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: October 25, 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 | |||||||||||||||||||||||
September 30, | June 30, | ||||||||||||||||||||||
(dollars and shares in thousands, except per share data) | 2023 | 2023 | $ Change | % Change | |||||||||||||||||||
Net interest income | $ | 88,123 | $ | 88,601 | $ | (478) | (0.5) | % | |||||||||||||||
Provision for credit losses | (4,155) | (9,650) | 5,495 | (56.9) | % | ||||||||||||||||||
Noninterest income | 15,984 | 15,741 | 243 | 1.5 | % | ||||||||||||||||||
Noninterest expense | (57,878) | (61,243) | 3,365 | (5.5) | % | ||||||||||||||||||
Provision for income taxes | (11,484) | (8,557) | (2,927) | 34.2 | % | ||||||||||||||||||
Net income | $ | 30,590 | $ | 24,892 | $ | 5,698 | 22.9 | % | |||||||||||||||
Diluted earnings per share | $ | 0.92 | $ | 0.75 | $ | 0.17 | 22.7 | % | |||||||||||||||
Dividends per share | $ | 0.30 | $ | 0.30 | $ | — | — | % | |||||||||||||||
Average common shares | 33,263 | 33,219 | 44 | 0.1 | % | ||||||||||||||||||
Average diluted common shares | 33,319 | 33,302 | 17 | 0.1 | % | ||||||||||||||||||
Return on average total assets | 1.23 | % | 1.01 | % | |||||||||||||||||||
Return on average equity | 10.91 | % | 8.98 | % | |||||||||||||||||||
Efficiency ratio | 55.59 | % | 58.69 | % |
Three months ended September 30, |
|||||||||||||||||||||||
(dollars and shares in thousands, except per share data) | 2023 | 2022 | $ Change | % Change | |||||||||||||||||||
Net interest income | $ | 88,123 | $ | 94,106 | $ | (5,983) | (6.4) | % | |||||||||||||||
Provision for credit losses | (4,155) | (3,795) | (360) | 9.5 | % | ||||||||||||||||||
Noninterest income | 15,984 | 15,640 | 344 | 2.2 | % | ||||||||||||||||||
Noninterest expense | (57,878) | (54,465) | (3,413) | 6.3 | % | ||||||||||||||||||
Provision for income taxes | (11,484) | (14,148) | 2,664 | (18.8) | % | ||||||||||||||||||
Net income | $ | 30,590 | $ | 37,338 | $ | (6,748) | (18.1) | % | |||||||||||||||
Diluted earnings per share | $ | 0.92 | $ | 1.12 | $ | (0.20) | (17.9) | % | |||||||||||||||
Dividends per share | $ | 0.30 | $ | 0.30 | $ | — | — | % | |||||||||||||||
Average common shares | 33,263 | 33,348 | (85) | (0.3) | % | ||||||||||||||||||
Average diluted common shares | 33,319 | 33,463 | (144) | (0.4) | % | ||||||||||||||||||
Return on average total assets | 1.23 | % | 1.46 | % | |||||||||||||||||||
Return on average equity | 10.91 | % | 13.78 | % | |||||||||||||||||||
Efficiency ratio | 55.59 | % | 49.63 | % |
Nine months ended September 30, |
|||||||||||||||||||||||
(dollars and shares in thousands) | 2023 | 2022 | $ Change | % Change | |||||||||||||||||||
Net interest income | $ | 270,060 | $ | 247,076 | $ | 22,984 | 9.3 | % | |||||||||||||||
Provision for credit losses | (18,000) | (14,225) | (3,775) | 26.5 | % | ||||||||||||||||||
Noninterest income | 45,360 | 47,166 | (1,806) | (3.8) | % | ||||||||||||||||||
Noninterest expense | (172,915) | (157,176) | (15,739) | 10.0 | % | ||||||||||||||||||
Provision for income taxes | (33,190) | (33,765) | 575 | (1.7) | % | ||||||||||||||||||
Net income | $ | 91,315 | $ | 89,076 | $ | 2,239 | 2.5 | % | |||||||||||||||
Diluted earnings per share | $ | 2.75 | $ | 2.74 | $ | 0.01 | 0.4 | % | |||||||||||||||
Dividends per share | $ | 0.90 | $ | 0.80 | $ | 0.10 | 12.5 | % | |||||||||||||||
Average common shares | 33,259 | 32,332 | 927 | 2.9 | % | ||||||||||||||||||
Average diluted common shares | 33,356 | 32,469 | 887 | 2.7 | % | ||||||||||||||||||
Return on average total assets | 1.24 | % | 1.23 | % | |||||||||||||||||||
Return on average equity | 11.06 | % | 11.25 | % | |||||||||||||||||||
Efficiency ratio | 54.82 | % | 53.42 | % |
Ending balances | September 30, | June 30, | Annualized % Change |
||||||||||||||||||||
(dollars in thousands) | 2023 | 2023 | $ Change | ||||||||||||||||||||
Total assets | $ | 9,897,006 | $ | 9,853,421 | $ | 43,585 | 1.8 | % | |||||||||||||||
Total loans | 6,708,666 | 6,520,740 | 187,926 | 11.5 | |||||||||||||||||||
Total investments | 2,333,162 | 2,485,378 | (152,216) | (24.5) | |||||||||||||||||||
Total deposits | 8,009,643 | 8,095,365 | (85,722) | (4.2) | |||||||||||||||||||
Total other borrowings | $ | 537,975 | $ | 392,714 | $ | 145,261 | 148.0 | % |
Quarterly average balances for the period ended | September 30, | June 30, | Annualized % Change |
||||||||||||||||||||
(dollars in thousands) | 2023 | 2023 | $ Change | ||||||||||||||||||||
Total assets | $ | 9,874,240 | $ | 9,848,191 | $ | 26,049 | 1.1 | % | |||||||||||||||
Total loans | 6,597,400 | 6,467,381 | 130,019 | 8.0 | |||||||||||||||||||
Total investments | 2,429,335 | 2,525,334 | (95,999) | (15.2) | |||||||||||||||||||
Total deposits | 8,043,101 | 7,981,515 | 61,586 | 3.1 | |||||||||||||||||||
Total other borrowings | $ | 449,274 | $ | 477,256 | $ | (27,982) | (23.5) | % |
Ending balances | As of September 30, | % Change | |||||||||||||||||||||
(dollars in thousands) | 2023 | 2022 | $ Change | ||||||||||||||||||||
Total assets | $ | 9,897,006 | $ | 9,976,879 | $ | (79,873) | (0.8) | % | |||||||||||||||
Total loans | 6,708,666 | 6,314,290 | 394,376 | 6.2 | |||||||||||||||||||
Total loans, excluding PPP | 6,707,530 | 6,312,348 | 395,182 | 6.3 | |||||||||||||||||||
Total investments | 2,333,162 | 2,668,145 | (334,983) | (12.6) | |||||||||||||||||||
Total deposits | 8,009,643 | 8,655,769 | (646,126) | (7.5) | |||||||||||||||||||
Total other borrowings | $ | 537,975 | $ | 47,068 | $ | 490,907 | 1,043.0 | % |
(dollars in thousands) | September 30, 2023 | June 30, 2023 | September 30, 2022 | ||||||||||||||
Borrowing capacity at correspondent banks and FRB | $ | 2,927,065 | $ | 2,847,052 | $ | 2,720,468 | |||||||||||
Less: borrowings outstanding | (500,000) | (350,000) | — | ||||||||||||||
Unpledged available-for-sale (AFS) investment securities |
1,702,265 | 1,813,894 | 2,040,802 | ||||||||||||||
Cash held or in transit with FRB |
72,049 | 79,530 | 199,994 | ||||||||||||||
Total primary liquidity | $ | 4,201,379 | $ | 4,390,476 | $ | 4,961,264 |
