Date of Report (Date of earliest event reported): | January 24, 2024 |
North Carolina | 0-15572 | 56-1421916 | ||||||||||||
(State or Other Jurisdiction | (Commission | (I.R.S. Employer | ||||||||||||
of Incorporation) | File Number) | Identification Number) |
300 SW Broad Street, | ||||||||||||||
Southern Pines, | NC | 28387 | ||||||||||||
(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)) |
Page | |||||
Item 2.02 – Results of Operations and Financial Condition | 3 | ||||
Item 9.01 – Financial Statements and Exhibits | 3 | ||||
Signatures | 3 | ||||
4 |
First Bancorp | ||||||||||||||||||||
January 24, 2024 | By: |
/s/ Richard H. Moore |
||||||||||||||||||
Richard H. Moore | ||||||||||||||||||||
Chief Executive Officer |
For Immediate Release: | For More Information, Contact: | ||||||||||
January 24, 2024 | Hillary Kestler |
||||||||||
704-644-4137 |
For the Three Months Ended | ||||||||||||||||||||
YIELD INFORMATION | December 31, 2023 | September 30, 2023 | December 31, 2022 | |||||||||||||||||
Yield on loans | 5.39% | 5.32% | 4.62% | |||||||||||||||||
Yield on securities | 1.76% | 1.75% | 1.74% | |||||||||||||||||
Yield on other earning assets | 4.49% | 4.58% | 3.05% | |||||||||||||||||
Yield on total interest-earning assets | 4.38% | 4.31% | 3.64% | |||||||||||||||||
Rate on interest-bearing deposits | 2.14% | 1.95% | 0.44% | |||||||||||||||||
Rate on other interest-bearing liabilities | 6.02% | 5.88% | 4.58% | |||||||||||||||||
Rate on total interest-bearing liabilities | 2.43% | 2.20% | 0.60% | |||||||||||||||||
Total cost of funds | 1.64% | 1.46% | 0.36% | |||||||||||||||||
Net interest margin (1) | 2.85% | 2.95% | 3.29% | |||||||||||||||||
Net interest margin - tax-equivalent (2) | 2.88% | 2.97% | 3.32% | |||||||||||||||||
Average prime rate | 8.50% | 8.43% | 6.82% | |||||||||||||||||
(1) Calculated by dividing annualized net interest income by average earning assets for the period. | ||||||||||||||||||||
(2) Calculated by dividing annualized tax-equivalent net interest income by average earning assets for the period. The tax-equivalent amount reflects the tax benefit that the Company receives related to its tax-exempt loans and securities, which carry interest rates lower than similar taxable investments due to their tax-exempt status. This amount has been computed assuming a 23% tax rate and is reduced by the related nondeductible portion of interest expense. |
For the Three Months Ended | ||||||||||||||||||||
NET INTEREST INCOME PURCHASE ACCOUNTING ADJUSTMENTS
($ in thousands)
|
December 31, 2023 | September 30, 2023 | December 31, 2022 | |||||||||||||||||
Interest income - increased by accretion of loan discount on acquired loans | $ | 2,464 | 2,766 | 886 | ||||||||||||||||
Interest income - increased by accretion of loan discount on retained portions of SBA loans | 459 | 437 | 427 | |||||||||||||||||
Total interest income impact | 2,923 | 3,203 | 1,313 | |||||||||||||||||
Interest expense - (increased) reduced by (discount accretion) premium amortization of deposits | (495) | (709) | 70 | |||||||||||||||||
