substandard - Nonaccrual | — | — | 1 | — | — | — | — | — | 1 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total consumer | Total consumer | $ | 1,491 | $ | 3,037 | $ | 6,395 | $ | 10,462 | $ | 4,196 | $ | 3,349 | $ | 28,930 | $ | 10,979 | $ | 39,909 | Total consumer | $ | 2,392 | $ | 2,652 | $ | 5,780 | $ | 9,954 | $ | 3,861 | $ | 2,919 | $ | 104 | $ | 10,019 | $ | 37,681 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Gross charge-offs | Gross charge-offs | $ | — | $ | — | $ | 11 | $ | 1 | $ | 3 | $ | 85 | $ | 100 | $ | 32 | $ | 132 | Gross charge-offs | $ | — | $ | — | $ | 12 | $ | 8 | $ | 71 | $ | 32 | $ | 3 | $ | 142 | $ | 268 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Other: | Other: | Other: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Pass | Pass | $ | 672 | $ | 13,917 | $ | 14,194 | $ | 2,998 | $ | 3,001 | $ | 10,376 | $ | 45,158 | $ | 108,801 | $ | 153,959 | Pass | $ | 7,660 | $ | 7,808 | $ | 13,662 | $ | 6,061 | $ | 441 | $ | 10,244 | $ | 4,935 | $ | 117,017 | $ | 167,828 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Pass/Watch | Pass/Watch | — | — | 2,575 | — | — | — | 2,575 | — | 2,575 | Pass/Watch | — | — | 2,332 | — | 2,391 | — | — | — | 4,723 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Substandard - Accruing | Substandard - Accruing | — | — | 5,512 | — | — | — | 5,512 | — | 5,512 | Substandard - Accruing | — | — | 2,727 | — | — | — | — | — | 2,727 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Substandard - Nonaccrual | Substandard - Nonaccrual | — | — | 446 | — | — | — | 446 | — | 446 | Substandard - Nonaccrual | — | — | 2,398 | — | — | — | 434 | — | 2,832 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total other | Total other | $ | 672 | $ | 13,917 | $ | 22,727 | $ | 2,998 | $ | 3,001 | $ | 10,376 | $ | 53,691 | $ | 108,801 | $ | 162,492 | Total other | $ | 7,660 | $ | 7,808 | $ | 21,119 | $ | 6,061 | $ | 2,832 | $ | 10,244 | $ | 5,369 | $ | 117,017 | $ | 178,110 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Gross charge-offs | Gross charge-offs | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | Gross charge-offs | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total loans: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Pass | $ | 572,677 | $ | 1,617,503 | $ | 889,657 | $ | 618,757 | $ | 479,480 | $ | 602,210 | $ | 4,780,284 | $ | 1,020,142 | $ | 5,800,426 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Pass/Watch | 1,762 | 18,157 | 11,944 | 4,651 | 2,772 | 40,634 | 79,920 | 27,507 | 107,427 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Special Mention | 2,731 | 50,431 | 36,373 | 3,359 | 2,810 | 13,261 | 108,965 | 6,398 | 115,363 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Substandard - Accruing | 1,462 | 3,587 | 21,503 | 13,699 | 3,981 | 15,722 | 59,954 | 4,099 | 64,053 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Substandard - Nonaccrual | — | 5,075 | 15,753 | 7,975 | 10,962 | 15,176 | 54,941 | 12,537 | 67,478 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Doubtful | 37 | — | 306 | — | — | — | 343 | — | 343 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total loans | $ | 578,669 | $ | 1,694,753 | $ | 975,536 | $ | 648,441 | $ | 500,005 | $ | 687,003 | $ | 5,084,407 | $ | 1,070,683 | $ | 6,155,090 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Gross charge-offs | $ | — | $ | 59 | $ | 11 | $ | 1 | $ | 3 | $ | 814 | $ | 888 | $ | 32 | $ | 920 |
2023 | 2022 | 2021 | 2020 | 2019 | Prior | Revolving Loans Converted to Term | Revolving | Total | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total loans: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Pass | $ | 570,570 | $ | 1,438,813 | $ | 915,273 | $ | 663,618 | $ | 445,219 | $ | 678,635 | $ | 72,047 | $ | 1,033,353 | $ | 5,817,528 | ||||||||||||||||||||||||||||||||||||||||||||
Pass/Watch | 9,954 | 8,374 | 10,470 | 4,997 | 13,502 | 31,772 | 1,647 | 70,504 | 151,220 | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Special Mention | 3,526 | 42,918 | 33,821 | 8,401 | 2,733 | 6,930 | 199 | 7,662 | 106,190 | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Substandard - Accruing | 635 | 463 | 9,579 | 14,588 | 3,658 | 29,541 | 3,341 | 2,247 | 64,052 | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Substandard - Nonaccrual | — | 5,706 | 8,819 | 9,067 | 4,738 | 10,725 | 434 | 131 | 39,620 | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Doubtful | — | — | — | — | 570 | 35 | 250 | 57 | 912 | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Total loans | $ | 584,685 | $ | 1,496,274 | $ | 977,962 | $ | 700,671 | $ | 470,420 | $ | 757,638 | $ | 77,918 | $ | 1,113,954 | $ | 6,179,522 | ||||||||||||||||||||||||||||||||||||||||||||
Gross charge-offs | $ | — | $ | — | $ | 407 | $ | 8 | $ | 71 | $ | 398 | $ | 2,993 | $ | 142 | $ | 4,019 |
Non-Classified | Classified | Total | |||||||||||||||
Commercial and industrial | $ | 2,969,786 | $ | 55,288 | $ | 3,025,074 | |||||||||||
Commercial real estate | 1,715,415 | 37,945 | 1,753,360 | ||||||||||||||
Residential real estate | 1,096,108 | 10,685 | 1,106,793 | ||||||||||||||
Consumer | 43,592 | 114 | 43,706 | ||||||||||||||
Total loans | $ | 5,824,901 | $ | 104,032 | $ | 5,928,933 |
Collateral Dependent Loans With Allowance | Collateral Dependent Loans With No Related Allowance | Total Collateral Dependent Loans | Collateral Dependent Loans With Allowance | Collateral Dependent Loans With No Related Allowance | Total Collateral Dependent Loans | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Amortized Cost | Related Allowance | Amortized Cost | Amortized Cost | Related Allowance | Amortized Cost | Related Allowance | Amortized Cost | Amortized Cost | Related Allowance | |||||||||||||||||||||||||||||||||||||||||||||||||
June 30, 2023 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
September 30, 2023 | September 30, 2023 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Commercial & industrial | Commercial & industrial | $ | 30,875 | $ | 3,941 | $ | 3,303 | $ | 34,178 | $ | 3,941 | Commercial & industrial | $ | 11,991 | $ | 4,794 | $ | 44 | $ | 12,035 | $ | 4,794 | ||||||||||||||||||||||||||||||||||||
Commercial real estate: | Commercial real estate: | Commercial real estate: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Non-owner occupied | Non-owner occupied | 105 | 30 | 3,919 | 4,024 | 30 | Non-owner occupied | 96 | 22 | 4,086 | 4,182 | 22 | ||||||||||||||||||||||||||||||||||||||||||||||
Owner occupied | Owner occupied | 7,630 | 754 | 166 | 7,796 | 754 | Owner occupied | 614 | 188 | 126 | 740 | 188 | ||||||||||||||||||||||||||||||||||||||||||||||
Construction and land | Construction and land | — | — | 4,953 | 4,953 | — | Construction and land | — | — | 188 | 188 | — | ||||||||||||||||||||||||||||||||||||||||||||||
Total commercial real estate | Total commercial real estate | 7,735 | 784 | 9,038 | 16,773 | 784 | Total commercial real estate | 710 | 210 | 4,400 | 5,110 | 210 | ||||||||||||||||||||||||||||||||||||||||||||||
Residential real estate | Residential real estate | 1,192 | 44 | 15,146 | 16,338 | 44 | Residential real estate | 1,304 | 74 | 19,250 | 20,554 | 74 | ||||||||||||||||||||||||||||||||||||||||||||||
Consumer | Consumer | 87 | 87 | — | 87 | 87 | Consumer | 1 | 1 | — | 1 | 1 | ||||||||||||||||||||||||||||||||||||||||||||||
Other | Other | — | — | 446 | 446 | — | Other | — | — | 2,832 | 2,832 | — | ||||||||||||||||||||||||||||||||||||||||||||||
Total loans | Total loans | $ | 39,889 | $ | 4,856 | $ | 27,933 | $ | 67,822 | $ | 4,856 | Total loans | $ | 14,006 | $ | 5,079 | $ | 26,526 | $ | 40,532 | $ | 5,079 | ||||||||||||||||||||||||||||||||||||
December 31, 2022 | December 31, 2022 | December 31, 2022 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Commercial & industrial | Commercial & industrial | $ | 6,330 | $ | 1,101 | $ | 3,164 | $ | 9,494 | $ | 1,101 | Commercial & industrial | $ | 6,330 | $ | 1,101 | $ | 3,164 | $ | 9,494 | $ | 1,101 | ||||||||||||||||||||||||||||||||||||
Commercial real estate: | Commercial real estate: | Commercial real estate: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Non-owner occupied | Non-owner occupied | 115 | 36 | 2,033 | 2,148 | 36 | Non-owner occupied | 115 | 36 | 2,033 | 2,148 | 36 | ||||||||||||||||||||||||||||||||||||||||||||||
Owner occupied | Owner occupied | 681 | 153 | 5,256 | 5,937 | 153 | Owner occupied | 681 | 153 | 5,256 | 5,937 | 153 | ||||||||||||||||||||||||||||||||||||||||||||||
Construction and land | Construction and land | — | — | 198 | 198 | — | Construction and land | — | — | 198 | 198 | — | ||||||||||||||||||||||||||||||||||||||||||||||
Total commercial real estate | Total commercial real estate | 796 | 189 | 7,487 | 8,283 | 189 | Total commercial real estate | 796 | 189 | 7,487 | 8,283 | 189 | ||||||||||||||||||||||||||||||||||||||||||||||
Residential real estate | Residential real estate | 836 | 34 | 9,779 | 10,615 | 34 | Residential real estate | 836 | 34 | 9,779 | 10,615 | 34 | ||||||||||||||||||||||||||||||||||||||||||||||
Consumer | Consumer | 91 | 88 | — | 91 | 88 | Consumer | 91 | 88 | — | 91 | 88 | ||||||||||||||||||||||||||||||||||||||||||||||
Other | Other | — | — | 475 | 475 | — | Other | — | — | 475 | 475 | — | ||||||||||||||||||||||||||||||||||||||||||||||
Total loans | Total loans | $ | 8,053 | $ | 1,412 | $ | 20,905 | $ | 28,958 | $ | 1,412 | Total loans | $ | 8,053 | $ | 1,412 | $ | 20,905 | $ | 28,958 | $ | 1,412 |
June 30, 2023 | December 31, 2022 | September 30, 2023 | December 31, 2022 | |||||||||||||||||||
Federal National Mortgage Association | Federal National Mortgage Association | $ | 2,484,667 | $ | 2,517,434 | Federal National Mortgage Association | $ | 2,486,363 | $ | 2,517,434 | ||||||||||||
Federal Home Loan Mortgage Corporation | Federal Home Loan Mortgage Corporation | 1,697,816 | 1,630,403 | Federal Home Loan Mortgage Corporation | 1,720,075 | 1,630,403 | ||||||||||||||||
Government National Mortgage Association | Government National Mortgage Association | 1,027,438 | 916,455 | Government National Mortgage Association | 1,071,769 | 916,455 | ||||||||||||||||
Federal Home Loan Bank | Federal Home Loan Bank | 106,752 | 111,699 | Federal Home Loan Bank | 106,410 | 111,699 | ||||||||||||||||
Other | Other | 1,299 | 1,413 | Other | 1,278 | 1,413 | ||||||||||||||||
Total | Total | $ | 5,317,972 | $ | 5,177,404 | Total | $ | 5,385,895 | $ | 5,177,404 |
For the three months ended June 30, | For the six months ended June 30, | For the three months ended September 30, | For the nine months ended September 30, | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
2023 | 2022 | 2023 | 2022 | 2023 | 2022 | 2023 | 2022 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Balance, beginning of period | Balance, beginning of period | $ | 73,424 | $ | 60,481 | $ | 74,097 | $ | 47,392 | Balance, beginning of period | $ | 78,390 | $ | 66,047 | $ | 74,097 | $ | 47,392 | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Additions: | Additions: | Additions: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Servicing resulting from transfers of financial assets | Servicing resulting from transfers of financial assets | 2,897 | 3,668 | 4,944 | 8,192 | Servicing resulting from transfers of financial assets | 2,690 | 3,489 | 7,634 | 11,681 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Changes in fair value: | Changes in fair value: | Changes in fair value: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Due to changes in valuation inputs or assumptions used in the valuation model | Due to changes in valuation inputs or assumptions used in the valuation model | 3,846 | 4,049 | 2,678 | 14,872 | Due to changes in valuation inputs or assumptions used in the valuation model | 1,762 | 6,270 | 4,440 | 21,142 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Changes in fair value due to pay-offs, pay-downs, and runoff | Changes in fair value due to pay-offs, pay-downs, and runoff | (1,777) | (2,151) | (3,329) | (4,409) | Changes in fair value due to pay-offs, pay-downs, and runoff | (1,806) | (1,956) | (5,135) | (6,365) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Balance, end of period | Balance, end of period | $ | 78,390 | $ | 66,047 | $ | 78,390 | $ | 66,047 | Balance, end of period | $ | 81,036 | $ | 73,850 | $ | 81,036 | $ | 73,850 |
June 30, 2023 | December 31, 2022 | June 30, 2022 | September 30, 2023 | December 31, 2022 | September 30, 2022 | |||||||||||||||||||||||||||||||||||||||||
Discount rate | Discount rate | 11.19 | % | 9.85 | % | 9.42 | % | Discount rate | 10.27 | % | 9.85 | % | 9.34 | % | ||||||||||||||||||||||||||||||||
Total prepayment speeds | Total prepayment speeds | 7.56 | % | 7.40 | % | 7.97 | % | Total prepayment speeds | 7.30 | % | 7.40 | % | 7.43 | % | ||||||||||||||||||||||||||||||||
Cost of servicing each loan | Cost of servicing each loan | $89/per loan | $88/per loan | $87/per loan | Cost of servicing each loan | $90/per loan | $88/per loan | $87/per loan |
For the three months ended June 30, | For the six months ended June 30, | For the three months ended September 30, | For the nine months ended September 30, | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
2023 | 2022 | 2023 | 2022 | 2023 | 2022 | 2023 | 2022 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Servicing fees | Servicing fees | $ | 3,684 | $ | 3,477 | $ | 7,306 | $ | 6,696 | Servicing fees | $ | 3,758 | $ | 4,111 | $ | 11,064 | $ | 10,807 | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Late and ancillary fees | Late and ancillary fees | 169 | 52 | 354 | 141 | Late and ancillary fees | 196 | 123 | 550 | 264 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total | Total | $ | 3,853 | $ | 3,529 | $ | 7,660 | $ | 6,837 | Total | $ | 3,954 | $ | 4,234 | $ | 11,614 | $ | 11,071 |
Number of Transactions | Expiration Dates | Outstanding Notional | Estimated Fair Value | Number of Transactions | Expiration Dates | Outstanding Notional | Estimated Fair Value | |||||||||||||||||||||||||||||||||||||||||||||||||||
June 30, 2023 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
September 30, 2023 | September 30, 2023 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Derivative financial instruments designated as hedging instruments: | Derivative financial instruments designated as hedging instruments: | Derivative financial instruments designated as hedging instruments: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Assets: | Assets: | Assets: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Interest Rate Products | Interest Rate Products | 32 | 2028-2036 | $ | 199,887 | $ | 15,879 | Interest Rate Products | 32 | 2028 - 2036 | $ | 198,424 | $ | 19,246 | ||||||||||||||||||||||||||||||||||||||||||||
Derivative financial instruments not designated as hedging instruments: | Derivative financial instruments not designated as hedging instruments: | Derivative financial instruments not designated as hedging instruments: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Assets: | Assets: | Assets: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Interest Rate Products | Interest Rate Products | 46 | 2023-2037 | $ | 401,161 | $ | 24,917 | Interest Rate Products | 45 | 2023 - 2037 | $ | 397,422 | $ | 30,938 | ||||||||||||||||||||||||||||||||||||||||||||
Other | Other | 1 | 2025 | $ | 14,638 | $ | 14 | Other | 1 | 2025 | $ | 14,638 | $ | 4 | ||||||||||||||||||||||||||||||||||||||||||||
Liabilities: | Liabilities: | Liabilities: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Interest Rate Products | Interest Rate Products | 46 | 2023-2037 | $ | 401,161 | $ | 24,741 | Interest Rate Products | 45 | 2023 - 2037 | $ | 397,422 | $ | 30,319 | ||||||||||||||||||||||||||||||||||||||||||||
December 31, 2022 | December 31, 2022 | December 31, 2022 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Derivative financial instruments designated as hedging instruments: | Derivative financial instruments designated as hedging instruments: | Derivative financial instruments designated as hedging instruments: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Assets: | Assets: | Assets: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Interest Rate Products | Interest Rate Products | 32 | 2028-2036 | $ | 201,906 | $ | 15,636 | Interest Rate Products | 32 | 2028-2036 | $ | 201,906 | $ | 15,636 | ||||||||||||||||||||||||||||||||||||||||||||
Derivative financial instruments not designated as hedging instruments: | Derivative financial instruments not designated as hedging instruments: | Derivative financial instruments not designated as hedging instruments: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Assets: | Assets: | Assets: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Interest Rate Products | Interest Rate Products | 41 | 2024-2037 | $ | 338,770 | $ | 24,615 | Interest Rate Products | 41 | 2024-2037 | $ | 338,770 | $ | 24,615 | ||||||||||||||||||||||||||||||||||||||||||||
Other | Other | 1 | 2025 | $ | 14,638 | $ | — | Other | 1 | 2025 | $ | 14,638 | $ | — | ||||||||||||||||||||||||||||||||||||||||||||
Liabilities: | Liabilities: | Liabilities: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Interest Rate Products | Interest Rate Products | 41 | 2024-2037 | $ | 338,770 | $ | 24,242 | Interest Rate Products | 41 | 2024-2037 | $ | 338,770 | $ | 24,242 |
For the three months ended June 30, | For the six months ended June 30, | For the three months ended September 30, | For the nine months ended September 30, | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
2023 | 2022 | 2023 | 2022 | 2023 | 2022 | 2023 | 2022 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Recorded gain on banking derivative assets | Recorded gain on banking derivative assets | $ | 7,605 | $ | 5,260 | $ | 5,045 | $ | 15,069 | Recorded gain on banking derivative assets | $ | 10,700 | $ | 15,123 | $ | 15,745 | $ | 30,192 | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Recorded (loss) gain on banking derivative liabilities | $ | (7,487) | $ | (4,960) | $ | (5,231) | $ | (14,324) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Recorded loss on banking derivative liabilities | Recorded loss on banking derivative liabilities | $ | (10,263) | $ | (14,771) | $ | (15,494) | $ | (29,095) |
Expiration Dates | Outstanding Notional | Estimated Fair Value | Expiration Dates | Outstanding Notional | Estimated Fair Value | |||||||||||||||||||||||||||||||||||||||||
June 30, 2023 | ||||||||||||||||||||||||||||||||||||||||||||||
September 30, 2023 | September 30, 2023 | |||||||||||||||||||||||||||||||||||||||||||||
Derivative financial instruments | Derivative financial instruments | Derivative financial instruments | ||||||||||||||||||||||||||||||||||||||||||||
Assets: | Assets: | Assets: | ||||||||||||||||||||||||||||||||||||||||||||
Futures | 2023 | $ | 23,400 | $ | 31 | |||||||||||||||||||||||||||||||||||||||||
Interest rate lock commitments (IRLC) | Interest rate lock commitments (IRLC) | 2023 | $ | — | $ | — | Interest rate lock commitments (IRLC) | 2023 | $ | 57,868 | $ | 59 | ||||||||||||||||||||||||||||||||||
Forward MBS trades | Forward MBS trades | 2023 | $ | 87,000 | $ | 354 | Forward MBS trades | 2023 | $ | 74,000 | $ | 568 | ||||||||||||||||||||||||||||||||||
Liabilities: | Liabilities: | Liabilities: | ||||||||||||||||||||||||||||||||||||||||||||
Futures | Futures | 2023 | $ | 18,800 | $ | 1,274 | ||||||||||||||||||||||||||||||||||||||||
Interest rate lock commitments (IRLC) | 2023 | $ | 58,158 | $ | 101 | |||||||||||||||||||||||||||||||||||||||||
December 31, 2022 | December 31, 2022 | December 31, 2022 | ||||||||||||||||||||||||||||||||||||||||||||
Derivative financial instruments | Derivative financial instruments | Derivative financial instruments | ||||||||||||||||||||||||||||||||||||||||||||
Assets: | Assets: | Assets: | ||||||||||||||||||||||||||||||||||||||||||||
Forward MBS trades | Forward MBS trades | 2023 | $ | 85,000 | $ | 36 | Forward MBS trades | 2023 | $ | 85,000 | $ | 36 | ||||||||||||||||||||||||||||||||||
Liabilities: | Liabilities: | Liabilities: | ||||||||||||||||||||||||||||||||||||||||||||
Forward MBS trades | 2023 | $ | 21,800 | $ | 225 | |||||||||||||||||||||||||||||||||||||||||
Futures | Futures | 2023 | $ | 21,800 | $ | 225 | ||||||||||||||||||||||||||||||||||||||||
Interest rate lock commitments (IRLC) | Interest rate lock commitments (IRLC) | 2023 | $ | 52,533 | $ | 60 | Interest rate lock commitments (IRLC) | 2023 | $ | 52,533 | $ | 60 |
For the three months ended June 30, | For the six months ended June 30, | ||||||||||||||||||||||||||||||||||
2023 | 2022 | 2023 | 2022 | ||||||||||||||||||||||||||||||||
Recorded (loss) gain on mortgage banking derivative assets | $ | (1,154) | $ | (3,565) | $ | (304) | $ | 1,912 | |||||||||||||||||||||||||||
Recorded gain (loss) on mortgage banking derivative liabilities | $ | 495 | $ | (1,520) | $ | (40) | $ | (14,096) |
For the three months ended September 30, | For the nine months ended September 30, | ||||||||||||||||||||||||||||||||||
2023 | 2022 | 2023 | 2022 | ||||||||||||||||||||||||||||||||
Recorded gain on mortgage banking derivative assets | $ | 955 | $ | 3,277 | $ | 651 | $ | 5,189 | |||||||||||||||||||||||||||
Recorded loss on mortgage banking derivative liabilities | $ | (3,459) | $ | (2,844) | $ | (3,499) | $ | (16,940) |
June 30, 2023 | December 31, 2022 | September 30, 2023 | December 31, 2022 | |||||||||||||||||||
Noninterest-bearing demand deposit accounts | Noninterest-bearing demand deposit accounts | $ | 1,667,247 | $ | 1,820,490 | Noninterest-bearing demand deposit accounts | $ | 1,610,650 | $ | 1,820,490 | ||||||||||||
Interest-bearing deposit accounts: | Interest-bearing deposit accounts: | Interest-bearing deposit accounts: | ||||||||||||||||||||
Interest-bearing demand accounts | Interest-bearing demand accounts | 379,779 | 212,357 | Interest-bearing demand accounts | 440,845 | 212,357 | ||||||||||||||||
Savings accounts and money market accounts | Savings accounts and money market accounts | 2,441,349 | 2,759,969 | Savings accounts and money market accounts | 2,476,097 | 2,759,969 | ||||||||||||||||
