California | 0-10661 | 94-2792841 | ||||||
(State or other jurisdiction of incorporation or organization) |
(Commission File No.) | (I.R.S. Employer Identification No.) |
63 Constitution Drive
|
Chico, | California | 95973 | ||||||||
(Address of principal executive offices) | (Zip Code) |
☐ | Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425) |
☐ | Soliciting material pursuant to rule 14a-12 under the Exchange Act (17 CFR 240.14a-12) |
☐ | Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b)) |
☐ | Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c)) |
Title of each class | Trading Symbol(s) |
Name of each exchange on which registered |
||||||||||||
Common Stock, no par value | TCBK | Nasdaq |
TRICO BANCSHARES | |||||
Date: July 26, 2023 |
/s/ Peter G. Wiese | ||||
Peter G. Wiese, Executive Vice President and Chief Financial Officer | |||||
(Principal Financial and Accounting Officer) |
Contact: Peter G. Wiese, EVP & CFO, (530) 898-0300 | ||
For Immediate Release |
Three months ended | |||||||||||||||||||||||
June 30, | March 31, | ||||||||||||||||||||||
(dollars and shares in thousands, except per share data) | 2023 | 2023 | $ Change | % Change | |||||||||||||||||||
Net interest income | $ | 88,601 | $ | 93,336 | $ | (4,735) | (5.1) | % | |||||||||||||||
Provision for credit losses | (9,650) | (4,195) | (5,455) | 130.0 | % | ||||||||||||||||||
Noninterest income | 15,741 | 13,635 | 2,106 | 15.4 | % | ||||||||||||||||||
Noninterest expense | (61,243) | (53,794) | (7,449) | 13.8 | % | ||||||||||||||||||
Provision for income taxes | (8,557) | (13,149) | 4,592 | (34.9) | % | ||||||||||||||||||
Net income | $ | 24,892 | $ | 35,833 | $ | (10,941) | (30.5) | % | |||||||||||||||
Diluted earnings per share | $ | 0.75 | $ | 1.07 | $ | (0.32) | (29.9) | % | |||||||||||||||
Dividends per share | $ | 0.30 | $ | 0.30 | $ | — | — | % | |||||||||||||||
Average common shares | 33,219 | 33,296 | (77) | (0.2) | % | ||||||||||||||||||
Average diluted common shares | 33,302 | 33,438 | (136) | (0.4) | % | ||||||||||||||||||
Return on average total assets | 1.01 | % | 1.47 | % | |||||||||||||||||||
Return on average equity | 8.98 | % | 13.36 | % | |||||||||||||||||||
Efficiency ratio | 58.69 | % | 50.29 | % |
Three months ended June 30, |
|||||||||||||||||||||||
(dollars and shares in thousands, except per share data) | 2023 | 2022 | $ Change | % Change | |||||||||||||||||||
Net interest income | $ | 88,601 | $ | 85,046 | $ | 3,555 | 4.2 | % | |||||||||||||||
Provision for credit losses | (9,650) | (2,100) | (7,550) | 359.5 | % | ||||||||||||||||||
Noninterest income | 15,741 | 16,430 | (689) | (4.2) | % | ||||||||||||||||||
Noninterest expense | (61,243) | (56,264) | (4,979) | 8.8 | % | ||||||||||||||||||
Provision for income taxes | (8,557) | (11,748) | 3,191 | (27.2) | % | ||||||||||||||||||
Net income | $ | 24,892 | $ | 31,364 | $ | (6,472) | (20.6) | % | |||||||||||||||
Diluted earnings per share | $ | 0.75 | $ | 0.93 | $ | (0.18) | (19.4) | % | |||||||||||||||
Dividends per share | $ | 0.30 | $ | 0.25 | $ | 0.05 | 20.0 | % | |||||||||||||||
Average common shares | 33,219 | 33,561 | (342) | (1.0) | % | ||||||||||||||||||
Average diluted common shares | 33,302 | 33,705 | (403) | (1.2) | % | ||||||||||||||||||
Return on average total assets | 1.01 | % | 1.24 | % | |||||||||||||||||||
Return on average equity | 8.98 | % | 11.53 | % | |||||||||||||||||||
Efficiency ratio | 58.69 | % | 55.45 | % |
Six months ended June 30, |
|||||||||||||||||||||||
(dollars and shares in thousands) | 2023 | 2022 | $ Change | % Change | |||||||||||||||||||
Net interest income | $ | 181,937 | $ | 152,970 | $ | 28,967 | 18.9 | % | |||||||||||||||
Provision for credit losses | (13,845) | (10,430) | (3,415) | 32.7 | % | ||||||||||||||||||
Noninterest income | 29,376 | 31,526 | (2,150) | (6.8) | % | ||||||||||||||||||
Noninterest expense | (115,037) | (102,711) | (12,326) | 12.0 | % | ||||||||||||||||||
Provision for income taxes | (21,706) | (19,617) | (2,089) | 10.6 | % | ||||||||||||||||||
Net income | $ | 60,725 | $ | 51,738 | $ | 8,987 | 17.4 | % | |||||||||||||||
Diluted earnings per share | $ | 1.82 | $ | 1.62 | $ | 0.20 | 12.4 | % | |||||||||||||||
Dividends per share | $ | 0.60 | $ | 0.50 | $ | 0.10 | 20.0 | % | |||||||||||||||
Average common shares | 33,257 | 31,815 | 1,442 | 4.5 | % | ||||||||||||||||||
Average diluted common shares | 33,371 | 31,963 | 1,408 | 4.4 | % | ||||||||||||||||||
Return on average total assets | 1.24 | % | 1.10 | % | |||||||||||||||||||
Return on average equity | 11.13 | % | 9.93 | % | |||||||||||||||||||
Efficiency ratio | 54.44 | % | 55.67 | % |
Ending balances | June 30, | March 31, | Annualized % Change |
||||||||||||||||||||
(dollars in thousands) | 2023 | 2023 | $ Change | ||||||||||||||||||||
Total assets | $ | 9,853,421 | $ | 9,842,394 | $ | 11,027 | 0.4 | % | |||||||||||||||
Total loans | 6,520,740 | 6,422,421 | 98,319 | 6.1 | |||||||||||||||||||
Total investments | 2,485,378 | 2,577,769 | (92,391) | (14.3) | |||||||||||||||||||
Total deposits | 8,095,365 | 8,025,865 | 69,500 | 3.5 | |||||||||||||||||||
Total other borrowings | $ | 392,714 | $ | 434,140 | $ | (41,426) | (38.2) | % |
Quarterly average balances for the period ended | June 30, | March 31, | Annualized % Change |
||||||||||||||||||||
(dollars in thousands) | 2023 | 2023 | $ Change | ||||||||||||||||||||
Total assets | $ | 9,848,191 | $ | 9,878,927 | $ | (30,736) | (1.2) | % | |||||||||||||||
Total loans | 6,467,381 | 6,413,958 | 53,423 | 3.3 | |||||||||||||||||||
Total investments | 2,525,334 | 2,587,285 | (61,951) | (9.6) | |||||||||||||||||||
Total deposits | 7,981,515 | 8,218,576 | (237,061) | (11.5) | |||||||||||||||||||
Total other borrowings | $ | 477,256 | $ | 277,632 | $ | 199,624 | 287.6 | % |
Ending balances | As of June 30, | % Change | |||||||||||||||||||||
(dollars in thousands) | 2023 | 2022 | $ Change | ||||||||||||||||||||
Total assets | $ | 9,853,421 | $ | 10,120,611 | $ | (267,190) | (2.6) | % | |||||||||||||||
Total loans | 6,520,740 | 6,113,421 | 407,319 | 6.7 | |||||||||||||||||||
Total loans, excluding PPP | 6,519,316 | 6,095,667 | 423,649 | 7.0 | |||||||||||||||||||
