04/18/2024 | Press release | Distributed by Public on 04/18/2024 14:52
At or for the Three Months ended | ||||||
(Dollars in thousands, except per share and market data)
|
Mar 31, 2024 |
Dec 31, 2023 |
Mar 31, 2023 |
|||
Operating results | ||||||
Net income | $ | 32,627 | 54,316 | 61,211 | ||
Basic earnings per share | $ | 0.29 | 0.49 | 0.55 | ||
Diluted earnings per share | $ | 0.29 | 0.49 | 0.55 | ||
Dividends declared per share | $ | 0.33 | 0.33 | 0.33 | ||
Market value per share | ||||||
Closing | $ | 40.28 | 41.32 | 42.01 | ||
High | $ | 42.75 | 44.06 | 50.03 | ||
Low | $ | 34.74 | 27.36 | 37.07 | ||
Selected ratios and other data | ||||||
Number of common stock shares outstanding
|
113,388,590 | 110,888,942 | 110,868,713 | |||
Average outstanding shares - basic | 112,492,142 | 110,884,496 | 110,824,648 | |||
Average outstanding shares - diluted | 112,554,402 | 110,907,640 | 110,881,708 | |||
Return on average assets (annualized) | 0.47 | % | 0.77 | % | 0.93 | % |
Return on average equity (annualized) | 4.25 | % | 7.40 | % | 8.54 | % |
Efficiency ratio | 74.41 | % | 65.20 | % | 60.39 | % |
Loan to deposit ratio | 82.04 | % | 81.36 | % | 77.09 | % |
Number of full time equivalent employees
|
3,438 | 3,294 | 3,390 | |||
Number of locations | 232 | 221 | 222 | |||
Number of ATMs | 285 | 275 | 263 |
Wheatland | ||
(Dollars in thousands) |
January 31, 2024 |
|
Total assets | $ | 777,659 |
Debt securities | 187,183 | |
Loans receivable | 450,403 | |
Non-interest bearing deposits | 277,651 | |
Interest bearing deposits | 339,304 | |
Borrowings | 58,500 |
$ Change from | ||||||
(Dollars in thousands) |
Mar 31, 2024 |
Dec 31, 2023 |
Mar 31, 2023 |
Dec 31, 2023 |
Mar 31, 2023 |
|
Cash and cash equivalents | $ | 788,660 | 1,354,342 | 1,529,534 | (565,682) | (740,874) |
Debt securities, available-for-sale | 4,629,073 | 4,785,719 | 5,198,313 | (156,646) | (569,240) | |
Debt securities, held-to-maturity | 3,451,583 | 3,502,411 | 3,664,393 | (50,828) | (212,810) | |
Total debt securities | 8,080,656 | 8,288,130 | 8,862,706 | (207,474) | (782,050) | |
Loans receivable | ||||||
Residential real estate | 1,752,514 | 1,704,544 | 1,508,403 | 47,970 | 244,111 | |
Commercial real estate | 10,672,269 | 10,303,306 | 9,992,019 | 368,963 | 680,250 | |
Other commercial | 3,030,608 | 2,901,863 | 2,804,104 | 128,745 | 226,504 | |
Home equity | 883,062 | 888,013 | 829,844 | (4,951) | 53,218 | |
Other consumer | 394,049 | 400,356 | 384,242 | (6,307) | 9,807 | |
Loans receivable | 16,732,502 | 16,198,082 | 15,518,612 | 534,420 | 1,213,890 | |
Allowance for credit losses
|
(198,779) | (192,757) | (186,604) | (6,022) | (12,175) | |
Loans receivable, net | 16,533,723 | 16,005,325 | 15,332,008 | 528,398 | 1,201,715 | |
Other assets | 2,419,131 | 2,094,832 | 2,078,186 | 324,299 | 340,945 | |
Total assets | $ | 27,822,170 | 27,742,629 | 27,802,434 | 79,541 | 19,736 |
At or for the Three Months ended | At or for the Year ended | At or for the Three Months ended | ||||
(Dollars in thousands) |
Mar 31, 2024 |
Dec 31, 2023 |
Mar 31, 2023 |
|||
Allowance for credit losses | ||||||
Balance at beginning of period | $ | 192,757 | 182,283 | 182,283 | ||
Acquisitions | 3 | - | - | |||
Provision for credit losses | 9,091 | 20,790 | 6,260 | |||
Charge-offs | (4,295) | (15,095) | (3,293) | |||
Recoveries | 1,223 | 4,779 | 1,354 | |||
