(Dollars in thousands, except per share data) | Three Months Ended | Six Months Ended | ||||||||||||
Jun 30, 2022 | Mar 31, 2022 | Dec 31, 2021 | Sep 30, 2021 | Jun 30, 2021 | Jun 30, 2022 | Jun 30, 2021 | ||||||||
Interest income | ||||||||||||||
Loans held for investment | $ | 106,409 | $ | 95,829 | $ | 98,478 | $ | 102,627 | $ | 109,721 | $ | 202,238 | $ | 221,727 |
Loans held for sale | 2,586 | 2,863 | 3,652 | 2,377 | 3,604 | 5,449 | 6,603 | |||||||
Securities | 12,471 | 10,835 | 9,221 | 8,416 | 7,321 | 23,306 | 13,895 | |||||||
Other | 1,954 | 664 | 568 | 593 | 345 | 2,618 | 528 | |||||||
Total interest income | 123,420 | 110,191 | 111,919 | 114,013 | 120,991 | 233,611 | 242,753 | |||||||
Interest expense | ||||||||||||||
Deposits | 5,018 | 5,637 | 6,056 | 6,972 | 7,669 | 10,655 | 15,948 | |||||||
Borrowings | 4,887 | 4,925 | 4,381 | 3,749 | 3,743 | 9,812 | 7,578 | |||||||
Total interest expense | 9,905 | 10,562 | 10,437 | 10,721 | 11,412 | 20,467 | 23,526 | |||||||
Net interest income | 113,515 | 99,629 | 101,482 | 103,292 | 109,579 | 213,144 | 219,227 | |||||||
Provision for (recovery of) credit losses | ||||||||||||||
Provision for (recovery of) loan losses | 2,000 | 1,500 | (500) | (1,200) | - | 3,500 | - | |||||||
Provision for credit losses on HTM securities | - | - | 32 | - | - | - | - | |||||||
Total provision for (recovery of) credit losses | 2,000 | 1,500 | (468) | (1,200) | - | 3,500 | - | |||||||
Net interest income after provision for (recovery of) credit losses | 111,515 | 98,129 | 101,950 | 104,492 | 109,579 | 209,644 | 219,227 | |||||||
Noninterest income | 37,214 | 37,458 | 47,582 | 50,755 | 47,610 | 74,672 | 128,647 | |||||||
Noninterest expense | 98,194 | 94,105 | 101,115 | 103,999 | 108,777 | 192,299 | 224,712 | |||||||
Income before income taxes | 50,535 | 41,482 | 48,417 | 51,248 | 48,412 | 92,017 | 123,162 | |||||||
Income taxes | 10,857 | 7,935 | 11,363 | 11,185 | 7,545 | 18,792 | 24,387 | |||||||
Net income | $ | 39,678 | $ | 33,547 | $ | 37,054 | $ | 40,063 | $ | 40,867 | $ | 73,225 | $ | 98,775 |
Adjusted net income (non-GAAP)(1)
| $ | 40,601 | $ | 33,728 | $ | 38,232 | $ | 40,315 | $ | 41,169 | $ | 74,329 | $ | 89,363 |
Adjusted pre-provision net revenue ("PPNR") (non-GAAP)(1)
| $ | 54,172 | $ | 42,664 | $ | 49,190 | $ | 50,171 | $ | 48,797 | $ | 96,836 | $ | 111,063 |
Basic earnings per share | $ | 0.71 | $ | 0.60 | $ | 0.66 | $ | 0.71 | $ | 0.73 | $ | 1.31 | $ | 1.75 |
Diluted earnings per share | 0.71 | 0.60 | 0.66 | 0.71 | 0.72 | 1.30 | 1.75 | |||||||
Adjusted diluted earnings per share (non-GAAP)(1)
| 0.72 | 0.60 | 0.68 | 0.71 | 0.73 | 1.32 | 1.58 | |||||||
Average basic shares outstanding | 55,906,755 | 55,809,192 | 55,751,487 | 56,146,285 | 56,325,717 | 55,858,243 | 56,283,195 | |||||||
Average diluted shares outstanding | 56,182,845 | 56,081,863 | 56,105,050 | 56,447,184 | 56,635,898 | 56,130,762 | 56,578,580 | |||||||
Cash dividends per common share | $ | 0.22 | $ | 0.22 | $ | 0.22 | $ | 0.22 | $ | 0.22 | $ | 0.44 | $ | 0.44 |
Three Months Ended | Six Months Ended | |||||||||||||
Jun 30, 2022 | Mar 31, 2022 | Dec 31, 2021 | Sep 30, 2021 | Jun 30, 2021 | Jun 30, 2022 | Jun 30, 2021 | ||||||||
Return on average assets | 0.96 | % | 0.81 | % | 0.89 | % | 0.99 | % | 1.04 | % | 0.89 | % | 1.28 | % |
Adjusted return on average assets (non-GAAP)(1)
| 0.98 | 0.82 | 0.92 | 0.99 | 1.04 | 0.90 | 1.16 | |||||||
Return on average tangible assets (non-GAAP)(1)
| 1.04 | 0.89 | 0.98 | 1.08 | 1.14 | 0.97 | 1.40 | |||||||
Adjusted return on average tangible assets (non-GAAP)(1)
| 1.07 | 0.90 | 1.01 | 1.09 | 1.14 | 0.98 | 1.27 | |||||||
Return on average equity | 7.31 | 6.05 | 6.59 | 7.16 | 7.40 | 6.67 | 9.08 | |||||||
Adjusted return on average equity (non-GAAP)(1)
| 7.48 | 6.08 | 6.80 | 7.21 | 7.46 | 6.77 | 8.22 | |||||||
Return on average tangible equity (non-GAAP)(1)
| 13.50 | 10.93 | 11.94 | 13.05 | 13.54 | 12.18 | 16.66 | |||||||
Adjusted return on average tangible equity (non-GAAP)(1)
| 13.81 | 10.99 | 12.31 | 13.13 | 13.64 | 12.36 | 15.11 | |||||||
Efficiency ratio (fully taxable equivalent) | 64.37 | 67.78 | 67.04 | 66.77 | 68.49 | 66.00 | 64.00 | |||||||
Adjusted efficiency ratio (non-GAAP)(1)
| 62.44 | 67.02 | 64.18 | 66.06 | 67.28 | 64.63 | 65.47 | |||||||
Dividend payout ratio | 30.99 | 36.67 | 33.33 | 30.99 | 30.14 | 33.59 | 25.14 |
As of | ||||||||||
Jun 30, 2022 | Mar 31, 2022 | Dec 31, 2021 | Sep 30, 2021 | Jun 30, 2021 | ||||||
Shares outstanding | 55,932,017 | 55,880,666 | 55,756,233 | 55,747,407 | 56,350,878 | |||||
Market value per share | $ | 28.81 | $ | 33.45 | $ | 37.95 | $ | 36.05 | $ | 40.00 |
Book value per share | 37.85 | 38.25 | 39.63 | 39.53 | 39.11 | |||||
