04/23/2024 | Press release | Distributed by Public on 04/23/2024 04:16
• |
Net interest income increased by $88.1 million, or 58%, in the first quarter to $239.1 million, reflecting the benefits of our balance sheet repositioning which continued into the first quarter.
|
• |
Net interest margin of 2.78%, an increase of 109 basis points from 1.69% in the fourth quarter.
|
• |
The average total cost of deposits decreased by 28 basis points to 2.66% for the first quarter compared to 2.94% in the fourth quarter.
|
• |
Improved overall deposit mix, with noninterest-bearing deposits increasing over $59 million in the first quarter and the noninterest-bearing percentage of total deposits increasing from 26% at December 31, 2023 to 27% at March 31, 2024.
|
• |
Noninterest expenses declined by over $41 million to $210.5 million (excluding merger costs).
|
• |
High liquidity levels, with available on-balance sheet liquidity and unused borrowing capacity of $16.8 billion at March 31, 2024, which was 2.4 times greater than uninsured and uncollateralized deposits.
|
• |
Allowance for credit losses of 1.26% at March 31, 2024, up from 1.22% at December 31, 2023, after a first quarter provision for credit losses of $10.0 million.
|
• |
Net charge-offs of $1.2 million, or2 basis points of average loans and leases.
|
• |
Strong capital ratios well above the regulatory thresholds for "well capitalized" banks at March 31, 2024, including an estimated 16.43% Total risk-based capital ratio, 12.41% Tier 1 capital ratio, 10.12% CET1 capital ratio, and 9.14% Tier 1 leverage ratio.
|
1
|
• |
Book value per share increased to $17.18and tangible book value per share(1) increased to $15.07.
|
(1) |
Non-GAAP measure; refer to section 'Non-GAAP Measures'
|
2
|
Three Months Ended
|
||||||||||||
March 31,
|
December 31,
|
March 31,
|
||||||||||
Summary Income Statement
|
2024
|
2023
|
2023
|
|||||||||
(In thousands)
|
||||||||||||
Total interest income
|
$
|
488,750
|
$
|
467,240
|
$
|
517,788
|
||||||
Total interest expense
|
249,602
|
316,189
|
238,516
|
|||||||||
Net interest income
|
239,148
|
151,051
|
279,272
|
|||||||||
Provision for credit losses
|
10,000
|
47,000
|
3,000
|
|||||||||
(Loss) gain on sale of loans
|
(448
|
)
|
(3,526
|
)
|
2,962
|
|||||||
Loss on sale of securities
|
-
|
(442,413
|
)
|
-
|
||||||||
Other noninterest income
|
34,264
|
45,537
|
33,429
|
|||||||||
Total noninterest income (loss)
|
33,816
|
(400,402
|
)
|
36,391
|
||||||||
Total revenue
|
272,964
|
(249,351
|
)
|
315,663
|
||||||||
Goodwill impairment
|
-
|
-
|
1,376,736
|
|||||||||
Acquisition, integration and reorganization costs
|
-
|
111,800
|
8,514
|
|||||||||
Other noninterest expense
|
210,518
|
251,838
|
187,753
|
|||||||||
Total noninterest expense
|
210,518
|
363,638
|
1,573,003
|
|||||||||
Earnings (loss) before income taxes
|
52,446
|
(659,989
|
)
|
(1,260,340
|
)
|
|||||||
Income tax expense (benefit)
|
14,310
|
(177,034
|
)
|
(64,916
|
)
|
|||||||
Net earnings (loss)
|
38,136
|
(482,955
|
)
|
(1,195,424
|
)
|
|||||||
Preferred stock dividends
|
9,947
|
9,947
|
9,947
|
|||||||||
Net earnings (loss) available to common and equivalent stockholders
|
$
|
28,189
|
$
|
(492,902
|
)
|
$
|
(1,205,371
|
)
|
3
|
4
|
March 31,
|
December 31,
|
March 31,
|
Increase (Decrease)
|
|||||||||||||||||
Selected Balance Sheet Items
|
2024
|
2023
|
2023
|
CQ vs PQ
|
CQ vs PYQ
|
|||||||||||||||
(In thousands)
|
||||||||||||||||||||
Cash and cash equivalents
|
$
|
3,085,228
|
$
|
5,377,576
|
$
|
6,680,136
|
$
|
(2,292,348
|
)
|
$
|
(3,594,908
|
)
|
||||||||
Securities available-for-sale
|
2,286,682
|
2,346,864
|
4,848,607
|
(60,182
|
)
|
(2,561,925
|
)
|
|||||||||||||
Securities held-to-maturity
|
2,291,984
|
2,287,291
|
2,273,650
|
4,693
|
18,334
|
|||||||||||||||
Loan and leases held for investment,net of deferred fees
|
25,483,069
|
25,489,687
|
25,672,381
|
(6,618
|
)
|
(189,312
|
)
|
|||||||||||||
Total assets
|
36,080,778
|
38,534,064
|
44,302,981
|
(2,453,286
|
)
|
(8,222,203
|
)
|
|||||||||||||
Noninterest-bearing deposits
|
$
|
7,833,608
|
$
|
7,774,254
|
$
|
7,030,759
|
$
|
59,354
|
$
|
802,849
|
||||||||||
Total deposits
|
28,892,407
|
30,401,769
|
28,187,561
|
(1,509,362
|
)
|
704,846
|
||||||||||||||
Borrowings
|
2,139,498
|
2,911,322
|
11,881,712
|
(771,824
|
)
|
(9,742,214
|
)
|
|||||||||||||
Total liabilities
|
32,679,344
|
35,143,299
|
41,531,504
|
(2,463,955
|
)
|
(8,852,160
|
)
|
|||||||||||||
Total stockholders' equity
|
3,401,434
|
3,390,765
|
2,771,477
|
10,669
|
629,957
|
5
|
March 31,
|
December 31,
|
September 30,
|
June 30,
|
March 31,
|
||||||||||||||||
Composition of Loans and Leases
|
2024
|
2023
|
2023
|
2023
|
2023
|
|||||||||||||||
(Dollars in thousands)
|
||||||||||||||||||||
Real estate mortgage:
|
||||||||||||||||||||
Commercial
|
$
|
4,902,987
|
$
|
5,026,497
|
$
|
3,526,308
|
$
|
3,610,320
|
$
|
3,808,751
|
||||||||||
Multi-family
|
6,124,404
|
6,025,179
|
5,279,659
|
5,304,544
|
5,523,320
|
|||||||||||||||
Other residential
|
4,949,371
|
5,060,309
|
5,228,524
|
5,373,178
|
6,075,540
