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Page | |
Financial Summary and Key Metrics | 4 |
Consolidated Statements of Income | 5 |
Consolidated Balance Sheets | 7 |
Branch Acquisition Opening Balance Sheet (Preliminary) | 8 |
Average Balance, Average Yield Earned and Average Rate Paid | 9 |
Loans and Deposits by Market | 12 |
Segment Data | 13 |
Loan Portfolio and Asset Quality | 14 |
Preliminary Capital Ratios | 16 |
Investment Portfolio | 17 |
Non-GAAP Reconciliation | 18 |
| 2019 | 2018 | ||||||||||||||||||
Second Quarter | First Quarter | Fourth Quarter | Third Quarter | Second Quarter | ||||||||||||||||
Statement of Income Data | ||||||||||||||||||||
Total interest income | $ | 71,719 | $ | 65,933 | $ | 63,068 | $ | 62,612 | $ | 59,043 | ||||||||||
Total interest expense | 14,696 | 12,917 | 11,701 | 9,857 | 7,526 | |||||||||||||||
Net interest income | 57,023 | 53,016 | 51,367 | 52,755 | 51,517 | |||||||||||||||
Provision for loan losses | 881 | 1,391 | 2,200 | 1,818 | 1,063 | |||||||||||||||
Total noninterest income | 32,979 | 29,039 | 27,249 | 34,355 | 35,763 | |||||||||||||||
Total noninterest expense | 64,119 | 55,101 | 53,736 | 57,213 | 56,358 | |||||||||||||||
Net income before income taxes | 25,002 | 25,563 | 22,680 | 28,079 | 29,859 | |||||||||||||||
Income tax expense | 6,314 | 5,975 | 5,640 | 6,702 | 7,794 | |||||||||||||||
Net income | $ | 18,688 | $ | 19,588 | $ | 17,040 | $ | 21,377 | $ | 22,065 | ||||||||||
Net interest income (tax—equivalent basis) | $ | 57,488 | $ | 53,461 | $ | 51,799 | $ | 53,161 | $ | 51,909 | ||||||||||
Net income, adjusted* | $ | 22,098 | $ | 20,826 | $ | 17,336 | $ | 21,377 | $ | 22,736 | ||||||||||
Per Common Share | ||||||||||||||||||||
Diluted net income | $ | 0.59 | $ | 0.62 | $ | 0.54 | $ | 0.68 | $ | 0.70 | ||||||||||
Diluted net income, adjusted* | 0.70 | 0.66 | 0.55 | 0.68 | 0.72 | |||||||||||||||
Book value | 23.29 | 22.51 | 21.87 | 21.12 | 20.56 | |||||||||||||||
Tangible book value* | 17.18 | 17.73 | 17.02 | 16.25 | 15.66 | |||||||||||||||
Weighted average number of shares outstanding- fully diluted | 31,378,018 | 31,349,198 | 31,344,949 | 31,339,628 | 31,294,044 | |||||||||||||||
Period-end number of shares | 30,865,636 | 30,852,665 | 30,724,532 | 30,715,792 | 30,683,353 | |||||||||||||||
Selected Balance Sheet Data | ||||||||||||||||||||
Cash and cash equivalents | $ | 164,336 | $ | 195,414 | $ | 125,356 | $ | 181,630 | $ | 104,417 | ||||||||||
Loans held for investment (HFI) | 4,289,516 | 3,786,791 | 3,667,511 | 3,538,531 | 3,415,575 | |||||||||||||||
Allowance for loan losses | (30,138 | ) | (29,814 | ) | (28,932 | ) | (27,608 | ) | (26,347 | ) | ||||||||||
Loans held for sale | 294,699 | 248,054 | 278,815 | 323,486 | 374,916 | |||||||||||||||
Investment securities, at fair value | 678,457 | 670,835 | 658,805 | 609,568 | 611,435 | |||||||||||||||
Other real estate owned, net | 15,521 | 12,828 | 12,643 | 13,587 | 14,639 | |||||||||||||||
Total assets | 5,940,402 | 5,335,156 | 5,136,764 | 5,058,167 | 4,923,249 | |||||||||||||||
Customer deposits | 4,812,962 | 4,242,349 | 4,068,610 | 4,017,391 | 3,844,009 | |||||||||||||||
Brokered and internet time deposits | 29,864 | 60,842 | 103,107 | 112,082 | 65,854 | |||||||||||||||
Total deposits | 4,842,826 | 4,303,191 | 4,171,717 | 4,129,473 | 3,909,863 | |||||||||||||||
Borrowings | 257,299 | 229,178 | 227,776 | 210,968 | 342,893 | |||||||||||||||
Total shareholders' equity | 718,759 | 694,577 | 671,857 | 648,731 | 630,959 | |||||||||||||||
Selected Ratios | ||||||||||||||||||||
Return on average: | ||||||||||||||||||||
Assets | 1.30 | % | 1.54 | % | 1.35 | % | 1.72 | % | 1.86 | % | ||||||||||
Shareholders' equity | 10.6 | % | 11.6 | % | 10.3 | % | 13.3 | % | 14.4 | % | ||||||||||
Tangible common equity* | 14.4 | % | 14.8 | % | 13.3 | % | 17.4 | % | 19.0 | % | ||||||||||
Average shareholders' equity to average assets | 12.3 | % | 13.2 | % | 13.2 | % | 12.9 | % | 12.9 | % | ||||||||||
Net interest margin (NIM) (tax-equivalent basis) | 4.39 | % | 4.61 | % | 4.50 | % | 4.71 | % | 4.81 | % | ||||||||||
Efficiency ratio (GAAP) | 71.2 | % | 67.2 | % | 68.4 | % | 65.7 | % | 64.6 | % | ||||||||||
Core efficiency ratio (tax-equivalent basis)* | 65.9 | % | 64.9 | % | 67.5 | % | 65.7 | % | 63.4 | % | ||||||||||
Loans HFI to deposit ratio | 88.6 | % | 88.0 | % | 87.9 | % | 85.7 | % | 87.4 | % | ||||||||||
Total loans to deposit ratio | 94.7 | % | 93.8 | % | 94.6 | % | 93.5 | % | 96.9 | % | ||||||||||
Yield on interest-earning assets | 5.52 | % | 5.73 | % | 5.52 | % | 5.58 | % | 5.51 | % | ||||||||||
Cost of interest-bearing liabilities | 1.54 | % | 1.52 | % | 1.40 | % | 1.20 | % | 0.96 | % | ||||||||||
Cost of total deposits | 1.14 | % | 1.14 | % | 1.03 | % | 0.80 | % | 0.62 | % | ||||||||||
Credit Quality Ratios | ||||||||||||||||||||
Allowance for loan losses as a percentage of loans HFI | 0.70 | % | 0.79 | % | 0.79 | % | 0.78 | % | 0.77 | % | ||||||||||
Net charge-off's (recoveries) as a percentage of average loans HFI | 0.05 | % | 0.06 | % | 0.06 | % | 0.06 | % | (0.11 | )% | ||||||||||
Nonperforming loans HFI as a percentage of total loans HFI | 0.43 | % | 0.41 | % | 0.46 | % | 0.30 | % | 0.26 | % | ||||||||||
Nonperforming assets as a percentage of total assets | 0.59 | % | 0.57 | % | 0.61 | % | 0.51 | % | 0.52 | % | ||||||||||
Preliminary capital ratios (Consolidated) | ||||||||||||||||||||
Shareholders' equity to assets | 12.1 | % | 13.0 | % | 13.1 | % | 12.8 | % | 12.8 | % | ||||||||||
Tangible common equity to tangible assets* | 9.2 | % | 10.5 | % | 10.5 | % | 10.2 | % | 10.1 | % | ||||||||||
Tier 1 capital (to average assets) | 10.0 | % | 11.5 | % | 11.4 | % | 11.3 | % | 10.9 | % | ||||||||||
Tier 1 capital (to risk-weighted assets) | 11.0 | % | 12.7 | % | 12.4 | % | 12.2 | % | 11.3 | % | ||||||||||
Total capital (to risk-weighted assets) | 11.6 | % | 13.4 | % | 13.0 | % | 12.8 | % | 11.9 | % | ||||||||||
Common Equity Tier 1 (to risk-weighted assets) (CET1) | 10.4 | % | 12.0 | % | 11.7 | % | 11.5 | % | 10.6 | % |
Q2 2019 | Q2 2019 | |||||||||||||||||||||||||
vs. | vs. | |||||||||||||||||||||||||
2019 | 2018 | Q1 2019 | Q2 2018 | |||||||||||||||||||||||
Second Quarter | First Quarter | Fourth Quarter | Third Quarter | Second Quarter | Percent variance | Percent variance | ||||||||||||||||||||
Interest income: | ||||||||||||||||||||||||||
Interest and fees on loans | $ | 66,276 | $ | 60,448 | $ | 57,875 | $ | 57,904 | $ | 54,529 | 9.6 | % | 21.5 | % | ||||||||||||
Interest on securities | ||||||||||||||||||||||||||
Taxable | 3,548 | 3,569 | 3,260 | 3,151 | 3,134 | (0.6 | )% | 13.2 | % | |||||||||||||||||
Tax-exempt | 1,160 | 1,144 | 1,110 | 1,031 | 981 | 1.4 | % | 18.2 | % | |||||||||||||||||
Other | 735 | 772 | 823 | 526 | 399 | (4.8 | )% | 84.2 | % | |||||||||||||||||
Total interest income | 71,719 | 65,933 | 63,068 | 62,612 | 59,043 | 8.8 | % | 21.5 | % | |||||||||||||||||
Interest expense: | ||||||||||||||||||||||||||
Deposits | 13,488 | 11,855 | 10,703 | 7,864 | 5,898 | 13.8 | % | 128.7 | % | |||||||||||||||||
Borrowings | 1,208 | 1,062 | 998 | 1,993 | 1,628 | 13.7 | % | (25.8 | )% | |||||||||||||||||
Total interest expense | 14,696 | 12,917 | 11,701 | 9,857 | 7,526 | 13.8 | % | 95.3 | % | |||||||||||||||||
Net interest income | 57,023 | 53,016 | 51,367 | 52,755 | 51,517 | 7.6 | % | 10.7 | % | |||||||||||||||||
Provision for loan losses | 881 | 1,391 | 2,200 | 1,818 | 1,063 | (36.7 | )% | (17.1 | )% | |||||||||||||||||
Net interest income after provision for loan losses | 56,142 | 51,625 | 49,167 | 50,937 | 50,454 | 8.7 | % | 11.3 | % | |||||||||||||||||
Noninterest income: | ||||||||||||||||||||||||||
Mortgage banking income | 24,526 | 21,021 | 18,997 | 26,649 | 28,544 | 16.7 | % | (14.1 | )% | |||||||||||||||||
Service charges on deposit accounts | 2,327 | 2,079 | 2,286 | 2,208 | 2,049 | 11.9 | % | 13.6 | % | |||||||||||||||||
ATM and interchange fees | 3,002 | 2,656 | 2,660 | 2,411 | 2,581 | 13.0 | % | 16.3 | % | |||||||||||||||||
