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Share Name | Share Symbol | Market | Type |
---|---|---|---|
FirstSun Capital Bancorp (QX) | USOTC:FSUN | OTCMarkets | Common Stock |
Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|---|---|
0.12 | 0.35% | 33.97 | 33.72 | 33.97 | 33.97 | 33.51 | 33.51 | 4,320 | 21:00:00 |
☒ | QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
☐ | TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
Delaware | 81-4552413 | |||||||
(State or other jurisdiction of incorporation or organization) | (I.R.S. Employer Identification Number) |
Large accelerated filer | ☐ | Accelerated filer | ☐ | ||||||||
Non-accelerated filer | ☒ | Smaller reporting company | ☐ | ||||||||
Emerging growth company | ☒ |
Page | |||||
(Unaudited) | |||||||||||
(In thousands, except par and share amounts) | September 30, 2022 | December 31, 2021 | |||||||||
Assets | |||||||||||
Cash and cash equivalents | $ | 325,039 | $ | 668,462 | |||||||
Securities available-for-sale | 551,165 | 572,501 | |||||||||
Securities held-to-maturity, fair value of $34,096 and $18,599, respectively | 39,148 | 18,007 | |||||||||
Loans held-for-sale, at fair value | 67,535 | 103,939 | |||||||||
Loans, net of allowance for loan losses of $59,678 and $47,547, respectively | 5,497,008 | 3,989,576 | |||||||||
Mortgage servicing rights, at fair value | 73,850 | 47,392 | |||||||||
Premises and equipment, net | 88,490 | 53,147 | |||||||||
Other real estate owned and foreclosed assets, net | 5,391 | 5,487 | |||||||||
Bank-owned life insurance | 77,462 | 54,858 | |||||||||
Restricted equity securities | 34,877 | 16,239 | |||||||||
Goodwill | 93,483 | 33,050 | |||||||||
Core deposits and other intangible assets, net | 17,825 | 8,250 | |||||||||
Accrued interest receivable | 24,964 | 14,761 | |||||||||
Deferred tax assets, net | 56,605 | 23,030 | |||||||||
Prepaid expenses and other assets | 100,075 | 58,115 | |||||||||
Total assets | $ | 7,052,917 | $ | 5,666,814 | |||||||
Liabilities and Stockholders’ Equity | |||||||||||
Liabilities: | |||||||||||
Deposits: | |||||||||||
Noninterest-bearing accounts | $ | 1,946,215 | $ | 1,566,113 | |||||||
Interest-bearing accounts | 3,814,203 | 3,288,835 | |||||||||
Total deposits | 5,760,418 | 4,854,948 | |||||||||
Securities sold under agreements to repurchase | 51,256 | 92,093 | |||||||||
Federal Home Loan Bank advances | 310,872 | 40,000 | |||||||||
Convertible notes payable, net | 5,317 | 19,442 | |||||||||
Subordinated debt, net | 74,780 | 50,016 | |||||||||
Accrued interest payable | 3,073 | 2,369 | |||||||||
Accrued expenses and other liabilities | 96,548 | 83,908 | |||||||||
Total liabilities | 6,302,264 | 5,142,776 | |||||||||
Stockholders’ equity: | |||||||||||
Preferred stock, $0.0001 par value, 10,000,000 shares authorized, none issued or outstanding, respectively | — | — | |||||||||
Common stock, $0.0001 par value; 50,000,000 shares authorized; 24,906,032 and 19,903,342 shares issued; 24,906,032 and 18,346,288 shares outstanding, respectively | 2 | 2 | |||||||||
Additional paid-in capital | 460,530 | 261,905 | |||||||||
Treasury stock, — and 1,557,054 shares, respectively | — | (38,148) | |||||||||
Retained earnings | 333,227 | 298,615 | |||||||||
Accumulated other comprehensive (loss) income, net | (43,106) | 1,664 | |||||||||
Total stockholders’ equity | 750,653 | 524,038 | |||||||||
Total liabilities and stockholders’ equity | $ | 7,052,917 | $ | 5,666,814 |
Three months ended September 30, | Nine months ended September 30, | ||||||||||||||||||||||
(In thousands, except per share amounts) | 2022 | 2021 | 2022 | 2021 | |||||||||||||||||||
Interest income: | |||||||||||||||||||||||
Interest and fee income on loans: | |||||||||||||||||||||||
