Texas | 0-12247 | 75-1848732 |
(State or Other Jurisdiction of Incorporation) | (Commission File Number) | (IRS Employer Identification No.) |
1201 S. Beckham Avenue, Tyler, Texas | 75701 | |
(Address of Principal Executive Offices) | (Zip Code) |
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions: |
p | Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425) |
p | Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12) |
p | Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b)) |
p | Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c)) |
Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter). | |
Emerging growth company o | |
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. o |
(D) | Exhibits. The following materials are furnished as exhibits to this Current Report on Form 8-K: |
Exhibit Number | Description of Exhibit | ||
99.1 |
Southside Bancshares, Inc. | ||
Date: May 1, 2018 | By: | /s/ JULIE N. SHAMBURGER |
Julie N. Shamburger | ||
Senior Executive Vice President and Chief Financial Officer | ||
(Principal Financial and Accounting Officer) |
Non-GAAP Reconciliation | ||||||||||||||||||||
Three Months Ended | ||||||||||||||||||||
2018 | 2017 | |||||||||||||||||||
Mar. 31, | Dec. 31, | Sept. 30, | June 30, | Mar. 31, | ||||||||||||||||
Net interest income (GAAP) | $ | 44,133 | $ | 38,306 | $ | 34,960 | $ | 35,424 | $ | 35,280 | ||||||||||
Tax equivalent adjustments: | ||||||||||||||||||||
Loans | 582 | 1,125 | 1,103 | 1,050 | 1,035 | |||||||||||||||
Investment securities (tax-exempt) | 1,619 | 3,049 | 3,544 | 3,229 | 3,375 | |||||||||||||||
Net interest income (FTE) (1) | 46,334 | 42,480 | 39,607 | 39,703 | 39,690 | |||||||||||||||
Noninterest income | 9,610 | 9,099 | 9,408 | 9,293 | 9,673 | |||||||||||||||
Nonrecurring income (2) | 827 | 483 | (627 | ) | 75 | (122 | ) | |||||||||||||
Total revenue | $ | 56,771 | $ | 52,062 | $ | 48,388 | $ | 49,071 | $ | 49,241 | ||||||||||
Noninterest expense | $ | 31,667 | $ | 29,933 | $ | 25,007 | $ | 25,537 | $ | 25,858 | ||||||||||
Pre-tax amortization expense | (1,378 | ) | (726 | ) | (388 | ) | (410 | ) | (431 | ) | ||||||||||
Nonrecurring expense (3) | (1,178 | ) | (3,479 | ) | (432 | ) | (466 | ) | (17 | ) | ||||||||||
Adjusted noninterest expense | $ | 29,111 | $ | 25,728 | $ | 24,187 | $ | 24,661 | $ | 25,410 | ||||||||||
Efficiency ratio | 53.35 | % | 53.73 | % | 55.30 | % | 55.06 | % | 56.68 | % | ||||||||||
Efficiency ratio (FTE) (1) | 51.28 | % | 49.42 | % | 49.99 | % | 50.26 | % | 51.60 | % | ||||||||||
Average earning assets | $ | 5,891,352 | $ | 5,395,212 | $ | 5,199,349 | $ | 5,192,897 | $ | 5,229,045 | ||||||||||
Net interest margin | 3.04 | % | 2.82 | % | 2.67 | % | 2.74 | % | 2.74 | % | ||||||||||
Net interest margin (FTE) (1) | 3.19 | % | 3.12 | % | 3.02 | % | 3.07 | % | 3.08 | % | ||||||||||
Net interest spread | 2.80 | % | 2.60 | % | 2.47 | % | 2.56 | % | 2.59 | % | ||||||||||
Net interest spread (FTE) (1) | 2.95 | % | 2.91 | % | 2.82 | % | 2.89 | % | 2.93 | % |
(1) | These amounts are presented on a fully taxable-equivalent basis and are non-GAAP measures. |
(2) | Includes net gains and losses on sale of available for sale securities, impairment of investments and other-than-temporary impairment charges. |
