(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: | By: | /s/ J. Wesley Sutherland | ||||||
J. Wesley Sutherland Chief Accounting Officer |
(Dollars in thousands, except per share data) | Increase (Decrease) | ||||||||||||||||||||||||||||
1Q 2023 | 4Q 2022 | Dollars | Percent | 1Q 2022 | |||||||||||||||||||||||||
Total revenue(1) | $ | 101,596 | $ | 104,973 | $ | (3,377) | (3) | % | $ | 110,447 | |||||||||||||||||||
Total noninterest expense | 78,962 | 84,585 | (5,623) | (7) | 65,714 | ||||||||||||||||||||||||
Income before taxes | 3,613 | 717 | 2,896 | 404 | 42,897 | ||||||||||||||||||||||||
Effective tax rate | 89.0 | % | (149.9) | % | n/a | n/a | 19.6 | % | |||||||||||||||||||||
Net income | $ | 398 | $ | 1,792 | $ | (1,394) | (78) | % | $ | 34,509 | |||||||||||||||||||
Diluted earnings per share | 0.01 | 0.04 | (0.03) | (75) | 0.76 | ||||||||||||||||||||||||
Loan and lease production: | |||||||||||||||||||||||||||||
Loans and leases originated | $ | 1,030,882 | $ | 1,177,688 | $ | (146,806) | (12) | % | $ | 865,063 | |||||||||||||||||||
% Fully funded | 54.5 | % | 58.1 | % | n/a | n/a | 55.9 | % | |||||||||||||||||||||
Total loans and leases: | $ | 8,220,279 | $ | 7,898,788 | $ | 321,491 | 4 | % | $ | 6,766,876 | |||||||||||||||||||
Total assets: | 10,364,297 | 9,855,498 | 508,799 | 5 | 8,619,966 | ||||||||||||||||||||||||
Total deposits: | 9,421,994 | 8,884,928 | 537,066 | 6 | 7,637,163 |
Three Months Ended | 1Q 2023 Change vs. | ||||||||||||||||||||||||||||||||||||||||
1Q 2023 | 4Q 2022 | 3Q 2022 | 2Q 2022 | 1Q 2022 | 4Q 2022 | 1Q 2022 | |||||||||||||||||||||||||||||||||||
Interest income | % | % | |||||||||||||||||||||||||||||||||||||||
Loans and fees on loans | $ | 139,052 | $ | 127,310 | $ | 107,880 | $ | 94,157 | $ | 89,198 | 9.2 | 55.9 | |||||||||||||||||||||||||||||
Investment securities, taxable | 7,547 | 6,716 | 5,506 | 4,046 | 3,399 | 12.4 | 122.0 | ||||||||||||||||||||||||||||||||||
Other interest earning assets | 4,817 | 2,584 | 2,448 | 1,044 | 185 | 86.4 | 2503.8 | ||||||||||||||||||||||||||||||||||
Total interest income | 151,416 | 136,610 | 115,834 | 99,247 | 92,782 | 10.8 | 63.2 | ||||||||||||||||||||||||||||||||||
Interest expense | |||||||||||||||||||||||||||||||||||||||||
Deposits | 67,595 | 50,357 | 31,553 | 18,777 | 14,348 | 34.2 | 371.1 | ||||||||||||||||||||||||||||||||||
Borrowings | 1,804 | 351 | 395 | 536 | 655 | 414.0 | 175.4 | ||||||||||||||||||||||||||||||||||
Total interest expense | 69,399 | 50,708 | 31,948 | 19,313 | 15,003 | 36.9 | 362.6 | ||||||||||||||||||||||||||||||||||
Net interest income | 82,017 | 85,902 | 83,886 | 79,934 | 77,779 | (4.5) | 5.4 | ||||||||||||||||||||||||||||||||||
Provision for loan and lease credit losses | 19,021 | 19,671 | 14,169 | 5,267 | 1,836 | (3.3) | 936.0 | ||||||||||||||||||||||||||||||||||
Net interest income after provision for loan and lease credit losses | 62,996 | 66,231 | 69,717 | 74,667 | 75,943 | (4.9) | (17.0) | ||||||||||||||||||||||||||||||||||
Noninterest income | |||||||||||||||||||||||||||||||||||||||||
Loan servicing revenue | 6,380 | 6,296 | 6,230 | 6,477 | 6,356 | 1.3 | 0.4 | ||||||||||||||||||||||||||||||||||
