04/22/2021 | Press release | Distributed by Public on 04/22/2021 14:30
As of Period End or for the Three Months Ended | ||||||
March 31, 2021 |
December 31, 2020 |
March 31, 2020 |
||||
(Dollars in thousands, except per share amounts) | ||||||
Net income | $ | 25,344 | $ | 23,882 | $ | 12,191 |
Pre-tax, pre-provision income (1)
|
$ | 23,247 | $ | 25,178 | $ | 20,777 |
As of Period End or for the Three Months Ended | ||||||
March 31, 2021 |
December 31, 2020 |
March 31, 2020 |
||||
(Dollars in thousands, except per share amounts) | ||||||
Diluted earnings per share | $ | 0.70 | $ | 0.66 | $ | 0.34 |
Return on average assets (2)
|
1.51 | % | 1.42 | % | 0.88 | % |
Pre-tax, pre-provision return on average assets (1)(2)
|
1.39 | % | 1.50 | % | 1.50 | % |
Return on average equity (2)
|
12.43 | % | 11.74 | % | 6.08 | % |
Return on average tangible common equity (1)(2)
|
18.37 | % | 17.62 | % | 9.46 | % |
Net interest margin (2)
|
3.51 | % | 3.53 | % | 4.06 | % |
Cost of total deposits (2)
|
0.12 | % | 0.14 | % | 0.37 | % |
Efficiency ratio | 61.57 | % | 60.50 | % | 64.20 | % |
Noninterest expense to average total assets (2)
|
2.22 | % | 2.30 | % | 2.70 | % |
Total assets | $ | 7,028,392 | $ | 6,615,318 | $ | 5,587,300 |
Loans receivable, net | $ | 4,531,644 | $ | 4,398,462 | $ | 3,804,836 |
Total deposits | $ | 6,019,698 | $ | 5,597,990 | $ | 4,617,948 |
Loan to deposit ratio (3)
|
76.3 | % | 79.8 | % | 83.4 | % |
Book value per share | $ | 22.99 | $ | 22.85 | $ | 22.25 |
Tangible book value per share (1)
|
$ | 15.95 | $ | 15.77 | $ | 15.10 |
As of March 31, 2021 | ||||||
PPP1 | PPP2 | Total PPP | ||||
(Dollars in thousands) | ||||||
Number of funded loans | 4,642 | 2,235 | 6,877 | |||
Total amount funded | $ | 897,353 | $ | 353,491 | $ | 1,250,844 |
Average funded loan size | $ | 193 | $ | 158 | $ | 182 |
Net fees deferred at funding | $ | 28,805 | $ | 14,627 | $ | 43,432 |
As of or for the Three Months Ended | ||||||
March 31, 2021 | ||||||
PPP1 | PPP2 | Total PPP | ||||
(In thousands) | ||||||
Net deferred fees recognized during the period | $ | 6,592 | $ | 448 | $ | 7,040 |
Net deferred fees unrecognized as of period end | 8,814 | 14,165 | 22,979 | |||
Principal payments received during the period, including forgiveness payments from the SBA | 174,264 | - | 174,264 | |||
Principal balance remaining as of period end | 556,249 | 353,491 | 909,740 | |||
Amortized cost as of period end | 547,435 | 339,326 | 886,761 |
March 31, 2021 | December 31, 2020 | Change | ||||||||||
Balance | % of Total | Balance | % of Total | Amount | % | |||||||
(Dollars in thousands) | ||||||||||||
Commercial business: | ||||||||||||
Commercial and industrial | $ | 693,539 | 15.1 | % | $ | 733,098 | 16.4 | % | $ | (39,559) | (5.4) | % |
SBA PPP | 886,761 | 19.3 | 715,121 | 16.0 | 171,640 | 24.0 | ||||||
Owner-occupied CRE | 881,168 | 19.2 | 856,684 | 19.2 | 24,484 | 2.9 | ||||||
Non-owner occupied CRE | 1,427,953 | 31.1 | 1,410,303 | 31.5 | 17,650 | 1.3 | ||||||
Total commercial business | 3,889,421 | 84.7 | 3,715,206 | 83.1 | 174,215 | 4.7 | ||||||
Residential real estate
|
114,856 | 2.5 | 122,756 | 2.7 | (7,900) | (6.4) | ||||||
Real estate construction and land development: | ||||||||||||
Residential
|
79,878 | 1.7 | 78,259 | 1.8 | 1,619 | 2.1 | ||||||
Commercial and multifamily
|
217,815 | 4.7 | 227,454 | 5.1 | (9,639) | (4.2) | ||||||
Total real estate construction and land development | 297,693 | 6.4 | 305,713 | 6.9 | (8,020) | (2.6) | ||||||
Consumer | 293,899 | 6.4 | 324,972 | 7.3 | (31,073) | (9.6) | ||||||
Loans receivable | 4,595,869 | 100.0 | % | 4,468,647 | 100.0 | % | 127,222 | 2.8 | ||||
Allowance for credit losses on loans | (64,225) | (70,185) | 5,960 | (8.5) | ||||||||