Interest expense - increased by discount accretion of borrowings | (207) | (215) | (64) | |||||||||||||||||
Total net interest expense impact | (702) | (924) | 6 | |||||||||||||||||
Total impact on net interest income | $ | 2,221 | 2,279 | 1,319 |
ASSET QUALITY DATA
($ in thousands)
|
December 31, 2023 | September 30, 2023 | December 31, 2022 | |||||||||||||||||
Nonperforming assets | ||||||||||||||||||||
Nonaccrual loans | $ | 32,208 | 26,884 | 28,514 | ||||||||||||||||
Modifications to borrowers in financial distress | 11,719 | 10,723 | — | |||||||||||||||||
Troubled debt restructurings - accruing (1) |
— | — | 9,121 | |||||||||||||||||
Total nonperforming loans | 43,927 | 37,607 | 37,635 | |||||||||||||||||
Foreclosed real estate | 862 | 1,235 | 658 | |||||||||||||||||
Total nonperforming assets | $ | 44,789 | 38,842 | 38,293 | ||||||||||||||||
Asset Quality Ratios | ||||||||||||||||||||
Quarterly net charge-offs (recoveries) to average loans - annualized | 0.09 | % | 0.11 | % | (0.02) | % | ||||||||||||||
Nonperforming loans to total loans | 0.54 | % | 0.47 | % | 0.56 | % | ||||||||||||||
Nonperforming assets to total assets | 0.37 | % | 0.32 | % | 0.36 | % | ||||||||||||||
Allowance for credit losses to total loans | 1.35 | % | 1.35 | % | 1.36 | % | ||||||||||||||
(1) The Company implemented ASU 2022-02 effective January 1, 2023 eliminating TDR accounting. |
For the Three Months Ended | ||||||||||||||||||||
AVERAGE BALANCES
($ in thousands)
|
December 31, 2023 | December 31, 2022 | Change 4Q23 vs 4Q22 |
|||||||||||||||||
Total assets | $ | 12,026,195 | 10,579,187 | 13.7% | ||||||||||||||||
Investment securities, at amortized cost | 3,143,756 | 3,325,652 | (5.5)% | |||||||||||||||||
Loans | 8,087,450 | 6,576,415 | 23.0% | |||||||||||||||||
Earning assets | 11,477,007 | 10,161,108 | 13.0% | |||||||||||||||||
Deposits | 10,131,094 | 9,275,909 | 9.2% | |||||||||||||||||
Interest-bearing liabilities | 7,204,165 | 5,779,958 | 24.6% | |||||||||||||||||
Shareholders’ equity | 1,280,812 | 1,003,031 | 27.7% |
December 31, 2023 | September 30, 2023 | December 31, 2022 | ||||||||||||||||||||||||||||||||||||
($ in thousands) | Amount | Percentage | Amount | Percentage | Amount | Percentage | ||||||||||||||||||||||||||||||||
Commercial and industrial | $ | 905,862 | 11 | % | 893,910 | 11 | % | 641,941 | 9 | % | ||||||||||||||||||||||||||||
Construction, development & other land loans | 992,980 | 12 | % | 1,008,289 | 13 | % | 934,176 | 14 | % | |||||||||||||||||||||||||||||
Commercial real estate - owner occupied | 1,259,022 | 16 | % | 1,252,259 | 16 | % | 1,036,270 | 16 | % | |||||||||||||||||||||||||||||
Commercial real estate - non-owner occupied | 2,528,060 | 31 | % | 2,509,317 | 31 | % | 2,123,811 | 32 | % | |||||||||||||||||||||||||||||
Multi-family real estate | 421,376 | 5 | % | 405,161 | 5 | % | 350,180 | 5 | % | |||||||||||||||||||||||||||||
Residential 1-4 family real estate | 1,639,469 | 20 | % | 1,560,140 | 19 | % | 1,195,785 | 18 | % | |||||||||||||||||||||||||||||
Home equity loans/lines of credit | 335,068 | 4 | % | 331,108 | 4 | % | 323,726 | 5 | % | |||||||||||||||||||||||||||||
