(State or other jurisdiction of incorporation or organization) | (Commission File Number) | (I.R.S. Employer Identification Number) |
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)) |
Securities registered pursuant to Section 12(b) of the Act: none | ||||||||||||||
Exhibit Number | Description | |||||||
99.1 | ||||||||
104 | Cover Page Interactive Data File (embedded within the Inline XBRL document). |
FIRSTSUN CAPITAL BANCORP | ||||||||
Date: January 26, 2023 | By: | /s/ Robert A. Cafera, Jr. | ||||||
Name: | Robert A. Cafera, Jr. | |||||||
Title: | Executive Vice President and Chief Financial Officer | |||||||
(Principal Financial Officer) |
As of and for the quarter ended | As of and for the year ended | |||||||||||||||||||||||||||||||
($ in thousands, except per share amounts) | December 31, 2022 | September 30, 2022 | December 31, 2021 | December 31, 2022 | December 31, 2021 | |||||||||||||||||||||||||||
Net interest income | $ | 73,276 | $ | 68,486 | $ | 40,451 | $ | 241,632 | $ | 155,233 | ||||||||||||||||||||||
Provision for loan losses | 5,600 | 3,750 | 1,250 | 18,050 | 3,000 | |||||||||||||||||||||||||||
Noninterest income | 18,618 | 24,953 | 29,396 | 89,566 | 124,244 | |||||||||||||||||||||||||||
Noninterest expense | 55,443 | 55,548 | 58,261 | 239,126 | 224,635 | |||||||||||||||||||||||||||
Income before income taxes | 30,851 | 34,141 | 10,336 | 74,022 | 51,842 | |||||||||||||||||||||||||||
Provision for income taxes | 6,281 | 7,628 | 1,519 | 14,840 | 8,678 | |||||||||||||||||||||||||||
Net income | 24,570 | 26,513 | 8,817 | 59,182 | 43,164 | |||||||||||||||||||||||||||
Net income, excluding merger costs (1) | 24,570 | 26,513 | 9,736 | 76,213 | 45,740 | |||||||||||||||||||||||||||
Diluted earnings per share | $ | 0.96 | $ | 1.04 | $ | 0.47 | $ | 2.48 | $ | 2.30 | ||||||||||||||||||||||
Diluted earnings per share, excluding merger costs (1) | $ | 0.96 | $ | 1.04 | $ | 0.52 | $ | 3.20 | $ | 2.44 | ||||||||||||||||||||||
Return on average assets | 1.38 | % | 1.52 | % | 0.62 | % | 0.88 | % | 0.79 | % | ||||||||||||||||||||||
Return on average assets, excluding merger costs (1) | 1.38 | % | 1.52 | % | 0.68 | % | 1.13 | % | 0.84 | % | ||||||||||||||||||||||
Return on average stockholders' equity | 12.89 | % | 14.50 | % | 6.69 | % | 8.55 | % | 8.37 | % | ||||||||||||||||||||||
Return on average stockholders’ equity, excluding merger costs (1) | 12.89 | % | 14.50 | % | 7.38 | % | 11.01 | % | 8.87 | % | ||||||||||||||||||||||
Net interest margin | 4.45 | % | 4.26 | % | 2.99 | % | 3.87 | % | 3.00 | % | ||||||||||||||||||||||
Net interest margin (FTE basis) (1) | 4.52 | % | 4.31 | % | 3.09 | % | 3.95 | % | 3.11 | % | ||||||||||||||||||||||
Efficiency ratio | 60.33 | % | 59.45 | % | 83.41 | % | 72.20 | % | 80.38 | % | ||||||||||||||||||||||
Efficiency ratio, excluding merger related expenses (1) | 60.33 | % | 59.45 | % | 81.84 | % | 66.54 | % | 79.27 | % | ||||||||||||||||||||||
Fee revenue to total revenue | 20.26 | % | 26.71 | % | 42.09 | % | 27.04 | % | 44.46 | % | ||||||||||||||||||||||
Total assets | $ | 7,430,322 | $ | 7,052,917 | $ | 5,666,814 | $ | 7,430,322 | $ | 5,666,814 | ||||||||||||||||||||||
Total loans held-for-sale | 57,323 | 67,535 | 103,939 | 57,323 | 103,939 | |||||||||||||||||||||||||||
Total loans held-for-investment | 5,911,832 | 5,556,686 | 4,037,123 | 5,911,832 | 4,037,123 | |||||||||||||||||||||||||||
Total deposits | 5,765,062 | 5,760,418 | 4,854,948 | 5,765,062 | 4,854,948 | |||||||||||||||||||||||||||
Total stockholders' equity | 774,536 | 750,653 | 524,038 | 774,536 | 524,038 | |||||||||||||||||||||||||||