Total investments | 2,485,378 | 2,802,815 | (317,437) | (11.3) | |||||||||||||||||||
Total deposits | 8,095,365 | 8,756,775 | (661,410) | (7.6) | |||||||||||||||||||
Total other borrowings | $ | 392,714 | $ | 35,089 | $ | 357,625 | 1,019.2 | % |
(dollars in thousands) | June 30, 2023 | March 31, 2023 | June 30, 2022 | ||||||||||||||
Borrowing capacity at correspondent banks and FRB | $ | 2,847,052 | $ | 2,853,219 | $ | 2,690,597 | |||||||||||
Less: borrowings outstanding | (350,000) | (394,095) | — | ||||||||||||||
Unpledged available-for-sale (AFS) investment securities |
1,813,894 | 1,883,353 | 2,192,704 | ||||||||||||||
Cash held or in transit with FRB |
79,530 | 67,468 | 432,190 | ||||||||||||||
Total primary liquidity | $ | 4,390,476 | $ | 4,409,945 | $ | 5,315,491 |
Estimated uninsured deposit balances | $ | 2,522,718 | $ | 2,312,309 | $ | 2,950,614 |
Three months ended | |||||||||||||||||||||||
June 30, | March 31, | ||||||||||||||||||||||
(dollars in thousands) | 2023 | 2023 | Change | % Change | |||||||||||||||||||
Interest income | $ | 107,158 | $ | 102,907 | $ | 4,251 | 4.1 | % | |||||||||||||||
Interest expense | (18,557) | (9,571) | (8,986) | 93.9 | % | ||||||||||||||||||
Fully tax-equivalent adjustment (FTE) (1) |
379 | 392 | (13) | (3.3) | % | ||||||||||||||||||
Net interest income (FTE) | $ | 88,980 | $ | 93,728 | $ | (4,748) | (5.1) | % | |||||||||||||||
Net interest margin (FTE) | 3.96 | % | 4.21 | % | |||||||||||||||||||
Acquired loans discount accretion, net: | |||||||||||||||||||||||
Amount (included in interest income) | $ | 1,471 | $ | 1,397 | $ | 74 | 5.3 | % | |||||||||||||||
Net interest margin less effect of acquired loan discount accretion(1) |
3.89 | % | 4.15 | % | (0.26) | % | |||||||||||||||||
PPP loans yield, net: | |||||||||||||||||||||||
Amount (included in interest income) | $ | 4 | $ | 5 | $ | (1) | (20.0) | % | |||||||||||||||
Net interest margin less effect of PPP loan yield (1) |
3.96 | % | 4.21 | % | (0.25) | % | |||||||||||||||||
Acquired loans discount accretion and PPP loan yield, net: |
|||||||||||||||||||||||
Amount (included in interest income) | $ | 1,475 | $ | 1,402 | $ | 73 | 5.2 | % | |||||||||||||||
Net interest margin less effect of acquired loan discount accretion and PPP loan yield (1) |
3.89 | % | 4.15 | % | (0.26) | % |
Three months ended June 30, |
|||||||||||||||||||||||
(dollars in thousands) | 2023 | 2022 | Change | % Change | |||||||||||||||||||
Interest income | $ | 107,158 | $ | 86,955 | $ | 20,203 | 23.2 | % | |||||||||||||||
Interest expense | (18,557) | (1,909) | (16,648) | 872.1 | % | ||||||||||||||||||
Fully tax-equivalent adjustment (FTE) (1) |
379 | 397 | (18) | (4.5) | % | ||||||||||||||||||
Net interest income (FTE) | $ | 88,980 | $ | 85,443 | $ | 3,537 | 4.1 | % | |||||||||||||||
Net interest margin (FTE) | 3.96 | % | 3.67 | % | |||||||||||||||||||
Acquired loans discount accretion, net: | |||||||||||||||||||||||
Amount (included in interest income) | $ | 1,471 | $ | 1,677 | $ | (206) | (12.3) | % | |||||||||||||||
Net interest margin less effect of acquired loan discount accretion(1) |
3.89 | % | 3.60 | % | 0.29 | % | |||||||||||||||||
PPP loans yield, net: | |||||||||||||||||||||||
Amount (included in interest income) | $ | 4 | $ | 964 | $ | (960) | (99.6) | % | |||||||||||||||
Net interest margin less effect of PPP loan yield (1) |
3.96 | % | 3.64 | % | 0.32 | % | |||||||||||||||||
Acquired loans discount accretion and PPP loan yield, net: |
|||||||||||||||||||||||
Amount (included in interest income) | $ | 1,475 | $ | 2,641 | $ | (1,166) | (44.1) | % | |||||||||||||||
Net interest margin less effect of acquired loan discount accretion and PPP loan yield (1) |
3.89 | % | 3.57 | % | 0.32 | % | |||||||||||||||||
Six months ended June 30, |
|||||||||||||||||||||||
(dollars in thousands) | 2023 | 2022 | Change | % Change | |||||||||||||||||||
Interest income | $ | 210,064 | $ | 156,150 | $ | 53,914 | 34.5 | % | |||||||||||||||
Interest expense | (28,127) | (3,180) | (24,947) | 784.5 | % | ||||||||||||||||||
Fully tax-equivalent adjustment (FTE) (1) |
770 | 680 | 90 | 13.2 | % | ||||||||||||||||||
Net interest income (FTE) | $ | 182,707 | $ | 153,650 | $ | 29,057 | 18.9 | % | |||||||||||||||
Net interest margin (FTE) | 4.08 | % | 3.54 | % | |||||||||||||||||||
Acquired loans discount accretion, net: | |||||||||||||||||||||||
Amount (included in interest income) | $ | 2,868 | $ | 3,000 | $ | (132) | (4.4) | % | |||||||||||||||
Net interest margin less effect of acquired loan discount accretion(1) |
4.02 | % | 3.51 | % | 0.51 | % | |||||||||||||||||
PPP loans yield, net: | |||||||||||||||||||||||
Amount (included in interest income) | $ | 9 | $ | 2,061 | $ | (2,052) | (99.6) | % | |||||||||||||||
Net interest margin less effect of PPP loan yield (1) |
4.08 | % | 3.51 | % | 0.57 | % | |||||||||||||||||
Acquired loans discount accretion and PPP loan yield, net: |
|||||||||||||||||||||||
Amount (included in interest income) | $ | 2,877 | $ | 5,061 | $ | (2,184) | (43.2) | % | |||||||||||||||
Net interest margin less effect of acquired loans discount and PPP loan yield (1) |
4.02 | % | 3.44 | % | 0.58 | % |
Three months ended | Three months ended | Three months ended | |||||||||||||||||||||||||||||||||||||||||||||||||||
June 30, 2023 | March 31, 2023 | June 30, 2022 | |||||||||||||||||||||||||||||||||||||||||||||||||||
Average Balance |
Income/ Expense |
Yield/ Rate |
Average Balance |
Income/ Expense |
Yield/ Rate |
Average Balance |
Income/ Expense |
Yield/ Rate |
|||||||||||||||||||||||||||||||||||||||||||||
Assets | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Loans, excluding PPP | $ | 6,465,903 | $ | 86,743 | 5.38 | % | $ | 6,412,386 | $ | 82,410 | 5.21 | % | $ | 5,890,578 | $ | 68,954 | 4.70 | % | |||||||||||||||||||||||||||||||||||
PPP loans | 1,478 | 4 | 1.09 | % | 1,572 | 5 | 1.29 | % | 37,852 | 964 | 10.22 | % | |||||||||||||||||||||||||||||||||||||||||
Investments-taxable | 2,343,511 | 18,775 | 3.21 | % | 2,398,235 | 18,916 | 3.20 | % | 2,536,362 | 14,350 | 2.27 | % | |||||||||||||||||||||||||||||||||||||||||
Investments-nontaxable (1) |