Loans receivable, net | $ | 4,531,644 | $ | 4,398,462 | $ | 133,182 | 3.0 | % |
March 31, 2021 | December 31, 2020 | Change | ||||||||||
Balance | % of Total | Balance | % of Total | Amount | % | |||||||
(Dollars in thousands) | ||||||||||||
Noninterest demand deposits | $ | 2,205,562 | 36.6 | % | $ | 1,980,531 | 35.4 | % | $ | 225,031 | 11.4 | % |
Interest bearing demand deposits | 1,796,949 | 29.9 | 1,716,123 | 30.7 | 80,826 | 4.7 | ||||||
Money market accounts | 1,046,202 | 17.4 | 962,983 | 17.2 | 83,219 | 8.6 | ||||||
Savings accounts | 584,582 | 9.7 | 538,819 | 9.6 | 45,763 | 8.5 | ||||||
Total non-maturity deposits | 5,633,295 | 93.6 | 5,198,456 | 92.9 | 434,839 | 8.4 | ||||||
Certificates of deposit | 386,403 | 6.4 | 399,534 | 7.1 | (13,131) | (3.3) | ||||||
Total deposits | $ | 6,019,698 | 100.0 | % | $ | 5,597,990 | 100.0 | % | $ | 421,708 | 7.5 | % |
March 31, 2021 |
December 31, 2020 |
March 31, 2020 |
||||
Capital Ratios: | ||||||
Stockholders' equity to total assets | 11.8 | % | 12.4 | % | 14.3 | % |
Tangible common equity to tangible assets (1)
|
8.5 | % | 8.9 | % | 10.2 | % |
Tangible common equity to tangible assets, excluding SBA PPP loans (1)
|
9.7 | % | 10.0 | % | 10.2 | % |
Common equity Tier 1 capital to risk-weighted assets (2)
|
12.8 | % | 12.3 | % | 11.2 | % |
Tier 1 leverage capital to average quarterly assets (2)
|
9.1 | % | 9.0 | % | 10.4 | % |
Tier 1 capital to risk-weighted assets (2)
|
13.2 | % | 12.8 | % | 11.6 | % |
Total capital to risk-weighted assets (2)
|
14.5 | % | 14.0 | % | 12.5 | % |
As of Period End or for the Three Months Ended | As of Period End or for the Three Months Ended | As of Period End or for the Three Months Ended | ||||||||||||||||
March 31, 2021 | December 31, 2020 | March 31, 2020 | ||||||||||||||||
ACL on Loans | ACL on Unfunded | Total | ACL on Loans | ACL on Unfunded | Total | ACL on Loans | ACL on Unfunded | Total | ||||||||||
(Dollars in thousands) | ||||||||||||||||||
Balance, beginning of period | $ | 70,185 | $ | 4,681 | $ | 74,866 | $ | 73,340 | $ | 5,022 | $ | 78,362 | $ | 36,171 | $ | 306 | $ | 36,477 |
Impact of CECL adoption | - | - | - | - | - | - | 1,822 | 3,702 | 5,524 | |||||||||
Adjusted balance, beginning of period | 70,185 | 4,681 | 74,866 | 73,340 | 5,022 | 78,362 | 37,993 | 4,008 | 42,001 | |||||||||
(Reversal of) provision for credit losses | (6,135) | (1,064) | (7,199) | (2,792) | (341) | (3,133) | 9,964 | (2,018) | 7,946 | |||||||||
Net recoveries (charge-offs) | 175 | - | 175 | (363) | - | (363) | (417) | - | (417) | |||||||||
Balance, end of period | $ | 64,225 | $ | 3,617 | $ | 67,842 | $ | 70,185 | $ | 4,681 | $ | 74,866 | $ | 47,540 | $ | 1,990 | $ | 49,530 |
Three Months Ended | ||||||
March 31, 2021 |
December 31, 2020 |
March 31, 2020 |
||||
(In thousands) | ||||||
Balance, beginning of period | $ | 58,092 | $ | 52,604 | $ | 44,525 |
Additions of previously classified pass graded loans | 24 | 1,298 | 255 | |||
Additions of previously classified performing TDR loans and potential problem loans | 444 | 7,047 | 2,579 | |||
Net principal payments and transfers to accruing status | (5,690) | (2,268) | (12,300) | |||
Charge-offs | (2) | (589) | (626) | |||
Transfer to OREO | - | - | (270) | |||
Balance, end of period | $ | 52,868 | $ | 58,092 | $ | 34,163 |
Three Months Ended | ||||||
March 31, 2021 |
December 31, 2020 |
March 31, 2020 |
||||
(In thousands) | ||||||
Balance, beginning of period | $ | 52,872 | $ | 18,437 | $ | 14,469 |
Addition of previously classified pass graded loans | 1,031 | 3,733 | 1,008 | |||
Addition of previously classified potential problem loans | 4,451 | 37,846 | 2,660 | |||
Addition of previously classified nonaccrual loans | 994 | - | 177 | |||
Transfers of loans to nonaccrual status | - | (4,601) | - | |||
