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Share Name | Share Symbol | Market | Type |
---|---|---|---|
Banc of California Inc | NYSE:BANC | NYSE | Common Stock |
Price Change | % Change | Share Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|
0.00 | 0.00% | 14.66 | 0 | 00:00:00 |
|
|
|
(State or other jurisdiction
of incorporation)
|
(Commission File Number)
|
(IRS Employer
Identification No.)
|
|
||
|
|
|
(Address of principal executive offices)
|
(Zip 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
|
||
|
||||
Item 2.02 |
Results of Operations and Financial Condition.
|
Item 7.01 |
Regulation FD Disclosure.
|
Item 9.01 |
Financial Statements and Exhibits.
|
Banc of California, Inc. Press Release dated July 23, 2024.
|
|
Banc of California, Inc. Earnings Conference Call Presentation Materials.
|
|
104
|
Cover Page Interactive Data File (embedded within the Inline XBRL document)
|
BANC OF CALIFORNIA, INC.
|
|
July 23, 2024
|
/s/ Joseph Kauder
|
Joseph Kauder
|
|
Executive Vice President and Chief Financial Officer
|
• |
Average noninterest-bearing deposits higher by $196.5 million, or 3%, in the second quarter.
|
• |
Net interest margin of 2.80%, an increase of 14 basis points from 2.66% in the first quarter.
|
• |
Transferred $1.95 billion of CIVIC business-purpose residential loans with a fair value of $1.91 billion to held for sale at June 30, 2024. Sale closed on July 18, 2024, resulting in immediate increases in
liquidity and capital ratios.
|
• |
Nonperforming assets decreased to 0.37% of total assets at June 30, 2024, compared to 0.44% at March 31, 2024, primarily due to the loans transferred to held for sale.
|
• |
Strong capital ratios well above the regulatory thresholds for "well capitalized" banks at June 30, 2024, including an estimated 16.57% Total risk-based capital ratio, 12.62% Tier 1 capital ratio, 10.27% CET1 capital ratio, and 9.51% Tier 1 leverage ratio.
|
• |
Book value per share increased to $17.23 and tangible book value per share(1)
increased to $15.07.
|
• |
Successful core systems conversion completed on July 21, 2024.
|
(1) |
Non-GAAP measure; refer to section 'Non-GAAP Measures'
|
Three Months Ended
|
Six Months Ended
|
|||||||||||||||||||
June 30,
|
March 31,
|
June 30,
|
June 30,
|
|||||||||||||||||
Summary Income Statement
|
2024
|
2024
|
2023
|
2024
|
2023
|
|||||||||||||||
(In thousands)
|
||||||||||||||||||||
Total interest income
|
$
|
462,589
|
$
|
478,704
|
$
|
539,888
|
$
|
941,293
|
$
|
1,057,676
|
||||||||||
Total interest expense
|
233,101
|
249,602
|
353,812
|
482,703
|
592,328
|
|||||||||||||||
Net interest income
|
229,488
|
229,102
|
186,076
|
458,590
|
465,348
|
|||||||||||||||
Provision for credit losses
|
11,000
|
10,000
|
2,000
|
21,000
|
5,000
|
|||||||||||||||
Gain (loss) on sale of loans
|
1,135
|
(448
|
)
|
(158,881
|
)
|
687
|
(155,919
|
)
|
||||||||||||
Other noninterest income
|
28,657
|
34,264
|
30,799
|
62,921
|
64,228
|
|||||||||||||||
Total noninterest income (loss)
|
29,792
|
33,816
|
(128,082
|
)
|
63,608
|
(91,691
|
)
|
|||||||||||||
Total revenue
|
259,280
|
262,918
|
57,994
|
522,198
|
373,657
|
|||||||||||||||
Goodwill impairment
|
-
|
-
|
-
|
-
|
1,376,736
|
|||||||||||||||
Acquisition, integration and reorganization costs
|
(12,650
|
)
|
-
|
12,394
|
(12,650
|
)
|
20,908
|
|||||||||||||
Other noninterest expense
|
216,293
|
210,518
|
308,043
|
426,811
|
495,796
|
|||||||||||||||
Total noninterest expense
|
203,643
|
210,518
|
320,437
|
414,161
|
1,893,440
|
|||||||||||||||
Earnings (loss) before income taxes
|
44,637
|
42,400
|
(264,443
|
)
|
87,037
|
(1,524,783
|
)
|
|||||||||||||
Income tax expense (benefit)
|
14,304
|
11,548
|
(67,029
|
)
|
25,852
|
(131,945
|
)
|
|||||||||||||
Net earnings (loss)
|
30,333
|
30,852
|
(197,414
|
)
|
61,185
|
(1,392,838
|
)
|
|||||||||||||
Preferred stock dividends
|
9,947
|
9,947
|
9,947
|
19,894
|
19,894
|
|||||||||||||||
Net earnings (loss) available to common and equivalent stockholders
|
$
|
20,386
|
$
|
20,905
|
$
|
(207,361
|
)
|
$
|
41,291
|
$
|
(1,412,732
|
)
|
June 30,
|
March 31,
|
June 30,
|
Increase (Decrease)
|
|||||||||||||||||
Selected Balance Sheet Items
|
2024
|
2024
|
2023
|
QoQ
|
YoY
|
|||||||||||||||
|
(In thousands)
|
|||||||||||||||||||
Cash and cash equivalents
|
$
|
2,698,810
|
$
|
3,085,228
|
$
|
6,698,147
|
$
|
(386,418
|
)
|
$
|
(3,999,337
|
)
|
||||||||
Securities available-for-sale
|
2,244,031
|
2,286,682
|
4,708,519
|
(42,651
|
)
|
(2,464,488
|
)
|
|||||||||||||
Securities held-to-maturity
|
2,296,708
|
2,291,984
|
2,278,202
|
4,724
|
18,506
|
|||||||||||||||
Loans held for sale
|
1,935,455
|
80,752
|
478,146
|
1,854,703
|
1,457,309
|
|||||||||||||||
Loan and leases held for investment, net of deferred fees
|
23,228,909
|
25,473,022
|
22,258,210
|
(2,244,113
|
)
|
970,699
|
||||||||||||||
Total assets
|
35,243,839
|
36,073,516
|
38,337,250
|
(829,677
|
)
|
(3,093,411
|
)
|
|||||||||||||
|
||||||||||||||||||||
Noninterest-bearing deposits
|
$
|
7,825,007
|
$
|
7,833,608
|
$
|
6,055,358
|
$
|
(8,601
|
)
|
$
|
1,769,649
|
|||||||||
Total deposits
|
28,804,450
|
28,892,407
|
27,897,083
|
(87,957
|
)
|
907,367
|
||||||||||||||
Borrowings
|
1,440,875
|
2,139,498
|
6,357,338
|
(698,623
|
)
|
(4,916,463
|
)
|
|||||||||||||
Total liabilities
|
31,835,991
|
32,679,366
|
35,804,055
|
(843,375
|
)
|
(3,968,064
|
)
|
|||||||||||||
Total stockholders' equity
|
3,407,848
|
3,394,150
|
2,533,195
|
13,698
|
874,653
|
June 30,
|
March 31,
|
December 31,
|
September 30,
|
June 30,
|
