10/23/2024 | Press release | Distributed by Public on 10/23/2024 14:33
(in thousands)
|
September 30, 2024 | June 30, 2024 | March 31, 2024 | December 31, 2023 | September 30, 2023 | |||||
Consolidated Balance Sheets | (audited) | |||||||||
Total assets | $ | 10,381,961 | $ | 9,747,738 | $ | 9,817,772 | $ | 9,716,327 | $ | 9,345,700 |
Total investments | 1,542,544 | 1,547,864 | 1,578,568 | 1,496,975 | 1,314,367 | |||||
Total gross loans (1)(2)
|
7,561,963 | 7,322,911 | 7,006,383 | 7,264,912 | 7,142,596 | |||||
Allowance for credit losses | 79,890 | 94,400 | 96,050 | 95,504 | 98,773 | |||||
Total deposits | 8,110,944 | 7,816,011 | 7,878,243 | 7,894,863 | 7,546,912 | |||||
Core deposits (1)
|
5,707,366 | 5,505,349 | 5,633,165 | 5,597,766 | 5,244,034 | |||||
Advances from the Federal Home Loan Bank | 915,000 | 765,000 | 715,000 | 645,000 | 595,000 | |||||
Senior notes | 59,764 | 59,685 | 59,605 | 59,526 | 59,447 | |||||
Subordinated notes | 29,582 | 29,539 | 29,497 | 29,454 | 29,412 | |||||
Junior subordinated debentures | 64,178 | 64,178 | 64,178 | 64,178 | 64,178 | |||||
Stockholders' equity (3)(4)(5)
|
902,888 | 734,342 | 738,085 | 736,068 | 719,787 | |||||
Assets under management and custody (1)
|
2,550,541 | 2,451,854 | 2,357,621 | 2,289,135 | 2,092,200 |
Three Months Ended | ||||||||||
(in thousands, except percentages, share data and per share amounts)
|
September 30, 2024 | June 30, 2024 | March 31, 2024 | December 31, 2023 | September 30, 2023 | |||||
Consolidated Results of Operations
|
||||||||||
Net interest income | $ | 80,999 | $ | 79,355 | $ | 77,968 | $ | 81,677 | $ | 78,577 |
Provision for credit losses (6)
|
19,000 | 19,150 | 12,400 | 12,500 | 8,000 | |||||
Noninterest (loss) income | (47,683) | 19,420 | 14,488 | 19,613 | 21,921 | |||||
Noninterest expense | 76,208 | 73,302 | 66,594 | 109,702 | 64,420 | |||||
Net (loss) income attributable to Amerant Bancorp Inc. (7)
|
(48,164) | 4,963 | 10,568 | (17,123) | 22,119 | |||||
Effective income tax rate | 22.18% | 21.51% | 21.50% | 14.21% | 22.57% | |||||
Common Share Data
|
||||||||||
Stockholders' book value per common share | $ | 21.44 | $ | 21.88 | $ | 21.90 | $ | 21.90 | $ | 21.43 |
Tangible stockholders' equity (book value) per common share (8)
|
$ | 20.87 | $ | 21.15 | $ | 21.16 | $ | 21.16 | $ | 20.63 |
Tangible stockholders' equity (book value) per common share, adjusted for unrealized losses on debt securities held to maturity (8)
|
$ | 20.87 | $ | 20.54 | $ | 20.60 | $ | 20.68 | $ | 19.86 |
Basic (loss) earnings per common share | $ | (1.43) | $ | 0.15 | $ | 0.32 | $ | (0.51) | $ | 0.66 |
Diluted (loss) earnings per common share (9)
|
$ | (1.43) | $ | 0.15 | $ | 0.31 | $ | (0.51) | $ | 0.66 |
Basic weighted average shares outstanding | 33,784,999 | 33,581,604 | 33,538,069 | 33,432,871 | 33,489,560 | |||||
Diluted weighted average shares outstanding (9)
|
33,784,999 | 33,780,666 | 33,821,562 | 33,432,871 | 33,696,620 | |||||
Cash dividend declared per common share (4)
|
$ | 0.09 | $ | 0.09 | $ | 0.09 | $ | 0.09 | $ | 0.09 |
Three Months Ended | |||||||||
September 30, 2024 | June 30, 2024 | March 31, 2024 | December 31, 2023 | September 30, 2023 | |||||
Other Financial and Operating Data (10)
|
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Profitability Indicators (%) | |||||||||
Net interest income / Average total interest earning assets (NIM) (1)
|
3.49% | 3.56% | 3.51 | % | 3.72 | % | 3.57 | % | |
Net (loss) income/ Average total assets (ROA)(1)
|
(1.92)% | 0.21 | % | 0.44 | % | (0.71) | % | 0.92 | % |
Net (loss) income/ Average stockholders' equity (ROE) (1)
|
(24.98)% | 2.68 | % | 5.69 | % | (9.22) | % | 11.93 | % |
Noninterest (loss) income / Total revenue (1)
|
(143.12)% | 19.66% | 15.67% | 19.36% | 21.81% | ||||
Capital Indicators (%) | |||||||||
Total capital ratio (1)
|
12.66% | 11.88% | 12.49 | % | 12.12 | % | 12.70 | % | |
Tier 1 capital ratio (1)
|
11.31% | 10.34% | 10.87 | % | 10.54 | % | 11.08 | % | |
Tier 1 leverage ratio (1)
|
9.56% | 8.74% | 8.73 | % | 8.84 | % | 9.05 | % | |
Common equity tier 1 capital ratio (CET1) (1)
|
10.60% | 9.60% | 10.10 | % | 9.79 | % | 10.30 | % | |
Tangible common equity ratio (1)
|
8.48% | 7.30% | 7.28 | % | 7.34 | % | 7.44 | % | |
Tangible common equity ratio, adjusted for unrealized losses on debt securities held to maturity (1)
|
8.48% | 7.11% | 7.10% | 7.18% | 7.18% | ||||
Liquidity Ratios (%) | |||||||||
Loans to Deposits (1)
|
93.23% | 93.69% | 88.93 | % | 92.02 | % | 94.64 | % | |
Asset Quality Indicators (%) | |||||||||
Non-performing assets / Total assets (1)
|
1.25% | 1.24% | 0.51 | % | 0.56 | % | 0.57 | % | |
Non-performing loans / Total gross loans (1)
|
1.52% | 1.38% | 0.43 | % | 0.47 | % | 0.46 | % | |
