(State or other jurisdiction of incorporation) | (Commission File Number) | (IRS Employer Identification No.) |
(Address of principal executive offices) | (Zip Code) |
Title of each class | Trading Symbol(s) | Name of each exchange on which registered | ||||||||||||
April 22, 2021 | /s/ Lynn M. Hopkins | ||||
Lynn M. Hopkins | |||||
Executive Vice President and Chief Financial Officer |
Three Months Ended | |||||||||||||||||||||||||||||
March 31, 2021 | December 31, 2020 | September 30, 2020 | June 30, 2020 | March 31, 2020 | |||||||||||||||||||||||||
($ in thousands) | |||||||||||||||||||||||||||||
Total interest and dividend income | $ | 68,618 | $ | 73,530 | $ | 69,666 | $ | 72,697 | $ | 74,714 | |||||||||||||||||||
Total interest expense | 10,702 | 11,967 | 13,811 | 17,382 | 22,853 | ||||||||||||||||||||||||
Net interest income | 57,916 | 61,563 | 55,855 | 55,315 | 51,861 | ||||||||||||||||||||||||
Total noninterest income | 4,381 | 6,975 | 3,954 | 5,528 | 2,061 | ||||||||||||||||||||||||
Total revenue | 62,297 | 68,538 | 59,809 | 60,843 | 53,922 | ||||||||||||||||||||||||
Total noninterest expense | 46,735 | 38,950 | 40,394 | 72,770 | 46,919 | ||||||||||||||||||||||||
Pre-tax / pre-provision income (loss) | 15,562 | 29,588 | 19,415 | (11,927) | 7,003 | ||||||||||||||||||||||||
(Reversal of) provision for credit losses | (1,107) | 991 | 1,141 | 11,826 | 15,761 | ||||||||||||||||||||||||
Income tax expense (benefit) | 2,294 | 6,894 | 2,361 | (5,304) | (2,165) | ||||||||||||||||||||||||
Net income (loss) | $ | 14,375 | $ | 21,703 | $ | 15,913 | $ | (18,449) | $ | (6,593) | |||||||||||||||||||
Net income (loss) available to common stockholders(1) | $ | 7,825 | $ | 17,706 | $ | 12,084 | $ | (21,936) | $ | (9,694) |
Amount Change | |||||||||||||||||||||||||||||||||||||||||
March 31, 2021 | December 31, 2020 | September 30, 2020 | June 30, 2020 | March 31, 2020 | Q1-21 vs. Q4-20 | Q1-21 vs. Q1-20 | |||||||||||||||||||||||||||||||||||
($ in thousands) | |||||||||||||||||||||||||||||||||||||||||
Securities available-for-sale | $ | 1,270,830 | $ | 1,231,431 | $ | 1,245,867 | $ | 1,176,029 | $ | 969,427 | $ | 39,399 | $ | 301,403 | |||||||||||||||||||||||||||
Loans held-for-investment | $ | 5,764,401 | $ | 5,898,405 | $ | 5,678,002 | $ | 5,627,696 | $ | 5,667,464 | $ | (134,004) | $ | 96,937 | |||||||||||||||||||||||||||
Loans held-for-sale | $ | 1,408 | $ | 1,413 | $ | 1,849 | $ | 19,768 | $ | 20,234 | $ | (5) | $ | (18,826) | |||||||||||||||||||||||||||
Total assets | $ | 7,933,459 | $ | 7,877,334 | $ | 7,738,106 | $ | 7,770,138 | $ | 7,662,607 | $ | 56,125 | $ | 270,852 | |||||||||||||||||||||||||||
Noninterest-bearing deposits | $ | 1,700,343 | $ | 1,559,248 | $ | 1,450,744 | $ | 1,391,504 | $ | 1,256,081 | $ | 141,095 | $ | 444,262 | |||||||||||||||||||||||||||
Total deposits | $ | 6,142,042 | $ | 6,085,800 | $ | 6,032,266 | $ | 6,037,465 | $ | 5,562,838 | $ | 56,242 | $ | 579,204 | |||||||||||||||||||||||||||
Borrowings (1) | $ | 891,546 | $ | 796,110 | $ | 733,105 | $ | 790,707 | $ | 1,151,479 | $ | 95,436 | $ | (259,933) | |||||||||||||||||||||||||||
Total liabilities | $ | 7,128,766 | $ | 6,980,127 | $ | 6,863,852 | $ | 6,923,179 | $ | 6,827,605 | $ | 148,639 | $ | 301,161 | |||||||||||||||||||||||||||
Total equity | $ | 804,693 | $ | 897,207 | $ | 874,254 | $ | 846,959 | $ | 835,002 | $ | (92,514) | $ | (30,309) |
March 31, 2021 | December 31, 2020 | September 30, 2020 | June 30, 2020 | March 31, 2020 | |||||||||||||||||||||||||
($ in thousands) | |||||||||||||||||||||||||||||
Composition of held-for-investment loans | |||||||||||||||||||||||||||||
Commercial real estate | $ | 839,965 | $ | 807,195 | $ | 826,683 | $ | 822,694 | $ | 810,024 | |||||||||||||||||||
Multifamily | 1,258,278 | 1,289,820 | 1,476,803 | 1,434,071 | 1,466,083 | ||||||||||||||||||||||||
Construction | 169,122 | 176,016 | 197,629 | 212,979 | 227,947 | ||||||||||||||||||||||||
Commercial and industrial | 1,878,325 | 2,088,308 | 1,586,824 | 1,436,990 | 1,578,223 | ||||||||||||||||||||||||
SBA | 338,903 | 273,444 | 320,573 | 310,784 | 70,583 | ||||||||||||||||||||||||
Total commercial loans | 4,484,593 | 4,634,783 | 4,408,512 | 4,217,518 | 4,152,860 | ||||||||||||||||||||||||
Single-family residential mortgage | 1,253,251 | 1,230,236 | 1,234,479 | 1,370,785 | 1,467,375 | ||||||||||||||||||||||||
Other consumer | 26,557 | 33,386 | 35,011 | 39,393 | 47,229 | ||||||||||||||||||||||||
Total consumer loans | 1,279,808 | 1,263,622 | 1,269,490 | 1,410,178 | 1,514,604 | ||||||||||||||||||||||||
Total gross loans | $ | 5,764,401 | $ | 5,898,405 | $ | 5,678,002 | $ | 5,627,696 | $ | 5,667,464 | |||||||||||||||||||
Composition percentage of held-for-investment loans | |||||||||||||||||||||||||||||
Commercial real estate | 14.6 | % | 13.7 | % | 14.6 | % | 14.6 | % | 14.3 | % | |||||||||||||||||||
Multifamily | 21.8 | % | 21.9 | % | 26.0 | % | 25.5 | % | 25.9 | % | |||||||||||||||||||
Construction | 2.9 | % | 3.0 | % | 3.5 | % | 3.8 | % | 4.0 | % | |||||||||||||||||||
Commercial and industrial | 32.6 | % | 35.3 | % | 28.0 | % | 25.5 | % | 27.9 | % | |||||||||||||||||||
SBA | 5.9 | % | 4.6 | % | 5.6 | % | 5.5 | % | 1.2 | % | |||||||||||||||||||
Total commercial loans | 77.8 | % | 78.5 | % | 77.7 | % | 74.9 | % | 73.3 | % | |||||||||||||||||||
Single-family residential mortgage | 21.7 | % | 20.9 | % | 21.7 | % | 24.4 | % | 25.9 | % | |||||||||||||||||||
Other consumer | 0.5 | % | 0.6 | % | 0.6 | % | 0.7 | % | 0.8 | % | |||||||||||||||||||
Total consumer loans | 22.2 | % | 21.5 | % | 22.3 | % | 25.1 | % | 26.7 | % | |||||||||||||||||||
Total gross loans | 100.0 | % | 100.0 | % | 100.0 | % | 100.0 | % | 100.0 | % |
March 31, 2021 | |||||||||||