(3) | Includes acquisition expenses and foreclosure expenses. |
SOUTHSIDE BANCSHARES, INC. | |||||||||||||||||||
CONSOLIDATED FINANCIAL SUMMARY (UNAUDITED) | |||||||||||||||||||
(In thousands, except per share data) | |||||||||||||||||||
As of | |||||||||||||||||||
2018 | 2017 | ||||||||||||||||||
Mar. 31, | Dec. 31, | Sept. 30, | June 30, | Mar. 31, | |||||||||||||||
ASSETS | |||||||||||||||||||
Cash and due from banks | $ | 65,480 | $ | 79,171 | $ | 57,947 | $ | 56,033 | $ | 54,345 | |||||||||
Interest earning deposits | 183,241 | 111,541 | 120,996 | 175,039 | 185,289 | ||||||||||||||
Federal funds sold | 14,090 | 7,980 | 5,570 | 4,760 | 7,360 | ||||||||||||||
Securities available for sale, at estimated fair value | 2,062,539 | 1,538,755 | 1,292,072 | 1,397,811 | 1,444,043 | ||||||||||||||
Securities held to maturity, at carrying value | 164,847 | 909,506 | 909,844 | 925,538 | 929,793 | ||||||||||||||
Federal Home Loan Bank stock, at cost | 42,676 | 55,729 | 61,845 | 61,561 | 61,305 | ||||||||||||||
Loans held for sale | 2,003 | 2,001 | 2,177 | 3,036 | 5,303 | ||||||||||||||
Loans | 3,309,627 | 3,294,356 | 2,682,766 | 2,610,198 | 2,538,918 | ||||||||||||||
Less: Allowance for loan losses | (24,220 | ) | (20,781 | ) | (19,871 | ) | (19,241 | ) | (18,485 | ) | |||||||||
Net loans | 3,285,407 | 3,273,575 | 2,662,895 | 2,590,957 | 2,520,433 | ||||||||||||||
Premises & equipment, net | 131,625 | 133,640 | 107,099 | 105,938 | 105,327 | ||||||||||||||
Goodwill | 201,246 | 201,246 | 91,520 | 91,520 | 91,520 | ||||||||||||||
Other intangible assets, net | 21,615 | 22,993 | 3,379 | 3,767 | 4,177 | ||||||||||||||
Bank owned life insurance | 100,963 | 100,368 | 99,616 | 99,011 | 98,377 | ||||||||||||||
Other assets | 97,465 | 61,592 | 69,470 | 63,511 | 148,977 | ||||||||||||||
Total assets | $ | 6,373,197 | $ | 6,498,097 | $ | 5,484,430 | $ | 5,578,482 | $ | 5,656,249 | |||||||||
LIABILITIES AND SHAREHOLDERS' EQUITY | |||||||||||||||||||
Noninterest bearing deposits | $ | 1,055,423 | $ | 1,037,401 | $ | 781,701 | $ | 757,353 | $ | 753,224 | |||||||||
Interest bearing deposits | 3,586,474 | 3,478,046 | 2,782,474 | 2,866,720 | 2,952,072 | ||||||||||||||
Total deposits | 4,641,897 | 4,515,447 | 3,564,175 | 3,624,073 | 3,705,296 | ||||||||||||||
Other borrowings | 779,990 | 1,026,859 | 1,151,639 | 1,186,506 | 1,213,670 | ||||||||||||||
Subordinated notes, net of unamortized debt issuance costs | 98,286 | 98,248 | 98,209 | 98,171 | 98,133 | ||||||||||||||
Trust preferred subordinated debentures, net of unamortized debt issuance costs | 60,242 | 60,241 | 60,240 | 60,238 | 60,237 | ||||||||||||||
Other liabilities | 46,386 | 43,162 | 54,144 | 62,429 | 47,447 | ||||||||||||||
Total liabilities | 5,626,801 | 5,743,957 | 4,928,407 | 5,031,417 | 5,124,783 | ||||||||||||||
Shareholders' equity | 746,396 | 754,140 | 556,023 | 547,065 | 531,466 | ||||||||||||||
Total liabilities and shareholders' equity | $ | 6,373,197 | $ | 6,498,097 | $ | 5,484,430 | $ | 5,578,482 | $ | 5,656,249 |
At or For the Three Months Ended | |||||||||||||||||||
2018 | 2017 | ||||||||||||||||||
Mar. 31, | Dec. 31, | Sept. 30, | June 30, | Mar. 31, | |||||||||||||||
Income Statement: | |||||||||||||||||||