NOW accounts | NOW accounts | 48,270 | 50,224 | NOW accounts | 35,686 | 50,224 | ||||||||||||||||
Certificate of deposit accounts: | Certificate of deposit accounts: | Certificate of deposit accounts: | ||||||||||||||||||||
Less than $100 | Less than $100 | 783,159 | 241,322 | Less than $100 | 744,026 | 241,322 | ||||||||||||||||
$100 through $250 | $100 through $250 | 455,254 | 270,790 | $100 through $250 | 554,307 | 270,790 | ||||||||||||||||
Greater than $250 | Greater than $250 | 375,360 | 409,910 | Greater than $250 | 478,236 | 409,910 | ||||||||||||||||
Total interest-bearing deposit accounts | Total interest-bearing deposit accounts | 4,483,171 | 3,944,572 | Total interest-bearing deposit accounts | 4,729,197 | 3,944,572 | ||||||||||||||||
Total deposits | Total deposits | $ | 6,150,418 | $ | 5,765,062 | Total deposits | $ | 6,339,847 | $ | 5,765,062 |
For the three months ended June 30, | For the six months ended June 30, | For the three months ended September 30, | For the nine months ended September 30, | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
2023 | 2022 | 2023 | 2022 | 2023 | 2022 | 2023 | 2022 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Interest-bearing deposit accounts: | Interest-bearing deposit accounts: | Interest-bearing deposit accounts: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Interest-bearing demand accounts | Interest-bearing demand accounts | $ | 2,045 | $ | 190 | $ | 3,220 | $ | 284 | Interest-bearing demand accounts | $ | 3,709 | $ | 449 | $ | 6,929 | $ | 733 | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Savings accounts and money market accounts | Savings accounts and money market accounts | 6,365 | 1,305 | 11,878 | 2,236 | Savings accounts and money market accounts | 8,677 | 1,859 | 20,555 | 4,095 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
NOW accounts | NOW accounts | 79 | 39 | 138 | 69 | NOW accounts | 104 | 46 | 242 | 115 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Certificate of deposit accounts | Certificate of deposit accounts | 12,240 | 638 | 19,672 | 1,157 | Certificate of deposit accounts | 18,406 | 920 | 38,078 | 2,077 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total interest-bearing deposit accounts | Total interest-bearing deposit accounts | $ | 20,729 | $ | 2,172 | $ | 34,908 | $ | 3,746 | Total interest-bearing deposit accounts | $ | 30,896 | $ | 3,274 | $ | 65,804 | $ | 7,020 |
June 30, 2023 | September 30, 2023 | |||||||||
Remainder of 2023 | Remainder of 2023 | $ | 574,330 | Remainder of 2023 | $ | 300,939 | ||||
2024 | 2024 | 910,138 | 2024 | 1,345,270 | ||||||
2025 | 2025 | 110,916 | 2025 | 112,113 | ||||||
2026 | 2026 | 9,773 | 2026 | 9,038 | ||||||
2027 | 2027 | 4,204 | 2027 | 4,081 | ||||||
2028 | 2028 | 1,518 | 2028 | 2,527 | ||||||
Thereafter | Thereafter | 2,894 | Thereafter | 2,601 | ||||||
Total certificate of deposit accounts | Total certificate of deposit accounts | $ | 1,613,773 | Total certificate of deposit accounts | $ | 1,776,569 |
June 30, 2023 | December 31, 2022 | September 30, 2023 | December 31, 2022 | |||||||||||||||||||
Amount outstanding at period-end | Amount outstanding at period-end | $ | 32,861 | $ | 36,721 | Amount outstanding at period-end | $ | 25,868 | $ | 36,721 | ||||||||||||
Average daily balance during the period | Average daily balance during the period | $ | 31,683 | $ | 54,335 | Average daily balance during the period | $ | 29,953 | $ | 54,335 | ||||||||||||
Average interest rate during the period | Average interest rate during the period | 0.66 | % | 0.27 | % | Average interest rate during the period | 0.77 | % | 0.27 | % | ||||||||||||
Maximum month-end balance during the period | Maximum month-end balance during the period | $ | 40,432 | $ | 70,838 | Maximum month-end balance during the period | $ | 40,432 | $ | 70,838 | ||||||||||||
Weighted average interest rate at period-end | Weighted average interest rate at period-end | 0.79 | % | 0.42 | % | Weighted average interest rate at period-end | 0.90 | % | 0.42 | % |
June 30, 2023 | December 31, 2022 | |||||||||||||||||||||||||||||||||||||
Amount | Rate | Amount | Rate | |||||||||||||||||||||||||||||||||||
Variable rate line-of-credit advance | $ | 570,585 | 5.23% | $ | 643,885 | 4.48% | ||||||||||||||||||||||||||||||||
September 30, 2023 | December 31, 2022 | |||||||||||||||||||||||||||||||||||||
Amount | Rate | Amount | Rate | |||||||||||||||||||||||||||||||||||
Variable rate line-of-credit advance | $ | 330,000 | 5.49% | $ | 643,885 | 4.48% | ||||||||||||||||||||||||||||||||
For the three months ended June 30, | For the six months ended June 30, | For the three months ended September 30, | For the nine months ended September 30, | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
2023 | 2022 | 2023 | 2022 | 2023 | 2022 | 2023 | 2022 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Net income applicable to common stockholders | Net income applicable to common stockholders | $ | 28,006 | $ | 430 | $ | 54,287 | $ | 8,099 | Net income applicable to common stockholders | $ | 25,232 | $ | 26,513 | $ | 79,519 | $ | 34,612 | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Weighted Average Shares | Weighted Average Shares | Weighted Average Shares | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Weighted average common shares outstanding | Weighted average common shares outstanding | 24,933,664 | 24,760,282 | 24,928,485 | 21,570,924 | Weighted average common shares outstanding | 24,942,389 | 24,877,607 | 24,933,168 | 22,685,496 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Effect of dilutive securities | Effect of dilutive securities | Effect of dilutive securities | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Stock-based awards | Stock-based awards | 272,695 | 698,029 | 440,217 | 624,890 | Stock-based awards | 415,418 | 531,208 | 432,129 | 596,437 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Convertible notes payable | Convertible notes payable | — | — | — | — | Convertible notes payable | — | 85,500 | — | — | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Weighted average diluted common shares | Weighted average diluted common shares | 25,206,359 | 25,458,311 | 25,368,702 | 22,195,814 | Weighted average diluted common shares | 25,357,807 | 25,494,315 | 25,365,297 | 23,281,933 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Earnings per common share | Earnings per common share | Earnings per common share | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Basic earnings per common share | Basic earnings per common share | $ | 1.12 | $ | 0.02 | $ | 2.18 | $ | 0.38 | Basic earnings per common share | $ | 1.01 | $ | 1.07 | $ | 3.19 | $ | 1.53 | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Effect of dilutive securities | Effect of dilutive securities | Effect of dilutive securities | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Stock-based awards | Stock-based awards | (0.01) | — | (0.04) | (0.02) | Stock-based awards | (0.01) | (0.03) | (0.06) | (0.04) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Diluted earnings per common share | Diluted earnings per common share | $ | 1.11 | $ | 0.02 | $ | 2.14 | $ | 0.36 | Diluted earnings per common share | $ | 1.00 | $ | 1.04 | $ | 3.13 | $ | 1.49 |
For the three months ended June 30, | For the six months ended June 30, | For the three months ended September 30, | For the nine months ended September 30, | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
2023 | 2022 | 2023 | 2022 | 2023 | 2022 | 2023 | 2022 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Stock-based awards | Stock-based awards | 4,445 | 26,249 | — | 54,157 | Stock-based awards | — | 845 | — | 34,828 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Convertible notes payable | Convertible notes payable | 85,500 | 66,344 | 85,500 | 66,344 | Convertible notes payable | — | — | — | 85,500 |
For the three months ended June 30, | For the six months ended June 30, | For the three months ended September 30, | For the nine months ended September 30, | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
2023 | 2022 | 2023 | 2022 | 2023 | 2022 | 2023 | 2022 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Securities available-for-sale: | Securities available-for-sale: | Securities available-for-sale: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Balance, beginning of period | Balance, beginning of period | $ | (43,886) | $ | (14,668) | $ | (46,157) | $ | 1,664 | Balance, beginning of period | $ | (48,977) | $ | (40,535) | $ | (46,157) | $ | 1,664 | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Unrealized loss | Unrealized loss | (6,742) | (34,242) | (3,736) | (55,860) | Unrealized loss | (9,381) | (6,613) | (13,117) | (62,473) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Income tax effect | Income tax effect | 1,651 | 8,375 | 916 | 13,661 | Income tax effect | 2,292 | 1,506 | 3,208 | 15,167 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Net unrealized loss | Net unrealized loss | (5,091) | (25,867) | (2,820) | (42,199) | Net unrealized loss | (7,089) | (5,107) | (9,909) | (47,306) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Balance, end of period | Balance, end of period | $ | (48,977) | $ | (40,535) | $ | (48,977) | $ | (40,535) | Balance, end of period | $ | (56,066) | $ | (45,642) | $ | (56,066) | $ | (45,642) | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Fair value hedges of securities available-for-sale: | Fair value hedges of securities available-for-sale: | Fair value hedges of securities available-for-sale: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Balance, beginning of period | Balance, beginning of period | $ | 1,490 | $ | — | $ | 2,174 | $ | — | Balance, beginning of period | $ | 2,478 | $ | 1,098 | $ | 2,174 | $ | — | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Unrealized gain | Unrealized gain | 1,309 | 1,390 | 403 | 1,390 | Unrealized gain | 1,707 | 1,821 | 2,110 | 3,211 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Income tax effect | Income tax effect | (321) | (292) | (99) | (292) | Income tax effect | (417) | (383) | (516) | (675) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Net unrealized gain | Net unrealized gain | 988 | 1,098 | 304 | 1,098 | Net unrealized gain | 1,290 | 1,438 | 1,594 | 2,536 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Balance, end of period | Balance, end of period | $ | 2,478 | $ | 1,098 | $ | 2,478 | $ | 1,098 | Balance, end of period | $ | 3,768 | $ | 2,536 | $ | 3,768 | $ | 2,536 |
Shares | Weighted-Average Exercise Price, per Share | Weighted-Average Remaining Contractual Term (years) | Shares | Weighted-Average Exercise Price, per Share | Weighted-Average Remaining Contractual Term (years) | |||||||||||||||||||||||||||||
June 30, 2023 | ||||||||||||||||||||||||||||||||||
September 30, 2023 | September 30, 2023 | |||||||||||||||||||||||||||||||||
Outstanding, end of period | Outstanding, end of period | 1,307,915 | $ | 20.23 | 4.76 | Outstanding, end of period | 1,307,915 | $ | 20.23 | 4.51 | ||||||||||||||||||||||||
Options vested or expected to vest | Options vested or expected to vest | 1,307,915 | $ | 20.23 | Options vested or expected to vest | 1,307,915 | $ | 20.23 | ||||||||||||||||||||||||||
Options exercisable, end of period | Options exercisable, end of period | 1,261,539 | $ | 20.11 | 4.68 | Options exercisable, end of period | 1,261,539 | $ | 20.11 | 4.42 |
Shares | Weighted-Average Exercise Price, per Share | Weighted-Average Remaining Contractual Term (years) | For the three months ended September 30, 2023 | For the nine months ended September 30, 2023 | ||||||||||||||||||||||||||||||||||||||||||||||||
June 30, 2023 | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Shares | Weighted-Average Exercise Price, per Share | Weighted-Average Remaining Contractual Term (years) | Shares | Weighted-Average Exercise Price, per Share | Weighted-Average Remaining Contractual Term (years) | |||||||||||||||||||||||||||||||||||||||||||||||
September 30, 2023 | September 30, 2023 | |||||||||||||||||||||||||||||||||||||||||||||||||||
Outstanding, beginning of period | Outstanding, beginning of period | 165,491 | $ | 23.34 | Outstanding, beginning of period | 156,095 | $ | 23.67 | 170,711 | $ | 23.19 | |||||||||||||||||||||||||||||||||||||||||
Options assumed from Pioneer Bancshares, Inc. | — | — | ||||||||||||||||||||||||||||||||||||||||||||||||||
Exercised | Exercised | (4,176) | 16.82 | Exercised | (22,972) | 26.84 | (32,107) | 24.26 | ||||||||||||||||||||||||||||||||||||||||||||
Forfeited | Forfeited | (5,220) | 18.63 | Forfeited | (1,044) | 27.30 | (6,525) | 20.04 | ||||||||||||||||||||||||||||||||||||||||||||
Outstanding, vested, and exercisable, end of period | Outstanding, vested, and exercisable, end of period | 156,095 | $ | 23.67 | 4.83 | Outstanding, vested, and exercisable, end of period | 132,079 | $ | 23.09 | 4.1 | 132,079 | $ | 23.09 | 4.1 |
For the three months ended June 30, | For the six months ended June 30, | ||||||||||||||||||||||||||||||||||
2023 | 2022 | 2023 | 2022 | ||||||||||||||||||||||||||||||||
Provision (benefit) for income taxes | $ | 7,654 | $ | (211) | $ | 14,795 | $ | 931 | |||||||||||||||||||||||||||
Effective tax provision (benefit) rate | 21.5 | % | (96.3) | % | 21.4 | % | 10.3 | % |
For the three months ended September 30, | For the nine months ended September 30, | ||||||||||||||||||||||||||||||||||
2023 | 2022 | 2023 | 2022 | ||||||||||||||||||||||||||||||||
Provision for income taxes | $ | 6,762 | $ | 7,628 | $ | 21,557 | $ | 8,559 | |||||||||||||||||||||||||||
Effective tax provision rate | 21.1 | % | 22.3 | % | 21.3 | % | 19.8 | % |
Actual | For Capital Adequacy Purposes | To be Well- Capitalized under Prompt Corrective Action Provisions | |||||||||||||||||||||||||||||||||
Amount | Ratio | Amount | Ratio | Amount | Ratio | ||||||||||||||||||||||||||||||
June 30, 2023 | |||||||||||||||||||||||||||||||||||
Total risk-based capital to risk-weighted assets: | $ | 896,992 | 12.52 | % | $ | 573,355 | 8.00 | % | N/A | N/A | |||||||||||||||||||||||||
Tier 1 risk-based capital to risk-weighted assets: | $ | 745,487 | 10.40 | % | $ | 430,016 | 6.00 | % | N/A | N/A | |||||||||||||||||||||||||
Common Equity Tier 1 (CET 1) to risk-weighted assets: | $ | 745,487 | 10.40 | % | $ | 322,512 | 4.50 | % | N/A | N/A | |||||||||||||||||||||||||
Tier 1 leverage capital to average assets: | $ | 745,487 | 10.00 | % | $ | 298,150 | 4.00 | % | N/A | N/A | |||||||||||||||||||||||||
December 31, 2022 | |||||||||||||||||||||||||||||||||||
Total risk-based capital to risk-weighted assets: | $ | 829,712 | 11.99 | % | $ | 553,440 | 8.00 | % | N/A | N/A | |||||||||||||||||||||||||
Tier 1 risk-based capital to risk-weighted assets: | $ | 687,602 | 9.94 | % | $ | 415,080 | 6.00 | % | N/A | N/A | |||||||||||||||||||||||||
Common Equity Tier 1 (CET 1) to risk-weighted assets: | $ | 687,602 | 9.94 | % | $ | 311,310 | 4.50 | % | N/A | N/A | |||||||||||||||||||||||||
Tier 1 leverage capital to average assets: | $ | 687,602 | 9.71 | % | $ | 283,353 | 4.00 | % | N/A | N/A |
Actual | For Capital Adequacy Purposes | To be Well- Capitalized under Prompt Corrective Action Provisions | |||||||||||||||||||||||||||||||||
Amount | Ratio | Amount | Ratio | Amount | Ratio | ||||||||||||||||||||||||||||||
September 30, 2023 | |||||||||||||||||||||||||||||||||||
Total risk-based capital to risk-weighted assets: | $ | 925,781 | 12.93 | % | $ | 572,594 | 8.00 | % | N/A | N/A | |||||||||||||||||||||||||
Tier 1 risk-based capital to risk-weighted assets: | $ | 772,583 | 10.79 | % | $ | 429,446 | 6.00 | % | N/A | N/A | |||||||||||||||||||||||||
Common Equity Tier 1 (CET 1) to risk-weighted assets: | $ | 772,583 | 10.79 | % | $ | 322,084 | 4.50 | % | N/A | N/A | |||||||||||||||||||||||||
Tier 1 leverage capital to average assets: | $ | 772,583 | 10.37 | % | $ | 298,033 | 4.00 | % | N/A | N/A | |||||||||||||||||||||||||
December 31, 2022 | |||||||||||||||||||||||||||||||||||
Total risk-based capital to risk-weighted assets: | $ | 829,712 | 11.99 | % | $ | 553,440 | 8.00 | % | N/A | N/A | |||||||||||||||||||||||||
Tier 1 risk-based capital to risk-weighted assets: | $ | 687,602 | 9.94 | % | $ | 415,080 | 6.00 | % | N/A | N/A | |||||||||||||||||||||||||
Common Equity Tier 1 (CET 1) to risk-weighted assets: | $ | 687,602 | 9.94 | % | $ | 311,310 | 4.50 | % | N/A | N/A | |||||||||||||||||||||||||
Tier 1 leverage capital to average assets: | $ | 687,602 | 9.71 | % | $ | 283,353 | 4.00 | % | N/A | N/A |
Actual | For Capital Adequacy Purposes | To be Well- Capitalized under Prompt Corrective Action Provisions | Actual | For Capital Adequacy Purposes | To be Well- Capitalized under Prompt Corrective Action Provisions | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Amount | Ratio | Amount | Ratio | Amount | Ratio | Amount | Ratio | Amount | Ratio | Amount | Ratio | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
June 30, 2023 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
September 30, 2023 | September 30, 2023 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total risk-based capital to risk-weighted assets: | Total risk-based capital to risk-weighted assets: | $ | 859,787 | 12.04 | % | $ | 571,431 | 8.00 | % | $ | 714,289 | 10.00 | % | Total risk-based capital to risk-weighted assets: | $ | 889,647 | 12.46 | % | $ | 571,423 | 8.00 | % | $ | 714,279 | 10.00 | % | ||||||||||||||||||||||||||||||||||||||||||||
Tier 1 risk-based capital to risk-weighted assets: | Tier 1 risk-based capital to risk-weighted assets: | $ | 783,362 | 10.97 | % | $ | 428,573 | 6.00 | % | $ | 571,431 | 8.00 | % | Tier 1 risk-based capital to risk-weighted assets: | $ | 811,628 | 11.36 | % | $ | 428,568 | 6.00 | % | $ | 571,423 | 8.00 | % | ||||||||||||||||||||||||||||||||||||||||||||
Common Equity Tier 1 (CET 1) to risk-weighted assets: | Common Equity Tier 1 (CET 1) to risk-weighted assets: | $ | 783,362 | 10.97 | % | $ | 321,430 | 4.50 | % | $ | 464,288 | 6.50 | % | Common Equity Tier 1 (CET 1) to risk-weighted assets: | $ | 811,628 | 11.36 | % | $ | 321,426 | 4.50 | % | $ | 464,281 | 6.50 | % | ||||||||||||||||||||||||||||||||||||||||||||
Tier 1 leverage capital to average assets: | Tier 1 leverage capital to average assets: | $ | 783,362 | 10.53 | % | $ | 297,609 | 4.00 | % | $ | 372,011 | 5.00 | % | Tier 1 leverage capital to average assets: | $ | 811,628 | 10.89 | % | $ | 298,059 | 4.00 | % | $ | 372,573 | 5.00 | % | ||||||||||||||||||||||||||||||||||||||||||||
December 31, 2022 | December 31, 2022 | December 31, 2022 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total risk-based capital to risk-weighted assets: | Total risk-based capital to risk-weighted assets: | $ | 815,335 | 11.81 | % | $ | 552,237 | 8.00 | % | $ | 690,296 | 10.00 | % | Total risk-based capital to risk-weighted assets: | $ | 815,335 | 11.81 | % | $ | 552,237 | 8.00 | % | $ | 690,296 | 10.00 | % | ||||||||||||||||||||||||||||||||||||||||||||
Tier 1 risk-based capital to risk-weighted assets: | Tier 1 risk-based capital to risk-weighted assets: | $ | 748,105 | 10.84 | % | $ | 414,177 | 6.00 | % | $ | 552,237 | 8.00 | % | Tier 1 risk-based capital to risk-weighted assets: | $ | 748,105 | 10.84 | % | $ | 414,177 | 6.00 | % | $ | 552,237 | 8.00 | % | ||||||||||||||||||||||||||||||||||||||||||||
Common Equity Tier 1 (CET 1) to risk-weighted assets: | Common Equity Tier 1 (CET 1) to risk-weighted assets: | $ | 748,105 | 10.84 | % | $ | 310,633 | 4.50 | % | $ | 448,692 | 6.50 | % | Common Equity Tier 1 (CET 1) to risk-weighted assets: | $ | 748,105 | 10.84 | % | $ | 310,633 | 4.50 | % | $ | 448,692 | 6.50 | % | ||||||||||||||||||||||||||||||||||||||||||||
Tier 1 leverage capital to average assets: | Tier 1 leverage capital to average assets: | $ | 748,105 | 10.56 | % | $ | 283,245 | 4.00 | % | $ | 354,056 | 5.00 | % | Tier 1 leverage capital to average assets: | $ | 748,105 | 10.56 | % | $ | 283,245 | 4.00 | % | $ | 354,056 | 5.00 | % |
Level 1 | Level 2 | Level 3 | Level 1 | Level 2 | Level 3 | |||||||||||||||||||||||||||||||||||||||||
Quoted prices in active markets for identical assets | Significant other observable inputs | Significant unobservable inputs | Total Estimated Fair Value | Quoted prices in active markets for identical assets | Significant other observable inputs | Significant unobservable inputs | Total Estimated Fair Value | |||||||||||||||||||||||||||||||||||||||
June 30, 2023 | ||||||||||||||||||||||||||||||||||||||||||||||
September 30, 2023 | September 30, 2023 | |||||||||||||||||||||||||||||||||||||||||||||
Available-for-sale securities | Available-for-sale securities | $ | 56,869 | $ | 459,087 | $ | — | $ | 515,956 | Available-for-sale securities | $ | 52,853 | $ | 443,139 | $ | — | $ | 495,992 | ||||||||||||||||||||||||||||
Loans held-for-sale | Loans held-for-sale | — | 56,350 | — | 56,350 | Loans held-for-sale | — | 51,465 | — | 51,465 | ||||||||||||||||||||||||||||||||||||
Mortgage servicing rights | Mortgage servicing rights | — | — | 78,390 | 78,390 | Mortgage servicing rights | — | — | 81,036 | 81,036 | ||||||||||||||||||||||||||||||||||||
Derivative financial instruments - assets | Derivative financial instruments - assets | — | 41,195 | — | 41,195 | Derivative financial instruments - assets | — | 50,815 | — | 50,815 | ||||||||||||||||||||||||||||||||||||
Derivative financial instruments - liabilities | Derivative financial instruments - liabilities | — | (24,842) | — | (24,842) | Derivative financial instruments - liabilities | — | (31,593) | — | (31,593) | ||||||||||||||||||||||||||||||||||||
Total | Total | $ | 56,869 | $ | 531,790 | $ | 78,390 | $ | 667,049 | Total | $ | 52,853 | $ | 513,826 | $ | 81,036 | $ | 647,715 | ||||||||||||||||||||||||||||
December 31, 2022 | December 31, 2022 | December 31, 2022 | ||||||||||||||||||||||||||||||||||||||||||||