Net principal payments | (3,657) | (2,543) | (266) | |||
Balance, end of period | $ | 55,691 | $ | 52,872 | $ | 18,048 |
Three Months Ended | ||||||
March 31, 2021 |
December 31, 2020 |
March 31, 2020 |
||||
(In thousands) | ||||||
Balance, beginning of period | $ | 182,342 | $ | 160,942 | $ | 87,788 |
Addition of previously classified pass graded loans | 6,831 | 80,470 | 31,180 | |||
Addition of previously classified nonaccrual loans | 1,138 | - | - | |||
Upgrades to pass graded loan status | (2,395) | (3,973) | (476) | |||
Net principal payments | (19,208) | (14,805) | (9,824) | |||
Transfers of loans to nonaccrual status | (444) | (2,446) | (2,579) | |||
Transfers of loans to performing TDR status | (4,451) | (37,846) | (2,660) | |||
Balance, end of period | $ | 163,813 | $ | 182,342 | $ | 103,429 |
Three Months Ended | ||||||
March 31, 2021 |
December 31, 2020 |
March 31, 2020 |
||||
Non-GAAP Measure:(1)
|
||||||
Loan yield (GAAP) | 4.47 | % | 4.39 | % | 4.97 | % |
Exclude impact from SBA PPP loans | 0.01 | 0.04 | - | |||
Exclude impact from incremental accretion on purchased loans(2)
|
(0.12) | (0.09) | (0.11) | |||
Loan yield, excluding SBA PPP loans and incremental accretion on purchased loans (non-GAAP) | 4.36 | % | 4.34 | % | 4.86 | % |
Three Months Ended | ||||||||||||||
March 31, 2021 |
December 31, 2020 |
March 31, 2020 |
Linked-quarter Change | Prior Year Quarter Change | ||||||||||
(Dollar amounts in thousands) | $ | % | $ | % | ||||||||||
Service charges and other fees | $ | 4,000 | $ | 4,213 | $ | 4,376 | $ | (213) | (5.1) | % | $ | (376) | (8.6) | % |
Gain on sale of investment securities, net | 29 | 55 | 1,014 | (26) | (47.3) | (985) | (97.1) | |||||||
Gain on sale of loans, net | 1,370 | 1,919 | 547 | (549) | (28.6) | 823 | 150.5 | |||||||
Interest rate swap fees | 152 | 230 | 296 | (78) | (33.9) | (144) | (48.6) | |||||||
Bank owned life insurance income
|
656 | 1,880 | 885 | (1,224) | (65.1) | (229) | (25.9) | |||||||
Other income | 2,044 | 2,988 | 2,368 | (944) | (31.6) | (324) | (13.7) | |||||||
Total noninterest income | $ | 8,251 | $ | 11,285 | $ | 9,486 | $ | (3,034) | (26.9) | % | $ | (1,235) | (13.0) | % |
Three Months Ended | ||||||||||||||
March 31, 2021 |
December 31, 2020 |
March 31, 2020 |
Linked-quarter Change | Prior Year Quarter Change | ||||||||||
(Dollar amounts in thousands) | $ | % | $ | % | ||||||||||
Compensation and employee benefits | $ | 22,461 | $ | 22,257 | $ | 22,506 | $ | 204 | 0.9 | % | $ | (45) | (0.2) | % |
Occupancy and equipment | 4,454 | 4,364 | 4,564 | 90 | 2.1 | (110) | (2.4) | |||||||
Data processing | 3,812 | 3,714 | 3,527 | 98 | 2.6 | 285 | 8.1 | |||||||
Marketing | 669 | 783 | 866 | (114) | (14.6) | (197) | (22.7) | |||||||
Professional services | 1,331 | 1,289 | 1,377 | 42 | 3.3 | (46) | (3.3) | |||||||
State/municipal business and use tax | 972 | 1,128 | 757 | (156) | (13.8) | 215 | 28.4 | |||||||
Federal deposit insurance premium | 589 | 703 | - | (114) | (16.2) | 589 | 100.0 | |||||||
Other real estate owned, net | - | - | 25 | - | - | (25) | (100.0) | |||||||
Amortization of intangible assets | 797 | 859 | 903 | (62) | (7.2) | (106) | (11.7) | |||||||
Other expense | 2,157 | 3,465 | 2,735 | (1,308) | (37.7) | (578) | (21.1) | |||||||
Total noninterest expense | $ | 37,242 | $ | 38,562 | $ | 37,260 | $ | (1,320) | (3.4) | % | $ | (18) | - | % |
Three Months Ended | ||||||||||||||
March 31, 2021 |
December 31, 2020 |
March 31, 2020 |
Linked-quarter Change | Prior Year Quarter Change | ||||||||||
(Dollar amounts in thousands) | $ | % | $ | % | ||||||||||
Pre-tax income | $ | 30,446 | $ | 28,311 | $ | 12,831 | $ | 2,135 | 7.5 | % | $ | 17,615 | 137.3 | % |
Income tax expense | 5,102 | 4,429 | 640 | 673 | 15.2 | 4,462 | 697.2 | |||||||
