Montana | 000-18911 | 81-0519541 |
(State or other jurisdiction of incorporation) | (Commission File Number) | (IRS Employer Identification No.) |
49 Commons Loop, Kalispell, Montana | 59901 |
(Address of principal executive offices) | (Zip Code) |
(406) 756-4200 | |
Registrant’s telephone number, including area code |
☐ | 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 |
Common Stock, $0.01 par value | GBCI | NASDAQ |
(d) |
Dated: | July 18, 2019 | GLACIER BANCORP, INC. | |
By: | /s/ Randall M. Chesler | ||
Randall M. Chesler | |||
President and Chief Executive Officer |
FOR IMMEDIATE RELEASE | CONTACT: Randall M. Chesler, CEO |
(406) 751-4722 | |
Ron J. Copher, CFO | |
(406) 751-7706 |
• | Net income of $52.4 million for the current quarter, an increase of $8.0 million, or 18 percent, over the prior year second quarter net income of $44.4 million. |
• | Current quarter diluted earnings per share of $0.61, an increase of 17 percent from the prior year second quarter diluted earnings per share of $0.52. |
• | Current quarter organic loan growth was $270 million, or 13 percent annualized. |
• | Core deposits organically grew $40.1 million, or 2 percent annualized, during the current quarter with non-interest bearing deposit growth of $120 million, or 16 percent annualized. |
• | Net interest margin of 4.33 percent was stable compared to 4.34 percent in the prior quarter and increased 16 basis points over the prior year second quarter. Loan yields increased 2 basis points in the current quarter and the cost of core deposits remained unchanged. |
• | Stable credit quality with non-performing assets as a percentage of subsidiary assets improving to 0.41 percent in the current quarter compared to 0.42 percent for the prior quarter and 0.71 percent from the prior year second quarter. |
• | Dividend declared of $0.27 per share, or 4 percent increase over the prior quarter. The dividend was the 137th consecutive quarterly dividend declared by the Company. |
• | The Company completed the acquisition of FNB Bancorp, the holding company for The First National Bank of Layton, a community bank based in Layton, Utah, with total assets of $379 million. |
• | The Company has received all regulatory approvals for the acquisition of Heritage Bancorp, the parent company of Heritage Bank of Nevada, a community bank based in Reno, Nevada, with total assets of $842 million at June 30, 2019. The acquisition is expected to be completed effective July 31, 2019. |
• | Net income of $101.5 million for the first half of 2019, an increase of $18.6 million, or 22 percent, over the first half of 2018 net income of $82.9 million. |
• | Diluted earnings per share of $1.19, an increase of 19 percent from the prior year first six months diluted earnings per share of $1.00. |
• | Organic loan growth was $309 million, or 7 percent annualized, for the first half of 2019. |
• | Core deposits organically grew $110 million, or 2 percent annualized, during the current year with non-interest bearing deposit growth of $170 million, or 11 percent annualized. |
• | Dividend declared of $0.53 per share, an increase of $0.04 per share, or 8 percent, over the prior year first six months dividends of $0.49. |
At or for the Three Months ended | At or for the Six Months ended | ||||||||||||||
(Dollars in thousands, except per share and market data) | Jun 30, 2019 | Mar 31, 2019 | Jun 30, 2018 | Jun 30, 2019 | Jun 30, 2018 | ||||||||||
Operating results | |||||||||||||||
Net income | $ | 52,392 | 49,132 | 44,384 | 101,524 | 82,943 | |||||||||
Basic earnings per share | $ | 0.61 | 0.58 | 0.53 | 1.19 | 1.00 | |||||||||
Diluted earnings per share | $ | 0.61 | 0.58 | 0.52 | 1.19 | 1.00 | |||||||||
Dividends declared per share | $ | 0.27 | 0.26 | 0.26 | 0.53 | 0.49 | |||||||||
Market value per share | |||||||||||||||
Closing | $ | 40.55 | 40.07 | 38.68 | 40.55 | 38.68 | |||||||||
High | $ | 43.44 | 45.47 | 41.47 | 45.47 | 41.47 | |||||||||
Low | $ | 38.65 | 37.58 | 35.77 | 37.58 | 35.77 | |||||||||
Selected ratios and other data | |||||||||||||||
Number of common stock shares outstanding | 86,637,394 | 84,588,199 | 84,516,650 | 86,637,394 | 84,516,650 | ||||||||||
Average outstanding shares - basic | 85,826,290 | 84,549,974 | 84,514,257 | 85,191,658 | 82,671,816 | ||||||||||
Average outstanding shares - diluted | 85,858,286 | 84,614,248 | 84,559,268 | 85,241,238 | 82,734,407 | ||||||||||
Return on average assets (annualized) | 1.69 | % | 1.67 | % | 1.53 | % | 1.68 | % | 1.52 | % | |||||
Return on average equity (annualized) | 12.82 | % | 13.02 | % | 12.07 | % | 12.91 | % | 11.99 | % | |||||
Efficiency ratio | 54.50 | % | 55.37 | % | 55.44 | % | 54.93 | % | 56.54 | % | |||||
Dividend payout ratio | 44.26 | % | 44.83 | % | 49.06 | % | 44.54 | % | 49.00 | % | |||||
Loan to deposit ratio | 90.27 | % | 87.14 | % | 84.92 | % | 90.27 | % | 84.92 | % | |||||
Number of full time equivalent employees | 2,703 | 2,634 | 2,605 | 2,703 | 2,605 | ||||||||||
Number of locations | 175 | 169 | 167 | 175 | 167 | ||||||||||
Number of ATMs | 228 | 222 | 221 | 228 | 221 |
FNB | |||
(Dollars in thousands) | April 30, 2019 | ||
Total assets | $ | 379,155 | |
Debt securities | 47,247 | ||
Loans receivable | 245,485 | ||
Non-interest bearing deposits | 93,647 | ||
Interest bearing deposits | 180,999 | ||
Borrowings | 7,273 |
$ Change from | |||||||||||||||||||||
(Dollars in thousands) | Jun 30, 2019 | Mar 31, 2019 | Dec 31, 2018 | Jun 30, 2018 | Mar 31, 2019 | Dec 31, 2018 | Jun 30, 2018 | ||||||||||||||
Cash and cash equivalents | $ | 231,209 | 202,527 | 203,790 | 368,132 | 28,682 | 27,419 | (136,923 | ) | ||||||||||||
Debt securities, available-for-sale | 2,470,634 | 2,522,322 | 2,571,663 | 2,177,352 | (51,688 | ) | (101,029 | ) | 293,282 | ||||||||||||
Debt securities, held-to-maturity | 252,097 | 255,572 | 297,915 | 620,409 | (3,475 | ) | (45,818 | ) | (368,312 | ) | |||||||||||
