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: January 25, 2024 |
/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 | |||||||||||||||||||||||
December 31, | September 30, | ||||||||||||||||||||||
(dollars and shares in thousands, except per share data) | 2023 | 2023 | $ Change | % Change | |||||||||||||||||||
Net interest income | $ | 86,617 | $ | 88,123 | $ | (1,506) | (1.7) | % | |||||||||||||||
Provision for credit losses | (5,990) | (4,155) | (1,835) | 44.2 | % | ||||||||||||||||||
Noninterest income | 16,040 | 15,984 | 56 | 0.4 | % | ||||||||||||||||||
Noninterest expense | (60,267) | (57,878) | (2,389) | 4.1 | % | ||||||||||||||||||
Provision for income taxes | (10,325) | (11,484) | 1,159 | (10.1) | % | ||||||||||||||||||
Net income | $ | 26,075 | $ | 30,590 | $ | (4,515) | (14.8) | % | |||||||||||||||
Diluted earnings per share | $ | 0.78 | $ | 0.92 | $ | (0.14) | (15.2) | % | |||||||||||||||
Dividends per share | $ | 0.30 | $ | 0.30 | $ | — | — | % | |||||||||||||||
Average common shares | 33,267 | 33,263 | 4 | — | % | ||||||||||||||||||
Average diluted common shares | 33,352 | 33,319 | 33 | 0.1 | % | ||||||||||||||||||
Return on average total assets | 1.05 | % | 1.23 | % | |||||||||||||||||||
Return on average equity | 9.43 | % | 10.91 | % | |||||||||||||||||||
Efficiency ratio | 58.71 | % | 55.59 | % |
Three months ended December 31, |
|||||||||||||||||||||||
(dollars and shares in thousands, except per share data) | 2023 | 2022 | $ Change | % Change | |||||||||||||||||||
Net interest income | $ | 86,617 | $ | 98,900 | $ | (12,283) | (12.4) | % | |||||||||||||||
Provision for credit losses | (5,990) | (4,245) | (1,745) | 41.1 | % | ||||||||||||||||||
Noninterest income | 16,040 | 15,880 | 160 | 1.0 | % | ||||||||||||||||||
Noninterest expense | (60,267) | (59,469) | (798) | 1.3 | % | ||||||||||||||||||
Provision for income taxes | (10,325) | (14,723) | 4,398 | (29.9) | % | ||||||||||||||||||
Net income | $ | 26,075 | $ | 36,343 | $ | (10,268) | (28.3) | % | |||||||||||||||
Diluted earnings per share | $ | 0.78 | $ | 1.09 | $ | (0.31) | (28.4) | % | |||||||||||||||
Dividends per share | $ | 0.30 | $ | 0.30 | $ | — | — | % | |||||||||||||||
Average common shares | 33,267 | 33,330 | (63) | (0.2) | % | ||||||||||||||||||
Average diluted common shares | 33,352 | 33,467 | (115) | (0.3) | % | ||||||||||||||||||
Return on average total assets | 1.05 | % | 1.45 | % | |||||||||||||||||||
Return on average equity | 9.43 | % | 14.19 | % | |||||||||||||||||||
Efficiency ratio | 58.71 | % | 51.81 | % |
Twelve months ended December 31, |
|||||||||||||||||||||||
(dollars and shares in thousands) | 2023 | 2022 | $ Change | % Change | |||||||||||||||||||
Net interest income | $ | 356,677 | $ | 345,976 | $ | 10,701 | 3.1 | % | |||||||||||||||
Provision for credit losses | (23,990) | (18,470) | (5,520) | 29.9 | % | ||||||||||||||||||
Noninterest income | 61,400 | 63,046 | (1,646) | (2.6) | % | ||||||||||||||||||
Noninterest expense | (233,182) | (216,645) | (16,537) | 7.6 | % | ||||||||||||||||||
Provision for income taxes | (43,515) | (48,488) | 4,973 | (10.3) | % | ||||||||||||||||||
Net income | $ | 117,390 | $ | 125,419 | $ | (8,029) | (6.4) | % | |||||||||||||||
Diluted earnings per share | $ | 3.52 | $ | 3.83 | $ | (0.31) | (8.1) | % | |||||||||||||||
Dividends per share | $ | 1.20 | $ | 1.10 | $ | 0.10 | 9.1 | % | |||||||||||||||
Average common shares | 33,261 | 32,584 | 677 | 2.1 | % | ||||||||||||||||||
Average diluted common shares | 33,355 | 32,721 | 634 | 1.9 | % | ||||||||||||||||||
Return on average total assets | 1.19 | % | 1.28 | % | |||||||||||||||||||
Return on average equity | 10.65 | % | 11.67 | % | |||||||||||||||||||
Efficiency ratio | 55.77 | % | 52.97 | % |
Ending balances | December 31, | September 30, | Annualized % Change |
||||||||||||||||||||
(dollars in thousands) | 2023 | 2023 | $ Change | ||||||||||||||||||||
Total assets | $ | 9,910,089 | $ | 9,897,006 | $ | 13,083 | 0.5 | % | |||||||||||||||
Total loans | 6,794,470 | 6,708,666 | 85,804 | 5.1 | |||||||||||||||||||
Total investments | 2,305,882 | 2,333,162 | (27,280) | (4.7) | |||||||||||||||||||
Total deposits | 7,834,038 | 8,009,643 | (175,605) | (8.8) | |||||||||||||||||||
Total other borrowings | 632,582 | 537,975 | 94,607 | 70.3 |
Quarterly average balances for the period ended | December 31, | September 30, | Annualized % Change |
||||||||||||||||||||
(dollars in thousands) | 2023 | 2023 | $ Change | ||||||||||||||||||||
Total assets | $ | 9,879,355 | $ | 9,874,240 | $ | 5,115 | 0.2 | % | |||||||||||||||
Total loans | 6,746,153 | 6,597,400 | 148,753 | 9.0 | |||||||||||||||||||
Total investments | 2,277,985 | 2,429,335 | (151,350) | (24.9) | |||||||||||||||||||
Total deposits | 7,990,993 | 8,043,101 | (52,108) | (2.6) | |||||||||||||||||||
Total other borrowings | 515,959 | 449,274 | 66,685 | 59.4 |
Ending balances | As of December 31, | % Change | |||||||||||||||||||||
(dollars in thousands) | 2023 | 2022 | $ Change | ||||||||||||||||||||
Total assets | $ | 9,910,089 | $ | 9,930,986 | $ | (20,897) | (0.2) | % | |||||||||||||||
Total loans | 6,794,470 | 6,450,447 | 344,023 | 5.3 | |||||||||||||||||||
Total loans, excluding PPP | 6,793,388 | 6,448,845 | 344,543 | 5.3 | |||||||||||||||||||
Total investments | 2,305,882 | 2,633,269 | (327,387) | (12.4) | |||||||||||||||||||
Total deposits | 7,834,038 | 8,329,013 | (494,975) | (5.9) | |||||||||||||||||||
Total other borrowings | 632,582 | 264,605 | 367,977 | 139.1 |
(dollars in thousands) | December 31, 2023 | September 30, 2023 | December 31, 2022 | ||||||||||||||
Borrowing capacity at correspondent banks and FRB | $ | 2,921,525 | $ | 2,927,065 | $ | 2,815,574 | |||||||||||
Less: borrowings outstanding | (600,000) | (500,000) | (216,700) | ||||||||||||||
Unpledged available-for-sale (AFS) investment securities |
1,558,506 | 1,702,265 | 1,990,451 | ||||||||||||||
Cash held or in transit with FRB |
51,253 | 72,049 | 56,910 | ||||||||||||||
Total primary liquidity | $ | 3,931,284 | $ | 4,201,379 | $ | 4,646,235 |