Balance at end of period | $ | 198,779 | 192,757 | 186,604 | ||
Provision for credit losses | ||||||
Loan portfolio | $ | 9,091 | 20,790 | 6,260 | ||
Unfunded loan commitments | (842) | (5,995) | (790) | |||
Total provision for credit losses | $ | 8,249 | 14,795 | 5,470 | ||
Other real estate owned | $ | 432 | 1,032 | - | ||
Other foreclosed assets | 459 | 471 | 31 | |||
Accruing loans 90 days or more past due | 3,796 | 3,312 | 3,545 | |||
Non-accrual loans | 20,738 | 20,816 | 28,403 | |||
Total non-performing assets | $ | 25,425 | 25,631 | 31,979 | ||
Non-performing assets as a percentage of subsidiary assets
|
0.09 | % | 0.09 | % | 0.12 | % |
Allowance for credit losses as a percentage of non-performing loans
|
810 | % | 799 | % | 584 | % |
Allowance for credit losses as a percentage of total loans
|
1.19 | % | 1.19 | % | 1.20 | % |
Net charge-offs as a percentage of total loans | 0.02 | % | 0.06 | % | 0.01 | % |
Accruing loans 30-89 days past due | $ | 62,423 | 49,967 | 24,993 | ||
U.S. government guarantees included in non-performing assets | $ | 1,490 | 1,503 | 2,071 |
(Dollars in thousands) | Provision for Credit Losses Loans |
Net Charge-Offs (Recoveries) |
ACL as a Percent of Loans |
Accruing Loans 30-89 Days Past Due as a Percent of Loans |
Non-Performing Assets to Total Subsidiary Assets |
|||||
First quarter 2024 | $ | 9,091 | $ | 3,072 | 1.19 | % | 0.37 | % | 0.09 | % |
Fourth quarter 2023 | 4,181 | 3,695 | 1.19 | % | 0.31 | % | 0.09 | % | ||
Third quarter 2023 | 5,095 | 2,209 | 1.19 | % | 0.09 | % | 0.15 | % | ||
Second quarter 2023 | 5,254 | 2,473 | 1.19 | % | 0.16 | % | 0.12 | % | ||
First quarter 2023 | 6,260 | 1,939 | 1.20 | % | 0.16 | % | 0.12 | % | ||
Fourth quarter 2022 | 6,060 | 1,968 | 1.20 | % | 0.14 | % | 0.12 | % | ||
Third quarter 2022 | 8,382 | 3,154 | 1.20 | % | 0.07 | % | 0.13 | % | ||
Second quarter 2022 | (1,353) | 1,843 | 1.20 | % | 0.12 | % | 0.16 | % |
$ Change from | ||||||
(Dollars in thousands) |
Mar 31, 2024 |
Dec 31, 2023 |
Mar 31, 2023 |
Dec 31, 2023 |
Mar 31, 2023 |
|
Deposits | ||||||
Non-interest bearing deposits | $ | 6,055,069 | 6,022,980 | 7,001,241 | 32,089 | (946,172) |
NOW and DDA accounts | 5,376,605 | 5,321,257 | 5,156,709 | 55,348 | 219,896 | |
Savings accounts | 2,949,908 | 2,833,887 | 2,985,351 | 116,021 | (35,443) | |
Money market deposit accounts
|
3,002,942 | 2,831,624 | 3,429,123 | 171,318 | (426,181) | |
Certificate accounts | 3,039,190 | 2,915,393 | 1,155,494 | 123,797 | 1,883,696 | |
Core deposits, total | 20,423,714 | 19,925,141 | 19,727,918 | 498,573 | 695,796 | |
Wholesale deposits | 3,809 | 4,026 | 420,390 | (217) | (416,581) | |
Deposits, total | 20,427,523 | 19,929,167 | 20,148,308 | 498,356 | 279,215 | |
Repurchase agreements | 1,540,008 | 1,486,850 | 1,191,323 | 53,158 | 348,685 | |
Deposits and repurchase agreements, total | 21,967,531 | 21,416,017 | 21,339,631 | 551,514 | 627,900 | |
Federal Home Loan Bank advances
|
2,140,157 | - | 335,000 | 2,140,157 | 1,805,157 | |
FRB Bank Term Funding | - | 2,740,000 | 2,740,000 | (2,740,000) | (2,740,000) | |
Other borrowed funds | 88,814 | 81,695 | 76,185 | 7,119 | 12,629 | |
Subordinated debentures | 132,984 | 132,943 | 132,822 | 41 | 162 | |
Other liabilities | 381,977 | 351,693 | 251,892 | 30,284 | 130,085 | |
Total liabilities | $ | 24,711,463 | 24,722,348 | 24,875,530 | (10,885) | (164,067) |