Total interest income | $ | 57,194 | $ | 50,104 | $ | 46,473 | $ | 46,009 | $ | 44,888 | |||||||||
Total interest expense | 13,061 | 11,798 | 11,513 | 10,585 | 9,608 | ||||||||||||||
Net interest income | 44,133 | 38,306 | 34,960 | 35,424 | 35,280 | ||||||||||||||
Provision for loan losses | 3,735 | 1,271 | 960 | 1,346 | 1,098 | ||||||||||||||
Net interest income after provision for loan losses | 40,398 | 37,035 | 34,000 | 34,078 | 34,182 | ||||||||||||||
Noninterest income | |||||||||||||||||||
Deposit services | 6,179 | 5,940 | 5,476 | 5,255 | 5,114 | ||||||||||||||
Net (loss) gain on sale of securities available for sale | (827 | ) | (249 | ) | 627 | (75 | ) | 322 | |||||||||||
Gain on sale of loans | 115 | 268 | 347 | 505 | 701 | ||||||||||||||
Trust income | 1,760 | 1,156 | 873 | 899 | 890 | ||||||||||||||
Bank owned life insurance income | 632 | 632 | 636 | 635 | 634 | ||||||||||||||
Brokerage services | 450 | 632 | 561 | 682 | 547 | ||||||||||||||
Other | 1,301 | 720 | 888 | 1,392 | 1,465 | ||||||||||||||
Total noninterest income | 9,610 | 9,099 | 9,408 | 9,293 | 9,673 | ||||||||||||||
Noninterest expense | |||||||||||||||||||
Salaries and employee benefits | 18,559 | 15,316 | 14,472 | 14,984 | 16,007 | ||||||||||||||
Occupancy expense | 3,583 | 3,327 | 2,981 | 2,897 | 2,863 | ||||||||||||||
Acquisition expense | 832 | 3,474 | 405 | 473 | — | ||||||||||||||
Advertising, travel & entertainment | 685 | 601 | 487 | 548 | 583 | ||||||||||||||
ATM and debit card expense | 346 | 1,049 | 1,024 | 889 | 927 | ||||||||||||||
Professional fees | 1,070 | 859 | 996 | 1,050 | 939 | ||||||||||||||
Software and data processing expense | 1,023 | 882 | 732 | 688 | 725 | ||||||||||||||
Telephone and communications | 538 | 444 | 459 | 476 | 526 | ||||||||||||||
FDIC insurance | 497 | 442 | 441 | 445 | 441 | ||||||||||||||
Amortization expense on intangibles | 1,378 | 726 | 388 | 410 | 431 | ||||||||||||||
Other | 3,156 | 2,813 | 2,622 | 2,677 | 2,416 | ||||||||||||||
Total noninterest expense | 31,667 | 29,933 | 25,007 | 25,537 | 25,858 | ||||||||||||||
Income before income tax expense | 18,341 | 16,201 | 18,401 | 17,834 | 17,997 | ||||||||||||||
Income tax expense | 2,090 | 5,870 | 3,890 | 3,353 | 3,008 | ||||||||||||||
Net income | $ | 16,251 | $ | 10,331 | $ | 14,511 | $ | 14,481 | $ | 14,989 | |||||||||
Common share data: | |||||||||||||||||||
Weighted-average basic shares outstanding | 35,022 | 31,370 | 29,370 | 29,318 | 29,288 | ||||||||||||||
Weighted-average diluted shares outstanding | 35,200 | 31,569 | 29,570 | 29,519 | 29,504 | ||||||||||||||
Shares outstanding end of period | 35,053 | 35,000 | 29,433 | 29,344 | 29,306 | ||||||||||||||
Net income per common share | |||||||||||||||||||
Basic | $ | 0.46 | $ | 0.33 | $ | 0.49 | $ | 0.49 | $ | 0.51 | |||||||||
Diluted | 0.46 | 0.33 | 0.49 | 0.49 | 0.51 | ||||||||||||||
Book value per common share | 21.29 | 21.55 | 18.89 | 18.64 | 18.14 | ||||||||||||||
Cash dividend paid per common share | 0.28 | 0.30 | 0.28 | 0.28 | 0.25 | ||||||||||||||
Selected Performance Ratios: | |||||||||||||||||||
Return on average assets | 1.02 | % | 0.70 | % | 1.03 | % | 1.04 | % | 1.08 | % | |||||||||
Return on average shareholders’ equity | 8.75 | 6.52 | 10.38 | 10.70 | 11.57 | ||||||||||||||
