(Exact name of registrant as specified in its charter) |
(State or other jurisdiction of incorporation) | (Commission File Number) | (IRS Employer Identification No.) | ||||||||||||
(Address of principal executive offices) | (Zip Code) |
Not Applicable | ||
(Former name or former address, if changed since last report) |
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 | |||||||
104 | Cover Page Interactive Data File (embedded within the Inline XBRL document) |
LIVE OAK BANCSHARES, INC. | ||||||||
Date: January 25, 2023 | By: | /s/ J. Wesley Sutherland | ||||||
J. Wesley Sutherland Chief Accounting Officer |
(Dollars in thousands, except per share data) | Increase (Decrease) | ||||||||||||||||||||||
2022 | 2021 | Dollars | Percent | ||||||||||||||||||||
Total revenue(1) | $ | 565,493 | $ | 456,985 | $ | 108,508 | 24 | % | |||||||||||||||
Total noninterest expense | 314,226 | 230,987 | 83,239 | 36 | |||||||||||||||||||
Income before taxes | 210,324 | 210,788 | (464) | — | |||||||||||||||||||
Effective tax rate | 16.2 | % | 20.8 | % | n/a | n/a | |||||||||||||||||
Net income | $ | 176,208 | $ | 166,995 | $ | 9,213 | 6 | % | |||||||||||||||
Diluted earnings per share | 3.92 | 3.71 | 0.21 | 6 | |||||||||||||||||||
Loan and lease production: | |||||||||||||||||||||||
Loans and leases originated | $ | 4,007,621 | $ | 4,480,725 | $ | (473,104) | (11) | % | |||||||||||||||
% Fully funded | 58.8 | % | 64.5 | % | n/a | n/a | |||||||||||||||||
Total loans and leases: | $ | 7,898,788 | $ | 6,637,781 | $ | 1,261,007 | 19 | % | |||||||||||||||
Total loans and leases, excluding PPP loans: | 7,885,895 | 6,375,903 | 1,509,992 | 24 | |||||||||||||||||||
Total assets: | 9,855,498 | 8,213,393 | 1,642,105 | 20 | |||||||||||||||||||
Total deposits: | 8,884,928 | 7,112,044 | 1,772,884 | 25 |
(Dollars in thousands, except per share data) | Increase (Decrease) | ||||||||||||||||||||||||||||
4Q 2022 | 3Q 2022 | Dollars | Percent | 4Q 2021 | |||||||||||||||||||||||||
Total revenue(1) | $ | 104,973 | $ | 141,610 | $ | (36,637) | (26) | % | $111,394 | ||||||||||||||||||||
Total noninterest expense | 84,585 | 83,048 | 1,537 | 2 | 59,698 | ||||||||||||||||||||||||
Income before taxes | 717 | 44,393 | (43,676) | (98) | 47,778 | ||||||||||||||||||||||||
Effective tax rate | (149.9) | % | 3.4 | % | n/a | n/a | 36.9 | % | |||||||||||||||||||||
Net income | $ | 1,792 | $ | 42,868 | $ | (41,076) | (96) | % | $30,147 | ||||||||||||||||||||
Diluted earnings per share | 0.04 | 0.96 | (0.92) | (96) | $ | 0.66 | |||||||||||||||||||||||
Loan and lease production: | |||||||||||||||||||||||||||||
Loans and leases originated | $ | 1,177,688 | $ | 1,005,235 | $ | 172,453 | 17 | % | $ | 1,083,623 | |||||||||||||||||||
% Fully funded | 58.1 | % | 54.0 | % | n/a | n/a | 54.1 | % |