Loan servicing asset revaluation | 356 | (5,016) | (1,324) | (8,668) | (1,569) | 107.1 | 122.7 | ||||||||||||||||||||||||||||||||||
Net gains on sales of loans | 10,175 | 7,362 | 9,275 | 5,630 | 20,977 | 38.2 | (51.5) | ||||||||||||||||||||||||||||||||||
Net (loss) gain on loans accounted for under the fair value option | (4,529) | 571 | 4,420 | (4,461) | 516 | (893.2) | (977.7) | ||||||||||||||||||||||||||||||||||
Equity method investments income (loss) | (2,952) | (1,818) | 29,136 | 119,056 | (2,124) | (62.4) | (39.0) | ||||||||||||||||||||||||||||||||||
Equity security investments gains (losses), net | 77 | 868 | 876 | 1,655 | (44) | (91.1) | 275.0 | ||||||||||||||||||||||||||||||||||
Lease income | 2,535 | 2,555 | 2,516 | 2,510 | 2,503 | (0.8) | 1.3 | ||||||||||||||||||||||||||||||||||
Management fee income | 3,472 | 3,200 | 2,844 | 2,558 | 1,488 | 8.5 | 133.3 | ||||||||||||||||||||||||||||||||||
Other noninterest income | 4,065 | 5,053 | 3,751 | 3,772 | 4,565 | (19.6) | (11.0) | ||||||||||||||||||||||||||||||||||
Total noninterest income | 19,579 | 19,071 | 57,724 | 128,529 | 32,668 | 2.7 | (40.1) | ||||||||||||||||||||||||||||||||||
Noninterest expense | |||||||||||||||||||||||||||||||||||||||||
Salaries and employee benefits | 44,765 | 42,560 | 43,479 | 46,276 | 38,507 | 5.2 | 16.3 | ||||||||||||||||||||||||||||||||||
Travel expense | 2,411 | 1,872 | 2,372 | 2,358 | 1,897 | 28.8 | 27.1 | ||||||||||||||||||||||||||||||||||
Professional services expense | 927 | 2,453 | 2,505 | 3,988 | 2,791 | (62.2) | (66.8) | ||||||||||||||||||||||||||||||||||
Advertising and marketing expense | 3,603 | 3,892 | 2,621 | 2,301 | 1,729 | (7.4) | 108.4 | ||||||||||||||||||||||||||||||||||
Occupancy expense | 1,925 | 3,469 | 2,519 | 2,773 | 2,327 | (44.5) | (17.3) | ||||||||||||||||||||||||||||||||||
Technology expense | 7,729 | 8,849 | 7,770 | 5,762 | 6,053 | (12.7) | 27.7 | ||||||||||||||||||||||||||||||||||
Equipment expense | 3,818 | 3,759 | 3,761 | 3,784 | 3,816 | 1.6 | 0.1 | ||||||||||||||||||||||||||||||||||
Other loan origination and maintenance expense | 3,927 | 3,657 | 3,376 | 3,022 | 3,113 | 7.4 | 26.1 | ||||||||||||||||||||||||||||||||||
Renewable energy tax credit investment impairment | 69 | 8,446 | 7,721 | 50 | — | (99.2) | 100.0 | ||||||||||||||||||||||||||||||||||
FDIC insurance | 3,403 | 2,923 | 2,697 | 2,164 | 1,972 | 16.4 | 72.6 | ||||||||||||||||||||||||||||||||||
Contributions and donations | 56 | 33 | 191 | 5,515 | 723 | 69.7 | (92.3) | ||||||||||||||||||||||||||||||||||
Other expense | 6,329 | 2,672 | 4,036 | 2,886 | 2,786 | 136.9 | 127.2 | ||||||||||||||||||||||||||||||||||
Total noninterest expense | 78,962 | 84,585 | 83,048 | 80,879 | 65,714 | (6.6) | 20.2 | ||||||||||||||||||||||||||||||||||
Income before taxes | 3,613 | 717 | 44,393 | 122,317 | 42,897 | 403.9 | (91.6) | ||||||||||||||||||||||||||||||||||
Income tax expense (benefit) | 3,215 | (1,075) | 1,525 | 25,278 | 8,388 | 399.1 | (61.7) | ||||||||||||||||||||||||||||||||||
Net income | $ | 398 | $ | 1,792 | $ | 42,868 | $ | 97,039 | $ | 34,509 | (77.8) | (98.8) | |||||||||||||||||||||||||||||
