04/30/2024 | Press release | Distributed by Public on 04/30/2024 15:14
As of and for the quarter ended | ||||||
($ in thousands, except per share amounts) | March 31, 2024 | December 31, 2023 | March 31, 2023 | |||
Net interest income | $ | 70,806 | $ | 72,069 | $ | 74,117 |
Provision for credit losses | 16,500 | 6,575 | 3,360 | |||
Noninterest income | 22,808 | 17,221 | 18,931 | |||
Noninterest expense | 61,828 | 52,308 | 56,266 | |||
Income before income taxes | 15,286 | 30,407 | 33,422 | |||
Provision for income taxes | 2,990 | 6,393 | 7,141 | |||
Net income | 12,296 | 24,014 | 26,281 | |||
Net income, excluding merger costs (1) | 14,592 | 24,014 | 26,281 | |||
Diluted earnings per share | $ | 0.45 | $ | 0.94 | $ | 1.03 |
Diluted earnings per share, excluding merger costs (1) | $ | 0.53 | $ | 0.94 | $ | 1.03 |
Return on average total assets | 0.64 | % | 1.26 | % | 1.44 | % |
Return on average total assets, excluding merger costs (1) | 0.76 | % | 1.26 | % | 1.44 | % |
Return on average stockholders' equity | 5.15 | % | 11.19 | % | 13.37 | % |
Return on average stockholders' equity, excluding merger costs (1) | 6.11 | % | 11.19 | % | 13.37 | % |
Net interest margin | 3.99 | % | 4.08 | % | 4.39 | % |
Net interest margin (FTE basis) (1) | 4.06 | % | 4.15 | % | 4.46 | % |
Efficiency ratio | 66.05 | % | 58.58 | % | 60.47 | % |
Efficiency ratio, excluding merger related expenses (1) | 63.39 | % | 58.58 | % | 60.47 | % |
Noninterest income to total revenue (2) | 24.4 | % | 19.3 | % | 20.3 | % |
Total assets | $ | 7,781,601 | $ | 7,879,724 | $ | 7,610,456 |
Total loans held-for-sale | 56,813 | 54,212 | 66,255 | |||
Total loans held-for-investment | 6,284,868 | 6,267,096 | 6,060,975 | |||
Total deposits | 6,445,388 | 6,374,103 | 5,994,266 | |||
Total stockholders' equity | 964,662 | 877,197 | 799,050 | |||
Loan to deposit ratio | 97.5 | % | 98.3 | % | 101.1 | % |
Book value per common share | $ | 35.15 | $ | 35.14 | $ | 32.06 |
Tangible book value per common share (1) | $ | 31.37 | $ | 30.96 | $ | 27.72 |
(1) Represents a non-GAAP financial measure. See the tables beginning on page 12 for a reconciliation of each non-GAAP measure to the most comparable GAAP equivalent.
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(2) Total revenue is net interest income plus noninterest income.