Estimated uninsured deposit balances | $ | 2,406,552 | $ | 2,522,718 | $ | 2,898,347 |
Three months ended | |||||||||||||||||||||||
September 30, | June 30, | ||||||||||||||||||||||
(dollars in thousands) | 2023 | 2023 | Change | % Change | |||||||||||||||||||
Interest income | $ | 112,380 | $ | 107,158 | $ | 5,222 | 4.9 | % | |||||||||||||||
Interest expense | (24,257) | (18,557) | (5,700) | 30.7 | % | ||||||||||||||||||
Fully tax-equivalent adjustment (FTE) (1) |
405 | 379 | 26 | 6.9 | % | ||||||||||||||||||
Net interest income (FTE) | $ | 88,528 | $ | 88,980 | $ | (452) | (0.5) | % | |||||||||||||||
Net interest margin (FTE) | 3.88 | % | 3.96 | % | |||||||||||||||||||
Acquired loans discount accretion, net: | |||||||||||||||||||||||
Amount (included in interest income) | $ | 1,324 | $ | 1,471 | $ | (147) | (10.0) | % | |||||||||||||||
Net interest margin less effect of acquired loan discount accretion(1) |
3.82 | % | 3.89 | % | (0.07) | % | |||||||||||||||||
PPP loans yield, net: | |||||||||||||||||||||||
Amount (included in interest income) | $ | 2 | $ | 4 | $ | (2) | (50.0) | % | |||||||||||||||
Net interest margin less effect of PPP loan yield (1) |
3.88 | % | 3.96 | % | (0.08) | % | |||||||||||||||||
Acquired loans discount accretion and PPP loan yield, net: |
|||||||||||||||||||||||
Amount (included in interest income) | $ | 1,326 | $ | 1,475 | $ | (149) | (10.1) | % | |||||||||||||||
Net interest margin less effect of acquired loan discount accretion and PPP loan yield (1) |
3.82 | % | 3.89 | % | (0.07) | % |
Three months ended September 30, |
|||||||||||||||||||||||
(dollars in thousands) | 2023 | 2022 | Change | % Change | |||||||||||||||||||
Interest income | $ | 112,380 | $ | 96,366 | $ | 16,014 | 16.6 | % | |||||||||||||||
Interest expense | (24,257) | (2,260) | (21,997) | 973.3 | % | ||||||||||||||||||
Fully tax-equivalent adjustment (FTE) (1) |
405 | 440 | (35) | (8.0) | % | ||||||||||||||||||
Net interest income (FTE) | $ | 88,528 | $ | 94,546 | $ | (6,018) | (6.4) | % | |||||||||||||||
Net interest margin (FTE) | 3.88 | % | 4.02 | % | |||||||||||||||||||
Acquired loans discount accretion, net: | |||||||||||||||||||||||
Amount (included in interest income) | $ | 1,324 | $ | 714 | $ | 610 | 85.4 | % | |||||||||||||||
Net interest margin less effect of acquired loan discount accretion(1) |
3.82 | % | 3.99 | % | (0.17) | % | |||||||||||||||||
PPP loans yield, net: | |||||||||||||||||||||||
Amount (included in interest income) | $ | 2 | $ | 313 | $ | (311) | (99.4) | % | |||||||||||||||
Net interest margin less effect of PPP loan yield (1) |
3.88 | % | 4.02 | % | (0.14) | % | |||||||||||||||||
Acquired loans discount accretion and PPP loan yield, net: |
|||||||||||||||||||||||
Amount (included in interest income) | $ | 1,326 | $ | 1,027 | $ | 299 | 29.1 | % | |||||||||||||||
Net interest margin less effect of acquired loan discount accretion and PPP loan yield (1) |
3.82 | % | 3.98 | % | (0.16) | % | |||||||||||||||||
Nine months ended September 30, |
|||||||||||||||||||||||
(dollars in thousands) | 2023 | 2022 | Change | % Change | |||||||||||||||||||
Interest income | $ | 322,445 | $ | 252,516 | $ | 69,929 | 27.7 | % | |||||||||||||||
Interest expense | (52,385) | (5,440) | (46,945) | 863.0 | % | ||||||||||||||||||
Fully tax-equivalent adjustment (FTE) (1) |
1,176 | 1,120 | 56 | 5.0 | % | ||||||||||||||||||
Net interest income (FTE) | $ | 271,236 | $ | 248,196 | $ | 23,040 | 9.3 | % | |||||||||||||||
Net interest margin (FTE) | 4.01 | % | 3.71 | % | |||||||||||||||||||
Acquired loans discount accretion, net: | |||||||||||||||||||||||
Amount (included in interest income) | $ | 4,192 | $ | 3,714 | $ | 478 | 12.9 | % | |||||||||||||||
Net interest margin less effect of acquired loan discount accretion(1) |
3.95 | % | 3.65 | % | 0.30 | % | |||||||||||||||||
PPP loans yield, net: | |||||||||||||||||||||||
Amount (included in interest income) | $ | 11 | $ | 2,374 | $ | (2,363) | (99.5) | % | |||||||||||||||
Net interest margin less effect of PPP loan yield (1) |
4.01 | % | 3.69 | % | 0.32 | % | |||||||||||||||||
Acquired loans discount accretion and PPP loan yield, net: |
|||||||||||||||||||||||
Amount (included in interest income) | $ | 4,203 | $ | 6,088 | $ | (1,885) | (31.0) | % | |||||||||||||||
Net interest margin less effect of acquired loans discount and PPP loan yield (1) |
3.95 | % | 3.63 | % | 0.32 | % |
Three months ended | Three months ended | Three months ended | |||||||||||||||||||||||||||||||||||||||||||||||||||
September 30, 2023 | June 30, 2023 | September 30, 2022 | |||||||||||||||||||||||||||||||||||||||||||||||||||
Average Balance |
Income/ Expense |
Yield/ Rate |
Average Balance |
Income/ Expense |
Yield/ Rate |
Average Balance |
Income/ Expense |
Yield/ Rate |
|||||||||||||||||||||||||||||||||||||||||||||
Assets | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Loans, excluding PPP | $ | 6,596,116 | $ | 91,705 | 5.52 | % | $ | 6,465,903 | $ | 86,743 | 5.38 | % | $ | 6,162,267 | $ | 75,643 | 4.87 | % | |||||||||||||||||||||||||||||||||||
PPP loans | 1,284 | 2 | 0.62 | % | 1,478 | 4 | 1.09 | % | 8,775 | 313 | 14.15 | % | |||||||||||||||||||||||||||||||||||||||||
Investments-taxable | 2,246,569 | 18,990 | 3.35 | % | 2,343,511 | 18,775 | 3.21 | % | 2,591,513 | 17,122 | 2.62 | % | |||||||||||||||||||||||||||||||||||||||||
Investments-nontaxable (1) |
182,766 | 1,755 | 3.81 | % | 181,823 | 1,641 | 3.62 | % | 210,606 | 1,908 | 3.59 | % | |||||||||||||||||||||||||||||||||||||||||
Total investments | 2,429,335 | 20,745 | 3.39 | % | 2,525,334 | 20,416 | 3.24 | % | 2,802,119 | 19,030 | 2.69 | % | |||||||||||||||||||||||||||||||||||||||||
Cash at Federal Reserve and other banks | 26,654 | 333 | 4.96 | % | 29,349 | 374 | 5.11 | % | 346,991 | 1,820 | 2.08 | % | |||||||||||||||||||||||||||||||||||||||||
Total earning assets | 9,053,389 | 112,785 | 4.94 | % | 9,022,064 | 107,537 | 4.78 | % | 9,320,152 | 96,806 | 4.12 | % | |||||||||||||||||||||||||||||||||||||||||
Other assets, net | 820,851 | 826,127 | 810,966 | ||||||||||||||||||||||||||||||||||||||||||||||||||