Average yield on earning assets (1) | 4.09 | 3.99 | 3.90 | 3.88 | 3.82 | ||||||||||||||
Average rate on interest bearing liabilities | 1.14 | 1.08 | 1.08 | 0.99 | 0.89 | ||||||||||||||
Net interest spread (FTE) (1) | 2.95 | 2.91 | 2.82 | 2.89 | 2.93 | ||||||||||||||
Net interest margin (FTE) (1) | 3.19 | 3.12 | 3.02 | 3.07 | 3.08 | ||||||||||||||
Average earning assets to average interest bearing liabilities | 127.29 | 124.73 | 123.32 | 121.57 | 120.04 | ||||||||||||||
Noninterest expense to average total assets | 1.99 | 2.03 | 1.77 | 1.83 | 1.87 | ||||||||||||||
Efficiency ratio (FTE) (1) | 51.28 | 49.42 | 49.99 | 50.26 | 51.60 |
(1) | These amounts are presented on a fully taxable-equivalent basis and are non-GAAP measures. See “Non-GAAP Financial Measures” for more information. |
Southside Bancshares, Inc. | |||||||||||||||||||
Selected Financial Data (unaudited) | |||||||||||||||||||
(dollars in thousands) | |||||||||||||||||||
Three Months Ended | |||||||||||||||||||
2018 | 2017 | ||||||||||||||||||
Mar. 31, | Dec. 31, | Sept. 30, | June 30, | Mar. 31, | |||||||||||||||
Nonperforming assets: | $ | 42,444 | $ | 10,472 | $ | 9,119 | $ | 9,165 | $ | 14,079 | |||||||||
Nonaccrual loans (1) | 34,545 | 2,937 | 3,095 | 3,034 | 7,261 | ||||||||||||||
Accruing loans past due more than 90 days (1) | 4 | 1 | — | — | 1 | ||||||||||||||
Restructured loans (2) | 5,839 | 5,767 | 5,725 | 5,884 | 6,424 | ||||||||||||||
Other real estate owned | 2,014 | 1,613 | 298 | 233 | 367 | ||||||||||||||
Repossessed assets | 42 | 154 | 1 | 14 | 26 | ||||||||||||||
Asset Quality Ratios: | |||||||||||||||||||
Nonaccruing loans to total loans | 1.04 | % | 0.09 | % | 0.12 | % | 0.12 | % | 0.29 | % | |||||||||
Allowance for loan losses to nonaccruing loans | 70.11 | 707.56 | 642.04 | 634.18 | 254.58 | ||||||||||||||
Allowance for loan losses to nonperforming assets | 57.06 | 198.44 | 217.91 | 209.94 | 131.29 | ||||||||||||||
Allowance for loan losses to total loans | 0.73 | 0.63 | 0.74 | 0.74 | 0.73 | ||||||||||||||
Nonperforming assets to total assets | 0.67 | 0.16 | 0.17 | 0.16 | 0.25 | ||||||||||||||
Net charge-offs to average loans | 0.04 | 0.05 | 0.05 | 0.09 | 0.08 | ||||||||||||||
Capital Ratios: | |||||||||||||||||||
Shareholders’ equity to total assets | 11.71 | 11.61 | 10.14 | 9.81 | 9.40 | ||||||||||||||
Average shareholders’ equity to average total assets | 11.69 | 10.75 | 9.91 | 9.72 | 9.36 |
(1) | Excludes purchased credit impaired ("PCI") loans measured at fair value at acquisition. |
(2) | Includes $2.9 million, $2.9 million, $3.0 million, $3.0 million, and $3.0 million in PCI loans restructured as of March 31, 2018, December 31, 2017, September 30, 2017, June 30, 2017, and March 31, 2017, respectively. |
Three Months Ended | |||||||||||||||||||
2018 | 2017 | ||||||||||||||||||
Mar. 31, | Dec. 31, | Sept. 30, | June 30, | Mar. 31, | |||||||||||||||
Real Estate Loans: | |||||||||||||||||||
Construction | $ | 474,791 | $ | 475,867 | $ | 420,497 | $ | 386,853 | $ | 362,367 | |||||||||
1-4 Family Residential | 797,088 | 805,341 | 609,159 | 615,405 | 622,881 | ||||||||||||||
Commercial | 1,285,591 | 1,265,159 | 1,073,646 | 1,033,629 | 974,307 | ||||||||||||||