Earnings per share | |||||||||||||||||||||||||||||||||||||||||
Basic | $ | 0.01 | $ | 0.04 | $ | 0.97 | $ | 2.22 | $ | 0.79 | (75.0) | (98.7) | |||||||||||||||||||||||||||||
Diluted | $ | 0.01 | $ | 0.04 | $ | 0.96 | $ | 2.16 | $ | 0.76 | (75.0) | (98.7) | |||||||||||||||||||||||||||||
Weighted average shares outstanding | |||||||||||||||||||||||||||||||||||||||||
Basic | 44,157,156 | 44,005,220 | 43,914,920 | 43,824,707 | 43,701,943 | ||||||||||||||||||||||||||||||||||||
Diluted | 44,964,616 | 44,794,941 | 44,797,109 | 44,803,278 | 45,227,536 |
As of the quarter ended | 1Q 2023 Change vs. | ||||||||||||||||||||||||||||||||||||||||
1Q 2023 | 4Q 2022 | 3Q 2022 | 2Q 2022 | 1Q 2022 | 4Q 2022 | 1Q 2022 | |||||||||||||||||||||||||||||||||||
Assets | % | % | |||||||||||||||||||||||||||||||||||||||
Cash and due from banks | $ | 463,186 | $ | 280,239 | $ | 335,046 | $ | 580,493 | $ | 477,778 | 65.3 | (3.1) | |||||||||||||||||||||||||||||
Federal funds sold | — | 136,397 | 68,324 | 51,694 | 29,993 | (100.0) | (100.0) | ||||||||||||||||||||||||||||||||||
Certificates of deposit with other banks | 4,000 | 4,000 | 4,250 | 4,250 | 4,250 | — | (5.9) | ||||||||||||||||||||||||||||||||||
Investment securities available-for-sale | 1,149,691 | 1,014,719 | 1,005,372 | 927,968 | 844,577 | 13.3 | 36.1 | ||||||||||||||||||||||||||||||||||
Loans held for sale (1) | 533,292 | 554,610 | 537,649 | 1,199,734 | 1,028,635 | (3.8) | (48.2) | ||||||||||||||||||||||||||||||||||
Loans and leases held for investment (2) | 7,686,987 | 7,344,178 | 6,853,382 | 5,860,209 | 5,738,241 | 4.7 | 34.0 | ||||||||||||||||||||||||||||||||||
Allowance for credit losses on loans and leases | (108,242) | (96,566) | (78,291) | (65,863) | (63,058) | 12.1 | 71.7 | ||||||||||||||||||||||||||||||||||
Net loans and leases | 7,578,745 | 7,247,612 | 6,775,091 | 5,794,346 | 5,675,183 | 4.6 | 33.5 | ||||||||||||||||||||||||||||||||||
Premises and equipment, net | 268,138 | 263,290 | 260,285 | 257,926 | 254,865 | 1.8 | 5.2 | ||||||||||||||||||||||||||||||||||
Foreclosed assets | — | — | 1,178 | 191 | 198 | — | (100.0) | ||||||||||||||||||||||||||||||||||
Servicing assets | 29,357 | 26,323 | 29,081 | 28,661 | 36,286 | 11.5 | (19.1) | ||||||||||||||||||||||||||||||||||
Other assets | 337,888 | 328,308 | 298,374 | 275,634 | 268,201 | 2.9 | 26.0 | ||||||||||||||||||||||||||||||||||
Total assets | $ | 10,364,297 | $ | 9,855,498 | $ | 9,314,650 | $ | 9,120,897 | $ | 8,619,966 | 5.2 | 20.2 | |||||||||||||||||||||||||||||
Liabilities and Shareholders’ Equity | |||||||||||||||||||||||||||||||||||||||||
Liabilities | |||||||||||||||||||||||||||||||||||||||||
Deposits: | |||||||||||||||||||||||||||||||||||||||||
Noninterest-bearing | $ | 176,439 | $ | 194,100 | $ | 170,336 | $ | 119,371 | $ | 86,342 | (9.1) | 104.3 | |||||||||||||||||||||||||||||
Interest-bearing | 9,245,555 | 8,690,828 | 8,234,573 | 8,036,373 | 7,550,821 | 6.4 | 22.4 | ||||||||||||||||||||||||||||||||||
Total deposits | 9,421,994 | 8,884,928 | 8,404,909 | 8,155,744 | 7,637,163 | 6.0 | 23.4 | ||||||||||||||||||||||||||||||||||