Three Months Ended | 4Q 2022 Changes vs. | ||||||||||||||||||||||||||||||||||||||||
4Q 2022 | 3Q 2022 | 2Q 2022 | 1Q 2022 | 4Q 2021 | 3Q 2022 | 4Q 2021 | |||||||||||||||||||||||||||||||||||
Interest income | % | % | |||||||||||||||||||||||||||||||||||||||
Loans and fees on loans | $ | 127,310 | $ | 107,880 | $ | 94,157 | $ | 89,198 | $ | 88,577 | 18.0 | 43.7 | |||||||||||||||||||||||||||||
Investment securities, taxable | 6,716 | 5,506 | 4,046 | 3,399 | 3,455 | 22.0 | 94.4 | ||||||||||||||||||||||||||||||||||
Other interest earning assets | 2,584 | 2,448 | 1,044 | 185 | 171 | 5.6 | 1411.1 | ||||||||||||||||||||||||||||||||||
Total interest income | 136,610 | 115,834 | 99,247 | 92,782 | 92,203 | 17.9 | 48.2 | ||||||||||||||||||||||||||||||||||
Interest expense | |||||||||||||||||||||||||||||||||||||||||
Deposits | 50,357 | 31,553 | 18,777 | 14,348 | 13,817 | 59.6 | 264.5 | ||||||||||||||||||||||||||||||||||
Borrowings | 351 | 395 | 536 | 655 | 748 | (11.1) | (53.1) | ||||||||||||||||||||||||||||||||||
Total interest expense | 50,708 | 31,948 | 19,313 | 15,003 | 14,565 | 58.7 | 248.1 | ||||||||||||||||||||||||||||||||||
Net interest income | 85,902 | 83,886 | 79,934 | 77,779 | 77,638 | 2.4 | 10.6 | ||||||||||||||||||||||||||||||||||
Provision for loan and lease credit losses | 19,671 | 14,169 | 5,267 | 1,836 | 3,918 | 38.8 | 402.1 | ||||||||||||||||||||||||||||||||||
Net interest income after provision for loan and lease credit losses | 66,231 | 69,717 | 74,667 | 75,943 | 73,720 | (5.0) | (10.2) | ||||||||||||||||||||||||||||||||||
Noninterest income | |||||||||||||||||||||||||||||||||||||||||
Loan servicing revenue | 6,296 | 6,230 | 6,477 | 6,356 | 6,289 | 1.1 | 0.1 | ||||||||||||||||||||||||||||||||||
Loan servicing asset revaluation | (5,016) | (1,324) | (8,668) | (1,569) | (4,160) | (278.9) | (20.6) | ||||||||||||||||||||||||||||||||||
Net gains on sales of loans | 7,362 | 9,275 | 5,630 | 20,977 | 20,257 | (20.6) | (63.7) | ||||||||||||||||||||||||||||||||||
Net gain (loss) on loans accounted for under the fair value option | 571 | 4,420 | (4,461) | 516 | (66) | (87.1) | 965.2 | ||||||||||||||||||||||||||||||||||
Equity method investments income (loss) | (1,818) | 29,136 | 119,056 | (2,124) | 2,969 | (106.2) | (161.2) | ||||||||||||||||||||||||||||||||||
Equity security investments gains (losses), net | 868 | 876 | 1,655 | (44) | 218 | (0.9) | 298.2 | ||||||||||||||||||||||||||||||||||
Lease income | 2,555 | 2,516 | 2,510 | 2,503 | 2,521 | 1.6 | 1.3 | ||||||||||||||||||||||||||||||||||
Management fee income | 3,200 | 2,844 | 2,558 | 1,488 | 1,482 | 12.5 | 115.9 | ||||||||||||||||||||||||||||||||||
Other noninterest income | 5,053 | 3,751 | 3,772 | 4,565 | 4,246 | 34.7 | 19.0 | ||||||||||||||||||||||||||||||||||
Total noninterest income | 19,071 | 57,724 | 128,529 | 32,668 | 33,756 | (67.0) | (43.5) | ||||||||||||||||||||||||||||||||||