Taxable | $ | 63,626 | $ | 37,225 | $ | 154,266 | $ | 102,068 | |||||||||||||||
Tax exempt | 4,644 | 3,471 | 14,447 | 16,612 | |||||||||||||||||||
Interest and dividend income on securities: | |||||||||||||||||||||||
Taxable | 3,639 | 1,949 | 9,250 | 5,634 | |||||||||||||||||||
Tax exempt | 5 | 5 | 2 | 12 | |||||||||||||||||||
Other interest income | 1,849 | 611 | 3,687 | 1,450 | |||||||||||||||||||
Total interest income | 73,763 | 43,261 | 181,652 | 125,776 | |||||||||||||||||||
Interest expense: | |||||||||||||||||||||||
Interest expense on deposits | 3,274 | 1,978 | 7,020 | 6,731 | |||||||||||||||||||
Interest expense on securities sold under agreements to repurchase | 51 | 13 | 74 | 49 | |||||||||||||||||||
Interest expense on other borrowed funds | 1,952 | 1,305 | 6,202 | 4,214 | |||||||||||||||||||
Total interest expense | 5,277 | 3,296 | 13,296 | 10,994 | |||||||||||||||||||
Net interest income | 68,486 | 39,965 | 168,356 | 114,782 | |||||||||||||||||||
Provision for loan losses | 3,750 | 3,500 | 12,450 | 1,750 | |||||||||||||||||||
Net interest income after provision for loan losses | 64,736 | 36,465 | 155,906 | 113,032 | |||||||||||||||||||
Noninterest income: | |||||||||||||||||||||||
Service charges on deposit accounts | 4,807 | 3,471 | 13,111 | 8,659 | |||||||||||||||||||
Credit and debit card fees | 3,103 | 2,472 | 8,508 | 7,140 | |||||||||||||||||||
Trust and investment advisory fees | 1,552 | 1,974 | 5,408 | 5,871 | |||||||||||||||||||
Income from mortgage banking services, net | 13,785 | 20,151 | 40,017 | 68,144 | |||||||||||||||||||
Gain on other real estate owned and foreclosed assets activity, net | 155 | 93 | 164 | 591 | |||||||||||||||||||
Other noninterest income | 1,551 | 523 | 3,740 | 4,443 | |||||||||||||||||||
Total noninterest income | 24,953 | 28,684 | 70,948 | 94,848 | |||||||||||||||||||
Noninterest expense: | |||||||||||||||||||||||
Salary and employee benefits | 32,508 | 36,061 | 101,981 | 113,129 | |||||||||||||||||||
Occupancy and equipment | 8,216 | 6,643 | 22,802 | 19,867 | |||||||||||||||||||
Amortization of intangible assets | 935 | 354 | 2,197 | 1,062 | |||||||||||||||||||
Merger related expenses | — | 705 | 18,751 | 1,984 | |||||||||||||||||||
Other noninterest expenses | 13,889 | 10,807 | 37,952 | 30,332 | |||||||||||||||||||
Total noninterest expense | 55,548 | 54,570 | 183,683 | 166,374 | |||||||||||||||||||
Income before income taxes | 34,141 | 10,579 | 43,171 | 41,506 | |||||||||||||||||||
Provision for income taxes | 7,628 | 1,851 | 8,559 | 7,159 | |||||||||||||||||||
Net income | $ | 26,513 | $ | 8,728 | $ | 34,612 | $ | 34,347 | |||||||||||||||
Other comprehensive income (loss), net of tax: | |||||||||||||||||||||||
(Loss) gain on securities available-for-sale | (5,107) | 263 | (47,306) | (1,714) | |||||||||||||||||||
Gain on fair value hedges of securities available-for-sale | 1,438 | — | 2,536 | — | |||||||||||||||||||
Other comprehensive (loss) income, net of tax | (3,669) | 263 | (44,770) | (1,714) | |||||||||||||||||||
Comprehensive income (loss) | $ | 22,844 | $ | 8,991 | $ | (10,158) | $ | 32,633 | |||||||||||||||
Earnings per share: | |||||||||||||||||||||||
Net income available to common stockholders | $ | 26,513 | $ | 8,728 | $ | 34,612 | $ | 34,347 | |||||||||||||||
Basic | $ | 1.07 | $ | 0.48 | $ | 1.53 | $ | 1.87 | |||||||||||||||
Diluted | $ | 1.04 | $ | 0.46 | $ | 1.49 | $ | 1.83 |
(in thousands, except share amounts) | Issued shares of common stock | Common stock | Additional paid-in capital | Treasury stock | Retained earnings | Accumulated other comprehensive income (loss) | Total stockholders’ equity | ||||||||||||||||||||||||||||||||||
2022 | |||||||||||||||||||||||||||||||||||||||||