Total assets | $ | 9,874,240 | $ | 9,848,191 | $ | 10,131,118 | |||||||||||||||||||||||||||||||||||||||||||||||
Liabilities and shareholders’ equity | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Interest-bearing demand deposits | $ | 1,751,625 | $ | 3,916 | 0.89 | % | $ | 1,657,714 | $ | 2,173 | 0.53 | % | $ | 1,775,884 | $ | 119 | 0.03 | % | |||||||||||||||||||||||||||||||||||
Savings deposits | 2,790,197 | 9,526 | 1.35 | % | 2,768,981 | 6,936 | 1.00 | % | 3,011,145 | 685 | 0.09 | % | |||||||||||||||||||||||||||||||||||||||||
Time deposits | 535,715 | 3,937 | 2.92 | % | 426,689 | 2,348 | 2.21 | % | 321,100 | 188 | 0.23 | % | |||||||||||||||||||||||||||||||||||||||||
Total interest-bearing deposits | 5,077,537 | 17,379 | 1.36 | % | 4,853,384 | 11,457 | 0.95 | % | 5,108,129 | 992 | 0.08 | % | |||||||||||||||||||||||||||||||||||||||||
Other borrowings | 449,274 | 5,106 | 4.51 | % | 477,256 | 5,404 | 4.54 | % | 38,908 | 5 | 0.05 | % | |||||||||||||||||||||||||||||||||||||||||
Junior subordinated debt | 101,070 | 1,772 | 6.96 | % | 101,056 | 1,696 | 6.73 | % | 101,011 | 1,263 | 4.96 | % | |||||||||||||||||||||||||||||||||||||||||
Total interest-bearing liabilities | 5,627,881 | 24,257 | 1.71 | % | 5,431,696 | 18,557 | 1.37 | % | 5,248,048 | 2,260 | 0.17 | % | |||||||||||||||||||||||||||||||||||||||||
Noninterest-bearing deposits | 2,965,564 | 3,128,131 | 3,644,086 | ||||||||||||||||||||||||||||||||||||||||||||||||||
Other liabilities | 168,391 | 176,141 | 164,208 | ||||||||||||||||||||||||||||||||||||||||||||||||||
Shareholders’ equity | 1,112,404 | 1,112,223 | 1,074,776 | ||||||||||||||||||||||||||||||||||||||||||||||||||
Total liabilities and shareholders’ equity | $ | 9,874,240 | $ | 9,848,191 | $ | 10,131,118 | |||||||||||||||||||||||||||||||||||||||||||||||
Net interest rate spread (1) (2) |
3.23 | % | 3.41 | % | 3.95 | % | |||||||||||||||||||||||||||||||||||||||||||||||
Net interest income and margin (1) (3) |
$ | 88,528 | 3.88 | % | $ | 88,980 | 3.96 | % | $ | 94,546 | 4.02 | % |
Nine months ended September 30, 2023 | Nine months ended September 30, 2022 | ||||||||||||||||||||||||||||||||||
Average Balance |
Income/ Expense |
Yield/ Rate |
Average Balance |
Income/ Expense |
Yield/ Rate |
||||||||||||||||||||||||||||||
Assets | |||||||||||||||||||||||||||||||||||
Loans, excluding PPP | $ | 6,492,141 | $ | 260,857 | 5.37 | % | $ | 5,668,055 | $ | 201,245 | 4.75 | % | |||||||||||||||||||||||
PPP loans | 1,444 | 11 | 1.02 | % | 32,287 | 2,374 | 9.83 | % | |||||||||||||||||||||||||||
Investments-taxable | 2,328,883 | 56,681 | 3.25 | % | 2,487,111 | 41,695 | 2.24 | % | |||||||||||||||||||||||||||
Investments-nontaxable (1) |
184,524 | 5,096 | 3.69 | % | 183,772 | 4,853 | 3.53 | % | |||||||||||||||||||||||||||
Total investments | 2,513,407 | 61,777 | 3.29 | % | 2,670,883 | 46,548 | 2.33 | % | |||||||||||||||||||||||||||
Cash at Federal Reserve and other banks | 27,606 | 976 | 4.73 | % | 573,252 | 3,469 | 0.81 | % | |||||||||||||||||||||||||||
Total earning assets | 9,034,598 | 323,621 | 4.79 | % | 8,944,477 | 253,636 | 3.79 | % | |||||||||||||||||||||||||||
Other assets, net | 832,501 | 737,721 | |||||||||||||||||||||||||||||||||
Total assets | $ | 9,867,099 | $ | 9,682,198 | |||||||||||||||||||||||||||||||
Liabilities and shareholders’ equity | |||||||||||||||||||||||||||||||||||
Interest-bearing demand deposits | $ | 1,694,438 | $ | 6,476 | 0.51 | % | $ | 1,724,787 | $ | 302 | 0.02 | % | |||||||||||||||||||||||
Savings deposits | 2,818,817 | 20,616 | 0.98 | % | 2,863,447 | 1,541 | 0.07 | % | |||||||||||||||||||||||||||
Time deposits | 413,359 | 6,889 | 2.23 | % | 319,940 | 676 | 0.28 | % | |||||||||||||||||||||||||||
Total interest-bearing deposits | 4,926,614 | 33,981 | 0.92 | % | 4,908,174 | 2,519 | 0.07 | % | |||||||||||||||||||||||||||
Other borrowings | 402,016 | 13,318 | 4.43 | % | 39,609 | 15 | 0.05 | % | |||||||||||||||||||||||||||
Junior subordinated debt | 101,057 | 5,086 | 6.73 | % | 87,804 | 2,906 | 4.42 | % | |||||||||||||||||||||||||||
Total interest-bearing liabilities | 5,429,687 | 52,385 | 1.29 | % | 5,035,587 | 5,440 | 0.14 | % | |||||||||||||||||||||||||||
Noninterest-bearing deposits | 3,153,807 | 3,435,487 | |||||||||||||||||||||||||||||||||
Other liabilities | 179,483 | 152,186 | |||||||||||||||||||||||||||||||||
Shareholders’ equity | 1,104,122 | 1,058,938 | |||||||||||||||||||||||||||||||||
Total liabilities and shareholders’ equity | $ | 9,867,099 | $ | 9,682,198 | |||||||||||||||||||||||||||||||
Net interest rate spread (1) (2) |
3.50 | % | 3.65 | % | |||||||||||||||||||||||||||||||
Net interest income and margin (1) (3) |
$ | 271,236 | 4.01 | % | $ | 248,196 | 3.71 | % |
Three months ended | Nine months ended | ||||||||||||||||||||||
(dollars in thousands) | September 30, 2023 | September 30, 2022 | September 30, 2023 | September 30, 2022 | |||||||||||||||||||
Addition to allowance for credit losses | $ | 3,120 | $ | 3,500 | $ | 16,415 | $ | 13,645 | |||||||||||||||
Addition to reserve for unfunded loan commitments |
1,035 | 295 | 1,585 | 580 | |||||||||||||||||||
Total provision for credit losses | $ | 4,155 | $ | 3,795 | $ | 18,000 | $ | 14,225 |
Three months ended | Nine months ended | ||||||||||||||||||||||
(dollars in thousands) | September 30, 2023 | September 30, 2022 | September 30, 2023 | September 30, 2022 | |||||||||||||||||||
Balance, beginning of period | $ | 117,329 | $ | 97,944 | $ | 105,680 | $ | 85,376 | |||||||||||||||
ACL at acquisition for PCD loans | — | — | — | 2,037 | |||||||||||||||||||
Provision for credit losses | 3,120 | 3,500 | 16,415 | 13,645 | |||||||||||||||||||
Loans charged-off | (5,357) | (267) | (7,392) | (1,411) | |||||||||||||||||||
Recoveries of previously charged-off loans | 720 | 311 | 1,109 | 1,841 | |||||||||||||||||||
Balance, end of period | $ | 115,812 | $ | 101,488 | $ | 115,812 | $ | 101,488 |
September 30, | % of Loans Outstanding | June 30, | % of Loans Outstanding | September 30, | % of Loans Outstanding | |||||||||||||||||||||
(dollars in thousands) | 2023 | 2023 | 2022 | |||||||||||||||||||||||