|
|||||||||||||||
Total real estate mortgage
|
15,976,762
|
16,111,985
|
14,034,491
|
14,288,042
|
15,407,611
|
|||||||||||||||
Real estate construction and land:
|
||||||||||||||||||||
Commercial
|
775,364
|
759,585
|
465,266
|
415,997
|
910,327
|
|||||||||||||||
Residential
|
2,470,340
|
2,399,684
|
2,272,271
|
2,049,526
|
3,698,113
|
|||||||||||||||
Total real estate construction and land
|
3,245,704
|
3,159,269
|
2,737,537
|
2,465,523
|
4,608,440
|
|||||||||||||||
Total real estate
|
19,222,466
|
19,271,254
|
16,772,028
|
16,753,565
|
20,016,051
|
|||||||||||||||
Commercial:
|
||||||||||||||||||||
Asset-based
|
2,061,093
|
2,189,085
|
2,287,893
|
2,357,098
|
2,068,327
|
|||||||||||||||
Venture capital
|
1,513,641
|
1,446,362
|
1,464,160
|
1,723,476
|
2,058,237
|
|||||||||||||||
Other commercial
|
2,246,157
|
2,129,860
|
1,002,377
|
1,014,212
|
1,102,543
|
|||||||||||||||
Total commercial
|
5,820,891
|
5,765,307
|
4,754,430
|
5,094,786
|
5,229,107
|
|||||||||||||||
Consumer
|
439,712
|
453,126
|
394,488
|
409,859
|
427,223
|
|||||||||||||||
Total loans and leases held for investment, net of deferred fees
|
$
|
25,483,069
|
$
|
25,489,687
|
$
|
21,920,946
|
$
|
22,258,210
|
$
|
25,672,381
|
||||||||||
Total unfunded loan commitments
|
$
|
5,482,672
|
$
|
5,578,907
|
$
|
5,289,221
|
$
|
5,845,375
|
$
|
9,776,789
|
Composition as % of Total
|
March 31,
|
December 31,
|
September 30,
|
June 30,
|
March 31,
|
|||||||||||||||
Loans and Leases
|
2024
|
2023
|
2023
|
2023
|
2023
|
|||||||||||||||
Real estate mortgage:
|
||||||||||||||||||||
Commercial
|
19
|
%
|
20
|
%
|
16
|
%
|
16
|
%
|
15
|
%
|
||||||||||
Multi-family
|
24
|
%
|
23
|
%
|
24
|
%
|
24
|
%
|
21
|
%
|
||||||||||
Other residential
|
19
|
%
|
20
|
%
|
24
|
%
|
24
|
%
|
24
|
%
|
||||||||||
Total real estate mortgage
|
62
|
%
|
63
|
%
|
64
|
%
|
64
|
%
|
60
|
%
|
||||||||||
Real estate construction and land:
|
||||||||||||||||||||
Commercial
|
3
|
%
|
3
|
%
|
2
|
%
|
2
|
%
|
4
|
%
|
||||||||||
Residential
|
10
|
%
|
9
|
%
|
10
|
%
|
9
|
%
|
14
|
%
|
||||||||||
Total real estate construction and land
|
13
|
%
|
12
|
%
|
12
|
%
|
11
|
%
|
18
|
%
|
||||||||||
Total real estate
|
75
|
%
|
75
|
%
|
76
|
%
|
75
|
%
|
78
|
%
|
||||||||||
Commercial:
|
||||||||||||||||||||
Asset-based
|
8
|
%
|
9
|
%
|
10
|
%
|
11
|
%
|
8
|
%
|
||||||||||
Venture capital
|
6
|
%
|
6
|
%
|
7
|
%
|
8
|
%
|
8
|
%
|
||||||||||
Other commercial
|
9
|
%
|
8
|
%
|
5
|
%
|
4
|
%
|
4
|
%
|
||||||||||
Total commercial
|
23
|
%
|
23
|
%
|
22
|
%
|
23
|
%
|
20
|
%
|
||||||||||
Consumer
|
2
|
%
|
2
|
%
|
2
|
%
|
2
|
%
|
2
|
%
|
||||||||||
Total loans and leases held for
|
||||||||||||||||||||
investment, net of deferred fees
|
100
|
%
|
100
|
%
|
100
|
%
|
100
|
%
|
100
|
%
|
6
|
March 31,
|
December 31,
|
September 30,
|
June 30,
|
March 31,
|
||||||||||||||||
Composition of Deposits
|
2024
|
2023
|
2023
|
2023
|
2023
|
|||||||||||||||
(Dollars in thousands)
|
||||||||||||||||||||
Noninterest-bearing checking
|
$
|
7,833,608
|
$
|
7,774,254
|
$
|
5,579,033
|
$
|
6,055,358
|
$
|
7,030,759
|
||||||||||
Interest-bearing:
|
||||||||||||||||||||
Checking
|
7,836,097
|
7,808,764
|
7,038,808
|
7,112,807
|
5,360,622
|
|||||||||||||||
Money market
|
5,020,110
|
6,187,889
|
5,424,347
|
5,678,323
|
8,195,670
|
|||||||||||||||
Savings
|
2,016,398
|
1,997,989
|
1,441,700
|
897,277
|
671,918
|
|||||||||||||||
Time deposits:
|
||||||||||||||||||||
Non-brokered
|
2,761,836
|
3,139,270
|
3,038,005
|
2,725,265
|
2,502,914
|
|||||||||||||||
Brokered
|
3,424,358
|
3,493,603
|
4,076,788
|
5,428,053
|
4,425,678
|
|||||||||||||||
Total time deposits
|
6,186,194
|
6,632,873
|
7,114,793
|
8,153,318
|
6,928,592
|
|||||||||||||||
Total interest-bearing
|
21,058,799
|
22,627,515
|
21,019,648
|
21,841,725
|
21,156,802
|
|||||||||||||||
Total deposits
|
$
|
28,892,407
|
$
|
30,401,769
|
$
|
26,598,681
|
$
|
27,897,083
|
$
|
28,187,561
|
March 31,
|
December 31,
|
September 30,
|
June 30,
|
March 31,
|
||||||||||||||||
Composition as % of Total Deposits
|
2024
|
2023
|
2023
|
2023
|
2023
|
|||||||||||||||
Noninterest-bearing checking
|
27
|
%
|
26
|
%
|
21
|
%
|
22
|
%
|
25
|
%
|
||||||||||
Interest-bearing:
|
||||||||||||||||||||
Checking
|
27
|
%
|
26
|
%
|
27
|
%
|
26
|
%
|
19
|
%
|
||||||||||
Money market
|
17
|
%
|
20
|
%
|
20
|
%
|
20
|
%
|
29
|
%
|
||||||||||
Savings
|
7
|
%
|
6
|
%
|
5
|
%
|
3
|
%
|
2
|
%
|
||||||||||
Time deposits:
|
||||||||||||||||||||
Non-brokered
|
10
|
%
|
10
|
%
|
12
|
%
|
10
|
%
|
9
|
%
|
||||||||||
Brokered
|
12
|
%
|
12
|
%
|
15
|
%
|
19
|
%
|
16
|
%
|
||||||||||
Total time deposits
|
22
|
%
|
22
|
%
|
27
|
%
|
29
|
%
|
25
|
%
|
||||||||||
Total interest-bearing
|
73
|
%
|
74
|
%
|
79
|
%
|
78
|
%
|
75
|
%
|
||||||||||
Total deposits
|
100
|
%
|
100
|
%
|
100
|
%
|
100
|
%
|
100
|
%
|
7
|
(1) |
Non-GAAP measures; refer to section 'Non-GAAP Measures'
|
8
|
March 31,
|
December 31,
|
September 30,
|
June 30,
|
March 31,
|
||||||||||||||||
Capital Ratios
|
2024 (1)
|
2023
|
2023
|
2023
|
2023
|
|||||||||||||||
Banc of California, Inc.