Available-for-sale securities | Available-for-sale securities | $ | 56,649 | $ | 480,324 | $ | — | $ | 536,973 | Available-for-sale securities | $ | 56,649 | $ | 480,324 | $ | — | $ | 536,973 | ||||||||||||||||||||||||||||
Loans held-for-sale | Loans held-for-sale | — | 57,323 | — | 57,323 | Loans held-for-sale | — | 57,323 | — | 57,323 | ||||||||||||||||||||||||||||||||||||
Mortgage servicing rights | Mortgage servicing rights | — | — | 74,097 | 74,097 | Mortgage servicing rights | — | — | 74,097 | 74,097 | ||||||||||||||||||||||||||||||||||||
Derivative financial instruments - assets | Derivative financial instruments - assets | — | 40,287 | — | 40,287 | Derivative financial instruments - assets | — | 40,287 | — | 40,287 | ||||||||||||||||||||||||||||||||||||
Derivative financial instruments - liabilities | Derivative financial instruments - liabilities | — | (24,527) | — | (24,527) | Derivative financial instruments - liabilities | — | (24,527) | — | (24,527) | ||||||||||||||||||||||||||||||||||||
Total | Total | $ | 56,649 | $ | 553,407 | $ | 74,097 | $ | 684,153 | Total | $ | 56,649 | $ | 553,407 | $ | 74,097 | $ | 684,153 |
For the three months ended June 30, | For the six months ended June 30, | For the three months ended September 30, | For the nine months ended September 30, | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
2023 | 2022 | 2023 | 2022 | 2023 | 2022 | 2023 | 2022 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Balance, beginning of period | Balance, beginning of period | $ | 73,424 | $ | 60,481 | $ | 74,097 | $ | 47,392 | Balance, beginning of period | $ | 78,390 | $ | 66,047 | $ | 74,097 | $ | 47,392 | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Total gains (losses) included in earnings | 2,069 | 1,898 | (651) | 10,463 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total (losses) gains included in earnings | Total (losses) gains included in earnings | (44) | 4,314 | (695) | 14,777 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Purchases, issuances, sales and settlements: | Purchases, issuances, sales and settlements: | Purchases, issuances, sales and settlements: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Issuances | Issuances | 2,897 | 3,668 | 4,944 | 8,192 | Issuances | 2,690 | 3,489 | 7,634 | 11,681 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Balance, end of period | Balance, end of period | $ | 78,390 | $ | 66,047 | $ | 78,390 | $ | 66,047 | Balance, end of period | $ | 81,036 | $ | 73,850 | $ | 81,036 | $ | 73,850 |
Level 3 | Level 3 | |||||||||||||||||||||
June 30, 2023 | December 31, 2022 | September 30, 2023 | December 31, 2022 | |||||||||||||||||||
Collateral dependent loans: | Collateral dependent loans: | Collateral dependent loans: | ||||||||||||||||||||
Commercial and industrial | Commercial and industrial | $ | 26,934 | $ | 5,229 | Commercial and industrial | $ | 7,197 | $ | 5,229 | ||||||||||||
Commercial real estate | Commercial real estate | 6,951 | 607 | Commercial real estate | 500 | 607 | ||||||||||||||||
Residential real estate | Residential real estate | 1,148 | 802 | Residential real estate | 1,230 | 802 | ||||||||||||||||
Consumer | Consumer | — | 3 | Consumer | — | 3 | ||||||||||||||||
Total collateral dependent loans | Total collateral dependent loans | $ | 35,033 | $ | 6,641 | Total collateral dependent loans | $ | 8,927 | $ | 6,641 | ||||||||||||
Other real estate owned and foreclosed assets, net: | Other real estate owned and foreclosed assets, net: | Other real estate owned and foreclosed assets, net: | ||||||||||||||||||||
Commercial real estate | Commercial real estate | $ | 8,079 | $ | 5,391 | Commercial real estate | $ | 7,428 | $ | 5,391 | ||||||||||||
Residential real estate | Residential real estate | 2,060 | 967 | Residential real estate | 967 | 967 | ||||||||||||||||
Total other real estate owned and foreclosed assets, net: | Total other real estate owned and foreclosed assets, net: | $ | 10,139 | $ | 6,358 | Total other real estate owned and foreclosed assets, net: | $ | 8,395 | $ | 6,358 |
Estimated Fair Value | Estimated Fair Value | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Carrying Value | Total | Level 1 | Level 2 | Level 3 | Carrying Value | Total | Level 1 | Level 2 | Level 3 | |||||||||||||||||||||||||||||||||||||||||||||||||
June 30, 2023 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
September 30, 2023 | September 30, 2023 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Assets: | Assets: | Assets: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Cash and cash equivalents | Cash and cash equivalents | $ | 492,735 | $ | 492,735 | $ | 492,735 | $ | — | $ | — | Cash and cash equivalents | $ | 443,887 | $ | 443,887 | $ | 443,887 | $ | — | $ | — | ||||||||||||||||||||||||||||||||||||
Securities held-to-maturity | Securities held-to-maturity | 37,883 | 32,827 | — | 32,827 | — | Securities held-to-maturity | 37,410 | 30,792 | — | 30,792 | — | ||||||||||||||||||||||||||||||||||||||||||||||
Loans (excluding collateral dependent loans at fair value) | Loans (excluding collateral dependent loans at fair value) | 6,120,057 | 5,994,987 | — | — | 5,994,987 | Loans (excluding collateral dependent loans at fair value) | 6,170,595 | 6,036,398 | — | — | 6,036,398 | ||||||||||||||||||||||||||||||||||||||||||||||
Restricted equity securities | Restricted equity securities | 46,364 | 46,364 | — | 46,364 | — | Restricted equity securities | 35,396 | 35,396 | — | 35,396 | — | ||||||||||||||||||||||||||||||||||||||||||||||
Accrued interest receivable | Accrued interest receivable | 29,464 | 29,464 | — | 1,999 | 27,465 | Accrued interest receivable | 37,218 | 37,218 | — | 2,328 | 34,890 | ||||||||||||||||||||||||||||||||||||||||||||||
Liabilities: | Liabilities: | Liabilities: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Deposits (excluding demand deposits) | Deposits (excluding demand deposits) | $ | 4,103,392 | $ | 4,084,567 | $ | — | $ | 4,084,567 | $ | — | Deposits (excluding demand deposits) | $ | 4,288,352 | $ | 4,273,238 | $ | 2,511,783 | $ | 1,761,455 | $ | — | ||||||||||||||||||||||||||||||||||||
Securities sold under agreements to repurchase | Securities sold under agreements to repurchase | 32,861 | 32,861 | — | 32,861 | — | Securities sold under agreements to repurchase | 25,868 | 25,868 | — | 25,868 | — | ||||||||||||||||||||||||||||||||||||||||||||||
FHLB advances | FHLB advances | 570,585 | 570,585 | — | 570,585 | — | FHLB advances | 330,000 | 330,000 | — | 330,000 | — | ||||||||||||||||||||||||||||||||||||||||||||||
Convertible notes payable, net | 5,431 | 5,388 | — | 5,388 | — | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Subordinated debt, net | Subordinated debt, net | 75,080 | 70,841 | — | 70,841 | — | Subordinated debt, net | 75,180 | 70,934 | — | 70,934 | — | ||||||||||||||||||||||||||||||||||||||||||||||
Accrued interest payable | Accrued interest payable | 13,542 | 13,542 | — | 13,542 | — | Accrued interest payable | 9,862 | 9,862 | — | 9,862 | — | ||||||||||||||||||||||||||||||||||||||||||||||
December 31, 2022 | December 31, 2022 | December 31, 2022 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Assets: | Assets: | Assets: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Cash and cash equivalents | Cash and cash equivalents | $ | 343,526 | $ | 343,526 | $ | 343,526 | $ | — | $ | — | Cash and cash equivalents | $ | 343,526 | $ | 343,526 | $ | 343,526 | $ | — | $ | — | ||||||||||||||||||||||||||||||||||||
Securities held-to-maturity | Securities held-to-maturity | 38,901 | 33,218 | — | 33,218 | — | Securities held-to-maturity | 38,901 | 33,218 | — | 33,218 | — | ||||||||||||||||||||||||||||||||||||||||||||||
Loans (excluding impaired loans) | Loans (excluding impaired loans) | 5,871,274 | 5,756,197 | — | — | 5,756,197 | Loans (excluding impaired loans) | 5,871,274 | 5,756,197 | — | — | 5,756,197 | ||||||||||||||||||||||||||||||||||||||||||||||
Restricted equity securities | Restricted equity securities | 50,215 | 50,215 | — | 50,215 | — | Restricted equity securities | 50,215 | 50,215 | — | 50,215 | — | ||||||||||||||||||||||||||||||||||||||||||||||
Accrued interest receivable | Accrued interest receivable | 28,543 | 28,543 | — | 2,049 | 26,494 | Accrued interest receivable | 28,543 | 28,543 | — | 2,049 | 26,494 | ||||||||||||||||||||||||||||||||||||||||||||||
Liabilities: | Liabilities: | Liabilities: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Deposits (excluding demand deposits) | Deposits (excluding demand deposits) | $ | 3,732,215 | $ | 3,696,438 | $ | — | $ | 3,696,438 | $ | — | Deposits (excluding demand deposits) | $ | 3,732,215 | $ | 3,696,438 | $ | — | $ | 3,696,438 | $ | — | ||||||||||||||||||||||||||||||||||||
Securities sold under agreements to repurchase | Securities sold under agreements to repurchase | 36,721 | 36,721 | — | 36,721 | — | Securities sold under agreements to repurchase | 36,721 | 36,721 | — | 36,721 | — | ||||||||||||||||||||||||||||||||||||||||||||||
FHLB advances | FHLB advances | 643,885 | 643,885 | — | 643,885 | — | FHLB advances | 643,885 | 643,885 | — | 643,885 | — | ||||||||||||||||||||||||||||||||||||||||||||||
Convertible notes payable, net | Convertible notes payable, net | 5,355 | 5,329 | — | 5,329 | — | Convertible notes payable, net | 5,355 | 5,329 | — | 5,329 | — | ||||||||||||||||||||||||||||||||||||||||||||||
Subordinated debt, net | Subordinated debt, net | 74,880 | 71,618 | — | 71,618 | — | Subordinated debt, net | 74,880 | 71,618 | — | 71,618 | — | ||||||||||||||||||||||||||||||||||||||||||||||
Accrued interest payable | Accrued interest payable | 5,798 | 5,798 | — | 5,798 | — | Accrued interest payable | 5,798 | 5,798 | — | 5,798 | — |
Banking | Mortgage Operations | Corporate | Total Segments | Banking | Mortgage Operations | Corporate | Total Segments | |||||||||||||||||||||||||||||||||||||||
2023 | 2023 | 2023 | ||||||||||||||||||||||||||||||||||||||||||||
Summary of Operations | Summary of Operations | Summary of Operations | ||||||||||||||||||||||||||||||||||||||||||||
Net interest income (loss) | Net interest income (loss) | $ | 73,626 | $ | 1,479 | $ | (1,270) | $ | 73,835 | Net interest income (loss) | $ | 73,496 | $ | 1,171 | $ | (1,257) | $ | 73,410 | ||||||||||||||||||||||||||||
Provision (benefit) for credit losses | Provision (benefit) for credit losses | 3,649 | 773 | — | 4,422 | Provision (benefit) for credit losses | 6,319 | (2,429) | — | 3,890 | ||||||||||||||||||||||||||||||||||||
Noninterest income: | Noninterest income: | Noninterest income: | ||||||||||||||||||||||||||||||||||||||||||||
Service charges on deposit accounts | Service charges on deposit accounts | 5,358 | — | — | 5,358 | Service charges on deposit accounts | 5,475 | — | — | 5,475 | ||||||||||||||||||||||||||||||||||||
Credit and debit card fees | Credit and debit card fees | 3,056 | 1 | — | 3,057 | Credit and debit card fees | 2,996 | — | — | 2,996 | ||||||||||||||||||||||||||||||||||||
Trust and investment advisory fees | Trust and investment advisory fees | 1,478 | — | — | 1,478 | Trust and investment advisory fees | 1,398 | — | — | 1,398 | ||||||||||||||||||||||||||||||||||||
Income from mortgage banking services, net | Income from mortgage banking services, net | (412) | 12,071 | — | 11,659 | Income from mortgage banking services, net | (526) | 7,939 | — | 7,413 | ||||||||||||||||||||||||||||||||||||
Other noninterest income | Other noninterest income | 2,738 | — | — | 2,738 | Other noninterest income | 1,368 | — | — | 1,368 | ||||||||||||||||||||||||||||||||||||
Total noninterest income | Total noninterest income | 12,218 | 12,072 | — | 24,290 | Total noninterest income | 10,711 | 7,939 | — | 18,650 | ||||||||||||||||||||||||||||||||||||
Noninterest expense: | Noninterest expense: | Noninterest expense: | ||||||||||||||||||||||||||||||||||||||||||||
Salary and employee benefits | Salary and employee benefits | 26,182 | 7,252 | 622 | 34,056 | Salary and employee benefits | 27,701 | 5,844 | 423 | 33,968 | ||||||||||||||||||||||||||||||||||||
Occupancy and equipment | Occupancy and equipment | 7,232 | 671 | 45 | 7,948 | Occupancy and equipment | 7,449 | 707 | 60 | 8,216 | ||||||||||||||||||||||||||||||||||||
Other noninterest expenses | Other noninterest expenses | 11,887 | 3,826 | 326 | 16,039 | Other noninterest expenses | 9,990 | 3,820 | 182 | 13,992 | ||||||||||||||||||||||||||||||||||||
Total noninterest expense | Total noninterest expense | 45,301 | 11,749 | 993 | 58,043 | Total noninterest expense | 45,140 | 10,371 | 665 | 56,176 | ||||||||||||||||||||||||||||||||||||
Income (loss) before income taxes | Income (loss) before income taxes | $ | 36,894 | $ | 1,029 | $ | (2,263) | $ | 35,660 | Income (loss) before income taxes | $ | 32,748 | $ | 1,168 | $ | (1,922) | $ | 31,994 | ||||||||||||||||||||||||||||
Other Information | Other Information | Other Information | ||||||||||||||||||||||||||||||||||||||||||||
Depreciation expense | Depreciation expense | $ | 1,654 | $ | 59 | $ | — | $ | 1,713 | Depreciation expense | $ | 1,567 | $ | 57 | $ | — | $ | 1,624 | ||||||||||||||||||||||||||||
Identifiable assets | Identifiable assets | $ | 6,886,328 | $ | 843,483 | $ | 67,533 | $ | 7,797,344 | Identifiable assets | $ | 6,824,853 | $ | 871,032 | $ | 60,990 | $ | 7,756,875 |
Banking | Mortgage Operations | Corporate | Total Segments | Banking | Mortgage Operations | Corporate | Total Segments | |||||||||||||||||||||||||||||||||||||||
2022 | 2022 | 2022 | ||||||||||||||||||||||||||||||||||||||||||||
Summary of Operations | Summary of Operations | Summary of Operations | ||||||||||||||||||||||||||||||||||||||||||||
Net interest income | $ | 58,164 | $ | 2,060 | $ | (1,639) | $ | 58,585 | ||||||||||||||||||||||||||||||||||||||
Net interest income (loss) | Net interest income (loss) | $ | 68,159 | $ | 1,492 | $ | (1,165) | $ | 68,486 | |||||||||||||||||||||||||||||||||||||
Provision for (benefit from) credit losses | 3,823 | 1,177 | — | 5,000 | ||||||||||||||||||||||||||||||||||||||||||
Provision for credit losses | Provision for credit losses | 3,223 | 527 | — | 3,750 | |||||||||||||||||||||||||||||||||||||||||
Noninterest income: | Noninterest income: | Noninterest income: | ||||||||||||||||||||||||||||||||||||||||||||
Service charges on deposit accounts | Service charges on deposit accounts | 4,379 | — | — | 4,379 | Service charges on deposit accounts | 4,807 | — | — | 4,807 | ||||||||||||||||||||||||||||||||||||
Credit and debit card fees | Credit and debit card fees | 2,990 | — | — | 2,990 | Credit and debit card fees | 3,103 | — | — | 3,103 | ||||||||||||||||||||||||||||||||||||
Trust and investment advisory fees | Trust and investment advisory fees | 1,909 | — | — | 1,909 | Trust and investment advisory fees | 1,552 | — | — | 1,552 | ||||||||||||||||||||||||||||||||||||
Income from mortgage banking services, net | Income from mortgage banking services, net | (291) | 11,962 | — | 11,671 | Income from mortgage banking services, net | (701) | 14,486 | — | 13,785 | ||||||||||||||||||||||||||||||||||||
Other noninterest income | Other noninterest income | 1,354 | (1) | — | 1,353 | Other noninterest income | 1,706 | — | — | 1,706 | ||||||||||||||||||||||||||||||||||||
Total noninterest income | Total noninterest income | 10,341 | 11,961 | — | 22,302 | Total noninterest income | 10,467 | 14,486 | — | 24,953 | ||||||||||||||||||||||||||||||||||||
Noninterest expense: | Noninterest expense: | Noninterest expense: | ||||||||||||||||||||||||||||||||||||||||||||
Salary and employee benefits | Salary and employee benefits | 23,951 | 10,518 | 779 | 35,248 | Salary and employee benefits | 23,210 | 8,922 | 376 | 32,508 | ||||||||||||||||||||||||||||||||||||
Occupancy | Occupancy | 6,891 | 861 | 1 | 7,753 | Occupancy | 7,190 | 988 | 38 | 8,216 | ||||||||||||||||||||||||||||||||||||
Other noninterest expenses | Other noninterest expenses | 27,171 | 3,953 | 1,543 | 32,667 | Other noninterest expenses | 11,146 | 3,314 | 364 | 14,824 | ||||||||||||||||||||||||||||||||||||
Total noninterest expense | Total noninterest expense | 58,013 | 15,332 | 2,323 | 75,668 | Total noninterest expense | 41,546 | 13,224 | 778 | 55,548 | ||||||||||||||||||||||||||||||||||||
Income (loss) before income taxes | Income (loss) before income taxes | $ | 6,669 | $ | (2,488) | $ | (3,962) | $ | 219 | Income (loss) before income taxes | $ | 33,857 | $ | 2,227 | $ | (1,943) | $ | 34,141 | ||||||||||||||||||||||||||||
Other Information | Other Information | Other Information | ||||||||||||||||||||||||||||||||||||||||||||
Depreciation expense | Depreciation expense | $ | 1,861 | $ | 110 | $ | — | $ | 1,971 | Depreciation expense | $ | 1,839 | $ | 81 | $ | — | $ | 1,920 | ||||||||||||||||||||||||||||
Identifiable assets | Identifiable assets | $ | 6,361,838 | $ | 661,307 | $ | 37,547 | $ | 7,060,692 | Identifiable assets | $ | 6,315,984 | $ | 693,473 | $ | 43,460 | $ | 7,052,917 |
Banking | Mortgage Operations | Corporate | Total Segments | Banking | Mortgage Operations | Corporate | Total Segments | |||||||||||||||||||||||||||||||||||||||
2023 | 2023 | 2023 | ||||||||||||||||||||||||||||||||||||||||||||
Summary of Operations | Summary of Operations | Summary of Operations | ||||||||||||||||||||||||||||||||||||||||||||
Net interest income (loss) | Net interest income (loss) | $ | 147,112 | $ | 3,361 | $ | (2,521) | $ | 147,952 | Net interest income (loss) | $ | 220,608 | $ | 4,532 | $ | (3,778) | $ | 221,362 | ||||||||||||||||||||||||||||
Provision for credit losses | 6,063 | 1,719 | — | 7,782 | ||||||||||||||||||||||||||||||||||||||||||
Provision (benefit) for credit losses | Provision (benefit) for credit losses | 12,382 | (710) | — | 11,672 | |||||||||||||||||||||||||||||||||||||||||
Noninterest income: | Noninterest income: | Noninterest income: | ||||||||||||||||||||||||||||||||||||||||||||
Service charges on deposit accounts | Service charges on deposit accounts | 10,373 | — | — | 10,373 | Service charges on deposit accounts | 15,848 | — | — | 15,848 | ||||||||||||||||||||||||||||||||||||
Credit and debit card fees | Credit and debit card fees | 6,037 | 1 | — | 6,038 | Credit and debit card fees | 9,033 | 1 | — | 9,034 | ||||||||||||||||||||||||||||||||||||
Trust and investment advisory fees | Trust and investment advisory fees | 2,939 | — | — | 2,939 | Trust and investment advisory fees | 4,337 | — | — | 4,337 | ||||||||||||||||||||||||||||||||||||
Income from mortgage banking services, net | Income from mortgage banking services, net | (600) | 19,688 | — | 19,088 | Income from mortgage banking services, net | (1,126) | 27,627 | — | 26,501 | ||||||||||||||||||||||||||||||||||||
Other noninterest income | Other noninterest income | 4,783 | — | — | 4,783 | Other noninterest income | 6,151 | — | — | 6,151 | ||||||||||||||||||||||||||||||||||||
Total noninterest income | Total noninterest income | 23,532 | 19,689 | — | 43,221 | Total noninterest income | 34,243 | 27,628 | — | 61,871 | ||||||||||||||||||||||||||||||||||||
Noninterest expense: | Noninterest expense: | Noninterest expense: | ||||||||||||||||||||||||||||||||||||||||||||
Salary and employee benefits | Salary and employee benefits | 53,966 | 14,024 | 1,115 | 69,105 | Salary and employee benefits | 81,667 | 19,868 | 1,538 | 103,073 | ||||||||||||||||||||||||||||||||||||
Occupancy and equipment | Occupancy and equipment | 14,656 | 1,381 | 85 | 16,122 | Occupancy and equipment | 22,105 | 2,088 | 145 | 24,338 | ||||||||||||||||||||||||||||||||||||
Other noninterest expenses | Other noninterest expenses | 20,303 | 7,335 | 1,444 | 29,082 | Other noninterest expenses | 30,293 | 11,155 | 1,626 | 43,074 | ||||||||||||||||||||||||||||||||||||
Total noninterest expense | Total noninterest expense | 88,925 | 22,740 | 2,644 | 114,309 | Total noninterest expense | 134,065 | 33,111 | 3,309 | 170,485 | ||||||||||||||||||||||||||||||||||||
Income (loss) before income taxes | Income (loss) before income taxes | $ | 75,656 | $ | (1,409) | $ | (5,165) | $ | 69,082 | Income (loss) before income taxes | $ | 108,404 | $ | (241) | $ | (7,087) | $ | 101,076 | ||||||||||||||||||||||||||||
Other Information | Other Information | Other Information | ||||||||||||||||||||||||||||||||||||||||||||
Depreciation expense | Depreciation expense | $ | 3,303 | $ | 120 | $ | — | $ | 3,423 | Depreciation expense | $ | 4,870 | $ | 177 | $ | — | $ | 5,047 | ||||||||||||||||||||||||||||
Identifiable assets | Identifiable assets | $ | 6,886,328 | $ | 843,483 | $ | 67,533 | $ | 7,797,344 | Identifiable assets | $ | 6,824,853 | $ | 871,032 | $ | 60,990 | $ | 7,756,875 |
Banking | Mortgage Operations | Corporate | Total Segments | Banking | Mortgage Operations | Corporate | Total Segments | |||||||||||||||||||||||||||||||||||||||
2022 | 2022 | 2022 | ||||||||||||||||||||||||||||||||||||||||||||
Summary of Operations | Summary of Operations | Summary of Operations | ||||||||||||||||||||||||||||||||||||||||||||
Net interest income | $ | 99,447 | $ | 3,701 | $ | (3,278) | $ | 99,870 | ||||||||||||||||||||||||||||||||||||||
Net interest income (loss) | Net interest income (loss) | $ | 167,606 | $ | 5,193 | $ | (4,443) | $ | 168,356 | |||||||||||||||||||||||||||||||||||||
Provision for (benefit from) credit losses | 6,630 | 2,070 | — | 8,700 | ||||||||||||||||||||||||||||||||||||||||||
Provision for credit losses | Provision for credit losses | 9,853 | 2,597 | — | 12,450 | |||||||||||||||||||||||||||||||||||||||||
Noninterest income: | Noninterest income: | Noninterest income: | ||||||||||||||||||||||||||||||||||||||||||||
Service charges on deposit accounts | Service charges on deposit accounts | 8,304 | — | — | 8,304 | Service charges on deposit accounts | 13,111 | — | — | 13,111 | ||||||||||||||||||||||||||||||||||||
Credit and debit card fees | Credit and debit card fees | 5,405 | — | — | 5,405 | Credit and debit card fees | 8,508 | — | — | 8,508 | ||||||||||||||||||||||||||||||||||||
Trust and investment advisory fees | Trust and investment advisory fees | 3,856 | — | — | 3,856 | Trust and investment advisory fees | 5,408 | — | — | 5,408 | ||||||||||||||||||||||||||||||||||||