Risk Rating: | ||||||||||||||||||||||||||
Pass | $ | 6,532,424 | 97.4 | % | $ | 6,299,893 | 96.6 | % | $ | 6,133,805 | 97.1 | % | ||||||||||||||
Special Mention | 94,614 | 1.4 | % | 155,678 | 2.4 | % | 126,273 | 2.0 | % | |||||||||||||||||
Substandard | 81,628 | 1.2 | % | 65,169 | 1.0 | % | 54,212 | 0.9 | % | |||||||||||||||||
Total | $ | 6,708,666 | $ | 6,520,740 | $ | 6,314,290 | ||||||||||||||||||||
Classified loans to total loans | 1.22 | % | 1.00 | % | 0.86 | % | ||||||||||||||||||||
Loans past due 30+ days to total loans | 0.12 | % | 0.15 | % | 0.10 | % |
As of September 30, 2023 | As of June 30, 2023 | As of September 30, 2022 | |||||||||||||||||||||||||||||||||
(dollars in thousands) | Amount | % of Loans Outstanding | Amount | % of Loans Outstanding | Amount | % of Loans Outstanding | |||||||||||||||||||||||||||||
Commercial real estate: | |||||||||||||||||||||||||||||||||||
CRE - Non Owner Occupied | $ | 33,723 | 1.55 | % | $ | 33,042 | 1.54 | % | $ | 29,244 | 1.42 | % | |||||||||||||||||||||||
CRE - Owner Occupied | 14,503 | 1.51 | % | 20,208 | 2.08 | % | 13,525 | 1.39 | % | ||||||||||||||||||||||||||
Multifamily | 14,239 | 1.48 | % | 14,075 | 1.48 | % | 12,749 | 1.36 | % | ||||||||||||||||||||||||||
Farmland | 4,210 | 1.51 | % | 3,691 | 1.33 | % | 3,122 | 1.12 | % | ||||||||||||||||||||||||||
Total commercial real estate loans | 66,675 | 1.53 | % | 71,016 | 1.63 | % | 58,640 | 1.38 | % | ||||||||||||||||||||||||||
Consumer: | |||||||||||||||||||||||||||||||||||
SFR 1-4 1st Liens | 13,535 | 1.56 | % | 13,134 | 1.58 | % | 10,671 | 1.39 | % | ||||||||||||||||||||||||||
SFR HELOCs and Junior Liens | 10,163 | 2.88 | % | 10,608 | 2.92 | % | 11,383 | 2.89 | % | ||||||||||||||||||||||||||
Other | 2,920 | 4.44 | % | 2,771 | 4.67 | % | 1,878 | 3.23 | % | ||||||||||||||||||||||||||
Total consumer loans | 26,618 | 2.07 | % | 26,513 | 2.12 | % | 23,932 | 1.97 | % | ||||||||||||||||||||||||||
Commercial and Industrial | 12,290 | 2.05 | % | 11,647 | 2.02 | % | 10,400 | 1.94 | % | ||||||||||||||||||||||||||
Construction | 8,097 | 2.52 | % | 7,031 | 2.53 | % | 6,132 | 2.52 | % | ||||||||||||||||||||||||||
Agricultural Production | 2,125 | 1.72 | % | 1,105 | 1.80 | % | 2,368 | 3.31 | % | ||||||||||||||||||||||||||
Leases | 7 | 0.09 | % | 17 | 0.20 | % | 16 | 0.20 | % | ||||||||||||||||||||||||||
Allowance for credit losses | 115,812 | 1.73 | % | 117,329 | 1.80 | % | 101,488 | 1.61 | % | ||||||||||||||||||||||||||
Reserve for unfunded loan commitments | 5,900 | 4,865 | 4,370 | ||||||||||||||||||||||||||||||||
Total allowance for credit losses | $ | 121,712 | 1.81 | % | $ | 122,194 | 1.87 | % | $ | 105,858 | 1.68 | % |
Three months ended | |||||||||||||||||||||||
(dollars in thousands) | September 30, 2023 | June 30, 2023 | Change | % Change | |||||||||||||||||||
ATM and interchange fees | $ | 6,728 | $ | 6,856 | $ | (128) | (1.9) | % | |||||||||||||||
Service charges on deposit accounts | 4,851 | 4,581 | 270 | 5.9 | % | ||||||||||||||||||
Other service fees | 1,142 | 992 | 150 | 15.1 | % | ||||||||||||||||||
Mortgage banking service fees | 445 | 454 | (9) | (2.0) | % | ||||||||||||||||||
Change in value of mortgage servicing rights | (91) | 85 | (176) | (207.1) | % | ||||||||||||||||||
Total service charges and fees | 13,075 | 12,968 | 107 | 0.8 | % | ||||||||||||||||||
Increase in cash value of life insurance | 684 | 788 | (104) | (13.2) | % | ||||||||||||||||||
Asset management and commission income | 1,141 | 1,158 | (17) | (1.5) | % | ||||||||||||||||||
Gain on sale of loans | 382 | 295 | 87 | 29.5 | % | ||||||||||||||||||
Lease brokerage income | 160 | 74 | 86 | 116.2 | % | ||||||||||||||||||
Sale of customer checks | 396 | 407 | (11) | (2.7) | % | ||||||||||||||||||
Loss on sale of investment securities | — | — | — | — | % | ||||||||||||||||||
(Loss) gain on marketable equity securities | (81) | (42) | (39) | 92.9 | % | ||||||||||||||||||
Other income | 227 | 93 | 134 | 144.1 | % | ||||||||||||||||||
Total other non-interest income | 2,909 | 2,773 | 136 | 4.9 | % | ||||||||||||||||||
Total non-interest income | $ | 15,984 | $ | 15,741 | $ | 243 | 1.5 | % |
Three months ended September 30, | |||||||||||||||||||||||
(dollars in thousands) | 2023 | 2022 | Change | % Change | |||||||||||||||||||
ATM and interchange fees | $ | 6,728 | $ | 6,714 | $ | 14 | 0.2 | % | |||||||||||||||
Service charges on deposit accounts | 4,851 | 4,436 | 415 | 9.4 | % | ||||||||||||||||||
Other service fees | 1,142 | 1,022 | 120 | 11.7 | % | ||||||||||||||||||
Mortgage banking service fees | 445 | 477 | (32) | (6.7) | % | ||||||||||||||||||
Change in value of mortgage servicing rights | (91) | 33 | (124) | (375.8) | % | ||||||||||||||||||
Total service charges and fees | 13,075 | 12,682 | 393 | 3.1 | % | ||||||||||||||||||
Increase in cash value of life insurance | 684 | 659 | 25 | 3.8 | % | ||||||||||||||||||
Asset management and commission income | 1,141 | 1,020 | 121 | 11.9 | % | ||||||||||||||||||
Gain on sale of loans | 382 | 357 | 25 | 7.0 | % | ||||||||||||||||||
Lease brokerage income | 160 | 252 | (92) | (36.5) | % | ||||||||||||||||||
Sale of customer checks | 396 | 326 | 70 | 21.5 | % | ||||||||||||||||||
Loss on sale of investment securities | — | — | — | — | % | ||||||||||||||||||
Loss on marketable equity securities | (81) | (115) | 34 | (29.6) | % | ||||||||||||||||||
Other income | 227 | 459 | (232) | (50.5) | % | ||||||||||||||||||
Total other non-interest income | 2,909 | 2,958 | (49) | (1.7) | % | ||||||||||||||||||
Total non-interest income | $ | 15,984 | $ | 15,640 | $ | 344 | 2.2 | % |
Nine months ended September 30, | |||||||||||||||||||||||
(dollars in thousands) | 2023 | 2022 | Change | % Change | |||||||||||||||||||
ATM and interchange fees | $ | 19,928 | $ | 19,941 | $ | (13) | (0.1) | % | |||||||||||||||
Service charges on deposit accounts | 12,863 | 12,433 | 430 | 3.5 | % | ||||||||||||||||||
Other service fees | 3,300 | 3,183 | 117 | 3.7 | % | ||||||||||||||||||
Mortgage banking service fees | 1,364 | 1,422 | (58) | (4.1) | % | ||||||||||||||||||