181,823 | 1,641 | 3.62 | % | 189,050 | 1,699 | 3.64 | % | 196,104 | 1,720 | 3.52 | % | |||||||||||||||||||||||||||||||||||||||||
Total investments | 2,525,334 | 20,416 | 3.24 | % | 2,587,285 | 20,615 | 3.23 | % | 2,732,466 | 16,070 | 2.36 | % | |||||||||||||||||||||||||||||||||||||||||
Cash at Federal Reserve and other banks | 29,349 | 374 | 5.11 | % | 26,818 | 269 | 4.07 | % | 669,163 | 1,364 | 0.82 | % | |||||||||||||||||||||||||||||||||||||||||
Total earning assets | 9,022,064 | 107,537 | 4.78 | % | 9,028,061 | 103,299 | 4.64 | % | 9,330,059 | 87,352 | 3.76 | % | |||||||||||||||||||||||||||||||||||||||||
Other assets, net | 826,127 | 850,866 | 791,655 | ||||||||||||||||||||||||||||||||||||||||||||||||||
Total assets | $ | 9,848,191 | $ | 9,878,927 | $ | 10,121,714 | |||||||||||||||||||||||||||||||||||||||||||||||
Liabilities and shareholders’ equity | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Interest-bearing demand deposits | $ | 1,657,714 | $ | 2,173 | 0.53 | % | $ | 1,673,114 | $ | 387 | 0.09 | % | $ | 1,799,205 | $ | 99 | 0.02 | % | |||||||||||||||||||||||||||||||||||
Savings deposits | 2,768,981 | 6,936 | 1.00 | % | 2,898,463 | 4,154 | 0.58 | % | 3,003,337 | 529 | 0.07 | % | |||||||||||||||||||||||||||||||||||||||||
Time deposits | 426,689 | 2,348 | 2.21 | % | 274,805 | 604 | 0.89 | % | 337,007 | 220 | 0.26 | % | |||||||||||||||||||||||||||||||||||||||||
Total interest-bearing deposits | 4,853,384 | 11,457 | 0.95 | % | 4,846,382 | 5,145 | 0.43 | % | 5,139,549 | 848 | 0.07 | % | |||||||||||||||||||||||||||||||||||||||||
Other borrowings | 477,256 | 5,404 | 4.54 | % | 277,632 | 2,809 | 4.10 | % | 35,253 | 5 | 0.06 | % | |||||||||||||||||||||||||||||||||||||||||
Junior subordinated debt | 101,056 | 1,696 | 6.73 | % | 101,044 | 1,617 | 6.49 | % | 100,991 | 1,056 | 4.19 | % | |||||||||||||||||||||||||||||||||||||||||
Total interest-bearing liabilities | 5,431,696 | 18,557 | 1.37 | % | 5,225,058 | 9,571 | 0.74 | % | 5,275,793 | 1,909 | 0.15 | % | |||||||||||||||||||||||||||||||||||||||||
Noninterest-bearing deposits | 3,128,131 | 3,372,194 | 3,603,771 | ||||||||||||||||||||||||||||||||||||||||||||||||||
Other liabilities | 176,141 | 194,202 | 150,696 | ||||||||||||||||||||||||||||||||||||||||||||||||||
Shareholders’ equity | 1,112,223 | 1,087,473 | 1,091,454 | ||||||||||||||||||||||||||||||||||||||||||||||||||
Total liabilities and shareholders’ equity | $ | 9,848,191 | $ | 9,878,927 | $ | 10,121,714 | |||||||||||||||||||||||||||||||||||||||||||||||
Net interest rate spread (1) (2) |
3.41 | % | 3.90 | % | 3.61 | % | |||||||||||||||||||||||||||||||||||||||||||||||
Net interest income and margin (1) (3) |
$ | 88,980 | 3.96 | % | $ | 93,728 | 4.21 | % | $ | 85,443 | 3.67 | % |
Six months ended June 30, 2023 | Six months ended June 30, 2022 | ||||||||||||||||||||||||||||||||||
Average Balance |
Income/ Expense |
Yield/ Rate |
Average Balance |
Income/ Expense |
Yield/ Rate |
||||||||||||||||||||||||||||||
Assets | |||||||||||||||||||||||||||||||||||
Loans, excluding PPP | $ | 6,439,292 | $ | 169,152 | 5.30 | % | $ | 5,416,854 | $ | 125,602 | 4.68 | % | |||||||||||||||||||||||
PPP loans | 1,525 | 9 | 1.19 | % | 44,238 | 2,061 | 9.40 | % | |||||||||||||||||||||||||||
Investments-taxable | 2,370,722 | 37,691 | 3.21 | % | 2,434,045 | 24,573 | 2.04 | % | |||||||||||||||||||||||||||
Investments-nontaxable (1) |
185,417 | 3,340 | 3.63 | % | 170,132 | 2,945 | 3.49 | % | |||||||||||||||||||||||||||
Total investments | 2,556,139 | 41,031 | 3.24 | % | 2,604,177 | 27,518 | 2.13 | % | |||||||||||||||||||||||||||
Cash at Federal Reserve and other banks | 28,090 | 643 | 4.62 | % | 688,257 | 1,649 | 0.48 | % | |||||||||||||||||||||||||||
Total earning assets | 9,025,046 | 210,835 | 4.71 | % | 8,753,526 | 156,830 | 3.61 | % | |||||||||||||||||||||||||||
Other assets, net | 838,425 | 700,170 | |||||||||||||||||||||||||||||||||
Total assets | $ | 9,863,471 | $ | 9,453,696 | |||||||||||||||||||||||||||||||
Liabilities and shareholders’ equity | |||||||||||||||||||||||||||||||||||
Interest-bearing demand deposits | $ | 1,665,371 | $ | 2,560 | 0.31 | % | $ | 1,698,815 | $ | 183 | 0.02 | % | |||||||||||||||||||||||
Savings deposits | 2,833,365 | 11,090 | 0.79 | % | 2,788,374 | 856 | 0.06 | % | |||||||||||||||||||||||||||
Time deposits | 351,166 | 2,952 | 1.70 | % | 319,351 | 488 | 0.31 | % | |||||||||||||||||||||||||||
Total interest-bearing deposits | 4,849,902 | 16,602 | 0.69 | % | 4,806,540 | 1,527 | 0.06 | % | |||||||||||||||||||||||||||
Other borrowings | 377,995 | 8,212 | 4.38 | % | 39,966 | 10 | 0.05 | % | |||||||||||||||||||||||||||
Junior subordinated debt | 101,050 | 3,314 | 6.61 | % | 81,092 | 1,643 | 4.09 | % | |||||||||||||||||||||||||||
Total interest-bearing liabilities | 5,328,947 | 28,128 | 1.06 | % | 4,927,598 | 3,180 | 0.13 | % | |||||||||||||||||||||||||||
Noninterest-bearing deposits | 3,249,488 | 3,329,459 | |||||||||||||||||||||||||||||||||
Other liabilities | 185,123 | 146,073 | |||||||||||||||||||||||||||||||||
Shareholders’ equity | 1,099,913 | 1,050,566 | |||||||||||||||||||||||||||||||||
Total liabilities and shareholders’ equity | $ | 9,863,471 | $ | 9,453,696 | |||||||||||||||||||||||||||||||
Net interest rate spread (1) (2) |
3.65 | % | 3.48 | % | |||||||||||||||||||||||||||||||
Net interest income and margin (1) (3) |
$ | 182,707 | 4.08 | % | $ | 153,650 | 3.54 | % |
Three months ended | Six months ended | ||||||||||||||||||||||
(dollars in thousands) | June 30, 2023 | June 30, 2022 | June 30, 2023 | June 30, 2022 | |||||||||||||||||||
Addition to allowance for credit losses | $ | 8,980 | $ | 1,940 | $ | 13,295 | $ | 10,145 | |||||||||||||||
Addition to reserve for unfunded loan commitments |
670 | 160 | 550 | 285 | |||||||||||||||||||
Total provision for credit losses | $ | 9,650 | $ | 2,100 | $ | 13,845 | $ | 10,430 |
Three months ended | Six months ended | ||||||||||||||||||||||
(dollars in thousands) | June 30, 2023 | June 30, 2022 | June 30, 2023 | June 30, 2022 | |||||||||||||||||||
Balance, beginning of period | $ | 108,407 | $ | 96,049 | $ | 105,680 | $ | 85,376 | |||||||||||||||
ACL at acquisition for PCD loans | — | — | — | 2,037 | |||||||||||||||||||
