Mississippi |
001-13253 |
64-0676974 |
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(State or other jurisdiction
of incorporation)
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(Commission
File Number)
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(I.R.S. Employer
Identification No.)
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☐ |
Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425) |
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☐ |
Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12) |
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☐ |
Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b)) |
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☐ |
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, $5.00 par value per share | RNST | The New York Stock Exchange |
RENASANT CORPORATION |
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Date: July 23, 2024 |
By: |
/s/ C. Mitchell Waycaster |
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C. Mitchell Waycaster |
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Chief Executive Officer |
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Contacts: | For Media: | For Financials: | |||||||||
John S. Oxford | James C. Mabry IV | ||||||||||
Senior Vice President | Executive Vice President | ||||||||||
Chief Marketing Officer | Chief Financial Officer | ||||||||||
(662) 680-1219 | (662) 680-1281 | ||||||||||
(Dollars in thousands, except earnings per share) | Three Months Ended | Six Months Ended | ||||||||||||||||||
Jun 30, 2024 | Mar 31, 2024 | Jun 30, 2023 | Jun 30, 2024 | Jun 30, 2023 | ||||||||||||||||
Net income and earnings per share: | ||||||||||||||||||||
Net income | $38,846 | $39,409 | $28,643 | $78,255 | $74,721 | |||||||||||||||
After-tax loss on sale of securities | — | — | (18,085) | — | (17,870) | |||||||||||||||
Basic EPS | 0.69 | 0.70 | 0.51 | 1.39 | 1.33 | |||||||||||||||
Diluted EPS | 0.69 | 0.70 | 0.51 | 1.38 | 1.33 | |||||||||||||||
Adjusted diluted EPS (Non-GAAP)(1) |
0.69 | 0.65 | 0.83 | 1.33 | 1.64 | |||||||||||||||
Impact to diluted EPS from after-tax loss on sale of securities (including impairments) | — | — | 0.32 | — | 0.31 |
(Dollars in thousands, except per share data) | Three Months Ended | Six Months Ended | ||||||||||||||||||||||||
Jun 30, 2024 | Mar 31, 2024 | Dec 31, 2023 | Sep 30, 2023 | Jun 30, 2023 | Jun 30, 2024 | Jun 30, 2023 | ||||||||||||||||||||
Interest income | ||||||||||||||||||||||||||
Loans held for investment | $ | 198,397 | $ | 192,390 | $ | 188,535 | $ | 181,129 | $ | 173,198 | $ | 390,787 | $ | 334,985 | ||||||||||||
Loans held for sale | 3,530 | 2,308 | 3,329 | 3,751 | 2,990 | 5,838 | 4,727 | |||||||||||||||||||
Securities | 10,410 | 10,700 | 10,728 | 10,669 | 14,000 | 21,110 | 29,091 | |||||||||||||||||||
Other | 7,874 | 7,781 | 7,839 | 10,128 | 6,978 | 15,655 | 12,408 | |||||||||||||||||||
Total interest income | 220,211 | 213,179 | 210,431 | 205,677 | 197,166 | 433,390 | 381,211 | |||||||||||||||||||
Interest expense | ||||||||||||||||||||||||||
Deposits | 87,621 | 82,613 | 77,168 | 70,906 | 51,391 | 170,234 | 84,257 | |||||||||||||||||||
Borrowings | 7,564 | 7,276 | 7,310 | 7,388 | 15,559 | 14,840 | 30,963 | |||||||||||||||||||
Total interest expense | 95,185 | 89,889 | 84,478 | 78,294 | 66,950 | 185,074 | 115,220 | |||||||||||||||||||
Net interest income | 125,026 | 123,290 | 125,953 | 127,383 | 130,216 | 248,316 | 265,991 | |||||||||||||||||||
Provision for credit losses | ||||||||||||||||||||||||||
Provision for loan losses | 4,300 | 2,638 | 2,518 | 5,315 | 3,000 | 6,938 | 10,960 | |||||||||||||||||||
Recovery of unfunded commitments | (1,000) | (200) | — | (700) | (1,000) | (1,200) | (2,500) | |||||||||||||||||||
Total provision for credit losses | 3,300 | 2,438 | 2,518 | 4,615 | 2,000 | 5,738 | 8,460 | |||||||||||||||||||
Net interest income after provision for credit losses | 121,726 | 120,852 | 123,435 | 122,768 | 128,216 | 242,578 | 257,531 | |||||||||||||||||||
Noninterest income | 38,762 | 41,381 | 20,356 | 38,200 | 17,226 | 80,143 | 54,519 | |||||||||||||||||||
Noninterest expense | 111,976 | 112,912 | 111,880 | 108,369 | 110,165 | 224,888 | 219,373 | |||||||||||||||||||
Income before income taxes | 48,512 | 49,321 | 31,911 | 52,599 | 35,277 | 97,833 | 92,677 | |||||||||||||||||||
Income taxes | 9,666 | 9,912 | 3,787 | 10,766 | 6,634 | 19,578 | 17,956 | |||||||||||||||||||