Noninterest expense | |||||||||||||||||||||||||||||||||||||||||
Salaries and employee benefits | 42,560 | 43,479 | 46,276 | 38,507 | 32,464 | (2.1) | 31.1 | ||||||||||||||||||||||||||||||||||
Travel expense | 1,872 | 2,372 | 2,358 | 1,897 | 1,782 | (21.1) | 5.1 | ||||||||||||||||||||||||||||||||||
Professional services expense | 2,453 | 2,505 | 3,988 | 2,791 | 3,724 | (2.1) | (34.1) | ||||||||||||||||||||||||||||||||||
Advertising and marketing expense | 3,892 | 2,621 | 2,301 | 1,729 | 1,844 | 48.5 | 111.1 | ||||||||||||||||||||||||||||||||||
Occupancy expense | 3,469 | 2,519 | 2,773 | 2,327 | 2,045 | 37.7 | 69.6 | ||||||||||||||||||||||||||||||||||
Technology expense | 8,849 | 7,770 | 5,762 | 6,053 | 6,489 | 13.9 | 36.4 | ||||||||||||||||||||||||||||||||||
Equipment expense | 3,759 | 3,761 | 3,784 | 3,816 | 3,741 | (0.1) | 0.5 | ||||||||||||||||||||||||||||||||||
Other loan origination and maintenance expense | 3,657 | 3,376 | 3,022 | 3,113 | 3,406 | 8.3 | 7.4 | ||||||||||||||||||||||||||||||||||
Renewable energy tax credit investment impairment | 8,446 | 7,721 | 50 | — | — | 9.4 | 100.0 | ||||||||||||||||||||||||||||||||||
FDIC insurance | 2,923 | 2,697 | 2,164 | 1,972 | 1,931 | 8.4 | 51.4 | ||||||||||||||||||||||||||||||||||
Contributions and donations | 33 | 191 | 5,515 | 723 | 328 | (82.7) | (89.9) | ||||||||||||||||||||||||||||||||||
Other expense | 2,672 | 4,036 | 2,886 | 2,786 | 1,944 | (33.8) | 37.4 | ||||||||||||||||||||||||||||||||||
Total noninterest expense | 84,585 | 83,048 | 80,879 | 65,714 | 59,698 | 1.9 | 41.7 | ||||||||||||||||||||||||||||||||||
Income before taxes | 717 | 44,393 | 122,317 | 42,897 | 47,778 | (98.4) | (98.5) | ||||||||||||||||||||||||||||||||||
Income tax (benefit) expense | (1,075) | 1,525 | 25,278 | 8,388 | 17,631 | (170.5) | (106.1) | ||||||||||||||||||||||||||||||||||
Net income | $ | 1,792 | $ | 42,868 | $ | 97,039 | $ | 34,509 | $ | 30,147 | (95.8) | (94.1) | |||||||||||||||||||||||||||||
Earnings per share | |||||||||||||||||||||||||||||||||||||||||
Basic | $ | 0.04 | $ | 0.97 | $ | 2.22 | $ | 0.79 | $ | 0.69 | (95.9) | (94.2) | |||||||||||||||||||||||||||||
Diluted | $ | 0.04 | $ | 0.96 | $ | 2.16 | $ | 0.76 | $ | 0.66 | (95.8) | (93.9) | |||||||||||||||||||||||||||||
Weighted average shares outstanding | |||||||||||||||||||||||||||||||||||||||||
Basic | 44,005,220 | 43,914,920 | 43,824,707 | 43,701,943 | 43,492,172 | ||||||||||||||||||||||||||||||||||||
Diluted | 44,794,941 | 44,797,109 | 44,803,278 | 45,227,536 | 45,474,530 |
As of the quarter ended | 4Q 2022 Change vs. | ||||||||||||||||||||||||||||||||||||||||
4Q 2022 | 3Q 2022 | 2Q 2022 | 1Q 2022 | 4Q 2021 | 3Q 2022 | 4Q 2021 | |||||||||||||||||||||||||||||||||||
Assets | % | % | |||||||||||||||||||||||||||||||||||||||