$ Change from | ||||||
(Dollars in thousands, except per share data)
|
Mar 31, 2024 |
Dec 31, 2023 |
Mar 31, 2023 |
Dec 31, 2023 |
Mar 31, 2023 |
|
Common equity | $ | 3,483,012 | 3,394,394 | 3,337,132 | 88,618 | 145,880 |
Accumulated other comprehensive loss
|
(372,305) | (374,113) | (410,228) | 1,808 | 37,923 | |
Total stockholders' equity
|
3,110,707 | 3,020,281 | 2,926,904 | 90,426 | 183,803 | |
Goodwill and core deposit intangible, net
|
(1,069,808) | (1,017,263) | (1,024,545) | (52,545) | (45,263) | |
Tangible stockholders' equity
|
$ | 2,040,899 | 2,003,018 | 1,902,359 | 37,881 | 138,540 |
Stockholders' equity to total assets
|
11.18 | % | 10.89 | % | 10.53 | % |
Tangible stockholders' equity to total tangible assets
|
7.63 | % | 7.49 | % | 7.10 | % |
Book value per common share
|
$ | 27.43 | 27.24 | 26.40 | 0.19 | 1.03 |
Tangible book value per common share
|
$ | 18.00 | 18.06 | 17.16 | (0.06) | 0.84 |
Three Months ended | $ Change from | |||||
(Dollars in thousands) |
Mar 31, 2024 |
Dec 31, 2023 |
Mar 31, 2023 |
Dec 31, 2023 |
Mar 31, 2023 |
|
Net interest income | ||||||
Interest income | $ | 279,402 | 273,496 | 231,888 | 5,906 | 47,514 |
Interest expense | 112,922 | 107,040 | 45,696 | 5,882 | 67,226 | |
Total net interest income | 166,480 | 166,456 | 186,192 | 24 | (19,712) | |
Non-interest income | ||||||
Service charges and other fees
|
18,563 | 19,115 | 17,771 | (552) | 792 | |
Miscellaneous loan fees and charges | 4,362 | 4,484 | 3,967 | (122) | 395 | |
Gain on sale of loans | 3,362 | 2,228 | 2,400 | 1,134 | 962 | |
Gain (loss) on sale of securities | 16 | 1,712 | (114) | (1,696) | 130 | |
Other income | 3,686 | 3,326 | 3,871 | 360 | (185) | |
Total non-interest income | 29,989 | 30,865 | 27,895 | (876) | 2,094 | |
Total income | $ | 196,469 | 197,321 | 214,087 | (852) | (17,618) |
Net interest margin (tax-equivalent)
|
2.59 | % | 2.56 | % | 3.08 | % |
Three Months ended | $ Change from | |||||
(Dollars in thousands) |
Mar 31, 2024 |
Dec 31, 2023 |
Mar 31, 2023 |
Dec 31, 2023 |
Mar 31, 2023 |
|
Compensation and employee benefits | $ | 85,789 | 71,420 | 81,477 | 14,369 | 4,312 |
Occupancy and equipment | 11,883 | 10,533 | 11,665 | 1,350 | 218 | |
Advertising and promotions | 3,983 | 3,410 | 4,235 | 573 | (252) | |
Data processing | 9,159 | 8,511 | 8,109 | 648 | 1,050 | |
Other real estate owned and foreclosed assets | 25 | 78 | 12 | (53) | 13 | |
Regulatory assessments and insurance | 7,761 | 12,435 | 4,903 | (4,674) | 2,858 | |
Core deposit intangibles amortization | 2,760 | 2,427 | 2,449 | 333 | 311 | |
Other expenses | 30,483 | 23,382 | 22,132 | 7,101 | 8,351 | |
Total non-interest expense | $ | 151,843 | 132,196 | 134,982 | 19,647 | 16,861 |
(Dollars in thousands, except per share data) |
Mar 31, 2024 |
Dec 31, 2023 |
Mar 31, 2023 |
|
Assets | ||||
Cash on hand and in banks | $ | 232,064 | 246,525 | 290,960 |
Interest bearing cash deposits | 556,596 | 1,107,817 | 1,238,574 | |
Cash and cash equivalents | 788,660 | 1,354,342 | 1,529,534 | |
Debt securities, available-for-sale | 4,629,073 | 4,785,719 | 5,198,313 | |
Debt securities, held-to-maturity | 3,451,583 | 3,502,411 | 3,664,393 | |
Total debt securities | 8,080,656 | 8,288,130 | 8,862,706 | |
Loans held for sale, at fair value | 27,035 | 15,691 | 14,461 | |