Amount | % of Portfolio | ||||||||||
($ in thousands) | |||||||||||
C&I Portfolio by Industry | |||||||||||
Finance and insurance (includes Warehouse lending) | $ | 1,220,408 | 65 | % | |||||||
Real Estate & Rental Leasing | 230,781 | 12 | % | ||||||||
Gas Stations | 68,672 | 4 | % | ||||||||
Healthcare | 68,964 | 4 | % | ||||||||
Wholesale Trade | 40,803 | 2 | % | ||||||||
Television / Motion Pictures | 34,067 | 2 | % | ||||||||
Manufacturing | 25,198 | 1 | % | ||||||||
Food Services | 31,366 | 2 | % | ||||||||
Other Retail Trade | 21,167 | 1 | % | ||||||||
Professional Services | 16,993 | 1 | % | ||||||||
Transportation | 4,773 | — | % | ||||||||
Accommodations | 2,427 | — | % | ||||||||
All other | 112,706 | 6 | % | ||||||||
Total | $ | 1,878,325 | 100 | % |
March 31, 2021 | December 31, 2020 | September 30, 2020 | June 30, 2020 | March 31, 2020 | |||||||||||||||||||||||||
($ in thousands) | |||||||||||||||||||||||||||||
Composition of deposits | |||||||||||||||||||||||||||||
Noninterest-bearing checking | $ | 1,700,343 | $ | 1,559,248 | $ | 1,450,744 | $ | 1,391,504 | $ | 1,256,081 | |||||||||||||||||||
Interest-bearing checking | 2,088,528 | 2,107,942 | 2,045,115 | 1,846,698 | 1,572,389 | ||||||||||||||||||||||||
Money market | 775,072 | 714,297 | 689,769 | 765,854 | 575,820 | ||||||||||||||||||||||||
Savings | 909,631 | 932,363 | 946,293 | 939,018 | 877,947 | ||||||||||||||||||||||||
Non-brokered certificates of deposit | 668,468 | 755,727 | 820,531 | 924,630 | 1,071,936 | ||||||||||||||||||||||||
Brokered certificates of deposit | — | 16,223 | 79,814 | 169,761 | 208,665 | ||||||||||||||||||||||||
Total deposits | $ | 6,142,042 | $ | 6,085,800 | $ | 6,032,266 | $ | 6,037,465 | $ | 5,562,838 | |||||||||||||||||||
Composition percentage of deposits | |||||||||||||||||||||||||||||
Noninterest-bearing checking | 27.7 | % | 25.6 | % | 24.1 | % | 23.0 | % | 22.6 | % | |||||||||||||||||||
Interest-bearing checking | 34.0 | % | 34.6 | % | 33.9 | % | 30.6 | % | 28.3 | % | |||||||||||||||||||
Money market | 12.6 | % | 11.7 | % | 11.4 | % | 12.7 | % | 10.3 | % | |||||||||||||||||||
Savings | 14.8 | % | 15.3 | % | 15.7 | % | 15.6 | % | 15.8 | % | |||||||||||||||||||
Non-brokered certificates of deposit | 10.9 | % | 12.4 | % | 13.6 | % | 15.3 | % | 19.3 | % | |||||||||||||||||||
Brokered certificates of deposit | — | % | 0.4 | % | 1.3 | % | 2.8 | % | 3.7 | % | |||||||||||||||||||
Total deposits | 100.0 | % | 100.0 | % | 100.0 | % | 100.0 | % | 100.0 | % |
March 31, 2021 | December 31, 2020 | September 30, 2020 | June 30, 2020 | March 31, 2020 | |||||||||||||||||||||||||
Capital Ratios(1) | |||||||||||||||||||||||||||||
Banc of California, Inc. | |||||||||||||||||||||||||||||
Total risk-based capital ratio | 15.87 | % | 17.01 | % | 16.19 | % | 16.35 | % | 16.16 | % | |||||||||||||||||||
Tier 1 risk-based capital ratio | 13.17 | % | 14.35 | % | 14.94 | % | 15.10 | % | 14.91 | % | |||||||||||||||||||
Common equity tier 1 capital ratio | 11.50 | % | 11.19 | % | 11.59 | % | 11.68 | % | 11.58 | % | |||||||||||||||||||
Tier 1 leverage ratio | 9.62 | % | 10.90 | % | 10.79 | % | 10.56 | % | 11.20 | % | |||||||||||||||||||
Banc of California, NA | |||||||||||||||||||||||||||||
Total risk-based capital ratio | 17.82 | % | 17.27 | % | 18.14 | % | 18.17 | % | 18.21 | % | |||||||||||||||||||
Tier 1 risk-based capital ratio | 16.57 | % | 16.02 | % | 16.89 | % | 16.92 | % | 16.96 | % | |||||||||||||||||||
Common equity tier 1 capital ratio | 16.57 | % | 16.02 | % | 16.89 | % | 16.92 | % | 16.96 | % | |||||||||||||||||||
Tier 1 leverage ratio | 12.13 | % | 12.19 | % | 12.21 | % | 11.84 | % | 12.67 | % |
March 31, 2021 | December 31, 2020 | September 30, 2020 | June 30, 2020 | March 31, 2020 | |||||||||||||||||||||||||
Asset quality information and ratios | ($ in thousands) | ||||||||||||||||||||||||||||
Delinquent loans held-for-investment | |||||||||||||||||||||||||||||
30 to 89 days delinquent | $ | 31,005 | $ | 13,981 | $ | 51,229 | $ | 49,810 | $ | 56,338 | |||||||||||||||||||
90+ days delinquent | 30,292 | 17,636 | 31,809 | 45,384 | 28,632 | ||||||||||||||||||||||||
Total delinquent loans | $ | 61,297 | $ | 31,617 | $ | 83,038 | $ | 95,194 | $ | 84,970 | |||||||||||||||||||
Total delinquent loans to total loans | 1.06 | % | 0.54 | % | 1.46 | % | 1.69 | % | 1.50 | % | |||||||||||||||||||
Non-performing assets, excluding loans held-for-sale | |||||||||||||||||||||||||||||
Non-accrual loans | $ | 55,920 | $ | 35,900 | $ | 66,337 | $ | 72,703 | $ | 56,471 | |||||||||||||||||||
90+ days delinquent and still accruing loans | — | 728 | 547 | — | — | ||||||||||||||||||||||||
Non-performing loans | 55,920 | 36,628 | 66,884 | 72,703 | 56,471 | ||||||||||||||||||||||||
Other real estate owned | — | — | — | — | — | ||||||||||||||||||||||||
Non-performing assets | $ | 55,920 | $ | 36,628 | $ | 66,884 | $ | 72,703 | $ | 56,471 | |||||||||||||||||||
ALL to non-performing loans | 141.90 | % | 221.22 | % | 135.95 | % | 124.30 | % | 138.55 | % | |||||||||||||||||||
Non-performing loans to total loans held-for-investment | 0.97 | % | 0.62 | % | 1.18 | % | 1.29 | % | 1.00 | % | |||||||||||||||||||
Non-performing assets to total assets | 0.70 | % | 0.46 | % | 0.86 | % | 0.94 | % | 0.74 | % | |||||||||||||||||||
Troubled debt restructurings (TDRs) | |||||||||||||||||||||||||||||
Performing TDRs | $ | 4,547 | $ | 4,733 | $ | 5,408 | $ | 5,597 | $ | 6,100 | |||||||||||||||||||
Non-performing TDRs | 4,130 | 4,264 | 20,002 | 20,275 | 20,852 | ||||||||||||||||||||||||
Total TDRs | $ | 8,677 | $ | 8,997 | $ | 25,410 | $ | 25,872 | $ | 26,952 |
March 31, 2021 | December 31, 2020 | ||||||||||||||||||||||||||||||||||