Consumer loans | 68,443 | 1 | % | 67,169 | 1 | % | 60,659 | 1 | % | |||||||||||||||||||||||||||||
Loans, gross | 8,150,280 | 100 | % | 8,027,353 | 100 | % | 6,666,548 | 100 | % | |||||||||||||||||||||||||||||
Unamortized net deferred loan fees | (178) | (316) | (1,403) | |||||||||||||||||||||||||||||||||||
Total loans | $ | 8,150,102 | 8,027,037 | 6,665,145 |
December 31, 2023 | September 30, 2023 | December 31, 2022 | ||||||||||||||||||||||||||||||||||||
($ in thousands) | Amount | Percentage | Amount | Percentage | Amount | Percentage | ||||||||||||||||||||||||||||||||
Noninterest-bearing checking accounts | $ | 3,379,876 | 34 | % | 3,503,050 | 34 | % | 3,566,003 | 39 | % | ||||||||||||||||||||||||||||
Interest-bearing checking accounts | 1,411,142 | 14 | % | 1,458,855 | 14 | % | 1,514,166 | 16 | % | |||||||||||||||||||||||||||||
Money market accounts | 3,653,506 | 36 | % | 3,635,523 | 36 | % | 2,416,146 | 26 | % | |||||||||||||||||||||||||||||
Savings accounts | 608,380 | 6 | % | 638,912 | 6 | % | 728,641 | 8 | % | |||||||||||||||||||||||||||||
Other time deposits | 610,887 | 6 | % | 626,870 | 6 | % | 464,343 | 5 | % | |||||||||||||||||||||||||||||
Time deposits >$250,000 | 355,209 | 4 | % | 359,704 | 4 | % | 276,319 | 3 | % | |||||||||||||||||||||||||||||
Total market deposits | 10,019,000 | 100 | % | 10,222,914 | 100 | % | 8,965,618 | 97 | % | |||||||||||||||||||||||||||||
Brokered deposits | 12,599 | — | % | 12,489 | — | % | 261,911 | 3 | % | |||||||||||||||||||||||||||||
Total deposits | $ | 10,031,599 | 100 | % | 10,235,403 | 100 | % | 9,227,529 | 100 | % |
CAPITAL RATIOS | December 31, 2023 (estimated) | September 30, 2023 | December 31, 2022 | |||||||||||||||||
Tangible common equity to tangible assets (non-GAAP) | 7.42% | 6.49% | 6.39% | |||||||||||||||||
Common equity tier I capital ratio | 13.20% | 12.93% | 13.02% | |||||||||||||||||
Tier I leverage ratio | 10.91% | 10.72% | 10.51% | |||||||||||||||||
Tier I risk-based capital ratio | 13.99% | 13.71% | 13.83% | |||||||||||||||||
Total risk-based capital ratio | 15.54% | 15.26% | 15.09% |
First Bancorp and Subsidiaries Financial Summary |
CONSOLIDATED INCOME STATEMENT | ||||||||||||||||||||||||||||||||
For the Three Months Ended | For the Twelve Months Ended | |||||||||||||||||||||||||||||||
($ in thousands, except per share data - unaudited) | December 31, 2023 | September 30, 2023 | December 31, 2022 | December 31, 2023 | December 31, 2022 | |||||||||||||||||||||||||||
Interest income | ||||||||||||||||||||||||||||||||
Interest and fees on loans | $ | 109,811 | 106,514 | 76,509 | 418,668 | 278,027 | ||||||||||||||||||||||||||
Interest on investment securities | 13,978 | 14,054 | 14,611 | 56,761 | 57,923 | |||||||||||||||||||||||||||
Other interest income | 2,784 | 3,283 | 1,991 | 13,330 | 5,007 | |||||||||||||||||||||||||||
Total interest income | 126,573 | 123,851 | 93,111 | 488,759 | 340,957 | |||||||||||||||||||||||||||
Interest expense | ||||||||||||||||||||||||||||||||
Interest on deposits | 35,979 | 32,641 | 6,145 | 114,866 | 11,349 | |||||||||||||||||||||||||||
