Exhibit 99.1
CADENCE BANCORPORATION
Unaudited Consolidated Financial Data
Selected Financial Data
As of and for the Three Months Ended | ||||||||||||||||||||
(In thousands, except per share data) | September 30, 2017 | June 30, 2017 | March 31, 2017 | December 31, 2016 | September 30, 2016 | |||||||||||||||
Statement of Operations Data: | ||||||||||||||||||||
Interest income | $ | 99,503 | $ | 99,375 | $ | 89,619 | $ | 87,068 | $ | 84,654 | ||||||||||
Interest expense | 18,340 | 16,991 | 14,861 | 14,570 | 14,228 | |||||||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||||
Net interest income | 81,163 | 82,384 | 74,758 | 72,498 | 70,426 | |||||||||||||||
Provision for credit losses | 1,723 | 6,701 | 5,786 | (5,222 | ) | 29,627 | ||||||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||||
Net interest income after provision | 79,440 | 75,683 | 68,972 | 77,720 | 40,799 | |||||||||||||||
Noninterest income—service fees and revenue | 23,014 | 22,144 | 22,489 | 20,605 | 20,879 | |||||||||||||||
—other noninterest income | 4,110 | 845 | 1,616 | 1,755 | 1,912 | |||||||||||||||
Noninterest expense | 56,530 | 56,134 | 54,321 | 55,394 | 54,876 | |||||||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||||
Income before income taxes | 50,034 | 42,538 | 38,756 | 44,686 | 8,714 | |||||||||||||||
Income tax expense | 17,457 | 13,570 | 12,639 | 15,701 | 2,107 | |||||||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||||
Net income | $ | 32,577 | $ | 28,968 | $ | 26,117 | $ | 28,985 | $ | 6,607 | ||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||||
Period-End Balance Sheet Data: | ||||||||||||||||||||
Investment securities,available-for-sale | $ | 1,198,032 | $ | 1,079,935 | $ | 1,116,280 | $ | 1,139,347 | $ | 1,031,319 | ||||||||||
Total loans, net of unearned income | 8,028,938 | 7,716,621 | 7,561,472 | 7,432,711 | 7,207,313 | |||||||||||||||
Allowance for credit losses | 94,765 | 93,215 | 88,304 | 82,268 | 91,169 | |||||||||||||||
Total assets | 10,502,261 | 9,811,557 | 9,720,937 | 9,530,888 | 9,444,010 | |||||||||||||||
Total deposits | 8,501,102 | 7,930,383 | 7,841,710 | 8,016,749 | 7,917,289 | |||||||||||||||
Noninterest-bearing deposits | 2,071,594 | 1,857,809 | 1,871,514 | 1,840,955 | 1,642,480 | |||||||||||||||
Interest-bearing deposits | 6,429,508 | 6,072,574 | 5,970,196 | 6,175,794 | 6,274,809 | |||||||||||||||
Borrowings and subordinated debentures | 572,683 | 499,266 | 682,568 | 331,712 | 332,787 | |||||||||||||||
Total shareholders’ equity | 1,340,848 | 1,304,054 | 1,105,976 | 1,080,498 | 1,111,783 | |||||||||||||||
Average Balance Sheet Data: | ||||||||||||||||||||
Investment securities,available-for-sale | $ | 1,169,182 | $ | 1,099,307 | $ | 1,125,174 | $ | 1,060,821 | $ | 1,110,836 | ||||||||||
Total loans, net of unearned income | 7,867,794 | 7,650,048 | 7,551,173 | 7,375,446 | 7,225,365 | |||||||||||||||
Allowance for credit losses | 94,706 | 90,366 | 82,258 | 95,042 | 93,132 | |||||||||||||||
Total assets | 10,024,871 | 9,786,355 | 9,670,593 | 9,596,574 | 9,400,145 | |||||||||||||||
Total deposits | 8,139,969 | 7,940,421 | 8,025,068 | 7,925,281 | 7,843,582 | |||||||||||||||