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As of and for the quarter ended | ||||||
($ in thousands, except per share amounts) | March 31, 2024 | December 31, 2023 | March 31, 2023 | |||
Total interest income | $ | 110,040 | $ | 109,974 | $ | 94,903 |
Total interest expense | 39,234 | 37,905 | 20,786 | |||
Net interest income | 70,806 | 72,069 | 74,117 | |||
Provision for credit losses | 16,500 | 6,575 | 3,360 | |||
Net interest income after provision for credit losses | 54,306 | 65,494 | 70,757 | |||
Noninterest income: | ||||||
Service charges on deposits | 5,768 | 5,497 | 5,015 | |||
Credit and debit card fees | 2,803 | 2,966 | 2,981 | |||
Trust and investment advisory fees | 1,463 | 1,356 | 1,461 | |||
Mortgage banking income, net | 9,502 | 4,883 | 7,429 | |||
Other noninterest income | 3,272 | 2,519 | 2,045 | |||
Total noninterest income | 22,808 | 17,221 | 18,931 | |||
Noninterest expense: | ||||||
Salaries and benefits | 37,353 | 30,158 | 35,049 | |||
Occupancy and equipment | 8,595 | 8,449 | 8,355 | |||
Amortization of intangible assets | 815 | 829 | 1,044 | |||
Merger related expenses | 2,489 | - | - | |||
Other noninterest expenses | 12,576 | 12,872 | 11,818 | |||
Total noninterest expense | 61,828 | 52,308 | 56,266 | |||
Income before income taxes | 15,286 | 30,407 | 33,422 | |||
Provision for income taxes | 2,990 | 6,393 | 7,141 | |||
Net income | $ | 12,296 | $ | 24,014 | $ | 26,281 |
Earnings per share - basic | $ | 0.46 | $ | 0.96 | $ | 1.05 |
Earnings per share - diluted | $ | 0.45 | $ | 0.94 | $ | 1.03 |
($ in thousands) | March 31, 2024 | December 31, 2023 | March 31, 2023 | |||
Assets | ||||||
Cash and cash equivalents | $ | 383,605 | $ | 479,362 | $ | 388,349 |
Securities available-for-sale, at fair value | 499,078 | 516,757 | 532,650 | |||
Securities held-to-maturity | 36,640 | 36,983 | 38,470 | |||
Loans held-for-sale, at fair value | 56,813 | 54,212 | 66,255 | |||
Loans | 6,284,868 | 6,267,096 | 6,060,975 | |||
Allowance for credit losses | (79,829) | (80,398) | (74,459) | |||
Loans, net | 6,205,039 | 6,186,698 | 5,986,516 | |||
Mortgage servicing rights, at fair value | 78,416 | 76,701 | 73,424 | |||
Premises and equipment, net | 84,063 | 84,842 | 86,430 | |||
Other real estate owned and foreclosed assets, net | 4,414 | 4,100 | 6,358 | |||
Goodwill | 93,483 | 93,483 | 93,483 | |||
Intangible assets, net | 10,168 | 10,984 | 14,762 | |||
All other assets | 329,882 | 335,602 | 323,759 | |||
Total assets | $ | 7,781,601 | $ | 7,879,724 | $ | 7,610,456 |
Liabilities and Stockholders' Equity | ||||||
Liabilities: | ||||||
Deposits: | ||||||
Noninterest-bearing demand deposit accounts | $ | 1,517,315 | $ | 1,530,506 | $ | 1,764,440 |
Interest-bearing deposit accounts: | ||||||
Interest-bearing demand accounts | 542,184 | 534,540 | 238,658 | |||
Savings and money market accounts | 2,473,255 | 2,446,632 | 2,705,315 | |||
NOW accounts | 39,181 | 56,819 | 45,192 | |||
Certificate of deposit accounts | 1,873,453 | 1,805,606 | 1,240,661 | |||
Total deposits | 6,445,388 | 6,374,103 | 5,994,266 | |||
Securities sold under agreements to repurchase | 20,423 | 24,693 | 31,645 | |||
Federal Home Loan Bank advances | 144,810 | 389,468 | 577,285 | |||
Other borrowings | 75,445 | 75,313 | 80,373 | |||
Other liabilities | 130,873 | 138,950 | 127,837 | |||
Total liabilities | 6,816,939 | 7,002,527 | 6,811,406 | |||
Stockholders' equity: | ||||||
Preferred stock | - | - | - | |||
Common stock | 3 | 2 | 2 | |||
Additional paid-in capital | 542,582 | 462,680 | 461,174 | |||
Retained earnings | 469,818 | 457,522 | 380,270 | |||
Accumulated other comprehensive loss, net | (47,741) | (43,007) | (42,396) | |||
Total stockholders' equity | 964,662 | 877,197 | 799,050 | |||
Total liabilities and stockholders' equity | $ | 7,781,601 | $ | 7,879,724 | $ | 7,610,456 |
As of and for the quarter ended | ||||||
March 31, 2024 | December 31, 2023 | March 31, 2023 | ||||
Weighted average common shares outstanding, basic | 27,019,625 | 24,953,764 | 24,923,259 | |||
Weighted average common shares outstanding, diluted | 27,628,941 | 25,472,017 | 25,487,582 | |||
Period end common shares outstanding | 27,442,943 | 24,960,639 | 24,924,023 | |||
Book value per common share | $ | 35.15 | $ | 35.14 | $ | 32.06 |
Tangible book value per common share (1) | $ | 31.37 | $ | 30.96 | $ | 27.72 |
(1) Represents a non-GAAP financial measure. See the tables beginning on page 12 for a reconciliation of each non-GAAP measure to the most comparable GAAP equivalent.