Allowance for credit losses / Total non-performing loans
|
69.51% | 93.51% | 317.01 | % | 277.63 | % | 297.55 | % | |
Allowance for credit losses / Total loans held for investment | 1.15% | 1.41% | 1.38 | % | 1.39 | % | 1.40 | % | |
Net charge-offs / Average total loans held for investment (1)(11)
|
1.90% | 1.13% | 0.69 | % | 0.85 | % | 0.82 | % | |
Efficiency Indicators (% except FTE) | |||||||||
Noninterest expense / Average total assets | 3.04% | 3.03% | 2.75 | % | 4.57 | % | 2.69 | % | |
Salaries and employee benefits / Average total assets | 1.39% | 1.40% | 1.36 | % | 1.38 | % | 1.31 | % | |
Other operating expenses/ Average total assets (1)
|
1.64% | 1.63% | 1.39 | % | 3.20 | % | 1.38 | % | |
Efficiency ratio (1)
|
228.74% | 74.21% | 72.03 | % | 108.30 | % | 64.10 | % | |
Full-Time-Equivalent Employees (FTEs) (12)
|
735 | 720 | 696 | 682 | 700 | ||||
Three Months Ended | ||||||||||
(in thousands, except percentages and per share amounts)
|
September 30, 2024 | June 30, 2024 | March 31, 2024 | December 31, 2023 | September 30, 2023 | |||||
Core Selected Consolidated Results of Operations and Other Data (8)
|
||||||||||
Pre-provision net revenue (loss) (PPNR)
|
$ | (42,892) | $ | 25,473 | $ | 25,862 | $ | (7,595) | $ | 36,456 |
Core pre-provision net revenue (Core PPNR) | $ | 31,264 | $ | 31,007 | $ | 26,068 | $ | 29,811 | $ | 35,880 |
Core net income
|
$ | 9,249 | $ | 9,307 | $ | 10,730 | $ | 15,272 | $ | 21,664 |
Core basic earnings per common share
|
0.27 | 0.28 | 0.32 | 0.46 | 0.65 | |||||
Core earnings per diluted common share (9)
|
0.27 | 0.28 | 0.32 | 0.46 | 0.64 | |||||
Core net income / Average total assets (Core ROA) (1)
|
0.37% | 0.38% | 0.44 | % | 0.64 | % | 0.91 | % | ||
Core net income / Average stockholders' equity (Core ROE) (1)
|
4.80% | 5.03% | 5.78 | % | 8.23 | % | 11.69 | % | ||
Core efficiency ratio (13)
|
69.29% | 68.60% | 71.87 | % | 69.67 | % | 62.08 | % |
|
Three Months Ended, | |||||||||
(in thousands)
|
September 30, 2024 | June 30, 2024 | March 31, 2024 | December 31, 2023 | September 30, 2023 | |||||
Net (loss) income attributable to Amerant Bancorp Inc. | $ | (48,164) | $ | 4,963 | $ | 10,568 | $ | (17,123) | $ | 22,119 |
Plus: provision for credit losses (1)
|
19,000 | 19,150 | 12,400 | 12,500 | 8,000 | |||||
Plus: provision for income tax (benefit) expense | (13,728) | 1,360 | 2,894 | (2,972) | 6,337 | |||||
Pre-provision net revenue (loss) (PPNR)
|
(42,892) | 25,473 | 25,862 | (7,595) | 36,456 | |||||
Plus: non-routine noninterest expense items | 5,672 | 5,562 | - | 43,094 | 6,303 | |||||
Plus (less): non-routine noninterest income items
|
68,484 | (28) | 206 | (5,688) | (6,879) | |||||
Core pre-provision net revenue (Core PPNR) | $ | 31,264 | $ | 31,007 | $ | 26,068 | $ | 29,811 | $ | 35,880 |
Total noninterest (loss) income
|
$ | (47,683) | $ | 19,420 | $ | 14,488 | $ | 19,613 | $ | 21,921 |
Less: Non-routine noninterest (loss) income items:
|
||||||||||
Derivatives (losses) gains, net
|
- | (44) | (152) | (151) | (77) | |||||
Securities (losses) gains, net (2)
|
(68,484) | (117) | (54) | 33 | (54) | |||||
Bank owned life insurance charge (3)
|
- | - | - | (655) | - | |||||
Gains on early extinguishment of FHLB advances, net | - | 189 | - | 6,461 | 7,010 | |||||
Total non-routine noninterest (loss) income items | $ | (68,484) | $ | 28 | $ | (206) | $ | 5,688 | $ | 6,879 |
Core noninterest income | $ | 20,801 | $ | 19,392 | $ | 14,694 | $ | 13,925 | $ | 15,042 |
Total noninterest expense
|
$ | 76,208 | $ | 73,302 | $ | 66,594 | $ | 109,702 | $ | 64,420 |
Less: non-routine noninterest expense items | ||||||||||
Restructuring costs (4):
|
||||||||||
Staff reduction costs (5)
|
- | - | - | 1,120 | 489 | |||||
Contract termination costs (6)
|
- | - | - | - | - | |||||
Consulting and other professional fees and software expenses(7)
|
- | - | - | 1,629 | - | |||||
Branch closure expenses and related charges (8)
|
- | - | - | - | 252 | |||||
Total restructuring costs | $ | - | $ | - | $ | - | $ | 2,749 | $ | 741 |
Other non-routine noninterest expense items: | ||||||||||
Losses on loans held for sale carried at the lower cost or fair value (9)(10)
|
- | 1,258 | - | 37,495 | 5,562 | |||||
Other real estate owned valuation expense
|
5,672 | - | - | - | - | |||||
Goodwill and intangible assets impairment (10)
|
- | 300 | - | 1,713 | - | |||||
Fixed assets impairment (10)(11)
|
- | 3,443 | - | - | - | |||||
Legal and broker fees (10)
|
- | 561 | - | - | - | |||||
Bank owned life insurance enhancement costs (3)
|
- | - | - | 1,137 | - | |||||
Impairment charge on investment carried at cost | - | - | - | - | - | |||||
Total non-routine noninterest expense items | $ | 5,672 | $ | 5,562 | $ | - | $ | 43,094 | $ | 6,303 |
Core noninterest expense
|