Investment services and trust income | 1,287 | 1,295 | 1,384 | 1,411 | 1,180 | (0.6 | )% | 9.1 | % | |||||||||||||||||
Gain (loss) from securities, net | 52 | 43 | — | (27 | ) | (42 | ) | 20.9 | % | (223.8 | )% | |||||||||||||||
Gain (loss) on sales or write-downs of other real estate owned | 277 | (39 | ) | (56 | ) | 120 | 23 | (810.3 | )% | 1,104.3 | % | |||||||||||||||
(Loss) gain from other assets | (183 | ) | 191 | 89 | 326 | (155 | ) | (195.8 | )% | 18.1 | % | |||||||||||||||
Other income | 1,691 | 1,793 | 1,889 | 1,257 | 1,583 | (5.7 | )% | 6.8 | % | |||||||||||||||||
Total noninterest income | 32,979 | 29,039 | 27,249 | 34,355 | 35,763 | 13.6 | % | (7.8 | )% | |||||||||||||||||
Total revenue | 90,002 | 82,055 | 78,616 | 87,110 | 87,280 | 9.7 | % | 3.1 | % | |||||||||||||||||
Noninterest expenses: | ||||||||||||||||||||||||||
Salaries, commissions and employee benefits | 37,918 | 33,697 | 33,286 | 35,213 | 34,366 | 12.5 | % | 10.3 | % | |||||||||||||||||
Occupancy and equipment expense | 4,319 | 3,730 | 3,493 | 3,514 | 3,545 | 15.8 | % | 21.8 | % | |||||||||||||||||
Legal and professional fees | 1,694 | 1,725 | 1,978 | 1,917 | 1,965 | (1.8 | )% | (13.8 | )% | |||||||||||||||||
Data processing | 2,643 | 2,384 | 2,365 | 2,562 | 2,138 | 10.9 | % | 23.6 | % | |||||||||||||||||
Merger expense | 3,783 | 621 | 401 | — | — | 509.2 | % | 100.0 | % | |||||||||||||||||
Amortization of core deposits and other intangibles | 1,255 | 729 | 753 | 777 | 802 | 72.2 | % | 56.5 | % | |||||||||||||||||
Regulatory fees and deposit insurance assessments | 634 | 592 | 684 | 738 | 730 | 7.1 | % | (13.2 | )% | |||||||||||||||||
Software license and maintenance fees | 622 | 472 | 489 | 622 | 603 | 31.8 | % | 3.2 | % | |||||||||||||||||
Advertising | 2,434 | 2,737 | 2,639 | 3,810 | 3,408 | (11.1 | )% | (28.6 | )% | |||||||||||||||||
Mortgage restructuring expense | 829 | 1,054 | — | — | — | (21.3 | )% | 100.0 | % | |||||||||||||||||
Other expense | 7,988 | 7,360 | 7,648 | 8,060 | 8,801 | 8.5 | % | (9.2 | )% | |||||||||||||||||
Total noninterest expense | 64,119 | 55,101 | 53,736 | 57,213 | 56,358 | 16.4 | % | 13.8 | % | |||||||||||||||||
Income before income taxes | 25,002 | 25,563 | 22,680 | 28,079 | 29,859 | (2.2 | )% | (16.3 | )% | |||||||||||||||||
Income tax expense | 6,314 | 5,975 | 5,640 | 6,702 | 7,794 | 5.7 | % | (19.0 | )% | |||||||||||||||||
Net income | $ | 18,688 | $ | 19,588 | $ | 17,040 | $ | 21,377 | $ | 22,065 | (4.6 | )% | (15.3 | )% | ||||||||||||
Earnings available to common shareholders | $ | 18,588 | $ | 19,483 | $ | 16,949 | $ | 21,263 | $ | 21,948 | ||||||||||||||||
Weighted average common shares outstanding: | ||||||||||||||||||||||||||
Basic | 30,859,596 | 30,786,684 | 30,717,008 | 30,692,668 | 30,678,732 | |||||||||||||||||||||
Fully diluted | 31,378,018 | 31,349,198 | 31,344,949 | 31,339,628 | 31,294,044 | |||||||||||||||||||||
Earnings per common share: | ||||||||||||||||||||||||||
Basic | $ | 0.60 | 0.63 | $ | 0.55 | $ | 0.69 | $ | 0.72 | |||||||||||||||||
Fully diluted | 0.59 | 0.62 | 0.54 | 0.68 | 0.70 |
YTD 2019 | ||||||||||||
For the six months ended | vs. | |||||||||||
June 30, | YTD 2018 | |||||||||||
2019 | 2018 | Percent variance | ||||||||||
Interest income: | ||||||||||||
Interest and fees on loans | $ | 126,724 | $ | 105,222 | 20.4 | % | ||||||
Interest on securities | ||||||||||||
Taxable | 7,117 | 5,986 | 18.9 | % | ||||||||
Tax-exempt | 2,304 | 1,906 | 20.9 | % | ||||||||
Other | 1,507 | 777 | 94 | % | ||||||||
Total interest income | 137,652 | 113,891 | 20.9 | % | ||||||||
Interest expense: | ||||||||||||
Deposits | 25,343 | 10,969 | 131 | % | ||||||||
Borrowings | 2,270 | 2,976 | (23.7 | )% | ||||||||
Total interest expense | 27,613 | 13,945 | 98 | % | ||||||||
Net interest income | 110,039 | 99,946 | 10.1 | % | ||||||||
Provision for loan losses | 2,272 | 1,380 | 64.6 | % | ||||||||
Net interest income after provision for loan losses | 107,767 | 98,566 | 9.3 | % | ||||||||
Noninterest income: | ||||||||||||
Mortgage banking income | 45,547 | 55,015 | (17.2 | )% | ||||||||
Service charges on deposit accounts | 4,406 | 4,008 | 9.9 | % | ||||||||
ATM and interchange fees | 5,658 | 4,942 | 14.5 | % | ||||||||
Investment services and trust income | 2,582 | 2,386 | 8.2 | % | ||||||||
Gain (loss) from securities, net | 95 | (89 | ) | 206.7 | % | |||||||
Gain (loss) on sales or write-downs of other real estate owned | 238 | (163 | ) | 246 | % | |||||||
Gain (loss) on other assets | 8 | (87 | ) | 109.2 | % | |||||||
Other income | 3,484 | 3,026 | 15.1 | % | ||||||||
Total noninterest income | 62,018 | 69,038 | (10.2 | )% | ||||||||
Total revenue | 172,057 | 168,984 | 1.8 | % | ||||||||
Noninterest expenses: | ||||||||||||
Salaries, commissions and employee benefits | 71,615 | 68,393 | 4.7 | % | ||||||||
Occupancy and equipment expense | 8,049 | 6,969 | 15.5 | % | ||||||||
Legal and professional fees | 3,419 | 4,008 | (14.7 | )% | ||||||||
Data processing | 5,027 | 4,173 | 20.5 | % | ||||||||
Merger expense | 4,404 | 1,193 | 269.2 | % | ||||||||
Amortization of core deposit and other intangibles | 1,984 | 1,655 | 19.9 | % | ||||||||
Regulatory fees and deposit insurance assessments | 1,226 | 1,292 | (5.1 | )% | ||||||||
Software license and maintenance fees | 1,094 | 1,260 | (13.2 | )% | ||||||||
Advertising | 5,171 | 6,690 | (22.7 | )% | ||||||||
Mortgage restructuring expense | 1,883 | — | 100 | % | ||||||||
Other expense | 15,348 | 16,876 | (9.1 | )% | ||||||||
Total noninterest expense | 119,220 | 112,509 | 6 | % | ||||||||
Net income before income taxes | 50,565 | 55,095 | (8.2 | )% | ||||||||
Income tax expense | 12,289 | 13,276 | (7.4 | )% | ||||||||
Net income | $ | 38,276 | $ | 41,819 | (8.5 | )% | ||||||
Earnings available to common shareholders | $ | 38,071 | $ | 41,596 | ||||||||
Weighted average common shares outstanding: | ||||||||||||
Basic | 30,823,341 | 30,646,189 | ||||||||||
Fully diluted | 31,348,966 | 31,275,846 | ||||||||||
Earnings per common share: | ||||||||||||
Basic | $ | 1.24 | $ | 1.36 | ||||||||
Fully diluted | 1.21 | 1.33 |
Annualized | ||||||||||||||||||||||||||||
Q2 2019 | Q2 2019 | |||||||||||||||||||||||||||
vs. | vs. | |||||||||||||||||||||||||||
2019 | 2018 | Q1 2019 | Q2 2018 | |||||||||||||||||||||||||
Second Quarter | First Quarter | Fourth Quarter | Third Quarter | Second Quarter | Percent variance | Percent variance | ||||||||||||||||||||||
ASSETS | ||||||||||||||||||||||||||||
Cash and due from banks | $ | 64,458 | $ | 60,253 | $ | 38,381 | $ | 81,366 | $ | 67,863 | 28 | % | (5.0 | )% | ||||||||||||||
Federal funds sold | 9,781 | 6,600 | 31,364 | 801 | 19,859 | 193.3 | % | (50.7 | )% | |||||||||||||||||||
Interest bearing deposits in financial institutions | 90,097 | 128,561 | 55,611 | 99,463 | 16,695 | (120.0 | )% | 439.7 | % | |||||||||||||||||||
Cash and cash equivalents | 164,336 | 195,414 | 125,356 | 181,630 | 104,417 | (63.8 | )% | 57.4 | % | |||||||||||||||||||
Investments: | ||||||||||||||||||||||||||||
Available-for-sale debt securities, at fair value | 675,215 | 667,654 | 655,698 | 606,501 | 608,360 | 4.5 | % | 11 | % | |||||||||||||||||||
Equity securities, at fair value | 3,242 | 3,181 | 3,107 | 3,067 | 3,075 | 7.7 | % | 5.4 | % | |||||||||||||||||||
Federal Home Loan Bank stock, at cost | 15,976 | 13,432 | 13,432 | 13,432 | 12,641 | 76 | % | 26.4 | % | |||||||||||||||||||
Loans held for sale, at fair value | 294,699 | 248,054 | 278,815 | 323,486 | 374,916 | 75.4 | % | (21.4 | )% | |||||||||||||||||||
Loans | 4,289,516 | 3,786,791 | 3,667,511 | 3,538,531 | 3,415,575 | 53.2 | % | 25.6 | % | |||||||||||||||||||
Less: allowance for loan losses | 30,138 | 29,814 | 28,932 | 27,608 | 26,347 | 4.4 | % | 14.4 | % | |||||||||||||||||||
Net loans | 4,259,378 | 3,756,977 | 3,638,579 | 3,510,923 | 3,389,228 | 53.6 | % | 25.7 | % | |||||||||||||||||||
Premises and equipment, net | 92,407 | 87,013 | 86,882 | 86,445 | 85,936 | 24.9 | % | 7.5 | % | |||||||||||||||||||