Tangible book value per share (non-GAAP)(1)
| 20.55 | 20.91 | 22.35 | 22.22 | 21.95 | |||||
Shareholders' equity to assets | 12.74 | % | 12.68 | % | 13.15 | % | 13.64 | % | 13.75 | % |
Tangible common equity ratio (non-GAAP)(1)
| 7.34 | 7.35 | 7.86 | 8.15 | 8.22 | |||||
Leverage ratio | 9.16 | 9.00 | 9.15 | 9.18 | 9.30 | |||||
Common equity tier 1 capital ratio | 10.74 | 10.78 | 11.18 | 11.02 | 11.14 | |||||
Tier 1 risk-based capital ratio | 11.60 | 11.67 | 12.10 | 11.94 | 12.07 | |||||
Total risk-based capital ratio | 15.34 | 15.51 | 16.14 | 14.66 | 15.11 |
(Dollars in thousands) | Three Months Ended | Six Months Ended | ||||||||||||
Jun 30, 2022 | Mar 31, 2022 | Dec 31, 2021 | Sep 30, 2021 | Jun 30, 2021 | Jun 30, 2022 | Jun 30, 2021 | ||||||||
Noninterest income | ||||||||||||||
Service charges on deposit accounts | $ | 9,734 | $ | 9,562 | $ | 9,751 | $ | 9,337 | $ | 9,458 | $ | 19,296 | $ | 17,481 |
Fees and commissions | 4,668 | 3,982 | 3,885 | 3,837 | 4,110 | 8,650 | 8,010 | |||||||
Insurance commissions | 2,591 | 2,554 | 2,353 | 2,829 | 2,422 | 5,145 | 4,659 | |||||||
Wealth management revenue | 5,711 | 5,924 | 5,273 | 5,371 | 5,019 | 11,635 | 9,811 | |||||||
Mortgage banking income | 8,316 | 9,633 | 14,726 | 23,292 | 20,853 | 17,949 | 71,586 | |||||||
Swap termination gains | - | - | 4,676 | - | - | - | - | |||||||
Net gains on sales of securities | - | - | 49 | 764 | - | - | 1,357 | |||||||
BOLI income | 2,331 | 2,153 | 2,048 | 1,602 | 1,644 | 4,484 | 3,716 | |||||||
Other | 3,863 | 3,650 | 4,821 | 3,723 | 4,104 | 7,513 | 12,027 | |||||||
Total noninterest income | $ | 37,214 | $ | 37,458 | $ | 47,582 | $ | 50,755 | $ | 47,610 | $ | 74,672 | $ | 128,647 |
Noninterest expense | ||||||||||||||
Salaries and employee benefits | $ | 65,580 | $ | 62,239 | $ | 62,523 | $ | 69,115 | $ | 70,293 | $ | 127,819 | $ | 148,989 |
Data processing | 3,590 | 4,263 | 5,346 | 5,277 | 5,652 | 7,853 | 11,103 | |||||||
Net occupancy and equipment | 11,155 | 11,276 | 11,177 | 11,748 | 11,374 | 22,431 | 23,912 | |||||||
Other real estate owned | (187) | (241) | (60) | 168 | 104 | (428) | 145 | |||||||
Professional fees | 2,778 | 3,151 | 3,209 | 2,972 | 2,674 | 5,929 | 5,595 | |||||||
Advertising and public relations | 3,406 | 4,059 | 2,929 | 2,922 | 3,100 | 7,465 | 6,352 | |||||||
Intangible amortization | 1,310 | 1,366 | 1,424 | 1,481 | 1,539 | 2,676 | 3,137 | |||||||
Communications | 1,904 | 2,027 | 2,088 | 2,198 | 2,291 | 3,931 | 4,583 | |||||||
Merger and conversion related expenses | - | 687 | - | - | - | 687 | - | |||||||
Restructuring charges (benefit) | 1,187 | (455) | 61 | - | 15 | 732 | 307 | |||||||
Debt prepayment penalty | - | - | 6,123 | - | - | - | - | |||||||
Other | 7,471 | 5,733 | 6,295 | 8,118 | 11,735 | 13,204 | 20,589 | |||||||
Total noninterest expense | $ | 98,194 | $ | 94,105 | $ | 101,115 | $ | 103,999 | $ | 108,777 | $ | 192,299 | $ | 224,712 |
(Dollars in thousands) | Three Months Ended | Six Months Ended | ||||||||||||
Jun 30, 2022 | Mar 31, 2022 | Dec 31, 2021 | Sep 30, 2021 | Jun 30, 2021 | Jun 30, 2022 | Jun 30, 2021 | ||||||||
Gain on sales of loans, net | $ | 3,490 | $ | 6,047 | $ | 10,801 | $ | 20,116 | $ | 17,581 | $ | 9,537 | $ | 51,482 |
Fees, net | 3,064 | 3,053 | 4,320 | 3,420 | 4,519 | 6,117 | 9,421 | |||||||
Mortgage servicing income (loss), net | 1,762 | 533 | (395) | (244) | (1,247) | 2,295 | (2,878) | |||||||
MSR valuation adjustment | - | - | - | - | - | - | 13,561 | |||||||
Total mortgage banking income | $ | 8,316 | $ | 9,633 | $ | 14,726 | $ | 23,292 | $ | 20,853 | $ | 17,949 | $ | 71,586 |
(Dollars in thousands) | As of | |||||||||
Jun 30, 2022 | Mar 31, 2022 | Dec 31, 2021 | Sep 30, 2021 | Jun 30, 2021 | ||||||
Assets | ||||||||||
Cash and cash equivalents | $ | 1,010,468 | $ | 1,607,493 | $ | 1,877,965 | $ | 1,476,141 | $ | 1,605,488 |
Securities held to maturity, at amortized cost | 488,851 | 487,194 | 416,357 | - | - | |||||
Securities available for sale, at fair value | 2,528,253 | 2,405,316 | 2,386,052 | 2,544,643 | 2,163,820 | |||||
Loans held for sale, at fair value | 196,598 | 280,464 | 453,533 | 452,869 | 448,959 | |||||
Loans: | ||||||||||
Non purchased | 9,692,116 | 9,338,890 | 9,011,011 | 8,875,880 | 8,892,544 | |||||
Purchased | 911,628 | 974,569 | 1,009,903 | 1,140,944 | 1,256,698 | |||||
Total loans | 10,603,744 | 10,313,459 | 10,020,914 | 10,016,824 | 10,149,242 | |||||
Allowance for credit losses on loans | (166,131) | (166,468) | (164,171) | (170,038) | (172,354) | |||||
Loans, net | 10,437,613 | 10,146,991 | 9,856,743 | 9,846,786 | 9,976,888 | |||||
Premises and equipment, net | 284,035 | 285,344 | 293,122 | 294,499 | 293,203 | |||||
