(State or other jurisdiction of incorporation) | (Commission File Number) | (IRS Employer Identification No.) |
(Address of principal executive offices) | (Zip Code) |
(Registrant’s telephone number, including area code) |
Title of each class | Trading Symbol(s) | Name of each exchange on which registered | ||||||
Dated: | April 21, 2022 | GLACIER BANCORP, INC. | |||||||||
/s/ Randall M. Chesler | |||||||||||
By: | 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 |
At or for the Three Months ended | |||||||||||||||||
(Dollars in thousands, except per share and market data) | Mar 31, 2022 | Dec 31, 2021 | Mar 31, 2021 | ||||||||||||||
Operating results | |||||||||||||||||
Net income | $ | 67,795 | 50,709 | 80,802 | |||||||||||||
Basic earnings per share | $ | 0.61 | 0.46 | 0.85 | |||||||||||||
Diluted earnings per share | $ | 0.61 | 0.46 | 0.85 | |||||||||||||
Dividends declared per share1 | $ | 0.33 | 0.42 | 0.31 | |||||||||||||
Market value per share | |||||||||||||||||
Closing | $ | 50.28 | 56.70 | 57.08 | |||||||||||||
High | $ | 60.69 | 60.54 | 67.35 | |||||||||||||
Low | $ | 49.61 | 52.62 | 44.55 | |||||||||||||
Selected ratios and other data | |||||||||||||||||
Number of common stock shares outstanding | 110,763,316 | 110,687,533 | 95,501,819 | ||||||||||||||
Average outstanding shares - basic | 110,724,655 | 110,687,365 | 95,465,801 | ||||||||||||||
Average outstanding shares - diluted | 110,800,001 | 110,789,632 | 95,546,922 | ||||||||||||||
Return on average assets (annualized) | 1.06 | % | 0.78 | % | 1.73 | % | |||||||||||
Return on average equity (annualized) | 8.97 | % | 6.28 | % | 14.12 | % | |||||||||||
Efficiency ratio | 57.11 | % | 57.68 | % | 46.75 | % | |||||||||||
Dividend payout ratio2 | 54.10 | % | 91.30 | % | 36.47 | % | |||||||||||
Loan to deposit ratio | 63.52 | % | 63.24 | % | 70.72 | % | |||||||||||
Number of full time equivalent employees | 3,439 | 3,436 | 2,994 | ||||||||||||||
Number of locations | 223 | 224 | 193 | ||||||||||||||
Number of ATMs | 273 | 273 | 250 |
$ Change from | |||||||||||||||||||||||||||||
(Dollars in thousands) | Mar 31, 2022 | Dec 31, 2021 | Mar 31, 2021 | Dec 31, 2021 | Mar 31, 2021 | ||||||||||||||||||||||||
Cash and cash equivalents | $ | 436,805 | 437,686 | 878,450 | (881) | (441,645) | |||||||||||||||||||||||
Debt securities, available-for-sale | 6,535,763 | 9,170,849 | 5,853,315 | (2,635,086) | 682,448 | ||||||||||||||||||||||||
Debt securities, held-to-maturity | 3,576,941 | 1,199,164 | 588,751 | 2,377,777 | 2,988,190 | ||||||||||||||||||||||||
Total debt securities | 10,112,704 | 10,370,013 | 6,442,066 | (257,309) | 3,670,638 | ||||||||||||||||||||||||
Loans receivable | |||||||||||||||||||||||||||||
Residential real estate | 1,125,648 | 1,051,883 | 745,097 | 73,765 | 380,551 | ||||||||||||||||||||||||
Commercial real estate | 8,865,585 | 8,630,831 | 6,474,701 | 234,754 | 2,390,884 | ||||||||||||||||||||||||
Other commercial | 2,661,048 | 2,664,190 | 3,100,584 | (3,142) | (439,536) | ||||||||||||||||||||||||
Home equity | 715,963 | 736,288 | 625,369 | (20,325) | 90,594 | ||||||||||||||||||||||||
Other consumer | 362,775 | 348,839 | 324,178 | 13,936 | 38,597 | ||||||||||||||||||||||||
Loans receivable | 13,731,019 | 13,432,031 | 11,269,929 | 298,988 | 2,461,090 | ||||||||||||||||||||||||
Allowance for credit losses | (176,159) | (172,665) | (156,446) | (3,494) | (19,713) | ||||||||||||||||||||||||
Loans receivable, net | 13,554,860 | 13,259,366 | 11,113,483 | 295,494 | 2,441,377 | ||||||||||||||||||||||||
Other assets | 1,995,955 | 1,873,580 | 1,336,553 | 122,375 | 659,402 | ||||||||||||||||||||||||
Total assets | $ | 26,100,324 | 25,940,645 | 19,770,552 | 159,679 | 6,329,772 |
At or for the Three Months ended | At or for the Year ended | At or for the Three Months ended | |||||||||||||||
(Dollars in thousands) | Mar 31, 2022 | Dec 31, 2021 | Mar 31, 2021 | ||||||||||||||
Allowance for credit losses | |||||||||||||||||
Balance at beginning of period | $ | 172,665 | 158,243 | 158,243 | |||||||||||||
Acquisitions | — | 371 | — | ||||||||||||||
Provision for credit losses | 4,344 | 16,380 | 489 | ||||||||||||||
Charge-offs | (2,695) | (11,594) | (4,246) | ||||||||||||||
Recoveries | 1,845 | 9,265 | 1,960 | ||||||||||||||