Cash and due from banks | $ | 280,239 | $ | 335,046 | $ | 580,493 | $ | 477,778 | $ | 187,203 | (16.4) | 49.7 | |||||||||||||||||||||||||||||
Federal funds sold | 136,397 | 68,324 | 51,694 | 29,993 | 16,547 | 99.6 | 724.3 | ||||||||||||||||||||||||||||||||||
Certificates of deposit with other banks | 4,000 | 4,250 | 4,250 | 4,250 | 4,750 | (5.9) | (15.8) | ||||||||||||||||||||||||||||||||||
Investment securities available-for-sale | 1,014,719 | 1,005,372 | 927,968 | 844,577 | 906,052 | 0.9 | 12.0 | ||||||||||||||||||||||||||||||||||
Loans held for sale (1) | 554,610 | 537,649 | 1,199,734 | 1,028,635 | 1,116,519 | 3.2 | (50.3) | ||||||||||||||||||||||||||||||||||
Loans and leases held for investment (2) | 7,344,178 | 6,853,382 | 5,860,209 | 5,738,241 | 5,521,262 | 7.2 | 33.0 | ||||||||||||||||||||||||||||||||||
Allowance for credit losses on loans and leases | (96,566) | (78,291) | (65,863) | (63,058) | (63,584) | 23.3 | 51.9 | ||||||||||||||||||||||||||||||||||
Net loans and leases | 7,247,612 | 6,775,091 | 5,794,346 | 5,675,183 | 5,457,678 | 7.0 | 32.8 | ||||||||||||||||||||||||||||||||||
Premises and equipment, net | 263,290 | 260,285 | 257,926 | 254,865 | 240,196 | 1.2 | 9.6 | ||||||||||||||||||||||||||||||||||
Foreclosed assets | — | 1,178 | 191 | 198 | 620 | (100.0) | (100.0) | ||||||||||||||||||||||||||||||||||
Servicing assets | 26,323 | 29,081 | 28,661 | 36,286 | 33,574 | (9.5) | (21.6) | ||||||||||||||||||||||||||||||||||
Other assets | 328,308 | 298,374 | 275,634 | 268,201 | 250,254 | 10.0 | 31.2 | ||||||||||||||||||||||||||||||||||
Total assets | $ | 9,855,498 | $ | 9,314,650 | $ | 9,120,897 | $ | 8,619,966 | $ | 8,213,393 | 5.8 | 20.0 | |||||||||||||||||||||||||||||
Liabilities and Shareholders’ Equity | |||||||||||||||||||||||||||||||||||||||||
Liabilities | |||||||||||||||||||||||||||||||||||||||||
Deposits: | |||||||||||||||||||||||||||||||||||||||||
Noninterest-bearing | $ | 194,100 | $ | 170,336 | $ | 119,371 | $ | 86,342 | $ | 89,279 | 14.0 | 117.4 | |||||||||||||||||||||||||||||
Interest-bearing | 8,690,828 | 8,234,573 | 8,036,373 | 7,550,821 | 7,022,765 | 5.5 | 23.8 | ||||||||||||||||||||||||||||||||||
Total deposits | 8,884,928 | 8,404,909 | 8,155,744 | 7,637,163 | 7,112,044 | 5.7 | 24.9 | ||||||||||||||||||||||||||||||||||
Borrowings | 83,203 | 35,616 | 86,209 | 196,911 | 318,289 | 133.6 | (73.9) | ||||||||||||||||||||||||||||||||||
Other liabilities | 76,334 | 71,957 | 87,282 | 72,565 | 67,927 | 6.1 | 12.4 | ||||||||||||||||||||||||||||||||||
Total liabilities | 9,044,465 | 8,512,482 | 8,329,235 | 7,906,639 | 7,498,260 | 6.2 | 20.6 | ||||||||||||||||||||||||||||||||||
Shareholders’ equity | |||||||||||||||||||||||||||||||||||||||||
Preferred stock, no par value, 1,000,000 shares authorized, none issued or outstanding | — | — | — | — | — | — | — | ||||||||||||||||||||||||||||||||||
