(Dollars in thousands, except per share data) | Three Months Ended | Twelve Months Ended | ||||||||||||
Dec 31, 2021 | Sep 30, 2021 | Jun 30, 2021 | Mar 31, 2021 | Dec 31, 2020 | Dec 31, 2021 | Dec 31, 2020 | ||||||||
Interest income | ||||||||||||||
Loans held for investment | $ | 98,478 | $ | 102,627 | $ | 109,721 | $ | 112,006 | $ | 112,157 | $ | 422,832 | $ | 454,241 |
Loans held for sale | 3,652 | 2,377 | 3,604 | 2,999 | 3,083 | 12,632 | 12,191 | |||||||
Securities | 9,221 | 8,416 | 7,321 | 6,574 | 6,594 | 31,532 | 30,511 | |||||||
Other | 568 | 593 | 345 | 183 | 92 | 1,689 | 1,189 | |||||||
Total interest income | 111,919 | 114,013 | 120,991 | 121,762 | 121,926 | 468,685 | 498,132 | |||||||
Interest expense | ||||||||||||||
Deposits | 6,056 | 6,972 | 7,669 | 8,279 | 9,841 | 28,976 | 54,016 | |||||||
Borrowings | 4,381 | 3,749 | 3,743 | 3,835 | 3,958 | 15,708 | 17,319 | |||||||
Total interest expense | 10,437 | 10,721 | 11,412 | 12,114 | 13,799 | 44,684 | 71,335 | |||||||
(Recovery) provision for credit losses | ||||||||||||||
(Recovery) provision for loan losses | (500) | (1,200) | - | - | 9,000 | (1,700) | 85,350 | |||||||
Provision for credit losses on HTM securities | 32 | - | - | - | - | 32 | - | |||||||
Provision for other credit losses | - | - | - | - | 1,500 | - | 1,500 | |||||||
Total (recovery) provision for credit losses | (468) | (1,200) | - | - | 10,500 | (1,668) | 86,850 | |||||||
Net interest income after (recovery) provision for credit losses | 101,950 | 104,492 | 109,579 | 109,648 | 97,627 | 425,669 | 339,947 | |||||||
Noninterest income | 47,582 | 50,755 | 47,610 | 81,037 | 62,864 | 226,984 | 235,532 | |||||||
Noninterest expense | 101,115 | 103,999 | 108,777 | 115,935 | 122,152 | 429,826 | 471,988 | |||||||
Income before income taxes | 48,417 | 51,248 | 48,412 | 74,750 | 38,339 | 222,827 | 103,491 | |||||||
Income taxes | 11,363 | 11,185 | 7,545 | 16,842 | 6,818 | 46,935 | 19,840 | |||||||
Net income | $ | 37,054 | $ | 40,063 | $ | 40,867 | $ | 57,908 | $ | 31,521 | $ | 175,892 | $ | 83,651 |
Adjusted net income (non-GAAP)(1)
| $ | 38,232 | $ | 40,315 | $ | 41,169 | $ | 48,244 | $ | 38,131 | $ | 167,951 | $ | 109,115 |
Adjusted pre-provision net revenue ("PPNR") (non-GAAP)(1)
| $ | 49,190 | $ | 50,171 | $ | 48,797 | $ | 62,266 | $ | 57,392 | $ | 210,424 | $ | 231,136 |
Basic earnings per share | $ | 0.66 | $ | 0.71 | $ | 0.73 | $ | 1.03 | $ | 0.56 | $ | 3.13 | $ | 1.49 |
Diluted earnings per share | 0.66 | 0.71 | 0.72 | 1.02 | 0.56 | 3.12 | 1.48 | |||||||
Adjusted diluted earnings per share (non-GAAP)(1)
| 0.68 | 0.71 | 0.73 | 0.85 | 0.68 | 2.98 | 1.93 | |||||||
Average basic shares outstanding | 55,751,487 | 56,146,285 | 56,325,717 | 56,240,201 | 56,197,847 | 56,114,666 | 56,270,566 | |||||||
Average diluted shares outstanding | 56,105,050 | 56,447,184 | 56,635,898 | 56,519,199 | 56,489,809 | 56,424,484 | 56,468,165 | |||||||
Cash dividends per common share | $ | 0.22 | $ | 0.22 | $ | 0.22 | $ | 0.22 | $ | 0.22 | $ | 0.88 | $ | 0.88 |
Three Months Ended | Twelve Months Ended | |||||||||||||
Dec 31, 2021 | Sep 30, 2021 | Jun 30, 2021 | Mar 31, 2021 | Dec 31, 2020 | Dec 31, 2021 | Dec 31, 2020 | ||||||||
Return on average assets | 0.89 | % | 0.99 | % | 1.04 | % | 1.54 | % | 0.84 | % | 1.11 | % | 0.58 | % |
Adjusted return on average assets (non-GAAP)(1)
| 0.92 | 0.99 | 1.04 | 1.29 | 1.02 | 1.06 | 0.75 | |||||||
Return on average tangible assets (non-GAAP)(1)
| 0.98 | 1.08 | 1.14 | 1.69 | 0.94 | 1.21 | 0.66 | |||||||
Adjusted return on average tangible assets (non-GAAP)(1)
| 1.01 | 1.09 | 1.14 | 1.41 | 1.13 | 1.16 | 0.85 | |||||||
Return on average equity | 6.59 | 7.16 | 7.40 | 10.81 | 5.88 | 7.96 | 3.96 | |||||||
Adjusted return on average equity (non-GAAP)(1)
| 6.80 | 7.21 | 7.46 | 9.01 | 7.11 | 7.60 | 5.16 | |||||||
Return on average tangible equity (non-GAAP)(1)
| 11.94 | 13.05 | 13.54 | 19.93 | 11.26 | 14.53 | 7.83 | |||||||
Adjusted return on average tangible equity (non-GAAP)(1)
| 12.31 | 13.13 | 13.64 | 16.68 | 13.52 | 13.89 | 10.06 | |||||||
Efficiency ratio (fully tax equivalent) | 67.04 | 66.77 | 68.49 | 60.29 | 70.65 | 65.35 | 70.53 | |||||||
Adjusted efficiency ratio (non-GAAP)(1)
| 64.18 | 66.06 | 67.28 | 63.85 | 64.35 | 65.32 | 64.00 | |||||||
Dividend payout ratio | 33.33 | 30.99 | 30.14 | 21.36 | 39.29 | 28.12 | 59.06 | |||||||
Effective Tax Rate | 23.53 | 21.83 | 21.62 | 22.59 | 17.91 | 22.41 | 19.40 |
As of | ||||||||||
Dec 31, 2021 | Sep 30, 2021 | Jun 30, 2021 | Mar 31, 2021 | Dec 31, 2020 | ||||||
Shares Outstanding | 55,756,233 | 55,747,407 | 56,350,878 | 56,294,346 | 56,200,487 | |||||
Market Value Per Share | $ | 37.95 | $ | 36.05 | $ | 40.00 | $ | 41.38 | $ | 33.68 |