$ | 70,536 | $ | 67,740 | $ | 66,594 | $ | 66,608 | $ | 58,117 |
|
Three Months Ended, | |||||||||
(in thousands, except percentages and per share amounts)
|
September 30, 2024 | June 30, 2024 | March 31, 2024 | December 31, 2023 | September 30, 2023 | |||||
Net (loss) income attributable to Amerant Bancorp Inc. | $ | (48,164) | $ | 4,963 | $ | 10,568 | $ | (17,123) | $ | 22,119 |
Plus after-tax non-routine items in noninterest expense: | ||||||||||
Non-routine items in noninterest expense before income tax effect | 5,672 | 5,562 | - | 43,094 | 6,303 | |||||
Income tax effect (12)
|
(1,332) | (1,196) | - | (8,887) | (1,486) | |||||
Total after-tax non-routine items in noninterest expense | 4,340 | 4,366 | - | 34,207 | 4,817 | |||||
Plus (less) after-tax non-routine items in noninterest income:
|
||||||||||
Non-routine items in noninterest income before income tax effect | 68,484 | (28) | 206 | (5,688) | (6,879) | |||||
Income tax effect (12)
|
(15,411) | 6 | (44) | 1,032 | 1,607 | |||||
Total after-tax non-routine items in noninterest income | 53,073 | (22) | 162 | (4,656) | (5,272) | |||||
BOLI enhancement tax impact (2)
|
- | - | - | 2,844 | - | |||||
Core net income
|
$ | 9,249 | $ | 9,307 | $ | 10,730 | $ | 15,272 | $ | 21,664 |
Basic (loss) earnings per share
|
$ | (1.43) | $ | 0.15 | $ | 0.32 | $ | (0.51) | $ | 0.66 |
Plus: after tax impact of non-routine items in noninterest expense and BOLI tax impact (13)
|
0.13 | 0.13 | - | 1.11 | 0.14 | |||||
Plus (less): after tax impact of non-routine items in noninterest income
|
1.57 | - | - | (0.14) | (0.15) | |||||
Total core basic earnings per common share
|
$ | 0.27 | $ | 0.28 | $ | 0.32 | $ | 0.46 | $ | 0.65 |
Diluted (loss) earnings per share (14)
|
$ | (1.43) | $ | 0.15 | $ | 0.31 | $ | (0.51) | $ | 0.66 |
Plus: after tax impact of non-routine items in noninterest expense and BOLI tax impact (13)
|
0.13 | 0.13 | - | 1.11 | 0.14 | |||||
Plus (less): after tax impact of non-routine items in noninterest income
|
1.57 | - | 0.01 | (0.14) | (0.16) | |||||
Total core diluted earnings per common share
|
$ | 0.27 | $ | 0.28 | $ | 0.32 | $ | 0.46 | $ | 0.64 |
Net (loss) income / Average total assets (ROA) | (1.92) | % | 0.21 | % | 0.44 | % | (0.71) | % | 0.92 | % |
Plus: after tax impact of non-routine items in noninterest expense and BOLI tax impact (13)
|
0.18 | % | 0.17 | % | - | % | 1.55 | % | 0.20 | % |
Plus (less): after tax impact of non-routine items in noninterest income
|
2.11 | % | - | % | - | % | (0.20) | % | (0.21) | % |
Core net income / Average total assets (Core ROA)
|
0.37 | % | 0.38 | % | 0.44 | % | 0.64 | % | 0.91 | % |
Net (loss) income/ Average stockholders' equity (ROE) | (24.98) | % | 2.68 | % | 5.69 | % | (9.22) | % | 11.93 | % |
Plus: after tax impact of non-routine items in noninterest expense and BOLI tax impact (13)
|
2.25 | % | 2.36 | % | - | % | 19.96 | % | 2.60 | % |
Plus (less): after tax impact of non-routine items in noninterest income
|
27.53 | % | (0.01) | % | 0.09 | % | (2.51) | % | (2.84) | % |
Core net income / Average stockholders' equity (Core ROE)
|
4.80 | % | 5.03 | % | 5.78 | % | 8.23 | % | 11.69 | % |
Efficiency ratio | 228.74 | % | 74.21 | % | 72.03 | % | 108.30 | % | 64.10 | % |
Less: impact of non-routine items in noninterest expense and and noninterest income
|
(159.45) | % | (5.61) | % | (0.16) | % | (38.63) | % | (2.02) | % |
Core efficiency ratio | 69.29 | % | 68.60 | % | 71.87 | % | 69.67 | % | 62.08 | % |
|
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(in thousands, except percentages, share data and per share amounts)
|
September 30, 2024 | June 30, 2024 | March 31, 2024 | December 31, 2023 | September 30, 2023 | |||||
Stockholders' equity | $ | 902,888 | $ | 734,342 | $ | 738,085 | $ | 736,068 | $ | 719,787 |
Less: goodwill and other intangibles (15)
|
(24,366) | (24,581) | (24,935) | (25,029) | (26,818) | |||||
Tangible common stockholders' equity | $ | 878,522 | $ | 709,761 | $ | 713,150 | $ | 711,039 | $ | 692,969 |
Total assets | 10,381,961 | 9,747,738 | 9,817,772 | 9,716,327 | 9,345,700 | |||||
Less: goodwill and other intangibles (15)
|
(24,366) | (24,581) | (24,935) | (25,029) | (26,818) | |||||
Tangible assets | $ | 10,357,595 | $ | 9,723,157 | $ | 9,792,837 | $ | 9,691,298 | $ | 9,318,882 |
Common shares outstanding | 42,103,623 | 33,562,756 | 33,709,395 | 33,603,242 | 33,583,621 | |||||
Tangible common equity ratio | 8.48 | % | 7.30 | % | 7.28 | % | 7.34 | % | 7.44 | % |
Stockholders' book value per common share | $ | 21.44 | $ | 21.88 | $ | 21.90 | $ | 21.90 | $ | 21.43 |
Tangible stockholders' equity book value per common share | $ | 20.87 | $ | 21.15 | $ | 21.16 | $ | 21.16 | $ | 20.63 |