Class A common stock (voting) | 330,854 | 325,632 | 320,924 | 315,607 | 310,970 | 1.6 | 6.4 | ||||||||||||||||||||||||||||||||||
Class B common stock (non-voting) | — | — | — | — | 1,324 | — | (100.0) | ||||||||||||||||||||||||||||||||||
Retained earnings | 572,497 | 571,778 | 530,021 | 434,226 | 400,893 | 0.1 | 42.8 | ||||||||||||||||||||||||||||||||||
Accumulated other comprehensive (loss) income | (92,318) | (95,242) | (59,283) | (36,506) | 1,946 | 3.1 | (4,844.0) | ||||||||||||||||||||||||||||||||||
Total shareholders’ equity | 811,033 | 802,168 | 791,662 | 713,327 | 715,133 | 1.1 | 13.4 | ||||||||||||||||||||||||||||||||||
Total liabilities and shareholders’ equity | $ | 9,855,498 | $ | 9,314,650 | $ | 9,120,897 | $ | 8,619,966 | $ | 8,213,393 | 5.8 | 20.0 |
Twelve Months Ended | |||||||||||
December 31, 2022 | December 31, 2021 | ||||||||||
Interest income | |||||||||||
Loans and fees on loans | $ | 418,545 | $ | 347,738 | |||||||
Investment securities, taxable | 19,667 | 12,533 | |||||||||
Other interest earning assets | 6,261 | 942 | |||||||||
Total interest income | 444,473 | 361,213 | |||||||||
Interest expense | |||||||||||
Deposits | 115,035 | 59,740 | |||||||||
Borrowings | 1,937 | 4,688 | |||||||||
Total interest expense | 116,972 | 64,428 | |||||||||
Net interest income | 327,501 | 296,785 | |||||||||
Provision for loan and lease credit losses | 40,943 | 15,210 | |||||||||
Net interest income after provision for loan and lease credit losses | 286,558 | 281,575 | |||||||||
Noninterest income | |||||||||||
Loan servicing revenue | 25,359 | 25,219 | |||||||||
Loan servicing asset revaluation | (16,577) | (11,726) | |||||||||
Net gains on sales of loans | 43,244 | 67,280 | |||||||||
Net gain on loans accounted for under the fair value option | 1,046 | 4,257 | |||||||||
Equity method investments income (loss) | 144,250 | (1,716) | |||||||||
Equity security investments gains (losses), net | 3,355 | 44,752 | |||||||||
Lease income | 10,084 | 10,263 | |||||||||
Management fee income | 10,090 | 6,378 | |||||||||
Other noninterest income | 17,141 | 15,493 | |||||||||
Total noninterest income | 237,992 | 160,200 | |||||||||
Noninterest expense | |||||||||||
Salaries and employee benefits | 170,822 | 124,932 | |||||||||
Travel expense | 8,499 | 5,809 | |||||||||
Professional services expense | 11,737 | 15,135 | |||||||||
Advertising and marketing expense | 10,543 | 5,002 | |||||||||
Occupancy expense | 11,088 | 8,423 | |||||||||
Technology expense | 28,434 | 22,648 | |||||||||
Equipment expense | 15,120 | 14,869 | |||||||||
Other loan origination and maintenance expense | 13,168 | 13,529 | |||||||||
Renewable energy tax credit investment impairment | 16,217 | 3,187 | |||||||||
FDIC insurance | 9,756 | 7,070 | |||||||||
Contributions and donations | 6,462 | 2,331 | |||||||||