Income from mortgage banking services, net | Income from mortgage banking services, net | (1,271) | 27,503 | — | 26,232 | Income from mortgage banking services, net | (1,972) | 41,989 | — | 40,017 | ||||||||||||||||||||||||||||||||||||
Other noninterest income | Other noninterest income | 2,207 | (9) | — | 2,198 | Other noninterest income | 3,913 | (9) | — | 3,904 | ||||||||||||||||||||||||||||||||||||
Total noninterest income | Total noninterest income | 18,501 | 27,494 | — | 45,995 | Total noninterest income | 28,968 | 41,980 | — | 70,948 | ||||||||||||||||||||||||||||||||||||
Noninterest expense: | Noninterest expense: | Noninterest expense: | ||||||||||||||||||||||||||||||||||||||||||||
Salary and employee benefits | Salary and employee benefits | 46,670 | 21,932 | 871 | 69,473 | Salary and employee benefits | 69,880 | 30,854 | 1,247 | 101,981 | ||||||||||||||||||||||||||||||||||||
Occupancy | Occupancy | 12,747 | 1,838 | 1 | 14,586 | Occupancy | 19,937 | 2,826 | 39 | 22,802 | ||||||||||||||||||||||||||||||||||||
Other noninterest expenses | Other noninterest expenses | 35,057 | 7,125 | 1,894 | 44,076 | Other noninterest expenses | 46,203 | 10,439 | 2,258 | 58,900 | ||||||||||||||||||||||||||||||||||||
Total noninterest expense | Total noninterest expense | 94,474 | 30,895 | 2,766 | 128,135 | Total noninterest expense | 136,020 | 44,119 | 3,544 | 183,683 | ||||||||||||||||||||||||||||||||||||
Income (loss) before income taxes | Income (loss) before income taxes | $ | 16,844 | $ | (1,770) | $ | (6,044) | $ | 9,030 | Income (loss) before income taxes | $ | 50,701 | $ | 457 | $ | (7,987) | $ | 43,171 | ||||||||||||||||||||||||||||
Other Information | Other Information | Other Information | ||||||||||||||||||||||||||||||||||||||||||||
Depreciation expense | Depreciation expense | $ | 3,172 | $ | 213 | $ | — | $ | 3,385 | Depreciation expense | $ | 5,011 | $ | 294 | $ | — | $ | 5,305 | ||||||||||||||||||||||||||||
Identifiable assets | Identifiable assets | $ | 6,361,838 | $ | 661,307 | $ | 37,547 | $ | 7,060,692 | Identifiable assets | $ | 6,315,984 | $ | 693,473 | $ | 43,460 | $ | 7,052,917 |
June 30, 2023 | December 31, 2022 | September 30, 2023 | December 31, 2022 | |||||||||||||||||||
ROU asset on leased property, gross | ROU asset on leased property, gross | $ | 35,416 | $ | 35,212 | ROU asset on leased property, gross | $ | 37,021 | $ | 35,212 | ||||||||||||
Accumulated amortization | Accumulated amortization | (9,408) | (6,808) | Accumulated amortization | (11,047) | (6,808) | ||||||||||||||||
ROU asset, net (included in Prepaid expenses and other assets in our consolidated balance sheets) | ROU asset, net (included in Prepaid expenses and other assets in our consolidated balance sheets) | $ | 26,008 | $ | 28,404 | ROU asset, net (included in Prepaid expenses and other assets in our consolidated balance sheets) | $ | 25,974 | $ | 28,404 | ||||||||||||
Lease liability (Included in Accrued expenses and other liabilities in our consolidated balance sheets) | Lease liability (Included in Accrued expenses and other liabilities in our consolidated balance sheets) | $ | 28,629 | $ | 31,267 | Lease liability (Included in Accrued expenses and other liabilities in our consolidated balance sheets) | $ | 28,360 | $ | 31,267 | ||||||||||||
Weighted Average Remaining Life - Operating Leases | Weighted Average Remaining Life - Operating Leases | 5.62 | 5.92 | Weighted Average Remaining Life - Operating Leases | 5.63 | 5.92 | ||||||||||||||||
Weighted Average Rate - Operating Leases | Weighted Average Rate - Operating Leases | 1.91 | % | 1.81 | % | Weighted Average Rate - Operating Leases | 2.07 | % | 1.81 | % |
Remainder of 2023 | Remainder of 2023 | $ | 7,412 | Remainder of 2023 | $ | 7,434 | ||||
2024 | 2024 | 6,593 | 2024 | 6,589 | ||||||
2025 | 2025 | 5,000 | 2025 | 4,789 | ||||||
2026 | 2026 | 3,134 | 2026 | 2,986 | ||||||
2027 | 2027 | 2,347 | 2027 | 2,549 | ||||||
2028 | 2028 | 5,423 | 2028 | 5,604 | ||||||
Thereafter | Thereafter | 342 | Thereafter | 232 | ||||||
Total undiscounted operating lease liability | Total undiscounted operating lease liability | 30,251 | Total undiscounted operating lease liability | 30,183 | ||||||
Imputed interest | Imputed interest | 1,622 | Imputed interest | 1,823 | ||||||
Total operating lease liability included in the accompanying balance sheet | Total operating lease liability included in the accompanying balance sheet | $ | 28,629 | Total operating lease liability included in the accompanying balance sheet | $ | 28,360 |
For the three months ended June 30, | For the six months ended June 30, | For the three months ended September 30, | For the nine months ended September 30, | |||||||||||||||||||||||||||||||||||||||||||
2023 | 2023 | 2023 | 2023 | |||||||||||||||||||||||||||||||||||||||||||
Operating leases | Operating leases | $ | 1,886 | $ | 3,755 | Operating leases | $ | 1,887 | $ | 5,642 | ||||||||||||||||||||||||||||||||||||
Short-term leases | Short-term leases | 54 | 100 | Short-term leases | 60 | 160 | ||||||||||||||||||||||||||||||||||||||||
Sublease income | Sublease income | (93) | (110) | Sublease income | (59) | (169) | ||||||||||||||||||||||||||||||||||||||||
Net lease expense | Net lease expense | $ | 1,847 | $ | 3,745 | Net lease expense | $ | 1,888 | $ | 5,633 |
For the three months ended June 30, | For the six months ended June 30, | For the year ended December 31, | For the three months ended September 30, | For the nine months ended September 30, | For the year ended December 31, | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
($ in thousands, except share and per share amounts) | ($ in thousands, except share and per share amounts) | 2023 | 2022 | 2023 | 2022 | 2022 | ($ in thousands, except share and per share amounts) | 2023 | 2022 | 2023 | 2022 | 2022 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Income Statement: | Income Statement: | Income Statement: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Net interest income | Net interest income | $ | 73,835 | $ | 58,585 | $ | 147,952 | $ | 99,870 | $ | 241,632 | Net interest income | $ | 73,410 | $ | 68,486 | $ | 221,362 | $ | 168,356 | $ | 241,632 | ||||||||||||||||||||||||||||||||||||||||||||||||
Taxable equivalent adjustment | Taxable equivalent adjustment | 1,288 | 1,284 | 2,530 | 2,605 | 5,059 | Taxable equivalent adjustment | 1,286 | 1,236 | 3,816 | 3,841 | 5,059 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Net interest income - fully tax equivalent ("FTE") basis (non-GAAP) (3) | Net interest income - fully tax equivalent ("FTE") basis (non-GAAP) (3) | $ | 75,123 | $ | 59,869 | $ | 150,482 | $ | 102,475 | $ | 246,691 | Net interest income - fully tax equivalent ("FTE") basis (non-GAAP) (3) | $ | 74,696 | $ | 69,722 | $ | 225,178 | $ | 172,197 | $ | 246,691 | ||||||||||||||||||||||||||||||||||||||||||||||||
Provision for credit losses | Provision for credit losses | $ | 4,422 | $ | 5,000 | $ | 7,782 | $ | 8,700 | $ | 18,050 | Provision for credit losses | $ | 3,890 | $ | 3,750 | $ | 11,672 | $ | 12,450 | $ | 18,050 | ||||||||||||||||||||||||||||||||||||||||||||||||
Noninterest income | Noninterest income | $ | 24,290 | $ | 22,302 | $ | 43,221 | $ | 45,995 | $ | 89,566 | Noninterest income | $ | 18,650 | $ | 24,953 | $ | 61,871 | $ | 70,948 | $ | 89,566 | ||||||||||||||||||||||||||||||||||||||||||||||||
Noninterest expense | Noninterest expense | $ | 58,043 | $ | 75,668 | $ | 114,309 | $ | 128,135 | $ | 239,126 | Noninterest expense | $ | 56,176 | $ | 55,548 | $ | 170,485 | $ | 183,683 | $ | 239,126 | ||||||||||||||||||||||||||||||||||||||||||||||||
Net income | Net income | $ | 28,006 | $ | 430 | $ | 54,287 | $ | 8,099 | $ | 59,182 | Net income | $ | 25,232 | $ | 26,513 | $ | 79,519 | $ | 34,612 | $ | 59,182 | ||||||||||||||||||||||||||||||||||||||||||||||||
Per Common Share Data: | Per Common Share Data: | Per Common Share Data: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Weighted average diluted common shares | Weighted average diluted common shares | 25,206,359 | 25,458,311 | 25,368,702 | 22,195,814 | 23,838,471 | Weighted average diluted common shares | 25,357,807 | 25,494,315 | 25,365,297 | 23,281,933 | 23,838,471 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Net income (basic) | Net income (basic) | $ | 1.12 | $ | 0.02 | $ | 2.18 | $ | 0.38 | $ | 2.55 | Net income (basic) | $ | 1.01 | $ | 1.07 | $ | 3.19 | $ | 1.53 | $ | 2.55 | ||||||||||||||||||||||||||||||||||||||||||||||||
Net income (diluted) | Net income (diluted) | $ | 1.11 | $ | 0.02 | $ | 2.14 | $ | 0.36 | $ | 2.48 | Net income (diluted) | $ | 1.00 | $ | 1.04 | $ | 3.13 | $ | 1.49 | $ | 2.48 | ||||||||||||||||||||||||||||||||||||||||||||||||
Cash dividends | Cash dividends | $ | — | $ | — | $ | — | $ | — | $ | — | Cash dividends | $ | — | $ | — | $ | — | $ | — | $ | — | ||||||||||||||||||||||||||||||||||||||||||||||||
Dividend payout ratio | Dividend payout ratio | — | % | — | % | — | % | — | % | — | % | Dividend payout ratio | — | % | — | % | — | % | — | % | — | % | ||||||||||||||||||||||||||||||||||||||||||||||||
Book value | Book value | $ | 33.02 | $ | 29.28 | $ | 33.02 | $ | 29.28 | $ | 31.08 | Book value | $ | 33.83 | $ | 30.14 | $ | 33.83 | $ | 30.14 | $ | 31.08 | ||||||||||||||||||||||||||||||||||||||||||||||||
Tangible common book value (non-GAAP) (3) | Tangible common book value (non-GAAP) (3) | $ | 28.76 | $ | 24.76 | $ | 28.76 | $ | 24.76 | $ | 26.69 | Tangible common book value (non-GAAP) (3) | $ | 29.60 | $ | 25.67 | $ | 29.60 | $ | 25.67 | $ | 26.69 | ||||||||||||||||||||||||||||||||||||||||||||||||
Performance Ratios: | Performance Ratios: | Performance Ratios: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Return on average total assets | Return on average total assets | 1.49 | % | 0.02 | % | 1.46 | % | 0.25 | % | 0.88 | % | Return on average total assets | 1.34 | % | 1.52 | % | 1.42 | % | 0.70 | % | 0.88 | % | ||||||||||||||||||||||||||||||||||||||||||||||||
Return on average stockholders' equity | Return on average stockholders' equity | 13.54 | % | 0.23 | % | 13.46 | % | 2.54 | % | 8.55 | % | Return on average stockholders' equity | 12.03 | % | 14.50 | % | 12.97 | % | 6.90 | % | 8.55 | % | ||||||||||||||||||||||||||||||||||||||||||||||||
Return on tangible common stockholders' equity (non-GAAP) (3) | Return on tangible common stockholders' equity (non-GAAP) (3) | 16.52 | % | 0.76 | % | 15.81 | % | 2.96 | % | 9.40 | % | Return on tangible common stockholders' equity (non-GAAP) (3) | 14.05 | % | 17.05 | % | 14.93 | % | 7.58 | % | 9.40 | % | ||||||||||||||||||||||||||||||||||||||||||||||||
Return on average tangible common stockholders' equity (non-GAAP) (3) | Return on average tangible common stockholders' equity (non-GAAP) (3) | 16.46 | % | 0.74 | % | 16.24 | % | 3.25 | % | 10.45 | % | Return on average tangible common stockholders' equity (non-GAAP) (3) | 14.15 | % | 17.59 | % | 15.51 | % | 8.35 | % | 10.45 | % | ||||||||||||||||||||||||||||||||||||||||||||||||
Net interest margin | Net interest margin | 4.24 | % | 3.56 | % | 4.31 | % | 3.34 | % | 3.87 | % | Net interest margin | 4.23 | % | 4.26 | % | 4.28 | % | 3.66 | % | 3.87 | % | ||||||||||||||||||||||||||||||||||||||||||||||||
Efficiency ratio (1) | Efficiency ratio (1) | 59.15 | % | 93.55 | % | 59.79 | % | 87.84 | % | 72.20 | % | Efficiency ratio (1) | 61.02 | % | 59.45 | % | 60.19 | % | 76.76 | % | 72.20 | % | ||||||||||||||||||||||||||||||||||||||||||||||||
Net charge-offs (recoveries) to average loans outstanding | Net charge-offs (recoveries) to average loans outstanding | 0.05 | % | (0.04) | % | 0.03 | % | 0.01 | % | (0.01) | % | Net charge-offs (recoveries) to average loans outstanding | 0.15 | % | 0.01 | % | 0.07 | % | 0.01 | % | (0.01) | % | ||||||||||||||||||||||||||||||||||||||||||||||||
Allowance for credit losses to loans | Allowance for credit losses to loans | 1.26 | % | 1.04 | % | 1.26 | % | 1.04 | % | 1.12 | % | Allowance for credit losses to loans | 1.27 | % | 1.07 | % | 1.27 | % | 1.07 | % | 1.12 | % | ||||||||||||||||||||||||||||||||||||||||||||||||
Nonperforming loans to total loans (2) | Nonperforming loans to total loans (2) | 1.10 | % | 0.55 | % | 1.10 | % | 0.55 | % | 0.49 | % | Nonperforming loans to total loans (2) | 0.66 | % | 0.61 | % | 0.66 | % | 0.61 | % | 0.49 | % | ||||||||||||||||||||||||||||||||||||||||||||||||
Balance Sheet: | Balance Sheet: | Balance Sheet: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total loans, excluding loans held-for-sale | Total loans, excluding loans held-for-sale | $ | 6,155,090 | $ | 5,387,928 | $ | 6,155,090 | $ | 5,387,928 | $ | 5,911,832 | Total loans, excluding loans held-for-sale | $ | 6,179,522 | $ | 5,556,686 | $ | 6,179,522 | $ | 5,556,686 | $ | 5,911,832 | ||||||||||||||||||||||||||||||||||||||||||||||||
Total assets | Total assets | $ | 7,797,344 | $ | 7,060,692 | $ | 7,797,344 | $ | 7,060,692 | $ | 7,430,322 | Total assets | $ | 7,756,875 | $ | 7,052,917 | $ | 7,756,875 | $ | 7,052,917 | $ | 7,430,322 | ||||||||||||||||||||||||||||||||||||||||||||||||
Total deposits | Total deposits | $ | 6,150,418 | $ | 5,933,022 | $ | 6,150,418 | $ | 5,933,022 | $ | 5,765,062 | Total deposits | $ | 6,339,847 | $ | 5,760,418 | $ | 6,339,847 | $ | 5,760,418 | $ | 5,765,062 | ||||||||||||||||||||||||||||||||||||||||||||||||
Total borrowed funds | Total borrowed funds | $ | 651,096 | $ | 239,927 | $ | 651,096 | $ | 239,927 | $ | 724,120 | Total borrowed funds | $ | 405,180 | $ | 390,969 | $ | 405,180 | $ | 390,969 | $ | 724,120 | ||||||||||||||||||||||||||||||||||||||||||||||||
Total stockholders' equity | Total stockholders' equity | $ | 823,635 | $ | 727,542 | $ | 823,635 | $ | 727,542 | $ | 774,536 | Total stockholders' equity | $ | 843,719 | $ | 750,653 | $ | 843,719 | $ | 750,653 | $ | 774,536 | ||||||||||||||||||||||||||||||||||||||||||||||||
Capital Ratios: | Capital Ratios: | Capital Ratios: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total risk-based capital to risk-weighted assets | Total risk-based capital to risk-weighted assets | 12.52 | % | 11.60 | % | 12.52 | % | 11.60 | % | 11.99 | % | Total risk-based capital to risk-weighted assets | 12.93 | % | 12.06 | % | 12.93 | % | 12.06 | % | 11.99 | % | ||||||||||||||||||||||||||||||||||||||||||||||||
Tier 1 risk-based capital to risk-weighted assets | Tier 1 risk-based capital to risk-weighted assets | 10.40 | % | 9.59 | % | 10.40 | % | 9.59 | % | 9.94 | % | Tier 1 risk-based capital to risk-weighted assets | 10.79 | % | 9.99 | % | 10.79 | % | 9.99 | % | 9.94 | % | ||||||||||||||||||||||||||||||||||||||||||||||||
Common Equity Tier 1 (CET 1) to risk-weighted assets | Common Equity Tier 1 (CET 1) to risk-weighted assets | 10.40 | % | 9.59 | % | 10.40 | % | 9.59 | % | 9.94 | % | Common Equity Tier 1 (CET 1) to risk-weighted assets | 10.79 | % | 9.99 | % | 10.79 | % | 9.99 | % | 9.94 | % | ||||||||||||||||||||||||||||||||||||||||||||||||
Tier 1 leverage capital to average assets | Tier 1 leverage capital to average assets | 10.00 | % | 8.89 | % | 10.00 | % | 8.89 | % | 9.71 | % | Tier 1 leverage capital to average assets | 10.37 | % | 9.55 | % | 10.37 | % | 9.55 | % | 9.71 | % | ||||||||||||||||||||||||||||||||||||||||||||||||
Average stockholders' equity to average total assets | Average stockholders' equity to average total assets | 11.00 | % | 10.45 | % | 10.88 | % | 9.92 | % | 10.28 | % | Average stockholders' equity to average total assets | 11.18 | % | 10.52 | % | 10.98 | % | 10.13 | % | 10.28 | % | ||||||||||||||||||||||||||||||||||||||||||||||||
Tangible common stockholders' equity to tangible assets (non-GAAP) (3) | Tangible common stockholders' equity to tangible assets (non-GAAP) (3) | 9.33 | % | 8.86 | % | 9.33 | % | 8.86 | % | 9.09 | % | Tangible common stockholders' equity to tangible assets (non-GAAP) (3) | 9.65 | % | 9.21 | % | 9.65 | % | 9.21 | % | 9.09 | % | ||||||||||||||||||||||||||||||||||||||||||||||||
Tangible common stockholders’ equity to tangible assets reflecting net unrealized losses on HTM securities, net of tax (non-GAAP) (3) | Tangible common stockholders’ equity to tangible assets reflecting net unrealized losses on HTM securities, net of tax (non-GAAP) (3) | 9.59 | % | 9.16 | % | 9.59 | % | 9.16 | % | 9.03 | % | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Nonfinancial Data: | Nonfinancial Data: | Nonfinancial Data: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Full-time equivalent employees | Full-time equivalent employees | 1,121 | 1,144 | 1,121 | 1,144 | 1,149 | Full-time equivalent employees | 1,106 | 1,155 | 1,106 | 1,155 | 1,149 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Banking branches | Banking branches | 69 | 72 | 69 | 72 | 72 | Banking branches | 69 | 72 | 69 | 72 | 72 | (1) The efficiency ratio is one measure of profitability in the banking industry. This ratio measures the cost of generating one dollar of revenue. That is, the ratio is designed to reflect the percentage of one dollar which must be expended to generate that dollar of revenue. We calculate this ratio by dividing noninterest expense by the sum of net interest income and noninterest income. | (2) Nonperforming loans include nonaccrual loans and accrual loans greater than 90 days past due. On January 1, 2023, we adopted ASU 2022-02, whereby we no longer recognize or account for TDRs. The loans previously classified as accrual TDRs are no longer considered nonperforming. We have adjusted prior periods to reflect this change in accounting. | (3) See section entitled “Non-GAAP Financial Measures and Reconciliations” for information regarding these non-GAAP financial measures and a reconciliation to the most comparable GAAP equivalent. |
For the three months ended June 30, | For the six months ended June 30, | For the year ended December 31, | For the three months ended September 30, | For the nine months ended September 30, | For the year ended December 31, | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
($ in thousands, except share and per share amounts) | ($ in thousands, except share and per share amounts) | 2023 | 2022 | 2023 | 2022 | 2022 | ($ in thousands, except share and per share amounts) | 2023 | 2022 | 2023 | 2022 | 2022 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Tangible common stockholders’ equity: | Tangible common stockholders’ equity: | Tangible common stockholders’ equity: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total common stockholders' equity (GAAP) | Total common stockholders' equity (GAAP) | $ | 823,635 | $ | 727,542 | $ | 823,635 | $ | 727,542 | $ | 774,536 | Total common stockholders' equity (GAAP) | $ | 843,719 | $ | 750,653 | $ | 843,719 | $ | 750,653 | $ | 774,536 | ||||||||||||||||||||||||||||||||||||||||||||||||
Less: Goodwill and other intangible assets | Less: Goodwill and other intangible assets | Less: Goodwill and other intangible assets | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Goodwill | Goodwill | (93,483) | (93,483) | (93,483) | (93,483) | (93,483) | Goodwill | (93,483) | (93,483) | (93,483) | (93,483) | (93,483) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Other intangible assets | Other intangible assets | (12,712) | (18,760) | (12,712) | (18,760) | (15,806) | Other intangible assets | (11,813) | (17,825) | (11,813) | (17,825) | (15,806) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total tangible common stockholders' equity (non-GAAP) (1) | Total tangible common stockholders' equity (non-GAAP) (1) | $ | 717,440 | $ | 615,299 | $ | 717,440 | $ | 615,299 | $ | 665,247 | Total tangible common stockholders' equity (non-GAAP) (1) | $ | 738,423 | $ | 639,345 | $ | 738,423 | $ | 639,345 | $ | 665,247 | ||||||||||||||||||||||||||||||||||||||||||||||||
Total common shares outstanding | Total common shares outstanding | 24,941,468 | 24,850,954 | 24,941,468 | 24,850,954 | 24,920,984 | Total common shares outstanding | 24,942,645 | 24,906,032 | 24,942,645 | 24,906,032 | 24,920,984 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Book value per common share (GAAP) | Book value per common share (GAAP) | $ | 33.02 | $ | 29.28 | $ | 33.02 | $ | 29.28 | $ | 31.08 | Book value per common share (GAAP) | $ | 33.83 | $ | 30.14 | $ | 33.83 | $ | 30.14 | $ | 31.08 | ||||||||||||||||||||||||||||||||||||||||||||||||
Tangible book value per common share (non-GAAP) | Tangible book value per common share (non-GAAP) | $ | 28.76 | $ | 24.76 | $ | 28.76 | $ | 24.76 | $ | 26.69 | Tangible book value per common share (non-GAAP) | $ | 29.60 | $ | 25.67 | $ | 29.60 | $ | 25.67 | $ | 26.69 | ||||||||||||||||||||||||||||||||||||||||||||||||
Return on tangible common stockholders’ equity: | Return on tangible common stockholders’ equity: | Return on tangible common stockholders’ equity: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Net income (GAAP) | Net income (GAAP) | $ | 28,006 | $ | 430 | $ | 54,287 | $ | 8,099 | $ | 59,182 | Net income (GAAP) | $ | 25,232 | $ | 26,513 | $ | 79,519 | $ | 34,612 | $ | 59,182 | ||||||||||||||||||||||||||||||||||||||||||||||||
Add: Intangible amortization, net of tax | Add: Intangible amortization, net of tax | 1,620 | 739 | 2,444 | 997 | 3,330 | Add: Intangible amortization, net of tax | 710 | 739 | 3,154 | 1,736 | 3,330 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Tangible net income (non-GAAP) | Tangible net income (non-GAAP) | $ | 29,626 | $ | 1,169 | $ | 56,731 | $ | 9,096 | $ | 62,512 | Tangible net income (non-GAAP) | $ | 25,942 | $ | 27,252 | $ | 82,673 | $ | 36,348 | $ | 62,512 | ||||||||||||||||||||||||||||||||||||||||||||||||
Tangible common stockholders’ equity (non-GAAP) (1) | Tangible common stockholders’ equity (non-GAAP) (1) | $ | 717,440 | $ | 615,299 | $ | 717,440 | $ | 615,299 | $ | 665,247 | Tangible common stockholders’ equity (non-GAAP) (1) | $ | 738,423 | $ | 639,345 | $ | 738,423 | $ | 639,345 | $ | 665,247 | ||||||||||||||||||||||||||||||||||||||||||||||||
