(State or other jurisdiction of incorporation or organization) | (I.R.S. Employer Identification No.) | |||||||||||||
(Address of principal executive offices) | (Zip Code) |
Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425) | |||||
Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12) | |||||
Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b)) | |||||
Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c)) |
Title of each class | Trading symbol | Name of each exchange on which registered | ||||||
Exhibit 99.1 | ||||||||
Exhibit 99.2 | ||||||||
104 | Cover Page Interactive Data File (embedded within the Inline XBRL document) |
HERITAGE FINANCIAL CORPORATION | ||||||||
Date: | ||||||||
January 25, 2024 | /S/ JEFFREY J. DEUEL | |||||||
Jeffrey J. Deuel | ||||||||
President and Chief Executive Officer | ||||||||
(Duly Authorized Officer) |
As of or for the Quarter Ended | |||||||||||||||||
December 31, 2023 | September 30, 2023 | December 31, 2022 | |||||||||||||||
(Dollars in thousands, except per share amounts) | |||||||||||||||||
Net income | $ | 6,233 | $ | 18,219 | $ | 22,544 | |||||||||||
Pre-tax, pre-provision income(1) | $ | 8,001 | $ | 20,919 | $ | 29,299 | |||||||||||
Diluted earnings per share | $ | 0.18 | $ | 0.51 | $ | 0.64 | |||||||||||
Return on average assets(2) | 0.35 | % | 1.00 | % | 1.26 | % | |||||||||||
Pre-tax, pre-provision return on average assets(1)(2) | 0.44 | % | 1.15 | % | 1.64 | % | |||||||||||
Return on average common equity(2) | 3.04 | % | 8.80 | % | 11.46 | % | |||||||||||
Return on average tangible common equity(1)(2) | 4.69 | % | 12.90 | % | 17.21 | % | |||||||||||
Net interest margin(2) | 3.41 | % | 3.47 | % | 3.98 | % | |||||||||||
Cost of total deposits(2) | 1.01 | % | 0.83 | % | 0.16 | % | |||||||||||
Efficiency ratio | 84.2 | % | 66.2 | % | 58.0 | % | |||||||||||
Noninterest expense to average total assets(2) | 2.37 | % | 2.25 | % | 2.26 | % | |||||||||||
Total assets | $ | 7,174,957 | $ | 7,150,588 | $ | 6,980,100 | |||||||||||
Loans receivable, net | $ | 4,287,628 | $ | 4,219,911 | $ | 4,007,872 | |||||||||||
Total deposits | $ | 5,599,872 | $ | 5,635,187 | $ | 5,924,840 | |||||||||||
Loan to deposit ratio(3) | 77.4 | % | 75.7 | % | 68.4 | % | |||||||||||
Book value per share | $ | 24.44 | $ | 23.31 | $ | 22.73 | |||||||||||
Tangible book value per share(1) | $ | 17.40 | $ | 16.25 | $ | 15.66 |
December 31, 2023 | September 30, 2023 | $ Change in Fair Value | |||||||||||||||||||||||||||||||||||||||
Amortized Cost | Net Unrealized Loss | Fair Value | Amortized Cost | Net Unrealized Loss | Fair Value | ||||||||||||||||||||||||||||||||||||
(Dollars in thousands) | |||||||||||||||||||||||||||||||||||||||||
Investment securities available for sale: | |||||||||||||||||||||||||||||||||||||||||
U.S. government and agency securities | $ | 16,047 | $ | (2,297) | $ | 13,750 | $ | 23,533 | $ | (3,109) | $ | 20,424 | $ | (6,674) | |||||||||||||||||||||||||||
Municipal securities | 92,231 | (12,706) | 79,525 | 126,763 | (19,958) | 106,805 | (27,280) | ||||||||||||||||||||||||||||||||||
Residential CMO and MBS(1) | 555,518 | (43,469) | 512,049 | 468,174 | (66,993) | 401,181 | 110,868 | ||||||||||||||||||||||||||||||||||
Commercial CMO and MBS(1) | 538,910 | (34,652) | 504,258 | 651,713 | (54,500) | 597,213 | (92,955) | ||||||||||||||||||||||||||||||||||
Corporate obligations | 7,745 | (132) | 7,613 | 4,000 | (220) | 3,780 | 3,833 | ||||||||||||||||||||||||||||||||||
Other asset-backed securities | 17,336 | (178) | 17,158 | 18,317 | (173) | 18,144 | (986) | ||||||||||||||||||||||||||||||||||
Total | $ | 1,227,787 | $ | (93,434) | $ | 1,134,353 | $ | 1,292,500 | $ | (144,953) | $ | 1,147,547 | $ | (13,194) | |||||||||||||||||||||||||||
December 31, 2023 | September 30, 2023 | $ Change in Amortized Cost | |||||||||||||||||||||||||||||||||||||||
Amortized Cost | Net Unrecognized Loss | Fair Value | Amortized Cost | Net Unrecognized Loss | Fair Value | ||||||||||||||||||||||||||||||||||||
(Dollars in thousands) | |||||||||||||||||||||||||||||||||||||||||
Investment securities held to maturity: | |||||||||||||||||||||||||||||||||||||||||
U.S. government and agency securities | $ | 151,075 | $ | (27,701) | $ | 123,374 | $ | 151,040 | $ | (35,221) | $ | 115,819 | $ | 35 | |||||||||||||||||||||||||||
Residential CMO and MBS(1) | 267,204 | (14,101) | 253,103 | 273,609 | (27,445) | 246,164 | (6,405) | ||||||||||||||||||||||||||||||||||
Commercial CMO and MBS(1) | 321,163 | (35,190) | 285,973 | 322,196 | (47,922) | 274,274 | (1,033) | ||||||||||||||||||||||||||||||||||
Total | $ | 739,442 | $ | (76,992) | $ | 662,450 | $ | 746,845 | $ | (110,588) | $ | 636,257 | $ | (7,403) | |||||||||||||||||||||||||||
Total investment securities | $ | 1,967,229 | $ | (170,426) | $ | 1,796,803 | $ | 2,039,345 | $ | (255,541) | $ | 1,783,804 |
December 31, 2023 | September 30, 2023 | Change | |||||||||||||||||||||||||||||||||
Balance | % of Total | Balance | % of Total | $ | % | ||||||||||||||||||||||||||||||
(Dollars in thousands) | |||||||||||||||||||||||||||||||||||