Tangible common stockholders' equity | $ | 878,522 | $ | 709,761 | $ | 713,150 | $ | 711,039 | $ | 692,969 |
Less: Net unrealized accumulated losses on debt securities held to maturity, net of tax (16)
|
- | (20,304) | (18,729) | (16,197) | (26,138) | |||||
Tangible common stockholders' equity, adjusted for net unrealized accumulated losses on debt securities held to maturity | $ | 878,522 | $ | 689,457 | $ | 694,421 | $ | 694,842 | $ | 666,831 |
Tangible assets | $ | 10,357,595 | $ | 9,723,157 | $ | 9,792,837 | $ | 9,691,298 | $ | 9,318,882 |
Less: Net unrealized accumulated losses on debt securities held to maturity, net of tax (16)
|
- | (20,304) | (18,729) | (16,197) | (26,138) | |||||
Tangible assets, adjusted for net unrealized accumulated losses on debt securities held to maturity | $ | 10,357,595 | $ | 9,702,853 | $ | 9,774,108 | $ | 9,675,101 | $ | 9,292,744 |
Common shares outstanding | 42,103,623 | 33,562,756 | 33,709,395 | 33,603,242 | 33,583,621 | |||||
Tangible common equity ratio, adjusted for net unrealized accumulated losses on debt securities held to maturity | 8.48 | % | 7.11 | % | 7.10 | % | 7.18 | % | 7.18 | % |
Tangible stockholders' book value per common share, adjusted for net unrealized accumulated losses on debt securities held to maturity | $ | 20.87 | $ | 20.54 | $ | 20.60 | $ | 20.68 | $ | 19.86 |
Three Months Ended | ||||||||||||||||||
September 30, 2024 | June 30, 2024 | September 30, 2023 | ||||||||||||||||
(in thousands, except percentages) |
Average Balances |
Income/ Expense |
Yield/ Rates |
Average Balances | Income/ Expense | Yield/ Rates |
Average Balances |
Income/ Expense |
Yield/ Rates |
|||||||||
Interest-earning assets: | ||||||||||||||||||
Loan portfolio, net (1)(2) | $ | 7,291,632 | $ | 129,752 | 7.08 | % | $ | 7,049,109 | $ | 124,117 | 7.08 | % | $ | 7,048,891 | $ | 120,244 | 6.77 | % |
Debt securities available for sale (3) (4) | 1,313,366 | 14,273 | 4.32 | % | 1,267,828 | 14,104 | 4.47 | % | 1,052,147 | 10,924 | 4.12 | % | ||||||
Debt securities held to maturity (5) | 205,958 | 1,752 | 3.38 | % | 221,106 | 1,878 | 3.42 | % | 232,146 | 1,958 | 3.35 | % | ||||||
Debt securities held for trading | - | - | - | % | - | - | - | % | 2,048 | 4 | 0.77 | % | ||||||
Equity securities with readily determinable fair value not held for trading | 2,525 | 19 | 2.99 | % | 2,466 | 13 | 2.12 | % | 2,479 | 21 | 3.36 | % | ||||||
Federal Reserve Bank and FHLB stock | 61,147 | 1,083 | 7.05 | % | 54,664 | 955 | 7.03 | % | 54,056 | 961 | 7.05 | % | ||||||
Deposits with banks | 344,469 | 4,670 | 5.39 | % | 364,466 | 5,260 | 5.80 | % | 344,015 | 5,248 | 6.05 | % | ||||||
Other short-term investments | 6,677 | 88 | 5.24 | % | 6,399 | 82 | 5.15 | % | 1,964 | 23 | 4.65 | % | ||||||
Total interest-earning assets | 9,225,774 | 151,637 | 6.54 | % | 8,966,038 | 146,409 | 6.57 | % | 8,737,746 | 139.383 | 6.33 | % | ||||||
Total non-interest-earning assets (6) | 760,198 | 763,628 | 756,141 | |||||||||||||||
Total assets | $ | 9,985,972 | $ | 9,729,666 | $ | 9,493,887 | ||||||||||||
Three Months Ended | ||||||||||||||||||
September 30, 2024 | June 30, 2024 | September 30, 2023 | ||||||||||||||||
(in thousands, except percentages) |
Average Balances |
Income/ Expense |
Yield/ Rates |
Average Balances | Income/ Expense | Yield/ Rates |
Average Balances |
Income/ Expense |
Yield/ Rates |
|||||||||
Interest-bearing liabilities: | ||||||||||||||||||
Checking and saving accounts | ||||||||||||||||||
Interest bearing DDA | $ | 2,294,323 | $ | 15,345 | 2.66 | % | $ | 2,408,979 | $ | 16,779 | 2.80 | % | $ | 2,523,092 | $ | 16,668 | 2.62 | % |
Money market | 1,541,987 | 16,804 | 4.34 | % | 1,411,287 | 14,973 | 4.27 | % | 1,144,580 | 11,013 | 3.82 | % | ||||||
Savings | 247,903 | 26 | 0.04 | % | 253,625 | 26 | 0.04 | % | 280,096 | 32 | 0.05 | % | ||||||
Total checking and saving accounts | 4,084,213 | 32,175 | 3.13 | % | 4,073,891 | 31,778 | 3.14 | % | 3,947,768 | 27,713 | 2.79 | % | ||||||
Time deposits | 2,324,694 | 27,260 | 4.67 | % | 2,258,973 | 25,971 | 4.62 | % | 2,201,138 | 22,482 | 4.05 | % | ||||||
Total deposits | 6,408,907 | 59,435 | 3.69 | % | 6,332,864 | 57,749 | 3.67 | % | 6,148,906 | 50,195 | 3.24 | % | ||||||
Securities sold under agreements to repurchase | - | - | - | % | 124 | 2 | 6.49 | % | 326 | 4 | 4.87 | % | ||||||
Advances from the FHLB (7) | 863,913 | 8,833 | 4.07 | % | 737,658 | 6,946 | 3.79 | % | 800,978 | 8,207 | 4.07 | % | ||||||
Senior notes | 59,725 | 942 | 6.27 | % | 59,646 | 941 | 6.35 | % | 59,409 | 942 | 6.29 | % | ||||||
Subordinated notes | 29,561 | 361 | 4.86 | % | 29,519 | 361 | 4.92 | % | 29,391 | 361 | 4.87 | % | ||||||
Junior subordinated debentures | 64,178 | 1,067 | 6.61 | % | 64,178 | 1,055 | 6.61 | % | 64,178 | 1,097 | 6.78 | % | ||||||