Other real estate owned | 2,807 | 2,062 | 2,540 | 4,705 | 4,939 | |||||
Goodwill | 946,291 | 946,291 | 939,683 | 939,683 | 939,683 | |||||
Other intangibles | 21,422 | 22,731 | 24,098 | 25,522 | 27,003 | |||||
Bank-owned life insurance | 371,298 | 369,344 | 287,359 | 286,088 | 279,444 | |||||
Mortgage servicing rights | 94,743 | 91,730 | 89,018 | 86,387 | 84,912 | |||||
Other assets | 235,722 | 218,797 | 183,841 | 198,227 | 198,047 | |||||
Total assets | $ | 16,618,101 | $ | 16,863,757 | $ | 16,810,311 | $ | 16,155,550 | $ | 16,022,386 |
Liabilities and Shareholders' Equity
| ||||||||||
Liabilities | ||||||||||
Deposits: | ||||||||||
Noninterest-bearing | $ | 4,741,397 | $ | 4,706,256 | $ | 4,718,124 | $ | 4,492,650 | $ | 4,349,135 |
Interest-bearing | 9,022,532 | 9,284,641 | 9,187,600 | 8,762,179 | 8,766,216 | |||||
Total deposits | 13,763,929 | 13,990,897 | 13,905,724 | 13,254,829 | 13,115,351 | |||||
Short-term borrowings | 112,642 | 111,279 | 13,947 | 11,253 | 14,933 | |||||
Long-term debt | 431,553 | 435,416 | 471,209 | 468,863 | 469,406 | |||||
Other liabilities | 193,100 | 188,523 | 209,578 | 216,661 | 218,889 | |||||
Total liabilities | 14,501,224 | 14,726,115 | 14,600,458 | 13,951,606 | 13,818,579 | |||||
Shareholders' equity:
| ||||||||||
Preferred stock | - | - | - | - | - | |||||
Common stock | $ | 296,483 | $ | 296,483 | $ | 296,483 | $ | 296,483 | $ | 296,483 |
Treasury stock | (112,295) | (114,050) | (118,027) | (118,288) | (97,249) | |||||
Additional paid-in capital | 1,298,207 | 1,297,088 | 1,300,192 | 1,298,022 | 1,295,879 | |||||
Retained earnings | 789,880 | 762,690 | 741,648 | 717,033 | 689,444 | |||||
Accumulated other comprehensive (loss) income | (155,398) | (104,569) | (10,443) | 10,694 | 19,250 | |||||
Total shareholders' equity
| 2,116,877 | 2,137,642 | 2,209,853 | 2,203,944 | 2,203,807 | |||||
Total liabilities and shareholders' equity
| $ | 16,618,101 | $ | 16,863,757 | $ | 16,810,311 | $ | 16,155,550 | $ | 16,022,386 |
(Dollars in thousands) | Three Months Ended | |||||||||||||||||
June 30, 2022 | March 31, 2022 | June 30, 2021 | ||||||||||||||||
Average Balance |
Interest Income/ Expense |
Yield/ Rate |
Average Balance |
Interest Income/ Expense |
Yield/ Rate |
Average Balance |
Interest Income/ Expense |
Yield/ Rate | ||||||||||
Interest-earning assets: | ||||||||||||||||||
Non purchased loans | $ | 9,524,654 | $ | 93,302 | 3.93 | % | $ | 9,085,482 | $ | 84,653 | 3.77 | % | $ | 8,521,028 | $ | 82,774 | 3.90 | % |
Purchased loans | 944,519 | 14,236 | 6.04 | % | 983,523 | 11,729 | 4.82 | % | 1,328,631 | 17,891 | 5.40 | % | ||||||
PPP loans | 7,863 | 74 | 3.76 | % | 39,506 | 619 | 6.36 | % | 628,462 | 10,120 | 6.46 | % | ||||||
Total loans | 10,477,036 | 107,612 | 4.12 | % | 10,108,511 | 97,001 | 3.88 | % | 10,478,121 | 110,785 | 4.24 | % | ||||||
Loans held for sale | 227,435 | 2,586 | 4.55 | % | 330,442 | 2,863 | 3.48 | % | 461,752 | 3,604 | 3.12 | % | ||||||
Taxable securities | 2,684,624 | 10,355 | 1.54 | % | 2,499,822 | 8,782 | 1.41 | % | 1,503,605 | 5,549 | 1.48 | % | ||||||
Tax-exempt securities(1)
| 451,878 | 2,719 | 2.41 | % | 438,380 | 2,635 | 2.40 | % | 317,824 | 2,333 | 2.94 | % | ||||||
Total securities | 3,136,502 | 13,074 | 1.67 | % | 2,938,202 | 11,417 | 1.55 | % | 1,821,429 | 7,882 | 1.73 | % | ||||||
Interest-bearing balances with banks | 1,004,226 | 1,954 | 0.78 | % | 1,463,991 | 664 | 0.18 | % | 1,227,962 | 346 | 0.11 | % | ||||||
Total interest-earning assets | 14,845,199 | 125,226 | 3.38 | % | 14,841,146 | 111,945 | 3.05 | % | 13,989,264 | 122,617 | 3.51 | % | ||||||
Cash and due from banks | 206,882 | 206,224 | 195,982 | |||||||||||||||
Intangible assets | 968,441 | 965,430 | 967,430 | |||||||||||||||
Other assets | 610,768 | 684,464 | 678,342 | |||||||||||||||
Total assets | $ | 16,631,290 | $ | 16,697,264 | $ | 15,831,018 | ||||||||||||
Interest-bearing liabilities: | ||||||||||||||||||
Interest-bearing demand(2)
| $ | 6,571,905 | $ | 3,598 | 0.22 | % | $ | 6,636,392 | $ | 3,647 | 0.22 | % | $ | 6,109,956 | $ | 4,069 | 0.27 | % |
Savings deposits | 1,137,607 | 147 | 0.05 | % | 1,097,560 | 139 | 0.05 | % | 969,982 | 185 | 0.08 | % | ||||||
Time deposits | 1,303,735 | 1,273 | 0.39 | % | 1,374,722 | 1,851 | 0.55 | % | 1,564,448 | 3,415 | 0.88 | % | ||||||
Total interest-bearing deposits | 9,013,247 | 5,018 | 0.22 | % | 9,108,674 | 5,637 | 0.25 | % | 8,644,386 | 7,669 | 0.36 | % | ||||||
Borrowed funds | 543,728 | 4,887 | 3.60 | % | 485,777 | 4,925 | 4.08 | % | 483,081 | 3,743 | 3.11 | % | ||||||
Total interest-bearing liabilities | 9,556,975 | 9,905 | 0.42 | % | 9,594,451 | 10,562 | 0.44 | % | 9,127,467 | 11,412 | 0.50 | % | ||||||