Provision for credit losses | 8,980 | 1,940 | 13,295 | 10,145 | |||||||||||||||||||
Loans charged-off | (277) | (401) | (2,035) | (1,144) | |||||||||||||||||||
Recoveries of previously charged-off loans | 219 | 356 | 389 | 1,530 | |||||||||||||||||||
Balance, end of period | $ | 117,329 | $ | 97,944 | $ | 117,329 | $ | 97,944 |
June 30, | % of Loans Outstanding | March 31, | % of Loans Outstanding | June 30, | % of Loans Outstanding | |||||||||||||||||||||
(dollars in thousands) | 2023 | 2023 | 2022 | |||||||||||||||||||||||
Risk Rating: | ||||||||||||||||||||||||||
Pass | $ | 6,299,893 | 96.5 | % | $ | 6,232,962 | 97.0 | % | $ | 5,960,781 | 97.5 | % | ||||||||||||||
Special Mention | 155,678 | 2.4 | % | 125,492 | 2.0 | % | 105,819 | 1.7 | % | |||||||||||||||||
Substandard | 65,169 | 1.1 | % | 63,967 | 1.0 | % | 46,821 | 0.8 | % | |||||||||||||||||
Total | $ | 6,520,740 | $ | 6,422,421 | $ | 6,113,421 | ||||||||||||||||||||
Classified loans to total loans | 1.00 | % | 1.00 | % | 0.77 | % | ||||||||||||||||||||
Loans past due 30+ days to total loans | 0.15 | % | 0.12 | % | 0.10 | % |
As of June 30, 2023 | As of March 31, 2023 | As of June 30, 2022 | |||||||||||||||||||||||||||||||||
(dollars in thousands) | Amount | % of Loans Outstanding | Amount | % of Loans Outstanding | Amount | % of Loans Outstanding | |||||||||||||||||||||||||||||
Commercial real estate: | |||||||||||||||||||||||||||||||||||
CRE - Non Owner Occupied | $ | 33,042 | 1.54 | % | $ | 32,963 | 1.53 | % | $ | 28,081 | 1.41 | % | |||||||||||||||||||||||
CRE - Owner Occupied | 20,208 | 2.08 | % | 14,559 | 1.50 | % | 12,620 | 1.35 | % | ||||||||||||||||||||||||||
Multifamily | 14,075 | 1.48 | % | 13,873 | 1.47 | % | 11,795 | 1.36 | % | ||||||||||||||||||||||||||
Farmland | 3,691 | 1.33 | % | 3,542 | 1.29 | % | 2,954 | 1.17 | % | ||||||||||||||||||||||||||
Total commercial real estate loans | 71,016 | 1.63 | % | 64,937 | 1.49 | % | 55,450 | 1.37 | % | ||||||||||||||||||||||||||
Consumer: | |||||||||||||||||||||||||||||||||||
SFR 1-4 1st Liens | 13,134 | 1.58 | % | 11,920 | 1.48 | % | 10,311 | 1.43 | % | ||||||||||||||||||||||||||
SFR HELOCs and Junior Liens | 10,608 | 2.92 | % | 10,914 | 2.91 | % | 11,591 | 3.01 | % | ||||||||||||||||||||||||||
Other | 2,771 | 4.67 | % | 2,062 | 3.76 | % | 2,029 | 3.41 | % | ||||||||||||||||||||||||||
Total consumer loans | 26,513 | 2.12 | % | 24,896 | 2.02 | % | 23,931 | 2.06 | % | ||||||||||||||||||||||||||
Commercial and Industrial | 11,647 | 2.02 | % | 12,069 | 2.18 | % | 9,979 | 1.97 | % | ||||||||||||||||||||||||||
Construction | 7,031 | 2.53 | % | 5,655 | 2.50 | % | 7,522 | 2.40 | % | ||||||||||||||||||||||||||
Agricultural Production | 1,105 | 1.80 | % | 833 | 1.77 | % | 1,046 | 1.47 | % | ||||||||||||||||||||||||||
Leases | 17 | 0.20 | % | 17 | 0.20 | % | 16 | 0.20 | % | ||||||||||||||||||||||||||
Allowance for credit losses | 117,329 | 1.80 | % | 108,407 | 1.69 | % | 97,944 | 1.60 | % | ||||||||||||||||||||||||||
Reserve for unfunded loan commitments | 4,865 | 4,195 | 4,075 | ||||||||||||||||||||||||||||||||
Total allowance for credit losses | $ | 122,194 | 1.87 | % | $ | 112,602 | 1.75 | % | $ | 102,019 | 1.67 | % |
Three months ended | |||||||||||||||||||||||
(dollars in thousands) | June 30, 2023 | March 31, 2023 | Change | % Change | |||||||||||||||||||
ATM and interchange fees | $ | 6,856 | $ | 6,344 | $ | 512 | 8.1 | % | |||||||||||||||
Service charges on deposit accounts | 4,581 | 3,431 | 1,150 | 33.5 | % | ||||||||||||||||||
Other service fees | 992 | 1,166 | (174) | (14.9) | % | ||||||||||||||||||
Mortgage banking service fees | 454 | 465 | (11) | (2.4) | % | ||||||||||||||||||
Change in value of mortgage servicing rights | 85 | (209) | 294 | (140.7) | % | ||||||||||||||||||
Total service charges and fees | 12,968 | 11,197 | 1,771 | 15.8 | % | ||||||||||||||||||
Increase in cash value of life insurance | 788 | 802 | (14) | (1.7) | % | ||||||||||||||||||
Asset management and commission income | 1,158 | 934 | 224 | 24.0 | % | ||||||||||||||||||
Gain on sale of loans | 295 | 206 | 89 | 43.2 | % | ||||||||||||||||||
Lease brokerage income | 74 | 98 | (24) | (24.5) | % | ||||||||||||||||||
Sale of customer checks | 407 | 288 | 119 | 41.3 | % | ||||||||||||||||||
Loss on sale of investment securities | — | (164) | 164 | (100.0) | % | ||||||||||||||||||
(Loss) gain on marketable equity securities | (42) | 42 | (84) | (200.0) | % | ||||||||||||||||||
Other income | 93 | 232 | (139) | (59.9) | % | ||||||||||||||||||
Total other non-interest income | 2,773 | 2,438 | 335 | 13.7 | % | ||||||||||||||||||
Total non-interest income | $ | 15,741 | $ | 13,635 | $ | 2,106 | 15.4 | % |
Three months ended June 30, | |||||||||||||||||||||||
(dollars in thousands) | 2023 | 2022 | Change | % Change | |||||||||||||||||||
ATM and interchange fees | $ | 6,856 | $ | 6,984 | $ | (128) | (1.8) | % | |||||||||||||||
Service charges on deposit accounts | 4,581 | 4,163 | 418 | 10.0 | % | ||||||||||||||||||
Other service fees | 992 | 1,279 | (287) | (22.4) | % | ||||||||||||||||||
Mortgage banking service fees | 454 | 482 | (28) | (5.8) | % | ||||||||||||||||||
Change in value of mortgage servicing rights | 85 | 136 | (51) | (37.5) | % | ||||||||||||||||||
Total service charges and fees | 12,968 | 13,044 | (76) | (0.6) | % | ||||||||||||||||||
Increase in cash value of life insurance | 788 | 752 | 36 | 4.8 | % | ||||||||||||||||||
Asset management and commission income | 1,158 | 1,039 | 119 | 11.5 | % | ||||||||||||||||||
Gain on sale of loans | 295 | 542 | (247) | (45.6) | % | ||||||||||||||||||
Lease brokerage income | 74 | 238 | (164) | (68.9) | % | ||||||||||||||||||
Sale of customer checks | 407 | 441 | (34) | (7.7) | % | ||||||||||||||||||
Loss on sale of investment securities | — | — | — | — | % | ||||||||||||||||||
Loss on marketable equity securities | (42) | (94) | 52 | (55.3) | % | ||||||||||||||||||
Other income | 93 | 468 | (375) | (80.1) | % | ||||||||||||||||||
Total other non-interest income | 2,773 | 3,386 | (613) | (18.1) | % | ||||||||||||||||||
Total non-interest income | $ | 15,741 | $ | 16,430 | $ | (689) | (4.2) | % |
Six months ended June 30, | |||||||||||||||||||||||