Total interest-bearing liabilities | 7,426,284 | 70,638 | 3.78 | % | 7,223,989 | 67,054 | 3.73 | % | 7,103,188 | 60,806 | 3.40 | % | ||||||
Non-interest-bearing liabilities: | ||||||||||||||||||
Non-interest bearing demand deposits | 1,491,406 | 1,452,921 | 1,335,041 | |||||||||||||||
Accounts payable, accrued liabilities and other liabilities | 301,373 | 309,298 | 320,369 | |||||||||||||||
Total non-interest-bearing liabilities | 1,792,779 | 1,762,219 | 1,655,410 | |||||||||||||||
Total liabilities | 9,219,063 | 8,986,208 | 8,758,598 | |||||||||||||||
Stockholders' equity | 766,909 | 743,458 | 735,289 | |||||||||||||||
Total liabilities and stockholders' equity | $ | 9,985,972 | $ | 9,729,666 | $ | 9,493,887 | ||||||||||||
Excess of average interest-earning assets over average interest-bearing liabilities | $ | 1,799,490 | $ | 1,742,049 | $ | 1,634,558 | ||||||||||||
Net interest income | $ | 80,999 | $ | 79,355 | $ | 78,577 | ||||||||||||
Net interest rate spread | 2.76 | % | 2.84 | % | 2.93 | % | ||||||||||||
Net interest margin (7)
|
3.49 | % | 3.56 | % | 3.57 | % | ||||||||||||
Cost of total deposits (7)
|
2.99 | % | 2.98 | % | 2.66 | % | ||||||||||||
Ratio of average interest-earning assets to average interest-bearing liabilities | 124.23 | % | 124.11 | % | 123.01 | % | ||||||||||||
Average non-performing loans/ Average total loans | 1.54 | % | 0.60 | % | - | % |
Nine Months Ended | ||||||||||||
September 30, 2024 | September 30, 2023 | |||||||||||
(in thousands, except percentages) |
Average Balances |
Income/ Expense |
Yield/ Rates |
Average Balances |
Income/ Expense |
Yield/ Rates |
||||||
Interest-earning assets: | ||||||||||||
Loan portfolio, net (1)(2) | $ | 7,102,716 | $ | 376,574 | 7.08 | % | $ | 7,006,633 | $ | 348,315 | 6.65 | % |
Debt securities available for sale (3) (4) | 1,273,797 | 41,562 | 4.36 | % | 1,050,648 | 31,494 | 4.01 | % | ||||
Debt securities held to maturity (5) | 217,272 | 5,597 | 3.44 | % | 236,325 | 6,046 | 3.42 | % | ||||
Debt securities held for trading | - | - | - | % | 783 | 6 | 1.02 | % | ||||
Equity securities with readily determinable fair value not held for trading | 2,490 | 87 | 4.67 | % | 2,455 | 21 | 1.14 | % | ||||
Federal Reserve Bank and FHLB stock | 55,352 | 2,922 | 7.05 | % | 54,911 | 2,833 | 6.90 | % | ||||
Deposits with banks | 377,139 | 15,681 | 5.55 | % | 342,127 | 14,272 | 5.58 | % | ||||
Other short-term investments | 6,337 | 248 | 5.22 | % | 662 | 23 | 4.65 | % | ||||
Total interest-earning assets | 9,035,103 | 442,671 | 6.54 | % | 8,694,544 | 403,010 | 6.20 | % | ||||
Total non-interest-earning assets (6) | 788,240 | 735,943 | ||||||||||
Total assets | $ | 9,823,343 | $ | 9,430,487 | ||||||||
Interest-bearing liabilities: | ||||||||||||
Checking and saving accounts | ||||||||||||
Interest bearing DDA | $ | 2,382,548 | $ | 49,860 | 2.80 | % | $ | 2,503,147 | $ | 46,201 | 2.47 | % |
Money market | 1,462,034 | 46,611 | 4.26 | % | 1,215,005 | 28,295 | 3.11 | % | ||||
Savings | 254,661 | 79 | 0.04 | % | 288,959 | 114 | 0.05 | % | ||||
Total checking and saving accounts | 4,099,243 | 96,550 | 3.15 | % | 4,007,111 | 74,610 | 2.49 | % | ||||
Time deposits | 2,291,539 | 79,355 | 4.63 | % | 2,006,417 | 53,844 | 3.59 | % | ||||
Total deposits | 6,390,782 | 175,905 | 3.68 | % | 6,013,528 | 128,454 | 2.86 | % | ||||
Securities sold under agreements to repurchase | 41 | 2 | 6.52 | % | 130 | 5 | 5.14 | % | ||||
Advances from the FHLB (7)
|
749,195 | 21,357 | 3.81 | % | 862,310 | 22,591 | 3.50 | % | ||||
Senior notes | 59,646 | 2,826 | 6.33 | % | 59,330 | 2,825 | 6.37 | % | ||||
Subordinated notes | 29,519 | 1,083 | 4.90 | % | 29,349 | 1,084 | 4.94 | % | ||||
Junior subordinated debentures | 64,178 | 3,176 | 6.61 | % | 64,178 | 3,264 | 6.80 | % | ||||
Total interest-bearing liabilities | 7,293,361 | 204,349 | 3.74 | % | 7,028,825 | 158,223 | 3.01 | % | ||||
Non-interest-bearing liabilities: | ||||||||||||
Non-interest bearing demand deposits | 1,459,325 | 1,348,242 | ||||||||||
Accounts payable, accrued liabilities and other liabilities | 318,273 | 313,967 | ||||||||||
Total non-interest-bearing liabilities | 1,777,598 | 1,662,209 | ||||||||||
Total liabilities | 9,070,959 | 8,691,034 | ||||||||||
Stockholders' equity | 752,384 | 739,453 | ||||||||||
Total liabilities and stockholders' equity | $ | 9,823,343 | $ | 9,430,487 | ||||||||
Excess of average interest-earning assets over average interest-bearing liabilities | $ | 1,741,742 | $ | 1,665,719 | ||||||||
Net interest income | $ | 238,322 | $ | 244,787 | ||||||||
Net interest rate spread | 2.80 | % | 3.19 | % | ||||||||
Net interest margin (7)
|
3.52 | % | 3.76 | % | ||||||||
Cost of total deposits (7)
|
2.99 | % | 2.33 | % | ||||||||