Net income | $ | 38,846 | $ | 39,409 | $ | 28,124 | $ | 41,833 | $ | 28,643 | $ | 78,255 | $ | 74,721 | ||||||||||||
Adjusted net income (non-GAAP)(1) |
$ | 38,846 | $ | 36,572 | $ | 42,887 | $ | 41,833 | $ | 46,728 | $ | 75,421 | $ | 92,591 | ||||||||||||
Adjusted pre-provision net revenue (“PPNR”) (non-GAAP)(1) |
$ | 51,812 | $ | 48,231 | $ | 52,614 | $ | 57,214 | $ | 59,715 | $ | 100,043 | $ | 123,575 | ||||||||||||
Basic earnings per share | $ | 0.69 | $ | 0.70 | $ | 0.50 | $ | 0.75 | $ | 0.51 | $ | 1.39 | $ | 1.33 | ||||||||||||
Diluted earnings per share | 0.69 | 0.70 | 0.50 | 0.74 | 0.51 | 1.38 | 1.33 | |||||||||||||||||||
Adjusted diluted earnings per share (non-GAAP)(1) |
0.69 | 0.65 | 0.76 | 0.74 | 0.83 | 1.33 | 1.64 | |||||||||||||||||||
Average basic shares outstanding | 56,342,909 | 56,208,348 | 56,141,628 | 56,138,618 | 56,107,881 | 56,275,628 | 56,058,585 | |||||||||||||||||||
Average diluted shares outstanding | 56,684,626 | 56,531,078 | 56,611,217 | 56,523,887 | 56,395,653 | 56,607,947 | 56,330,295 | |||||||||||||||||||
Cash dividends per common share | $ | 0.22 | $ | 0.22 | $ | 0.22 | $ | 0.22 | $ | 0.22 | $ | 0.44 | $ | 0.44 |
Three Months Ended | Six Months Ended | |||||||||||||||||||||||||
Jun 30, 2024 | Mar 31, 2024 | Dec 31, 2023 | Sep 30, 2023 | Jun 30, 2023 | Jun 30, 2024 | Jun 30, 2023 | ||||||||||||||||||||
Return on average assets | 0.90 | % | 0.92 | % | 0.65 | % | 0.96 | % | 0.66 | % | 0.91 | % | 0.87 | % | ||||||||||||
Adjusted return on average assets (non-GAAP)(1) |
0.90 | 0.86 | 0.99 | 0.96 | 1.08 | 0.88 | 1.08 | |||||||||||||||||||
Return on average tangible assets (non-GAAP)(1) |
0.98 | 1.00 | 0.71 | 1.05 | 0.73 | 0.99 | 0.96 | |||||||||||||||||||
Adjusted return on average tangible assets (non-GAAP)(1) |
0.98 | 0.93 | 1.08 | 1.05 | 1.18 | 0.96 | 1.18 | |||||||||||||||||||
Return on average equity | 6.68 | 6.85 | 4.93 | 7.44 | 5.18 | 6.77 | 6.84 | |||||||||||||||||||
Adjusted return on average equity (non-GAAP)(1) |
6.68 | 6.36 | 7.53 | 7.44 | 8.45 | 6.52 | 8.48 | |||||||||||||||||||
Return on average tangible equity (non-GAAP)(1) |
12.04 | 12.45 | 9.26 | 13.95 | 9.91 | 12.25 | 13.04 | |||||||||||||||||||
Adjusted return on average tangible equity (non-GAAP)(1) |
12.04 | 11.58 | 13.94 | 13.95 | 15.94 | 11.81 | 16.07 | |||||||||||||||||||
Efficiency ratio (fully taxable equivalent) | 67.31 | 67.52 | 75.11 | 64.38 | 73.29 | 67.41 | 67.26 | |||||||||||||||||||
Adjusted efficiency ratio (non-GAAP)(1) |
66.60 | 68.23 | 66.18 | 63.60 | 62.98 | 67.41 | 62.13 | |||||||||||||||||||
Dividend payout ratio | 31.88 | 31.43 | 44.00 | 29.33 | 43.14 | 31.65 | 33.08 |
As of | |||||||||||||||||
Jun 30, 2024 | Mar 31, 2024 | Dec 31, 2023 | Sep 30, 2023 | Jun 30, 2023 | |||||||||||||
Shares outstanding | 56,367,924 | 56,304,860 | 56,142,207 | 56,140,713 | 56,132,478 | ||||||||||||
Market value per share | $ | 30.54 | $ | 31.32 | $ | 33.68 | $ | 26.19 | $ | 26.13 | |||||||
Book value per share | 41.77 | 41.25 | 40.92 | 39.78 | 39.35 | ||||||||||||
Tangible book value per share (non-GAAP)(1) |
23.89 | 23.32 | 22.92 | 21.76 | 21.30 | ||||||||||||
Shareholders’ equity to assets | 13.45 | % | 13.39 | % | 13.23 | % | 13.00 | % | 12.82 | % | |||||||
Tangible common equity ratio (non-GAAP)(1) |
8.16 | 8.04 | 7.87 | 7.55 | 7.37 | ||||||||||||
Leverage ratio | 9.81 | 9.75 | 9.62 | 9.48 | 9.22 | ||||||||||||
Common equity tier 1 capital ratio | 10.75 | 10.59 | 10.52 | 10.46 | 10.30 | ||||||||||||
Tier 1 risk-based capital ratio | 11.53 | 11.37 | 11.30 | 11.25 | 11.09 | ||||||||||||
Total risk-based capital ratio | 15.15 | 15.00 | 14.93 | 14.91 | 14.76 |
(Dollars in thousands) | Three Months Ended | Six Months Ended | ||||||||||||||||||||||||
Jun 30, 2024 | Mar 31, 2024 | Dec 31, 2023 | Sep 30, 2023 | Jun 30, 2023 | Jun 30, 2024 | Jun 30, 2023 | ||||||||||||||||||||
Noninterest income | ||||||||||||||||||||||||||
Service charges on deposit accounts | $ | 10,286 | $ | 10,506 | $ | 10,603 | $ | 9,743 | $ | 9,733 | $ | 20,792 | $ | 18,853 | ||||||||||||
Fees and commissions | 3,944 | 3,949 | 4,130 | 4,108 | 4,987 | 7,893 | 9,663 | |||||||||||||||||||
Insurance commissions | 2,758 | 2,716 | 2,583 | 3,264 | 2,809 | 5,474 | 5,255 | |||||||||||||||||||
Wealth management revenue | 5,684 | 5,669 | 5,668 | 5,986 | 5,338 | 11,353 | 10,478 | |||||||||||||||||||
Mortgage banking income | 9,698 | 11,370 | 6,592 | 7,533 | 9,771 | 21,068 | 18,288 | |||||||||||||||||||