Loans receivable | 16,732,502 | 16,198,082 | 15,518,612 | |
Allowance for credit losses | (198,779) | (192,757) | (186,604) | |
Loans receivable, net | 16,533,723 | 16,005,325 | 15,332,008 | |
Premises and equipment, net | 443,273 | 421,791 | 399,740 | |
Other real estate owned and foreclosed assets | 891 | 1,503 | 31 | |
Accrued interest receivable | 106,063 | 94,526 | 90,642 | |
Deferred tax asset | 161,327 | 159,070 | 172,453 | |
Core deposit intangible, net | 46,046 | 31,870 | 39,152 | |
Goodwill | 1,023,762 | 985,393 | 985,393 | |
Non-marketable equity securities | 111,129 | 12,755 | 23,414 | |
Bank-owned life insurance | 186,625 | 171,101 | 168,235 | |
Other assets | 312,980 | 201,132 | 184,665 | |
Total assets | $ | 27,822,170 | 27,742,629 | 27,802,434 |
Liabilities | ||||
Non-interest bearing deposits | $ | 6,055,069 | 6,022,980 | 7,001,241 |
Interest bearing deposits | 14,372,454 | 13,906,187 | 13,147,067 | |
Securities sold under agreements to repurchase | 1,540,008 | 1,486,850 | 1,191,323 | |
FHLB advances | 2,140,157 | - | 335,000 | |
FRB Bank Term Funding | - | 2,740,000 | 2,740,000 | |
Other borrowed funds | 88,814 | 81,695 | 76,185 | |
Subordinated debentures | 132,984 | 132,943 | 132,822 | |
Accrued interest payable | 32,584 | 125,907 | 8,968 | |
Other liabilities | 349,393 | 225,786 | 242,924 | |
Total liabilities | 24,711,463 | 24,722,348 | 24,875,530 | |
Commitments and Contingent Liabilities | ||||
Stockholders' Equity | ||||
Preferred shares, $0.01 par value per share, 1,000,000 shares authorized, none issued or outstanding
|
- | - | - | |
Common stock, $0.01 par value per share, 234,000,000 shares authorized
|
1,134 | 1,109 | 1,109 | |
Paid-in capital | 2,443,584 | 2,350,104 | 2,344,514 | |
Retained earnings - substantially restricted | 1,038,294 | 1,043,181 | 991,509 | |
Accumulated other comprehensive loss | (372,305) | (374,113) | (410,228) | |
Total stockholders' equity | 3,110,707 | 3,020,281 | 2,926,904 | |
Total liabilities and stockholders' equity | $ | 27,822,170 | 27,742,629 | 27,802,434 |
Three Months ended | ||||
(Dollars in thousands, except per share data) |
Mar 31, 2024 |
Dec 31, 2023 |
Mar 31, 2023 |
|
Interest Income | ||||
Investment securities | $ | 56,218 | 57,233 | 43,642 |
Residential real estate loans | 20,764 | 19,820 | 15,838 | |
Commercial loans | 181,472 | 175,957 | 155,682 | |
Consumer and other loans | 20,948 | 20,486 | 16,726 | |
Total interest income | 279,402 | 273,496 | 231,888 | |
Interest Expense | ||||
Deposits | 67,196 | 63,484 | 12,545 | |
Securities sold under agreements to
repurchase
|
12,598 | 12,229 | 4,606 | |
Federal Home Loan Bank advances | 4,249 | - | 23,605 | |
FRB Bank Term Funding | 27,097 | 30,228 | 3,032 | |
Other borrowed funds
|
344 | (372) | 496 | |
Subordinated debentures | 1,438 | 1,471 | 1,412 | |
Total interest expense | 112,922 | 107,040 | 45,696 | |
Net Interest Income | 166,480 | 166,456 | 186,192 | |
Provision for credit losses | 8,249 | 3,013 | 5,470 | |
Net interest income after provision for credit losses
|
158,231 | 163,443 | 180,722 | |
Non-Interest Income | ||||
Service charges and other fees | 18,563 | 19,115 | 17,771 | |
Miscellaneous loan fees and charges | 4,362 | 4,484 | 3,967 | |
Gain on sale of loans | 3,362 | 2,228 | 2,400 | |
Gain (loss) on sale of securities | 16 | 1,712 | (114) | |
Other income | 3,686 | 3,326 | 3,871 | |
