(State or Other Jurisdiction of Incorporation) | (Commission File Number) | (I.R.S. Employer Identification No.) |
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(s) | Name of each exchange on which registered | ||||||
Exhibit Number | Description | |||||||
Press Release dated January 24, 2024 | ||||||||
Earnings Presentation | ||||||||
104 | Cover Page Interactive Data File (embedded within the Inline XBRL document) |
EAGLE BANCORP, INC. | ||||||||
Date: January 24, 2024 | By: | /s/ Eric R. Newell | ||||||
Eric R. Newell | ||||||||
Executive Vice President, Chief Financial Officer |
PRESS RELEASE FOR | EAGLE BANCORP, INC. | |||||||
IMMEDIATE RELEASE | CONTACT: | |||||||
David G. Danielson | ||||||||
January 24, 2024 | 240.552.9534 |
Eagle Bancorp, Inc. | |||||||||||||||||
Consolidated Statements of Income (Unaudited) | |||||||||||||||||
(Dollars in thousands, except per share data) | |||||||||||||||||
Three Months Ended | |||||||||||||||||
December 31, | September 30, | December 31, | |||||||||||||||
2023 | 2023 | 2022 | |||||||||||||||
Interest Income | |||||||||||||||||
Interest and fees on loans | $ | 135,964 | $ | 132,273 | $ | 109,251 | |||||||||||
Interest and dividends on investment securities | 13,142 | 13,732 | 13,591 | ||||||||||||||
Interest on balances with other banks and short-term investments | 18,230 | 15,067 | 5,696 | ||||||||||||||
Interest on federal funds sold | 85 | 77 | 592 | ||||||||||||||
Total interest income | 167,421 | 161,149 | 129,130 | ||||||||||||||
Interest Expense | |||||||||||||||||
Interest on deposits | 78,239 | 70,929 | 39,239 | ||||||||||||||
Interest on customer repurchase agreements | 272 | 311 | 266 | ||||||||||||||
Interest on borrowings | 15,918 | 19,190 | 4,025 | ||||||||||||||
Total interest expense | 94,429 | 90,430 | 43,530 | ||||||||||||||
Net Interest Income | 72,992 | 70,719 | 85,600 | ||||||||||||||
Provision for Credit Losses | 14,490 | 5,644 | (464) | ||||||||||||||
(Reversal of) Provision for Credit Losses for Unfunded Commitments | (594) | (839) | 161 | ||||||||||||||
Net Interest Income After (Reversal of) Provision For Credit Losses | 59,096 | 65,914 | 85,903 | ||||||||||||||
Noninterest Income | |||||||||||||||||
Service charges on deposits | 1,688 | 1,631 | 1,429 | ||||||||||||||
Gain (Loss) on sale of loans | 23 | (5) | 534 | ||||||||||||||
Net gain on sale of investment securities | 3 | 5 | 3 | ||||||||||||||
Increase in cash surrender value of bank-owned life insurance | 687 | 669 | 658 | ||||||||||||||
Other income | 493 | 4,047 | 2,705 | ||||||||||||||
Total noninterest income | 2,894 | 6,347 | 5,329 | ||||||||||||||
Noninterest Expense | |||||||||||||||||
Salaries and employee benefits | 18,416 | 21,549 | 23,691 | ||||||||||||||
Premises and equipment expenses | 2,967 | 3,095 | 3,292 | ||||||||||||||
Marketing and advertising | 1,071 | 768 | 1,290 | ||||||||||||||
Data processing | 3,436 | 3,194 | 3,117 | ||||||||||||||
Legal, accounting and professional fees | 2,722 | 2,162 | 2,553 | ||||||||||||||
FDIC insurance | 4,444 | 3,342 | 1,718 | ||||||||||||||
Other expenses | 4,042 | 3,523 | 3,257 | ||||||||||||||
Total noninterest expense | 37,098 | 37,633 | 38,918 | ||||||||||||||
Income Before Income Tax Expense | 24,892 | 34,628 | 52,314 | ||||||||||||||
Income Tax Expense | 4,667 | 7,245 | 10,121 | ||||||||||||||
Net Income | $ | 20,225 | $ | 27,383 | $ | 42,193 | |||||||||||
