For the Three Months Ended, | For the Years Ended, | |||||||||
Performance Ratios (Annualized): | December 31, | September 30, | December 31, | December 31, | December 31, | |||||
2021 | 2021 | 2020 | 2021 | 2020 | ||||||
Return on average assets | 0.72 | % | 0.78 | % | 1.09 | % | 0.91 | % | 0.55 | % |
Return on average stockholders' equity | 5.65 | 6.05 | 8.65 | 7.02 | 4.20 | |||||
Return on average tangible stockholders' equity (a)
| 8.59 | 9.20 | 13.43 | 10.73 | 6.59 | |||||
Efficiency ratio | 72.04 | 67.43 | 59.86 | 63.50 | 63.70 | |||||
Net interest margin | 2.99 | 2.93 | 2.97 | 2.93 | 3.16 |
For the Three Months Ended, | For the Years Ended, | |||||||||
December 31, | September 30, | December 31, | December 31, | December 31, | ||||||
Core Ratios1 (Annualized):
| 2021 | 2021 | 2020 | 2021 | 2020 | |||||
Return on average assets | 0.95 | % | 0.90 | % | 0.78 | % | 0.95 | % | 0.64 | % |
Return on average tangible stockholders' equity | 11.30 | 10.62 | 9.71 | 11.25 | 7.77 | |||||
Efficiency ratio | 62.57 | 62.22 | 59.69 | 60.84 | 57.81 |
December 31, 2021 | September 30, 2021 | December 31, 2020 | ||||
(Unaudited) | (Unaudited) | |||||
Assets | ||||||
Cash and due from banks
| $ | 204,949 | $ | 981,126 | $ | 1,272,134 |
Debt securities available-for-sale, at estimated fair value
| 568,255 | 314,620 | 183,302 | |||
Debt securities held-to-maturity, net of allowance for securities credit losses of $1,467 at December 31, 2021, $1,503 at September 30, 2021, and $1,715 at December 31, 2020 (estimated fair value of $1,152,744 at December 31, 2021, $1,143,381 at September 30, 2021, and $968,466 at December 31, 2020)
| 1,139,193 | 1,125,382 | 937,253 | |||
Equity investments | 101,155 | 101,314 | 107,079 | |||
Restricted equity investments, at cost
| 53,195 | 53,017 | 51,705 | |||
Loans receivable, net of allowance for loan credit losses of $48,850 at December 31, 2021, $50,153 at September 30, 2021, and $60,735 at December 31, 2020
| 8,583,352 | 8,139,961 | 7,704,857 | |||
Loans held-for-sale
| - | 13,428 | 45,524 | |||
Interest and dividends receivable
| 32,606 | 32,512 | 35,269 | |||
Other real estate owned
| 106 | 106 | 106 | |||
Premises and equipment, net
| 125,828 | 123,669 | 107,094 | |||
Bank owned life insurance | 259,207 | 260,072 | 265,253 | |||
Assets held for sale
| 6,229 | 4,613 | 5,782 | |||
Goodwill
| 500,319 | 500,319 | 500,319 | |||
Core deposit intangible
| 18,215 | 19,558 | 23,668 | |||
Other assets | 147,007 | 159,991 | 208,968 | |||
Total assets
| $ | 11,739,616 | $ | 11,829,688 | $ | 11,448,313 |
Liabilities and Stockholders' Equity
| ||||||
Deposits
| $ | 9,732,816 | $ | 9,774,097 | $ | 9,427,616 |
Securities sold under agreements to repurchase with retail customers
| 118,769 | 143,292 | 128,454 | |||
Other borrowings
| 229,141 | 228,887 | 235,471 | |||
Advances by borrowers for taxes and insurance
| 20,305 | 22,214 | 17,296 | |||
Other liabilities
| 122,032 | 147,949 | 155,346 | |||
Total liabilities
| 10,223,063 | 10,316,439 | 9,964,183 | |||
Total stockholders' equity
| 1,516,553 | 1,513,249 | 1,484,130 | |||
Total liabilities and stockholders' equity
| $ | 11,739,616 | $ | 11,829,688 | $ | 11,448,313 |
For the Three Months Ended, | For the Year Ended | |||||||||
December 31, | September 30, | December 31, | December 31, | |||||||
2021 | 2021 | 2020 | 2021 | 2020 | ||||||
|--------------------- (Unaudited) ---------------------| | (Unaudited) | |||||||||
Interest income: | ||||||||||
Loans | $ | 81,392 | $ | 78,889 | $ | 84,997 | $ | 315,237 | $ | 349,221 |
Debt securities | 5,654 | 5,040 | 5,539 | 22,033 | 24,116 | |||||
Equity investments and other | 1,411 | 1,491 | 2,026 | 4,822 | 6,271 | |||||
Total interest income | 88,457 | 85,420 | 92,562 | 342,092 | 379,608 | |||||
Interest expense: | ||||||||||
Deposits | 5,010 | 5,379 | 10,679 | 25,210 | 48,290 | |||||