Commercial business: | |||||||||||||||||||||||||||||||||||
Commercial and industrial | $ | 718,291 | 16.6 | % | $ | 691,318 | 16.2 | % | $ | 26,973 | 3.9 | % | |||||||||||||||||||||||
Owner-occupied commercial real estate ("CRE") | 958,620 | 22.1 | 953,779 | 22.4 | 4,841 | 0.5 | |||||||||||||||||||||||||||||
Non-owner occupied CRE | 1,697,574 | 39.1 | 1,690,099 | 39.5 | 7,475 | 0.4 | |||||||||||||||||||||||||||||
Total commercial business | 3,374,485 | 77.8 | 3,335,196 | 78.1 | 39,289 | 1.2 | |||||||||||||||||||||||||||||
Residential real estate | 375,342 | 8.7 | 377,448 | 8.8 | (2,106) | (0.6) | |||||||||||||||||||||||||||||
Real estate construction and land development: | |||||||||||||||||||||||||||||||||||
Residential | 78,610 | 1.8 | 70,804 | 1.7 | 7,806 | 11.0 | |||||||||||||||||||||||||||||
Commercial and multifamily | 335,819 | 7.7 | 310,024 | 7.3 | 25,795 | 8.3 | |||||||||||||||||||||||||||||
Total real estate construction and land development | 414,429 | 9.5 | 380,828 | 9.0 | 33,601 | 8.8 | |||||||||||||||||||||||||||||
Consumer | 171,371 | 4.0 | 173,386 | 4.1 | (2,015) | (1.2) | |||||||||||||||||||||||||||||
Loans receivable | 4,335,627 | 100.0 | % | 4,266,858 | 100.0 | % | 68,769 | 1.6 | |||||||||||||||||||||||||||
Allowance for credit losses on loans | (47,999) | (46,947) | (1,052) | 2.2 | |||||||||||||||||||||||||||||||
Loans receivable, net | $ | 4,287,628 | $ | 4,219,911 | $ | 67,717 | 1.6 | % |
December 31, 2023 | September 30, 2023 | Change | |||||||||||||||||||||||||||||||||
Balance | % of Total | Balance | % of Total | $ | % | ||||||||||||||||||||||||||||||
(Dollars in thousands) | |||||||||||||||||||||||||||||||||||
Noninterest demand deposits | $ | 1,715,847 | 30.7 | % | $ | 1,789,293 | 31.7 | % | $ | (73,446) | (4.1) | % | |||||||||||||||||||||||
Interest bearing demand deposits | 1,608,745 | 28.7 | 1,630,007 | 28.9 | (21,262) | (1.3) | |||||||||||||||||||||||||||||
Money market accounts | 1,094,351 | 19.5 | 1,081,253 | 19.2 | 13,098 | 1.2 | |||||||||||||||||||||||||||||
Savings accounts | 487,956 | 8.7 | 506,028 | 9.0 | (18,072) | (3.6) | |||||||||||||||||||||||||||||
Total non-maturity deposits | 4,906,899 | 87.6 | 5,006,581 | 88.8 | (99,682) | (2.0) | |||||||||||||||||||||||||||||
Certificates of deposit | 692,973 | 12.4 | 628,606 | 11.2 | 64,367 | 10.2 | |||||||||||||||||||||||||||||
Total deposits | $ | 5,599,872 | 100.0 | % | $ | 5,635,187 | 100.0 | % | $ | (35,315) | (0.6) | % |
December 31, 2023 | September 30, 2023 | Change | |||||||||||||||
Stockholders' equity to total assets | 11.9 | % | 11.4 | % | 0.5 | % | |||||||||||
Tangible common equity to tangible assets (1) | 8.8 | 8.2 | 0.6 | ||||||||||||||
Common equity tier 1 capital ratio (2) | 12.9 | 12.9 | — | ||||||||||||||
Leverage ratio (2) | 10.0 | 9.9 | 0.1 | ||||||||||||||
Tier 1 capital ratio (2) | 13.3 | 13.3 | — | ||||||||||||||
Total capital ratio (2) | 14.1 | 14.1 | — |
As of or for the Quarter Ended | |||||||||||||||||||||||||||||||||||||||||||||||||||||
December 31, 2023 | September 30, 2023 | December 31, 2022 | |||||||||||||||||||||||||||||||||||||||||||||||||||
ACL on Loans | ACL on Unfunded | Total | ACL on Loans | ACL on Unfunded | Total | ACL on Loans | ACL on Unfunded | Total | |||||||||||||||||||||||||||||||||||||||||||||
(Dollars in thousands) | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Balance, beginning of period | $ | 46,947 | $ | 1,534 | $ | 48,481 | $ | 46,408 | $ | 1,777 | $ | 48,185 | $ | 42,089 | $ | 1,023 | $ | 43,112 | |||||||||||||||||||||||||||||||||||
Provision for (reversal of) credit losses | 1,670 | (246) | 1,424 | (635) | (243) | (878) | 689 | 721 | 1,410 | ||||||||||||||||||||||||||||||||||||||||||||
(Net charge-offs) net recoveries | (618) | — | (618) | 1,174 | — | — | 1,174 | 208 | — | 208 | |||||||||||||||||||||||||||||||||||||||||||
Balance, end of period | $ | 47,999 | $ | 1,288 | $ | 49,287 | $ | 46,947 | $ | 1,534 | $ | 48,481 | $ | 42,986 | $ | 1,744 | $ | 44,730 |
December 31, 2023 | September 30, 2023 | ||||||||||||||||||||||
Balance | % of Total | Balance | % of Total | ||||||||||||||||||||
(Dollars in thousands) | |||||||||||||||||||||||
Risk Rating: | |||||||||||||||||||||||
Pass | $ | 4,185,893 | 96.6 | % | $ | 4,132,053 | 96.8 | % | |||||||||||||||
Special Mention | 79,977 | 1.8 | 72,152 | 1.7 | |||||||||||||||||||
Substandard | 69,757 | 1.6 | 62,653 | 1.5 | |||||||||||||||||||
Total | $ | 4,335,627 | 100.0 | % | $ | 4,266,858 | 100.0 | % |
Quarter Ended | |||||||||||||||||
December 31, 2023 | September 30, 2023 | December 31, 2022 | |||||||||||||||
(In thousands) | |||||||||||||||||
Balance, beginning of period | $ | 3,065 | $ | 4,630 | $ | 6,234 | |||||||||||
Additions | 2,149 | 440 | 605 | ||||||||||||||
Net principal payments and transfers to accruing status | (333) | (81) | (828) | ||||||||||||||
Payoffs | (413) | (1,924) | (105) | ||||||||||||||
Balance, end of period | $ | 4,468 | $ | 3,065 | $ | 5,906 |
Quarter Ended | |||||||||||
December 31, 2023 | September 30, 2023 | ||||||||||
(Dollars in thousands) | |||||||||||