Earnings Per Common Share | |||||||||||||||||
Basic | $ | 0.68 | $ | 0.91 | $ | 1.32 | |||||||||||
Diluted | $ | 0.67 | $ | 0.91 | $ | 1.32 |
Eagle Bancorp, Inc. | |||||||||||||||||
Consolidated Balance Sheets (Unaudited) | |||||||||||||||||
(Dollars in thousands, except per share data) | |||||||||||||||||
December 31, | September 30, | December 31, | |||||||||||||||
Assets | 2023 | 2023 | 2022 | ||||||||||||||
Cash and due from banks | $ | 9,047 | $ | 8,625 | $ | 12,655 | |||||||||||
Federal funds sold | 3,740 | 13,611 | 33,927 | ||||||||||||||
Interest-bearing deposits with banks and other short-term investments | 709,897 | 235,819 | 265,272 | ||||||||||||||
Investment securities available-for-sale at fair value (amortized cost of $1,668,316, $1,700,233, and $1,803,898, net of allowance for credit losses of $17, $17 and $17 as of December 31, 2023, September 30, 2023 and December 31, 2022, respectively) | 1,506,388 | 1,474,945 | 1,598,666 | ||||||||||||||
Investment securities held-to-maturity at amortized cost, net of allowance for credit losses of $1,956, $2,010 and $766 (fair value of $901,582, $872,710 and $968,707, as of December 31, 2023, September 30, 2023 and December 31, 2022, respectively) | 1,015,737 | 1,032,485 | 1,093,374 | ||||||||||||||
Federal Reserve and Federal Home Loan Bank stock | 25,748 | 25,689 | 65,067 | ||||||||||||||
Loans held for sale | — | — | 6,734 | ||||||||||||||
Loans | 7,968,695 | 7,916,391 | 7,635,632 | ||||||||||||||
Less allowance for credit losses | (85,940) | (83,332) | (74,444) | ||||||||||||||
Loans, net | 7,882,755 | 7,833,059 | 7,561,188 | ||||||||||||||
Premises and equipment, net | 10,189 | 11,216 | 13,475 | ||||||||||||||
Operating lease right-of-use assets | 19,129 | 20,151 | 24,544 | ||||||||||||||
Deferred income taxes | 86,620 | 98,987 | 96,567 | ||||||||||||||
Bank-owned life insurance | 112,921 | 112,234 | 110,998 | ||||||||||||||
Goodwill and intangible assets, net | 104,925 | 105,239 | 104,233 | ||||||||||||||
Other real estate owned | 1,108 | 1,487 | 1,962 | ||||||||||||||
Other assets | 176,334 | 190,667 | 162,192 | ||||||||||||||
Total assets | $ | 11,664,538 | $ | 11,164,214 | $ | 11,150,854 | |||||||||||
Liabilities and Shareholders' Equity | |||||||||||||||||
Deposits: | |||||||||||||||||
Noninterest bearing demand | $ | 2,279,081 | $ | 2,072,665 | $ | 3,150,751 | |||||||||||
Interest bearing transaction | 997,448 | 932,779 | 1,138,235 | ||||||||||||||
Savings and money market | 3,314,043 | 3,129,773 | 3,640,697 | ||||||||||||||
Time deposits | 2,217,467 | 2,241,089 | 783,499 | ||||||||||||||
Total deposits | 8,808,039 | 8,376,306 | 8,713,182 | ||||||||||||||
Customer repurchase agreements | 30,587 | 25,689 | 35,100 | ||||||||||||||
Borrowings | 1,369,918 | 1,369,888 | 1,044,795 | ||||||||||||||
Operating lease liabilities | 23,238 | 24,422 | 29,267 | ||||||||||||||
Reserve for unfunded commitments | 5,590 | 6,183 | 5,857 | ||||||||||||||
Other liabilities | 152,883 | 145,842 | 94,332 | ||||||||||||||
Total liabilities | 10,390,255 | 9,948,330 | 9,922,533 | ||||||||||||||
Shareholders' Equity | |||||||||||||||||
Common stock, par value $.01 per share; shares authorized 100,000,000, shares issued and outstanding 29,925,612, 29,917,982, and 31,346,903 respectively | 296 | 296 | 310 | ||||||||||||||
Additional paid in capital | 374,888 | 372,394 | 412,303 | ||||||||||||||