Borrowed funds | 2,861 | 2,909 | 4,032 | 11,544 | 18,367 | |||||
Total interest expense | 7,871 | 8,288 | 14,711 | 36,754 | 66,657 | |||||
Net interest income | 80,586 | 77,132 | 77,851 | 305,338 | 312,951 | |||||
Credit loss (benefit) expense | (1,573) | (3,179) | 4,072 | (11,832) | 59,404 | |||||
Net interest income after credit loss (benefit) expense | 82,159 | 80,311 | 73,779 | 317,170 | 253,547 | |||||
Other income: | ||||||||||
Bankcard services revenue | 3,308 | 3,409 | 3,098 | 13,360 | 11,417 | |||||
Trust and asset management revenue | 562 | 584 | 492 | 2,336 | 2,052 | |||||
Fees and service charges | 3,314 | 2,973 | 3,950 | 13,833 | 15,808 | |||||
Net gain (loss) on sales of loans | 6 | (15) | 6,348 | 3,186 | 8,278 | |||||
Net (loss) gain on equity investments | (1,252) | (466) | 24,487 | 7,145 | 21,214 | |||||
Net (loss) gain from other real estate operations | (3) | (3) | 23 | (15) | 35 | |||||
Income from bank owned life insurance | 2,061 | 1,640 | 1,798 | 6,832 | 6,424 | |||||
Commercial loan swap income | 1,323 | 1,588 | 116 | 4,095 | 8,080 | |||||
Other | 91 | 173 | 308 | 1,159 | 618 | |||||
Total other income | 9,410 | 9,883 | 40,620 | 51,931 | 73,926 | |||||
Operating expenses: | ||||||||||
Compensation and employee benefits | 31,006 | 30,730 | 27,323 | 120,014 | 114,155 | |||||
Occupancy | 5,101 | 5,005 | 4,968 | 20,481 | 20,782 | |||||
Equipment | 1,435 | 1,124 | 1,938 | 5,443 | 7,769 | |||||
Marketing | 614 | 496 | 632 | 2,169 | 3,117 | |||||
Federal deposit insurance and regulatory assessments | 1,733 | 1,459 | 1,859 | 6,155 | 4,871 | |||||
Data processing | 7,774 | 5,363 | 4,624 | 21,570 | 17,467 | |||||
Check card processing | 1,170 | 1,337 | 1,507 | 5,182 | 5,458 | |||||
Professional fees | 2,726 | 3,089 | 3,908 | 11,043 | 12,247 | |||||
FHLB advance prepayment fees | - | - | 13,333 | - | 14,257 | |||||
Amortization of core deposit intangible | 1,343 | 1,354 | 1,526 | 5,453 | 6,186 | |||||
Branch consolidation expense | 7,286 | 4,014 | 3,336 | 12,337 | 7,623 | |||||
Merger related expenses | 451 | 225 | 1,194 | 1,503 | 15,947 | |||||
Other operating expense | 4,195 | 4,477 | 4,768 | 15,510 | 16,552 | |||||
Total operating expenses | 64,834 | 58,673 | 70,916 | 226,860 | 246,431 | |||||
Income before provision for income taxes | 26,735 | 31,521 | 43,483 | 142,241 | 81,042 | |||||
Provision for income taxes | 4,078 | 7,354 | 10,419 | 32,165 | 17,733 | |||||
Net income | 22,657 | 24,167 | 33,064 | 110,076 | 63,309 | |||||
Dividends on preferred shares | 1,004 | 1,004 | 1,004 | 4,016 | 2,097 | |||||
Net income available to common stockholders | $ | 21,653 | $ | 23,163 | $ | 32,060 | $ | 106,060 | $ | 61,212 |
Basic earnings per share | $ | 0.37 | $ | 0.40 | $ | 0.53 | $ | 1.79 | $ | 1.02 |
Diluted earnings per share | $ | 0.37 | $ | 0.39 | $ | 0.54 | $ | 1.78 | $ | 1.02 |
Average basic shares outstanding | 58,801 | 59,311 | 59,961 | 59,406 | 59,919 | |||||
Average diluted shares outstanding | 59,044 | 59,515 | 60,057 | 59,649 | 60,072 |
LOANS RECEIVABLE | At | |||||||||||
December 31, 2021 |
September 30, 2021 |
June 30, 2021 |
March 31, 2021 |
December 31, 2020 | ||||||||
Commercial: | ||||||||||||
Commercial and industrial | $ | 449,224 | $ | 457,674 | $ | 474,919 | $ | 498,245 | $ | 470,656 | ||
Commercial real estate - owner-occupied | 1,055,065 | 1,123,973 | 1,045,514 | 1,066,351 | 1,145,065 | |||||||
Commercial real estate - investor | 4,378,061 | 3,922,983 | 3,836,230 | 3,804,351 | 3,491,464 | |||||||
Total commercial | 5,882,350 | 5,504,630 | 5,356,663 | 5,368,947 | 5,107,185 | |||||||
Consumer: | ||||||||||||
Residential real estate | 2,479,701 | 2,401,240 | 2,168,545 | 2,189,348 | 2,309,459 | |||||||
Home equity loans and lines and other consumer | 260,819 | 275,962 | 295,582 | 314,242 | 339,462 | |||||||