|
||||||||||||||||||||
Total risk-based capital ratio
|
16.43
|
%
|
16.43
|
%
|
17.83
|
%
|
17.61
|
%
|
14.21
|
%
|
||||||||||
Tier 1 risk-based capital ratio
|
12.41
|
%
|
12.44
|
%
|
13.84
|
%
|
13.70
|
%
|
11.15
|
%
|
||||||||||
Common equity tier 1 capital ratio
|
10.12
|
%
|
10.14
|
%
|
11.23
|
%
|
11.16
|
%
|
9.21
|
%
|
||||||||||
Tier 1 leverage capital ratio
|
9.14
|
%
|
9.00
|
%
|
8.65
|
%
|
7.76
|
%
|
8.33
|
%
|
||||||||||
Banc of California
|
||||||||||||||||||||
Total risk-based capital ratio
|
15.90
|
%
|
15.75
|
%
|
16.37
|
%
|
16.07
|
%
|
12.94
|
%
|
||||||||||
Tier 1 risk-based capital ratio
|
13.37
|
%
|
13.27
|
%
|
13.72
|
%
|
13.48
|
%
|
10.89
|
%
|
||||||||||
Common equity tier 1 capital ratio
|
13.37
|
%
|
13.27
|
%
|
13.72
|
%
|
13.48
|
%
|
10.89
|
%
|
||||||||||
Tier 1 leverage capital ratio
|
9.86
|
%
|
9.62
|
%
|
8.57
|
%
|
7.62
|
%
|
8.14
|
%
|
(1)
|
Capital information for March 31, 2024 is preliminary.
|
9
|
March 31,
|
December 31,
|
September 30,
|
June 30,
|
March 31,
|
||||||||||||||||
Asset Quality Information and Ratios
|
2024
|
2023
|
2023
|
2023
|
2023
|
|||||||||||||||
(Dollars in thousands)
|
||||||||||||||||||||
Delinquent loans and leases held for investment:
|
||||||||||||||||||||
30 to 89 days delinquent
|
$
|
178,594
|
$
|
113,307
|
$
|
49,970
|
$
|
57,428
|
$
|
144,431
|
||||||||||
90+ days delinquent
|
57,595
|
30,881
|
77,327
|
62,322
|
49,936
|
|||||||||||||||
Total delinquent loans and leases
|
$
|
236,189
|
$
|
144,188
|
$
|
127,297
|
$
|
119,750
|
$
|
194,367
|
||||||||||
Total delinquent loans and leases to loans and leases held for investment
|
0.93
|
%
|
0.57
|
%
|
0.58
|
%
|
0.54
|
%
|
0.76
|
%
|
||||||||||
Nonperforming assets, excluding loans held for sale:
|
||||||||||||||||||||
Nonaccrual loans and leases
|
$
|
145,981
|
$
|
62,527
|
$
|
125,396
|
$
|
104,886
|
$
|
87,124
|
||||||||||
90+ days delinquent loans and still accruing
|
-
|
11,750
|
-
|
-
|
-
|
|||||||||||||||
|
||||||||||||||||||||
Total nonperforming loans and leases ("NPLs")
|
145,981
|
74,277
|
125,396
|
104,886
|
87,124
|
|||||||||||||||
Foreclosed assets, net
|
12,488
|
7,394
|
6,829
|
8,426
|
2,135
|
|||||||||||||||
Total nonperforming assets ("NPAs")
|
$
|
158,469
|
$
|
81,671
|
$
|
132,225
|
$
|
113,312
|
$
|
89,259
|
||||||||||
Allowance for loan and lease losses
|
$
|
291,503
|
$
|
281,687
|
$
|
222,297
|
$
|
219,234
|
$
|
210,055
|
||||||||||
Allowance for loan and lease losses to NPLs
|
199.69
|
%
|
379.24
|
%
|
177.28
|
%
|
209.02
|
%
|
241.10
|
%
|
||||||||||
NPLs to loans and leases held for investment
|
0.57
|
%
|
0.29
|
%
|
0.57
|
%
|
0.47
|
%
|
0.34
|
%
|
||||||||||
NPAs to total assets
|
0.44
|
%
|
0.21
|
%
|
0.36
|
%
|
0.30
|
%
|
0.20
|
%
|
10
|
Three Months Ended
|
||||||||||||
March 31,
|
December 31,
|
March 31,
|
||||||||||
Allowance for Credit Losses - Loans
|
2024
|
2023
|
2023
|
|||||||||
(Dollars in thousands)
|
||||||||||||
Allowance for loan and lease losses
|
||||||||||||
("ALLL"):
|
||||||||||||
Balance at beginning of period
|
$
|
281,687
|
$
|
222,297
|
$
|
200,732
|
||||||
Initial ALLL on acquired PCD loans
|
-
|
25,623
|
-
|
|||||||||
Charge-offs
|
(5,014
|
)
|
(14,628
|
)
|
(10,397
|
)
|
||||||
Recoveries
|
3,830
|
1,395
|
1,220
|
|||||||||
Net charge-offs
|
(1,184
|
)
|
(13,233
|
)
|
(9,177
|
)
|
||||||
Provision for loan losses
|
11,000
|
47,000
|
|
(1) |
18,500
|
|||||||
Balance at end of period
|
$
|
291,503
|
$
|
281,687
|
$
|
210,055
|
||||||
Reserve for unfunded loan commitments
|
||||||||||||
("RUC"):
|
||||||||||||
Balance at beginning of period
|
$
|
29,571
|
$
|
29,571
|
$
|
91,071
|
||||||
(Negative provision) provision for credit losses
|
(1,000
|
)
|
-
|
(15,500
|
)
|
|||||||
Balance at end of period
|
$
|
28,571
|
$
|
29,571
|
$
|
75,571
|
||||||
Allowance for credit losses ("ACL") -
|
||||||||||||
Loans:
|
||||||||||||
Balance at beginning of period
|
$
|
311,258
|
$
|
251,868
|
$
|
291,803
|
||||||
Initial ALLL on acquired PCD loans
|
-
|
25,623
|
-
|
|||||||||
Charge-offs
|
(5,014
|
)
|
(14,628
|
)
|
(10,397
|
)
|
||||||
Recoveries
|
3,830
|
1,395
|
1,220
|
|||||||||
Net charge-offs
|
(1,184
|
)
|
(13,233
|
)
|
(9,177
|
)
|
||||||
Provision for credit losses
|
10,000
|
47,000
|
3,000
|
|||||||||
Balance at end of period
|
$
|
320,074
|
$
|
311,258
|
$
|
285,626
|
||||||
ALLL to loans and leases held for investment
|
1.14
|
%
|
1.11
|
%
|
0.82
|
%
|
||||||
ACL to loans and leases held for investment
|
1.26
|
%
|
1.22
|
%
|
1.11
|
%
|
||||||
ACL to NPLs
|
219.26
|
%
|
419.05
|
%
|
327.84
|
%
|
||||||
ACL to NPAs
|
201.98
|
%
|
381.11
|
%
|
320.00
|
%
|
||||||
Annualized net charge-offs to average loans and leases
|
0.02
|
%
|
0.22
|
%
|
0.13
|
%
|
(1)
|
Includes $22.2 million initial provision related to non-PCD loans acquired during the period.