Effective tax rate | 16.8 | % | 15.6 | % | 5.0 | % | n/a | 1.2 | n/a | 11.8 |
March 31, 2021 |
December 31, 2020 |
September 30, 2020 |
June 30, 2020 |
March 31, 2020 |
||||||
(Dollar amounts in thousands, except per share amounts) | ||||||||||
Tangible common equity to tangible assets and tangible book value per share: | ||||||||||
Total stockholders' equity (GAAP) | $ | 827,151 | $ | 820,439 | $ | 803,129 | $ | 793,652 | $ | 798,438 |
Exclude intangible assets | (253,230) | (254,027) | (254,886) | (255,746) | (256,649) | |||||
Tangible common equity (non-GAAP) | $ | 573,921 | $ | 566,412 | $ | 548,243 | $ | 537,906 | $ | 541,789 |
Total assets (GAAP) | $ | 7,028,392 | $ | 6,615,318 | $ | 6,685,889 | $ | 6,562,359 | $ | 5,587,300 |
Exclude intangible assets | (253,230) | (254,027) | (254,886) | (255,746) | (256,649) | |||||
Tangible assets (non-GAAP) | $ | 6,775,162 | $ | 6,361,291 | $ | 6,431,003 | $ | 6,306,613 | $ | 5,330,651 |
Total assets (GAAP) | $ | 7,028,392 | $ | 6,615,318 | $ | 6,685,889 | $ | 6,562,359 | $ | 5,587,300 |
Exclude intangible assets | (253,230) | (254,027) | (254,886) | (255,746) | (256,649) | |||||
Exclude SBA PPP loans | (886,761) | (715,121) | (867,782) | (856,490) | - | |||||
Tangible assets, excluding SBA PPP loans (non-GAAP) | $ | 5,888,401 | $ | 5,646,170 | $ | 5,563,221 | $ | 5,450,123 | $ | 5,330,651 |
March 31, 2021 |
December 31, 2020 |
September 30, 2020 |
June 30, 2020 |
March 31, 2020 |
||||||
(Dollar amounts in thousands, except per share amounts) | ||||||||||
Stockholders' equity to total assets (GAAP) | 11.8 | % | 12.4 | % | 12.0 | % | 12.1 | % | 14.3 | % |
Tangible common equity to tangible assets (non-GAAP) | 8.5 | % | 8.9 | % | 8.5 | % | 8.5 | % | 10.2 | % |
Tangible common equity to tangible assets, excluding SBA PPP loans (non-GAAP) | 9.7 | % | 10.0 | % | 9.9 | % | 9.9 | % | 10.2 | % |
Shares outstanding | 35,981,317 | 35,912,243 | 35,910,300 | 35,908,908 | 35,888,494 | |||||
Book value per share (GAAP) | $ | 22.99 | $ | 22.85 | $ | 22.36 | $ | 22.10 | $ | 22.25 |
Tangible book value per share (non-GAAP) | $ | 15.95 | $ | 15.77 | $ | 15.27 | $ | 14.98 | $ | 15.10 |
March 31, 2021 |
December 31, 2020 |
September 30, 2020 |
June 30, 2020 |
March 31, 2020 |
||||||
(Dollar amounts in thousands) | ||||||||||
ACL on loans to loans receivable, excluding SBA PPP loans: | ||||||||||
Allowance for credit losses on loans | $ | 64,225 | $ | 70,185 | $ | 73,340 | $ | 71,501 | $ | 47,540 |
Loans receivable (GAAP) | $ | 4,595,869 | $ | 4,468,647 | $ | 4,666,730 | $ | 4,666,333 | $ | 3,852,376 |
Exclude SBA PPP loans | (886,761) | (715,121) | (867,782) | (856,490) | - | |||||
Loans receivable, excluding SBA PPP loans (non-GAAP) | $ | 3,709,108 | $ | 3,753,526 | $ | 3,798,948 | $ | 3,809,843 | $ | 3,852,376 |
ACL on loans to loans receivable (GAAP) | 1.40 | % | 1.57 | % | 1.57 | % | 1.53 | % | 1.23 | % |
ACL on loans to loans receivable, excluding SBA PPP loans (non-GAAP) | 1.73 | % | 1.87 | % | 1.93 | % | 1.88 | % | 1.23 | % |
Three Months Ended | ||||||
March 31, 2021 |
December 31, 2020 |
March 31, 2020 |
||||
(Dollar amounts in thousands) | ||||||
Pre-tax, pre-provision income and pre-tax, pre-provision return on average equity, annualized: | ||||||
Net income (GAAP) | $ | 25,344 | $ | 23,882 | $ | 12,191 |
Add income tax expense | 5,102 | 4,429 | 640 | |||
Add (reversal of) provision for credit losses | (7,199) | (3,133) | 7,946 | |||
Pre-tax, pre-provision income (non-GAAP) | $ | 23,247 | $ | 25,178 | $ | 20,777 |
Average total assets (GAAP) | $ | 6,799,625 | $ | 6,675,477 | $ | 5,560,212 |
Return on average assets, annualized (GAAP) | 1.51 | % | 1.42 | % | 0.88 | % |
Pre-tax, pre-provision return on average assets (non-GAAP) | 1.39 | % | 1.50 | % | 1.50 | % |