Book Value Per Share | 39.63 | 39.53 | 39.11 | 38.61 | 37.95 | |||||
Tangible Book Value Per Share (non-GAAP)(1)
| 22.35 | 22.22 | 21.95 | 21.41 | 20.69 | |||||
Shareholders' Equity to Assets | 13.15 | % | 13.64 | % | 13.75 | % | 13.91 | % | 14.29 | % |
Tangible Common Equity Ratio (non-GAAP)(1)
| 7.86 | 8.15 | 8.22 | 8.23 | 8.33 | |||||
Leverage Ratio | 9.15 | 9.18 | 9.30 | 9.49 | 9.37 | |||||
Common equity tier 1 capital ratio | 11.18 | 11.02 | 11.14 | 11.05 | 10.93 | |||||
Tier 1 risk-based capital ratio | 12.10 | 11.94 | 12.07 | 12.00 | 11.91 | |||||
Total risk-based capital ratio | 16.14 | 14.66 | 15.11 | 15.09 | 15.07 |
(Dollars in thousands) | Three Months Ended | Twelve Months Ended | ||||||||||||
Dec 31, 2021 | Sep 30, 2021 | Jun 30, 2021 | Mar 31, 2021 | Dec 31, 2020 | Dec 31, 2021 | Dec 31, 2020 | ||||||||
Noninterest income | ||||||||||||||
Service charges on deposit accounts | $ | 9,751 | $ | 9,337 | $ | 9,458 | $ | 8,023 | $ | 7,938 | $ | 36,569 | $ | 31,326 |
Fees and commissions | 3,885 | 3,837 | 4,110 | 3,900 | 3,616 | 15,732 | 13,043 | |||||||
Insurance commissions | 2,353 | 2,829 | 2,422 | 2,237 | 2,193 | 9,841 | 8,990 | |||||||
Wealth management revenue | 5,273 | 5,371 | 5,019 | 4,792 | 4,314 | 20,455 | 16,504 | |||||||
Mortgage banking income | 14,726 | 23,292 | 20,853 | 50,733 | 39,760 | 109,604 | 150,499 | |||||||
Swap termination gains | 4,676 | - | - | - | - | 4,676 | - | |||||||
Net gains on sales of securities | 49 | 764 | - | 1,357 | 15 | 2,170 | 46 | |||||||
BOLI income | 2,048 | 1,602 | 1,644 | 2,072 | 1,868 | 7,366 | 5,627 | |||||||
Other | 4,821 | 3,723 | 4,104 | 7,923 | 3,160 | 20,571 | 9,497 | |||||||
Total noninterest income | $ | 47,582 | $ | 50,755 | $ | 47,610 | $ | 81,037 | $ | 62,864 | $ | 226,984 | $ | 235,532 |
Noninterest expense | ||||||||||||||
Salaries and employee benefits | $ | 62,523 | $ | 69,115 | $ | 70,293 | $ | 78,696 | $ | 74,432 | $ | 280,627 | $ | 302,388 |
Data processing | 5,346 | 5,277 | 5,652 | 5,451 | 5,373 | 21,726 | 20,685 | |||||||
Net occupancy and equipment | 11,177 | 11,748 | 11,374 | 12,538 | 13,153 | 46,837 | 54,080 | |||||||
Other real estate owned | (60) | 168 | 104 | 41 | 683 | 253 | 2,754 | |||||||
Professional fees | 3,209 | 2,972 | 2,674 | 2,921 | 2,938 | 11,776 | 11,293 | |||||||
Advertising and public relations | 2,929 | 2,922 | 3,100 | 3,252 | 1,762 | 12,203 | 10,322 | |||||||
Intangible amortization | 1,424 | 1,481 | 1,539 | 1,598 | 1,659 | 6,042 | 7,121 | |||||||
Communications | 2,088 | 2,198 | 2,291 | 2,292 | 2,168 | 8,869 | 8,866 | |||||||
Restructuring charges | 61 | - | 15 | 292 | 7,365 | 368 | 7,365 | |||||||
Swap termination charges | - | - | - | - | 2,040 | - | 2,040 | |||||||
Debt prepayment penalty | 6,123 | - | - | - | 3 | 6,123 | 121 | |||||||
Other | 6,295 | 8,118 | 11,735 | 8,854 | 10,576 | 35,002 | 44,953 | |||||||
Total noninterest expense | $ | 101,115 | $ | 103,999 | $ | 108,777 | $ | 115,935 | $ | 122,152 | $ | 429,826 | $ | 471,988 |
(Dollars in thousands) | Three Months Ended | Twelve Months Ended | ||||||||||||
Dec 31, 2021 | Sep 30, 2021 | Jun 30, 2021 | Mar 31, 2021 | Dec 31, 2020 | Dec 31, 2021 | Dec 31, 2020 | ||||||||
Gain on sales of loans, net | $ | 10,801 | $ | 20,116 | $ | 17,581 | $ | 33,901 | $ | 36,080 | $ | 82,399 | $ | 150,406 |
Fees, net | 4,320 | 3,420 | 4,519 | 4,902 | 5,318 | 17,161 | 18,914 | |||||||
Mortgage servicing income, net | (395) | (244) | (1,247) | (1,631) | (3,606) | (3,517) | (7,095) | |||||||
MSR valuation adjustment | - | - | - | 13,561 | 1,968 | 13,561 | (11,726) | |||||||
Total mortgage banking income | $ | 14,726 | $ | 23,292 | $ | 20,853 | $ | 50,733 | $ | 39,760 | $ | 109,604 | $ | 150,499 |
(Dollars in thousands) | As of | |||||||||
Dec 31, 2021 | Sep 30, 2021 | Jun 30, 2021 | Mar 31, 2021 | Dec 31, 2020 | ||||||
Assets | ||||||||||
Cash and cash equivalents | $ | 1,877,965 | $ | 1,476,141 | $ | 1,605,488 | $ | 1,261,916 | $ | 633,203 |
Securities held to maturity, at amortized cost | 415,975 | - | - | - | - | |||||
Securities available for sale, at fair value | 2,386,680 | 2,544,643 | 2,163,820 | 1,536,041 | 1,343,457 | |||||
Loans held for sale, at fair value | 453,533 | 452,869 | 448,959 | 502,002 | 417,771 | |||||
Loans: | ||||||||||
Non purchased | 9,011,012 | 8,875,880 | 8,892,544 | 9,292,502 | 9,419,540 | |||||
Purchased | 1,009,902 | 1,140,944 | 1,256,698 | 1,395,906 | 1,514,107 | |||||
Total loans | 10,020,914 | 10,016,824 | 10,149,242 | 10,688,408 | 10,933,647 | |||||
Allowance for credit losses on loans | (164,171) | (170,038) | (172,354) | (173,106) | (176,144) | |||||
Loans, net | 9,856,743 | 9,846,786 | 9,976,888 | 10,515,302 | 10,757,503 | |||||
Premises and equipment, net | 293,122 | 294,499 | 293,203 | 300,917 | 300,496 | |||||