Interest on borrowings | 8,110 | 6,508 | 2,594 | 27,235 | 4,754 | |||||||||||||||||||||||||||
Total interest expense | 44,089 | 39,149 | 8,739 | 142,101 | 16,103 | |||||||||||||||||||||||||||
Net interest income | 82,484 | 84,702 | 84,372 | 346,658 | 324,854 | |||||||||||||||||||||||||||
Provision for loan losses | 3,400 | 1,200 | 4,000 | 19,750 | 12,600 | |||||||||||||||||||||||||||
(Reversal of) provision for unfunded commitments | (450) | (1,200) | 1,000 | (1,937) | (200) | |||||||||||||||||||||||||||
Total provision for credit losses | 2,950 | — | 5,000 | 17,813 | 12,400 | |||||||||||||||||||||||||||
Net interest income after provision for credit losses | 79,534 | 84,702 | 79,372 | 328,845 | 312,454 | |||||||||||||||||||||||||||
Noninterest income | ||||||||||||||||||||||||||||||||
Service charges on deposit accounts | 4,413 | 4,661 | 4,116 | 16,800 | 15,523 | |||||||||||||||||||||||||||
Other service charges, commissions, and fees | 4,968 | 5,450 | 5,094 | 22,270 | 26,294 | |||||||||||||||||||||||||||
Fees from presold mortgage loans | 325 | 325 | 151 | 1,613 | 2,102 | |||||||||||||||||||||||||||
Commissions from sales of financial products | 1,577 | 1,207 | 1,708 | 5,503 | 5,195 | |||||||||||||||||||||||||||
SBA consulting fees | 395 | 478 | 645 | 1,803 | 2,608 | |||||||||||||||||||||||||||
SBA loan sale gains | 437 | 1,101 | 495 | 2,489 | 5,076 | |||||||||||||||||||||||||||
Bank-owned life insurance income | 1,134 | 1,104 | 967 | 4,350 | 3,847 | |||||||||||||||||||||||||||
Other gains, net | 1,293 | 851 | 1,382 | 2,662 | 7,340 | |||||||||||||||||||||||||||
Total noninterest income | 14,542 | 15,177 | 14,558 | 57,490 | 67,985 | |||||||||||||||||||||||||||
Noninterest expenses | ||||||||||||||||||||||||||||||||
Salaries expense | 26,985 | 29,394 | 24,652 | 114,377 | 96,321 | |||||||||||||||||||||||||||
Employee benefit expense | 6,377 | 6,539 | 5,353 | 25,474 | 21,397 | |||||||||||||||||||||||||||
Occupancy and equipment related expense | 5,948 | 5,003 | 4,433 | 20,990 | 18,604 | |||||||||||||||||||||||||||
Merger and acquisition expenses | 189 | — | 303 | 13,695 | 5,072 | |||||||||||||||||||||||||||
Intangibles amortization expense | 1,856 | 1,953 | 825 | 8,003 | 3,684 | |||||||||||||||||||||||||||
Other operating expenses | 15,031 | 19,335 | 10,091 | 71,840 | 50,142 | |||||||||||||||||||||||||||
Total noninterest expenses | 56,386 | 62,224 | 45,657 | 254,379 | 195,220 | |||||||||||||||||||||||||||
Income before income taxes | 37,690 | 37,655 | 48,273 | 131,956 | 185,219 | |||||||||||||||||||||||||||
Income tax expense | 8,016 | 7,762 | 9,840 | 27,825 | 38,283 | |||||||||||||||||||||||||||
Net income | $ | 29,674 | 29,893 | 38,433 | 104,131 | 146,936 | ||||||||||||||||||||||||||
Earnings per common share - diluted | $ | 0.72 | 0.73 | 1.08 | 2.53 | 4.12 |
First Bancorp and Subsidiaries Financial Summary |
CONSOLIDATED BALANCE SHEETS | ||||||||||||||||||||
($ in thousands - unaudited) | At December 31, 2023 | At September 30, 2023 | At December 31, 2022 | |||||||||||||||||
Assets | ||||||||||||||||||||
Cash and due from banks | $ | 100,891 | 95,257 | 101,133 | ||||||||||||||||