Three Months Ended | ||||||
March 31, 2021 |
December 31, 2020 |
March 31, 2020 |
||||
(Dollar amounts in thousands) | ||||||
Return on average tangible common equity, annualized: | ||||||
Net income (GAAP) | $ | 25,344 | $ | 23,882 | $ | 12,191 |
Add amortization of intangible assets | 797 | 859 | 903 | |||
Exclude tax effect of adjustment | (167) | (180) | (190) | |||
Tangible net income (non-GAAP) | $ | 25,974 | $ | 24,561 | $ | 12,904 |
Average stockholders' equity (GAAP) | $ | 827,021 | $ | 808,999 | $ | 806,071 |
Exclude average intangible assets | (253,747) | (254,587) | (257,234) | |||
Average tangible common stockholders' equity (non-GAAP) | $ | 573,274 | $ | 554,412 | $ | 548,837 |
Return on average equity, annualized (GAAP) | 12.43 | % | 11.74 | % | 6.08 | % |
Return on average tangible common equity, annualized (non-GAAP) | 18.37 | % | 17.62 | % | 9.46 | % |
Three Months Ended | ||||||
March 31, 2021 |
December 31, 2020 |
March 31, 2020 |
||||
(Dollar amounts in thousands) | ||||||
Loan yield, excluding SBA PPP loans and incremental accretion on purchased loans, annualized: | ||||||
Interest and fees on loans (GAAP) | $ | 49,524 | $ | 50,089 | $ | 46,277 |
Exclude SBA PPP loans interest and fees | (9,136) | (8,739) | - | |||
Exclude incremental accretion on purchased loans | (1,075) | (795) | (1,012) | |||
Adjusted interest and fees on loans (non-GAAP) | $ | 39,313 | $ | 40,555 | $ | 45,265 |
Average loans receivable, net (GAAP) | $ | 4,490,499 | $ | 4,540,962 | $ | 3,748,573 |
Exclude average SBA PPP loans | (832,148) | (822,460) | - | |||
Adjusted average loans receivable, net (non-GAAP) | $ | 3,658,351 | $ | 3,718,502 | $ | 3,748,573 |
Loan yield, annualized (GAAP) | 4.47 | % | 4.39 | % | 4.97 | % |
Loan yield, excluding SBA PPP loans and incremental accretion on purchased loans, annualized (non-GAAP) | 4.36 | % | 4.34 | % | 4.86 | % |
March 31, 2021 |
December 31, 2020 |
|||
Assets | ||||
Cash on hand and in banks | $ | 93,306 | $ | 91,918 |
Interest earning deposits | 841,010 | 651,404 | ||
Cash and cash equivalents | 934,316 | 743,322 | ||
Investment securities available for sale, at fair value, net (amortized cost of $876,357 and $770,195, respectively)
|
893,558 | 802,163 | ||
Loans held for sale | 6,801 | 4,932 | ||
Loans receivable | 4,595,869 | 4,468,647 | ||
Allowance for credit losses on loans | (64,225) | (70,185) | ||
Loans receivable, net | 4,531,644 | 4,398,462 | ||
Other real estate owned | - | - | ||
Premises and equipment, net | 84,533 | 85,452 | ||
Federal Home Loan Bank stock, at cost | 7,933 | 6,661 | ||
Bank owned life insurance | 108,341 | 107,580 | ||
Accrued interest receivable | 19,447 | 19,418 | ||
Prepaid expenses and other assets | 188,589 | 193,301 | ||
Other intangible assets, net | 12,291 | 13,088 | ||
Goodwill | 240,939 | 240,939 | ||
Total assets | $ | 7,028,392 | $ | 6,615,318 |
Liabilities and Stockholders' Equity | ||||
Deposits | $ | 6,019,698 | $ | 5,597,990 |
Junior subordinated debentures | 20,960 | 20,887 | ||
Securities sold under agreement to repurchase | 36,503 | 35,683 | ||
Accrued expenses and other liabilities | 124,080 | 140,319 | ||
Total liabilities | 6,201,241 | 5,794,879 | ||
Common stock | 571,204 | 571,021 | ||
Retained earnings | 242,486 | 224,400 | ||
Accumulated other comprehensive income, net | 13,461 | 25,018 | ||
Total stockholders' equity | 827,151 | 820,439 | ||
Total liabilities and stockholders' equity | $ | 7,028,392 | $ | 6,615,318 |
Shares outstanding | 35,981,317 | 35,912,243 |
Three Months Ended | ||||||
March 31, 2021 |
December 31, 2020 |
March 31, 2020 |
||||
Interest income | ||||||
Interest and fees on loans | $ | 49,524 | $ | 50,089 | $ | 46,277 |