Other expense | 12,380 | 8,052 | |||||||||
Total noninterest expense | 314,226 | 230,987 | |||||||||
Income before taxes | 210,324 | 210,788 | |||||||||
Income tax expense | 34,116 | 43,793 | |||||||||
Net income | $ | 176,208 | $ | 166,995 | |||||||
Earnings per share | |||||||||||
Basic | $ | 4.02 | $ | 3.87 | |||||||
Diluted | $ | 3.92 | $ | 3.71 | |||||||
Weighted average shares outstanding | |||||||||||
Basic | 43,862,291 | 43,169,935 | |||||||||
Diluted | 44,906,310 | 45,071,304 | |||||||||
As of and for the three months ended | |||||||||||||||||||||||||||||
4Q 2022 | 3Q 2022 | 2Q 2022 | 1Q 2022 | 4Q 2021 | |||||||||||||||||||||||||
Income Statement Data | |||||||||||||||||||||||||||||
Net income | $ | 1,792 | $ | 42,868 | $ | 97,039 | $ | 34,509 | $ | 30,147 | |||||||||||||||||||
Per Common Share | |||||||||||||||||||||||||||||
Net income, diluted | $ | 0.04 | $ | 0.96 | $ | 2.16 | $ | 0.76 | $ | 0.66 | |||||||||||||||||||
Dividends declared | 0.03 | 0.03 | 0.03 | 0.03 | 0.03 | ||||||||||||||||||||||||
Book value | 18.41 | 18.24 | 18.05 | 16.29 | 16.39 | ||||||||||||||||||||||||
Tangible book value (1) | 18.32 | 18.15 | 17.97 | 16.20 | 16.31 | ||||||||||||||||||||||||
Performance Ratios | |||||||||||||||||||||||||||||
Return on average assets (annualized) | 0.08 | % | 1.86 | % | 4.40 | % | 1.65 | % | 1.47 | % | |||||||||||||||||||
Return on average equity (annualized) | 0.88 | 20.79 | 46.14 | 18.94 | 16.80 | ||||||||||||||||||||||||
Net interest margin | 3.76 | 3.84 | 3.89 | 4.02 | 4.02 | ||||||||||||||||||||||||
Efficiency ratio (1) | 80.58 | 58.65 | 38.80 | 59.50 | 53.59 | ||||||||||||||||||||||||
Noninterest income to total revenue | 18.17 | 40.76 | 61.66 | 29.58 | 30.30 | ||||||||||||||||||||||||
Selected Loan Metrics | |||||||||||||||||||||||||||||
Loans and leases originated | $ | 1,177,688 | $ | 1,005,235 | $ | 959,635 | $ | 865,063 | $ | 1,083,623 | |||||||||||||||||||
Outstanding balance of sold loans serviced | 3,481,885 | 3,345,907 | 3,329,616 | 3,381,883 | 3,298,828 | ||||||||||||||||||||||||
Asset Quality Ratios | |||||||||||||||||||||||||||||
Allowance for credit losses to loans and leases held for investment (3) | 1.41 | % | 1.23 | % | 1.24 | % | 1.23 | % | 1.30 | % | |||||||||||||||||||
Net charge-offs (3) | $ | 1,396 | $ | 1,741 | $ | 2,462 | $ | 2,362 | $ | 15 | |||||||||||||||||||
Net charge-offs to average loans and leases held for investment (2) (3) | 0.09 | % | 0.12 | % | 0.19 | % | 0.19 | % | — | % | |||||||||||||||||||
Nonperforming loans and leases at historical cost (3) | |||||||||||||||||||||||||||||
Unguaranteed | $ | 18,784 | $ | 14,334 | $ | 11,974 | $ | 19,475 | $ | 15,987 | |||||||||||||||||||
Guaranteed | 54,608 | 45,730 | 33,794 | 32,828 | 26,546 | ||||||||||||||||||||||||