Period end loan-to-deposit ratio | 102.55 | % | 96.46 | % | 83.15 | % | 102.55 | % | 83.15 | % | ||||||||||||||||||||||
Book value per common share | $ | 31.08 | $ | 30.14 | $ | 28.56 | $ | 31.08 | $ | 28.56 | ||||||||||||||||||||||
Tangible book value per common share (1) | $ | 26.69 | $ | 25.67 | $ | 26.31 | $ | 26.69 | $ | 26.31 | ||||||||||||||||||||||
(1) Represents a non-GAAP financial measure. See the tables beginning on page 14 for a reconciliation of each non-GAAP measure to the most comparable GAAP equivalent. |
As of and for the quarter ended | As of and for the year ended | |||||||||||||||||||||||||||||||
($ in thousands, except per share amounts) | December 31, 2022 | September 30, 2022 | December 31, 2021 | December 31, 2022 | December 31, 2021 | |||||||||||||||||||||||||||
Total interest income | $ | 85,165 | $ | 73,763 | $ | 43,578 | $ | 266,817 | $ | 169,354 | ||||||||||||||||||||||
Total interest expense | 11,889 | 5,277 | 3,127 | 25,185 | 14,121 | |||||||||||||||||||||||||||
Net interest income | 73,276 | 68,486 | 40,451 | 241,632 | 155,233 | |||||||||||||||||||||||||||
Provision for loan losses | 5,600 | 3,750 | 1,250 | 18,050 | 3,000 | |||||||||||||||||||||||||||
Net interest income after provision for loan losses | 67,676 | 64,736 | 39,201 | 223,582 | 152,233 | |||||||||||||||||||||||||||
Noninterest income: | ||||||||||||||||||||||||||||||||
Service charges on deposits | 5,100 | 4,807 | 3,845 | 18,211 | 12,504 | |||||||||||||||||||||||||||
Credit and debit card fees | 3,003 | 3,103 | 2,456 | 11,511 | 9,596 | |||||||||||||||||||||||||||
Trust and investment advisory fees | 1,398 | 1,552 | 1,924 | 6,806 | 7,795 | |||||||||||||||||||||||||||
Mortgage banking income, net | 6,268 | 13,785 | 18,266 | 46,285 | 86,410 | |||||||||||||||||||||||||||
Other noninterest income | 2,849 | 1,706 | 2,905 | 6,753 | 7,939 | |||||||||||||||||||||||||||
Total noninterest income | 18,618 | 24,953 | 29,396 | 89,566 | 124,244 | |||||||||||||||||||||||||||
Noninterest expense: | ||||||||||||||||||||||||||||||||
Salaries and benefits | 32,378 | 32,508 | 38,797 | 134,359 | 151,926 | |||||||||||||||||||||||||||
Occupancy and equipment | 7,707 | 8,216 | 6,698 | 30,509 | 26,565 | |||||||||||||||||||||||||||
Amortization of intangible assets | 2,019 | 935 | 355 | 4,216 | 1,417 | |||||||||||||||||||||||||||
Merger related expenses | — | — | 1,101 | 18,751 | 3,085 | |||||||||||||||||||||||||||
Other noninterest expenses | 13,339 | 13,889 | 11,310 | 51,291 | 41,642 | |||||||||||||||||||||||||||
Total noninterest expense | 55,443 | 55,548 | 58,261 | 239,126 | 224,635 | |||||||||||||||||||||||||||
Income before income taxes | 30,851 | 34,141 | 10,336 | 74,022 | 51,842 | |||||||||||||||||||||||||||
Provision for income taxes | 6,281 | 7,628 | 1,519 | 14,840 | 8,678 | |||||||||||||||||||||||||||
Net income | $ | 24,570 | $ | 26,513 | $ | 8,817 | $ | 59,182 | $ | 43,164 | ||||||||||||||||||||||
Earnings per share - basic | $ | 0.99 | $ | 1.07 | $ | 0.48 | $ | 2.55 | $ | 2.36 | ||||||||||||||||||||||
Earnings per share - diluted | $ | 0.96 | $ | 1.04 | $ | 0.47 | $ | 2.48 | $ | 2.30 |
($ in thousands) | December 31, 2022 | September 30, 2022 | December 31, 2021 | |||||||||||||||||
Assets | ||||||||||||||||||||
Cash and cash equivalents | $ | 343,526 | $ | 325,039 | $ | 668,462 | ||||||||||||||
Securities available-for-sale, at fair value | 536,973 | 551,165 | 572,501 | |||||||||||||||||
Securities held-to-maturity | 38,901 | 39,148 | 18,007 | |||||||||||||||||
Loans held-for-sale, at fair value | 57,323 | 67,535 | 103,939 | |||||||||||||||||