||||||||||||||||
Composition of Loans and Leases
|
2024
|
2024
|
2023
|
2023
|
2023
|
|||||||||||||||
(Dollars in thousands)
|
||||||||||||||||||||
Real estate mortgage:
|
||||||||||||||||||||
Commercial
|
$
|
4,722,585
|
$
|
4,896,544
|
$
|
5,026,497
|
$
|
3,526,308
|
$
|
3,610,320
|
||||||||||
Multi-family
|
5,984,930
|
6,121,472
|
6,025,179
|
5,279,659
|
5,304,544
|
|||||||||||||||
Other residential
|
2,866,085
|
4,949,383
|
5,060,309
|
5,228,524
|
5,373,178
|
|||||||||||||||
Total real estate mortgage
|
13,573,600
|
15,967,399
|
16,111,985
|
14,034,491
|
14,288,042
|
|||||||||||||||
Real estate construction and land:
|
||||||||||||||||||||
Commercial
|
784,166
|
775,021
|
759,585
|
465,266
|
415,997
|
|||||||||||||||
Residential
|
2,573,431
|
2,470,333
|
2,399,684
|
2,272,271
|
2,049,526
|
|||||||||||||||
Total real estate construction and land
|
3,357,597
|
3,245,354
|
3,159,269
|
2,737,537
|
2,465,523
|
|||||||||||||||
Total real estate
|
16,931,197
|
19,212,753
|
19,271,254
|
16,772,028
|
16,753,565
|
|||||||||||||||
Commercial:
|
||||||||||||||||||||
Asset-based
|
1,968,713
|
2,061,016
|
2,189,085
|
2,287,893
|
2,357,098
|
|||||||||||||||
Venture capital
|
1,456,122
|
1,513,641
|
1,446,362
|
1,464,160
|
1,723,476
|
|||||||||||||||
Other commercial
|
2,446,974
|
2,245,910
|
2,129,860
|
1,002,377
|
1,014,212
|
|||||||||||||||
Total commercial
|
5,871,809
|
5,820,567
|
5,765,307
|
4,754,430
|
5,094,786
|
|||||||||||||||
Consumer
|
425,903
|
439,702
|
453,126
|
394,488
|
409,859
|
|||||||||||||||
Total loans and leases held for investment, net of deferred fees
|
$
|
23,228,909
|
$
|
25,473,022
|
$
|
25,489,687
|
$
|
21,920,946
|
$
|
22,258,210
|
||||||||||
Total unfunded loan commitments
|
$
|
5,256,473
|
$
|
5,482,672
|
$
|
5,578,907
|
$
|
5,289,221
|
$
|
5,845,375
|
Composition as % of Total
|
June 30,
|
March 31,
|
December 31,
|
September 30,
|
June 30,
|
|||||||||||||||
Loans and Leases
|
2024
|
2024
|
2023
|
2023
|
2023
|
|||||||||||||||
Real estate mortgage:
|
||||||||||||||||||||
Commercial
|
20
|
%
|
19
|
%
|
20
|
%
|
16
|
%
|
16
|
%
|
||||||||||
Multi-family
|
26
|
%
|
24
|
%
|
23
|
%
|
24
|
%
|
24
|
%
|
||||||||||
Other residential
|
12
|
%
|
19
|
%
|
20
|
%
|
24
|
%
|
24
|
%
|
||||||||||
Total real estate mortgage
|
58
|
%
|
62
|
%
|
63
|
%
|
64
|
%
|
64
|
%
|
||||||||||
Real estate construction and land:
|
||||||||||||||||||||
Commercial
|
4
|
%
|
3
|
%
|
3
|
%
|
2
|
%
|
2
|
%
|
||||||||||
Residential
|
11
|
%
|
10
|
%
|
9
|
%
|
10
|
%
|
9
|
%
|
||||||||||
Total real estate construction and land
|
15
|
%
|
13
|
%
|
12
|
%
|
12
|
%
|
11
|
%
|
||||||||||
Total real estate
|
73
|
%
|
75
|
%
|
75
|
%
|
76
|
%
|
75
|
%
|
||||||||||
Commercial:
|
||||||||||||||||||||
Asset-based
|
8
|
%
|
8
|
%
|
9
|
%
|
10
|
%
|
11
|
%
|
||||||||||
Venture capital
|
6
|
%
|
6
|
%
|
6
|
%
|
7
|
%
|
8
|
%
|
||||||||||
Other commercial
|
11
|
%
|
9
|
%
|
8
|
%
|
5
|
%
|
4
|
%
|
||||||||||
Total commercial
|
25
|
%
|
23
|
%
|
23
|
%
|
22
|
%
|
23
|
%
|
||||||||||
Consumer
|
2
|
%
|
2
|
%
|
2
|
%
|
2
|
%
|
2
|
%
|
||||||||||
Total loans and leases held for investment, net of deferred fees
|
100
|
%
|
100
|
%
|
100
|
%
|
100
|
%
|
100
|
%
|
June 30,
|
March 31,
|
December 31,
|
September 30,
|
June 30,
|
||||||||||||||||
Composition of Deposits
|
2024
|
2024
|
2023
|
2023
|
2023
|
|||||||||||||||
(Dollars in thousands)
|
||||||||||||||||||||
Noninterest-bearing checking
|
$
|
7,825,007
|
$
|
7,833,608
|
$
|
7,774,254
|
$
|
5,579,033
|
$
|
6,055,358
|
||||||||||
Interest-bearing:
|
||||||||||||||||||||
Checking
|
7,309,833
|
7,836,097
|
7,808,764
|
7,038,808
|
7,112,807
|
|||||||||||||||
Money market
|
4,837,025
|
5,020,110
|
6,187,889
|
5,424,347
|
5,678,323
|
|||||||||||||||
Savings
|
2,040,461
|
2,016,398
|
1,997,989
|
1,441,700
|
897,277
|
|||||||||||||||
Time deposits:
|
||||||||||||||||||||
Non-brokered
|
2,758,067
|
2,761,836
|
3,139,270
|
3,038,005
|
2,725,265
|
|||||||||||||||
Brokered
|
4,034,057
|
3,424,358
|
3,493,603
|
4,076,788
|
5,428,053
|
|||||||||||||||
Total time deposits
|
6,792,124
|
6,186,194
|
6,632,873
|
7,114,793
|
8,153,318
|
|||||||||||||||
Total interest-bearing
|
20,979,443
|
21,058,799
|
22,627,515
|
21,019,648
|
21,841,725
|
|||||||||||||||
Total deposits
|
$
|
28,804,450
|
$
|
28,892,407
|
$
|
30,401,769
|
$
|
26,598,681
|
$
|
27,897,083
|
June 30,
|
March 31,
|
December 31,
|
September 30,
|
June 30,
|
||||||||||||||||
Composition as % of Total Deposits
|
2024
|
2024
|
2023
|
2023
|
2023
|
|||||||||||||||
|
||||||||||||||||||||
Noninterest-bearing checking
|
27
|
%
|
27
|
%
|
26
|
%
|
21
|
%
|
22
|
%
|
||||||||||
Interest-bearing:
|
||||||||||||||||||||
Checking
|
25
|
%
|
27
|
%
|
26
|
%
|
27
|
%
|
26
|
%
|
||||||||||
Money market
|
17
|
%
|
17
|
%
|
20
|
%
|
20
|
%
|
20
|
%
|
||||||||||
Savings
|
7
|
%
|
7
|
%
|
6
|
%
|
5
|
%
|
3
|
%
|
||||||||||
Time deposits:
|
||||||||||||||||||||
Non-brokered
|
10
|
%
|
10
|
%
|
10
|
%
|
12
|
%
|
10
|
%
|
||||||||||
Brokered
|
14
|
%
|
12
|
%
|
12
|
%
|
15
|
%
|
19
|
%
|
||||||||||
Total time deposits
|
24
|
%
|
22
|
%
|
22
|
%
|
27
|
%
|
29
|
%
|
||||||||||
Total interest-bearing
|
73
|
%
|
73
|
%
|
74
|
%
|
79
|
%
|
78
|
%
|
||||||||||
Total deposits
|
100
|
%
|
100
|
%
|
100
|
%
|
100
|
%
|
100
|
%
|
(1) |
Non-GAAP measures; refer to section 'Non-GAAP Measures'
|
|
June 30,
|
March 31,
|
December 31,
|
September 30,
|
June 30,
|
|||||||||||||||
Capital Ratios
|
2024 (1)
|
2024
|
2023
|
2023
|
2023
|
|||||||||||||||
|
||||||||||||||||||||
Banc of California, Inc.