Net losses on sales of securities (including impairments) | — | — | (19,352) | — | (22,438) | — | (22,438) | |||||||||||||||||||
Gain on extinguishment of debt | — | 56 | 620 | — | — | 56 | — | |||||||||||||||||||
BOLI income | 2,701 | 2,691 | 2,589 | 2,469 | 2,402 | 5,392 | 5,405 | |||||||||||||||||||
Other | 3,691 | 4,424 | 6,923 | 5,097 | 4,624 | 8,115 | 9,015 | |||||||||||||||||||
Total noninterest income | $ | 38,762 | $ | 41,381 | $ | 20,356 | $ | 38,200 | $ | 17,226 | $ | 80,143 | $ | 54,519 | ||||||||||||
Noninterest expense | ||||||||||||||||||||||||||
Salaries and employee benefits | $ | 70,731 | $ | 71,470 | $ | 71,841 | $ | 69,458 | $ | 70,637 | $ | 142,201 | $ | 140,469 | ||||||||||||
Data processing | 3,945 | 3,807 | 3,971 | 3,907 | 3,684 | 7,752 | 7,317 | |||||||||||||||||||
Net occupancy and equipment | 11,844 | 11,389 | 11,653 | 11,548 | 11,865 | 23,233 | 23,270 | |||||||||||||||||||
Other real estate owned | 105 | 107 | 306 | (120) | 51 | 212 | 81 | |||||||||||||||||||
Professional fees | 3,195 | 3,348 | 2,854 | 3,338 | 4,012 | 6,543 | 7,479 | |||||||||||||||||||
Advertising and public relations | 3,807 | 4,886 | 3,084 | 3,474 | 3,482 | 8,693 | 8,168 | |||||||||||||||||||
Intangible amortization | 1,186 | 1,212 | 1,274 | 1,311 | 1,369 | 2,398 | 2,795 | |||||||||||||||||||
Communications | 2,112 | 2,024 | 2,026 | 2,006 | 2,226 | 4,136 | 4,206 | |||||||||||||||||||
Other | 15,051 | 14,669 | 14,871 | 13,447 | 12,839 | 29,720 | 25,588 | |||||||||||||||||||
Total noninterest expense | $ | 111,976 | $ | 112,912 | $ | 111,880 | $ | 108,369 | $ | 110,165 | $ | 224,888 | $ | 219,373 |
(Dollars in thousands) | Three Months Ended | Six Months Ended | ||||||||||||||||||||||||
Jun 30, 2024 | Mar 31, 2024 | Dec 31, 2023 | Sep 30, 2023 | Jun 30, 2023 | Jun 30, 2024 | Jun 30, 2023 | ||||||||||||||||||||
Gain on sales of loans, net | $ | 5,199 | $ | 4,535 | $ | 1,860 | $ | 3,297 | $ | 4,646 | $ | 9,734 | $ | 9,416 | ||||||||||||
Fees, net | 2,866 | 1,854 | 2,010 | 2,376 | 2,859 | 4,720 | 4,665 | |||||||||||||||||||
Mortgage servicing income, net | 1,633 | 4,981 | 2,722 | 1,860 | 2,266 | 6,614 | 4,207 | |||||||||||||||||||
Total mortgage banking income | $ | 9,698 | $ | 11,370 | $ | 6,592 | $ | 7,533 | $ | 9,771 | $ | 21,068 | $ | 18,288 |
(Dollars in thousands) | As of | ||||||||||||||||
Jun 30, 2024 | Mar 31, 2024 | Dec 31, 2023 | Sep 30, 2023 | Jun 30, 2023 | |||||||||||||
Assets | |||||||||||||||||
Cash and cash equivalents | $ | 851,906 | $ | 844,400 | $ | 801,351 | $ | 741,156 | $ | 946,899 | |||||||
Securities held to maturity, at amortized cost | 1,174,663 | 1,199,111 | 1,221,464 | 1,245,595 | 1,273,044 | ||||||||||||
Securities available for sale, at fair value | 749,685 | 764,486 | 923,279 | 909,108 | 950,930 | ||||||||||||
Loans held for sale, at fair value | 266,406 | 191,440 | 179,756 | 241,613 | 249,615 | ||||||||||||
Loans held for investment | 12,604,755 | 12,500,525 | 12,351,230 | 12,168,023 | 11,930,516 | ||||||||||||
Allowance for credit losses on loans | (199,871) | (201,052) | (198,578) | (197,773) | (194,391) | ||||||||||||
Loans, net | 12,404,884 | 12,299,473 | 12,152,652 | 11,970,250 | 11,736,125 | ||||||||||||
Premises and equipment, net | 280,966 | 282,193 | 283,195 | 284,368 | 285,952 | ||||||||||||
Other real estate owned | 7,366 | 9,142 | 9,622 | 9,258 | 5,120 | ||||||||||||
Goodwill and other intangibles | 1,008,062 | 1,009,248 | 1,010,460 | 1,011,735 | 1,013,046 | ||||||||||||
Bank-owned life insurance | 387,791 | 385,186 | 382,584 | 379,945 | 377,649 | ||||||||||||
Mortgage servicing rights | 72,092 | 71,596 | 91,688 | 90,241 | 87,432 | ||||||||||||
Other assets | 306,570 | 289,466 | 304,484 | 298,352 | 298,530 | ||||||||||||
Total assets | $ | 17,510,391 | $ | 17,345,741 | $ | 17,360,535 | $ | 17,181,621 | $ | 17,224,342 | |||||||
Liabilities and Shareholders’ Equity |
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Liabilities | |||||||||||||||||
Deposits: | |||||||||||||||||
Noninterest-bearing | $ | 3,539,453 | $ | 3,516,164 | $ | 3,583,675 | $ | 3,734,197 | $ | 3,878,953 | |||||||
Interest-bearing | 10,715,760 | 10,720,999 | 10,493,110 | 10,422,913 | 10,216,408 | ||||||||||||
Total deposits | 14,255,213 | 14,237,163 | 14,076,785 | 14,157,110 | 14,095,361 | ||||||||||||
Short-term borrowings | 232,741 | 108,121 | 307,577 | 107,662 | 257,305 | ||||||||||||
Long-term debt | 428,677 | 428,047 | 429,400 | 427,399 | 429,630 | ||||||||||||