|
11
|
12
|
13
|
Investor Relations Inquiries:
|
Banc of California, Inc.
|
(855) 361-2262
|
Jared Wolff, (310) 424-1230
|
Joe Kauder, (310) 844-5224
|
William Black, (919) 597-7466
|
Media Contact:
|
Debora Vrana, Banc of California
|
(213) 999-4141
|
Source: Banc of California, Inc
|
14
|
March 31,
|
December 31,
|
September 30,
|
June 30,
|
March 31,
|
||||||||||||||||
2024
|
2023
|
2023
|
2023
|
2023
|
||||||||||||||||
(Dollars in thousands)
|
||||||||||||||||||||
ASSETS:
|
||||||||||||||||||||
Cash and due from banks
|
$
|
199,922
|
$
|
202,427
|
$
|
182,261
|
$
|
208,300
|
$
|
218,830
|
||||||||||
Interest-earning deposits in financial institutions
|
2,885,306
|
5,175,149
|
5,887,406
|
6,489,847
|
6,461,306
|
|||||||||||||||
Total cash and cash equivalents
|
3,085,228
|
5,377,576
|
6,069,667
|
6,698,147
|
6,680,136
|
|||||||||||||||
Securities available-for-sale
|
2,286,682
|
2,346,864
|
4,487,172
|
4,708,519
|
4,848,607
|
|||||||||||||||
Securities held-to-maturity
|
2,291,984
|
2,287,291
|
2,282,586
|
2,278,202
|
2,273,650
|
|||||||||||||||
FRB and FHLB stock
|
129,314
|
126,346
|
17,250
|
17,250
|
147,150
|
|||||||||||||||
Total investment securities
|
4,707,980
|
4,760,501
|
6,787,008
|
7,003,971
|
7,269,407
|
|||||||||||||||
Loans held for sale
|
80,752
|
122,757
|
188,866
|
478,146
|
2,796,208
|
|||||||||||||||
Gross loans and leases held for investment
|
25,527,075
|
25,534,730
|
21,969,789
|
22,311,292
|
25,770,912
|
|||||||||||||||
Deferred fees, net
|
(44,006
|
)
|
(45,043
|
)
|
(48,843
|
)
|
(53,082
|
)
|
(98,531
|
)
|
||||||||||
Total loans and leases held for investment, net of deferred fees
|
25,483,069
|
25,489,687
|
21,920,946
|
22,258,210
|
25,672,381
|
|||||||||||||||
Allowance for loan and lease losses
|
(291,503
|
)
|
(281,687
|
)
|
(222,297
|
)
|
(219,234
|
)
|
(210,055
|
)
|
||||||||||
Total loans and leases held for investment, net
|
25,191,566
|
25,208,000
|
21,698,649
|
22,038,976
|
25,462,326
|
|||||||||||||||
Equipment leased to others under operating leases
|
339,925
|
344,325
|
352,330
|
380,022
|
399,972
|
|||||||||||||||
Premises and equipment, net
|
144,912
|
146,798
|
50,236
|
57,078
|
60,358
|
|||||||||||||||
Bank owned life insurance
|
341,806
|
339,643
|
207,946
|
206,812
|
207,402
|
|||||||||||||||
Goodwill
|
198,627
|
198,627
|
-
|
-
|
-
|
|||||||||||||||
Intangible assets, net
|
157,226
|
165,477
|
24,192
|
26,581
|
28,970
|
|||||||||||||||
Deferred tax asset, net
|
738,373
|
739,111
|
506,248
|
426,304
|
342,557
|
|||||||||||||||
Other assets
|
1,094,383
|
1,131,249
|
992,691
|
1,021,213
|
1,055,645
|
|||||||||||||||
Total assets
|
$
|
36,080,778
|
$
|
38,534,064
|
$
|
36,877,833
|
$
|
38,337,250
|
$
|
44,302,981
|
||||||||||
LIABILITIES:
|
||||||||||||||||||||
Noninterest-bearing deposits
|
$
|
7,833,608
|
$
|
7,774,254
|
$
|
5,579,033
|
$
|
6,055,358
|
$
|
7,030,759
|
||||||||||
Interest-bearing deposits
|
21,058,799
|
22,627,515
|
21,019,648
|
21,841,725
|
21,156,802
|
|||||||||||||||
Total deposits
|
28,892,407
|
30,401,769
|
26,598,681
|
27,897,083
|
28,187,561
|
|||||||||||||||
Borrowings
|
2,139,498
|
2,911,322
|
6,294,525
|
6,357,338
|
11,881,712
|
|||||||||||||||
Subordinated debt
|
937,717
|
936,599
|
870,896
|
870,378
|
868,815
|
|||||||||||||||
Accrued interest payable and other liabilities
|
709,722
|
893,609
|
714,454
|
679,256
|
593,416
|
|||||||||||||||
Total liabilities
|
32,679,344
|
35,143,299
|
34,478,556
|
35,804,055
|
41,531,504
|
|||||||||||||||
STOCKHOLDERS' EQUITY:
|
||||||||||||||||||||
Preferred stock
|
498,516
|
498,516
|
498,516
|
498,516
|
498,516
|
|||||||||||||||
Common stock
|
1,583
|
1,577
|
1,231
|
1,233
|
1,232
|
|||||||||||||||
Class B non-voting common stock
|
5
|
5
|
-
|
-
|
-
|
|||||||||||||||
Non-voting common stock equivalents
|
101
|
108
|
-
|
-
|
-
|
|||||||||||||||
Additional paid-in-capital
|
3,827,777
|
3,840,974
|
2,798,611
|
2,799,357
|
2,792,536
|
|||||||||||||||
Retained (deficit) earnings
|
(490,112
|
)
|
(518,301
|
)
|
(25,399
|
)
|
7,892
|
215,253
|
||||||||||||
Accumulated other comprehensive loss, net
|
(436,436
|
)
|
(432,114
|
)
|
(873,682
|
)
|
(773,803
|
)
|
(736,060
|
)
|
||||||||||
Total stockholders' equity
|
3,401,434
|
3,390,765
|
2,399,277
|
2,533,195
|
2,771,477
|
|||||||||||||||
Total liabilities and stockholders' equity
|
$
|
36,080,778
|
$
|
38,534,064
|
$
|
36,877,833
|
$
|
38,337,250
|
$
|
44,302,981
|
||||||||||
Common shares outstanding (1)
|
169,013,629
|
168,959,063
|
78,806,969
|
78,939,024
|
78,988,424
|
(1)
|
Common shares outstanding include non-voting common equivalents that are participating securities.
