10/24/2024 | Press release | Distributed by Public on 10/24/2024 15:19
As of or for the Quarter Ended | ||||||
September 30, 2024 |
June 30, 2024 |
September 30, 2023 |
||||
(Dollars in thousands, except per share amounts) | ||||||
Net income | $ | 11,423 | $ | 14,159 | $ | 18,219 |
Pre-tax, pre-provision income(1)
|
$ | 15,505 | $ | 17,263 | $ | 20,919 |
Diluted earnings per share | $ | 0.33 | $ | 0.41 | $ | 0.51 |
Return on average assets(2)
|
0.63 | % | 0.80 | % | 1.00 | % |
Pre-tax, pre-provision return on average assets(1)(2)
|
0.86 | % | 0.98 | % | 1.15 | % |
Return on average common equity(2)
|
5.30 | % | 6.75 | % | 8.80 | % |
Return on average tangible common equity(1)(2)
|
7.62 | % | 9.74 | % | 12.90 | % |
Adjusted return on average tangible common equity(1)(2)
|
10.42 | % | 10.74 | % | 13.62 | % |
Net interest margin(2)
|
3.33 | % | 3.29 | % | 3.47 | % |
Cost of total deposits(2)
|
1.42 | % | 1.34 | % | 0.83 | % |
Efficiency ratio | 71.7 | % | 69.4 | % | 66.2 | % |
Adjusted efficiency ratio(1)
|
65.2 | % | 67.1 | % | 64.8 | % |
Noninterest expense to average total assets(2)
|
2.18 | % | 2.21 | % | 2.25 | % |
Total assets | $ | 7,153,363 | $ | 7,059,857 | $ | 7,150,588 |
Loans receivable, net | $ | 4,628,088 | $ | 4,481,396 | $ | 4,219,911 |
Total deposits | $ | 5,708,492 | $ | 5,515,652 | $ | 5,635,187 |
Loan to deposit ratio(3)
|
82.0 | % | 82.2 | % | 75.7 | % |
Book value per share | $ | 25.61 | $ | 24.66 | $ | 23.31 |
Tangible book value per share(1)
|
$ | 18.45 | $ | 17.56 | $ | 16.25 |
September 30, 2024 | June 30, 2024 | Change | ||||||||||
Balance |
% of Total |
Balance |
% of Total |
$ | % | |||||||
(Dollars in thousands) | ||||||||||||
Investment securities available for sale, at fair value: | ||||||||||||
U.S. government and agency securities | $ | 13,054 | 0.8 | % | $ | 12,474 | 0.8 | % | $ | 580 | 4.6 | % |
Municipal securities | 61,263 | 3.9 | 69,720 | 4.2 | (8,457) | (12.1) | ||||||
Residential CMO and MBS(1)
|
427,048 | 27.2 | 446,468 | 26.9 | (19,420) | (4.3) | ||||||
Commercial CMO and MBS(1)
|
328,861 | 20.9 | 378,768 | 22.8 | (49,907) | (13.2) | ||||||
Corporate obligations | 11,706 | 0.7 | 11,384 | 0.7 | 322 | 2.8 | ||||||
Other asset-backed securities | 10,847 | 0.7 | 12,434 | 0.7 | (1,587) | (12.8) | ||||||
Total | $ | 852,779 | 54.2 | % | $ | 931,248 | 56.1 | % | $ | (78,469) | (8.4) | % |
September 30, 2024 | June 30, 2024 | Change | ||||||||||
Balance |
% of Total |
Balance |
% of Total |
$ | % | |||||||
(Dollars in thousands) | ||||||||||||
Investment securities held to maturity, at amortized cost: | ||||||||||||
U.S. government and agency securities | $ | 151,181 | 9.6 | % | $ | 151,146 | 9.1 | % | $ | 35 | - | % |
Residential CMO and MBS(1)
|
249,589 | 15.9 | 256,742 | 15.5 | (7,153) | (2.8) | ||||||
Commercial CMO and MBS(1)
|
318,630 | 20.3 | 319,454 | 19.3 | (824) | (0.3) | ||||||
Total | $ | 719,400 | 45.8 | % | $ | 727,342 | 43.9 | % | $ | (7,942) | (1.1) | % |
Total investment securities | $ | 1,572,179 | 100.0 | % | $ | 1,658,590 | 100.0 | % | $ | (86,411) | (5.2) | % |
September 30, 2024 | June 30, 2024 | Change | ||||||||||
Balance | % of Total | Balance | % of Total | $ | % | |||||||
(Dollars in thousands) | ||||||||||||
Commercial business: | ||||||||||||
Commercial and industrial | $ | 824,134 | 17.6 | % | $ | 779,495 | 17.2 | % | $ | 44,639 | 5.7 | % |
Owner-occupied CRE
|
987,084 | 21.1 | 953,518 | 21.0 | 33,566 | 3.5 | ||||||
Non-owner occupied CRE | 1,835,609 | 39.3 | 1,759,605 | 38.8 | 76,004 | 4.3 | ||||||
Total commercial business | 3,646,827 | 78.0 | 3,492,618 | 77.0 | 154,209 | 4.4 | ||||||
Residential real estate
|
408,982 | 8.7 | 413,358 | 9.1 | (4,376) | (1.1) | ||||||
Real estate construction and land development: | ||||||||||||
Residential
|
79,325 | 1.7 | 80,451 | 1.8 | (1,126) | (1.4) | ||||||
Commercial and multifamily
|
378,322 | 8.1 | 378,695 | 8.4 | (373) | (0.1) | ||||||
Total real estate construction and land development | 457,647 | 9.8 | 459,146 | 10.2 | (1,499) | (0.3) | ||||||
Consumer | 166,023 | 3.5 | 167,493 | 3.7 | (1,470) | (0.9) | ||||||