(dollars in thousands) | 2023 | 2022 | Change | % Change | |||||||||||||||||||
ATM and interchange fees | $ | 13,200 | $ | 13,227 | $ | (27) | (0.2) | % | |||||||||||||||
Service charges on deposit accounts | 8,012 | 7,997 | 15 | 0.2 | % | ||||||||||||||||||
Other service fees | 2,158 | 2,161 | (3) | (0.1) | % | ||||||||||||||||||
Mortgage banking service fees | 919 | 945 | (26) | (2.8) | % | ||||||||||||||||||
Change in value of mortgage servicing rights | (124) | 410 | (534) | (130.2) | % | ||||||||||||||||||
Total service charges and fees | 24,165 | 24,740 | (575) | (2.3) | % | ||||||||||||||||||
Increase in cash value of life insurance | 1,590 | 1,390 | 200 | 14.4 | % | ||||||||||||||||||
Asset management and commission income | 2,092 | 1,926 | 166 | 8.6 | % | ||||||||||||||||||
Gain on sale of loans | 501 | 1,788 | (1,287) | (72.0) | % | ||||||||||||||||||
Lease brokerage income | 172 | 396 | (224) | (56.6) | % | ||||||||||||||||||
Sale of customer checks | 695 | 545 | 150 | 27.5 | % | ||||||||||||||||||
Loss on sale of investment securities | (164) | — | (164) | n/m | |||||||||||||||||||
Loss on marketable equity securities | — | (231) | 231 | (100.0) | % | ||||||||||||||||||
Other income | 325 | 972 | (647) | (66.6) | % | ||||||||||||||||||
Total other non-interest income | 5,211 | 6,786 | (1,575) | (23.2) | % | ||||||||||||||||||
Total non-interest income | $ | 29,376 | $ | 31,526 | $ | (2,150) | (6.8) | % |
Three months ended | |||||||||||||||||||||||
(dollars in thousands) | June 30, 2023 | March 31, 2023 | Change | % Change | |||||||||||||||||||
Base salaries, net of deferred loan origination costs | $ | 24,059 | $ | 23,000 | $ | 1,059 | 4.6 | % | |||||||||||||||
Incentive compensation | 4,377 | 2,895 | 1,482 | 51.2 | % | ||||||||||||||||||
Benefits and other compensation costs | 6,278 | 6,668 | (390) | (5.8) | % | ||||||||||||||||||
Total salaries and benefits expense | 34,714 | 32,563 | 2,151 | 6.6 | % | ||||||||||||||||||
Occupancy | 3,991 | 4,160 | (169) | (4.1) | % | ||||||||||||||||||
Data processing and software | 4,638 | 4,032 | 606 | 15.0 | % | ||||||||||||||||||
Equipment | 1,436 | 1,383 | 53 | 3.8 | % | ||||||||||||||||||
Intangible amortization | 1,656 | 1,656 | — | — | % | ||||||||||||||||||
Advertising | 1,016 | 759 | 257 | 33.9 | % | ||||||||||||||||||
ATM and POS network charges | 1,902 | 1,709 | 193 | 11.3 | % | ||||||||||||||||||
Professional fees | 1,985 | 1,589 | 396 | 24.9 | % | ||||||||||||||||||
Telecommunications | 809 | 595 | 214 | 36.0 | % | ||||||||||||||||||
Regulatory assessments and insurance | 1,993 | 792 | 1,201 | 151.6 | % | ||||||||||||||||||
Postage | 311 | 299 | 12 | 4.0 | % | ||||||||||||||||||
Operational loss | 1,090 | 435 | 655 | 150.6 | % | ||||||||||||||||||
Courier service | 483 | 339 | 144 | 42.5 | % | ||||||||||||||||||
Gain on sale or acquisition of foreclosed assets | — | — | — | — | % | ||||||||||||||||||
Loss on disposal of fixed assets | 18 | — | 18 | n/m | |||||||||||||||||||
Other miscellaneous expense | 5,201 | 3,483 | 1,718 | 49.3 | % | ||||||||||||||||||
Total other non-interest expense | 26,529 | 21,231 | 5,298 | 25.0 | % | ||||||||||||||||||
Total non-interest expense | $ | 61,243 | $ | 53,794 | $ | 7,449 | 13.8 | % | |||||||||||||||
Average full-time equivalent staff | 1,210 | 1,219 | (9) | (0.7) | % |
Three months ended June 30, | |||||||||||||||||||||||
(dollars in thousands) | 2023 | 2022 | Change | % Change | |||||||||||||||||||
Base salaries, net of deferred loan origination costs | $ | 24,059 | $ | 22,169 | $ | 1,890 | 8.5 | % | |||||||||||||||
Incentive compensation | 4,377 | 4,282 | 95 | 2.2 | % | ||||||||||||||||||
Benefits and other compensation costs | 6,278 | 6,491 | (213) | (3.3) | % | ||||||||||||||||||
Total salaries and benefits expense | 34,714 | 32,942 | 1,772 | 5.4 | % | ||||||||||||||||||
Occupancy | 3,991 | 3,996 | (5) | (0.1) | % | ||||||||||||||||||
Data processing and software | 4,638 | 3,596 | 1,042 | 29.0 | % | ||||||||||||||||||
Equipment | 1,436 | 1,453 | (17) | (1.2) | % | ||||||||||||||||||
Intangible amortization | 1,656 | 1,702 | (46) | (2.7) | % | ||||||||||||||||||
Advertising | 1,016 | 818 | 198 | 24.2 | % | ||||||||||||||||||
ATM and POS network charges | 1,902 | 1,781 | 121 | 6.8 | % | ||||||||||||||||||
Professional fees | 1,985 | 1,233 | 752 | 61.0 | % | ||||||||||||||||||
Telecommunications | 809 | 564 | 245 | 43.4 | % | ||||||||||||||||||
Regulatory assessments and insurance | 1,993 | 779 | 1,214 | 155.8 | % | ||||||||||||||||||
Merger and acquisition expenses | — | 2,221 | (2,221) | (100.0) | % | ||||||||||||||||||
Postage | 311 | 313 | (2) | (0.6) | % | ||||||||||||||||||
Operational loss | 1,090 | 456 | 634 | 139.0 | % | ||||||||||||||||||
Courier service | 483 | 486 | (3) | (0.6) | % | ||||||||||||||||||
Gain on sale or acquisition of foreclosed assets | — | (98) | 98 | (100.0) | % | ||||||||||||||||||
Loss (gain) on disposal of fixed assets | 18 | 5 | 13 | 260.0 | % | ||||||||||||||||||
Other miscellaneous expense | 5,201 | 4,017 | 1,184 | 29.5 | % | ||||||||||||||||||
Total other non-interest expense | 26,529 | 23,322 | 3,207 | 13.8 | % | ||||||||||||||||||
Total non-interest expense | $ | 61,243 | $ | 56,264 | $ | 4,979 | 8.8 | % | |||||||||||||||
Average full-time equivalent staff | 1,210 | 1,183 | 27 | 2.3 | % |
Six months ended June 30, | |||||||||||||||||||||||
(dollars in thousands) | 2023 | 2022 | Change | % Change | |||||||||||||||||||
Base salaries, net of deferred loan origination costs | $ | 47,059 | $ | 40,385 | $ | 6,674 | 16.5 | % | |||||||||||||||
Incentive compensation | 7,272 | 6,865 | 407 | 5.9 | % | ||||||||||||||||||
Benefits and other compensation costs | 12,946 | 12,463 | 483 | 3.9 | % | ||||||||||||||||||
Total salaries and benefits expense | 67,277 | 59,713 | 7,564 | 12.7 | % | ||||||||||||||||||
Occupancy | 8,151 | 7,571 | 580 | 7.7 | % | ||||||||||||||||||
Data processing and software | 8,670 | 7,109 | 1,561 | 22.0 | % | ||||||||||||||||||
Equipment | 2,819 | 2,786 | 33 | 1.2 | % | ||||||||||||||||||
Intangible amortization | 3,312 | 2,930 | 382 | 13.0 | % | ||||||||||||||||||
Advertising | 1,775 | 1,455 | 320 | 22.0 | % | ||||||||||||||||||