Loans | 5,911,832 | 5,556,686 | 4,037,123 | |||||||||||||||||
Allowance for loan losses | (65,917) | (59,678) | (47,547) | |||||||||||||||||
Loans, net | 5,845,915 | 5,497,008 | 3,989,576 | |||||||||||||||||
Mortgage servicing rights, at fair value | 74,097 | 73,850 | 47,392 | |||||||||||||||||
Premises and equipment, net | 87,079 | 88,490 | 53,147 | |||||||||||||||||
Other real estate owned and foreclosed assets, net | 6,358 | 5,391 | 5,487 | |||||||||||||||||
Goodwill | 93,483 | 93,483 | 33,050 | |||||||||||||||||
Intangible assets, net | 15,806 | 17,825 | 8,250 | |||||||||||||||||
All other assets | 330,861 | 293,983 | 167,003 | |||||||||||||||||
Total assets | $ | 7,430,322 | $ | 7,052,917 | $ | 5,666,814 | ||||||||||||||
Liabilities and Stockholders' Equity | ||||||||||||||||||||
Liabilities: | ||||||||||||||||||||
Deposits: | ||||||||||||||||||||
Noninterest-bearing demand deposit accounts | $ | 1,820,490 | $ | 1,946,215 | $ | 1,566,113 | ||||||||||||||
Interest-bearing deposit accounts: | ||||||||||||||||||||
Interest-bearing demand accounts | 212,357 | 160,082 | 187,712 | |||||||||||||||||
Savings accounts and money market accounts | 2,759,969 | 3,008,433 | 2,757,882 | |||||||||||||||||
NOW accounts | 50,224 | 46,128 | 19,496 | |||||||||||||||||
Certificate of deposit accounts | 922,022 | 599,560 | 323,745 | |||||||||||||||||
Total deposits | 5,765,062 | 5,760,418 | 4,854,948 | |||||||||||||||||
Securities sold under agreements to repurchase | 36,721 | 51,256 | 92,093 | |||||||||||||||||
Federal Home Loan Bank advances | 643,885 | 310,872 | 40,000 | |||||||||||||||||
Other borrowings | 80,235 | 80,097 | 69,458 | |||||||||||||||||
Other liabilities | 129,883 | 99,621 | 86,277 | |||||||||||||||||
Total liabilities | 6,655,786 | 6,302,264 | 5,142,776 | |||||||||||||||||
Stockholders' equity: | ||||||||||||||||||||
Preferred stock | — | — | — | |||||||||||||||||
Common stock | 2 | 2 | 2 | |||||||||||||||||
Additional paid-in capital | 460,720 | 460,530 | 261,905 | |||||||||||||||||
Treasury stock | — | — | (38,148) | |||||||||||||||||
Retained earnings | 357,797 | 333,227 | 298,615 | |||||||||||||||||
Accumulated other comprehensive (loss) income, net | (43,983) | (43,106) | 1,664 | |||||||||||||||||
Total stockholders' equity | 774,536 | 750,653 | 524,038 | |||||||||||||||||
Total liabilities and stockholders' equity | $ | 7,430,322 | $ | 7,052,917 | $ | 5,666,814 |
As of and for the quarter ended | |||||||||||||||||
December 31, 2022 | September 30, 2022 | December 31, 2021 | |||||||||||||||
Weighted average common shares outstanding, basic | 24,907,643 | 24,877,607 | 18,322,194 | ||||||||||||||
Weighted average common shares outstanding, diluted | 25,525,026 | 25,494,315 | 18,836,918 | ||||||||||||||
Period end common shares outstanding | 24,920,984 | 24,906,032 | 18,346,288 | ||||||||||||||
Book value per common share | $ | 31.08 | $ | 30.14 | $ | 28.56 | |||||||||||
Tangible book value per common share (1) | $ | 26.69 | $ | 25.67 | $ | 26.31 |
December 31, 2022 | September 30, 2022 | December 31, 2021 | |||||||||||||||
Stockholders' equity to total assets | 10.42 | % | 10.64 | % | 9.25 | % | |||||||||||
Tangible equity to tangible assets (1) | 9.09 | % | 9.21 | % | 8.58 | % | |||||||||||
Tier 1 leverage ratio | 9.71 | % | 9.55 | % | 8.24 | % | |||||||||||
Common equity tier 1 risk-based capital ratio | 9.94 | % | 9.99 | % | 9.70 | % | |||||||||||
Tier 1 risk-based capital ratio | 9.94 | % | 9.99 | % | 9.70 | % | |||||||||||
Total risk-based capital ratio | 11.99 | % | 12.06 | % | 11.76 | % | |||||||||||