Noninterest-bearing deposits | 4,714,161 | 4,651,793 | 4,271,464 | |||||||||||||||
Other liabilities | 182,617 | 201,353 | 218,344 | |||||||||||||||
Shareholders' equity | 2,177,537 | 2,249,667 | 2,213,743 | |||||||||||||||
Total liabilities and shareholders' equity | $ | 16,631,290 | $ | 16,697,264 | $ | 15,831,018 | ||||||||||||
Net interest income/ net interest margin | $ | 115,321 | 3.11 | % | $ | 101,383 | 2.76 | % | $ | 111,205 | 3.19 | % | ||||||
Cost of funding | 0.28 | % | 0.30 | % | 0.34 | % | ||||||||||||
Cost of total deposits | 0.15 | % | 0.17 | % | 0.24 | % |
(Dollars in thousands) | Six Months Ended | |||||||||
June 30, 2022 | June 30, 2021 | |||||||||
Average Balance |
Interest Income/ Expense |
Yield/ Rate |
Average Balance |
Interest Income/ Expense |
Yield/ Rate | |||||
Interest-earning assets: | ||||||||||
Non purchased loans | $ | 9,306,356 | $ | 177,955 | 3.85% | $ | 8,441,910 | $ | 164,702 | 3.93% |
Purchased loans | 964,001 | 25,965 | 5.42% | 1,391,634 | 38,347 | 5.55% | ||||
PPP loans | 23,592 | 693 | 5.92% | 807,012 | 20,807 | 5.20% | ||||
Total loans | 10,293,949 | 204,613 | 4.00% | 10,640,556 | 223,856 | 4.24% | ||||
Loans held for sale | 278,722 | 5,449 | 3.91% | 434,075 | 6,604 | 3.05% | ||||
Taxable securities(1)
| 2,592,645 | 19,137 | 1.48% | 1,284,692 | 10,389 | 1.62% | ||||
Tax-exempt securities | 445,154 | 5,354 | 2.41% | 312,084 | 4,617 | 2.96% | ||||
Total securities | 3,037,799 | 24,491 | 1.61% | 1,596,776 | 15,006 | 1.88% | ||||
Interest-bearing balances with banks | 1,233,241 | 2,618 | 0.43% | 1,002,564 | 529 | 0.11% | ||||
Total interest-earning assets | 14,843,711 | 237,171 | 3.21% | 13,673,971 | 245,995 | 3.62% | ||||
Cash and due from banks | 206,559 | 200,906 | ||||||||
Intangible assets | 966,956 | 968,215 | ||||||||
Other assets | 647,254 | 674,262 | ||||||||
Total assets | $ | 16,664,480 | $ | 15,517,354 | ||||||
Interest-bearing liabilities: | ||||||||||
Interest-bearing demand(2)
| $ | 6,603,986 | $ | 7,245 | 0.22% | $ | 6,008,093 | $ | 8,002 | 0.27% |
Savings deposits | 1,117,724 | 286 | 0.05% | 926,370 | 354 | 0.08% | ||||
Time deposits | 1,339,022 | 3,124 | 0.47% | 1,610,113 | 7,593 | 0.95% | ||||
Total interest-bearing deposits | 9,060,732 | 10,655 | 0.24% | 8,544,576 | 15,949 | 0.38% | ||||
Borrowed funds | 514,940 | 9,812 | 3.82% | 483,494 | 7,577 | 3.16% | ||||
Total interest-bearing liabilities | 9,575,672 | 20,467 | 0.43% | 9,028,070 | 23,526 | 0.53% | ||||
Noninterest-bearing deposits | 4,683,446 | 4,066,943 | ||||||||
Other liabilities | 191,938 | 229,257 | ||||||||
Shareholders' equity | 2,213,424 | 2,193,084 | ||||||||
Total liabilities and shareholders' equity | $ | 16,664,480 | $ | 15,517,354 | ||||||
Net interest income/ net interest margin | $ | 216,704 | 2.94% | $ | 222,469 | 3.28% | ||||
Cost of funding | 0.29% | 0.36% | ||||||||
Cost of total deposits | 0.16% | 0.26% |
(Dollars in thousands) | Three Months Ended | Six Months Ended | ||||||||
Jun 30, 2022 | Mar 31, 2022 | Jun 30, 2021 | Jun 30, 2022 | Jun 30, 2021 | ||||||
Earning asset mix: | ||||||||||
Loans held for investment, excluding PPP loans | 70.52 | % | 67.84 | % | 70.41 | % | 69.19 | % | 71.91 | % |
PPP loans | 0.05 | 0.27 | 4.49 | 0.16 | 5.90 | |||||
Loans held for sale | 1.53 | 2.23 | 3.30 | 1.88 | 3.17 | |||||
Securities | 21.13 | 19.80 | 13.02 | 20.47 | 11.68 | |||||
Interest-bearing balances with banks | 6.77 | 9.86 | 8.78 | 8.30 | 7.34 | |||||
Total | 100.00 | % | 100.00 | % | 100.00 | % | 100.00 | % | 100.00 | % |
Funding sources mix: | ||||||||||
Noninterest-bearing demand | 33.03 | % | 32.65 | % | 31.88 | % | 32.85 | % | 31.06 | % |
Interest-bearing demand | 46.05 | 46.59 | 45.60 | 46.31 | 45.88 | |||||
Savings | 7.97 | 7.70 | 7.24 | 7.84 | 7.07 | |||||
Time deposits | 9.14 | 9.65 | 11.68 | 9.39 | 12.30 | |||||
Borrowed funds | 3.81 | 3.41 | 3.60 | 3.61 | 3.69 | |||||
Total | 100.00 | % | 100.00 | % | 100.00 | % | 100.00 | % | 100.00 | % |
Net interest income collected on problem loans | $ | 2,276 | $ | 434 | $ | 1,339 | $ | 2,710 | $ | 3,519 |
Total accretion on purchased loans | 2,021 | 1,235 | 2,638 | 3,256 | 5,726 | |||||
Total impact on net interest income | $ | 4,297 | $ | 1,669 | $ | 3,977 | $ | 5,966 | $ | 9,245 |
Impact on net interest margin | 0.11 | % | 0.05 | % | 0.11 | % | 0.08 | % | 0.14 | % |
Impact on loan yield | 0.16 | % | 0.07 | % | 0.15 | % | 0.12 | % | 0.18 | % |
Interest income on PPP loans | $ | 74 | $ | 619 | $ | 10,120 | $ | 693 | $ | 20,807 |
PPP impact on net interest margin | - | % | 0.01 | % | 0.15 | % | - | % | 0.12 | % |
PPP impact on loan yield | - | % | 0.01 | % | 0.14 | % | - | % | 0.08 | % |
(Dollars in thousands) | As of | |||||||||