Balance, beginning of period | 24,850,954 | $ | 2 | $ | 460,263 | $ | — | $ | 306,714 | $ | (39,437) | $ | 727,542 | ||||||||||||||||||||||||||||
Issuance of common stock on restricted stock grants (11,344 shares in the second quarter of 2022) | — | — | 102 | — | — | — | 102 | ||||||||||||||||||||||||||||||||||
Stock option exercises | 55,078 | — | (206) | — | — | — | (206) | ||||||||||||||||||||||||||||||||||
Share-based compensation, net of forfeitures | — | — | 371 | — | — | — | 371 | ||||||||||||||||||||||||||||||||||
Net income | — | — | — | — | 26,513 | — | 26,513 | ||||||||||||||||||||||||||||||||||
Other comprehensive loss | — | — | — | — | — | (3,669) | (3,669) | ||||||||||||||||||||||||||||||||||
Balance, end of period | 24,906,032 | $ | 2 | $ | 460,530 | $ | — | $ | 333,227 | $ | (43,106) | $ | 750,653 | ||||||||||||||||||||||||||||
2021 | |||||||||||||||||||||||||||||||||||||||||
Balance, beginning of period | 19,878,713 | $ | 2 | $ | 260,516 | $ | (38,148) | $ | 281,070 | $ | 7,142 | $ | 510,582 | ||||||||||||||||||||||||||||
Share-based compensation, net of forfeitures | — | — | 348 | — | — | — | 348 | ||||||||||||||||||||||||||||||||||
Net income | — | — | — | — | 8,728 | — | 8,728 | ||||||||||||||||||||||||||||||||||
Other comprehensive income | — | — | — | — | — | 263 | 263 | ||||||||||||||||||||||||||||||||||
Balance, end of period | 19,878,713 | $ | 2 | $ | 260,864 | $ | (38,148) | $ | 289,798 | $ | 7,405 | $ | 519,921 | ||||||||||||||||||||||||||||
(in thousands, except share amounts) | Issued shares of common stock | Common stock | Additional paid-in capital | Treasury stock | Retained earnings | Accumulated other comprehensive income (loss) | Total stockholders’ equity | ||||||||||||||||||||||||||||||||||
2022 | |||||||||||||||||||||||||||||||||||||||||
Balance, beginning of period | 19,903,342 | $ | 2 | $ | 261,905 | $ | (38,148) | $ | 298,615 | $ | 1,664 | $ | 524,038 | ||||||||||||||||||||||||||||
Merger with Pioneer Bancshares, Inc. (issuance of treasury stock 1,557,054 shares) | 4,910,412 | — | 197,946 | 38,148 | — | — | 236,094 | ||||||||||||||||||||||||||||||||||
Issuance of common stock on restricted stock grants | 11,344 | — | 169 | — | — | — | 169 | ||||||||||||||||||||||||||||||||||
Stock option exercises | 80,934 | — | (414) | — | — | — | (414) | ||||||||||||||||||||||||||||||||||
Share-based compensation, net of forfeitures | — | — | 924 | — | — | — | 924 | ||||||||||||||||||||||||||||||||||
Net income | — | — | — | — | 34,612 | — | 34,612 | ||||||||||||||||||||||||||||||||||
Other comprehensive loss | — | — | — | — | — | (44,770) | (44,770) | ||||||||||||||||||||||||||||||||||
Balance, end of period | 24,906,032 | $ | 2 | $ | 460,530 | $ | — | $ | 333,227 | $ | (43,106) | $ | 750,653 | ||||||||||||||||||||||||||||
2021 | |||||||||||||||||||||||||||||||||||||||||
Balance, beginning of period | 19,878,713 | $ | 2 | $ | 259,363 | $ | (38,148) | $ | 255,451 | $ | 9,119 | $ | 485,787 | ||||||||||||||||||||||||||||
Share-based compensation, net of forfeitures | — | — | 1,501 | — | — | — | 1,501 | ||||||||||||||||||||||||||||||||||
Net income | — | — | — | — | 34,347 | — | 34,347 | ||||||||||||||||||||||||||||||||||
Other comprehensive loss | — | — | — | — | — | (1,714) | (1,714) | ||||||||||||||||||||||||||||||||||
Balance, end of period | 19,878,713 | $ | 2 | $ | 260,864 | $ | (38,148) | $ | 289,798 | $ | 7,405 | $ | 519,921 |
(In thousands) | 2022 | 2021 | |||||||||
Cash flows from operating activities: | |||||||||||
Net income | $ | 34,612 | $ | 34,347 | |||||||
Adjustments to reconcile income to net cash provided by operating activities: | |||||||||||
Provision for loan losses | 12,450 | 1,750 | |||||||||
Depreciation | 5,305 | 4,716 | |||||||||
Deferred tax expense | 671 | 2,862 | |||||||||