Total non-interest income | 29,989 | 30,865 | 27,895 | |
Non-Interest Expense | ||||
Compensation and employee benefits | 85,789 | 71,420 | 81,477 | |
Occupancy and equipment | 11,883 | 10,533 | 11,665 | |
Advertising and promotions | 3,983 | 3,410 | 4,235 | |
Data processing | 9,159 | 8,511 | 8,109 | |
Other real estate owned and foreclosed assets | 25 | 78 | 12 | |
Regulatory assessments and insurance
|
7,761 | 12,435 | 4,903 | |
Core deposit intangibles amortization | 2,760 | 2,427 | 2,449 | |
Other expenses | 30,483 | 23,382 | 22,132 | |
Total non-interest expense | 151,843 | 132,196 | 134,982 | |
Income Before Income Taxes | 36,377 | 62,112 | 73,635 | |
Federal and state income tax expense | 3,750 | 7,796 | 12,424 | |
Net Income | $ | 32,627 | 54,316 | 61,211 |
Three Months ended | ||||||||||||
March 31, 2024 | December 31, 2023 | |||||||||||
(Dollars in thousands) |
Average Balance |
Interest & Dividends |
Average Yield/ Rate |
Average Balance |
Interest & Dividends |
Average Yield/ Rate |
||||||
Assets | ||||||||||||
Residential real estate loans | $ | 1,747,184 | $ | 20,764 | 4.75 | % | $ | 1,700,598 | $ | 19,820 | 4.66 | % |
Commercial loans 1
|
13,513,426 | 183,045 | 5.45 | % | 13,196,412 | 177,397 | 5.33 | % | ||||
Consumer and other loans | 1,283,388 | 20,948 | 6.56 | % | 1,279,626 | 20,486 | 6.35 | % | ||||
Total loans 2
|
16,543,998 | 224,757 | 5.46 | % | 16,176,636 | 217,703 | 5.34 | % | ||||
Tax-exempt debt securities 3
|
1,720,370 | 15,157 | 3.52 | % | 1,725,858 | 14,738 | 3.42 | % | ||||
Taxable debt securities 4, 5
|
8,176,974 | 43,477 | 2.13 | % | 8,466,825 | 44,665 | 2.11 | % | ||||
Total earning assets | 26,441,342 | 283,391 | 4.31 | % | 26,369,319 | 277,106 | 4.17 | % | ||||
Goodwill and intangibles | 1,051,954 | 1,018,423 | ||||||||||
Non-earning assets | 611,550 | 487,979 | ||||||||||
Total assets | $ | 28,104,846 | $ | 27,875,721 | ||||||||
Liabilities | ||||||||||||
Non-interest bearing deposits | $ | 5,966,546 | $ | - | - | % | $ | 6,262,801 | $ | - | - | % |
NOW and DDA accounts | 5,275,703 | 15,918 | 1.21 | % | 5,245,602 | 14,751 | 1.12 | % | ||||
Savings accounts | 2,900,649 | 5,655 | 0.78 | % | 2,843,788 | 4,848 | 0.68 | % | ||||
Money market deposit accounts | 2,948,294 | 14,393 | 1.96 | % | 2,911,054 | 13,600 | 1.85 | % | ||||
Certificate accounts | 3,000,713 | 31,175 | 4.18 | % | 2,872,192 | 29,563 | 4.08 | % | ||||
Total core deposits | 20,091,905 | 67,141 | 1.34 | % | 20,135,437 | 62,762 | 1.24 | % | ||||
Wholesale deposits 6
|
3,965 | 55 | 5.50 | % | 53,841 | 722 | 5.32 | % | ||||
Repurchase agreements | 1,513,397 | 12,598 | 3.35 | % | 1,488,419 | 12,229 | 3.26 | % | ||||
FHLB advances | 350,754 | 4,249 | 4.79 | % | - | - | - | % | ||||
FRB Bank Term Funding | 2,483,077 | 27,097 | 4.39 | % | 2,740,000 | 30,228 | 4.38 | % | ||||
Subordinated debentures and other borrowed funds | 218,271 | 1,782 | 3.28 | % | 211,570 | 1,099 | 2.06 | % | ||||
Total funding liabilities | 24,661,369 | 112,922 | 1.84 | % | 24,629,267 | 107,040 | 1.72 | % | ||||
Other liabilities | 356,554 | 332,740 | ||||||||||
Total liabilities | 25,017,923 | 24,962,007 | ||||||||||
Stockholders' Equity | ||||||||||||
Stockholders' equity | 3,086,923 | 2,913,714 | ||||||||||
Total liabilities and stockholders' equity | $ | 28,104,846 | $ | 27,875,721 | ||||||||