Taxable interest on investment securities | 3,534 | 3,473 | 5,633 | |||
Nontaxable interest on investment securities | 958 | 973 | 756 | |||
Interest on interest earning deposits | 175 | 142 | 420 | |||
Total interest income | 54,191 | 54,677 | 53,086 | |||
Interest expense | ||||||
Deposits | 1,728 | 1,993 | 4,216 | |||
Junior subordinated debentures | 187 | 191 | 285 | |||
Other borrowings | 38 | 38 | 34 | |||
Total interest expense | 1,953 | 2,222 | 4,535 | |||
Net interest income | 52,238 | 52,455 | 48,551 | |||
(Reversal of) provision for credit losses | (7,199) | (3,133) | 7,946 | |||
Net interest income after (reversal of) provision for credit losses | 59,437 | 55,588 | 40,605 | |||
Noninterest income | ||||||
Service charges and other fees | 4,000 | 4,213 | 4,376 | |||
Gain on sale of investment securities, net | 29 | 55 | 1,014 | |||
Gain on sale of loans, net | 1,370 | 1,919 | 547 | |||
Interest rate swap fees | 152 | 230 | 296 | |||
Bank owned life insurance income
|
656 | 1,880 | 885 | |||
Other income | 2,044 | 2,988 | 2,368 | |||
Total noninterest income | 8,251 | 11,285 | 9,486 | |||
Noninterest expense | ||||||
Compensation and employee benefits | 22,461 | 22,257 | 22,506 | |||
Occupancy and equipment | 4,454 | 4,364 | 4,564 | |||
Data processing | 3,812 | 3,714 | 3,527 | |||
Marketing | 669 | 783 | 866 | |||
Professional services | 1,331 | 1,289 | 1,377 | |||
State/municipal business and use taxes | 972 | 1,128 | 757 | |||
Federal deposit insurance premium | 589 | 703 | - | |||
Other real estate owned, net | - | - | 25 | |||
Amortization of intangible assets | 797 | 859 | 903 | |||
Other expense | 2,157 | 3,465 | 2,735 | |||
Total noninterest expense | 37,242 | 38,562 | 37,260 | |||
Income before income taxes | 30,446 | 28,311 | 12,831 | |||
Income tax expense | 5,102 | 4,429 | 640 | |||
Net income | $ | 25,344 | $ | 23,882 | $ | 12,191 |
Basic earnings per share | $ | 0.70 | $ | 0.66 | $ | 0.34 |
Diluted earnings per share | $ | 0.70 | $ | 0.66 | $ | 0.34 |
Dividends declared per share | $ | 0.20 | $ | 0.20 | $ | 0.20 |
Three Months Ended | ||||||
March 31, 2021 |
December 31, 2020 |
March 31, 2020 |
||||
Allowance for Credit Losses on Loans: | ||||||
Balance, beginning of period | $ | 70,185 | $ | 73,340 | $ | 36,171 |
Impact of CECL adoption | - | - | 1,822 | |||
Adjusted balance, beginning of period | 70,185 | 73,340 | 37,993 | |||
(Reversal of) provision for credit losses on loans | (6,135) | (2,792) | 9,964 | |||
Charge-offs: | ||||||
Commercial business | (1) | (198) | (1,222) | |||
Real estate construction and land development | (1) | (417) | - | |||
Consumer | (185) | (313) | (375) | |||
Total charge-offs | (187) | (928) | (1,597) | |||
Recoveries: | ||||||
Commercial business | 207 | 310 | 1,069 | |||
Residential real estate
|
- | - | 3 | |||
Real estate construction and land development | 16 | 118 | 14 | |||
Consumer | 139 | 137 | 94 | |||
Total recoveries | 362 | 565 | 1,180 | |||
Net recoveries (charge-offs) | 175 | (363) | (417) | |||
Balance, end of period | $ | 64,225 | $ | 70,185 | $ | 47,540 |
Net recoveries (charge-offs) on loans to average loans, annualized | 0.02 | % | (0.03) | % | (0.04) | % |
March 31, 2021 |
December 31, 2020 |
|||
Nonperforming Assets: | ||||
Nonaccrual loans: | ||||
Commercial business | $ | 51,755 | $ | 56,786 |
Residential real estate
|
66 | 184 | ||
Real estate construction and land development | 1,021 | 1,022 | ||
Consumer | 26 | 100 | ||
Total nonaccrual loans | 52,868 | 58,092 | ||
Other real estate owned | - | - | ||
Nonperforming assets | $ | 52,868 | $ | 58,092 |
Restructured performing loans | $ | 55,691 | $ | 52,872 |
Accruing loans past due 90 days or more | - | - | ||
Potential problem loans (1)
|
163,813 | 182,342 | ||