Commercial Loans | 281,901 | 266,422 | 166,919 | 172,311 | 176,908 | ||||||||||||||
Municipal Loans | 342,404 | 345,798 | 322,286 | 305,023 | 297,417 | ||||||||||||||
Loans to Individuals | 127,852 | 135,769 | 90,259 | 96,977 | 105,038 | ||||||||||||||
Total Loans | $ | 3,309,627 | $ | 3,294,356 | $ | 2,682,766 | $ | 2,610,198 | $ | 2,538,918 |
Average Balances with Average Yields and Rates | |||||||||||||||||||||
(unaudited) | |||||||||||||||||||||
Three Months Ended | |||||||||||||||||||||
March 31, 2018 | December 31, 2017 | ||||||||||||||||||||
Avg Balance | Interest | Avg Yield/Rate | Avg Balance | Interest | Avg Yield/Rate | ||||||||||||||||
ASSETS | |||||||||||||||||||||
Loans (1) | $ | 3,300,506 | $ | 39,401 | 4.84 | % | $ | 2,897,444 | $ | 34,070 | 4.67 | % | |||||||||
Loans held for sale | 1,543 | 11 | 2.89 | % | 2,285 | 22 | 3.82 | % | |||||||||||||
Securities: | |||||||||||||||||||||
Investment securities (taxable) (2) | 39,332 | 227 | 2.34 | % | 51,678 | 237 | 1.82 | % | |||||||||||||
Investment securities (tax-exempt) (2) | 805,091 | 8,000 | 4.03 | % | 775,681 | 9,197 | 4.70 | % | |||||||||||||
Mortgage-backed and related securities (2) | 1,557,140 | 10,894 | 2.84 | % | 1,461,159 | 9,931 | 2.70 | % | |||||||||||||
Total securities | 2,401,563 | 19,121 | 3.23 | % | 2,288,518 | 19,365 | 3.36 | % | |||||||||||||
FHLB stock, at cost, and equity investments | 67,000 | 414 | 2.51 | % | 67,127 | 380 | 2.25 | % | |||||||||||||
Interest earning deposits | 107,488 | 399 | 1.51 | % | 133,007 | 418 | 1.25 | % | |||||||||||||
Federal funds sold | 13,252 | 49 | 1.50 | % | 6,831 | 23 | 1.34 | % | |||||||||||||
Total earning assets | 5,891,352 | 59,395 | 4.09 | % | 5,395,212 | 54,278 | 3.99 | % | |||||||||||||
Cash and due from banks | 78,031 | 60,590 | |||||||||||||||||||
Accrued interest and other assets | 493,974 | 410,528 | |||||||||||||||||||
Less: Allowance for loan losses | (21,005 | ) | (19,963 | ) | |||||||||||||||||
Total assets | $ | 6,442,352 | $ | 5,846,367 | |||||||||||||||||
LIABILITIES AND SHAREHOLDERS’ EQUITY | |||||||||||||||||||||
Savings deposits | $ | 353,770 | 184 | 0.21 | % | $ | 293,392 | 134 | 0.18 | % | |||||||||||
Time deposits | 1,170,024 | 3,895 | 1.35 | % | 1,031,008 | 3,178 | 1.22 | % | |||||||||||||
Interest bearing demand deposits | 2,009,154 | 3,372 | 0.68 | % | 1,696,239 | 2,585 | 0.60 | % | |||||||||||||
Total interest bearing deposits | 3,532,948 | 7,451 | 0.86 | % | 3,020,639 | 5,897 | 0.77 | % | |||||||||||||
FHLB borrowings | 928,677 | 3,632 | 1.59 | % | 1,137,373 | 3,935 | 1.37 | % | |||||||||||||
Subordinated notes, net of unamortized debt issuance costs | 98,267 | 1,398 | 5.77 | % | 98,229 | 1,429 | 5.77 | % | |||||||||||||
Trust preferred subordinated debentures, net of unamortized debt issuance costs | 60,241 | 569 | 3.83 | % | 60,240 | 532 | 3.50 | % | |||||||||||||
Other borrowings | 8,103 | 11 | 0.55 | % | 9,157 | 5 | 0.22 | % | |||||||||||||
Total interest bearing liabilities | 4,628,236 | 13,061 | 1.14 | % | 4,325,638 | 11,798 | 1.08 | % | |||||||||||||
Noninterest bearing deposits | 1,016,707 | 846,632 | |||||||||||||||||||
Accrued expenses and other liabilities | 44,015 | 45,613 | |||||||||||||||||||
