01/25/2022 | Press release | Distributed by Public on 01/25/2022 08:54
Three Months Ended | Year Ended | |||||||||||||
December 31, 2021 |
September 30, 2021 |
June 30, 2021 |
March 31, 2021 |
December 31, 2020 |
December 31, 2021 |
December 31, 2020 |
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($ in thousands) | ||||||||||||||
Total interest and dividend income | $ | 81,573 | $ | 71,791 | $ | 69,677 | $ | 68,618 | $ | 73,530 | $ | 291,659 | $ | 290,607 |
Total interest expense | 8,534 | 8,815 | 9,830 | 10,702 | 11,967 | 37,881 | 66,013 | |||||||
Net interest income | 73,039 | 62,976 | 59,847 | 57,916 | 61,563 | 253,778 | 224,594 | |||||||
Total noninterest income | 4,860 | 5,519 | 4,170 | 4,381 | 6,975 | 18,930 | 18,518 | |||||||
Total revenue | 77,899 | 68,495 | 64,017 | 62,297 | 68,538 | 272,708 | 243,112 | |||||||
Total noninterest expense | 58,127 | 37,811 | 40,559 | 46,735 | 38,950 | 183,232 | 199,033 | |||||||
Pre-tax / pre-provision income | 19,772 | 30,684 | 23,458 | 15,562 | 29,588 | 89,476 | 44,079 | |||||||
Provision for (reversal of) credit losses | 11,262 | (1,147) | (2,154) | (1,107) | 991 | 6,854 | 29,719 | |||||||
Income tax expense | 2,759 | 8,661 | 6,562 | 2,294 | 6,894 | 20,276 | 1,786 | |||||||
Net income | $ | 5,751 | $ | 23,170 | $ | 19,050 | $ | 14,375 | $ | 21,703 | $ | 62,346 | $ | 12,574 |
Net income (loss) available to common stockholders(1)
|
$ | 4,024 | $ | 21,443 | $ | 17,323 | $ | 7,825 | $ | 17,706 | $ | 50,563 | $ | (1,103) |
Amount Change | ||||||||||||||
December 31, 2021 |
September 30, 2021 |
June 30, 2021 |
March 31, 2021 |
December 31, 2020 |
Q4-21 vs. Q3-21
|
Q4-21 vs. Q4-20
|
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($ in thousands) | ||||||||||||||
Securities available-for-sale | $ | 1,315,703 | $ | 1,303,368 | $ | 1,353,154 | $ | 1,270,830 | $ | 1,231,431 | $ | 12,335 | $ | 84,272 |
Loans held-for-investment | $ | 7,251,480 | $ | 6,228,575 | $ | 5,985,477 | $ | 5,764,401 | $ | 5,898,405 | $ | 1,022,905 | $ | 1,353,075 |
Loans held-for-sale | $ | 3,408 | $ | 3,422 | $ | 2,853 | $ | 1,408 | $ | 1,413 | $ | (14) | $ | 1,995 |
Total assets | $ | 9,393,743 | $ | 8,278,741 | $ | 8,027,413 | $ | 7,933,459 | $ | 7,877,334 | $ | 1,115,002 | $ | 1,516,409 |
Noninterest-bearing deposits | $ | 2,788,196 | $ | 2,107,709 | $ | 1,808,918 | $ | 1,700,343 | $ | 1,559,248 | $ | 680,487 | $ | 1,228,948 |
Total deposits | $ | 7,439,435 | $ | 6,543,225 | $ | 6,206,544 | $ | 6,142,042 | $ | 6,085,800 | $ | 896,210 | $ | 1,353,635 |
Borrowings (1)
|
$ | 775,445 | $ | 762,444 | $ | 871,973 | $ | 891,546 | $ | 796,110 | $ | 13,001 | $ | (20,665) |
Total liabilities | $ | 8,328,453 | $ | 7,433,938 | $ | 7,198,051 | $ | 7,128,766 | $ | 6,980,127 | $ | 894,515 | $ | 1,348,326 |
Total equity | $ | 1,065,290 | $ | 844,803 | $ | 829,362 | $ | 804,693 | $ | 897,207 | $ | 220,487 | $ | 168,083 |
December 31, 2021 |
September 30, 2021 |
June 30, 2021 |
March 31, 2021 |
December 31, 2020 |
||||||
($ in thousands) | ||||||||||
Composition of held-for-investment loans | ||||||||||
Commercial real estate | $ | 1,311,105 | $ | 907,224 | $ | 871,790 | $ | 839,965 | $ | 807,195 |
Multifamily | 1,361,054 | 1,295,613 | 1,325,770 | 1,258,278 | 1,289,820 | |||||
Construction | 181,841 | 130,536 | 150,557 | 169,122 | 176,016 | |||||
Commercial and industrial | 1,066,497 | 773,681 | 725,596 | 760,150 | 748,299 | |||||
Commercial and industrial - warehouse lending | 1,602,487 | 1,522,945 | 1,345,314 | 1,118,175 | 1,340,009 | |||||
SBA | 205,548 | 181,582 | 253,924 | 338,903 | 273,444 | |||||
Total commercial loans | 5,728,532 | 4,811,581 | 4,672,951 | 4,484,593 | 4,634,783 | |||||
Single-family residential mortgage | 1,420,023 | 1,393,696 | 1,288,176 | 1,253,251 | 1,230,236 | |||||
Other consumer | 102,925 | 23,298 | 24,350 | 26,557 | 33,386 | |||||
Total consumer loans | 1,522,948 | 1,416,994 | 1,312,526 | 1,279,808 | 1,263,622 | |||||
Total gross loans | $ | 7,251,480 | $ | 6,228,575 | $ | 5,985,477 | $ | 5,764,401 | $ | 5,898,405 |
Composition percentage of held-for-investment loans | ||||||||||
Commercial real estate | 18.1 | % | 14.6 | % | 14.6 | % | 14.6 | % | 13.7 | % |
Multifamily | 18.8 | % | 20.7 | % | 22.2 | % | 21.8 | % | 21.9 | % |
Construction | 2.5 | % | 2.1 | % | 2.5 | % | 2.9 | % | 3.0 | % |
Commercial and industrial | 14.7 | % | 12.4 | % | 12.1 | % | 13.2 | % | 12.7 | % |
Commercial and industrial - warehouse lending | 22.1 | % | 24.5 | % | 22.5 | % | 19.4 | % | 22.6 | % |
SBA | 2.8 | % | 2.9 | % | 4.2 | % | 5.9 | % | 4.6 | % |
Total commercial loans | 79.0 | % | 77.2 | % | 78.1 | % | 77.8 | % | 78.5 | % |
Single-family residential mortgage | 19.6 | % | 22.4 | % | 21.5 | % | 21.7 | % | 20.9 | % |
Other consumer | 1.4 | % | 0.4 | % | 0.4 | % | 0.5 | % | 0.6 | % |
Total consumer loans | 21.0 | % | 22.8 | % | 21.9 | % | 22.2 | % | 21.5 | % |
Total gross loans | 100.0 | % | 100.0 | % | 100.0 | % | 100.0 | % | 100.0 | % |
December 31, 2021 | ||||
Amount | % of Portfolio | |||
($ in thousands) | ||||
C&I Portfolio by Industry | ||||
Finance and Insurance - Warehouse Lending | $ | 1,602,487 | 60 | % |
Real Estate & Rental Leasing | 252,610 | 9 | % | |
Finance and Insurance - Other | 108,098 | 4 | % | |
Manufacturing | 91,533 | 3 | % | |
Healthcare | 85,666 | 3 | % | |
Gas Stations | 71,381 | 3 | % | |
Wholesale Trade | 54,227 | 2 | % | |