Total debt securities | 2,722,731 | 2,777,894 | 2,869,578 | 2,797,761 | (55,163 | ) | (146,847 | ) | (75,030 | ) | |||||||||||
Loans receivable | |||||||||||||||||||||
Residential real estate | 920,715 | 884,732 | 887,742 | 835,382 | 35,983 | 32,973 | 85,333 | ||||||||||||||
Commercial real estate | 4,959,863 | 4,686,082 | 4,657,561 | 4,384,781 | 273,781 | 302,302 | 575,082 | ||||||||||||||
Other commercial | 2,076,605 | 1,909,452 | 1,911,171 | 1,940,435 | 167,153 | 165,434 | 136,170 | ||||||||||||||
Home equity | 596,041 | 562,381 | 544,688 | 511,043 | 33,660 | 51,353 | 84,998 | ||||||||||||||
Other consumer | 288,553 | 283,423 | 286,387 | 277,031 | 5,130 | 2,166 | 11,522 | ||||||||||||||
Loans receivable | 8,841,777 | 8,326,070 | 8,287,549 | 7,948,672 | 515,707 | 554,228 | 893,105 | ||||||||||||||
Allowance for loan and lease losses | (129,054 | ) | (129,786 | ) | (131,239 | ) | (131,564 | ) | 732 | 2,185 | 2,510 | ||||||||||
Loans receivable, net | 8,712,723 | 8,196,284 | 8,156,310 | 7,817,108 | 516,439 | 556,413 | 895,615 | ||||||||||||||
Other assets | 1,009,698 | 897,074 | 885,806 | 914,643 | 112,624 | 123,892 | 95,055 | ||||||||||||||
Total assets | $ | 12,676,361 | 12,073,779 | 12,115,484 | 11,897,644 | 602,582 | 560,877 | 778,717 |
At or for the Six Months ended | At or for the Three Months ended | At or for the Year ended | At or for the Six Months ended | |||||||||
(Dollars in thousands) | Jun 30, 2019 | Mar 31, 2019 | Dec 31, 2018 | Jun 30, 2018 | ||||||||
Allowance for loan and lease losses | ||||||||||||
Balance at beginning of period | $ | 131,239 | 131,239 | 129,568 | 129,568 | |||||||
Provision for loan losses | 57 | 57 | 9,953 | 5,513 | ||||||||
Charge-offs | (6,200 | ) | (3,341 | ) | (17,807 | ) | (7,611 | ) | ||||
Recoveries | 3,958 | 1,831 | 9,525 | 4,094 | ||||||||
Balance at end of period | $ | 129,054 | 129,786 | 131,239 | 131,564 | |||||||
Other real estate owned | $ | 7,281 | 8,125 | 7,480 | 13,616 | |||||||
Accruing loans 90 days or more past due | 3,463 | 2,451 | 2,018 | 12,751 | ||||||||
Non-accrual loans | 41,195 | 40,269 | 47,252 | 58,170 | ||||||||
Total non-performing assets | $ | 51,939 | 50,845 | 56,750 | 84,537 | |||||||
Non-performing assets as a percentage of subsidiary assets | 0.41 | % | 0.42 | % | 0.47 | % | 0.71 | % | ||||
Allowance for loan and lease losses as a percentage of non-performing loans | 289 | % | 304 | % | 266 | % | 186 | % | ||||
Allowance for loan and lease losses as a percentage of total loans | 1.46 | % | 1.56 | % | 1.58 | % | 1.66 | % | ||||
Net charge-offs as a percentage of total loans | 0.03 | % | 0.02 | % | 0.10 | % | 0.04 | % | ||||
Accruing loans 30-89 days past due | $ | 37,937 | 36,894 | 33,567 | 39,650 | |||||||
Accruing troubled debt restructurings | $ | 25,019 | 24,468 | 25,833 | 34,991 | |||||||
Non-accrual troubled debt restructurings | $ | 6,041 | 6,747 | 10,660 | 18,380 | |||||||
U.S. government guarantees included in non-performing assets | $ | 2,785 | 2,649 | 4,811 | 7,265 |
(Dollars in thousands) | Provision for Loan Losses | Net Charge-Offs | ALLL as a Percent of Loans | Accruing Loans 30-89 Days Past Due as a Percent of Loans | Non-Performing Assets to Total Subsidiary Assets | |||||||||||
Second quarter 2019 | $ | — | $ | 732 | 1.46 | % | 0.43 | % | 0.41 | % | ||||||
First quarter 2019 | 57 | 1,510 | 1.56 | % | 0.44 | % | 0.42 | % | ||||||||
Fourth quarter 2018 | 1,246 | 2,542 | 1.58 | % | 0.41 | % | 0.47 | % | ||||||||
Third quarter 2018 | 3,194 | 2,223 | 1.63 | % | 0.31 | % | 0.61 | % | ||||||||
Second quarter 2018 | 4,718 | 762 | 1.66 | % | 0.50 | % | 0.71 | % | ||||||||
First quarter 2018 | 795 | 2,755 | 1.66 | % | 0.59 | % | 0.64 | % | ||||||||
Fourth quarter 2017 | 2,886 | 2,894 | 1.97 | % | 0.57 | % | 0.68 | % | ||||||||
Third quarter 2017 | 3,327 | 3,628 | 1.99 | % | 0.45 | % | 0.67 | % |
$ Change from | |||||||||||||||||||||
(Dollars in thousands) | Jun 30, 2019 | Mar 31, 2019 | Dec 31, 2018 | Jun 30, 2018 | Mar 31, 2019 | Dec 31, 2018 | Jun 30, 2018 | ||||||||||||||
Deposits | |||||||||||||||||||||
Non-interest bearing deposits | $ | 3,265,077 | 3,051,119 | 3,001,178 | 2,914,885 | 213,958 | 263,899 | 350,192 | |||||||||||||
NOW and DDA accounts | 2,487,806 | 2,383,806 | 2,391,307 | 2,354,214 | 104,000 | 96,499 | 133,592 | ||||||||||||||
Savings accounts | 1,412,046 | 1,373,544 | 1,346,790 | 1,330,637 | 38,502 | 65,256 | 81,409 | ||||||||||||||
Money market deposit accounts | 1,647,372 | 1,689,962 | 1,684,284 | 1,723,681 | (42,590 | ) | (36,912 | ) | (76,309 | ) | |||||||||||
Certificate accounts | 897,625 | 896,731 | 901,484 | 927,608 | 894 | (3,859 | ) | (29,983 | ) | ||||||||||||
Core deposits, total | 9,709,926 | 9,395,162 | 9,325,043 | 9,251,025 | 314,764 | 384,883 | 458,901 | ||||||||||||||
Wholesale deposits | 144,949 | 192,953 | 168,724 | 172,550 | (48,004 | ) | (23,775 | ) | (27,601 | ) | |||||||||||
Deposits, total | 9,854,875 | 9,588,115 | 9,493,767 | 9,423,575 | 266,760 | 361,108 | 431,300 | ||||||||||||||
Repurchase agreements | 494,651 | 489,620 | 396,151 | 361,515 | 5,031 | 98,500 | 133,136 | ||||||||||||||
Federal Home Loan Bank advances | 319,996 | 154,683 | 440,175 | 395,037 | 165,313 | (120,179 | ) | (75,041 | ) | ||||||||||||
Other borrowed funds | 14,765 | 14,738 | 14,708 | 9,917 | 27 | 57 | 4,848 | ||||||||||||||
Subordinated debentures | 139,912 | 134,048 | 134,051 | 134,058 | 5,864 | 5,861 | 5,854 | ||||||||||||||
Other liabilities | 164,786 | 141,725 | 120,778 | 99,550 | 23,061 | 44,008 | 65,236 | ||||||||||||||
Total liabilities | $ | 10,988,985 | 10,522,929 | 10,599,630 | 10,423,652 | 466,056 | 389,355 | 565,333 |
$ Change from | |||||||||||||||||||||
(Dollars in thousands, except per share data) | Jun 30, 2019 | Mar 31, 2019 | Dec 31, 2018 | Jun 30, 2018 | Mar 31, 2019 | Dec 31, 2018 | Jun 30, 2018 | ||||||||||||||