Count | Amount(1) | % of Loans in Category | Count | Amount | % of Loans in Category | ||||||||||||||||||||||||||||||
($ in thousands) | |||||||||||||||||||||||||||||||||||
Single-family residential mortgage | 47 | $ | 48,831 | 4 | % | 123 | $ | 138,771 | 11 | % | |||||||||||||||||||||||||
All other loans | 15 | 59,858 | 1 | % | 33 | 113,163 | 2 | % | |||||||||||||||||||||||||||
Total | 62 | $ | 108,689 | 2 | % | 156 | $ | 251,934 | 4 | % |
Three Months Ended | |||||||||||||||||||||||||||||
March 31, 2021 | December 31, 2020 | September 30, 2020 | June 30, 2020 | March 31, 2020 | |||||||||||||||||||||||||
($ in thousands) | |||||||||||||||||||||||||||||
Allowance for loan losses (ALL) | |||||||||||||||||||||||||||||
Balance at beginning of period | $ | 81,030 | $ | 90,927 | $ | 90,370 | $ | 78,243 | $ | 57,649 | |||||||||||||||||||
Adoption of ASU 2016-13 (1) | — | — | — | — | 7,609 | ||||||||||||||||||||||||
Loans charged off | (565) | (11,520) | (1,821) | — | (2,076) | ||||||||||||||||||||||||
Recoveries | 172 | 609 | 248 | 608 | 350 | ||||||||||||||||||||||||
Net (charge-offs) recoveries | (393) | (10,911) | (1,573) | 608 | (1,726) | ||||||||||||||||||||||||
Provision for (reversal of) loan losses | (1,284) | 1,014 | 2,130 | 11,519 | 14,711 | ||||||||||||||||||||||||
Balance at end of period | $ | 79,353 | $ | 81,030 | $ | 90,927 | $ | 90,370 | $ | 78,243 | |||||||||||||||||||
Reserve for unfunded loan commitments | |||||||||||||||||||||||||||||
Balance at beginning of period | $ | 3,183 | $ | 3,206 | $ | 4,195 | $ | 3,888 | $ | 4,064 | |||||||||||||||||||
Adoption of ASU 2016-13 (1) | — | — | — | — | (1,226) | ||||||||||||||||||||||||
Provision for (reversal of) credit losses | 177 | (23) | (989) | 307 | 1,050 | ||||||||||||||||||||||||
Balance at end of period | 3,360 | 3,183 | 3,206 | 4,195 | 3,888 | ||||||||||||||||||||||||
Allowance for credit losses (ACL) | $ | 82,713 | $ | 84,213 | $ | 94,133 | $ | 94,565 | $ | 82,131 | |||||||||||||||||||
ALL to total loans | 1.38 | % | 1.37 | % | 1.60 | % | 1.61 | % | 1.38 | % | |||||||||||||||||||
ACL to total loans | 1.43 | % | 1.43 | % | 1.66 | % | 1.68 | % | 1.45 | % | |||||||||||||||||||
ACL to total loans, excluding PPP loans | 1.51 | % | 1.48 | % | 1.74 | % | 1.76 | % | 1.45 | % | |||||||||||||||||||
ACL to NPLs | 147.91 | % | 229.91 | % | 140.74 | % | 130.07 | % | 145.44 | % | |||||||||||||||||||
Annualized net loan charge-offs (recoveries) to average total loans held-for-investment | 0.03 | % | 0.77 | % | 0.12 | % | (0.04) | % | 0.12 | % | |||||||||||||||||||
Reserve for loss on repurchased loans | |||||||||||||||||||||||||||||
Balance at beginning of period | $ | 5,515 | $ | 5,487 | $ | 5,567 | $ | 5,601 | $ | 6,201 | |||||||||||||||||||
Initial provision for loan repurchases | — | — | 11 | — | — | ||||||||||||||||||||||||
Provision for (reversal of) provision for loan repurchases | (132) | 28 | (91) | (34) | (600) | ||||||||||||||||||||||||
Balance at end of period | $ | 5,383 | $ | 5,515 | $ | 5,487 | $ | 5,567 | $ | 5,601 |
Source: Banc of California, Inc. | ||
Investor Relations Inquiries: | ||
Banc of California, Inc. | ||
(855) 361-2262 | ||
Jared Wolff, (949) 385-8700 | ||
Lynn Hopkins, (949) 265-6599 |
March 31, 2021 | December 31, 2020 | September 30, 2020 | June 30, 2020 | March 31, 2020 | |||||||||||||||||||||||||
ASSETS | |||||||||||||||||||||||||||||
Cash and cash equivalents | $ | 379,509 | $ | 220,819 | $ | 292,490 | $ | 420,640 | $ | 435,992 | |||||||||||||||||||
Securities available-for-sale | 1,270,830 | 1,231,431 | 1,245,867 | 1,176,029 | 969,427 | ||||||||||||||||||||||||
Loans held-for-sale | 1,408 | 1,413 | 1,849 | 19,768 | 20,234 | ||||||||||||||||||||||||
Loans held-for-investment | 5,764,401 | 5,898,405 | 5,678,002 | 5,627,696 | 5,667,464 | ||||||||||||||||||||||||
Allowance for loan losses | (79,353) | (81,030) | (90,927) | (90,370) | (78,243) | ||||||||||||||||||||||||
Federal Home Loan Bank and other bank stock | 44,964 | 44,506 | 44,809 | 46,585 | 57,237 | ||||||||||||||||||||||||
Servicing rights, net | 1,407 | 1,454 | 1,621 | 1,753 | 2,009 | ||||||||||||||||||||||||
Premises and equipment, net | 120,071 | 121,520 | 123,812 | 125,247 | 127,379 | ||||||||||||||||||||||||
Alternative energy partnership investments, net | 23,809 | 27,977 | 27,786 | 26,967 | 27,347 | ||||||||||||||||||||||||
Goodwill | 37,144 | 37,144 | 37,144 | 37,144 | 37,144 | ||||||||||||||||||||||||
Other intangible assets, net | 2,351 | 2,633 | 2,939 | 3,292 | 3,722 | ||||||||||||||||||||||||
Deferred income tax, net | 47,877 | 45,957 | 43,744 | 48,288 | 63,849 | ||||||||||||||||||||||||
Income tax receivable | 210 | 1,105 | 10,701 | 13,094 | 7,198 | ||||||||||||||||||||||||
Bank owned life insurance investment | 112,479 | 111,807 | 111,115 | 110,487 | 110,397 | ||||||||||||||||||||||||
Right of use assets | 22,069 | 19,633 | 18,909 | 19,408 | 20,882 | ||||||||||||||||||||||||
Other assets | 184,283 | 192,560 | 188,245 | 184,110 | 190,569 | ||||||||||||||||||||||||
Total assets | $ | 7,933,459 | $ | 7,877,334 | $ | 7,738,106 | $ | 7,770,138 | $ | 7,662,607 | |||||||||||||||||||
LIABILITIES AND STOCKHOLDERS’ EQUITY | |||||||||||||||||||||||||||||
Noninterest-bearing deposits | $ | 1,700,343 | $ | 1,559,248 | $ | 1,450,744 | $ | 1,391,504 | $ | 1,256,081 | |||||||||||||||||||
Interest-bearing deposits | 4,441,699 | 4,526,552 | 4,581,522 | 4,645,961 | 4,306,757 | ||||||||||||||||||||||||
Total deposits | 6,142,042 | 6,085,800 | 6,032,266 | 6,037,465 | 5,562,838 | ||||||||||||||||||||||||
Advances from Federal Home Loan Bank | 635,105 | 539,795 | 559,482 | 617,170 | 978,000 | ||||||||||||||||||||||||
Notes payable, net | 256,441 | 256,315 | 173,623 | 173,537 | 173,479 | ||||||||||||||||||||||||