Jun 30, 2022 | Mar 31, 2022 | Dec 31, 2021 | Sep 30, 2021 | Jun 30, 2021 | ||||||
Loan Portfolio: | ||||||||||
Commercial, financial, agricultural | $ | 1,489,889 | $ | 1,437,225 | $ | 1,364,879 | $ | 1,368,557 | $ | 1,387,702 |
Lease financing | 101,350 | 89,842 | 76,125 | 79,215 | 74,003 | |||||
Real estate - construction | 1,126,363 | 1,222,052 | 1,104,896 | 1,091,296 | 1,051,359 | |||||
Real estate - 1-4 family mortgages | 3,030,083 | 2,840,979 | 2,724,246 | 2,724,743 | 2,702,091 | |||||
Real estate - commercial mortgages | 4,717,513 | 4,577,864 | 4,549,037 | 4,535,730 | 4,530,169 | |||||
Installment loans to individuals | 131,163 | 137,115 | 143,340 | 149,821 | 156,987 | |||||
Subtotal | 10,596,361 | 10,305,077 | 9,962,523 | 9,949,362 | 9,902,311 | |||||
PPP | 7,383 | 8,382 | 58,391 | 67,462 | 246,931 | |||||
Total loans | $ | 10,603,744 | $ | 10,313,459 | $ | 10,020,914 | $ | 10,016,824 | $ | 10,149,242 |
(Dollars in thousands) | As of | |||||||||
Jun 30, 2022 | Mar 31, 2022 | Dec 31, 2021 | Sep 30, 2021 | Jun 30, 2021 | ||||||
Nonperforming Assets: | ||||||||||
Non purchased | ||||||||||
Non purchased nonaccruing loans | $ | 32,284 | $ | 32,573 | $ | 30,751 | $ | 29,266 | $ | 27,101 |
Non purchased loans 90 days or more past due | 479 | 209 | 1,074 | 908 | 800 | |||||
Total non purchased nonperforming loans | 32,763 | 32,782 | 31,825 | 30,174 | 27,901 | |||||
Non purchased other real estate owned | 1,332 | 531 | 951 | 2,252 | 1,675 | |||||
Total non purchased nonperforming assets | 34,095 | 33,313 | 32,776 | 32,426 | 29,576 | |||||
Purchased | ||||||||||
Purchased nonaccruing loans | $ | 11,613 | $ | 19,422 | $ | 18,613 | $ | 26,492 | $ | 27,690 |
Purchased loans 90 days or more past due | 138 | 38 | 367 | 74 | 945 | |||||
Total purchased nonperforming loans | 11,751 | 19,460 | 18,980 | 26,566 | 28,635 | |||||
Purchased other real estate owned | 1,475 | 1,531 | 1,589 | 2,453 | 3,264 | |||||
Total purchased nonperforming assets | $ | 13,226 | $ | 20,991 | $ | 20,569 | $ | 29,019 | $ | 31,899 |
Total nonperforming loans | $ | 44,514 | $ | 52,242 | $ | 50,805 | $ | 56,740 | $ | 56,536 |
Total nonperforming assets | $ | 47,321 | $ | 54,304 | $ | 53,345 | $ | 61,445 | $ | 61,475 |
Allowance for credit losses on loans | $ | 166,131 | $ | 166,468 | $ | 164,171 | $ | 170,038 | $ | 172,354 |
Net loan charge-offs | $ | 2,337 | $ | 851 | $ | 5,367 | $ | 1,116 | $ | 752 |
Annualized net loan charge-offs / average loans | 0.09 | % | 0.03 | % | 0.21 | % | 0.04 | % | 0.03 | % |
Nonperforming loans / total loans | 0.42 | 0.51 | 0.51 | 0.57 | 0.56 | |||||
Nonperforming assets / total assets | 0.28 | 0.32 | 0.32 | 0.38 | 0.38 | |||||
Allowance for credit losses on loans / total loans | 1.57 | 1.61 | 1.64 | 1.70 | 1.70 | |||||
Allowance for credit losses on loans / nonperforming loans | 373.21 | 318.65 | 323.14 | 299.68 | 304.86 | |||||
Nonperforming loans / total loans excluding PPP loans (non-GAAP)(1)
| 0.42 | 0.51 | 0.51 | 0.57 | 0.57 | |||||
Nonperforming assets / total assets excluding PPP loans (non-GAAP)(1)
| 0.28 | 0.32 | 0.32 | 0.38 | 0.39 | |||||
Allowance for credit losses on loans / total loans excluding PPP loans (non-GAAP)(1)
| 1.57 | 1.62 | 1.65 | 1.71 | 1.74 |
(Dollars in thousands, except per share data) | Three Months Ended | Six Months Ended | ||||||||||||
Jun 30, 2022 | Mar 31, 2022 | Dec 31, 2021 | Sep 30, 2021 | Jun 30, 2021 | Jun 30, 2022 | Jun 30, 2021 | ||||||||
Adjusted Pre-Provision Net Revenue ("PPNR")
| ||||||||||||||
Net income (GAAP) | $ | 39,678 | $ | 33,547 | $ | 37,054 | $ | 40,063 | $ | 40,867 | $ | 73,225 | $ | 98,775 |
Income taxes | 10,857 | 7,935 | 11,363 | 11,185 | 7,545 | 18,792 | 24,387 | |||||||
Provision for (recovery of) credit losses (including unfunded commitments) | 2,450 | 950 | (768) | (1,400) | - | 3,400 | - | |||||||
Pre-provision net revenue (non-GAAP) | $ | 52,985 | $ | 42,432 | $ | 47,649 | $ | 49,848 | $ | 48,412 | $ | 95,417 | $ | 123,162 |
Merger and conversion expense | - | 687 | - | - | - | 687 | - | |||||||
Debt prepayment penalties | - | - | 6,123 | - | - | - | - | |||||||
Swap termination gains | - | - | (4,676) | - | - | - | - | |||||||
MSR valuation adjustment | - | - | - | - | - | - | (13,561) | |||||||
Restructuring charges (benefit) | 1,187 | (455) | 61 | - | 15 | 732 | 307 | |||||||
COVID-19 related expenses(1)
| - | - | 33 | 323 | 370 | - | 1,155 | |||||||
Adjusted pre-provision net revenue (non-GAAP) | $ | 54,172 | $ | 42,664 | $ | 49,190 | $ | 50,171 | $ | 48,797 | $ | 96,836 | $ | 111,063 |
Adjusted Net Income and Adjusted Tangible Net Income | ||||||||||||||
Net income (GAAP) | $ | 39,678 | $ | 33,547 | $ | 37,054 | $ | 40,063 | $ | 40,867 | $ | 73,225 | $ | 98,775 |