Retained earnings | 1,061,456 | 1,054,699 | 1,015,215 | ||||||||||||||
Accumulated other comprehensive loss | (162,357) | (211,505) | (199,507) | ||||||||||||||
Total Shareholders' Equity | 1,274,283 | 1,215,884 | 1,228,321 | ||||||||||||||
Total Liabilities and Shareholders' Equity | $ | 11,664,538 | $ | 11,164,214 | $ | 11,150,854 |
December 31, | September 30, | December 31, | ||||||||||||||||||||||||
2023 | 2023 | 2022 | ||||||||||||||||||||||||
Amount | % | Amount | % | Amount | % | |||||||||||||||||||||
Loan Balances - Period End: | ||||||||||||||||||||||||||
Commercial and Industrial | $ | 1,473,766 | 18 | % | $ | 1,418,760 | 18 | % | $ | 1,487,349 | 19 | % | ||||||||||||||
PPP loans | 528 | — | % | 588 | — | % | 3,256 | — | % | |||||||||||||||||
Commercial real estate - income producing | 4,094,614 | 51 | % | 4,147,301 | 52 | % | 3,919,941 | 51 | % | |||||||||||||||||
Commercial real estate - owner occupied | 1,172,239 | 15 | % | 1,182,959 | 15 | % | 1,110,325 | 15 | % | |||||||||||||||||
1-4 Family mortgage | 73,396 | 1 | % | 76,511 | 1 | % | 73,001 | 1 | % | |||||||||||||||||
Construction - commercial and residential | 969,766 | 12 | % | 904,282 | 11 | % | 877,755 | 12 | % | |||||||||||||||||
Construction - C&I (owner occupied) | 132,021 | 2 | % | 129,616 | 2 | % | 110,479 | 1 | % | |||||||||||||||||
Home equity | 51,964 | 1 | % | 53,917 | 1 | % | 51,782 | 1 | % | |||||||||||||||||
Other consumer | 401 | — | % | 2,457 | — | % | 1,744 | — | % | |||||||||||||||||
Total loans | $ | 7,968,695 | 100 | % | $ | 7,916,391 | 100 | % | $ | 7,635,632 | 100 | % |
Three Months Ended or As Of | |||||||||||||||||
December 31, | September 30, | December 31, | |||||||||||||||
2023 | 2023 | 2022 | |||||||||||||||
Asset Quality: | |||||||||||||||||
Net charge-off | $ | 11,936 | $ | 340 | $ | 896 | |||||||||||
Nonperforming loans | $ | 65,524 | $ | 70,158 | $ | 6,468 | |||||||||||
Other real estate owned | $ | 1,108 | $ | 1,487 | $ | 1,962 | |||||||||||
Nonperforming assets | $ | 66,632 | $ | 71,645 | $ | 8,430 | |||||||||||
Special mention | $ | 204,971 | $ | 158,182 | $ | 113,578 | |||||||||||
Substandard | $ | 335,325 | $ | 219,001 | $ | 88,666 |
Eagle Bancorp, Inc. | |||||||||||||||||||||||||||||||||||
Consolidated Average Balances, Interest Yields And Rates vs. Prior Quarter (Unaudited) | |||||||||||||||||||||||||||||||||||
(Dollars in thousands) | |||||||||||||||||||||||||||||||||||
Three Months Ended | |||||||||||||||||||||||||||||||||||
December 31, 2023 | September 30, 2023 | ||||||||||||||||||||||||||||||||||
Average Balance | Interest | Average Yield/Rate | Average Balance | Interest | Average Yield/Rate | ||||||||||||||||||||||||||||||
ASSETS | |||||||||||||||||||||||||||||||||||
Interest earning assets: | |||||||||||||||||||||||||||||||||||
Interest bearing deposits with other banks and other short-term investments | $ | 1,340,972 | $ | 18,230 | 5.39 | % | $ | 1,127,451 | $ | 15,067 | 5.30 | % | |||||||||||||||||||||||
Loans (1) (2) | 7,963,074 | 135,964 | 6.77 | % | 7,795,144 | 132,273 | 6.73 | % | |||||||||||||||||||||||||||
Investment securities available-for-sale (2) | 1,498,132 | 7,611 | 2.02 | % | 1,554,348 | 8,126 | 2.07 | % | |||||||||||||||||||||||||||
Investment securities held-to-maturity (2) | 1,027,230 | 5,531 | 2.14 | % | 1,047,515 | 5,606 | 2.12 | % | |||||||||||||||||||||||||||
Federal funds sold | 8,314 | 85 | 4.06 | % | 7,728 | 77 | 3.95 | % | |||||||||||||||||||||||||||