Other liabilities | 239,059 | 250,060 | 249,390 | 256,127 | 233,418 | ||||||||||||
Total liabilities | 15,155,690 | 15,023,391 | 15,063,152 | 14,948,298 | 15,015,714 | ||||||||||||
Shareholders’ equity: |
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Common stock | 296,483 | 296,483 | 296,483 | 296,483 | 296,483 | ||||||||||||
Treasury stock | (97,534) | (99,683) | (105,249) | (105,300) | (105,589) | ||||||||||||
Additional paid-in capital | 1,304,782 | 1,303,613 | 1,308,281 | 1,304,891 | 1,301,883 | ||||||||||||
Retained earnings | 1,005,086 | 978,880 | 952,124 | 936,573 | 907,312 | ||||||||||||
Accumulated other comprehensive loss | (154,116) | (156,943) | (154,256) | (199,324) | (191,461) | ||||||||||||
Total shareholders’ equity |
2,354,701 | 2,322,350 | 2,297,383 | 2,233,323 | 2,208,628 | ||||||||||||
Total liabilities and shareholders’ equity |
$ | 17,510,391 | $ | 17,345,741 | $ | 17,360,535 | $ | 17,181,621 | $ | 17,224,342 |
(Dollars in thousands) | Three Months Ended | ||||||||||||||||||||||||||||
June 30, 2024 | March 31, 2024 | June 30, 2023 | |||||||||||||||||||||||||||
Average Balance |
Interest Income/ Expense |
Yield/ Rate |
Average Balance |
Interest Income/ Expense |
Yield/ Rate |
Average Balance |
Interest Income/ Expense |
Yield/ Rate |
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Interest-earning assets: | |||||||||||||||||||||||||||||
Loans held for investment | $ | 12,575,651 | $ | 200,670 | 6.41 | % | $ | 12,407,976 | $ | 194,640 | 6.30 | % | $ | 11,877,592 | $ | 175,549 | 5.93 | % | |||||||||||
Loans held for sale | 219,826 | 3,530 | 6.42 | % | 155,382 | 2,308 | 5.94 | % | 192,539 | 2,990 | 6.21 | % | |||||||||||||||||
Taxable securities | 1,832,002 | 9,258 | 2.02 | % | 1,891,817 | 9,505 | 2.01 | % | 2,481,712 | 12,353 | 1.99 | % | |||||||||||||||||
Tax-exempt securities(1) |
263,937 | 1,451 | 2.20 | % | 270,279 | 1,505 | 2.23 | % | 367,410 | 2,165 | 2.36 | % | |||||||||||||||||
Total securities | 2,095,939 | 10,709 | 2.04 | % | 2,162,096 | 11,010 | 2.04 | % | 2,849,122 | 14,518 | 2.04 | % | |||||||||||||||||
Interest-bearing balances with banks | 595,030 | 7,874 | 5.32 | % | 570,336 | 7,781 | 5.49 | % | 524,307 | 6,978 | 5.34 | % | |||||||||||||||||
Total interest-earning assets | 15,486,446 | 222,783 | 5.77 | % | 15,295,790 | 215,739 | 5.66 | % | 15,443,560 | 200,035 | 5.19 | % | |||||||||||||||||
Cash and due from banks | 187,519 | 188,503 | 189,668 | ||||||||||||||||||||||||||
Intangible assets | 1,008,638 | 1,009,825 | 1,013,811 | ||||||||||||||||||||||||||
Other assets | 688,766 | 708,895 | 690,885 | ||||||||||||||||||||||||||
Total assets | $ | 17,371,369 | $ | 17,203,013 | $ | 17,337,924 | |||||||||||||||||||||||
Interest-bearing liabilities: | |||||||||||||||||||||||||||||
Interest-bearing demand(2) |
$ | 7,094,411 | $ | 56,132 | 3.17 | % | $ | 6,955,989 | $ | 52,500 | 3.03 | % | $ | 6,114,067 | $ | 29,185 | 1.91 | % | |||||||||||
Savings deposits | 839,638 | 729 | 0.35 | % | 860,397 | 730 | 0.34 | % | 1,004,096 | 813 | 0.32 | % | |||||||||||||||||
Brokered deposits | 294,650 | 3,944 | 5.37 | % | 445,608 | 5,987 | 5.39 | % | 809,613 | 10,295 | 5.10 | % | |||||||||||||||||
Time deposits | 2,487,873 | 26,816 | 4.34 | % | 2,319,420 | 23,396 | 4.06 | % | 1,735,567 | 11,098 | 2.57 | % | |||||||||||||||||
Total interest-bearing deposits | 10,716,572 | 87,621 | 3.28 | % | 10,581,414 | 82,613 | 3.13 | % | 9,663,343 | 51,391 | 2.13 | % | |||||||||||||||||
Borrowed funds | 564,672 | 7,564 | 5.37 | % | 544,564 | 7,276 | 5.35 | % | 1,204,968 | 15,559 | 5.18 | % | |||||||||||||||||
Total interest-bearing liabilities | 11,281,244 | 95,185 | 3.39 | % | 11,125,978 | 89,889 | 3.24 | % | 10,868,311 | 66,950 | 2.47 | % | |||||||||||||||||
Noninterest-bearing deposits | 3,509,109 | 3,518,612 | 4,039,087 | ||||||||||||||||||||||||||
Other liabilities | 243,285 | 244,142 | 212,818 | ||||||||||||||||||||||||||
Shareholders’ equity | 2,337,731 | 2,314,281 | 2,217,708 | ||||||||||||||||||||||||||
Total liabilities and shareholders’ equity | $ | 17,371,369 | $ | 17,203,013 | $ | 17,337,924 | |||||||||||||||||||||||
Net interest income/ net interest margin | $ | 127,598 | 3.31 | % | $ | 125,850 | 3.30 | % | $ | 133,085 | 3.45 | % | |||||||||||||||||
Cost of funding | 2.58 | % | 2.46 | % | 1.80 | % | |||||||||||||||||||||||
Cost of total deposits | 2.47 | % | 2.35 | % | 1.50 | % |
(Dollars in thousands) | Six Months Ended | |||||||||||||||||||