Loans receivable | 4,679,479 | 100.0 | % | 4,532,615 | 100.0 | % | 146,864 | 3.2 | ||||
Allowance for credit losses on loans | (51,391) | (51,219) | (172) | 0.3 | ||||||||
Loans receivable, net | $ | 4,628,088 | $ | 4,481,396 | $ | 146,692 | 3.3 | % |
September 30, 2024 | June 30, 2024 | Change | ||||||||||
Balance
|
% of Total | Balance | % of Total | $ | % | |||||||
(Dollars in thousands) | ||||||||||||
Noninterest demand deposits | $ | 1,682,219 | 29.5 | % | $ | 1,599,367 | 29.0 | % | $ | 82,852 | 5.2 | % |
Interest bearing demand deposits | 1,489,316 | 26.1 | 1,487,670 | 27.0 | 1,646 | 0.1 | ||||||
Money market accounts | 1,148,720 | 20.1 | 1,098,821 | 19.9 | 49,899 | 4.5 | ||||||
Savings accounts | 442,677 | 7.8 | 446,583 | 8.1 | (3,906) | (0.9) | ||||||
Total non-maturity deposits | 4,762,932 | 83.5 | 4,632,441 | 84.0 | 130,491 | 2.8 | ||||||
Certificates of deposit | 945,560 | 16.5 | 883,211 | 16.0 | 62,349 | 7.1 | ||||||
Total deposits | $ | 5,708,492 | 100.0 | % | $ | 5,515,652 | 100.0 | % | $ | 192,840 | 3.5 | % |
September 30, 2024 |
June 30, 2024 |
|
Stockholders' equity to total assets | 12.2% | 12.0% |
Tangible common equity to tangible assets (1)
|
9.1 | 8.9 |
Common equity tier 1 capital ratio (2)
|
12.3 | 12.6 |
Leverage ratio (2)
|
9.9 | 10.1 |
Tier 1 capital ratio (2)
|
12.7 | 13.0 |
Total capital ratio (2)
|
13.6 | 13.9 |
As of or for the Quarter Ended | ||||||||||||||||||
September 30, 2024 | June 30, 2024 | September 30, 2023 | ||||||||||||||||
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 | $ | 51,219 | $ | 774 | $ | 51,993 | $ | 49,736 | $ | 976 | $ | 50,712 | $ | 46,408 | $ | 1,777 | $ | 48,185 |
Provision for (reversal of) credit losses | 2,705 | (266) | 2,439 | 1,470 | (202) | 1,268 | (635) | (243) | (878) |
As of or for the Quarter Ended | ||||||||||||||||||
September 30, 2024 | June 30, 2024 | September 30, 2023 | ||||||||||||||||
ACL on Loans | ACL on Unfunded | Total | ACL on Loans | ACL on Unfunded | Total | ACL on Loans | ACL on Unfunded | Total | ||||||||||
(Dollars in thousands) | ||||||||||||||||||
Net recoveries (net charge-offs) | (2,533) | - | (2,533) | 13 | - | - | 13 | 1,174 | - | 1,174 | ||||||||
Balance, end of period | $ | 51,391 | $ | 508 | $ | 51,899 | $ | 51,219 | $ | 774 | $ | 51,993 | $ | 46,947 | $ | 1,534 | $ | 48,481 |
September 30, 2024 | June 30, 2024 | |||||||
Balance | % of Total | Balance | % of Total | |||||
(Dollars in thousands) | ||||||||
Risk Rating: | ||||||||
Pass | $ | 4,508,424 | 96.4 | % | $ | 4,356,425 | 96.1 | % |
Special Mention | 99,078 | 2.1 | 93,694 | 2.1 | ||||
Substandard | 71,977 | 1.5 | 82,496 | 1.8 | ||||
Total | $ | 4,679,479 | 100.0 | % | $ | 4,532,615 | 100.0 | % |
Quarter Ended | ||||||
September 30, 2024 |
June 30, 2024 |
September 30, 2023 |
||||
(Dollars in thousands)
|
||||||
Balance, beginning of period | $ | 3,826 | $ | 4,792 | $ | 4,630 |
Additions | 4,990 | 549 | 440 | |||
Net principal payments and transfers to accruing status | (173) | (483) | (81) | |||
Payoffs | (1,832) | (769) | (1,924) | |||
Charge-offs | (2,510) | (263) | - | |||
Balance, end of period | $ | 4,301 | $ | 3,826 | $ | 3,065 |
Quarter Ended | ||||
September 30, 2024 |
June 30, 2024 |
|||
(Dollars in thousands) | ||||
On-balance sheet liquidity
|
||||
Cash and cash equivalents | $ | 175,572 | $ | 113,757 |
Unencumbered investment securities available for sale (1)
|
848,224 | 926,822 | ||
Total on-balance sheet liquidity
|
$ | 1,023,796 | $ | 1,040,579 |
Off-balance sheet liquidity
|
||||
FRB borrowing availability | $ | 287,739 | $ | 278,632 |
FHLB borrowing availability (2)
|
1,068,085 | 943,492 | ||
Fed funds line borrowing availability with correspondent banks | 145,000 | 145,000 | ||
Total off-balance sheet liquidity
|
$ | 1,500,824 | $ | 1,367,124 |
Total available liquidity | $ | 2,524,620 | $ | 2,407,703 |
Quarter Ended | ||||||||||||||||||
September 30, 2024 | June 30, 2024 | September 30, 2023 | ||||||||||||||||
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) |
||||||||||
(Dollars in thousands)
|
||||||||||||||||||
Interest Earning Assets: | ||||||||||||||||||
Loans receivable, net (2)(3)
|