Total liabilities | 5,688,958 | 5,217,883 | |||||||||||||||||||
Shareholders’ equity | 753,394 | 628,484 | |||||||||||||||||||
Total liabilities and shareholders’ equity | $ | 6,442,352 | $ | 5,846,367 | |||||||||||||||||
Net interest income (FTE) | $ | 46,334 | $ | 42,480 | |||||||||||||||||
Net interest margin (FTE) | 3.19 | % | 3.12 | % | |||||||||||||||||
Net interest spread (FTE) | 2.95 | % | 2.91 | % |
(1) | Interest on loans includes net fees on loans that are not material in amount. |
(2) | For the purpose of calculating the average yield, the average balance of securities is presented at historical cost. |
Average Balances with Average Yields and Rates | |||||||||||||||||||||
(unaudited) | |||||||||||||||||||||
Three Months Ended | |||||||||||||||||||||
September 30, 2017 | June 30, 2017 | ||||||||||||||||||||
Avg Balance | Interest | Avg Yield/Rate | Avg Balance | Interest | Avg Yield/Rate | ||||||||||||||||
ASSETS | |||||||||||||||||||||
Loans (1) | $ | 2,657,562 | $ | 30,378 | 4.54 | % | $ | 2,557,093 | $ | 29,080 | 4.56 | % | |||||||||
Loans held for sale | 5,060 | 47 | 3.69 | % | 5,914 | 60 | 4.07 | % | |||||||||||||
Securities: | |||||||||||||||||||||
Investment securities (taxable) (2) | 11,085 | 58 | 2.08 | % | 58,168 | 267 | 1.84 | % | |||||||||||||
Investment securities (tax-exempt) (2) | 758,828 | 9,214 | 4.82 | % | 749,259 | 9,386 | 5.02 | % | |||||||||||||
Mortgage-backed and related securities (2) | 1,550,494 | 10,567 | 2.70 | % | 1,594,269 | 10,818 | 2.72 | % | |||||||||||||
Total securities | 2,320,407 | 19,839 | 3.39 | % | 2,401,696 | 20,471 | 3.42 | % | |||||||||||||
FHLB stock, at cost, and equity investments | 66,994 | 329 | 1.95 | % | 66,744 | 299 | 1.80 | % | |||||||||||||
Interest earning deposits | 144,700 | 506 | 1.39 | % | 156,124 | 364 | 0.94 | % | |||||||||||||
Federal funds sold | 4,626 | 21 | 1.80 | % | 5,326 | 14 | 1.05 | % | |||||||||||||
Total earning assets | 5,199,349 | 51,120 | 3.90 | % | 5,192,897 | 50,288 | 3.88 | % | |||||||||||||
Cash and due from banks | 53,220 | 50,961 | |||||||||||||||||||
Accrued interest and other assets | 360,073 | 358,041 | |||||||||||||||||||
Less: Allowance for loan losses | (19,556 | ) | (18,495 | ) | |||||||||||||||||
Total assets | $ | 5,593,086 | $ | 5,583,404 | |||||||||||||||||
LIABILITIES AND SHAREHOLDERS’ EQUITY | |||||||||||||||||||||
Savings deposits | $ | 260,860 | 117 | 0.18 | % | $ | 262,009 | 121 | 0.19 | % | |||||||||||
Time deposits | 988,380 | 2,878 | 1.16 | % | 1,014,101 | 2,723 | 1.08 | % | |||||||||||||
Interest bearing demand deposits | 1,562,993 | 2,425 | 0.62 | % | 1,616,036 | 2,294 | 0.57 | % | |||||||||||||
Total interest bearing deposits | 2,812,233 | 5,420 | 0.76 | % | 2,892,146 | 5,138 | 0.71 | % | |||||||||||||
FHLB borrowings | 1,237,055 | 4,156 | 1.33 | % | 1,213,016 | 3,551 | 1.17 | % | |||||||||||||
Subordinated notes, net of unamortized debt issuance costs | 98,190 | 1,413 | 5.71 | % | 98,151 | 1,398 | 5.71 | % | |||||||||||||
Trust preferred subordinated debentures, net of unamortized debt issuance costs | 60,239 | 520 | 3.42 | % | 60,238 | 494 | 3.29 | % | |||||||||||||
Other borrowings | 8,425 | 4 | 0.19 | % | 7,884 | 4 | 0.20 | % | |||||||||||||