Noninterest-bearing deposits | 1,982,784 | 1,845,447 | 1,857,657 | 1,784,422 | 1,697,633 | |||||||||||||||
Interest-bearing deposits | 6,157,185 | 6,094,974 | 6,167,411 | 6,140,859 | 6,145,949 | |||||||||||||||
Borrowings and subordinated debentures | 484,798 | 510,373 | 474,976 | 500,045 | 368,192 | |||||||||||||||
Total shareholders’ equity | 1,320,884 | 1,251,217 | 1,090,905 | 1,094,182 | 1,118,603 |
1
CADENCE BANCORPORATION
Unaudited Consolidated Financial Data (Continued)
Selected Financial Data (Continued)
As of and for the Three Months Ended | ||||||||||||||||||||
(In thousands, except per share data) | September 30, 2017 | June 30, 2017 | March 31, 2017 | December 31, 2016 | September 30, 2016 | |||||||||||||||
Per Share Data:(3) | ||||||||||||||||||||
Earnings | ||||||||||||||||||||
Basic | $ | 0.39 | $ | 0.35 | $ | 0.35 | $ | 0.39 | $ | 0.09 | ||||||||||
Diluted | 0.39 | 0.35 | 0.35 | 0.38 | 0.09 | |||||||||||||||
Book value per common share | 16.03 | 15.59 | 14.75 | 14.41 | 14.82 | |||||||||||||||
Tangible book value (1) | 12.10 | 11.64 | 10.33 | 9.97 | 10.37 | |||||||||||||||
Weighted average common shares outstanding | ||||||||||||||||||||
Basic | 83,625,000 | 81,918,956 | 75,000,000 | 75,000,000 | 75,000,000 | |||||||||||||||
Diluted | 83,955,685 | 81,951,795 | 75,672,750 | 75,402,525 | 75,258,375 | |||||||||||||||
Performance Ratios: | ||||||||||||||||||||
Return on average common equity (2) | 9.78 | % | 9.29 | % | 9.71 | % | 10.54 | % | 2.35 | % | ||||||||||
Return on average tangible common equity (1) (2) | 13.04 | 12.63 | 13.96 | 15.16 | 3.36 | |||||||||||||||
Return on average assets (2) | 1.29 | 1.19 | 1.10 | 1.20 | 0.28 | |||||||||||||||
Net interest margin (2) | 3.52 | 3.71 | 3.46 | 3.31 | 3.27 | |||||||||||||||
Efficiency ratio (1) | 52.20 | 53.27 | 54.95 | 58.40 | 58.87 | |||||||||||||||
Asset Quality Ratios: | ||||||||||||||||||||
Total nonperforming assets (“NPAs”) to total loans and OREO and other NPAs (4) | 1.51 | % | 1.82 | % | 2.25 | % | 2.22 | % | 2.52 | % | ||||||||||
Total nonperforming loans to total loans (4) | 0.96 | 1.36 | 1.77 | 1.73 | 2.13 | |||||||||||||||
Total ACL to total loans | 1.18 | 1.21 | 1.17 | 1.11 | 1.26 | |||||||||||||||
ACL to total nonperforming loans (“NPLs”) | 122.66 | 88.81 | 65.80 | 63.83 | 59.34 | |||||||||||||||
Net charge-offs to average loans (2) | 0.01 | 0.09 | (0.01 | ) | 0.20 | 1.41 | ||||||||||||||
Capital Ratios: | ||||||||||||||||||||
Total shareholders’ equity to assets | 12.77 | % | 13.29 | % | 11.38 | % | 11.34 | % | 11.77 | % | ||||||||||
Tangible common equity to tangible assets (1) | 9.95 | 10.27 | 8.25 | 8.13 | 8.54 | |||||||||||||||
Common equity tier 1 (CET1) (transitional) | 10.79 | 10.92 | 8.99 | 8.84 | 8.82 | |||||||||||||||
Tier 1 leverage capital | 11.12 | 11.00 | 9.10 | 8.89 | 8.73 | |||||||||||||||
Tier 1 risk-based capital | 11.17 | 11.31 | 9.36 | 9.19 | 9.17 | |||||||||||||||
Total risk-based capital | 13.18 | 13.41 | 11.43 | 11.22 | 11.38 |
(1) - Considered anon-GAAP financial measure. See “Reconciliation ofNon-GAAP Financial Measures” for a reconciliation of ournon-GAAP measures to the most directly comparable GAAP financial measure.