Total consumer | 2,740,520 | 2,677,202 | 2,464,127 | 2,503,590 | 2,648,921 | |||||||
Total loans | 8,622,870 | 8,181,832 | 7,820,790 | 7,872,537 | 7,756,106 | |||||||
Deferred origination costs (fees), net | 9,332 | 8,282 | 7,437 | 8,029 | 9,486 | |||||||
Allowance for loan credit losses | (48,850) | (50,153) | (53,876) | (59,976) | (60,735) | |||||||
Loans receivable, net | $ | 8,583,352 | $ | 8,139,961 | $ | 7,774,351 | $ | 7,820,590 | $ | 7,704,857 | ||
Mortgage loans serviced for others | $ | 60,447 | $ | 64,840 | $ | 68,778 | $ | 74,037 | $ | 95,789 | ||
At December 31, 2021 Average Yield | ||||||||||||
Loan pipeline (1):
| ||||||||||||
Commercial | 3.65 | % | $ | 539,426 | $ | 482,942 | $ | 463,388 | $ | 154,946 | $ | 210,024 |
Residential real estate
| 3.03 | 123,211 | 160,070 | 153,798 | 178,352 | 151,152 | ||||||
Home equity loans and lines | 4.41 | 8,381 | 8,420 | 11,369 | 11,031 | 6,630 | ||||||
Total | 3.55 | % | $ | 671,018 | $ | 651,432 | $ | 628,555 | $ | 344,329 | $ | 367,806 |
For the Three Months Ended | ||||||||||||||
December 31, 2021 |
September 30, 2021 |
June 30, 2021 |
March 31, 2021 |
December 31, 2020 | ||||||||||
Average Yield | ||||||||||||||
Loan originations: | ||||||||||||||
Commercial | 3.28 | % | $ | 780,464 | $ | 585,667 | $ | 259,163 |
(2)
| $ | 547,591 |
(2)
| $ | 173,715 |
Residential real estate | 3.01 | 195,942 |
(3)
| 174,365 |
(3)
| 173,354 | 189,942 | 222,780 | ||||||
Home equity loans and lines | 4.05 | 12,552 | 11,782 | 14,870 | 10,278 | 13,435 | ||||||||
Total | 3.24 | % | $ | 988,958 | $ | 771,814 | $ | 447,387 | $ | 747,811 | $ | 409,930 | ||
Loans sold | $ | 649 | $ | 1,756 | $ | 29,556 | $ | 67,500 | $ | 56,126 |
(4)
|
DEPOSITS | At | |||||||||
December 31, 2021 |
September 30, 2021 |
June 30, 2021 |
March 31, 2021 |
December 31, 2020 | ||||||
Type of Account | ||||||||||
Non-interest-bearing | $ | 2,412,056 | $ | 2,467,952 | $ | 2,505,355 | $ | 2,417,935 | $ | 2,133,195 |
Interest-bearing checking | 4,201,736 | 4,013,565 | 3,628,741 | 3,623,132 | 3,646,866 | |||||
Money market | 736,090 | 816,691 | 734,320 | 782,459 | 783,521 | |||||
Savings | 1,607,933 | 1,620,447 | 1,590,441 | 1,568,528 | 1,491,251 | |||||
Time deposits | 775,001 | 855,442 | 956,429 | 1,110,758 | 1,372,783 | |||||
Total deposits | $ | 9,732,816 | $ | 9,774,097 | $ | 9,415,286 | $ | 9,502,812 | $ | 9,427,616 |
ASSET QUALITY | December 31, 2021 |
September 30, 2021 |
June 30, 2021 |
March 31, 2021 |
December 31, 2020 | |||||
Non-performing loans: | ||||||||||
Commercial and industrial
| $ | 299 | $ | 354 | $ | 1,566 | $ | 1,616 | $ | 1,551 |
Commercial real estate - owner-occupied
| 8,687 | 8,997 | 11,527 | 11,676 | 13,054 | |||||
Commercial real estate - investor
| 2,021 | 6,904 | 10,549 | 12,366 | 10,660 | |||||
Residential real estate
| 6,094 | 5,484 | 6,114 | 6,398 | 8,642 | |||||
Home equity loans and lines and other consumer | 1,847 | 1,605 | 1,924 | 2,072 | 2,503 | |||||
Total non-performing loans | 18,948 | 23,344 | 31,680 | 34,128 | 36,410 | |||||
Other real estate owned
| 106 | 106 | 106 | 106 | 106 | |||||
Total non-performing assets
| $ | 19,054 | $ | 23,450 | $ | 31,786 | $ | 34,234 | $ | 36,516 |
PCD loans (1)
| $ | 41,817 | $ | 41,372 | $ | 40,064 | $ | 44,421 | $ | 48,488 |
Delinquent loans 30 to 89 days
| $ | 13,546 | $ | 6,647 | $ | 5,313 | $ | 16,477 | $ | 34,683 |
Troubled debt restructurings:
| ||||||||||
Non-performing (included in total non-performing loans above)
| $ | 10,974 | $ | 9,617 | $ | 9,803 | $ | 4,785 | $ | 5,158 |
Performing
| 12,320 | 9,661 | 10,311 | 11,466 | 12,009 | |||||
Total troubled debt restructurings
| $ | 23,294 | $ | 19,278 | $ | 20,114 | $ | 16,251 | $ | 17,167 |
Allowance for loan credit losses | $ | 48,850 | $ | 50,153 | $ | 53,876 | $ | 59,976 | $ | 60,735 |
Allowance for loan credit losses as a percent of total loans receivable (2)