Other real estate owned, net | 15,521 | 12,828 | 12,643 | 13,587 | 14,639 | 84.2 | % | 6 | % | |||||||||||||||||||
Operating lease right-of-use assets | 35,872 | 32,694 | — | — | — | 39 | % | 100 | % | |||||||||||||||||||
Interest receivable | 17,952 | 16,611 | 14,503 | 14,943 | 12,729 | 32.4 | % | 41 | % | |||||||||||||||||||
Mortgage servicing rights, at fair value | 66,380 | 64,031 | 88,829 | 79,890 | 109,449 | 14.7 | % | (39.4 | )% | |||||||||||||||||||
Goodwill | 168,486 | 137,190 | 137,190 | 137,190 | 137,190 | 91.5 | % | 22.8 | % | |||||||||||||||||||
Core deposit and other intangibles, net | 19,945 | 10,439 | 11,628 | 12,403 | 13,203 | 365.3 | % | 51.1 | % | |||||||||||||||||||
Other assets | 110,993 | 89,638 | 70,102 | 74,670 | 57,466 | 95.6 | % | 93.1 | % | |||||||||||||||||||
Total assets | $ | 5,940,402 | $ | 5,335,156 | $ | 5,136,764 | $ | 5,058,167 | $ | 4,923,249 | 45.5 | % | 20.7 | % | ||||||||||||||
LIABILITIES AND SHAREHOLDERS' EQUITY | ||||||||||||||||||||||||||||
Liabilities: | ||||||||||||||||||||||||||||
Deposits | ||||||||||||||||||||||||||||
Noninterest-bearing | $ | 1,111,921 | $ | 964,745 | $ | 949,135 | $ | 962,948 | $ | 970,851 | 61.2 | % | 14.5 | % | ||||||||||||||
Interest-bearing checking | 984,847 | 937,323 | 863,706 | 876,991 | 921,246 | 20.3 | % | 6.9 | % | |||||||||||||||||||
Money market and savings | 1,468,867 | 1,257,863 | 1,239,131 | 1,236,851 | 1,287,657 | 67.3 | % | 14.1 | % | |||||||||||||||||||
Customer time deposits | 1,247,327 | 1,082,418 | 1,016,638 | 940,601 | 664,255 | 61.1 | % | 87.8 | % | |||||||||||||||||||
Brokered and internet time deposits | 29,864 | 60,842 | 103,107 | 112,082 | 65,854 | (204.2 | )% | (54.7 | )% | |||||||||||||||||||
Total deposits | 4,842,826 | 4,303,191 | 4,171,717 | 4,129,473 | 3,909,863 | 50.3 | % | 23.9 | % | |||||||||||||||||||
Borrowings | 257,299 | 229,178 | 227,776 | 210,968 | 342,893 | 49.2 | % | (25.0 | )% | |||||||||||||||||||
Operating lease liabilities | 38,722 | 35,093 | — | — | — | 41.5 | % | 100 | % | |||||||||||||||||||
Accrued expenses and other liabilities | 82,796 | 73,117 | 65,414 | 68,995 | 39,534 | 53.1 | % | 109.4 | % | |||||||||||||||||||
Total liabilities | 5,221,643 | 4,640,579 | 4,464,907 | 4,409,436 | 4,292,290 | 50.2 | % | 21.7 | % | |||||||||||||||||||
Shareholders' equity: | ||||||||||||||||||||||||||||
Common stock, $1 par value | 30,866 | 30,853 | 30,725 | 30,716 | 30,683 | 0.2 | % | 0.6 | % | |||||||||||||||||||
Additional paid-in capital | 425,644 | 423,647 | 424,146 | 422,302 | 420,382 | 1.9 | % | 1.3 | % | |||||||||||||||||||
Retained earnings | 253,080 | 236,947 | 221,213 | 206,718 | 187,250 | 27.3 | % | 35.2 | % | |||||||||||||||||||
Accumulated other comprehensive income (loss), net | 9,169 | 3,130 | (4,227 | ) | (11,005 | ) | (7,356 | ) | 773.9 | % | 224.6 | % | ||||||||||||||||
Total shareholders' equity | 718,759 | 694,577 | 671,857 | 648,731 | 630,959 | 14 | % | 13.9 | % | |||||||||||||||||||
Total liabilities and shareholders' equity | $ | 5,940,402 | $ | 5,335,156 | $ | 5,136,764 | $ | 5,058,167 | $ | 4,923,249 | 45.5 | % | 20.7 | % |
As Recorded by FB Financial Corporation (Preliminary)(a) | ||||
Assets | ||||
Cash and cash equivalents, net of deposit premium paid | $ | 171,032 | ||
Loans, net of credit and liquidity discounts | 374,966 | |||
Premises and equipment | 9,650 | |||
Operating lease right-of-use assets | 4,133 | |||
Core deposit intangible | 10,760 | |||
Goodwill | 31,396 | |||
Accrued interest and other assets | 1,271 | |||
Total assets | $ | 603,208 | ||
Liabilities | ||||
Deposits | $ | 588,877 | ||
Customer repurchase agreements | 9,572 | |||
Operating lease liabilities | 4,133 | |||
Accrued expenses and other liabilities | 626 | |||
Total liabilities | $ | 603,208 | ||
Loan composition: | ||||
Commercial and industrial | $ | 64,571 | ||
Construction | 12,511 | |||
Residential real estate: | ||||
1-to-4 family mortgage | 92,720 | |||
Residential line of credit | 30,173 | |||
Multi-family mortgage | 4,953 | |||
Commercial real estate: | ||||
Owner occupied | 80,762 | |||
Non-owner occupied | 75,771 | |||
Consumer and Other | 13,505 | |||
Total loans | $ | 374,966 | ||
Deposit composition: | ||||
Noninterest-bearing | $ | 118,405 | ||
Interest-bearing checking | 112,225 | |||
Money market and savings | 211,135 | |||
Customer time deposits | 147,112 | |||
Total deposits | $ | 588,877 | ||
Three Months Ended | Three Months Ended | |||||||||||||||||||||||
June 30, 2019 | March 31, 2019* | |||||||||||||||||||||||
Interest | Average | Interest | Average | |||||||||||||||||||||
Average | income/ | yield/ | Average | income/ | yield/ | |||||||||||||||||||
balances | expense | rate | balances | expense* | rate | |||||||||||||||||||
Interest-earning assets: | ||||||||||||||||||||||||
Loans HFI(a) | $ | 4,177,701 | $ | 63,262 | 6.07 | % | $ | 3,720,739 | $ | 58,137 | 6.34 | % | ||||||||||||
Loans held for sale | 281,252 | 3,070 | 4.38 | % | 216,227 | 2,353 | 4.41 | % | ||||||||||||||||
Securities: | ||||||||||||||||||||||||
Taxable | 532,500 | 3,548 | 2.67 | % | 518,504 | 3,569 | 2.79 | % | ||||||||||||||||
Tax-exempt(a) | 146,282 | 1,569 | 4.3 | % | 138,847 | 1,547 | 4.52 | % | ||||||||||||||||
Total securities(a) | 678,782 | 5,117 | 3.02 | % | 657,351 | 5,116 | 3.16 | % | ||||||||||||||||
Federal funds sold | 12,219 | 88 | 2.89 | % | 18,392 | 123 | 2.71 | % | ||||||||||||||||
Interest-bearing deposits with other financial institutions | 81,540 | 465 | 2.29 | % | 75,291 | 446 | 2.4 | % | ||||||||||||||||
FHLB stock | 15,165 | 182 | 4.81 | % | 13,432 | 203 | 6.13 | % | ||||||||||||||||
Total interest earning assets(a) | 5,246,659 | 72,184 | 5.52 | % | 4,701,432 | 66,378 | 5.73 | % | ||||||||||||||||
Noninterest Earning Assets: | ||||||||||||||||||||||||
Cash and due from banks | 54,659 | 50,218 | ||||||||||||||||||||||
Allowance for loan losses | (30,092 | ) | (29,537 | ) | ||||||||||||||||||||
Other assets | 500,145 | 452,805 | ) | |||||||||||||||||||||
Total noninterest earning assets | 524,712 | 473,486 | ||||||||||||||||||||||
Total assets | $ | 5,771,371 | $ | 5,174,918 | ||||||||||||||||||||
Interest-bearing liabilities: | ||||||||||||||||||||||||
Interest bearing deposits: | ||||||||||||||||||||||||
Interest bearing checking | $ | 968,081 | $ | 2,295 | 0.95 | % | $ | 878,167 | $ | 2,054 | 0.95 | % | ||||||||||||
Money market | 1,221,450 | 4,508 | 1.48 | % | 1,073,170 | 3,956 | 1.49 | % | ||||||||||||||||
Savings deposits | 203,602 | 76 | 0.15 | % | 176,305 | 68 | 0.16 | % | ||||||||||||||||
Customer time deposits | 1,185,451 | 6,299 | 2.13 | % | 1,053,958 | 5,309 | 2.04 | % | ||||||||||||||||
Brokered and internet time deposits | 56,242 | 310 | 2.21 | % | 93,434 | 468 | 2.03 | % | ||||||||||||||||
Time deposits | 1,241,693 | 6,609 | 2.13 | % | 1,147,392 | 5,777 | 2.04 | % | ||||||||||||||||
Total interest bearing deposits | 3,634,826 | 13,488 | 1.49 | % | 3,275,034 | 11,855 | 1.47 | % | ||||||||||||||||
Other interest-bearing liabilities: | ||||||||||||||||||||||||
Securities sold under agreements to repurchase and federal funds purchased | 31,905 | 117 | 1.47 | % | 15,319 | 35 | 0.93 | % | ||||||||||||||||
Federal Home Loan Bank advances | 131,726 | 664 | 2.02 | % | 117,875 | 634 | 2.18 | % | ||||||||||||||||
Subordinated debt | 30,930 | 427 | 5.54 | % | 30,930 | 393 | 5.15 | % | ||||||||||||||||
Total other interest-bearing liabilities | 194,561 | 1,208 | 2.49 | % | 164,124 | 1,062 | 2.62 | % | ||||||||||||||||
Total interest-bearing liabilities | 3,829,387 | 14,696 | 1.54 | % | 3,439,158 | 12,917 | 1.52 | % | ||||||||||||||||
Noninterest bearing liabilities: | ||||||||||||||||||||||||
Demand deposits | 1,128,311 | 955,156 | ||||||||||||||||||||||
Other liabilities | 105,116 | 96,059 | ||||||||||||||||||||||
Total noninterest-bearing liabilities | 1,233,427 | 1,051,215 | ||||||||||||||||||||||
Total liabilities | 5,062,814 | 4,490,373 | ||||||||||||||||||||||