Total | 73,392 | 60,064 | 45,768 | 52,303 | 42,533 | ||||||||||||||||||||||||
Unguaranteed nonperforming historical cost loans and leases, to loans and leases held for investment (3) | 0.27 | % | 0.23 | % | 0.22 | % | 0.38 | % | 0.33 | % | |||||||||||||||||||
Nonperforming loans at fair value (4) | |||||||||||||||||||||||||||||
Unguaranteed | $ | 6,678 | $ | 2,736 | $ | 3,615 | $ | 4,451 | $ | 4,791 | |||||||||||||||||||
Guaranteed | 38,212 | 25,169 | 27,895 | 30,850 | 33,471 | ||||||||||||||||||||||||
Total | 44,890 | 27,905 | 31,510 | 35,301 | 38,262 | ||||||||||||||||||||||||
Unguaranteed nonperforming fair value loans to loans held for investment (4) | 1.35 | % | 0.53 | % | 0.68 | % | 0.74 | % | 0.74 | % | |||||||||||||||||||
Capital Ratios | |||||||||||||||||||||||||||||
Common equity tier 1 capital (to risk-weighted assets) | 12.46 | % | 13.16 | % | 13.14 | % | 12.10 | % | 12.38 | % | |||||||||||||||||||
Tier 1 leverage capital (to average assets) | 9.26 | 9.49 | 9.44 | 8.87 | 8.87 | ||||||||||||||||||||||||
Three Months Ended December 31, 2022 | Three Months Ended September 30, 2022 | ||||||||||||||||||||||||||||||||||
Average Balance | Interest | Average Yield/Rate | Average Balance | Interest | Average Yield/Rate | ||||||||||||||||||||||||||||||
Interest-earning assets: | |||||||||||||||||||||||||||||||||||
Interest-earning balances in other banks | $ | 138,819 | $ | 1,063 | 3.04 | % | $ | 225,959 | $ | 1,375 | 2.41 | % | |||||||||||||||||||||||
Federal funds sold | 160,944 | 1,521 | 3.75 | 187,014 | 1,073 | 2.28 | |||||||||||||||||||||||||||||
Investment securities | 1,128,105 | 6,716 | 2.36 | 1,040,076 | 5,506 | 2.10 | |||||||||||||||||||||||||||||
Loans held for sale | 573,280 | 11,635 | 8.05 | 1,000,912 | 16,156 | 6.40 | |||||||||||||||||||||||||||||
Loans and leases held for investment(1) | 7,066,106 | 115,675 | 6.49 | 6,208,447 | 91,724 | 5.86 | |||||||||||||||||||||||||||||
Total interest-earning assets | 9,067,254 | 136,610 | 5.98 | 8,662,408 | 115,834 | 5.31 | |||||||||||||||||||||||||||||
Less: Allowance for credit losses on loans and leases | (77,977) | (65,511) | |||||||||||||||||||||||||||||||||
Noninterest-earning assets | 476,204 | 598,220 | |||||||||||||||||||||||||||||||||
Total assets | $ | 9,465,481 | $ | 9,195,117 | |||||||||||||||||||||||||||||||
Interest-bearing liabilities: | |||||||||||||||||||||||||||||||||||
Savings | $ | 4,096,034 | $ | 28,587 | 2.77 | % | $ | 4,009,928 | $ | 16,775 | 1.66 | % | |||||||||||||||||||||||
Money market accounts | 117,843 | 121 | 0.41 | 100,074 | 72 | 0.29 | |||||||||||||||||||||||||||||
Certificates of deposit | 4,143,894 | 21,649 | 2.07 | 3,978,793 | 14,706 | 1.47 | |||||||||||||||||||||||||||||
Total deposits | 8,357,771 | 50,357 | 2.39 | 8,088,795 | 31,553 | 1.55 | |||||||||||||||||||||||||||||