FRB borrowing availability | $ | 819,492 | $ | 823,117 | |||||||
FHLB borrowing availability(1) | 1,417,518 | 1,202,172 | |||||||||
Unencumbered investment securities available for sale(2) | 756,258 | 779,871 | |||||||||
Cash and cash equivalents | 224,973 | 220,503 | |||||||||
Fed funds line borrowing availability with correspondent banks | 145,000 | 145,000 | |||||||||
Total sources of liquidity | 3,363,241 | 3,170,663 | |||||||||
Less: Borrowings outstanding | (500,000) | (450,000) | |||||||||
Total available liquidity | $ | 2,863,241 | $ | 2,720,663 |
Quarter Ended | |||||||||||||||||||||||||||||||||||||||||||||||||||||
December 31, 2023 | September 30, 2023 | December 31, 2022 | |||||||||||||||||||||||||||||||||||||||||||||||||||
Average Balance | Interest Earned/ Paid | Average Yield/ Rate (1) | Average Balance | Interest Earned/ Paid | Average Yield/ Rate (1) | Average Balance | Interest Earned/ Paid | Average Yield/ Rate (1) | |||||||||||||||||||||||||||||||||||||||||||||
(Dollars in thousands) | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Interest Earning Assets: | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Loans receivable, net (2)(3) | $ | 4,233,743 | $ | 57,092 | 5.35 | % | $ | 4,201,554 | $ | 56,119 | 5.30 | % | $ | 3,963,042 | $ | 48,513 | 4.86 | % | |||||||||||||||||||||||||||||||||||
Taxable securities | 1,824,205 | 14,488 | 3.15 | 1,931,649 | 14,590 | 3.00 | 1,983,178 | 14,655 | 2.93 | ||||||||||||||||||||||||||||||||||||||||||||
Nontaxable securities (3) | 37,382 | 300 | 3.18 | 60,654 | 448 | 2.93 | 123,430 | 843 | 2.71 | ||||||||||||||||||||||||||||||||||||||||||||
Interest earning deposits | 174,475 | 2,382 | 5.42 | 169,186 | 2,310 | 5.42 | 222,538 | 2,010 | 3.58 | ||||||||||||||||||||||||||||||||||||||||||||
Total interest earning assets | 6,269,805 | 74,262 | 4.70 | % | 6,363,043 | 73,467 | 4.58 | % | 6,292,188 | 66,021 | 4.16 | % | |||||||||||||||||||||||||||||||||||||||||
Noninterest earning assets | 871,071 | 849,689 | 808,656 | ||||||||||||||||||||||||||||||||||||||||||||||||||
Total assets | $ | 7,140,876 | $ | 7,212,732 | $ | 7,100,844 | |||||||||||||||||||||||||||||||||||||||||||||||
Interest Bearing Liabilities: | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Certificates of deposit | $ | 638,101 | $ | 6,261 | 3.89 | % | $ | 553,015 | $ | 4,585 | 3.29 | % | $ | 299,364 | $ | 455 | 0.60 | % | |||||||||||||||||||||||||||||||||||
Savings accounts | 497,484 | 231 | 0.18 | 523,882 | 172 | 0.13 | 632,536 | 107 | 0.07 | ||||||||||||||||||||||||||||||||||||||||||||
Interest bearing demand and money market accounts | 2,713,482 | 7,846 | 1.15 | 2,764,251 | 7,120 | 1.02 | 2,946,425 | 1,895 | 0.26 |
Quarter Ended | |||||||||||||||||||||||||||||||||||||||||||||||||||||
December 31, 2023 | September 30, 2023 | December 31, 2022 | |||||||||||||||||||||||||||||||||||||||||||||||||||
Average Balance | Interest Earned/ Paid | Average Yield/ Rate (1) | Average Balance | Interest Earned/ Paid | Average Yield/ Rate (1) | Average Balance | Interest Earned/ Paid | Average Yield/ Rate (1) | |||||||||||||||||||||||||||||||||||||||||||||
(Dollars in thousands) | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Total interest bearing deposits | 3,849,067 | 14,338 | 1.48 | 3,841,148 | 11,877 | 1.23 | 3,878,325 | 2,457 | 0.25 | ||||||||||||||||||||||||||||||||||||||||||||
Junior subordinated debentures | 21,729 | 553 | 10.10 | 21,649 | 540 | 9.90 | 21,430 | 410 | 7.59 | ||||||||||||||||||||||||||||||||||||||||||||
Securities sold under agreement to repurchase | 17,511 | 5 | 0.11 | 31,729 | 38 | 0.48 | 43,694 | 41 | 0.37 | ||||||||||||||||||||||||||||||||||||||||||||
Borrowings | 459,784 | 5,495 | 4.74 | 451,032 | 5,394 | 4.74 | 543 | 6 | 4.38 | ||||||||||||||||||||||||||||||||||||||||||||
Total interest bearing liabilities | 4,348,091 | 20,391 | 1.86 | % | 4,345,558 | 17,849 | 1.63 | % | 3,943,992 | 2,914 | 0.29 | % | |||||||||||||||||||||||||||||||||||||||||
Noninterest demand deposits | 1,772,261 | 1,859,374 | 2,239,806 | ||||||||||||||||||||||||||||||||||||||||||||||||||
Other noninterest bearing liabilities | 207,141 | 186,306 | 136,645 | ||||||||||||||||||||||||||||||||||||||||||||||||||
Stockholders’ equity | 813,383 | 821,494 | 780,401 | ||||||||||||||||||||||||||||||||||||||||||||||||||
Total liabilities and stockholders’ equity | $ | 7,140,876 | $ | 7,212,732 | $ | 7,100,844 | |||||||||||||||||||||||||||||||||||||||||||||||
Net interest income and spread | $ | 53,871 | 2.84 | % | $ | 55,618 | 2.95 | % | $ | 63,107 | 3.87 | % | |||||||||||||||||||||||||||||||||||||||||
Net interest margin | 3.41 | % | 3.47 | % | 3.98 | % |
Quarter Ended | Quarter Over Quarter Change | Prior Year Quarter Change | |||||||||||||||||||||||||||||||||||||||
December 31, 2023 | September 30, 2023 | December 31, 2022 | $ | % | $ | % | |||||||||||||||||||||||||||||||||||
(Dollars in thousands) | |||||||||||||||||||||||||||||||||||||||||
Service charges and other fees | $ | 2,804 | $ | 2,856 | $ | 2,651 | $ | (52) | (1.8) | % | $ | 153 | 5.8 | % | |||||||||||||||||||||||||||