Balance at end of period | $ | 176,159 | 172,665 | 156,446 | |||||||||||||
Provision for credit losses | |||||||||||||||||
Loan portfolio | $ | 4,344 | 16,380 | 489 | |||||||||||||
Unfunded loan commitments | 2,687 | 6,696 | (441) | ||||||||||||||
Total provision for credit losses | $ | 7,031 | 23,076 | 48 | |||||||||||||
Other real estate owned | $ | — | — | 1,839 | |||||||||||||
Other foreclosed assets | 43 | 18 | 1,126 | ||||||||||||||
Accruing loans 90 days or more past due | 4,510 | 17,141 | 3,733 | ||||||||||||||
Non-accrual loans | 57,923 | 50,532 | 29,887 | ||||||||||||||
Total non-performing assets | $ | 62,476 | 67,691 | 36,585 | |||||||||||||
Non-performing assets as a percentage of subsidiary assets | 0.24 | % | 0.26 | % | 0.19 | % | |||||||||||
Allowance for credit losses as a percentage of non-performing loans | 282 | % | 255 | % | 465 | % | |||||||||||
Allowance for credit losses as a percentage of total loans | 1.28 | % | 1.29 | % | 1.39 | % | |||||||||||
Net charge-offs as a percentage of total loans | 0.01 | % | 0.02 | % | 0.02 | % | |||||||||||
Accruing loans 30-89 days past due | $ | 16,080 | 50,566 | 44,616 | |||||||||||||
Accruing troubled debt restructurings | $ | 33,702 | 34,591 | 41,345 | |||||||||||||
Non-accrual troubled debt restructurings | $ | 2,501 | 2,627 | 4,702 | |||||||||||||
U.S. government guarantees included in non-performing assets | $ | 5,068 | 4,028 | 2,778 |
(Dollars in thousands) | Provision for Credit Losses Loans | Net Charge-Offs (Recoveries) | ACL as a Percent of Loans | Accruing Loans 30-89 Days Past Due as a Percent of Loans | Non-Performing Assets to Total Subsidiary Assets | ||||||||||||||||||||||||
First quarter 2022 | $ | 4,344 | $ | 850 | 1.28 | % | 0.12 | % | 0.24 | % | |||||||||||||||||||
Fourth quarter 2021 | 19,301 | 616 | 1.29 | % | 0.38 | % | 0.26 | % | |||||||||||||||||||||
Third quarter 2021 | 2,313 | 152 | 1.36 | % | 0.23 | % | 0.24 | % | |||||||||||||||||||||
Second quarter 2021 | (5,723) | (725) | 1.35 | % | 0.11 | % | 0.26 | % | |||||||||||||||||||||
First quarter 2021 | 489 | 2,286 | 1.39 | % | 0.40 | % | 0.19 | % | |||||||||||||||||||||
Fourth quarter 2020 | (1,528) | 4,781 | 1.42 | % | 0.20 | % | 0.19 | % | |||||||||||||||||||||
Third quarter 2020 | 2,869 | 826 | 1.42 | % | 0.15 | % | 0.25 | % | |||||||||||||||||||||
Second quarter 2020 | 13,552 | 1,233 | 1.42 | % | 0.22 | % | 0.27 | % |
At or for the Three Months ended | |||||||||||||||||
(Dollars in thousands) | Mar 31, 2022 | Dec 31, 2021 | Mar 31, 2021 | ||||||||||||||
PPP interest income | $ | 3,348 | 8,660 | 13,523 | |||||||||||||
Deferred compensation on originating PPP loans | — | — | 5,213 | ||||||||||||||
Total PPP income impact | $ | 3,348 | 8,660 | 18,736 | |||||||||||||
Total PPP Loans | $ | 60,680 | 168,677 | 975,791 | |||||||||||||
Net remaining fees | 1,912 | 5,077 | 28,134 |
$ Change from | |||||||||||||||||||||||||||||
(Dollars in thousands) | Mar 31, 2022 | Dec 31, 2021 | Mar 31, 2021 | Dec 31, 2021 | Mar 31, 2021 | ||||||||||||||||||||||||
Deposits | |||||||||||||||||||||||||||||
Non-interest bearing deposits | $ | 7,990,003 | 7,779,288 | 6,040,440 | 210,715 | 1,949,563 | |||||||||||||||||||||||
NOW and DDA accounts | 5,376,881 | 5,301,832 | 4,035,455 | 75,049 | 1,341,426 | ||||||||||||||||||||||||
Savings accounts | 3,287,521 | 3,180,046 | 2,206,592 | 107,475 | 1,080,929 | ||||||||||||||||||||||||
Money market deposit accounts | 4,044,655 | 4,014,128 | 2,817,708 | 30,527 | 1,226,947 | ||||||||||||||||||||||||
Certificate accounts | 995,147 | 1,036,077 | 965,986 | (40,930) | 29,161 | ||||||||||||||||||||||||
Core deposits, total | 21,694,207 | 21,311,371 | 16,066,181 | 382,836 | 5,628,026 | ||||||||||||||||||||||||
Wholesale deposits | 3,688 | 25,878 | 38,143 | (22,190) | (34,455) | ||||||||||||||||||||||||
Deposits, total | 21,697,895 | 21,337,249 | 16,104,324 | 360,646 | 5,593,571 | ||||||||||||||||||||||||
Repurchase agreements | 958,479 | 1,020,794 | 996,878 | (62,315) | (38,399) | ||||||||||||||||||||||||
Federal Home Loan Bank advances | 80,000 | — | — | 80,000 | 80,000 | ||||||||||||||||||||||||
Other borrowed funds | 57,258 | 44,094 | 33,452 | 13,164 | 23,806 | ||||||||||||||||||||||||
Subordinated debentures | 132,661 | 132,620 | 132,499 | 41 | 162 | ||||||||||||||||||||||||