(2) - Annualized.
(3) - 75,000,000 of our outstanding shares are owned by our parent-holding company Cadence Bancorp LLC
(4) - Included in our NPAs as of September 30, 2017 is an $9.9 million nonperforming energy credit that has been reclassified asheld-for-sale (HFS) and is being carried at lower of cost or market value (“LOCOM”). Because this credit has been reclassified to HFS it has not been included in our investment loan portfolio ratios in order for these ratios to be comparable to prior periods.
2
CADENCE BANCORPORATION
Unaudited Consolidated Financial Data (Continued)
Average Balances/Yield/Rates
Three Months Ended September 30, | ||||||||||||||||||||||||
2017 | 2016 | |||||||||||||||||||||||
(In thousands) | Average Balance | Income/ Expense | Yield/ Rate | Average Balance | Income/ Expense | Yield/ Rate | ||||||||||||||||||
ASSETS | ||||||||||||||||||||||||
Interest-earning assets: | ||||||||||||||||||||||||
Loans, net of unearned income(1) | ||||||||||||||||||||||||
Originated and ANCI loans | $ | 7,587,556 | $ | 84,321 | 4.41 | % | $ | 6,869,321 | $ | 68,411 | 3.96 | % | ||||||||||||
ACI portfolio | 280,238 | 5,840 | 8.27 | 356,044 | 8,656 | 9.67 | ||||||||||||||||||
|
|
|
|
|
|
|
| |||||||||||||||||
Total loans | 7,867,794 | 90,161 | 4.55 | 7,225,365 | 77,067 | 4.24 | ||||||||||||||||||
Investment securities | ||||||||||||||||||||||||
Taxable | 760,269 | 4,610 | 2.41 | 796,625 | 3,866 | 1.93 | ||||||||||||||||||
Tax-exempt (2) | 408,913 | 5,046 | 4.90 | 314,211 | 3,671 | 4.65 | ||||||||||||||||||
|
|
|
|
|
|
|
| |||||||||||||||||
Total investment securities | 1,169,182 | 9,656 | 3.28 | 1,110,836 | 7,537 | 2.70 | ||||||||||||||||||
Federal funds sold and short-term investments | 267,684 | 1,072 | 1.59 | 354,720 | 662 | 0.74 | ||||||||||||||||||
Other investments | 49,661 | 380 | 3.04 | 42,896 | 673 | 6.25 | ||||||||||||||||||
|
|
|
|
|
|
|
| |||||||||||||||||
Total interest-earning assets | 9,354,321 | 101,269 | 4.30 | 8,733,817 | 85,939 | 3.91 | ||||||||||||||||||
Noninterest-earning assets: | ||||||||||||||||||||||||
Cash and due from banks | 60,760 | 45,873 | ||||||||||||||||||||||
Premises and equipment | 65,308 | 69,247 | ||||||||||||||||||||||
Accrued interest and other assets | 639,188 | 644,340 | ||||||||||||||||||||||
Allowance for credit losses | (94,706 | ) | (93,132 | ) | ||||||||||||||||||||
|
|
|
| |||||||||||||||||||||
Total assets | $ | 10,024,871 | $ | 9,400,145 | ||||||||||||||||||||
|
|
|
| |||||||||||||||||||||
LIABILITIES AND STOCKHOLDERS’ EQUITY | ||||||||||||||||||||||||
Interest-bearing liabilities: | ||||||||||||||||||||||||
Demand deposits | $ | 4,329,086 | $ | 7,300 | 0.67 | % | $ | 4,130,126 | $ | 4,494 | 0.43 | % | ||||||||||||
Savings deposits | 180,099 | 113 | 0.25 | 180,452 | 110 | 0.24 | ||||||||||||||||||
Time deposits | 1,648,000 | 5,665 | 1.36 | 1,835,371 | 4,676 | 1.01 | ||||||||||||||||||
|
|
|
|
|
|
|
| |||||||||||||||||
Total interest-bearing deposits | 6,157,185 | 13,078 | 0.84 | 6,145,949 | 9,280 | 0.60 | ||||||||||||||||||
Other borrowings | 349,925 | 2,926 | 3.32 | 234,072 | 2,670 | 4.54 | ||||||||||||||||||
Subordinated debentures | 134,873 | 2,336 | 6.87 | 134,120 | 2,278 | 6.76 | ||||||||||||||||||
|
|
|
|
|
|
|
| |||||||||||||||||