June 30, 2024 | June 30, 2023 | |||||||||||||||||||
Average Balance |
Interest Income/ Expense |
Yield/ Rate |
Average Balance |
Interest Income/ Expense |
Yield/ Rate |
|||||||||||||||
Interest-earning assets: | ||||||||||||||||||||
Loans held for investment | $ | 12,491,814 | $ | 395,310 | 6.35% | $ | 11,783,585 | $ | 339,519 | 5.81% | ||||||||||
Loans held for sale | 187,604 | 5,838 | 6.22% | 148,221 | 4,727 | 6.38% | ||||||||||||||
Taxable securities(1) |
1,861,909 | 18,763 | 2.02% | 2,557,997 | 25,670 | 2.01% | ||||||||||||||
Tax-exempt securities | 267,108 | 2,956 | 2.21% | 382,130 | 4,510 | 2.36% | ||||||||||||||
Total securities | 2,129,017 | 21,719 | 2.04% | 2,940,127 | 30,180 | 2.05% | ||||||||||||||
Interest-bearing balances with banks | 582,683 | 15,655 | 5.40% | 494,434 | 12,408 | 5.06% | ||||||||||||||
Total interest-earning assets | 15,391,118 | 438,522 | 5.72% | 15,366,367 | 386,834 | 5.07% | ||||||||||||||
Cash and due from banks | 188,011 | 193,703 | ||||||||||||||||||
Intangible assets | 1,009,232 | 1,012,690 | ||||||||||||||||||
Other assets | 701,770 | 675,648 | ||||||||||||||||||
Total assets | $ | 17,290,131 | $ | 17,248,408 | ||||||||||||||||
Interest-bearing liabilities: | ||||||||||||||||||||
Interest-bearing demand(2) |
$ | 7,025,200 | $ | 108,632 | 3.10% | $ | 6,090,549 | $ | 49,483 | 1.64% | ||||||||||
Savings deposits | 850,018 | 1,459 | 0.34% | 1,028,315 | 1,639 | 0.32% | ||||||||||||||
Brokered deposits | 370,129 | 9,931 | 5.38% | 603,822 | 14,713 | 4.91% | ||||||||||||||
Time deposits | 2,403,646 | 50,212 | 4.20% | 1,650,683 | 18,422 | 2.25% | ||||||||||||||
Total interest-bearing deposits | 10,648,993 | 170,234 | 3.21% | 9,373,369 | 84,257 | 1.81% | ||||||||||||||
Borrowed funds | 554,618 | 14,840 | 5.36% | 1,243,049 | 30,963 | 5.01% | ||||||||||||||
Total interest-bearing liabilities | 11,203,611 | 185,074 | 3.32% | 10,616,418 | 115,220 | 2.19% | ||||||||||||||
Noninterest-bearing deposits | 3,513,860 | 4,212,081 | ||||||||||||||||||
Other liabilities | 246,654 | 217,573 | ||||||||||||||||||
Shareholders’ equity | 2,326,006 | 2,202,336 | ||||||||||||||||||
Total liabilities and shareholders’ equity | $ | 17,290,131 | $ | 17,248,408 | ||||||||||||||||
Net interest income/ net interest margin | $ | 253,448 | 3.30% | $ | 271,614 | 3.56% | ||||||||||||||
Cost of funding | 2.52% | 1.57% | ||||||||||||||||||
Cost of total deposits | 2.41% | 1.25% |
(Dollars in thousands) | Three Months Ended | Six Months Ended | ||||||||||||||||||
Jun 30, 2024 | Mar 31, 2024 | Jun 30, 2023 | Jun 30, 2024 | Jun 30, 2023 | ||||||||||||||||
Earning asset mix: | ||||||||||||||||||||
Loans held for investment |
81.20 | % | 81.12 | % | 76.91 | % | 81.16 | % | 76.68 | % | ||||||||||
Loans held for sale | 1.42 | 1.02 | 1.25 | 1.22 | 0.96 | |||||||||||||||
Securities | 13.53 | 14.14 | 18.45 | 13.83 | 19.13 | |||||||||||||||
Interest-bearing balances with banks | 3.85 | 3.72 | 3.39 | 3.79 | 3.23 | |||||||||||||||
Total | 100.00 | % | 100.00 | % | 100.00 | % | 100.00 | % | 100.00 | % | ||||||||||
Funding sources mix: | ||||||||||||||||||||
Noninterest-bearing demand | 23.73 | % | 24.03 | % | 27.09 | % | 23.88 | % | 28.41 | % | ||||||||||
Interest-bearing demand | 47.97 | 47.50 | 41.01 | 47.73 | 41.07 | |||||||||||||||
Savings | 5.68 | 5.88 | 6.74 | 5.78 | 6.93 | |||||||||||||||
Brokered deposits | 1.99 | 3.04 | 5.43 | 2.51 | 4.07 | |||||||||||||||
Time deposits | 16.82 | 15.84 | 11.64 | 16.33 | 11.13 | |||||||||||||||
Borrowed funds | 3.81 | 3.71 | 8.09 | 3.77 | 8.39 | |||||||||||||||
Total | 100.00 | % | 100.00 | % | 100.00 | % | 100.00 | % | 100.00 | % | ||||||||||
Net interest income collected on problem loans | $ | (146) | $ | 123 | $ | 364 | $ | (23) | $ | 756 | ||||||||||
Total accretion on purchased loans | 897 | 800 | 874 | 1,697 | 1,759 | |||||||||||||||
Total impact on net interest income | $ | 751 | $ | 923 | $ | 1,238 | $ | 1,674 | $ | 2,515 | ||||||||||
Impact on net interest margin | 0.02 | % | 0.02 | % | 0.03 | % | 0.02 | % | 0.03 | % | ||||||||||
Impact on loan yield | 0.02 | 0.03 | 0.04 | 0.03 | % | 0.04 | % |
(Dollars in thousands) | As of | ||||||||||||||||
Jun 30, 2024 | Mar 31, 2024 | Dec 31, 2023 | Sep 30, 2023 | Jun 30, 2023 | |||||||||||||
Loan Portfolio: | |||||||||||||||||
Commercial, financial, agricultural | $ | 1,847,762 | $ | 1,869,408 | $ | 1,871,821 | $ | 1,819,891 | $ | 1,729,070 | |||||||