Total interest earning assets | 11,837,722 | $ | 167,421 | 5.61 | % | 11,532,186 | $ | 161,149 | 5.54 | % | |||||||||||||||||||||||||
Total noninterest earning assets | 530,364 | 489,683 | |||||||||||||||||||||||||||||||||
Less: allowance for credit losses | 84,783 | 78,964 | |||||||||||||||||||||||||||||||||
Total noninterest earning assets | 445,581 | 410,719 | |||||||||||||||||||||||||||||||||
TOTAL ASSETS | $ | 12,283,303 | $ | 11,942,905 | |||||||||||||||||||||||||||||||
LIABILITIES AND SHAREHOLDERS' EQUITY | |||||||||||||||||||||||||||||||||||
Interest bearing liabilities: | |||||||||||||||||||||||||||||||||||
Interest bearing transaction | $ | 1,843,617 | $ | 16,607 | 3.57 | % | $ | 1,421,522 | $ | 12,785 | 3.57 | % | |||||||||||||||||||||||
Savings and money market | 3,297,581 | 35,384 | 4.26 | % | 3,113,755 | 32,855 | 4.19 | % | |||||||||||||||||||||||||||
Time deposits | 2,164,038 | 26,248 | 4.81 | % | 2,162,582 | 25,289 | 4.64 | % | |||||||||||||||||||||||||||
Total interest bearing deposits | 7,305,236 | 78,239 | 4.25 | % | 6,697,859 | 70,929 | 4.20 | % | |||||||||||||||||||||||||||
Customer repurchase agreements | 31,290 | 272 | 3.45 | % | 36,082 | 311 | 3.42 | % | |||||||||||||||||||||||||||
Borrowings | 1,370,627 | 15,918 | 4.61 | % | 1,610,097 | 19,190 | 4.73 | % | |||||||||||||||||||||||||||
Total interest bearing liabilities | 8,707,153 | $ | 94,429 | 4.30 | % | 8,344,038 | $ | 90,430 | 4.30 | % | |||||||||||||||||||||||||
Noninterest bearing liabilities: | |||||||||||||||||||||||||||||||||||
Noninterest bearing demand | 2,166,133 | 2,248,782 | |||||||||||||||||||||||||||||||||
Other liabilities | 171,254 | 114,923 | |||||||||||||||||||||||||||||||||
Total noninterest bearing liabilities | 2,337,387 | 2,363,705 | |||||||||||||||||||||||||||||||||
Shareholders’ equity | 1,238,763 | 1,235,162 | |||||||||||||||||||||||||||||||||
TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY | $ | 12,283,303 | $ | 11,942,905 | |||||||||||||||||||||||||||||||
Net interest income | $ | 72,992 | $ | 70,719 | |||||||||||||||||||||||||||||||
Net interest spread | 1.31 | % | 1.24 | % | |||||||||||||||||||||||||||||||
Net interest margin | 2.45 | % | 2.43 | % | |||||||||||||||||||||||||||||||
Cost of funds | 3.45 | % | 3.39 | % |
Eagle Bancorp, Inc. | |||||||||||||||||||||||||||||||||||
Consolidated Average Balances, Interest Yields And Rates vs. Year Ago Quarter (Unaudited) | |||||||||||||||||||||||||||||||||||
(Dollars in thousands) | |||||||||||||||||||||||||||||||||||
Three Months Ended December 31, | |||||||||||||||||||||||||||||||||||
2023 | 2022 | ||||||||||||||||||||||||||||||||||
Average Balance | Interest | Average Yield/Rate | Average Balance | Interest | Average Yield/Rate | ||||||||||||||||||||||||||||||
ASSETS | |||||||||||||||||||||||||||||||||||
Interest earning assets: | |||||||||||||||||||||||||||||||||||
Interest bearing deposits with other banks and other short-term investments | $ | 1,340,972 | $ | 18,230 | 5.39 | % | $ | 600,653 | $ | 5,696 | 3.76 | % | |||||||||||||||||||||||
Loans held for sale (1) | — | — | — | % | 6,868 | 102 | 5.89 | % | |||||||||||||||||||||||||||
Loans (1) (2) | 7,963,074 | 135,964 | 6.77 | % | 7,379,198 | 109,149 | 5.87 | % | |||||||||||||||||||||||||||
Investment securities available-for-sale (2) | 1,498,132 | 7,611 | 2.02 | % | 1,658,228 | 7,753 | 1.85 | % | |||||||||||||||||||||||||||