Interest-bearing deposits with banks | 136,964 | 178,332 | 169,185 | |||||||||||||||||
Total cash and cash equivalents | 237,855 | 273,589 | 270,318 | |||||||||||||||||
Investment securities | 2,723,057 | 2,635,866 | 2,856,193 | |||||||||||||||||
Presold mortgages and SBA loans held for sale | 2,667 | 8,060 | 1,282 | |||||||||||||||||
Loans | 8,150,102 | 8,027,037 | 6,665,145 | |||||||||||||||||
Allowance for credit losses on loans | (109,853) | (108,198) | (90,967) | |||||||||||||||||
Net loans | 8,040,249 | 7,918,839 | 6,574,178 | |||||||||||||||||
Premises and equipment | 150,957 | 151,981 | 134,187 | |||||||||||||||||
Operating right-of-use lease assets | 17,063 | 17,604 | 18,733 | |||||||||||||||||
Goodwill and other intangible assets | 511,608 | 513,629 | 376,938 | |||||||||||||||||
Bank-owned life insurance | 183,897 | 182,764 | 164,592 | |||||||||||||||||
Other assets | 247,589 | 275,628 | 228,628 | |||||||||||||||||
Total assets | $ | 12,114,942 | 11,977,960 | 10,625,049 | ||||||||||||||||
Liabilities | ||||||||||||||||||||
Deposits: | ||||||||||||||||||||
Noninterest-bearing checking accounts | $ | 3,379,876 | 3,503,050 | 3,566,003 | ||||||||||||||||
Interest-bearing deposit accounts | 6,651,723 | 6,732,353 | 5,661,526 | |||||||||||||||||
Total deposits | 10,031,599 | 10,235,403 | 9,227,529 | |||||||||||||||||
Borrowings | 630,158 | 401,843 | 287,507 | |||||||||||||||||
Operating lease liabilities | 17,833 | 18,348 | 19,391 | |||||||||||||||||
Other liabilities | 62,972 | 64,683 | 59,026 | |||||||||||||||||
Total liabilities | 10,742,562 | 10,720,277 | 9,593,453 | |||||||||||||||||
Shareholders’ equity | ||||||||||||||||||||
Common stock | 963,990 | 962,644 | 725,153 | |||||||||||||||||
Retained earnings | 716,420 | 695,791 | 648,418 | |||||||||||||||||
Stock in rabbi trust assumed in acquisition | (1,385) | (1,375) | (1,585) | |||||||||||||||||
Rabbi trust obligation | 1,385 | 1,375 | 1,585 | |||||||||||||||||
Accumulated other comprehensive loss | (308,030) | (400,752) | (341,975) | |||||||||||||||||
Total shareholders’ equity | 1,372,380 | 1,257,683 | 1,031,596 | |||||||||||||||||
Total liabilities and shareholders’ equity | $ | 12,114,942 | 11,977,960 | 10,625,049 |
First Bancorp and Subsidiaries Financial Summary |
For the Three Months Ended | ||||||||||||||||||||||||||||||||
December 31, 2023 | September 30, 2023 | June 30, 2023 | March 31, 2023 | December 31, 2022 | ||||||||||||||||||||||||||||
PERFORMANCE RATIOS (annualized) |
||||||||||||||||||||||||||||||||
Return on average assets (1) |
0.98 | % | 0.99 | % | 0.98 | % | 0.51 | % | 1.44 | % | ||||||||||||||||||||||
Return on average common equity (2) |
9.19 | % | 9.10 | % | 8.97 | % | 4.83 | % | 15.20 | % | ||||||||||||||||||||||
Return on average tangible common equity (3) |
15.33 | % | 15.05 | % | 14.79 | % | 8.16 | % | 20.96 | % | ||||||||||||||||||||||
COMMON SHARE DATA | ||||||||||||||||||||||||||||||||
Cash dividends declared - common | $ | 0.22 | 0.22 | 0.22 | 0.22 | 0.22 | ||||||||||||||||||||||||||
Book value per common share | $ | 33.38 | 30.61 | 31.59 | 31.72 | 28.89 | ||||||||||||||||||||||||||