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March 31, 2024 | December 31, 2023 | March 31, 2023 | ||||
Stockholders' equity to total assets | 12.40 | % | 11.13 | % | 10.50 | % |
Tangible common stockholders' equity to tangible assets (1) | 11.21 | % | 9.94 | % | 9.21 | % |
Tangible common stockholders' equity to tangible assets reflecting net unrealized losses on HTM securities, net of tax (1) (2) | 11.17 | % | 9.90 | % | 9.16 | % |
Tier 1 leverage ratio | 11.73 | % | 10.52 | % | 9.86 | % |
Common equity tier 1 risk-based capital ratio | 12.54 | % | 11.10 | % | 10.11 | % |
Tier 1 risk-based capital ratio | 12.54 | % | 11.10 | % | 10.11 | % |
Total risk-based capital ratio | 14.73 | % | 13.25 | % | 12.19 | % |
(1) Represents a non-GAAP financial measure. See the tables beginning on page 12 for a reconciliation of each non-GAAP measure to the most comparable GAAP equivalent.
(2) Tangible common stockholders' equity and tangible assets have been adjusted to reflect net unrealized losses on held-to-maturity securities, net of tax.
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For the quarter ended
March 31, 2024
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For the quarter ended
December 31, 2023
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For the quarter ended
March 31, 2023
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(In thousands) | Average Balance | Interest | Average Yield/Rate | Average Balance | Interest | Average Yield/Rate | Average Balance | Interest | Average Yield/Rate | |||||||||
Interest Earning Assets | ||||||||||||||||||
Loans (1) | 6,313,855 | 102,268 | 6.48 | % | 6,280,362 | 102,151 | 6.51 | % | 6,028,989 | 88,601 | 5.88 | % | ||||||
Investment securities | 546,960 | 4,487 | 3.28 | % | 538,348 | 4,415 | 3.28 | % | 570,682 | 4,164 | 2.92 | % | ||||||
Interest-bearing cash and other assets | 239,508 | 3,285 | 5.49 | % | 247,978 | 3,408 | 5.50 | % | 156,262 | 2,138 | 5.47 | % | ||||||
Total earning assets | 7,100,323 | 110,040 | 6.20 | % | 7,066,688 | 109,974 | 6.22 | % | 6,755,933 | 94,903 | 5.62 | % | ||||||
Other assets | 548,642 | 563,368 | 553,961 | |||||||||||||||
Total assets | $ | 7,648,965 | $ | 7,630,056 | $ | 7,309,894 | ||||||||||||
Interest-bearing liabilities | ||||||||||||||||||
Demand and NOW deposits | $ | 549,491 | $ | 4,861 | 3.54 | % | $ | 510,982 | $ | 4,403 | 3.45 | % | $ | 227,170 | $ | 1,234 | 2.17 | % |
Savings deposits | 421,882 | 725 | 0.69 | % | 457,679 | 1,060 | 0.93 | % | 470,000 | 445 | 0.38 | % | ||||||
Money market deposits | 2,063,321 | 9,946 | 1.93 | % | 2,063,383 | 9,362 | 1.82 | % | 2,296,469 | 5,068 | 0.88 | % | ||||||
Certificates of deposits | 1,814,629 | 20,858 | 4.60 | % | 1,825,325 | 20,726 | 4.54 | % | 1,073,006 | 7,432 | 2.77 | % | ||||||
Total deposits | 4,849,323 | 36,390 | 3.00 | % | 4,857,369 | 35,551 | 2.93 | % | 4,066,645 | 14,179 | 1.39 | % | ||||||
Repurchase agreements | 21,254 | 57 | 1.06 | % | 23,457 | 62 | 1.06 | % | 29,672 | 30 | 0.41 | % | ||||||