Estimated uninsured deposit balances | $ | 2,371,000 | $ | 2,407,000 | $ | 2,701,000 |
Three months ended | |||||||||||||||||||||||
December 31, | September 30, | ||||||||||||||||||||||
(dollars in thousands) | 2023 | 2023 | Change | % Change | |||||||||||||||||||
Interest income | $ | 115,909 | $ | 112,380 | $ | 3,529 | 3.1 | % | |||||||||||||||
Interest expense | (29,292) | (24,257) | (5,035) | 20.8 | % | ||||||||||||||||||
Fully tax-equivalent adjustment (FTE) (1) |
360 | 405 | (45) | (11.1) | % | ||||||||||||||||||
Net interest income (FTE) | $ | 86,977 | $ | 88,528 | $ | (1,551) | (1.8) | % | |||||||||||||||
Net interest margin (FTE) | 3.81 | % | 3.88 | % | |||||||||||||||||||
Acquired loans discount accretion, net: | |||||||||||||||||||||||
Amount (included in interest income) | $ | 1,459 | $ | 1,324 | $ | 135 | 10.2 | % | |||||||||||||||
Net interest margin less effect of acquired loan discount accretion(1) |
3.75 | % | 3.82 | % | (0.07) | % | |||||||||||||||||
PPP loans yield, net: | |||||||||||||||||||||||
Amount (included in interest income) | $ | 1 | $ | 2 | $ | (1) | (50.0) | % | |||||||||||||||
Net interest margin less effect of PPP loan yield (1) |
3.81 | % | 3.88 | % | (0.07) | % | |||||||||||||||||
Acquired loans discount accretion and PPP loan yield, net: |
|||||||||||||||||||||||
Amount (included in interest income) | $ | 1,460 | $ | 1,326 | $ | 134 | 10.1 | % | |||||||||||||||
Net interest margin less effect of acquired loan discount accretion and PPP loan yield (1) |
3.75 | % | 3.82 | % | (0.07) | % |
Three months ended December 31, |
|||||||||||||||||||||||
(dollars in thousands) | 2023 | 2022 | Change | % Change | |||||||||||||||||||
Interest income | $ | 115,909 | $ | 102,989 | $ | 12,920 | 12.5 | % | |||||||||||||||
Interest expense | (29,292) | (4,089) | (25,203) | 616.4 | % | ||||||||||||||||||
Fully tax-equivalent adjustment (FTE) (1) |
360 | 440 | (80) | (18.2) | % | ||||||||||||||||||
Net interest income (FTE) | $ | 86,977 | $ | 99,340 | $ | (12,363) | (12.4) | % | |||||||||||||||
Net interest margin (FTE) | 3.81 | % | 4.34 | % | |||||||||||||||||||
Acquired loans discount accretion, net: | |||||||||||||||||||||||
Amount (included in interest income) | $ | 1,459 | $ | 1,751 | $ | (292) | (16.7) | % | |||||||||||||||
Net interest margin less effect of acquired loan discount accretion(1) |
3.75 | % | 4.27 | % | (0.52) | % | |||||||||||||||||
PPP loans yield, net: | |||||||||||||||||||||||
Amount (included in interest income) | $ | 1 | $ | 16 | $ | (15) | (93.8) | % | |||||||||||||||
Net interest margin less effect of PPP loan yield (1) |
3.81 | % | 4.34 | % | (0.53) | % | |||||||||||||||||
Acquired loans discount accretion and PPP loan yield, net: |
|||||||||||||||||||||||
Amount (included in interest income) | $ | 1,460 | $ | 1,767 | $ | (307) | (17.4) | % | |||||||||||||||
Net interest margin less effect of acquired loan discount accretion and PPP loan yield (1) |
3.75 | % | 4.27 | % | (0.52) | % | |||||||||||||||||
Twelve months ended December 31, |
|||||||||||||||||||||||
(dollars in thousands) | 2023 | 2022 | Change | % Change | |||||||||||||||||||
Interest income | $ | 438,354 | $ | 355,505 | $ | 82,849 | 23.3 | % | |||||||||||||||
Interest expense | (81,677) | (9,529) | (72,148) | 757.1 | % | ||||||||||||||||||
Fully tax-equivalent adjustment (FTE) (1) |
1,536 | 1,560 | (24) | (1.5) | % | ||||||||||||||||||
Net interest income (FTE) | $ | 358,213 | $ | 347,536 | $ | 10,677 | 3.1 | % | |||||||||||||||
Net interest margin (FTE) | 3.96 | % | 3.88 | % | |||||||||||||||||||
Acquired loans discount accretion, net: | |||||||||||||||||||||||
Amount (included in interest income) | $ | 5,651 | $ | 5,465 | $ | 186 | 3.4 | % | |||||||||||||||
Net interest margin less effect of acquired loan discount accretion(1) |
3.90 | % | 3.81 | % | 0.09 | % | |||||||||||||||||
PPP loans yield, net: | |||||||||||||||||||||||
Amount (included in interest income) | $ | 12 | $ | 2,390 | $ | (2,378) | (99.5) | % | |||||||||||||||
Net interest margin less effect of PPP loan yield (1) |
3.96 | % | 3.86 | % | 0.10 | % | |||||||||||||||||
Acquired loans discount accretion and PPP loan yield, net: |
|||||||||||||||||||||||
Amount (included in interest income) | $ | 5,663 | $ | 7,855 | $ | (2,192) | (27.9) | % | |||||||||||||||
Net interest margin less effect of acquired loans discount and PPP loan yield (1) |
3.90 | % | 3.80 | % | 0.10 | % |
Three months ended | Three months ended | Three months ended | |||||||||||||||||||||||||||||||||||||||||||||||||||
December 31, 2023 | September 30, 2023 | December 31, 2022 | |||||||||||||||||||||||||||||||||||||||||||||||||||
Average Balance |
Income/ Expense |
Yield/ Rate |
Average Balance |
Income/ Expense |
Yield/ Rate |
Average Balance |
Income/ Expense |
Yield/ Rate |
|||||||||||||||||||||||||||||||||||||||||||||
Assets | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Loans, excluding PPP | $ | 6,745,040 | $ | 95,840 | 5.64 | % | $ | 6,596,116 | $ | 91,705 | 5.52 | % | $ | 6,357,250 | $ | 81,740 | 5.10 | % | |||||||||||||||||||||||||||||||||||
PPP loans | 1,113 | 1 | 0.36 | % | 1,284 | 2 | 0.62 | % | 1,748 | 16 | 3.63 | % | |||||||||||||||||||||||||||||||||||||||||
Investments-taxable | 2,104,402 | 18,522 | 3.49 | % | 2,246,569 | 18,990 | 3.35 | % | 2,414,236 | 18,804 | 3.09 | % | |||||||||||||||||||||||||||||||||||||||||
Investments-nontaxable (1) |
173,583 | 1,561 | 3.57 | % | 182,766 | 1,755 | 3.81 | % | 209,826 | 1,906 | 3.60 | % | |||||||||||||||||||||||||||||||||||||||||
Total investments | 2,277,985 | 20,083 | 3.50 | % | 2,429,335 | 20,745 | 3.39 | % | 2,624,062 | 20,710 | 3.13 | % | |||||||||||||||||||||||||||||||||||||||||
Cash at Fed Reserve and other banks | 23,095 | 345 | 5.93 | % | 26,654 | 333 | 4.96 | % | 93,390 | 963 | 4.09 | % | |||||||||||||||||||||||||||||||||||||||||
Total earning assets | 9,047,233 | 116,269 | 5.10 | % | 9,053,389 | 112,785 | 4.94 | % | 9,076,450 | 103,429 | 4.52 | % | |||||||||||||||||||||||||||||||||||||||||
Other assets, net | 832,122 | 820,851 | 856,481 | ||||||||||||||||||||||||||||||||||||||||||||||||||