| 0.57 | % | 0.61 | % | 0.69 | % | 0.76 | % | 0.78 | % |
Allowance for loan credit losses as a percent of total non-performing loans (2)
| 257.81 | 214.84 | 170.06 | 175.74 | 166.81 | |||||
Non-performing loans as a percent of total loans receivable | 0.22 | 0.29 | 0.41 | 0.43 | 0.47 | |||||
Non-performing assets as a percent of total assets
| 0.16 | 0.20 | 0.28 | 0.30 | 0.32 |
NET LOAN RECOVERIES (CHARGE-OFFS) | For the Three Months Ended | ||||||||||
December 31, 2021 |
September 30, 2021 |
June 30, 2021 |
March 31, 2021 |
December 31, 2020 | |||||||
Net loan recoveries (charge-offs): | |||||||||||
Loan charge-offs | $ | (92) | $ | (163) | $ | (420) | $ | (356) | $ | (3,220) | |
Recoveries on loans | 111 | 549 | 196 | 636 | 278 | ||||||
Net loan recoveries (charge-offs) | $ | 19 | $ | 386 | $ | (224) | $ | 280 | $ | (2,942) |
(1)
|
Net loan recoveries (charge-offs) to average total loans (annualized) | NM* | NM* | 0.01 | % | NM* | 0.15 | % | ||||
Net loan recoveries (charge-offs) detail: | |||||||||||
Commercial | $ | (24) | $ | (33) | $ | (304) | $ | 126 | $ | (775) | |
Residential real estate | 21 | 280 | - | (203) | (1,731) | ||||||
Home equity loans and lines and other consumer | 22 | 139 | 80 | 357 | (436) | ||||||
Net loan recoveries (charge-offs) | $ | 19 | $ | 386 | $ | (224) | $ | 280 | $ | (2,942) |
(1)
|
For the Three Months Ended | ||||||||||||||||||
December 31, 2021 | September 30, 2021 | December 31, 2020 | ||||||||||||||||
(dollars in thousands) |
Average Balance | Interest |
Average
Yield/
Cost (1)
|
Average Balance | Interest |
Average
Yield/
Cost (1)
|
Average Balance | Interest |
Average
Yield/
Cost (1)
| |||||||||
Assets: | ||||||||||||||||||
Interest-earning assets: | ||||||||||||||||||
Interest-earning deposits and short-term investments | $ | 698,652 | $ | 300 | 0.17 | % | $ | 1,053,797 | $ | 441 | 0.17 | % | $ | 1,223,472 | $ | 341 | 0.11 | % |
Securities (2)
| 1,710,143 | 6,765 | 1.57 | 1,542,630 | 6,090 | 1.57 | 1,209,543 | 7,224 | 2.38 | |||||||||
Loans receivable, net (3)
| ||||||||||||||||||
Commercial | 5,635,642 | 57,829 | 4.07 | 5,361,472 | 55,387 | 4.10 | 5,271,633 | 58,776 | 4.44 | |||||||||
Residential real estate | 2,430,635 | 20,454 | 3.37 | 2,260,673 | 20,076 | 3.55 | 2,420,494 | 21,530 | 3.56 | |||||||||
Home equity loans and lines and other consumer | 273,007 | 3,109 | 4.52 | 289,011 | 3,426 | 4.70 | 351,920 | 4,691 | 5.30 | |||||||||
Allowance for loan credit losses, net of deferred loan costs and fees | (41,889) | - | - | (46,436) | - | - | (51,682) | - | - | |||||||||
Loans receivable, net | 8,297,395 | 81,392 | 3.89 | 7,864,720 | 78,889 | 3.98 | 7,992,365 | 84,997 | 4.23 | |||||||||
Total interest-earning assets | 10,706,190 | 88,457 | 3.28 | 10,461,147 | 85,420 | 3.24 | 10,425,380 | 92,562 | 3.53 | |||||||||
Non-interest-earning assets | 1,247,420 | 1,276,890 | 1,322,112 | |||||||||||||||
Total assets | $ | 11,953,610 | $ | 11,738,037 | $ | 11,747,492 | ||||||||||||
Liabilities and Stockholders' Equity: | ||||||||||||||||||
Interest-bearing liabilities: | ||||||||||||||||||
Interest-bearing checking | $ | 4,249,001 | 2,851 | 0.27 | % | $ | 3,841,475 | 2,854 | 0.29 | % | $ | 3,601,814 | 4,836 | 0.53 | % | |||
Money market | 790,471 | 282 | 0.14 | 767,854 | 245 | 0.13 | 766,866 | 586 | 0.30 | |||||||||
Savings | 1,611,522 | 141 | 0.03 | 1,609,197 | 146 | 0.04 | 1,489,853 | 240 | 0.06 | |||||||||
Time deposits | 819,025 | 1,736 | 0.84 | 904,384 | 2,134 | 0.94 | 1,437,770 | 5,017 | 1.39 | |||||||||
Total | 7,470,019 | 5,010 | 0.27 | 7,122,910 | 5,379 | 0.30 | 7,296,303 | 10,679 | 0.58 | |||||||||
FHLB advances | - | - | - | - | - | - | 204,880 | 779 | 1.51 | |||||||||
Securities sold under agreements to repurchase | 132,520 | 50 | 0.15 | 142,494 | 51 | 0.14 | 143,385 | 154 | 0.43 | |||||||||
Other borrowings | 228,980 | 2,811 | 4.87 | 228,695 | 2,858 | 4.96 | 242,030 | 3,099 | 5.09 | |||||||||