Other real estate owned | 2,540 | 4,705 | 4,939 | 5,971 | 5,972 | |||||
Goodwill | 939,683 | 939,683 | 939,683 | 939,683 | 939,683 | |||||
Other intangibles | 24,098 | 25,522 | 27,003 | 28,542 | 30,139 | |||||
Bank-owned life insurance | 287,359 | 286,088 | 279,444 | 233,508 | 230,609 | |||||
Mortgage servicing rights | 89,018 | 86,387 | 84,912 | 80,263 | 62,994 | |||||
Other assets | 183,595 | 198,227 | 198,047 | 218,426 | 207,785 | |||||
Total assets | $ | 16,810,311 | $ | 16,155,550 | $ | 16,022,386 | $ | 15,622,571 | $ | 14,929,612 |
Liabilities and Shareholders' Equity
| ||||||||||
Liabilities | ||||||||||
Deposits: | ||||||||||
Noninterest-bearing | $ | 4,718,124 | $ | 4,492,650 | $ | 4,349,135 | $ | 4,135,360 | $ | 3,685,048 |
Interest-bearing | 9,187,600 | 8,762,179 | 8,766,216 | 8,601,548 | 8,374,033 | |||||
Total deposits | 13,905,724 | 13,254,829 | 13,115,351 | 12,736,908 | 12,059,081 | |||||
Short-term borrowings | 13,947 | 11,253 | 14,933 | 12,154 | 21,340 | |||||
Long-term debt | 471,209 | 468,863 | 469,406 | 467,660 | 474,970 | |||||
Other liabilities | 209,578 | 216,661 | 218,889 | 232,148 | 241,488 | |||||
Total liabilities | 14,600,458 | 13,951,606 | 13,818,579 | 13,448,870 | 12,796,879 | |||||
Shareholders' equity:
| ||||||||||
Preferred stock | - | - | - | - | - | |||||
Common stock | $ | 296,483 | $ | 296,483 | $ | 296,483 | $ | 296,483 | $ | 296,483 |
Treasury stock | (118,027) | (118,288) | (97,249) | (98,949) | (101,554) | |||||
Additional paid-in capital | 1,300,192 | 1,298,022 | 1,295,879 | 1,294,911 | 1,296,963 | |||||
Retained earnings | 741,648 | 717,033 | 689,444 | 661,117 | 615,773 | |||||
Accumulated other comprehensive income | (10,443) | 10,694 | 19,250 | 20,139 | 25,068 | |||||
Total shareholders' equity
| 2,209,853 | 2,203,944 | 2,203,807 | 2,173,701 | 2,132,733 | |||||
Total liabilities and shareholders' equity
| $ | 16,810,311 | $ | 16,155,550 | $ | 16,022,386 | $ | 15,622,571 | $ | 14,929,612 |
(Dollars in thousands) | Three Months Ended | |||||||||||||||||
December 31, 2021 | September 30, 2021 | December 31, 2020 | ||||||||||||||||
Average Balance |
Interest Income/ Expense |
Yield/ Rate |
Average Balance |
Interest Income/ Expense |
Yield/ Rate |
Average Balance |
Interest Income/ Expense |
Yield/ Rate | ||||||||||
Interest-earning assets: | ||||||||||||||||||
Non purchased loans | $ | 8,806,254 | $ | 85,362 | 3.85 | % | $ | 8,690,443 | $ | 84,427 | 3.86 | % | $ | 8,167,922 | $ | 81,626 | 3.98 | % |
Purchased loans | 1,079,630 | 13,823 | 5.09 | % | 1,200,429 | 15,840 | 5.24 | % | 1,598,593 | 21,560 | 5.37 | % | ||||||
PPP loans | 62,726 | 485 | 3.07 | % | 126,870 | 3,503 | 10.95 | % | 1,252,990 | 10,271 | 3.26 | % | ||||||
Total loans | 9,948,610 | 99,670 | 3.98 | % | 10,017,742 | 103,770 | 4.11 | % | 11,019,505 | 113,457 | 4.10 | % | ||||||
Loans held for sale | 498,724 | 3,652 | 2.93 | % | 451,586 | 2,376 | 2.13 | % | 389,435 | 3,083 | 3.15 | % | ||||||
Taxable securities(1)
| 2,245,249 | 7,293 | 1.30 | % | 1,942,647 | 6,688 | 1.38 | % | 985,695 | 4,953 | 2.00 | % | ||||||
Tax-exempt securities | 392,700 | 2,503 | 2.55 | % | 324,219 | 2,297 | 2.83 | % | 283,413 | 2,238 | 3.14 | % | ||||||
Total securities | 2,637,949 | 9,796 | 1.49 | % | 2,266,866 | 8,985 | 1.59 | % | 1,269,108 | 7,191 | 2.25 | % | ||||||
Interest-bearing balances with banks | 1,522,433 | 568 | 0.15 | % | 1,520,227 | 592 | 0.15 | % | 381,919 | 92 | 0.10 | % | ||||||
Total interest-earning assets | 14,607,716 | 113,686 | 3.09 | % | 14,256,421 | 115,723 | 3.23 | % | 13,059,967 | 123,823 | 3.77 | % | ||||||
Cash and due from banks | 201,941 | 195,095 | 196,552 | |||||||||||||||
Intangible assets | 964,575 | 965,960 | 970,624 | |||||||||||||||
Other assets | 676,408 | 712,673 | 670,912 | |||||||||||||||
Total assets | $ | 16,450,640 | $ | 16,130,149 | $ | 14,898,055 | ||||||||||||
Interest-bearing liabilities: | ||||||||||||||||||
Interest-bearing demand(2)
| $ | 6,460,178 | $ | 3,487 | 0.21 | % | $ | 6,231,718 | $ | 3,821 | 0.24 | % | $ | 5,607,906 | $ | 4,380 | 0.31 | % |
Savings deposits | 1,045,784 | 151 | 0.06 | % | 1,006,847 | 192 | 0.08 | % | 830,304 | 165 | 0.08 | % | ||||||
Time deposits | 1,434,162 | 2,418 | 0.67 | % | 1,506,192 | 2,959 | 0.78 | % | 1,752,787 | 5,296 | 1.20 | % | ||||||
Total interest-bearing deposits | 8,940,124 | 6,056 | 0.27 | % | 8,744,757 | 6,972 | 0.32 | % | 8,190,997 | 9,841 | 0.48 | % | ||||||
Borrowed funds | 434,546 | 4,381 | 4.03 | % | 482,709 | 3,749 | 3.08 | % | 516,414 | 3,958 | 3.05 | % | ||||||
Total interest-bearing liabilities | 9,374,670 | 10,437 | 0.44 | % | 9,227,466 | 10,721 | 0.46 | % | 8,707,411 | 13,799 | 0.63 | % | ||||||