Shareholders' equity | 708,557 | 684,545 | ||||||||||||||||||||||
Total liabilities and shareholders' equity | $ | 5,771,371 | $ | 5,174,918 | ||||||||||||||||||||
Net interest income(a) | $ | 57,488 | $ | 53,461 | ||||||||||||||||||||
Interest rate spread(a) | 3.98 | % | 4.21 | % | ||||||||||||||||||||
Net interest margin(a) | 4.39 | % | 4.61 | % | ||||||||||||||||||||
Cost of total deposits | 1.14 | % | 1.14 | % | ||||||||||||||||||||
Average interest-earning assets to average interest-bearing liabilities | 137 | % | 136.7 | % | ||||||||||||||||||||
Tax-equivalent adjustment | $ | 465 | $ | 445 | ||||||||||||||||||||
Loan HFI yield components: | ||||||||||||||||||||||||
Contractual interest rate(a) | $ | 58,028 | 5.57 | % | $ | 52,177 | 5.69 | % | ||||||||||||||||
Origination and other loan fee income | 2,981 | 0.29 | % | 3,840 | 0.42 | % | ||||||||||||||||||
Accretion on purchased loans | 2,097 | 0.2 | % | 1,831 | 0.2 | % | ||||||||||||||||||
Nonaccrual interest | 156 | 0.01 | % | 89 | 0.01 | % | ||||||||||||||||||
Syndication fee income | — | — | % | 200 | 0.02 | % | ||||||||||||||||||
Total loan yield | $ | 63,262 | 6.07 | % | $ | 58,137 | 6.34 | % |
Three Months Ended | Three Months Ended | Three Months Ended | |||||||||||||||||||||||||||||||
December 31, 2018 | September 30, 2018 | June 30, 2018 | |||||||||||||||||||||||||||||||
Interest | Average | Interest | Average | Interest | Average | ||||||||||||||||||||||||||||
Average | income/ | yield/ | Average | income/ | yield/ | Average | income/ | yield/ | |||||||||||||||||||||||||
balances | expense | rate | balances | expense | rate | balances | expense | rate | |||||||||||||||||||||||||
Interest-earning assets: | |||||||||||||||||||||||||||||||||
Loans HFI(a) | $ | 3,559,587 | $ | 54,858 | 6.11 | % | $ | 3,457,526 | $ | 53,928 | 6.19 | % | $ | 3,289,045 | $ | 50,193 | 6.12 | % | |||||||||||||||
Loans held for sale | 260,763 | 3,058 | 4.65 | % | 353,477 | 4,019 | 4.51 | % | 362,571 | 4,382 | 4.85 | % | |||||||||||||||||||||
Securities: | |||||||||||||||||||||||||||||||||
Taxable | 487,843 | 3,260 | 2.65 | % | 482,733 | 3,151 | 2.59 | % | 484,035 | 3,134 | 2.6 | % | |||||||||||||||||||||
Tax-exempt(a) | 130,465 | 1,501 | 4.56 | % | 121,680 | 1,394 | 4.55 | % | 115,334 | 1,327 | 4.61 | % | |||||||||||||||||||||
Total securities(a) | 618,308 | 4,761 | 3.05 | % | 604,413 | 4,545 | 2.98 | % | 599,369 | 4,461 | 2.99 | % | |||||||||||||||||||||
Federal funds sold | 27,835 | 160 | 2.28 | % | 18,014 | 97 | 2.14 | % | 19,645 | 82 | 1.67 | % | |||||||||||||||||||||
Interest-bearing deposits with other financial institutions | 86,421 | 464 | 2.13 | % | 33,184 | 214 | 2.56 | % | 42,750 | 155 | 1.45 | % | |||||||||||||||||||||
FHLB stock | 13,432 | 199 | 5.88 | % | 13,179 | 215 | 6.47 | % | 12,530 | 162 | 5.19 | % | |||||||||||||||||||||
Total interest earning assets(a) | 4,566,346 | 63,500 | 5.52 | % | 4,479,793 | 63,018 | 5.58 | % | 4,325,910 | 59,435 | 5.51 | % | |||||||||||||||||||||
Noninterest Earning Assets: | |||||||||||||||||||||||||||||||||
Cash and due from banks | 53,067 | 52,980 | 48,184 | ||||||||||||||||||||||||||||||
Allowance for loan losses | (27,369 | ) | (26,487 | ) | (24,771 | ) | |||||||||||||||||||||||||||
Other assets | 413,114 | 425,911 | 414,668 | ||||||||||||||||||||||||||||||
Total noninterest earning assets | 438,812 | 452,404 | 438,081 | ||||||||||||||||||||||||||||||
Total assets | $ | 5,005,158 | $ | 4,932,197 | $ | 4,763,991 | |||||||||||||||||||||||||||
Interest-bearing liabilities: | |||||||||||||||||||||||||||||||||
Interest bearing deposits: | |||||||||||||||||||||||||||||||||
Interest bearing checking | $ | 828,507 | $ | 1,870 | 0.9 | % | $ | 870,964 | $ | 1,690 | 0.77 | % | $ | 935,351 | $ | 1,571 | 0.67 | % | |||||||||||||||
Money market | 1,058,172 | 3,568 | 1.34 | % | 1,067,754 | 3,126 | 1.16 | % | 1,005,081 | 2,311 | 0.92 | % | |||||||||||||||||||||
Savings deposits | 174,199 | 67 | 0.15 | % | 177,698 | 68 | 0.15 | % | 181,461 | 69 | 0.15 | % | |||||||||||||||||||||
Customer time deposits | 983,204 | 4,649 | 1.88 | % | 745,616 | 2,699 | 1.44 | % | 628,709 | 1,638 | 1.04 | % | |||||||||||||||||||||
Brokered and internet time deposits | 107,129 | 549 | 2.03 | % | 61,478 | 281 | 1.81 | % | 75,699 | 309 | 1.64 | % | |||||||||||||||||||||
Time deposits | 1,090,333 | 5,198 | 1.89 | % | 807,094 | 2,980 | 1.46 | % | 704,408 | 1,947 | 1.11 | % | |||||||||||||||||||||
Total interest bearing deposits | 3,151,211 | 10,703 | 1.35 | % | 2,923,510 | 7,864 | 1.07 | % | 2,826,301 | 5,898 | 0.84 | % | |||||||||||||||||||||
Other interest-bearing liabilities: | |||||||||||||||||||||||||||||||||
Securities sold under agreements to repurchase and federal funds purchased | 18,378 | 29 | 0.63 | % | 24,484 | 51 | 0.83 | % | 20,002 | 45 | 0.9 | % | |||||||||||||||||||||
Federal Home Loan Bank advances | 106,468 | 554 | 2.06 | % | 293,020 | 1,524 | 2.06 | % | 253,131 | 1,171 | 1.86 | % | |||||||||||||||||||||
Subordinated debt | 30,930 | 415 | 5.32 | % | 30,930 | 418 | 5.36 | % | 30,930 | 412 | 5.34 | % | |||||||||||||||||||||
Total other interest-bearing liabilities | 155,776 | 998 | 2.54 | % | 348,434 | 1,993 | 2.27 | % | 304,063 | 1,628 | 2.15 | % | |||||||||||||||||||||
Total interest-bearing liabilities | 3,306,987 | 11,701 | 1.4 | % | 3,271,944 | 9,857 | 1.2 | % | 3,130,364 | 7,526 | 0.96 | % | |||||||||||||||||||||
Noninterest bearing liabilities: | |||||||||||||||||||||||||||||||||
Demand deposits | 987,127 | 980,296 | 975,760 | ||||||||||||||||||||||||||||||
Other liabilities | 51,994 | 41,569 | 41,917 | ||||||||||||||||||||||||||||||
Total noninterest-bearing liabilities | 1,039,121 | 1,021,865 | 1,017,677 | ||||||||||||||||||||||||||||||
Total liabilities | 4,346,108 | 4,293,809 | 4,148,041 | ||||||||||||||||||||||||||||||
Shareholders' equity | 659,050 | 638,388 | 615,950 | ||||||||||||||||||||||||||||||
Total liabilities and shareholders' equity | $ | 5,005,158 | $ | 4,932,197 | $ | 4,763,991 | |||||||||||||||||||||||||||
Net interest income(a) | $ | 51,799 | $ | 53,161 | $ | 51,909 | |||||||||||||||||||||||||||
Interest rate spread(a) | 4.11 | % | 4.39 | % | 4.55 | % | |||||||||||||||||||||||||||
Net interest margin(a) | 4.5 | % | 4.71 | % | 4.81 | % | |||||||||||||||||||||||||||
Cost of total deposits | 1.03 | % | 0.8 | % | 0.62 | % | |||||||||||||||||||||||||||
Average interest-earning assets to average interest-bearing liabilities | 138.1 | % | 136.9 | % | 138.2 | % | |||||||||||||||||||||||||||
Tax-equivalent adjustment | $ | 432 | $ | 406 | $ | 392 | |||||||||||||||||||||||||||
Loan HFI yield components: | |||||||||||||||||||||||||||||||||
Contractual interest rate(a) | $ | 49,873 | 5.56 | % | $ | 47,650 | 5.47 | % | $ | 44,057 | 5.37 | % | |||||||||||||||||||||
Origination and other loan fee income | 2,998 | 0.33 | % | 3,486 | 0.4 | % | 3,742 | 0.46 | % | ||||||||||||||||||||||||
Accretion on purchased loans | 1,863 | 0.21 | % | 2,130 | 0.25 | % | 1,928 | 0.23 | % | ||||||||||||||||||||||||
Nonaccrual interest | 96 | 0.01 | % | 630 | 0.07 | % | 250 | 0.03 | % | ||||||||||||||||||||||||
Syndication fee income | 28 | — | % | 32 | — | % | 216 | 0.03 | % | ||||||||||||||||||||||||
Total loan yield | $ | 54,858 | 6.11 | % | $ | 53,928 | 6.19 | % | $ | 50,193 | 6.12 | % |
Six months ended | Six months ended | |||||||||||||||||||||||
June 30, 2019 | June 30, 2018 | |||||||||||||||||||||||
Interest | Average | Interest | Average | |||||||||||||||||||||
Average | income/ | yield/ | Average | income/ | yield/ | |||||||||||||||||||
balances | expense | rate | balances | expense | rate | |||||||||||||||||||
Interest-earning assets: | ||||||||||||||||||||||||
Loans HFI(a) | $ | 3,950,483 | $ | 121,399 | $ | 6.2 | % | $ | 3,241,657 | $ | 96,757 | 6.02 | % | |||||||||||
Loans held for sale | 248,919 | 5,423 | 4.39 | % | 398,373 | 8,555 | 4.33 | % | ||||||||||||||||
Securities: | ||||||||||||||||||||||||
Taxable | 525,541 | 7,117 | 2.73 | % | 470,660 | 5,986 | 2.56 | % | ||||||||||||||||