Professional Services | 47,924 | 2 | % | |
Television / Motion Pictures | 46,762 | 2 | % | |
Other Retail Trade | 43,202 | 2 | % | |
Food Services | 32,598 | 1 | % | |
Transportation | 16,783 | 1 | % | |
Accommodations | 2,069 | - | % | |
All Other | 213,644 | 8 | % | |
Total | $ | 2,668,984 | 100 | % |
December 31, 2021 |
September 30, 2021 |
June 30, 2021 |
March 31, 2021 |
December 31, 2020 |
||||||
($ in thousands) | ||||||||||
Composition of deposits | ||||||||||
Noninterest-bearing checking | $ | 2,788,196 | $ | 2,107,709 | $ | 1,808,918 | $ | 1,700,343 | $ | 1,559,248 |
Interest-bearing checking | 2,393,386 | 2,214,678 | 2,217,306 | 2,088,528 | 2,107,942 | |||||
Savings and money market | 1,751,135 | 1,661,013 | 1,593,724 | 1,684,703 | 1,646,660 | |||||
Non-brokered certificates of deposit | 506,718 | 559,825 | 586,596 | 668,468 | 755,727 | |||||
Brokered certificates of deposit | - | - | - | - | 16,223 | |||||
Total deposits | $ | 7,439,435 | $ | 6,543,225 | $ | 6,206,544 | $ | 6,142,042 | $ | 6,085,800 |
Composition percentage of deposits | ||||||||||
Noninterest-bearing checking | 37.5 | % | 32.2 | % | 29.1 | % | 27.7 | % | 25.6 | % |
Interest-bearing checking | 32.2 | % | 33.8 | % | 35.7 | % | 34.0 | % | 34.6 | % |
Savings and money market | 23.5 | % | 25.4 | % | 25.7 | % | 27.4 | % | 27.0 | % |
Non-brokered certificates of deposit | 6.8 | % | 8.6 | % | 9.5 | % | 10.9 | % | 12.4 | % |
Brokered certificates of deposit | - | % | - | % | - | % | - | % | 0.4 | % |
Total deposits | 100.0 | % | 100.0 | % | 100.0 | % | 100.0 | % | 100.0 | % |
December 31, 2021 |
September 30, 2021 |
June 30, 2021 |
March 31, 2021 |
December 31, 2020 |
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Capital Ratios(1)
|
||||||||||
Banc of California, Inc. | ||||||||||
Total risk-based capital ratio | 15.07 | % | 14.73 | % | 15.33 | % | 15.87 | % | 17.01 | % |
Tier 1 risk-based capital ratio | 12.63 | % | 12.35 | % | 12.71 | % | 13.17 | % | 14.35 | % |
Common equity tier 1 capital ratio | 11.38 | % | 10.86 | % | 11.14 | % | 11.50 | % | 11.19 | % |
Tier 1 leverage ratio | 10.42 | % | 9.80 | % | 9.89 | % | 9.62 | % | 10.90 | % |
Banc of California, NA | ||||||||||
Total risk-based capital ratio | 15.75 | % | 16.31 | % | 17.25 | % | 17.82 | % | 17.27 | % |
Tier 1 risk-based capital ratio | 14.64 | % | 15.22 | % | 16.09 | % | 16.57 | % | 16.02 | % |
Common equity tier 1 capital ratio | 14.64 | % | 15.22 | % | 16.09 | % | 16.57 | % | 16.02 | % |
Tier 1 leverage ratio | 12.07 | % | 12.08 | % | 12.52 | % | 12.13 | % | 12.19 | % |
December 31, 2021 |
September 30, 2021 |
June 30, 2021 |
March 31, 2021 |
December 31, 2020 |
||||||
Asset quality information and ratios | ($ in thousands) | |||||||||
Delinquent loans held-for-investment | ||||||||||
30 to 89 days delinquent | $ | 40,142 | $ | 23,144 | $ | 16,983 | $ | 31,005 | $ | 13,981 |
90+ days delinquent | 32,609 | 21,979 | 17,998 | 30,292 | 17,636 | |||||
Total delinquent loans | $ | 72,751 | $ | 45,123 | $ | 34,981 | $ | 61,297 | $ | 31,617 |
Total delinquent loans to total loans | 1.00 | % | 0.72 | % | 0.58 | % | 1.06 | % | 0.54 | % |
Non-performing assets, excluding loans held-for-sale | ||||||||||
Non-accrual loans | $ | 52,558 | $ | 45,621 | $ | 51,299 | $ | 55,920 | $ | 35,900 |
90+ days delinquent and still accruing loans | - | - | - | - | 728 | |||||
Non-performing loans | 52,558 | 45,621 | 51,299 | 55,920 | 36,628 | |||||
Other real estate owned | - | - | 3,253 | - | - | |||||
Non-performing assets | $ | 52,558 | $ | 45,621 | $ | 54,552 | $ | 55,920 | $ | 36,628 |
ALL to non-performing loans | 176.16 | % | 161.16 | % | 147.93 | % | 141.90 | % | 221.22 | % |
Non-performing loans to total loans held-for-investment | 0.72 | % | 0.73 | % | 0.86 | % | 0.97 | % | 0.62 | % |
Non-performing assets to total assets | 0.56 | % | 0.55 | % | 0.68 | % | 0.70 | % | 0.46 | % |
Troubled debt restructurings (TDRs) | ||||||||||
Performing TDRs | $ | 12,538 | $ | 5,835 | $ | 6,029 | $ | 6,347 | $ | 4,733 |
Non-performing TDRs | 4,146 | 2,366 | 3,120 | 4,130 | 4,264 | |||||
Total TDRs | $ | 16,684 | $ | 8,201 | $ | 9,149 | $ | 10,477 | $ | 8,997 |
December 31, 2021 | September 30, 2021 | |||||||||
Count |
Amount(1)
|
% of Loans in Category | Count |
Amount(1)
|
% of Loans in Category | |||||
($ in thousands) | ||||||||||
Single-family residential mortgage | 19 | $ | 20,245 | 1 | % | 40 | $ | 49,501 | 4 | % |
All other loans | 3 | 4,317 | - | % | 5 | 4,691 | - | % | ||
Total | 22 | $ | 24,562 | - | % | 45 | $ | 54,192 | 1 | % |
Three Months Ended | ||||||||||
December 31, 2021 |
September 30, 2021 |
June 30, 2021 |
March 31, 2021 |
December 31, 2020 |
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($ in thousands) | ||||||||||
Allowance for loan losses (ALL) | ||||||||||
Balance at beginning of period | $ | 73,524 | $ | 75,885 | $ | 79,353 | $ | 81,030 | $ | 90,927 |
Initial reserve for purchased credit-deteriorated loans(1)
|
13,650 | - | - | - | - | |||||
Loans charged off | (8,108) | (327) | (886) | (565) | (11,520) | |||||
Recoveries | 2,628 | 532 | 26 | 172 | 609 | |||||
Net (charge-offs) recoveries | (5,480) | 205 | (860) | (393) | (10,911) | |||||
Provision for (reversal of) loan losses | 10,890 | (2,566) | (2,608) | (1,284) | 1,014 | |||||
Balance at end of period | $ | 92,584 | $ | 73,524 | $ | 75,885 | $ | 79,353 | $ | 81,030 |