Total deposits and repurchase agreements | 4,870,577 | 36,447 | 2.99 | % | 4,880,826 | 35,613 | 2.92 | % | 4,096,317 | 14,209 | 1.39 | % | ||||||
FHLB borrowings | 110,777 | 1,541 | 5.56 | % | 74,146 | 1,045 | 5.64 | % | 454,081 | 5,317 | 4.68 | % | ||||||
Other long-term borrowings | 75,389 | 1,246 | 6.62 | % | 75,249 | 1,247 | 6.62 | % | 80,300 | 1,260 | 6.28 | % | ||||||
Total interest-bearing liabilities | 5,056,743 | 39,234 | 3.10 | % | 5,030,221 | 37,905 | 3.01 | % | 4,630,698 | 20,786 | 1.80 | % | ||||||
Noninterest-bearing deposits | 1,502,707 | 1,597,672 | 1,768,381 | |||||||||||||||
Other liabilities | 134,370 | 143,416 | 124,543 | |||||||||||||||
Stockholders' equity | 955,145 | 858,747 | 786,272 | |||||||||||||||
Total liabilities and stockholders' equity | $ | 7,648,965 | $ | 7,630,056 | $ | 7,309,894 | ||||||||||||
Net interest income | $ | 70,806 | $ | 72,069 | $ | 74,117 | ||||||||||||
Net interest spread | 3.10 | % | 3.21 | % | 3.82 | % | ||||||||||||
Net interest margin | 3.99 | % | 4.08 | % | 4.39 | % | ||||||||||||
Net interest margin (on FTE basis) (2) | 4.06 | % | 4.15 | % | 4.46 | % | ||||||||||||
(1) Includes loans held-for-investment, including nonaccrual loans, and loans held-for-sale. | ||||||||||||||||||
(2) Represents a non-GAAP financial measure. See the tables beginning on page 12 for a reconciliation of each non-GAAP measure to the most comparable GAAP equivalent.
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($ in thousands) | March 31, 2024 | December 31, 2023 |
March 31, 2024
vs
December 31, 2023
% change
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March 31, 2023 |
March 31, 2024
vs
March 31, 2023
% change
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Consumer | ||||||||||
Noninterest bearing deposit accounts | $ | 356,732 | $ | 360,168 | (0.95) | % | $ | 399,008 | (10.60) | % |
Interest-bearing deposit accounts: | ||||||||||
Demand and NOW deposits | 38,625 | 36,162 | 6.81 | % | 25,284 | 52.76 | % | |||
Savings deposits | 340,086 | 343,291 | (0.93) | % | 407,173 | (16.48) | % | |||
Money market deposits | 1,229,239 | 1,196,645 | 2.72 | % | 1,296,099 | (5.16) | % | |||
Certificates of deposits | 1,437,590 | 1,437,537 | - | % | 759,726 | 89.22 | % | |||
Total interest-bearing deposit accounts | 3,045,540 | 3,013,635 | 1.06 | % | 2,488,282 | 22.40 | % | |||
Total consumer deposits | $ | 3,402,272 | $ | 3,373,803 | 0.84 | % | $ | 2,887,290 | 17.84 | % |
Business | ||||||||||
Noninterest bearing deposit accounts | $ | 1,160,583 | $ | 1,170,338 | (0.83) | % | $ | 1,365,432 | (15.00) | % |
Interest-bearing deposit accounts: | ||||||||||
Demand and NOW deposits | 502,726 | 555,197 | (9.45) | % | 258,566 | 94.43 | % | |||
Savings deposits | 80,226 | 80,802 | (0.71) | % | 34,229 | 134.38 | % | |||
Money market deposits | 823,704 | 825,811 | (0.26) | % | 942,735 | (12.63) | % | |||
Certificates of deposits | 97,854 | 87,407 | 11.95 | % | 62,248 | 57.20 | % | |||