Reserve for loss on repurchased loans | 5,383 | 5,515 | 5,487 | 5,567 | 5,601 | ||||||||||||||||||||||||
Lease liabilities | 23,173 | 20,647 | 19,938 | 20,531 | 22,075 | ||||||||||||||||||||||||
Accrued expenses and other liabilities | 66,622 | 72,055 | 73,056 | 68,909 | 85,612 | ||||||||||||||||||||||||
Total liabilities | 7,128,766 | 6,980,127 | 6,863,852 | 6,923,179 | 6,827,605 | ||||||||||||||||||||||||
Commitments and contingent liabilities | |||||||||||||||||||||||||||||
Preferred stock | 94,956 | 184,878 | 184,878 | 185,037 | 187,687 | ||||||||||||||||||||||||
Common stock | 526 | 522 | 522 | 522 | 520 | ||||||||||||||||||||||||
Common stock, class B non-voting non-convertible | 5 | 5 | 5 | 5 | 5 | ||||||||||||||||||||||||
Additional paid-in capital | 629,844 | 634,704 | 633,409 | 632,117 | 631,125 | ||||||||||||||||||||||||
Retained earnings | 115,004 | 110,179 | 95,001 | 85,670 | 110,640 | ||||||||||||||||||||||||
Treasury stock | (40,827) | (40,827) | (40,827) | (40,827) | (40,827) | ||||||||||||||||||||||||
Accumulated other comprehensive income (loss), net | 5,185 | 7,746 | 1,266 | (15,565) | (54,148) | ||||||||||||||||||||||||
Total stockholders’ equity | 804,693 | 897,207 | 874,254 | 846,959 | 835,002 | ||||||||||||||||||||||||
Total liabilities and stockholders’ equity | $ | 7,933,459 | $ | 7,877,334 | $ | 7,738,106 | $ | 7,770,138 | $ | 7,662,607 |
Three Months Ended | |||||||||||||||||||||||||||||
March 31, 2021 | December 31, 2020 | September 30, 2020 | June 30, 2020 | March 31, 2020 | |||||||||||||||||||||||||
Interest and dividend income | |||||||||||||||||||||||||||||
Loans, including fees | $ | 61,345 | $ | 66,105 | $ | 62,019 | $ | 63,642 | $ | 65,534 | |||||||||||||||||||
Securities | 6,501 | 6,636 | 6,766 | 7,816 | 7,820 | ||||||||||||||||||||||||
Other interest-earning assets | 772 | 789 | 881 | 1,239 | 1,360 | ||||||||||||||||||||||||
Total interest and dividend income | 68,618 | 73,530 | 69,666 | 72,697 | 74,714 | ||||||||||||||||||||||||
Interest expense | |||||||||||||||||||||||||||||
Deposits | 4,286 | 5,436 | 7,564 | 10,205 | 14,611 | ||||||||||||||||||||||||
Federal Home Loan Bank advances | 3,112 | 3,479 | 3,860 | 4,818 | 5,883 | ||||||||||||||||||||||||
Notes payable and other interest-bearing liabilities | 3,304 | 3,052 | 2,387 | 2,359 | 2,359 | ||||||||||||||||||||||||
Total interest expense | 10,702 | 11,967 | 13,811 | 17,382 | 22,853 | ||||||||||||||||||||||||
Net interest income | 57,916 | 61,563 | 55,855 | 55,315 | 51,861 | ||||||||||||||||||||||||
(Reversal of) provision for credit losses | (1,107) | 991 | 1,141 | 11,826 | 15,761 | ||||||||||||||||||||||||
Net interest income after (reversal of) provision for credit losses | 59,023 | 60,572 | 54,714 | 43,489 | 36,100 | ||||||||||||||||||||||||
Noninterest income | |||||||||||||||||||||||||||||
Customer service fees | 1,758 | 1,953 | 1,498 | 1,224 | 1,096 | ||||||||||||||||||||||||
Loan servicing income | 268 | 149 | 186 | 95 | 75 | ||||||||||||||||||||||||
Income from bank owned life insurance | 672 | 691 | 629 | 591 | 578 | ||||||||||||||||||||||||
Net gain (loss) on sale of securities available for sale | — | — | — | 2,011 | — | ||||||||||||||||||||||||
Fair value adjustment on loans held for sale | — | 36 | 24 | 25 | (1,586) | ||||||||||||||||||||||||
Net gain (loss) on sale of loans | — | — | 272 | — | (27) | ||||||||||||||||||||||||
All other income | 1,683 | 4,146 | 1,345 | 1,582 | 1,925 | ||||||||||||||||||||||||
Total noninterest income | 4,381 | 6,975 | 3,954 | 5,528 | 2,061 | ||||||||||||||||||||||||
Noninterest expense | |||||||||||||||||||||||||||||
Salaries and employee benefits | 25,719 | 25,836 | 23,277 | 24,260 | 23,436 | ||||||||||||||||||||||||
Naming rights termination | — | — | — | 26,769 | — | ||||||||||||||||||||||||
Occupancy and equipment | 7,196 | 7,560 | 7,457 | 7,090 | 7,243 | ||||||||||||||||||||||||
Professional fees | 4,022 | 29 | 5,147 | 4,596 | 5,964 | ||||||||||||||||||||||||
Data processing | 1,655 | 1,608 | 1,657 | 1,536 | 1,773 | ||||||||||||||||||||||||
Advertising | 118 | 171 | 219 | 1,157 | 1,756 | ||||||||||||||||||||||||
Regulatory assessments | 774 | 748 | 784 | 725 | 484 | ||||||||||||||||||||||||
Reversal of loan repurchase reserves | (132) | 28 | (91) | (34) | (600) | ||||||||||||||||||||||||
Amortization of intangible assets | 282 | 306 | 353 | 430 | 429 | ||||||||||||||||||||||||
Merger-related costs | 700 | — | — | — | — | ||||||||||||||||||||||||
All other expense | 2,771 | 3,337 | 3,021 | 6,408 | 4,529 | ||||||||||||||||||||||||
Total noninterest expense before loss (gain) in alternative energy partnership investments | 43,105 | 39,623 | 41,824 | 72,937 | 45,014 | ||||||||||||||||||||||||
Loss (gain) in alternative energy partnership investments | 3,630 | (673) | (1,430) | (167) | 1,905 | ||||||||||||||||||||||||
Total noninterest expense | 46,735 | 38,950 | 40,394 | 72,770 | 46,919 | ||||||||||||||||||||||||
Income (loss) before income taxes | 16,669 | 28,597 | 18,274 | (23,753) | (8,758) | ||||||||||||||||||||||||
Income tax expense (benefit) | 2,294 | 6,894 | 2,361 | (5,304) | (2,165) | ||||||||||||||||||||||||
Net income (loss) | 14,375 | 21,703 | 15,913 | (18,449) | (6,593) | ||||||||||||||||||||||||
Preferred stock dividends | 3,141 | 3,447 | 3,447 | 3,442 | 3,533 | ||||||||||||||||||||||||
Income allocated to participating securities | 62 | 456 | 281 | — | — | ||||||||||||||||||||||||
Participating securities dividends | — | 94 | 94 | 94 | 94 | ||||||||||||||||||||||||
Impact of preferred stock redemption | 3,347 | — | 7 | (49) | (526) | ||||||||||||||||||||||||