Noninterest-bearing deposits | 4,633,885 | 4,470,262 | 3,808,595 | |||||||||||||||
Other liabilities | 210,404 | 212,990 | 249,674 | |||||||||||||||
Shareholders' equity | 2,231,681 | 2,219,431 | 2,132,375 | |||||||||||||||
Total liabilities and shareholders' equity | $ | 16,450,640 | $ | 16,130,149 | $ | 14,898,055 | ||||||||||||
Net interest income/ net interest margin | $ | 103,249 | 2.81 | % | $ | 105,002 | 2.93 | % | $ | 110,024 | 3.35 | % | ||||||
Cost of funding | 0.30 | % | 0.31 | % | 0.44 | % | ||||||||||||
Cost of total deposits | 0.18 | % | 0.21 | % | 0.33 | % |
(Dollars in thousands) | Twelve Months Ended | |||||||||||
December 31, 2021 | December 31, 2020 | |||||||||||
Average Balance |
Interest Income/ Expense |
Yield/ Rate |
Average Balance |
Interest Income/ Expense |
Yield/ Rate | |||||||
Interest-earning assets: | ||||||||||||
Non purchased loans | $ | 8,595,967 | $ | 334,492 | 3.79 | % | $ | 7,927,817 | $ | 333,296 | 4.20 | % |
Purchased loans | 1,265,144 | 68,010 | 5.38 | % | 1,807,354 | 101,785 | 5.63 | % | ||||
PPP loans | 448,959 | 24,794 | 7.38 | % | 858,385 | 23,605 | 2.75 | % | ||||
Total loans | 10,310,070 | 427,296 | 4.15 | % | 10,593,556 | 458,686 | 4.33 | % | ||||
Loans held for sale | 454,727 | 12,632 | 2.78 | % | 361,391 | 12,191 | 3.37 | % | ||||
Taxable securities(1)
| 1,691,531 | 24,370 | 1.44 | % | 1,021,999 | 24,102 | 2.36 | % | ||||
Tax-exempt securities | 335,399 | 9,418 | 2.81 | % | 259,705 | 8,848 | 3.41 | % | ||||
Total securities | 2,026,930 | 33,788 | 1.67 | % | 1,281,704 | 32,950 | 2.57 | % | ||||
Interest-bearing balances with banks | 1,263,364 | 1,688 | 0.13 | % | 385,810 | 1,190 | 0.31 | % | ||||
Total interest-earning assets | 14,055,091 | 475,404 | 3.38 | % | 12,622,461 | 505,017 | 4.00 | % | ||||
Cash and due from banks | 199,705 | 201,815 | ||||||||||
Intangible assets | 966,733 | 973,287 | ||||||||||
Other assets | 684,457 | 705,886 | ||||||||||
Total assets | $ | 15,905,986 | $ | 14,503,449 | ||||||||
Interest-bearing liabilities: | ||||||||||||
Interest-bearing demand(2)
| $ | 6,177,944 | $ | 15,308 | 0.25 | % | $ | 5,277,374 | $ | 23,995 | 0.45 | % |
Savings deposits | 976,616 | 698 | 0.07 | % | 764,146 | 758 | 0.10 | % | ||||
Time deposits | 1,539,763 | 12,970 | 0.84 | % | 1,952,213 | 29,263 | 1.50 | % | ||||
Total interest-bearing deposits | 8,694,323 | 28,976 | 0.33 | % | 7,993,733 | 54,016 | 0.68 | % | ||||
Borrowed funds | 470,993 | 15,708 | 3.34 | % | 765,769 | 17,319 | 2.26 | % | ||||
Total interest-bearing liabilities | 9,165,316 | 44,684 | 0.49 | % | 8,759,502 | 71,335 | 0.81 | % | ||||
Noninterest-bearing deposits | 4,310,834 | 3,391,619 | ||||||||||
Other liabilities | 220,427 | 237,738 | ||||||||||
Shareholders' equity | 2,209,409 | 2,114,590 | ||||||||||
Total liabilities and shareholders' equity | $ | 15,905,986 | $ | 14,503,449 | ||||||||
Net interest income/ net interest margin | $ | 430,720 | 3.07 | % | $ | 433,682 | 3.44 | % | ||||
Cost of funding | 0.33 | % | 0.59 | % | ||||||||
Cost of total deposits | 0.22 | % | 0.47 | % |
(Dollars in thousands) | Three Months Ended | Twelve Months Ended | ||||||||
Dec 31, 2021 | Sep 30, 2021 | Dec 31, 2020 | Dec 31, 2021 | Dec 31, 2020 | ||||||
Earning asset mix: | ||||||||||
Loans held for investment excluding PPP loans | 67.68 | % | 69.38 | % | 74.79 | % | 70.16 | % | 77.13 | % |
PPP loans | 0.43 | 0.89 | 9.59 | 3.19 | 6.80 | |||||
Loans held for sale | 3.41 | 3.17 | 2.98 | 3.24 | 2.86 | |||||
Securities | 18.06 | 15.90 | 9.72 | 14.42 | 10.15 | |||||
Interest-bearing balances with banks | 10.42 | 10.66 | 2.92 | 8.99 | 3.06 | |||||
Total | 100.00 | % | 100.00 | % | 100.00 | % | 100.00 | % | 100.00 | % |
Funding sources mix: | ||||||||||
Noninterest-bearing demand | 33.08 | % | 32.64 | % | 30.43 | % | 32.00 | % | 27.91 | % |
Interest-bearing demand | 46.11 | 45.49 | 44.81 | 45.84 | 43.43 | |||||
Savings | 7.47 | 7.35 | 6.63 | 7.25 | 6.29 | |||||
Time deposits | 10.24 | 11.00 | 14.00 | 11.42 | 16.07 | |||||
Borrowed funds | 3.10 | 3.52 | 4.13 | 3.49 | 6.30 | |||||
Total | 100.00 | % | 100.00 | % | 100.00 | % | 100.00 | % | 100.00 | % |
Net interest income collected on problem loans | $ | 578 | $ | 316 | $ | 128 | $ | 4,412 | $ | 1,011 |
Total accretion on purchased loans | 2,187 | 2,871 | 4,130 | 10,783 | 19,248 | |||||
Total impact on net interest income | $ | 2,765 | $ | 3,187 | $ | 4,258 | $ | 15,195 | $ | 20,259 |
Impact on net interest margin | 0.08 | % | 0.09 | % | 0.13 | % | 0.11 | % | 0.16 | % |
Impact on loan yield | 0.11 | % | 0.13 | % | 0.15 | % | 0.15 | % | 0.18 | % |
Interest income on PPP loans | $ | 485 | $ | 3,503 | $ | 10,271 | $ | 24,794 | $ | 23,605 |
PPP impact on net interest margin | - | % | 0.07 | % | (0.01) | % | 0.08 | % | (0.05) | % |