Card revenue | 1,944 | 2,273 | 2,111 | (329) | (14.5) | (167) | (7.9) | ||||||||||||||||||||||||||||||||||
Loss on sale of investment securities | (10,005) | (1,940) | (256) | (8,065) | 415.7 | (9,749) | 3808.2 | ||||||||||||||||||||||||||||||||||
Gain on sale of loans, net | 36 | 157 | 40 | (121) | (77.1) | (4) | (10.0) | ||||||||||||||||||||||||||||||||||
Interest rate swap fees | — | 62 | 19 | (62) | (100.0) | (19) | (100.0) | ||||||||||||||||||||||||||||||||||
Bank owned life insurance income | 654 | 734 | 565 | (80) | (10.9) | 89 | 15.8 | ||||||||||||||||||||||||||||||||||
Other income | 1,420 | 2,129 | 1,454 | (709) | (33.3) | (34) | (2.3) | ||||||||||||||||||||||||||||||||||
Total noninterest income | $ | (3,147) | $ | 6,271 | $ | 6,584 | $ | (9,418) | (150.2) | % | $ | (9,731) | (147.8) | % |
Quarter Ended | Quarter Over Quarter Change | Prior Year Quarter Change | |||||||||||||||||||||||||||||||||||||||
December 31, 2023 | September 30, 2023 | December 31, 2022 | $ | % | $ | % | |||||||||||||||||||||||||||||||||||
(Dollars in thousands) | |||||||||||||||||||||||||||||||||||||||||
Compensation and employee benefits | $ | 24,758 | $ | 25,008 | $ | 24,856 | $ | (250) | (1.0) | % | $ | (98) | (0.4) | % | |||||||||||||||||||||||||||
Occupancy and equipment | 4,784 | 4,814 | 4,541 | (30) | (0.6) | 243 | 5.4 | ||||||||||||||||||||||||||||||||||
Data processing | 4,863 | 4,366 | 4,369 | 497 | 11.4 | 494 | 11.3 | ||||||||||||||||||||||||||||||||||
Marketing | 698 | 389 | 675 | 309 | 79.4 | 23 | 3.4 | ||||||||||||||||||||||||||||||||||
Professional services | 2,266 | 582 | 630 | 1,684 | 289.3 | 1,636 | 259.7 | ||||||||||||||||||||||||||||||||||
State/municipal business and use taxes | 909 | 1,088 | 1,008 | (179) | (16.5) | (99) | (9.8) | ||||||||||||||||||||||||||||||||||
Federal deposit insurance premium | 847 | 818 | 490 | 29 | 3.5 | 357 | 72.9 | ||||||||||||||||||||||||||||||||||
Amortization of intangible assets | 593 | 595 | 671 | (2) | (0.3) | (78) | (11.6) | ||||||||||||||||||||||||||||||||||
Other expense | 3,005 | 3,310 | 3,152 | (305) | (9.2) | (147) | (4.7) | ||||||||||||||||||||||||||||||||||
Total noninterest expense | $ | 42,723 | $ | 40,970 | $ | 40,392 | $ | 1,753 | 4.3 | % | $ | 2,331 | 5.8 | % |
Quarter Ended | Change | ||||||||||||||||||||||||||||
December 31, 2023 | September 30, 2023 | December 31, 2022 | Quarter Over Quarter | Prior Year Quarter | |||||||||||||||||||||||||
(Dollars in thousands) | |||||||||||||||||||||||||||||
Income before income taxes | $ | 6,577 | $ | 21,797 | $ | 27,889 | $ | (15,220) | $ | (21,312) | |||||||||||||||||||
Income tax expense | $ | 344 | $ | 3,578 | $ | 5,345 | $ | (3,234) | $ | (5,001) | |||||||||||||||||||
Effective income tax rate | 5.2 | % | 16.4 | % | 19.2 | % | (11.2) | % | (14.0) | % |
December 31, 2023 | September 30, 2023 | December 31, 2022 | |||||||||||||||
Assets | |||||||||||||||||
Cash on hand and in banks | $ | 55,851 | $ | 61,568 | $ | 74,295 | |||||||||||
Interest earning deposits | 169,122 | 158,935 | 29,295 | ||||||||||||||
Cash and cash equivalents | 224,973 | 220,503 | 103,590 | ||||||||||||||
Investment securities available for sale, at fair value (amortized cost of $1,227,787, $1,292,500 and $1,460,033, respectively) | 1,134,353 | 1,147,547 | 1,331,443 | ||||||||||||||
Investment securities held to maturity, at amortized cost (fair value of $662,450, $636,257 and $673,434, respectively) | 739,442 | 746,845 | 766,396 | ||||||||||||||
Total investment securities | 1,873,795 | 1,894,392 | 2,097,839 | ||||||||||||||
Loans held for sale | — | 263 | — | ||||||||||||||
Loans receivable | 4,335,627 | 4,266,858 | 4,050,858 | ||||||||||||||
Allowance for credit losses on loans | (47,999) | (46,947) | (42,986) | ||||||||||||||
Loans receivable, net | 4,287,628 | 4,219,911 | 4,007,872 | ||||||||||||||
Premises and equipment, net | 74,899 | 76,436 | 76,930 | ||||||||||||||
Federal Home Loan Bank stock, at cost | 4,186 | 8,373 | 8,916 | ||||||||||||||
Bank owned life insurance | 125,655 | 123,639 | 122,059 | ||||||||||||||
Accrued interest receivable | 19,518 | 18,794 | 18,547 | ||||||||||||||
Prepaid expenses and other assets | 318,571 | 341,952 | 296,181 | ||||||||||||||
Other intangible assets, net | 4,793 | 5,386 | 7,227 | ||||||||||||||
Goodwill | 240,939 | 240,939 | 240,939 | ||||||||||||||
Total assets | $ | 7,174,957 | $ | 7,150,588 | $ | 6,980,100 | |||||||||||
Liabilities and Stockholders' Equity | |||||||||||||||||
Deposits | $ | 5,599,872 | $ | 5,635,187 | $ | 5,907,420 | |||||||||||
Deposits held for sale | — | — | 17,420 | ||||||||||||||
Total deposits | 5,599,872 | 5,635,187 | 5,924,840 | ||||||||||||||
Borrowings | 500,000 | 450,000 | — | ||||||||||||||
Junior subordinated debentures | 21,765 | 21,692 | 21,473 | ||||||||||||||
Securities sold under agreement to repurchase | — | 23,158 | 46,597 | ||||||||||||||
Accrued expenses and other liabilities | 200,059 | 207,005 | 189,297 | ||||||||||||||
Total liabilities | 6,321,696 | 6,337,042 | 6,182,207 | ||||||||||||||