Change in value of mortgage servicing rights | (215) | 443 | (658) | (148.5) | % | ||||||||||||||||||
Total service charges and fees | 37,240 | 37,422 | (182) | (0.5) | % | ||||||||||||||||||
Increase in cash value of life insurance | 2,274 | 2,049 | 225 | 11.0 | % | ||||||||||||||||||
Asset management and commission income | 3,233 | 2,946 | 287 | 9.7 | % | ||||||||||||||||||
Gain on sale of loans | 883 | 2,145 | (1,262) | (58.8) | % | ||||||||||||||||||
Lease brokerage income | 332 | 648 | (316) | (48.8) | % | ||||||||||||||||||
Sale of customer checks | 1,091 | 871 | 220 | 25.3 | % | ||||||||||||||||||
Loss on sale of investment securities | (164) | — | (164) | n/m | |||||||||||||||||||
Loss on marketable equity securities | (81) | (346) | 265 | (76.6) | % | ||||||||||||||||||
Other income | 552 | 1,431 | (879) | (61.4) | % | ||||||||||||||||||
Total other non-interest income | 8,120 | 9,744 | (1,624) | (16.7) | % | ||||||||||||||||||
Total non-interest income | $ | 45,360 | $ | 47,166 | $ | (1,806) | (3.8) | % |
Three months ended | |||||||||||||||||||||||
(dollars in thousands) | September 30, 2023 | June 30, 2023 | Change | % Change | |||||||||||||||||||
Base salaries, net of deferred loan origination costs | $ | 23,616 | $ | 24,059 | $ | (443) | (1.8) | % | |||||||||||||||
Incentive compensation | 4,391 | 4,377 | 14 | 0.3 | % | ||||||||||||||||||
Benefits and other compensation costs | 6,456 | 6,278 | 178 | 2.8 | % | ||||||||||||||||||
Total salaries and benefits expense | 34,463 | 34,714 | (251) | (0.7) | % | ||||||||||||||||||
Occupancy | 3,948 | 3,991 | (43) | (1.1) | % | ||||||||||||||||||
Data processing and software | 5,246 | 4,638 | 608 | 13.1 | % | ||||||||||||||||||
Equipment | 1,503 | 1,436 | 67 | 4.7 | % | ||||||||||||||||||
Intangible amortization | 1,590 | 1,656 | (66) | (4.0) | % | ||||||||||||||||||
Advertising | 881 | 1,016 | (135) | (13.3) | % | ||||||||||||||||||
ATM and POS network charges | 1,606 | 1,902 | (296) | (15.6) | % | ||||||||||||||||||
Professional fees | 1,752 | 1,985 | (233) | (11.7) | % | ||||||||||||||||||
Telecommunications | 567 | 809 | (242) | (29.9) | % | ||||||||||||||||||
Regulatory assessments and insurance | 1,194 | 1,993 | (799) | (40.1) | % | ||||||||||||||||||
Postage | 306 | 311 | (5) | (1.6) | % | ||||||||||||||||||
Operational loss | 474 | 1,090 | (616) | (56.5) | % | ||||||||||||||||||
Courier service | 492 | 483 | 9 | 1.9 | % | ||||||||||||||||||
Gain on sale or acquisition of foreclosed assets | (152) | — | (152) | n/m | |||||||||||||||||||
Loss on disposal of fixed assets | 4 | 18 | (14) | (77.8) | % | ||||||||||||||||||
Other miscellaneous expense | 4,004 | 5,201 | (1,197) | (23.0) | % | ||||||||||||||||||
Total other non-interest expense | 23,415 | 26,529 | (3,114) | (11.7) | % | ||||||||||||||||||
Total non-interest expense | $ | 57,878 | $ | 61,243 | $ | (3,365) | (5.5) | % | |||||||||||||||
Average full-time equivalent staff | 1,215 | 1,210 | 5 | 0.4 | % |
Three months ended September 30, | |||||||||||||||||||||||
(dollars in thousands) | 2023 | 2022 | Change | % Change | |||||||||||||||||||
Base salaries, net of deferred loan origination costs | $ | 23,616 | $ | 22,377 | $ | 1,239 | 5.5 | % | |||||||||||||||
Incentive compensation | 4,391 | 4,832 | (441) | (9.1) | % | ||||||||||||||||||
Benefits and other compensation costs | 6,456 | 6,319 | 137 | 2.2 | % | ||||||||||||||||||
Total salaries and benefits expense | 34,463 | 33,528 | 935 | 2.8 | % | ||||||||||||||||||
Occupancy | 3,948 | 3,965 | (17) | (0.4) | % | ||||||||||||||||||
Data processing and software | 5,246 | 3,449 | 1,797 | 52.1 | % | ||||||||||||||||||
Equipment | 1,503 | 1,422 | 81 | 5.7 | % | ||||||||||||||||||
Intangible amortization | 1,590 | 1,702 | (112) | (6.6) | % | ||||||||||||||||||
Advertising | 881 | 990 | (109) | (11.0) | % | ||||||||||||||||||
ATM and POS network charges | 1,606 | 1,694 | (88) | (5.2) | % | ||||||||||||||||||
Professional fees | 1,752 | 1,172 | 580 | 49.5 | % | ||||||||||||||||||
Telecommunications | 567 | 575 | (8) | (1.4) | % | ||||||||||||||||||
Regulatory assessments and insurance | 1,194 | 828 | 366 | 44.2 | % | ||||||||||||||||||
Postage | 306 | 287 | 19 | 6.6 | % | ||||||||||||||||||
Operational loss | 474 | 492 | (18) | (3.7) | % | ||||||||||||||||||
Courier service | 492 | 497 | (5) | (1.0) | % | ||||||||||||||||||
Gain on sale or acquisition of foreclosed assets | (152) | (148) | (4) | 2.7 | % | ||||||||||||||||||
Loss on disposal of fixed assets | 4 | 4 | — | — | % | ||||||||||||||||||
Other miscellaneous expense | 4,004 | 4,008 | (4) | (0.1) | % | ||||||||||||||||||
Total other non-interest expense | 23,415 | 20,937 | 2,478 | 11.8 | % | ||||||||||||||||||
Total non-interest expense | $ | 57,878 | $ | 54,465 | $ | 3,413 | 6.3 | % | |||||||||||||||
Average full-time equivalent staff | 1,215 | 1,198 | 17 | 1.4 | % |
Nine months ended September 30, | |||||||||||||||||||||||
(dollars in thousands) | 2023 | 2022 | Change | % Change | |||||||||||||||||||
Base salaries, net of deferred loan origination costs | $ | 70,675 | $ | 62,762 | $ | 7,913 | 12.6 | % | |||||||||||||||
Incentive compensation | 11,663 | 11,697 | (34) | (0.3) | % | ||||||||||||||||||
Benefits and other compensation costs | 19,402 | 18,782 | 620 | 3.3 | % | ||||||||||||||||||
Total salaries and benefits expense | 101,740 | 93,241 | 8,499 | 9.1 | % | ||||||||||||||||||
Occupancy | 12,099 | 11,536 | 563 | 4.9 | % | ||||||||||||||||||
Data processing and software | 13,916 | 10,558 | 3,358 | 31.8 | % | ||||||||||||||||||
Equipment | 4,322 | 4,208 | 114 | 2.7 | % | ||||||||||||||||||
Intangible amortization | 4,902 | 4,632 | 270 | 5.8 | % | ||||||||||||||||||
Advertising | 2,656 | 2,445 | 211 | 8.6 | % | ||||||||||||||||||
ATM and POS network charges | 5,217 | 4,850 | 367 | 7.6 | % | ||||||||||||||||||
Professional fees | 5,326 | 3,281 | 2,045 | 62.3 | % | ||||||||||||||||||
Telecommunications | 1,971 | 1,660 | 311 | 18.7 | % | ||||||||||||||||||
Regulatory assessments and insurance | 3,979 | 2,327 | 1,652 | 71.0 | % | ||||||||||||||||||