$ | 4,555,090 | $ | 64,138 | 5.60 | % | $ | 4,415,790 | $ | 60,608 | 5.52 | % | $ | 4,201,554 | $ | 56,119 | 5.30 | % |
Taxable securities | 1,604,529 | 13,472 | 3.34 | 1,685,795 | 14,156 | 3.38 | 1,931,649 | 14,590 | 3.00 | |||||||||
Nontaxable securities (3)
|
17,482 | 159 | 3.62 | 18,812 | 165 | 3.53 | 60,654 | 448 | 2.93 | |||||||||
Interest earning deposits | 150,384 | 2,048 | 5.42 | 121,539 | 1,653 | 5.47 | 169,186 | 2,310 | 5.42 | |||||||||
Total interest earning assets | 6,327,485 | 79,817 | 5.02 | % | 6,241,936 | 76,582 | 4.93 | % | 6,363,043 | 73,467 | 4.58 | % | ||||||
Noninterest earning assets | 855,436 | 864,855 | 849,689 | |||||||||||||||
Total assets | $ | 7,182,921 | $ | 7,106,791 | $ | 7,212,732 | ||||||||||||
Interest Bearing Liabilities: | ||||||||||||||||||
Certificates of deposit | $ | 906,743 | $ | 10,052 | 4.41 | % | $ | 838,285 | $ | 9,128 | 4.38 | % | $ | 553,015 | $ | 4,585 | 3.29 | % |
Savings accounts | 445,926 | 220 | 0.20 | 453,099 | 190 | 0.17 | 523,882 | 172 | 0.13 | |||||||||
Interest bearing demand and money market accounts | 2,644,827 | 9,984 | 1.50 | 2,625,593 | 9,135 | 1.40 | 2,764,251 | 7,120 | 1.02 | |||||||||
Total interest bearing deposits | 3,997,496 | 20,256 | 2.02 | 3,916,977 | 18,453 | 1.89 | 3,841,148 | 11,877 | 1.23 |
Quarter Ended | ||||||||||||
September 30, 2024 | June 30, 2024 | September 30, 2023 | ||||||||||
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) |
||||
(Dollars in thousands)
|
||||||||||||
Junior subordinated debentures | 21,946 | 541 | 9.81 | 21,874 | 539 | 9.91 | 21,649 | 540 | 9.90 | |||
Securities sold under agreement to repurchase | - | - | - | - | - | - | 31,729 | 38 | 0.48 | |||
Borrowings | 452,364 | 6,062 | 5.33 | 500,230 | 6,477 | 5.21 | 451,032 | 5,394 | 4.74 | |||
Total interest bearing liabilities | 4,471,806 | 26,859 | 2.39 | % | 4,439,081 | 25,469 | 2.31 | % | 4,345,558 | 17,849 | 1.63 | % |
Noninterest demand deposits | 1,677,984 | 1,638,262 | 1,859,374 | |||||||||
Other noninterest bearing liabilities | 175,332 | 186,010 | 186,306 | |||||||||
Stockholders' equity | 857,799 | 843,438 | 821,494 | |||||||||
Total liabilities and stockholders' equity | $ | 7,182,921 | $ | 7,106,791 | $ | 7,212,732 | ||||||
Net interest income and spread | $ | 52,958 | 2.63 | % | $ | 51,113 | 2.62 | % | $ | 55,618 | 2.95 | % |
Net interest margin | 3.33 | % | 3.29 | % | 3.47 | % |
Quarter Ended | Quarter Over Quarter Change |
Prior Year
Quarter Change
|
||||||||||||
September 30, 2024 |
June 30, 2024 |
September 30, 2023 |
$ | % | $ | % | ||||||||
(Dollars in thousands)
|
||||||||||||||
Service charges and other fees | $ | 2,788 | $ | 2,817 | $ | 2,856 | $ | (29) | (1.0) | % | $ | (68) | (2.4) | % |
Card revenue | 2,134 | 1,930 | 2,273 | 204 | 10.6 | (139) | (6.1) | |||||||
Loss on sale of investment securities | (6,945) | (1,921) | (1,940) | (5,024) | 261.5 | (5,005) | 258.0 | |||||||
Gain on sale of loans, net | - | - | 157 | - | - | (157) | (100.0) | |||||||
Interest rate swap fees | - | 52 | 62 | (52) | (100.0) | (62) | (100.0) | |||||||
Bank owned life insurance income | 860 | 931 | 734 | (71) | (7.6) | 126 | 17.2 | |||||||
Gain on sale of other assets, net | 1,480 | 49 | - | 1,431 | 2,920.4 | 1,480 | 100.0 | |||||||
Other income | 1,520 | 1,388 | 2,129 | 132 | 9.5 | (609) | (28.6) | |||||||
Total noninterest income
|
$ | 1,837 | $ | 5,246 | $ | 6,271 | $ | (3,409) | (65.0) | % | $ | (4,434) | (70.7) | % |
Quarter Ended | Quarter Over Quarter Change | Prior Year Quarter Change | ||||||||||||
September 30, 2024 |
June 30, 2024 |
September 30, 2023 |
$ | % | $ | % | ||||||||
(Dollars in thousands)
|
||||||||||||||
Compensation and employee benefits | $ | 24,367 | $ | 24,448 | $ | 25,008 | $ | (81) | (0.3) | % | $ | (641) | (2.6) | % |
Occupancy and equipment | 4,850 | 4,765 | 4,814 | 85 | 1.8 | 36 | 0.7 | |||||||
Data processing | 3,915 | 3,535 | 4,116 | 380 | 10.7 | (201) | (4.9) | |||||||
Marketing | 128 | 244 | 389 | (116) | (47.5) | (261) | (67.1) | |||||||
Professional services | 490 | 795 | 582 | (305) | (38.4) | (92) | (15.8) | |||||||
State/municipal business and use taxes
|
1,249 | 1,160 | 1,088 | 89 | 7.7 | 161 | 14.8 | |||||||