(1) Represents a non-GAAP financial measure. See the tables beginning on page 14 for a reconciliation of each non-GAAP measure to the most comparable GAAP equivalent. |
For the quarter ended December 31, 2022 | For the quarter ended September 30, 2022 | For the quarter ended December 31, 2021 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
(In thousands) | Average Balance | Interest | Average Yield/Rate | Average Balance | Interest | Average Yield/Rate | Average Balance | Interest | Average Yield/Rate | |||||||||||||||||||||||||||||||||||||||||||||||
Interest Earning Assets | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Loans held-for-sale | $ | 51,835 | $ | 606 | 4.68 | % | $ | 56,636 | $ | 743 | 5.25 | % | $ | 97,934 | $ | 793 | 3.24 | % | ||||||||||||||||||||||||||||||||||||||
Loans held-for-investment (1) | 5,759,436 | 78,669 | 5.46 | % | 5,456,210 | 67,527 | 4.95 | % | 3,838,871 | 39,830 | 4.15 | % | ||||||||||||||||||||||||||||||||||||||||||||
Investment securities | 573,592 | 3,933 | 2.74 | % | 613,325 | 3,644 | 2.38 | % | 591,289 | 2,333 | 1.58 | % | ||||||||||||||||||||||||||||||||||||||||||||
Interest-bearing cash and other assets | 204,964 | 1,957 | 3.82 | % | 308,482 | 1,849 | 2.40 | % | 886,472 | 622 | 0.28 | % | ||||||||||||||||||||||||||||||||||||||||||||
Total earning assets | 6,589,827 | 85,165 | 5.17 | % | 6,434,653 | 73,763 | 4.59 | % | 5,414,566 | 43,578 | 3.22 | % | ||||||||||||||||||||||||||||||||||||||||||||
Other assets | 553,870 | 519,663 | 291,934 | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Total assets | $ | 7,143,697 | $ | 6,954,316 | $ | 5,706,500 | ||||||||||||||||||||||||||||||||||||||||||||||||||
Interest-bearing liabilities | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Demand and NOW deposits | $ | 213,491 | $ | 927 | 1.74 | % | $ | 202,290 | $ | 495 | 0.98 | % | $ | 203,416 | $ | 120 | 0.24 | % | ||||||||||||||||||||||||||||||||||||||
Savings deposits | 492,837 | 348 | 0.28 | % | 506,548 | 227 | 0.18 | % | 458,657 | 97 | 0.08 | % | ||||||||||||||||||||||||||||||||||||||||||||
Money market deposits | 2,412,289 | 3,126 | 0.52 | % | 2,617,452 | 1,632 | 0.25 | % | 2,282,755 | 987 | 0.17 | % | ||||||||||||||||||||||||||||||||||||||||||||
Certificates of deposits | 647,819 | 1,733 | 1.07 | % | 593,479 | 920 | 0.62 | % | 326,440 | 609 | 0.75 | % | ||||||||||||||||||||||||||||||||||||||||||||
Total deposits | 3,766,436 | 6,134 | 0.65 | % | 3,919,769 | 3,274 | 0.33 | % | 3,271,268 | 1,813 | 0.22 | % | ||||||||||||||||||||||||||||||||||||||||||||
Repurchase agreements | 38,795 | 45 | 0.46 | % | 51,264 | 51 | 0.40 | % | 109,319 | 10 | 0.04 | % | ||||||||||||||||||||||||||||||||||||||||||||
Total deposits and repurchase agreements | 3,805,231 | 6,179 | 0.65 | % | 3,971,033 | 3,325 | 0.33 | % | 3,380,587 | 1,823 | 0.22 | % | ||||||||||||||||||||||||||||||||||||||||||||
FHLB borrowings | 471,880 | 4,477 | 3.80 | % | 160,310 | 761 | 1.90 | % | 40,000 | 151 | 1.51 | % | ||||||||||||||||||||||||||||||||||||||||||||
Other long-term borrowings | 80,162 | 1,233 | 6.15 | % | 80,031 | 1,191 | 5.95 | % | 69,306 | 1,153 | 6.65 | % | ||||||||||||||||||||||||||||||||||||||||||||
Total interest-bearing liabilities | 4,357,273 | 11,889 | 1.09 | % | 4,211,374 | 5,277 | 0.50 | % | 3,489,893 | 3,127 | 0.36 | % | ||||||||||||||||||||||||||||||||||||||||||||
Noninterest-bearing deposits | 1,923,401 | 1,924,055 | 1,617,278 | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Other liabilities | 100,671 | 87,338 | 71,862 | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Stockholders' equity | 762,352 | 731,549 | 527,467 | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Total liabilities and stockholders' equity | $ | 7,143,697 | $ | 6,954,316 | $ | 5,706,500 | ||||||||||||||||||||||||||||||||||||||||||||||||||