|
||||||||||||||||||||
Total risk-based capital ratio
|
16.57
|
%
|
16.40
|
%
|
16.43
|
%
|
17.83
|
%
|
17.61
|
%
|
||||||||||
Tier 1 risk-based capital ratio
|
12.62
|
%
|
12.38
|
%
|
12.44
|
%
|
13.84
|
%
|
13.70
|
%
|
||||||||||
Common equity tier 1 capital ratio
|
10.27
|
%
|
10.09
|
%
|
10.14
|
%
|
11.23
|
%
|
11.16
|
%
|
||||||||||
Tier 1 leverage capital ratio
|
9.51
|
%
|
9.12
|
%
|
9.00
|
%
|
8.65
|
%
|
7.76
|
%
|
||||||||||
|
||||||||||||||||||||
Banc of California
|
||||||||||||||||||||
Total risk-based capital ratio
|
16.19
|
%
|
15.88
|
%
|
15.75
|
%
|
16.37
|
%
|
16.07
|
%
|
||||||||||
Tier 1 risk-based capital ratio
|
13.77
|
%
|
13.34
|
%
|
13.27
|
%
|
13.72
|
%
|
13.48
|
%
|
||||||||||
Common equity tier 1 capital ratio
|
13.77
|
%
|
13.34
|
%
|
13.27
|
%
|
13.72
|
%
|
13.48
|
%
|
||||||||||
Tier 1 leverage capital ratio
|
10.38
|
%
|
9.84
|
%
|
9.62
|
%
|
8.57
|
%
|
7.62
|
%
|
(1)
|
Capital information for June 30, 2024 is preliminary.
|
June 30,
|
March 31,
|
December 31,
|
September 30,
|
June 30,
|
||||||||||||||||
Asset Quality Information and Ratios
|
2024
|
2024
|
2023
|
2023
|
2023
|
|||||||||||||||
(Dollars in thousands)
|
||||||||||||||||||||
Delinquent loans and leases held for investment:
|
||||||||||||||||||||
30 to 89 days delinquent
|
$
|
27,962
|
$
|
178,421
|
$
|
113,307
|
$
|
49,970
|
$
|
57,428
|
||||||||||
90+ days delinquent
|
55,792
|
57,573
|
30,881
|
77,327
|
62,322
|
|||||||||||||||
Total delinquent loans and leases
|
$
|
83,754
|
$
|
235,994
|
$
|
144,188
|
$
|
127,297
|
$
|
119,750
|
||||||||||
|
||||||||||||||||||||
Total delinquent loans and leases to loans and leases held for investment
|
0.36
|
%
|
0.93
|
%
|
0.57
|
%
|
0.58
|
%
|
0.54
|
%
|
||||||||||
Nonperforming assets, excluding loans held for sale:
|
||||||||||||||||||||
Nonaccrual loans and leases
|
$
|
117,070
|
$
|
145,785
|
$
|
62,527
|
$
|
125,396
|
$
|
104,886
|
||||||||||
90+ days delinquent loans and still accruing
|
-
|
-
|
11,750
|
-
|
-
|
|||||||||||||||
Total nonperforming loans and leases ("NPLs")
|
117,070
|
145,785
|
74,277
|
125,396
|
104,886
|
|||||||||||||||
Foreclosed assets, net
|
13,302
|
12,488
|
7,394
|
6,829
|
8,426
|
|||||||||||||||
Total nonperforming assets ("NPAs")
|
$
|
130,372
|
$
|
158,273
|
$
|
81,671
|
$
|
132,225
|
$
|
113,312
|
||||||||||
Allowance for loan and lease losses
|
$
|
247,762
|
$
|
291,503
|
$
|
281,687
|
$
|
222,297
|
$
|
219,234
|
||||||||||
Allowance for loan and lease losses to NPLs
|
211.64
|
%
|
199.95
|
%
|
379.24
|
%
|
177.28
|
%
|
209.02
|
%
|
||||||||||
NPLs to loans and leases held for
|
||||||||||||||||||||
investment
|
0.50
|
%
|
0.57
|
%
|
0.29
|
%
|
0.57
|
%
|
0.47
|
%
|
||||||||||
NPAs to total assets
|
0.37
|
%
|
0.44
|
%
|
0.21
|
%
|
0.36
|
%
|
0.30
|
%
|
Three Months Ended
|
Six Months Ended
|
|||||||||||||||||||
June 30,
|
March 31,
|
June 30,
|
June 30,
|
|||||||||||||||||
Allowance for Credit Losses - Loans
|
2024
|
2024
|
2023
|
2024
|
2023
|
|||||||||||||||
(Dollars in thousands)
|
||||||||||||||||||||
Allowance for loan and lease losses
|
||||||||||||||||||||
("ALLL"):
|
||||||||||||||||||||
Balance at beginning of period
|
$
|
291,503
|
$
|
281,687
|
$
|
210,055
|
$
|
281,687
|
$
|
200,732
|
||||||||||
Charge-offs
|
(58,070
|
)
|
(5,014
|
)
|
(31,708
|
)
|
(63,084
|
)
|
(42,105
|
)
|
||||||||||
Recoveries
|
2,329
|
3,830
|
887
|
6,159
|
2,107
|
|||||||||||||||
Net charge-offs
|
(55,741
|
)
|
(1,184
|
)
|
(30,821
|
)
|
(56,925
|
)
|
(39,998
|
)
|
||||||||||
Provision for loan losses
|
12,000
|
11,000
|
40,000
|
23,000
|
58,500
|
|||||||||||||||
Balance at end of period
|
$
|
247,762
|
$
|
291,503
|
$
|
219,234
|
$
|
247,762
|
$
|
219,234
|
||||||||||
Reserve for unfunded loan commitments
|
||||||||||||||||||||
("RUC"):
|
||||||||||||||||||||
Balance at beginning of period
|
$
|
28,571
|
$
|
29,571
|
$
|
75,571
|
$
|
29,571
|
$
|
91,071
|
||||||||||
(Negative provision) provision for credit losses
|
(1,000
|
)
|
(1,000
|
)
|
(38,000
|
)
|
(2,000
|
)
|
(53,500
|
)
|
||||||||||
Balance at end of period
|
$
|
27,571
|
$
|
28,571
|
$
|
37,571
|
$
|
27,571
|
$
|
37,571
|
||||||||||
Allowance for credit losses ("ACL") -
|
||||||||||||||||||||
Loans:
|
||||||||||||||||||||
Balance at beginning of period
|
$
|
320,074
|
$
|
311,258
|
$
|
285,626
|
$
|
311,258
|
$
|
291,803
|
||||||||||
Charge-offs
|
(58,070
|
)
|
(5,014
|
)
|
(31,708
|
)
|
(63,084
|
)
|
(42,105
|
)
|
||||||||||
Recoveries
|
2,329
|
3,830
|
887
|
6,159
|
2,107
|
|||||||||||||||
Net charge-offs
|
(55,741
|
)
|
(1,184
|
)
|
(30,821
|
)
|
(56,925
|
)
|
(39,998
|
)
|
||||||||||
Provision for credit losses
|
11,000
|
10,000
|
2,000
|
21,000
|
5,000
|
|||||||||||||||