Common equity | $ | 1,643,928 | 1,526,963 | 1,525,281 | 1,494,274 | 116,965 | 118,647 | 149,654 | |||||||||||||
Accumulated other comprehensive income (loss) | 43,448 | 23,887 | (9,427 | ) | (20,282 | ) | 19,561 | 52,875 | 63,730 | ||||||||||||
Total stockholders’ equity | 1,687,376 | 1,550,850 | 1,515,854 | 1,473,992 | 136,526 | 171,522 | 213,384 | ||||||||||||||
Goodwill and core deposit intangible, net | (385,533 | ) | (337,134 | ) | (338,828 | ) | (342,243 | ) | (48,399 | ) | (46,705 | ) | (43,290 | ) | |||||||
Tangible stockholders’ equity | $ | 1,301,843 | 1,213,716 | 1,177,026 | 1,131,749 | 88,127 | 124,817 | 170,094 |
Stockholders’ equity to total assets | 13.31 | % | 12.84 | % | 12.51 | % | 12.39 | % | |||||||||||||
Tangible stockholders’ equity to total tangible assets | 10.59 | % | 10.34 | % | 9.99 | % | 9.79 | % | |||||||||||||
Book value per common share | $ | 19.48 | 18.33 | 17.93 | 17.44 | 1.15 | 1.55 | 2.04 | |||||||||||||
Tangible book value per common share | $ | 15.03 | 14.35 | 13.93 | 13.39 | 0.68 | 1.10 | 1.64 |
Three Months ended | $ Change from | ||||||||||||||
(Dollars in thousands) | Jun 30, 2019 | Mar 31, 2019 | Jun 30, 2018 | Mar 31, 2019 | Jun 30, 2018 | ||||||||||
Net interest income | |||||||||||||||
Interest income | $ | 132,385 | 126,116 | 117,715 | 6,269 | 14,670 | |||||||||
Interest expense | 12,089 | 10,904 | 9,161 | 1,185 | 2,928 | ||||||||||
Total net interest income | 120,296 | 115,212 | 108,554 | 5,084 | 11,742 | ||||||||||
Non-interest income | |||||||||||||||
Service charges and other fees | 20,025 | 18,015 | 18,804 | 2,010 | 1,221 | ||||||||||
Miscellaneous loan fees and charges | 1,192 | 967 | 2,243 | 225 | (1,051 | ) | |||||||||
Gain on sale of loans | 7,762 | 5,798 | 8,142 | 1,964 | (380 | ) | |||||||||
Gain (loss) on sale of investments | 134 | 213 | (56 | ) | (79 | ) | 190 | ||||||||
Other income | 1,721 | 3,481 | 2,695 | (1,760 | ) | (974 | ) | ||||||||
Total non-interest income | 30,834 | 28,474 | 31,828 | 2,360 | (994 | ) | |||||||||
Total income | $ | 151,130 | 143,686 | 140,382 | 7,444 | 10,748 | |||||||||
Net interest margin (tax-equivalent) | 4.33 | % | 4.34 | % | 4.17 | % |
Three Months ended | $ Change from | ||||||||||||||
(Dollars in thousands) | Jun 30, 2019 | Mar 31, 2019 | Jun 30, 2018 | Mar 31, 2019 | Jun 30, 2018 | ||||||||||
Compensation and employee benefits | $ | 51,973 | 52,728 | 49,023 | (755 | ) | 2,950 | ||||||||
Occupancy and equipment | 8,180 | 8,437 | 7,662 | (257 | ) | 518 | |||||||||
Advertising and promotions | 2,767 | 2,388 | 2,530 | 379 | 237 | ||||||||||
Data processing | 4,062 | 3,892 | 4,241 | 170 | (179 | ) | |||||||||
Other real estate owned | 191 | 139 | 211 | 52 | (20 | ) | |||||||||
Regulatory assessments and insurance | 1,848 | 1,285 | 1,329 | 563 | 519 | ||||||||||
Core deposit intangibles amortization | 1,865 | 1,694 | 1,748 | 171 | 117 | ||||||||||
Other expenses | 15,284 | 12,267 | 15,051 | 3,017 | 233 | ||||||||||
Total non-interest expense | $ | 86,170 | 82,830 | 81,795 | 3,340 | 4,375 |
Six Months ended | ||||||||||||||
(Dollars in thousands) | Jun 30, 2019 | Jun 30, 2018 | $ Change | % Change | ||||||||||
Net interest income | ||||||||||||||
Interest income | $ | 258,501 | $ | 220,781 | $ | 37,720 | 17 | % | ||||||
Interest expense | 22,993 | 16,935 | 6,058 | 36 | % | |||||||||
Total net interest income | 235,508 | 203,846 | 31,662 | 16 | % | |||||||||
Non-interest income | ||||||||||||||
Service charges and other fees | 38,040 | 35,675 | 2,365 | 7 | % | |||||||||
Miscellaneous loan fees and charges | 2,159 | 3,720 | (1,561 | ) | (42 | )% | ||||||||
Gain on sale of loans | 13,560 | 14,239 | (679 | ) | (5 | )% | ||||||||
Loss on sale of investments | 347 | (389 | ) | 736 | (189 | )% | ||||||||
Other income | 5,202 | 4,669 | 533 | 11 | % | |||||||||
Total non-interest income | 59,308 | 57,914 | 1,394 | 2 | % | |||||||||
$ | 294,816 | $ | 261,760 | $ | 33,056 | 13 | % | |||||||
Net interest margin (tax-equivalent) | 4.33 | % | 4.14 | % |
Six Months ended | ||||||||||||||
(Dollars in thousands) | Jun 30, 2019 | Jun 30, 2018 | $ Change | % Change | ||||||||||
Compensation and employee benefits | $ | 104,701 | $ | 94,744 | $ | 9,957 | 11 | % | ||||||
Occupancy and equipment | 16,617 | 14,936 | 1,681 | 11 | % | |||||||||
Advertising and promotions | 5,155 | 4,700 | 455 | 10 | % | |||||||||
Data processing | 7,954 | 8,208 | (254 | ) | (3 | )% | ||||||||
Other real estate owned | 330 | 283 | 47 | 17 | % | |||||||||
Regulatory assessments and insurance | 3,133 | 2,535 | 598 | 24 | % | |||||||||
Core deposit intangibles amortization | 3,559 | 2,804 | 755 | 27 | % | |||||||||
Other expenses | 27,551 | 27,212 | 339 | 1 | % | |||||||||
Total non-interest expense | $ | 169,000 | $ | 155,422 | $ | 13,578 | 9 | % |
• | the risks associated with lending and potential adverse changes of the credit quality of loans in the Company’s portfolio; |
• | changes in trade, monetary and fiscal policies and laws, including interest rate policies of the Board of Governors of the Federal Reserve System or the Federal Reserve Board, which could adversely affect the Company’s net interest income and profitability; |
• | changes in the cost and scope of insurance from the Federal Deposit Insurance Corporation and other third parties; |
• | legislative or regulatory changes, including increased banking and consumer protection regulation that adversely affect the Company’s business, both generally and as a result of the Company exceeding $10 billion in total consolidated assets; |
• | ability to complete pending or prospective future acquisitions; |
• | costs or difficulties related to the completion and integration of acquisitions; |
• | the goodwill the Company has recorded in connection with acquisitions could become impaired, which may have an adverse impact on earnings and capital; |