Total assets | $ | 9,879,355 | $ | 9,874,240 | $ | 9,932,931 | |||||||||||||||||||||||||||||||||||||||||||||||
Liabilities and shareholders’ equity | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Interest-bearing demand deposits | $ | 1,755,900 | $ | 4,714 | 1.07 | % | $ | 1,751,625 | $ | 3,916 | 0.89 | % | $ | 1,709,494 | $ | 150 | 0.03 | % | |||||||||||||||||||||||||||||||||||
Savings deposits | 2,765,679 | 10,828 | 1.55 | % | 2,790,197 | 9,526 | 1.35 | % | 2,921,935 | 1,815 | 0.25 | % | |||||||||||||||||||||||||||||||||||||||||
Time deposits | 652,709 | 5,564 | 3.38 | % | 535,715 | 3,937 | 2.92 | % | 251,218 | 205 | 0.32 | % | |||||||||||||||||||||||||||||||||||||||||
Total interest-bearing deposits | 5,174,288 | 21,106 | 1.62 | % | 5,077,537 | 17,379 | 1.36 | % | 4,882,647 | 2,170 | 0.18 | % | |||||||||||||||||||||||||||||||||||||||||
Other borrowings | 515,959 | 6,394 | 4.92 | % | 449,274 | 5,106 | 4.51 | % | 85,927 | 406 | 1.87 | % | |||||||||||||||||||||||||||||||||||||||||
Junior subordinated debt | 101,087 | 1,792 | 7.03 | % | 101,070 | 1,772 | 6.96 | % | 101,030 | 1,513 | 5.94 | % | |||||||||||||||||||||||||||||||||||||||||
Total interest-bearing liabilities | 5,791,334 | 29,292 | 2.01 | % | 5,627,881 | 24,257 | 1.71 | % | 5,069,604 | 4,089 | 0.32 | % | |||||||||||||||||||||||||||||||||||||||||
Noninterest-bearing deposits | 2,816,705 | 2,965,564 | 3,662,525 | ||||||||||||||||||||||||||||||||||||||||||||||||||
Other liabilities | 173,885 | 168,391 | 184,334 | ||||||||||||||||||||||||||||||||||||||||||||||||||
Shareholders’ equity | 1,097,431 | 1,112,404 | 1,016,468 | ||||||||||||||||||||||||||||||||||||||||||||||||||
Total liabilities and shareholders’ equity | $ | 9,879,355 | $ | 9,874,240 | $ | 9,932,931 | |||||||||||||||||||||||||||||||||||||||||||||||
Net interest rate spread (1) (2) |
3.09 | % | 3.23 | % | 4.20 | % | |||||||||||||||||||||||||||||||||||||||||||||||
Net interest income and margin (1) (3) |
$ | 86,977 | 3.81 | % | $ | 88,528 | 3.88 | % | $ | 99,340 | 4.34 | % |
Twelve months ended December 31, 2023 | Twelve months ended December 31, 2022 | ||||||||||||||||||||||||||||||||||
Average Balance |
Income/ Expense |
Yield/ Rate |
Average Balance |
Income/ Expense |
Yield/ Rate |
||||||||||||||||||||||||||||||
Assets | |||||||||||||||||||||||||||||||||||
Loans, excluding PPP | $ | 6,555,886 | $ | 356,698 | 5.44 | % | $ | 5,841,770 | $ | 282,985 | 4.84 | % | |||||||||||||||||||||||
PPP loans | 1,360 | 12 | 0.88 | % | 24,590 | 2,390 | 9.72 | % | |||||||||||||||||||||||||||
Investments-taxable | 2,272,301 | 75,203 | 3.31 | % | 2,459,032 | 60,499 | 2.46 | % | |||||||||||||||||||||||||||
Investments-nontaxable (1) |
181,766 | 6,656 | 3.66 | % | 190,339 | 6,759 | 3.55 | % | |||||||||||||||||||||||||||
Total investments | 2,454,067 | 81,859 | 3.34 | % | 2,649,371 | 67,258 | 2.54 | % | |||||||||||||||||||||||||||
Cash at Fed Reserve and other banks | 26,469 | 1,321 | 4.99 | % | 452,300 | 4,432 | 0.98 | % | |||||||||||||||||||||||||||
Total earning assets | 9,037,782 | 439,890 | 4.87 | % | 8,968,031 | 357,065 | 3.98 | % | |||||||||||||||||||||||||||
Other assets, net | 832,407 | 803,570 | |||||||||||||||||||||||||||||||||
Total assets | $ | 9,870,189 | $ | 9,771,601 | |||||||||||||||||||||||||||||||
Liabilities and shareholders’ equity | |||||||||||||||||||||||||||||||||||
Interest-bearing demand deposits | $ | 1,709,930 | $ | 11,190 | 0.65 | % | $ | 1,720,932 | $ | 452 | 0.03 | % | |||||||||||||||||||||||
Savings deposits | 2,805,424 | 31,444 | 1.12 | % | 2,878,189 | 3,356 | 0.12 | % | |||||||||||||||||||||||||||
Time deposits | 473,688 | 12,453 | 2.63 | % | 302,619 | 881 | 0.29 | % | |||||||||||||||||||||||||||
Total interest-bearing deposits | 4,989,042 | 55,087 | 1.10 | % | 4,901,740 | 4,689 | 0.10 | % | |||||||||||||||||||||||||||
Other borrowings | 430,736 | 19,712 | 4.58 | % | 33,410 | 421 | 1.26 | % | |||||||||||||||||||||||||||
Junior subordinated debt | 101,064 | 6,878 | 6.81 | % | 91,138 | 4,419 | 4.85 | % | |||||||||||||||||||||||||||
Total interest-bearing liabilities | 5,520,842 | 81,677 | 1.48 | % | 5,026,288 | 9,529 | 0.19 | % | |||||||||||||||||||||||||||
Noninterest-bearing deposits | 3,068,839 | 3,492,713 | |||||||||||||||||||||||||||||||||
Other liabilities | 178,072 | 178,163 | |||||||||||||||||||||||||||||||||
Shareholders’ equity | 1,102,436 | 1,074,437 | |||||||||||||||||||||||||||||||||
Total liabilities and shareholders’ equity | $ | 9,870,189 | $ | 9,771,601 | |||||||||||||||||||||||||||||||
Net interest rate spread (1) (2) |
3.39 | % | 3.79 | % | |||||||||||||||||||||||||||||||
Net interest income and margin (1) (3) |
$ | 358,213 | 3.96 | % | $ | 347,536 | 3.88 | % |
Three months ended | Twelve months ended | ||||||||||||||||||||||
(dollars in thousands) | December 31, 2023 | December 31, 2022 | December 31, 2023 | December 31, 2022 | |||||||||||||||||||
Addition to allowance for credit losses | $ | 6,040 | $ | 4,300 | $ | 22,455 | $ | 17,945 | |||||||||||||||
Addition to reserve for unfunded loan commitments |
(50) | (55) | 1,535 | 525 | |||||||||||||||||||
Total provision for credit losses | $ | 5,990 | $ | 4,245 | $ | 23,990 | $ | 18,470 |
Three months ended | Twelve months ended | ||||||||||||||||||||||
(dollars in thousands) | December 31, 2023 | December 31, 2022 | December 31, 2023 | December 31, 2022 | |||||||||||||||||||
Balance, beginning of period | $ | 115,812 | $ | 101,488 | $ | 105,680 | $ | 85,376 | |||||||||||||||
ACL at acquisition for PCD loans | — | — | — | 2,037 | |||||||||||||||||||
Provision for credit losses | 6,040 | 4,300 | 22,455 | 17,945 | |||||||||||||||||||
Loans charged-off | (749) | (174) | (8,140) | (1,585) | |||||||||||||||||||
Recoveries of previously charged-off loans | 419 | 66 | 1,527 | 1,907 | |||||||||||||||||||
Balance, end of period | $ | 121,522 | $ | 105,680 | $ | 121,522 | $ | 105,680 |
December 31, | % of Loans Outstanding | September 30, | % of Loans Outstanding | December 31, | % of Loans Outstanding | |||||||||||||||||||||
(dollars in thousands) | 2023 | 2023 | 2022 | |||||||||||||||||||||||