Balance at end of period
|
$
|
275,333
|
$
|
320,074
|
$
|
256,805
|
$
|
275,333
|
$
|
256,805
|
||||||||||
ALLL to loans and leases held for investment
|
1.07
|
%
|
1.14
|
%
|
0.98
|
%
|
1.07
|
%
|
0.98
|
%
|
||||||||||
ACL to loans and leases held for investment
|
1.19
|
%
|
1.26
|
%
|
1.15
|
%
|
1.19
|
%
|
1.15
|
%
|
||||||||||
ACL to NPLs
|
235.19
|
%
|
219.55
|
%
|
244.84
|
%
|
235.19
|
%
|
244.84
|
%
|
||||||||||
ACL to NPAs
|
211.19
|
%
|
202.23
|
%
|
226.64
|
%
|
211.19
|
%
|
226.64
|
%
|
||||||||||
Annualized net charge-offs to average loans and leases
|
0.89
|
%
|
0.02
|
%
|
0.46
|
%
|
0.45
|
%
|
0.29
|
%
|
June 30,
|
March 31,
|
December 31,
|
September 30,
|
June 30,
|
||||||||||||||||
2024
|
2024
|
2023
|
2023
|
2023
|
||||||||||||||||
(Dollars in thousands)
|
||||||||||||||||||||
ASSETS:
|
||||||||||||||||||||
Cash and due from banks
|
$
|
203,467
|
$
|
199,922
|
$
|
202,427
|
$
|
182,261
|
$
|
208,300
|
||||||||||
Interest-earning deposits in financial institutions
|
2,495,343
|
2,885,306
|
5,175,149
|
5,887,406
|
6,489,847
|
|||||||||||||||
Total cash and cash equivalents
|
2,698,810
|
3,085,228
|
5,377,576
|
6,069,667
|
6,698,147
|
|||||||||||||||
Securities available-for-sale
|
2,244,031
|
2,286,682
|
2,346,864
|
4,487,172
|
4,708,519
|
|||||||||||||||
Securities held-to-maturity
|
2,296,708
|
2,291,984
|
2,287,291
|
2,282,586
|
2,278,202
|
|||||||||||||||
FRB and FHLB stock
|
132,380
|
129,314
|
126,346
|
17,250
|
17,250
|
|||||||||||||||
Total investment securities
|
4,673,119
|
4,707,980
|
4,760,501
|
6,787,008
|
7,003,971
|
|||||||||||||||
Loans held for sale
|
1,935,455
|
80,752
|
122,757
|
188,866
|
478,146
|
|||||||||||||||
Gross loans and leases held for investment
|
23,255,297
|
25,517,028
|
25,534,730
|
21,969,789
|
22,311,292
|
|||||||||||||||
Deferred fees, net
|
(26,388
|
)
|
(44,006
|
)
|
(45,043
|
)
|
(48,843
|
)
|
(53,082
|
)
|
||||||||||
Total loans and leases held for investment, net of deferred fees
|
23,228,909
|
25,473,022
|
25,489,687
|
21,920,946
|
22,258,210
|
|||||||||||||||
Allowance for loan and lease losses
|
(247,762
|
)
|
(291,503
|
)
|
(281,687
|
)
|
(222,297
|
)
|
(219,234
|
)
|
||||||||||
Total loans and leases held for investment, net
|
22,981,147
|
25,181,519
|
25,208,000
|
21,698,649
|
22,038,976
|
|||||||||||||||
Equipment leased to others under operating leases
|
335,968
|
339,925
|
344,325
|
352,330
|
380,022
|
|||||||||||||||
Premises and equipment, net
|
145,734
|
144,912
|
146,798
|
50,236
|
57,078
|
|||||||||||||||
Bank owned life insurance
|
341,779
|
341,806
|
339,643
|
207,946
|
206,812
|
|||||||||||||||
Goodwill
|
215,925
|
198,627
|
198,627
|
-
|
-
|
|||||||||||||||
Intangible assets, net
|
148,894
|
157,226
|
165,477
|
24,192
|
26,581
|
|||||||||||||||
Deferred tax asset, net
|
738,534
|
741,158
|
739,111
|
506,248
|
426,304
|
|||||||||||||||
Other assets
|
1,028,474
|
1,094,383
|
1,131,249
|
992,691
|
1,021,213
|
|||||||||||||||
Total assets
|
$
|
35,243,839
|
$
|
36,073,516
|
$
|
38,534,064
|
$
|
36,877,833
|
$
|
38,337,250
|
||||||||||
LIABILITIES:
|
||||||||||||||||||||
Noninterest-bearing deposits
|
$
|
7,825,007
|
$
|
7,833,608
|
$
|
7,774,254
|
$
|
5,579,033
|
$
|
6,055,358
|
||||||||||
Interest-bearing deposits
|
20,979,443
|
21,058,799
|
22,627,515
|
21,019,648
|
21,841,725
|
|||||||||||||||
Total deposits
|
28,804,450
|
28,892,407
|
30,401,769
|
26,598,681
|
27,897,083
|
|||||||||||||||
Borrowings
|
1,440,875
|
2,139,498
|
2,911,322
|
6,294,525
|
6,357,338
|
|||||||||||||||
Subordinated debt
|
939,287
|
937,717
|
936,599
|
870,896
|
870,378
|
|||||||||||||||
Accrued interest payable and other liabilities
|
651,379
|
709,744
|
893,609
|
714,454
|
679,256
|
|||||||||||||||
Total liabilities
|
31,835,991
|
32,679,366
|
35,143,299
|
34,478,556
|
35,804,055
|
|||||||||||||||
STOCKHOLDERS' EQUITY:
|
||||||||||||||||||||
Preferred stock
|
498,516
|
498,516
|
498,516
|
498,516
|
498,516
|
|||||||||||||||
Common stock
|
1,583
|
1,583
|
1,577
|
1,231
|
1,233
|
|||||||||||||||
Class B non-voting common stock
|
5
|
5
|
5
|
-
|
-
|
|||||||||||||||
Non-voting common stock equivalents
|
101
|
101
|
108
|
-
|
-
|
|||||||||||||||
Additional paid-in-capital
|
3,813,312
|
3,827,777
|
3,840,974
|
2,798,611
|
2,799,357
|
|||||||||||||||
Retained (deficit) earnings
|
(477,010
|
)
|
(497,396
|
)
|
(518,301
|
)
|
(25,399
|
)
|
7,892
|
|||||||||||
Accumulated other comprehensive loss, net
|
(428,659
|
)
|
(436,436
|
)
|
(432,114
|
)
|
(873,682
|
)
|
(773,803
|
)
|
||||||||||
Total stockholders’ equity
|
3,407,848
|
3,394,150
|
3,390,765
|
2,399,277
|
2,533,195
|
|||||||||||||||
Total liabilities and stockholders’ equity
|
$
|
35,243,839
|
$
|