Total interest-bearing deposit accounts | 1,504,510 | 1,549,217 | (2.89) | % | 1,297,778 | 15.93 | % | |||
Total business deposits | $ | 2,665,093 | $ | 2,719,555 | (2.00) | % | $ | 2,663,210 | 0.07 | % |
Wholesale deposits (1) | $ | 378,023 | $ | 280,745 | 34.65 | % | $ | 443,766 | (14.81) | % |
Total deposits | $ | 6,445,388 | $ | 6,374,103 | 1.12 | % | $ | 5,994,266 | 7.53 | % |
(1) Wholesale deposits primarily consist of brokered deposits included in our condensed consolidated balance sheets within certificates of deposits. |
March 31, 2024 | December 31, 2023 | March 31, 2023 | ||||
Cash to total assets (1) | 4.80 | % | 6.00 | % | 4.60 | % |
Loan to deposit ratio | 97.5 | % | 98.3 | % | 101.1 | % |
Uninsured deposits to total deposits (2) | 32.0 | % | 31.2 | % | 35.8 | % |
Uninsured and uncollateralized deposits to total deposits (2) | 25.2 | % | 25.1 | % | 26.4 | % |
Wholesale deposits and borrowings to total liabilities (3) | 7.7 | % | 9.6 | % | 15.0 | % |
(1) Cash consists of cash and amounts due from banks and interest-bearing deposits with other financial institutions.
(2) Uninsured deposits and uninsured and uncollateralized deposits are reported for our wholly-owned subsidiary Sunflower Bank, N.A. and are estimated.
(3) Wholesale deposits primarily consist of brokered deposits included in our condensed consolidated balance sheets within certificates of deposits. Wholesale borrowings consist of FHLB overnight and term advances.
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($ in thousands) | March 31, 2024 | December 31, 2023 |
March 31, 2024
vs
December 31, 2023
% change
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March 31, 2023 |
March 31, 2024
vs
March 31, 2023
% change
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Commercial and industrial | $ | 2,480,078 | $ | 2,467,688 | 0.5 | % | $ | 2,418,771 | 2.5 | % |
Commercial real estate: | ||||||||||
Non-owner occupied | 836,515 | 812,235 | 3.0 | % | 709,977 | 17.8 | % | |||
Owner occupied | 642,930 | 635,365 | 1.2 | % | 659,999 | (2.6) | % | |||
Construction and land | 326,447 | 345,430 | (5.5) | % | 320,193 | 2.0 | % | |||
Multifamily | 94,898 | 103,066 | (7.9) | % | 103,767 | (8.5) | % | |||
Total commercial real estate | 1,900,790 | 1,896,096 | 0.2 | % | 1,793,936 | 6.0 | % | |||
Residential real estate | 1,109,676 | 1,110,610 | (0.1) | % | 1,046,047 | 6.1 | % | |||
Public Finance | 579,991 | 602,913 | (3.8) | % | 597,850 | (3.0) | % | |||
Consumer | 40,317 | 36,371 | 10.8 | % | 40,806 | (1.2) | % | |||
Other | 174,016 | 153,418 | 13.4 | % | 163,565 | 6.4 | % | |||
Total loans, net of deferred costs, fees, premiums, and discounts | $ | 6,284,868 | $ | 6,267,096 | 0.3 | % | $ | 6,060,975 | 3.7 | % |
As of and for the quarter ended | ||||||
($ in thousands) | March 31, 2024 | December 31, 2023 | March 31, 2023 | |||
Net charge-offs (recoveries) | $ | 17,429 | $ | 4,743 | $ | 54 |
Allowance for credit losses | $ | 79,829 | $ | 80,398 | $ | 74,459 |