Net interest income (tax-equivalent) | $ | 170,469 | $ | 170,066 | ||||||||
Net interest spread (tax-equivalent) | 2.47 | % | 2.45 | % | ||||||||
Net interest margin (tax-equivalent) | 2.59 | % | 2.56 | % |
Three Months ended | ||||||||||||
March 31, 2024 | March 31, 2023 | |||||||||||
(Dollars in thousands) |
Average Balance |
Interest & Dividends |
Average Yield/ Rate |
Average Balance |
Interest & Dividends |
Average Yield/ Rate |
||||||
Assets | ||||||||||||
Residential real estate loans | $ | 1,747,184 | $ | 20,764 | 4.75 | % | $ | 1,493,938 | $ | 15,838 | 4.24 | % |
Commercial loans 1
|
13,513,426 | 183,045 | 5.45 | % | 12,655,551 | 157,456 | 5.05 | % | ||||
Consumer and other loans | 1,283,388 | 20,948 | 6.56 | % | 1,207,315 | 16,726 | 5.62 | % | ||||
Total loans 2
|
16,543,998 | 224,757 | 5.46 | % | 15,356,804 | 190,020 | 5.02 | % | ||||
Tax-exempt debt securities 3
|
1,720,370 | 15,157 | 3.52 | % | 1,761,533 | 16,030 | 3.64 | % | ||||
Taxable debt securities 4, 5
|
8,176,974 | 43,477 | 2.13 | % | 8,052,662 | 31,084 | 1.54 | % | ||||
Total earning assets | 26,441,342 | 283,391 | 4.31 | % | 25,170,999 | 237,134 | 3.82 | % | ||||
Goodwill and intangibles | 1,051,954 | 1,025,716 | ||||||||||
Non-earning assets | 611,550 | 478,962 | ||||||||||
Total assets | $ | 28,104,846 | $ | 26,675,677 | ||||||||
Liabilities | ||||||||||||
Non-interest bearing deposits | $ | 5,966,546 | $ | - | - | % | $ | 7,274,228 | $ | - | - | % |
NOW and DDA accounts | 5,275,703 | 15,918 | 1.21 | % | 5,080,175 | 2,271 | 0.18 | % | ||||
Savings accounts | 2,900,649 | 5,655 | 0.78 | % | 3,107,559 | 514 | 0.07 | % | ||||
Money market deposit accounts | 2,948,294 | 14,393 | 1.96 | % | 3,468,953 | 5,834 | 0.68 | % | ||||
Certificate accounts | 3,000,713 | 31,175 | 4.18 | % | 984,770 | 2,584 | 1.06 | % | ||||
Total core deposits | 20,091,905 | 67,141 | 1.34 | % | 19,915,685 | 11,203 | 0.23 | % | ||||
Wholesale deposits 6
|
3,965 | 55 | 5.50 | % | 120,468 | 1,342 | 4.52 | % | ||||
Repurchase agreements | 1,513,397 | 12,598 | 3.35 | % | 1,035,582 | 4,606 | 1.80 | % | ||||
FHLB advances | 350,754 | 4,249 | 4.79 | % | 1,990,833 | 23,605 | 4.74 | % | ||||
FRB Bank Term Funding | 2,483,077 | 27,097 | 4.39 | % | 280,944 | 3,032 | 4.32 | % | ||||
Subordinated debentures and other borrowed funds | 218,271 | 1,782 | 3.28 | % | 209,547 | 1,908 | 3.69 | % | ||||
Total funding liabilities | 24,661,369 | 112,922 | 1.84 | % | 23,553,059 | 45,696 | 0.79 | % | ||||
Other liabilities | 356,554 | 217,245 | ||||||||||
Total liabilities | 25,017,923 | 23,770,304 | ||||||||||
Stockholders' Equity | ||||||||||||
Stockholders' equity | 3,086,923 | 2,905,373 | ||||||||||
Total liabilities and stockholders' equity
|
$ | 28,104,846 | $ | 26,675,677 | ||||||||
Net interest income (tax-equivalent) | $ | 170,469 | $ | 191,438 | ||||||||
Net interest spread (tax-equivalent) | 2.47 | % | 3.03 | % | ||||||||
Net interest margin (tax-equivalent) | 2.59 | % | 3.08 | % |
Loans Receivable, by Loan Type | % Change from | |||||||||
(Dollars in thousands) |
Mar 31, 2024 |
Dec 31, 2023 |
Mar 31, 2023 |
Dec 31, 2023 |
Mar 31, 2023 |
|||||
Custom and owner occupied construction
|
$ | 273,835 | $ | 290,572 | $ | 295,604 | (6) | % | (7) | % |
Pre-sold and spec construction | 223,294 | 236,596 | 312,715 | (6) | % | (29) | % | |||
Total residential construction
|