36,073,516
|
$
|
38,534,064
|
$
|
36,877,833
|
$
|
38,337,250
|
||||||||||
Common shares outstanding (1)
|
168,875,712
|
169,013,629
|
168,959,063
|
78,806,969
|
78,939,024
|
Three Months Ended
|
Six Months Ended
|
|||||||||||||||||||
June 30,
|
March 31,
|
June 30,
|
June 30,
|
|||||||||||||||||
2024
|
2024
|
2023
|
2024
|
2023
|
||||||||||||||||
(In thousands, except per share amounts)
|
||||||||||||||||||||
Interest income:
|
||||||||||||||||||||
Loans and leases
|
$
|
388,853
|
$
|
385,465
|
$
|
408,972
|
$
|
774,318
|
$
|
839,657
|
||||||||||
Investment securities
|
33,836
|
34,303
|
44,153
|
68,139
|
88,390
|
|||||||||||||||
Deposits in financial institutions
|
39,900
|
58,936
|
86,763
|
98,836
|
129,629
|
|||||||||||||||
Total interest income
|
462,589
|
478,704
|
539,888
|
941,293
|
1,057,676
|
|||||||||||||||
Interest expense:
|
||||||||||||||||||||
Deposits
|
186,106
|
194,807
|
178,789
|
380,913
|
334,681
|
|||||||||||||||
Borrowings
|
30,311
|
38,124
|
160,914
|
68,435
|
230,036
|
|||||||||||||||
Subordinated debt
|
16,684
|
16,671
|
14,109
|
33,355
|
27,611
|
|||||||||||||||
Total interest expense
|
233,101
|
249,602
|
353,812
|
482,703
|
592,328
|
|||||||||||||||
Net interest income
|
229,488
|
229,102
|
186,076
|
458,590
|
465,348
|
|||||||||||||||
Provision for credit losses
|
11,000
|
10,000
|
2,000
|
21,000
|
5,000
|
|||||||||||||||
Net interest income after provision for credit losses
|
218,488
|
219,102
|
184,076
|
437,590
|
460,348
|
|||||||||||||||
Noninterest income:
|
||||||||||||||||||||
Service charges on deposit accounts
|
4,540
|
4,705
|
4,315
|
9,245
|
7,888
|
|||||||||||||||
Other commissions and fees
|
8,629
|
8,142
|
11,241
|
16,771
|
21,585
|
|||||||||||||||
Leased equipment income
|
11,487
|
11,716
|
22,387
|
23,203
|
36,244
|
|||||||||||||||
Gain (loss) on sale of loans and leases
|
1,135
|
(448
|
)
|
(158,881
|
)
|
687
|
(155,919
|
)
|
||||||||||||
Dividends and gains on equity investments
|
1,166
|
3,068
|
2,658
|
4,234
|
3,756
|
|||||||||||||||
Warrant (loss) income
|
(324
|
)
|
178
|
(124
|
)
|
(146
|
)
|
(457
|
)
|
|||||||||||
LOCOM HFS adjustment
|
(38
|
)
|
330
|
(11,943
|
)
|
292
|
(11,943
|
)
|
||||||||||||
Other income
|
3,197
|
6,125
|
2,265
|
9,322
|
7,155
|
|||||||||||||||
Total noninterest income (loss)
|
29,792
|
33,816
|
(128,082
|
)
|
63,608
|
(91,691
|
)
|
|||||||||||||
Noninterest expense:
|
||||||||||||||||||||
Compensation
|
85,914
|
92,236
|
82,881
|
178,150
|
171,357
|
|||||||||||||||
Occupancy
|
17,455
|
17,968
|
15,383
|
35,423
|
30,450
|
|||||||||||||||
Information technology and data processing
|
15,459
|
15,418
|
12,887
|
30,877
|
25,866
|
|||||||||||||||
Other professional services
|
5,183
|
5,075
|
9,973
|
10,258
|
16,046
|
|||||||||||||||
Insurance and assessments
|
26,431
|
20,461
|
25,635
|
46,892
|
37,352
|
|||||||||||||||
Intangible asset amortization
|
8,484
|
8,404
|
2,389
|
16,888
|
4,800
|
|||||||||||||||
Leased equipment depreciation
|
7,511
|
7,520
|
9,088
|
15,031
|
18,463
|
|||||||||||||||
Acquisition, integration and reorganization costs
|
(12,650
|
)
|
-
|
12,394
|
(12,650
|
)
|
20,908
|
|||||||||||||
Customer related expense
|
32,405
|
30,919
|
27,302
|
63,324
|
51,307
|
|||||||||||||||
Loan expense
|
4,332
|
4,491
|
5,245
|
8,823
|
11,769
|
|||||||||||||||
Goodwill impairment
|
-
|
-
|
-
|
-
|
1,376,736
|
|||||||||||||||
Other expense
|
13,119
|
8,026
|
117,260
|
21,145
|
128,386
|
|||||||||||||||
Total noninterest expense
|
203,643
|
210,518
|
320,437
|
414,161
|
1,893,440
|
|||||||||||||||
Earnings (loss) before income taxes
|
44,637
|
42,400
|
(264,443
|
)
|
87,037
|
(1,524,783
|
)
|
|||||||||||||
Income tax expense (benefit)
|
14,304
|
11,548
|
(67,029
|
)
|
25,852
|
(131,945
|
)
|
|||||||||||||
Net earnings (loss)
|
30,333
|
30,852
|
(197,414
|
)
|
61,185
|
(1,392,838
|
)
|
|||||||||||||
Preferred stock dividends
|
9,947
|
9,947
|
9,947
|
19,894
|
19,894
|
|||||||||||||||
Net earnings (loss) available to common and equivalent stockholders
|
$
|
20,386
|
$
|
20,905
|
$
|
(207,361
|
)
|
$
|
41,291
|
$
|
(1,412,732
|
)
|
||||||||
Basic and diluted earnings (loss) percommon share (1)
|
$
|
0.12
|
$
|
0.12
|
$
|
(2.67
|
)
|
$
|
0.25
|
$
|
(18.21
|
)
|
||||||||
Basic and diluted weighted average number of common shares outstanding (1)
|
168,432
|
168,143
|
77,682
|
168,287
|
77,576
|
Three Months Ended
|
Six Months Ended
|
|||||||||||||||||||
June 30,
|
March 31,
|
June 30,
|
June 30,
|
|||||||||||||||||
Profitability and Other Ratios
|
2024
|
2024
|
2023
|
2024
|
2023
|
|||||||||||||||
Return on average assets (1)
|
0.34
|
%
|
0.33
|
%
|
(1.84
|
)%
|
0.34
|
%
|
(6.55
|
)%
|
||||||||||
Return on average equity (1)
|
3.59