Tax-exempt(a) | 142,627 | 3,116 | 4.41 | % | 112,286 | 2,578 | 4.63 | % | ||||||||||||||||
Total securities(a) | 668,168 | 10,233 | 3.09 | % | 582,946 | 8,564 | 2.96 | % | ||||||||||||||||
Federal funds sold | 15,289 | 211 | 2.78 | % | 19,983 | 155 | 1.56 | % | ||||||||||||||||
Interest-bearing deposits with other financial institutions | 78,433 | 911 | 2.34 | % | 39,126 | 320 | 1.65 | % | ||||||||||||||||
FHLB stock | 14,303 | 385 | 5.43 | % | 12,170 | 302 | 5 | % | ||||||||||||||||
Total interest earning assets(a) | 4,975,595 | 138,562 | 5.62 | % | 4,294,255 | 114,653 | 5.38 | % | ||||||||||||||||
Noninterest Earning Assets: | ||||||||||||||||||||||||
Cash and due from banks | 52,451 | 45,736 | ||||||||||||||||||||||
Allowance for loan losses | (29,816 | ) | (24,544 | ) | ||||||||||||||||||||
Other assets | 476,265 | 404,485 | ||||||||||||||||||||||
Total noninterest earning assets | 498,900 | 425,677 | ||||||||||||||||||||||
Total assets | $ | 5,474,495 | $ | 4,719,932 | ||||||||||||||||||||
Interest-bearing liabilities: | ||||||||||||||||||||||||
Interest bearing deposits: | ||||||||||||||||||||||||
Interest bearing checking | $ | 923,372 | $ | 4,349 | $ | 0.95 | % | $ | 939,506 | $ | 2,928 | 0.63 | % | |||||||||||
Money market | 1,147,720 | 8,464 | 1.49 | % | 990,537 | 4,201 | 0.86 | % | ||||||||||||||||
Savings deposits | 190,029 | 144 | 0.15 | % | 180,697 | 137 | 0.15 | % | ||||||||||||||||
Customer time deposits | 1,120,897 | 11,608 | 2.09 | % | 623,276 | 3,061 | 0.99 | % | ||||||||||||||||
Brokered and internet time deposits | 73,907 | 778 | 2.12 | % | 79,886 | 642 | 1.62 | % | ||||||||||||||||
Time deposits | 1,194,804 | 12,386 | 2.09 | % | 703,162 | 3,703 | 1.06 | % | ||||||||||||||||
Total interest bearing deposits | 3,455,925 | 25,343 | 1.48 | % | 2,813,902 | 10,969 | 0.79 | % | ||||||||||||||||
Other interest-bearing liabilities: | ||||||||||||||||||||||||
Securities sold under agreements to repurchase and federal funds purchased | 23,658 | 152 | 1.3 | % | 17,595 | 70 | 0.8 | % | ||||||||||||||||
Federal Home Loan Bank advances | 124,839 | 1,298 | 2.1 | % | 232,547 | 2,088 | 1.81 | % | ||||||||||||||||
Subordinated debt | 30,930 | 820 | 5.35 | % | 30,930 | 818 | 5.33 | % | ||||||||||||||||
Total other interest-bearing liabilities | 179,427 | 2,270 | 2.55 | % | 281,072 | 2,976 | 2.14 | % | ||||||||||||||||
Total Interest-bearing liabilities | 3,635,352 | 27,613 | 1.53 | % | 3,094,974 | 13,945 | 0.91 | % | ||||||||||||||||
Noninterest bearing liabilities: | ||||||||||||||||||||||||
Demand deposits | 1,042,211 | 952,140 | ||||||||||||||||||||||
Other liabilities | 100,311 | 65,110 | ||||||||||||||||||||||
Total noninterest-bearing liabilities | 1,142,522 | 1,017,250 | ||||||||||||||||||||||
Total liabilities | 4,777,874 | 4,112,224 | ||||||||||||||||||||||
Shareholders' equity | 696,621 | 607,708 | ||||||||||||||||||||||
Total liabilities and shareholders' equity | $ | 5,474,495 | $ | 4,719,932 | ||||||||||||||||||||
Net interest income(a) | $ | 110,949 | $ | $ | 100,708 | |||||||||||||||||||
Interest rate spread(a) | 4.09 | % | 4.47 | % | ||||||||||||||||||||
Net interest margin(a) | 4.5 | % | 4.73 | % | ||||||||||||||||||||
Cost of total deposits | 1.14 | % | 0.59 | % | ||||||||||||||||||||
Average interest-earning assets to average interest-bearing liabilities | 136.9 | % | 138.7 | % | ||||||||||||||||||||
Tax equivalent adjustment | $ | 910 | $ | $ | 762 | |||||||||||||||||||
Loan HFI yield components: | ||||||||||||||||||||||||
Contractual interest rate(a) | $ | 110,205 | $ | 5.63 | % | $ | 85,593 | 5.33 | % | |||||||||||||||
Origination and other loan fee income | 6,821 | 0.35 | % | 6,609 | 0.41 | % | ||||||||||||||||||
Accretion on purchased loans | 3,928 | 0.2 | % | 3,615 | 0.22 | % | ||||||||||||||||||
Nonaccrual interest | 245 | 0.01 | % | 649 | 0.04 | % | ||||||||||||||||||
Syndication fee income | 200 | 0.01 | % | 291 | 0.02 | % | ||||||||||||||||||
Total loan yield | $ | 121,399 | $ | 6.2 | % | $ | 96,757 | 6.02 | % |
(Unaudited)
2019 | 2018 | |||||||||||||||||||
Second Quarter | First Quarter | Fourth Quarter | Third Quarter | Second Quarter | ||||||||||||||||
Loans by market | ||||||||||||||||||||
Metropolitan | $ | 2,970,794 | $ | 2,516,582 | $ | 2,413,674 | $ | 2,335,771 | $ | 2,210,419 | ||||||||||
Community | 803,306 | 784,671 | 788,619 | 765,231 | 771,358 | |||||||||||||||
Specialty lending and other | 515,416 | 485,538 | 465,218 | 437,529 | 433,798 | |||||||||||||||
Total | $ | 4,289,516 | $ | 3,786,791 | $ | 3,667,511 | $ | 3,538,531 | $ | 3,415,575 | ||||||||||
Deposits by market | ||||||||||||||||||||
Metropolitan | $ | 2,794,977 | $ | 2,350,421 | $ | 2,283,983 | $ | 2,228,902 | 2,112,941 | |||||||||||
Community | 1,615,019 | 1,482,877 | 1,451,494 | 1,427,310 | 1,392,649 | |||||||||||||||
Mortgage and other(a) | 432,830 | 469,893 | 436,240 | 473,261 | 404,273 | |||||||||||||||
Total | $ | 4,842,826 | $ | 4,303,191 | $ | 4,171,717 | $ | 4,129,473 | $ | 3,909,863 |
2019 | 2018 | |||||||||||||||||||
Second Quarter | First Quarter | Fourth Quarter | Third Quarter | Second Quarter | ||||||||||||||||
Banking segment | ||||||||||||||||||||
Net interest income | $ | 56,979 | $ | 52,993 | $ | 51,344 | $ | 52,733 | $ | 51,669 | ||||||||||
Provision for loan losses | 881 | 1,391 | 2,200 | 1,818 | 1,063 | |||||||||||||||
Mortgage banking income retail footprint | 5,451 | 4,386 | 5,041 | 7,417 | 6,894 | |||||||||||||||
Other noninterest income | 8,453 | 8,018 | 8,252 | 7,706 | 7,219 | |||||||||||||||
Other noninterest mortgage banking expenses | 4,172 | 2,831 | 4,542 | 6,383 | 5,649 | |||||||||||||||
Merger expense | 3,783 | 621 | 401 | — | — | |||||||||||||||
Other noninterest expense | 37,500 | 33,109 | 32,531 | 32,009 | 31,127 | |||||||||||||||
Pre-tax income after allocations | $ | 24,547 | $ | 27,445 | $ | 24,963 | $ | 27,646 | $ | 27,943 | ||||||||||
Total assets | $ | 5,552,893 | $ | 4,987,744 | $ | 4,752,111 | $ | 4,637,097 | $ | 4,443,469 | ||||||||||
Intracompany funding income included in net interest income | 3,290 | 2,558 | 3,035 | 3,997 | 4,517 | |||||||||||||||
Core efficiency ratio* | 58.5 | % | 54.7 | % | 57 | % | 56.6 | % | 54.4 | % | ||||||||||
Mortgage segment | ||||||||||||||||||||
Net interest income | $ | 44 | $ | 23 | $ | 23 | $ | 22 | $ | (152 | ) | |||||||||
Noninterest income | 19,075 | 16,635 | 13,956 | 19,232 | 21,650 | |||||||||||||||
Mortgage restructuring expense | 829 | 1,054 | — | — | — | |||||||||||||||
Noninterest expense | 17,835 | 17,486 | 16,262 | 18,821 | 19,582 | |||||||||||||||
Direct (loss) contribution | $ | 455 | $ | (1,882 | ) | $ | (2,283 | ) | $ | 433 | $ | 1,916 | ||||||||
Total assets | $ | 387,509 | $ | 347,412 | $ | 384,653 | $ | 421,070 | $ | 479,780 | ||||||||||
Intracompany funding expense included in net interest income | 3,290 | 2,558 | 3,035 | 3,397 | 4,517 | |||||||||||||||
Core efficiency ratio* | 93.3 | % | N/A | N/A | 97.8 | % | 91.1 | % | ||||||||||||
Interest rate lock commitments volume during the period | ||||||||||||||||||||
Consumer direct | $ | 805,970 | $ | 521,603 | $ | 463,669 | $ | 715,739 | $ | 785,965 | ||||||||||
Third party origination (TPO) | 156,844 | 170,529 | 168,139 | 206,651 | 239,995 | |||||||||||||||
Retail | 407,007 | 291,800 | 242,059 | 319,073 | 359,284 | |||||||||||||||
Correspondent | 450,529 | 380,854 | 437,482 | 463,473 | 590,743 | |||||||||||||||
Total | $ | 1,820,350 | $ | 1,364,786 | $ | 1,311,349 | $ | 1,704,936 | $ | 1,975,987 | ||||||||||
Interest rate lock commitments pipeline (period end) | ||||||||||||||||||||
Consumer direct | $ | 397,150 | $ | 235,505 | $ | 147,297 | $ | 224,648 | $ | 291,874 | ||||||||||
Third party origination (TPO) | — | 73,218 | 53,080 | 72,890 | 92,526 | |||||||||||||||
Retail | 135,655 | 110,480 | 70,389 | 94,693 | 117,912 | |||||||||||||||
Correspondent | 75,925 | 73,304 | 47,940 | 60,589 | 95,256 | |||||||||||||||
Total | $ | 608,730 | $ | 492,507 | $ | 318,706 | $ | 452,820 | $ | 597,568 | ||||||||||