PPP impact on loan yield | - | % | 0.09 | % | (0.10) | % | 0.06 | % | (0.13) | % |
(Dollars in thousands) | As of | |||||||||
Dec 31, 2021 | Sep 30, 2021 | Jun 30, 2021 | Mar 31, 2021 | Dec 31, 2020 | ||||||
Loan Portfolio: | ||||||||||
Commercial, financial, agricultural | $ | 1,364,879 | $ | 1,368,557 | $ | 1,387,702 | $ | 1,388,423 | $ | 1,408,281 |
Lease financing | 76,125 | 79,215 | 74,003 | 75,256 | 75,862 | |||||
Real estate - construction | 1,104,896 | 1,091,296 | 1,051,359 | 955,918 | 858,104 | |||||
Real estate - 1-4 family mortgages | 2,724,246 | 2,724,743 | 2,702,091 | 2,686,061 | 2,698,308 | |||||
Real estate - commercial mortgages | 4,549,037 | 4,535,730 | 4,530,169 | 4,549,027 | 4,554,852 | |||||
Installment loans to individuals | 143,340 | 149,821 | 156,987 | 172,859 | 209,537 | |||||
Subtotal | 9,962,523 | 9,949,362 | 9,902,311 | 9,827,544 | 9,804,944 | |||||
PPP | 58,391 | 67,462 | 246,931 | 860,864 | 1,128,703 | |||||
Total loans | $ | 10,020,914 | $ | 10,016,824 | $ | 10,149,242 | $ | 10,688,408 | $ | 10,933,647 |
(Dollars in thousands) | As of | |||||||||
Dec 31, 2021 | Sep 30, 2021 | Jun 30, 2021 | Mar 31, 2021 | Dec 31, 2020 | ||||||
Nonperforming Assets: | ||||||||||
Non purchased | ||||||||||
Non purchased nonaccruing loans | $ | 30,751 | $ | 29,266 | $ | 27,101 | $ | 24,794 | $ | 20,369 |
Non purchased loans 90 days or more past due | 1,074 | 908 | 800 | 2,235 | 3,783 | |||||
Total non purchased nonperforming loans | 31,825 | 30,174 | 27,901 | 27,029 | 24,152 | |||||
Non purchased other real estate owned | 951 | 2,252 | 1,675 | 2,292 | 2,045 | |||||
Total non purchased nonperforming assets | 32,776 | 32,426 | 29,576 | 29,321 | 26,197 | |||||
Purchased | ||||||||||
Purchased nonaccruing loans | $ | 18,613 | $ | 26,492 | $ | 27,690 | $ | 28,947 | $ | 31,051 |
Purchased loans 90 days or more past due | 367 | 74 | 945 | 129 | 267 | |||||
Total purchased nonperforming loans | 18,980 | 26,566 | 28,635 | 29,076 | 31,318 | |||||
Purchased other real estate owned | 1,589 | 2,453 | 3,264 | 3,679 | 3,927 | |||||
Total purchased nonperforming assets | $ | 20,569 | $ | 29,019 | $ | 31,899 | $ | 32,755 | $ | 35,245 |
Total nonperforming loans | $ | 50,805 | $ | 56,740 | $ | 56,536 | $ | 56,105 | $ | 55,470 |
Total nonperforming assets | $ | 53,345 | $ | 61,445 | $ | 61,475 | $ | 62,076 | $ | 61,442 |
Allowance for credit losses on loans | $ | 164,171 | $ | 170,038 | $ | 172,354 | $ | 173,106 | $ | 176,144 |
Net loan charge-offs (recoveries) | $ | 5,367 | $ | 1,116 | $ | 752 | $ | 3,038 | $ | 954 |
Annualized net loan charge-offs / average loans | 0.21 | % | 0.04 | % | 0.03 | % | 0.11 | % | 0.03 | % |
Nonperforming loans / total loans | 0.51 | 0.57 | 0.56 | 0.52 | 0.51 | |||||
Nonperforming assets / total assets | 0.32 | 0.38 | 0.38 | 0.40 | 0.41 | |||||
Allowance for credit losses on loans / total loans | 1.64 | 1.70 | 1.70 | 1.62 | 1.61 | |||||
Allowance for credit losses on loans / nonperforming loans | 323.14 | 299.68 | 304.86 | 308.54 | 317.55 | |||||
Nonperforming loans / total loans excluding PPP loans (non-GAAP)(1)
| 0.51 | 0.57 | 0.57 | 0.57 | 0.57 | |||||
Nonperforming assets / total assets excluding PPP loans (non-GAAP)(1)
| 0.32 | 0.38 | 0.39 | 0.42 | 0.45 | |||||
Allowance for credit losses on loans / total loans excluding PPP loans (non-GAAP)(1)
| 1.65 | 1.71 | 1.74 | 1.76 | 1.80 |
(Dollars in thousands, except per share data) | Three Months Ended | Twelve Months Ended | ||||||||||||
Dec 31, 2021 | Sep 30, 2021 | Jun 30, 2021 | Mar 31, 2021 | Dec 31, 2020 | Dec 31, 2021 | Dec 31, 2020 | ||||||||
Adjusted Pre-Provision Net Revenue ("PPNR")
| ||||||||||||||
Net Income (GAAP) | $ | 37,054 | $ | 40,063 | $ | 40,867 | $ | 57,908 | $ | 31,521 | $ | 175,892 | $ | 83,651 |
Income taxes | 11,363 | 11,185 | 7,545 | 16,842 | 6,818 | 46,935 | 19,840 | |||||||
Provision for credit losses (including unfunded commitments) | (768) | (1,400) | - | - | 11,000 | (2,168) | 96,050 | |||||||
Pre-provision net revenue (non-GAAP) | $ | 47,649 | $ | 49,848 | $ | 48,412 | $ | 74,750 | $ | 49,339 | $ | 220,659 | $ | 199,541 |
Debt prepayment penalties | 6,123 | - | - | - | 3 | 6,123 | 121 | |||||||
Swap termination gains | (4,676) | - | - | - | - | (4,676) | - | |||||||
MSR valuation adjustment | - | - | - | (13,561) | (1,968) | (13,561) | 11,726 | |||||||
Restructuring charges | 61 | - | 15 | 292 | 7,365 | 368 | 7,365 | |||||||
Swap termination charges | - | - | - | - | 2,040 | - | 2,040 | |||||||
COVID-19 related expenses(1)
| 33 | 323 | 370 | 785 | 613 | 1,511 | 10,343 | |||||||
Adjusted pre-provision net revenue (non-GAAP) | $ | 49,190 | $ | 50,171 | $ | 48,797 | $ | 62,266 | $ | 57,392 | $ | 210,424 | $ | 231,136 |