Reserve for unfunded loan commitments | ||||||||||
Balance at beginning of period | $ | 5,233 | $ | 3,814 | $ | 3,360 | $ | 3,183 | $ | 3,206 |
Provision for (reversal of) credit losses | 372 | 1,419 | 454 | 177 | (23) | |||||
Balance at end of period | 5,605 | 5,233 | 3,814 | 3,360 | 3,183 | |||||
Allowance for credit losses (ACL) | $ | 98,189 | $ | 78,757 | $ | 79,699 | $ | 82,713 | $ | 84,213 |
ALL to total loans | 1.28 | % | 1.18 | % | 1.27 | % | 1.38 | % | 1.37 | % |
ACL to total loans | 1.35 | % | 1.26 | % | 1.33 | % | 1.43 | % | 1.43 | % |
ACL to total loans, excluding PPP loans | 1.38 | % | 1.29 | % | 1.38 | % | 1.51 | % | 1.48 | % |
ACL to NPLs | 186.82 | % | 172.63 | % | 155.36 | % | 147.91 | % | 229.91 | % |
Annualized net loan charge-offs (recoveries) to average total loans held-for-investment | 0.32 | % | (0.01) | % | 0.06 | % | 0.03 | % | 0.77 | % |
Reserve for loss on repurchased loans | ||||||||||
Balance at beginning of period | $ | 5,023 | $ | 5,095 | $ | 5,383 | $ | 5,515 | $ | 5,487 |
Initial provision for loan repurchases | - | - | - | - | - | |||||
(Reversal of) provision for loan repurchases | (675) | (42) | (99) | (132) | 28 | |||||
Utilization of reserve for loan repurchases | - | (30) | (189) | - | - | |||||
Balance at end of period | $ | 4,348 | $ | 5,023 | $ | 5,095 | $ | 5,383 | $ | 5,515 |
Source: Banc of California, Inc. |
Investor Relations Inquiries: |
Banc of California, Inc. |
(855) 361-2262 |
Jared Wolff, (949) 385-8700 |
Lynn Hopkins, (949) 265-6599 |
December 31, 2021 |
September 30, 2021 |
June 30, 2021 |
March 31, 2021 |
December 31, 2020 |
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ASSETS | ||||||||||
Cash and cash equivalents | $ | 227,873 | $ | 185,840 | $ | 163,332 | $ | 379,509 | $ | 220,819 |
Interest-bearing time deposits with financial institutions | 250 | - | - | - | - | |||||
Securities available-for-sale | 1,315,703 | 1,303,368 | 1,353,154 | 1,270,830 | 1,231,431 | |||||
Loans held-for-sale | 3,408 | 3,422 | 2,853 | 1,408 | 1,413 | |||||
Loans held-for-investment | 7,251,480 | 6,228,575 | 5,985,477 | 5,764,401 | 5,898,405 | |||||
Allowance for loan losses | (92,584) | (73,524) | (75,885) | (79,353) | (81,030) | |||||
Federal Home Loan Bank and other bank stock | 44,632 | 44,604 | 44,569 | 44,964 | 44,506 | |||||
Servicing rights, net | 1,309 | 1,022 | 1,162 | 1,407 | 1,454 | |||||
Other real estate owned, net | - | - | 3,253 | - | - | |||||
Premises and equipment, net | 112,868 | 114,011 | 118,649 | 120,071 | 121,520 | |||||
Alternative energy partnership investments, net | 25,888 | 25,196 | 24,068 | 23,809 | 27,977 | |||||
Goodwill | 94,301 | 37,144 | 37,144 | 37,144 | 37,144 | |||||
Other intangible assets, net | 6,411 | 1,787 | 2,069 | 2,351 | 2,633 | |||||
Deferred income tax, net | 50,774 | 40,659 | 41,628 | 47,877 | 45,957 | |||||
Income tax receivable | 7,952 | 2,107 | 4,084 | 210 | 1,105 | |||||
Bank owned life insurance investment | 123,720 | 113,884 | 113,168 | 112,479 | 111,807 | |||||
Right of use assets | 35,442 | 29,054 | 20,364 | 22,069 | 19,633 | |||||
Other assets | 184,316 | 221,592 | 188,324 | 184,283 | 192,560 | |||||
Total assets | $ | 9,393,743 | $ | 8,278,741 | $ | 8,027,413 | $ | 7,933,459 | $ | 7,877,334 |
LIABILITIES AND STOCKHOLDERS' EQUITY | ||||||||||
Noninterest-bearing deposits | $ | 2,788,196 | $ | 2,107,709 | $ | 1,808,918 | $ | 1,700,343 | $ | 1,559,248 |
Interest-bearing deposits | 4,651,239 | 4,435,516 | 4,397,626 | 4,441,699 | 4,526,552 | |||||
Total deposits | 7,439,435 | 6,543,225 | 6,206,544 | 6,142,042 | 6,085,800 | |||||
Advances from Federal Home Loan Bank | 476,059 | 405,738 | 490,419 | 635,105 | 539,795 | |||||
Other borrowings | 25,000 | 100,000 | 125,000 | - | - | |||||
Long-term debt, net | 274,386 | 256,706 | 256,554 | 256,441 | 256,315 | |||||
Reserve for loss on repurchased loans | 4,348 | 5,023 | 5,095 | 5,383 | 5,515 | |||||
Lease liabilities | 40,675 | 30,390 | 21,588 | 23,173 | 20,647 | |||||
Accrued expenses and other liabilities | 68,550 | 92,856 | 92,851 | 66,622 | 72,055 | |||||
Total liabilities | 8,328,453 | 7,433,938 | 7,198,051 | 7,128,766 | 6,980,127 | |||||
Commitments and contingent liabilities | ||||||||||
Preferred stock | 94,956 | 94,956 | 94,956 | 94,956 | 184,878 | |||||
Common stock | 646 | 527 | 527 | 526 | 522 | |||||
Common stock, class B non-voting non-convertible | 5 | 5 | 5 | 5 | 5 | |||||
Additional paid-in capital | 854,873 | 631,512 | 630,654 | 629,844 | 634,704 | |||||
Retained earnings | 147,894 | 147,682 | 129,307 | 115,004 | 110,179 | |||||
Treasury stock | (40,827) | (40,827) | (40,827) | (40,827) | (40,827) | |||||
Accumulated other comprehensive income, net | 7,743 | 10,948 | 14,740 | 5,185 | 7,746 | |||||
Total stockholders' equity | 1,065,290 | 844,803 | 829,362 | 804,693 | 897,207 | |||||
Total liabilities and stockholders' equity | $ | 9,393,743 | $ | 8,278,741 | $ | 8,027,413 | $ | 7,933,459 | $ | 7,877,334 |
Three Months Ended | Year Ended | |||||||||||||
December 31, 2021 |
September 30, 2021 |
June 30, 2021 |
March 31, 2021 |
December 31, 2020 |
December 31, 2021 |
December 31, 2020 |
||||||||
Interest and dividend income | ||||||||||||||
Loans, including fees | $ | 73,605 | $ | 63,837 | $ | 61,900 | $ | 61,345 | $ | 66,105 | $ | 260,687 | $ | 257,300 |