Ratio of average interest-earning assets to average interest-bearing liabilities | 123.88% | 123.70% | ||||||||||
Average non-performing loans/ Average total loans | 0.93% | 0.48% |
Three Months Ended | Nine Months Ended September 30, | |||||||||||||||||||
September 30, 2024 | June 30, 2024 | September 30, 2023 | 2024 | 2023 | ||||||||||||||||
(in thousands, except percentages) | Amount | % | Amount | % | Amount | % | Amount | % | Amount | % | ||||||||||
Deposits and service fees | $ | 5,046 | 10.6 | % | $ | 5,281 | 27.2 | % | $ | 5,053 | 23.1 | % | $ | 14,652 | 106.4 | % | $ | 14,952 | 22.0 | % |
Brokerage, advisory and fiduciary activities | 4,466 | 9.4 | % | 4,538 | 23.4 | % | 4,370 | 19.9 | % | 13,331 | 96.8 | % | 12,808 | 18.9 | % | |||||
Change in cash surrender value of bank owned life insurance ("BOLI")(1)
|
2,332 | 4.9 | % | 2,242 | 11.5 | % | 1,483 | 6.8 | % | 6,916 | 50.2 | % | 4,324 | 6.4 | % | |||||
Cards and trade finance servicing fees | 1,430 | 3.0 | % | 1,331 | 6.9 | % | 734 | 3.4 | % | 3,984 | 28.9 | % | 1,829 | 2.7 | % | |||||
Gain on early extinguishment of FHLB advances, net | - | - | % | 189 | 1.0 | % | 7,010 | 32.0 | % | 189 | 1.4 | % | 33,623 | 49.5 | % | |||||
Securities (losses) gains, net (2)
|
(68,484) | (143.6) | % | (117) | (0.6) | % | (54) | (0.3) | % | (68,655) | (498.4) | % | (11,022) | (16.2) | % | |||||
Loan-level derivative income (3)
|
3,515 | 7.4 | % | 2,357 | 12.1 | % | 1,196 | 5.5 | % | 6,338 | 46.0 | % | 3,743 | 5.5 | % | |||||
Derivative (losses) gains, net (4)
|
- | - | % | (44) | (0.2) | % | (77) | (0.4) | % | (196) | (1.4) | % | 179 | 0.3 | % | |||||
Other noninterest income (5)
|
4,012 | 8.3 | % | 3,643 | 18.7 | % | 2,206 | 10.0 | % | 9,666 | 70.1 | % | 7,447 | 10.9 | % | |||||
Total noninterest (loss) income | $ | (47,683) | (100.0) | % | $ | 19,420 | 100.0 | % | $ | 21,921 | 100.0 | % | $ | (13,775) | (100.0) | % | $ | 67,883 | 100.0 | % |
Three Months Ended |
Nine Months Ended September 30,
|
|||||||||||||||||||
September 30, 2024 | June 30, 2024 | September 30, 2023 | 2024 | 2023 | ||||||||||||||||
(in thousands, except percentages) | Amount | % | Amount | % | Amount | % | Amount | % | Amount | % | ||||||||||
Salaries and employee benefits (1)
|
$ | 34,979 | 45.9 | % | $ | 33,857 | 46.2 | % | $ | 31,334 | 48.6 | % | $ | 101,794 | 47.1 | % | $ | 100,457 | 49.8 | % |
Occupancy and equipment (2)
|
5,891 | 7.7 | % | 9,041 | 12.3 | % | 7,293 | 11.3 | % | 21,408 | 9.9 | % | 20,828 | 10.3 | % | |||||
Professional and other services fees (3)
|
13,711 | 18.0 | % | 12,110 | 16.5 | % | 5,325 | 8.3 | % | 36,784 | 17.0 | % | 20,368 | 10.1 | % | |||||
Loan-level derivative expense (4)
|
1,802 | 2.4 | % | 580 | 0.8 | % | 18 | - | % | 2,386 | 1.1 | % | 1,728 | 0.9 | % | |||||
Telecommunications and data processing (5)
|
2,991 | 3.9 | % | 2,732 | 3.7 | % | 3,556 | 5.5 | % | 9,256 | 4.3 | % | 11,647 | 5.8 | % | |||||
Depreciation and amortization (6)
|
1,737 | 2.3 | % | 1,652 | 2.3 | % | 1,795 | 2.8 | % | 4,866 | 2.3 | % | 5,362 | 2.7 | % | |||||
FDIC assessments and insurance | 2,863 | 3.8 | % | 2,772 | 3.8 | % | 2,590 | 4.0 | % | 8,643 | 4.0 | % | 8,066 | 4.0 | % | |||||
Losses on loans held for sale carried at the lower cost or fair value (7)
|
- | - | % | 1,258 | 1.7 | % | 5,562 | 8.6 | % | 1,258 | 0.6 | % | 5,562 | 2.8 | % | |||||
Advertising expenses | 3,468 | 4.6 | % | 4,243 | 5.8 | % | 2,724 | 4.2 | % | 10,789 | 5.0 | % | 9,642 | 4.8 | % | |||||
Other real estate owned and repossessed assets (income) expense, net (8)
|
5,535 | 7.3 | % | (148) | (0.2) | % | (134) | (0.2) | % | 5,033 | 2.3 | % | 2,297 | 1.1 | % | |||||
Contract termination costs (9)
|
- | - | % | - | - | % | - | - | % | - | - | % | 1,550 | 0.8 | % | |||||
Other operating expenses (10)
|
3,231 | 4.1 | % | 5,205 | 7.1 | % | 4,357 | 6.9 | % | 13,887 | 6.4 | % | 14,146 | 6.9 | % | |||||
Total noninterest expense (11)
|
$ | 76,208 | 100.0 | % | $ | 73,302 | 100.0 | % | $ | 64,420 | 100.0 | % | $ | 216,104 | 100.0 | % | $ | 201,653 | 100.0 | % |
(in thousands, except share data) | September 30, 2024 | June 30, 2024 | March 31, 2024 | December 31, 2023 | September 30, 2023 | |||||
Assets | (audited) | |||||||||
Cash and due from banks | $ | 40,538 | $ | 32,762 | $ | 41,231 | $ | 47,234 | $ | 48,145 |
Interest earning deposits with banks | 614,345 | 238,346 | 577,843 | 242,709 | 202,946 | |||||
Restricted cash | 10,087 | 32,430 | 33,897 | 25,849 | 51,837 | |||||
Other short-term investments | 6,871 | 6,781 | 6,700 | 6,080 | 6,024 | |||||
Cash and cash equivalents | 671,841 | 310,319 | 659,671 | 321,872 | 308,952 | |||||
Securities | ||||||||||
Debt securities available for sale, at fair value | 1,476,378 | 1,269,356 | 1,298,073 | 1,217,502 | 1,033,797 | |||||