Merger and acquisition expenses | — | 6,253 | (6,253) | (100.0) | % | ||||||||||||||||||
Postage | 916 | 828 | 88 | 10.6 | % | ||||||||||||||||||
Operational loss | 1,999 | 765 | 1,234 | 161.3 | % | ||||||||||||||||||
Courier service | 1,314 | 1,397 | (83) | (5.9) | % | ||||||||||||||||||
Gain on sale or acquisition of foreclosed assets | (152) | (246) | 94 | (38.2) | % | ||||||||||||||||||
Loss (gain) on disposal of fixed assets | 22 | (1,069) | 1,091 | (102.1) | % | ||||||||||||||||||
Other miscellaneous expense | 12,688 | 10,510 | 2,178 | 20.7 | % | ||||||||||||||||||
Total other non-interest expense | 71,175 | 63,935 | 7,240 | 11.3 | % | ||||||||||||||||||
Total non-interest expense | $ | 172,915 | $ | 157,176 | $ | 15,739 | 10.0 | % | |||||||||||||||
Average full-time equivalent staff | 1,215 | 1,155 | 60 | 5.2 | % |
Three months ended | |||||||||||||||||||||||||||||
September 30, 2023 |
June 30, 2023 |
March 31, 2023 |
December 31, 2022 |
September 30, 2022 |
|||||||||||||||||||||||||
Revenue and Expense Data | |||||||||||||||||||||||||||||
Interest income | $ | 112,380 | $ | 107,158 | $ | 102,907 | $ | 102,989 | $ | 96,366 | |||||||||||||||||||
Interest expense | 24,257 | 18,557 | 9,571 | 4,089 | 2,260 | ||||||||||||||||||||||||
Net interest income | 88,123 | 88,601 | 93,336 | 98,900 | 94,106 | ||||||||||||||||||||||||
Provision for credit losses | 4,155 | 9,650 | 4,195 | 4,245 | 3,795 | ||||||||||||||||||||||||
Noninterest income: | |||||||||||||||||||||||||||||
Service charges and fees | 13,075 | 12,968 | 11,197 | 12,343 | 12,682 | ||||||||||||||||||||||||
Loss on sale of investment securities | — | — | (164) | — | — | ||||||||||||||||||||||||
Other income | 2,909 | 2,773 | 2,602 | 3,537 | 2,958 | ||||||||||||||||||||||||
Total noninterest income | 15,984 | 15,741 | 13,635 | 15,880 | 15,640 | ||||||||||||||||||||||||
Noninterest expense: | |||||||||||||||||||||||||||||
Salaries and benefits | 34,463 | 34,714 | 32,563 | 36,611 | 33,528 | ||||||||||||||||||||||||
Occupancy and equipment | 5,451 | 5,427 | 5,543 | 5,482 | 5,387 | ||||||||||||||||||||||||
Data processing and network | 6,852 | 6,540 | 5,741 | 6,236 | 5,143 | ||||||||||||||||||||||||
Other noninterest expense | 11,112 | 14,562 | 9,947 | 11,140 | 10,407 | ||||||||||||||||||||||||
Total noninterest expense | 57,878 | 61,243 | 53,794 | 59,469 | 54,465 | ||||||||||||||||||||||||
Total income before taxes | 42,074 | 33,449 | 48,982 | 51,066 | 51,486 | ||||||||||||||||||||||||
Provision for income taxes | 11,484 | 8,557 | 13,149 | 14,723 | 14,148 | ||||||||||||||||||||||||
Net income | $ | 30,590 | $ | 24,892 | $ | 35,833 | $ | 36,343 | $ | 37,338 | |||||||||||||||||||
Share Data | |||||||||||||||||||||||||||||
Basic earnings per share | $ | 0.92 | $ | 0.75 | $ | 1.08 | $ | 1.09 | $ | 1.12 | |||||||||||||||||||
Diluted earnings per share | $ | 0.92 | $ | 0.75 | $ | 1.07 | $ | 1.09 | $ | 1.12 | |||||||||||||||||||
Dividends per share | $ | 0.30 | $ | 0.30 | $ | 0.30 | $ | 0.30 | $ | 0.30 | |||||||||||||||||||
Book value per common share | $ | 32.18 | $ | 32.86 | $ | 32.84 | $ | 31.39 | $ | 29.71 | |||||||||||||||||||
Tangible book value per common share (1) | $ | 22.67 | $ | 23.30 | $ | 23.22 | $ | 21.76 | $ | 19.92 | |||||||||||||||||||
Shares outstanding | 33,263,324 | 33,259,260 | 33,195,250 | 33,331,513 | 33,332,189 | ||||||||||||||||||||||||
Weighted average shares | 33,262,798 | 33,219,168 | 33,295,750 | 33,330,029 | 33,348,322 | ||||||||||||||||||||||||
Weighted average diluted shares | 33,319,291 | 33,301,548 | 33,437,680 | 33,467,393 | 33,463,364 | ||||||||||||||||||||||||
Credit Quality | |||||||||||||||||||||||||||||
Allowance for credit losses to gross loans | 1.73 | % | 1.80 | % | 1.69 | % | 1.64 | % | 1.61 | % | |||||||||||||||||||
Loans past due 30 days or more | $ | 8,072 | $ | 9,483 | $ | 7,891 | $ | 4,947 | $ | 6,471 | |||||||||||||||||||
Total nonperforming loans | $ | 29,799 | $ | 37,592 | $ | 16,025 | $ | 21,321 | $ | 17,471 | |||||||||||||||||||
Total nonperforming assets | $ | 32,651 | $ | 40,506 | $ | 19,464 | $ | 24,760 | $ | 20,912 | |||||||||||||||||||
Loans charged-off | $ | 5,357 | $ | 276 | $ | 1,758 | $ | 174 | $ | 267 | |||||||||||||||||||
Loans recovered | $ | 720 | $ | 218 | $ | 170 | $ | 66 | $ | 311 | |||||||||||||||||||
Selected Financial Ratios | |||||||||||||||||||||||||||||
Return on average total assets | 1.23 | % | 1.01 | % | 1.47 | % | 1.45 | % | 1.46 | % | |||||||||||||||||||
Return on average equity | 10.91 | % | 8.98 | % | 13.36 | % | 14.19 | % | 13.78 | % | |||||||||||||||||||
Average yield on loans, excluding PPP | 5.52 | % | 5.38 | % | 5.21 | % | 5.10 | % | 4.87 | % | |||||||||||||||||||
Average yield on interest-earning assets | 4.94 | % | 4.78 | % | 4.64 | % | 4.52 | % | 4.12 | % | |||||||||||||||||||
Average rate on interest-bearing deposits | 1.36 | % | 0.95 | % | 0.43 | % | 0.18 | % | 0.08 | % | |||||||||||||||||||
Average cost of total deposits | 0.86 | % | 0.58 | % | 0.25 | % | 0.10 | % | 0.04 | % | |||||||||||||||||||
Average cost of total deposits and other borrowings | 1.05 | % | 0.80 | % | 0.38 | % | 0.12 | % | 0.04 | % | |||||||||||||||||||
Average rate on borrowings & subordinated debt | 4.96 | % | 4.92 | % | 4.74 | % | 4.07 | % | 3.60 | % | |||||||||||||||||||
Average rate on interest-bearing liabilities | 1.71 | % | 1.37 | % | 0.74 | % | 0.32 | % | 0.17 | % | |||||||||||||||||||
Net interest margin (fully tax-equivalent) (1) | 3.88 | % | 3.96 | % | 4.21 | % | 4.34 | % | 4.02 | % | |||||||||||||||||||
Loans to deposits | 83.76 | % | 80.55 | % | 80.02 | % | 77.45 | % | 72.95 | % | |||||||||||||||||||
Efficiency ratio | 55.59 | % | 58.69 | % | 50.29 | % | 51.81 | % | 49.63 | % | |||||||||||||||||||
Supplemental Loan Interest Income Data | |||||||||||||||||||||||||||||
Discount accretion on acquired loans | $ | 1,324 | $ | 1,471 | $ | 1,397 | $ | 1,751 | $ | 714 | |||||||||||||||||||
All other loan interest income (excluding PPP) (1) | $ | 90,381 | $ | 85,272 | $ | 81,013 | $ | 79,989 | $ | 74,929 | |||||||||||||||||||