Borrowings | 30,767 | 83,203 | 35,616 | 86,209 | 196,911 | (63.0) | (84.4) | ||||||||||||||||||||||||||||||||||
Other liabilities | 88,729 | 76,334 | 71,957 | 87,282 | 72,565 | 16.2 | 22.3 | ||||||||||||||||||||||||||||||||||
Total liabilities | 9,541,490 | 9,044,465 | 8,512,482 | 8,329,235 | 7,906,639 | 5.5 | 20.7 | ||||||||||||||||||||||||||||||||||
Shareholders’ equity | |||||||||||||||||||||||||||||||||||||||||
Preferred stock, no par value, 1,000,000 shares authorized, none issued or outstanding | — | — | — | — | — | — | — | ||||||||||||||||||||||||||||||||||
Class A common stock (voting) | 334,672 | 330,854 | 325,632 | 320,924 | 315,607 | 1.2 | 6.0 | ||||||||||||||||||||||||||||||||||
Class B common stock (non-voting) | — | — | — | — | — | — | — | ||||||||||||||||||||||||||||||||||
Retained earnings | 572,530 | 572,497 | 571,778 | 530,021 | 434,226 | — | 31.9 | ||||||||||||||||||||||||||||||||||
Accumulated other comprehensive loss | (84,395) | (92,318) | (95,242) | (59,283) | (36,506) | (8.6) | 131.2 | ||||||||||||||||||||||||||||||||||
Total shareholders' equity | 822,807 | 811,033 | 802,168 | 791,662 | 713,327 | 1.5 | 15.3 | ||||||||||||||||||||||||||||||||||
Total liabilities and shareholders’ equity | $ | 10,364,297 | $ | 9,855,498 | $ | 9,314,650 | $ | 9,120,897 | $ | 8,619,966 | 5.2 | 20.2 |
As of and for the three months ended | |||||||||||||||||||||||||||||
1Q 2023 | 4Q 2022 | 3Q 2022 | 2Q 2022 | 1Q 2022 | |||||||||||||||||||||||||
Income Statement Data | |||||||||||||||||||||||||||||
Net income | $ | 398 | $ | 1,792 | $ | 42,868 | $ | 97,039 | $ | 34,509 | |||||||||||||||||||
Per Common Share | |||||||||||||||||||||||||||||
Net income, diluted | $ | 0.01 | $ | 0.04 | $ | 0.96 | $ | 2.16 | $ | 0.76 | |||||||||||||||||||
Dividends declared | 0.03 | 0.03 | 0.03 | 0.03 | 0.03 | ||||||||||||||||||||||||
Book value | 18.58 | 18.41 | 18.24 | 18.05 | 16.29 | ||||||||||||||||||||||||
Tangible book value (1) | 18.50 | 18.32 | 18.15 | 17.97 | 16.20 | ||||||||||||||||||||||||
Performance Ratios | |||||||||||||||||||||||||||||
Return on average assets (annualized) | 0.02 | % | 0.08 | % | 1.86 | % | 4.40 | % | 1.65 | % | |||||||||||||||||||
Return on average equity (annualized) | 0.19 | 0.88 | 20.79 | 46.14 | 18.94 | ||||||||||||||||||||||||
Net interest margin | 3.46 | 3.76 | 3.84 | 3.89 | 4.02 | ||||||||||||||||||||||||
Efficiency ratio (1) | 77.72 | 80.58 | 58.65 | 38.80 | 59.50 | ||||||||||||||||||||||||
Noninterest income to total revenue | 19.27 | 18.17 | 40.76 | 61.66 | 29.58 | ||||||||||||||||||||||||
Selected Loan Metrics | |||||||||||||||||||||||||||||
Loans and leases originated | $ | 1,030,882 | $ | 1,177,688 | $ | 1,005,235 | $ | 959,635 | $ | 865,063 | |||||||||||||||||||
Outstanding balance of sold loans serviced | 3,616,701 | 3,481,885 | 3,345,907 | 3,329,616 | 3,381,883 | ||||||||||||||||||||||||
Asset Quality Ratios | |||||||||||||||||||||||||||||
Allowance for credit losses to loans and leases held for investment (3) | 1.50 | % | 1.41 | % | 1.23 | % | 1.24 | % | 1.23 | % | |||||||||||||||||||