Adjusted Net Income and Adjusted Tangible Net Income | ||||||||||||||
Net Income (GAAP) | $ | 37,054 | $ | 40,063 | $ | 40,867 | $ | 57,908 | $ | 31,521 | $ | 175,892 | $ | 83,651 |
Amortization of Intangibles | 1,424 | 1,481 | 1,539 | 1,598 | 1,659 | 6,042 | 7,121 | |||||||
Tax effect of adjustments noted above(2)
| (335) | (323) | (333) | (361) | (297) | (1,354) | (1,382) | |||||||
Tangible Net Income (non-GAAP) | $ | 38,143 | $ | 41,221 | $ | 42,073 | $ | 59,145 | $ | 32,883 | $ | 180,580 | $ | 89,390 |
Net Income (GAAP) | $ | 37,054 | $ | 40,063 | $ | 40,867 | $ | 57,908 | $ | 31,521 | $ | 175,892 | $ | 83,651 |
Debt prepayment penalties | 6,123 | - | - | - | 3 | 6,123 | 121 | |||||||
Swap termination gain | (4,676) | - | - | - | - | (4,676) | - | |||||||
MSR valuation adjustment | - | - | - | (13,561) | (1,968) | (13,561) | 11,726 | |||||||
Restructuring charges | 61 | - | 15 | 292 | 7,365 | 368 | 7,365 | |||||||
Swap termination charges | - | - | - | - | 2,040 | - | 2,040 | |||||||
COVID-19 related expenses(1)
| 33 | 323 | 370 | 785 | 613 | 1,511 | 10,343 | |||||||
Tax effect of adjustments noted above(2)
| (363) | (71) | (83) | 2,820 | (1,443) | 2,294 | (6,131) | |||||||
Adjusted Net Income (non-GAAP) | $ | 38,232 | $ | 40,315 | $ | 41,169 | $ | 48,244 | $ | 38,131 | $ | 167,951 | $ | 109,115 |
Amortization of Intangibles | 1,424 | 1,481 | 1,539 | 1,598 | 1,659 | 6,042 | 7,121 | |||||||
Tax effect of adjustments noted above(2)
| (335) | (323) | (333) | (361) | (297) | (1,354) | (1,382) | |||||||
Adjusted Tangible Net Income (non-GAAP) | $ | 39,321 | $ | 41,473 | $ | 42,375 | $ | 49,481 | $ | 39,493 | $ | 172,639 | $ | 114,854 |
Tangible Assets and Tangible Shareholders' Equity
| ||||||||||||||
Average shareholders' equity (GAAP)
| $ | 2,231,681 | $ | 2,219,431 | $ | 2,213,743 | $ | 2,172,425 | $ | 2,132,375 | $ | 2,209,409 | $ | 2,114,590 |
Average intangible assets | 964,575 | 965,960 | 967,430 | 969,001 | 970,624 | 966,733 | 973,287 | |||||||
Average tangible shareholders' equity (non-GAAP)
| $ | 1,267,106 | $ | 1,253,471 | $ | 1,246,313 | $ | 1,203,424 | $ | 1,161,751 | $ | 1,242,676 | $ | 1,141,303 |
Average assets (GAAP) | $ | 16,450,640 | $ | 16,130,149 | $ | 15,831,018 | $ | 15,203,691 | $ | 14,898,055 | $ | 15,905,986 | $ | 14,503,449 |
Average intangible assets | 964,575 | 965,960 | 967,430 | 969,001 | 970,624 | 966,733 | 973,287 | |||||||
Average tangible assets (non-GAAP) | $ | 15,486,065 | $ | 15,164,189 | $ | 14,863,588 | $ | 14,234,690 | $ | 13,927,431 | $ | 14,939,253 | $ | 13,530,162 |
Shareholders' equity (GAAP)
| $ | 2,209,853 | $ | 2,203,944 | $ | 2,203,807 | $ | 2,173,701 | $ | 2,132,733 | $ | 2,209,853 | $ | 2,132,733 |
Intangible assets | 963,781 | 965,205 | 966,686 | 968,225 | 969,823 | 963,781 | 969,823 | |||||||
Tangible shareholders' equity (non-GAAP)
| $ | 1,246,072 | $ | 1,238,739 | $ | 1,237,121 | $ | 1,205,476 | $ | 1,162,910 | $ | 1,246,072 | $ | 1,162,910 |
(Dollars in thousands, except per share data) | Three Months Ended | Twelve Months Ended | ||||||||||||
Dec 31, 2021 | Sep 30, 2021 | Jun 30, 2021 | Mar 31, 2021 | Dec 31, 2020 | Dec 31, 2021 | Dec 31, 2020 | ||||||||
Total assets (GAAP) | $ | 16,810,311 | $ | 16,155,550 | $ | 16,022,386 | $ | 15,622,571 | $ | 14,929,612 | $ | 16,810,311 | $ | 14,929,612 |
Intangible assets | 963,781 | 965,205 | 966,686 | 968,225 | 969,823 | 963,781 | 969,823 | |||||||
Total tangible assets (non-GAAP) | $ | 15,846,530 | $ | 15,190,345 | $ | 15,055,700 | $ | 14,654,346 | $ | 13,959,789 | $ | 15,846,530 | $ | 13,959,789 |
Adjusted Performance Ratios | ||||||||||||||
Return on average assets (GAAP) | 0.89 | % | 0.99 | % | 1.04 | % | 1.54 | % | 0.84 | % | 1.11 | % | 0.58 | % |
Adjusted return on average assets (non-GAAP) | 0.92 | % | 0.99 | % | 1.04 | % | 1.29 | % | 1.02 | % | 1.06 | % | 0.75 | % |
Return on average tangible assets (non-GAAP) | 0.98 | % | 1.08 | % | 1.14 | % | 1.69 | % | 0.94 | % | 1.21 | % | 0.66 | % |
Adjusted pre-provision net revenue to average assets (non-GAAP) | 1.19 | % | 1.23 | % | 1.24 | % | 1.66 | % | 1.53 | % | 1.32 | % | 1.59 | % |
Adjusted return on average tangible assets (non-GAAP) | 1.01 | % | 1.09 | % | 1.14 | % | 1.41 | % | 1.13 | % | 1.16 | % | 0.85 | % |
Return on average equity (GAAP) | 6.59 | % | 7.16 | % | 7.40 | % | 10.81 | % | 5.88 | % | 7.96 | % | 3.96 | % |
Adjusted return on average equity (non-GAAP) | 6.80 | % | 7.21 | % | 7.46 | % | 9.01 | % | 7.11 | % | 7.60 | % | 5.16 | % |
Return on average tangible equity (non-GAAP) | 11.94 | % | 13.05 | % | 13.54 | % | 19.93 | % | 11.26 | % | 14.53 | % | 7.83 | % |
Adjusted return on average tangible equity (non-GAAP) | 12.31 | % | 13.13 | % | 13.64 | % | 16.68 | % | 13.52 | % | 13.89 | % | 10.06 | % |