Investment securities held-to-maturity (2) | 1,027,230 | 5,531 | 2.14 | % | 1,105,209 | 5,838 | 2.10 | % | |||||||||||||||||||||||||||
Federal funds sold | 8,314 | 85 | 4.06 | % | 79,547 | 592 | 2.95 | % | |||||||||||||||||||||||||||
Total interest earning assets | 11,837,722 | $ | 167,421 | 5.61 | % | 10,829,703 | $ | 129,130 | 4.73 | % | |||||||||||||||||||||||||
Total noninterest earning assets | 530,364 | 501,977 | |||||||||||||||||||||||||||||||||
Less: allowance for credit losses | 84,783 | 75,724 | |||||||||||||||||||||||||||||||||
Total noninterest earning assets | 445,581 | 426,253 | |||||||||||||||||||||||||||||||||
TOTAL ASSETS | $ | 12,283,303 | $ | 11,255,956 | |||||||||||||||||||||||||||||||
LIABILITIES AND SHAREHOLDERS' EQUITY | |||||||||||||||||||||||||||||||||||
Interest bearing liabilities: | |||||||||||||||||||||||||||||||||||
Interest bearing transaction | $ | 1,843,617 | $ | 16,607 | 3.57 | % | $ | 996,951 | $ | 3,877 | 1.54 | % | |||||||||||||||||||||||
Savings and money market | 3,297,581 | 35,384 | 4.26 | % | 3,963,022 | 31,571 | 3.16 | % | |||||||||||||||||||||||||||
Time deposits | 2,164,038 | 26,248 | 4.81 | % | 667,202 | 3,791 | 2.25 | % | |||||||||||||||||||||||||||
Total interest bearing deposits | 7,305,236 | 78,239 | 4.25 | % | 5,627,175 | 39,239 | 2.77 | % | |||||||||||||||||||||||||||
Customer repurchase agreements | 31,290 | 272 | 3.45 | % | 45,521 | 266 | 2.32 | % | |||||||||||||||||||||||||||
Borrowings | 1,370,627 | 15,918 | 4.61 | % | 365,539 | 4,025 | 4.37 | % | |||||||||||||||||||||||||||
Total interest bearing liabilities | 8,707,153 | $ | 94,429 | 4.30 | % | 6,038,235 | $ | 43,530 | 2.86 | % | |||||||||||||||||||||||||
Noninterest bearing liabilities: | |||||||||||||||||||||||||||||||||||
Noninterest bearing demand | 2,166,133 | 3,896,964 | |||||||||||||||||||||||||||||||||
Other liabilities | 171,254 | 87,052 | |||||||||||||||||||||||||||||||||
Total noninterest bearing liabilities | 2,337,387 | 3,984,016 | |||||||||||||||||||||||||||||||||
Shareholders’ equity | 1,238,763 | 1,233,705 | |||||||||||||||||||||||||||||||||
TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY | $ | 12,283,303 | $ | 11,255,956 | |||||||||||||||||||||||||||||||
Net interest income | $ | 72,992 | $ | 85,600 | |||||||||||||||||||||||||||||||
Net interest spread | 1.31 | % | 1.87 | % | |||||||||||||||||||||||||||||||
Net interest margin | 2.45 | % | 3.14 | % | |||||||||||||||||||||||||||||||
Cost of funds(3) | 3.45 | % | 1.74 | % |
Eagle Bancorp, Inc. | |||||||||||||||||||||||||||||||||||||||||||||||
Statements of Income and Highlights Quarterly Trends (Unaudited) | |||||||||||||||||||||||||||||||||||||||||||||||
(Dollars in thousands, except per share data) | |||||||||||||||||||||||||||||||||||||||||||||||
Three Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||
December 31, | September 30, | June 30, | March 31, | December 31, | September 30, | June 30, | March 31, | ||||||||||||||||||||||||||||||||||||||||
Income Statements: | 2023 | 2023 | 2023 | 2023 | 2022 | 2022 | 2022 | 2022 | |||||||||||||||||||||||||||||||||||||||
Total interest income | $ | 167,421 | $ | 161,149 | $ | 156,510 | $ | 140,247 | $ | 129,130 | $ | 111,527 | $ | 95,635 | $ | 88,321 | |||||||||||||||||||||||||||||||
Total interest expense | 94,429 | 90,430 | 84,699 | 65,223 | 43,530 | 27,630 | 12,717 | 7,869 | |||||||||||||||||||||||||||||||||||||||