• | reduced demand for banking products and services; |
• | the reputation of banks and the financial services industry could deteriorate, which could adversely affect the Company's ability to obtain (and maintain) customers; |
• | competition among financial institutions in the Company's markets may increase significantly; |
• | the risks presented by continued public stock market volatility, which could adversely affect the market price of the Company’s common stock and the ability to raise additional capital or grow the Company through acquisitions; |
• | the projected business and profitability of an expansion or the opening of a new branch could be lower than expected; |
• | consolidation in the financial services industry in the Company’s markets resulting in the creation of larger financial institutions who may have greater resources could change the competitive landscape; |
• | dependence on the Chief Executive Officer, the senior management team and the Presidents of Glacier Bank divisions; |
• | material failure, potential interruption or breach in security of the Company’s systems and technological changes which could expose us to new risks (e.g., cybersecurity), fraud or system failures; |
• | natural disasters, including fires, floods, earthquakes, and other unexpected events; |
• | the Company’s success in managing risks involved in the foregoing; and |
• | the effects of any reputational damage to the Company resulting from any of the foregoing. |
(Dollars in thousands, except per share data) | June 30, 2019 | March 31, 2019 | December 31, 2018 | June 30, 2018 | ||||||||
Assets | ||||||||||||
Cash on hand and in banks | $ | 181,526 | 139,333 | 161,782 | 174,239 | |||||||
Federal funds sold | — | 115 | — | — | ||||||||
Interest bearing cash deposits | 49,683 | 63,079 | 42,008 | 193,893 | ||||||||
Cash and cash equivalents | 231,209 | 202,527 | 203,790 | 368,132 | ||||||||
Debt securities, available-for-sale | 2,470,634 | 2,522,322 | 2,571,663 | 2,177,352 | ||||||||
Debt securities, held-to-maturity | 252,097 | 255,572 | 297,915 | 620,409 | ||||||||
Total debt securities | 2,722,731 | 2,777,894 | 2,869,578 | 2,797,761 | ||||||||
Loans held for sale, at fair value | 54,711 | 29,389 | 33,156 | 53,788 | ||||||||
Loans receivable | 8,841,777 | 8,326,070 | 8,287,549 | 7,948,672 | ||||||||
Allowance for loan and lease losses | (129,054 | ) | (129,786 | ) | (131,239 | ) | (131,564 | ) | ||||
Loans receivable, net | 8,712,723 | 8,196,284 | 8,156,310 | 7,817,108 | ||||||||
Premises and equipment, net | 296,915 | 277,619 | 241,528 | 240,373 | ||||||||
Other real estate owned | 7,281 | 8,125 | 7,480 | 13,616 | ||||||||
Accrued interest receivable | 58,567 | 57,367 | 54,408 | 55,973 | ||||||||
Deferred tax asset | 3,371 | 12,554 | 23,564 | 34,211 | ||||||||
Core deposit intangible, net | 54,646 | 47,548 | 49,242 | 52,708 | ||||||||
Goodwill | 330,887 | 289,586 | 289,586 | 289,535 | ||||||||
Non-marketable equity securities | 23,031 | 16,435 | 27,871 | 26,107 | ||||||||
Bank-owned life insurance | 93,543 | 82,819 | 82,320 | 81,379 | ||||||||
Other assets | 86,746 | 75,632 | 76,651 | 66,953 | ||||||||
Total assets | $ | 12,676,361 | 12,073,779 | 12,115,484 | 11,897,644 | |||||||
Liabilities | ||||||||||||
Non-interest bearing deposits | $ | 3,265,077 | 3,051,119 | 3,001,178 | 2,914,885 | |||||||
Interest bearing deposits | 6,589,798 | 6,536,996 | 6,492,589 | 6,508,690 | ||||||||
Securities sold under agreements to repurchase | 494,651 | 489,620 | 396,151 | 361,515 | ||||||||
FHLB advances | 319,996 | 154,683 | 440,175 | 395,037 | ||||||||
Other borrowed funds | 14,765 | 14,738 | 14,708 | 9,917 | ||||||||
Subordinated debentures | 139,912 | 134,048 | 134,051 | 134,058 | ||||||||
Accrued interest payable | 5,091 | 4,709 | 4,252 | 3,952 | ||||||||
Other liabilities | 159,695 | 137,016 | 116,526 | 95,598 | ||||||||
Total liabilities | 10,988,985 | 10,522,929 | 10,599,630 | 10,423,652 | ||||||||
Stockholders’ Equity | ||||||||||||
Preferred shares, $0.01 par value per share, 1,000,000 shares authorized, none issued or outstanding | — | — | — | — | ||||||||
Common stock, $0.01 par value per share, 117,187,500 shares authorized | 866 | 846 | 845 | 845 | ||||||||
Paid-in capital | 1,139,289 | 1,051,299 | 1,051,253 | 1,049,724 | ||||||||
Retained earnings - substantially restricted | 503,773 | 474,818 | 473,183 | 443,705 | ||||||||
Accumulated other comprehensive income (loss) | 43,448 | 23,887 | (9,427 | ) | (20,282 | ) | ||||||
Total stockholders’ equity | 1,687,376 | 1,550,850 | 1,515,854 | 1,473,992 | ||||||||
Total liabilities and stockholders’ equity | $ | 12,676,361 | 12,073,779 | 12,115,484 | 11,897,644 |
Three Months ended | Six Months ended | ||||||||||||||
(Dollars in thousands, except per share data) | June 30, 2019 | March 31, 2019 | June 30, 2018 | June 30, 2019 | June 30, 2018 | ||||||||||
Interest Income | |||||||||||||||
Debt securities | $ | 21,892 | 21,351 | 22,370 | 43,243 | 42,512 | |||||||||
Residential real estate loans | 11,410 | 10,779 | 10,149 | 22,189 | 18,934 | ||||||||||
Commercial loans | 88,043 | 83,539 | 75,824 | 171,582 | 141,339 | ||||||||||
Consumer and other loans | 11,040 | 10,447 | 9,372 | 21,487 | 17,996 | ||||||||||
Total interest income | 132,385 | 126,116 | 117,715 | 258,501 | 220,781 | ||||||||||
Interest Expense | |||||||||||||||
Deposits | 5,624 | 5,341 | 4,617 | 10,965 | 8,533 | ||||||||||
Securities sold under agreements to repurchase | 886 | 802 | 486 | 1,688 | 971 | ||||||||||
Federal Home Loan Bank advances | 3,847 | 3,055 | 2,513 | 6,902 | 4,602 | ||||||||||
Other borrowed funds | 38 | 38 | 26 | 76 | 42 | ||||||||||
Subordinated debentures | 1,694 | 1,668 | 1,519 | 3,362 | 2,787 | ||||||||||
Total interest expense | 12,089 | 10,904 | 9,161 | 22,993 | 16,935 | ||||||||||
Net Interest Income | 120,296 | 115,212 | 108,554 | 235,508 | 203,846 | ||||||||||