Federal deposit insurance premium | 824 | 812 | 818 | 12 | 1.5 | 6 | 0.7 | |||||||
Amortization of intangible assets | 399 | 421 | 595 | (22) | (5.2) | (196) | (32.9) | |||||||
Other expense | 3,068 | 2,916 | 3,560 | 152 | 5.2 | (492) | (13.8) | |||||||
Total noninterest expense | $ | 39,290 | $ | 39,096 | $ | 40,970 | $ | 194 | 0.5 | % | $ | (1,680) | (4.1) | % |
Quarter Ended | Change | |||||||||
September 30, 2024 |
June 30, 2024 |
September 30, 2023 |
Quarter Over Quarter
|
Prior Year Quarter
|
||||||
(Dollars in thousands)
|
||||||||||
Income before income taxes | $ | 13,066 | $ | 15,995 | $ | 21,797 | $ | (2,929) | $ | (8,731) |
Income tax expense | $ | 1,643 | $ | 1,836 | $ | 3,578 | $ | (193) | $ | (1,935) |
Effective income tax rate | 12.6 | % | 11.5 | % | 16.4 | % | 1.1 | % | (3.8) | % |
September 30, 2024 |
June 30, 2024 |
December 31, 2023 |
||||
Assets | ||||||
Cash on hand and in banks | $ | 78,068 | $ | 55,469 | $ | 55,851 |
Interest earning deposits | 97,504 | 58,288 | 169,122 | |||
Cash and cash equivalents | 175,572 | 113,757 | 224,973 | |||
Investment securities available for sale, at fair value (amortized cost of $909,023, $1,022,211 and $1,227,787, respectively)
|
852,779 | 931,248 | 1,134,353 | |||
Investment securities held to maturity, at amortized cost (fair value of $661,696, $642,051 and $662,450, respectively)
|
719,400 | 727,342 | 739,442 | |||
Total investment securities | 1,572,179 | 1,658,590 | 1,873,795 | |||
Loans receivable | 4,679,479 | 4,532,615 | 4,335,627 | |||
Allowance for credit losses on loans | (51,391) | (51,219) | (47,999) | |||
Loans receivable, net | 4,628,088 | 4,481,396 | 4,287,628 | |||
Premises and equipment, net | 72,500 | 73,218 | 74,899 | |||
Federal Home Loan Bank stock, at cost | 16,993 | 22,303 | 4,186 | |||
Bank owned life insurance | 127,248 | 126,420 | 125,655 | |||
Accrued interest receivable | 20,102 | 19,855 | 19,518 | |||
Prepaid expenses and other assets | 296,190 | 319,428 | 318,571 | |||
Other intangible assets, net | 3,552 | 3,951 | 4,793 | |||
Goodwill | 240,939 | 240,939 | 240,939 | |||
Total assets | $ | 7,153,363 | $ | 7,059,857 | $ | 7,174,957 |
Liabilities and Stockholders' Equity | ||||||
Non-interest bearing deposits
|
$ | 1,682,219 | $ | 1,599,367 | $ | 1,715,847 |
Interest bearing deposits
|
4,026,273 | 3,916,285 | 3,884,025 | |||
Total deposits | 5,708,492 | 5,515,652 | 5,599,872 | |||
Borrowings | 382,000 | 500,000 | 500,000 | |||
Junior subordinated debentures | 21,985 | 21,912 | 21,765 | |||
Accrued expenses and other liabilities | 166,372 | 171,786 | 200,059 | |||
Total liabilities | 6,278,849 | 6,209,350 | 6,321,696 | |||
Common stock | 534,917 | 541,294 | 549,748 | |||
Retained earnings | 383,127 | 379,714 | 375,989 | |||
Accumulated other comprehensive loss, net | (43,530) | (70,501) | (72,476) | |||
Total stockholders' equity | 874,514 | 850,507 | 853,261 | |||
Total liabilities and stockholders' equity | $ | 7,153,363 | $ | 7,059,857 | $ | 7,174,957 |
Shares outstanding | 34,153,539 | 34,496,197 | 34,906,233 |
Quarter Ended | Nine Months Ended | |||||||||
September 30, 2024 |
June 30, 2024 |
September 30, 2023 |
September 30, 2024 |
September 30, 2023 |
||||||
Interest Income | ||||||||||
Interest and fees on loans | $ | 64,138 | $ | 60,608 | $ | 56,119 | $ | 182,608 | $ | 160,192 |
Taxable interest on investment securities | 13,472 | 14,156 | 14,590 | 42,462 | 44,021 | |||||
Nontaxable interest on investment securities | 159 | 165 | 448 | 505 | 1,554 | |||||
Interest on interest earning deposits | 2,048 | 1,653 | 2,310 | 5,177 | 4,436 | |||||
Total interest income | 79,817 | 76,582 | 73,467 | 230,752 | 210,203 | |||||
Interest Expense | ||||||||||
Deposits | 20,256 | 18,453 | 11,877 | 55,097 | 25,012 | |||||
Junior subordinated debentures | 541 | 539 | 540 | 1,627 | 1,521 | |||||
Securities sold under agreement to repurchase | - | - | 38 | - | 148 | |||||
Borrowings | 6,062 | 6,477 | 5,394 | 18,427 | 12,238 | |||||
Total interest expense | 26,859 | 25,469 | 17,849 | 75,151 | 38,919 | |||||
Net interest income | 52,958 | 51,113 | 55,618 | 155,601 | 171,284 | |||||