Total borrowings | 361,500 | 2,861 | 3.14 | 371,189 | 2,909 | 3.11 | 590,295 | 4,032 | 2.72 | |||||||||
Total interest-bearing liabilities | 7,831,519 | 7,871 | 0.40 | 7,494,099 | 8,288 | 0.44 | 7,886,598 | 14,711 | 0.74 | |||||||||
Non-interest-bearing deposits | 2,467,588 | 2,576,123 | 2,209,532 | |||||||||||||||
Non-interest-bearing liabilities | 134,527 | 148,327 | 176,274 | |||||||||||||||
Total liabilities | 10,433,634 | 10,218,549 | 10,272,404 | |||||||||||||||
Stockholders' equity
| 1,519,976 | 1,519,488 | 1,475,088 | |||||||||||||||
Total liabilities and equity | $ | 11,953,610 | $ | 11,738,037 | $ | 11,747,492 | ||||||||||||
Net interest income | $ | 80,586 | $ | 77,132 | $ | 77,851 | ||||||||||||
Net interest rate spread (4)
| 2.88 | % | 2.80 | % | 2.79 | % | ||||||||||||
Net interest margin (5)
| 2.99 | % | 2.93 | % | 2.97 | % | ||||||||||||
Total cost of deposits (including non-interest-bearing deposits) | 0.20 | % | 0.22 | % | 0.45 | % |
For the Year Ended | ||||||||||||
December 31, 2021 | December 31, 2020 | |||||||||||
(dollars in thousands) |
Average Balance | Interest |
Average Yield/ Cost |
Average Balance | Interest |
Average Yield/ Cost | ||||||
Assets: | ||||||||||||
Interest-earning assets: | ||||||||||||
Interest-earning deposits and short-term investments | $ | 969,982 | $ | 1,258 | 0.13 | % | $ | 613,971 | $ | 1,034 | 0.17 | % |
Securities (2)
| 1,517,649 | 25,597 | 1.69 | 1,159,764 | 29,353 | 2.53 | ||||||
Loans receivable, net (3)
| ||||||||||||
Commercial | 5,362,265 | 221,144 | 4.12 | 5,299,813 | 236,749 | 4.47 | ||||||
Residential real estate | 2,309,790 | 79,696 | 3.45 | 2,465,740 | 93,120 | 3.78 | ||||||
Home equity loans and lines and other consumer | 298,193 | 14,397 | 4.83 | 390,421 | 19,352 | 4.96 | ||||||
Allowance for loan credit losses, net of deferred loan costs and fees | (48,637) | - | - | (33,343) | - | - | ||||||
Loans receivable, net | 7,921,611 | 315,237 | 3.98 | 8,122,631 | 349,221 | 4.30 | ||||||
Total interest-earning assets | 10,409,242 | 342,092 | 3.29 | 9,896,366 | 379,608 | 3.84 | ||||||
Non-interest-earning assets | 1,260,079 | 1,310,474 | ||||||||||
Total assets | $ | 11,669,321 | $ | 11,206,840 | ||||||||
Liabilities and Stockholders' Equity: | ||||||||||||
Interest-bearing liabilities: | ||||||||||||
Interest-bearing checking | $ | 3,878,465 | 13,400 | 0.35 | % | $ | 3,168,889 | 19,395 | 0.61 | % | ||
Money market | 769,157 | 1,105 | 0.14 | 677,554 | 2,902 | 0.43 | ||||||
Savings | 1,581,472 | 631 | 0.04 | 1,449,982 | 2,505 | 0.17 | ||||||
Time deposits | 985,328 | 10,074 | 1.02 | 1,531,857 | 23,488 | 1.53 | ||||||
Total | 7,214,422 | 25,210 | 0.35 | 6,828,282 | 48,290 | 0.71 | ||||||
FHLB advances | - | - | - | 413,290 | 7,018 | 1.70 | ||||||
Securities sold under agreements to repurchase | 134,939 | 253 | 0.19 | 125,500 | 562 | 0.45 | ||||||
Other borrowings | 228,600 | 11,291 | 4.94 | 207,386 | 10,787 | 5.20 | ||||||
Total borrowings | 363,539 | 11,544 | 3.18 | 746,176 | 18,367 | 2.46 | ||||||
Total interest-bearing liabilities | 7,577,961 | 36,754 | 0.49 | 7,574,458 | 66,657 | 0.88 | ||||||
Non-interest-bearing deposits | 2,429,547 | 2,031,100 | ||||||||||
Non-interest-bearing liabilities | 151,950 | 144,571 | ||||||||||
Total liabilities | 10,159,458 | 9,750,129 | ||||||||||
Stockholders' equity
| 1,509,863 | 1,456,711 | ||||||||||
Total liabilities and equity | $ | 11,669,321 | $ | 11,206,840 | ||||||||
Net interest income | $ | 305,338 | $ | 312,951 | ||||||||
Net interest rate spread (4)
| 2.80 | % | 2.96 | % | ||||||||
Net interest margin (5)
| 2.93 | % | 3.16 | % | ||||||||
Total cost of deposits (including non-interest-bearing deposits) | 0.26 | % | 0.55 | % |
December 31, 2021 |
September 30, 2021 |
June 30, 2021 |
March 31, 2021 |
December 31, 2020 | ||||||