Amortization of intangibles | 1,310 | 1,366 | 1,424 | 1,481 | 1,539 | 2,676 | 3,137 | |||||||
Tax effect of adjustments noted above(2)
| (291) | (303) | (335) | (323) | (333) | (594) | (697) | |||||||
Tangible net income (non-GAAP) | $ | 40,697 | $ | 34,610 | $ | 38,143 | $ | 41,221 | $ | 42,073 | $ | 75,307 | $ | 101,215 |
Net income (GAAP) | $ | 39,678 | $ | 33,547 | $ | 37,054 | $ | 40,063 | $ | 40,867 | $ | 73,225 | $ | 98,775 |
Merger and conversion expense | - | 687 | - | - | - | 687 | - | |||||||
Debt prepayment penalties | - | - | 6,123 | - | - | - | - | |||||||
Swap termination gain | - | - | (4,676) | - | - | - | - | |||||||
MSR valuation adjustment | - | - | - | - | - | - | (13,561) | |||||||
Restructuring charges (benefit) | 1,187 | (455) | 61 | - | 15 | 732 | 307 | |||||||
COVID-19 related expenses(1)
| - | - | 33 | 323 | 370 | - | 1,155 | |||||||
Tax effect of adjustments noted above(2)
| (264) | (51) | (363) | (71) | (83) | (315) | 2,687 | |||||||
Adjusted net income (non-GAAP) | $ | 40,601 | $ | 33,728 | $ | 38,232 | $ | 40,315 | $ | 41,169 | $ | 74,329 | $ | 89,363 |
Amortization of intangibles | 1,310 | 1,366 | 1,424 | 1,481 | 1,539 | 2,676 | 3,137 | |||||||
Tax effect of adjustments noted above(2)
| (291) | (303) | (335) | (323) | (333) | (594) | (697) | |||||||
Adjusted tangible net income (non-GAAP) | $ | 41,620 | $ | 34,791 | $ | 39,321 | $ | 41,473 | $ | 42,375 | $ | 76,411 | $ | 91,803 |
Tangible Assets and Tangible Shareholders' Equity
| ||||||||||||||
Average shareholders' equity (GAAP)
| $ | 2,177,537 | $ | 2,249,667 | $ | 2,231,681 | $ | 2,219,431 | $ | 2,213,743 | $ | 2,213,424 | $ | 2,193,084 |
Average intangible assets | 968,441 | 965,430 | 964,575 | 965,960 | 967,430 | 966,956 | 968,215 | |||||||
Average tangible shareholders' equity (non-GAAP)
| $ | 1,209,096 | $ | 1,284,237 | $ | 1,267,106 | $ | 1,253,471 | $ | 1,246,313 | $ | 1,246,468 | $ | 1,224,869 |
Average assets (GAAP) | $ | 16,631,290 | $ | 16,697,264 | $ | 16,450,640 | $ | 16,130,149 | $ | 15,831,018 | $ | 16,664,480 | $ | 15,517,354 |
Average intangible assets | 968,441 | 965,430 | 964,575 | 965,960 | 967,430 | 966,956 | 968,215 | |||||||
Average tangible assets (non-GAAP) | $ | 15,662,849 | $ | 15,731,834 | $ | 15,486,065 | $ | 15,164,189 | $ | 14,863,588 | $ | 15,697,524 | $ | 14,549,139 |
Shareholders' equity (GAAP)
| $ | 2,116,877 | $ | 2,137,642 | $ | 2,209,853 | $ | 2,203,944 | $ | 2,203,807 | $ | 2,116,877 | $ | 2,203,807 |
Intangible assets | 967,713 | 969,022 | 963,781 | 965,205 | 966,686 | 967,713 | 966,686 | |||||||
Tangible shareholders' equity (non-GAAP)
| $ | 1,149,164 | $ | 1,168,620 | $ | 1,246,072 | $ | 1,238,739 | $ | 1,237,121 | $ | 1,149,164 | $ | 1,237,121 |
Total assets (GAAP) | $ | 16,618,101 | $ | 16,863,757 | $ | 16,810,311 | $ | 16,155,550 | $ | 16,022,386 | $ | 16,618,101 | $ | 16,022,386 |
Intangible assets | 967,713 | 969,022 | 963,781 | 965,205 | 966,686 | 967,713 | 966,686 | |||||||
Total tangible assets (non-GAAP) | $ | 15,650,388 | $ | 15,894,735 | $ | 15,846,530 | $ | 15,190,345 | $ | 15,055,700 | $ | 15,650,388 | $ | 15,055,700 |
(Dollars in thousands, except per share data) | Three Months Ended | Six Months Ended | ||||||||||||
Jun 30, 2022 | Mar 31, 2022 | Dec 31, 2021 | Sep 30, 2021 | Jun 30, 2021 | Jun 30, 2022 | Jun 30, 2021 | ||||||||
Adjusted Performance Ratios | ||||||||||||||
Return on average assets (GAAP) | 0.96 | % | 0.81 | % | 0.89 | % | 0.99 | % | 1.04 | % | 0.89 | % | 1.28 | % |
Adjusted return on average assets (non-GAAP) | 0.98 | % | 0.82 | % | 0.92 | % | 0.99 | % | 1.04 | % | 0.90 | % | 1.16 | % |
Return on average tangible assets (non-GAAP) | 1.04 | % | 0.89 | % | 0.98 | % | 1.08 | % | 1.14 | % | 0.97 | % | 1.40 | % |
Adjusted pre-provision net revenue to average assets (non-GAAP) | 1.31 | % | 1.04 | % | 1.19 | % | 1.23 | % | 1.24 | % | 1.17 | % | 1.44 | % |
Adjusted return on average tangible assets (non-GAAP) | 1.07 | % | 0.90 | % | 1.01 | % | 1.09 | % | 1.14 | % | 0.98 | % | 1.27 | % |
Return on average equity (GAAP) | 7.31 | % | 6.05 | % | 6.59 | % | 7.16 | % | 7.40 | % | 6.67 | % | 9.08 | % |
Adjusted return on average equity (non-GAAP) | 7.48 | % | 6.08 | % | 6.80 | % | 7.21 | % | 7.46 | % | 6.77 | % | 8.22 | % |
Return on average tangible equity (non-GAAP) | 13.50 | % | 10.93 | % | 11.94 | % | 13.05 | % | 13.54 | % | 12.18 | % | 16.66 | % |
Adjusted return on average tangible equity (non-GAAP) | 13.81 | % | 10.99 | % | 12.31 | % | 13.13 | % | 13.64 | % | 12.36 | % | 15.11 | % |
Adjusted Diluted Earnings Per Share | ||||||||||||||
Average diluted shares outstanding | 56,182,845 | 56,081,863 | 56,105,050 | 56,447,184 | 56,635,898 | 56,130,762 | 56,578,580 | |||||||