Total interest-bearing liabilities | 6,641,983 | 18,340 | 1.10 | 6,514,141 | 14,228 | 0.87 | ||||||||||||||||||
Noninterest-bearing liabilities: | ||||||||||||||||||||||||
Demand deposits | 1,982,784 | 1,697,633 | ||||||||||||||||||||||
Accrued interest and other liabilities | 79,220 | 69,768 | ||||||||||||||||||||||
|
|
|
| |||||||||||||||||||||
Total liabilities | 8,703,987 | 8,281,542 | ||||||||||||||||||||||
Stockholders’ equity | 1,320,884 | 1,118,603 | ||||||||||||||||||||||
|
|
|
| |||||||||||||||||||||
Total liabilities and stockholders’ equity | $ | 10,024,871 | $ | 9,400,145 | ||||||||||||||||||||
|
|
|
| |||||||||||||||||||||
Net interest income/net interest spread | 82,929 | 3.20 | % | 71,711 | 3.04 | % | ||||||||||||||||||
|
|
|
| |||||||||||||||||||||
Net yield on earning assets/net interest margin | 3.52 | % | 3.27 | % | ||||||||||||||||||||
|
|
|
| |||||||||||||||||||||
Taxable equivalent adjustment: | ||||||||||||||||||||||||
Investment securities | (1,766 | ) | (1,285 | ) | ||||||||||||||||||||
|
|
|
| |||||||||||||||||||||
Net interest income | $ | 81,163 | $ | 70,426 | ||||||||||||||||||||
|
|
|
|
(1) | Nonaccrual loans are included in loans, net of unearned income. No adjustment has been made for these loans in the calculation of yields. |
(2) | Interest income and yields are presented on a fully taxable equivalent basis using a tax rate of 35%. |
3
CADENCE BANCORPORATION
Unaudited Consolidated Financial Data (Continued)
Loan Interest Income Detail
For the Three Months Ended, | ||||||||||||||||||||
(In thousands) | September 30, 2017 | June 30, 2017 | March 31, 2017 | December 31, 2016 | September 30, 2016 | |||||||||||||||
Loan Interest Income Detail | ||||||||||||||||||||
Interest income on loans, excluding ACI loans | $ | 84,321 | $ | 79,904 | $ | 73,869 | $ | 71,237 | $ | 68,411 | ||||||||||
Scheduled accretion for the period | 5,550 | 6,075 | 6,331 | 6,845 | 7,296 | |||||||||||||||
Recovery income for the period | 290 | 4,450 | 610 | 968 | 1,360 | |||||||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||||
Accretion on acquired credit impaired (ACI) loans | 5,840 | 10,525 | 6,941 | 7,813 | 8,656 | |||||||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||||
Loan interest income | $ | 90,161 | $ | 90,429 | $ | 80,810 | $ | 79,050 | $ | 77,067 | ||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||||
Loan yield, excluding ACI loans | 4.41 | % | 4.36 | % | 4.14 | % | 4.03 | % | 3.96 | % | ||||||||||
ACI loan yield | 8.27 | 14.02 | 8.89 | 9.21 | 9.67 | |||||||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||||
Total loan yield | 4.55 | % | 4.74 | % | 4.34 | % | 4.26 | % | 4.24 | % | ||||||||||
|
|
|
|
|
|
|
|
|
|
For the Nine Months Ended September 30, | For the Years Ended December 31, | |||||||||||||||
(In thousands) | 2017 | 2016 | 2016 | 2015 | ||||||||||||
Loan Interest Income Detail | ||||||||||||||||
Interest income on loans, excluding ACI loans | $ | 238,095 | $ | 197,747 | $ | 268,984 | $ | 216,422 | ||||||||
Scheduled accretion for the period | 17,955 | 24,024 | 30,870 | 46,042 | ||||||||||||
Recovery income for the period | 5,350 | 4,732 | 5,699 | 9,970 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
Total accretion income on purchased loans (ACI loans) | 23,305 | 28,756 | 36,569 | 56,012 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