Provision for (reversal of) credit losses | 2,439 | 1,268 | (878) | 5,099 | 2,856 | |||||
Net interest income after provision for (reversal of) credit losses | 50,519 | 49,845 | 56,496 | 150,502 | 168,428 | |||||
Noninterest Income | ||||||||||
Service charges and other fees | 2,788 | 2,817 | 2,856 | 8,393 | 8,162 | |||||
Card revenue | 2,134 | 1,930 | 2,273 | 5,903 | 6,396 | |||||
Loss on sale of investment securities, net | (6,945) | (1,921) | (1,940) | (18,839) | (2,226) | |||||
Gain on sale of loans, net | - | - | 157 | 26 | 307 | |||||
Interest rate swap fees | - | 52 | 62 | 52 | 230 | |||||
Bank owned life insurance income | 860 | 931 | 734 | 2,711 | 2,280 | |||||
Gain on sale of other assets, net | 1,480 | 49 | - | 1,529 | 2 | |||||
Other income | 1,520 | 1,388 | 2,129 | 4,408 | 6,659 | |||||
Total noninterest income | 1,837 | 5,246 | 6,271 | 4,183 | 21,810 | |||||
Noninterest Expense | ||||||||||
Compensation and employee benefits | 24,367 | 24,448 | 25,008 | 74,291 | 75,325 | |||||
Occupancy and equipment | 4,850 | 4,765 | 4,814 | 14,547 | 14,372 | |||||
Data processing | 3,915 | 3,535 | 4,116 | 10,732 | 12,427 | |||||
Marketing | 128 | 244 | 389 | 583 | 1,232 | |||||
Professional services | 490 | 795 | 582 | 1,852 | 1,961 | |||||
State/municipal business and use taxes | 1,249 | 1,160 | 1,088 | 3,709 | 3,150 | |||||
Federal deposit insurance premium | 824 | 812 | 818 | 2,431 | 2,465 | |||||
Amortization of intangible assets | 399 | 421 | 595 | 1,241 | 1,841 | |||||
Other expense | 3,068 | 2,916 | 3,560 | 9,370 | 11,127 | |||||
Total noninterest expense | 39,290 | 39,096 | 40,970 | 118,756 | 123,900 | |||||
Income before income taxes | 13,066 | 15,995 | 21,797 | 35,929 | 66,338 | |||||
Income tax expense | 1,643 | 1,836 | 3,578 | 4,599 | 10,816 | |||||
Net income | $ | 11,423 | $ | 14,159 | $ | 18,219 | $ | 31,330 | $ | 55,522 |
Quarter Ended | Nine Months Ended | |||||||||
September 30, 2024 |
June 30, 2024 |
September 30, 2023 |
September 30, 2024 |
September 30, 2023 |
||||||
Basic earnings per share | $ | 0.33 | $ | 0.41 | $ | 0.52 | $ | 0.91 | $ | 1.58 |
Diluted earnings per share | $ | 0.33 | $ | 0.41 | $ | 0.51 | $ | 0.90 | $ | 1.57 |
Dividends declared per share | $ | 0.23 | $ | 0.23 | $ | 0.22 | $ | 0.69 | $ | 0.66 |
Average shares outstanding - basic | 34,322,069 | 34,609,900 | 35,022,676 | 34,584,851 | 35,062,760 | |||||
Average shares outstanding - diluted | 34,658,674 | 34,919,395 | 35,115,165 | 35,002,375 | 35,305,456 |
Nine Months Ended September 30, | ||||||||||||
2024 | 2023 | |||||||||||
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)
|
$ | 4,425,234 | $ | 182,608 | 5.51 | % | $ | 4,129,429 | $ | 160,192 | 5.19 | % |
Taxable securities | 1,699,995 | 42,462 | 3.34 | 1,975,818 | 44,021 | 2.98 | ||||||
Nontaxable securities(3)
|
19,193 | 505 | 3.51 | 71,702 | 1,554 | 2.90 | ||||||
Interest earning deposits | 126,970 | 5,177 | 5.45 | 114,753 | 4,436 | 5.17 | ||||||
Total interest earning assets | 6,271,392 | 230,752 | 4.91 | % | 6,291,702 | 210,203 | 4.47 | % | ||||
Noninterest earning assets | 856,198 | 848,035 | ||||||||||
Total assets | $ | 7,127,590 | $ | 7,139,737 | ||||||||
Interest Bearing Liabilities: | ||||||||||||
Certificates of deposit | $ | 826,575 | $ | 26,852 | 4.34 | % | $ | 442,301 | $ | 8,292 | 2.51 | % |
Savings accounts | 457,989 | 640 | 0.19 | 558,467 | 471 | 0.11 | ||||||
Interest bearing demand and money market accounts | 2,643,478 | 27,605 | 1.39 | 2,791,695 | 16,249 | 0.78 | ||||||
Total interest bearing deposits | 3,928,042 | 55,097 | 1.87 | 3,792,463 | 25,012 | 0.88 | ||||||
Junior subordinated debentures | 21,874 | 1,627 | 9.94 | 21,576 | 1,521 | 9.43 | ||||||
Securities sold under agreement to repurchase | - | - | - | 38,187 | 148 | 0.52 | ||||||
Borrowings | 484,300 | 18,427 | 5.08 | 339,296 | 12,238 | 4.82 | ||||||
Total interest bearing liabilities | 4,434,216 | 75,151 | 2.26 | % | 4,191,522 | 38,919 | 1.24 | % | ||||
Noninterest demand deposits | 1,657,867 | 1,942,134 | ||||||||||
Other noninterest bearing liabilities | 186,081 | 186,469 | ||||||||||
Stockholders' equity | 849,426 | 819,612 | ||||||||||