Net charge-offs (3) | $ | 6,669 | $ | 1,396 | $ | 1,741 | $ | 2,462 | $ | 2,362 | |||||||||||||||||||
Net charge-offs to average loans and leases held for investment (2) (3) | 0.38 | % | 0.09 | % | 0.12 | % | 0.19 | % | 0.19 | % | |||||||||||||||||||
Nonperforming loans and leases at historical cost (3) | |||||||||||||||||||||||||||||
Unguaranteed | $ | 22,002 | $ | 18,784 | $ | 14,334 | $ | 11,974 | $ | 19,475 | |||||||||||||||||||
Guaranteed | 63,696 | 54,608 | 45,730 | 33,794 | 32,828 | ||||||||||||||||||||||||
Total | 85,698 | 73,392 | 60,064 | 45,768 | 52,303 | ||||||||||||||||||||||||
Unguaranteed nonperforming historical cost loans and leases, to loans and leases held for investment (3) | 0.30 | % | 0.27 | % | 0.23 | % | 0.22 | % | 0.38 | % | |||||||||||||||||||
Nonperforming loans at fair value (4) | |||||||||||||||||||||||||||||
Unguaranteed | $ | 8,193 | $ | 6,678 | $ | 2,736 | $ | 3,615 | $ | 4,451 | |||||||||||||||||||
Guaranteed | 43,968 | 38,212 | 25,169 | 27,895 | 30,850 | ||||||||||||||||||||||||
Total | 52,161 | 44,890 | 27,905 | 31,510 | 35,301 | ||||||||||||||||||||||||
Unguaranteed nonperforming fair value loans to loans held for investment (4) | 1.75 | % | 1.35 | % | 0.53 | % | 0.68 | % | 0.74 | % | |||||||||||||||||||
Capital Ratios | |||||||||||||||||||||||||||||
Common equity tier 1 capital (to risk-weighted assets) | 11.67 | % | 12.46 | % | 13.16 | % | 13.14 | % | 12.10 | % | |||||||||||||||||||
Tier 1 leverage capital (to average assets) | 8.70 | 9.26 | 9.49 | 9.44 | 8.87 |
Three Months Ended March 31, 2023 | Three Months Ended December 31, 2022 | ||||||||||||||||||||||||||||||||||
Average Balance | Interest | Average Yield/Rate | Average Balance | Interest | Average Yield/Rate | ||||||||||||||||||||||||||||||
Interest-earning assets: | |||||||||||||||||||||||||||||||||||
Interest-earning balances in other banks | $ | 220,114 | $ | 3,193 | 5.88 | % | $ | 138,819 | $ | 1,063 | 3.04 | % | |||||||||||||||||||||||
Federal funds sold | 140,033 | 1,624 | 4.70 | 160,944 | 1,521 | 3.75 | |||||||||||||||||||||||||||||
Investment securities | 1,187,377 | 7,547 | 2.58 | 1,128,105 | 6,716 | 2.36 | |||||||||||||||||||||||||||||
Loans held for sale | 560,155 | 11,986 | 8.68 | 573,280 | 11,635 | 8.05 | |||||||||||||||||||||||||||||
Loans and leases held for investment(1) | 7,497,824 | 127,066 | 6.87 | 7,066,106 | 115,675 | 6.49 | |||||||||||||||||||||||||||||
Total interest-earning assets | 9,605,503 | 151,416 | 6.39 | 9,067,254 | 136,610 | 5.98 | |||||||||||||||||||||||||||||
Less: Allowance for credit losses on loans and leases | (94,283) | (77,977) | |||||||||||||||||||||||||||||||||
Noninterest-earning assets | 600,471 | 476,204 | |||||||||||||||||||||||||||||||||
Total assets | $ | 10,111,691 | $ | 9,465,481 | |||||||||||||||||||||||||||||||
Interest-bearing liabilities: | |||||||||||||||||||||||||||||||||||
Interest-bearing checking | $ | 21,668 | $ | 271 | 5.07 | % | $ | — | $ | — | — | % | |||||||||||||||||||||||
Savings | 4,207,286 | 36,251 | 3.49 | 4,096,034 | 28,587 | 2.77 | |||||||||||||||||||||||||||||
Money market accounts | 114,084 | 137 | 0.49 | 117,843 | 121 | 0.41 | |||||||||||||||||||||||||||||