Net interest income | $ | 73,276 | $ | 68,486 | $ | 40,451 | ||||||||||||||||||||||||||||||||||||||||||||||||||
Net interest spread | 4.08 | % | 4.09 | % | 2.86 | % | ||||||||||||||||||||||||||||||||||||||||||||||||||
Net interest margin | 4.45 | % | 4.26 | % | 2.99 | % | ||||||||||||||||||||||||||||||||||||||||||||||||||
Net interest margin (on a FTE basis) (2) | 4.52 | % | 4.31 | % | 3.09 | % | ||||||||||||||||||||||||||||||||||||||||||||||||||
(1) Includes nonaccrual loans. | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
(2) Represents a non-GAAP financial measure. See the tables beginning on page 14 for a reconciliation of each non-GAAP measure to the most comparable GAAP equivalent. |
For the year ended | ||||||||||||||||||||||||||||||||||||||
December 31, 2022 | December 31, 2021 | |||||||||||||||||||||||||||||||||||||
(In thousands) | Average Balance | Interest | Average Yield/Rate | Average Balance | Interest | Average Yield/Rate | ||||||||||||||||||||||||||||||||
Interest Earning Assets | ||||||||||||||||||||||||||||||||||||||
Loans held-for-sale | $ | 59,915 | $ | 3,313 | 5.53 | % | $ | 125,808 | $ | 4,051 | 3.22 | % | ||||||||||||||||||||||||||
Loans held-for-investment (1) | 5,156,297 | 244,675 | 4.75 | % | 3,780,650 | 155,252 | 4.11 | % | ||||||||||||||||||||||||||||||
Investment securities | 605,119 | 13,185 | 2.18 | % | 531,803 | 7,979 | 1.50 | % | ||||||||||||||||||||||||||||||
Interest-bearing cash and other assets | 422,890 | 5,644 | 1.33 | % | 742,389 | 2,072 | 0.28 | % | ||||||||||||||||||||||||||||||
Total earning assets | 6,244,221 | 266,817 | 4.27 | % | 5,180,650 | 169,354 | 3.27 | % | ||||||||||||||||||||||||||||||
Other assets | 494,065 | 288,617 | ||||||||||||||||||||||||||||||||||||
Total assets | $ | 6,738,286 | $ | 5,469,267 | ||||||||||||||||||||||||||||||||||
Interest-bearing liabilities | ||||||||||||||||||||||||||||||||||||||
Demand and NOW deposits | $ | 214,516 | $ | 1,775 | 0.83 | % | $ | 254,679 | $ | 756 | 0.30 | % | ||||||||||||||||||||||||||
Savings deposits | 496,131 | 799 | 0.16 | % | 455,451 | 460 | 0.10 | % | ||||||||||||||||||||||||||||||
Money market deposits | 2,528,308 | 6,770 | 0.27 | % | 2,208,498 | 4,292 | 0.19 | % | ||||||||||||||||||||||||||||||
Certificates of deposits | 536,325 | 3,810 | 0.71 | % | 344,224 | 3,036 | 0.88 | % | ||||||||||||||||||||||||||||||
Total deposits | 3,775,280 | 13,154 | 0.35 | % | 3,262,852 | 8,544 | 0.26 | % | ||||||||||||||||||||||||||||||
Repurchase agreements | 54,335 | 119 | 0.22 | % | 125,867 | 59 | 0.05 | % | ||||||||||||||||||||||||||||||
Total deposits and repurchase agreements | 3,829,615 | 13,273 | 0.35 | % | 3,388,719 | 8,603 | 0.25 | % | ||||||||||||||||||||||||||||||
FHLB borrowings | 215,166 | 6,221 | 2.89 | % | 42,527 | 909 | 2.14 | % | ||||||||||||||||||||||||||||||
Other long-term borrowings | 82,111 | 5,691 | 6.93 | % | 68,918 | 4,609 | 6.69 | % | ||||||||||||||||||||||||||||||
Total interest-bearing liabilities | 4,126,892 | 25,185 | 0.61 | % | 3,500,164 | 14,121 | 0.40 | % | ||||||||||||||||||||||||||||||
Noninterest-bearing deposits | 1,835,578 | 1,376,968 | ||||||||||||||||||||||||||||||||||||
Other liabilities | 83,292 | 76,362 | ||||||||||||||||||||||||||||||||||||
Stockholders' equity | 692,524 | 515,773 | ||||||||||||||||||||||||||||||||||||
Total liabilities and stockholders' equity | $ | 6,738,286 | $ | 5,469,267 | ||||||||||||||||||||||||||||||||||