Total liabilities and stockholders' equity | $ | 7,127,590 | $ | 7,139,737 | ||||||||
Net interest income and spread | $ | 155,601 | 2.65 | % | $ | 171,284 | 3.23 | % | ||||
Net interest margin | 3.31 | % | 3.64 | % |
Quarter Ended | Nine Months Ended | |||||||||
September 30, 2024 |
June 30, 2024 |
September 30, 2023 |
September 30, 2024 |
September 30, 2023 |
||||||
Allowance for Credit Losses on Loans: | ||||||||||
Balance, beginning of period | $ | 51,219 | $ | 49,736 | $ | 46,408 | $ | 47,999 | $ | 42,986 |
Provision for credit losses on loans
|
2,705 | 1,470 | (635) | 5,879 | 3,066 | |||||
Charge-offs: | ||||||||||
Commercial business | (2,560) | (312) | (15) | (2,949) | (176) | |||||
Consumer | (85) | (238) | (123) | (446) | (420) | |||||
Total charge-offs | (2,645) | (550) | (138) | (3,395) | (596) | |||||
Recoveries: | ||||||||||
Commercial business | 72 | 518 | 1,253 | 807 | 1,342 | |||||
Consumer | 40 | 45 | 59 | 101 | 149 | |||||
Total recoveries | 112 | 563 | 1,312 | 908 | 1,491 | |||||
Net recoveries (charge-offs) | (2,533) | 13 | 1,174 | (2,487) | 895 | |||||
Balance, end of period | $ | 51,391 | $ | 51,219 | $ | 46,947 | $ | 51,391 | $ | 46,947 |
Net charge-offs (recoveries) on loans to average loans receivable, net annualized
|
0.22 | % | - | % | (0.11) | % | 0.08 | % | (0.03) | % |
September 30, 2024 |
June 30, 2024 |
December 31, 2023 |
||||
Nonperforming Assets: | ||||||
Nonaccrual loans: | ||||||
Commercial business | $ | 4,301 | $ | 3,826 | $ | 4,468 |
Total nonaccrual loans | 4,301 | 3,826 | 4,468 | |||
Accruing loans past due 90 days or more
|
5,347 | 4,296 | 1,293 | |||
Total nonperforming loans
|
9,648 | 8,122 | 5,761 | |||
Other real estate owned | - | - | - | |||
Nonperforming assets | $ | 9,648 | $ | 8,122 | $ | 5,761 |
ACL on loans to: | ||||||
Loans receivable | 1.10 | % | 1.13 | % | 1.11 | % |
Nonaccrual loans | 1,194.86 | % | 1,338.71 | % | 1,074.28 | % |
Nonaccrual loans to loans receivable
|
0.09 | % | 0.08 | % | 0.10 | % |
Nonperforming loans to loans receivable
|
0.21 | % | 0.18 | % | 0.13 | % |
Nonperforming assets to total assets | 0.13 | % | 0.12 | % | 0.08 | % |
Quarter Ended | ||||||||||
September 30, 2024 |
June 30, 2024 |
March 31, 2024 |
December 31, 2023 |
September 30, 2023 |
||||||
Earnings: | ||||||||||
Net interest income | $ | 52,958 | $ | 51,113 | $ | 51,530 | $ | 53,871 | $ | 55,618 |
Provision for (reversal of) credit losses | 2,439 | 1,268 | 1,392 | 1,424 | (878) | |||||
Noninterest income (loss)
|
1,837 | 5,246 | (2,900) | (3,147) | 6,271 | |||||
Noninterest expense | 39,290 | 39,096 | 40,370 | 42,723 | 40,970 | |||||
Net income | 11,423 | 14,159 | 5,748 | 6,233 | 18,219 | |||||
Pre-tax, pre-provision net income (1)
|
15,505 | 17,263 | 8,260 | 8,001 | 20,919 | |||||
Basic earnings per share | $ | 0.33 | $ | 0.41 | $ | 0.17 | $ | 0.18 | $ | 0.52 |
Diluted earnings per share | $ | 0.33 | $ | 0.41 | $ | 0.16 | $ | 0.18 | $ | 0.51 |
Average Balances: | ||||||||||
Loans receivable, net (2)
|
$ | 4,555,090 | $ | 4,415,790 | $ | 4,303,394 | $ | 4,233,743 | $ | 4,201,554 |
Total investment securities | 1,622,011 | 1,704,607 | 1,832,011 | 1,861,587 | 1,992,303 | |||||
Total interest earning assets | 6,327,485 | 6,241,936 | 6,244,138 | 6,269,805 | 6,363,043 | |||||
Total assets | 7,182,921 | 7,106,791 | 7,092,452 | 7,140,876 | 7,212,732 | |||||
Total interest bearing deposits | 3,997,496 | 3,916,977 | 3,868,890 | 3,849,067 | 3,841,148 | |||||
Total noninterest demand deposits | 1,677,984 | 1,638,262 | 1,657,132 | 1,772,261 | 1,859,374 | |||||
Stockholders' equity | 857,799 | 843,438 | 846,947 | 813,383 | 821,494 | |||||
Financial Ratios: | ||||||||||
Return on average assets (3)
|
0.63 | % | 0.80 | % | 0.33 | % | 0.35 | % | 1.00 | % |
Pre-tax, pre-provision return on average assets (1)(3)
|
0.86 | 0.98 | 0.47 | 0.44 | 1.15 | |||||
Return on average common equity (3)
|
5.30 | 6.75 | 2.73 | 3.04 | 8.80 | |||||
Return on average tangible common equity (1)(3)
|
7.62 | 9.74 | 4.07 | 4.69 | 12.90 | |||||
Adjusted return on average tangible common equity (1)(3)
|
10.42 | 10.74 | 9.34 | 10.21 | 13.62 | |||||