Diluted earnings per share (GAAP) | $ | 0.71 | $ | 0.60 | $ | 0.66 | $ | 0.71 | $ | 0.72 | $ | 1.30 | $ | 1.75 |
Adjusted diluted earnings per share (non-GAAP) | $ | 0.72 | $ | 0.60 | $ | 0.68 | $ | 0.71 | $ | 0.73 | $ | 1.32 | $ | 1.58 |
Tangible Book Value Per Share | ||||||||||||||
Shares outstanding | 55,932,017 | 55,880,666 | 55,756,233 | 55,747,407 | 56,350,878 | 55,932,017 | 56,350,878 | |||||||
Book value per share (GAAP) | $ | 37.85 | $ | 38.25 | $ | 39.63 | $ | 39.53 | $ | 39.11 | $ | 37.85 | $ | 39.11 |
Tangible book value per share (non-GAAP) | $ | 20.55 | $ | 20.91 | $ | 22.35 | $ | 22.22 | $ | 21.95 | $ | 20.55 | $ | 21.95 |
Tangible Common Equity Ratio | ||||||||||||||
Shareholders' equity to assets (GAAP) | 12.74 | % | 12.68 | % | 13.15 | % | 13.64 | % | 13.75 | % | 12.74 | % | 13.75 | % |
Tangible common equity ratio (non-GAAP) | 7.34 | % | 7.35 | % | 7.86 | % | 8.15 | % | 8.22 | % | 7.34 | % | 8.22 | % |
Adjusted Efficiency Ratio | ||||||||||||||
Net interest income (FTE) (GAAP) | 115,321 | 101,383 | 103,249 | 105,002 | 111,205 | 216,704 | 222,469 | |||||||
Total noninterest income (GAAP) | 37,214 | 37,458 | 47,582 | 50,755 | 47,610 | 74,672 | 128,647 | |||||||
MSR valuation adjustment | - | - | - | - | - | - | 13,561 | |||||||
Swap termination gains | - | - | 4,676 | - | - | - | - | |||||||
Securities gains | - | - | 49 | 764 | - | - | 1,357 | |||||||
Total adjusted noninterest income (non-GAAP) | 37,214 | 37,458 | 42,857 | 49,991 | 47,610 | 74,672 | 113,729 | |||||||
Noninterest expense (GAAP) | 98,194 | 94,105 | 101,115 | 103,999 | 108,777 | 192,299 | 224,712 | |||||||
Amortization of intangibles | 1,310 | 1,366 | 1,424 | 1,481 | 1,539 | 2,676 | 3,137 | |||||||
Merger and conversion expense | - | 687 | - | - | - | 687 | - | |||||||
Debt prepayment penalty | - | - | 6,123 | - | - | - | - | |||||||
Restructuring charges (benefit) | 1,187 | (455) | 61 | - | 15 | 732 | 307 | |||||||
Provision (recovery) of unfunded commitments | 450 | (550) | (300) | (200) | - | (100) | - | |||||||
COVID-19 related expenses(1)
| - | - | 33 | 323 | 370 | - | 1,155 | |||||||
Total adjusted noninterest expense (non-GAAP) | 95,247 | 93,057 | 93,774 | 102,395 | 106,853 | 188,304 | 220,113 | |||||||
Efficiency ratio (GAAP) | 64.37 | % | 67.78 | % | 67.04 | % | 66.77 | % | 68.49 | % | 66.00 | % | 64.00 | % |
Adjusted efficiency ratio (non-GAAP) | 62.44 | % | 67.02 | % | 64.18 | % | 66.06 | % | 67.28 | % | 64.63 | % | 65.47 | % |
(Dollars in thousands, except per share data) | Three Months Ended | Six Months Ended | ||||||||||||
Jun 30, 2022 | Mar 31, 2022 | Dec 31, 2021 | Sep 30, 2021 | Jun 30, 2021 | Jun 30, 2022 | Jun 30, 2021 | ||||||||
Core Net Interest Income and Core Net Interest Margin | ||||||||||||||
Net interest income (FTE) (GAAP) | $ | 115,321 | $ | 101,383 | $ | 103,249 | $ | 105,002 | $ | 111,205 | $ | 216,704 | $ | 222,469 |
Net interest income collected on problem loans | 2,276 | 434 | 577 | 316 | 1,339 | 2,710 | 3,519 | |||||||
Accretion recognized on purchased loans | 2,021 | 1,235 | 2,187 | 2,871 | 2,638 | 3,256 | 5,726 | |||||||
Interest income recognized on PPP loans | 74 | 619 | 485 | 3,503 | 10,120 | 693 | 20,807 | |||||||
Core net interest income (FTE) (non-GAAP) | $ | 110,950 | $ | 99,095 | $ | 99,999 | $ | 98,312 | $ | 97,108 | $ | 210,045 | $ | 192,417 |
Average earning assets (GAAP) | $ | 14,845,199 | $ | 14,841,146 | $ | 14,607,716 | $ | 14,256,421 | $ | 13,989,264 | $ | 14,843,711 | $ | 13,673,971 |
Average PPP loans | 7,863 | 39,506 | 62,726 | 126,870 | 628,462 | 23,592 | 807,012 | |||||||
Average earning assets excluding PPP loans (non-GAAP) | $ | 14,837,336 | $ | 14,801,640 | $ | 14,544,990 | $ | 14,129,551 | $ | 13,360,802 | $ | 14,820,119 | $ | 12,866,959 |
Net interest margin (GAAP) | 3.11 | % | 2.76 | % | 2.81 | % | 2.93 | % | 3.19 | % | 2.94 | % | 3.28 | % |
Core net interest margin (non-GAAP) | 3.00 | % | 2.71 | % | 2.73 | % | 2.76 | % | 2.92 | % | 2.86 | % | 3.02 | % |
Core Loan Yield | ||||||||||||||
Loan interest income (FTE) (GAAP) | $ | 107,612 | $ | 97,001 | $ | 99,670 | $ | 103,769 | $ | 110,785 | $ | 204,613 | $ | 223,856 |
Net interest income collected on problem loans | 2,276 | 434 | 578 | 316 | 1,339 | 2,710 | 3,519 | |||||||
Accretion recognized on purchased loans | 2,021 | 1,235 | 2,187 | 2,871 | 2,638 | 3,256 | 5,726 | |||||||
Interest income recognized on PPP loans | 74 | 619 | 485 | 3,503 | 10,120 | 693 | 20,807 | |||||||
Core loan interest income (FTE) (non-GAAP) | $ | 103,241 | $ | 94,713 | $ | 96,420 | $ | 97,079 | $ | 96,688 | $ | 197,954 | $ | 193,804 |