|
15
|
Three Months Ended
|
||||||||||||
March 31,
|
December 31,
|
March 31,
|
||||||||||
2024
|
2023
|
2023
|
||||||||||
(In thousands, except per share amounts)
|
||||||||||||
Interest income:
|
||||||||||||
Loans and leases
|
$
|
395,511
|
$
|
346,308
|
$
|
430,685
|
||||||
Investment securities
|
34,303
|
41,280
|
44,237
|
|||||||||
Deposits in financial institutions
|
58,936
|
79,652
|
42,866
|
|||||||||
Total interest income
|
488,750
|
467,240
|
517,788
|
|||||||||
Interest expense:
|
||||||||||||
Deposits
|
194,807
|
207,760
|
155,892
|
|||||||||
Borrowings
|
38,124
|
92,474
|
69,122
|
|||||||||
Subordinated debt
|
16,671
|
15,955
|
13,502
|
|||||||||
Total interest expense
|
249,602
|
316,189
|
238,516
|
|||||||||
Net interest income
|
239,148
|
151,051
|
279,272
|
|||||||||
Provision for credit losses
|
10,000
|
47,000
|
3,000
|
|||||||||
Net interest income after provision for credit losses
|
229,148
|
104,051
|
276,272
|
|||||||||
Noninterest income:
|
||||||||||||
Service charges on deposit accounts
|
4,705
|
4,562
|
3,573
|
|||||||||
Other commissions and fees
|
8,142
|
8,860
|
10,344
|
|||||||||
Leased equipment income
|
11,716
|
12,369
|
13,857
|
|||||||||
(Loss) gain on sale of loans and leases
|
(448
|
)
|
(3,526
|
)
|
2,962
|
|||||||
Loss on sale of securities
|
-
|
(442,413
|
)
|
-
|
||||||||
Dividends and gains (losses) on equity investments
|
3,068
|
8,138
|
1,098
|
|||||||||
Warrant income (loss)
|
178
|
(173
|
)
|
(333
|
)
|
|||||||
LOCOM HFS adjustment
|
330
|
3,175
|
-
|
|||||||||
Other income
|
6,125
|
8,606
|
4,890
|
|||||||||
Total noninterest income (loss)
|
33,816
|
(400,402
|
)
|
36,391
|
||||||||
Noninterest expense:
|
||||||||||||
Compensation
|
92,236
|
89,354
|
88,476
|
|||||||||
Occupancy
|
17,968
|
15,925
|
15,067
|
|||||||||
Information technology and data processing
|
15,418
|
13,099
|
12,979
|
|||||||||
Other professional services
|
5,075
|
2,980
|
6,073
|
|||||||||
Insurance and assessments
|
20,461
|
60,016
|
11,717
|
|||||||||
Intangible asset amortization
|
8,404
|
4,230
|
2,411
|
|||||||||
Leased equipment depreciation
|
7,520
|
7,447
|
9,375
|
|||||||||
Acquisition, integration and reorganization costs
|
-
|
111,800
|
8,514
|
|||||||||
Customer related expense
|
30,919
|
45,826
|
24,005
|
|||||||||
Loan expense
|
4,491
|
4,446
|
6,524
|
|||||||||
Goodwill impairment
|
-
|
-
|
1,376,736
|
|||||||||
Other expense
|
8,026
|
8,515
|
11,126
|
|||||||||
Total noninterest expense
|
210,518
|
363,638
|
1,573,003
|
|||||||||
Earnings (loss) before income taxes
|
52,446
|
(659,989
|
)
|
(1,260,340
|
)
|
|||||||
Income tax expense (benefit)
|
14,310
|
(177,034
|
)
|
(64,916
|
)
|
|||||||
Net earnings (loss)
|
38,136
|
(482,955
|
)
|
(1,195,424
|
)
|
|||||||
Preferred stock dividends
|
9,947
|
9,947
|
9,947
|
|||||||||
Net earnings (loss) available to common and equivalent stockholders
|
$
|
28,189
|
$
|
(492,902
|
)
|
$
|
(1,205,371
|
)
|
||||
Basic and diluted earnings (loss) per common share (1)
|
$
|
0.17
|
$
|
(4.55
|
)
|
$
|
(15.56
|
)
|
||||
Basic and diluted weighted average number of common shares outstanding (1)
|
168,972
|
108,290
|
77,468
|
(1)
|
Common shares include non-voting common equivalents that are participating securities.
|
16
|
Three Months Ended
|
||||||||||||
March 31,
|
December 31,
|
March 31,
|
||||||||||
Profitability and Other Ratios
|
2024
|
2023
|
2023
|
|||||||||
Return on average assets ("ROAA")(1)
|
0.41
|
%
|
(5.09
|
)%
|
(11.34
|
)%
|
||||||
Adjusted ROAA (1)(2)
|
0.45
|
%
|
(0.56
|
)%
|
0.85
|
%
|
||||||
Return on average equity (1)
|
4.52
|
%
|
(68.49
|
)%
|
(121.24
|
)%
|
||||||
Return on average tangible common equity (1)(2)
|
5.45
|
%
|
(87.95
|
)%
|
14.45
|
%
|
||||||
Dividend payout ratio (3)
|
58.82
|
%
|
(2.42
|
)%
|
(1.61
|
)%
|
||||||
Average yield on loans and leases (1)
|
6.23
|
%
|
5.82
|
%
|
6.14
|
%
|
||||||
Average yield on interest-earning assets (1)
|
5.68
|
%
|
5.23
|
%
|
5.35
|
%
|
||||||
Average cost of interest-bearing deposits (1)
|
3.60
|
%
|
3.80
|
%
|
2.91
|
%
|
||||||
Average total cost of deposits (1)
|
2.66
|
%
|
2.94
|
%
|
1.98
|
%
|
||||||
Average cost of interest-bearing liabilities (1)
|
3.92
|
%
|
4.51
|
%
|
3.47
|
%
|
||||||
Average total cost of funds (1)
|
3.02
|
%
|
3.68
|
%
|
2.54
|
%
|
||||||
Net interest spread
|
1.76
|
%
|
0.72
|
%
|
1.88
|
%
|
||||||
Net interest margin (1)
|
2.78
|
%
|
1.69
|
%
|
2.89
|
%
|
||||||
Noninterest income to total revenue (4)
|
12.39
|
%
|
160.58
|
%
|
11.53
|
%
|
||||||
Adjusted noninterest income to adjusted total revenue (2)(4)
|
12.39
|
%
|
21.76
|
%
|
11.53
|
%
|
||||||
Noninterest expense to average total assets (1)
|
2.26
|
%
|
3.83
|
%
|
14.92
|
%
|
||||||
Adjusted noninterest expense to average total assets (1)(2)
|
2.20
|
%
|
2.31
|
%
|
1.78
|
%
|
||||||
Average loans and leases to average deposits
|
86.65
|
%
|
84.34
|
%
|
89.39
|
%
|
||||||
Average investment securities to average total assets
|
12.58
|
%
|
16.01
|
%
|
16.81
|
%
|
||||||
Average stockholders' equity to average total assets
|
9.03
|
%
|
7.43
|
%
|
9.35
|
%
|
(1)
|
Annualized.