Efficiency ratio | 71.7 | 69.4 | 83.0 | 84.2 | 66.2 | |||||
Adjusted efficiency ratio (1)
|
65.2 | 67.1 | 68.9 | 70.4 | 64.8 | |||||
Noninterest expense to average total assets (3)
|
2.18 | 2.21 | 2.29 | 2.37 | 2.25 | |||||
Net interest spread (3)
|
2.63 | 2.62 | 2.70 | 2.84 | 2.95 | |||||
Net interest margin (3)
|
3.33 | 3.29 | 3.32 | 3.41 | 3.47 |
As of or for the Quarter Ended | ||||||||||
September 30, 2024 |
June 30, 2024 |
March 31, 2024 |
December 31, 2023 |
September 30, 2023 |
||||||
Select Balance Sheet: | ||||||||||
Total assets | $ | 7,153,363 | $ | 7,059,857 | $ | 7,091,283 | $ | 7,174,957 | $ | 7,150,588 |
Loans receivable, net | 4,628,088 | 4,481,396 | 4,378,429 | 4,287,628 | 4,219,911 | |||||
Total investment securities | 1,572,179 | 1,658,590 | 1,730,516 | 1,873,795 | 1,894,392 | |||||
Total deposits | 5,708,492 | 5,515,652 | 5,532,327 | 5,599,872 | 5,635,187 | |||||
Noninterest demand deposits | 1,682,219 | 1,599,367 | 1,637,111 | 1,715,847 | 1,789,293 | |||||
Stockholders' equity | 874,514 | 850,507 | 847,580 | 853,261 | 813,546 | |||||
Financial Measures: | ||||||||||
Book value per share | $ | 25.61 | $ | 24.66 | $ | 24.43 | $ | 24.44 | $ | 23.31 |
Tangible book value per share (1)
|
18.45 | 17.56 | 17.36 | 17.40 | 16.25 | |||||
Stockholders' equity to total assets | 12.2 | % | 12.0 | % | 12.0 | % | 11.9 | % | 11.4 | % |
Tangible common equity to tangible assets (1)
|
9.1 | 8.9 | 8.8 | 8.8 | 8.2 | |||||
Loans to deposits ratio | 82.0 | 82.2 | 80.0 | 77.4 | 75.7 | |||||
Regulatory Capital Ratios:(2)
|
||||||||||
Common equity tier 1 capital ratio
|
12.3 | % | 12.6 | % | 12.6 | % | 12.9 | % | 12.9 | % |
Leverage ratio
|
9.9 | 10.1 | 10.0 | 10.0 | 9.9 | |||||
Tier 1 capital ratio
|
12.7 | 13.0 | 13.0 | 13.3 | 13.3 | |||||
Total capital ratio
|
13.6 | 13.9 | 13.9 | 14.1 | 14.1 | |||||
Credit Quality Metrics: | ||||||||||
ACL on loansto:
|
||||||||||
Loans receivable | 1.10 | % | 1.13 | % | 1.12 | % | 1.11 | % | 1.10 | % |
Nonperforming loans | 1,194.9 | 1,338.7 | 1,037.9 | 1,074.3 | 1,531.7 | |||||
Nonaccrual loans to loans receivable
|
0.09 | 0.08 | 0.11 | 0.10 | 0.07 | |||||
Nonperforming loans to loans receivable | 0.21 | 0.18 | 0.17 | 0.13 | 0.12 | |||||
Nonperforming assets to total assets | 0.13 | 0.12 | 0.10 | 0.08 | 0.07 | |||||
Net charge-offs (recoveries) on loans to average loans receivable, net(3)
|
0.22 | 0.00 | 0.00 | 0.06 | (0.11) | |||||
Criticized Loans by Credit Quality Rating: | ||||||||||
Special mention | $ | 99,078 | $ | 93,694 | $ | 102,232 | $ | 79,977 | $ | 72,152 |
Substandard | 71,977 | 82,496 | 70,183 | 69,757 | 62,653 | |||||
Other Metrics: | ||||||||||
Number of banking offices | 50 | 50 | 50 | 50 | 50 | |||||
Deposits per branch | $ | 114,170 | $ | 110,313 | $ | 110,647 | $ | 111,997 | $ | 112,704 |
Average number of full-time equivalent employees | 749 | 748 | 765 | 803 | 821 | |||||
Average assets per full-time equivalent employee | 9,590 | 9,501 | 9,271 | 8,893 | 8,785 |
September 30, 2024 |
June 30, 2024 |
March 31, 2024 |
December 31, 2023 |
September 30, 2023 |
||||||
Tangible Common Equity to Tangible Assets and Tangible Book Value Per Share: | ||||||||||
Total stockholders' equity (GAAP) | $ | 874,514 | $ | 850,507 | $ | 847,580 | $ | 853,261 | $ | 813,546 |
Exclude intangible assets | (244,491) | (244,890) | (245,311) | (245,732) | (246,325) | |||||
Tangible common equity (non-GAAP) | $ | 630,023 | $ | 605,617 | $ | 602,269 | $ | 607,529 | $ | 567,221 |
Total assets (GAAP) | $ | 7,153,363 | $ | 7,059,857 | $ | 7,091,283 | $ | 7,174,957 | $ | 7,150,588 |
Exclude intangible assets | (244,491) | (244,890) | (245,311) | (245,732) | (246,325) | |||||
Tangible assets (non-GAAP) | $ | 6,908,872 | $ | 6,814,967 | $ | 6,845,972 | $ | 6,929,225 | $ | 6,904,263 |
Stockholders' equity to total assets (GAAP) | 12.2 | % | 12.0 | % | 12.0 | % | 11.9 | % | 11.4 | % |
Tangible common equity to tangible assets (non-GAAP)
|
9.1 | % | 8.9 | % | 8.8 | % | 8.8 | % | 8.2 | % |
Shares outstanding | 34,153,539 | 34,496,197 | 34,689,843 | 34,906,233 | 34,901,076 | |||||
Book value per share (GAAP) | $ | 25.61 | $ | 24.66 | $ | 24.43 | $ | 24.44 | $ | 23.31 |