Provision for loan losses | — | 57 | 4,718 | 57 | 5,513 | ||||||||||
Net interest income after provision for loan losses | 120,296 | 115,155 | 103,836 | 235,451 | 198,333 | ||||||||||
Non-Interest Income | |||||||||||||||
Service charges and other fees | 20,025 | 18,015 | 18,804 | 38,040 | 35,675 | ||||||||||
Miscellaneous loan fees and charges | 1,192 | 967 | 2,243 | 2,159 | 3,720 | ||||||||||
Gain on sale of loans | 7,762 | 5,798 | 8,142 | 13,560 | 14,239 | ||||||||||
Gain (loss) on sale of debt securities | 134 | 213 | (56 | ) | 347 | (389 | ) | ||||||||
Other income | 1,721 | 3,481 | 2,695 | 5,202 | 4,669 | ||||||||||
Total non-interest income | 30,834 | 28,474 | 31,828 | 59,308 | 57,914 | ||||||||||
Non-Interest Expense | |||||||||||||||
Compensation and employee benefits | 51,973 | 52,728 | 49,023 | 104,701 | 94,744 | ||||||||||
Occupancy and equipment | 8,180 | 8,437 | 7,662 | 16,617 | 14,936 | ||||||||||
Advertising and promotions | 2,767 | 2,388 | 2,530 | 5,155 | 4,700 | ||||||||||
Data processing | 4,062 | 3,892 | 4,241 | 7,954 | 8,208 | ||||||||||
Other real estate owned | 191 | 139 | 211 | 330 | 283 | ||||||||||
Regulatory assessments and insurance | 1,848 | 1,285 | 1,329 | 3,133 | 2,535 | ||||||||||
Core deposit intangibles amortization | 1,865 | 1,694 | 1,748 | 3,559 | 2,804 | ||||||||||
Other expenses | 15,284 | 12,267 | 15,051 | 27,551 | 27,212 | ||||||||||
Total non-interest expense | 86,170 | 82,830 | 81,795 | 169,000 | 155,422 | ||||||||||
Income Before Income Taxes | 64,960 | 60,799 | 53,869 | 125,759 | 100,825 | ||||||||||
Federal and state income tax expense | 12,568 | 11,667 | 9,485 | 24,235 | 17,882 | ||||||||||
Net Income | $ | 52,392 | 49,132 | 44,384 | 101,524 | 82,943 |
Three Months ended | |||||||||||||||||||||
6/30/2019 | 3/31/2019 | ||||||||||||||||||||
(Dollars in thousands) | Average Balance | Interest & Dividends | Average Yield/ Rate | Average Balance | Interest & Dividends | Average Yield/ Rate | |||||||||||||||
Assets | |||||||||||||||||||||
Residential real estate loans | $ | 938,467 | $ | 11,410 | 4.86 | % | $ | 917,324 | $ | 10,779 | 4.70 | % | |||||||||
Commercial loans 1 | 6,803,541 | 89,191 | 5.26 | % | 6,524,190 | 84,613 | 5.26 | % | |||||||||||||
Consumer and other loans | 868,733 | 11,040 | 5.10 | % | 839,011 | 10,447 | 5.05 | % | |||||||||||||
Total loans 2 | 8,610,741 | 111,641 | 5.20 | % | 8,280,525 | 105,839 | 5.18 | % | |||||||||||||
Tax-exempt debt securities 3 | 957,177 | 9,982 | 4.17 | % | 960,569 | 9,950 | 4.14 | % | |||||||||||||
Taxable debt securities 4 | 1,911,173 | 14,246 | 2.98 | % | 1,845,677 | 13,729 | 2.98 | % | |||||||||||||
Total earning assets | 11,479,091 | 135,869 | 4.75 | % | 11,086,771 | 129,518 | 4.74 | % | |||||||||||||
Goodwill and intangibles | 351,466 | 337,963 | |||||||||||||||||||
Non-earning assets | 584,459 | 520,353 | |||||||||||||||||||
Total assets | $ | 12,415,016 | $ | 11,945,087 | |||||||||||||||||
Liabilities | |||||||||||||||||||||
Non-interest bearing deposits | $ | 3,084,404 | $ | — | — | % | $ | 2,943,770 | $ | — | — | % | |||||||||
NOW and DDA accounts | 2,394,505 | 985 | 0.17 | % | 2,320,928 | 961 | 0.17 | % | |||||||||||||
Savings accounts | 1,389,548 | 253 | 0.07 | % | 1,359,807 | 234 | 0.07 | % | |||||||||||||
Money market deposit accounts | 1,662,545 | 1,125 | 0.27 | % | 1,690,305 | 1,010 | 0.24 | % | |||||||||||||
Certificate accounts | 902,134 | 2,222 | 0.99 | % | 905,005 | 2,014 | 0.90 | % | |||||||||||||
Total core deposits | 9,433,136 | 4,585 | 0.19 | % | 9,219,815 | 4,219 | 0.19 | % | |||||||||||||
Wholesale deposits 5 | 162,495 | 1,039 | 2.56 | % | 169,361 | 1,122 | 2.69 | % | |||||||||||||
FHLB advances | 476,204 | 3,847 | 3.20 | % | 352,773 | 3,055 | 3.46 | % | |||||||||||||
Repurchase agreements and other borrowed funds | 593,990 | 2,618 | 1.77 | % | 556,325 | 2,508 | 1.83 | % | |||||||||||||
Total funding liabilities | 10,665,825 | 12,089 | 0.45 | % | 10,298,274 | 10,904 | 0.43 | % | |||||||||||||
Other liabilities | 109,480 | 116,143 | |||||||||||||||||||
Total liabilities | 10,775,305 | 10,414,417 | |||||||||||||||||||
Stockholders’ Equity | |||||||||||||||||||||
Common stock | 860 | 846 | |||||||||||||||||||
Paid-in capital | 1,110,138 | 1,051,261 | |||||||||||||||||||
Retained earnings | 500,015 | 471,626 | |||||||||||||||||||
Accumulated other comprehensive income | 28,698 | 6,937 | |||||||||||||||||||
Total stockholders’ equity | 1,639,711 | 1,530,670 | |||||||||||||||||||
Total liabilities and stockholders’ equity | $ | 12,415,016 | $ | 11,945,087 | |||||||||||||||||
Net interest income (tax-equivalent) | $ | 123,780 | $ | 118,614 | |||||||||||||||||
Net interest spread (tax-equivalent) | 4.30 | % | 4.31 | % | |||||||||||||||||
Net interest margin (tax-equivalent) | 4.33 | % | 4.34 | % |
1 | Includes tax effect of $1.1 million on tax-exempt municipal loan and lease income for the three months ended June 30, 2019 and March 31, 2019. |
2 | Total loans are gross of the allowance for loan and lease losses, net of unearned income and include loans held for sale. Non-accrual loans were included in the average volume for the entire period. |
3 | Includes tax effect of $2.1 million and $2.0 million on tax-exempt debt securities income for the three months ended June 30, 2019 and March 31, 2019, respectively. |
4 | Includes tax effect of $294 thousand and $293 thousand on federal income tax credits for the three months ended June 30, 2019 and March 31, 2019. |
5 | Wholesale deposits include brokered deposits classified as NOW, DDA, money market deposit and certificate accounts. |
Three Months ended | |||||||||||||||||||||
6/30/2019 | 6/30/2018 | ||||||||||||||||||||
(Dollars in thousands) | Average Balance | Interest & Dividends | Average Yield/ Rate | Average Balance | Interest & Dividends | Average Yield/ Rate | |||||||||||||||