Securities | 6,934 | 7,167 | 6,986 | 6,501 | 6,636 | 27,588 | 29,038 | |||||||
Other interest-earning assets | 1,034 | 787 | 791 | 772 | 789 | 3,384 | 4,269 | |||||||
Total interest and dividend income | 81,573 | 71,791 | 69,677 | 68,618 | 73,530 | 291,659 | 290,607 | |||||||
Interest expense | ||||||||||||||
Deposits | 2,072 | 2,412 | 3,543 | 4,286 | 5,436 | 12,313 | 37,816 | |||||||
Federal Home Loan Bank advances | 2,977 | 2,990 | 2,944 | 3,112 | 3,479 | 12,023 | 18,040 | |||||||
Other interest-bearing liabilities | 3,485 | 3,413 | 3,343 | 3,304 | 3,052 | 13,545 | 10,157 | |||||||
Total interest expense | 8,534 | 8,815 | 9,830 | 10,702 | 11,967 | 37,881 | 66,013 | |||||||
Net interest income | 73,039 | 62,976 | 59,847 | 57,916 | 61,563 | 253,778 | 224,594 | |||||||
Provision for (reversal of) credit losses | 11,262 | (1,147) | (2,154) | (1,107) | 991 | 6,854 | 29,719 | |||||||
Net interest income after provision for (reversal of) credit losses | 61,777 | 64,123 | 62,001 | 59,023 | 60,572 | 246,924 | 194,875 | |||||||
Noninterest income | ||||||||||||||
Customer service fees | 2,037 | 1,900 | 1,990 | 1,758 | 1,953 | 7,685 | 5,771 | |||||||
Loan servicing income | 119 | 170 | 38 | 268 | 149 | 595 | 505 | |||||||
Income from bank owned life insurance | 794 | 715 | 690 | 672 | 691 | 2,871 | 2,489 | |||||||
Net gain on sale of securities available for sale | - | - | - | - | - | - | 2,011 | |||||||
Fair value adjustment on loans held for sale | 26 | 160 | 20 | - | 36 | 206 | (1,501) | |||||||
Net gain on sale of loans | 275 | - | - | - | - | 275 | 245 | |||||||
All other income | 1,609 | 2,574 | 1,432 | 1,683 | 4,146 | 7,298 | 8,998 | |||||||
Total noninterest income | 4,860 | 5,519 | 4,170 | 4,381 | 6,975 | 18,930 | 18,518 | |||||||
Noninterest expense | ||||||||||||||
Salaries and employee benefits | 27,811 | 24,786 | 25,042 | 25,719 | 25,836 | 103,358 | 96,809 | |||||||
Naming rights termination | - | - | - | - | - | - | 26,769 | |||||||
Occupancy and equipment | 7,855 | 7,124 | 7,277 | 7,196 | 7,560 | 29,452 | 29,350 | |||||||
Professional fees | 3,921 | 892 | 1,749 | 4,022 | 29 | 10,584 | 15,736 | |||||||
Data processing | 1,939 | 1,646 | 1,621 | 1,655 | 1,608 | 6,861 | 6,574 | |||||||
Advertising | 173 | 122 | 78 | 118 | 171 | 491 | 3,303 | |||||||
Regulatory assessments | 1,040 | 812 | 769 | 774 | 748 | 3,395 | 2,741 | |||||||
(Reversal of) provision for loan repurchase reserves | (675) | (42) | (99) | (132) | 28 | (948) | (697) | |||||||
Amortization of intangible assets | 430 | 282 | 282 | 282 | 306 | 1,276 | 1,518 | |||||||
Merger-related costs | 13,469 | 1,000 | 700 | 700 | - | 15,869 | - | |||||||
All other expense | 3,384 | 2,974 | 3,969 | 2,771 | 3,337 | 13,098 | 17,295 | |||||||
Total noninterest expense before (gain) loss in alternative energy partnership investments | 59,347 | 39,596 | 41,388 | 43,105 | 39,623 | 183,436 | 199,398 | |||||||
(Gain) loss in alternative energy partnership investments | (1,220) | (1,785) | (829) | 3,630 | (673) | (204) | (365) | |||||||
Total noninterest expense | 58,127 | 37,811 | 40,559 | 46,735 | 38,950 | 183,232 | 199,033 | |||||||
Income before income taxes | 8,510 | 31,831 | 25,612 | 16,669 | 28,597 | 82,622 | 14,360 | |||||||
Income tax expense | 2,759 | 8,661 | 6,562 | 2,294 | 6,894 | 20,276 | 1,786 | |||||||
Net income | 5,751 | 23,170 | 19,050 | 14,375 | 21,703 | 62,346 | 12,574 | |||||||
Preferred stock dividends | 1,727 | 1,727 | 1,727 | 3,141 | 3,447 | 8,322 | 13,869 | |||||||
Income allocated to participating securities | - | - | - | 62 | 456 | 114 | - | |||||||
Participating securities dividends | - | - | - | - | 94 | - | 376 | |||||||
Impact of preferred stock redemption | - | - | - | 3,347 | - | 3,347 | (568) | |||||||
Net income (loss) available to common stockholders | $ | 4,024 | $ | 21,443 | $ | 17,323 | $ | 7,825 | $ | 17,706 | $ | 50,563 | $ | (1,103) |
Earnings (loss) per common share: | ||||||||||||||
Basic | $ | 0.07 | $ | 0.42 | $ | 0.34 | $ | 0.16 | $ | 0.35 | $ | 0.95 | $ | (0.02) |
Diluted | $ | 0.07 | $ | 0.42 | $ | 0.34 | $ | 0.15 | $ | 0.35 | $ | 0.95 | $ | (0.02) |
Weighted average number of common shares outstanding | ||||||||||||||
Basic | 60,401,366 | 50,716,680 | 50,650,186 | 50,350,897 | 50,125,462 | 53,050,980 | 50,182,096 | |||||||
Diluted | 60,690,046 | 50,909,317 | 50,892,202 | 50,750,522 | 50,335,271 | 53,302,926 | 50,182,096 | |||||||
Dividends declared per common share | $ | 0.06 | $ | 0.06 | $ | 0.06 | $ | 0.06 | $ | 0.06 | $ | 0.24 | $ | 0.24 |
Three Months Ended | Year Ended | |||||||||||||
December 31, 2021 |
September 30, 2021 |
June 30, 2021 |
March 31, 2021 |
December 31, 2020 |
December 31, 2021 |
December 31, 2020 |
||||||||
Profitability and other ratios of consolidated operations | ||||||||||||||
Return on average assets(1)
|
0.24 | % | 1.13 | % | 0.98 | % | 0.74 | % | 1.11 | % | 0.75 | % | 0.16 | % |
Return on average equity(1)
|
2.20 | % | 10.84 | % | 9.38 | % | 6.56 | % | 9.67 | % | 6.95 | % | 1.43 | % |
Return on average tangible common equity(1)(2)
|
2.04 | % | 12.04 | % | 10.34 | % | 4.77 | % | 10.69 | % | 7.04 | % | 0.01 | % |
Pre-tax pre-provision income (loss) ROAA(1)(2)
|
0.84 | % | 1.50 | % | 1.20 | % | 0.80 | % | 1.52 | % | 1.08 | % | 0.57 | % |
Adjusted pre-tax pre-provision income ROAA(1)(2)
|
1.39 | % | 1.34 | % | 1.13 | % | 1.06 | % | 1.25 | % | 1.24 | % | 0.93 | % |