Loan interest income | $ | 261,400 | $ | 226,503 | $ | 305,553 | $ | 272,434 | ||||||||
|
|
|
|
|
|
|
| |||||||||
Loan yield, excluding ACI loans | 4.31 | % | 3.92 | % | 3.95 | % | 3.63 | % | ||||||||
ACI loan yield | 10.41 | 9.92 | 9.75 | 10.49 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
Total loan yield | 4.54 | % | 4.25 | % | 4.25 | % | 4.20 | % | ||||||||
|
|
|
|
|
|
|
|
Allowance for Credit Losses
For the Three Months Ended | ||||||||||||||||||||
(In thousands) | September 30, 2017 | June 30, 2017 | March 31, 2017 | December 31, 2016 | September 30, 2016 | |||||||||||||||
Balance at beginning of period | $ | 93,215 | $ | 88,304 | $ | 82,268 | $ | 91,169 | $ | 87,147 | ||||||||||
Charge-offs | (581 | ) | (2,879 | ) | (551 | ) | (3,922 | ) | (26,868 | ) | ||||||||||
Recoveries | 408 | 1,089 | 801 | 243 | 1,263 | |||||||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||||
Net (charge-offs) recoveries | (173 | ) | (1,790 | ) | 250 | (3,679 | ) | (25,605 | ) | |||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||||
Provision for (reversal of) credit losses | 1,723 | 6,701 | 5,786 | (5,222 | ) | 29,627 | ||||||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||||
Balance at end of period | $ | 94,765 | $ | 93,215 | $ | 88,304 | $ | 82,268 | $ | 91,169 | ||||||||||
|
|
|
|
|
|
|
|
|
|
4
CADENCE BANCORPORATION
Unaudited Consolidated Financial Data (Continued)
Noninterest Income
Three Months Ended | ||||||||||||||||||||
(In thousands) | September 30, 2017 | June 30, 2017 | March 31, 2017 | December 31, 2016 | September 30, 2016 | |||||||||||||||
Noninterest Income | ||||||||||||||||||||
Investment advisory revenue | $ | 5,283 | $ | 5,061 | $ | 4,916 | $ | 4,821 | $ | 4,733 | ||||||||||
Trust services revenue | 4,613 | 4,584 | 5,231 | 4,109 | 3,959 | |||||||||||||||
Service charges on deposit accounts | 3,920 | 3,784 | 3,815 | 3,614 | 3,555 | |||||||||||||||
Credit-related fees | 3,306 | 2,741 | 2,747 | 2,875 | 2,690 | |||||||||||||||
Insurance revenue | 1,950 | 1,828 | 2,130 | 1,577 | 1,863 | |||||||||||||||
Bankcard fees | 1,803 | 1,862 | 1,812 | 1,813 | 1,823 | |||||||||||||||
Mortgage banking revenue | 965 | 1,213 | 866 | 1,019 | 1,459 | |||||||||||||||
Other service fees earned | 1,174 | 1,071 | 972 | 777 | 797 | |||||||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||||
Total service fees and revenue | 23,014 | 22,144 | 22,489 | 20,605 | 20,879 | |||||||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||||
Securities gains (losses), net | 1 | (244 | ) | 81 | 1,267 | 1,386 | ||||||||||||||
Other | 4,109 | 1,089 | 1,535 | 488 | 526 | |||||||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||||
Total other noninterest income | 4,110 | 845 | 1,616 | 1,755 | 1,912 | |||||||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||||
Total noninterest income (GAAP) | 27,124 | 22,989 | 24,105 | 22,360 | 22,791 | |||||||||||||||
Less: Securities gains (losses) | 1 | (244 | ) | 81 | 1,267 | 1,386 | ||||||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||||
Adjusted noninterest operating revenue(Non-GAAP measure) | $ | 27,123 | $ | 23,233 | $ | 24,024 | $ | 21,093 | $ | 21,405 | ||||||||||
|
|
|
|
|
|
|
|
|
|
Noninterest Expense
Three Months Ended | ||||||||||||||||||||