Net income (loss) available to common stockholders | $ | 7,825 | $ | 17,706 | $ | 12,084 | $ | (21,936) | $ | (9,694) | |||||||||||||||||||
Earnings (loss) per common share: | |||||||||||||||||||||||||||||
Basic | $ | 0.16 | $ | 0.35 | $ | 0.24 | $ | (0.44) | $ | (0.19) | |||||||||||||||||||
Diluted | $ | 0.15 | $ | 0.35 | $ | 0.24 | $ | (0.44) | $ | (0.19) |
Weighted average number of common shares outstanding | |||||||||||||||||||||||||||||
Basic | 50,350,897 | 50,125,462 | 50,108,655 | 50,030,919 | 50,464,777 | ||||||||||||||||||||||||
Diluted | 50,750,522 | 50,335,271 | 50,190,933 | 50,030,919 | 50,464,777 | ||||||||||||||||||||||||
Dividends declared per common share | $ | 0.06 | $ | 0.06 | $ | 0.06 | $ | 0.06 | $ | 0.06 |
Three Months Ended | |||||||||||||||||||||||||||||
March 31, 2021 | December 31, 2020 | September 30, 2020 | June 30, 2020 | March 31, 2020 | |||||||||||||||||||||||||
Profitability and other ratios of consolidated operations | |||||||||||||||||||||||||||||
Return on average assets(1) | 0.74 | % | 1.11 | % | 0.82 | % | (0.96) | % | (0.35) | % | |||||||||||||||||||
Return on average equity(1) | 6.56 | % | 9.67 | % | 7.32 | % | (8.69) | % | (2.89) | % | |||||||||||||||||||
Return on average tangible common equity(2) | 4.81 | % | 11.02 | % | 7.92 | % | (13.77) | % | (5.44) | % | |||||||||||||||||||
Pre-tax pre-provision income (loss) ROAA | 0.80 | % | 1.52 | % | 1.00 | % | (0.62) | % | 0.37 | % | |||||||||||||||||||
Adjusted pre-tax pre-provision income ROAA(1)(2) | 1.06 | % | 1.25 | % | 0.98 | % | 0.83 | % | 0.65 | % | |||||||||||||||||||
Dividend payout ratio(3) | 37.50 | % | 17.14 | % | 25.00 | % | (13.64) | % | (31.58) | % | |||||||||||||||||||
Average loan yield | 4.30 | % | 4.58 | % | 4.46 | % | 4.48 | % | 4.56 | % | |||||||||||||||||||
Average cost of interest-bearing deposits | 0.38 | % | 0.47 | % | 0.66 | % | 0.93 | % | 1.41 | % | |||||||||||||||||||
Average cost of total deposits | 0.28 | % | 0.36 | % | 0.51 | % | 0.71 | % | 1.11 | % | |||||||||||||||||||
Net interest spread | 2.95 | % | 3.15 | % | 2.84 | % | 2.77 | % | 2.56 | % | |||||||||||||||||||
Net interest margin(1) | 3.19 | % | 3.38 | % | 3.09 | % | 3.09 | % | 2.97 | % | |||||||||||||||||||
Noninterest income to total revenue(4) | 7.03 | % | 10.18 | % | 6.61 | % | 9.09 | % | 3.82 | % | |||||||||||||||||||
Noninterest income to average total assets(1) | 0.23 | % | 0.36 | % | 0.20 | % | 0.29 | % | 0.11 | % | |||||||||||||||||||
Noninterest expense to average total assets(1) | 2.41 | % | 2.00 | % | 2.09 | % | 3.78 | % | 2.50 | % | |||||||||||||||||||
Adjusted noninterest expense to average total assets(1)(2) | 2.15 | % | 2.26 | % | 2.10 | % | 2.22 | % | 2.30 | % | |||||||||||||||||||
Efficiency ratio(2)(5) | 75.02 | % | 56.83 | % | 67.54 | % | 119.60 | % | 87.01 | % | |||||||||||||||||||
Adjusted efficiency ratio(2)(5) | 66.91 | % | 64.26 | % | 68.31 | % | 72.74 | % | 78.07 | % | |||||||||||||||||||
Average loans held-for-investment to average deposits | 93.74 | % | 95.65 | % | 92.86 | % | 98.51 | % | 108.54 | % | |||||||||||||||||||
Average securities available-for-sale to average total assets | 15.73 | % | 15.96 | % | 15.49 | % | 13.75 | % | 12.60 | % | |||||||||||||||||||
Average stockholders’ equity to average total assets | 11.30 | % | 11.49 | % | 11.26 | % | 11.04 | % | 12.11 | % |
Three Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||||||||
March 31, 2021 | December 31, 2020 | September 30, 2020 | |||||||||||||||||||||||||||||||||||||||||||||||||||
Average | Yield | Average | Yield | Average | Yield | ||||||||||||||||||||||||||||||||||||||||||||||||
Balance | Interest | / Cost | Balance | Interest | / Cost | Balance | Interest | / Cost | |||||||||||||||||||||||||||||||||||||||||||||
Interest-earning assets | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Loans held-for-sale | $ | 1,413 | $ | 7 | 2.01 | % | $ | 1,564 | $ | 8 | 2.03 | % | $ | 19,544 | $ | 139 | 2.83 | % | |||||||||||||||||||||||||||||||||||
SFR mortgage | 1,210,105 | 11,747 | 3.94 | % | 1,224,865 | 12,955 | 4.21 | % | 1,311,513 | 13,178 | 4.00 | % | |||||||||||||||||||||||||||||||||||||||||
Commercial real estate, multifamily, and construction | 2,322,509 | 26,387 | 4.61 | % | 2,507,950 | 30,371 | 4.82 | % | 2,493,408 | 29,666 | 4.73 | % | |||||||||||||||||||||||||||||||||||||||||
Commercial and industrial, SBA, and lease financing | 2,221,494 | 22,910 | 4.18 | % | 1,978,684 | 21,984 | 4.42 | % | 1,673,548 | 18,585 | 4.42 | % | |||||||||||||||||||||||||||||||||||||||||
Other consumer | 28,520 | 294 | 4.18 | % | 31,856 | 787 | 9.83 | % | 35,563 | 451 | 5.05 | % | |||||||||||||||||||||||||||||||||||||||||
Gross loans and leases | 5,784,041 | 61,345 | 4.30 | % | 5,744,919 | 66,105 | 4.58 | % | 5,533,576 | 62,019 | 4.46 | % | |||||||||||||||||||||||||||||||||||||||||
Securities | 1,236,138 | 6,501 | 2.13 | % | 1,239,295 | 6,636 | 2.13 | % | 1,190,765 | 6,766 | 2.26 | % | |||||||||||||||||||||||||||||||||||||||||
Other interest-earning assets | 336,443 | 772 | 0.93 | % | 262,363 | 789 | 1.20 | % | 457,558 | 881 | 0.77 | % | |||||||||||||||||||||||||||||||||||||||||
Total interest-earning assets | 7,356,622 | 68,618 | 3.78 | % | 7,246,577 | 73,530 | 4.04 | % | 7,181,899 | 69,666 | 3.86 | % | |||||||||||||||||||||||||||||||||||||||||
Allowance for loan losses | (81,111) | (83,745) | (89,679) | ||||||||||||||||||||||||||||||||||||||||||||||||||
BOLI and noninterest-earning assets | 585,441 | 602,165 | 594,885 | ||||||||||||||||||||||||||||||||||||||||||||||||||
Total assets | $ | 7,860,952 | $ | 7,764,997 | $ | 7,687,105 | |||||||||||||||||||||||||||||||||||||||||||||||