Other liabilities | 239,838 | 228,266 | 208,014 | 11,572 | 31,824 | ||||||||||||||||||||||||
Total liabilities | $ | 23,166,131 | 22,763,023 | 17,475,167 | 403,108 | 5,690,964 |
$ Change from | |||||||||||||||||||||||||||||
(Dollars in thousands, except per share data) | Mar 31, 2022 | Dec 31, 2021 | Mar 31, 2021 | Dec 31, 2021 | Mar 31, 2021 | ||||||||||||||||||||||||
Common equity | $ | 3,182,002 | 3,150,263 | 2,215,465 | 31,739 | 966,537 | |||||||||||||||||||||||
Accumulated other comprehensive (loss) income | (247,809) | 27,359 | 79,920 | (275,168) | (327,729) | ||||||||||||||||||||||||
Total stockholders’ equity | 2,934,193 | 3,177,622 | 2,295,385 | (243,429) | 638,808 | ||||||||||||||||||||||||
Goodwill and core deposit intangible, net | (1,034,987) | (1,037,652) | (567,034) | 2,665 | (467,953) | ||||||||||||||||||||||||
Tangible stockholders’ equity | $ | 1,899,206 | 2,139,970 | 1,728,351 | (240,764) | 170,855 |
Stockholders’ equity to total assets | 11.24 | % | 12.25 | % | 11.61 | % | |||||||||||||||||||||||
Tangible stockholders’ equity to total tangible assets | 7.58 | % | 8.59 | % | 9.00 | % | |||||||||||||||||||||||
Book value per common share | $ | 26.49 | 28.71 | 24.03 | (2.22) | 2.46 | |||||||||||||||||||||||
Tangible book value per common share | $ | 17.15 | 19.33 | 18.10 | (2.18) | (0.95) |
Three Months ended | $ Change from | ||||||||||||||||||||||||||||
(Dollars in thousands) | Mar 31, 2022 | Dec 31, 2021 | Mar 31, 2021 | Dec 31, 2021 | Mar 31, 2021 | ||||||||||||||||||||||||
Net interest income | |||||||||||||||||||||||||||||
Interest income | $ | 190,516 | 192,825 | 161,552 | (2,309) | 28,964 | |||||||||||||||||||||||
Interest expense | 4,961 | 5,203 | 4,740 | (242) | 221 | ||||||||||||||||||||||||
Total net interest income | 185,555 | 187,622 | 156,812 | (2,067) | 28,743 | ||||||||||||||||||||||||
Non-interest income | |||||||||||||||||||||||||||||
Service charges and other fees | 17,111 | 17,576 | 12,792 | (465) | 4,319 | ||||||||||||||||||||||||
Miscellaneous loan fees and charges | 3,555 | 3,745 | 2,778 | (190) | 777 | ||||||||||||||||||||||||
Gain on sale of loans | 9,015 | 11,431 | 21,624 | (2,416) | (12,609) | ||||||||||||||||||||||||
Gain (loss) on sale of investments | 446 | (693) | 284 | 1,139 | 162 | ||||||||||||||||||||||||
Other income | 3,436 | 2,303 | 2,643 | 1,133 | 793 | ||||||||||||||||||||||||
Total non-interest income | 33,563 | 34,362 | 40,121 | (799) | (6,558) | ||||||||||||||||||||||||
Total income | 219,118 | 221,984 | 196,933 | (2,866) | 22,185 | ||||||||||||||||||||||||
Net interest margin (tax-equivalent) | 3.20 | % | 3.21 | % | 3.74 | % | |||||||||||||||||||||||
Three Months ended | $ Change from | ||||||||||||||||||||||||||||
(Dollars in thousands) | Mar 31, 2022 | Dec 31, 2021 | Mar 31, 2021 | Dec 31, 2021 | Mar 31, 2021 | ||||||||||||||||||||||||
Compensation and employee benefits | $ | 79,074 | 77,703 | 62,468 | 1,371 | 16,606 | |||||||||||||||||||||||
Occupancy and equipment | 10,964 | 11,259 | 9,515 | (295) | 1,449 | ||||||||||||||||||||||||
Advertising and promotions | 3,232 | 3,436 | 2,371 | (204) | 861 | ||||||||||||||||||||||||
Data processing | 7,475 | 7,468 | 5,206 | 7 | 2,269 | ||||||||||||||||||||||||
Other real estate owned and foreclosed assets | — | 34 | 12 | (34) | (12) | ||||||||||||||||||||||||
Regulatory assessments and insurance | 3,055 | 2,657 | 1,879 | 398 | 1,176 | ||||||||||||||||||||||||
Core deposit intangibles amortization | 2,664 | 2,807 | 2,488 | (143) | 176 | ||||||||||||||||||||||||
Other expenses | 23,844 | 28,683 | 12,646 | (4,839) | 11,198 | ||||||||||||||||||||||||
Total non-interest expense | $ | 130,308 | 134,047 | 96,585 | (3,739) | 33,723 | |||||||||||||||||||||||
(Dollars in thousands, except per share data) | Mar 31, 2022 | Dec 31, 2021 | Mar 31, 2021 | ||||||||||||||
Assets | |||||||||||||||||
Cash on hand and in banks | $ | 282,335 | 198,087 | 227,745 | |||||||||||||
Interest bearing cash deposits | 154,470 | 239,599 | 650,705 | ||||||||||||||
Cash and cash equivalents | 436,805 | 437,686 | 878,450 | ||||||||||||||
Debt securities, available-for-sale | 6,535,763 | 9,170,849 | 5,853,315 | ||||||||||||||
Debt securities, held-to-maturity | 3,576,941 | 1,199,164 | 588,751 | ||||||||||||||