ACL on loans to: | ||||
Loans receivable | 1.40 | % | 1.57 | % |
Loans receivable, excluding SBA PPP loans (2)
|
1.73 | % | 1.87 | % |
Nonaccrual loans | 121.48 | % | 120.82 | % |
Nonperforming loans to loans receivable | 1.15 | % | 1.30 | % |
Nonperforming assets to total assets | 0.75 | % | 0.88 | % |
Three Months Ended | ||||||||||||||||||
March 31, 2021 | December 31, 2020 | March 31, 2020 | ||||||||||||||||
Average Balance |
Interest Earned/ Paid |
Average
Yield/ Rate (1) |
Average Balance |
Interest Earned/ Paid |
Average
Yield/ Rate (1) |
Average Balance |
Interest Earned/ Paid |
Average
Yield/ Rate (1) |
||||||||||
Interest Earning Assets: | ||||||||||||||||||
Loans receivable, net (2) (3)
|
$ | 4,490,499 | $ | 49,524 | 4.47 | % | $ | 4,540,962 | $ | 50,089 | 4.39 | % | $ | 3,748,573 | $ | 46,277 | 4.97 | % |
Taxable securities | 674,268 | 3,534 | 2.13 | 649,287 | 3,473 | 2.13 | 815,686 | 5,633 | 2.78 | |||||||||
Nontaxable securities (3)
|
163,914 | 958 | 2.37 | 164,025 | 973 | 2.36 | 122,153 | 756 | 2.49 | |||||||||
Interest earning deposits | 713,885 | 175 | 0.10 | 559,491 | 142 | 0.10 | 125,357 | 420 | 1.35 | |||||||||
Total interest earning assets | 6,042,566 | 54,191 | 3.64 | % | 5,913,765 | 54,677 | 3.68 | % | 4,811,769 | 53,086 | 4.44 | % | ||||||
Noninterest earning assets | 757,059 | 761,712 | 748,443 | |||||||||||||||
Total assets | $ | 6,799,625 | $ | 6,675,477 | 5,560,212 | |||||||||||||
Interest Bearing Liabilities: | ||||||||||||||||||
Certificates of deposit | $ | 393,268 | $ | 559 | 0.58 | % | $ | 421,633 | $ | 720 | 0.68 | % | $ | 528,009 | $ | 2,012 | 1.53 | % |
Savings accounts | 560,094 | 95 | 0.07 | 532,301 | 106 | 0.08 | 434,459 | 188 | 0.17 | |||||||||
Interest bearing demand and money market accounts | 2,732,134 | 1,074 | 0.16 | 2,680,084 | 1,167 | 0.17 | 2,201,921 | 2,016 | 0.37 | |||||||||
Total interest bearing deposits | 3,685,496 | 1,728 | 0.19 | 3,634,018 | 1,993 | 0.22 | 3,164,389 | 4,216 | 0.54 | |||||||||
Junior subordinated debentures | 20,913 | 187 | 3.63 | 20,840 | 191 | 3.65 | 20,620 | 285 | 5.56 | |||||||||
Securities sold under agreement to repurchase | 40,074 | 38 | 0.38 | 35,278 | 38 | 0.43 | 19,246 | 33 | 0.69 | |||||||||
FHLB advances and other borrowings | - | - | - | - | - | - | 989 | 1 | 0.41 | |||||||||
Total interest bearing liabilities | 3,746,483 | 1,953 | 0.21 | % | 3,690,136 | 2,222 | 0.24 | % | 3,205,244 | 4,535 | 0.57 | % | ||||||
Noninterest demand deposits | 2,091,359 | 2,034,425 | 1,420,247 | |||||||||||||||
Other noninterest bearing liabilities | 134,762 | 141,917 | 128,650 | |||||||||||||||
Stockholders' equity | 827,021 | 808,999 | 806,071 | |||||||||||||||
Total liabilities and stockholders' equity | $ | 6,799,625 | $ | 6,675,477 | $ | 5,560,212 | ||||||||||||
Net interest income | $ | 52,238 | $ | 52,455 | $ | 48,551 | ||||||||||||
Net interest spread | 3.43 | % | 3.44 | % | 3.87 | % | ||||||||||||
Net interest margin | 3.51 | % | 3.53 | % | 4.06 | % | ||||||||||||
Average interest earning assets to average interest bearing liabilities | 161.29 | % | 160.26 | % | 150.12 | % |
Three Months Ended | ||||||||||
March 31, 2021 |
December 31, 2020 |
September 30, 2020 |
June 30, 2020 |
March 31, 2020 |
||||||
Earnings: | ||||||||||
Net interest income | $ | 52,238 | $ | 52,455 | $ | 49,678 | $ | 50,313 | $ | 48,551 |
(Reversal of) provision for credit losses | (7,199) | (3,133) | 2,730 | 28,563 | 7,946 | |||||
Noninterest income | 8,251 | 11,285 | 8,210 | 8,248 | 9,486 | |||||
Noninterest expense | 37,242 | 38,562 | 36,045 | 37,073 | 37,260 | |||||
Net income (loss) | 25,344 | 23,882 | 16,363 | (6,139) | 12,191 | |||||
Basic earnings (losses) per share | $ | 0.70 | $ | 0.66 | $ | 0.46 | $ | (0.17) | $ | 0.34 |