(In thousands) | September 30, 2017 | June 30, 2017 | March 31, 2017 | December 31, 2016 | September 30, 2016 | |||||||||||||||
Noninterest Expenses | ||||||||||||||||||||
Salaries and employee benefits | $ | 35,007 | $ | 34,682 | $ | 34,267 | $ | 28,139 | $ | 31,086 | ||||||||||
Premises and equipment | 7,419 | 7,180 | 6,693 | 7,475 | 7,130 | |||||||||||||||
Intangible asset amortization | 1,136 | 1,190 | 1,241 | 1,555 | 1,607 | |||||||||||||||
Net cost of operation of other real estate owned | 453 | 427 | 296 | 1,117 | 1,126 | |||||||||||||||
Data processing | 1,688 | 1,702 | 1,696 | 1,767 | 1,530 | |||||||||||||||
Special asset expenses | 215 | 469 | 140 | 670 | 477 | |||||||||||||||
Consulting and professional fees | 2,069 | 1,502 | 1,139 | 2,288 | 2,040 | |||||||||||||||
Loan related expenses | 532 | 757 | 280 | 1,236 | 985 | |||||||||||||||
FDIC insurance | 889 | 954 | 1,493 | 1,517 | 1,912 | |||||||||||||||
Communications | 650 | 675 | 655 | 741 | 535 | |||||||||||||||
Advertising and public relations | 521 | 499 | 345 | 344 | 303 | |||||||||||||||
Legal expenses | 612 | 508 | 432 | 662 | 337 | |||||||||||||||
Branch closure expenses | 50 | 47 | 46 | 47 | 52 | |||||||||||||||
Other | 5,289 | 5,542 | 5,598 | 7,836 | 5,756 | |||||||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||||
Total noninterest expenses | $ | 56,530 | $ | 56,134 | $ | 54,321 | $ | 55,394 | $ | 54,876 | ||||||||||
|
|
|
|
|
|
|
|
|
|
5
CADENCE BANCORPORATION
Unaudited Consolidated Financial Data (Continued)
Reconciliation ofNon-GAAP Financial Measures
As of and for the Three Months Ended | ||||||||||||||||||||
(In thousands) | September 30, 2017 | June 30, 2017 | March 31, 2017 | December 31, 2016 | September 30, 2016 | |||||||||||||||
Efficiency ratio | ||||||||||||||||||||
Noninterest expenses (numerator) | $ | 56,530 | $ | 56,134 | $ | 54,321 | $ | 55,394 | $ | 54,876 | ||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||||
Net interest income | $ | 81,163 | $ | 82,384 | $ | 74,758 | $ | 72,498 | $ | 70,426 | ||||||||||
Noninterest income | 27,124 | 22,989 | 24,105 | 22,360 | 22,791 | |||||||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||||
Operating revenue (denominator) | $ | 108,287 | $ | 105,373 | $ | 98,863 | $ | 94,858 | $ | 93,217 | ||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||||
Efficiency ratio | 52.20 | % | 53.27 | % | 54.95 | % | 58.40 | % | 58.87 | % | ||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||||
Adjusted noninterest expenses and operating revenue | ||||||||||||||||||||
Noninterest expense | $ | 56,530 | $ | 56,134 | $ | 54,321 | $ | 55,394 | $ | 54,876 | ||||||||||
Less: Branch closure expenses | 50 | 47 | 46 | 47 | 52 | |||||||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||||
Adjusted noninterest expenses | $ | 56,480 | $ | 56,087 | $ | 54,275 | $ | 55,347 | $ | 54,824 | ||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||||
Net interest income | $ | 81,163 | $ | 82,384 | $ | 74,758 | $ | 72,498 | $ | 70,426 | ||||||||||
Noninterest income | 27,124 | 22,989 | 24,105 | 22,360 | 22,791 | |||||||||||||||
Less: Securities gains (losses), net | 1 | (244 | ) | 81 | 1,267 | 1,386 | ||||||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||||