|
(2)
|
Non-GAAP measure.
|
(3)
|
Ratio calculated by dividing dividends declared per common and equivalent share by
basic earnings per common and equivalent share.
|
(4)
|
Total revenue equals the sum of net interest income and noninterest income.
|
17
|
Three Months Ended
|
||||||||||||||||||||||||||||||||||||
March 31, 2024
|
December 31, 2023
|
March 31, 2023
|
||||||||||||||||||||||||||||||||||
Interest
|
Average
|
Interest
|
Average
|
Interest
|
Average
|
|||||||||||||||||||||||||||||||
Average
|
Income/
|
Yield/
|
Average
|
Income/
|
Yield/
|
Average
|
Income/
|
Yield/
|
||||||||||||||||||||||||||||
Balance
|
Expense
|
Cost
|
Balance
|
Expense
|
Cost
|
Balance
|
Expense
|
Cost
|
||||||||||||||||||||||||||||
(Dollars in thousands)
|
||||||||||||||||||||||||||||||||||||
Assets:
|
||||||||||||||||||||||||||||||||||||
Loans and
|
||||||||||||||||||||||||||||||||||||
leases (1)(2)(3)
|
$
|
25,518,700
|
$
|
395,511
|
6.23
|
%
|
$
|
23,608,246
|
$
|
346,308
|
5.82
|
%
|
$
|
28,583,265
|
$
|
433,029
|
6.14
|
%
|
||||||||||||||||||
Investment securities
|
4,721,556
|
34,303
|
2.92
|
%
|
6,024,737
|
41,280
|
2.72
|
%
|
7,191,362
|
44,237
|
2.49
|
%
|
||||||||||||||||||||||||
Deposits in financial institutions
|
4,374,968
|
58,936
|
5.42
|
%
|
5,791,739
|
79,652
|
5.46
|
%
|
3,682,228
|
42,866
|
4.72
|
%
|
||||||||||||||||||||||||
Total interest-earning assets (1)
|
34,615,224
|
488,750
|
5.68
|
%
|
35,424,722
|
467,240
|
5.23
|
%
|
39,456,855
|
520,132
|
5.35
|
%
|
||||||||||||||||||||||||
Other assets
|
2,925,563
|
2,215,665
|
3,311,859
|
|||||||||||||||||||||||||||||||||
Total assets
|
$
|
37,540,787
|
$
|
37,640,387
|
$
|
42,768,714
|
||||||||||||||||||||||||||||||
Liabilities and
|
||||||||||||||||||||||||||||||||||||
Stockholders' Equity:
|
||||||||||||||||||||||||||||||||||||
Interest checking
|
$
|
7,883,177
|
61,549
|
3.14
|
%
|
$
|
7,296,234
|
60,743
|
3.30
|
%
|
$
|
7,089,102
|
55,957
|
3.20
|
%
|
|||||||||||||||||||||
Money market
|
5,737,837
|
41,351
|
2.90
|
%
|
5,758,074
|
44,279
|
3.05
|
%
|
8,932,059
|
56,224
|
2.55
|
%
|
||||||||||||||||||||||||
Savings
|
2,036,129
|
18,030
|
3.56
|
%
|
1,696,222
|
16,446
|
3.85
|
%
|
597,287
|
599
|
0.41
|
%
|
||||||||||||||||||||||||
Time
|
6,108,321
|
73,877
|
4.86
|
%
|
6,915,504
|
86,292
|
4.95
|
%
|
5,123,955
|
43,112
|
3.41
|
%
|
||||||||||||||||||||||||
Total interest-bearing deposits
|
21,765,464
|
194,807
|
3.60
|
%
|
21,666,034
|
207,760
|
3.80
|
%
|
21,742,403
|
155,892
|
2.91
|
%
|
||||||||||||||||||||||||
Borrowings
|
2,892,406
|
38,124
|
5.30
|
%
|
5,229,425
|
92,474
|
7.02
|
%
|
5,289,429
|
69,122
|
5.30
|
%
|
||||||||||||||||||||||||
Subordinated debt
|
937,005
|
16,671
|
7.16
|
%
|
894,219
|
15,955
|
7.08
|
%
|
867,637
|
13,502
|
6.31
|
%
|
||||||||||||||||||||||||
Total interest-bearing liabilities
|
25,594,875
|
249,602
|
3.92
|
%
|
27,789,678
|
316,189
|
4.51
|
%
|
27,899,469
|
238,516
|
3.47
|
%
|
||||||||||||||||||||||||
Noninterest-bearing demand deposits
|
7,685,027
|
6,326,511
|
10,233,434
|
|||||||||||||||||||||||||||||||||
Other liabilities
|
870,273
|
726,414
|
637,124
|
|||||||||||||||||||||||||||||||||
Total liabilities
|
34,150,175
|
34,842,603
|
38,770,027
|
|||||||||||||||||||||||||||||||||
Stockholders' equity
|
3,390,612
|
2,797,784
|
3,998,687
|
|||||||||||||||||||||||||||||||||
Total liabilities and stockholders' equity
|
$
|
37,540,787
|
$
|
37,640,387
|
$
|
42,768,714
|
||||||||||||||||||||||||||||||
Net interest income (1)
|
$
|
239,148
|
$
|
151,051
|
$
|
281,616
|
||||||||||||||||||||||||||||||
Net interest spread (1)
|
1.76
|
%
|
0.72
|
%
|
1.88
|
%
|
||||||||||||||||||||||||||||||
Net interest margin (1)
|
2.78
|
%
|
1.69
|
%
|
2.89
|
%
|
||||||||||||||||||||||||||||||
Total deposits (4)
|
$
|
29,450,491
|
$
|
194,807
|
2.66
|
%
|
$
|
27,992,545
|
$
|
207,760
|
2.94
|
%
|
$
|
31,975,837
|
$
|
155,892
|
1.98
|
%
|
||||||||||||||||||
Total funds (5)
|
$
|
33,279,902
|
$
|
249,602
|
3.02
|
%
|
$
|
34,116,189
|
$
|
316,189
|
3.68
|
%
|
$
|
38,132,903
|
$
|
238,516
|
2.54
|
%
|
||||||||||||||||||
(1)
|
Tax equivalent.