Amortization of net premium on securities | 1,737 | 2,617 | |||||||||
Accretion of net discount on acquired loans | (1,832) | (1,001) | |||||||||
Amortization of deferred loan origination fees and costs | 398 | (407) | |||||||||
Amortization of core deposits and other intangible assets | 2,197 | 1,062 | |||||||||
Amortization of software implementation costs | 639 | 844 | |||||||||
Amortization of premium on acquired deposits | (743) | (45) | |||||||||
Accretion of discount on subordinated debt | 191 | 192 | |||||||||
Amortization of issuance costs on subordinated debt | 108 | 70 | |||||||||
Accretion of discount on convertible notes payable | 1,093 | 559 | |||||||||
Accretion of discount on Federal Home Loan Bank advances | 64 | — | |||||||||
Increase in cash surrender value of bank-owned life insurance | (1,222) | (954) | |||||||||
Impairment of premises and equipment | 720 | 23 | |||||||||
Impairment of other real estate owned and foreclosed assets | 21 | 240 | |||||||||
Federal Home Loan Bank stock dividends | (238) | (306) | |||||||||
Share-based compensation expense | 1,093 | 1,501 | |||||||||
Decrease (increase) in fair value of mortgage servicing rights | (14,777) | 3,706 | |||||||||
Net loss on sales of loans held-for-investment | — | 698 | |||||||||
Net loss on disposal of premises and equipment | 86 | 75 | |||||||||
Net gain on other real estate owned and foreclosed assets activity | (164) | (591) | |||||||||
Net gain on sales of loans held-for-sale | (10,498) | (50,224) | |||||||||
Origination of loans held-for-sale | (899,200) | (1,693,782) | |||||||||
Proceeds from sales of loans held-for-sale | 937,343 | 1,797,219 | |||||||||
Changes in operating assets and liabilities: | |||||||||||
Accrued interest receivable | (6,255) | (1,233) | |||||||||
Prepaid expenses and other assets | (32,474) | 2,231 | |||||||||
Accrued interest payable | 297 | 176 | |||||||||
Accrued expenses and other liabilities | 10,666 | (23,610) | |||||||||
Net cash provided by operating activities | $ | 42,288 | $ | 82,735 |
(In thousands) | 2022 | 2021 | |||||||||
Cash flows from operating activities: (previous page) | $ | 42,288 | $ | 82,735 | |||||||
Cash flows from investing activities: | |||||||||||
Cash acquired in excess of cash paid in connection with Pioneer Merger | 444,541 | — | |||||||||
Proceeds from maturities of held-to-maturity securities | 3,027 | 12,097 | |||||||||
Purchases of available-for-sale securities | (66,606) | (164,914) | |||||||||
Proceeds from sale or maturities of available-for-sale securities | 157,399 | 97,499 | |||||||||
Loan originations, net of repayments | (707,439) | 19,632 | |||||||||
Proceeds from the sale of loans held-for-sale previously classified as held-for-investment | — | 18,544 | |||||||||
Purchases of premises and equipment | (1,795) | (2,891) | |||||||||
Proceeds from the sale of premises and equipment | 2 | 1,192 | |||||||||
Proceeds from sales of other real estate owned and foreclosed assets | 867 | 1,221 | |||||||||
Purchases of restricted equity securities | (18,549) | (49) | |||||||||
Proceeds from the sale or redemption of restricted equity securities | 9,471 | 6,603 | |||||||||
Purchase of other investments | (388) | (324) | |||||||||
Proceeds from the sale or redemption of other investments | 745 | 519 | |||||||||
Net cash used in investing activities | (178,725) | (10,871) | |||||||||
Cash flows from financing activities: | |||||||||||
Net change in deposits | (285,868) | 704,481 | |||||||||
Net change in securities sold under agreements to repurchase | (40,837) | 1,629 | |||||||||
Proceeds from Federal Home Loan Bank advances | 170,884 | — | |||||||||
Repayments of Federal Home Loan Bank advances | (60,000) | (30,411) | |||||||||