ATM and POS network charges | 3,611 | 3,156 | 455 | 14.4 | % | ||||||||||||||||||
Professional fees | 3,574 | 2,109 | 1,465 | 69.5 | % | ||||||||||||||||||
Telecommunications | 1,404 | 1,085 | 319 | 29.4 | % | ||||||||||||||||||
Regulatory assessments and insurance | 2,785 | 1,499 | 1,286 | 85.8 | % | ||||||||||||||||||
Merger and acquisition expenses | — | 6,253 | (6,253) | (100.0) | % | ||||||||||||||||||
Postage | 610 | 541 | 69 | 12.8 | % | ||||||||||||||||||
Operational loss | 1,525 | 273 | 1,252 | 458.6 | % | ||||||||||||||||||
Courier service | 822 | 900 | (78) | (8.7) | % | ||||||||||||||||||
Gain on sale or acquisition of foreclosed assets | — | (98) | 98 | (100.0) | % | ||||||||||||||||||
Loss (gain) on disposal of fixed assets | 18 | (1,073) | 1,091 | (101.7) | % | ||||||||||||||||||
Other miscellaneous expense | 8,684 | 6,502 | 2,182 | 33.6 | % | ||||||||||||||||||
Total other non-interest expense | 47,760 | 42,998 | 4,762 | 11.1 | % | ||||||||||||||||||
Total non-interest expense | $ | 115,037 | $ | 102,711 | $ | 12,326 | 12.0 | % | |||||||||||||||
Average full-time equivalent staff | 1,214 | 1,133 | 81 | 7.1 | % |
Three months ended | |||||||||||||||||||||||||||||
June 30, 2023 |
March 31, 2023 |
December 31, 2022 |
September 30, 2022 |
June 30, 2022 |
|||||||||||||||||||||||||
Revenue and Expense Data | |||||||||||||||||||||||||||||
Interest income | $ | 107,158 | $ | 102,907 | $ | 102,989 | $ | 96,366 | $ | 86,955 | |||||||||||||||||||
Interest expense | 18,557 | 9,571 | 4,089 | 2,260 | 1,909 | ||||||||||||||||||||||||
Net interest income | 88,601 | 93,336 | 98,900 | 94,106 | 85,046 | ||||||||||||||||||||||||
Provision for credit losses | 9,650 | 4,195 | 4,245 | 3,795 | 2,100 | ||||||||||||||||||||||||
Noninterest income: | |||||||||||||||||||||||||||||
Service charges and fees | 12,968 | 11,197 | 12,343 | 12,682 | 13,044 | ||||||||||||||||||||||||
Loss on sale of investment securities | — | (164) | — | — | — | ||||||||||||||||||||||||
Other income | 2,773 | 2,602 | 3,537 | 2,958 | 3,386 | ||||||||||||||||||||||||
Total noninterest income | 15,741 | 13,635 | 15,880 | 15,640 | 16,430 | ||||||||||||||||||||||||
Noninterest expense (2): | |||||||||||||||||||||||||||||
Salaries and benefits | 34,714 | 32,563 | 36,611 | 33,528 | 34,370 | ||||||||||||||||||||||||
Occupancy and equipment | 5,427 | 5,543 | 5,482 | 5,387 | 5,449 | ||||||||||||||||||||||||
Data processing and network | 6,540 | 5,741 | 6,236 | 5,143 | 5,468 | ||||||||||||||||||||||||
Other noninterest expense | 14,562 | 9,947 | 11,140 | 10,407 | 10,977 | ||||||||||||||||||||||||
Total noninterest expense | 61,243 | 53,794 | 59,469 | 54,465 | 56,264 | ||||||||||||||||||||||||
Total income before taxes | 33,449 | 48,982 | 51,066 | 51,486 | 43,112 | ||||||||||||||||||||||||
Provision for income taxes | 8,557 | 13,149 | 14,723 | 14,148 | 11,748 | ||||||||||||||||||||||||
Net income | $ | 24,892 | $ | 35,833 | $ | 36,343 | $ | 37,338 | $ | 31,364 | |||||||||||||||||||
Share Data | |||||||||||||||||||||||||||||
Basic earnings per share | $ | 0.75 | $ | 1.08 | $ | 1.09 | $ | 1.12 | $ | 0.93 | |||||||||||||||||||
Diluted earnings per share | $ | 0.75 | $ | 1.07 | $ | 1.09 | $ | 1.12 | $ | 0.93 | |||||||||||||||||||
Dividends per share | $ | 0.30 | $ | 0.30 | $ | 0.30 | $ | 0.30 | $ | 0.25 | |||||||||||||||||||
Book value per common share | $ | 32.86 | $ | 32.84 | $ | 31.39 | $ | 29.71 | $ | 31.25 | |||||||||||||||||||
Tangible book value per common share (1) | $ | 23.30 | $ | 23.22 | $ | 21.76 | $ | 19.92 | $ | 21.41 | |||||||||||||||||||
Shares outstanding | 33,259,260 | 33,195,250 | 33,331,513 | 33,332,189 | 33,350,974 | ||||||||||||||||||||||||
Weighted average shares | 33,219,168 | 33,295,750 | 33,330,029 | 33,348,322 | 33,561,389 | ||||||||||||||||||||||||
Weighted average diluted shares | 33,301,548 | 33,437,680 | 33,467,393 | 33,463,364 | 33,705,280 | ||||||||||||||||||||||||
Credit Quality | |||||||||||||||||||||||||||||
Allowance for credit losses to gross loans | 1.80 | % | 1.69 | % | 1.64 | % | 1.61 | % | 1.60 | % | |||||||||||||||||||
Loans past due 30 days or more | $ | 9,483 | $ | 7,891 | $ | 4,947 | $ | 6,471 | $ | 5,920 | |||||||||||||||||||
Total nonperforming loans | $ | 37,592 | $ | 16,025 | $ | 21,321 | $ | 17,471 | $ | 11,925 | |||||||||||||||||||
Total nonperforming assets | $ | 40,506 | $ | 19,464 | $ | 24,760 | $ | 20,912 | $ | 15,304 | |||||||||||||||||||
Loans charged-off | $ | 276 | $ | 1,758 | $ | 174 | $ | 267 | $ | 401 | |||||||||||||||||||
Loans recovered | $ | 218 | $ | 170 | $ | 66 | $ | 311 | $ | 356 | |||||||||||||||||||
Selected Financial Ratios | |||||||||||||||||||||||||||||
Return on average total assets | 1.01 | % | 1.47 | % | 1.45 | % | 1.46 | % | 1.24 | % | |||||||||||||||||||
Return on average equity | 8.98 | % | 13.36 | % | 14.19 | % | 13.78 | % | 11.53 | % | |||||||||||||||||||
Average yield on loans, excluding PPP | 5.38 | % | 5.21 | % | 5.10 | % | 4.87 | % | 4.70 | % | |||||||||||||||||||
Average yield on interest-earning assets | 4.78 | % | 4.64 | % | 4.52 | % | 4.12 | % | 3.76 | % | |||||||||||||||||||
Average rate on interest-bearing deposits | 0.95 | % | 0.43 | % | 0.18 | % | 0.08 | % | 0.07 | % | |||||||||||||||||||
Average cost of total deposits | 0.58 | % | 0.25 | % | 0.10 | % | 0.04 | % | 0.04 | % | |||||||||||||||||||
Average cost of total deposits and other borrowings | 0.80 | % | 0.38 | % | 0.12 | % | 0.04 | % | 0.02 | % | |||||||||||||||||||
Average rate on borrowings & subordinated debt | 4.92 | % | 4.74 | % | 4.07 | % | 3.60 | % | 3.12 | % | |||||||||||||||||||
Average rate on interest-bearing liabilities | 1.37 | % | 0.74 | % | 0.32 | % | 0.17 | % | 0.15 | % | |||||||||||||||||||
Net interest margin (fully tax-equivalent) (1) | 3.96 | % | 4.21 | % | 4.34 | % | 4.02 | % | 3.67 | % | |||||||||||||||||||
Loans to deposits | 80.55 | % | 80.02 | % | 77.45 | % | 72.95 | % | 69.81 | % | |||||||||||||||||||
Efficiency ratio | 58.69 | % | 50.29 | % | 51.81 | % | 49.63 | % | 55.45 | % | |||||||||||||||||||
Supplemental Loan Interest Income Data | |||||||||||||||||||||||||||||
Discount accretion on acquired loans | $ | 1,471 | $ | 1,397 | $ | 1,751 | $ | 714 | $ | 1,677 | |||||||||||||||||||