Interest-bearing liabilities | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Savings | $ | 928,446 | $ | 2,013 | 0.88 | % | $ | 937,649 | $ | 2,128 | 0.90 | % | $ | 948,898 | $ | 2,353 | 0.99 | % | |||||||||||||||||||||||||||||||||||
Interest-bearing checking | 2,140,314 | 901 | 0.17 | % | 2,086,146 | 1,131 | 0.22 | % | 1,919,327 | 1,660 | 0.34 | % | |||||||||||||||||||||||||||||||||||||||||
Money market | 726,079 | 377 | 0.21 | % | 671,949 | 414 | 0.25 | % | 681,421 | 645 | 0.38 | % | |||||||||||||||||||||||||||||||||||||||||
Certificates of deposit | 720,180 | 995 | 0.56 | % | 860,131 | 1,763 | 0.82 | % | 1,030,829 | 2,906 | 1.12 | % | |||||||||||||||||||||||||||||||||||||||||
Total interest-bearing deposits | 4,515,019 | 4,286 | 0.38 | % | 4,555,875 | 5,436 | 0.47 | % | 4,580,475 | 7,564 | 0.66 | % | |||||||||||||||||||||||||||||||||||||||||
FHLB advances | 446,618 | 3,112 | 2.83 | % | 534,303 | 3,479 | 2.59 | % | 608,169 | 3,860 | 2.52 | % | |||||||||||||||||||||||||||||||||||||||||
Securities sold under repurchase agreements | — | — | — | % | — | — | — | % | 1,309 | 2 | 0.61 | % | |||||||||||||||||||||||||||||||||||||||||
Long-term debt and other interest-bearing liabilities | 260,488 | 3,304 | 5.14 | % | 238,265 | 3,052 | 5.10 | % | 173,911 | 2,385 | 5.46 | % | |||||||||||||||||||||||||||||||||||||||||
Total interest-bearing liabilities | 5,222,125 | 10,702 | 0.83 | % | 5,328,443 | 11,967 | 0.89 | % | 5,363,864 | 13,811 | 1.02 | % | |||||||||||||||||||||||||||||||||||||||||
Noninterest-bearing deposits | 1,653,517 | 1,448,422 | 1,357,411 | ||||||||||||||||||||||||||||||||||||||||||||||||||
Noninterest-bearing liabilities | 97,136 | 95,567 | 100,424 | ||||||||||||||||||||||||||||||||||||||||||||||||||
Total liabilities | 6,972,778 | 6,872,432 | 6,821,699 | ||||||||||||||||||||||||||||||||||||||||||||||||||
Total stockholders’ equity | 888,174 | 892,565 | 865,406 | ||||||||||||||||||||||||||||||||||||||||||||||||||
Total liabilities and stockholders’ equity | $ | 7,860,952 | $ | 7,764,997 | $ | 7,687,105 | |||||||||||||||||||||||||||||||||||||||||||||||
Net interest income/spread | $ | 57,916 | 2.95 | % | $ | 61,563 | 3.15 | % | $ | 55,855 | 2.84 | % | |||||||||||||||||||||||||||||||||||||||||
Net interest margin | 3.19 | % | 3.38 | % | 3.09 | % | |||||||||||||||||||||||||||||||||||||||||||||||
Ratio of interest-earning assets to interest-bearing liabilities | 141 | % | 136 | % | 134 | % | |||||||||||||||||||||||||||||||||||||||||||||||
Total deposits | $ | 6,168,536 | $ | 4,286 | 0.28 | % | $ | 6,004,297 | $ | 5,436 | 0.36 | % | $ | 5,937,886 | $ | 7,564 | 0.51 | % | |||||||||||||||||||||||||||||||||||
Total funding (1) | $ | 6,875,642 | $ | 10,702 | 0.63 | % | $ | 6,776,865 | $ | 11,967 | 0.70 | % | $ | 6,721,275 | $ | 13,811 | 0.82 | % |
Three Months Ended | |||||||||||||||||||||||||||||||||||
June 30, 2020 | March 31, 2020 | ||||||||||||||||||||||||||||||||||
Average | Yield | Average | Yield | ||||||||||||||||||||||||||||||||
Balance | Interest | / Cost | Balance | Interest | / Cost | ||||||||||||||||||||||||||||||
Interest-earning assets | |||||||||||||||||||||||||||||||||||
Loans held-for-sale | $ | 19,967 | $ | 155 | 3.12 | % | $ | 22,273 | $ | 220 | 3.97 | % | |||||||||||||||||||||||
SFR mortgage | 1,416,358 | 14,187 | 4.03 | % | 1,532,967 | 15,295 | 4.01 | % | |||||||||||||||||||||||||||
Commercial real estate, multifamily, and construction | 2,524,477 | 29,459 | 4.69 | % | 2,564,485 | 30,223 | 4.74 | % | |||||||||||||||||||||||||||
Commercial and industrial, SBA, and lease financing | 1,706,120 | 19,392 | 4.57 | % | 1,613,324 | 19,157 | 4.78 | % | |||||||||||||||||||||||||||
Other consumer | 40,697 | 449 | 4.44 | % | 47,761 | 639 | 5.38 | % | |||||||||||||||||||||||||||
Gross loans and leases | 5,707,619 | 63,642 | 4.48 | % | 5,780,810 | 65,534 | 4.56 | % | |||||||||||||||||||||||||||
Securities | 1,063,941 | 7,816 | 2.95 | % | 952,966 | 7,820 | 3.30 | % | |||||||||||||||||||||||||||
Other interest-earning assets | 424,776 | 1,239 | 1.17 | % | 297,444 | 1,360 | 1.84 | % | |||||||||||||||||||||||||||
Total interest-earning assets | 7,196,336 | 72,697 | 4.06 | % | 7,031,220 | 74,714 | 4.27 | % | |||||||||||||||||||||||||||
Allowance for loan losses | (78,528) | (60,470) | |||||||||||||||||||||||||||||||||
BOLI and noninterest-earning assets | 622,398 | 592,192 | |||||||||||||||||||||||||||||||||
Total assets | $ | 7,740,206 | $ | 7,562,942 | |||||||||||||||||||||||||||||||
Interest-bearing liabilities | |||||||||||||||||||||||||||||||||||
Savings | 905,997 | 2,718 | 1.21 | % | 890,830 | 3,296 | 1.49 | % | |||||||||||||||||||||||||||
Interest-bearing checking | 1,710,038 | 2,186 | 0.51 | % | 1,520,922 | 3,728 | 0.99 | % | |||||||||||||||||||||||||||
Money market | 592,872 | 850 | 0.58 | % | 608,926 | 1,760 | 1.16 | % | |||||||||||||||||||||||||||
Certificates of deposit | 1,214,939 | 4,451 | 1.47 | % | 1,151,518 | 5,827 | 2.04 | % | |||||||||||||||||||||||||||
Total interest-bearing deposits | 4,423,846 | 10,205 | 0.93 | % | 4,172,196 | 14,611 | 1.41 | % | |||||||||||||||||||||||||||
FHLB advances | 819,166 | 4,818 | 2.37 | % | 1,039,055 | 5,883 | 2.28 | % | |||||||||||||||||||||||||||
Securities sold under repurchase agreements | 1,024 | 2 | 0.79 | % | — | — | — | % | |||||||||||||||||||||||||||
Long-term debt and other interest-bearing liabilities | 173,977 | 2,357 | 5.45 | % | 174,056 | 2,359 | 5.45 | % | |||||||||||||||||||||||||||
Total interest-bearing liabilities | 5,418,013 | 17,382 | 1.29 | % | 5,385,307 | 22,853 | 1.71 | % | |||||||||||||||||||||||||||
Noninterest-bearing deposits | 1,349,735 | 1,133,306 | |||||||||||||||||||||||||||||||||
Noninterest-bearing liabilities | 118,208 | 128,282 | |||||||||||||||||||||||||||||||||