Adjusted Diluted Earnings Per Share | ||||||||||||||
Average Diluted Shares Outstanding | 56,105,050 | 56,447,184 | 56,635,898 | 56,519,199 | 56,489,809 | 56,424,484 | 56,468,165 | |||||||
Diluted earnings per share (GAAP) | $ | 0.66 | $ | 0.71 | $ | 0.72 | $ | 1.02 | $ | 0.56 | $ | 3.12 | $ | 1.48 |
Adjusted diluted earnings per share (non-GAAP) | $ | 0.68 | $ | 0.71 | $ | 0.73 | $ | 0.85 | $ | 0.68 | $ | 2.98 | $ | 1.93 |
Tangible Book Value Per Share | ||||||||||||||
Shares Outstanding | 55,756,233 | 55,747,407 | 56,350,878 | 56,294,346 | 56,200,487 | 55,756,233 | 56,200,487 | |||||||
Book Value Per Share (GAAP) | $ | 39.63 | $ | 39.53 | $ | 39.11 | $ | 38.61 | $ | 37.95 | $ | 39.63 | $ | 37.95 |
Tangible Book Value Per Share (non-GAAP) | $ | 22.35 | $ | 22.22 | $ | 21.95 | $ | 21.41 | $ | 20.69 | $ | 22.35 | $ | 20.69 |
Tangible Common Equity Ratio | ||||||||||||||
Shareholders' Equity to Assets (GAAP) | 13.15 | % | 13.64 | % | 13.75 | % | 13.91 | % | 14.29 | % | 13.15 | % | 14.29 | % |
Tangible Common Equity Ratio (non-GAAP) | 7.86 | % | 8.15 | % | 8.22 | % | 8.23 | % | 8.33 | % | 7.86 | % | 8.33 | % |
Adjusted Efficiency Ratio | ||||||||||||||
Net interest income (FTE) (GAAP) | 103,249 | 105,002 | 111,205 | 111,264 | 110,024 | 430,720 | 433,682 | |||||||
Total Noninterest income (GAAP) | 47,582 | 50,755 | 47,610 | 81,037 | 62,864 | 226,984 | 235,532 | |||||||
MSR Valuation Adjustment | - | - | - | 13,561 | 1,968 | 13,561 | (11,726) | |||||||
Swap termination gains | 4,676 | - | - | - | - | 4,676 | - | |||||||
Securities gains (losses) | 49 | 764 | - | 1,357 | 15 | 2,170 | 46 | |||||||
Total adjusted noninterest income (non-GAAP) | 42,857 | 49,991 | 47,610 | 66,119 | 60,881 | 206,577 | 247,212 | |||||||
Noninterest expense (GAAP) | 101,115 | 103,999 | 108,777 | 115,935 | 122,152 | 429,826 | 471,988 | |||||||
Amortization of intangibles | 1,424 | 1,481 | 1,539 | 1,598 | 1,659 | 6,042 | 7,121 | |||||||
Debt prepayment penalty | 6,123 | - | - | - | 3 | 6,123 | 121 |
(Dollars in thousands, except per share data) | Three Months Ended | Twelve Months Ended | ||||||||||||
Dec 31, 2021 | Sep 30, 2021 | Jun 30, 2021 | Mar 31, 2021 | Dec 31, 2020 | Dec 31, 2021 | Dec 31, 2020 | ||||||||
Swap termination charges | - | - | - | - | 2,040 | - | 2,040 | |||||||
Restructuring charges | 61 | - | 15 | 292 | 7,365 | 368 | 7,365 | |||||||
Provision for unfunded commitments | (300) | (200) | - | - | 500 | (500) | 9,200 | |||||||
COVID-19 related expenses(1)
| 33 | 323 | 370 | 785 | 613 | 1,511 | 10,343 | |||||||
Total adjusted noninterest expense (non-GAAP) | 93,774 | 102,395 | 106,853 | 113,260 | 109,972 | 416,282 | 435,798 | |||||||
Efficiency Ratio (GAAP) | 67.04 | % | 66.77 | % | 68.49 | % | 60.29 | % | 70.65 | % | 65.35 | % | 70.53 | % |
Adjusted Efficiency Ratio (non-GAAP) | 64.18 | % | 66.06 | % | 67.28 | % | 63.85 | % | 64.35 | % | 65.32 | % | 64.00 | % |
Core Net Interest Income and Core Net Interest Margin | ||||||||||||||
Net interest income (FTE) (GAAP) | $ | 103,249 | $ | 105,002 | $ | 111,205 | $ | 111,264 | $ | 110,024 | $ | 430,720 | $ | 433,682 |
Net interest income collected on problem loans | 578 | 316 | 1,339 | 2,180 | 128 | 4,412 | 1,011 | |||||||
Accretion recognized on purchased loans | 2,187 | 2,871 | 2,638 | 3,088 | 4,130 | 10,783 | 19,248 | |||||||
Interest income recognized on PPP loans | 485 | 3,503 | 10,120 | 10,687 | 10,271 | 24,794 | 23,605 | |||||||
Core net interest income (FTE) (non-GAAP) | $ | 99,999 | $ | 98,312 | $ | 97,108 | $ | 95,309 | $ | 95,495 | $ | 390,731 | $ | 389,818 |
Average earning assets (GAAP) | $ | 14,607,716 | $ | 14,256,421 | $ | 13,989,264 | $ | 13,358,677 | $ | 13,059,967 | $ | 14,055,091 | $ | 12,622,461 |
Average PPP loans | 62,726 | 126,870 | 628,462 | 985,561 | 1,252,990 | 448,959 | 858,385 | |||||||
Average earning assets excluding PPP loans (non-GAAP) | $ | 14,544,990 | $ | 14,129,551 | $ | 13,360,802 | $ | 12,373,116 | $ | 11,806,977 | $ | 13,606,132 | $ | 11,764,076 |
Net interest margin (GAAP) | 2.81 | % | 2.93 | % | 3.19 | % | 3.37 | % | 3.35 | % | 3.07 | % | 3.44 | % |
Core net interest margin (non-GAAP) | 2.73 | % | 2.76 | % | 2.92 | % | 3.12 | % | 3.22 | % | 2.87 | % | 3.31 | % |
Core Loan Yield | ||||||||||||||
Loan interest income (FTE) (GAAP) | $ | 99,670 | $ | 103,769 | $ | 110,785 | $ | 113,072 | $ | 113,457 | $ | 427,296 | $ | 458,686 |
Net interest income collected on problem loans | 578 | 316 | 1,339 | 2,180 | 128 | 4,412 | 1,011 | |||||||
Accretion recognized on purchased loans | 2,187 | 2,871 | 2,638 | 3,088 | 4,130 | 10,783 | 19,248 | |||||||
Interest income recognized on PPP loans | 485 | 3,503 | 10,120 | 10,687 | 10,271 | 24,794 | 23,605 | |||||||