Tangible book value per share (non-GAAP) | $ | 18.45 | $ | 17.56 | $ | 17.36 | $ | 17.40 | $ | 16.25 |
Quarter Ended | ||||||||||
September 30, 2024 |
June 30, 2024 |
March 31, 2024 |
December 31, 2023 |
September 30, 2023 |
||||||
Return on Average Tangible Common Equity, annualized: | ||||||||||
Net income (GAAP) | $ | 11,423 | $ | 14,159 | $ | 5,748 | $ | 6,233 | $ | 18,219 |
Add amortization of intangible assets | 399 | 421 | 421 | 593 | 595 | |||||
Exclude tax effect of adjustment | (84) | (88) | (88) | (125) | (125) | |||||
Tangible net income (non-GAAP) | $ | 11,738 | $ | 14,492 | $ | 6,081 | $ | 6,701 | $ | 18,689 |
Tangible net income (non-GAAP) | $ | 11,738 | $ | 14,492 | $ | 6,081 | $ | 6,701 | $ | 18,689 |
Exclude loss on sale of investment securities, net
|
6,945 | 1,921 | 9,973 | 10,005 | 1,940 | |||||
Exclude gain on sale of branch including related deposits, net | - | - | - | - | (610) | |||||
Exclude gain on sale of premises and equipment | (1,480) | (49) | - | - | - | |||||
Exclude tax effect of adjustment | (1,148) | (393) | (2,094) | (2,101) | (279) | |||||
Adjusted tangible net income (non-GAAP) | $ | 16,055 | $ | 15,971 | $ | 13,960 | $ | 14,605 | $ | 19,740 |
Average stockholders' equity (GAAP) | $ | 857,799 | $ | 843,438 | $ | 846,947 | $ | 813,383 | $ | 821,494 |
Exclude average intangible assets | (244,706) | (245,106) | (245,536) | (246,022) | (246,663) | |||||
Average tangible common stockholders' equity (non-GAAP) | $ | 613,093 | $ | 598,332 | $ | 601,411 | $ | 567,361 | $ | 574,831 |
Return on average common equity, annualized (GAAP) | 5.30 | % | 6.75 | % | 2.73 | % | 3.04 | % | 8.80 | % |
Return on average tangible common equity, annualized (non-GAAP) | 7.62 | % | 9.74 | % | 4.07 | % | 4.69 | % | 12.90 | % |
Adjusted return on average tangible common equity, annualized (non-GAAP) | 10.42 | % | 10.74 | % | 9.34 | % | 10.21 | % | 13.62 | % |
Quarter Ended | ||||||||||
September 30, 2024 |
June 30, 2024 |
March 31, 2024 |
December 31, 2023 |
September 30, 2023 |
||||||
Pre-tax, Pre-provision Income and Pre-tax, Pre-provision Return on Average Assets, annualized: | ||||||||||
Net income (GAAP) | $ | 11,423 | $ | 14,159 | $ | 5,748 | $ | 6,233 | $ | 18,219 |
Add income tax expense | 1,643 | 1,836 | 1,120 | 344 | 3,578 | |||||
Add (subtract) provision for (reversal of) credit losses | 2,439 | 1,268 | 1,392 | 1,424 | (878) | |||||
Pre-tax, pre-provision income (non-GAAP) | $ | 15,505 | $ | 17,263 | $ | 8,260 | $ | 8,001 | $ | 20,919 |
Quarter Ended | ||||||||||
September 30, 2024 |
June 30, 2024 |
March 31, 2024 |
December 31, 2023 |
September 30, 2023 |
||||||
Pre-tax, Pre-provision Income and Pre-tax, Pre-provision Return on Average Assets, annualized: | ||||||||||
Average total assets (GAAP) | $ | 7,182,921 | $ | 7,106,791 | $ | 7,092,452 | $ | 7,140,876 | $ | 7,212,732 |
Return on average assets, annualized (GAAP) | 0.63 | % | 0.80 | % | 0.33 | % | 0.35 | % | 1.00 | % |
Pre-tax, pre-provision return on average assets (non-GAAP) | 0.86 | % | 0.98 | % | 0.47 | % | 0.44 | % | 1.15 | % |
Quarter Ended | ||||||||||
September 30, 2024 |
June 30, 2024 |
March 31, 2024 |
December 31, 2023 |
September 30, 2023 |
||||||
Adjusted Efficiency Ratio : | ||||||||||
Total noninterest expense (GAAP) | $ | 39,290 | $ | 39,096 | $ | 40,370 | $ | 42,723 | $ | 40,970 |
Net interest income (GAAP) | $ | 52,958 | $ | 51,113 | $ | 51,530 | $ | 53,871 | $ | 55,618 |
Total noninterest income (GAAP) | $ | 1,837 | $ | 5,246 | $ | (2,900) | $ | (3,147) | $ | 6,271 |
Exclude (gain) loss on sale of investment securities, net | 6,945 | 1,921 | 9,973 | 10,005 | 1,940 | |||||
Exclude gain on sale of branch including related deposits, net | - | - | - | - | (610) | |||||
Exclude gain on sale of premises and equipment
|
(1,480) | (49) | - | - | - | |||||
Adjusted total noninterest income (non-GAAP) | $ | 7,302 | $ | 7,118 | $ | 7,073 | $ | 6,858 | $ | 7,601 |
Efficiency ratio (GAAP) | 71.7 | % | 69.4 | % | 83.0 | % | 84.2 | % | 66.2 | % |
Adjusted efficiency ratio (non-GAAP) | 65.2 | % | 67.1 | % | 68.9 | % | 70.4 | % | 64.8 | % |