Adjusted operating revenue | $ | 108,286 | $ | 105,617 | $ | 98,782 | $ | 93,591 | $ | 91,831 | ||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||||
Tangible common equity ratio | ||||||||||||||||||||
Shareholders’ equity | $ | 1,340,848 | $ | 1,304,054 | $ | 1,105,976 | $ | 1,080,498 | $ | 1,111,783 | ||||||||||
Less: Goodwill and other intangible assets, net | (329,124 | ) | (330,261 | ) | (331,450 | ) | (332,691 | ) | (334,246 | ) | ||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||||
Tangible common shareholders’ equity | 1,011,724 | 973,793 | 774,526 | 747,807 | 777,537 | |||||||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||||
Total assets | 10,502,261 | 9,811,557 | 9,720,937 | 9,530,888 | 9,444,010 | |||||||||||||||
Less: Goodwill and other intangible assets, net | (329,124 | ) | (330,261 | ) | (331,450 | ) | (332,691 | ) | (334,246 | ) | ||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||||
Tangible assets | $ | 10,173,137 | $ | 9,481,296 | $ | 9,389,487 | $ | 9,198,197 | $ | 9,109,764 | ||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||||
Tangible common equity ratio | 9.95 | % | 10.27 | % | 8.25 | % | 8.13 | % | 8.54 | % | ||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||||
Tangible book value per share | ||||||||||||||||||||
Shareholders’ equity | $ | 1,340,848 | $ | 1,304,054 | $ | 1,105,976 | $ | 1,080,498 | $ | 1,111,783 | ||||||||||
Less: Goodwill and other intangible assets, net | (329,124 | ) | (330,261 | ) | (331,450 | ) | (332,691 | ) | (334,246 | ) | ||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||||
Tangible common shareholders’ equity | $ | 1,011,724 | $ | 973,793 | $ | 774,526 | $ | 747,807 | $ | 777,537 | ||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||||
Common shares issued | 83,625,000 | 83,625,000 | 75,000,000 | 75,000,000 | 75,000,000 | |||||||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||||
Tangible book value per share | $ | 12.10 | $ | 11.64 | $ | 10.33 | $ | 9.97 | $ | 10.37 | ||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||||
Return on average tangible common equity | ||||||||||||||||||||
Average common equity | $ | 1,320,884 | $ | 1,251,217 | $ | 1,090,905 | $ | 1,094,182 | $ | 1,118,603 | ||||||||||
Less: Average intangible assets | (329,816 | ) | (330,977 | ) | (332,199 | ) | (333,640 | ) | (335,215 | ) | ||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||||
Average tangible common shareholders’ equity | $ | 991,068 | $ | 920,240 | $ | 758,706 | $ | 760,542 | $ | 783,388 | ||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||||
Net income | $ | 32,577 | $ | 28,968 | $ | 26,117 | $ | 28,985 | $ | 6,607 | ||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||||
Return on average tangible common equity (Annualized) | 13.04 | % | 12.63 | % | 13.96 | % | 15.16 | % | 3.36 | % | ||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||||
Pre-tax,pre-provision net earnings | ||||||||||||||||||||
Income before taxes | $ | 50,034 | $ | 42,538 | $ | 38,756 | $ | 44,686 | $ | 8,714 | ||||||||||
Plus: Provision for credit losses | 1,723 | 6,701 | 5,786 | (5,222 | ) | 29,627 | ||||||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||||
Pre-tax,pre-provision net earnings | $ | 51,757 | $ | 49,239 | $ | 44,542 | $ | 39,464 | $ | 38,341 | ||||||||||
|
|
|
|
|
|
|
|
|
|
6