Lease financing | 102,996 | 107,474 | 116,020 | 120,724 | 122,370 | ||||||||||||
Real estate - construction | 1,355,425 | 1,243,535 | 1,333,397 | 1,407,364 | 1,369,019 | ||||||||||||
Real estate - 1-4 family mortgages | 3,435,818 | 3,429,286 | 3,439,919 | 3,398,876 | 3,348,654 | ||||||||||||
Real estate - commercial mortgages | 5,766,478 | 5,753,230 | 5,486,550 | 5,313,166 | 5,252,479 | ||||||||||||
Installment loans to individuals | 96,276 | 97,592 | 103,523 | 108,002 | 108,924 | ||||||||||||
Total loans | $ | 12,604,755 | $ | 12,500,525 | $ | 12,351,230 | $ | 12,168,023 | $ | 11,930,516 |
(Dollars in thousands) | As of | ||||||||||||||||
Jun 30, 2024 | Mar 31, 2024 | Dec 31, 2023 | Sep 30, 2023 | Jun 30, 2023 | |||||||||||||
Nonperforming Assets: | |||||||||||||||||
Nonaccruing loans | $ | 97,795 | $ | 73,774 | $ | 68,816 | $ | 69,541 | $ | 55,439 | |||||||
Loans 90 days or more past due | 240 | 451 | 554 | 532 | 36,321 | ||||||||||||
Total nonperforming loans | 98,035 | 74,225 | 69,370 | 70,073 | 91,760 | ||||||||||||
Other real estate owned | 7,366 | 9,142 | 9,622 | 9,258 | 5,120 | ||||||||||||
Total nonperforming assets | $ | 105,401 | $ | 83,367 | $ | 78,992 | $ | 79,331 | $ | 96,880 | |||||||
Criticized Loans | |||||||||||||||||
Classified loans | $ | 191,595 | $ | 206,502 | $ | 166,893 | $ | 186,052 | $ | 219,674 | |||||||
Special Mention loans | 138,343 | 138,366 | 99,699 | 89,858 | 56,616 | ||||||||||||
Criticized loans(1) |
$ | 329,938 | $ | 344,868 | $ | 266,592 | $ | 275,910 | $ | 276,290 | |||||||
Allowance for credit losses on loans | $ | 199,871 | $ | 201,052 | $ | 198,578 | $ | 197,773 | $ | 194,391 | |||||||
Net loan charge-offs | $ | 5,481 | $ | 164 | $ | 1,713 | $ | 1,933 | $ | 3,901 | |||||||
Annualized net loan charge-offs / average loans | 0.18 | % | 0.01 | % | 0.06 | % | 0.06 | % | 0.13 | % | |||||||
Nonperforming loans / total loans | 0.78 | 0.59 | 0.56 | 0.58 | 0.77 | ||||||||||||
Nonperforming assets / total assets | 0.60 | 0.48 | 0.46 | 0.46 | 0.56 | ||||||||||||
Allowance for credit losses on loans / total loans | 1.59 | 1.61 | 1.61 | 1.63 | 1.63 | ||||||||||||
Allowance for credit losses on loans / nonperforming loans | 203.88 | 270.87 | 286.26 | 282.24 | 211.85 | ||||||||||||
Criticized loans / total loans | 2.62 | 2.76 | 2.16 | 2.27 | 2.32 |
(Dollars in thousands, except per share data) | Three Months Ended | Six Months Ended | ||||||||||||||||||||||||
Jun 30, 2024 | Mar 31, 2024 | Dec 31, 2023 | Sep 30, 2023 | Jun 30, 2023 | Jun 30, 2024 | Jun 30, 2023 | ||||||||||||||||||||
Adjusted Pre-Provision Net Revenue (“PPNR”) |
||||||||||||||||||||||||||
Net income (GAAP) | $ | 38,846 | $ | 39,409 | $ | 28,124 | $ | 41,833 | $ | 28,643 | $ | 78,255 | $ | 74,721 | ||||||||||||
Income taxes | 9,666 | 9,912 | 3,787 | 10,766 | 6,634 | 19,578 | 17,956 | |||||||||||||||||||
Provision for credit losses (including unfunded commitments) | 3,300 | 2,438 | 2,518 | 4,615 | 2,000 | 5,738 | 8,460 | |||||||||||||||||||
Pre-provision net revenue (non-GAAP) | $ | 51,812 | $ | 51,759 | $ | 34,429 | $ | 57,214 | $ | 37,277 | $ | 103,571 | $ | 101,137 | ||||||||||||
Gain on extinguishment of debt | — | (56) | (620) | — | — | (56) | — | |||||||||||||||||||
Gain on sales of MSR | — | (3,472) | (547) | — | — | (3,472) | — | |||||||||||||||||||
Losses on sales of securities (including impairments) | — | — | 19,352 | — | 22,438 | — | 22,438 | |||||||||||||||||||
Adjusted pre-provision net revenue (non-GAAP) | $ | 51,812 | $ | 48,231 | $ | 52,614 | $ | 57,214 | $ | 59,715 | $ | 100,043 | $ | 123,575 | ||||||||||||
Adjusted Net Income and Adjusted Tangible Net Income | ||||||||||||||||||||||||||
Net income (GAAP) | $ | 38,846 | $ | 39,409 | $ | 28,124 | $ | 41,833 | $ | 28,643 | $ | 78,255 | $ | 74,721 | ||||||||||||
Amortization of intangibles | 1,186 | 1,212 | 1,274 | 1,311 | 1,369 | 2,398 | 2,795 | |||||||||||||||||||
Tax effect of adjustments noted above(1) |
(233) | (237) | (240) | (269) | (266) | (472) | (569) | |||||||||||||||||||
Tangible net income (non-GAAP) | $ | 39,799 | $ | 40,384 | $ | 29,158 | $ | 42,875 | $ | 29,746 | $ | 80,181 | $ | 76,947 | ||||||||||||
Net income (GAAP) | $ | 38,846 | $ | 39,409 | $ | 28,124 | $ | 41,833 | $ | 28,643 | $ | 78,255 | $ | 74,721 | ||||||||||||
Gain on extinguishment of debt | — | (56) | (620) | — | — | (56) | — | |||||||||||||||||||
Gain on sales of MSR | — | (3,472) | (547) | — | — | (3,472) | — | |||||||||||||||||||