Repayment of convertible notes payable | (15,217) | — | |||||||||
Proceeds from subordinated debt, net | 24,466 | — | |||||||||
Proceeds from issuance of common stock, net of issuance costs | (414) | — | |||||||||
Net cash (used in) provided by financing activities | (206,986) | 675,699 | |||||||||
Net (decrease) increase in cash and cash equivalents | (343,423) | 747,563 | |||||||||
Cash and cash equivalents, beginning of period | 668,462 | 201,978 | |||||||||
Cash and cash equivalents, end of period | $ | 325,039 | $ | 949,541 | |||||||
Supplemental disclosures of cash flow information: | |||||||||||
Interest paid on deposits | $ | 6,726 | $ | 6,869 | |||||||
Interest paid on borrowed funds | $ | 6,605 | $ | 4,362 | |||||||
Cash paid for income taxes, net | $ | 10,276 | $ | 4,930 | |||||||
Non-cash investing and financing activities: | |||||||||||
Assets acquired from Merger with Pioneer Bancshares, Inc. | $ | 1,085,506 | $ | — | |||||||
Liabilities assumed from Merger with Pioneer Bancshares, Inc. | $ | 1,354,387 | $ | — | |||||||
Net change in unrealized loss on available-for-sale securities | $ | (62,473) | $ | (2,270) | |||||||
Loan charge-offs | $ | 2,412 | $ | 3,242 | |||||||
Premises and equipment transferred to other real estate owned and foreclosed assets | $ | 338 | $ | — | |||||||
Loans transferred to other real estate owned and foreclosed assets | $ | 291 | $ | 3,264 | |||||||
Other assets transferred to Premises and equipment | $ | 64 | $ | — | |||||||
Mortgage servicing rights resulting from sale or securitization of mortgage loans | $ | 11,681 | $ | 18,533 |
April 1, 2022 | |||||
Cash and cash equivalents | $ | 449,278 | |||
Investment securities | 157,859 | ||||
Loans held-for-sale | 2,923 | ||||
Loans | 811,300 | ||||
Premises and equipment | 39,935 | ||||
Bank-owned life insurance | 21,382 | ||||
Restricted equity securities | 9,320 | ||||
Core deposits and other intangible assets | 11,771 | ||||
Accrued interest receivable | 3,947 | ||||
Deferred tax assets | 19,752 | ||||
Prepaid expenses and other assets | 7,317 | ||||
Total assets acquired | 1,534,784 | ||||
Deposits | 1,192,081 | ||||
Federal Home Loan Bank advances | 159,924 | ||||
Accrued interest payable | 407 | ||||
Accrued expenses and other liabilities | 1,975 | ||||
Total liabilities assumed | 1,354,387 | ||||
Fair value of net assets acquired | 180,397 | ||||
Purchase price | 240,830 | ||||
Goodwill | $ | 60,433 |
Acquired Loans | Contractual Principal Balance | ||||||||||
Commercial | $ | 98,351 | $ | 98,752 | |||||||
Commercial real estate | 509,173 | 516,341 | |||||||||
Residential real estate | 173,094 | 174,763 | |||||||||
Consumer | 30,682 | 31,982 | |||||||||
Total fair value | $ | 811,300 | $ | 821,838 |
Amortized Cost | Gross Unrealized Gains | Gross Unrealized Losses | Estimated Fair Value | ||||||||||||||||||||
September 30, 2022 | |||||||||||||||||||||||
Available-for-sale: | |||||||||||||||||||||||
U.S. treasury | $ | 62,021 | $ | — | $ | (5,403) | $ | 56,618 | |||||||||||||||
U.S. agency | 3,242 | — | (41) | 3,201 | |||||||||||||||||||
Obligations of states and political subdivisions | 29,860 | — | (4,408) | 25,452 | |||||||||||||||||||
Mortgage backed - residential | 134,216 | 8 | (15,711) | 118,513 | |||||||||||||||||||
Collateralized mortgage obligations | 232,970 | — | (18,940) | 214,030 | |||||||||||||||||||
Mortgage backed - commercial | 132,358 | — | (13,766) | 118,592 | |||||||||||||||||||
Other debt | 16,769 | — | (2,010) | 14,759 | |||||||||||||||||||
Total available-for-sale | $ | 611,436 | $ | 8 | $ | (60,279) | $ | 551,165 | |||||||||||||||
Held-to-maturity: | |||||||||||||||||||||||
Obligations of states and political subdivisions | $ | 25,002 | $ | — | $ | (4,134) | $ | 20,868 | |||||||||||||||