Assets | |||||||||||||||||||||
Residential real estate loans | $ | 938,467 | $ | 11,410 | 4.86 | % | $ | 874,839 | $ | 10,149 | 4.64 | % | |||||||||
Commercial loans 1 | 6,803,541 | 89,191 | 5.26 | % | 6,158,095 | 76,834 | 5.00 | % | |||||||||||||
Consumer and other loans | 868,733 | 11,040 | 5.10 | % | 761,751 | 9,372 | 4.93 | % | |||||||||||||
Total loans 2 | 8,610,741 | 111,641 | 5.20 | % | 7,794,685 | 96,355 | 4.96 | % | |||||||||||||
Tax-exempt debt securities 3 | 957,177 | 9,982 | 4.17 | % | 1,085,520 | 12,634 | 4.66 | % | |||||||||||||
Taxable debt securities 4 | 1,911,173 | 14,246 | 2.98 | % | 1,931,846 | 12,630 | 2.62 | % | |||||||||||||
Total earning assets | 11,479,091 | 135,869 | 4.75 | % | 10,812,051 | 121,619 | 4.51 | % | |||||||||||||
Goodwill and intangibles | 351,466 | 343,201 | |||||||||||||||||||
Non-earning assets | 584,459 | 473,750 | |||||||||||||||||||
Total assets | $ | 12,415,016 | $ | 11,629,002 | |||||||||||||||||
Liabilities | |||||||||||||||||||||
Non-interest bearing deposits | $ | 3,084,404 | $ | — | — | % | $ | 2,800,719 | $ | — | — | % | |||||||||
NOW and DDA accounts | 2,394,505 | 985 | 0.17 | % | 2,316,927 | 1,009 | 0.17 | % | |||||||||||||
Savings accounts | 1,389,548 | 253 | 0.07 | % | 1,319,966 | 231 | 0.07 | % | |||||||||||||
Money market deposit accounts | 1,662,545 | 1,125 | 0.27 | % | 1,746,960 | 856 | 0.20 | % | |||||||||||||
Certificate accounts | 902,134 | 2,222 | 0.99 | % | 941,099 | 1,592 | 0.68 | % | |||||||||||||
Total core deposits | 9,433,136 | 4,585 | 0.19 | % | 9,125,671 | 3,688 | 0.16 | % | |||||||||||||
Wholesale deposits 5 | 162,495 | 1,039 | 2.56 | % | 153,127 | 929 | 2.43 | % | |||||||||||||
FHLB advances | 476,204 | 3,847 | 3.20 | % | 290,391 | 2,513 | 3.42 | % | |||||||||||||
Repurchase agreements and other borrowed funds | 593,990 | 2,618 | 1.77 | % | 510,636 | 2,031 | 1.60 | % | |||||||||||||
Total funding liabilities | 10,665,825 | 12,089 | 0.45 | % | 10,079,825 | 9,161 | 0.36 | % | |||||||||||||
Other liabilities | 109,480 | 74,600 | |||||||||||||||||||
Total liabilities | 10,775,305 | 10,154,425 | |||||||||||||||||||
Stockholders’ Equity | |||||||||||||||||||||
Common stock | 860 | 845 | |||||||||||||||||||
Paid-in capital | 1,110,138 | 1,049,270 | |||||||||||||||||||
Retained earnings | 500,015 | 443,607 | |||||||||||||||||||
Accumulated other comprehensive income (loss) | 28,698 | (19,145 | ) | ||||||||||||||||||
Total stockholders’ equity | 1,639,711 | 1,474,577 | |||||||||||||||||||
Total liabilities and stockholders’ equity | $ | 12,415,016 | $ | 11,629,002 | |||||||||||||||||
Net interest income (tax-equivalent) | $ | 123,780 | $ | 112,458 | |||||||||||||||||
Net interest spread (tax-equivalent) | 4.30 | % | 4.15 | % | |||||||||||||||||
Net interest margin (tax-equivalent) | 4.33 | % | 4.17 | % |
1 | Includes tax effect of $1.1 million and $1.0 million on tax-exempt municipal loan and lease income for the three months ended June 30, 2019 and 2018, respectively. |
2 | Total loans are gross of the allowance for loan and lease losses, net of unearned income and include loans held for sale. Non-accrual loans were included in the average volume for the entire period. |
3 | Includes tax effect of $2.0 million and $2.6 million on tax-exempt debt securities income for the three months ended June 30, 2019 and 2018, respectively. |
4 | Includes tax effect of $294 thousand and $305 thousand on federal income tax credits for the three months ended June 30, 2019 and 2018. |
5 | Wholesale deposits include brokered deposits classified as NOW, DDA, money market deposit and certificate accounts. |
Six Months ended | |||||||||||||||||||||
6/30/2019 | 6/30/2018 | ||||||||||||||||||||
(Dollars in thousands) | Average Balance | Interest & Dividends | Average Yield/ Rate | Average Balance | Interest & Dividends | Average Yield/ Rate | |||||||||||||||
Assets | |||||||||||||||||||||
Residential real estate loans | $ | 927,953 | $ | 22,189 | 4.78 | % | $ | 829,579 | $ | 18,934 | 4.56 | % | |||||||||
Commercial loans 1 | 6,664,637 | 173,804 | 5.26 | % | 5,856,533 | 143,308 | 4.93 | % | |||||||||||||
Consumer and other loans | 853,954 | 21,487 | 5.07 | % | 740,569 | 17,996 | 4.90 | % | |||||||||||||
Total loans 2 | 8,446,544 | 217,480 | 5.19 | % | 7,426,681 | 180,238 | 4.89 | % | |||||||||||||
Tax-exempt debt securities 3 | 958,864 | 19,932 | 4.16 | % | 1,089,605 | 25,429 | 4.67 | % | |||||||||||||
Taxable debt securities 4 | 1,878,606 | 27,975 | 2.98 | % | 1,793,849 | 22,902 | 2.55 | % | |||||||||||||
Total earning assets | 11,284,014 | 265,387 | 4.74 | % | 10,310,135 | 228,569 | 4.47 | % | |||||||||||||
Goodwill and intangibles | 344,752 | 281,673 | |||||||||||||||||||
Non-earning assets | 552,583 | 432,533 | |||||||||||||||||||
Total assets | $ | 12,181,349 | $ | 11,024,341 | |||||||||||||||||
Liabilities | |||||||||||||||||||||
Non-interest bearing deposits | $ | 3,014,476 | $ | — | — | % | $ | 2,637,342 | $ | — | — | % | |||||||||
NOW and DDA accounts | 2,357,920 | 1,946 | 0.17 | % | 2,165,039 | 1,827 | 0.17 | % | |||||||||||||
Savings accounts | 1,374,759 | 487 | 0.07 | % | 1,252,760 | 423 | 0.07 | % | |||||||||||||
Money market deposit accounts | 1,676,348 | 2,135 | 0.26 | % | 1,689,730 | 1,576 | 0.19 | % | |||||||||||||
Certificate accounts | 903,562 | 4,236 | 0.95 | % | 908,940 | 2,911 | 0.65 | % | |||||||||||||
Total core deposits | 9,327,065 | 8,804 | 0.19 | % | 8,653,811 | 6,737 | 0.16 | % | |||||||||||||
Wholesale deposits 5 | 165,909 | 2,161 | 2.63 | % | 151,362 | 1,796 | 2.39 | % | |||||||||||||
FHLB advances | 414,830 | 6,902 | 3.31 | % | 257,800 | 4,602 | 3.55 | % | |||||||||||||
Repurchase agreements and other borrowed funds | 575,262 | 5,126 | 1.80 | % | 516,108 | 3,800 | 1.48 | % | |||||||||||||
Total funding liabilities | 10,483,066 | 22,993 | 0.44 | % | 9,579,081 | 16,935 | 0.36 | % | |||||||||||||