Nonperforming loans, including nonaccrual loans, and accrual loans greater than 90 days past due | $ | 57,599 | $ | 63,143 | $ | 32,833 |
Nonperforming assets | $ | 62,013 | $ | 67,243 | $ | 39,191 |
Ratio of net charge-offs (recoveries) to average loans outstanding | 1.11 | % | 0.30 | % | - | % |
Allowance for credit losses to total loans outstanding | 1.27 | % | 1.28 | % | 1.23 | % |
Allowance for credit losses to total nonperforming loans | 138.59 | % | 127.33 | % | 226.78 | % |
Nonperforming loans to total loans | 0.92 | % | 1.01 | % | 0.54 | % |
Nonperforming assets to total assets | 0.80 | % | 0.85 | % | 0.51 | % |
As of and for the quarter ended | ||||||
($ in thousands, except share and per share amounts) |
March 31, 2024 |
December 31, 2023 |
March 31, 2023 |
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Tangible common stockholders' equity: | ||||||
Total common stockholders' equity (GAAP) | $ | 964,662 | $ | 877,197 | $ | 799,050 |
Less: Goodwill and other intangible assets: | ||||||
Goodwill | (93,483) | (93,483) | (93,483) | |||
Other intangible assets | (10,168) | (10,984) | (14,762) | |||
Total tangible common stockholders' equity (non-GAAP) (1) | $ | 861,011 | $ | 772,730 | $ | 690,805 |
Tangible assets: | ||||||
Total assets (GAAP) | $ | 7,781,601 | $ | 7,879,724 | $ | 7,610,456 |
Less: Goodwill and other intangible assets: | ||||||
Goodwill | (93,483) | (93,483) | (93,483) | |||
Other intangible assets | (10,168) | (10,984) | (14,762) | |||
Total tangible assets (non-GAAP) | $ | 7,677,950 | $ | 7,775,257 | $ | 7,502,211 |
Tangible common stockholders' equity to tangible assets: | ||||||
Common stockholders' equity to total assets (GAAP) | 12.40 | % | 11.13 | % | 10.50 | % |
Less: Impact of goodwill and other intangible assets | (1.19) | % | (1.19) | % | (1.29) | % |
Tangible common stockholders' equity to tangible assets (non-GAAP) (1) | 11.21 | % | 9.94 | % | 9.21 | % |
Tangible common stockholders' equity to tangible assets, reflecting net unrealized losses on HTM securities, net of tax: | ||||||
Total tangible common stockholders' equity (non-GAAP) | $ | 861,011 | $ | 772,730 | $ | 690,805 |
Less: Net unrealized losses on HTM securities, net of tax | (4,236) | (3,629) | (3,754) | |||
Total tangible common stockholders' equity less net unrealized losses on HTM securities, net of tax (non-GAAP) | $ | 856,775 | $ | 769,101 | $ | 687,051 |
Total tangible assets (non-GAAP) | $ | 7,677,950 | $ | 7,775,257 | $ | 7,502,211 |
Less: Net unrealized losses on HTM securities, net of tax | (4,236) | (3,629) | (3,754) | |||
Total tangible assets less net unrealized losses on HTM securities, net of tax (non-GAAP) | $ | 7,673,714 | $ | 7,771,628 | $ | 7,498,457 |
Tangible common stockholders' equity to tangible assets (non-GAAP) | 11.21 | % | 9.94 | % | 9.21 | % |
Less: Net unrealized losses on HTM securities, net of tax | (0.04) | % | (0.04) | % | (0.05) | % |
Tangible common stockholders' equity to tangible assets reflecting net unrealized losses on HTM securities, net of tax (non-GAAP) | 11.17 | % | 9.90 | % | 9.16 | % |