Total liabilities | 6,885,956 | 6,646,895 | |||||||||||||||||||||||||||||||||
Total stockholders’ equity | 854,250 | 916,047 | |||||||||||||||||||||||||||||||||
Total liabilities and stockholders’ equity | $ | 7,740,206 | $ | 7,562,942 | |||||||||||||||||||||||||||||||
Net interest income/spread | $ | 55,315 | 2.77 | % | $ | 51,861 | 2.56 | % | |||||||||||||||||||||||||||
Net interest margin | 3.09 | % | 2.97 | % | |||||||||||||||||||||||||||||||
Ratio of interest-earning assets to interest-bearing liabilities | 133 | % | 131 | % | |||||||||||||||||||||||||||||||
Total deposits | $ | 5,773,581 | $ | 10,205 | 0.71 | % | $ | 5,305,502 | $ | 14,611 | 1.11 | % | |||||||||||||||||||||||
Total funding (1) | $ | 6,767,748 | $ | 17,382 | 1.03 | % | $ | 6,518,613 | $ | 22,853 | 1.41 | % |
March 31, 2021 | December 31, 2020 | September 30, 2020 | June 30, 2020 | March 31, 2020 | |||||||||||||||||||||||||
Tangible common equity, and tangible common equity to tangible assets ratio | |||||||||||||||||||||||||||||
Total assets | $ | 7,933,459 | $ | 7,877,334 | $ | 7,738,106 | $ | 7,770,138 | $ | 7,662,607 | |||||||||||||||||||
Less goodwill | (37,144) | (37,144) | (37,144) | (37,144) | (37,144) | ||||||||||||||||||||||||
Less other intangible assets | (2,351) | (2,633) | (2,939) | (3,292) | (3,722) | ||||||||||||||||||||||||
Tangible assets(1) | $ | 7,893,964 | $ | 7,837,557 | $ | 7,698,023 | $ | 7,729,702 | $ | 7,621,741 | |||||||||||||||||||
Total stockholders' equity | $ | 804,693 | $ | 897,207 | $ | 874,254 | $ | 846,959 | $ | 835,002 | |||||||||||||||||||
Less goodwill | (37,144) | (37,144) | (37,144) | (37,144) | (37,144) | ||||||||||||||||||||||||
Less other intangible assets | (2,351) | (2,633) | (2,939) | (3,292) | (3,722) | ||||||||||||||||||||||||
Tangible equity(1) | 765,198 | 857,430 | 834,171 | 806,523 | 794,136 | ||||||||||||||||||||||||
Less preferred stock | (94,956) | (184,878) | (184,878) | (185,037) | (187,687) | ||||||||||||||||||||||||
Tangible common equity(1) | $ | 670,242 | $ | 672,552 | $ | 649,293 | $ | 621,486 | $ | 606,449 | |||||||||||||||||||
Total stockholders' equity to total assets | 10.14 | % | 11.39 | % | 11.30 | % | 10.90 | % | 10.90 | % | |||||||||||||||||||
Tangible equity to tangible assets(1) | 9.69 | % | 10.94 | % | 10.84 | % | 10.43 | % | 10.42 | % | |||||||||||||||||||
Tangible common equity to tangible assets(1) | 8.49 | % | 8.58 | % | 8.43 | % | 8.04 | % | 7.96 | % | |||||||||||||||||||
Common shares outstanding | 50,150,447 | 49,767,489 | 49,760,543 | 49,750,958 | 49,593,077 | ||||||||||||||||||||||||
Class B non-voting non-convertible common shares outstanding | 477,321 | 477,321 | 477,321 | 477,321 | 477,321 | ||||||||||||||||||||||||
Total common shares outstanding | 50,627,768 | 50,244,810 | 50,237,864 | 50,228,279 | 50,070,398 | ||||||||||||||||||||||||
Tangible common equity per common share(1) | $ | 13.24 | $ | 13.39 | $ | 12.92 | $ | 12.37 | $ | 12.11 | |||||||||||||||||||
Book value per common share | $ | 14.02 | $ | 14.18 | $ | 13.72 | $ | 13.18 | $ | 12.93 |
Three Months Ended | |||||||||||||||||||||||||||||
March 31, 2021 | December 31, 2020 | September 30, 2020 | June 30, 2020 | March 31, 2020 | |||||||||||||||||||||||||
Return on tangible common equity | |||||||||||||||||||||||||||||
Average total stockholders' equity | $ | 888,174 | $ | 892,565 | $ | 865,406 | $ | 854,250 | $ | 916,047 | |||||||||||||||||||
Less average preferred stock | (164,895) | (184,878) | (184,910) | (185,471) | (189,607) | ||||||||||||||||||||||||
Less average goodwill | (37,144) | (37,144) | (37,144) | (37,144) | (37,144) | ||||||||||||||||||||||||
Less average other intangible assets | (2,517) | (2,826) | (3,172) | (3,574) | (4,003) | ||||||||||||||||||||||||
Average tangible common equity(1) | $ | 683,618 | $ | 667,717 | $ | 640,180 | $ | 628,061 | $ | 685,293 | |||||||||||||||||||
Net income (loss) | $ | 14,375 | $ | 21,703 | $ | 15,913 | $ | (18,449) | $ | (6,593) | |||||||||||||||||||
Less preferred stock dividends and impact of preferred stock redemption | (6,488) | (3,447) | (3,454) | (3,393) | (3,007) | ||||||||||||||||||||||||
Add amortization of intangible assets | 282 | 306 | 353 | 430 | 429 | ||||||||||||||||||||||||
Less tax effect on amortization of intangible assets | (59) | (64) | (74) | (90) | (90) | ||||||||||||||||||||||||
Net income (loss) available to common stockholders(1) | $ | 8,110 | $ | 18,498 | $ | 12,738 | $ | (21,502) | $ | (9,261) | |||||||||||||||||||
Return on average equity | 6.56 | % | 9.67 | % | 7.32 | % | (8.69) | % | (2.89) | % | |||||||||||||||||||
Return on average tangible common equity(1) | 4.81 | % | 11.02 | % | 7.92 | % | (13.77) | % | (5.44) | % | |||||||||||||||||||
Statutory Federal tax rate utilized for calculating tax effect on amortization of intangible assets | 21.00 | % | 21.00 | % | 21.00 | % | 21.00 | % | 21.00 | % |
Three Months Ended | |||||||||||||||||||||||||||||
March 31, 2021 | December 31, 2020 | September 30, 2020 | June 30, 2020 | March 31, 2020 | |||||||||||||||||||||||||
Adjusted noninterest income and expense | |||||||||||||||||||||||||||||
Total noninterest income | $ | 4,381 | $ | 6,975 | $ | 3,954 | $ | 5,528 | $ | 2,061 | |||||||||||||||||||
Noninterest income adjustments: | |||||||||||||||||||||||||||||
Net (gain) loss on securities available for sale | — | — | — | (2,011) | — | ||||||||||||||||||||||||
Net (gain) loss on sale of legacy SFR loans held for sale | — | — | (272) | — | — | ||||||||||||||||||||||||
Fair value adjustment on legacy SFR loans held for sale | — | (36) | (24) | (25) | 1,586 | ||||||||||||||||||||||||
Total noninterest income adjustments | — | (36) | (296) | (2,036) | 1,586 | ||||||||||||||||||||||||