Risk Rating: | ||||||||||||||||||||||||||
Pass | $ | 6,603,161 | 97.2 | % | $ | 6,532,424 | 97.4 | % | $ | 6,251,945 | 96.9 | % | ||||||||||||||
Special Mention | 103,812 | 1.5 | % | 94,614 | 1.4 | % | 127,000 | 2.0 | % | |||||||||||||||||
Substandard | 87,497 | 1.3 | % | 81,628 | 1.2 | % | 71,502 | 1.1 | % | |||||||||||||||||
Total | $ | 6,794,470 | $ | 6,708,666 | $ | 6,450,447 | ||||||||||||||||||||
Classified loans to total loans | 1.29 | % | 1.22 | % | 1.11 | % | ||||||||||||||||||||
Loans past due 30+ days to total loans | 0.29 | % | 0.12 | % | 0.08 | % |
As of December 31, 2023 | As of September 30, 2023 | As of December 31, 2022 | |||||||||||||||||||||||||||||||||
(dollars in thousands) | Amount | % of Loans Outstanding | Amount | % of Loans Outstanding | Amount | % of Loans Outstanding | |||||||||||||||||||||||||||||
Commercial real estate: | |||||||||||||||||||||||||||||||||||
CRE - Non Owner Occupied | $ | 35,077 | 1.58 | % | $ | 33,723 | 1.55 | % | $ | 30,962 | 1.44 | % | |||||||||||||||||||||||
CRE - Owner Occupied | 15,081 | 1.58 | % | 14,503 | 1.51 | % | 14,014 | 1.42 | % | ||||||||||||||||||||||||||
Multifamily | 14,418 | 1.52 | % | 14,239 | 1.48 | % | 13,132 | 1.39 | % | ||||||||||||||||||||||||||
Farmland | 4,288 | 1.58 | % | 4,210 | 1.51 | % | 3,273 | 1.17 | % | ||||||||||||||||||||||||||
Total commercial real estate loans | 68,864 | 66,675 | 1.53 | % | 61,381 | 1.41 | % | ||||||||||||||||||||||||||||
Consumer: | |||||||||||||||||||||||||||||||||||
SFR 1-4 1st Liens | 14,009 | 1.59 | % | 13,535 | 1.56 | % | 11,268 | 1.43 | % | ||||||||||||||||||||||||||
SFR HELOCs and Junior Liens | 10,273 | 2.88 | % | 10,163 | 2.88 | % | 11,413 | 2.90 | % | ||||||||||||||||||||||||||
Other | 3,171 | 4.34 | % | 2,920 | 4.44 | % | 1,958 | 3.45 | % | ||||||||||||||||||||||||||
Total consumer loans | 27,453 | 26,618 | 2.07 | % | 24,639 | 1.99 | % | ||||||||||||||||||||||||||||
Commercial and Industrial | 12,750 | 2.17 | % | 12,290 | 2.05 | % | 13,597 | 2.39 | % | ||||||||||||||||||||||||||
Construction | 8,856 | 2.55 | % | 8,097 | 2.52 | % | 5,142 | 2.43 | % | ||||||||||||||||||||||||||
Agricultural Production | 3,589 | 2.48 | % | 2,125 | 1.72 | % | 906 | 1.48 | % | ||||||||||||||||||||||||||
Leases | 10 | 0.12 | % | 7 | 0.09 | % | 15 | 0.19 | % | ||||||||||||||||||||||||||
Allowance for credit losses | 121,522 | 1.79 | % | 115,812 | 1.73 | % | 105,680 | 1.64 | % | ||||||||||||||||||||||||||
Reserve for unfunded loan commitments | 5,850 | 5,900 | 4,315 | ||||||||||||||||||||||||||||||||
Total allowance for credit losses | $ | 127,372 | 1.87 | % | $ | 121,712 | 1.81 | % | $ | 109,995 | 1.71 | % |
Three months ended | |||||||||||||||||||||||
(dollars in thousands) | December 31, 2023 | September 30, 2023 | Change | % Change | |||||||||||||||||||
ATM and interchange fees | $ | 6,531 | $ | 6,728 | $ | (197) | (2.9) | % | |||||||||||||||
Service charges on deposit accounts | 4,732 | 4,851 | (119) | (2.5) | % | ||||||||||||||||||
Other service fees | 1,432 | 1,142 | 290 | 25.4 | % | ||||||||||||||||||
Mortgage banking service fees | 444 | 445 | (1) | (0.2) | % | ||||||||||||||||||
Change in value of mortgage servicing rights | (291) | (91) | (200) | 219.8 | % | ||||||||||||||||||
Total service charges and fees | 12,848 | 13,075 | (227) | (1.7) | % | ||||||||||||||||||
Increase in cash value of life insurance | 876 | 684 | 192 | 28.1 | % | ||||||||||||||||||
Asset management and commission income | 1,284 | 1,141 | 143 | 12.5 | % | ||||||||||||||||||
Gain on sale of loans | 283 | 382 | (99) | (25.9) | % | ||||||||||||||||||
Lease brokerage income | 109 | 160 | (51) | (31.9) | % | ||||||||||||||||||
Sale of customer checks | 292 | 396 | (104) | (26.3) | % | ||||||||||||||||||
Loss on sale of investment securities | (120) | — | (120) | n/a | |||||||||||||||||||
(Loss) gain on marketable equity securities | 117 | (81) | 198 | (244.4) | % | ||||||||||||||||||
Other income | 351 | 227 | 124 | 54.6 | % | ||||||||||||||||||
Total other non-interest income | 3,192 | 2,909 | 283 | 9.7 | % | ||||||||||||||||||
Total non-interest income | $ | 16,040 | $ | 15,984 | $ | 56 | 0.4 | % |
Three months ended December 31, | |||||||||||||||||||||||
(dollars in thousands) | 2023 | 2022 | Change | % Change | |||||||||||||||||||
ATM and interchange fees | $ | 6,531 | $ | 6,826 | $ | (295) | (4.3) | % | |||||||||||||||
Service charges on deposit accounts | 4,732 | 4,103 | 629 | 15.3 | % | ||||||||||||||||||
Other service fees | 1,432 | 1,091 | 341 | 31.3 | % | ||||||||||||||||||
Mortgage banking service fees | 444 | 465 | (21) | (4.5) | % | ||||||||||||||||||
Change in value of mortgage servicing rights | (291) | (142) | (149) | 104.9 | % | ||||||||||||||||||
Total service charges and fees | 12,848 | 12,343 | 505 | 4.1 | % | ||||||||||||||||||
Increase in cash value of life insurance | 876 | 809 | 67 | 8.3 | % | ||||||||||||||||||
Asset management and commission income | 1,284 | 1,040 | 244 | 23.5 | % | ||||||||||||||||||
Gain on sale of loans | 283 | 197 | 86 | 43.7 | % | ||||||||||||||||||
Lease brokerage income | 109 | 172 | (63) | (36.6) | % | ||||||||||||||||||
Sale of customer checks | 292 | 296 | (4) | (1.4) | % | ||||||||||||||||||
Loss on sale of investment securities | (120) | — | (120) | n/a | |||||||||||||||||||
Gain on marketable equity securities | 117 | 6 | 111 | 1,850.0 | % | ||||||||||||||||||
Other income | 351 | 1,017 | (666) | (65.5) | % | ||||||||||||||||||
Total other non-interest income | 3,192 | 3,537 | (345) | (9.8) | % | ||||||||||||||||||
Total non-interest income | $ | 16,040 | $ | 15,880 | $ | 160 | 1.0 | % |
Twelve months ended December 31, | |||||||||||||||||||||||
(dollars in thousands) | 2023 | 2022 | Change | % Change | |||||||||||||||||||
ATM and interchange fees | $ | 26,459 | $ | 26,767 | $ | (308) | (1.2) | % | |||||||||||||||
Service charges on deposit accounts | 17,595 | 16,536 | 1,059 | 6.4 | % | ||||||||||||||||||
Other service fees | 4,732 | 4,274 | 458 | 10.7 | % | ||||||||||||||||||
Mortgage banking service fees | 1,808 | 1,887 | (79) | (4.2) | % | ||||||||||||||||||