Total debt securities | 10,112,704 | 10,370,013 | 6,442,066 | ||||||||||||||
Loans held for sale, at fair value | 51,284 | 60,797 | 118,731 | ||||||||||||||
Loans receivable | 13,731,019 | 13,432,031 | 11,269,929 | ||||||||||||||
Allowance for credit losses | (176,159) | (172,665) | (156,446) | ||||||||||||||
Loans receivable, net | 13,554,860 | 13,259,366 | 11,113,483 | ||||||||||||||
Premises and equipment, net | 373,123 | 372,597 | 322,354 | ||||||||||||||
Other real estate owned and foreclosed assets | 43 | 18 | 2,965 | ||||||||||||||
Accrued interest receivable | 81,467 | 76,673 | 79,331 | ||||||||||||||
Deferred tax asset | 120,025 | 27,693 | — | ||||||||||||||
Core deposit intangible, net | 49,594 | 52,259 | 53,021 | ||||||||||||||
Goodwill | 985,393 | 985,393 | 514,013 | ||||||||||||||
Non-marketable equity securities | 13,217 | 10,020 | 10,022 | ||||||||||||||
Bank-owned life insurance | 167,298 | 167,671 | 122,843 | ||||||||||||||
Other assets | 154,511 | 120,459 | 113,273 | ||||||||||||||
Total assets | $ | 26,100,324 | 25,940,645 | 19,770,552 | |||||||||||||
Liabilities | |||||||||||||||||
Non-interest bearing deposits | $ | 7,990,003 | 7,779,288 | 6,040,440 | |||||||||||||
Interest bearing deposits | 13,707,892 | 13,557,961 | 10,063,884 | ||||||||||||||
Securities sold under agreements to repurchase | 958,479 | 1,020,794 | 996,878 | ||||||||||||||
FHLB advances | 80,000 | — | — | ||||||||||||||
Other borrowed funds | 57,258 | 44,094 | 33,452 | ||||||||||||||
Subordinated debentures | 132,661 | 132,620 | 132,499 | ||||||||||||||
Accrued interest payable | 2,284 | 2,409 | 2,590 | ||||||||||||||
Deferred tax liability | — | — | 3,116 | ||||||||||||||
Other liabilities | 237,554 | 225,857 | 202,308 | ||||||||||||||
Total liabilities | 23,166,131 | 22,763,023 | 17,475,167 | ||||||||||||||
Commitments and Contingent Liabilities | |||||||||||||||||
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 | 1,108 | 1,107 | 955 | ||||||||||||||
Paid-in capital | 2,339,405 | 2,338,814 | 1,495,438 | ||||||||||||||
Retained earnings - substantially restricted | 841,489 | 810,342 | 719,072 | ||||||||||||||
Accumulated other comprehensive (loss) income | (247,809) | 27,359 | 79,920 | ||||||||||||||
Total stockholders’ equity | 2,934,193 | 3,177,622 | 2,295,385 | ||||||||||||||
Total liabilities and stockholders’ equity | $ | 26,100,324 | 25,940,645 | 19,770,552 |
Three Months ended | |||||||||||||||||
(Dollars in thousands, except per share data) | Mar 31, 2022 | Dec 31, 2021 | Mar 31, 2021 | ||||||||||||||
Interest Income | |||||||||||||||||
Debt securities | $ | 38,654 | 35,711 | 27,306 | |||||||||||||
Residential real estate loans | 15,515 | 13,728 | 10,146 | ||||||||||||||
Commercial loans | 124,556 | 131,158 | 113,541 | ||||||||||||||
Consumer and other loans | 11,791 | 12,228 | 10,559 | ||||||||||||||
Total interest income | 190,516 | 192,825 | 161,552 | ||||||||||||||
Interest Expense | |||||||||||||||||
Deposits | 3,464 | 3,708 | 3,014 | ||||||||||||||
Securities sold under agreements to repurchase | 393 | 467 | 689 | ||||||||||||||
Federal Home Loan Bank advances | 12 | — | — | ||||||||||||||
Other borrowed funds | 220 | 184 | 174 | ||||||||||||||
Subordinated debentures | 872 | 844 | 863 | ||||||||||||||
Total interest expense | 4,961 | 5,203 | 4,740 | ||||||||||||||
Net Interest Income | 185,555 | 187,622 | 156,812 | ||||||||||||||
Provision for credit losses | 7,031 | 27,956 | 48 | ||||||||||||||
Net interest income after provision for credit losses | 178,524 | 159,666 | 156,764 | ||||||||||||||
Non-Interest Income | |||||||||||||||||
Service charges and other fees | 17,111 | 17,576 | 12,792 | ||||||||||||||
Miscellaneous loan fees and charges | 3,555 | 3,745 | 2,778 | ||||||||||||||
Gain on sale of loans | 9,015 | 11,431 | 21,624 | ||||||||||||||
Gain (loss) on sale of debt securities | 446 | (693) | 284 | ||||||||||||||
Other income | 3,436 | 2,303 | 2,643 | ||||||||||||||
Total non-interest income | 33,563 | 34,362 | 40,121 | ||||||||||||||
Non-Interest Expense | |||||||||||||||||
Compensation and employee benefits | 79,074 | 77,703 | 62,468 | ||||||||||||||
Occupancy and equipment | 10,964 | 11,259 | 9,515 | ||||||||||||||
Advertising and promotions | 3,232 | 3,436 | 2,371 | ||||||||||||||