|
%
|
3.66
|
%
|
(29.12
|
)%
|
3.63
|
%
|
(83.71
|
)%
|
||||||||||
Return on average tangible common equity (1)(2)
|
4.14
|
%
|
4.30
|
%
|
(37.62
|
)%
|
4.21
|
%
|
(11.00
|
)%
|
||||||||||
Dividend payout ratio (3)
|
83.33
|
%
|
83.33
|
%
|
(0.37
|
)%
|
80.00
|
%
|
(1.43
|
)%
|
||||||||||
Average yield on loans and leases (1)
|
6.18
|
%
|
6.08
|
%
|
6.08
|
%
|
6.13
|
%
|
6.11
|
%
|
||||||||||
Average yield on interest-earning assets (1)
|
5.65
|
%
|
5.56
|
%
|
5.28
|
%
|
5.60
|
%
|
5.31
|
%
|
||||||||||
Average cost of interest-bearing deposits (1)
|
3.58
|
%
|
3.60
|
%
|
3.35
|
%
|
3.59
|
%
|
3.13
|
%
|
||||||||||
Average total cost of deposits (1)
|
2.60
|
%
|
2.66
|
%
|
2.62
|
%
|
2.63
|
%
|
2.27
|
%
|
||||||||||
Average cost of interest-bearing liabilities (1)
|
3.93
|
%
|
3.92
|
%
|
4.21
|
%
|
3.93
|
%
|
3.87
|
%
|
||||||||||
Average total cost of funds (1)
|
2.95
|
%
|
3.02
|
%
|
3.58
|
%
|
2.99
|
%
|
3.07
|
%
|
||||||||||
Net interest spread
|
1.72
|
%
|
1.64
|
%
|
1.07
|
%
|
1.67
|
%
|
1.44
|
%
|
||||||||||
Net interest margin (1)
|
2.80
|
%
|
2.66
|
%
|
1.82
|
%
|
2.73
|
%
|
2.34
|
%
|
||||||||||
Noninterest income to total revenue (4)
|
11.49
|
%
|
12.86
|
%
|
(220.85
|
)%
|
12.18
|
%
|
(24.54
|
)%
|
||||||||||
Noninterest expense to average total assets (1)
|
2.29
|
%
|
2.26
|
%
|
2.99
|
%
|
2.27
|
%
|
8.90
|
%
|
||||||||||
Loans to deposits ratio
|
87.36
|
%
|
88.44
|
%
|
81.50
|
%
|
87.36
|
%
|
81.50
|
%
|
||||||||||
Average loans and leases to average deposits
|
87.95
|
%
|
86.65
|
%
|
98.56
|
%
|
87.29
|
%
|
93.65
|
%
|
||||||||||
Average investment securities to average
|
||||||||||||||||||||
total assets
|
13.00
|
%
|
12.58
|
%
|
16.69
|
%
|
12.78
|
%
|
16.75
|
%
|
||||||||||
Average stockholders' equity to average
|
||||||||||||||||||||
total assets
|
9.48
|
%
|
9.03
|
%
|
6.32
|
%
|
9.25
|
%
|
7.82
|
%
|
(1)
|
Annualized.
|
(2)
|
Non-GAAP measure.
|
(3) |
Ratio calculated by dividing dividends declared per common and equivalent share by basic earnings per common and equivalent share.
|
(4)
|
Total revenue equals the sum of net interest income and noninterest income.
|
Three Months Ended
|
||||||||||||||||||||||||||||||||||||
June 30, 2024
|
March 31, 2024
|
June 30, 2023
|
||||||||||||||||||||||||||||||||||
Interest
|
Average
|
Interest
|
Average
|
Interest
|
Average
|
|||||||||||||||||||||||||||||||
Average
|
Income/
|
Yield/
|
Average
|
Income/
|
Yield/
|
Average
|
Income/
|
Yield/
|
||||||||||||||||||||||||||||
Balance
|
Expense
|
Cost
|
Balance
|
Expense
|
Cost
|
Balance
|
Expense
|
Cost
|
||||||||||||||||||||||||||||
(Dollars in thousands)
|
||||||||||||||||||||||||||||||||||||
Assets:
|
||||||||||||||||||||||||||||||||||||
Loans and leases (1)
|
$
|
25,325,578
|
$
|
388,853
|
6.18
|
%
|
$
|
25,518,590
|
$
|
385,465
|
6.08
|
%
|
$
|
26,992,283
|
$
|
408,972
|
6.08
|
%
|
||||||||||||||||||
Investment securities
|
4,658,690
|
33,836
|
2.92
|
%
|
4,721,556
|
34,303
|
2.92
|
%
|
7,183,986
|
44,153
|
2.47
|
%
|
||||||||||||||||||||||||
Deposits in financial institutions
|
2,960,292
|
39,900
|
5.42
|
%
|
4,374,968
|
58,936
|
5.42
|
%
|
6,835,075
|
86,763
|
5.09
|
%
|
||||||||||||||||||||||||
Total interest-earning assets
|
32,944,560
|
462,589
|
5.65
|
%
|
34,615,114
|
478,704
|
5.56
|
%
|
41,011,344
|
539,888
|
5.28
|
%
|
||||||||||||||||||||||||
Other assets
|
2,889,907
|
2,925,593
|
2,028,985
|
|||||||||||||||||||||||||||||||||
Total assets
|
$
|
35,834,467
|
$
|
37,540,707
|
$
|
43,040,329
|
||||||||||||||||||||||||||||||
Liabilities and
|
||||||||||||||||||||||||||||||||||||
Stockholders' Equity:
|
||||||||||||||||||||||||||||||||||||
Interest checking
|
$
|
7,673,902
|
61,076
|
3.20
|
%
|
$
|
7,883,177
|
61,549
|
3.14
|
%
|
$
|
6,601,034
|
46,798
|
2.84
|
%
|
|||||||||||||||||||||
Money market
|
4,962,567
|
32,776
|
2.66
|
%
|
5,737,837
|
41,351
|
2.90
|
%
|
6,590,615
|
47,008
|
2.86
|
%
|
||||||||||||||||||||||||
Savings
|
2,002,670
|
16,996
|
3.41
|
%
|
2,036,129
|
18,030
|
3.56
|
%
|
733,818
|
3,678
|
2.01
|
%
|
||||||||||||||||||||||||
Time
|
6,274,242
|
75,258
|
4.82
|
%
|
6,108,321
|
73,877
|
4.86
|
%
|
7,492,094
|
81,305
|
4.35
|
%
|
||||||||||||||||||||||||
Total interest-bearing deposits
|
20,913,381
|
186,106
|
3.58
|
%
|
21,765,464
|
194,807
|
3.60
|
%
|
21,417,561
|
178,789
|
3.35
|
%
|
||||||||||||||||||||||||
Borrowings
|
2,013,600
|
30,311
|
6.05
|
%
|
2,892,406
|
38,124
|
5.30
|
%
|
11,439,742
|
160,914
|
5.64
|
%
|
||||||||||||||||||||||||
Subordinated debt
|
938,367
|
16,684
|
7.15
|
%
|
937,005
|
16,671
|
7.16
|
%
|
869,419
|
14,109
|
6.51
|
%
|
||||||||||||||||||||||||
Total interest-bearing liabilities
|
23,865,348
|
233,101
|
3.93
|
%
|
25,594,875
|