|
(2)
|
Includes net loan discount accretion of $32.5 million and $15.7 million for the three months ended March 31, 2024
December 31, 2023 and net loan premium amortization of $2.8 million for the three months ended March 31, 2023.
|
(3)
|
Includes tax-equivalent adjustments of $0.0 million, $0.0 million, and $2.3 million for the three months ended March 31, 2024,
December 31, 2023, and March 31, 2023 related to tax-exempt income on loans.
The federal statutory tax rate utilized was 21%.
|
(4)
|
Total deposits is the sum of total interest-bearing deposits and noninterest-bearing demand deposits. The cost of total deposits is
calculated as annualized interest expense on total deposits divided by average total deposits.
|
(5)
|
Total funds is the sum of total interest-bearing liabilities and noninterest-bearing demand deposits. The cost of total funds is
calculated as annualized total interest expense divided by average total funds.
|
18
|
19
|
Tangible Common Equity to
|
||||||||||||||||||||
Tangible Assets and Tangible
|
March 31,
|
December 31,
|
September 30,
|
June 30,
|
March 31,
|
|||||||||||||||
Book Value Per Common Share
|
2024
|
2023
|
2023
|
2023
|
2023
|
|||||||||||||||
(Dollars in thousands, except per share amounts)
|
||||||||||||||||||||
Stockholders' equity
|
$
|
3,401,434
|
$
|
3,390,765
|
$
|
2,399,277
|
$
|
2,533,195
|
$
|
2,771,477
|
||||||||||
Less: Preferred stock
|
498,516
|
498,516
|
498,516
|
498,516
|
498,516
|
|||||||||||||||
Total common equity
|
2,902,918
|
2,892,249
|
1,900,761
|
2,034,679
|
2,272,961
|
|||||||||||||||
Less: Goodwill and Intangible assets
|
355,853
|
364,104
|
24,192
|
26,581
|
28,970
|
|||||||||||||||
Tangible common equity
|
$
|
2,547,065
|
$
|
2,528,145
|
$
|
1,876,569
|
$
|
2,008,098
|
$
|
2,243,991
|
||||||||||
Total assets
|
$
|
36,080,778
|
$
|
38,534,064
|
$
|
36,877,833
|
$
|
38,337,250
|
$
|
44,302,981
|
||||||||||
Less: Goodwill and Intangible assets
|
355,853
|
364,104
|
24,192
|
26,581
|
28,970
|
|||||||||||||||
Tangible assets
|
$
|
35,724,925
|
$
|
38,169,960
|
$
|
36,853,641
|
$
|
38,310,669
|
$
|
44,274,011
|
||||||||||
Total stockholders' equity to total assets
|
9.43
|
%
|
8.80
|
%
|
6.51
|
%
|
6.61
|
%
|
6.26
|
%
|
||||||||||
Tangible common equity to tangible assets
|
7.13
|
%
|
6.62
|
%
|
5.09
|
%
|
5.24
|
%
|
5.07
|
%
|
||||||||||
Book value per common share (1)
|
$
|
17.18
|
$
|
17.12
|
$
|
24.12
|
$
|
25.78
|
$
|
28.78
|
||||||||||
Tangible book value per common share (2)
|
$
|
15.07
|
$
|
14.96
|
$
|
23.81
|
$
|
25.44
|
$
|
28.41
|
||||||||||
Common shares outstanding (3)
|
169,013,629
|
168,959,063
|
78,806,969
|
78,939,024
|
78,988,424
|
(1)
|
Total common equity divided by common shares outstanding.
|
(2)
|
Tangible common equity divided by common shares outstanding.
|
(3)
|
Common shares outstanding include non-voting common equivalents that are participating securities.
|
20
|
Return on Average Tangible
|
Three Months Ended
|
|||||||||||
Common Equity ("ROATCE")
|
March 31,
|
December 31,
|
March 31,
|
|||||||||
and Adjusted ROATCE
|
2024
|
2023
|
2023
|
|||||||||
(Dollars in thousands)
|
||||||||||||
Net earnings (loss)
|
$
|
38,136
|
$
|
(482,955
|
)
|
$
|
(1,195,424
|
)
|
||||
Earnings (loss) before income taxes
|
$
|
52,446
|
$
|
(659,989
|
)
|
$
|
(1,260,340
|
)
|
||||
Add: Intangible asset amortization
|
8,404
|
4,230
|
2,411
|
|||||||||
Add: Goodwill impairment
|
-
|
-
|
1,376,736
|
|||||||||
Adjusted earnings (loss) before income taxes used for ROATCE
|
60,850
|
(655,759
|
)
|
118,807
|
||||||||
Adjusted income tax expense (1)
|
16,612
|
(175,743
|
)
|
33,741
|
||||||||
Adjusted net earnings (loss) for ROATCE
|
44,238
|
(480,016
|
)
|
85,066
|
||||||||
Less: Preferred stock dividends
|
9,947
|
9,947
|
9,947
|
|||||||||
Adjusted net earnings (loss) available to common and equivalent stockholdersfor ROATCE
|
$
|
34,291
|
$
|
(489,963
|
)
|
$
|
75,119
|
|||||
Adjusted earnings (loss) before income taxes used for ROATCE
|
$
|
60,850
|
$
|
(655,759
|
)
|
$
|
118,807
|
|||||
Add: FDIC special assessment
|
4,814
|
32,746
|
-
|
|||||||||
Add: Loss on sale of securities
|
-
|
442,413
|
-
|
|||||||||
Add: Acquisition, integration, and reorganization costs
|
-
|
111,800
|
8,514
|
|||||||||
Adjusted earnings (loss) before income taxes used for adjusted ROATCE
|
65,664
|
(68,800
|
)
|
127,321
|
||||||||
Adjusted income tax expense (1)
|
17,926
|
(18,438
|
)
|
36,159
|
||||||||
Adjusted net earnings (loss) for adjusted ROATCE
|
47,738
|
(50,362
|
)
|
91,162
|
||||||||
Less: Preferred stock dividends
|
9,947
|
9,947
|
9,947
|
|||||||||
Adjusted net earnings (loss) available to common and equivalent stockholders for adjusted ROATCE
|
$
|
37,791
|
$
|
(60,309
|
)
|
$
|
81,215
|
|||||
Average stockholders' equity
|
$
|
3,390,612
|
$
|
2,797,784
|
$
|
3,998,687
|
||||||
Less: Average intangible assets
|
360,680
|
89,041
|
1,391,857
|
|||||||||
Less: Average preferred stock
|
498,516
|
498,516
|
498,516
|
|||||||||
Average tangible common equity
|
$
|
2,531,416
|
$
|
2,210,227
|
$
|
2,108,314
|
||||||
Return on average equity (2)
|
4.52
|
%
|
(68.49
|
)%
|
(121.24
|
)%
|
||||||
ROATCE (3)
|
5.45
|
%
|
(87.95
|
)%
|
14.45
|
%
|
||||||
Adjusted ROATCE (4)
|
6.00
|
%
|
(10.83
|
)%
|
15.62
|
%
|
(1)
|
Effective tax rates of 27.3% and 26.8% used for the three months ended March 31, 2024
and December 31, 2023. Adjusted effective tax rate of 28.4% used to normalize the effect
of goodwill impairment for the three months ended March 31, 2023.