Return on common stockholders’ equity (GAAP) | Return on common stockholders’ equity (GAAP) | 11.96 | % | 14.13 | % | 12.57 | % | 6.15 | % | 7.64 | % | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Return on tangible common stockholders’ equity (non-GAAP) | Return on tangible common stockholders’ equity (non-GAAP) | 16.52 | % | 0.76 | % | 15.81 | % | 2.96 | % | 9.40 | % | Return on tangible common stockholders’ equity (non-GAAP) | 14.05 | % | 17.05 | % | 14.93 | % | 7.58 | % | 9.40 | % | ||||||||||||||||||||||||||||||||||||||||||||||||
Return on average tangible common stockholders’ equity: | Return on average tangible common stockholders’ equity: | Return on average tangible common stockholders’ equity: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Tangible net income (non-GAAP) (see above) | $ | 29,626 | $ | 1,169 | $ | 56,731 | $ | 9,096 | $ | 62,512 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Tangible net income (non-GAAP) | Tangible net income (non-GAAP) | $ | 25,942 | $ | 27,252 | $ | 82,673 | $ | 36,348 | $ | 62,512 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total average common stockholders' equity (GAAP) | Total average common stockholders' equity (GAAP) | $ | 827,211 | $ | 748,731 | $ | 806,854 | $ | 637,194 | $ | 692,524 | Total average common stockholders' equity (GAAP) | $ | 839,258 | $ | 731,549 | $ | 817,774 | $ | 668,991 | $ | 692,524 | ||||||||||||||||||||||||||||||||||||||||||||||||
Less: Average goodwill and other intangible assets | Less: Average goodwill and other intangible assets | Less: Average goodwill and other intangible assets | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Average goodwill | Average goodwill | (93,483) | (93,483) | (93,483) | (63,433) | (78,582) | Average goodwill | (93,483) | (93,483) | (93,483) | (73,560) | (78,582) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Average other intangible assets | Average other intangible assets | (13,806) | (19,507) | (14,584) | (13,824) | (15,811) | Average other intangible assets | (12,212) | (18,255) | (13,785) | (15,317) | (15,811) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total average tangible common stockholders' equity (non-GAAP) | Total average tangible common stockholders' equity (non-GAAP) | $ | 719,922 | $ | 635,741 | $ | 698,787 | $ | 559,937 | $ | 598,131 | Total average tangible common stockholders' equity (non-GAAP) | $ | 733,563 | $ | 619,811 | $ | 710,506 | $ | 580,114 | $ | 598,131 | ||||||||||||||||||||||||||||||||||||||||||||||||
Return on average common stockholders’ equity (GAAP) | Return on average common stockholders’ equity (GAAP) | 12.03 | % | 14.50 | % | 12.97 | % | 6.90 | % | 8.55 | % | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Return on average tangible common stockholders’ equity (non-GAAP) | Return on average tangible common stockholders’ equity (non-GAAP) | 16.46 | % | 0.74 | % | 16.24 | % | 3.25 | % | 10.45 | % | Return on average tangible common stockholders’ equity (non-GAAP) | 14.15 | % | 17.59 | % | 15.51 | % | 8.35 | % | 10.45 | % | ||||||||||||||||||||||||||||||||||||||||||||||||
Net interest margin - FTE basis: | Net interest margin - FTE basis: | Net interest margin - FTE basis: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Net interest income (GAAP) | Net interest income (GAAP) | $ | 73,835 | $ | 58,585 | $ | 147,952 | $ | 99,870 | $ | 241,632 | Net interest income (GAAP) | $ | 73,410 | $ | 68,486 | $ | 221,362 | $ | 168,356 | $ | 241,632 | ||||||||||||||||||||||||||||||||||||||||||||||||
Taxable equivalent adjustment | Taxable equivalent adjustment | 1,288 | 1,284 | 2,530 | 2,605 | 5,059 | Taxable equivalent adjustment | 1,286 | 1,236 | 3,816 | 3,841 | 5,059 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Net interest income - FTE basis (non-GAAP) | Net interest income - FTE basis (non-GAAP) | $ | 75,123 | $ | 59,869 | $ | 150,482 | $ | 102,475 | $ | 246,691 | Net interest income - FTE basis (non-GAAP) | $ | 74,696 | $ | 69,722 | $ | 225,178 | $ | 172,197 | $ | 246,691 | ||||||||||||||||||||||||||||||||||||||||||||||||
Average earning assets | Average earning assets | $ | 6,961,407 | $ | 6,577,173 | $ | 6,859,237 | $ | 5,971,763 | $ | 6,244,221 | Average earning assets | $ | 6,947,500 | $ | 6,434,653 | $ | 6,891,380 | $ | 6,127,755 | $ | 6,244,221 | ||||||||||||||||||||||||||||||||||||||||||||||||
Net interest margin (GAAP) | Net interest margin (GAAP) | 4.23 | % | 4.26 | % | 4.28 | % | 3.66 | % | 3.87 | % | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Net interest margin - FTE basis (non-GAAP) | Net interest margin - FTE basis (non-GAAP) | 4.32 | % | 3.64 | % | 4.39 | % | 3.43 | % | 3.95 | % | Net interest margin - FTE basis (non-GAAP) | 4.30 | % | 4.31 | % | 4.36 | % | 3.75 | % | 3.95 | % | ||||||||||||||||||||||||||||||||||||||||||||||||
(1) For all periods presented tangible stockholders’ equity is the same as tangible common stockholders’ equity. | (1) For all periods presented tangible stockholders’ equity is the same as tangible common stockholders’ equity. | (1) For all periods presented tangible stockholders’ equity is the same as tangible common stockholders’ equity. |
For the three months ended June 30, | For the six months ended June 30, | For the year ended December 31, | For the three months ended September 30, | For the nine months ended September 30, | For the year ended December 31, | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
($ in thousands, except share and per share amounts) | ($ in thousands, except share and per share amounts) | 2023 | 2022 | 2023 | 2022 | 2022 | ($ in thousands, except share and per share amounts) | 2023 | 2022 | 2023 | 2022 | 2022 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Tangible common stockholders’ equity to tangible assets: | Tangible common stockholders’ equity to tangible assets: | Tangible common stockholders’ equity to tangible assets: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total assets (GAAP) | Total assets (GAAP) | $ | 7,797,344 | $ | 7,060,692 | $ | 7,797,344 | $ | 7,060,692 | $ | 7,430,322 | Total assets (GAAP) | $ | 7,756,875 | $ | 7,052,917 | $ | 7,756,875 | $ | 7,052,917 | $ | 7,430,322 | ||||||||||||||||||||||||||||||||||||||||||||||||
Less: Goodwill and other intangible assets | Less: Goodwill and other intangible assets | Less: Goodwill and other intangible assets | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Goodwill | Goodwill | (93,483) | (93,483) | (93,483) | (93,483) | (93,483) | Goodwill | (93,483) | (93,483) | (93,483) | (93,483) | (93,483) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Other intangible assets | Other intangible assets | (12,712) | (18,760) | (12,712) | (18,760) | (15,806) | Other intangible assets | (11,813) | (17,825) | (11,813) | (17,825) | (15,806) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total tangible assets (non-GAAP) | Total tangible assets (non-GAAP) | $ | 7,691,149 | $ | 6,948,449 | $ | 7,691,149 | $ | 6,948,449 | $ | 7,321,033 | Total tangible assets (non-GAAP) | $ | 7,651,579 | $ | 6,941,609 | $ | 7,651,579 | $ | 6,941,609 | $ | 7,321,033 | ||||||||||||||||||||||||||||||||||||||||||||||||
Tangible common stockholders’ equity (non-GAAP) (1) | Tangible common stockholders’ equity (non-GAAP) (1) | $ | 717,440 | $ | 615,299 | $ | 717,440 | $ | 615,299 | $ | 665,247 | Tangible common stockholders’ equity (non-GAAP) (1) | $ | 738,423 | $ | 639,345 | $ | 738,423 | $ | 639,345 | $ | 665,247 | ||||||||||||||||||||||||||||||||||||||||||||||||
Common stockholders' equity to total assets (GAAP) | Common stockholders' equity to total assets (GAAP) | 10.88 | % | 10.64 | % | 10.88 | % | 10.64 | % | 10.42 | % | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Tangible common stockholders’ equity to tangible assets (non-GAAP) | Tangible common stockholders’ equity to tangible assets (non-GAAP) | 9.33 | % | 8.86 | % | 9.33 | % | 8.86 | % | 9.09 | % | Tangible common stockholders’ equity to tangible assets (non-GAAP) | 9.65 | % | 9.21 | % | 9.65 | % | 9.21 | % | 9.09 | % | ||||||||||||||||||||||||||||||||||||||||||||||||
Tangible common stockholders’ equity to tangible assets, reflecting net unrealized losses on HTM securities, net of tax: | Tangible common stockholders’ equity to tangible assets, reflecting net unrealized losses on HTM securities, net of tax: | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total tangible common stockholders' equity (non-GAAP) | Total tangible common stockholders' equity (non-GAAP) | $ | 738,423 | $ | 639,345 | $ | 738,423 | $ | 639,345 | $ | 665,247 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Less: Net unrealized losses on HTM securities, net of tax | Less: Net unrealized losses on HTM securities, net of tax | (5,001) | (3,810) | (5,001) | (3,810) | (4,295) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total tangible common stockholders’ equity less net unrealized losses on HTM securities, net of tax (non-GAAP) | Total tangible common stockholders’ equity less net unrealized losses on HTM securities, net of tax (non-GAAP) | $ | 733,422 | $ | 635,535 | $ | 733,422 | $ | 635,535 | $ | 660,952 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total tangible assets (non-GAAP) | Total tangible assets (non-GAAP) | $ | 7,651,579 | $ | 6,941,609 | $ | 7,651,579 | $ | 6,941,609 | $ | 7,321,033 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Less: Net unrealized losses on HTM securities, net of tax | Less: Net unrealized losses on HTM securities, net of tax | (5,001) | (3,810) | (5,001) | (3,810) | (4,295) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total tangible assets less net unrealized losses on HTM securities, net of tax (non-GAAP) | Total tangible assets less net unrealized losses on HTM securities, net of tax (non-GAAP) | $ | 7,646,578 | $ | 6,937,799 | $ | 7,646,578 | $ | 6,937,799 | $ | 7,316,738 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Tangible common stockholders’ equity to tangible assets (non-GAAP) | Tangible common stockholders’ equity to tangible assets (non-GAAP) | 9.65 | % | 9.21 | % | 9.65 | % | 9.21 | % | 9.09 | % | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Tangible common stockholders’ equity to tangible assets reflecting net unrealized losses on HTM securities, net of tax (non-GAAP) | Tangible common stockholders’ equity to tangible assets reflecting net unrealized losses on HTM securities, net of tax (non-GAAP) | 9.59 | % | 9.16 | % | 9.59 | % | 9.16 | % | 9.03 | % | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Net income excluding merger costs: | Net income excluding merger costs: | Net income excluding merger costs: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Net income (GAAP) | Net income (GAAP) | $ | 28,006 | $ | 430 | $ | 54,287 | $ | 8,099 | $ | 59,182 | Net income (GAAP) | $ | 25,232 | $ | 26,513 | $ | 79,519 | $ | 34,612 | $ | 59,182 | ||||||||||||||||||||||||||||||||||||||||||||||||
Add: Merger costs | Add: Merger costs | Add: Merger costs | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Merger related expenses | Merger related expenses | — | 18,448 | — | 18,751 | 18,751 | Merger related expenses | — | — | — | 18,751 | 18,751 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Income tax effect on merger related expenses | Income tax effect on merger related expenses | — | (4,033) | — | (4,083) | (4,083) | Income tax effect on merger related expenses | — | — | — | (4,083) | (4,083) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Provision for loan loss on Pioneer loans marked at a premium | Provision for loan loss on Pioneer loans marked at a premium | — | 2,884 | — | 2,884 | 2,884 | Provision for loan loss on Pioneer loans marked at a premium | — | — | — | 2,884 | 2,884 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Income tax effect on provision for loan loss on Pioneer loans marked at a premium | Income tax effect on provision for loan loss on Pioneer loans marked at a premium | — | (521) | — | (521) | (521) | Income tax effect on provision for loan loss on Pioneer loans marked at a premium | — | — | — | (521) | (521) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total merger costs | Total merger costs | — | 16,778 | — | 17,031 | 17,031 | Total merger costs | — | — | — | 17,031 | 17,031 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Net income excluding merger costs (non-GAAP) | Net income excluding merger costs (non-GAAP) | $ | 28,006 | $ | 17,208 | $ | 54,287 | $ | 25,130 | $ | 76,213 | Net income excluding merger costs (non-GAAP) | $ | 25,232 | $ | 26,513 | $ | 79,519 | $ | 51,643 | $ | 76,213 | ||||||||||||||||||||||||||||||||||||||||||||||||
Return on average total assets excluding merger costs: | Return on average total assets excluding merger costs: | Return on average total assets excluding merger costs: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Return on average total assets (ROAA) (GAAP) | Return on average total assets (ROAA) (GAAP) | 1.49 | % | 0.02 | % | 1.46 | % | 0.25 | % | 0.88 | % | Return on average total assets (ROAA) (GAAP) | 1.34 | % | 1.52 | % | 1.42 | % | 0.70 | % | 0.88 | % | ||||||||||||||||||||||||||||||||||||||||||||||||
Add: Impact of merger costs, net of tax | Add: Impact of merger costs, net of tax | — | % | 0.94 | % | — | % | 0.53 | % | 0.25 | % | Add: Impact of merger costs, net of tax | — | % | — | % | — | % | 0.34 | % | 0.25 | % | ||||||||||||||||||||||||||||||||||||||||||||||||
ROAA excluding merger costs (non-GAAP) | ROAA excluding merger costs (non-GAAP) | 1.49 | % | 0.96 | % | 1.46 | % | 0.78 | % | 1.13 | % | ROAA excluding merger costs (non-GAAP) | 1.34 | % | 1.52 | % | 1.42 | % | 1.04 | % | 1.13 | % | ||||||||||||||||||||||||||||||||||||||||||||||||
Return on average stockholders’ equity excluding merger costs: | Return on average stockholders’ equity excluding merger costs: | Return on average stockholders’ equity excluding merger costs: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Return on average stockholders' equity (ROAE) (GAAP) | Return on average stockholders' equity (ROAE) (GAAP) | 13.54 | % | 0.23 | % | 13.46 | % | 2.54 | % | 8.55 | % | Return on average stockholders' equity (ROAE) (GAAP) | 12.03 | % | 14.50 | % | 12.97 | % | 6.90 | % | 8.55 | % | ||||||||||||||||||||||||||||||||||||||||||||||||
Add: Impact of merger costs, net of tax | Add: Impact of merger costs, net of tax | — | % | 8.96 | % | — | % | 5.35 | % | 2.46 | % | Add: Impact of merger costs, net of tax | — | % | — | % | — | % | 3.39 | % | 2.46 | % | ||||||||||||||||||||||||||||||||||||||||||||||||
ROAE excluding merger costs (non-GAAP) | ROAE excluding merger costs (non-GAAP) | 13.54 | % | 9.19 | % | 13.46 | % | 7.89 | % | 11.01 | % | ROAE excluding merger costs (non-GAAP) | 12.03 | % | 14.50 | % | 12.97 | % | 10.29 | % | 11.01 | % | ||||||||||||||||||||||||||||||||||||||||||||||||
Efficiency ratio excluding merger related expenses: | Efficiency ratio excluding merger related expenses: | Efficiency ratio excluding merger related expenses: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Efficiency ratio (GAAP) | Efficiency ratio (GAAP) | 59.15 | % | 93.55 | % | 59.79 | % | 87.84 | % | 72.20 | % | Efficiency ratio (GAAP) | 61.02 | % | 59.45 | % | 60.19 | % | 76.76 | % | 72.20 | % | ||||||||||||||||||||||||||||||||||||||||||||||||
Less: Impact of merger related expenses | Less: Impact of merger related expenses | — | % | 22.81 | % | — | % | 12.85 | % | 5.66 | % | Less: Impact of merger related expenses | — | % | — | % | — | % | (7.84) | % | (5.66) | % | ||||||||||||||||||||||||||||||||||||||||||||||||
Efficiency ratio excluding merger related expenses (non-GAAP) | Efficiency ratio excluding merger related expenses (non-GAAP) | 59.15 | % | 70.74 | % | 59.79 | % | 74.99 | % | 66.54 | % | Efficiency ratio excluding merger related expenses (non-GAAP) | 61.02 | % | 59.45 | % | 60.19 | % | 68.92 | % | 66.54 | % | ||||||||||||||||||||||||||||||||||||||||||||||||
Diluted earnings per share excluding merger costs: | Diluted earnings per share excluding merger costs: | Diluted earnings per share excluding merger costs: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Diluted earnings per share (GAAP) | Diluted earnings per share (GAAP) | $ | 1.11 | $ | 0.02 | $ | 2.14 | $ | 0.36 | $ | 2.48 | Diluted earnings per share (GAAP) | $ | 1.00 | $ | 1.04 | $ | 3.13 | $ | 1.49 | $ | 2.48 | ||||||||||||||||||||||||||||||||||||||||||||||||
Add: Impact of merger costs, net of tax | Add: Impact of merger costs, net of tax | — | 0.66 | — | 0.77 | 0.72 | Add: Impact of merger costs, net of tax | — | — | — | 0.73 | 0.72 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Diluted earnings per share excluding merger costs (non-GAAP) | Diluted earnings per share excluding merger costs (non-GAAP) | $ | 1.11 | $ | 0.68 | $ | 2.14 | $ | 1.13 | $ | 3.20 | Diluted earnings per share excluding merger costs (non-GAAP) | $ | 1.00 | $ | 1.04 | $ | 3.13 | $ | 2.22 | $ | 3.20 | ||||||||||||||||||||||||||||||||||||||||||||||||
(1) For all periods presented tangible stockholders’ equity is the same as tangible common stockholders’ equity. | (1) For all periods presented tangible stockholders’ equity is the same as tangible common stockholders’ equity. | (1) For all periods presented tangible stockholders’ equity is the same as tangible common stockholders’ equity. |
As of and for the three months ended June 30, | As of and for the six months ended June 30, | As of and for the three months ended September 30, | As of and for the nine months ended September 30, | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
($ in thousands, except per share amounts) | ($ in thousands, except per share amounts) | 2023 | 2022 | 2023 | 2022 | ($ in thousands, except per share amounts) | 2023 | 2022 | 2023 | 2022 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Net interest income | Net interest income | $ | 73,835 | $ | 58,585 | $ | 147,952 | $ | 99,870 | Net interest income | $ | 73,410 | $ | 68,486 | $ | 221,362 | $ | 168,356 | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Provision for credit losses | Provision for credit losses | 4,422 | 5,000 | 7,782 | 8,700 | Provision for credit losses | 3,890 | 3,750 | 11,672 | 12,450 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Noninterest income | Noninterest income | 24,290 | 22,302 | 43,221 | 45,995 | Noninterest income | 18,650 | 24,953 | 61,871 | 70,948 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Noninterest expense | Noninterest expense | 58,043 | 75,668 | 114,309 | 128,135 | Noninterest expense | 56,176 | 55,548 | 170,485 | 183,683 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Income before income taxes | Income before income taxes | 35,660 | 219 | 69,082 | 9,030 | Income before income taxes | 31,994 | 34,141 | 101,076 | 43,171 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Provision for income taxes | Provision for income taxes | 7,654 | (211) | 14,795 | 931 | Provision for income taxes | 6,762 | 7,628 | 21,557 | 8,559 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Net income | Net income | 28,006 | 430 | 54,287 | 8,099 | Net income | 25,232 | 26,513 | 79,519 | 34,612 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Diluted earnings per share | Diluted earnings per share | $ | 1.11 | $ | 0.02 | $ | 2.14 | $ | 0.36 | Diluted earnings per share | $ | 1.00 | $ | 1.04 | $ | 3.13 | $ | 1.49 | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Return on average total assets | Return on average total assets | 1.49 | % | 0.02 | % | 1.46 | % | 0.25 | % | Return on average total assets | 1.34 | % | 1.52 | % | 1.42 | % | 0.70 | % | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Return on average stockholders' equity | Return on average stockholders' equity | 13.54 | % | 0.23 | % | 13.46 | % | 2.54 | % | Return on average stockholders' equity | 12.03 | % | 14.50 | % | 12.97 | % | 6.90 | % | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Net interest margin | Net interest margin | 4.24 | % | 3.56 | % | 4.31 | % | 3.34 | % | Net interest margin | 4.23 | % | 4.26 | % | 4.28 | % | 3.66 | % | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Net interest margin - FTE basis (non-GAAP) (1) | Net interest margin - FTE basis (non-GAAP) (1) | 4.32 | % | 3.64 | % | 4.39 | % | 3.43 | % | Net interest margin - FTE basis (non-GAAP) (1) | 4.30 | % | 4.31 | % | 4.36 | % | 3.75 | % | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Efficiency ratio | Efficiency ratio | 59.15 | % | 93.55 | % | 59.79 | % | 87.84 | % | Efficiency ratio | 61.02 | % | 59.45 | % | 60.19 | % | 76.76 | % | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Noninterest income to total revenue (2) | Noninterest income to total revenue (2) | 24.75 | % | 27.57 | % | 22.61 | % | 31.53 | % | Noninterest income to total revenue (2) | 20.26 | % | 26.71 | % | 21.84 | % | 29.65 | % | ||||||||||||||||||||||||||||||||||||||||||||||||||||
(1) See section entitled “Non-GAAP Financial Measures and Reconciliations” for information regarding non-GAAP financial measures and a reconciliation to the most comparable GAAP equivalent. | (1) See section entitled “Non-GAAP Financial Measures and Reconciliations” for information regarding non-GAAP financial measures and a reconciliation to the most comparable GAAP equivalent. | (1) See section entitled “Non-GAAP Financial Measures and Reconciliations” for information regarding non-GAAP financial measures and a reconciliation to the most comparable GAAP equivalent. | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
(2) Noninterest income to total revenue is defined as “noninterest income / (net interest income + noninterest income)”. | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
(2) Total revenue is net interest income plus noninterest income. | (2) Total revenue is net interest income plus noninterest income. |
2023 | 2022 | 2023 | 2022 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