All other loan interest income (excluding PPP) (1) | $ | 85,272 | $ | 81,013 | $ | 79,989 | $ | 74,929 | $ | 67,277 | |||||||||||||||||||
Total loan interest income (excluding PPP) (1) | $ | 86,743 | $ | 82,410 | $ | 81,740 | $ | 75,643 | $ | 68,954 |
Balance Sheet Data | June 30, 2023 |
March 31, 2023 |
December 31, 2022 |
September 30, 2022 |
June 30, 2022 |
||||||||||||||||||||||||
Cash and due from banks | $ | 118,792 | $ | 110,335 | $ | 107,230 | $ | 246,509 | $ | 488,868 | |||||||||||||||||||
Securities, available for sale, net | 2,323,011 | 2,408,452 | 2,455,036 | 2,482,857 | 2,608,771 | ||||||||||||||||||||||||
Securities, held to maturity, net | 145,117 | 152,067 | 160,983 | 168,038 | 176,794 | ||||||||||||||||||||||||
Restricted equity securities | 17,250 | 17,250 | 17,250 | 17,250 | 17,250 | ||||||||||||||||||||||||
Loans held for sale | 1,058 | 226 | 1,846 | 247 | 1,216 | ||||||||||||||||||||||||
Loans: | |||||||||||||||||||||||||||||
Commercial real estate | 4,343,924 | 4,353,959 | 4,359,083 | 4,238,930 | 4,049,893 | ||||||||||||||||||||||||
Consumer | 1,252,225 | 1,233,797 | 1,240,743 | 1,217,297 | 1,162,989 | ||||||||||||||||||||||||
Commercial and industrial | 576,247 | 553,098 | 569,921 | 534,960 | 507,685 | ||||||||||||||||||||||||
Construction | 278,425 | 225,996 | 211,560 | 243,571 | 313,646 | ||||||||||||||||||||||||
Agriculture production | 61,337 | 47,062 | 61,414 | 71,599 | 71,373 | ||||||||||||||||||||||||
Leases | 8,582 | 8,509 | 7,726 | 7,933 | 7,835 | ||||||||||||||||||||||||
Total loans, gross | 6,520,740 | 6,422,421 | 6,450,447 | 6,314,290 | 6,113,421 | ||||||||||||||||||||||||
Allowance for credit losses | (117,329) | (108,407) | (105,680) | (101,488) | (97,944) | ||||||||||||||||||||||||
Total loans, net | 6,403,411 | 6,314,014 | 6,344,767 | 6,212,802 | 6,015,477 | ||||||||||||||||||||||||
Premises and equipment | 72,619 | 72,096 | 72,327 | 73,266 | 73,811 | ||||||||||||||||||||||||
Cash value of life insurance | 135,332 | 134,544 | 133,742 | 132,933 | 132,857 | ||||||||||||||||||||||||
Accrued interest receivable | 32,835 | 31,388 | 31,856 | 27,070 | 25,861 | ||||||||||||||||||||||||
Goodwill | 304,442 | 304,442 | 304,442 | 307,942 | 307,942 | ||||||||||||||||||||||||
Other intangible assets | 13,358 | 15,014 | 16,670 | 18,372 | 20,074 | ||||||||||||||||||||||||
Operating leases, right-of-use | 29,140 | 30,000 | 26,862 | 26,622 | 27,154 | ||||||||||||||||||||||||
Other assets | 257,056 | 252,566 | 257,975 | 262,971 | 224,536 | ||||||||||||||||||||||||
Total assets | $ | 9,853,421 | $ | 9,842,394 | $ | 9,930,986 | $ | 9,976,879 | $ | 10,120,611 | |||||||||||||||||||
Deposits: | |||||||||||||||||||||||||||||
Noninterest-bearing demand deposits | $ | 3,073,353 | $ | 3,236,696 | $ | 3,502,095 | $ | 3,678,202 | $ | 3,604,237 | |||||||||||||||||||
Interest-bearing demand deposits | 1,751,998 | 1,635,706 | 1,718,541 | 1,749,123 | 1,796,580 | ||||||||||||||||||||||||
Savings deposits | 2,778,118 | 2,807,796 | 2,884,378 | 2,924,674 | 3,028,787 | ||||||||||||||||||||||||
Time certificates | 491,896 | 345,667 | 223,999 | 303,770 | 327,171 | ||||||||||||||||||||||||
Total deposits | 8,095,365 | 8,025,865 | 8,329,013 | 8,655,769 | 8,756,775 | ||||||||||||||||||||||||
Accrued interest payable | 3,655 | 1,643 | 1,167 | 853 | 755 | ||||||||||||||||||||||||
Operating lease liability | 31,377 | 32,228 | 29,004 | 28,717 | 29,283 | ||||||||||||||||||||||||
Other liabilities | 136,464 | 157,222 | 159,741 | 153,110 | 155,529 | ||||||||||||||||||||||||
Other borrowings | 392,714 | 434,140 | 264,605 | 47,068 | 35,089 | ||||||||||||||||||||||||
Junior subordinated debt | 101,065 | 101,051 | 101,040 | 101,024 | 101,003 | ||||||||||||||||||||||||
Total liabilities | 8,760,640 | 8,752,149 | 8,884,570 | 8,986,541 | 9,078,434 | ||||||||||||||||||||||||
Common stock | 695,305 | 695,168 | 697,448 | 696,348 | 696,441 | ||||||||||||||||||||||||
Retained earnings | 578,852 | 564,538 | 542,873 | 516,699 | 491,705 | ||||||||||||||||||||||||
Accum. other comprehensive loss, net of tax | (181,376) | (169,461) | (193,905) | (222,709) | (145,969) | ||||||||||||||||||||||||
Total shareholders’ equity | $ | 1,092,781 | $ | 1,090,245 | $ | 1,046,416 | $ | 990,338 | $ | 1,042,177 | |||||||||||||||||||
Quarterly Average Balance Data | |||||||||||||||||||||||||||||
Average loans, excluding PPP | $ | 6,465,903 | $ | 6,412,386 | $ | 6,357,250 | $ | 6,162,267 | $ | 5,890,578 | |||||||||||||||||||
Average interest-earning assets | $ | 9,022,064 | $ | 9,028,061 | $ | 9,076,450 | $ | 9,320,152 | $ | 9,330,059 | |||||||||||||||||||
Average total assets | $ | 9,848,191 | $ | 9,878,927 | $ | 9,932,931 | $ | 10,131,118 | $ | 10,121,714 | |||||||||||||||||||
Average deposits | $ | 7,981,515 | $ | 8,218,576 | $ | 8,545,172 | $ | 8,752,215 | $ | 8,743,320 | |||||||||||||||||||
Average borrowings and subordinated debt | $ | 578,312 | $ | 378,676 | $ | 186,957 | $ | 139,919 | $ | 136,244 | |||||||||||||||||||
Average total equity | $ | 1,112,223 | $ | 1,087,473 | $ | 1,016,468 | $ | 1,074,776 | $ | 1,091,454 | |||||||||||||||||||
Capital Ratio Data | |||||||||||||||||||||||||||||
Total risk-based capital ratio | 14.5 | % | 14.5 | % | 14.2 | % | 14.0 | % | 14.1 | % | |||||||||||||||||||
Tier 1 capital ratio | 12.7 | % | 12.7 | % | 12.4 | % | 12.2 | % | 12.3 | % | |||||||||||||||||||
Tier 1 common equity ratio | 12.0 | % | 12.0 | % | 11.7 | % | 11.4 | % | 11.5 | % | |||||||||||||||||||
Tier 1 leverage ratio | 10.4 | % | 10.2 | % | 10.1 | % | 9.6 | % | 9.3 | % | |||||||||||||||||||
Tangible capital ratio (1) | 8.1 | % | 8.1 | % | 7.6 | % | 6.9 | % | 7.3 | % |
Three months ended | Six months ended | ||||||||||||||||||||||||||||
(dollars in thousands) | June 30, 2023 |
March 31, 2023 |
June 30, 2022 |
June 30, 2023 |
June 30, 2022 |
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Net interest margin | |||||||||||||||||||||||||||||
Acquired loans discount accretion, net: | |||||||||||||||||||||||||||||
Amount (included in interest income) | $1,471 | $1,397 | $1,677 | $2,868 | $3,000 | ||||||||||||||||||||||||
Effect on average loan yield | 0.09 | % | 0.09 | % | 0.11 | % | 0.09 | % | 0.11 | % | |||||||||||||||||||