Mortgage backed - residential | 9,091 | 5 | (654) | 8,442 | |||||||||||||||||||
Collateralized mortgage obligations | 5,055 | — | (269) | 4,786 | |||||||||||||||||||
Total held-to-maturity | $ | 39,148 | $ | 5 | $ | (5,057) | $ | 34,096 | |||||||||||||||
December 31, 2021 | |||||||||||||||||||||||
Available-for-sale: | |||||||||||||||||||||||
U.S. treasury | $ | 35,400 | $ | — | $ | (215) | $ | 35,185 | |||||||||||||||
U.S. agency | 6,019 | — | (100) | 5,919 | |||||||||||||||||||
Obligations of states and political subdivisions | 3,979 | — | (190) | 3,789 | |||||||||||||||||||
Mortgage backed - residential | 138,297 | 2,018 | (1,638) | 138,677 | |||||||||||||||||||
Collateralized mortgage obligations | 236,282 | 1,441 | (1,939) | 235,784 | |||||||||||||||||||
Mortgage backed - commercial | 150,322 | 3,424 | (599) | 153,147 | |||||||||||||||||||
Total available-for-sale | $ | 570,299 | $ | 6,883 | $ | (4,681) | $ | 572,501 | |||||||||||||||
Held-to-maturity: | |||||||||||||||||||||||
Obligations of states and political subdivisions | $ | 716 | $ | 25 | $ | — | $ | 741 | |||||||||||||||
Mortgage backed - residential | 10,750 | 390 | — | 11,140 | |||||||||||||||||||
Collateralized mortgage obligations | 6,541 | 177 | — | 6,718 | |||||||||||||||||||
Total held-to-maturity | $ | 18,007 | $ | 592 | $ | — | $ | 18,599 |
Less than 12 months | 12 months or longer | Total | |||||||||||||||||||||||||||||||||||||||
Estimated Fair Value | Unrealized Losses | Estimated Fair Value | Unrealized Losses | Estimated Fair Value | Unrealized Losses | Number of Securities | |||||||||||||||||||||||||||||||||||
September 30, 2022 | |||||||||||||||||||||||||||||||||||||||||
Available-for-sale: | |||||||||||||||||||||||||||||||||||||||||
U.S. treasury | $ | 25,690 | $ | (975) | $ | 30,928 | $ | (4,428) | $ | 56,618 | $ | (5,403) | 10 | ||||||||||||||||||||||||||||
U.S. agency | — | — | 3,201 | (41) | 3,201 | (41) | 7 | ||||||||||||||||||||||||||||||||||
Obligations of states and political subdivisions | 22,626 | (3,346) | 2,357 | (1,062) | 24,983 | (4,408) | 18 | ||||||||||||||||||||||||||||||||||
Mortgage backed - residential | 68,299 | (5,512) | 49,723 | (10,199) | 118,022 | (15,711) | 86 | ||||||||||||||||||||||||||||||||||
Collateralized mortgage obligations | 148,461 | (6,846) | 65,569 | (12,094) | 214,030 | (18,940) | 67 | ||||||||||||||||||||||||||||||||||
Mortgage backed - commercial | 88,997 | (10,162) | 29,595 | (3,604) | 118,592 | (13,766) | 22 | ||||||||||||||||||||||||||||||||||
Other debt | 14,759 | (2,010) | — | — | 14,759 | (2,010) | 9 | ||||||||||||||||||||||||||||||||||
Total available-for-sale | $ | 368,832 | $ | (28,851) | $ | 181,373 | $ | (31,428) | $ | 550,205 | $ | (60,279) | 219 | ||||||||||||||||||||||||||||
Held-to-maturity: | |||||||||||||||||||||||||||||||||||||||||
Obligations of states and political subdivisions | $ | 20,869 | $ | (4,134) | $ | — | $ | — | $ | 20,869 | $ | (4,134) | 8 | ||||||||||||||||||||||||||||
Mortgage backed - residential | 8,217 | (654) | — | — | 8,217 | (654) | 10 | ||||||||||||||||||||||||||||||||||
Collateralized mortgage obligations | 4,786 | (269) | — | — | 4,786 | (269) | 5 | ||||||||||||||||||||||||||||||||||
Total held-to-maturity | $ | 33,872 | $ | (5,057) | $ | — | $ | — | $ | 33,872 | $ | (5,057) | 23 |
Less than 12 months | 12 months or longer | Total | |||||||||||||||||||||||||||||||||||||||
Estimated Fair Value | Unrealized Losses | Estimated Fair Value | Unrealized Losses | Estimated Fair Value | Unrealized Losses | Number of Securities | |||||||||||||||||||||||||||||||||||
December 31, 2021 | |||||||||||||||||||||||||||||||||||||||||
Available-for-sale: | |||||||||||||||||||||||||||||||||||||||||