249,602
|
3.92
|
%
|
33,726,722
|
353,812
|
4.21
|
%
|
||||||||||||||||||||||||
Noninterest-bearing
|
||||||||||||||||||||||||||||||||||||
demand deposits
|
7,881,620
|
7,685,027
|
5,968,625
|
|||||||||||||||||||||||||||||||||
Other liabilities
|
692,149
|
870,273
|
625,610
|
|||||||||||||||||||||||||||||||||
Total liabilities
|
32,439,117
|
34,150,175
|
40,320,957
|
|||||||||||||||||||||||||||||||||
Stockholders' equity
|
3,395,350
|
3,390,532
|
2,719,372
|
|||||||||||||||||||||||||||||||||
Total liabilities and stockholders' equity
|
$
|
35,834,467
|
$
|
37,540,707
|
$
|
43,040,329
|
||||||||||||||||||||||||||||||
Net interest income
|
$
|
229,488
|
$
|
229,102
|
$
|
186,076
|
||||||||||||||||||||||||||||||
Net interest spread
|
1.72
|
%
|
1.64
|
%
|
1.07
|
%
|
||||||||||||||||||||||||||||||
Net interest margin
|
2.80
|
%
|
2.66
|
%
|
1.82
|
%
|
||||||||||||||||||||||||||||||
Total deposits (2)
|
$
|
28,795,001
|
$
|
186,106
|
2.60
|
%
|
$
|
29,450,491
|
$
|
194,807
|
2.66
|
%
|
$
|
27,386,186
|
$
|
178,789
|
2.62
|
%
|
||||||||||||||||||
Total funds (3)
|
$
|
31,746,968
|
$
|
233,101
|
2.95
|
%
|
$
|
33,279,902
|
$
|
249,602
|
3.02
|
%
|
$
|
39,695,347
|
$
|
353,812
|
3.58
|
%
|
(1)
|
Includes net loan discount accretion of $21.8 million and $22.4 million for the three months ended June 30, 2024 and March 31, 2024 and net loan premium amortization of $1.6 million for the
three months ended June 30, 2023.
|
(2)
|
Total deposits is the sum of total interest-bearing deposits and noninterest-bearing demand deposits. The cost of total deposits is calculated as annualized interest expense on total
deposits divided by average total deposits.
|
(3)
|
Total funds is the sum of total interest-bearing liabilities and noninterest-bearing demand deposits. The cost of total funds is calculated as annualized total interest expense divided by
average total funds.
|
Six Months Ended
|
||||||||||||||||||||||||
June 30, 2024
|
June 30, 2023
|
|||||||||||||||||||||||
Interest
|
Average
|
Interest
|
Average
|
|||||||||||||||||||||
Average
|
Income/
|
Yield/
|
Average
|
Income/
|
Yield/
|
|||||||||||||||||||
Balance
|
Expense
|
Cost
|
Balance
|
Expense
|
Cost
|
|||||||||||||||||||
(Dollars in thousands)
|
||||||||||||||||||||||||
Assets:
|
||||||||||||||||||||||||
Loans and
|
||||||||||||||||||||||||
leases (1)(2)(3)
|
$
|
25,422,084
|
$
|
774,318
|
6.13
|
%
|
$
|
27,783,379
|
$
|
842,001
|
6.11
|
%
|
||||||||||||
Investment securities
|
4,690,123
|
68,139
|
2.92
|
%
|
7,187,654
|
88,390
|
2.48
|
%
|
||||||||||||||||
Deposits in financial institutions
|
3,667,630
|
98,836
|
5.42
|
%
|
5,267,361
|
129,629
|
4.96
|
%
|
||||||||||||||||
Total interest-earning assets (1)
|
33,779,837
|
941,293
|
5.60
|
%
|
40,238,394
|
1,060,020
|
5.31
|
%
|
||||||||||||||||
Other assets
|
2,907,750
|
2,666,878
|
||||||||||||||||||||||
Total assets
|
$
|
36,687,587
|
$
|
42,905,272
|
||||||||||||||||||||
Liabilities and
|
||||||||||||||||||||||||
Stockholders' Equity:
|
||||||||||||||||||||||||
Interest checking
|
$
|
7,778,540
|
122,625
|
3.17
|
%
|
$
|
6,843,720
|
102,755
|
3.03
|
%
|
||||||||||||||
Money market
|
5,350,202
|
74,127
|
2.79
|
%
|
7,754,868
|
103,232
|
2.68
|
%
|
||||||||||||||||
Savings
|
2,019,399
|
35,026
|
3.49
|
%
|
665,929
|
4,277
|
1.30
|
%
|
||||||||||||||||
Time
|
6,191,281
|
149,135
|
4.84
|
%
|
6,314,566
|
124,417
|
3.97
|
%
|
||||||||||||||||
Total interest-bearing deposits
|
21,339,422
|
380,913
|
3.59
|
%
|
21,579,083
|
334,681
|
3.13
|
%
|
||||||||||||||||
Borrowings
|
2,453,003
|
68,435
|
5.61
|
%
|
8,381,575
|
230,036
|
5.53
|
%
|
||||||||||||||||
Subordinated debt
|
937,686
|
33,355
|
7.15
|
%
|
868,533
|
27,611
|
6.41
|
%
|
||||||||||||||||
Total interest-bearing liabilities
|
24,730,111
|
482,703
|
3.93
|
%
|
30,829,191
|
592,328
|
3.87
|
%
|
||||||||||||||||
Noninterest-bearing demand deposits
|
7,783,324
|
8,089,248
|
||||||||||||||||||||||
Other liabilities
|
781,211
|
631,338
|
||||||||||||||||||||||
Total liabilities
|
33,294,646
|
39,549,777
|
||||||||||||||||||||||
Stockholders' equity
|
3,392,941
|
3,355,495
|
||||||||||||||||||||||
Total liabilities and stockholders' equity
|
$
|
36,687,587
|
$
|
42,905,272
|
||||||||||||||||||||
Net interest income (1)
|
$
|
458,590
|
$
|
467,692
|
||||||||||||||||||||
Net interest spread (1)
|
1.67
|
%
|
1.44
|
%
|
||||||||||||||||||||
Net interest margin (1)
|
2.73
|
%
|
2.34
|
%
|
||||||||||||||||||||
Total deposits (4)
|
$
|
29,122,746
|
$
|
380,913
|
2.63
|
%
|
$
|
29,668,331
|
$
|
334,681
|
2.27
|
%
|
||||||||||||
Total funds (5)
|
$
|
32,513,435
|
$
|
482,703
|
2.99
|
%
|
$
|
38,918,439
|
$
|
592,328
|
3.07
|
%
|
||||||||||||
(1) |
Tax equivalent.