Adjusted noninterest income(1) | $ | 4,381 | $ | 6,939 | $ | 3,658 | $ | 3,492 | $ | 3,647 | |||||||||||||||||||
Total noninterest expense | $ | 46,735 | $ | 38,950 | $ | 40,394 | $ | 72,770 | $ | 46,919 | |||||||||||||||||||
Noninterest expense adjustments: | |||||||||||||||||||||||||||||
Naming rights termination | — | — | — | (26,769) | — | ||||||||||||||||||||||||
Extinguishment of debt | — | — | — | (2,515) | — | ||||||||||||||||||||||||
Professional (fees) recoveries | (721) | 4,398 | (1,172) | (875) | (1,678) | ||||||||||||||||||||||||
Merger-related costs | (700) | — | — | — | — | ||||||||||||||||||||||||
Adjusted noninterest expense before gain (loss) in alternative energy partnership investments | (1,421) | 4,398 | (1,172) | (30,159) | (1,678) | ||||||||||||||||||||||||
Gain (loss) in alternative energy partnership investments | (3,630) | 673 | 1,430 | 167 | (1,905) | ||||||||||||||||||||||||
Total noninterest expense adjustments | (5,051) | 5,071 | 258 | (29,992) | (3,583) | ||||||||||||||||||||||||
Adjusted noninterest expense(1) | $ | 41,684 | $ | 44,021 | $ | 40,652 | $ | 42,778 | $ | 43,336 | |||||||||||||||||||
Average assets | $ | 7,860,952 | $ | 7,764,997 | $ | 7,687,105 | $ | 7,740,206 | $ | 7,562,942 | |||||||||||||||||||
Noninterest expense to average total assets | 2.41 | % | 2.00 | % | 2.09 | % | 3.78 | % | 2.50 | % | |||||||||||||||||||
Adjusted noninterest expense to average total assets(1) | 2.15 | % | 2.26 | % | 2.10 | % | 2.22 | % | 2.30 | % |
Three Months Ended | |||||||||||||||||||||||||||||
March 31, 2021 | December 31, 2020 | September 30, 2020 | June 30, 2020 | March 31, 2020 | |||||||||||||||||||||||||
Adjusted pre-tax pre-provision income | |||||||||||||||||||||||||||||
Net interest income | $ | 57,916 | $ | 61,563 | $ | 55,855 | $ | 55,315 | $ | 51,861 | |||||||||||||||||||
Noninterest income | 4,381 | 6,975 | 3,954 | 5,528 | 2,061 | ||||||||||||||||||||||||
Total revenue | 62,297 | 68,538 | 59,809 | 60,843 | 53,922 | ||||||||||||||||||||||||
Noninterest expense | 46,735 | 38,950 | 40,394 | 72,770 | 46,919 | ||||||||||||||||||||||||
Pre-tax pre-provision income (loss)(1) | $ | 15,562 | $ | 29,588 | $ | 19,415 | $ | (11,927) | $ | 7,003 | |||||||||||||||||||
Total revenue | $ | 62,297 | $ | 68,538 | $ | 59,809 | $ | 60,843 | $ | 53,922 | |||||||||||||||||||
Total noninterest income adjustments | — | (36) | (296) | (2,036) | 1,586 | ||||||||||||||||||||||||
Adjusted total revenue(1) | 62,297 | 68,502 | 59,513 | 58,807 | 55,508 | ||||||||||||||||||||||||
Noninterest expense | 46,735 | 38,950 | 40,394 | 72,770 | 46,919 | ||||||||||||||||||||||||
Total noninterest expense adjustments | (5,051) | 5,071 | 258 | (29,992) | (3,583) | ||||||||||||||||||||||||
Adjusted noninterest expense(1) | 41,684 | 44,021 | 40,652 | 42,778 | 43,336 | ||||||||||||||||||||||||
Adjusted pre-tax pre-provision income(1) | $ | 20,613 | $ | 24,481 | $ | 18,861 | $ | 16,029 | $ | 12,172 | |||||||||||||||||||
Average assets | $ | 7,860,952 | $ | 7,764,997 | $ | 7,687,105 | $ | 7,740,206 | $ | 7,562,942 | |||||||||||||||||||
Pre-tax pre-provision income (loss) ROAA(1) | 0.80 | % | 1.52 | % | 1.00 | % | (0.62) | % | 0.37 | % | |||||||||||||||||||
Adjusted pre-tax pre-provision income ROAA(1) | 1.06 | % | 1.25 | % | 0.98 | % | 0.83 | % | 0.65 | % | |||||||||||||||||||
Efficiency ratio(1) | 75.02 | % | 56.83 | % | 67.54 | % | 119.60 | % | 87.01 | % | |||||||||||||||||||
Adjusted efficiency ratio(1) | 66.91 | % | 64.26 | % | 68.31 | % | 72.74 | % | 78.07 | % |
Three Months Ended | |||||||||||||||||||||||||||||
March 31, 2021 | December 31, 2020 | September 30, 2020 | June 30, 2020 | March 31, 2020 | |||||||||||||||||||||||||
Adjusted net income (loss) | |||||||||||||||||||||||||||||
Net income (loss) | $ | 14,375 | $ | 21,703 | $ | 15,913 | $ | (18,449) | $ | (6,593) | |||||||||||||||||||
Adjustments, net:(1) | |||||||||||||||||||||||||||||
Noninterest income | — | 27 | 222 | 1,527 | (1,190) | ||||||||||||||||||||||||
Noninterest expense | 3,788 | (3,803) | (194) | 22,494 | 2,687 | ||||||||||||||||||||||||
Adjusted net income (loss) before tax adjustment | 18,163 | 17,927 | 15,941 | 5,572 | (5,096) | ||||||||||||||||||||||||
Tax adjustment: tax impact from exercise of stock appreciation rights | 2,093 | — | — | — | — | ||||||||||||||||||||||||
Adjusted net income (loss)(2) | $ | 16,070 | $ | 17,927 | $ | 15,941 | $ | 5,572 | $ | (5,096) | |||||||||||||||||||
Average assets | $ | 7,860,952 | $ | 7,764,997 | $ | 7,687,105 | $ | 7,740,206 | $ | 7,562,942 | |||||||||||||||||||
ROAA | 0.74 | % | 1.11 | % | 0.82 | % | (0.96) | % | (0.35) | % | |||||||||||||||||||
Adjusted ROAA(2) | 0.83 | % | 0.92 | % | 0.82 | % | 0.29 | % | (0.27) | % | |||||||||||||||||||
Adjusted net income (loss) available to common stockholders | |||||||||||||||||||||||||||||
Net income (loss) available to common stockholders | $ | 7,825 | $ | 17,706 | $ | 12,084 | $ | (21,936) | $ | (9,694) | |||||||||||||||||||
Adjustments to net income (loss)(3) | 1,695 | (3,776) | 28 | 24,021 | 1,497 | ||||||||||||||||||||||||
Adjustments for impact of preferred stock redemption | 3,347 | — | 7 | (49) | (526) | ||||||||||||||||||||||||
Adjusted net income (loss) available to common stockholders(2) | $ | 12,867 | $ | 13,930 | $ | 12,119 | $ | 2,036 | $ | (8,723) | |||||||||||||||||||
Average diluted common shares | 50,750,522 | 50,335,271 | 50,190,933 | 50,030,919 | 50,464,777 | ||||||||||||||||||||||||
Diluted EPS | $ | 0.15 | $ | 0.35 | $ | 0.24 | $ | (0.44) | $ | (0.19) | |||||||||||||||||||
Adjusted diluted EPS(2) | $ | 0.25 | $ | 0.28 | $ | 0.24 | $ | 0.04 | $ | (0.17) | |||||||||||||||||||
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