Selected Financial Condition Data: | ||||||||||
Total assets | $ | 11,739,616 | $ | 11,829,688 | $ | 11,483,901 | $ | 11,577,472 | $ | 11,448,313 |
Debt securities available-for-sale, at estimated fair value | 568,255 | 314,620 | 249,330 | 268,511 | 183,302 | |||||
Debt securities held-to-maturity, net of allowance for securities credit losses | 1,139,193 | 1,125,382 | 1,146,735 | 1,082,326 | 937,253 | |||||
Equity investments | 101,155 | 101,314 | 90,917 | 50,159 | 107,079 | |||||
Restricted equity investments, at cost | 53,195 | 53,017 | 52,519 | 52,199 | 51,705 | |||||
Loans receivable, net of allowance for loan credit losses | 8,583,352 | 8,139,961 | 7,774,351 | 7,820,590 | 7,704,857 | |||||
Deposits | 9,732,816 | 9,774,097 | 9,415,286 | 9,502,812 | 9,427,616 | |||||
Securities sold under agreements to repurchase and other borrowings | 347,910 | 372,179 | 370,039 | 362,641 | 363,925 | |||||
Stockholders' equity | 1,516,553 | 1,513,249 | 1,508,789 | 1,498,719 | 1,484,130 |
For the Three Months Ended | ||||||||||
December 31, 2021 |
September 30, 2021 |
June 30, 2021 |
March 31, 2021 |
December 31, 2020 | ||||||
Selected Operating Data: | ||||||||||
Interest income | $ | 88,457 | $ | 85,420 | $ | 83,341 | $ | 84,874 | $ | 92,562 |
Interest expense | 7,871 | 8,288 | 9,325 | 11,270 | 14,711 | |||||
Net interest income | 80,586 | 77,132 | 74,016 | 73,604 | 77,851 | |||||
Credit loss (benefit) expense | (1,573) | (3,179) | (6,460) | (620) | 4,072 | |||||
Net interest income after credit loss (benefit) expense | 82,159 | 80,311 | 80,476 | 74,224 | 73,779 | |||||
Other income (excluding net (loss) gain on equity investments and gain on sale of PPP loans) | 10,662 | 10,349 | 11,227 | 12,548 | 11,032 | |||||
Net (loss) gain on equity investments | (1,252) | (466) | 576 | 8,287 | 24,487 | |||||
Gain on sale of PPP loans | - | - | - | - | 5,101 | |||||
Operating expenses (excluding FHLB advance prepayment fees, branch consolidation and merger related expenses) | 57,097 | 54,434 | 51,198 | 50,291 | 53,053 | |||||
FHLB advance prepayment fees | - | - | - | - | 13,333 | |||||
Branch consolidation expense | 7,286 | 4,014 | 26 | 1,011 | 3,336 | |||||
Merger related expenses | 451 | 225 | 446 | 381 | 1,194 | |||||
Income before provision for income taxes | 26,735 | 31,521 | 40,609 | 43,376 | 43,483 | |||||
Provision for income taxes | 4,078 | 7,354 | 10,054 | 10,679 | 10,419 | |||||
Net income | $ | 22,657 | $ | 24,167 | $ | 30,555 | $ | 32,697 | $ | 33,064 |
Net income available to common stockholders | $ | 21,653 | $ | 23,163 | $ | 29,551 | $ | 31,693 | $ | 32,060 |
Diluted earnings per share | $ | 0.37 | $ | 0.39 | $ | 0.49 | $ | 0.53 | $ | 0.54 |
Net accretion/amortization of purchase accounting adjustments included in net interest income | $ | 3,610 | $ | 3,644 | $ | 2,835 | $ | 3,650 | $ | 6,186 |
At or For the Three Months Ended | ||||||||||
December 31, 2021 |
September 30, 2021 |
June 30, 2021 |
March 31, 2021 |
December 31, 2020 | ||||||
Selected Financial Ratios and Other Data(1):
| ||||||||||
Performance Ratios (Annualized): | ||||||||||
Return on average assets (2)
| 0.72 | % | 0.78 | % | 1.03 | % | 1.12 | % | 1.09 | % |
Return on average tangible assets (2) (3)
| 0.75 | 0.82 | 1.08 | 1.18 | 1.14 | |||||
Return on average stockholders' equity (2)
| 5.65 | 6.05 | 7.88 | 8.59 | 8.65 | |||||
Return on average tangible stockholders' equity (2) (3)
| 8.59 | 9.20 | 12.07 | 13.22 | 13.43 | |||||
Stockholders' equity to total assets | 12.92 | 12.79 | 13.14 | 12.95 | 12.96 | |||||
Tangible stockholders' equity to tangible assets (3)
| 8.89 | 8.78 | 9.01 | 8.83 | 8.79 | |||||
Tangible common equity to tangible assets (3)
| 8.40 | 8.29 | 8.50 | 8.33 | 8.28 | |||||
Net interest rate spread | 2.88 | 2.80 | 2.75 | 2.78 | 2.79 | |||||
Net interest margin | 2.99 | 2.93 | 2.89 | 2.93 | 2.97 | |||||