Data processing | 7,475 | 7,468 | 5,206 | ||||||||||||||
Other real estate owned and foreclosed assets | — | 34 | 12 | ||||||||||||||
Regulatory assessments and insurance | 3,055 | 2,657 | 1,879 | ||||||||||||||
Core deposit intangibles amortization | 2,664 | 2,807 | 2,488 | ||||||||||||||
Other expenses | 23,844 | 28,683 | 12,646 | ||||||||||||||
Total non-interest expense | 130,308 | 134,047 | 96,585 | ||||||||||||||
Income Before Income Taxes | 81,779 | 59,981 | 100,300 | ||||||||||||||
Federal and state income tax expense | 13,984 | 9,272 | 19,498 | ||||||||||||||
Net Income | $ | 67,795 | 50,709 | 80,802 |
Three Months ended | |||||||||||||||||||||||||||||||||||
March 31, 2022 | December 31, 2021 | ||||||||||||||||||||||||||||||||||
(Dollars in thousands) | Average Balance | Interest & Dividends | Average Yield/ Rate | Average Balance | Interest & Dividends | Average Yield/ Rate | |||||||||||||||||||||||||||||
Assets | |||||||||||||||||||||||||||||||||||
Residential real estate loans | $ | 1,140,224 | $ | 15,515 | 5.44 | % | $ | 1,104,232 | $ | 13,728 | 4.97 | % | |||||||||||||||||||||||
Commercial loans 1 | 11,318,767 | 125,919 | 4.51 | % | 11,184,129 | 132,561 | 4.70 | % | |||||||||||||||||||||||||||
Consumer and other loans | 1,075,102 | 11,791 | 4.45 | % | 1,082,341 | 12,228 | 4.48 | % | |||||||||||||||||||||||||||
Total loans 2 | 13,534,093 | 153,225 | 4.59 | % | 13,370,702 | 158,517 | 4.70 | % | |||||||||||||||||||||||||||
Tax-exempt debt securities 3 | 1,723,125 | 15,664 | 3.64 | % | 1,693,761 | 15,552 | 3.67 | % | |||||||||||||||||||||||||||
Taxable debt securities 4 | 8,883,211 | 26,465 | 1.19 | % | 8,709,938 | 23,555 | 1.08 | % | |||||||||||||||||||||||||||
Total earning assets | 24,140,429 | 195,354 | 3.28 | % | 23,774,401 | 197,624 | 3.30 | % | |||||||||||||||||||||||||||
Goodwill and intangibles | 1,036,315 | 1,031,002 | |||||||||||||||||||||||||||||||||
Non-earning assets | 756,422 | 950,923 | |||||||||||||||||||||||||||||||||
Total assets | $ | 25,933,166 | $ | 25,756,326 | |||||||||||||||||||||||||||||||
Liabilities | |||||||||||||||||||||||||||||||||||
Non-interest bearing deposits | $ | 7,859,706 | $ | — | — | % | $ | 7,955,888 | $ | — | — | % | |||||||||||||||||||||||
NOW and DDA accounts | 5,279,984 | 845 | 0.06 | % | 5,120,484 | 970 | 0.08 | % | |||||||||||||||||||||||||||
Savings accounts | 3,246,512 | 332 | 0.04 | % | 3,133,654 | 346 | 0.04 | % | |||||||||||||||||||||||||||
Money market deposit accounts | 4,030,795 | 1,381 | 0.14 | % | 3,883,818 | 1,374 | 0.14 | % | |||||||||||||||||||||||||||
Certificate accounts | 1,019,595 | 897 | 0.36 | % | 1,051,787 | 1,004 | 0.38 | % | |||||||||||||||||||||||||||
Total core deposits | 21,436,592 | 3,455 | 0.07 | % | 21,145,631 | 3,694 | 0.07 | % | |||||||||||||||||||||||||||
Wholesale deposits 5 | 17,191 | 9 | 0.22 | % | 26,104 | 14 | 0.21 | % | |||||||||||||||||||||||||||
Repurchase agreements | 970,544 | 393 | 0.16 | % | 1,015,369 | 467 | 0.18 | % | |||||||||||||||||||||||||||
FHLB advances | 15,000 | 12 | 0.33 | % | — | — | — | % | |||||||||||||||||||||||||||
Subordinated debentures and other borrowed funds | 179,725 | 1,092 | 2.46 | % | 167,545 | 1,028 | 2.43 | % | |||||||||||||||||||||||||||
Total funding liabilities | 22,619,052 | 4,961 | 0.09 | % | 22,354,649 | 5,203 | 0.09 | % | |||||||||||||||||||||||||||
Other liabilities | 249,316 | 199,207 | |||||||||||||||||||||||||||||||||
Total liabilities | 22,868,368 | 22,553,856 | |||||||||||||||||||||||||||||||||
Stockholders’ Equity | |||||||||||||||||||||||||||||||||||
Common stock | 1,107 | 1,107 | |||||||||||||||||||||||||||||||||
Paid-in capital | 2,338,887 | 2,338,013 | |||||||||||||||||||||||||||||||||
Retained earnings | 847,172 | 815,726 | |||||||||||||||||||||||||||||||||
Accumulated other comprehensive (loss) income | (122,368) | 47,624 | |||||||||||||||||||||||||||||||||
Total stockholders’ equity | 3,064,798 | 3,202,470 | |||||||||||||||||||||||||||||||||
Total liabilities and stockholders’ equity | $ | 25,933,166 | $ | 25,756,326 | |||||||||||||||||||||||||||||||
Net interest income (tax-equivalent) | $ | 190,393 | $ | 192,421 | |||||||||||||||||||||||||||||||
Net interest spread (tax-equivalent) | 3.19 | % | 3.21 | % | |||||||||||||||||||||||||||||||