Change in value of mortgage servicing rights | (506) | 301 | (807) | (268.1) | % | ||||||||||||||||||
Total service charges and fees | 50,088 | 49,765 | 323 | 0.6 | % | ||||||||||||||||||
Increase in cash value of life insurance | 3,150 | 2,858 | 292 | 10.2 | % | ||||||||||||||||||
Asset management and commission income | 4,517 | 3,986 | 531 | 13.3 | % | ||||||||||||||||||
Gain on sale of loans | 1,166 | 2,342 | (1,176) | (50.2) | % | ||||||||||||||||||
Lease brokerage income | 441 | 820 | (379) | (46.2) | % | ||||||||||||||||||
Sale of customer checks | 1,383 | 1,167 | 216 | 18.5 | % | ||||||||||||||||||
Loss on sale of investment securities | (284) | — | (284) | n/a | |||||||||||||||||||
Gain (loss) on marketable equity securities | 36 | (340) | 376 | (110.6) | % | ||||||||||||||||||
Other income | 903 | 2,448 | (1,545) | (63.1) | % | ||||||||||||||||||
Total other non-interest income | 11,312 | 13,281 | (1,969) | (14.8) | % | ||||||||||||||||||
Total non-interest income | $ | 61,400 | $ | 63,046 | $ | (1,646) | (2.6) | % |
Three months ended | |||||||||||||||||||||||
(dollars in thousands) | December 31, 2023 | September 30, 2023 | Change | % Change | |||||||||||||||||||
Base salaries, net of deferred loan origination costs | $ | 23,889 | $ | 23,616 | $ | 273 | 1.2 | % | |||||||||||||||
Incentive compensation | 3,894 | 4,391 | (497) | (11.3) | % | ||||||||||||||||||
Benefits and other compensation costs | 6,272 | 6,456 | (184) | (2.9) | % | ||||||||||||||||||
Total salaries and benefits expense | 34,055 | 34,463 | (408) | (1.2) | % | ||||||||||||||||||
Occupancy | 4,036 | 3,948 | 88 | 2.2 | % | ||||||||||||||||||
Data processing and software | 5,017 | 5,246 | (229) | (4.4) | % | ||||||||||||||||||
Equipment | 1,322 | 1,503 | (181) | (12.0) | % | ||||||||||||||||||
Intangible amortization | 1,216 | 1,590 | (374) | (23.5) | % | ||||||||||||||||||
Advertising | 875 | 881 | (6) | (0.7) | % | ||||||||||||||||||
ATM and POS network charges | 1,863 | 1,606 | 257 | 16.0 | % | ||||||||||||||||||
Professional fees | 2,032 | 1,752 | 280 | 16.0 | % | ||||||||||||||||||
Telecommunications | 576 | 567 | 9 | 1.6 | % | ||||||||||||||||||
Regulatory assessments and insurance | 1,297 | 1,194 | 103 | 8.6 | % | ||||||||||||||||||
Postage | 320 | 306 | 14 | 4.6 | % | ||||||||||||||||||
Operational loss | 445 | 474 | (29) | (6.1) | % | ||||||||||||||||||
Courier service | 537 | 492 | 45 | 9.1 | % | ||||||||||||||||||
Loss (gain) on sale or acquisition of foreclosed assets | 19 | (152) | 171 | (112.5) | % | ||||||||||||||||||
Loss on disposal of fixed assets | 1 | 4 | (3) | (75.0) | % | ||||||||||||||||||
Other miscellaneous expense | 6,656 | 4,004 | 2,652 | 66.2 | % | ||||||||||||||||||
Total other non-interest expense | 26,212 | 23,415 | 2,797 | 11.9 | % | ||||||||||||||||||
Total non-interest expense | $ | 60,267 | $ | 57,878 | $ | 2,389 | 4.1 | % | |||||||||||||||
Average full-time equivalent staff | 1,211 | 1,215 | (4) | (0.3) | % |
Three months ended December 31, | |||||||||||||||||||||||
(dollars in thousands) | 2023 | 2022 | Change | % Change | |||||||||||||||||||
Base salaries, net of deferred loan origination costs | $ | 23,889 | $ | 22,099 | $ | 1,790 | 8.1 | % | |||||||||||||||
Incentive compensation | 3,894 | 6,211 | (2,317) | (37.3) | % | ||||||||||||||||||
Benefits and other compensation costs | 6,272 | 8,301 | (2,029) | (24.4) | % | ||||||||||||||||||
Total salaries and benefits expense | 34,055 | 36,611 | (2,556) | (7.0) | % | ||||||||||||||||||
Occupancy | 4,036 | 3,957 | 79 | 2.0 | % | ||||||||||||||||||
Data processing and software | 5,017 | 4,102 | 915 | 22.3 | % | ||||||||||||||||||
Equipment | 1,322 | 1,525 | (203) | (13.3) | % | ||||||||||||||||||
Intangible amortization | 1,216 | 1,702 | (486) | (28.6) | % | ||||||||||||||||||
Advertising | 875 | 1,249 | (374) | (29.9) | % | ||||||||||||||||||
ATM and POS network charges | 1,863 | 2,134 | (271) | (12.7) | % | ||||||||||||||||||
Professional fees | 2,032 | 1,111 | 921 | 82.9 | % | ||||||||||||||||||
Telecommunications | 576 | 638 | (62) | (9.7) | % | ||||||||||||||||||
Regulatory assessments and insurance | 1,297 | 815 | 482 | 59.1 | % | ||||||||||||||||||
Postage | 320 | 319 | 1 | 0.3 | % | ||||||||||||||||||
Operational loss | 445 | 235 | 210 | 89.4 | % | ||||||||||||||||||
Courier service | 537 | 616 | (79) | (12.8) | % | ||||||||||||||||||
Loss (gain) on sale or acquisition of foreclosed assets | 19 | (235) | 254 | (108.1) | % | ||||||||||||||||||
Loss (gain) on disposal of fixed assets | 1 | (1) | 2 | (200.0) | % | ||||||||||||||||||
Other miscellaneous expense | 6,656 | 4,691 | 1,965 | 41.9 | % | ||||||||||||||||||
Total other non-interest expense | 26,212 | 22,858 | 3,354 | 14.7 | % | ||||||||||||||||||
Total non-interest expense | $ | 60,267 | $ | 59,469 | $ | 798 | 1.3 | % | |||||||||||||||
Average full-time equivalent staff | 1,211 | 1,210 | 1 | 0.1 | % |
Twelve months ended December 31, | |||||||||||||||||||||||
(dollars in thousands) | 2023 | 2022 | Change | % Change | |||||||||||||||||||
Base salaries, net of deferred loan origination costs | $ | 94,564 | $ | 84,861 | $ | 9,703 | 11.4 | % | |||||||||||||||
Incentive compensation | 15,557 | 17,908 | (2,351) | (13.1) | % | ||||||||||||||||||
Benefits and other compensation costs | 25,674 | 27,083 | (1,409) | (5.2) | % | ||||||||||||||||||
Total salaries and benefits expense | 135,795 | 129,852 | 5,943 | 4.6 | % | ||||||||||||||||||
Occupancy | 16,135 | 15,493 | 642 | 4.1 | % | ||||||||||||||||||
Data processing and software | 18,933 | 14,660 | 4,273 | 29.1 | % | ||||||||||||||||||
Equipment | 5,644 | 5,733 | (89) | (1.6) | % | ||||||||||||||||||
Intangible amortization | 6,118 | 6,334 | (216) | (3.4) | % | ||||||||||||||||||
Advertising | 3,531 | 3,694 | (163) | (4.4) | % | ||||||||||||||||||
ATM and POS network charges | 7,080 | 6,984 | 96 | 1.4 | % | ||||||||||||||||||
Professional fees | 7,358 | 4,392 | 2,966 | 67.5 | % | ||||||||||||||||||
Telecommunications | 2,547 | 2,298 | 249 | 10.8 | % | ||||||||||||||||||
Regulatory assessments and insurance | 5,276 | 3,142 | 2,134 | 67.9 | % | ||||||||||||||||||