Borrowings | 36,264 | 351 | 3.84 | 63,207 | 395 | 2.48 | |||||||||||||||||||||||||||||
Total interest-bearing liabilities | 8,394,035 | 50,708 | 2.40 | 8,152,002 | 31,948 | 1.55 | |||||||||||||||||||||||||||||
Noninterest-bearing deposits | 182,727 | 133,676 | |||||||||||||||||||||||||||||||||
Noninterest-bearing liabilities | 69,814 | 84,597 | |||||||||||||||||||||||||||||||||
Shareholders' equity | 818,905 | 824,842 | |||||||||||||||||||||||||||||||||
Total liabilities and shareholders' equity | $ | 9,465,481 | $ | 9,195,117 | |||||||||||||||||||||||||||||||
Net interest income and interest rate spread | $ | 85,902 | 3.58 | % | $ | 83,886 | 3.76 | % | |||||||||||||||||||||||||||
Net interest margin | 3.76 | 3.84 | |||||||||||||||||||||||||||||||||
Ratio of average interest-earning assets to average interest-bearing liabilities | 108.02 | % | 106.26 | % |
As of and for the three months ended | |||||||||||||||||||||||||||||
4Q 2022 | 3Q 2022 | 2Q 2022 | 1Q 2022 | 4Q 2021 | |||||||||||||||||||||||||
Total shareholders’ equity | $ | 811,033 | $ | 802,168 | $ | 791,662 | $ | 713,327 | $ | 715,133 | |||||||||||||||||||
Less: | |||||||||||||||||||||||||||||
Goodwill | 1,797 | 1,797 | 1,797 | 1,797 | 1,797 | ||||||||||||||||||||||||
Other intangible assets | 1,873 | 1,912 | 1,950 | 1,988 | 2,026 | ||||||||||||||||||||||||
Tangible shareholders’ equity (a) | $ | 807,363 | $ | 798,459 | $ | 787,915 | $ | 709,542 | $ | 711,310 | |||||||||||||||||||
Shares outstanding (c) | 44,061,244 | 43,981,350 | 43,854,011 | 43,787,660 | 43,619,070 | ||||||||||||||||||||||||
Total assets | $ | 9,855,498 | $ | 9,314,650 | $ | 9,120,897 | $ | 8,619,966 | $ | 8,213,393 | |||||||||||||||||||
Less: | |||||||||||||||||||||||||||||
Goodwill | 1,797 | 1,797 | 1,797 | 1,797 | 1,797 | ||||||||||||||||||||||||
Other intangible assets | 1,873 | 1,912 | 1,950 | 1,988 | 2,026 | ||||||||||||||||||||||||
Tangible assets (b) | $ | 9,851,828 | $ | 9,310,941 | $ | 9,117,150 | $ | 8,616,181 | $ | 8,209,570 | |||||||||||||||||||
Tangible shareholders’ equity to tangible assets (a/b) | 8.20 | % | 8.58 | % | 8.64 | % | 8.23 | % | 8.66 | % | |||||||||||||||||||
Tangible book value per share (a/c) | $ | 18.32 | $ | 18.15 | $ | 17.97 | $ | 16.20 | $ | 16.31 | |||||||||||||||||||
Efficiency ratio: | |||||||||||||||||||||||||||||
Noninterest expense (d) | $ | 84,585 | $ | 83,048 | $ | 80,879 | $ | 65,714 | $ | 59,698 | |||||||||||||||||||
Net interest income | 85,902 | 83,886 | 79,934 | 77,779 | 77,638 | ||||||||||||||||||||||||
Noninterest income | 19,071 | 57,724 | 128,529 | 32,668 | 33,756 | ||||||||||||||||||||||||
Total revenue (e) | $ | 104,973 | $ | 141,610 | $ | 208,463 | $ | 110,447 | $ | 111,394 | |||||||||||||||||||
Efficiency ratio (d/e) | 80.58 | % | 58.65 | % | 38.80 | % | 59.50 | % | 53.59 | % |
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