Tangible book value per share (4) |
$ | 20.94 | 18.11 | 19.03 | 19.08 | 18.34 | ||||||||||||||||||||||||||
Common shares outstanding at end of period | 41,109,987 | 41,085,498 | 41,082,678 | 40,986,990 | 35,704,154 | |||||||||||||||||||||||||||
Weighted average shares outstanding - diluted | 41,207,945 | 41,199,058 | 41,129,100 | 41,112,692 | 35,614,972 | |||||||||||||||||||||||||||
CAPITAL INFORMATION (estimates for current quarter) | ||||||||||||||||||||||||||||||||
Tangible common equity to tangible assets (5) |
7.42 | % | 6.49 | % | 6.79 | % | 6.60 | % | 6.39 | % | ||||||||||||||||||||||
Common equity tier I capital ratio | 13.20 | % | 12.93 | % | 12.75 | % | 12.53 | % | 13.02 | % | ||||||||||||||||||||||
Total risk-based capital ratio | 15.54 | % | 15.26 | % | 15.09 | % | 14.88 | % | 15.09 | % | ||||||||||||||||||||||
(1) Calculated by dividing annualized net income by average assets. | ||||||||||||||||||||||||||||||||
(2) Calculated by dividing annualized net income by average common equity. | ||||||||||||||||||||||||||||||||
(3) Return on average tangible common equity is a non-GAAP financial measure. See Appendix A for components of the calculation and the reconciliation of average common equity to average TCE. | ||||||||||||||||||||||||||||||||
(4) Tangible book value per share is a non-GAAP financial measure. See Appendix B for a reconciliation of common equity to tangible common equity and Appendix C for the resulting calculation. | ||||||||||||||||||||||||||||||||
(5) Tangible common equity ratio is a non-GAAP financial measure. See Appendix B for a reconciliation of common equity to tangible common equity and Appendix D for the resulting calculation. |
For the Three Months Ended | ||||||||||||||||||||||||||||||||
INCOME STATEMENT
($ in thousands except per share data)
|
December 31, 2023 | September 30, 2023 | June 30, 2023 | March 31, 2023 | December 31, 2022 | |||||||||||||||||||||||||||
Net interest income - tax-equivalent (1) | $ | 83,225 | 85,442 | 87,684 | 93,186 | 85,094 | ||||||||||||||||||||||||||
Taxable equivalent adjustment (1) | 741 | 740 | 699 | 700 | 722 | |||||||||||||||||||||||||||
Net interest income | 82,484 | 84,702 | 86,985 | 92,486 | 84,372 | |||||||||||||||||||||||||||
Provision for loan losses | 3,400 | 1,200 | 3,700 | 11,451 | 4,000 | |||||||||||||||||||||||||||
(Reversal of) provision for unfunded commitments | (450) | (1,200) | (1,339) | 1,051 | 1,000 | |||||||||||||||||||||||||||
Noninterest income | 14,542 | 15,177 | 14,235 | 13,536 | 14,558 | |||||||||||||||||||||||||||
Merger and acquisition costs | 189 | — | 1,334 | 12,182 | 303 | |||||||||||||||||||||||||||
Other noninterest expense | 56,197 | 62,224 | 60,259 | 61,993 | 45,354 | |||||||||||||||||||||||||||
Income before income taxes | 37,690 | 37,655 | 37,266 | 19,345 | 48,273 | |||||||||||||||||||||||||||
Income tax expense | 8,016 | 7,762 | 7,863 | 4,184 | 9,840 | |||||||||||||||||||||||||||
Net income | 29,674 | 29,893 | 29,403 | 15,161 | 38,433 | |||||||||||||||||||||||||||