Mortgage sales | ||||||||||||||||||||
Consumer direct | $ | 428,886 | $ | 287,720 | $ | 421,897 | $ | 577,070 | $ | 483,434 | ||||||||||
Third party origination (TPO) | 129,511 | 118,563 | 145,385 | 178,238 | 205,050 | |||||||||||||||
Retail | 81,849 | 59,084 | 63,261 | 85,561 | 79,497 | |||||||||||||||
Retail footprint | 205,698 | 146,312 | 168,554 | 227,985 | 210,958 | |||||||||||||||
Reverse | 704 | 4,111 | 7,262 | 11,154 | 12,252 | |||||||||||||||
Correspondent | 412,014 | 350,435 | 424,717 | 454,020 | 715,733 | |||||||||||||||
Total | $ | 1,258,662 | $ | 966,225 | $ | 1,231,076 | $ | 1,534,028 | $ | 1,706,924 | ||||||||||
Gains and fees from origination and sale of mortgage loans held for sale | $ | 20,976 | $ | 15,907 | $ | 21,483 | $ | 26,094 | $ | 27,017 | ||||||||||
Net change in fair value of loans held for sale, derivatives, and other | 3,298 | 2,244 | (4,623 | ) | (2,320 | ) | (2,299 | ) | ||||||||||||
Mortgage servicing income | 4,052 | 4,751 | 4,618 | 5,576 | 5,604 | |||||||||||||||
Change in fair value of mortgage servicing rights, net of hedging | (3,800 | ) | -1,881 | (2,481 | ) | (2,701 | ) | (1,778 | ) | |||||||||||
Total mortgage banking income | $ | 24,526 | $ | 21,021 | $ | 18,997 | $ | 26,649 | $ | 28,544 | ||||||||||
Mortgage sale margin(a) | 1.67 | % | 1.65 | % | 1.75 | % | 1.7 | % | 1.58 | % |
2019 | 2018 | |||||||||||||||||||||||||||||||||||||||
Second Quarter | % of Total | First Quarter | % of Total | Fourth Quarter | % of Total | Third Quarter | % of Total | Second Quarter | % of Total | |||||||||||||||||||||||||||||||
Loan portfolio | ||||||||||||||||||||||||||||||||||||||||
Commercial and industrial | $ | 989,288 | 23 | % | $ | 888,345 | 23 | % | $ | 867,083 | 24 | % | $ | 840,439 | 24 | % | $ | 813,054 | 24 | % | ||||||||||||||||||||
Construction | 525,954 | 12 | % | 539,065 | 14 | % | 556,051 | 15 | % | 491,171 | 14 | % | 522,471 | 15 | % | |||||||||||||||||||||||||
Residential real estate: | ||||||||||||||||||||||||||||||||||||||||
1-to-4 family mortgage | 688,984 | 16 | % | 552,239 | 15 | % | 555,815 | 16 | % | 553,720 | 16 | % | 528,158 | 15 | % | |||||||||||||||||||||||||
Residential line of credit | 218,006 | 5 | % | 187,415 | 5 | % | 190,480 | 5 | % | 214,741 | 6 | % | 208,668 | 6 | % | |||||||||||||||||||||||||
Multi-family mortgage | 82,945 | 2 | % | 71,532 | 2 | % | 75,457 | 2 | % | 86,264 | 2 | % | 57,344 | 2 | % | |||||||||||||||||||||||||
Commercial real estate: | ||||||||||||||||||||||||||||||||||||||||
Owner occupied | 602,723 | 14 | % | 499,123 | 13 | % | 493,524 | 13 | % | 504,149 | 14 | % | 470,872 | 14 | % | |||||||||||||||||||||||||
Non-owner occupied | 922,150 | 22 | % | 816,880 | 22 | % | 700,248 | 19 | % | 628,336 | 18 | % | 600,629 | 18 | % | |||||||||||||||||||||||||
Consumer and other | 259,466 | 6 | % | 232,192 | 6 | % | 228,853 | 6 | % | 219,711 | 6 | % | 214,379 | 6 | % | |||||||||||||||||||||||||
Total loans HFI | $ | 4,289,516 | 100 | % | $ | 3,786,791 | 100 | % | $ | 3,667,511 | 100 | % | $ | 3,538,531 | 100 | % | $ | 3,415,575 | 100 | % | ||||||||||||||||||||
Allowance for loan losses rollforward summary | ||||||||||||||||||||||||||||||||||||||||
Allowance for loan losses at the beginning of the period | $ | 29,814 | $ | 28,932 | $ | 27,608 | $ | 26,347 | $ | 24,406 | ||||||||||||||||||||||||||||||
Charge-off's | (770 | ) | (871 | ) | (806 | ) | (917 | ) | (421 | ) | ||||||||||||||||||||||||||||||
Recoveries | 213 | 362 | 279 | 360 | 1,299 | |||||||||||||||||||||||||||||||||||
Provision for loan losses | 881 | 1,391 | 2,200 | 1,818 | 1,063 | |||||||||||||||||||||||||||||||||||
Adjustment for transfers to loans HFS | — | — | (349 | ) | — | — | ||||||||||||||||||||||||||||||||||
Allowance for loan losses at the end of the period | $ | 30,138 | $ | 29,814 | $ | 28,932 | $ | 27,608 | $ | 26,347 | ||||||||||||||||||||||||||||||
Allowance for loan losses as a percentage of total loans HFI | 0.70 | % | 0.79 | % | 0.79 | % | 0.78 | % | 0.77 | % | ||||||||||||||||||||||||||||||
Charge-offs | ||||||||||||||||||||||||||||||||||||||||
Commercial and Industrial | $ | (79 | ) | $ | (179 | ) | $ | (340 | ) | $ | (333 | ) | $ | (5 | ) | |||||||||||||||||||||||||
Construction | — | — | — | (14 | ) | (15 | ) | |||||||||||||||||||||||||||||||||
Residential real estate: | ||||||||||||||||||||||||||||||||||||||||
1-to-4 family mortgage | (1 | ) | (81 | ) | (69 | ) | (4 | ) | (5 | ) | ||||||||||||||||||||||||||||||
Residential line of credit | (103 | ) | (32 | ) | (3 | ) | (13 | ) | — | |||||||||||||||||||||||||||||||
Multi-family mortgage | — | — | — | — | — | |||||||||||||||||||||||||||||||||||
Commercial real estate: | ||||||||||||||||||||||||||||||||||||||||
Owner occupied | — | — | (36 | ) | (55 | ) | — | |||||||||||||||||||||||||||||||||
Non-owner occupied | — | — | — | — | — | |||||||||||||||||||||||||||||||||||
Consumer and other | (587 | ) | (579 | ) | (358 | ) | (498 | ) | (396 | ) | ||||||||||||||||||||||||||||||
Total Charge Offs: | (770 | ) | (871 | ) | (806 | ) | (917 | ) | (421 | ) | ||||||||||||||||||||||||||||||
Recoveries | ||||||||||||||||||||||||||||||||||||||||
Commercial and Industrial | 38 | 12 | 16 | 104 | 135 | |||||||||||||||||||||||||||||||||||
Construction | 6 | 1 | 37 | 13 | 862 | |||||||||||||||||||||||||||||||||||
Residential real estate: | ||||||||||||||||||||||||||||||||||||||||
1-to-4 family mortgage | 24 | 13 | 14 | 99 | 43 | |||||||||||||||||||||||||||||||||||
Residential line of credit | 21 | 25 | 76 | 31 | 44 | |||||||||||||||||||||||||||||||||||
Multi-family mortgage | — | — | — | — | — | |||||||||||||||||||||||||||||||||||
Commercial real estate: | ||||||||||||||||||||||||||||||||||||||||
Owner occupied | 5 | 87 | 2 | 10 | 108 | |||||||||||||||||||||||||||||||||||
Non-owner occupied | — | — | — | — | — | |||||||||||||||||||||||||||||||||||
Consumer and other | 119 | 224 | 134 | 103 | 107 | |||||||||||||||||||||||||||||||||||
Total Recoveries: | 213 | 362 | 279 | 360 | 1,299 | |||||||||||||||||||||||||||||||||||
Net (charge-off's) recoveries | $ | (557 | ) | $ | 509 | $ | (527 | ) | $ | (557 | ) | $ | 878 | |||||||||||||||||||||||||||
Net charge-off's (recoveries) as a percentage of average total loans | 0.05 | % | 0.06 | % | 0.06 | % | 0.06 | % | (0.11 | )% | ||||||||||||||||||||||||||||||
Loans classified as substandard | $ | 68,828 | $ | 60,746 | $ | 66,487 | $ | 60,346 | $ | 58,467 | ||||||||||||||||||||||||||||||
Purchased credit impaired loans | 67,450 | 62,564 | 68,999 | 73,651 | 78,313 | |||||||||||||||||||||||||||||||||||
2019 | 2018 | |||||||||||||||||||
Second Quarter | First Quarter | Fourth Quarter | Third Quarter | Second Quarter | ||||||||||||||||
Nonperforming assets(a) | ||||||||||||||||||||
Past due 90 days or more and accruing interest | $ | 2,100 | $ | 1,885 | $ | 3,041 | $ | 2,364 | $ | 1,639 | ||||||||||
Nonaccrual | 16,135 | 13,721 | 13,685 | 8,355 | 7,174 | |||||||||||||||
Total nonperforming loans held for investment | 18,235 | 15,606 | 16,726 | 10,719 | 8,813 | |||||||||||||||
Loans held for sale | — | 196 | 397 | — | — | |||||||||||||||
Other real estate owned- foreclosed | 7,830 | 7,447 | 7,262 | 8,206 | 9,258 | |||||||||||||||
Other real estate owned- acquired excess facilities | 7,691 | 5,381 | 5,381 | 5,381 | 5,381 | |||||||||||||||
Other assets | 1,499 | 1,779 | 1,637 | 1,564 | 2,341 | |||||||||||||||
Total nonperforming assets | $ | 35,255 | $ | 30,409 | $ | 31,403 | $ | 25,870 | $ | 25,793 | ||||||||||
Total nonperforming loans as a percentage of loans held for investment | 0.43 | % | 0.41 | % | 0.46 | % | 0.3 | % | 0.26 | % | ||||||||||
Total nonperforming assets as a percentage of total assets | 0.59 | % | 0.57 | % | 0.61 | % | 0.51 | % | 0.52 | % | ||||||||||
Total accruing loans over 90 days delinquent as a percentage of total assets | 0.04 | % | 0.04 | % | 0.06 | % | 0.05 | % | 0.03 | % | ||||||||||
Loans restructured as troubled debt restructurings | $ | 8,714 | $ | 8,953 | $ | 6,794 | $ | 7,679 | $ | 8,603 | ||||||||||