U.S. treasury | $ | 35,185 | $ | (215) | $ | — | $ | — | $ | 35,185 | $ | (215) | 4 | ||||||||||||||||||||||||||||
U.S. agency | — | — | 5,919 | (100) | 5,919 | (100) | 7 | ||||||||||||||||||||||||||||||||||
Obligations of states and political subdivisions | 3,232 | (190) | — | — | 3,232 | (190) | 2 | ||||||||||||||||||||||||||||||||||
Mortgage backed - residential | 51,616 | (530) | 25,246 | (1,108) | 76,862 | (1,638) | 17 | ||||||||||||||||||||||||||||||||||
Collateralized mortgage obligations | 115,877 | (1,938) | 193 | (1) | 116,070 | (1,939) | 16 | ||||||||||||||||||||||||||||||||||
Mortgage backed - commercial | 32,872 | (581) | 24,170 | (18) | 57,042 | (599) | 5 | ||||||||||||||||||||||||||||||||||
Total available-for-sale | $ | 238,782 | $ | (3,454) | $ | 55,528 | $ | (1,227) | $ | 294,310 | $ | (4,681) | 51 | ||||||||||||||||||||||||||||
Amortized Cost | Estimated Fair Value | ||||||||||
Available-for-sale: | |||||||||||
Due within 1 year | $ | 3,533 | $ | 3,444 | |||||||
Due after 1 year through 5 years | 45,272 | 43,573 | |||||||||
Due after 5 years through 10 years | 174,641 | 155,456 | |||||||||
Due after 10 years | 387,990 | 348,692 | |||||||||
Total available-for-sale | $ | 611,436 | $ | 551,165 | |||||||
Held-to-maturity: | |||||||||||
Due after 1 year through 5 years | $ | 1,042 | $ | 997 | |||||||
Due after 5 years through 10 years | 668 | 629 | |||||||||
Due after 10 years | 37,438 | 32,470 | |||||||||
Total held-to-maturity | $ | 39,148 | $ | 34,096 |
September 30, 2022 | December 31, 2021 | ||||||||||
Commercial | $ | 2,742,625 | $ | 2,414,787 | |||||||
Commercial real estate | 1,781,791 | 1,176,973 | |||||||||
Residential real estate | 1,003,699 | 437,116 | |||||||||
Consumer | 44,358 | 17,766 | |||||||||
Total loans | 5,572,473 | 4,046,642 | |||||||||
Deferred costs, fees, premiums, and discounts, net | (15,787) | (9,519) | |||||||||
Allowance for loan losses | (59,678) | (47,547) | |||||||||
Total loans, net | $ | 5,497,008 | $ | 3,989,576 |
Commercial | Commercial Real Estate | Residential Real Estate | Consumer | Total | |||||||||||||||||||||||||
2022 | |||||||||||||||||||||||||||||
Allowance for loan losses: | |||||||||||||||||||||||||||||
Balance, beginning of period | $ | 34,987 | $ | 18,053 | $ | 2,719 | $ | 318 | $ | 56,077 | |||||||||||||||||||
Provision for loan losses | 2,286 | 1,163 | 269 | 32 | 3,750 | ||||||||||||||||||||||||
Loans charged off | (223) | — | (24) | (53) | (300) | ||||||||||||||||||||||||
Recoveries | 112 | 2 | 1 | 36 | 151 | ||||||||||||||||||||||||
Balance, end of period | $ | 37,162 | $ | 19,218 | $ | 2,965 | $ | 333 | $ | 59,678 | |||||||||||||||||||
2021 | |||||||||||||||||||||||||||||
Allowance for loan losses: | |||||||||||||||||||||||||||||
Balance, beginning of period | $ | 28,173 | $ | 13,149 | $ | 1,305 | $ | 351 | $ | 42,978 | |||||||||||||||||||
Provision for (benefit from) loan losses | 3,030 | 560 | (31) | (59) | 3,500 | ||||||||||||||||||||||||
Loans charged off | — | — | — | (66) | (66) | ||||||||||||||||||||||||
Recoveries | 1,440 | — | 3 | 13 | 1,456 | ||||||||||||||||||||||||
Balance, end of period | $ | 32,643 | $ | 13,709 | $ | 1,277 | $ | 239 | $ | 47,868 |
Commercial | Commercial Real Estate | Residential Real Estate | Consumer | Total | |||||||||||||||||||||||||
2022 | |||||||||||||||||||||||||||||
Allowance for loan losses: | |||||||||||||||||||||||||||||
Balance, beginning of period | $ | 33,277 | $ | 12,899 | $ | 1,136 | $ | 235 | $ | 47,547 | |||||||||||||||||||
Provision for loan losses | 4,223 | 6,316 | 1,755 | 156 | 12,450 | ||||||||||||||||||||||||
Loans charged off | (2,173) | — | (122) | (117) | (2,412) | ||||||||||||||||||||||||
Recoveries | 1,835 | 3 | 196 | 59 | 2,093 | ||||||||||||||||||||||||