Net interest income | 72,992 | 70,719 | 71,811 | 75,024 | 85,600 | 83,897 | 82,918 | 80,452 | |||||||||||||||||||||||||||||||||||||||
Provision for (reversal of) credit losses | 14,490 | 5,644 | 5,238 | 6,164 | (464) | 3,022 | 495 | (2,787) | |||||||||||||||||||||||||||||||||||||||
Provision for (reversal of) unfunded commitments | (594) | (839) | 318 | 848 | 161 | 774 | 553 | (11) | |||||||||||||||||||||||||||||||||||||||
Net interest income after provision for credit losses | 59,096 | 65,914 | 66,255 | 68,012 | 85,903 | 80,101 | 81,870 | 83,250 | |||||||||||||||||||||||||||||||||||||||
Noninterest income before investment gain (loss) | 2,891 | 6,342 | 8,593 | 3,721 | 5,326 | 5,304 | 5,715 | 7,478 | |||||||||||||||||||||||||||||||||||||||
Net gain (loss) on sale of investment securities | 3 | 5 | 2 | (21) | 3 | 4 | (151) | (25) | |||||||||||||||||||||||||||||||||||||||
Total noninterest income | 2,894 | 6,347 | 8,595 | 3,700 | 5,329 | 5,308 | 5,564 | 7,453 | |||||||||||||||||||||||||||||||||||||||
Salaries and employee benefits | 18,416 | 21,549 | 21,957 | 24,174 | 23,691 | 21,538 | 21,805 | 17,019 | |||||||||||||||||||||||||||||||||||||||
Premises and equipment | 2,967 | 3,095 | 3,227 | 3,317 | 3,292 | 3,275 | 3,523 | 3,128 | |||||||||||||||||||||||||||||||||||||||
Marketing and advertising | 1,071 | 768 | 884 | 636 | 1,290 | 1,181 | 1,186 | 1,064 | |||||||||||||||||||||||||||||||||||||||
Other expenses | 14,644 | 12,221 | 11,910 | 12,457 | 10,645 | 10,212 | 32,448 | 9,801 | |||||||||||||||||||||||||||||||||||||||
Total noninterest expense | 37,098 | 37,633 | 37,978 | 40,584 | 38,918 | 36,206 | 58,962 | 31,012 | |||||||||||||||||||||||||||||||||||||||
Income before income tax expense | 24,892 | 34,628 | 36,872 | 31,128 | 52,314 | 49,203 | 28,472 | 59,691 | |||||||||||||||||||||||||||||||||||||||
Income tax expense | 4,667 | 7,245 | 8,180 | 6,894 | 10,121 | 11,906 | 12,776 | 13,947 | |||||||||||||||||||||||||||||||||||||||
Net income | $ | 20,225 | $ | 27,383 | $ | 28,692 | $ | 24,234 | $ | 42,193 | $ | 37,297 | $ | 15,696 | $ | 45,744 | |||||||||||||||||||||||||||||||
Per Share Data: | |||||||||||||||||||||||||||||||||||||||||||||||
Earnings per weighted average common share, basic | $ | 0.68 | $ | 0.91 | $ | 0.94 | $ | 0.78 | $ | 1.32 | $ | 1.16 | $ | 0.49 | $ | 1.43 | |||||||||||||||||||||||||||||||
Earnings per weighted average common share, diluted | $ | 0.67 | $ | 0.91 | $ | 0.94 | $ | 0.78 | $ | 1.32 | $ | 1.16 | $ | 0.49 | $ | 1.42 | |||||||||||||||||||||||||||||||
Weighted average common shares outstanding, basic | 29,925,557 | 29,910,218 | 30,454,766 | 31,109,267 | 31,819,631 | 32,084,464 | 32,080,657 | 32,033,280 | |||||||||||||||||||||||||||||||||||||||
Weighted average common shares outstanding, diluted | 29,966,962 | 29,944,692 | 30,505,468 | 31,180,346 | 31,898,619 | 32,155,678 | 32,142,427 | 32,110,099 | |||||||||||||||||||||||||||||||||||||||
Actual shares outstanding at period end | 29,925,612 | 29,917,982 | 29,912,082 | 31,111,647 | 31,346,903 | 32,082,321 | 32,081,241 | 32,079,474 | |||||||||||||||||||||||||||||||||||||||
Book value per common share at period end | $ | 42.58 | $ | 40.64 | $ | 40.78 | $ | 39.92 | $ | 39.18 | $ | 38.02 | $ | 39.05 | $ | 39.89 | |||||||||||||||||||||||||||||||
Tangible book value per common share at period end (1) | $ | 39.08 | $ | 37.12 | $ | 37.29 | $ | 36.57 | $ | 35.86 | $ | 34.77 | $ | 35.80 | $ | 36.64 | |||||||||||||||||||||||||||||||