Total interest bearing liabilities | 4,216,142 | 11,513 | 1.08 | % | 4,271,435 | 10,585 | 0.99 | % | |||||||||||||
Noninterest bearing deposits | 773,739 | 729,564 | |||||||||||||||||||
Accrued expenses and other liabilities | 48,682 | 39,819 | |||||||||||||||||||
Total liabilities | 5,038,563 | 5,040,818 | |||||||||||||||||||
Shareholders’ equity | 554,523 | 542,586 | |||||||||||||||||||
Total liabilities and shareholders’ equity | $ | 5,593,086 | $ | 5,583,404 | |||||||||||||||||
Net interest income (FTE) | $ | 39,607 | $ | 39,703 | |||||||||||||||||
Net interest margin (FTE) | 3.02 | % | 3.07 | % | |||||||||||||||||
Net interest spread (FTE) | 2.82 | % | 2.89 | % |
(1) | Interest on loans includes net fees on loans that are not material in amount. |
(2) | For the purpose of calculating the average yield, the average balance of securities is presented at historical cost. |
Average Balances with Average Yields and Rates | ||||||||||
(unaudited) | ||||||||||
Three Months Ended | ||||||||||
March 31, 2017 | ||||||||||
Avg Balance | Interest | Avg Yield/Rate | ||||||||
ASSETS | ||||||||||
Loans (1) | $ | 2,549,230 | $ | 28,241 | 4.49 | % | ||||
Loans held for sale | 7,023 | 48 | 2.77 | % | ||||||
Securities: | ||||||||||
Investment securities (taxable) (2) | 86,511 | 377 | 1.77 | % | ||||||
Investment securities (tax-exempt) (2) | 779,772 | 9,929 | 5.16 | % | ||||||
Mortgage-backed and related securities (2) | 1,570,510 | 10,045 | 2.59 | % | ||||||
Total securities | 2,436,793 | 20,351 | 3.39 | % | ||||||
FHLB stock, at cost, and equity investments | 66,547 | 298 | 1.82 | % | ||||||
Interest earning deposits | 162,235 | 346 | 0.86 | % | ||||||
Federal funds sold | 7,217 | 14 | 0.79 | % | ||||||
Total earning assets | 5,229,045 | 49,298 | 3.82 | % | ||||||
Cash and due from banks | 53,528 | |||||||||
Accrued interest and other assets | 350,729 | |||||||||
Less: Allowance for loan losses | (18,130 | ) | ||||||||
Total assets | $ | 5,615,172 | ||||||||
LIABILITIES AND SHAREHOLDERS’ EQUITY | ||||||||||
Savings deposits | $ | 252,744 | 92 | 0.15 | % | |||||
Time deposits | 927,610 | 2,227 | 0.97 | % | ||||||
Interest bearing demand deposits | 1,707,996 | 1,962 | 0.47 | % | ||||||
Total interest bearing deposits | 2,888,350 | 4,281 | 0.60 | % | ||||||
FHLB borrowings | 1,302,335 | 3,464 | 1.08 | % | ||||||
Subordinated notes, net of unamortized debt issuance costs | 98,117 | 1,393 | 5.76 | % | ||||||
Trust preferred subordinated debentures, net of unamortized debt issuance costs | 60,237 | 467 | 3.14 | % | ||||||
Other borrowings | 6,986 | 3 | 0.17 | % | ||||||
Total interest bearing liabilities | 4,356,025 | 9,608 | 0.89 | % | ||||||
Noninterest bearing deposits | 693,729 | |||||||||
Accrued expenses and other liabilities | 39,960 | |||||||||
Total liabilities | 5,089,714 | |||||||||
Shareholders’ equity | 525,458 | |||||||||
Total liabilities and shareholders’ equity | $ | 5,615,172 | ||||||||
Net interest income (FTE) | $ | 39,690 | ||||||||
Net interest margin (FTE) | 3.08 | % | ||||||||
Net interest spread (FTE) | 2.93 | % |
(1) | Interest on loans includes net fees on loans that are not material in amount. |
(2) | For the purpose of calculating the average yield, the average balance of securities is presented at historical cost. |