Average loans (GAAP) | $ | 10,477,036 | $ | 10,108,511 | $ | 9,948,610 | $ | 10,017,742 | $ | 10,478,121 | $ | 10,293,949 | $ | 10,640,556 |
Average PPP loans | 7,863 | 39,506 | 62,726 | 126,870 | 628,462 | 23,592 | 807,012 | |||||||
Average loans excluding PPP loans (non-GAAP) | $ | 10,469,173 | $ | 10,069,005 | $ | 9,885,884 | $ | 9,890,872 | $ | 9,849,659 | $ | 10,270,357 | $ | 9,833,544 |
Loan yield (GAAP) | 4.12 | % | 3.88 | % | 3.98 | % | 4.11 | % | 4.24 | % | 4.00 | % | 4.24 | % |
Core loan yield (non-GAAP) | 3.96 | % | 3.82 | % | 3.87 | % | 3.89 | % | 3.94 | % | 3.89 | % | 3.97 | % |
Adjusted Asset Quality Ratios | ||||||||||||||
Total loans (GAAP) | $ | 10,603,744 | $ | 10,313,459 | $ | 10,020,914 | $ | 10,016,824 | $ | 10,149,242 | $ | 10,603,744 | $ | 10,149,242 |
PPP loans | 7,383 | 8,382 | 58,391 | 67,462 | 246,931 | 7,383 | 246,931 | |||||||
Total loans excluding PPP loans (non-GAAP) | $ | 10,596,361 | $ | 10,305,077 | $ | 9,962,523 | $ | 9,949,362 | $ | 9,902,311 | $ | 10,596,361 | $ | 9,902,311 |
Loans 30-89 days past due | $ | 16,910 | $ | 30,617 | $ | 27,604 | $ | 14,806 | $ | 15,077 | $ | 16,910 | $ | 15,077 |
Loans 30-89 days past due / total loans (GAAP) | 0.16 | % | 0.30 | % | 0.28 | % | 0.15 | % | 0.15 | % | 0.16 | % | 0.15 | % |
Loans 30-89 days past due / total loans excluding PPP loans (non-GAAP) | 0.16 | % | 0.30 | % | 0.28 | % | 0.15 | % | 0.15 | % | 0.16 | % | 0.15 | % |
Classified loans | $ | 185,267 | $ | 178,015 | $ | 160,790 | $ | 187,223 | $ | 206,724 | $ | 185,267 | $ | 206,724 |
Special Mention loans | 87,476 | 76,949 | 115,496 | 138,497 | 125,507 | 87,476 | 125,507 | |||||||
Criticized loans(3)
| $ | 272,743 | $ | 254,964 | $ | 276,286 | $ | 325,720 | $ | 332,231 | $ | 272,743 | $ | 332,231 |
Criticized loans / total loans (GAAP) | 2.57 | % | 2.47 | % | 2.76 | % | 3.25 | % | 3.27 | % | 2.57 | % | 3.27 | % |
Criticized loans / total loans excluding PPP loans (non-GAAP) | 2.57 | % | 2.47 | % | 2.77 | % | 3.27 | % | 3.36 | % | 2.57 | % | 3.36 | % |
Nonperforming loans | $ | 44,514 | $ | 52,242 | $ | 50,805 | $ | 56,740 | $ | 56,536 | $ | 44,514 | $ | 56,536 |
Nonperforming loans / total loans (GAAP) | 0.42 | % | 0.51 | % | 0.51 | % | 0.57 | % | 0.56 | % | 0.42 | % | 0.56 | % |
(Dollars in thousands, except per share data) | Three Months Ended | Six Months Ended | ||||||||||||
Jun 30, 2022 | Mar 31, 2022 | Dec 31, 2021 | Sep 30, 2021 | Jun 30, 2021 | Jun 30, 2022 | Jun 30, 2021 | ||||||||
Nonperforming loans / total loans excluding PPP loans (non-GAAP) | 0.42 | % | 0.51 | % | 0.51 | % | 0.57 | % | 0.57 | % | 0.42 | % | 0.57 | % |
Allowance for credit losses on loans | $ | 166,131 | $ | 166,468 | $ | 164,171 | $ | 170,038 | $ | 172,354 | $ | 166,131 | $ | 172,354 |
ACL / total loans (GAAP) | 1.57 | % | 1.61 | % | 1.64 | % | 1.70 | % | 1.70 | % | 1.57 | % | 1.70 | % |
ACL / total loans excluding PPP loans (non-GAAP) | 1.57 | % | 1.62 | % | 1.65 | % | 1.71 | % | 1.74 | % | 1.57 | % | 1.74 | % |
Average loans (GAAP) | $ | 10,477,036 | $ | 10,108,511 | $ | 9,948,610 | $ | 10,017,742 | $ | 10,478,121 | $ | 10,293,949 | $ | 10,640,556 |
Average PPP loans | 7,863 | 39,506 | 62,726 | 126,870 | 628,462 | 23,592 | 807,012 | |||||||
Average loans excluding PPP loans (non-GAAP) | $ | 10,469,173 | $ | 10,069,005 | $ | 9,885,884 | $ | 9,890,872 | $ | 9,849,659 | $ | 10,270,357 | $ | 9,833,544 |
Net charge-offs | $ | 2,337 | $ | 851 | $ | 5,367 | $ | 1,116 | $ | 752 | $ | 3,188 | $ | 3,790 |
Annualized net charge-offs / average loans (GAAP) | 0.09 | % | 0.03 | % | 0.21 | % | 0.04 | % | 0.03 | % | 0.06 | % | 0.07 | % |
Annualized net charge-offs / average loans excluding PPP loans (non-GAAP) | 0.09 | % | 0.03 | % | 0.22 | % | 0.04 | % | 0.03 | % | 0.06 | % | 0.08 | % |
Total assets (GAAP) | $ | 16,618,101 | $ | 16,863,757 | $ | 16,810,311 | $ | 16,155,550 | $ | 16,022,386 | $ | 16,618,101 | $ | 16,022,386 |
PPP loans | 7,383 | 8,382 | 58,391 | 67,462 | 246,931 | 7,383 | 246,931 | |||||||
Total assets excluding PPP loans (non-GAAP) | $ | 16,610,718 | $ | 16,855,375 | $ | 16,751,920 | $ | 16,088,088 | $ | 15,775,455 | $ | 16,610,718 | $ | 15,775,455 |
Nonperforming assets | $ | 47,321 | $ | 54,304 | $ | 53,345 | $ | 61,445 | $ | 61,475 | $ | 47,321 | $ | 61,475 |
Nonperforming assets / total assets (GAAP) | 0.28 | % | 0.32 | % | 0.32 | % | 0.38 | % | 0.38 | % | 0.28 | % | 0.38 | % |
Nonperforming assets / total assets excluding PPP loans (non-GAAP) | 0.28 | % | 0.32 | % | 0.32 | % | 0.38 | % | 0.39 | % | 0.28 | % | 0.39 | % |
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Renasant Corporation published this content on 26 July 2022 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 26 July 2022 20:51:03 UTC.