Merger and acquisition expenses | — | 6,253 | (6,253) | (100.0) | % | ||||||||||||||||||
Postage | 1,236 | 1,147 | 89 | 7.8 | % | ||||||||||||||||||
Operational loss | 2,444 | 1,000 | 1,444 | 144.4 | % | ||||||||||||||||||
Courier service | 1,851 | 2,013 | (162) | (8.0) | % | ||||||||||||||||||
Gain on sale or acquisition of foreclosed assets | (133) | (481) | 348 | (72.3) | % | ||||||||||||||||||
Loss (gain) on disposal of fixed assets | 23 | (1,070) | 1,093 | (102.1) | % | ||||||||||||||||||
Other miscellaneous expense | 19,344 | 15,201 | 4,143 | 27.3 | % | ||||||||||||||||||
Total other non-interest expense | 97,387 | 86,793 | 10,594 | 12.2 | % | ||||||||||||||||||
Total non-interest expense | $ | 233,182 | $ | 216,645 | $ | 16,537 | 7.6 | % | |||||||||||||||
Average full-time equivalent staff | 1,214 | 1,169 | 45 | 3.8 | % |
Three months ended | |||||||||||||||||||||||||||||
December 31, 2023 |
September 30, 2023 |
June 30, 2023 |
March 31, 2023 |
December 31, 2022 |
|||||||||||||||||||||||||
Revenue and Expense Data | |||||||||||||||||||||||||||||
Interest income | $ | 115,909 | $ | 112,380 | $ | 107,158 | $ | 102,907 | $ | 102,989 | |||||||||||||||||||
Interest expense | 29,292 | 24,257 | 18,557 | 9,571 | 4,089 | ||||||||||||||||||||||||
Net interest income | 86,617 | 88,123 | 88,601 | 93,336 | 98,900 | ||||||||||||||||||||||||
Provision for credit losses | 5,990 | 4,155 | 9,650 | 4,195 | 4,245 | ||||||||||||||||||||||||
Noninterest income: | |||||||||||||||||||||||||||||
Service charges and fees | 12,848 | 13,075 | 12,968 | 11,197 | 12,343 | ||||||||||||||||||||||||
Loss on sale of investment securities | (120) | — | — | (164) | — | ||||||||||||||||||||||||
Other income | 3,312 | 2,909 | 2,773 | 2,602 | 3,537 | ||||||||||||||||||||||||
Total noninterest income | 16,040 | 15,984 | 15,741 | 13,635 | 15,880 | ||||||||||||||||||||||||
Noninterest expense: | |||||||||||||||||||||||||||||
Salaries and benefits | 34,055 | 34,463 | 34,714 | 32,563 | 36,611 | ||||||||||||||||||||||||
Occupancy and equipment | 5,358 | 5,451 | 5,427 | 5,543 | 5,482 | ||||||||||||||||||||||||
Data processing and network | 6,880 | 6,852 | 6,540 | 5,741 | 6,236 | ||||||||||||||||||||||||
Other noninterest expense | 13,974 | 11,112 | 14,562 | 9,947 | 11,140 | ||||||||||||||||||||||||
Total noninterest expense | 60,267 | 57,878 | 61,243 | 53,794 | 59,469 | ||||||||||||||||||||||||
Total income before taxes | 36,400 | 42,074 | 33,449 | 48,982 | 51,066 | ||||||||||||||||||||||||
Provision for income taxes | 10,325 | 11,484 | 8,557 | 13,149 | 14,723 | ||||||||||||||||||||||||
Net income | $ | 26,075 | $ | 30,590 | $ | 24,892 | $ | 35,833 | $ | 36,343 | |||||||||||||||||||
Share Data | |||||||||||||||||||||||||||||
Basic earnings per share | $ | 0.78 | $ | 0.92 | $ | 0.75 | $ | 1.08 | $ | 1.09 | |||||||||||||||||||
Diluted earnings per share | $ | 0.78 | $ | 0.92 | $ | 0.75 | $ | 1.07 | $ | 1.09 | |||||||||||||||||||
Dividends per share | $ | 0.30 | $ | 0.30 | $ | 0.30 | $ | 0.30 | $ | 0.30 | |||||||||||||||||||
Book value per common share | $ | 34.86 | $ | 32.18 | $ | 32.86 | $ | 32.84 | $ | 31.39 | |||||||||||||||||||
Tangible book value per common share (1) | $ | 25.39 | $ | 22.67 | $ | 23.30 | $ | 23.22 | $ | 21.76 | |||||||||||||||||||
Shares outstanding | 33,268,102 | 33,263,324 | 33,259,260 | 33,195,250 | 33,331,513 | ||||||||||||||||||||||||
Weighted average shares | 33,266,959 | 33,262,798 | 33,219,168 | 33,295,750 | 33,330,029 | ||||||||||||||||||||||||
Weighted average diluted shares | 33,351,737 | 33,319,291 | 33,301,548 | 33,437,680 | 33,467,393 | ||||||||||||||||||||||||
Credit Quality | |||||||||||||||||||||||||||||
Allowance for credit losses to gross loans | 1.79 | % | 1.73 | % | 1.80 | % | 1.69 | % | 1.64 | % | |||||||||||||||||||
Loans past due 30 days or more | $ | 19,415 | $ | 8,072 | $ | 9,483 | $ | 7,891 | $ | 4,947 | |||||||||||||||||||
Total nonperforming loans | $ | 31,891 | $ | 29,799 | $ | 37,592 | $ | 16,025 | $ | 21,321 | |||||||||||||||||||
Total nonperforming assets | $ | 34,595 | $ | 32,651 | $ | 40,506 | $ | 19,464 | $ | 24,760 | |||||||||||||||||||
Loans charged-off | $ | 749 | $ | 5,357 | $ | 276 | $ | 1,758 | $ | 174 | |||||||||||||||||||
Loans recovered | $ | 419 | $ | 720 | $ | 218 | $ | 170 | $ | 66 | |||||||||||||||||||
Selected Financial Ratios | |||||||||||||||||||||||||||||
Return on average total assets | 1.05 | % | 1.23 | % | 1.01 | % | 1.47 | % | 1.45 | % | |||||||||||||||||||
Return on average equity | 9.43 | % | 10.91 | % | 8.98 | % | 13.36 | % | 14.19 | % | |||||||||||||||||||
Average yield on loans, excluding PPP | 5.64 | % | 5.52 | % | 5.38 | % | 5.21 | % | 5.10 | % | |||||||||||||||||||
Average yield on interest-earning assets | 5.10 | % | 4.94 | % | 4.78 | % | 4.64 | % | 4.52 | % | |||||||||||||||||||
Average rate on interest-bearing deposits | 1.62 | % | 1.36 | % | 0.95 | % | 0.43 | % | 0.18 | % | |||||||||||||||||||
Average cost of total deposits | 1.05 | % | 0.86 | % | 0.58 | % | 0.25 | % | 0.10 | % | |||||||||||||||||||
Average cost of total deposits and other borrowings | 1.28 | % | 1.05 | % | 0.80 | % | 0.38 | % | 0.12 | % | |||||||||||||||||||
Average rate on borrowings & subordinated debt | 5.26 | % | 4.96 | % | 4.92 | % | 4.74 | % | 4.07 | % | |||||||||||||||||||
Average rate on interest-bearing liabilities | 2.01 | % | 1.71 | % | 1.37 | % | 0.74 | % | 0.32 | % | |||||||||||||||||||
Net interest margin (fully tax-equivalent) (1) | 3.81 | % | 3.88 | % | 3.96 | % | 4.21 | % | 4.34 | % | |||||||||||||||||||
Loans to deposits | 86.73 | % | 83.76 | % | 80.55 | % | 80.02 | % | 77.45 | % | |||||||||||||||||||
Efficiency ratio | 58.71 | % | 55.59 | % | 58.69 | % | 50.29 | % | 51.81 | % | |||||||||||||||||||
Supplemental Loan Interest Income Data | |||||||||||||||||||||||||||||
Discount accretion on acquired loans | $ | 1,459 | $ | 1,324 | $ | 1,471 | $ | 1,397 | $ | 1,751 | |||||||||||||||||||
All other loan interest income (excluding PPP) (1) | $ | 94,381 | $ | 90,381 | $ | 85,272 | $ | 81,013 | $ | 79,989 | |||||||||||||||||||