Net interest margin (tax-equivalent) | 3.20 | % | 3.21 | % |
Three Months ended | |||||||||||||||||||||||||||||||||||
March 31, 2022 | March 31, 2021 | ||||||||||||||||||||||||||||||||||
(Dollars in thousands) | Average Balance | Interest & Dividends | Average Yield/ Rate | Average Balance | Interest & Dividends | Average Yield/ Rate | |||||||||||||||||||||||||||||
Assets | |||||||||||||||||||||||||||||||||||
Residential real estate loans | $ | 1,140,224 | $ | 15,515 | 5.44 | % | $ | 893,052 | $ | 10,146 | 4.54 | % | |||||||||||||||||||||||
Commercial loans 1 | 11,318,767 | 125,919 | 4.51 | % | 9,412,281 | 114,928 | 4.95 | % | |||||||||||||||||||||||||||
Consumer and other loans | 1,075,102 | 11,791 | 4.45 | % | 949,736 | 10,559 | 4.51 | % | |||||||||||||||||||||||||||
Total loans 2 | 13,534,093 | 153,225 | 4.59 | % | 11,255,069 | 135,633 | 4.89 | % | |||||||||||||||||||||||||||
Tax-exempt debt securities 3 | 1,723,125 | 15,664 | 3.64 | % | 1,545,484 | 14,710 | 3.81 | % | |||||||||||||||||||||||||||
Taxable debt securities 4 | 8,883,211 | 26,465 | 1.19 | % | 4,713,936 | 15,851 | 1.35 | % | |||||||||||||||||||||||||||
Total earning assets | 24,140,429 | 195,354 | 3.28 | % | 17,514,489 | 166,194 | 3.85 | % | |||||||||||||||||||||||||||
Goodwill and intangibles | 1,036,315 | 568,222 | |||||||||||||||||||||||||||||||||
Non-earning assets | 756,422 | 843,305 | |||||||||||||||||||||||||||||||||
Total assets | $ | 25,933,166 | $ | 18,926,016 | |||||||||||||||||||||||||||||||
Liabilities | |||||||||||||||||||||||||||||||||||
Non-interest bearing deposits | $ | 7,859,706 | $ | — | — | % | $ | 5,591,531 | $ | — | — | % | |||||||||||||||||||||||
NOW and DDA accounts | 5,279,984 | 845 | 0.06 | % | 3,830,856 | 570 | 0.06 | % | |||||||||||||||||||||||||||
Savings accounts | 3,246,512 | 332 | 0.04 | % | 2,092,517 | 138 | 0.03 | % | |||||||||||||||||||||||||||
Money market deposit accounts | 4,030,795 | 1,381 | 0.14 | % | 2,719,267 | 865 | 0.13 | % | |||||||||||||||||||||||||||
Certificate accounts | 1,019,595 | 897 | 0.36 | % | 971,584 | 1,422 | 0.59 | % | |||||||||||||||||||||||||||
Total core deposits | 21,436,592 | 3,455 | 0.07 | % | 15,205,755 | 2,995 | 0.08 | % | |||||||||||||||||||||||||||
Wholesale deposits 5 | 17,191 | 9 | 0.22 | % | 38,076 | 19 | 0.20 | % | |||||||||||||||||||||||||||
Repurchase agreements | 970,544 | 393 | 0.16 | % | 1,001,394 | 689 | 0.28 | % | |||||||||||||||||||||||||||
FHLB advances | 15,000 | 12 | 0.33 | % | — | — | — | % | |||||||||||||||||||||||||||
Subordinated debentures and other borrowed funds | 179,725 | 1,092 | 2.46 | % | 165,830 | 1,037 | 2.54 | % | |||||||||||||||||||||||||||
Total funding liabilities | 22,619,052 | 4,961 | 0.09 | % | 16,411,055 | 4,740 | 0.12 | % | |||||||||||||||||||||||||||
Other liabilities | 249,316 | 193,858 | |||||||||||||||||||||||||||||||||
Total liabilities | 22,868,368 | 16,604,913 | |||||||||||||||||||||||||||||||||
Stockholders’ Equity | |||||||||||||||||||||||||||||||||||
Common stock | 1,107 | 955 | |||||||||||||||||||||||||||||||||
Paid-in capital | 2,338,887 | 1,495,138 | |||||||||||||||||||||||||||||||||
Retained earnings | 847,172 | 710,137 | |||||||||||||||||||||||||||||||||
Accumulated other comprehensive (loss) income | (122,368) | 114,873 | |||||||||||||||||||||||||||||||||
Total stockholders’ equity | 3,064,798 | 2,321,103 | |||||||||||||||||||||||||||||||||
Total liabilities and stockholders’ equity | $ | 25,933,166 | $ | 18,926,016 | |||||||||||||||||||||||||||||||
Net interest income (tax-equivalent) | $ | 190,393 | $ | 161,454 | |||||||||||||||||||||||||||||||
Net interest spread (tax-equivalent) | 3.19 | % | 3.73 | % | |||||||||||||||||||||||||||||||
Net interest margin (tax-equivalent) | 3.20 | % | 3.74 | % |
Loans Receivable, by Loan Type | % Change from | ||||||||||||||||||||||||||||
(Dollars in thousands) | Mar 31, 2022 | Dec 31, 2021 | Mar 31, 2021 | Dec 31, 2021 | Mar 31, 2021 | ||||||||||||||||||||||||
Custom and owner occupied construction | $ | 265,579 | $ | 263,758 | $ | 153,226 | 1 | % | 73 | % | |||||||||||||||||||
Pre-sold and spec construction | 258,429 | 257,568 | 154,312 | — | % | 67 | % | ||||||||||||||||||||||
Total residential construction | 524,008 | 521,326 | 307,538 | 1 | % | 70 | % | ||||||||||||||||||||||