(In thousands) | (In thousands) | Average Balance | Interest | Average Yield/Rate | Average Balance | Interest | Average Yield/Rate | (In thousands) | Average Balance | Interest | Average Yield/Rate | Average Balance | Interest | Average Yield/Rate | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Interest Earning Assets | Interest Earning Assets | Interest Earning Assets | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Loans held-for-sale | $ | 63,988 | $ | 969 | 6.06 | % | $ | 70,430 | $ | 1,269 | 7.21 | % | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Loans held-for-investment (1) | 6,156,845 | 94,351 | 6.13 | % | 5,264,355 | 57,316 | 4.35 | % | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Loans (1) | Loans (1) | 6,180,684 | 99,565 | 6.44 | % | 5,512,846 | 68,270 | 4.95 | % | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Investment securities | Investment securities | 563,902 | 4,227 | 3.00 | % | 651,180 | 3,333 | 2.05 | % | Investment securities | 545,257 | 4,226 | 3.10 | % | 613,325 | 3,644 | 2.38 | % | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Interest-bearing cash and other assets | Interest-bearing cash and other assets | 176,672 | 2,485 | 5.63 | % | 591,208 | 1,310 | 0.89 | % | Interest-bearing cash and other assets | 221,559 | 2,984 | 5.39 | % | 308,482 | 1,849 | 2.40 | % | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total earning assets | Total earning assets | 6,961,407 | 102,032 | 5.86 | % | 6,577,173 | 63,228 | 3.85 | % | Total earning assets | 6,947,500 | 106,775 | 6.15 | % | 6,434,653 | 73,763 | 4.59 | % | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Other assets | Other assets | 556,105 | 585,760 | Other assets | 557,988 | 519,663 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total assets | Total assets | $ | 7,517,512 | $ | 7,162,933 | Total assets | $ | 7,505,488 | $ | 6,954,316 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Interest-bearing liabilities | Interest-bearing liabilities | Interest-bearing liabilities | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Demand and NOW deposits | Demand and NOW deposits | $ | 332,695 | $ | 2,124 | 2.55 | % | $ | 219,502 | $ | 229 | 0.42 | % | Demand and NOW deposits | $ | 466,837 | $ | 3,813 | 3.27 | % | $ | 202,290 | $ | 495 | 0.98 | % | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Savings deposits | Savings deposits | 448,059 | 491 | 0.44 | % | 516,045 | 133 | 0.10 | % | Savings deposits | 439,172 | 680 | 0.62 | % | 506,548 | 227 | 0.18 | % | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Money market deposits | Money market deposits | 2,107,379 | 5,874 | 1.11 | % | 2,774,713 | 1,172 | 0.17 | % | Money market deposits | 2,026,028 | 7,997 | 1.58 | % | 2,617,452 | 1,632 | 0.25 | % | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Certificates of deposits | Certificates of deposits | 1,392,847 | 12,240 | 3.52 | % | 581,803 | 638 | 0.44 | % | Certificates of deposits | 1,748,515 | 18,406 | 4.21 | % | 593,479 | 920 | 0.62 | % | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total deposits | Total deposits | 4,280,980 | 20,729 | 1.94 | % | 4,092,063 | 2,172 | 0.21 | % | Total deposits | 4,680,552 | 30,896 | 2.64 | % | 3,919,769 | 3,274 | 0.33 | % | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Repurchase agreements | Repurchase agreements | 33,673 | 68 | 0.80 | % | 56,247 | 15 | 0.11 | % | Repurchase agreements | 26,549 | 65 | 0.98 | % | 51,264 | 51 | 0.40 | % | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total deposits and repurchase agreements | Total deposits and repurchase agreements | 4,314,653 | 20,797 | 1.93 | % | 4,148,310 | 2,187 | 0.21 | % | Total deposits and repurchase agreements | 4,707,101 | 30,961 | 2.63 | % | 3,971,033 | 3,325 | 0.33 | % | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
FHLB borrowings | FHLB borrowings | 472,105 | 6,121 | 5.19 | % | 184,100 | 771 | 1.67 | % | FHLB borrowings | 84,332 | 1,139 | 5.40 | % | 160,310 | 761 | 1.90 | % | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Other long-term borrowings | Other long-term borrowings | 80,440 | 1,279 | 6.36 | % | 82,154 | 1,685 | 8.21 | % | Other long-term borrowings | 78,680 | 1,265 | 6.44 | % | 80,031 | 1,191 | 5.95 | % | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total interest-bearing liabilities | Total interest-bearing liabilities | 4,867,198 | 28,197 | 2.32 | % | 4,414,564 | 4,643 | 0.42 | % | Total interest-bearing liabilities | 4,870,113 | 33,365 | 2.74 | % | 4,211,374 | 5,277 | 0.50 | % | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Noninterest-bearing deposits | Noninterest-bearing deposits | 1,694,961 | 1,923,870 | Noninterest-bearing deposits | 1,654,090 | 1,924,055 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Other liabilities | Other liabilities | 128,118 | 75,768 | Other liabilities | 142,027 | 87,338 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Stockholders' equity | Stockholders' equity | 827,235 | 748,731 | Stockholders' equity | 839,258 | 731,549 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total liabilities and stockholders' equity | Total liabilities and stockholders' equity | $ | 7,517,512 | $ | 7,162,933 | Total liabilities and stockholders' equity | $ | 7,505,488 | $ | 6,954,316 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Net interest income | Net interest income | $ | 73,835 | $ | 58,585 | Net interest income | $ | 73,410 | $ | 68,486 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Net interest spread | Net interest spread | 3.54 | % | 3.43 | % | Net interest spread | 3.41 | % | 4.09 | % | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Net interest margin | Net interest margin | 4.24 | % | 3.56 | % | Net interest margin | 4.23 | % | 4.26 | % | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Net interest margin - FTE basis (non-GAAP) (2) | Net interest margin - FTE basis (non-GAAP) (2) | 4.32 | % | 3.64 | % | Net interest margin - FTE basis (non-GAAP) (2) | 4.30 | % | 4.31 | % | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
(1) Includes nonaccrual loans | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
(1) Includes loans held-for-investment, including nonaccrual loans, and loans held-for-sale. | (1) Includes loans held-for-investment, including nonaccrual loans, and loans held-for-sale. | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
(2) See section entitled “Non-GAAP Financial Measures and Reconciliations” for information regarding non-GAAP financial measures and a reconciliation to the most comparable GAAP equivalent | (2) See section entitled “Non-GAAP Financial Measures and Reconciliations” for information regarding non-GAAP financial measures and a reconciliation to the most comparable GAAP equivalent | (2) See section entitled “Non-GAAP Financial Measures and Reconciliations” for information regarding non-GAAP financial measures and a reconciliation to the most comparable GAAP equivalent |
2023 | 2022 | 2023 | 2022 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
(In thousands) | (In thousands) | Average Balance | Interest | Average Yield/Rate | Average Balance | Interest | Average Yield/Rate | (In thousands) | Average Balance | Interest | Average Yield/Rate | Average Balance | Interest | Average Yield/Rate | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Interest Earning Assets | Interest Earning Assets | Interest Earning Assets | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Loans held-for-sale | $ | 57,097 | $ | 1,623 | 5.68 | % | $ | 65,689 | $ | 1,963 | 5.98 | % | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Loans held-for-investment (1) | 6,068,344 | 182,298 | 6.01 | % | 4,697,288 | 98,480 | 4.19 | % | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Loans (1) | Loans (1) | 6,144,057 | 283,486 | 6.15 | % | 5,015,680 | 168,713 | 4.48 | % | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Investment securities | Investment securities | 567,273 | 8,391 | 2.96 | % | 616,947 | 5,608 | 1.82 | % | Investment securities | 559,855 | 12,617 | 3.00 | % | 615,726 | 9,252 | 2.00 | % | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Interest-bearing cash and other assets | Interest-bearing cash and other assets | 166,523 | 4,623 | 5.55 | % | 591,839 | 1,838 | 0.62 | % | Interest-bearing cash and other assets | 187,468 | 7,607 | 5.41 | % | 496,349 | 3,687 | 0.99 | % | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total earning assets | Total earning assets | 6,859,237 | 196,935 | 5.74 | % | 5,971,763 | 107,889 | 3.61 | % | Total earning assets | 6,891,380 | 303,710 | 5.88 | % | 6,127,755 | 181,652 | 3.95 | % | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Other assets | Other assets | 555,040 | 450,652 | Other assets | 553,628 | 473,909 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total assets | Total assets | $ | 7,414,277 | $ | 6,422,415 | Total assets | $ | 7,445,008 | $ | 6,601,664 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Interest-bearing liabilities | Interest-bearing liabilities | Interest-bearing liabilities | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Demand and NOW deposits | Demand and NOW deposits | $ | 280,224 | $ | 3,358 | 2.40 | % | $ | 221,251 | $ | 353 | 0.32 | % | Demand and NOW deposits | $ | 343,112 | $ | 7,171 | 2.79 | % | $ | 214,862 | $ | 848 | 0.53 | % | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Savings deposits | Savings deposits | 458,969 | 936 | 0.41 | % | 492,510 | 224 | 0.09 | % | Savings deposits | 452,298 | 1,616 | 0.48 | % | 497,240 | 451 | 0.12 | % | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Money market deposits | Money market deposits | 2,201,401 | 10,942 | 0.99 | % | 2,541,968 | 2,012 | 0.16 | % | Money market deposits | 2,142,301 | 18,939 | 1.18 | % | 2,567,406 | 3,644 | 0.19 | % | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Certificates of deposits | Certificates of deposits | 1,233,810 | 19,672 | 3.19 | % | 450,604 | 1,157 | 0.51 | % | Certificates of deposits | 1,407,264 | 38,078 | 3.61 | % | 498,753 | 2,077 | 0.56 | % | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total deposits | Total deposits | 4,174,404 | 34,908 | 1.67 | % | 3,706,333 | 3,746 | 0.20 | % | Total deposits | 4,344,975 | 65,804 | 2.02 | % | 3,778,261 | 7,020 | 0.25 | % | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Repurchase agreements | Repurchase agreements | 31,683 | 98 | 0.62 | % | 63,795 | 23 | 0.07 | % | Repurchase agreements | 29,953 | 163 | 0.73 | % | 59,572 | 74 | 0.17 | % | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total deposits and repurchase agreements | Total deposits and repurchase agreements | 4,206,087 | 35,006 | 1.66 | % | 3,770,128 | 3,769 | 0.20 | % | Total deposits and repurchase agreements | 4,374,928 | 65,967 | 2.01 | % | 3,837,833 | 7,094 | 0.25 | % | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
FHLB borrowings | FHLB borrowings | 463,142 | 11,438 | 4.94 | % | 112,562 | 919 | 1.63 | % | FHLB borrowings | 335,485 | 12,576 | 5.00 | % | 128,654 | 1,680 | 1.74 | % | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Other long-term borrowings | Other long-term borrowings | 80,370 | 2,539 | 6.32 | % | 84,161 | 3,331 | 7.91 | % | Other long-term borrowings | 79,801 | 3,805 | 6.36 | % | 82,768 | 4,522 | 7.28 | % | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total interest-bearing liabilities | Total interest-bearing liabilities | 4,749,599 | 48,983 | 2.06 | % | 3,966,851 | 8,019 | 0.40 | % | Total interest-bearing liabilities | 4,790,214 | 82,348 | 2.29 | % | 4,049,255 | 13,296 | 0.44 | % | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Noninterest-bearing deposits | Noninterest-bearing deposits | 1,731,468 | 1,745,967 | Noninterest-bearing deposits | 1,705,392 | 1,805,982 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Other liabilities | Other liabilities | 126,343 | 72,403 | Other liabilities | 131,628 | 77,436 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Stockholders’ equity | Stockholders’ equity | 806,867 | 637,194 | Stockholders’ equity | 817,774 | 668,991 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total liabilities and stockholders’ equity | Total liabilities and stockholders’ equity | $ | 7,414,277 | $ | 6,422,415 | Total liabilities and stockholders’ equity | $ | 7,445,008 | $ | 6,601,664 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Net interest income | Net interest income | $ | 147,952 | $ | 99,870 | Net interest income | $ | 221,362 | $ | 168,356 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Net interest spread | Net interest spread | 3.68 | % | 3.21 | % | Net interest spread | 3.59 | % | 3.51 | % | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Net interest margin | Net interest margin | 4.31 | % | 3.34 | % | Net interest margin | 4.28 | % | 3.66 | % | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Net interest margin - FTE basis (non-GAAP) (2) | Net interest margin - FTE basis (non-GAAP) (2) | 4.39 | % | 3.43 | % | Net interest margin - FTE basis (non-GAAP) (2) | 4.36 | % | 3.75 | % | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
(1) Includes nonaccrual loans | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
(1) Includes loans held-for-investment, including nonaccrual loans, and loans held-for-sale. | (1) Includes loans held-for-investment, including nonaccrual loans, and loans held-for-sale. | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
(2) See section entitled “Non-GAAP Financial Measures and Reconciliations” for information regarding non-GAAP financial measures and a reconciliation to the most comparable GAAP equivalent | (2) See section entitled “Non-GAAP Financial Measures and Reconciliations” for information regarding non-GAAP financial measures and a reconciliation to the most comparable GAAP equivalent | (2) See section entitled “Non-GAAP Financial Measures and Reconciliations” for information regarding non-GAAP financial measures and a reconciliation to the most comparable GAAP equivalent |
For the three months ended June 30, | For the three months ended September 30, | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
2023 Versus 2022 Increase (Decrease) Due to: | 2023 Versus 2022 Increase (Decrease) Due to: | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
(In thousands) | (In thousands) | Rate | Volume | Total | (In thousands) | Rate | Volume | Total | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Interest Earning Assets | Interest Earning Assets | Interest Earning Assets | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Loans held-for-sale | $ | (191) | $ | (109) | $ | (300) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Loans held-for-investment | 26,154 | 10,881 | 37,035 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Loans (1) | Loans (1) | $ | 22,310 | $ | 8,985 | $ | 31,295 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Investment securities | Investment securities | 1,257 | (363) | 894 | Investment securities | 916 | (334) | 582 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Interest-bearing cash | Interest-bearing cash | 1,352 | (177) | 1,175 | Interest-bearing cash | 1,476 | (341) | 1,135 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total earning assets | Total earning assets | 28,572 | 10,232 | 38,804 | Total earning assets | 24,702 | 8,310 | 33,012 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Interest-bearing liabilities | Interest-bearing liabilities | Interest-bearing liabilities | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Demand and NOW deposits | Demand and NOW deposits | 1,721 | 174 | 1,895 | Demand and NOW deposits | 2,129 | 1,189 | 3,318 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Savings deposits | Savings deposits | 373 | (15) | 358 | Savings deposits | 479 | (26) | 453 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Money market deposits | Money market deposits | 4,913 | (211) | 4,702 | Money market deposits | 6,647 | (282) | 6,365 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Certificates of deposits | Certificates of deposits | 9,679 | 1,923 | 11,602 | Certificates of deposits | 13,086 | 4,400 | 17,486 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total deposits | Total deposits | 16,686 | 1,871 | 18,557 | Total deposits | 22,341 | 5,281 | 27,622 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Repurchase agreements | Repurchase agreements | 56 | (3) | 53 | Repurchase agreements | 21 | (7) | 14 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total deposits and repurchase agreements | Total deposits and repurchase agreements | 16,742 | 1,868 | 18,610 | Total deposits and repurchase agreements | 22,362 | 5,274 | 27,636 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
FHLB borrowings | FHLB borrowings | 3,064 | 2,286 | 5,350 | FHLB borrowings | 509 | (131) | 378 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Other long-term borrowings | Other long-term borrowings | (372) | (34) | (406) | Other long-term borrowings | 94 | (20) | 74 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total interest-bearing liabilities | Total interest-bearing liabilities | 19,434 | 4,120 | 23,554 | Total interest-bearing liabilities | 22,965 | 5,123 | 28,088 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Net interest income | Net interest income | $ | 9,138 | $ | 6,112 | $ | 15,250 | Net interest income | $ | 1,737 | $ | 3,187 | $ | 4,924 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
(1) Includes loans held-for-investment, including nonaccrual loans, and loans held-for-sale. | (1) Includes loans held-for-investment, including nonaccrual loans, and loans held-for-sale. |
For the six months ended June 30, | For the nine months ended September 30, | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
2023 Versus 2022 Increase (Decrease) Due to: | 2023 Versus 2022 Increase (Decrease) Due to: | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
(In thousands) | (In thousands) | Rate | Volume | Total | (In thousands) | Rate | Volume | Total | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Interest Earning Assets | Interest Earning Assets | Interest Earning Assets | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Loans held-for-sale | $ | (92) | $ | (248) | $ | (340) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Loans held-for-investment | 50,062 | 33,756 | 83,818 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Loans (1) | Loans (1) | $ | 71,498 | $ | 43,275 | $ | 114,773 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Investment securities | Investment securities | 3,193 | (410) | 2,783 | Investment securities | 4,111 | (746) | 3,365 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Interest-bearing cash | Interest-bearing cash | 3,062 | (277) | 2,785 | Interest-bearing cash | 4,555 | (635) | 3,920 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total earning assets | Total earning assets | 56,225 | 32,821 | 89,046 | Total earning assets | 80,164 | 41,894 | 122,058 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Interest-bearing liabilities | Interest-bearing liabilities | Interest-bearing liabilities | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Demand and NOW deposits | Demand and NOW deposits | 2,887 | 118 | 3,005 | Demand and NOW deposits | 5,552 | 771 | 6,323 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Savings deposits | Savings deposits | 726 | (14) | 712 | Savings deposits | 1,202 | (37) | 1,165 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Money market deposits | Money market deposits | 9,162 | (232) | 8,930 | Money market deposits | 15,795 | (500) | 15,295 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Certificates of deposits | Certificates of deposits | 13,883 | 4,632 | 18,515 | Certificates of deposits | 27,040 | 8,961 | 36,001 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total deposits | Total deposits | 26,658 | 4,504 | 31,162 | Total deposits | 49,589 | 9,195 | 58,784 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Repurchase agreements | Repurchase agreements | 80 | (5) | 75 | Repurchase agreements | 104 | (15) | 89 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total deposits and repurchase agreements | Total deposits and repurchase agreements | 26,738 | 4,499 | 31,237 | Total deposits and repurchase agreements | 49,693 | 9,180 | 58,873 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
FHLB borrowings | FHLB borrowings | 4,146 | 6,373 | 10,519 | FHLB borrowings | 5,859 | 5,037 | 10,896 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Other long-term borrowings | Other long-term borrowings | (648) | (144) | (792) | Other long-term borrowings | (559) | (158) | (717) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total interest-bearing liabilities | Total interest-bearing liabilities | 30,236 | 10,728 | 40,964 | Total interest-bearing liabilities | 54,993 | 14,059 | 69,052 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Net interest income | Net interest income | $ | 25,989 | $ | 22,093 | $ | 48,082 | Net interest income | $ | 25,171 | $ | 27,835 | $ | 53,006 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
(1) Includes loans held-for-investment, including nonaccrual loans, and loans held-for-sale. | (1) Includes loans held-for-investment, including nonaccrual loans, and loans held-for-sale. |
For the three months ended June 30, | For the six months ended June 30, | For the three months ended September 30, | For the nine months ended September 30, | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