Total loan interest income (excluding PPP) (1) | $ | 95,840 | $ | 91,705 | $ | 86,743 | $ | 82,410 | $ | 81,740 |
Balance Sheet Data | December 31, 2023 |
September 30, 2023 |
June 30, 2023 |
March 31, 2023 |
December 31, 2022 |
||||||||||||||||||||||||
Cash and due from banks | $ | 98,701 | $ | 111,099 | $ | 118,792 | $ | 110,335 | $ | 107,230 | |||||||||||||||||||
Securities, available for sale, net | 2,155,138 | 2,176,854 | 2,323,011 | 2,408,452 | 2,455,036 | ||||||||||||||||||||||||
Securities, held to maturity, net | 133,494 | 139,058 | 145,117 | 152,067 | 160,983 | ||||||||||||||||||||||||
Restricted equity securities | 17,250 | 17,250 | 17,250 | 17,250 | 17,250 | ||||||||||||||||||||||||
Loans held for sale | 458 | 644 | 1,058 | 226 | 1,846 | ||||||||||||||||||||||||
Loans: | |||||||||||||||||||||||||||||
Commercial real estate | 4,394,802 | 4,367,445 | 4,343,924 | 4,353,959 | 4,359,083 | ||||||||||||||||||||||||
Consumer | 1,313,268 | 1,288,810 | 1,252,225 | 1,233,797 | 1,240,743 | ||||||||||||||||||||||||
Commercial and industrial | 586,455 | 599,757 | 576,247 | 553,098 | 569,921 | ||||||||||||||||||||||||
Construction | 347,198 | 320,963 | 278,425 | 225,996 | 211,560 | ||||||||||||||||||||||||
Agriculture production | 144,497 | 123,472 | 61,337 | 47,062 | 61,414 | ||||||||||||||||||||||||
Leases | 8,250 | 8,219 | 8,582 | 8,509 | 7,726 | ||||||||||||||||||||||||
Total loans, gross | 6,794,470 | 6,708,666 | 6,520,740 | 6,422,421 | 6,450,447 | ||||||||||||||||||||||||
Allowance for credit losses | (121,522) | (115,812) | (117,329) | (108,407) | (105,680) | ||||||||||||||||||||||||
Total loans, net | 6,672,948 | 6,592,854 | 6,403,411 | 6,314,014 | 6,344,767 | ||||||||||||||||||||||||
Premises and equipment | 71,347 | 71,760 | 72,619 | 72,096 | 72,327 | ||||||||||||||||||||||||
Cash value of life insurance | 136,892 | 136,016 | 135,332 | 134,544 | 133,742 | ||||||||||||||||||||||||
Accrued interest receivable | 36,768 | 34,595 | 32,835 | 31,388 | 31,856 | ||||||||||||||||||||||||
Goodwill | 304,442 | 304,442 | 304,442 | 304,442 | 304,442 | ||||||||||||||||||||||||
Other intangible assets | 10,552 | 11,768 | 13,358 | 15,014 | 16,670 | ||||||||||||||||||||||||
Operating leases, right-of-use | 26,133 | 27,363 | 29,140 | 30,000 | 26,862 | ||||||||||||||||||||||||
Other assets | 245,966 | 273,303 | 257,056 | 252,566 | 257,975 | ||||||||||||||||||||||||
Total assets | $ | 9,910,089 | $ | 9,897,006 | $ | 9,853,421 | $ | 9,842,394 | $ | 9,930,986 | |||||||||||||||||||
Deposits: | |||||||||||||||||||||||||||||
Noninterest-bearing demand deposits | $ | 2,722,689 | $ | 2,857,512 | $ | 3,073,353 | $ | 3,236,696 | $ | 3,502,095 | |||||||||||||||||||
Interest-bearing demand deposits | 1,731,814 | 1,746,882 | 1,751,998 | 1,635,706 | 1,718,541 | ||||||||||||||||||||||||
Savings deposits | 2,682,068 | 2,816,816 | 2,778,118 | 2,807,796 | 2,884,378 | ||||||||||||||||||||||||
Time certificates | 697,467 | 588,433 | 491,896 | 345,667 | 223,999 | ||||||||||||||||||||||||
Total deposits | 7,834,038 | 8,009,643 | 8,095,365 | 8,025,865 | 8,329,013 | ||||||||||||||||||||||||
Accrued interest payable | 8,445 | 6,688 | 3,655 | 1,643 | 1,167 | ||||||||||||||||||||||||
Operating lease liability | 28,261 | 29,527 | 31,377 | 32,228 | 29,004 | ||||||||||||||||||||||||
Other liabilities | 145,982 | 141,692 | 136,464 | 157,222 | 159,741 | ||||||||||||||||||||||||
Other borrowings | 632,582 | 537,975 | 392,714 | 434,140 | 264,605 | ||||||||||||||||||||||||
Junior subordinated debt | 101,099 | 101,080 | 101,065 | 101,051 | 101,040 | ||||||||||||||||||||||||
Total liabilities | 8,750,407 | 8,826,605 | 8,760,640 | 8,752,149 | 8,884,570 | ||||||||||||||||||||||||
Common stock | 697,349 | 696,369 | 695,305 | 695,168 | 697,448 | ||||||||||||||||||||||||
Retained earnings | 615,502 | 599,448 | 578,852 | 564,538 | 542,873 | ||||||||||||||||||||||||
Accum. other comprehensive loss, net of tax | (153,169) | (225,416) | (181,376) | (169,461) | (193,905) | ||||||||||||||||||||||||
Total shareholders’ equity | $ | 1,159,682 | $ | 1,070,401 | $ | 1,092,781 | $ | 1,090,245 | $ | 1,046,416 | |||||||||||||||||||
Quarterly Average Balance Data | |||||||||||||||||||||||||||||
Average loans, excluding PPP | $ | 6,745,040 | $ | 6,596,116 | $ | 6,465,903 | $ | 6,412,386 | $ | 6,357,250 | |||||||||||||||||||
Average interest-earning assets | $ | 9,047,233 | $ | 9,053,389 | $ | 9,022,064 | $ | 9,028,061 | $ | 9,076,450 | |||||||||||||||||||
Average total assets | $ | 9,879,355 | $ | 9,874,240 | $ | 9,848,191 | $ | 9,878,927 | $ | 9,932,931 | |||||||||||||||||||
Average deposits | $ | 7,990,993 | $ | 8,043,101 | $ | 7,981,515 | $ | 8,218,576 | $ | 8,545,172 | |||||||||||||||||||
Average borrowings and subordinated debt | $ | 617,046 | $ | 550,344 | $ | 578,312 | $ | 378,676 | $ | 186,957 | |||||||||||||||||||
Average total equity | $ | 1,097,431 | $ | 1,112,404 | $ | 1,112,223 | $ | 1,087,473 | $ | 1,016,468 | |||||||||||||||||||
Capital Ratio Data | |||||||||||||||||||||||||||||
Total risk-based capital ratio | 14.7 | % | 14.5 | % | 14.5 | % | 14.5 | % | 14.2 | % | |||||||||||||||||||
Tier 1 capital ratio | 12.9 | % | 12.7 | % | 12.7 | % | 12.7 | % | 12.4 | % | |||||||||||||||||||
Tier 1 common equity ratio | 12.2 | % | 12.0 | % | 12.0 | % | 12.0 | % | 11.7 | % | |||||||||||||||||||
Tier 1 leverage ratio | 10.7 | % | 10.6 | % | 10.4 | % | 10.2 | % | 10.1 | % | |||||||||||||||||||
Tangible capital ratio (1) | 8.8 | % | 7.9 | % | 8.1 | % | 8.1 | % | 7.6 | % |
Three months ended | Twelve months ended | ||||||||||||||||||||||||||||
(dollars in thousands) | December 31, 2023 |
September 30, 2023 |
December 31, 2022 |
December 31, 2023 |
December 31, 2022 |
||||||||||||||||||||||||
Net interest margin | |||||||||||||||||||||||||||||
Acquired loans discount accretion, net: | |||||||||||||||||||||||||||||
Amount (included in interest income) | $1,459 | $1,324 | $1,751 | $5,651 | $5,465 | ||||||||||||||||||||||||
Effect on average loan yield | 0.09 | % | 0.08 | % | 0.11 | % | 0.09 | % | 0.09 | % | |||||||||||||||||||