Land development | 180,270 | 185,200 | 103,960 | (3) | % | 73 | % | ||||||||||||||||||||||
Consumer land or lots | 184,217 | 173,305 | 133,409 | 6 | % | 38 | % | ||||||||||||||||||||||
Unimproved land | 90,498 | 81,064 | 62,002 | 12 | % | 46 | % | ||||||||||||||||||||||
Developed lots for operative builders | 61,276 | 41,840 | 27,310 | 46 | % | 124 | % | ||||||||||||||||||||||
Commercial lots | 98,403 | 99,418 | 61,289 | (1) | % | 61 | % | ||||||||||||||||||||||
Other construction | 833,218 | 762,970 | 604,326 | 9 | % | 38 | % | ||||||||||||||||||||||
Total land, lot, and other construction | 1,447,882 | 1,343,797 | 992,296 | 8 | % | 46 | % | ||||||||||||||||||||||
Owner occupied | 2,675,681 | 2,645,841 | 1,973,309 | 1 | % | 36 | % | ||||||||||||||||||||||
Non-owner occupied | 3,190,519 | 3,056,658 | 2,372,644 | 4 | % | 34 | % | ||||||||||||||||||||||
Total commercial real estate | 5,866,200 | 5,702,499 | 4,345,953 | 3 | % | 35 | % | ||||||||||||||||||||||
Commercial and industrial | 1,378,500 | 1,463,022 | 1,883,438 | (6) | % | (27) | % | ||||||||||||||||||||||
Agriculture | 731,248 | 751,185 | 728,579 | (3) | % | — | % | ||||||||||||||||||||||
1st lien | 1,466,279 | 1,393,267 | 1,130,339 | 5 | % | 30 | % | ||||||||||||||||||||||
Junior lien | 33,438 | 34,830 | 35,230 | (4) | % | (5) | % | ||||||||||||||||||||||
Total 1-4 family | 1,499,717 | 1,428,097 | 1,165,569 | 5 | % | 29 | % | ||||||||||||||||||||||
Multifamily residential | 545,483 | 545,001 | 380,172 | — | % | 43 | % | ||||||||||||||||||||||
Home equity lines of credit | 753,362 | 761,990 | 664,800 | (1) | % | 13 | % | ||||||||||||||||||||||
Other consumer | 207,827 | 207,513 | 191,152 | — | % | 9 | % | ||||||||||||||||||||||
Total consumer | 961,189 | 969,503 | 855,952 | (1) | % | 12 | % | ||||||||||||||||||||||
States and political subdivisions | 659,742 | 615,251 | 546,086 | 7 | % | 21 | % | ||||||||||||||||||||||
Other | 168,334 | 153,147 | 183,077 | 10 | % | (8) | % | ||||||||||||||||||||||
Total loans receivable, including loans held for sale | 13,782,303 | 13,492,828 | 11,388,660 | 2 | % | 21 | % | ||||||||||||||||||||||
Less loans held for sale 1 | (51,284) | (60,797) | (118,731) | (16) | % | (57) | % | ||||||||||||||||||||||
Total loans receivable | $ | 13,731,019 | $ | 13,432,031 | $ | 11,269,929 | 2 | % | 22 | % |
Non-performing Assets, by Loan Type | Non- Accrual Loans | Accruing Loans 90 Days or More Past Due | Other real estate owned and foreclosed assets | ||||||||||||||||||||||||||||||||
(Dollars in thousands) | Mar 31, 2022 | Dec 31, 2021 | Mar 31, 2021 | Mar 31, 2022 | Mar 31, 2022 | Mar 31, 2022 | |||||||||||||||||||||||||||||
Custom and owner occupied construction | $ | 233 | 237 | 246 | 233 | — | — | ||||||||||||||||||||||||||||
Land development | 240 | 250 | 330 | 240 | — | — | |||||||||||||||||||||||||||||
Consumer land or lots | 160 | 309 | 325 | 160 | — | — | |||||||||||||||||||||||||||||
Unimproved land | 128 | 124 | 243 | 113 | 15 | — | |||||||||||||||||||||||||||||
Commercial lots | — | — | 368 | — | — | — | |||||||||||||||||||||||||||||
Other construction | 12,884 | 12,884 | — | 12,884 | — | — | |||||||||||||||||||||||||||||
Total land, lot and other construction | 13,412 | 13,567 | 1,266 | 13,397 | 15 | — | |||||||||||||||||||||||||||||
Owner occupied | 3,508 | 3,918 | 5,272 | 3,508 | — | — | |||||||||||||||||||||||||||||
Non-owner occupied | 1,526 | 6,063 | 4,615 | 1,526 | — | — | |||||||||||||||||||||||||||||
Total commercial real estate | 5,034 | 9,981 | 9,887 | 5,034 | — | — | |||||||||||||||||||||||||||||
Commercial and Industrial | 4,252 | 3,066 | 6,100 | 3,366 | 886 | — | |||||||||||||||||||||||||||||
Agriculture | 28,801 | 29,151 | 8,392 | 25,641 | 3,160 | — | |||||||||||||||||||||||||||||
1st lien | 2,015 | 2,870 | 4,303 | 1,996 | 19 | — | |||||||||||||||||||||||||||||
Junior lien | 301 | 136 | 290 | 111 | 190 | — | |||||||||||||||||||||||||||||
Total 1-4 family | 2,316 | 3,006 | 4,593 | 2,107 | 209 | — | |||||||||||||||||||||||||||||
Multifamily residential | 6,469 | 6,548 | — | 6,469 | — | — | |||||||||||||||||||||||||||||
Home equity lines of credit | 1,416 | 1,563 | 3,614 | 1,321 | 95 | — | |||||||||||||||||||||||||||||
Other consumer | 543 | 460 | 1,017 | 355 | 145 | 43 | |||||||||||||||||||||||||||||