Certificates of deposit | 4,535,363 | 30,936 | 2.77 | 4,143,894 | 21,649 | 2.07 | |||||||||||||||||||||||||||||
Total deposits | 8,878,401 | 67,595 | 3.09 | 8,357,771 | 50,357 | 2.39 | |||||||||||||||||||||||||||||
Borrowings | 158,508 | 1,804 | 4.62 | 36,264 | 351 | 3.84 | |||||||||||||||||||||||||||||
Total interest-bearing liabilities | 9,036,909 | 69,399 | 3.11 | 8,394,035 | 50,708 | 2.40 | |||||||||||||||||||||||||||||
Noninterest-bearing deposits | 177,078 | 182,727 | |||||||||||||||||||||||||||||||||
Noninterest-bearing liabilities | 64,409 | 69,814 | |||||||||||||||||||||||||||||||||
Shareholders' equity | 833,295 | 818,905 | |||||||||||||||||||||||||||||||||
Total liabilities and shareholders' equity | $ | 10,111,691 | $ | 9,465,481 | |||||||||||||||||||||||||||||||
Net interest income and interest rate spread | $ | 82,017 | 3.28 | % | $ | 85,902 | 3.58 | % | |||||||||||||||||||||||||||
Net interest margin | 3.46 | 3.76 | |||||||||||||||||||||||||||||||||
Ratio of average interest-earning assets to average interest-bearing liabilities | 106.29 | % | 108.02 | % |
As of and for the three months ended | |||||||||||||||||||||||||||||
1Q 2023 | 4Q 2022 | 3Q 2022 | 2Q 2022 | 1Q 2022 | |||||||||||||||||||||||||
Total shareholders’ equity | $ | 822,807 | $ | 811,033 | $ | 802,168 | $ | 791,662 | $ | 713,327 | |||||||||||||||||||
Less: | |||||||||||||||||||||||||||||
Goodwill | 1,797 | 1,797 | 1,797 | 1,797 | 1,797 | ||||||||||||||||||||||||
Other intangible assets | 1,835 | 1,873 | 1,912 | 1,950 | 1,988 | ||||||||||||||||||||||||
Tangible shareholders’ equity (a) | $ | 819,175 | $ | 807,363 | $ | 798,459 | $ | 787,915 | $ | 709,542 | |||||||||||||||||||
Shares outstanding (c) | 44,290,840 | 44,061,244 | 43,981,350 | 43,854,011 | 43,787,660 | ||||||||||||||||||||||||
Total assets | $ | 10,364,297 | $ | 9,855,498 | $ | 9,314,650 | $ | 9,120,897 | $ | 8,619,966 | |||||||||||||||||||
Less: | |||||||||||||||||||||||||||||
Goodwill | 1,797 | 1,797 | 1,797 | 1,797 | 1,797 | ||||||||||||||||||||||||
Other intangible assets | 1,835 | 1,873 | 1,912 | 1,950 | 1,988 | ||||||||||||||||||||||||
Tangible assets (b) | $ | 10,360,665 | $ | 9,851,828 | $ | 9,310,941 | $ | 9,117,150 | $ | 8,616,181 | |||||||||||||||||||
Tangible shareholders’ equity to tangible assets (a/b) | 7.91 | % | 8.20 | % | 8.58 | % | 8.64 | % | 8.23 | % | |||||||||||||||||||
Tangible book value per share (a/c) | $ | 18.50 | $ | 0.02 | $ | 0.02 | $ | 17.97 | $ | 16.20 | |||||||||||||||||||
Efficiency ratio: | |||||||||||||||||||||||||||||
Noninterest expense (d) | $ | 78,962 | $ | 84,585 | $ | 83,048 | $ | 80,879 | $ | 65,714 | |||||||||||||||||||
Net interest income | 82,017 | 85,902 | 83,886 | 79,934 | 77,779 | ||||||||||||||||||||||||
Noninterest income | 19,579 | 19,071 | 57,724 | 128,529 | 32,668 | ||||||||||||||||||||||||
Total revenue (e) | $ | 101,596 | $ | 104,973 | $ | 141,610 | $ | 208,463 | $ | 110,447 | |||||||||||||||||||
Efficiency ratio (d/e) | 77.72 | % | 80.58 | % | 58.65 | % | 38.80 | % | 59.50 | % |
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