Common stock | 549,748 | 548,652 | 552,397 | ||||||||||||||
Retained earnings | 375,989 | 377,522 | 345,346 | ||||||||||||||
Accumulated other comprehensive loss, net | (72,476) | (112,628) | (99,850) | ||||||||||||||
Total stockholders' equity | 853,261 | 813,546 | 797,893 | ||||||||||||||
Total liabilities and stockholders' equity | $ | 7,174,957 | $ | 7,150,588 | $ | 6,980,100 | |||||||||||
Shares outstanding | 34,906,233 | 34,901,076 | 35,106,697 |
Quarter Ended | Year Ended | ||||||||||||||||||||||||||||
December 31, 2023 | September 30, 2023 | December 31, 2022 | December 31, 2023 | December 31, 2022 | |||||||||||||||||||||||||
Interest Income | |||||||||||||||||||||||||||||
Interest and fees on loans | $ | 57,092 | $ | 56,119 | $ | 48,513 | $ | 217,284 | $ | 174,275 | |||||||||||||||||||
Taxable interest on investment securities | 14,488 | 14,590 | 14,655 | 58,509 | 40,627 | ||||||||||||||||||||||||
Nontaxable interest on investment securities | 300 | 448 | 843 | 1,854 | 3,488 | ||||||||||||||||||||||||
Interest on interest earning deposits | 2,382 | 2,310 | 2,010 | 6,818 | 9,067 | ||||||||||||||||||||||||
Total interest income | 74,262 | 73,467 | 66,021 | 284,465 | 227,457 | ||||||||||||||||||||||||
Interest Expense | |||||||||||||||||||||||||||||
Deposits | 14,338 | 11,877 | 2,457 | 39,350 | 6,772 | ||||||||||||||||||||||||
Junior subordinated debentures | 553 | 540 | 410 | 2,074 | 1,156 | ||||||||||||||||||||||||
Securities sold under agreement to repurchase | 5 | 38 | 41 | 153 | 138 | ||||||||||||||||||||||||
Borrowings | 5,495 | 5,394 | 6 | 17,733 | 6 | ||||||||||||||||||||||||
Total interest expense | 20,391 | 17,849 | 2,914 | 59,310 | 8,072 | ||||||||||||||||||||||||
Net interest income | 53,871 | 55,618 | 63,107 | 225,155 | 219,385 | ||||||||||||||||||||||||
Provision for (reversal of) credit losses | 1,424 | (878) | 1,410 | 4,280 | (1,426) | ||||||||||||||||||||||||
Net interest income after provision for (reversal of) credit losses | 52,447 | 56,496 | 61,697 | 220,875 | 220,811 | ||||||||||||||||||||||||
Noninterest Income | |||||||||||||||||||||||||||||
Service charges and other fees | 2,804 | 2,856 | 2,651 | 10,966 | 10,390 | ||||||||||||||||||||||||
Card revenue | 1,944 | 2,273 | 2,111 | 8,340 | 8,885 | ||||||||||||||||||||||||
Loss on sale of investment securities, net | (10,005) | (1,940) | (256) | (12,231) | (256) | ||||||||||||||||||||||||
Gain on sale of loans, net | 36 | 157 | 40 | 343 | 633 | ||||||||||||||||||||||||
Interest rate swap fees | — | 62 | 19 | 230 | 402 | ||||||||||||||||||||||||
Bank owned life insurance income | 654 | 734 | 565 | 2,934 | 3,747 | ||||||||||||||||||||||||
Gain on sale of other assets, net | — | — | — | 2 | 469 | ||||||||||||||||||||||||
Other income | 1,420 | 2,129 | 1,454 | 8,079 | 5,321 | ||||||||||||||||||||||||
Total noninterest income | (3,147) | 6,271 | 6,584 | 18,663 | 29,591 | ||||||||||||||||||||||||
Noninterest Expense | |||||||||||||||||||||||||||||
Compensation and employee benefits | 24,758 | 25,008 | 24,856 | 100,083 | 92,092 | ||||||||||||||||||||||||
Occupancy and equipment | 4,784 | 4,814 | 4,541 | 19,156 | 17,465 | ||||||||||||||||||||||||
Data processing | 4,863 | 4,366 | 4,369 | 18,071 | 16,800 | ||||||||||||||||||||||||
Marketing | 698 | 389 | 675 | 1,930 | 1,643 | ||||||||||||||||||||||||
Professional services | 2,266 | 582 | 630 | 4,227 | 2,497 | ||||||||||||||||||||||||
State/municipal business and use taxes | 909 | 1,088 | 1,008 | 4,059 | 3,634 | ||||||||||||||||||||||||
Federal deposit insurance premium | 847 | 818 | 490 | 3,312 | 2,015 | ||||||||||||||||||||||||
Amortization of intangible assets | 593 | 595 | 671 | 2,434 | 2,750 | ||||||||||||||||||||||||
Other expense | 3,005 | 3,310 | 3,152 | 13,351 | 12,070 | ||||||||||||||||||||||||
Total noninterest expense | 42,723 | 40,970 | 40,392 | 166,623 | 150,966 | ||||||||||||||||||||||||
Income before income taxes | 6,577 | 21,797 | 27,889 | 72,915 | 99,436 | ||||||||||||||||||||||||
Income tax expense | 344 | 3,578 | 5,345 | 11,160 | 17,561 | ||||||||||||||||||||||||
Net income | $ | 6,233 | $ | 18,219 | $ | 22,544 | $ | 61,755 | $ | 81,875 | |||||||||||||||||||
Quarter Ended | Year Ended | ||||||||||||||||||||||||||||
December 31, 2023 | September 30, 2023 | December 31, 2022 | December 31, 2023 | December 31, 2022 | |||||||||||||||||||||||||
Basic earnings per share | $ | 0.18 | $ | 0.52 | $ | 0.64 | $ | 1.76 | $ | 2.33 | |||||||||||||||||||
Diluted earnings per share | $ | 0.18 | $ | 0.51 | $ | 0.64 | $ | 1.75 | $ | 2.31 | |||||||||||||||||||
Dividends declared per share | $ | 0.22 | $ | 0.22 | $ | 0.21 | $ | 0.88 | $ | 0.84 | |||||||||||||||||||
Average shares outstanding - basic | 34,902,029 | 35,022,676 | 35,104,701 | 35,022,247 | 35,103,465 | ||||||||||||||||||||||||
Average shares outstanding - diluted | 35,084,635 | 35,115,165 | 35,480,848 | 35,258,189 | 35,463,896 |
Quarter Ended | Year Ended | ||||||||||||||||||||||||||||
December 31, 2023 | September 30, 2023 | December 31, 2022 | December 31, 2023 | December 31, 2022 | |||||||||||||||||||||||||