Effect on net interest margin (FTE) | 0.07 | % | 0.06 | % | 0.07 | % | 0.06 | % | 0.07 | % | |||||||||||||||||||
Net interest margin (FTE) | 3.96 | % | 4.21 | % | 3.67 | % | 4.08 | % | 3.54 | % | |||||||||||||||||||
Net interest margin less effect of acquired loan discount accretion (Non-GAAP) | 3.89 | % | 4.15 | % | 3.60 | % | 4.02 | % | 3.47 | % | |||||||||||||||||||
PPP loans yield, net: | |||||||||||||||||||||||||||||
Amount (included in interest income) | $4 | $5 | $964 | $9 | $2,061 | ||||||||||||||||||||||||
Effect on net interest margin (FTE) | — | % | — | % | 0.03 | % | — | % | 0.03 | % | |||||||||||||||||||
Net interest margin less effect of PPP loan yield (Non-GAAP) | 3.96 | % | 4.21 | % | 3.64 | % | 4.08 | % | 3.51 | % | |||||||||||||||||||
Acquired loan discount accretion and PPP loan yield, net: | |||||||||||||||||||||||||||||
Amount (included in interest income) | $1,475 | $1,402 | $2,641 | $2,877 | $5,061 | ||||||||||||||||||||||||
Effect on net interest margin (FTE) | 0.07 | % | 0.06 | % | 0.10 | % | 0.06 | % | 0.10 | % | |||||||||||||||||||
Net interest margin less effect of acquired loan discount accretion and PPP yields, net (Non-GAAP) | 3.89 | % | 4.15 | % | 3.57 | % | 4.02 | % | 3.44 | % |
Three months ended | Six months ended | ||||||||||||||||||||||||||||
(dollars in thousands) | June 30, 2023 |
March 31, 2023 |
June 30, 2022 |
June 30, 2023 |
June 30, 2022 |
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Pre-tax pre-provision return on average assets or equity | |||||||||||||||||||||||||||||
Net income (GAAP) | $24,892 | $35,833 | $31,364 | $60,725 | $51,738 | ||||||||||||||||||||||||
Exclude provision for income taxes | 8,557 | 13,149 | 11,748 | 21,706 | 19,617 | ||||||||||||||||||||||||
Exclude provision for credit losses | 9,650 | 4,195 | 2,100 | 13,845 | 10,430 | ||||||||||||||||||||||||
Net income before income tax and provision expense (Non-GAAP) | $43,099 | $53,177 | $45,212 | $96,276 | $81,785 | ||||||||||||||||||||||||
Average assets (GAAP) | $9,848,191 | $9,878,927 | $10,121,714 | $9,863,471 | $9,453,696 | ||||||||||||||||||||||||
Average equity (GAAP) | $1,112,223 | $1,087,473 | $1,091,454 | $1,099,913 | $1,050,566 | ||||||||||||||||||||||||
Return on average assets (GAAP) (annualized) | 1.01 | % | 1.47 | % | 1.24 | % | 1.24 | % | 1.10 | % | |||||||||||||||||||
Pre-tax pre-provision return on average assets (Non-GAAP) (annualized) | 1.76 | % | 2.18 | % | 1.79 | % | 1.97 | % | 1.74 | % | |||||||||||||||||||
Return on average equity (GAAP) (annualized) | 8.98 | % | 13.36 | % | 11.53 | % | 11.13 | % | 9.93 | % | |||||||||||||||||||
Pre-tax pre-provision return on average equity (Non-GAAP) (annualized) | 15.54 | % | 19.83 | % | 16.61 | % | 17.65 | % | 15.70 | % |
Three months ended | Six months ended | ||||||||||||||||||||||||||||
(dollars in thousands) | June 30, 2023 |
March 31, 2023 |
June 30, 2022 |
June 30, 2023 |
June 30, 2022 |
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Return on tangible common equity | |||||||||||||||||||||||||||||
Average total shareholders' equity | $1,112,223 | $1,087,473 | $1,091,454 | $1,099,913 | $1,050,566 | ||||||||||||||||||||||||
Exclude average goodwill | 304,442 | 304,442 | 307,942 | 334,565 | 267,533 | ||||||||||||||||||||||||
Exclude average other intangibles | 14,716 | 15,842 | 21,040 | 16 | 16,845 | ||||||||||||||||||||||||
Average tangible common equity (Non-GAAP) | $793,065 | $767,189 | $762,472 | $765,332 | $766,188 | ||||||||||||||||||||||||
Net income (GAAP) | $24,892 | $35,833 | $31,364 | $60,725 | $51,738 | ||||||||||||||||||||||||
Exclude amortization of intangible assets, net of tax effect | 1,166 | 1,166 | 1,199 | 2,333 | 2,064 | ||||||||||||||||||||||||
Tangible net income available to common shareholders (Non-GAAP) | $26,058 | $36,999 | $32,563 | $63,058 | $53,802 | ||||||||||||||||||||||||
Return on average equity | 8.98 | % | 13.36 | % | 11.53 | % | 11.13 | % | 9.93 | % | |||||||||||||||||||
Return on average tangible common equity (Non-GAAP) | 13.18 | % | 19.56 | % | 17.13 | % | 16.62 | % | 14.16 | % |
Three months ended | |||||||||||||||||||||||||||||
(dollars in thousands) | June 30, 2023 |
March 31, 2023 |
December 31, 2022 |
September 30, 2022 |
June 30, 2022 |
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Tangible shareholders' equity to tangible assets | |||||||||||||||||||||||||||||
Shareholders' equity (GAAP) | $1,092,781 | $1,090,245 | $1,046,416 | $990,338 | $1,042,177 | ||||||||||||||||||||||||
Exclude goodwill and other intangible assets, net | 317,800 | 319,456 | 321,112 | 326,314 | 328,016 | ||||||||||||||||||||||||
Tangible shareholders' equity (Non-GAAP) | $774,981 | $770,789 | $725,304 | $664,024 | $714,161 | ||||||||||||||||||||||||
Total assets (GAAP) | $9,853,421 | $9,842,394 | $9,930,986 | $9,976,879 | $10,120,611 | ||||||||||||||||||||||||
Exclude goodwill and other intangible assets, net | 317,800 | 319,456 | 321,112 | 326,314 | 328,016 | ||||||||||||||||||||||||
Total tangible assets (Non-GAAP) | $9,535,621 | $9,522,938 | $9,609,874 | $9,650,565 | $9,792,595 | ||||||||||||||||||||||||
Shareholders' equity to total assets (GAAP) | 11.09 | % | 11.08 | % | 10.54 | % | 9.93 | % | 10.30 | % | |||||||||||||||||||
Tangible shareholders' equity to tangible assets (Non-GAAP) | 8.13 | % | 8.09 | % | 7.55 | % | 6.88 | % | 7.29 | % |
Three months ended | |||||||||||||||||||||||||||||
(dollars in thousands) | June 30, 2023 |
March 31, 2023 |
December 31, 2022 |
September 30, 2022 |
June 30, 2022 |
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Tangible common shareholders' equity per share | |||||||||||||||||||||||||||||
Tangible s/h equity (Non-GAAP) | $774,981 | $770,789 | $725,304 | $664,024 | $714,161 | ||||||||||||||||||||||||
Common shares outstanding at end of period | 33,259,260 | 33,195,250 | 33,331,513 | 33,332,189 | 33,350,974 | ||||||||||||||||||||||||
Common s/h equity (book value) per share (GAAP) | $32.86 | $32.84 | $31.39 | $29.71 | $31.25 | ||||||||||||||||||||||||
Tangible common shareholders' equity (tangible book value) per share (Non-GAAP) | $23.30 | $23.22 | $21.76 | $19.92 | $21.41 |