497,129 | 527,168 | 608,319 | (6) | % | (18) | % | |||
Land development | 215,828 | 232,966 | 230,823 | (7) | % | (6) | % | |||
Consumer land or lots | 188,635 | 187,545 | 187,498 | 1 | % | 1 | % | |||
Unimproved land | 103,032 | 87,739 | 104,811 | 17 | % | (2) | % | |||
Developed lots for operative builders
|
47,591 | 56,142 | 69,896 | (15) | % | (32) | % | |||
Commercial lots | 92,748 | 87,185 | 91,780 | 6 | % | 1 | % | |||
Other construction | 915,782 | 900,547 | 965,244 | 2 | % | (5) | % | |||
Total land, lot, and other construction
|
1,563,616 | 1,552,124 | 1,650,052 | 1 | % | (5) | % | |||
Owner occupied | 3,057,348 | 3,035,768 | 2,885,798 | 1 | % | 6 | % | |||
Non-owner occupied | 3,920,696 | 3,742,916 | 3,631,158 | 5 | % | 8 | % | |||
Total commercial real estate
|
6,978,044 | 6,778,684 | 6,516,956 | 3 | % | 7 | % | |||
Commercial and industrial | 1,371,201 | 1,363,479 | 1,353,919 | 1 | % | 1 | % | |||
Agriculture | 929,420 | 772,458 | 715,863 | 20 | % | 30 | % | |||
1st lien | 2,276,638 | 2,127,989 | 1,864,294 | 7 | % | 22 | % | |||
Junior lien | 51,579 | 47,230 | 42,397 | 9 | % | 22 | % | |||
Total 1-4 family | 2,328,217 | 2,175,219 | 1,906,691 | 7 | % | 22 | % | |||
Multifamily residential | 881,117 | 796,538 | 649,148 | 11 | % | 36 | % | |||
Home equity lines of credit | 947,652 | 979,891 | 893,037 | (3) | % | 6 | % | |||
Other consumer | 223,566 | 229,154 | 224,125 | (2) | % | - | % | |||
Total consumer | 1,171,218 | 1,209,045 | 1,117,162 | (3) | % | 5 | % | |||
States and political subdivisions | 848,454 | 834,947 | 806,878 | 2 | % | 5 | % | |||
Other | 191,121 | 204,111 | 208,085 | (6) | % | (8) | % | |||
Total loans receivable, including
loans held for sale
|
16,759,537 | 16,213,773 | 15,533,073 | 3 | % | 8 | % | |||
Less loans held for sale 1
|
(27,035) | (15,691) | (14,461) | 72 | % | 87 | % | |||
Total loans receivable | $ | 16,732,502 | $ | 16,198,082 | $ | 15,518,612 | 3 | % | 8 | % |
Non-performing Assets, by Loan Type |
Non- Accrual Loans |
Accruing Loans 90 Days or More Past Due |
Other real estate owned and foreclosed assets | ||||
(Dollars in thousands) |
Mar 31, 2024 |
Dec 31, 2023 |
Mar 31, 2023 |
Mar 31, 2024 |
Mar 31, 2024 |
Mar 31, 2024 |
|
Custom and owner occupied construction
|
$ | 210 | 214 | 220 | 210 | - | - |
Pre-sold and spec construction | 1,049 | 763 | 1,548 | - | 1,049 | - | |
Total residential construction
|
1,259 | 977 | 1,768 | 210 | 1,049 | - | |
Land development | 28 | 35 | 129 | 28 | - | - | |
Consumer land or lots | 144 | 96 | 112 | 144 | - | - | |
Unimproved land | - | - | 51 | - | - | - | |
Developed lots for operative builders
|
608 | 608 | 607 | - | 608 | - | |
Commercial lots | 2,205 | 47 | 188 | 2,158 | 47 | - | |
Other construction | - | - | 12,884 | - | - | - | |
Total land, lot and other construction
|
2,985 | 786 | 13,971 | 2,330 | 655 | - | |
Owner occupied | 1,501 | 1,838 | 2,682 | 799 | 270 | 432 | |
Non-owner occupied | 8,853 | 11,016 | 4,544 | 8,596 | 257 | - | |
Total commercial real estate
|
10,354 | 12,854 | 7,226 | 9,395 | 527 | 432 | |
Commercial and Industrial | 1,698 | 1,971 | 2,001 | 1,100 | 447 | 151 | |
Agriculture | 2,855 | 2,558 | 2,573 | 2,426 | 429 | - | |
1st lien | 2,930 | 2,664 | 2,015 | 2,540 | 390 | - | |
Junior lien | 69 | 180 | 111 | 44 | 25 | - | |
Total 1-4 family | 2,999 | 2,844 | 2,126 | 2,584 | 415 | - | |