Tangible book value per common share: | ||||||
Stockholders' equity (GAAP) | $ | 964,662 | $ | 877,197 | $ | 799,050 |
Tangible stockholders' equity (non-GAAP) (1) | $ | 861,011 | $ | 772,730 | $ | 690,805 |
Total common shares outstanding | 27,442,943 | 24,960,639 | 24,924,023 | |||
Book value per common share (GAAP) | $ | 35.15 | $ | 35.14 | $ | 32.06 |
Tangible book value per common share (non-GAAP) | $ | 31.37 | $ | 30.96 | $ | 27.72 |
Net income excluding merger costs: | ||||||
Net income (GAAP) | $ | 12,296 | $ | 24,014 | $ | 26,281 |
Add: Merger costs | ||||||
Merger related expenses | 2,489 | - | - | |||
Income tax effect on merger related expenses | (193) | - | - | |||
Total merger costs | 2,296 | - | - | |||
Net income excluding merger costs (non-GAAP) | $ | 14,592 | $ | 24,014 | $ | 26,281 |
(1) For all periods presented tangible stockholders' equity is the same as tangible common stockholders' equity. | ||||||
As of and for the quarter ended | ||||||
($ in thousands, except share and per share amounts) |
March 31, 2024 |
December 31, 2023 |
March 31, 2023 |
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Return on average total assets excluding merger costs: | ||||||
Return on average total assets (ROAA) (GAAP) | 0.64 | % | 1.26 | % | 1.44 | % |
Add: Impact of merger costs, net of tax | 0.12 | % | - | % | - | % |
ROAA excluding merger costs (non-GAAP) | 0.76 | % | 1.26 | % | 1.44 | % |
Return on average stockholders' equity excluding merger costs: | ||||||
Return on average stockholders' equity (ROAE) (GAAP) | 5.15 | % | 11.19 | % | 13.37 | % |
Add: Impact of merger costs, net of tax | 0.96 | % | - | % | - | % |
ROAE excluding merger costs (non-GAAP) | 6.11 | % | 11.19 | % | 13.37 | % |
Efficiency ratio excluding merger related expenses: | ||||||
Efficiency ratio (GAAP) | 66.05 | % | 58.58 | % | 60.47 | % |
Less: Impact of merger related expenses | (2.66) | % | - | % | - | % |
Efficiency ratio excluding merger related expenses (non-GAAP) | 63.39 | % | 58.58 | % | 60.47 | % |
Diluted earnings per share excluding merger costs: | ||||||
Diluted earnings per share (GAAP) | $ | 0.45 | $ | 0.94 | $ | 1.03 |
Add: Impact of merger costs, net of tax | 0.08 | - | - | |||
Diluted earnings per share excluding merger costs (non-GAAP) | $ | 0.53 | $ | 0.94 | $ | 1.03 |
Fully tax equivalent ("FTE") net interest income and net interest margin on FTE basis: | ||||||
Net interest income (GAAP) | $ | 70,806 | $ | 72,069 | $ | 74,117 |
Gross income effect of tax exempt income | 1,318 | 1,270 | 1,242 | |||
FTE net interest income (non-GAAP) | $ | 72,124 | $ | 73,339 | $ | 75,359 |
Average earning assets | $ | 7,100,323 | $ | 7,066,688 | $ | 6,755,933 |
Net interest margin | 3.99 | % | 4.08 | % | 4.39 | % |
Net interest margin on FTE basis (non-GAAP) | 4.06 | % | 4.15 | % | 4.46 | % |
(1) For all periods presented tangible stockholders' equity is the same as tangible common stockholders' equity. |