Allowance for Credit Losses on Loans: | |||||||||||||||||||||||||||||
Balance, beginning of period | $ | 46,947 | $ | 46,408 | $ | 42,089 | $ | 42,986 | $ | 42,361 | |||||||||||||||||||
Provision for (reversal of) credit losses on loans | 1,670 | (635) | 689 | 4,736 | (563) | ||||||||||||||||||||||||
Charge-offs: | |||||||||||||||||||||||||||||
Commercial business | (543) | (15) | — | (719) | (316) | ||||||||||||||||||||||||
Residential real estate | — | — | — | — | (30) | ||||||||||||||||||||||||
Real estate construction and land development | — | — | — | — | — | ||||||||||||||||||||||||
Consumer | (166) | (123) | (151) | (586) | (547) | ||||||||||||||||||||||||
Total charge-offs | (709) | (138) | (151) | (1,305) | (893) | ||||||||||||||||||||||||
Recoveries: | |||||||||||||||||||||||||||||
Commercial business | 30 | 1,253 | 53 | 1,372 | 929 | ||||||||||||||||||||||||
Residential real estate | — | — | — | — | 3 | ||||||||||||||||||||||||
Real estate construction and land development | — | — | 210 | — | 384 | ||||||||||||||||||||||||
Consumer | 61 | 59 | 96 | 210 | 765 | ||||||||||||||||||||||||
Total recoveries | 91 | 1,312 | 359 | 1,582 | 2,081 | ||||||||||||||||||||||||
Net (charge-offs) / recoveries | (618) | 1,174 | 208 | 277 | 1,188 | ||||||||||||||||||||||||
Balance, end of period | $ | 47,999 | $ | 46,947 | $ | 42,986 | $ | 47,999 | $ | 42,986 | |||||||||||||||||||
Net charge-offs (recoveries) on loans to average loans receivable, net(1) | 0.06 | % | (0.11) | % | (0.02) | % | (0.01) | % | (0.03) | % |
December 31, 2023 | September 30, 2023 | December 31, 2022 | |||||||||||||||
Nonperforming Assets: | |||||||||||||||||
Nonaccrual loans: | |||||||||||||||||
Commercial business | $ | 4,468 | $ | 3,065 | $ | 5,869 | |||||||||||
Real estate construction and land development | — | — | 37 | ||||||||||||||
Total nonaccrual loans | 4,468 | 3,065 | 5,906 | ||||||||||||||
Accruing loans past due 90 days or more | 1,293 | 2,158 | 1,615 | ||||||||||||||
Total nonperforming loans | 5,761 | 5,223 | 7,521 | ||||||||||||||
Other real estate owned | — | — | — | ||||||||||||||
Nonperforming assets | $ | 5,761 | $ | 5,223 | $ | 7,521 | |||||||||||
ACL on loans to: | |||||||||||||||||
Loans receivable | 1.11 | % | 1.10 | % | 1.06 | % | |||||||||||
Nonaccrual loans | 1,074.28 | % | 1,531.71 | % | 727.84 | % | |||||||||||
Nonaccrual loans to loans receivable | 0.10 | % | 0.07 | % | 0.15 | % | |||||||||||
Nonperforming loans to loans receivable | 0.13 | % | 0.12 | % | 0.19 | % | |||||||||||
Nonperforming assets to total assets | 0.08 | % | 0.07 | % | 0.11 | % |
Year Ended December 31, | |||||||||||||||||||||||||||||||||||
2023 | 2022 | ||||||||||||||||||||||||||||||||||
Average Balance | Interest Earned/ Paid | Average Yield/ Rate (1) | Average Balance | Interest Earned/ Paid | Average Yield/ Rate (1) | ||||||||||||||||||||||||||||||
Interest Earning Assets: | |||||||||||||||||||||||||||||||||||
Loans receivable, net(2)(3) | $ | 4,155,722 | $ | 217,284 | 5.23 | % | $ | 3,852,604 | $ | 174,275 | 4.52 | % | |||||||||||||||||||||||
Taxable securities | 1,937,603 | 58,509 | 3.02 | 1,646,058 | 40,627 | 2.47 | |||||||||||||||||||||||||||||
Nontaxable securities(3) | 63,051 | 1,854 | 2.94 | 135,004 | 3,488 | 2.58 | |||||||||||||||||||||||||||||
Interest earning deposits | 129,807 | 6,818 | 5.25 | 913,374 | 9,067 | 0.99 | |||||||||||||||||||||||||||||
Total interest earning assets | 6,286,183 | 284,465 | 4.53 | % | 6,547,040 | 227,457 | 3.47 | % | |||||||||||||||||||||||||||
Noninterest earning assets | 853,841 | 774,415 | |||||||||||||||||||||||||||||||||
Total assets | $ | 7,140,024 | $ | 7,321,455 | |||||||||||||||||||||||||||||||
Interest Bearing Liabilities: | |||||||||||||||||||||||||||||||||||
Certificates of deposit | $ | 491,653 | $ | 14,554 | 2.96 | % | $ | 313,712 | $ | 1,407 | 0.45 | % | |||||||||||||||||||||||
Savings accounts | 543,096 | 701 | 0.13 | 646,565 | 381 | 0.06 | |||||||||||||||||||||||||||||
Interest bearing demand and money market accounts | 2,771,981 | 24,095 | 0.87 | 3,036,031 | 4,984 | 0.16 | |||||||||||||||||||||||||||||
Total interest bearing deposits | 3,806,730 | 39,350 | 1.03 | 3,996,308 | 6,772 | 0.17 | |||||||||||||||||||||||||||||
Junior subordinated debentures | 21,615 | 2,074 | 9.60 | 21,322 | 1,156 | 5.42 | |||||||||||||||||||||||||||||
Securities sold under agreement to repurchase | 32,976 | 153 | 0.46 | 46,209 | 138 | 0.30 | |||||||||||||||||||||||||||||
Borrowings | 369,665 | 17,733 | 4.80 | % | 137 | 6 | 4.38 | % | |||||||||||||||||||||||||||
Total interest bearing liabilities | 4,230,986 | 59,310 | 1.40 | % | 4,063,976 | 8,072 | 0.20 | % | |||||||||||||||||||||||||||
Noninterest demand deposits | 1,899,317 | 2,326,178 | |||||||||||||||||||||||||||||||||
Other noninterest bearing liabilities | 191,679 | 119,359 | |||||||||||||||||||||||||||||||||
Stockholders’ equity | 818,042 | 811,942 | |||||||||||||||||||||||||||||||||
Total liabilities and stockholders’ equity | $ | 7,140,024 | $ | 7,321,455 | |||||||||||||||||||||||||||||||