Dividend payout ratio(3)
|
85.71 | % | 14.29 | % | 17.65 | % | 37.50 | % | 17.14 | % | 25.26 | % | (1200.00) | % |
Average loan yield | 4.20 | % | 4.18 | % | 4.30 | % | 4.30 | % | 4.58 | % | 4.24 | % | 4.52 | % |
Average cost of interest-bearing deposits | 0.17 | % | 0.22 | % | 0.32 | % | 0.38 | % | 0.47 | % | 0.27 | % | 0.85 | % |
Average cost of total deposits | 0.11 | % | 0.15 | % | 0.23 | % | 0.28 | % | 0.36 | % | 0.19 | % | 0.66 | % |
Net interest spread | 3.05 | % | 3.06 | % | 3.04 | % | 2.95 | % | 3.15 | % | 3.02 | % | 2.83 | % |
Net interest margin(1)
|
3.28 | % | 3.28 | % | 3.27 | % | 3.19 | % | 3.38 | % | 3.26 | % | 3.13 | % |
Noninterest income to total revenue(4)
|
6.24 | % | 8.06 | % | 6.51 | % | 7.03 | % | 10.18 | % | 6.94 | % | 7.62 | % |
Noninterest income to average total assets(1)
|
0.21 | % | 0.27 | % | 0.21 | % | 0.23 | % | 0.36 | % | 0.23 | % | 0.24 | % |
Noninterest expense to average total assets(1)
|
2.47 | % | 1.84 | % | 2.08 | % | 2.41 | % | 2.00 | % | 2.21 | % | 2.59 | % |
Adjusted noninterest expense to average total assets(1)(2)
|
1.92 | % | 1.99 | % | 2.15 | % | 2.15 | % | 2.26 | % | 2.05 | % | 2.22 | % |
Efficiency ratio(2)(5)
|
74.62 | % | 55.20 | % | 63.36 | % | 75.02 | % | 56.83 | % | 67.19 | % | 81.87 | % |
Adjusted efficiency ratio(2)(6)
|
58.09 | % | 59.63 | % | 65.58 | % | 66.91 | % | 64.26 | % | 62.25 | % | 70.48 | % |
Average loans held-for-investment to average deposits | 92.99 | % | 94.99 | % | 92.74 | % | 93.74 | % | 95.65 | % | 93.59 | % | 98.60 | % |
Average securities available-for-sale to average total assets | 13.83 | % | 16.55 | % | 16.71 | % | 15.73 | % | 15.96 | % | 15.62 | % | 14.47 | % |
Average stockholders' equity to average total assets | 11.10 | % | 10.41 | % | 10.41 | % | 11.30 | % | 11.49 | % | 10.81 | % | 11.47 | % |
Three Months Ended | ||||||||||||||||||
December 31, 2021 | September 30, 2021 | June 30, 2021 | ||||||||||||||||
Average | Yield | Average | Yield | Average | Yield | |||||||||||||
Balance | Interest | / Cost | Balance | Interest | / Cost | Balance | Interest | / Cost | ||||||||||
Interest-earning assets | ||||||||||||||||||
Commercial real estate, multifamily, and construction | $ | 2,809,181 | $ | 32,184 | 4.55 | % | $ | 2,379,962 | $ | 26,542 | 4.42 | % | $ | 2,313,483 | $ | 27,222 | 4.72 | % |
Commercial and industrial and SBA | 2,631,596 | 28,028 | 4.23 | % | 2,322,372 | 25,345 | 4.33 | % | 2,154,512 | 22,978 | 4.28 | % | ||||||
SFR mortgage | 1,418,057 | 11,884 | 3.32 | % | 1,331,876 | 11,683 | 3.48 | % | 1,277,552 | 11,410 | 3.58 | % | ||||||
Other consumer | 85,193 | 1,483 | 6.91 | % | 22,164 | 238 | 4.26 | % | 23,881 | 275 | 4.62 | % | ||||||
Loans held-for-sale | 3,309 | 26 | 3.12 | % | 2,956 | 29 | 3.89 | % | 1,987 | 15 | 3.03 | % | ||||||
Gross loans and leases | 6,947,336 | 73,605 | 4.20 | % | 6,059,330 | 63,837 | 4.18 | % | 5,771,415 | 61,900 | 4.30 | % | ||||||
Securities | 1,290,664 | 6,934 | 2.13 | % | 1,347,317 | 7,167 | 2.11 | % | 1,308,230 | 6,986 | 2.14 | % | ||||||
Other interest-earning assets | 593,739 | 1,034 | 0.69 | % | 222,274 | 787 | 1.40 | % | 258,915 | 791 | 1.23 | % | ||||||
Total interest-earning assets | 8,831,739 | 81,573 | 3.66 | % | 7,628,921 | 71,791 | 3.73 | % | 7,338,560 | 69,677 | 3.81 | % | ||||||
Allowance for loan losses | (92,367) | (76,028) | (79,103) | |||||||||||||||
BOLI and noninterest-earning assets | 592,583 | 588,720 | 567,549 | |||||||||||||||
Total assets | $ | 9,331,955 | $ | 8,141,613 | $ | 7,827,006 | ||||||||||||
Interest-bearing liabilities | ||||||||||||||||||
Interest-bearing checking | $ | 2,461,397 | $ | 693 | 0.11 | % | $ | 2,280,429 | $ | 632 | 0.11 | % | $ | 2,182,419 | $ | 679 | 0.12 | % |
Savings and money market | 1,780,483 | 1,078 | 0.24 | % | 1,583,791 | 1,350 | 0.34 | % | 1,638,105 | 2,244 | 0.55 | % | ||||||
Certificates of deposit | 610,766 | 301 | 0.20 | % | 571,822 | 430 | 0.30 | % | 633,101 | 620 | 0.39 | % | ||||||
Total interest-bearing deposits | 4,852,646 | 2,072 | 0.17 | % | 4,436,042 | 2,412 | 0.22 | % | 4,453,625 | 3,543 | 0.32 | % | ||||||
FHLB advances | 407,122 | 2,977 | 2.90 | % | 435,984 | 2,990 | 2.72 | % | 418,111 | 2,944 | 2.82 | % | ||||||
Other borrowings | 27,300 | 7 | 0.10 | % | 126,352 | 34 | 0.11 | % | 17,920 | 4 | 0.09 | % | ||||||
Long-term debt | 270,879 | 3,478 | 5.09 | % | 256,634 | 3,379 | 5.22 | % | 256,492 | 3,339 | 5.22 | % | ||||||
Total interest-bearing liabilities | 5,557,947 | 8,534 | 0.61 | % | 5,255,012 | 8,815 | 0.67 | % | 5,146,148 | 9,830 | 0.77 | % | ||||||
Noninterest-bearing deposits | 2,614,712 | 1,939,912 | 1,767,711 | |||||||||||||||
Noninterest-bearing liabilities | 123,514 | 98,748 | 98,174 | |||||||||||||||
Total liabilities | 8,296,173 | 7,293,672 | 7,012,033 | |||||||||||||||
Total stockholders' equity | 1,035,782 | 847,941 | 814,973 | |||||||||||||||
Total liabilities and stockholders' equity | $ | 9,331,955 | $ | 8,141,613 | $ | 7,827,006 | ||||||||||||
Net interest income/spread | $ | 73,039 | 3.05 | % | $ | 62,976 | 3.06 | % | $ | 59,847 | 3.04 | % | ||||||
Net interest margin | 3.28 | % | 3.28 | % | 3.27 | % | ||||||||||||
Ratio of interest-earning assets to interest-bearing liabilities | 159 | % | 145 | % | 143 | % | ||||||||||||
Total deposits | $ | 7,467,358 | $ | 2,072 | 0.11 | % | $ | 6,375,954 | $ | 2,412 | 0.15 | % | $ | 6,221,336 | $ | 3,543 | 0.23 | % |