Core loan interest income (FTE) (non-GAAP) | $ | 96,420 | $ | 97,079 | $ | 96,688 | $ | 97,117 | $ | 98,928 | $ | 387,307 | $ | 414,822 |
Average loans (GAAP) | $ | 9,948,610 | $ | 10,017,742 | $ | 10,478,121 | $ | 10,802,991 | $ | 11,019,505 | $ | 10,310,070 | $ | 10,593,556 |
Average PPP loans | 62,726 | 126,870 | 628,462 | 985,561 | 1,252,990 | 448,959 | 858,385 | |||||||
Average loans excluding PPP loans (non-GAAP) | $ | 9,885,884 | $ | 9,890,872 | $ | 9,849,659 | $ | 9,817,430 | $ | 9,766,515 | $ | 9,861,111 | $ | 9,735,171 |
Loan yield (GAAP) | 3.98 | % | 4.11 | % | 4.24 | % | 4.24 | % | 4.10 | % | 4.15 | % | 4.33 | % |
Core loan yield (non-GAAP) | 3.87 | % | 3.89 | % | 3.94 | % | 4.01 | % | 4.03 | % | 3.93 | % | 4.26 | % |
Adjusted Asset Quality Ratios | ||||||||||||||
Total loans (GAAP) | $ | 10,020,914 | $ | 10,016,824 | $ | 10,149,242 | $ | 10,688,408 | $ | 10,933,647 | $ | 10,020,914 | $ | 10,933,647 |
PPP loans | 58,391 | 67,462 | 246,931 | 860,864 | 1,128,703 | 58,391 | 1,128,703 | |||||||
Total loans excluding PPP loans (non-GAAP) | $ | 9,962,523 | $ | 9,949,362 | $ | 9,902,311 | $ | 9,827,544 | $ | 9,804,944 | $ | 9,962,523 | $ | 9,804,944 |
Loans 30-89 days past due | $ | 27,604 | $ | 14,806 | $ | 15,077 | $ | 21,801 | $ | 26,286 | $ | 27,604 | $ | 26,286 |
(Dollars in thousands, except per share data) | Three Months Ended | Twelve Months Ended | ||||||||||||
Dec 31, 2021 | Sep 30, 2021 | Jun 30, 2021 | Mar 31, 2021 | Dec 31, 2020 | Dec 31, 2021 | Dec 31, 2020 | ||||||||
Loans 30-89 days past due / total loans (GAAP) | 0.28 | % | 0.15 | % | 0.15 | % | 0.20 | % | 0.24 | % | 0.28 | % | 0.24 | % |
Loans 30-89 days past due / total loans excluding PPP loans (non-GAAP) | 0.28 | % | 0.15 | % | 0.15 | % | 0.22 | % | 0.27 | % | 0.28 | % | 0.27 | % |
Classified loans | $ | 160,790 | $ | 187,223 | $ | 206,724 | $ | 229,243 | $ | 236,063 | $ | 160,790 | $ | 236,063 |
Classified loans / total loans (GAAP) | 1.60 | % | 1.87 | % | 2.04 | % | 2.14 | % | 2.16 | % | 1.60 | % | 2.16 | % |
Classified loans / total loans excluding PPP loans (non-GAAP) | 1.61 | % | 1.88 | % | 2.09 | % | 2.33 | % | 2.41 | % | 1.61 | % | 2.41 | % |
Nonperforming loans | $ | 50,805 | $ | 56,740 | $ | 56,536 | $ | 56,105 | $ | 55,470 | $ | 50,805 | $ | 55,470 |
Nonperforming loans / total loans (GAAP) | 0.51 | % | 0.57 | % | 0.56 | % | 0.52 | % | 0.51 | % | 0.51 | % | 0.51 | % |
Nonperforming loans / total loans excluding PPP loans (non-GAAP) | 0.51 | % | 0.57 | % | 0.57 | % | 0.57 | % | 0.57 | % | 0.51 | % | 0.57 | % |
Allowance for credit losses on loans | $ | 164,171 | $ | 170,038 | $ | 172,354 | $ | 173,106 | $ | 176,144 | $ | 164,171 | $ | 176,144 |
ACL / total loans (GAAP) | 1.64 | % | 1.70 | % | 1.70 | % | 1.62 | % | 1.61 | % | 1.64 | % | 1.61 | % |
ACL / total loans excluding PPP loans (non-GAAP) | 1.65 | % | 1.71 | % | 1.74 | % | 1.76 | % | 1.80 | % | 1.65 | % | 1.80 | % |
Average loans (GAAP) | $ | 9,948,610 | $ | 10,017,742 | $ | 10,478,121 | $ | 10,802,991 | $ | 11,019,505 | $ | 10,310,070 | $ | 10,593,556 |
Average PPP loans | 62,726 | 126,870 | 628,462 | 985,561 | 1,252,990 | 448,959 | 858,385 | |||||||
Average loans excluding PPP loans (non-GAAP) | $ | 9,885,884 | $ | 9,890,872 | $ | 9,849,659 | $ | 9,817,430 | $ | 9,766,515 | $ | 9,861,111 | $ | 9,735,171 |
Net charge-offs | $ | 5,367 | $ | 1,116 | $ | 752 | $ | 3,038 | $ | 954 | $ | 10,273 | $ | 3,852 |
Annualized net charge-offs / average loans (GAAP) | 0.21 | % | 0.04 | % | 0.03 | % | 0.11 | % | 0.03 | % | 0.10 | % | 0.04 | % |
Annualized net charge-offs / average loans excluding PPP loans (non-GAAP) | 0.22 | % | 0.04 | % | 0.03 | % | 0.13 | % | 0.04 | % | 0.10 | % | 0.04 | % |
Total assets (GAAP) | $ | 16,810,311 | $ | 16,155,550 | $ | 16,022,386 | $ | 15,622,571 | $ | 14,929,612 | $ | 16,810,311 | $ | 14,929,612 |
PPP loans | 58,391 | 67,462 | 246,931 | 860,864 | 1,128,703 | 58,391 | 1,128,703 | |||||||
Total assets excluding PPP loans (non-GAAP) | $ | 16,751,920 | $ | 16,088,088 | $ | 15,775,455 | $ | 14,761,707 | $ | 13,800,909 | $ | 16,751,920 | $ | 13,800,909 |
Nonperforming assets | $ | 53,345 | $ | 61,445 | $ | 61,475 | $ | 62,076 | $ | 61,442 | $ | 53,345 | $ | 61,442 |
Nonperforming assets / total assets (GAAP) | 0.32 | % | 0.38 | % | 0.38 | % | 0.40 | % | 0.41 | % | 0.32 | % | 0.41 | % |
Nonperforming assets / total assets excluding PPP loans (non-GAAP) | 0.32 | % | 0.38 | % | 0.39 | % | 0.42 | % | 0.45 | % | 0.32 | % | 0.45 | % |
Attachments
- Original Link
- Original Document
- Permalink
Disclaimer
Renasant Corporation published this content on 25 January 2022 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 25 January 2022 21:39:01 UTC.