Dividend per common share | $ | 0.45 | $ | 0.45 | $ | 0.45 | $ | 0.45 | $ | 0.45 | $ | 0.45 | $ | 0.45 | $ | 0.40 | |||||||||||||||||||||||||||||||
Performance Ratios (annualized): | |||||||||||||||||||||||||||||||||||||||||||||||
Return on average assets | 0.65 | % | 0.91 | % | 0.96 | % | 0.86 | % | 1.49 | % | 1.29 | % | 0.54 | % | 1.46 | % | |||||||||||||||||||||||||||||||
Return on average common equity | 6.48 | % | 8.80 | % | 9.24 | % | 7.92 | % | 13.57 | % | 11.64 | % | 4.91 | % | 13.83 | % | |||||||||||||||||||||||||||||||
Return on average tangible common equity(1) | 7.08 | % | 9.61 | % | 10.08 | % | 8.65 | % | 14.82 | % | 12.67 | % | 5.35 | % | 14.99 | % | |||||||||||||||||||||||||||||||
Net interest margin | 2.45 | % | 2.43 | % | 2.49 | % | 2.77 | % | 3.14 | % | 3.02 | % | 2.94 | % | 2.65 | % | |||||||||||||||||||||||||||||||
Efficiency ratio (2) | 48.9 | % | 48.8 | % | 47.2 | % | 51.6 | % | 42.8 | % | 40.6 | % | 66.6 | % | 35.3 | % | |||||||||||||||||||||||||||||||
Other Ratios: | |||||||||||||||||||||||||||||||||||||||||||||||
Allowance for credit losses to total loans (3) | 1.08 | % | 1.05 | % | 1.00 | % | 1.01 | % | 0.97 | % | 1.04 | % | 1.02 | % | 1.01 | % | |||||||||||||||||||||||||||||||
Allowance for credit losses to total nonperforming loans | 131 | % | 118 | % | 268 | % | 1,160 | % | 1,151 | % | 997 | % | 386 | % | 301 | % | |||||||||||||||||||||||||||||||
Nonperforming loans to total loans (3) | 0.82 | % | 0.89 | % | 0.37 | % | 0.09 | % | 0.08 | % | 0.10 | % | 0.26 | % | 0.33 | % | |||||||||||||||||||||||||||||||
Nonperforming assets to total assets | 0.57 | % | 0.64 | % | 0.28 | % | 0.08 | % | 0.08 | % | 0.09 | % | 0.19 | % | 0.23 | % | |||||||||||||||||||||||||||||||
Net charge-off (recovery)(annualized) to average total loans (3) | 0.60 | % | 0.02 | % | 0.29 | % | 0.05 | % | 0.05 | % | — | % | (0.04) | % | 0.03 | % | |||||||||||||||||||||||||||||||
Tier 1 capital (to average assets) | 10.73 | % | 10.96 | % | 10.84 | % | 11.42 | % | 11.63 | % | 11.55 | % | 10.68 | % | 9.82 | % | |||||||||||||||||||||||||||||||
Total capital (to risk weighted assets) | 14.79 | % | 14.54 | % | 14.51 | % | 14.74 | % | 14.94 | % | 15.60 | % | 15.14 | % | 15.21 | % | |||||||||||||||||||||||||||||||
Common equity tier 1 capital (to risk weighted assets) | 13.90 | % | 13.68 | % | 13.55 | % | 13.75 | % | 14.03 | % | 14.64 | % | 14.06 | % | 14.12 | % | |||||||||||||||||||||||||||||||
Tangible common equity ratio (1) | 10.12 | % | 10.04 | % | 10.21 | % | 10.36 | % | 10.18 | % | 10.52 | % | 10.60 | % | 10.57 | % | |||||||||||||||||||||||||||||||
Average Balances (in thousands): | |||||||||||||||||||||||||||||||||||||||||||||||
Total assets | $ | 12,283,303 | $ | 11,942,905 | $ | 11,960,111 | $ | 11,426,056 | $ | 11,255,956 | $ | 11,431,110 | $ | 11,701,679 | $ | 12,701,152 | |||||||||||||||||||||||||||||||
Total earning assets | $ | 11,837,722 | $ | 11,532,186 | $ | 11,546,050 | $ | 11,004,817 | $ | 10,829,703 | $ | 11,030,670 | $ | 11,300,267 | $ | 12,326,473 | |||||||||||||||||||||||||||||||
Total loans(3) | $ | 7,963,074 | $ | 7,795,144 | $ | 7,790,555 | $ | 7,712,023 | $ | 7,379,198 | $ | 7,282,589 | $ | 7,104,727 | $ | 7,053,701 | |||||||||||||||||||||||||||||||
Total deposits | $ | 9,471,369 | $ | 8,946,641 | $ | 8,514,938 | $ | 8,734,125 | $ | 9,524,139 | $ | 9,907,497 | $ | 10,184,886 | $ | 10,874,976 | |||||||||||||||||||||||||||||||