|
(2)
|
Annualized net earnings (loss) divided by average stockholders' equity.
|
(3)
|
Annualized adjusted net earnings (loss) available to common and equivalent stockholders
for ROATCE divided by average tangible common equity.
|
(4)
|
Annualized adjusted net earnings (loss) available to common and equivalent stockholders
for adjusted ROATCE divided by average tangible common equity.
|
21
|
Adjusted Net Earnings, Net Earnings
|
Three Months Ended
|
|||||||||||
Available to Common and Equivalent
|
March 31,
|
December 31,
|
March 31,
|
|||||||||
Stockholders, Diluted EPS, and ROAA
|
2024
|
2023
|
2023
|
|||||||||
(In thousands, except per share amounts)
|
||||||||||||
Net earnings (loss)
|
$
|
38,136
|
$
|
(482,955
|
)
|
$
|
(1,195,424
|
)
|
||||
Earnings (loss) before income taxes
|
$
|
52,446
|
$
|
(659,989
|
)
|
$
|
(1,260,340
|
)
|
||||
Add: FDIC special assessment
|
4,814
|
32,746
|
-
|
|||||||||
Add: Loss on sale of securities
|
-
|
442,413
|
-
|
|||||||||
Add: Acquisition, integration, and reorganization costs
|
-
|
111,800
|
8,514
|
|||||||||
Add: Goodwill impairment
|
-
|
-
|
1,376,736
|
|||||||||
Adjusted (loss) earnings before income taxes
|
57,260
|
(73,030
|
)
|
124,910
|
||||||||
Adjusted income tax expense (1)
|
15,632
|
(19,572
|
)
|
35,474
|
||||||||
Adjusted net earnings (loss)
|
41,628
|
(53,458
|
)
|
89,436
|
||||||||
Less: Preferred stock dividends
|
(9,947
|
)
|
(9,947
|
)
|
(9,947
|
)
|
||||||
Adjusted net earnings (loss) available to common and equivalent stockholders
|
$
|
31,681
|
$
|
(63,405
|
)
|
$
|
79,489
|
|||||
Weighted average common shares outstanding
|
168,972
|
108,290
|
77,468
|
|||||||||
Diluted earnings (loss) per common share
|
$
|
0.17
|
$
|
(4.55
|
)
|
$
|
(15.56
|
)
|
||||
Adjusted diluted earnings (loss) per common share (2)
|
$
|
0.19
|
$
|
(0.59
|
)
|
$
|
1.03
|
|||||
Average total assets
|
$
|
37,540,787
|
$
|
37,640,387
|
$
|
42,768,714
|
||||||
Return on average assets ("ROAA") (3)
|
0.41
|
%
|
(5.09
|
)%
|
(11.34
|
)%
|
||||||
Adjusted ROAA (4)
|
0.45
|
%
|
(0.56
|
)%
|
0.85
|
%
|
(1)
|
Effective tax rates of 27.3% and 26.8% used for the three months ended March 31, 2024
and December 31, 2023. Adjusted effective tax rate of 28.4% used to normalize the effect
of goodwill impairment for the three months ended March 31, 2023.
|
(2)
|
Adjusted net earnings (loss) available to common and equivalent stockholders divided by
weighted average common shares outstanding.
|
(3)
|
Annualized net earnings (loss) divided by average assets.
|
(4)
|
Annualized adjusted net earnings (loss) divided by average assets.
|
22
|
Adjusted Noninterest Income to
|
Three Months Ended
|
|||||||||||
Adjusted Total Revenue and Adjusted
|
March 31,
|
December 31,
|
March 31,
|
|||||||||
Noninterest Expense to Average Assets
|
2024
|
2023
|
2023
|
|||||||||
(Dollars in thousands)
|
||||||||||||
Net interest income
|
$
|
239,148
|
$
|
151,051
|
$
|
279,272
|
||||||
Noninterest income (loss)
|
33,816
|
(400,402
|
)
|
36,391
|
||||||||
Total revenue
|
$
|
272,964
|
$
|
(249,351
|
)
|
$
|
315,663
|
|||||
Noninterest income (loss)
|
$
|
33,816
|
$
|
(400,402
|
)
|
$
|
36,391
|
|||||
Add: Loss on sale of securities
|
-
|
442,413
|
-
|
|||||||||
Adjusted noninterest income
|
33,816
|
42,011
|
36,391
|
|||||||||
Net interest income
|
239,148
|
151,051
|
279,272
|
|||||||||
Adjusted total revenue
|
$
|
272,964
|
$
|
193,062
|
$
|
315,663
|
||||||
Noninterest expense
|
$
|
210,518
|
$
|
363,638
|
$
|
1,573,003
|
||||||
Less: FDIC special assessment
|
(4,814
|
)
|
(32,746
|
)
|
-
|
|||||||
Less: Acquisition, integration, and reorganization costs
|
-
|
(111,800
|
)
|
(8,514
|
)
|
|||||||
Less: Goodwill impairment
|
-
|
-
|
(1,376,736
|
)
|
||||||||
Adjusted noninterest expense
|
$
|
205,704
|
$
|
219,092
|
$
|
187,753
|
||||||
Average total assets
|
$
|
37,540,787
|
$
|
37,640,387
|
$
|
42,768,714
|
||||||
Noninterest income (loss) to total revenue
|
12.39
|
%
|
160.58
|
%
|
11.53
|
%
|
||||||
Adjusted noninterest income to adjusted total revenue
|
12.39
|
%
|
21.76
|
%
|
11.53
|
%
|
||||||
Noninterest expense to average total assets
|
2.26
|
%
|
3.83
|
%
|
14.92
|
%
|
||||||
Adjusted noninterest expense to average total assets
|
2.20
|
%
|
2.31
|
%
|
1.78
|
%
|
23
|