(In thousands) | (In thousands) | 2023 | 2022 | 2023 | 2022 | (In thousands) | 2023 | 2022 | 2023 | 2022 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Service charges on deposit accounts | Service charges on deposit accounts | $ | 5,358 | $ | 4,379 | $ | 10,373 | $ | 8,304 | Service charges on deposit accounts | $ | 5,475 | $ | 4,807 | $ | 15,848 | $ | 13,111 | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Credit and debit card fees | Credit and debit card fees | 3,057 | 2,990 | 6,038 | 5,405 | Credit and debit card fees | 2,996 | 3,103 | 9,034 | 8,508 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Trust and investment advisory fees | Trust and investment advisory fees | 1,478 | 1,909 | 2,939 | 3,856 | Trust and investment advisory fees | 1,398 | 1,552 | 4,337 | 5,408 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Income from mortgage banking services, net | Income from mortgage banking services, net | 11,659 | 11,671 | 19,088 | 26,232 | Income from mortgage banking services, net | 7,413 | 13,785 | 26,501 | 40,017 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Other | Other | 2,738 | 1,353 | 4,783 | 2,198 | Other | 1,368 | 1,706 | 6,151 | 3,904 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total noninterest income | Total noninterest income | $ | 24,290 | $ | 22,302 | $ | 43,221 | $ | 45,995 | Total noninterest income | $ | 18,650 | $ | 24,953 | $ | 61,871 | $ | 70,948 |
For the three months ended June 30, | For the three months ended September 30, | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
(In thousands) | (In thousands) | 2023 | 2022 | (In thousands) | 2023 | 2022 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Net sale gains and fees from mortgage loan originations including loans held-for-sale changes in fair value and hedging | Net sale gains and fees from mortgage loan originations including loans held-for-sale changes in fair value and hedging | $ | 4,311 | $ | 5,642 | Net sale gains and fees from mortgage loan originations including loans held-for-sale changes in fair value and hedging | $ | 3,689 | $ | 3,942 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Mortgage servicing income | Mortgage servicing income | 3,853 | 3,529 | Mortgage servicing income | 3,954 | 4,234 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
MSR capitalization and changes in fair value, net of derivative activity | MSR capitalization and changes in fair value, net of derivative activity | 3,495 | 2,500 | MSR capitalization and changes in fair value, net of derivative activity | (230) | 5,609 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Income from mortgage banking services, net | Income from mortgage banking services, net | $ | 11,659 | $ | 11,671 | Income from mortgage banking services, net | $ | 7,413 | $ | 13,785 |
For the six months ended June 30, | For the nine months ended September 30, | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
(In thousands) | (In thousands) | 2023 | 2022 | (In thousands) | 2023 | 2022 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Net sale gains and fees from mortgage loan originations including loans held-for-sale changes in fair value and hedging | Net sale gains and fees from mortgage loan originations including loans held-for-sale changes in fair value and hedging | $ | 7,757 | $ | 12,697 | Net sale gains and fees from mortgage loan originations including loans held-for-sale changes in fair value and hedging | $ | 11,446 | $ | 16,639 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Mortgage servicing income | Mortgage servicing income | 7,660 | 6,837 | Mortgage servicing income | 11,614 | 11,071 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
MSR capitalization and changes in fair value, net of derivative activity | MSR capitalization and changes in fair value, net of derivative activity | 3,671 | 6,698 | MSR capitalization and changes in fair value, net of derivative activity | 3,441 | 12,307 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Income from mortgage banking services, net | Income from mortgage banking services, net | $ | 19,088 | $ | 26,232 | Income from mortgage banking services, net | $ | 26,501 | $ | 40,017 |
For the three months ended June 30, | For the six months ended June 30, | For the three months ended September 30, | For the nine months ended September 30, | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
(In thousands) | (In thousands) | 2023 | 2022 | 2023 | 2022 | (In thousands) | 2023 | 2022 | 2023 | 2022 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Salary and employee benefits | Salary and employee benefits | $ | 34,056 | $ | 35,248 | $ | 69,105 | $ | 69,473 | Salary and employee benefits | $ | 33,968 | $ | 32,508 | $ | 103,073 | $ | 101,981 | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Occupancy and equipment | Occupancy and equipment | 7,948 | 7,753 | 16,122 | 14,586 | Occupancy and equipment | 8,216 | 8,216 | 24,338 | 22,802 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Amortization of intangible assets | Amortization of intangible assets | 2,050 | 935 | 3,094 | 1,262 | Amortization of intangible assets | 899 | 935 | 3,993 | 2,197 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Merger-related expenses | Merger-related expenses | — | 18,448 | — | 18,751 | Merger-related expenses | — | — | — | 18,751 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Other | Other | 13,989 | 13,284 | 25,988 | 24,063 | Other | 13,093 | 13,889 | 39,081 | 37,952 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total noninterest expenses | Total noninterest expenses | $ | 58,043 | $ | 75,668 | $ | 114,309 | $ | 128,135 | Total noninterest expenses | $ | 56,176 | $ | 55,548 | $ | 170,485 | $ | 183,683 |
June 30, 2023 | December 31, 2022 | September 30, 2023 | December 31, 2022 | |||||||||||||||||||||||||||||||||||||||||||
(In thousands) | (In thousands) | Carrying Amount | % of Portfolio | Carrying Amount | % of Portfolio | (In thousands) | Carrying Amount | % of Portfolio | Carrying Amount | % of Portfolio | ||||||||||||||||||||||||||||||||||||
Available-for-sale: | Available-for-sale: | Available-for-sale: | ||||||||||||||||||||||||||||||||||||||||||||
U.S. treasury | U.S. treasury | $ | 56,869 | 11.0 | % | $ | 56,649 | 10.5 | % | U.S. treasury | $ | 52,853 | 10.7 | % | $ | 56,649 | 10.5 | % | ||||||||||||||||||||||||||||
U.S. agency | U.S. agency | 2,228 | 0.5 | % | 2,834 | 0.5 | % | U.S. agency | 2,055 | 0.3 | % | 2,834 | 0.5 | % | ||||||||||||||||||||||||||||||||
Obligations of states and political subdivisions | Obligations of states and political subdivisions | 25,736 | 5.0 | % | 24,899 | 4.6 | % | Obligations of states and political subdivisions | 24,488 | 4.9 | % | 24,899 | 4.6 | % | ||||||||||||||||||||||||||||||||
Mortgage backed - residential | Mortgage backed - residential | 107,236 | 20.8 | % | 116,135 | 21.6 | % | Mortgage backed - residential | 100,553 | 20.3 | % | 116,135 | 21.6 | % | ||||||||||||||||||||||||||||||||
Collateralized mortgage obligations | Collateralized mortgage obligations | 192,571 | 37.3 | % | 204,265 | 38.1 | % | Collateralized mortgage obligations | 184,457 | 37.2 | % | 204,265 | 38.1 | % | ||||||||||||||||||||||||||||||||
Mortgage backed - commercial | Mortgage backed - commercial | 116,263 | 22.5 | % | 117,336 | 21.9 | % | Mortgage backed - commercial | 116,911 | 23.6 | % | 117,336 | 21.9 | % | ||||||||||||||||||||||||||||||||
Other debt | Other debt | 15,053 | 2.9 | % | 14,855 | 2.8 | % | Other debt | 14,675 | 3.0 | % | 14,855 | 2.8 | % | ||||||||||||||||||||||||||||||||
Total available-for-sale | Total available-for-sale | $ | 515,956 | 100.0 | % | $ | 536,973 | 100.0 | % | Total available-for-sale | $ | 495,992 | 100.0 | % | $ | 536,973 | 100.0 | % | ||||||||||||||||||||||||||||
Held-to-maturity: | Held-to-maturity: | Held-to-maturity: | ||||||||||||||||||||||||||||||||||||||||||||
Obligations of states and political subdivisions | Obligations of states and political subdivisions | $ | 25,459 | 67.2 | % | $ | 25,378 | 65.2 | % | Obligations of states and political subdivisions | $ | 25,500 | 68.2 | % | $ | 25,378 | 65.2 | % | ||||||||||||||||||||||||||||
Mortgage backed - residential | Mortgage backed - residential | 8,116 | 21.4 | % | 8,705 | 22.4 | % | Mortgage backed - residential | 7,859 | 21.0 | % | 8,705 | 22.4 | % | ||||||||||||||||||||||||||||||||
Collateralized mortgage obligations | Collateralized mortgage obligations | 4,308 | 11.4 | % | 4,818 | 12.4 | % | Collateralized mortgage obligations | 4,051 | 10.8 | % | 4,818 | 12.4 | % | ||||||||||||||||||||||||||||||||
Total held-to-maturity | Total held-to-maturity | $ | 37,883 | 100.0 | % | $ | 38,901 | 100.0 | % | Total held-to-maturity | $ | 37,410 | 100.0 | % | $ | 38,901 | 100.0 | % |
(In thousands) | (In thousands) | One year or less | One to five years | Five to ten years | After ten years | (In thousands) | One year or less | One to five years | Five to ten years | After ten years | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Carrying Amount | Average Yield | Carrying Amount | Average Yield | Carrying Amount | Average Yield | Carrying Amount | Average Yield | Carrying Amount | Average Yield | Carrying Amount | Average Yield | Carrying Amount | Average Yield | Carrying Amount | Average Yield | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Available-for-sale: | Available-for-sale: | Available-for-sale: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
U.S. treasury | U.S. treasury | $ | 18,104 | 2.05 | % | $ | 20,949 | 1.27 | % | $ | 17,816 | 1.30 | % | $ | — | — | % | U.S. treasury | $ | 14,726 | 2.22 | % | $ | 25,354 | 1.28 | % | $ | 12,773 | 1.29 | % | $ | — | — | % | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
U.S. agency | U.S. agency | — | — | % | 1,314 | 6.34 | % | 863 | 5.94 | % | 51 | 6.75 | % | U.S. agency | — | — | % | 1,190 | 6.58 | % | 865 | 6.24 | % | — | — | % | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Obligations of states and political subdivisions | Obligations of states and political subdivisions | — | — | % | — | — | % | 10,422 | 3.19 | % | 15,314 | 2.97 | % | Obligations of states and political subdivisions | — | — | % | — | — | % | 10,721 | 3.18 | % | 13,767 | 2.96 | % | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Mortgage backed - residential | Mortgage backed - residential | 60 | 3.78 | % | 32,922 | 2.47 | % | 37,459 | 1.90 | % | 36,795 | 2.26 | % | Mortgage backed - residential | 118 | 4.77 | % | 34,458 | 2.38 | % | 41,868 | 1.81 | % | 24,109 | 2.46 | % | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Collateralized mortgage obligations | Collateralized mortgage obligations | 2,929 | 2.60 | % | 30,642 | 3.25 | % | 138,386 | 3.66 | % | 20,614 | 2.40 | % | Collateralized mortgage obligations | 3,463 | 2.68 | % | 31,773 | 3.92 | % | 139,254 | 3.62 | % | 9,967 | 1.77 | % | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Mortgage backed - commercial | Mortgage backed - commercial | 1,474 | 3.10 | % | 38,558 | 4.01 | % | 76,231 | 2.27 | % | — | — | % | Mortgage backed - commercial | 1,456 | 4.38 | % | 34,612 | 3.97 | % | 80,843 | 2.52 | % | — | — | % | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Other debt | Other debt | — | — | % | — | — | % | 12,263 | 2.82 | % | 2,790 | 3.78 | % | Other debt | — | — | % | — | — | % | 11,990 | 2.82 | % | 2,685 | 3.78 | % | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total available-for-sale | Total available-for-sale | $ | 22,567 | 2.20 | % | $ | 124,385 | 2.98 | % | $ | 293,440 | 2.89 | % | $ | 75,564 | 2.50 | % | Total available-for-sale | $ | 19,763 | 2.48 | % | $ | 127,387 | 3.02 | % | $ | 298,314 | 2.93 | % | $ | 50,528 | 2.53 | % | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Held-to-maturity: | Held-to-maturity: | Held-to-maturity: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Obligations of states and political subdivisions | Obligations of states and political subdivisions | $ | — | — | % | $ | 1,027 | 2.05 | % | $ | — | — | % | $ | 24,432 | 3.52 | % | Obligations of states and political subdivisions | $ | — | — | % | $ | 1,023 | 2.05 | % | $ | — | — | % | $ | 24,477 | 3.52 | % | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Mortgage backed - residential | Mortgage backed - residential | 287 | 0.31 | % | 5,005 | 2.55 | % | 800 | 2.96 | % | 2,024 | 3.25 | % | Mortgage backed - residential | — | — | % | 4,795 | 2.55 | % | 681 | 3.13 | % | 2,383 | 3.22 | % | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Collateralized mortgage obligations | Collateralized mortgage obligations | 314 | 2.02 | % | 3,994 | 2.71 | % | — | — | % | — | — | % | Collateralized mortgage obligations | 261 | 2.00 | % | 3,790 | 2.71 | % | — | — | % | — | — | % | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total held-to-maturity | Total held-to-maturity | $ | 601 | 1.20 | % | $ | 10,026 | 2.56 | % | $ | 800 | 2.96 | % | $ | 26,456 | 3.50 | % | Total held-to-maturity | $ | 261 | 2.00 | % | $ | 9,608 | 2.56 | % | $ | 681 | 3.13 | % | $ | 26,860 | 3.50 | % |
June 30, 2023 | December 31, 2022 | September 30, 2023 | December 31, 2022 | |||||||||||||||||||||||||||||||||||||||||||
(In thousands) | (In thousands) | Amount | % of total loans | Amount | % of total loans | (In thousands) | Amount | % of total loans | Amount | % of total loans | ||||||||||||||||||||||||||||||||||||
Commercial and industrial | Commercial and industrial | $ | 2,474,531 | 40.2 | % | $ | 2,310,929 | 39.1 | % | Commercial and industrial | $ | 2,459,358 | 39.8 | % | $ | 2,310,929 | 39.1 | % | ||||||||||||||||||||||||||||
Commercial real estate: | Commercial real estate: | Commercial real estate: | ||||||||||||||||||||||||||||||||||||||||||||
Non-owner occupied | Non-owner occupied | 723,365 | 11.8 | % | 779,546 | 13.2 | % | Non-owner occupied | 767,135 | 12.4 | % | 779,546 | 13.2 | % | ||||||||||||||||||||||||||||||||
Owner occupied | Owner occupied | 643,191 | 10.4 | % | 636,272 | 10.8 | % | Owner occupied | 631,352 | 10.2 | % | 636,272 | 10.8 | % | ||||||||||||||||||||||||||||||||
Construction and land | Construction and land | 316,399 | 5.2 | % | 327,817 | 5.5 | % | Construction and land | 329,433 | 5.3 | % | 327,817 | 5.5 | % | ||||||||||||||||||||||||||||||||
Multifamily | Multifamily | 100,464 | 1.6 | % | 102,068 | 1.7 | % | Multifamily | 114,535 | 1.9 | % | 102,068 | 1.7 | % | ||||||||||||||||||||||||||||||||
Total commercial real estate | Total commercial real estate | 1,783,419 | 29.0 | % | 1,845,703 | 31.2 | % | Total commercial real estate | 1,842,455 | 29.8 | % | 1,845,703 | 31.2 | % | ||||||||||||||||||||||||||||||||
Residential real estate | Residential real estate | 1,082,991 | 17.6 | % | 1,003,931 | 17.0 | % | Residential real estate | 1,059,074 | 17.1 | % | 1,003,931 | 17.0 | % | ||||||||||||||||||||||||||||||||
Public finance | Public finance | 611,748 | 9.9 | % | 590,284 | 10.0 | % | Public finance | 602,844 | 9.8 | % | 590,284 | 10.0 | % | ||||||||||||||||||||||||||||||||
Consumer | Consumer | 39,909 | 0.6 | % | 42,588 | 0.7 | % | Consumer | 37,681 | 0.6 | % | 42,588 | 0.7 | % | ||||||||||||||||||||||||||||||||
Other | Other | 162,492 | 2.7 | % | 118,397 | 2.0 | % | Other | 178,110 | 2.9 | % | 118,397 | 2.0 | % | ||||||||||||||||||||||||||||||||
Total loans | Total loans | $ | 6,155,090 | 100.0 | % | $ | 5,911,832 | 100.0 | % | Total loans | $ | 6,179,522 | 100.0 | % | $ | 5,911,832 | 100.0 | % |
(In thousands) | (In thousands) | One year or less | After one through five years | After five through 15 years | After 15 years | Total | (In thousands) | One year or less | After one through five years | After five through 15 years | After 15 years | Total | ||||||||||||||||||||||||||||||||||||||||||||||
Commercial and industrial | Commercial and industrial | $ | 284,021 | $ | 1,834,554 | $ | 325,847 | $ | 30,109 | $ | 2,474,531 | Commercial and industrial | $ | 305,811 | $ | 1,785,639 | $ | 338,542 | $ | 29,366 | $ | 2,459,358 | ||||||||||||||||||||||||||||||||||||
Commercial real estate | Commercial real estate | 200,367 | 973,331 | 547,108 | 62,613 | 1,783,419 | Commercial real estate | 221,682 | 1,080,597 | 477,310 | 62,866 | 1,842,455 | ||||||||||||||||||||||||||||||||||||||||||||||
Residential real estate | Residential real estate | 132,507 | 69,822 | 88,420 | 792,242 | 1,082,991 | Residential real estate | 134,958 | 30,447 | 75,084 | 818,585 | 1,059,074 | ||||||||||||||||||||||||||||||||||||||||||||||
Public finance | Public finance | 2,964 | 81,276 | 367,708 | 159,800 | 611,748 | Public finance | — | 80,434 | 363,655 | 158,755 | 602,844 | ||||||||||||||||||||||||||||||||||||||||||||||
Consumer | Consumer | 9,291 | 8,937 | 21,465 | 216 | 39,909 | Consumer | 7,390 | 9,971 | 20,118 | 202 | 37,681 | ||||||||||||||||||||||||||||||||||||||||||||||
Other | Other | 27,563 | 115,110 | 15,807 | 4,012 | 162,492 | Other | 31,211 | 125,479 | 15,408 | 6,012 | 178,110 | ||||||||||||||||||||||||||||||||||||||||||||||
Total loans | Total loans | $ | 656,713 | $ | 3,083,030 | $ | 1,366,355 | $ | 1,048,992 | $ | 6,155,090 | Total loans | $ | 701,052 | $ | 3,112,567 | $ | 1,290,117 | $ | 1,075,786 | $ | 6,179,522 |
(In thousands) | (In thousands) | One year or less | After one through five years | After five through 15 years | After 15 years | Total | Total Loans Maturing After 1 Year | (In thousands) | One year or less | After one through five years | After five through 15 years | After 15 years | Total | Total Loans Maturing After 1 Year | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Loans maturing with: | Loans maturing with: | Loans maturing with: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Fixed interest rates | Fixed interest rates | Fixed interest rates | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Commercial and industrial | Commercial and industrial | $ | 55,622 | $ | 422,665 | $ | 221,889 | $ | 560 | $ | 700,736 | $ | 645,114 | Commercial and industrial | $ | 6,536 | $ | 296,773 | $ | 224,723 | $ | 555 | $ | 528,587 | $ | 522,051 | ||||||||||||||||||||||||||||||||||||||||||||
Commercial real estate | Commercial real estate | 97,200 | 616,079 | 150,769 | 1,300 | 865,348 | 768,148 | Commercial real estate | 108,909 | 711,214 | 232,678 | 2,673 | 1,055,474 | 946,565 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Residential real estate | Residential real estate | 99,828 | 53,046 | 60,450 | 326,885 | 540,209 | 440,381 | Residential real estate | 98,924 | 22,248 | 56,354 | 321,627 | 499,153 | 400,229 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Public finance | Public finance | — | 81,276 | 364,055 | 159,800 | 605,131 | 605,131 | Public finance | — | 80,432 | 360,003 | 158,755 | 599,190 | 599,190 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Consumer | Consumer | 7,084 | 6,867 | 21,465 | — | 35,416 | 28,332 | Consumer | 5,570 | 7,419 | 20,118 | — | 33,107 | 27,537 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Other | Other | 631 | 25,525 | 15,799 | 4,012 | 45,967 | 45,336 | Other | 4,118 | 26,235 | 15,400 | 6,012 | 51,765 | 47,647 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total fixed interest rate loans | Total fixed interest rate loans | $ | 260,365 | $ | 1,205,458 | $ | 834,427 | $ | 492,557 | $ | 2,792,807 | $ | 2,532,442 | Total fixed interest rate loans | $ | 224,057 | $ | 1,144,321 | $ | 909,276 | $ | 489,622 | $ | 2,767,276 | $ | 2,543,219 | ||||||||||||||||||||||||||||||||||||||||||||
Floating or adjustable interest rates | Floating or adjustable interest rates | Floating or adjustable interest rates | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Commercial and industrial | Commercial and industrial | $ | 228,399 | $ | 1,411,889 | $ | 103,958 | $ | 29,549 | $ | 1,773,795 | $ | 1,545,396 | Commercial and industrial | $ | 299,275 | $ | 1,488,866 | $ | 113,819 | $ | 28,811 | $ | 1,930,771 | $ | 1,631,496 | ||||||||||||||||||||||||||||||||||||||||||||
Commercial real estate | Commercial real estate | 103,167 | 357,252 | 396,339 | 61,313 | 918,071 | 814,904 | Commercial real estate | 112,773 | 369,383 | 244,632 | 60,193 | 786,981 | 674,208 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Residential real estate | Residential real estate | 32,679 | 16,776 | 27,970 | 465,357 | 542,782 | 510,103 | Residential real estate | 36,034 | 8,199 | 18,730 | 496,958 | 559,921 | 523,887 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Public finance | Public finance | 2,964 | — | 3,653 | — | 6,617 | 3,653 | Public finance | — | 2 | 3,652 | — | 3,654 | 3,654 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Consumer | Consumer | 2,207 | 2,070 | — | 216 | 4,493 | 2,286 | Consumer | 1,820 | 2,552 | — | 202 | 4,574 | 2,754 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Other | Other | 26,932 | 89,585 | 8 | — | 116,525 | 89,593 | Other | 27,093 | 99,244 | 8 | — | 126,345 | 99,252 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total floating or adjustable interest rate loans | Total floating or adjustable interest rate loans | $ | 396,348 | $ | 1,877,572 | $ | 531,928 | $ | 556,435 | $ | 3,362,283 | $ | 2,965,935 | Total floating or adjustable interest rate loans | $ | 476,995 | $ | 1,968,246 | $ | 380,841 | $ | 586,164 | $ | 3,412,246 | $ | 2,935,251 | ||||||||||||||||||||||||||||||||||||||||||||
Total loans | Total loans | $ | 656,713 | $ | 3,083,030 | $ | 1,366,355 | $ | 1,048,992 | $ | 6,155,090 | $ | 5,498,377 | Total loans | $ | 701,052 | $ | 3,112,567 | $ | 1,290,117 | $ | 1,075,786 | $ | 6,179,522 | $ | 5,478,470 |
For the three months ended June 30, | For the six months ended June 30, | For the year ended December 31, | For the three months ended September 30, | For the nine months ended September 30, | For the year ended December 31, | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
(In thousands) | (In thousands) | 2023 | 2022 | 2023 | 2022 | 2022 | (In thousands) | 2023 | 2022 | 2023 | 2022 | 2022 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Balance, beginning of period | Balance, beginning of period | $ | 74,459 | $ | 50,509 | $ | 65,917 | $ | 47,547 | $ | 47,547 | Balance, beginning of period | $ | 77,362 | $ | 56,077 | $ | 65,917 | $ | 47,547 | $ | 47,547 | ||||||||||||||||||||||||||||||||||||||||||||||||
Impact of adopting ASC 326 | Impact of adopting ASC 326 | — | — | 5,256 | — | — | Impact of adopting ASC 326 | — | — | 5,256 | — | — | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Adjusted beginning balance | Adjusted beginning balance | $ | 74,459 | $ | 50,509 | $ | 71,173 | $ | 47,547 | $ | 47,547 | Adjusted beginning balance | $ | 77,362 | $ | 56,077 | $ | 71,173 | $ | 47,547 | $ | 47,547 | ||||||||||||||||||||||||||||||||||||||||||||||||