Debt securities held to maturity, at amortized cost (1) | - | 219,613 | 224,014 | 226,645 | 230,254 | |||||
Equity securities with readily determinable fair value not held for trading | 2,562 | 2,483 | 2,480 | 2,534 | 2,438 | |||||
Federal Reserve Bank and Federal Home Loan Bank stock | 63,604 | 56,412 | 54,001 | 50,294 | 47,878 | |||||
Securities | 1,542,544 | 1,547,864 | 1,578,568 | 1,496,975 | 1,314,367 | |||||
Loans held for sale, at the lower of cost or fair value (2) | 553,941 | 551,828 | - | 365,219 | 43,257 | |||||
Mortgage loans held for sale, at fair value | 43,851 | 60,122 | 48,908 | 26,200 | 25,952 | |||||
Loans held for investment, gross | 6,964,171 | 6,710,961 | 6,957,475 | 6,873,493 | 7,073,387 | |||||
Less: Allowance for credit losses | 79,890 | 94,400 | 96,050 | 95,504 | 98,773 | |||||
Loans held for investment, net | 6,884,281 | 6,616,561 | 6,861,425 | 6,777,989 | 6,974,614 | |||||
Bank owned life insurance | 241,183 | 238,851 | 237,314 | 234,972 | 232,736 | |||||
Premises and equipment, net | 32,866 | 33,382 | 44,877 | 43,603 | 43,004 | |||||
Deferred tax assets, net | 41,138 | 48,779 | 48,302 | 55,635 | 63,501 | |||||
Operating lease right-of-use assets | 100,158 | 100,580 | 117,171 | 118,484 | 116,763 | |||||
Goodwill | 19,193 | 19,193 | 19,193 | 19,193 | 20,525 | |||||
Accrued interest receivable and other assets (3)(4) | 250,965 | 220,259 | 202,343 | 256,185 | 202,029 | |||||
Total assets | $ | 10,381,961 | $ | 9,747,738 | $ | 9,817,772 | $ | 9,716,327 | $ | 9,345,700 |
Liabilities and Stockholders' Equity | ||||||||||
Deposits | ||||||||||
Demand | ||||||||||
Noninterest bearing | $ | 1,482,061 | $ | 1,465,140 | $ | 1,397,331 | $ | 1,426,919 | $ | 1,370,157 |
Interest bearing | 2,389,605 | 2,316,976 | 2,619,115 | 2,560,629 | 2,416,797 | |||||
Savings and money market | 1,835,700 | 1,723,233 | 1,616,719 | 1,610,218 | 1,457,080 | |||||
Time | 2,403,578 | 2,310,662 | 2,245,078 | 2,297,097 | 2,302,878 | |||||
Total deposits | 8,110,944 | 7,816,011 | 7,878,243 | 7,894,863 | 7,546,912 | |||||
Advances from the Federal Home Loan Bank | 915,000 | 765,000 | 715,000 | 645,000 | 595,000 | |||||
Senior notes | 59,764 | 59,685 | 59,605 | 59,526 | 59,447 | |||||
Subordinated notes | 29,582 | 29,539 | 29,497 | 29,454 | 29,412 | |||||
Junior subordinated debentures held by trust subsidiaries | 64,178 | 64,178 | 64,178 | 64,178 | 64,178 | |||||
Operating lease liabilities (5) | 105,875 | 105,861 | 122,267 | 123,167 | 120,665 | |||||
Accounts payable, accrued liabilities and other liabilities (6) | 193,730 | 173,122 | 210,897 | 164,071 | 210,299 | |||||
Total liabilities | 9,479,073 | 9,013,396 | 9,079,687 | 8,980,259 | 8,625,913 | |||||
Stockholders' equity | ||||||||||
Class A common stock | 4,210 | 3,357 | 3,373 | 3,361 | 3,359 | |||||
Additional paid in capital | 342,508 | 189,601 | 192,237 | 192,701 | 194,103 | |||||
Retained earnings | 569,131 | 620,299 | 618,359 | 610,802 | 630,933 | |||||
Accumulated other comprehensive loss | (12,961) | (78,915) | (75,884) | (70,796) | (105,634) | |||||
Total stockholders' equity before noncontrolling interest | 902,888 | 734,342 | 738,085 | 736,068 | 722,761 | |||||
Noncontrolling interest | - | - | - | - | (2,974) | |||||
Total stockholders' equity | 902,888 | 734,342 | 738,085 | 736,068 | 719,787 | |||||
Total liabilities and stockholders' equity | $ | 10,381,961 | $ | 9,747,738 | $ | 9,817,772 | $ | 9,716,327 | $ | 9,345,700 |
(in thousands) |
September 30, 2024 |
June 30, 2024 |
March 31, 2024 |
December 31, 2023 |
September 30, 2023 |
|||||
Real estate loans | (audited) | |||||||||
Commercial real estate | ||||||||||
Non-owner occupied | $ | 1,709,911 | $ | 1,714,088 | $ | 1,672,470 | $ | 1,616,200 | $ | 1,593,571 |
Multi-family residential | 343,012 | 359,257 | 349,917 | 407,214 | 771,654 | |||||
Land development and construction loans | 411,051 | 343,472 | 333,198 | 300,378 | 301,938 | |||||
2,463,974 | 2,416,817 | 2,355,585 | 2,323,792 | 2,667,163 | ||||||
Single-family residential | 1,485,326 | 1,446,569 | 1,490,711 | 1,466,608 | 1,371,194 | |||||
Owner occupied | 1,013,682 | 981,405 | 1,193,909 | 1,175,331 | 1,129,921 | |||||
4,962,982 | 4,844,791 | 5,040,205 | 4,965,731 | 5,168,278 | ||||||
Commercial loans | 1,630,309 | 1,521,533 | 1,550,140 | 1,503,187 | 1,452,759 | |||||
Loans to financial institutions and acceptances | 92,489 | 48,287 | 29,490 | 13,375 | 13,353 | |||||
Consumer loans and overdrafts (1) | 278,391 | 296,350 | 337,640 | 391,200 | 438,997 | |||||
Total loans | $ | 6,964,171 | $ | 6,710,961 | $ | 6,957,475 | $ | 6,873,493 | $ | 7,073,387 |
(in thousands) | September 30, 2024 | June 30, 2024 | March 31, 2024 | December 31, 2023 | September 30, 2023 | |||||
Loans held for sale at the lower of cost or fair value | (audited) | |||||||||