Losses on sales of securities (including impairments) | — | — | 19,352 | — | 22,438 | — | 22,438 | |||||||||||||||||||
Tax effect of adjustments noted above(1) |
— | 691 | (3,422) | — | (4,353) | 694 | (4,568) | |||||||||||||||||||
Adjusted net income (non-GAAP) | $ | 38,846 | $ | 36,572 | $ | 42,887 | $ | 41,833 | $ | 46,728 | $ | 75,421 | $ | 92,591 | ||||||||||||
Amortization of intangibles | 1,186 | 1,212 | 1,274 | 1,311 | 1,369 | 2,398 | 2,795 | |||||||||||||||||||
Tax effect of adjustments noted above(1) |
(233) | (237) | (240) | (269) | (266) | (472) | (569) | |||||||||||||||||||
Adjusted tangible net income (non-GAAP) | $ | 39,799 | $ | 37,547 | $ | 43,921 | $ | 42,875 | $ | 47,831 | $ | 77,347 | $ | 94,817 | ||||||||||||
Tangible Assets and Tangible Shareholders’ Equity |
||||||||||||||||||||||||||
Average shareholders’ equity (GAAP) |
$ | 2,337,731 | $ | 2,314,281 | $ | 2,261,025 | $ | 2,231,605 | $ | 2,217,708 | $ | 2,326,006 | $ | 2,202,336 | ||||||||||||
Average intangible assets | 1,008,638 | 1,009,825 | 1,011,130 | 1,012,460 | 1,013,811 | 1,009,232 | 1,012,690 | |||||||||||||||||||
Average tangible shareholders’ equity (non-GAAP) |
$ | 1,329,093 | $ | 1,304,456 | $ | 1,249,895 | $ | 1,219,145 | $ | 1,203,897 | $ | 1,316,774 | $ | 1,189,646 | ||||||||||||
Average assets (GAAP) | $ | 17,371,369 | $ | 17,203,013 | $ | 17,195,840 | $ | 17,235,413 | $ | 17,337,924 | $ | 17,290,131 | $ | 17,248,408 | ||||||||||||
Average intangible assets | 1,008,638 | 1,009,825 | 1,011,130 | 1,012,460 | 1,013,811 | 1,009,232 | 1,012,690 | |||||||||||||||||||
Average tangible assets (non-GAAP) | $ | 16,362,731 | $ | 16,193,188 | $ | 16,184,710 | $ | 16,222,953 | $ | 16,324,113 | $ | 16,280,899 | $ | 16,235,718 | ||||||||||||
Shareholders’ equity (GAAP) |
$ | 2,354,701 | $ | 2,322,350 | $ | 2,297,383 | $ | 2,233,323 | $ | 2,208,628 | $ | 2,354,701 | $ | 2,208,628 | ||||||||||||
Intangible assets | 1,008,062 | 1,009,248 | 1,010,460 | 1,011,735 | 1,013,046 | 1,008,062 | 1,013,046 | |||||||||||||||||||
Tangible shareholders’ equity (non-GAAP) |
$ | 1,346,639 | $ | 1,313,102 | $ | 1,286,923 | $ | 1,221,588 | $ | 1,195,582 | $ | 1,346,639 | $ | 1,195,582 |
(Dollars in thousands, except per share data) | Three Months Ended | Six Months Ended | ||||||||||||||||||||||||
Jun 30, 2024 | Mar 31, 2024 | Dec 31, 2023 | Sep 30, 2023 | Jun 30, 2023 | Jun 30, 2024 | Jun 30, 2023 | ||||||||||||||||||||
Total assets (GAAP) | $ | 17,510,391 | $ | 17,345,741 | $ | 17,360,535 | $ | 17,181,621 | $ | 17,224,342 | $ | 17,510,391 | $ | 17,224,342 | ||||||||||||
Intangible assets | 1,008,062 | 1,009,248 | 1,010,460 | 1,011,735 | 1,013,046 | 1,008,062 | 1,013,046 | |||||||||||||||||||
Total tangible assets (non-GAAP) | $ | 16,502,329 | $ | 16,336,493 | $ | 16,350,075 | $ | 16,169,886 | $ | 16,211,296 | $ | 16,502,329 | $ | 16,211,296 | ||||||||||||
Adjusted Performance Ratios | ||||||||||||||||||||||||||
Return on average assets (GAAP) | 0.90 | % | 0.92 | % | 0.65 | % | 0.96 | % | 0.66 | % | 0.91 | % | 0.87 | % | ||||||||||||
Adjusted return on average assets (non-GAAP) | 0.90 | 0.86 | 0.99 | 0.96 | 1.08 | 0.88 | 1.08 | |||||||||||||||||||
Return on average tangible assets (non-GAAP) | 0.98 | 1.00 | 0.71 | 1.05 | 0.73 | 0.99 | 0.96 | |||||||||||||||||||
Pre-provision net revenue to average assets (non-GAAP) | 1.20 | 1.21 | 0.79 | 1.32 | 0.86 | 1.20 | 1.18 | |||||||||||||||||||
Adjusted pre-provision net revenue to average assets (non-GAAP) | 1.20 | 1.13 | 1.21 | 1.32 | 1.38 | 1.16 | 1.44 | |||||||||||||||||||
Adjusted return on average tangible assets (non-GAAP) | 0.98 | 0.93 | 1.08 | 1.05 | 1.18 | 0.96 | 1.18 | |||||||||||||||||||
Return on average equity (GAAP) | 6.68 | 6.85 | 4.93 | 7.44 | 5.18 | 6.77 | 6.84 | |||||||||||||||||||
Adjusted return on average equity (non-GAAP) | 6.68 | 6.36 | 7.53 | 7.44 | 8.45 | 6.52 | 8.48 | |||||||||||||||||||
Return on average tangible equity (non-GAAP) | 12.04 | 12.45 | 9.26 | 13.95 | 9.91 | 12.25 | 13.04 | |||||||||||||||||||
Adjusted return on average tangible equity (non-GAAP) | 12.04 | 11.58 | 13.94 | 13.95 | 15.94 | 11.81 | 16.07 | |||||||||||||||||||
Adjusted Diluted Earnings Per Share | ||||||||||||||||||||||||||
Average diluted shares outstanding | 56,684,626 | 56,531,078 | 56,611,217 | 56,523,887 | 56,395,653 | 56,607,947 | 56,330,295 | |||||||||||||||||||
Diluted earnings per share (GAAP) | $ | 0.69 | $ | 0.70 | $ | 0.50 | $ | 0.74 | $ | 0.51 | $ | 1.38 | $ | 1.33 | ||||||||||||