Total funding (1)
|
$ | 8,172,659 | $ | 8,534 | 0.41 | % | $ | 7,194,924 | $ | 8,815 | 0.49 | % | $ | 6,913,859 | $ | 9,830 | 0.57 | % |
Three Months Ended | ||||||||||||
March 31, 2021 | December 31, 2020 | |||||||||||
Average | Yield | Average | Yield | |||||||||
Balance | Interest | / Cost | Balance | Interest | / Cost | |||||||
Interest-earning assets | ||||||||||||
Commercial real estate, multifamily, and construction | $ | 2,322,509 | $ | 26,387 | 4.61 | % | $ | 2,507,950 | $ | 30,371 | 4.82 | % |
Commercial and industrial and SBA | 2,221,494 | 22,910 | 4.18 | % | 1,978,684 | 21,984 | 4.42 | % | ||||
SFR mortgage | 1,210,105 | 11,747 | 3.94 | % | 1,224,865 | 12,955 | 4.21 | % | ||||
Other consumer | 28,520 | 294 | 4.18 | % | 31,856 | 787 | 9.83 | % | ||||
Loans held-for-sale | 1,413 | 7 | 2.01 | % | 1,564 | 8 | 2.03 | % | ||||
Gross loans and leases | 5,784,041 | 61,345 | 4.30 | % | 5,744,919 | 66,105 | 4.58 | % | ||||
Securities | 1,236,138 | 6,501 | 2.13 | % | 1,239,295 | 6,636 | 2.13 | % | ||||
Other interest-earning assets | 336,443 | 772 | 0.93 | % | 262,363 | 789 | 1.20 | % | ||||
Total interest-earning assets | 7,356,622 | 68,618 | 3.78 | % | 7,246,577 | 73,530 | 4.04 | % | ||||
Allowance for loan losses | (81,111) | (83,745) | ||||||||||
BOLI and noninterest-earning assets | 585,441 | 602,165 | ||||||||||
Total assets | $ | 7,860,952 | $ | 7,764,997 | ||||||||
Interest-bearing liabilities | ||||||||||||
Interest-bearing checking | $ | 2,140,314 | $ | 901 | 0.17 | % | $ | 2,086,146 | $ | 1,131 | 0.22 | % |
Savings and money market | 1,654,525 | 2,390 | 0.59 | % | 1,609,598 | 2,542 | 0.63 | % | ||||
Certificates of deposit | 720,180 | 995 | 0.56 | % | 860,131 | 1,763 | 0.82 | % | ||||
Total interest-bearing deposits | 4,515,019 | 4,286 | 0.38 | % | 4,555,875 | 5,436 | 0.47 | % | ||||
FHLB advances | 446,618 | 3,112 | 2.83 | % | 534,303 | 3,479 | 2.59 | % | ||||
Other borrowings | 4,127 | 2 | 0.20 | % | 8,026 | 3 | 0.15 | % | ||||
Long-term debt | 256,361 | 3,302 | 5.22 | % | 230,239 | 3,049 | 5.27 | % | ||||
Total interest-bearing liabilities | 5,222,125 | 10,702 | 0.83 | % | 5,328,443 | 11,967 | 0.89 | % | ||||
Noninterest-bearing deposits | 1,653,517 | 1,448,422 | ||||||||||
Noninterest-bearing liabilities | 97,136 | 95,567 | ||||||||||
Total liabilities | 6,972,778 | 6,872,432 | ||||||||||
Total stockholders' equity | 888,174 | 892,565 | ||||||||||
Total liabilities and stockholders' equity | $ | 7,860,952 | $ | 7,764,997 | ||||||||
Net interest income/spread | $ | 57,916 | 2.95 | % | $ | 61,563 | 3.15 | % | ||||
Net interest margin | 3.19 | % | 3.38 | % | ||||||||
Ratio of interest-earning assets to interest-bearing liabilities | 141 | % | 136 | % | ||||||||
Total deposits | $ | 6,168,536 | $ | 4,286 | 0.28 | % | $ | 6,004,297 | $ | 5,436 | 0.36 | % |
Total funding (1)
|
$ | 6,875,642 | $ | 10,702 | 0.63 | % | $ | 6,776,865 | $ | 11,967 | 0.70 | % |
Year Ended | ||||||||||||
December 31, 2021 | December 31, 2020 | |||||||||||
Average | Yield | Average | Yield | |||||||||
Balance | Interest | / Cost | Balance | Interest | / Cost | |||||||
Interest-earning assets | ||||||||||||
Commercial real estate, multifamily, and construction | $ | 2,457,408 | $ | 112,335 | 4.57 | % | $ | 2,522,459 | $ | 119,720 | 4.75 | % |
Commercial and industrial and SBA | 2,333,589 | 99,262 | 4.25 | % | 1,743,374 | 79,119 | 4.54 | % | ||||
SFR mortgage | 1,310,029 | 46,723 | 3.57 | % | 1,370,862 | 55,614 | 4.06 | % | ||||
Other consumer | 40,046 | 2,290 | 5.72 | % | 38,941 | 2,325 | 5.97 | % | ||||
Loans held-for-sale | 2,423 | 77 | 3.18 | % | 15,808 | 522 | 3.30 | % | ||||
Gross loans and leases | 6,143,495 | 260,687 | 4.24 | % | 5,691,444 | 257,300 | 4.52 | % | ||||
Securities | 1,295,879 | 27,588 | 2.13 | % | 1,112,306 | 29,038 | 2.61 | % | ||||
Other interest-earning assets | 353,190 | 3,383 | 0.96 | % | 360,532 | 4,269 | 1.18 | % | ||||
Total interest-earning assets | 7,792,564 | 291,658 | 3.74 | % | 7,164,282 | 290,607 | 4.06 | % | ||||
Allowance for credit losses | (82,166) | (78,152) | ||||||||||
BOLI and noninterest-earning assets | 583,606 | 602,886 | ||||||||||
Total assets | $ | 8,294,004 | $ | 7,689,016 | ||||||||
Interest-bearing liabilities | ||||||||||||
Interest-bearing checking | $ | 2,267,059 | $ | 2,906 | 0.13 | % | $ | 1,810,152 | $ | 8,705 | 0.48 | % |
Savings and money market | 1,664,350 | 7,063 | 0.42 | % | 1,559,958 | 14,164 | 0.91 | % | ||||
Certificates of deposit | 633,497 | 2,344 | 0.37 | % | 1,063,705 | 14,947 | 1.41 | % | ||||
Total interest-bearing deposits | 4,564,906 | 12,313 | 0.27 | % | 4,433,815 | 37,816 | 0.85 | % | ||||
FHLB advances | 426,875 | 12,023 | 2.82 | % | 749,195 | 18,040 | 2.41 | % | ||||
Securities sold under repurchase agreements | - | - | - | % | 584 | 4 | 0.68 | % | ||||
Other borrowings | 44,214 | 46 | 0.10 | % | 2,369 | 12 | 0.51 | % | ||||
Long-term debt | 260,122 | 13,498 | 5.19 | % | 187,771 | 10,141 | 5.40 | % | ||||
Total interest-bearing liabilities | 5,296,117 | 37,880 | 0.72 | % | 5,373,734 | 66,013 | 1.23 | % | ||||
Noninterest-bearing deposits | 1,996,449 | 1,322,681 | ||||||||||
Noninterest-bearing liabilities | 104,450 | 110,551 | ||||||||||
Total liabilities | 7,397,016 | 6,806,966 | ||||||||||
Total stockholders' equity | 896,988 | 882,050 | ||||||||||