Real estate loans | ||||||||||
Commercial real estate | ||||||||||
Non-owner occupied | $ | 111,591 | $ | 112,002 | $ | - | $ | - | $ | 43,256 |
Multi-family residential | 915 | 918 | - | 309,612 | - | |||||
Land development and construction loans | 35,020 | 29,923 | - | 55,607 | - | |||||
147,526 | 142,843 | - | 365,219 | 43,256 | ||||||
Single-family residential | 86,905 | 88,507 | - | - | - | |||||
Owner occupied | 221,774 | 220,718 | - | - | - | |||||
456,205 | 452,068 | - | 365,219 | 43,256 | ||||||
Commercial loans | 87,866 | 90,353 | - | - | - | |||||
Consumer loans | 9,870 | 9,407 | - | - | - | |||||
Total loans held for sale at the lower of cost or fair value (1) | 553,941 | 551,828 | - | 365,219 | 43,256 | |||||
Mortgage loans held for sale at fair value | ||||||||||
Land development and construction loans (2) | 10,608 | 7,776 | 26,058 | 12,778 | 6,931 | |||||
Single-family residential (3) | 33,243 | 52,346 | 22,850 | 13,422 | 19,022 | |||||
Total mortgage loans held for sale at fair value (4) | 43,851 | 60,122 | 48,908 | 26,200 | 25,953 | |||||
Total loans held for sale (5) | $ | 597,792 | $ | 611,950 | $ | 48,908 | $ | 391,419 | $ | 69,209 |
(in thousands) |
September 30, 2024 |
June 30, 2024 |
March 31, 2024 |
December 31, 2023 |
September 30, 2023 |
|||||
Non-Accrual Loans | (audited) | |||||||||
Real Estate Loans | ||||||||||
Commercial real estate (CRE) | ||||||||||
Non-owner occupied | $ | 1,916 | $ | - | $ | - | $ | - | $ | - |
Multi-family residential | - | 6 | - | 8 | 23,344 | |||||
1,916 | 6 | - | 8 | 23,344 | ||||||
Single-family residential | 13,452 | 3,726 | 4,400 | 2,459 | 2,533 | |||||
Owner occupied | 29,240 | 26,309 | 1,958 | 3,822 | 2,100 | |||||
44,608 | 30,041 | 6,358 | 6,289 | 27,977 | ||||||
Commercial loans | 68,654 | 67,005 | 21,833 | 21,949 | 4,713 | |||||
Consumer loans and overdrafts | - | 4 | 45 | 38 | 1 | |||||
Total Non-Accrual Loans (1)
|
$ | 113,262 | $ | 97,050 | $ | 28,236 | $ | 28,276 | $ | 32,691 |
Past Due Accruing Loans(2)
|
||||||||||
Real Estate Loans | ||||||||||
Owner occupied | - | 769 | - | - | - | |||||
Single-family residential | 1,129 | 2,656 | 1,149 | 5,218 | - | |||||
Commercial | 104 | - | 918 | 857 | - | 504 | ||||
Consumer loans and overdrafts | 434 | 477 | - | 49 | - | |||||
Total Past Due Accruing Loans | $ | 1,667 | $ | 3,902 | $ | 2,067 | $ | 6,124 | $ | 504 |
Total Non-Performing Loans | 114,929 | 100,952 | 30,303 | 34,400 | 33,195 | |||||
Other Real Estate Owned | 14,509 | 20,181 | 20,181 | 20,181 | 20,181 | |||||
Total Non-Performing Assets | $ | 129,438 | $ | 121,133 | $ | 50,484 | $ | 54,581 | $ | 53,376 |
September 30, 2024 | June 30, 2024 | September 30, 2023 | ||||||||||||||||||||||
(in thousands) | Special Mention | Substandard | Doubtful | Total (1) | Special Mention | Substandard | Doubtful | Total (1) | Special Mention | Substandard | Doubtful | Total (1) | ||||||||||||
Real Estate Loans | ||||||||||||||||||||||||
Commercial Real Estate (CRE) |
||||||||||||||||||||||||
Non-owner occupied |
$ | 34,374 | $ | 1,916 | $ | - | $ | 36,290 | $ | 33,979 | $ | - | $ | - | $ | 33,979 | $ | - | $ | - | $ | - | $ | - |
Multi-family residential | - | - | - | - | - | 6 | - | 6 | - | 23,344 | - | 23,344 | ||||||||||||
Land development and construction loans |
- | - | - | - | - | - | - | - | - | - | - | - | ||||||||||||
34,374 | 1,916 | - | 36,290 | 33,979 | 6 | - | 33,985 | - | 23,344 | - | 23,344 | |||||||||||||
Single-family residential | - | 9,637 | - | 9,637 | - | 3,684 | - | 3,684 | - | 3,085 | - | 3,085 | ||||||||||||
Owner occupied | 29,603 | 29,310 | - | 58,913 | 35,642 | 26,381 | - | 62,023 | 2,234 | 2,180 | - | 4,414 | ||||||||||||
63,977 | 40,863 | - | 104,840 | 69,621 | 30,071 | - | 99,692 | 2,234 | 28,609 | - | 30,843 | |||||||||||||
Commercial loans
|
12,442 | 66,212 | - | 78,654 | 25,671 | 67,836 | - | 93,507 | 26,975 | 5,732 | 3 | 32,710 | ||||||||||||
Consumer loans and overdrafts |
- | - | - | - | - | - | - | - | - | 1 | - | 1 | ||||||||||||
Totals | $ | 76,419 | $ | 107,075 | $ | - | $ | 183,494 | $ | 95,292 | $ | 97,907 | $ | - | $ | 193,199 | $ | 29,209 | $ | 34,342 | $ | 3 | $ | 63,554 |
(in thousands) | September 30, 2024 | June 30, 2024 | March 31, 2024 | December 31, 2023 | September 30, 2023 | |||||
(audited) | ||||||||||
Domestic | $ | 5,553,336 | $ | 5,281,946 | $ | 5,288,702 | $ | 5,430,059 | $ | 5,067,937 |
Foreign: | ||||||||||
Venezuela | 1,887,282 | 1,918,134 | 1,988,470 | 1,870,979 | 1,892,453 | |||||
Others | 670,326 | 615,931 | 601,071 | 593,825 | 586,522 | |||||
Total foreign | 2,557,608 | 2,534,065 | 2,589,541 | 2,464,804 | 2,478,975 | |||||
Total deposits | $ | 8,110,944 | $ | 7,816,011 | $ | 7,878,243 | $ | 7,894,863 | $ | 7,546,912 |