Operating expenses to average assets (2)
| 2.15 | 1.98 | 1.80 | 1.83 | 2.40 | |||||
Efficiency ratio (2) (4)
| 72.04 | 67.43 | 60.21 | 54.73 | 59.86 | |||||
Loans-to-deposits | 88.60 | 83.71 | 83.06 | 82.84 | 82.27 |
At or For the Year Ended December 31, | ||||
2021 | 2020 | |||
Performance Ratios: | ||||
Return on average assets (2)
| 0.91 | % | 0.55 | % |
Return on average tangible assets (2) (3)
| 0.95 | 0.57 | ||
Return on average stockholders' equity (2)
| 7.02 | 4.20 | ||
Return on average tangible stockholders' equity (2) (3)
| 10.73 | 6.59 | ||
Net interest rate spread | 2.80 | 2.96 | ||
Net interest margin | 2.93 | 3.16 | ||
Operating expenses to average assets (2)
| 1.94 | 2.20 | ||
Efficiency ratio (2) (4)
| 63.50 | 63.70 |
At or For the Three Months Ended | ||||||||||
December 31, | September 30, | June 30, | March 31, | December 31, | ||||||
2021 | 2021 | 2021 | 2021 | 2020 | ||||||
Trust and Asset Management: | ||||||||||
Wealth assets under administration and management ("AUA/M") | $ | 287,404 | $ | 274,807 | $ | 278,785 | $ | 274,172 | $ | 245,175 |
Nest Egg AUA/M | 428,558 | 423,563 | 425,921 | 410,497 | 398,174 | |||||
Total AUA/M | 715,962 | 698,370 | 704,706 | 684,669 | 643,349 | |||||
Per Share Data: | ||||||||||
Cash dividends per common share | $ | 0.17 | $ | 0.17 | $ | 0.17 | $ | 0.17 | $ | 0.17 |
Stockholders' equity per common share at end of period | 25.63 | 25.47 | 25.22 | 24.84 | 24.57 | |||||
Tangible common equity per common share at end of period (3)
| 15.93 | 15.78 | 15.58 | 15.26 | 14.98 | |||||
Common shares outstanding at end of period | 59,175,046 | 59,417,266 | 59,834,018 | 60,329,504 | 60,392,043 | |||||
Preferred shares outstanding at end of period | 57,370 | 57,370 | 57,370 | 57,370 | 57,370 | |||||
Number of full-service customer facilities: | 47 | 58 | 58 | 62 | 62 | |||||
Quarterly Average Balances | ||||||||||
Total securities | $ | 1,710,143 | $ | 1,542,630 | $ | 1,501,484 | $ | 1,311,683 | $ | 1,209,543 |
Loans receivable, net | 8,297,395 | 7,864,720 | 7,788,919 | 7,729,798 | 7,992,365 | |||||
Total interest-earning assets | 10,706,190 | 10,461,147 | 10,282,888 | 10,180,392 | 10,425,380 | |||||
Total goodwill and core deposit intangible | 519,401 | 520,765 | 522,122 | 523,499 | 525,511 | |||||
Total assets | 11,953,610 | 11,738,037 | 11,539,732 | 11,439,501 | 11,747,439 | |||||
Time deposits | 819,025 | 904,384 | 1,002,086 | 1,221,123 | 1,437,770 | |||||
Total deposits (including non-interest-bearing deposits) | 9,937,607 | 9,699,033 | 9,507,392 | 9,425,609 | 9,505,835 | |||||
Total borrowed funds | 361,500 | 371,189 | 363,531 | 357,812 | 590,295 | |||||
Total interest-bearing liabilities | 7,831,519 | 7,494,099 | 7,408,720 | 7,571,148 | 7,886,598 | |||||
Non-interest bearing deposits | 2,467,588 | 2,576,123 | 2,462,203 | 2,212,273 | 2,209,532 | |||||
Stockholders' equity | 1,519,976 | 1,519,488 | 1,504,035 | 1,495,580 | 1,475,088 | |||||
Tangible stockholders' equity | 1,000,575 | 998,723 | 981,913 | 972,081 | 949,577 | |||||
Quarterly Yields | ||||||||||
Total securities | 1.57 | % | 1.57 | % | 1.62 | % | 2.07 | % | 2.38 | % |
Loans receivable, net | 3.89 | 3.98 | 3.97 | 4.09 | 4.23 | |||||
Total interest-earning assets | 3.28 | 3.24 | 3.25 | 3.38 | 3.53 | |||||
Time deposits | 0.84 | 0.94 | 1.03 | 1.21 | 1.39 | |||||
Total cost of deposits (including non-interest-bearing deposits) | 0.20 | 0.22 | 0.27 | 0.37 | 0.45 | |||||
Total borrowed funds | 3.14 | 3.11 | 3.31 | 3.14 | 2.72 | |||||
Total interest-bearing liabilities | 0.40 | 0.44 | 0.50 | 0.60 | 0.74 | |||||
Net interest spread | 2.88 | 2.80 | 2.75 | 2.78 | 2.79 | |||||
Net interest margin | 2.99 | 2.93 | 2.89 | 2.93 | 2.97 |
For the Three Months Ended | ||||||||||
December 31, 2021 |
September 30, 2021 |
June 30, 2021 |
March 31, 2021 |
December 31, 2020 | ||||||
Core Earnings: | ||||||||||