Net interest income and spread | $ | 225,155 | 3.13 | % | $ | 219,385 | 3.27 | % | |||||||||||||||||||||||||||
Net interest margin | 3.58 | % | 3.35 | % |
Quarter Ended | |||||||||||||||||||||||||||||
December 31, 2023 | September 30, 2023 | June 30, 2023 | March 31, 2023 | December 31, 2022 | |||||||||||||||||||||||||
Earnings: | |||||||||||||||||||||||||||||
Net interest income | $ | 53,871 | $ | 55,618 | $ | 55,824 | $ | 59,842 | $ | 63,107 | |||||||||||||||||||
Provision for (reversal of) credit losses | 1,424 | (878) | 1,909 | 1,825 | 1,410 | ||||||||||||||||||||||||
Noninterest income | (3,147) | 6,271 | 7,281 | 8,258 | 6,584 | ||||||||||||||||||||||||
Noninterest expense | 42,723 | 40,970 | 41,325 | 41,605 | 40,392 | ||||||||||||||||||||||||
Net income | 6,233 | 18,219 | 16,846 | 20,457 | 22,544 | ||||||||||||||||||||||||
Pre-tax, pre-provision net income (3) | 8,001 | 20,919 | 21,780 | 26,495 | 29,299 | ||||||||||||||||||||||||
Basic earnings per share | $ | 0.18 | $ | 0.52 | $ | 0.48 | $ | 0.58 | $ | 0.64 | |||||||||||||||||||
Diluted earnings per share | $ | 0.18 | $ | 0.51 | $ | 0.48 | $ | 0.58 | $ | 0.64 | |||||||||||||||||||
Average Balances: | |||||||||||||||||||||||||||||
Loans receivable, net (1) | $ | 4,233,743 | $ | 4,201,554 | $ | 4,145,556 | $ | 4,039,395 | $ | 3,963,042 | |||||||||||||||||||
Total investment securities | 1,861,587 | 1,992,303 | 2,061,100 | 2,090,232 | 2,106,608 | ||||||||||||||||||||||||
Total interest earning assets | 6,269,805 | 6,363,043 | 6,297,410 | 6,213,003 | 6,292,188 | ||||||||||||||||||||||||
Total assets | 7,140,876 | 7,212,732 | 7,142,865 | 7,061,959 | 7,100,844 | ||||||||||||||||||||||||
Total interest bearing deposits | 3,849,067 | 3,841,148 | 3,755,005 | 3,780,570 | 3,878,325 | ||||||||||||||||||||||||
Total noninterest demand deposits | 1,772,261 | 1,859,374 | 1,900,640 | 2,068,688 | 2,239,806 | ||||||||||||||||||||||||
Stockholders' equity | 813,383 | 821,494 | 824,742 | 812,500 | 780,401 | ||||||||||||||||||||||||
Financial Ratios: | |||||||||||||||||||||||||||||
Return on average assets (2) | 0.35 | % | 1.00 | % | 0.95 | % | 1.17 | % | 1.26 | % | |||||||||||||||||||
Pre-tax, pre-provision return on average assets (2)(3) | 0.44 | 1.15 | 1.22 | 1.52 | 1.64 | ||||||||||||||||||||||||
Return on average common equity (2) | 3.04 | 8.80 | 8.19 | 10.21 | 11.46 | ||||||||||||||||||||||||
Return on average tangible common equity (2) (3) | 4.69 | 12.90 | 12.04 | 15.05 | 17.21 | ||||||||||||||||||||||||
Efficiency ratio | 84.2 | 66.2 | 65.5 | 61.1 | 58.0 | ||||||||||||||||||||||||
Noninterest expense to average total assets (2) | 2.37 | 2.25 | 2.32 | 2.39 | 2.26 | ||||||||||||||||||||||||
Net interest spread (2) | 2.84 | 2.95 | 3.11 | 3.66 | 3.87 | ||||||||||||||||||||||||
Net interest margin (2) | 3.41 | 3.47 | 3.56 | 3.91 | 3.98 |
As of or for the Quarter Ended | |||||||||||||||||||||||||||||
December 31, 2023 | September 30, 2023 | June 30, 2023 | March 31, 2023 | December 31, 2022 | |||||||||||||||||||||||||
Select Balance Sheet: | |||||||||||||||||||||||||||||
Total assets | $ | 7,174,957 | $ | 7,150,588 | $ | 7,115,410 | $ | 7,236,806 | $ | 6,980,100 | |||||||||||||||||||
Loans receivable, net | 4,287,628 | 4,219,911 | 4,204,936 | 4,083,003 | 4,007,872 | ||||||||||||||||||||||||
Total investment securities | 1,873,795 | 1,894,392 | 2,030,826 | 2,078,235 | 2,097,839 | ||||||||||||||||||||||||
Deposits | 5,599,872 | 5,635,187 | 5,595,543 | 5,789,022 | 5,924,840 | ||||||||||||||||||||||||
Noninterest demand deposits | 1,715,847 | 1,789,293 | 1,857,492 | 1,982,909 | 2,099,464 | ||||||||||||||||||||||||
Stockholders' equity | 853,261 | 813,546 | 819,733 | 826,082 | 797,893 | ||||||||||||||||||||||||
Financial Measures: | |||||||||||||||||||||||||||||
Book value per share | $ | 24.44 | $ | 23.31 | $ | 23.39 | $ | 23.53 | $ | 22.73 | |||||||||||||||||||
Tangible book value per share (1) | 17.40 | 16.25 | 16.34 | 16.48 | 15.66 | ||||||||||||||||||||||||
Stockholders' equity to total assets | 11.9 | % | 11.4 | % | 11.5 | % | 11.4 | % | 11.4 | % | |||||||||||||||||||
Tangible common equity to tangible assets (1) | 8.8 | 8.2 | 8.3 | 8.3 | 8.2 | ||||||||||||||||||||||||
Loans to deposits ratio | 77.4 | 75.7 | 76.0 | 71.3 | 68.4 | ||||||||||||||||||||||||
Regulatory Capital Ratios:(2) | |||||||||||||||||||||||||||||
Common equity tier 1 capital ratio | 12.9 | % | 12.9 | % | 12.8 | % | 12.9 | % | 12.8 | % | |||||||||||||||||||
Leverage ratio | 10.0 | 9.9 | 9.9 | 9.9 | 9.7 | ||||||||||||||||||||||||
Tier 1 capital ratio | 13.3 | 13.3 | 13.2 | 13.3 | 13.2 | ||||||||||||||||||||||||
Total capital ratio | 14.1 | 14.1 | 14.1 | 14.1 | 14.0 | ||||||||||||||||||||||||
Credit Quality Metrics: | |||||||||||||||||||||||||||||
ACL on loans to: | |||||||||||||||||||||||||||||
Loans receivable | 1.11 | % | 1.10 | % | 1.09 | % | 1.08 | % | 1.06 | % | |||||||||||||||||||
Nonperforming loans | 1,074.3 | 1,531.7 | 1,002.3 | 923.6 | 727.8 | ||||||||||||||||||||||||
Nonaccrual loans to loans receivable | 0.10 | 0.07 | 0.11 | 0.12 | 0.15 | ||||||||||||||||||||||||