Total consumer | 1,959 | 2,023 | 4,631 | 1,676 | 240 | 43 | |||||||||||||||||||||||||||||
Other | — | 112 | 1,470 | — | — | — | |||||||||||||||||||||||||||||
Total | $ | 62,476 | 67,691 | 36,585 | 57,923 | 4,510 | 43 |
Accruing 30-89 Days Delinquent Loans, by Loan Type | % Change from | ||||||||||||||||||||||||||||
(Dollars in thousands) | Mar 31, 2022 | Dec 31, 2021 | Mar 31, 2021 | Dec 31, 2021 | Mar 31, 2021 | ||||||||||||||||||||||||
Custom and owner occupied construction | $ | 703 | $ | 1,243 | $ | 963 | (43) | % | (27) | % | |||||||||||||||||||
Pre-sold and spec construction | — | 443 | — | (100) | % | n/m | |||||||||||||||||||||||
Total residential construction | 703 | 1,686 | 963 | (58) | % | (27) | % | ||||||||||||||||||||||
Land development | 317 | — | — | n/m | n/m | ||||||||||||||||||||||||
Consumer land or lots | 28 | 149 | 215 | (81) | % | (87) | % | ||||||||||||||||||||||
Unimproved land | — | 305 | 334 | (100) | % | (100) | % | ||||||||||||||||||||||
Developed lots for operative builders | 142 | — | — | n/m | n/m | ||||||||||||||||||||||||
Commercial lots | 54 | — | — | n/m | n/m | ||||||||||||||||||||||||
Other construction | — | 30,788 | 1,520 | (100) | % | (100) | % | ||||||||||||||||||||||
Total land, lot and other construction | 541 | 31,242 | 2,069 | (98) | % | (74) | % | ||||||||||||||||||||||
Owner occupied | 3,778 | 1,739 | 1,784 | 117 | % | 112 | % | ||||||||||||||||||||||
Non-owner occupied | 266 | 1,558 | 2,407 | (83) | % | (89) | % | ||||||||||||||||||||||
Total commercial real estate | 4,044 | 3,297 | 4,191 | 23 | % | (4) | % | ||||||||||||||||||||||
Commercial and industrial | 3,275 | 4,732 | 2,063 | (31) | % | 59 | % | ||||||||||||||||||||||
Agriculture | 162 | 459 | 25,458 | (65) | % | (99) | % | ||||||||||||||||||||||
1st lien | 2,963 | 2,197 | 5,984 | 35 | % | (50) | % | ||||||||||||||||||||||
Junior lien | 78 | 87 | 18 | (10) | % | 333 | % | ||||||||||||||||||||||
Total 1-4 family | 3,041 | 2,284 | 6,002 | 33 | % | (49) | % | ||||||||||||||||||||||
Home equity lines of credit | 1,315 | 1,994 | 1,223 | (34) | % | 8 | % | ||||||||||||||||||||||
Other consumer | 1,097 | 1,681 | 519 | (35) | % | 111 | % | ||||||||||||||||||||||
Total consumer | 2,412 | 3,675 | 1,742 | (34) | % | 38 | % | ||||||||||||||||||||||
States and political subdivisions | 21 | 1,733 | 375 | (99) | % | (94) | % | ||||||||||||||||||||||
Other | 1,881 | 1,458 | 1,753 | 29 | % | 7 | % | ||||||||||||||||||||||
Total | $ | 16,080 | $ | 50,566 | $ | 44,616 | (68) | % | (64) | % |
Net Charge-Offs (Recoveries), Year-to-Date Period Ending, By Loan Type | Charge-Offs | Recoveries | |||||||||||||||||||||||||||
(Dollars in thousands) | Mar 31, 2022 | Dec 31, 2021 | Mar 31, 2021 | Mar 31, 2022 | Mar 31, 2022 | ||||||||||||||||||||||||
Pre-sold and spec construction | (4) | (15) | (7) | — | 4 | ||||||||||||||||||||||||
Land development | (21) | (233) | (75) | — | 21 | ||||||||||||||||||||||||
Consumer land or lots | (10) | (165) | (141) | — | 10 | ||||||||||||||||||||||||
Unimproved land | — | (241) | (21) | — | — | ||||||||||||||||||||||||
Total land, lot and other construction | (31) | (639) | (237) | — | 31 | ||||||||||||||||||||||||
Owner occupied | (386) | (423) | (54) | — | 386 | ||||||||||||||||||||||||
Non-owner occupied | (2) | (357) | (505) | — | 2 | ||||||||||||||||||||||||
Total commercial real estate | (388) | (780) | (559) | — | 388 | ||||||||||||||||||||||||
Commercial and industrial | (449) | 41 | 80 | 33 | 482 | ||||||||||||||||||||||||
Agriculture | (2) | (20) | (1) | — | 2 | ||||||||||||||||||||||||
1st lien | (9) | (331) | 5 | — | 9 | ||||||||||||||||||||||||
Junior lien | (78) | (650) | (47) | — | 78 | ||||||||||||||||||||||||
Total 1-4 family | (87) | (981) | (42) | — | 87 | ||||||||||||||||||||||||
Multifamily residential | — | (40) | — | — | — | ||||||||||||||||||||||||
Home equity lines of credit | (5) | (621) | 25 | — | 5 | ||||||||||||||||||||||||
Other consumer | 55 | 236 | 46 | 122 | 67 | ||||||||||||||||||||||||
Total consumer | 50 | (385) | 71 | 122 | 72 | ||||||||||||||||||||||||
Other | 1,761 | 5,148 | 2,981 | 2,540 | 779 | ||||||||||||||||||||||||
Total | $ | 850 | 2,329 | 2,286 | 2,695 | 1,845 |
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