Total liabilities and stockholders' equity | $ | 8,294,004 | $ | 7,689,016 | ||||||||
Net interest income/spread | $ | 253,778 | 3.02 | % | $ | 224,594 | 2.83 | % | ||||
Net interest margin | 3.26 | % | 3.13 | % | ||||||||
Ratio of interest-earning assets to interest-bearing liabilities | 147 | % | 133 | % | ||||||||
Total deposits | $ | 6,561,355 | $ | 12,313 | 0.19 | % | $ | 5,756,496 | $ | 37,816 | 0.66 | % |
Total funding (1)
|
$ | 7,292,566 | $ | 37,880 | 0.52 | % | $ | 6,696,415 | $ | 66,013 | 0.99 | % |
December 31, 2021 |
September 30, 2021 |
June 30, 2021 |
March 31, 2021 |
December 31, 2020 |
||||||
Tangible common equity, and tangible common equity to tangible assets ratio | ||||||||||
Total assets | $ | 9,393,743 | $ | 8,278,741 | $ | 8,027,413 | $ | 7,933,459 | $ | 7,877,334 |
Less goodwill | (94,301) | (37,144) | (37,144) | (37,144) | (37,144) | |||||
Less other intangible assets | (6,411) | (1,787) | (2,069) | (2,351) | (2,633) | |||||
Tangible assets(1)
|
$ | 9,293,031 | $ | 8,239,810 | $ | 7,988,200 | $ | 7,893,964 | $ | 7,837,557 |
Total stockholders' equity | $ | 1,065,290 | $ | 844,803 | $ | 829,362 | $ | 804,693 | $ | 897,207 |
Less goodwill | (94,301) | (37,144) | (37,144) | (37,144) | (37,144) | |||||
Less other intangible assets | (6,411) | (1,787) | (2,069) | (2,351) | (2,633) | |||||
Tangible equity(1)
|
964,578 | 805,872 | 790,149 | 765,198 | 857,430 | |||||
Less preferred stock | (94,956) | (94,956) | (94,956) | (94,956) | (184,878) | |||||
Tangible common equity(1)
|
$ | 869,622 | $ | 710,916 | $ | 695,193 | $ | 670,242 | $ | 672,552 |
Total stockholders' equity to total assets | 11.34 | % | 10.20 | % | 10.33 | % | 10.14 | % | 11.39 | % |
Tangible equity to tangible assets(1)
|
10.38 | % | 9.78 | % | 9.89 | % | 9.69 | % | 10.94 | % |
Tangible common equity to tangible assets(1)
|
9.36 | % | 8.63 | % | 8.70 | % | 8.49 | % | 8.58 | % |
Common shares outstanding | 62,188,206 | 50,321,096 | 50,313,228 | 50,150,447 | 49,767,489 | |||||
Class B non-voting non-convertible common shares outstanding | 477,321 | 477,321 | 477,321 | 477,321 | 477,321 | |||||
Total common shares outstanding | 62,665,527 | 50,798,417 | 50,790,549 | 50,627,768 | 50,244,810 | |||||
Tangible common equity per common share(1)
|
$ | 13.88 | $ | 13.99 | $ | 13.69 | $ | 13.24 | $ | 13.39 |
Book value per common share | $ | 15.48 | $ | 14.76 | $ | 14.46 | $ | 14.02 | $ | 14.18 |
Three Months Ended | Year Ended | |||||||||||||
December 31, 2021 |
September 30, 2021 |
June 30, 2021 |
March 31, 2021 |
December 31, 2020 |
December 31, 2021 |
December 31, 2020 |
||||||||
Return on tangible common equity | ||||||||||||||
Average total stockholders' equity | $ | 1,035,782 | $ | 847,941 | $ | 814,973 | $ | 888,174 | $ | 892,565 | $ | 896,988 | $ | 882,050 |
Less average preferred stock | (94,956) | (94,956) | (94,956) | (164,895) | (184,878) | (112,201) | (186,209) | |||||||
Less average goodwill | (86,911) | (37,144) | (37,144) | (37,144) | (37,144) | (49,688) | (37,144) | |||||||
Less average other intangible assets | (4,994) | (1,941) | (2,224) | (2,517) | (2,826) | (2,924) | (3,392) | |||||||
Average tangible common equity(1)
|
$ | 848,921 | $ | 713,900 | $ | 680,649 | $ | 683,618 | $ | 667,717 | $ | 732,175 | $ | 655,305 |
Net income (loss) available to common stockholders | $ | 4,024 | $ | 21,443 | $ | 17,323 | $ | 7,825 | $ | 17,706 | $ | 50,563 | $ | (1,103) |
Add amortization of intangible assets | 430 | 282 | 282 | 282 | 306 | 1,276 | 1,518 | |||||||
Less tax effect on amortization of intangible assets(2)
|
(90) | (59) | (59) | (59) | (64) | (268) | (319) | |||||||
Net income (loss) available to common stockholders after adjustments for intangible assets(1)
|
$ | 4,364 | $ | 21,666 | $ | 17,546 | $ | 8,048 | $ | 17,948 | $ | 51,571 | $ | 96 |
Return on average equity | 2.20 | % | 10.84 | % | 9.38 | % | 6.56 | % | 9.67 | % | 6.95 | % | 1.43 | % |
Return on average tangible common equity(1)
|
2.04 | % | 12.04 | % | 10.34 | % | 4.77 | % | 10.69 | % | 7.04 | % | 0.01 | % |
Three Months Ended | Year Ended | |||||||||||||
December 31, 2021 |
September 30, 2021 |
June 30, 2021 |
March 31, 2021 |
December 31, 2020 |
December 31, 2021 |
December 31, 2020 |
||||||||
Adjusted noninterest income and expense | ||||||||||||||
Total noninterest income | $ | 4,860 | $ | 5,519 | $ | 4,170 | $ | 4,381 | $ | 6,975 | $ | 18,930 | $ | 18,518 |
Noninterest income adjustments: | ||||||||||||||
Net gain on securities available for sale | - | - | - | - | - | - | (2,011) | |||||||
Net gain on sale of legacy SFR loans held for sale | - | - | - | - | - | - | (272) | |||||||
Fair value adjustment on legacy SFR loans held for sale | (26) | (160) | (20) | - | (36) | (206) | 1,501 | |||||||
Total noninterest income adjustments | (26) | (160) | (20) | - | (36) | (206) | (782) | |||||||
Adjusted noninterest income(1)
|
$ | 4,834 | $ | 5,359 | $ | 4,150 | $ | 4,381 | $ | 6,939 | $ | 18,724 | $ | 17,736 |
Total noninterest expense | $ | 58,127 | $ | 37,811 | $ | 40,559 | $ | 46,735 | $ | 38,950 | $ | 183,232 | $ | 199,033 |
Noninterest expense adjustments: | ||||||||||||||
Naming rights termination | - | - | - | - | - | - | (26,769) | |||||||
Extinguishment of debt | - | - | - | - | - | - | (2,515) | |||||||
Professional recoveries (fees) | (642) | 2,152 | 1,284 | (721) | 4,398 | 2,073 | 673 | |||||||