Net interest income | $ | 241,632 | $ | 155,233 | ||||||||||||||||||||||||||||||||||
Net interest spread | 3.66 | % | 2.87 | % | ||||||||||||||||||||||||||||||||||
Net interest margin | 3.87 | % | 3.00 | % | ||||||||||||||||||||||||||||||||||
Net interest margin (on a FTE basis) (2) | 3.95 | % | 3.11 | % | ||||||||||||||||||||||||||||||||||
(1) Includes nonaccrual loans. | ||||||||||||||||||||||||||||||||||||||
(2) Represents a non-GAAP financial measure. See the tables beginning on page 14 for a reconciliation of each non-GAAP measure to the most comparable GAAP equivalent. |
($ in thousands) | December 31, 2022 | September 30, 2022 | December 31, 2022 vs September 30, 2022 % change | December 31, 2021 | December 31, 2022 vs December 31, 2021 % change | |||||||||||||||||||||||||||
Commercial | $ | 3,019,610 | $ | 2,738,068 | 10.3 | % | $ | 2,407,888 | 25.4 | % | ||||||||||||||||||||||
Commercial real estate | 1,743,635 | 1,772,315 | (1.6) | % | 1,174,242 | 48.5 | % | |||||||||||||||||||||||||
Residential real estate | 1,105,999 | 1,003,157 | 10.3 | % | 437,017 | 153.1 | % | |||||||||||||||||||||||||
Consumer | 42,588 | 43,146 | (1.3) | % | 17,976 | 136.9 | % | |||||||||||||||||||||||||
Total loans held-for-investment | $ | 5,911,832 | $ | 5,556,686 | 6.4 | % | $ | 4,037,123 | 46.4 | % |
As of and for the quarter ended | As of and for the year ended | |||||||||||||||||||||||||||||||
($ in thousands) | December 31, 2022 | September 30, 2022 | December 31, 2021 | December 31, 2022 | December 31, 2021 | |||||||||||||||||||||||||||
Net charge-offs (recoveries) | $ | (639) | $ | 149 | $ | 1,571 | $ | (320) | $ | 3,219 | ||||||||||||||||||||||
Allowance for loan losses | $ | 65,917 | $ | 59,678 | $ | 47,547 | $ | 65,917 | $ | 47,547 | ||||||||||||||||||||||
Nonperforming loans, including nonaccrual loans, accrual TDR’s, and accrual loans greater than 90 days past due | $ | 40,910 | $ | 42,460 | $ | 34,838 | $ | 40,910 | $ | 34,838 | ||||||||||||||||||||||
Nonperforming assets | $ | 47,268 | $ | 47,851 | $ | 40,325 | $ | 47,268 | $ | 40,325 | ||||||||||||||||||||||
Ratio of net charge-offs (recoveries) to average loans outstanding | (0.04) | % | 0.01 | % | 0.16 | % | (0.01) | % | 0.09 | % | ||||||||||||||||||||||
Allowance for loan losses to total loans outstanding | 1.12 | % | 1.07 | % | 1.18 | % | 1.12 | % | 1.18 | % | ||||||||||||||||||||||
Allowance for loan losses to total nonperforming loans | 161.13 | % | 140.55 | % | 136.48 | % | 161.13 | % | 136.48 | % | ||||||||||||||||||||||
Nonperforming loans to total loans | 0.69 | % | 0.76 | % | 0.86 | % | 0.69 | % | 0.86 | % | ||||||||||||||||||||||
Nonperforming assets to total assets | 0.64 | % | 0.68 | % | 0.71 | % | 0.64 | % | 0.71 | % |
As of and for the quarter ended | As of and for the year ended | ||||||||||||||||||||||||||||
($ in thousands, except share and per share amounts) | December 31, 2022 | September 30, 2022 | December 31, 2021 | December 31, 2022 | December 31, 2021 | ||||||||||||||||||||||||
Tangible stockholders’ equity: | |||||||||||||||||||||||||||||
Total stockholders' equity (GAAP) | $ | 774,536 | $ | 750,653 | $ | 524,038 | $ | 774,536 | $ | 524,038 | |||||||||||||||||||
Less: Goodwill and other intangible assets | |||||||||||||||||||||||||||||
Goodwill | (93,483) | (93,483) | (33,050) | (93,483) | (33,050) | ||||||||||||||||||||||||
Other intangible assets | (15,806) | (17,825) | (8,250) | (15,806) | (8,250) | ||||||||||||||||||||||||
Total tangible stockholders' equity (non-GAAP) | $ | 665,247 | $ | 639,345 | $ | 482,738 | $ | 665,247 | $ | 482,738 | |||||||||||||||||||