Total borrowings | $ | 1,401,917 | $ | 1,646,179 | $ | 2,102,507 | $ | 1,359,463 | $ | 411,060 | $ | 158,001 | $ | 152,583 | $ | 371,987 | |||||||||||||||||||||||||||||||
Total shareholders’ equity | $ | 1,238,763 | $ | 1,235,162 | $ | 1,245,647 | $ | 1,240,978 | $ | 1,233,705 | $ | 1,271,753 | $ | 1,281,742 | $ | 1,341,785 |
GAAP Reconciliation (unaudited) | |||||||||||||||||
(dollars in thousands, except per share data) | |||||||||||||||||
December 31, | September 30, | December 31, | |||||||||||||||
2023 | 2023 | 2022 | |||||||||||||||
Tangible common equity | |||||||||||||||||
Common shareholders' equity | $ | 1,274,283 | $ | 1,215,884 | $ | 1,228,321 | |||||||||||
Less: Intangible assets | (104,925) | (105,239) | (104,233) | ||||||||||||||
Tangible common equity | $ | 1,169,358 | $ | 1,110,645 | $ | 1,124,088 | |||||||||||
Reverse: AOCI loss | 162,357 | 211,505 | 199,507 | ||||||||||||||
Tangible common equity, excluding AOCI | $ | 1,331,715 | $ | 1,322,150 | $ | 1,323,595 | |||||||||||
Tangible common equity ratio | |||||||||||||||||
Total assets | $ | 11,664,538 | $ | 11,164,214 | $ | 11,150,854 | |||||||||||
Less: Intangible assets | (104,925) | (105,239) | (104,233) | ||||||||||||||
Tangible assets | $ | 11,559,613 | $ | 11,058,975 | $ | 11,046,621 | |||||||||||
Tangible common equity ratio | 10.12 | % | 10.04 | % | 10.18 | % | |||||||||||
Per share calculations | |||||||||||||||||
Book value per common share | $ | 42.58 | $ | 40.64 | $ | 39.18 | |||||||||||
Less: Intangible book value per common share | (3.50) | (3.52) | (3.32) | ||||||||||||||
Tangible book value per common share | $ | 39.08 | $ | 37.12 | $ | 35.86 | |||||||||||
Book value per common share | $ | 42.58 | $ | 40.64 | $ | 39.18 | |||||||||||
Reverse: AOCI loss | 5.42 | 7.07 | 6.36 | ||||||||||||||
Adjusted book value excluding AOCI per common share | $ | 48.00 | $ | 47.71 | $ | 45.54 | |||||||||||
Tangible book value per common share | $ | 39.08 | $ | 37.12 | $ | 35.86 | |||||||||||
Reverse: Loss on AOCI | 5.42 | 7.07 | 6.36 | ||||||||||||||
Adjusted tangible book value excluding AOCI per common share | $ | 44.50 | $ | 44.19 | $ | 42.22 | |||||||||||
Shares outstanding period end | 29,925,612 | 29,917,982 | 31,346,903 |
GAAP Reconciliation (unaudited) | |||||||||||||||||
(dollars in thousands) | |||||||||||||||||
Three Months Ended | |||||||||||||||||
December 31, | September 30, | December 31, | |||||||||||||||
2023 | 2023 | 2022 | |||||||||||||||
Average tangible common equity | |||||||||||||||||
Average common shareholders' equity | $ | 1,238,763 | $ | 1,235,162 | $ | 1,233,705 | |||||||||||
Less: Average intangible assets | (105,032) | (104,639) | (104,238) | ||||||||||||||
Average tangible common equity | $ | 1,133,731 | $ | 1,130,523 | $ | 1,129,467 | |||||||||||
Return on Average Tangible Common Equity | |||||||||||||||||
Net income | $ | 20,225 | $ | 27,383 | $ | 42,193 | |||||||||||
Return on Average Tangible Common Equity | 7.08 | % | 9.61 | % | 14.82 | % | |||||||||||
Efficiency ratio | |||||||||||||||||
Net interest income | $ | 72,992 | $ | 70,719 | $ | 85,600 | |||||||||||
Noninterest income | 2,894 | 6,347 | 5,329 | ||||||||||||||
Operating revenue | $ | 75,886 | $ | 77,066 | $ | 90,929 | |||||||||||
Noninterest expense | $ | 37,098 | $ | 37,633 | $ | 38,918 | |||||||||||
Efficiency ratio | 48.9 | % | 48.8 | % | 42.8 | % |
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