Nonperforming loans to loans receivable | 0.13 | 0.12 | 0.16 | 0.17 | 0.19 | ||||||||||||||||||||||||
Nonperforming assets to total assets | 0.08 | 0.07 | 0.10 | 0.10 | 0.11 | ||||||||||||||||||||||||
Net charge-offs (recoveries) on loans to average loans receivable, net(3) | 0.06 | (0.11) | — | 0.02 | (0.02) | ||||||||||||||||||||||||
Criticized Loans by Credit Quality Rating: | |||||||||||||||||||||||||||||
Special mention | $ | 79,977 | $ | 72,152 | $ | 84,623 | $ | 96,832 | $ | 69,449 | |||||||||||||||||||
Substandard | 69,757 | 62,653 | 58,653 | 48,824 | 65,765 | ||||||||||||||||||||||||
Other Metrics: | |||||||||||||||||||||||||||||
Number of banking offices | 50 | 50 | 51 | 51 | 50 | ||||||||||||||||||||||||
Deposits per branch | $ | 111,997 | $ | 112,704 | $ | 109,717 | $ | 113,510 | $ | 118,497 | |||||||||||||||||||
Average number of full-time equivalent employees | 803 | 821 | 813 | 809 | 806 | ||||||||||||||||||||||||
Average assets per full-time equivalent employee | 8,893 | 8,785 | 8,786 | 8,729 | 8,810 |
December 31, 2023 | September 30, 2023 | June 30, 2023 | March 31, 2023 | December 31, 2022 | |||||||||||||||||||||||||
Tangible Common Equity to Tangible Assets and Tangible Book Value Per Share: | |||||||||||||||||||||||||||||
Total stockholders' equity (GAAP) | $ | 853,261 | $ | 813,546 | $ | 819,733 | $ | 826,082 | $ | 797,893 | |||||||||||||||||||
Exclude intangible assets | (245,732) | (246,325) | (246,920) | (247,543) | (248,166) | ||||||||||||||||||||||||
Tangible common equity (non-GAAP) | $ | 607,529 | $ | 567,221 | $ | 572,813 | $ | 578,539 | $ | 549,727 | |||||||||||||||||||
Total assets (GAAP) | $ | 7,174,957 | $ | 7,150,588 | $ | 7,115,410 | $ | 7,236,806 | $ | 6,980,100 | |||||||||||||||||||
Exclude intangible assets | (245,732) | (246,325) | (246,920) | (247,543) | (248,166) | ||||||||||||||||||||||||
Tangible assets (non-GAAP) | $ | 6,929,225 | $ | 6,904,263 | $ | 6,868,490 | $ | 6,989,263 | $ | 6,731,934 | |||||||||||||||||||
Stockholders' equity to total assets (GAAP) | 11.9 | % | 11.4 | % | 11.5 | % | 11.4 | % | 11.4 | % | |||||||||||||||||||
Tangible common equity to tangible assets (non-GAAP) | 8.8 | % | 8.2 | % | 8.3 | % | 8.3 | % | 8.2 | % | |||||||||||||||||||
Shares outstanding | 34,906,233 | 34,901,076 | 35,047,800 | 35,108,120 | 35,106,697 | ||||||||||||||||||||||||
Book value per share (GAAP) | $ | 24.44 | $ | 23.31 | $ | 23.39 | $ | 23.53 | $ | 22.73 | |||||||||||||||||||
Tangible book value per share (non-GAAP) | $ | 17.40 | $ | 16.25 | $ | 16.34 | $ | 16.48 | $ | 15.66 |
Quarter Ended | |||||||||||||||||||||||||||||
December 31, 2023 | September 30, 2023 | June 30, 2023 | March 31, 2023 | December 31, 2022 | |||||||||||||||||||||||||
Return on Average Tangible Common Equity, annualized: | |||||||||||||||||||||||||||||
Net income (GAAP) | $ | 6,233 | $ | 18,219 | $ | 16,846 | $ | 20,457 | $ | 22,544 | |||||||||||||||||||
Add amortization of intangible assets | 593 | 595 | 623 | 623 | 671 | ||||||||||||||||||||||||
Exclude tax effect of adjustment | (125) | (125) | (131) | (131) | (141) | ||||||||||||||||||||||||
Tangible net income (non-GAAP) | $ | 6,701 | $ | 18,689 | $ | 17,338 | $ | 20,949 | $ | 23,074 | |||||||||||||||||||
Average stockholders' equity (GAAP) | $ | 813,383 | $ | 821,494 | $ | 824,742 | $ | 812,500 | $ | 780,401 | |||||||||||||||||||
Exclude average intangible assets | (246,022) | (246,663) | (247,278) | (247,922) | (248,560) | ||||||||||||||||||||||||
Average tangible common stockholders' equity (non-GAAP) | $ | 567,361 | $ | 574,831 | $ | 577,464 | $ | 564,578 | $ | 531,841 | |||||||||||||||||||
Return on average common equity, annualized (GAAP) | 3.04 | % | 8.80 | % | 8.19 | % | 10.21 | % | 11.46 | % | |||||||||||||||||||
Return on average tangible common equity, annualized (non-GAAP) | 4.69 | % | 12.90 | % | 12.04 | % | 15.05 | % | 17.21 | % |
Quarter Ended | |||||||||||||||||||||||||||||
December 31, 2023 | September 30, 2023 | June 30, 2023 | March 31, 2023 | December 31, 2022 | |||||||||||||||||||||||||
Pre-tax, Pre-provision Income and Pre-tax, Pre-provision Return on Average Assets, annualized: | |||||||||||||||||||||||||||||
Net income (GAAP) | $ | 6,233 | $ | 18,219 | $ | 16,846 | $ | 20,457 | $ | 22,544 | |||||||||||||||||||
Add income tax expense | 344 | 3,578 | 3,025 | 4,213 | 5,345 | ||||||||||||||||||||||||
Add/(subtract) provision for (reversal of) credit losses | 1,424 | (878) | 1,909 | 1,825 | 1,410 | ||||||||||||||||||||||||
Pre-tax, pre-provision income (non-GAAP) | $ | 8,001 | $ | 20,919 | $ | 21,780 | $ | 26,495 | $ | 29,299 | |||||||||||||||||||
Average total assets (GAAP) | $ | 7,140,876 | $ | 7,212,732 | $ | 7,142,865 | $ | 7,061,959 | $ | 7,100,844 | |||||||||||||||||||
Return on average assets, annualized (GAAP) | 0.35 | % | 1.00 | % | 0.95 | % | 1.17 | % | 1.26 | % | |||||||||||||||||||
Pre-tax, pre-provision return on average assets (non-GAAP) | 0.44 | % | 1.15 | % | 1.22 | % | 1.52 | % | 1.64 | % |
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