Loan charge-offs: | Loan charge-offs: | Loan charge-offs: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Commercial and industrial | Commercial and industrial | (729) | (947) | (788) | (1,950) | (2,321) | Commercial and industrial | (2,963) | (223) | (3,751) | (2,173) | (2,321) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Commercial real estate | Commercial real estate | — | — | — | — | — | Commercial real estate | — | — | — | — | — | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Residential real estate | Residential real estate | — | (98) | — | (98) | (122) | Residential real estate | — | (24) | — | (122) | (122) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Public finance | Public finance | — | — | — | — | — | Public finance | — | — | — | — | — | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Consumer | Consumer | (68) | (38) | (132) | (64) | (144) | Consumer | (136) | (53) | (268) | (117) | (144) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Other | Other | — | — | — | — | — | Other | — | — | — | — | — | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total loan charge-offs | Total loan charge-offs | (797) | (1,083) | (920) | (2,112) | (2,587) | Total loan charge-offs | (3,099) | (300) | (4,019) | (2,412) | (2,587) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Recoveries of loans previously charged-off: | Recoveries of loans previously charged-off: | Recoveries of loans previously charged-off: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Commercial and industrial | Commercial and industrial | 38 | 1,546 | 94 | 1,723 | 2,236 | Commercial and industrial | 155 | 112 | 249 | 1,835 | 2,236 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Commercial real estate | Commercial real estate | — | 1 | 3 | 1 | 388 | Commercial real estate | 9 | 2 | 12 | 3 | 388 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Residential real estate | Residential real estate | 21 | 97 | 21 | 195 | 221 | Residential real estate | 627 | 1 | 648 | 196 | 221 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Public finance | Public finance | — | — | — | — | — | Public finance | — | — | — | — | — | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Consumer | Consumer | 21 | 7 | 31 | 23 | 62 | Consumer | 12 | 36 | 43 | 59 | 62 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Other | Other | — | — | — | — | — | Other | — | — | — | — | — | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total loan recoveries | Total loan recoveries | 80 | 1,651 | 149 | 1,942 | 2,907 | Total loan recoveries | 803 | 151 | 952 | 2,093 | 2,907 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Net (charge-offs) recoveries | Net (charge-offs) recoveries | (717) | 568 | (771) | (170) | 320 | Net (charge-offs) recoveries | (2,296) | (149) | (3,067) | (319) | 320 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Provision for credit losses (1) | Provision for credit losses (1) | 3,620 | 5,000 | 6,960 | 8,700 | 18,050 | Provision for credit losses (1) | 3,600 | 3,750 | 10,560 | 12,450 | 18,050 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Balance, end of period | Balance, end of period | $ | 77,362 | $ | 56,077 | $ | 77,362 | $ | 56,077 | $ | 65,917 | Balance, end of period | $ | 78,666 | $ | 59,678 | $ | 78,666 | $ | 59,678 | $ | 65,917 | ||||||||||||||||||||||||||||||||||||||||||||||||
Allowance for credit losses to total loans | Allowance for credit losses to total loans | 1.26 | % | 1.04 | % | 1.26 | % | 1.04 | % | 1.12 | % | Allowance for credit losses to total loans | 1.27 | % | 1.07 | % | 1.27 | % | 1.07 | % | 1.12 | % | ||||||||||||||||||||||||||||||||||||||||||||||||
Ratio of net charge-offs (recoveries) to average loans outstanding | Ratio of net charge-offs (recoveries) to average loans outstanding | 0.05 | % | (0.04) | % | 0.03 | % | 0.01 | % | (0.01) | % | Ratio of net charge-offs (recoveries) to average loans outstanding | 0.15 | % | 0.01 | % | 0.07 | % | 0.01 | % | (0.01) | % | ||||||||||||||||||||||||||||||||||||||||||||||||
(1) For the three months ended June 30, 2023 we recorded a provision for credit losses on unfunded commitments of $802; there was no provision for credit losses on unfunded commitments for the three months ended June 30, 2022. For the six months ended June 30, 2023 and 2022 we recorded a provision for credit losses on unfunded commitments of $822 and $125, respectively. For further information, see Note 4 - Loans. | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
(1) For the three months ended September 30, 2023 we recorded a provision for credit losses on unfunded commitments of $290; there was $350 provision for credit losses on unfunded commitments for the three months ended September 30, 2022. For the nine months ended September 30, 2023 and 2022 we recorded a provision for credit losses on unfunded commitments of $1,112 and $475, respectively. For further information, see Note 4 - Loans. | (1) For the three months ended September 30, 2023 we recorded a provision for credit losses on unfunded commitments of $290; there was $350 provision for credit losses on unfunded commitments for the three months ended September 30, 2022. For the nine months ended September 30, 2023 and 2022 we recorded a provision for credit losses on unfunded commitments of $1,112 and $475, respectively. For further information, see Note 4 - Loans. |
For the three months ended June 30, | For the six months ended June 30, | For the three months ended September 30, | For the nine months ended September 30, | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
(In thousands) | (In thousands) | 2023 | 2022 | 2023 | 2022 | (In thousands) | 2023 | 2022 | 2023 | 2022 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Commercial and industrial | Commercial and industrial | 0.10 | % | (0.11) | % | 0.05 | % | 0.02 | % | Commercial and industrial | 0.42 | % | 0.02 | % | 0.17 | % | 0.02 | % | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Commercial real estate | Commercial real estate | — | % | — | % | — | % | — | % | Commercial real estate | — | % | — | % | — | % | — | % | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Residential real estate | Residential real estate | (0.01) | % | — | % | — | % | (0.04) | % | Residential real estate | (0.27) | % | 0.01 | % | (0.09) | % | (0.02) | % | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Public finance | Public finance | — | % | — | % | — | % | — | % | Public finance | — | % | — | % | — | % | — | % | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Consumer | Consumer | 0.46 | % | 0.26 | % | 0.49 | % | 0.25 | % | Consumer | 1.23 | % | 0.15 | % | 0.73 | % | 0.21 | % | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Other | Other | — | % | — | % | — | % | — | % | Other | — | % | — | % | — | % | — | % |
June 30, 2023 | December 31, 2022 | September 30, 2023 | December 31, 2022 | |||||||||||||||||||||||||||||||||||||||||||
(In thousands) | (In thousands) | Allowance Amount | % of loans in each category to total loans | Allowance Amount | % of loans in each category to total loans | (In thousands) | Allowance Amount | % of loans in each category to total loans | Allowance Amount | % of loans in each category to total loans | ||||||||||||||||||||||||||||||||||||
Commercial and industrial | Commercial and industrial | $ | 33,197 | 40.2 | % | $ | 40,785 | 39.1 | % | Commercial and industrial | $ | 34,641 | 39.8 | % | $ | 40,785 | 39.1 | % | ||||||||||||||||||||||||||||
Commercial real estate | Commercial real estate | 21,598 | 29.0 | % | 19,754 | 31.2 | % | Commercial real estate | 23,102 | 29.8 | % | 19,754 | 31.2 | % | ||||||||||||||||||||||||||||||||
Residential real estate | Residential real estate | 14,959 | 17.6 | % | 2,963 | 17.0 | % | Residential real estate | 13,157 | 17.1 | % | 2,963 | 17.0 | % | ||||||||||||||||||||||||||||||||
Public finance | Public finance | 5,506 | 9.9 | % | 1,664 | 10.0 | % | Public finance | 5,641 | 9.8 | % | 1,664 | 10.0 | % | ||||||||||||||||||||||||||||||||
Consumer | Consumer | 854 | 0.7 | % | 352 | 0.7 | % | Consumer | 702 | 0.6 | % | 352 | 0.7 | % | ||||||||||||||||||||||||||||||||
Other | Other | 1,248 | 2.6 | % | 399 | 2.0 | % | Other | 1,423 | 2.9 | % | 399 | 2.0 | % | ||||||||||||||||||||||||||||||||
Total | Total | $ | 77,362 | 100.0 | % | $ | 65,917 | 100.0 | % | Total | $ | 78,666 | 100.0 | % | $ | 65,917 | 100.0 | % |
(In thousands) | (In thousands) | June 30, 2023 | December 31, 2022 | (In thousands) | September 30, 2023 | December 31, 2022 | ||||||||||||||||
Nonaccrual loans: | Nonaccrual loans: | Nonaccrual loans: | ||||||||||||||||||||
Commercial and industrial | Commercial and industrial | $ | 34,178 | $ | 9,494 | Commercial and industrial | $ | 12,035 | $ | 9,494 | ||||||||||||
Commercial real estate | Commercial real estate | 16,772 | 8,283 | Commercial real estate | 5,110 | 8,283 | ||||||||||||||||
Residential real estate | Residential real estate | 16,338 | 10,628 | Residential real estate | 20,554 | 10,628 | ||||||||||||||||
Consumer | Consumer | 87 | 93 | Consumer | 1 | 93 | ||||||||||||||||
Other | Other | 446 | 471 | Other | 2,832 | 471 | ||||||||||||||||
Total nonaccrual loans | Total nonaccrual loans | 67,821 | 28,969 | Total nonaccrual loans | 40,532 | 28,969 | ||||||||||||||||
Accrual loans greater than 90 days past due | Accrual loans greater than 90 days past due | 19 | 98 | Accrual loans greater than 90 days past due | 211 | 98 | ||||||||||||||||
Total nonperforming loans (1) | Total nonperforming loans (1) | 67,840 | 29,067 | Total nonperforming loans (1) | 40,743 | 29,067 | ||||||||||||||||
Other real estate owned and foreclosed assets, net | Other real estate owned and foreclosed assets, net | 10,139 | 6,358 | Other real estate owned and foreclosed assets, net | 8,395 | 6,358 | ||||||||||||||||
Total nonperforming assets | Total nonperforming assets | $ | 77,979 | $ | 35,425 | Total nonperforming assets | $ | 49,138 | $ | 35,425 | ||||||||||||
Nonaccrual loans to total loans | Nonaccrual loans to total loans | 1.10 | % | 0.49 | % | Nonaccrual loans to total loans | 0.66 | % | 0.49 | % | ||||||||||||
Nonperforming loans to total loans (2) | Nonperforming loans to total loans (2) | 1.10 | % | 0.49 | % | Nonperforming loans to total loans (2) | 0.66 | % | 0.49 | % | ||||||||||||
Nonperforming assets to total assets (2) | Nonperforming assets to total assets (2) | 1.00 | % | 0.48 | % | Nonperforming assets to total assets (2) | 0.63 | % | 0.48 | % | ||||||||||||
Allowance for credit losses to nonaccrual loans | Allowance for credit losses to nonaccrual loans | 114.07 | % | 227.54 | % | Allowance for credit losses to nonaccrual loans | 194.08 | % | 227.54 | % | ||||||||||||
(1) On January 1, 2023, we adopted ASU 2022-02, whereby we no longer recognize or account for TDRs. The loans previously classified as accrual TDRs are no longer considered nonperforming. We have adjusted prior periods to reflect this change in accounting. (2) Nonperforming loans include nonaccrual loans and accrual loans greater than 90 days past due. | (1) On January 1, 2023, we adopted ASU 2022-02, whereby we no longer recognize or account for TDRs. The loans previously classified as accrual TDRs are no longer considered nonperforming. We have adjusted prior periods to reflect this change in accounting. (2) Nonperforming loans include nonaccrual loans and accrual loans greater than 90 days past due. | (1) On January 1, 2023, we adopted ASU 2022-02, whereby we no longer recognize or account for TDRs. The loans previously classified as accrual TDRs are no longer considered nonperforming. We have adjusted prior periods to reflect this change in accounting. (2) Nonperforming loans include nonaccrual loans and accrual loans greater than 90 days past due. |
($ in thousands) | September 30, 2023 | December 31, 2022 | |||||||||||||||||||||||||||||||||
Consumer | |||||||||||||||||||||||||||||||||||
Noninterest bearing deposit accounts | $ | 366,366 | $ | 416,709 | |||||||||||||||||||||||||||||||
Interest-bearing deposit accounts: | |||||||||||||||||||||||||||||||||||
Demand and NOW deposits | 33,340 | 25,940 | |||||||||||||||||||||||||||||||||
Savings deposits | 356,890 | 418,101 | |||||||||||||||||||||||||||||||||
Money market deposits | 1,149,365 | 1,375,671 | |||||||||||||||||||||||||||||||||
Certificates of deposits | 1,366,255 | 662,831 | |||||||||||||||||||||||||||||||||
Total interest-bearing deposit accounts | 2,905,850 | 2,482,543 | |||||||||||||||||||||||||||||||||
Total consumer deposits | $ | 3,272,216 | $ | 2,899,252 | |||||||||||||||||||||||||||||||
Business | |||||||||||||||||||||||||||||||||||
Noninterest bearing deposit accounts | $ | 1,244,284 | $ | 1,403,781 | |||||||||||||||||||||||||||||||
Interest-bearing deposit accounts: | |||||||||||||||||||||||||||||||||||
Demand and NOW deposits | 443,191 | 236,641 | |||||||||||||||||||||||||||||||||
Savings deposits | 85,234 | 33,753 | |||||||||||||||||||||||||||||||||
Money market deposits | 859,516 | 907,379 | |||||||||||||||||||||||||||||||||
Certificates of deposits | 77,228 | 40,874 | |||||||||||||||||||||||||||||||||
Total interest-bearing deposit accounts | 1,465,169 | 1,218,647 | |||||||||||||||||||||||||||||||||
Total business deposits | $ | 2,709,453 | $ | 2,622,428 | |||||||||||||||||||||||||||||||
Wholesale deposits (1) | $ | 358,178 | $ | 243,382 | |||||||||||||||||||||||||||||||
Total deposits | $ | 6,339,847 | $ | 5,765,062 | |||||||||||||||||||||||||||||||
(1) Wholesale deposits consist of brokered deposits included in our consolidated balance sheets within interest-bearing accounts and in Note 7 - Deposits within certificates of deposits and savings and money market accounts. |
For the three months ended | For the six months ended June 30, | For the three months ended September 30, | For the nine months ended September 30, | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
2023 | 2022 | 2023 | 2022 | 2023 | 2022 | 2023 | 2022 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
(Dollars in thousands) | (Dollars in thousands) | Average Balance | Average Rate Paid | Average Balance | Average Rate Paid | Average Balance | Average Rate Paid | Average Balance | Average Rate Paid | (Dollars in thousands) | Average Balance | Average Rate Paid | Average Balance | Average Rate Paid | Average Balance | Average Rate Paid | Average Balance | Average Rate Paid | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Noninterest-bearing demand deposit accounts | Noninterest-bearing demand deposit accounts | $ | 1,694,961 | — | % | $ | 1,923,870 | — | % | $ | 1,731,468 | — | % | $ | 1,745,967 | — | % | Noninterest-bearing demand deposit accounts | $ | 1,654,090 | — | % | $ | 1,924,055 | — | % | $ | 1,705,392 | — | % | $ | 1,805,982 | — | % | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Interest-bearing deposit accounts: | Interest-bearing deposit accounts: | Interest-bearing deposit accounts: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Interest-bearing demand accounts | Interest-bearing demand accounts | 289,868 | 2.82 | % | 166,096 | 0.46 | % | 235,716 | 2.73 | % | 173,910 | 0.33 | % | Interest-bearing demand accounts | 428,471 | 3.47 | % | 159,905 | 1.12 | % | 300,674 | 3.08 | % | 169,191 | 0.58 | % | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Savings accounts and money market accounts | Savings accounts and money market accounts | 2,555,438 | 1.00 | % | 3,290,758 | 0.16 | % | 2,660,370 | 0.89 | % | 3,034,478 | 0.15 | % | Savings accounts and money market accounts | 2,465,200 | 1.41 | % | 3,124,000 | 0.24 | % | 2,594,599 | 1.06 | % | 3,064,646 | 0.18 | % | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
NOW accounts | NOW accounts | 42,827 | 0.74 | % | 53,406 | 0.29 | % | 44,508 | 0.62 | % | 47,341 | 0.29 | % | NOW accounts | 38,366 | 1.08 | % | 42,385 | 0.43 | % | 42,438 | 0.76 | % | 45,671 | 0.34 | % | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Certificate of deposit accounts | Certificate of deposit accounts | 1,392,847 | 3.52 | % | 581,803 | 0.44 | % | 1,233,810 | 3.19 | % | 450,604 | 0.51 | % | Certificate of deposit accounts | 1,748,515 | 4.21 | % | 593,479 | 0.62 | % | 1,407,264 | 3.61 | % | 498,753 | 0.56 | % | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total interest-bearing deposit accounts | Total interest-bearing deposit accounts | 4,280,980 | 1.94 | % | 4,092,063 | 0.21 | % | 4,174,404 | 1.67 | % | 3,706,333 | 0.20 | % | Total interest-bearing deposit accounts | 4,680,552 | 2.64 | % | 3,919,769 | 0.33 | % | 4,344,975 | 2.02 | % | 3,778,261 | 0.25 | % | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total deposits | Total deposits | $ | 5,975,941 | 1.39 | % | $ | 6,015,933 | 0.14 | % | $ | 5,905,872 | 1.18 | % | $ | 5,452,300 | 0.14 | % | Total deposits | $ | 6,334,642 | 1.95 | % | $ | 5,843,824 | 0.22 | % | $ | 6,050,367 | 1.45 | % | $ | 5,584,243 | 0.17 | % |
(In thousands) | 2023 | ||||
Three months or less | $ | 41,374 | |||
Over three months through six months | 51,135 | ||||
Over six through twelve months | 87,301 | ||||
Over twelve months through three years | 74,610 | ||||
Over three years | 664 | ||||
Total | $ | 255,084 |
FHLB borrowings available | $ | 1,051,446 | |||
Fed Funds lines | 1,980,993 | ||||
Unused lines with other financial institutions | 279,908 | ||||
Immediate funding availability | $ | 3,312,347 |
(In thousands) | (In thousands) | Note Reference | Total | Less than 1 Year | 1 - 3 Years | 3 - 5 Years | More than 5 Years | (In thousands) | Note Reference | Total | Less than 1 Year | 1 - 3 Years | 3 - 5 Years | More than 5 Years | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Deposits: | Deposits: | Deposits: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Deposits without a stated maturity | Deposits without a stated maturity | 7 | $ | 4,536,645 | $ | 4,536,645 | $ | — | $ | — | $ | — | Deposits without a stated maturity | 7 | $ | 4,563,278 | $ | 4,563,278 | $ | — | $ | — | $ | — | ||||||||||||||||||||||||||||||||||||||||||||||
Certificates of deposit | Certificates of deposit | 7 | 1,613,773 | 983,255 | 617,654 | 9,970 | 2,894 | Certificates of deposit | 7 | 1,776,569 | 1,347,310 | 418,262 | 8,038 | 2,959 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Securities sold under agreements to repurchase | Securities sold under agreements to repurchase | 8 | 32,861 | 32,861 | — | — | — | Securities sold under agreements to repurchase | 8 | 25,868 | 25,868 | — | — | — | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Short-term debt: | Short-term debt: | Short-term debt: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
FHLB LOC | FHLB LOC | 9 | 570,585 | 570,585 | — | — | — | FHLB LOC | 9 | 330,000 | 330,000 | — | — | — | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Long-term debt: | Long-term debt: | Long-term debt: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Convertible notes payable | 9 | 5,456 | 5,456 | — | — | — | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Subordinated debt | Subordinated debt | 9 | 78,918 | — | — | — | 78,918 | Subordinated debt | 9 | 78,919 | — | — | — | 78,919 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Operating leases | Operating leases | 17 | 30,251 | 14,005 | 8,134 | 7,770 | 342 | Operating leases | 17 | 30,183 | 14,023 | 7,775 | 8,153 | 232 |
% Change in Net Interest Income As of June 30, | % Change in Economic Value of Equity As of June 30, | % Change in Net Interest Income As of September 30, | % Change in Economic Value of Equity As of September 30, | |||||||||||||||||||||||||||||||||||||||||||||||||
Changes in Interest Rate (Basis Points) | Changes in Interest Rate (Basis Points) | 2023 | 2022 | 2023 | 2022 | Changes in Interest Rate (Basis Points) | 2023 | 2022 | 2023 | 2022 | ||||||||||||||||||||||||||||||||||||||||||
+300 | +300 | 8.8 | % | 17.3 | % | (10.2) | % | (1.8) | % | +300 | 6.8 | % | 14.1 | % | (12.7) | % | (7.5) | % | ||||||||||||||||||||||||||||||||||
+200 | +200 | 5.7 | % | 11.4 | % | (6.7) | % | (0.5) | % | +200 | 4.5 | % | 9.4 | % | (8.6) | % | (4.7) | % | ||||||||||||||||||||||||||||||||||
+100 | +100 | 2.8 | % | 5.8 | % | (3.1) | % | 0.1 | % | +100 | 2.2 | % | 4.6 | % | (4.5) | % | (2.2) | % | ||||||||||||||||||||||||||||||||||
Base | Base | — | % | — | % | — | % | — | % | Base | — | % | — | % | — | % | — | % | ||||||||||||||||||||||||||||||||||
-100 | -100 | (1.6) | % | (6.4) | % | 2.4 | % | (1.5) | % | -100 | — | % | (3.5) | % | 3.6 | % | 1.6 | % | ||||||||||||||||||||||||||||||||||
-200 | -200 | (4.3) | % | N/A | (1) | 4.0 | % | N/A | (1) | -200 | (0.8) | % | N/A | (1) | 6.2 | % | N/A | (1) | ||||||||||||||||||||||||||||||||||
-300 | -300 | (9.9) | % | N/A | (1) | 4.3 | % | N/A | (1) | -300 | (4.6) | % | N/A | (1) | 7.3 | % | N/A | (1) | ||||||||||||||||||||||||||||||||||
(1) Given the level of market interest rates, these scenarios were not considered to be meaningful as of June 30, 2022. | ||||||||||||||||||||||||||||||||||||||||||||||||||||
(1) Given the level of market interest rates, these scenarios were not considered to be meaningful as of September 30, 2022. | (1) Given the level of market interest rates, these scenarios were not considered to be meaningful as of September 30, 2022. |
Exhibit No. | Description | |||||||
3.1 | ||||||||
3.2 | ||||||||
3.3 | ||||||||
31.1 | ||||||||
31.2 | ||||||||
32.1 | ||||||||
101 | The following financial statements from the Company’s Quarterly Report on Form 10-Q for the quarter ended | |||||||
104 | Cover Page Interactive Data File (formatted in Inline XBRL and contained in Exhibit 101). |
FIRSTSUN CAPITAL BANCORP | |||||||||||
(Registrant) | |||||||||||
/s/ Neal E. Arnold | |||||||||||
Date: | |||||||||||
Neal E. Arnold | |||||||||||
President and Chief Executive Officer | |||||||||||
(Principal Executive Officer) | |||||||||||
/s/ Robert A. Cafera, Jr. | |||||||||||
Date: | |||||||||||
Robert A. Cafera, Jr. | |||||||||||
Executive Vice President and Chief Financial Officer | |||||||||||
(Principal Financial Officer and Principal Accounting Officer) | |||||||||||