Adjusted diluted earnings per share (non-GAAP) | $ | 0.69 | $ | 0.65 | $ | 0.76 | $ | 0.74 | $ | 0.83 | $ | 1.33 | $ | 1.64 | ||||||||||||
Tangible Book Value Per Share | ||||||||||||||||||||||||||
Shares outstanding | 56,367,924 | 56,304,860 | 56,142,207 | 56,140,713 | 56,132,478 | 56,367,924 | 56,132,478 | |||||||||||||||||||
Book value per share (GAAP) | $ | 41.77 | $ | 41.25 | $ | 40.92 | $ | 39.78 | $ | 39.35 | $ | 41.77 | $ | 39.35 | ||||||||||||
Tangible book value per share (non-GAAP) | $ | 23.89 | $ | 23.32 | $ | 22.92 | $ | 21.76 | $ | 21.30 | $ | 23.89 | $ | 21.30 | ||||||||||||
Tangible Common Equity Ratio | ||||||||||||||||||||||||||
Shareholders’ equity to assets (GAAP) | 13.45 | % | 13.39 | % | 13.23 | % | 13.00 | % | 12.82 | % | 13.45 | % | 12.82 | % | ||||||||||||
Tangible common equity ratio (non-GAAP) | 8.16 | % | 8.04 | % | 7.87 | % | 7.55 | % | 7.37 | % | 8.16 | % | 7.37 | % | ||||||||||||
Adjusted Efficiency Ratio | ||||||||||||||||||||||||||
Net interest income (FTE) (GAAP) | $ | 127,598 | $ | 125,850 | $ | 128,595 | $ | 130,131 | $ | 133,085 | $ | 253,448 | $ | 271,614 | ||||||||||||
Total noninterest income (GAAP) | $ | 38,762 | $ | 41,381 | $ | 20,356 | $ | 38,200 | $ | 17,226 | $ | 80,143 | $ | 54,519 | ||||||||||||
Gain on sales of MSR | — | 3,472 | 547 | — | — | 3,472 | — | |||||||||||||||||||
Gain on extinguishment of debt | — | 56 | 620 | — | — | 56 | — | |||||||||||||||||||
Losses on sales of securities (including impairments) | — | — | (19,352) | — | (22,438) | — | (22,438) | |||||||||||||||||||
Total adjusted noninterest income (non-GAAP) | $ | 38,762 | $ | 37,853 | $ | 38,541 | $ | 38,200 | $ | 39,664 | $ | 76,615 | $ | 76,957 | ||||||||||||
(Dollars in thousands, except per share data) | Three Months Ended | Six Months Ended | ||||||||||||||||||||||||
Jun 30, 2024 | Mar 31, 2024 | Dec 31, 2023 | Sep 30, 2023 | Jun 30, 2023 | Jun 30, 2024 | Jun 30, 2023 | ||||||||||||||||||||
Noninterest expense (GAAP) | $ | 111,976 | $ | 112,912 | $ | 111,880 | $ | 108,369 | $ | 110,165 | $ | 224,888 | $ | 219,373 | ||||||||||||
Amortization of intangibles | 1,186 | 1,212 | 1,274 | 1,311 | 1,369 | 2,398 | 2,795 | |||||||||||||||||||
Total adjusted noninterest expense (non-GAAP) | $ | 110,790 | $ | 111,700 | $ | 110,606 | $ | 107,058 | $ | 108,796 | $ | 222,490 | $ | 216,578 | ||||||||||||
Efficiency ratio (GAAP) | 67.31 | % | 67.52 | % | 75.11 | % | 64.38 | % | 73.29 | % | 67.41 | % | 67.26 | % | ||||||||||||
Adjusted efficiency ratio (non-GAAP) | 66.60 | % | 68.23 | % | 66.18 | % | 63.60 | % | 62.98 | % | 67.41 | % | 62.13 | % | ||||||||||||
Adjusted Net Interest Income and Adjusted Net Interest Margin | ||||||||||||||||||||||||||
Net interest income (FTE) (GAAP) | $ | 127,598 | $ | 125,850 | $ | 128,595 | $ | 130,131 | $ | 133,085 | $ | 253,448 | $ | 271,614 | ||||||||||||
Net interest income collected on problem loans | (146) | 123 | 283 | (820) | 364 | (23) | 756 | |||||||||||||||||||
Accretion recognized on purchased loans | 897 | 800 | 1,117 | 1,290 | 874 | 1,697 | 1,759 | |||||||||||||||||||
Adjustments to net interest income | $ | 751 | $ | 923 | $ | 1,400 | $ | 470 | $ | 1,238 | $ | 1,674 | $ | 2,515 | ||||||||||||
Adjusted net interest income (FTE) (non-GAAP) | $ | 126,847 | $ | 124,927 | $ | 127,195 | $ | 129,661 | $ | 131,847 | $ | 251,774 | $ | 269,099 | ||||||||||||
Net interest margin (GAAP) | 3.31 | % | 3.30 | % | 3.33 | % | 3.36 | % | 3.45 | % | 3.30 | % | 3.56 | % | ||||||||||||
Adjusted net interest margin (non-GAAP) | 3.29 | % | 3.28 | % | 3.29 | % | 3.35 | % | 3.43 | % | 3.28 | % | 3.52 | % | ||||||||||||
Adjusted Loan Yield | ||||||||||||||||||||||||||
Loan interest income (FTE) (GAAP) | $ | 200,670 | $ | 194,640 | $ | 190,857 | $ | 183,521 | $ | 175,549 | $ | 395,310 | $ | 339,519 | ||||||||||||
Net interest income collected on problem loans | (146) | 123 | 283 | (820) | 364 | (23) | 756 | |||||||||||||||||||
Accretion recognized on purchased loans | 897 | 800 | 1,117 | 1,290 | 874 | 1,697 | 1,759 | |||||||||||||||||||
Adjusted loan interest income (FTE) (non-GAAP) | $ | 199,919 | $ | 193,717 | $ | 189,457 | $ | 183,051 | $ | 174,311 | $ | 393,636 | $ | 337,004 | ||||||||||||
Loan yield (GAAP) | 6.41 | % | 6.30 | % | 6.18 | % | 6.06 | % | 5.93 | % | 6.35 | % | 5.81 | % | ||||||||||||
Adjusted loan yield (non-GAAP) | 6.38 | % | 6.27 | % | 6.14 | % | 6.04 | % | 5.89 | % | 6.32 | % | 5.76 | % |