Total loan interest income (excluding PPP) (1) | $ | 91,705 | $ | 86,743 | $ | 82,410 | $ | 81,740 | $ | 75,643 |
Balance Sheet Data | September 30, 2023 |
June 30, 2023 |
March 31, 2023 |
December 31, 2022 |
September 30, 2022 |
||||||||||||||||||||||||
Cash and due from banks | $ | 111,099 | $ | 118,792 | $ | 110,335 | $ | 107,230 | $ | 246,509 | |||||||||||||||||||
Securities, available for sale, net | 2,176,854 | 2,323,011 | 2,408,452 | 2,455,036 | 2,482,857 | ||||||||||||||||||||||||
Securities, held to maturity, net | 139,058 | 145,117 | 152,067 | 160,983 | 168,038 | ||||||||||||||||||||||||
Restricted equity securities | 17,250 | 17,250 | 17,250 | 17,250 | 17,250 | ||||||||||||||||||||||||
Loans held for sale | 644 | 1,058 | 226 | 1,846 | 247 | ||||||||||||||||||||||||
Loans: | |||||||||||||||||||||||||||||
Commercial real estate | 4,367,445 | 4,343,924 | 4,353,959 | 4,359,083 | 4,238,930 | ||||||||||||||||||||||||
Consumer | 1,288,810 | 1,252,225 | 1,233,797 | 1,240,743 | 1,217,297 | ||||||||||||||||||||||||
Commercial and industrial | 599,757 | 576,247 | 553,098 | 569,921 | 534,960 | ||||||||||||||||||||||||
Construction | 320,963 | 278,425 | 225,996 | 211,560 | 243,571 | ||||||||||||||||||||||||
Agriculture production | 123,472 | 61,337 | 47,062 | 61,414 | 71,599 | ||||||||||||||||||||||||
Leases | 8,219 | 8,582 | 8,509 | 7,726 | 7,933 | ||||||||||||||||||||||||
Total loans, gross | 6,708,666 | 6,520,740 | 6,422,421 | 6,450,447 | 6,314,290 | ||||||||||||||||||||||||
Allowance for credit losses | (115,812) | (117,329) | (108,407) | (105,680) | (101,488) | ||||||||||||||||||||||||
Total loans, net | 6,592,854 | 6,403,411 | 6,314,014 | 6,344,767 | 6,212,802 | ||||||||||||||||||||||||
Premises and equipment | 71,760 | 72,619 | 72,096 | 72,327 | 73,266 | ||||||||||||||||||||||||
Cash value of life insurance | 136,016 | 135,332 | 134,544 | 133,742 | 132,933 | ||||||||||||||||||||||||
Accrued interest receivable | 34,595 | 32,835 | 31,388 | 31,856 | 27,070 | ||||||||||||||||||||||||
Goodwill | 304,442 | 304,442 | 304,442 | 304,442 | 307,942 | ||||||||||||||||||||||||
Other intangible assets | 11,768 | 13,358 | 15,014 | 16,670 | 18,372 | ||||||||||||||||||||||||
Operating leases, right-of-use | 27,363 | 29,140 | 30,000 | 26,862 | 26,622 | ||||||||||||||||||||||||
Other assets | 273,303 | 257,056 | 252,566 | 257,975 | 262,971 | ||||||||||||||||||||||||
Total assets | $ | 9,897,006 | $ | 9,853,421 | $ | 9,842,394 | $ | 9,930,986 | $ | 9,976,879 | |||||||||||||||||||
Deposits: | |||||||||||||||||||||||||||||
Noninterest-bearing demand deposits | $ | 2,857,512 | $ | 3,073,353 | $ | 3,236,696 | $ | 3,502,095 | $ | 3,678,202 | |||||||||||||||||||
Interest-bearing demand deposits | 1,746,882 | 1,751,998 | 1,635,706 | 1,718,541 | 1,749,123 | ||||||||||||||||||||||||
Savings deposits | 2,816,816 | 2,778,118 | 2,807,796 | 2,884,378 | 2,924,674 | ||||||||||||||||||||||||
Time certificates | 588,433 | 491,896 | 345,667 | 223,999 | 303,770 | ||||||||||||||||||||||||
Total deposits | 8,009,643 | 8,095,365 | 8,025,865 | 8,329,013 | 8,655,769 | ||||||||||||||||||||||||
Accrued interest payable | 6,688 | 3,655 | 1,643 | 1,167 | 853 | ||||||||||||||||||||||||
Operating lease liability | 29,527 | 31,377 | 32,228 | 29,004 | 28,717 | ||||||||||||||||||||||||
Other liabilities | 141,692 | 136,464 | 157,222 | 159,741 | 153,110 | ||||||||||||||||||||||||
Other borrowings | 537,975 | 392,714 | 434,140 | 264,605 | 47,068 | ||||||||||||||||||||||||
Junior subordinated debt | 101,080 | 101,065 | 101,051 | 101,040 | 101,024 | ||||||||||||||||||||||||
Total liabilities | 8,826,605 | 8,760,640 | 8,752,149 | 8,884,570 | 8,986,541 | ||||||||||||||||||||||||
Common stock | 696,369 | 695,305 | 695,168 | 697,448 | 696,348 | ||||||||||||||||||||||||
Retained earnings | 599,448 | 578,852 | 564,538 | 542,873 | 516,699 | ||||||||||||||||||||||||
Accum. other comprehensive loss, net of tax | (225,416) | (181,376) | (169,461) | (193,905) | (222,709) | ||||||||||||||||||||||||
Total shareholders’ equity | $ | 1,070,401 | $ | 1,092,781 | $ | 1,090,245 | $ | 1,046,416 | $ | 990,338 | |||||||||||||||||||
Quarterly Average Balance Data | |||||||||||||||||||||||||||||
Average loans, excluding PPP | $ | 6,596,116 | $ | 6,465,903 | $ | 6,412,386 | $ | 6,357,250 | $ | 6,162,267 | |||||||||||||||||||
Average interest-earning assets | $ | 9,053,389 | $ | 9,022,064 | $ | 9,028,061 | $ | 9,076,450 | $ | 9,320,152 | |||||||||||||||||||
Average total assets | $ | 9,874,240 | $ | 9,848,191 | $ | 9,878,927 | $ | 9,932,931 | $ | 10,131,118 | |||||||||||||||||||
Average deposits | $ | 8,043,101 | $ | 7,981,515 | $ | 8,218,576 | $ | 8,545,172 | $ | 8,752,215 | |||||||||||||||||||
Average borrowings and subordinated debt | $ | 550,344 | $ | 578,312 | $ | 378,676 | $ | 186,957 | $ | 139,919 | |||||||||||||||||||
Average total equity | $ | 1,112,404 | $ | 1,112,223 | $ | 1,087,473 | $ | 1,016,468 | $ | 1,074,776 | |||||||||||||||||||
Capital Ratio Data | |||||||||||||||||||||||||||||
Total risk-based capital ratio | 14.5 | % | 14.5 | % | 14.5 | % | 14.2 | % | 14.0 | % | |||||||||||||||||||
Tier 1 capital ratio | 12.7 | % | 12.7 | % | 12.7 | % | 12.4 | % | 12.2 | % | |||||||||||||||||||
Tier 1 common equity ratio | 12.0 | % | 12.0 | % | 12.0 | % | 11.7 | % | 11.4 | % | |||||||||||||||||||
Tier 1 leverage ratio | 10.6 | % | 10.4 | % | 10.2 | % | 10.1 | % | 9.6 | % | |||||||||||||||||||
Tangible capital ratio (1) | 7.9 | % | 8.1 | % | 8.1 | % | 7.6 | % | 6.9 | % |
Three months ended | Nine months ended | ||||||||||||||||||||||||||||
(dollars in thousands) | September 30, 2023 |
June 30, 2023 |
September 30, 2022 |
September 30, 2023 |
September 30, 2022 |
||||||||||||||||||||||||
Net interest margin | |||||||||||||||||||||||||||||
Acquired loans discount accretion, net: | |||||||||||||||||||||||||||||
Amount (included in interest income) | $1,324 | $1,471 | $714 | $4,192 | $3,714 | ||||||||||||||||||||||||
Effect on average loan yield | 0.08 | % | 0.09 | % | 0.05 | % | 0.09 | % | 0.09 | % | |||||||||||||||||||