Earnings per common share - diluted | $ | 0.72 | 0.73 | 0.71 | 0.37 | 1.08 | ||||||||||||||||||||||||||
(1) This amount reflects the tax benefit that the Company receives related to its tax-exempt loans and securities, which carry interest rates lower than similar taxable investments due to their tax-exempt status. This amount has been computed assuming a 23% tax rate and is reduced by the related nondeductible portion of interest expense. |
For the Three Months Ended | ||||||||||||||||||||||||||||||||
($ in thousands) | December 31, 2023 | September 30, 2023 | June 30, 2023 | March 31, 2023 | December 31, 2022 | |||||||||||||||||||||||||||
Net Income |
$ | 29,674 | 29,893 | 29,403 | 15,161 | 38,433 | ||||||||||||||||||||||||||
Average common equity | 1,280,812 | 1,303,249 | 1,314,650 | 1,273,435 | 1,003,023 | |||||||||||||||||||||||||||
Less: Average goodwill and other intangibles | (512,876) | (515,111) | (517,201) | (519,639) | (377,793) | |||||||||||||||||||||||||||
Average tangible common equity | $ | 767,936 | 788,138 | 797,449 | 753,796 | 625,230 | ||||||||||||||||||||||||||
Return on average common equity | 9.19 | % | 9.10 | % | 8.97 | % | 4.83 | % | 15.20 | % | ||||||||||||||||||||||
Return on average tangible common equity | 15.33 | % | 15.05 | % | 14.79 | % | 8.16 | % | 24.39 | % |
For the Three Months Ended | ||||||||||||||||||||||||||||||||
($ in thousands) | December 31, 2023 | September 30, 2023 | June 30, 2023 | March 31, 2023 | December 31, 2022 | |||||||||||||||||||||||||||
Total shareholders' common equity |
$ | 1,372,380 | 1,257,683 | 1,297,642 | 1,299,961 | 1,031,596 | ||||||||||||||||||||||||||
Less: Goodwill and other intangibles | (511,608) | (513,629) | (515,847) | (518,012) | (376,938) | |||||||||||||||||||||||||||
Tangible common equity | $ | 860,772 | 744,054 | 781,795 | 781,949 | 654,658 |
For the Three Months Ended | ||||||||||||||||||||||||||||||||
($ in thousands except per share data) | December 31, 2023 | September 30, 2023 | June 30, 2023 | March 31, 2023 | December 31, 2022 | |||||||||||||||||||||||||||
Tangible common equity (Appendix B) | $ | 860,772 | 744,054 | 781,795 | 781,949 | 654,658 | ||||||||||||||||||||||||||
Common shares outstanding |
41,109,987 | 41,085,498 | 41,082,678 | 40,986,990 | 35,704,154 | |||||||||||||||||||||||||||
Tangible book value per common share | $ | 20.94 | 18.11 | 19.03 | 19.08 | 18.34 |
For the Three Months Ended | ||||||||||||||||||||||||||||||||
($ in thousands) | December 31, 2023 | September 30, 2023 | June 30, 2023 | March 31, 2023 | December 31, 2022 | |||||||||||||||||||||||||||
Tangible common equity (Appendix B) | $ | 860,772 | 744,054 | 781,795 | 781,949 | 654,658 | ||||||||||||||||||||||||||
Total assets |
12,114,942 | 11,977,960 | 12,032,998 | 12,363,149 | 10,625,049 | |||||||||||||||||||||||||||
Less: Goodwill and other intangibles | (511,608) | (513,629) | (515,847) | (518,012) | (376,938) | |||||||||||||||||||||||||||
Tangible assets ("TA") | $ | 11,603,334 | 11,464,331 | 11,517,151 | 11,845,137 | 10,248,111 | ||||||||||||||||||||||||||
TCE to TA ratio | 7.42 | % | 6.49 | % | 6.79 | % | 6.60 | % | 6.39 | % |