Tangible assets: | |||||||||||||||||||||||||||||
Total assets (GAAP) | $ | 7,430,322 | $ | 7,052,917 | $ | 5,666,814 | $ | 7,430,322 | $ | 5,666,814 | |||||||||||||||||||
Less: Goodwill and other intangible assets | |||||||||||||||||||||||||||||
Goodwill | (93,483) | (93,483) | (33,050) | (93,483) | (33,050) | ||||||||||||||||||||||||
Other intangible assets | (15,806) | (17,825) | (8,250) | (15,806) | (8,250) | ||||||||||||||||||||||||
Total tangible assets (non-GAAP) | $ | 7,321,033 | $ | 6,941,609 | $ | 5,625,514 | $ | 7,321,033 | $ | 5,625,514 | |||||||||||||||||||
Tangible stockholders’ equity to tangible assets: | |||||||||||||||||||||||||||||
Common equity to total assets (GAAP) | 10.42 | % | 10.64 | % | 9.25 | % | 10.42 | % | 9.25 | % | |||||||||||||||||||
Less: Impact of goodwill and other intangible assets | (1.33) | % | (1.43) | % | (0.67) | % | (1.33) | % | (0.67) | % | |||||||||||||||||||
Tangible common equity to tangible assets (non-GAAP) | 9.09 | % | 9.21 | % | 8.58 | % | 9.09 | % | 8.58 | % | |||||||||||||||||||
Tangible book value per common share: | |||||||||||||||||||||||||||||
Stockholders' equity (GAAP) | $ | 774,536 | $ | 750,653 | $ | 524,038 | $ | 774,536 | $ | 524,038 | |||||||||||||||||||
Tangible stockholders' equity (non-GAAP) | $ | 665,247 | $ | 639,345 | $ | 482,738 | $ | 665,247 | $ | 482,738 | |||||||||||||||||||
Total common shares outstanding | 24,920,984 | 24,906,032 | 18,346,288 | 24,920,984 | 18,346,288 | ||||||||||||||||||||||||
Book value per common share (GAAP) | $ | 31.08 | $ | 30.14 | $ | 28.56 | $ | 31.08 | $ | 28.56 | |||||||||||||||||||
Tangible book value per common share (non-GAAP) | $ | 26.69 | $ | 25.67 | $ | 26.31 | $ | 26.69 | $ | 26.31 | |||||||||||||||||||
Net income excluding merger costs: | |||||||||||||||||||||||||||||
Net income (GAAP) | $ | 24,570 | $ | 26,513 | $ | 8,817 | $ | 59,182 | $ | 43,164 | |||||||||||||||||||
Add: Merger costs | |||||||||||||||||||||||||||||
Merger related expenses | — | — | 1,101 | 18,751 | 3,085 | ||||||||||||||||||||||||
Income tax effect on merger related expenses | — | — | (182) | (4,083) | (509) | ||||||||||||||||||||||||
Provision for loan loss on Pioneer loans marked at a premium | — | — | — | 2,884 | — | ||||||||||||||||||||||||
Income tax effect on provision for loan loss on Pioneer loans marked at a premium | — | — | — | (521) | — | ||||||||||||||||||||||||
Total merger costs | — | — | 919 | 17,031 | 2,576 | ||||||||||||||||||||||||
Net income excluding merger costs (non-GAAP) | $ | 24,570 | $ | 26,513 | $ | 9,736 | $ | 76,213 | $ | 45,740 | |||||||||||||||||||
As of and for the quarter ended | As of and for the year ended | ||||||||||||||||||||||||||||
($ in thousands, except share and per share amounts) | December 31, 2022 | September 30, 2022 | December 31, 2021 | December 31, 2022 | December 31, 2021 | ||||||||||||||||||||||||
Return on average total assets excluding merger costs: | |||||||||||||||||||||||||||||
Return on average total assets (ROAA) (GAAP) | 1.38 | % | 1.52 | % | 0.62 | % | 0.88 | % | 0.79 | % | |||||||||||||||||||
Add: Impact of merger costs, net of tax | — | % | — | % | 0.06 | % | 0.25 | % | 0.05 | % | |||||||||||||||||||
ROAA excluding merger costs (non-GAAP) | 1.38 | % | 1.52 | % | 0.68 | % | 1.13 | % | 0.84 | % | |||||||||||||||||||
Return on average stockholders’ equity excluding merger costs: | |||||||||||||||||||||||||||||
Return on average stockholders' equity (ROAE) (GAAP) | 12.89 | % | 14.50 | % | 6.69 | % | 8.55 | % | 8.37 | % | |||||||||||||||||||