Net income available to common stockholders (GAAP)
| $ | 21,653 | $ | 23,163 | $ | 29,551 | $ | 31,693 | $ | 32,060 |
Add (less) non-recurring and non-core items: | ||||||||||
Merger related expenses | 451 | 225 | 446 | 381 | 1,194 | |||||
Branch consolidation expense | 7,286 |
(1)
| 4,014 | 26 | 1,011 | 3,336 | ||||
Net loss (gain) on equity investments | 1,252 | 466 | (576) | (8,287) | (24,487) | |||||
FHLB advance prepayment fees | - | - | - | - | 13,333 | |||||
Gain on sale of PPP loans | - | - | - | - | (5,101) | |||||
Income tax (benefit) expense on items | (2,144) | (1,138) | 26 | 1,666 | 2,832 | |||||
Core earnings (Non-GAAP)
| $ | 28,498 | $ | 26,730 | $ | 29,473 | $ | 26,464 | $ | 23,167 |
Core diluted earnings per share | $ | 0.48 | $ | 0.45 | $ | 0.49 | $ | 0.44 | $ | 0.39 |
Core Ratios (Annualized): | ||||||||||
Return on average assets | 0.95 | % | 0.90 | % | 1.02 | % | 0.94 | % | 0.78 | % |
Return on average tangible assets | 0.99 | 0.95 | 1.07 | 0.98 | 0.82 | |||||
Return on average tangible stockholders' equity | 11.30 | 10.62 | 12.04 | 11.04 | 9.71 | |||||
Efficiency ratio | 62.57 | 62.22 | 60.06 | 58.37 | 59.69 | |||||
(1) Includes $2.0 million of gains related to the sale of two branches for the three months ended December 31, 2021. |
For the Years Ended December 31, | ||||
2021 | 2020 | |||
Core Earnings: | ||||
Net income available to common stockholders (GAAP)
| $ | 106,060 | $ | 61,212 |
Add (less) non-recurring and non-core items: | ||||
Merger related expenses | 1,503 | 15,947 | ||
Branch consolidation expense | 12,337 |
(1)
| 7,623 | |
Net gain on equity investments | (7,145) | (20,911) | ||
FHLB advance prepayment fees | - | 14,257 | ||
Gain on sale of PPP loans | - | (5,101) | ||
Two River and Country Bank opening credit loss expense under the CECL model | - | 2,447 | ||
Income tax benefit on items | (1,590) | (3,288) | ||
Core earnings (Non-GAAP)
| $ | 111,165 | $ | 72,186 |
Core diluted earnings per share | $ | 1.86 | $ | 1.20 |
Core Ratios: | ||||
Return on average assets | 0.95 | % | 0.64 | % |
Return on average tangible assets | 1.00 | 0.68 | ||
Return on average tangible stockholders' equity | 11.25 | 7.77 | ||
Efficiency ratio | 60.84 | 57.81 | ||
(1) Includes $2.0 million of gains related to the sale of two branches for the year ended December 31, 2021. |
December 31, | September 30, | June 30, | March 31, | December 31, | ||||||
2021 | 2021 | 2021 | 2021 | 2020 | ||||||
Tangible Equity: | ||||||||||
Total stockholders' equity | $ | 1,516,553 | $ | 1,513,249 | $ | 1,508,789 | $ | 1,498,719 | $ | 1,484,130 |
Less: | ||||||||||
Goodwill | 500,319 | 500,319 | 500,319 | 500,319 | 500,319 | |||||
Core deposit intangible | 18,215 | 19,558 | 20,912 | 22,273 | 23,668 | |||||
Tangible stockholders' equity | 998,019 | 993,372 | 987,558 | 976,127 | 960,143 | |||||
Less: | ||||||||||
Preferred stock | 55,527 | 55,527 | 55,527 | 55,527 | 55,527 | |||||
Tangible common equity | $ | 942,492 | $ | 937,845 | $ | 932,031 | $ | 920,600 | $ | 904,616 |
Tangible Assets: | ||||||||||
Total assets | $ | 11,739,616 | $ | 11,829,688 | $ | 11,483,901 | $ | 11,577,472 | $ | 11,448,313 |
Less: | ||||||||||
Goodwill | 500,319 | 500,319 | 500,319 | 500,319 | 500,319 | |||||
Core deposit intangible | 18,215 | 19,558 | 20,912 | 22,273 | 23,668 | |||||
Tangible assets | $ | 11,221,082 | $ | 11,309,811 | $ | 10,962,670 | $ | 11,054,880 | $ | 10,924,326 |
Tangible stockholders' equity to tangible assets | 8.89 | % | 8.78 | % | 9.01 | % | 8.83 | % | 8.79 | % |
Tangible common equity to tangible assets | 8.40 | % | 8.29 | % | 8.50 | % | 8.33 | % | 8.28 | % |
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OceanFirst Financial Corporation published this content on 27 January 2022 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 27 January 2022 22:35:06 UTC.