Troubled debt restructurings as a percentage of loans held for investment | 0.20 | % | 0.24 | % | 0.19 | % | 0.22 | % | 0.25 | % |
Computation of Tangible Common Equity to Tangible Assets: | June 30, 2019 | December 31, 2018 | ||||||
Total Equity | $ | 718,759 | $ | 671,857 | ||||
Less: | ||||||||
Goodwill | 168,486 | 137,190 | ||||||
Other intangibles | 19,945 | 11,628 | ||||||
Tangible Common Equity | $ | 530,328 | $ | 523,039 | ||||
Total Assets | $ | 5,940,402 | $ | 5,136,764 | ||||
Less: | ||||||||
Goodwill | 168,486 | 137,190 | ||||||
Other intangibles | 19,945 | 11,628 | ||||||
Tangible Assets | $ | 5,751,971 | $ | 4,987,946 | ||||
Preliminary Total Risk-Weighted Assets | $ | 5,070,580 | $ | 4,480,921 | ||||
Total Common Equity to Total Assets | 12.1 | % | 13.1 | % | ||||
Tangible Common Equity to Tangible Assets* | 9.2 | % | 10.5 | % | ||||
June 30, 2019 | December 31, 2018 | |||||||
Preliminary Regulatory Capital: | ||||||||
Common Equity Tier 1 Capital | $ | 528,794 | $ | 524,013 | ||||
Tier 1 Capital | 558,794 | 554,013 | ||||||
Total Capital | 588,932 | 582,945 | ||||||
Preliminary Regulatory Capital Ratios: | ||||||||
Common Equity Tier 1 | 10.4 | % | 11.7 | % | ||||
Tier 1 Risk-Based | 11 | % | 12.4 | % | ||||
Total Risk-Based | 11.6 | % | 13 | % | ||||
Tier 1 Leverage | 10 | % | 11.4 | % |
2019 | 2018 | |||||||||||||||||||||||||||||||||||||||
Securities (at fair value) | Second Quarter | First Quarter | Fourth Quarter | Third Quarter | Second Quarter | |||||||||||||||||||||||||||||||||||
Available for sale debt securities | ||||||||||||||||||||||||||||||||||||||||
U.S. government agency securities | $ | 996 | — | % | $ | 993 | — | % | $ | 989 | — | % | $ | 984 | — | % | $ | 983 | — | % | ||||||||||||||||||||
Mortgage-backed securities - residential | 517,505 | 77 | % | 511,716 | 77 | % | 508,580 | 78 | % | 467,714 | 77 | % | 477,974 | 78 | % | |||||||||||||||||||||||||
Municipals, tax exempt | 149,305 | 22 | % | 147,640 | 22 | % | 138,887 | 21 | % | 130,672 | 21 | % | 122,247 | 20 | % | |||||||||||||||||||||||||
Treasury securities | 7,409 | 1 | % | 7,305 | 1 | % | 7,242 | 1 | % | 7,131 | 1 | % | 7,156 | 1 | % | |||||||||||||||||||||||||
Total available for sale debt securities | 675,215 | 100 | % | 667,654 | 100 | % | 655,698 | 100 | % | 606,501 | 99 | % | 608,360 | 99 | % | |||||||||||||||||||||||||
Equity securities | 3,242 | — | % | 3,181 | — | % | 3,107 | — | % | 3,067 | 1 | % | 3,075 | 1 | % | |||||||||||||||||||||||||
Total securities | $ | 678,457 | 100 | % | $ | 670,835 | % | 100 | % | $ | 658,805 | 100 | % | $ | 609,568 | 100 | % | $ | 611,435 | 100 | % | |||||||||||||||||||
Securities to total assets | 11.4 | % | 12.6 | % | 12.8 | % | 12.1 | % | 12.4 | % |
2019 | 2018 | |||||||||||||||||||
Net income, adjusted | Second Quarter | First Quarter | Fourth Quarter | Third Quarter | Second Quarter | |||||||||||||||
Pre-tax net income | $ | 25,002 | $ | 25,563 | $ | 22,680 | $ | 28,079 | $ | 29,859 | ||||||||||
Plus merger, offering, and mortgage restructuring expenses | 4,612 | 1,675 | 401 | — | 671 | |||||||||||||||
Pre-tax net income, adjusted | 29,614 | 27,238 | 23,081 | 28,079 | 30,530 | |||||||||||||||
Income tax expense, adjusted | 7,516 | 6,412 | 5,745 | 6,702 | 7,794 | |||||||||||||||
Net income, adjusted | $ | 22,098 | $ | 20,826 | $ | 17,336 | $ | 21,377 | $ | 22,736 | ||||||||||
Weighted average common shares outstanding- fully diluted | 31,378,018 | 31,349,198 | 31,344,949 | 31,339,628 | 31,294,044 | |||||||||||||||
Diluted earnings per share, adjusted | ||||||||||||||||||||
Diluted earnings per common share | $ | 0.59 | $ | 0.62 | $ | 0.54 | $ | 0.68 | $ | 0.70 | ||||||||||
Plus merger, offering, and mortgage restructuring expenses | 0.15 | 0.05 | 0.01 | — | 0.02 | |||||||||||||||
Less tax effect | 0.04 | 0.01 | — | — | — | |||||||||||||||
Diluted earnings per share, adjusted | $ | 0.70 | $ | 0.66 | $ | 0.55 | $ | 0.68 | $ | 0.72 | ||||||||||
Pro forma net income, adjusted* | YTD 2019 | 2018 | 2017 | 2016 | 2015 | |||||||||||||||
Pre-tax net income | $ | 50,565 | $ | 105,854 | $ | 73,485 | $ | 62,324 | $ | 50,824 | ||||||||||
Plus merger, conversion, offering, and mortgage restructuring expenses | 6,287 | 2,265 | 19,034 | 3,268 | 3,543 | |||||||||||||||
Less significant (losses) gains on securities, other real estate owned and other items | — | — | — | (3,539 | ) | 4,638 | ||||||||||||||
Pre tax net income, adjusted | 56,852 | 108,119 | 92,519 | 69,131 | 49,729 | |||||||||||||||
Pro forma income tax expense, adjusted | 13,927 | 26,034 | 34,749 | 25,404 | 18,425 | |||||||||||||||
Pro forma net income, adjusted | $ | 42,925 | $ | 82,085 | $ | 57,770 | $ | 43,727 | $ | 31,304 | ||||||||||
Weighted average common shares outstanding- fully diluted | 31,348,966 | 31,314,981 | 28,207,602 | 19,312,174 | 17,180,000 | |||||||||||||||
Pro forma diluted earnings per share, adjusted* | ||||||||||||||||||||
Diluted earning per share | $ | 1.21 | $ | 2.55 | $ | 1.86 | $ | 2.10 | $ | 2.79 | ||||||||||
Plus merger, conversion, offering, and mortgage restructuring expenses | 0.2 | 0.07 | 0.67 | 0.17 | 0.21 | |||||||||||||||
Less significant (losses) gains on securities, other real estate owned and other items | — | — | — | (0.18 | ) | 0.27 | ||||||||||||||
Less tax effect and benefit of enacted tax laws | 0.05 | 0.01 | 0.48 | 0.19 | 0.91 | |||||||||||||||
Pro forma diluted earnings per share, adjusted | $ | 1.36 | $ | 2.61 | $ | 2.05 | $ | 2.26 | $ | 1.82 |
2019 | 2018 | |||||||||||||||||||
Core efficiency ratio (tax-equivalent basis) | Second Quarter | First Quarter | Fourth Quarter | Third Quarter | Second Quarter | |||||||||||||||
Total noninterest expense | $ | 64,119 | $ | 55,101 | $ | 53,736 | $ | 57,213 | $ | 56,358 | ||||||||||
Less merger, offering, and mortgage restructuring expenses | 4,612 | 1,675 | 401 | — | 671 | |||||||||||||||
Core noninterest expense | $ | 59,507 | $ | 53,426 | $ | 53,335 | $ | 57,213 | $ | 55,687 | ||||||||||
Net interest income (tax-equivalent basis) | $ | 57,488 | $ | 53,461 | $ | 51,799 | $ | 53,161 | $ | 51,909 | ||||||||||
Total noninterest income | 32,979 | 29,039 | 27,249 | 34,355 | 35,763 | |||||||||||||||
Less gain (loss) on sales or write-downs of other real estate owned and other assets | 94 | 152 | 33 | 446 | (132 | ) | ||||||||||||||
Less gain (loss) from securities, net | 52 | 43 | — | (27 | ) | (42 | ) | |||||||||||||
Core noninterest income | 32,833 | 28,844 | 27,216 | 33,936 | 35,937 | |||||||||||||||
Core revenue | $ | 90,321 | $ | 82,305 | $ | 79,015 | $ | 87,097 | $ | 87,846 | ||||||||||
Efficiency ratio (GAAP)(a) | 71.2 | % | 67.2 | % | 68.4 | % | 65.7 | % | 64.6 | % | ||||||||||
Core efficiency ratio (tax-equivalent basis) | 65.9 | % | 64.9 | % | 67.5 | % | 65.7 | % | 63.4 | % | ||||||||||
(a) Efficiency ratio (GAAP) is calculated by dividing reported noninterest expense by reported total revenue. | ||||||||||||||||||||
2019 | 2018 | |||||||||||||||||||
Banking segment core efficiency ratio (tax equivalent) | Second Quarter | First Quarter | Fourth Quarter | Third Quarter | Second Quarter | |||||||||||||||
Core consolidated noninterest expense | $ | 59,507 | $ | 53,426 | $ | 53,335 | $ | 57,213 | $ | 55,687 | ||||||||||
Less Mortgage segment core noninterest expense | 17,835 | 17,486 | 16,262 | 18,821 | 19,582 | |||||||||||||||
Core Banking segment noninterest expense | $ | 41,672 | $ | 35,940 | $ | 37,073 | $ | 38,392 | $ | 36,105 | ||||||||||
Core revenue | $ | 90,321 | $ | 82,305 | $ | 79,015 | $ | 87,097 | $ | 87,846 | ||||||||||
Less Mortgage segment total revenue | 19,119 | 16,658 | 13,979 | 19,254 | $ | 21,498 | ||||||||||||||
Core Banking segment total revenue | $ | 71,202 | $ | 65,647 | $ | 65,036 | $ | 67,843 | 66,348 | |||||||||||
Banking segment core efficiency ratio (tax-equivalent basis) | 58.5 | % | 54.7 | % | 57 | % | 56.6 | % | 54.4 | % | ||||||||||
Mortgage segment core efficiency ratio (tax equivalent) | ||||||||||||||||||||