|
(2) |
Includes net loan discount accretion of $44.3 million for the six months ended June 30, 2024 and net loan premium amortization of $4.4 million for the six months ended June 30, 2023.
|
(3) |
Includes tax-equivalent adjustments of $0.0 million and $2.3 million for the six months ended June 30, 2024 and 2023 related to tax-exempt income on loans. The federal statutory tax rate
utilized was 21%.
|
(4) |
Total deposits is the sum of total interest-bearing deposits and noninterest-bearing demand deposits. The cost of total deposits is calculated as annualized interest expense on total deposits
divided byaverage total deposits.
|
(5) |
Total funds is the sum of total interest-bearing liabilities and noninterest-bearing demand deposits. The cost of total funds is calculated as annualized total interest expense divided by
average total funds.
|
Tangible Common Equity to
|
||||||||||||||||||||
Tangible Assets and Tangible
|
June 30,
|
March 31,
|
December 31,
|
September 30,
|
June 30,
|
|||||||||||||||
Book Value Per Common Share
|
2024
|
2024
|
2023
|
2023
|
2023
|
|||||||||||||||
(Dollars in thousands, except per share amounts)
|
||||||||||||||||||||
Stockholders' equity
|
$
|
3,407,848
|
$
|
3,394,150
|
$
|
3,390,765
|
$
|
2,399,277
|
$
|
2,533,195
|
||||||||||
Less: Preferred stock
|
498,516
|
498,516
|
498,516
|
498,516
|
498,516
|
|||||||||||||||
Total common equity
|
2,909,332
|
2,895,634
|
2,892,249
|
1,900,761
|
2,034,679
|
|||||||||||||||
Less: Goodwill and Intangible assets
|
364,819
|
355,853
|
364,104
|
24,192
|
26,581
|
|||||||||||||||
Tangible common equity
|
$
|
2,544,513
|
$
|
2,539,781
|
$
|
2,528,145
|
$
|
1,876,569
|
$
|
2,008,098
|
||||||||||
Total assets
|
$
|
35,243,839
|
$
|
36,073,516
|
$
|
38,534,064
|
$
|
36,877,833
|
$
|
38,337,250
|
||||||||||
Less: Goodwill and Intangible assets
|
364,819
|
355,853
|
364,104
|
24,192
|
26,581
|
|||||||||||||||
Tangible assets
|
$
|
34,879,020
|
$
|
35,717,663
|
$
|
38,169,960
|
$
|
36,853,641
|
$
|
38,310,669
|
||||||||||
Total stockholders' equity to total assets
|
9.67
|
%
|
9.41
|
%
|
8.80
|
%
|
6.51
|
%
|
6.61
|
%
|
||||||||||
Tangible common equity to tangible assets
|
7.30
|
%
|
7.11
|
%
|
6.62
|
%
|
5.09
|
%
|
5.24
|
%
|
||||||||||
Book value per common share (1)
|
$
|
17.23
|
$
|
17.13
|
$
|
17.12
|
$
|
24.12
|
$
|
25.78
|
||||||||||
Tangible book value per common share (2)
|
$
|
15.07
|
$
|
15.03
|
$
|
14.96
|
$
|
23.81
|
$
|
25.44
|
||||||||||
Common shares outstanding (3)
|
168,875,712
|
169,013,629
|
168,959,063
|
78,806,969
|
78,939,024
|
(1)
|
Total common equity divided by common shares outstanding.
|
(2)
|
Tangible common equity divided by common shares outstanding.
|
(3)
|
Common shares outstanding include non-voting common equivalents that are participating securities.
|
Three Months Ended
|
Six Months Ended
|
|||||||||||||||||||
Return on Average Tangible
|
June 30,
|
March 31,
|
June 30,
|
June 30,
|
||||||||||||||||
Common Equity ("ROATCE")
|
2024
|
2024
|
2023
|
2024
|
2023
|
|||||||||||||||
(Dollars in thousands)
|
||||||||||||||||||||
Net earnings (loss)
|
$
|
30,333
|
$
|
30,852
|
$
|
(197,414
|
)
|
$
|
61,185
|
$
|
(1,392,838
|
)
|
||||||||
Earnings (loss) before income taxes
|
$
|
44,637
|
$
|
42,400
|
$
|
(264,443
|
)
|
$
|
87,037
|
$
|
(1,524,783
|
)
|
||||||||
Add: Intangible asset amortization
|
8,484
|
8,404
|
2,389
|
16,888
|
4,800
|
|||||||||||||||
Add: Goodwill impairment
|
-
|
-
|
-
|
-
|
1,376,736
|
|||||||||||||||
Adjusted earnings (loss) before
|
||||||||||||||||||||
income taxes used for ROATCE
|
53,121
|
50,804
|
(262,054
|
)
|
103,925
|
(143,247
|
)
|
|||||||||||||
Adjusted income tax expense (1)
|
16,999
|
13,819
|
(66,300
|
)
|
30,866
|
(45,839
|
)
|
|||||||||||||
Adjusted net earnings (loss) for ROATCE
|
36,122
|
36,985
|
(195,754
|
)
|
73,059
|
(97,408
|
)
|
|||||||||||||
Less: Preferred stock dividends
|
9,947
|
9,947
|
9,947
|
19,894
|
19,894
|
|||||||||||||||
Adjusted net earnings (loss) available
|
||||||||||||||||||||
to common and equivalent stockholders
|
||||||||||||||||||||
for ROATCE
|
$
|
26,175
|
$
|
27,038
|
$
|
(205,701
|
)
|
$
|
53,165
|
$
|
(117,302
|
)
|
||||||||
Average stockholders' equity
|
$
|
3,395,350
|
$
|
3,390,532
|
$
|
2,719,372
|
$
|
3,392,941
|
$
|
3,355,495
|
||||||||||
Less: Average intangible assets
|
352,934
|
360,680
|
27,824
|
356,807
|
706,072
|
|||||||||||||||
Less: Average preferred stock
|
498,516
|
498,516
|
498,516
|
498,516
|
498,516
|
|||||||||||||||
Average tangible common equity
|
$
|
2,543,900
|
$
|
2,531,336
|
$
|
2,193,032
|
$
|
2,537,618
|
$
|
2,150,907
|
||||||||||
Return on average equity (2)
|
3.59
|
%
|
3.66
|
%
|
(29.12
|
)%
|
3.63
|
%
|
(83.71
|
)%
|
||||||||||
ROATCE (3)
|
4.14
|
%
|
4.30
|
%
|
(37.62
|
)%
|
4.21
|
%
|
(11.00
|
)%
|
(1) |
Effective tax rates of 32.0%, 27.2%, and 25.3% used for the three months ended June 30, 2024, March 31, 2024, and June 30, 2023, respectively. Effective tax rate of 29.7% used for
the six months ended June 30, 2024. Adjusted effective tax rate of 32.0% used to normalize the effect of goodwill impairment for the six months ended June 30, 2023.
|
(2) |
Annualized net earnings (loss) divided by average stockholders' equity.
|
(3) |
Annualized adjusted net earnings (loss) available to common and equivalent stockholders for ROATCE divided by average tangible common equity.
|
![]() |
23
|
1 Year Banc of California Chart |
1 Month Banc of California Chart |
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