Merger-related costs | (13,469) | (1,000) | (700) | (700) | - | (15,869) | - | |||||||
Noninterest expense adjustments before gain (loss) in alternative energy partnership investments | (14,111) | 1,152 | 584 | (1,421) | 4,398 | (13,796) | (28,611) | |||||||
Gain (loss) in alternative energy partnership investments | 1,220 | 1,785 | 829 | (3,630) | 673 | 204 | 365 | |||||||
Total noninterest expense adjustments | (12,891) | 2,937 | 1,413 | (5,051) | 5,071 | (13,592) | (28,246) | |||||||
Adjusted noninterest expense(1)
|
$ | 45,236 | $ | 40,748 | $ | 41,972 | $ | 41,684 | $ | 44,021 | $ | 169,640 | $ | 170,787 |
Average assets | $ | 9,331,955 | $ | 8,141,613 | $ | 7,827,006 | $ | 7,860,952 | $ | 7,764,997 | $ | 8,294,004 | $ | 7,689,016 |
Noninterest expense to average total assets | 2.47 | % | 1.84 | % | 2.08 | % | 2.41 | % | 2.00 | % | 2.21 | % | 2.59 | % |
Adjusted noninterest expense to average total assets(1)
|
1.92 | % | 1.99 | % | 2.15 | % | 2.15 | % | 2.26 | % | 2.05 | % | 2.22 | % |
Three Months Ended | Year Ended | |||||||||||||
December 31, 2021 |
September 30, 2021 |
June 30, 2021 |
March 31, 2021 |
December 31, 2020 |
December 31, 2021 |
December 31, 2020 |
||||||||
Adjusted pre-tax pre-provision income | ||||||||||||||
Net interest income | $ | 73,039 | $ | 62,976 | $ | 59,847 | $ | 57,916 | $ | 61,563 | $ | 253,778 | $ | 224,594 |
Noninterest income | 4,860 | 5,519 | 4,170 | 4,381 | 6,975 | 18,930 | 18,518 | |||||||
Total revenue | 77,899 | 68,495 | 64,017 | 62,297 | 68,538 | 272,708 | 243,112 | |||||||
Noninterest expense | 58,127 | 37,811 | 40,559 | 46,735 | 38,950 | 183,232 | 199,033 | |||||||
Pre-tax pre-provision income(1)
|
$ | 19,772 | $ | 30,684 | $ | 23,458 | $ | 15,562 | $ | 29,588 | $ | 89,476 | $ | 44,079 |
Total revenue | $ | 77,899 | $ | 68,495 | $ | 64,017 | $ | 62,297 | $ | 68,538 | $ | 272,708 | $ | 243,112 |
Total noninterest income adjustments | (26) | (160) | (20) | - | (36) | (206) | (782) | |||||||
Adjusted total revenue(1)
|
77,873 | 68,335 | 63,997 | 62,297 | 68,502 | 272,502 | 242,330 | |||||||
Noninterest expense | 58,127 | 37,811 | 40,559 | 46,735 | 38,950 | 183,232 | 199,033 | |||||||
Total noninterest expense adjustments | (12,891) | 2,937 | 1,413 | (5,051) | 5,071 | (13,592) | (28,246) | |||||||
Adjusted noninterest expense(1)
|
45,236 | 40,748 | 41,972 | 41,684 | 44,021 | 169,640 | 170,787 | |||||||
Adjusted pre-tax pre-provision income(1)
|
$ | 32,637 | $ | 27,587 | $ | 22,025 | $ | 20,613 | $ | 24,481 | $ | 102,862 | $ | 71,543 |
Average assets | $ | 9,331,955 | $ | 8,141,613 | $ | 7,827,006 | $ | 7,860,952 | $ | 7,764,997 | $ | 8,294,004 | $ | 7,689,016 |
Pre-tax pre-provision income ROAA(1)
|
0.84 | % | 1.50 | % | 1.20 | % | 0.80 | % | 1.52 | % | 1.08 | % | 0.57 | % |
Adjusted pre-tax pre-provision income ROAA(1)
|
1.39 | % | 1.34 | % | 1.13 | % | 1.06 | % | 1.25 | % | 1.24 | % | 0.93 | % |
Efficiency ratio(1)
|
74.62 | % | 55.20 | % | 63.36 | % | 75.02 | % | 56.83 | % | 67.19 | % | 81.87 | % |
Adjusted efficiency ratio(1)
|
58.09 | % | 59.63 | % | 65.58 | % | 66.91 | % | 64.26 | % | 62.25 | % | 70.48 | % |
Three Months Ended | Year Ended | |||||||||||||
December 31, 2021 |
September 30, 2021 |
June 30, 2021 |
March 31, 2021 |
December 31, 2020 |
December 31, 2021 |
December 31, 2020 |
||||||||
Adjusted net income | ||||||||||||||
Net income (1)
|
$ | 5,751 | $ | 23,170 | $ | 19,050 | $ | 14,375 | $ | 21,703 | $ | 62,346 | $ | 12,574 |
Adjustments: | ||||||||||||||
Noninterest income | (26) | (160) | (20) | - | (36) | (206) | (782) | |||||||
Noninterest expense | 12,891 | (2,937) | (1,413) | 5,051 | (5,071) | 13,592 | 28,246 | |||||||
Total adjustments | 12,865 | (3,097) | (1,433) | 5,051 | (5,107) | 13,386 | 27,464 | |||||||
Tax impact of adjustments above(2)
|
(3,216) | 774 | 358 | (1,263) | 1,277 | (3,347) | (6,865) | |||||||
Tax impact from exercise of stock appreciation rights | - | - | - | (2,093) | - | (2,093) | - | |||||||
Adjustments to net income | 9,649 | (2,323) | (1,075) | 1,695 | (3,830) | 7,946 | 20,599 | |||||||
Adjusted net income(3)
|
$ | 15,400 | $ | 20,847 | $ | 17,975 | $ | 16,070 | $ | 17,873 | $ | 70,292 | $ | 33,173 |
Average assets | $ | 9,331,955 | $ | 8,141,613 | $ | 7,827,006 | $ | 7,860,952 | $ | 7,764,997 | $ | 8,294,004 | $ | 7,689,016 |
ROAA | 0.24 | % | 1.13 | % | 0.98 | % | 0.74 | % | 1.11 | % | 0.75 | % | 0.16 | % |
Adjusted ROAA(3)
|
0.65 | % | 1.02 | % | 0.92 | % | 0.83 | % | 0.92 | % | 0.85 | % | 0.43 | % |
Adjusted net income available to common stockholders | ||||||||||||||
Net income (loss) available to common stockholders | $ | 4,024 | $ | 21,443 | $ | 17,323 | $ | 7,825 | $ | 17,706 | $ | 50,563 | $ | (1,103) |
Adjustments to net income (loss) | 9,649 | (2,323) | (1,075) | 1,695 | (3,830) | 7,946 | 20,599 | |||||||
Adjustments for impact of preferred stock redemption | - | - | - | 3,347 | - | 3,347 | (568) | |||||||
Adjusted net income available to common stockholders(3)
|
$ | 13,673 | $ | 19,120 | $ | 16,248 | $ | 12,867 | $ | 13,876 | $ | 61,856 | $ | 18,928 |
Average diluted common shares | 60,690,046 | 50,909,317 | 50,892,202 | 50,750,522 | 50,335,271 | 53,302,926 | 50,182,096 | |||||||
Diluted EPS | $ | 0.07 | $ | 0.42 | $ | 0.34 | $ | 0.15 | $ | 0.35 | $ | 0.95 | $ | (0.02) |
Adjusted diluted EPS(3)(4)
|
$ | 0.23 | $ | 0.38 | $ | 0.32 | $ | 0.25 | $ | 0.28 | $ | 1.16 | $ | 0.38 |