| ||||||||||||||||||||
Mortgage segment noninterest expense | $ | 18,664 | $ | 18,540 | $ | 16,262 | $ | 18,821 | $ | 19,582 | ||||||||||
Less mortgage restructuring expense | 829 | 1,054 | — | — | — | |||||||||||||||
Core Mortgage segment noninterest expense | $ | 17,835 | $ | 17,486 | $ | 16,262 | $ | 18,821 | $ | 19,582 | ||||||||||
Mortgage segment total revenue | $ | 19,119 | $ | 16,658 | $ | 13,979 | $ | 19,254 | $ | 21,498 | ||||||||||
Mortgage segment core efficiency ratio (tax-equivalent basis) | 93.3 | % | N/A | N/A | 97.8 | % | 91.1 | % |
2019 | 2018 | |||||||||||||||||||
Mortgage contribution, adjusted | Second Quarter | First Quarter | Fourth Quarter | Third Quarter | Second Quarter | |||||||||||||||
Mortgage segment pre-tax net contribution | $ | 455 | $ | (1,882 | ) | $ | (2,283 | ) | $ | 433 | $ | 1,916 | ||||||||
Retail footprint: | ||||||||||||||||||||
Mortgage banking income | 5,451 | 4,386 | 5,041 | 7,417 | 6,894 | |||||||||||||||
Mortgage banking expenses | 4,172 | 2,831 | 4,542 | 6,383 | 5,649 | |||||||||||||||
Retail footprint pre-tax net contribution | 1,279 | 1,555 | 499 | 1,034 | 1,245 | |||||||||||||||
Total mortgage banking pre-tax net (loss) contribution | $ | 1,734 | $ | (327 | ) | $ | (1,784 | ) | $ | 1,467 | $ | 3,161 | ||||||||
Plus mortgage restructuring expense | 829 | 1,054 | — | — | — | |||||||||||||||
Total mortgage banking pre-tax net contribution (loss), adjusted | $ | 2,563 | $ | 727 | $ | (1,784 | ) | $ | 1,467 | $ | 3,161 | |||||||||
Pre-tax net income | $ | 25,002 | 25,563 | $ | 22,680 | 28,079 | $ | 29,859 | ||||||||||||
% total mortgage banking pre-tax net contribution | 6.9 | % | N/A | N/A | 5.2 | % | 10.6 | % | ||||||||||||
Pre-tax net income, adjusted | $ | 29,614 | $ | 27,238 | $ | 23,081 | $ | 28,079 | $ | 30,530 | ||||||||||
% total mortgage banking pre-tax net contribution, adjusted | 8.7 | % | 2.7 | % | N/A | 5.2 | % | 10.4 | % | |||||||||||
2019 | 2018 | |||||||||||||||||||
Tangible assets and equity | Second Quarter | First Quarter | Fourth Quarter | Third Quarter | Second Quarter | |||||||||||||||
Tangible Assets | ||||||||||||||||||||
Total assets | $ | 5,940,402 | $ | 5,335,156 | $ | 5,136,764 | $ | 5,058,167 | $ | 4,923,249 | ||||||||||
Less goodwill | 168,486 | 137,190 | 137,190 | 137,190 | 137,190 | |||||||||||||||
Less intangibles, net | 19,945 | 10,439 | 11,628 | 12,403 | 13,203 | |||||||||||||||
Tangible assets | $ | 5,751,971 | $ | 5,187,527 | $ | 4,987,946 | $ | 4,908,574 | $ | 4,772,856 | ||||||||||
Tangible Common Equity | ||||||||||||||||||||
Total shareholders' equity | $ | 718,759 | $ | 694,577 | $ | 671,857 | $ | 648,731 | $ | 630,959 | ||||||||||
Less goodwill | 168,486 | 137,190 | 137,190 | 137,190 | 137,190 | |||||||||||||||
Less intangibles, net | 19,945 | 10,439 | 11,628 | 12,403 | 13,203 | |||||||||||||||
Tangible common equity | $ | 530,328 | $ | 546,948 | $ | 523,039 | $ | 499,138 | $ | 480,566 | ||||||||||
Common shares outstanding | 30,865,636 | 30,852,665 | 30,724,532 | 30,715,792 | 30,683,353 | |||||||||||||||
Book value per common share | $ | 23.29 | $ | 22.51 | $ | 21.87 | $ | 21.12 | $ | 20.56 | ||||||||||
Tangible book value per common share | $ | 17.18 | $ | 17.73 | $ | 17.02 | $ | 16.25 | $ | 15.66 | ||||||||||
Total shareholders' equity to total assets | 12.1 | % | 13 | % | 13.1 | % | 12.8 | % | 12.8 | % | ||||||||||
Tangible common equity to tangible assets | 9.2 | % | 10.5 | % | 10.5 | % | 10.2 | % | 10.1 | % | ||||||||||
Net income | $ | 18,688 | $ | 19,588 | $ | 17,040 | $ | 21,377 | $ | 22,065 | ||||||||||
Return on tangible common equity | 14.1 | % | 14.5 | % | 12.9 | % | 17.0 | % | 18.4 | % | ||||||||||
2019 | 2018 | |||||||||||||||||||
Return on average tangible common equity | Second Quarter | First Quarter | Fourth Quarter | Third Quarter | Second Quarter | |||||||||||||||
Total average shareholders' equity | $ | 708,557 | $ | 684,545 | $ | 659,050 | $ | 638,388 | $ | 615,950 | ||||||||||
Less average goodwill | 167,781 | 137,190 | 137,190 | 137,190 | 137,190 | |||||||||||||||
Less average intangibles, net | 20,214 | 10,856 | 12,016 | 12,803 | 13,615 | |||||||||||||||
Average tangible common equity | $ | 520,562 | $ | 536,499 | $ | 509,845 | $ | 488,395 | $ | 465,145 | ||||||||||
Net income | $ | 18,688 | $ | 19,588 | $ | 17,040 | $ | 21,377 | $ | 22,065 | ||||||||||
Return on average tangible common equity | 14.4 | % | 14.8 | % | 13.3 | % | 17.4 | % | 19 | % |
2019 | 2018 | |||||||||||||||||||
Return on average tangible common equity, adjusted | Second Quarter | First Quarter | Fourth Quarter | Third Quarter | Second Quarter | |||||||||||||||
Average tangible common equity | $ | 520,562 | $ | 536,499 | $ | 509,845 | $ | 488,395 | $ | 465,145 | ||||||||||
Net income, adjusted | 22,098 | 20,826 | 17,336 | 21,377 | 22,736 | |||||||||||||||
Return on average tangible common equity, adjusted | 17 | % | 15.7 | % | 13.5 | % | 17.4 | % | 19.6 | % |
Pro forma return on average tangible common equity | YTD 2019 | 2018 | 2017 | 2016 | 2015 | |||||||||||||||
Total average shareholders' equity | $ | 696,621 | $ | 629,922 | $ | 466,219 | $ | 276,587 | $ | 228,844 | ||||||||||
Less average goodwill | 152,570 | 137,190 | 84,997 | 46,867 | 46,904 | |||||||||||||||
Less average intangibles, net | 15,562 | 12,815 | 8,047 | 5,353 | 5,095 | |||||||||||||||
Average tangible common equity | $ | 528,489 | $ | 479,917 | $ | 373,175 | $ | 224,367 | $ | 176,845 | ||||||||||
Pro forma net income | $ | 38,276 | $ | 80,236 | $ | 52,398 | $ | 39,422 | $ | 32,995 | ||||||||||
Pro forma return on average tangible common equity | 14.6 | % | 16.7 | % | 14.0 | % | 17.6 | % | 18.7 | % |
Pro forma return on average tangible common equity, adjusted | YTD 2019 | 2018 | 2017 | 2016 | 2015 | |||||||||||||||
Average tangible common equity | $ | 528,489 | $ | 479,917 | $ | 373,175 | $ | 224,367 | $ | 176,845 | ||||||||||
Pro forma net income, adjusted | 42,925 | 82,085 | 57,770 | 43,727 | 31,304 | |||||||||||||||
Pro forma return on average tangible common equity, adjusted | 16.4 | % | 17.1 | % | 15.5 | % | 19.5 | % | 17.7 | % |
2019 | 2018 | |||||||||||||||||||
Return on average assets and equity, adjusted | Second Quarter | First Quarter | Fourth Quarter | Third Quarter | Second Quarter | |||||||||||||||
Net income | $ | 18,688 | $ | 19,588 | $ | 17,040 | $ | 21,377 | $ | 22,065 | ||||||||||
Average assets | 5,771,371 | 5,174,918 | 5,005,158 | 4,932,197 | 4,763,991 | |||||||||||||||
Average equity | 708,557 | 684,545 | 659,050 | 638,388 | 615,950 | |||||||||||||||
Return on average assets | 1.3 | % | 1.54 | % | 1.35 | % | 1.72 | % | 1.86 | % | ||||||||||
Return on average equity | 10.6 | % | 11.6 | % | 10.3 | % | 13.3 | % | 14.4 | % | ||||||||||
Net income, adjusted | $ | 22,098 | $ | 20,826 | $ | 17,336 | $ | 21,377 | $ | 22,736 | ||||||||||
Return on average assets, adjusted | 1.54 | % | 1.63 | % | 1.37 | % | 1.72 | % | 1.91 | % | ||||||||||
Return on average equity, adjusted | 12.5 | % | 12.3 | % | 10.4 | % | 13.3 | % | 14.8 | % |
Pro forma return on average assets and equity, adjusted | YTD 2019 | 2018 | 2017 | 2016 | 2015 | |||||||||||||||
Pro forma net income | $ | 38,276 | $ | 80,236 | $ | 52,398 | $ | 39,422 | $ | 32,995 | ||||||||||
Average assets | 5,474,495 | 4,844,865 | 3,811,158 | 3,001,275 | 2,577,895 | |||||||||||||||
Average equity | 696,621 | 629,922 | 466,219 | 276,587 | 228,844 | |||||||||||||||
Pro forma return on average assets | 1.41 | % | 1.66 | % | 1.37 | % | 1.31 | % | 1.28 | % | ||||||||||
Pro forma return on average equity | 11.1 | % | 12.7 | % | 11.2 | % | 14.3 | % | 14.4 | % | ||||||||||
Pro forma net income, adjusted | $ | 42,925 | $ | 82,085 | $ | 57,770 | $ | 43,727 | $ | 31,304 | ||||||||||
Pro forma return on average assets, adjusted | 1.58 | % | 1.69 | % | 1.52 | % | 1.46 | % | 1.21 | % | ||||||||||
Pro forma return on average equity, adjusted | 12.4 | % | 13 | % | 12.4 | % | 15.8 | % | 13.7 | % |