Other liabilities | 112,793 | 50,421 | |||||||||||||||||||
Total liabilities | 10,595,859 | 9,629,502 | |||||||||||||||||||
Stockholders’ Equity | |||||||||||||||||||||
Common stock | 853 | 827 | |||||||||||||||||||
Paid-in capital | 1,080,861 | 978,046 | |||||||||||||||||||
Retained earnings | 485,898 | 432,143 | |||||||||||||||||||
Accumulated other comprehensive income (loss) | 17,878 | (16,177 | ) | ||||||||||||||||||
Total stockholders’ equity | 1,585,490 | 1,394,839 | |||||||||||||||||||
Total liabilities and stockholders’ equity | $ | 12,181,349 | $ | 11,024,341 | |||||||||||||||||
Net interest income (tax-equivalent) | $ | 242,394 | $ | 211,634 | |||||||||||||||||
Net interest spread (tax-equivalent) | 4.30 | % | 4.11 | % | |||||||||||||||||
Net interest margin (tax-equivalent) | 4.33 | % | 4.14 | % |
1 | Includes tax effect of $2.2 million and $2.0 million on tax-exempt municipal loan and lease income for the six months ended June 30, 2019 and 2018, respectively. |
2 | Total loans are gross of the allowance for loan and lease losses, net of unearned income and include loans held for sale. Non-accrual loans were included in the average volume for the entire period. |
3 | Includes tax effect of $4.1 million and $5.2 million on tax-exempt investment securities income for the six months ended June 30, 2019 and 2018, respectively. |
4 | Includes tax effect of $587 thousand and $609 thousand on federal income tax credits for the six months ended June 30, 2019 and 2018, respectively. |
5 | Wholesale deposits include brokered deposits classified as NOW, DDA, money market deposit and certificate accounts. |
Loans Receivable, by Loan Type | % Change from | |||||||||||||||||||||||
(Dollars in thousands) | Jun 30, 2019 | Mar 31, 2019 | Dec 31, 2018 | Jun 30, 2018 | Mar 31, 2019 | Dec 31, 2018 | Jun 30, 2018 | |||||||||||||||||
Custom and owner occupied construction | $ | 140,186 | $ | 126,820 | $ | 126,595 | $ | 138,171 | 11 | % | 11 | % | 1 | % | ||||||||||
Pre-sold and spec construction | 171,464 | 135,137 | 121,938 | 96,008 | 27 | % | 41 | % | 79 | % | ||||||||||||||
Total residential construction | 311,650 | 261,957 | 248,533 | 234,179 | 19 | % | 25 | % | 33 | % | ||||||||||||||
Land development | 120,052 | 126,417 | 137,814 | 108,641 | (5 | )% | (13 | )% | 11 | % | ||||||||||||||
Consumer land or lots | 128,544 | 125,818 | 127,775 | 110,846 | 2 | % | 1 | % | 16 | % | ||||||||||||||
Unimproved land | 74,244 | 75,113 | 83,579 | 72,150 | (1 | )% | (11 | )% | 3 | % | ||||||||||||||
Developed lots for operative builders | 14,117 | 16,171 | 17,061 | 12,708 | (13 | )% | (17 | )% | 11 | % | ||||||||||||||
Commercial lots | 57,447 | 35,511 | 34,096 | 27,661 | 62 | % | 68 | % | 108 | % | ||||||||||||||
Other construction | 453,782 | 454,965 | 520,005 | 478,037 | — | % | (13 | )% | (5 | )% | ||||||||||||||
Total land, lot, and other construction | 848,186 | 833,995 | 920,330 | 810,043 | 2 | % | (8 | )% | 5 | % | ||||||||||||||
Owner occupied | 1,418,190 | 1,367,530 | 1,343,563 | 1,302,737 | 4 | % | 6 | % | 9 | % | ||||||||||||||
Non-owner occupied | 1,780,988 | 1,662,390 | 1,605,960 | 1,495,532 | 7 | % | 11 | % | 19 | % | ||||||||||||||
Total commercial real estate | 3,199,178 | 3,029,920 | 2,949,523 | 2,798,269 | 6 | % | 8 | % | 14 | % | ||||||||||||||
Commercial and industrial | 1,024,828 | 922,124 | 907,340 | 909,688 | 11 | % | 13 | % | 13 | % | ||||||||||||||
Agriculture | 697,893 | 641,146 | 646,822 | 661,218 | 9 | % | 8 | % | 6 | % | ||||||||||||||
1st lien | 1,154,221 | 1,102,920 | 1,108,227 | 1,072,917 | 5 | % | 4 | % | 8 | % | ||||||||||||||
Junior lien | 53,055 | 54,964 | 56,689 | 64,821 | (3 | )% | (6 | )% | (18 | )% | ||||||||||||||
Total 1-4 family | 1,207,276 | 1,157,884 | 1,164,916 | 1,137,738 | 4 | % | 4 | % | 6 | % | ||||||||||||||
Multifamily residential | 278,539 | 268,156 | 247,457 | 218,061 | 4 | % | 13 | % | 28 | % | ||||||||||||||
Home equity lines of credit | 592,355 | 557,895 | 539,938 | 500,036 | 6 | % | 10 | % | 18 | % | ||||||||||||||
Other consumer | 167,964 | 163,568 | 165,865 | 164,288 | 3 | % | 1 | % | 2 | % | ||||||||||||||
Total consumer | 760,319 | 721,463 | 705,803 | 664,324 | 5 | % | 8 | % | 14 | % | ||||||||||||||
States and political subdivisions | 454,085 | 398,848 | 404,671 | 419,025 | 14 | % | 12 | % | 8 | % | ||||||||||||||
Other | 114,534 | 119,966 | 125,310 | 149,915 | (5 | )% | (9 | )% | (24 | )% | ||||||||||||||
Total loans receivable, including loans held for sale | 8,896,488 | 8,355,459 | 8,320,705 | 8,002,460 | 6 | % | 7 | % | 11 | % | ||||||||||||||
Less loans held for sale 1 | (54,711 | ) | (29,389 | ) | (33,156 | ) | (53,788 | ) | 86 | % | 65 | % | 2 | % | ||||||||||
Total loans receivable | $ | 8,841,777 | $ | 8,326,070 | $ | 8,287,549 | $ | 7,948,672 | 6 | % | 7 | % | 11 | % |
Non-performing Assets, by Loan Type | Non- Accrual Loans | Accruing Loans 90 Days or More Past Due | Other Real Estate Owned | ||||||||||||||||||
(Dollars in thousands) | Jun 30, 2019 | Mar 31, 2019 | Dec 31, 2018 | Jun 30, 2018 | Jun 30, 2019 | Jun 30, 2019 | Jun 30, 2019 | ||||||||||||||
Custom and owner occupied construction | $ | 283 | — | — | 48 | — | 283 | — | |||||||||||||
Pre-sold and spec construction | 1,261 | 456 | 463 | 492 | 1,261 | — | — | ||||||||||||||
Total residential construction | 1,544 | 456 | 463 | 540 | 1,261 | 283 | — | ||||||||||||||
Land development | 1,272 | 2,272 | 2,166 | 7,564 | 672 | — | 600 | ||||||||||||||
Consumer land or lots | 1,075 | 1,126 | 1,428 | 1,593 | 615 | — | 460 | ||||||||||||||
Unimproved land | 8,864 | 9,222 | 9,338 | 9,962 | 7,332 | — | 1,532 | ||||||||||||||
Developed lots for operative builders | — | 67 | 68 | 126 | — | — | — | ||||||||||||||
Commercial lots | 575 | 663 | 1,046 | 1,059 | — | — | 575 | ||||||||||||||
Other construction | 241 | 111 | 120 | 155 | — | 131 | 110 | ||||||||||||||