Effect on net interest margin (FTE) | 0.06 | % | 0.07 | % | 0.03 | % | 0.06 | % | 0.06 | % | |||||||||||||||||||
Net interest margin (FTE) | 3.88 | % | 3.96 | % | 4.02 | % | 4.01 | % | 3.71 | % | |||||||||||||||||||
Net interest margin less effect of acquired loan discount accretion (Non-GAAP) | 3.82 | % | 3.89 | % | 3.99 | % | 3.95 | % | 3.65 | % | |||||||||||||||||||
PPP loans yield, net: | |||||||||||||||||||||||||||||
Amount (included in interest income) | $2 | $4 | $313 | $11 | $2,374 | ||||||||||||||||||||||||
Effect on net interest margin (FTE) | — | % | — | % | 0.01 | % | — | % | 0.02 | % | |||||||||||||||||||
Net interest margin less effect of PPP loan yield (Non-GAAP) | 3.88 | % | 3.96 | % | 4.02 | % | 4.01 | % | 3.69 | % | |||||||||||||||||||
Acquired loan discount accretion and PPP loan yield, net: | |||||||||||||||||||||||||||||
Amount (included in interest income) | $1,326 | $1,475 | $1,027 | $4,203 | $6,088 | ||||||||||||||||||||||||
Effect on net interest margin (FTE) | 0.06 | % | 0.07 | % | 0.04 | % | 0.06 | % | 0.08 | % | |||||||||||||||||||
Net interest margin less effect of acquired loan discount accretion and PPP yields, net (Non-GAAP) | 3.82 | % | 3.89 | % | 3.98 | % | 3.95 | % | 3.63 | % |
Three months ended | Nine months ended | ||||||||||||||||||||||||||||
(dollars in thousands) | September 30, 2023 |
June 30, 2023 |
September 30, 2022 |
September 30, 2023 |
September 30, 2022 |
||||||||||||||||||||||||
Pre-tax pre-provision return on average assets or equity | |||||||||||||||||||||||||||||
Net income (GAAP) | $30,590 | $24,892 | $37,338 | $91,315 | $89,076 | ||||||||||||||||||||||||
Exclude provision for income taxes | 11,484 | 8,557 | 14,148 | 33,190 | 33,765 | ||||||||||||||||||||||||
Exclude provision for credit losses | 4,155 | 9,650 | 3,795 | 18,000 | 14,225 | ||||||||||||||||||||||||
Net income before income tax and provision expense (Non-GAAP) | $46,229 | $43,099 | $55,281 | $142,505 | $137,066 | ||||||||||||||||||||||||
Average assets (GAAP) | $9,874,240 | $9,848,191 | $10,131,118 | $9,867,099 | $9,682,198 | ||||||||||||||||||||||||
Average equity (GAAP) | $1,112,404 | $1,112,223 | $1,074,776 | $1,104,122 | $1,058,938 | ||||||||||||||||||||||||
Return on average assets (GAAP) (annualized) | 1.23 | % | 1.01 | % | 1.46 | % | 1.24 | % | 1.23 | % | |||||||||||||||||||
Pre-tax pre-provision return on average assets (Non-GAAP) (annualized) | 1.86 | % | 1.76 | % | 2.16 | % | 1.93 | % | 1.89 | % | |||||||||||||||||||
Return on average equity (GAAP) (annualized) | 10.91 | % | 8.98 | % | 13.78 | % | 11.06 | % | 11.25 | % | |||||||||||||||||||
Pre-tax pre-provision return on average equity (Non-GAAP) (annualized) | 16.49 | % | 15.54 | % | 20.41 | % | 17.26 | % | 17.31 | % |
Three months ended | Nine months ended | ||||||||||||||||||||||||||||
(dollars in thousands) | September 30, 2023 |
June 30, 2023 |
September 30, 2022 |
September 30, 2023 |
September 30, 2022 |
||||||||||||||||||||||||
Return on tangible common equity | |||||||||||||||||||||||||||||
Average total shareholders' equity | $1,112,404 | $1,112,223 | $1,074,776 | $1,104,122 | $1,058,938 | ||||||||||||||||||||||||
Exclude average goodwill | 304,442 | 304,442 | 307,942 | 304,442 | 281,151 | ||||||||||||||||||||||||
Exclude average other intangibles | 12,563 | 14,716 | 19,433 | 14,219 | 17,717 | ||||||||||||||||||||||||
Average tangible common equity (Non-GAAP) | $795,399 | $793,065 | $747,401 | $785,461 | $760,070 | ||||||||||||||||||||||||
Net income (GAAP) | $30,590 | $24,892 | $37,338 | $91,315 | $89,076 | ||||||||||||||||||||||||
Exclude amortization of intangible assets, net of tax effect | 1,120 | 1,166 | 1,199 | 3,453 | 3,263 | ||||||||||||||||||||||||
Tangible net income available to common shareholders (Non-GAAP) | $31,710 | $26,058 | $38,537 | $94,768 | $92,339 | ||||||||||||||||||||||||
Return on average equity | 10.91 | % | 8.98 | % | 13.78 | % | 11.06 | % | 11.25 | % | |||||||||||||||||||
Return on average tangible common equity (Non-GAAP) | 15.82 | % | 13.18 | % | 20.46 | % | 16.13 | % | 16.24 | % |
Three months ended | |||||||||||||||||||||||||||||
(dollars in thousands) | September 30, 2023 |
June 30, 2023 |
March 31, 2023 |
December 31, 2022 |
September 30, 2022 |
||||||||||||||||||||||||
Tangible shareholders' equity to tangible assets | |||||||||||||||||||||||||||||
Shareholders' equity (GAAP) | $1,070,401 | $1,092,781 | $1,090,245 | $1,046,416 | $990,338 | ||||||||||||||||||||||||
Exclude goodwill and other intangible assets, net | 316,210 | 317,800 | 319,456 | 321,112 | 326,314 | ||||||||||||||||||||||||
Tangible shareholders' equity (Non-GAAP) | $754,191 | $774,981 | $770,789 | $725,304 | $664,024 | ||||||||||||||||||||||||
Total assets (GAAP) | $9,897,006 | $9,853,421 | $9,842,394 | $9,930,986 | $9,976,879 | ||||||||||||||||||||||||
Exclude goodwill and other intangible assets, net | 316,210 | 317,800 | 319,456 | 321,112 | 326,314 | ||||||||||||||||||||||||
Total tangible assets (Non-GAAP) | $9,580,796 | $9,535,621 | $9,522,938 | $9,609,874 | $9,650,565 | ||||||||||||||||||||||||
Shareholders' equity to total assets (GAAP) | 10.82 | % | 11.09 | % | 11.08 | % | 10.54 | % | 9.93 | % | |||||||||||||||||||
Tangible shareholders' equity to tangible assets (Non-GAAP) | 7.87 | % | 8.13 | % | 8.09 | % | 7.55 | % | 6.88 | % |
Three months ended | |||||||||||||||||||||||||||||
(dollars in thousands) | September 30, 2023 |
June 30, 2023 |
March 31, 2023 |
December 31, 2022 |
September 30, 2022 |
||||||||||||||||||||||||
Tangible common shareholders' equity per share | |||||||||||||||||||||||||||||
Tangible shareholders' equity (Non-GAAP) | $754,191 | $774,981 | $770,789 | $725,304 | $664,024 | ||||||||||||||||||||||||
Common shares outstanding at end of period | 33,263,324 | 33,259,260 | 33,195,250 | 33,331,513 | 33,332,189 | ||||||||||||||||||||||||
Common shareholders' equity (book value) per share (GAAP) | $32.18 | $32.86 | $32.84 | $31.39 | $29.71 | ||||||||||||||||||||||||
Tangible common shareholders' equity (tangible book value) per share (Non-GAAP) | $22.67 | $23.30 | $23.22 | $21.76 | $19.92 |