Effect on net interest margin (FTE) | 0.06 | % | 0.06 | % | 0.07 | % | 0.06 | % | 0.06 | % | |||||||||||||||||||
Net interest margin (FTE) | 3.81 | % | 3.88 | % | 4.34 | % | 3.96 | % | 3.88 | % | |||||||||||||||||||
Net interest margin less effect of acquired loan discount accretion (Non-GAAP) | 3.75 | % | 3.82 | % | 4.27 | % | 3.90 | % | 3.81 | % | |||||||||||||||||||
PPP loans yield, net: | |||||||||||||||||||||||||||||
Amount (included in interest income) | $1 | $2 | $16 | $12 | $2,390 | ||||||||||||||||||||||||
Effect on net interest margin (FTE) | — | % | — | % | — | % | — | % | 0.02 | % | |||||||||||||||||||
Net interest margin less effect of PPP loan yield (Non-GAAP) | 3.81 | % | 3.88 | % | 4.34 | % | 3.96 | % | 3.86 | % | |||||||||||||||||||
Acquired loan discount accretion and PPP loan yield, net: | |||||||||||||||||||||||||||||
Amount (included in interest income) | $1,460 | $1,326 | $1,767 | $5,663 | $7,855 | ||||||||||||||||||||||||
Effect on net interest margin (FTE) | 0.06 | % | 0.06 | % | 0.07 | % | 0.06 | % | 0.08 | % | |||||||||||||||||||
Net interest margin less effect of acquired loan discount accretion and PPP yields, net (Non-GAAP) | 3.75 | % | 3.82 | % | 4.27 | % | 3.90 | % | 3.80 | % |
Three months ended | Twelve months ended | ||||||||||||||||||||||||||||
(dollars in thousands) | December 31, 2023 |
September 30, 2023 |
December 31, 2022 |
December 31, 2023 |
December 31, 2022 |
||||||||||||||||||||||||
Pre-tax pre-provision return on average assets or equity | |||||||||||||||||||||||||||||
Net income (GAAP) | $26,075 | $30,590 | $36,343 | $117,390 | $125,419 | ||||||||||||||||||||||||
Exclude provision for income taxes | 10,325 | 11,484 | 14,723 | 43,515 | 48,488 | ||||||||||||||||||||||||
Exclude provision for credit losses | 5,990 | 4,155 | 4,245 | 23,990 | 18,470 | ||||||||||||||||||||||||
Net income before income tax and provision expense (Non-GAAP) | $42,390 | $46,229 | $55,311 | $184,895 | $192,377 | ||||||||||||||||||||||||
Average assets (GAAP) | $9,879,355 | $9,874,240 | $9,932,931 | $9,870,189 | $9,771,601 | ||||||||||||||||||||||||
Average equity (GAAP) | $1,097,431 | $1,112,404 | $1,016,468 | $1,102,436 | $1,074,437 | ||||||||||||||||||||||||
Return on average assets (GAAP) (annualized) | 1.05 | % | 1.23 | % | 1.45 | % | 1.19 | % | 1.28 | % | |||||||||||||||||||
Pre-tax pre-provision return on average assets (Non-GAAP) (annualized) | 1.70 | % | 1.86 | % | 2.21 | % | 1.87 | % | 1.97 | % | |||||||||||||||||||
Return on average equity (GAAP) (annualized) | 9.43 | % | 10.91 | % | 14.19 | % | 10.65 | % | 11.67 | % | |||||||||||||||||||
Pre-tax pre-provision return on average equity (Non-GAAP) (annualized) | 15.32 | % | 16.49 | % | 21.59 | % | 16.77 | % | 17.90 | % |
Three months ended | Twelve months ended | ||||||||||||||||||||||||||||
(dollars in thousands) | December 31, 2023 |
September 30, 2023 |
December 31, 2022 |
December 31, 2023 |
December 31, 2022 |
||||||||||||||||||||||||
Return on tangible common equity | |||||||||||||||||||||||||||||
Average total shareholders' equity | $1,097,431 | $1,112,404 | $1,016,468 | $1,102,436 | $1,074,437 | ||||||||||||||||||||||||
Exclude average goodwill | 304,442 | 304,442 | 306,192 | 304,442 | 287,904 | ||||||||||||||||||||||||
Exclude average other intangibles | 11,160 | 12,563 | 17,521 | 13,611 | 15,901 | ||||||||||||||||||||||||
Average tangible common equity (Non-GAAP) | $781,829 | $795,399 | $692,755 | $784,383 | $770,632 | ||||||||||||||||||||||||
Net income (GAAP) | $26,075 | $30,590 | $36,343 | $117,390 | $125,419 | ||||||||||||||||||||||||
Exclude amortization of intangible assets, net of tax effect | 857 | 1,120 | 1,199 | 4,309 | 4,461 | ||||||||||||||||||||||||
Tangible net income available to common shareholders (Non-GAAP) | $26,932 | $31,710 | $37,542 | $121,699 | $129,880 | ||||||||||||||||||||||||
Return on average equity | 9.43 | % | 10.91 | % | 14.19 | % | 10.65 | % | 11.67 | % | |||||||||||||||||||
Return on average tangible common equity (Non-GAAP) | 13.67 | % | 15.82 | % | 21.50 | % | 15.52 | % | 16.85 | % |
Three months ended | |||||||||||||||||||||||||||||
(dollars in thousands) | December 31, 2023 |
September 30, 2023 |
June 30, 2023 |
March 31, 2023 |
December 31, 2022 |
||||||||||||||||||||||||
Tangible shareholders' equity to tangible assets | |||||||||||||||||||||||||||||
Shareholders' equity (GAAP) | $1,159,682 | $1,070,401 | $1,092,781 | $1,090,245 | $1,046,416 | ||||||||||||||||||||||||
Exclude goodwill and other intangible assets, net | 314,994 | 316,210 | 317,800 | 319,456 | 321,112 | ||||||||||||||||||||||||
Tangible shareholders' equity (Non-GAAP) | $844,688 | $754,191 | $774,981 | $770,789 | $725,304 | ||||||||||||||||||||||||
Total assets (GAAP) | $9,910,089 | $9,897,006 | $9,853,421 | $9,842,394 | $9,930,986 | ||||||||||||||||||||||||
Exclude goodwill and other intangible assets, net | 314,994 | 316,210 | 317,800 | 319,456 | 321,112 | ||||||||||||||||||||||||
Total tangible assets (Non-GAAP) | $9,595,095 | $9,580,796 | $9,535,621 | $9,522,938 | $9,609,874 | ||||||||||||||||||||||||
Shareholders' equity to total assets (GAAP) | 11.70 | % | 10.82 | % | 11.09 | % | 11.08 | % | 10.54 | % | |||||||||||||||||||
Tangible shareholders' equity to tangible assets (Non-GAAP) | 8.80 | % | 7.87 | % | 8.13 | % | 8.09 | % | 7.55 | % |
Three months ended | |||||||||||||||||||||||||||||
(dollars in thousands) | December 31, 2023 |
September 30, 2023 |
June 30, 2023 |
March 31, 2023 |
December 31, 2022 |
||||||||||||||||||||||||
Tangible common shareholders' equity per share | |||||||||||||||||||||||||||||
Tangible shareholders' equity (Non-GAAP) | $844,688 | $754,191 | $774,981 | $770,789 | $725,304 | ||||||||||||||||||||||||
Common shares outstanding at end of period | 33,268,102 | 33,263,324 | 33,259,260 | 33,195,250 | 33,331,513 | ||||||||||||||||||||||||
Common shareholders' equity (book value) per share (GAAP) | $34.86 | $32.18 | $32.86 | $32.84 | $31.39 | ||||||||||||||||||||||||
Tangible common shareholders' equity (tangible book value) per share (Non-GAAP) | $25.39 | $22.67 | $23.30 | $23.22 | $21.76 |