Total land, lot and other construction | 12,027 | 13,461 | 14,166 | 20,459 | 8,619 | 131 | 3,277 | ||||||||||||||
Owner occupied | 6,998 | 7,229 | 5,940 | 12,891 | 5,207 | 219 | 1,572 | ||||||||||||||
Non-owner occupied | 7,198 | 7,368 | 10,567 | 15,337 | 7,198 | — | — | ||||||||||||||
Total commercial real estate | 14,196 | 14,597 | 16,507 | 28,228 | 12,405 | 219 | 1,572 | ||||||||||||||
Commercial and industrial | 5,690 | 3,893 | 3,914 | 7,692 | 5,358 | 118 | 214 | ||||||||||||||
Agriculture | 4,228 | 4,488 | 7,040 | 10,497 | 3,192 | 886 | 150 | ||||||||||||||
1st lien | 10,211 | 10,279 | 10,290 | 9,725 | 7,077 | 1,383 | 1,751 | ||||||||||||||
Junior lien | 592 | 582 | 565 | 3,257 | 520 | — | 72 | ||||||||||||||
Total 1-4 family | 10,803 | 10,861 | 10,855 | 12,982 | 7,597 | 1,383 | 1,823 | ||||||||||||||
Multifamily residential | — | — | — | 634 | — | — | — | ||||||||||||||
Home equity lines of credit | 2,474 | 2,288 | 2,770 | 3,112 | 2,104 | 182 | 188 | ||||||||||||||
Other consumer | 597 | 453 | 456 | 393 | 352 | 188 | 57 | ||||||||||||||
Total consumer | 3,071 | 2,741 | 3,226 | 3,505 | 2,456 | 370 | 245 | ||||||||||||||
Other | 380 | 348 | 579 | — | 307 | 73 | — | ||||||||||||||
Total | $ | 51,939 | 50,845 | 56,750 | 84,537 | 41,195 | 3,463 | 7,281 |
Accruing 30-89 Days Delinquent Loans, by Loan Type | % Change from | |||||||||||||||||||||||
(Dollars in thousands) | Jun 30, 2019 | Mar 31, 2019 | Dec 31, 2018 | Jun 30, 2018 | Mar 31, 2019 | Dec 31, 2018 | Jun 30, 2018 | |||||||||||||||||
Custom and owner occupied construction | $ | 49 | $ | 282 | $ | 1,661 | $ | 1,525 | (83 | )% | (97 | )% | (97 | )% | ||||||||||
Pre-sold and spec construction | 219 | 553 | 887 | 721 | (60 | )% | (75 | )% | (70 | )% | ||||||||||||||
Total residential construction | 268 | 835 | 2,548 | 2,246 | (68 | )% | (89 | )% | (88 | )% | ||||||||||||||
Land development | 1,990 | — | 228 | 728 | n/m | 773 | % | 173 | % | |||||||||||||||
Consumer land or lots | 206 | 510 | 200 | 471 | (60 | )% | 3 | % | (56 | )% | ||||||||||||||
Unimproved land | 658 | 685 | 579 | 1,450 | (4 | )% | 14 | % | (55 | )% | ||||||||||||||
Developed lots for operative builders | — | 4 | 122 | — | (100 | )% | (100 | )% | n/m | |||||||||||||||
Commercial lots | — | 331 | 203 | — | (100 | )% | (100 | )% | n/m | |||||||||||||||
Other construction | — | 1,234 | 4,170 | — | (100 | )% | (100 | )% | n/m | |||||||||||||||
Total land, lot and other construction | 2,854 | 2,764 | 5,502 | 2,649 | 3 | % | (48 | )% | 8 | % | ||||||||||||||
Owner occupied | 5,322 | 4,463 | 2,981 | 3,571 | 19 | % | 79 | % | 49 | % | ||||||||||||||
Non-owner occupied | 11,700 | 6,604 | 1,245 | 8,414 | 77 | % | 840 | % | 39 | % | ||||||||||||||
Total commercial real estate | 17,022 | 11,067 | 4,226 | 11,985 | 54 | % | 303 | % | 42 | % | ||||||||||||||
Commercial and industrial | 3,006 | 4,070 | 3,374 | 5,745 | (26 | )% | (11 | )% | (48 | )% | ||||||||||||||
Agriculture | 3,125 | 5,709 | 6,455 | 5,288 | (45 | )% | (52 | )% | (41 | )% | ||||||||||||||
1st lien | 2,776 | 7,179 | 5,384 | 5,132 | (61 | )% | (48 | )% | (46 | )% | ||||||||||||||
Junior lien | 1,302 | 583 | 118 | 989 | 123 | % | 1,003 | % | 32 | % | ||||||||||||||
Total 1-4 family | 4,078 | 7,762 | 5,502 | 6,121 | (47 | )% | (26 | )% | (33 | )% | ||||||||||||||
Multifamily Residential | 1,598 | — | — | — | n/m | n/m | n/m | |||||||||||||||||
Home equity lines of credit | 3,931 | 2,925 | 3,562 | 3,940 | 34 | % | 10 | % | — | % | ||||||||||||||
Other consumer | 1,683 | 1,357 | 1,650 | 1,665 | 24 | % | 2 | % | 1 | % | ||||||||||||||
Total consumer | 5,614 | 4,282 | 5,212 | 5,605 | 31 | % | 8 | % | — | % | ||||||||||||||
States and political subdivisions | — | — | 229 | — | n/m | (100 | )% | n/m | ||||||||||||||||
Other | 372 | 405 | 519 | 11 | (8 | )% | (28 | )% | 3,282 | % | ||||||||||||||
Total | $ | 37,937 | $ | 36,894 | $ | 33,567 | $ | 39,650 | 3 | % | 13 | % | (4 | )% |
Net Charge-Offs (Recoveries), Year-to-Date Period Ending, By Loan Type | Charge-Offs | Recoveries | ||||||||||||||||
(Dollars in thousands) | Jun 30, 2019 | Mar 31, 2019 | Dec 31, 2018 | Jun 30, 2018 | Jun 30, 2019 | Jun 30, 2019 | ||||||||||||
Pre-sold and spec construction | $ | (6 | ) | (4 | ) | (352 | ) | (344 | ) | — | 6 | |||||||
Land development | 15 | 23 | (116 | ) | (107 | ) | 42 | 27 | ||||||||||
Consumer land or lots | (2 | ) | (20 | ) | (146 | ) | (92 | ) | 37 | 39 | ||||||||
Unimproved land | (54 | ) | (9 | ) | (445 | ) | (144 | ) | — | 54 | ||||||||
Developed lots for operative builders | (18 | ) | — | 33 | 33 | — | 18 | |||||||||||
Commercial lots | (3 | ) | (2 | ) | 1 | 4 | — | 3 | ||||||||||
Other construction | (32 | ) | — | (19 | ) | — | 9 | 41 | ||||||||||
Total land, lot and other construction | (94 | ) | (8 | ) | (692 | ) | (306 | ) | 88 | 182 | ||||||||
Owner occupied | 139 | 75 | 1,320 | 1,000 | 226 | 87 | ||||||||||||
Non-owner occupied | 7 | 30 | 853 | (4 | ) | 130 | 123 | |||||||||||
Total commercial real estate | 146 | 105 | 2,173 | 996 | 356 | 210 | ||||||||||||
Commercial and industrial | 37 | (4 | ) | 2,449 | 1,471 | 555 | 518 | |||||||||||
Agriculture | (32 | ) | 14 | 16 | 44 | 67 | 99 | |||||||||||
1st lien | 56 | 198 | 577 | (193 | ) | 298 | 242 | |||||||||||
Junior lien | (222 | ) | (52 | ) | (371 | ) | (34 | ) | 29 | 251 | ||||||||
Total 1-4 family | (166 | ) | 146 | 206 | (227 | ) | 327 | 493 | ||||||||||
Multifamily residential | — | — | (649 | ) | (6 | ) | — | — | ||||||||||
Home equity lines of credit | (11 | ) | (5 | ) | (97 | ) | (38 | ) | 13 | 24 | ||||||||
Other consumer | 313 | 223 | 261 | 111 | 470 | 157 | ||||||||||||
Total consumer | 302 | 218 | 164 | 73 | 483 | 181 | ||||||||||||
Other | 2,055 | 1,043 | 4,967 | 1,816 | 4,324 | 2,269 | ||||||||||||
Total | $ | 2,242 | 1,510 | 8,282 | 3,517 | 6,200 | 3,958 |
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