Add: Impact of merger costs, net of tax | — | % | — | % | 0.69 | % | 2.46 | % | 0.50 | % | |||||||||||||||||||
ROAE excluding merger costs (non-GAAP) | 12.89 | % | 14.50 | % | 7.38 | % | 11.01 | % | 8.87 | % | |||||||||||||||||||
Efficiency ratio excluding merger related expenses: | |||||||||||||||||||||||||||||
Efficiency ratio (GAAP) | 60.33 | % | 59.45 | % | 83.41 | % | 72.20 | % | 80.38 | % | |||||||||||||||||||
Less: Impact of merger related expenses | — | % | — | % | 1.57 | % | 5.66 | % | 1.11 | % | |||||||||||||||||||
Efficiency ratio excluding merger related expenses (non-GAAP) | 60.33 | % | 59.45 | % | 81.84 | % | 66.54 | % | 79.27 | % | |||||||||||||||||||
Diluted earnings per share excluding merger costs: | |||||||||||||||||||||||||||||
Diluted earnings per share (GAAP) | $ | 0.96 | $ | 1.04 | $ | 0.47 | $ | 2.48 | $ | 2.30 | |||||||||||||||||||
Add: Impact of merger costs, net of tax | — | — | 0.05 | 0.72 | 0.14 | ||||||||||||||||||||||||
Diluted earnings per share excluding merger costs (non-GAAP) | $ | 0.96 | $ | 1.04 | $ | 0.52 | $ | 3.20 | $ | 2.44 | |||||||||||||||||||
Fully tax equivalent (FTE) net interest income and net interest margin on FTE basis: | |||||||||||||||||||||||||||||
Net interest income (GAAP) | $ | 73,276 | $ | 68,486 | $ | 40,451 | $ | 241,632 | $ | 155,233 | |||||||||||||||||||
Gross income effect of tax exempt income | 1,218 | 1,236 | 1,336 | 5,059 | 5,755 | ||||||||||||||||||||||||
FTE net interest income (non-GAAP) | $ | 74,494 | $ | 69,722 | $ | 41,787 | $ | 246,691 | $ | 160,988 | |||||||||||||||||||
Average earning assets | $ | 6,589,827 | $ | 6,434,653 | $ | 5,414,566 | $ | 6,244,221 | $ | 5,180,650 | |||||||||||||||||||
Net interest margin | 4.45 | % | 4.26 | % | 2.99 | % | 3.87 | % | 3.00 | % | |||||||||||||||||||
Net interest margin on FTE basis (non-GAAP) | 4.52 | % | 4.31 | % | 3.09 | % | 3.95 | % | 3.11 | % | |||||||||||||||||||
As of | |||||
($ in thousands) | December 31, 2022 | ||||
Total loan growth, excluding acquired Pioneer loans as of April 1, 2022, and PPP loans: | |||||
Total loans for the year ended: | |||||
December 31, 2022 | $ | 5,911,832 | |||
Less: Acquired loans at date of merger, net of purchase accounting adjustments | (811,300) | ||||
Less: PPP loans | (4,352) | ||||
Total loans, excluding acquired Pioneer loans and PPP loans | $ | 5,096,180 | |||
December 31, 2021 | $ | 4,037,123 | |||
Less: PPP loans | (66,749) | ||||
Total loans, excluding PPP loans | $ | 3,970,374 | |||
Total loan growth (GAAP) | $ | 1,874,709 | |||
Total loan growth, excluding acquired Pioneer loans and PPP loans (non-GAAP) | $ | 1,125,806 | |||
Total loan growth (GAAP) | 46.4 | % | |||
Total loan growth, excluding acquired Pioneer loans and PPP loans (non-GAAP) | 28.4 | % |
As of and for the year ended | ||||||||
($ in thousands) | December 31, 2022 | |||||||
Total average deposit growth, excluding acquired Pioneer deposits as of April 1, 2022: | ||||||||
Total average deposits for the periods ended: | ||||||||
December 31, 2022 | $ | 5,610,858 | ||||||
Less: Acquired deposits at date of merger, net of purchase accounting adjustments | (1,192,081) | |||||||
Total average deposits, excluding acquired Pioneer deposits | $ | 4,418,777 | ||||||
December 31, 2021 | $ | 4,639,820 | ||||||
Total average deposit growth (GAAP) | $ | 971,038 | ||||||
Total average deposit growth, excluding acquired Pioneer deposits (non-GAAP) | $ | (221,043) | ||||||
Total average deposit growth (GAAP) | 20.9 | % | ||||||
Total average deposit growth, excluding acquired Pioneer deposits (non-GAAP) | (4.8) | % |
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