Multifamily residential | 395 | 395 | - | 395 | - | - | |
Home equity lines of credit | 1,892 | 2,043 | 1,225 | 1,727 | 165 | - | |
Other consumer | 927 | 1,187 | 1,062 | 571 | 48 | 308 | |
Total consumer | 2,819 | 3,230 | 2,287 | 2,298 | 213 | 308 | |
Other | 61 | 16 | 27 | - | 61 | - | |
Total | $ | 25,425 | 25,631 | 31,979 | 20,738 | 3,796 | 891 |
Accruing 30-89 Days Delinquent Loans, by Loan Type | % Change from | |||||||||
(Dollars in thousands) |
Mar 31, 2024 |
Dec 31, 2023 |
Mar 31, 2023 |
Dec 31, 2023 |
Mar 31, 2023 |
|||||
Custom and owner occupied construction
|
$ | 4,784 | $ | 2,549 | $ | 1,624 | 88 | % | 195 | % |
Pre-sold and spec construction | 1,181 | 1,219 | - | (3) | % | n/m | ||||
Total residential construction
|
5,965 | 3,768 | 1,624 | 58 | % | 267 | % | |||
Land development | 59 | 163 | 946 | (64) | % | (94) | % | |||
Consumer land or lots | 332 | 624 | 668 | (47) | % | (50) | % | |||
Unimproved land | 575 | - | - | n/m | n/m | |||||
Commercial lots | 1,225 | 2,159 | - | (43) | % | n/m | ||||
Other construction | 1,248 | - | 5,264 | n/m | (76) | % | ||||
Total land, lot and other construction
|
3,439 | 2,946 | 6,878 | 17 | % | (50) | % | |||
Owner occupied | 2,991 | 2,222 | 1,783 | 35 | % | 68 | % | |||
Non-owner occupied | 18,118 | 14,471 | 429 | 25 | % | 4,123 | % | |||
Total commercial real estate
|
21,109 | 16,693 | 2,212 | 26 | % | 854 | % | |||
Commercial and industrial | 14,806 | 12,905 | 3,677 | 15 | % | 303 | % | |||
Agriculture | 3,922 | 594 | 947 | 560 | % | 314 | % | |||
1st lien | 5,626 | 3,768 | 3,321 | 49 | % | 69 | % | |||
Junior lien | 145 | 1 | 385 | 14,400 | % | (62) | % | |||
Total 1-4 family | 5,771 | 3,769 | 3,706 | 53 | % | 56 | % | |||
Multifamily Residential | - | - | 201 | n/m | (100) | % | ||||
Home equity lines of credit | 3,668 | 4,518 | 2,804 | (19) | % | 31 | % | |||
Other consumer | 1,948 | 3,264 | 1,598 | (40) | % | 22 | % | |||
Total consumer | 5,616 | 7,782 | 4,402 | (28) | % | 28 | % | |||
Other | 1,795 | 1,510 | 1,346 | 19 | % | 33 | % | |||
Total | $ | 62,423 | $ | 49,967 | $ | 24,993 | 25 | % | 150 | % |
Net Charge-Offs (Recoveries), Year-to-Date Period Ending, By Loan Type |
Charge-Offs | Recoveries | ||||
(Dollars in thousands) |
Mar 31, 2024 |
Dec 31, 2023 |
Mar 31, 2023 |
Mar 31, 2024 |
Mar 31, 2024 |
|
Pre-sold and spec construction | (4) | (15) | (4) | - | 4 | |
Total residential construction | (4) | (15) | (4) | - | 4 | |
Land development | (1) | (135) | - | - | 1 | |
Consumer land or lots | (1) | (19) | - | - | 1 | |
Other construction | - | 889 | - | - | - | |
Total land, lot and other construction
|
(2) | 735 | - | - | 2 | |
Owner occupied | (3) | (59) | (68) | - | 3 | |
Non-owner occupied | (1) | 799 | 298 | - | 1 | |
Total commercial real estate | (4) | 740 | 230 | - | 4 | |
Commercial and industrial | 328 | 364 | (382) | 674 | 346 | |
Agriculture | 68 | - | - | 68 | - | |
1st lien | (4) | 66 | 44 | - | 4 | |
Junior lien | (5) | 24 | (5) | 10 | 15 | |
Total 1-4 family | (9) | 90 | 39 | 10 | 19 | |
Multifamily residential | - | (136) | - | - | - | |
Home equity lines of credit | 5 | (6) | (39) | 15 | 10 | |
Other consumer | 251 | 1,097 | 125 | 342 | 91 | |
Total consumer | 256 | 1,091 | 86 | 357 | 101 | |
Other | 2,439 | 7,447 | 1,970 | 3,186 | 747 | |
Total | $ | 3,072 | 10,316 | 1,939 | 4,295 | 1,223 |