Diluted earnings (losses) per share | $ | 0.70 | $ | 0.66 | $ | 0.46 | $ | (0.17) | $ | 0.34 |
Average Balances: | ||||||||||
Loans receivable, net (1)
|
$ | 4,490,499 | $ | 4,540,962 | $ | 4,605,389 | $ | 4,442,108 | $ | 3,748,573 |
Investment securities | 838,182 | 813,312 | 860,198 | 924,987 | 937,839 | |||||
Total interest earning assets | 6,042,566 | 5,913,765 | 5,855,240 | 5,552,494 | 4,811,769 | |||||
Total assets | 6,799,625 | 6,675,477 | 6,620,980 | 6,310,024 | 5,560,212 | |||||
Total interest bearing deposits | 3,685,496 | 3,634,018 | 3,620,503 | 3,430,542 | 3,164,389 | |||||
Total noninterest demand deposits | 2,091,359 | 2,034,425 | 1,998,772 | 1,883,227 | 1,420,247 | |||||
Stockholders' equity | 827,021 | 808,999 | 799,738 | 807,539 | 806,071 | |||||
Financial Ratios: | ||||||||||
Return on average assets (2)
|
1.51 | % | 1.42 | % | 1.00 | % | (0.39) | % | 0.88 | % |
Return on average common equity (2)
|
12.43 | 11.74 | 8.28 | (3.06) | 6.08 | |||||
Return on average tangible common equity (2) (3)
|
18.37 | 17.62 | 12.66 | (3.96) | 9.46 | |||||
Efficiency ratio | 61.57 | 60.50 | 62.27 | 63.31 | 64.20 | |||||
Noninterest expense to average total assets (2)
|
2.22 | 2.30 | 2.17 | 2.36 | 2.70 | |||||
Net interest margin (2)
|
3.51 | 3.53 | 3.38 | 3.64 | 4.06 | |||||
Net interest spread (2)
|
3.43 | 3.44 | 3.26 | 3.48 | 3.87 |
As of Period End or for the Three Months Ended | ||||||||||
March 31, 2021 |
December 31, 2020 |
September 30, 2020 |
June 30, 2020 |
March 31, 2020 |
||||||
Select Balance Sheet: | ||||||||||
Total assets | $ | 7,028,392 | $ | 6,615,318 | $ | 6,685,889 | $ | 6,562,359 | $ | 5,587,300 |
Loans receivable, net | 4,531,644 | 4,398,462 | 4,593,390 | 4,594,832 | 3,804,836 | |||||
Investment securities | 893,558 | 802,163 | 834,492 | 879,927 | 961,092 | |||||
Deposits | 6,019,698 | 5,597,990 | 5,689,048 | 5,567,733 | 4,617,948 | |||||
Noninterest demand deposits | 2,205,562 | 1,980,531 | 1,989,247 | 1,999,754 | 1,415,177 | |||||
Stockholders' equity | 827,151 | 820,439 | 803,129 | 793,652 | 798,438 | |||||
Financial Measures: | ||||||||||
Book value per share | $ | 22.99 | $ | 22.85 | $ | 22.36 | $ | 22.10 | $ | 22.25 |
Tangible book value per share (1)
|
15.95 | 15.77 | 15.27 | 14.98 | 15.10 | |||||
Stockholders' equity to total assets | 11.8 | % | 12.4 | % | 12.0 | % | 12.1 | % | 14.3 | % |
Tangible common equity to tangible assets (1)
|
8.5 | 8.9 | 8.5 | 8.5 | 10.2 | |||||
Tangible common equity to tangible assets, excluding SBA PPP loans(1)
|
9.7 | 10.0 | 9.9 | 9.9 | 10.2 | |||||
Loans to deposits ratio | 76.3 | 79.8 | 82.0 | 83.8 | 83.4 | |||||
Credit Quality Metrics: | ||||||||||
ACL on loansto:
|
||||||||||
Loans receivable | 1.40 | % | 1.57 | % | 1.57 | % | 1.53 | % | 1.23 | % |
Loans receivable, excluding SBA PPP loans (1)
|
1.73 | 1.87 | 1.93 | 1.88 | 1.23 | |||||
Nonperforming loans | 121.48 | 120.82 | 139.42 | 212.62 | 139.16 | |||||
Nonperforming loans to loans receivable | 1.15 | 1.30 | 1.13 | 0.72 | 0.89 | |||||
Nonperforming assets to total assets | 0.75 | 0.88 | 0.79 | 0.51 | 0.63 | |||||
Net recoveries (charge-offs) on loans to average loans receivable | 0.02 | (0.03) | (0.04) | (0.18) | (0.04) | |||||
Criticized Loans by Credit Quality Rating: | ||||||||||
Special Mention | $ | 108,975 | $ | 132,036 | $ | 104,781 | $ | 60,498 | $ | 61,968 |
Substandard | 160,461 | 158,515 | 123,570 | 90,552 | 89,510 | |||||
Other Metrics: | ||||||||||
Number of banking offices | 53 | 61 | 62 | 62 | 62 | |||||
Average number of full-time equivalent employees | 840 | 848 | 857 | 877 | 877 | |||||
Deposits per branch | $ | 113,579 | $ | 91,770 | $ | 91,759 | $ | 89,802 | $ | 74,483 |
Average assets per full-time equivalent employee | 8,098 | 7,873 | 7,727 | 7,195 | 6,342 |