Balance, end of period | $ | 37,162 | $ | 19,218 | $ | 2,965 | $ | 333 | $ | 59,678 | |||||||||||||||||||
2021 | |||||||||||||||||||||||||||||
Allowance for loan losses: | |||||||||||||||||||||||||||||
Balance, beginning of period | $ | 32,009 | $ | 13,863 | $ | 1,606 | $ | 288 | $ | 47,766 | |||||||||||||||||||
Provision for (benefit from) loan losses | 2,210 | (163) | (350) | 53 | 1,750 | ||||||||||||||||||||||||
Loans charged off | (3,102) | — | (2) | (138) | (3,242) | ||||||||||||||||||||||||
Recoveries | 1,526 | 9 | 23 | 36 | 1,594 | ||||||||||||||||||||||||
Balance, end of period | $ | 32,643 | $ | 13,709 | $ | 1,277 | $ | 239 | $ | 47,868 | |||||||||||||||||||
Commercial | Commercial Real Estate | Residential Real Estate | Consumer | Total | |||||||||||||||||||||||||
September 30, 2022 | |||||||||||||||||||||||||||||
Loans: | |||||||||||||||||||||||||||||
Individually evaluated for impairment | $ | 16,560 | $ | 11,108 | $ | 14,132 | $ | 87 | $ | 41,887 | |||||||||||||||||||
Collectively evaluated for impairment | 2,726,065 | 1,770,683 | 989,567 | 44,271 | 5,530,586 | ||||||||||||||||||||||||
Total loans | $ | 2,742,625 | $ | 1,781,791 | $ | 1,003,699 | $ | 44,358 | $ | 5,572,473 | |||||||||||||||||||
Allowance for loan losses: | |||||||||||||||||||||||||||||
Individually evaluated for impairment | $ | 1,034 | $ | 188 | $ | 29 | $ | 84 | $ | 1,335 | |||||||||||||||||||
Collectively evaluated for impairment | 36,128 | 19,030 | 2,936 | 249 | 58,343 | ||||||||||||||||||||||||
Total allowance for loan losses | $ | 37,162 | $ | 19,218 | $ | 2,965 | $ | 333 | $ | 59,678 | |||||||||||||||||||
December 31, 2021 | |||||||||||||||||||||||||||||
Loans: | |||||||||||||||||||||||||||||
Individually evaluated for impairment | $ | 17,460 | $ | 4,781 | $ | 11,479 | $ | 2 | $ | 33,722 | |||||||||||||||||||
Collectively evaluated for impairment | 2,397,327 | 1,172,192 | 425,637 | 17,764 | 4,012,920 | ||||||||||||||||||||||||
Total loans | $ | 2,414,787 | $ | 1,176,973 | $ | 437,116 | $ | 17,766 | $ | 4,046,642 | |||||||||||||||||||
Allowance for loan losses: | |||||||||||||||||||||||||||||
Individually evaluated for impairment | $ | 2,517 | $ | 12 | $ | 39 | $ | — | $ | 2,568 | |||||||||||||||||||
Collectively evaluated for impairment | 30,760 | 12,887 | 1,097 | 235 | 44,979 | ||||||||||||||||||||||||
Total allowance for loan losses | $ | 33,277 | $ | 12,899 | $ | 1,136 | $ | 235 | $ | 47,547 |
Unpaid Principal Balance | Recorded Investment | Allowance for Loan Losses Allocated | Average Recorded Investment | ||||||||||||||||||||
September 30, 2022 | |||||||||||||||||||||||
With no related allowance recorded: | |||||||||||||||||||||||
Commercial | $ | 13,937 | $ | 13,438 | $ | — | $ | 9,609 | |||||||||||||||
Commercial real estate | 10,693 | 10,312 | — | 5,031 | |||||||||||||||||||
Residential real estate | 13,939 | 14,103 | — | 8,818 | |||||||||||||||||||
Consumer | — | — | — | — | |||||||||||||||||||
Total loans with no related allowance recorded | 38,569 | 37,853 | — | 23,458 | |||||||||||||||||||
With an allowance recorded: | |||||||||||||||||||||||
Commercial | 3,256 | 3,122 | 1,034 | 2,426 | |||||||||||||||||||
Commercial real estate | 796 | 796 | 188 | 265 | |||||||||||||||||||
Residential real estate | 29 | 29 | 29 | 10 | |||||||||||||||||||
Consumer | 87 | 87 | 84 | 29 | |||||||||||||||||||
Total loans with an allowance recorded | 4,168 | 4,034 | 1,335 | 2,730 | |||||||||||||||||||
Total impaired loans | $ | 42,737 | $ | 41,887 | $ | 1,335 | $ | 26,188 | |||||||||||||||
December 31, 2021 | |||||||||||||||||||||||
With no related allowance recorded: | |||||||||||||||||||||||
Commercial | $ | 14,619 | $ | 13,982 | $ | — | $ | 10,637 | |||||||||||||||
Commercial real estate | 4,795 | 4,706 | — | 3,943 | |||||||||||||||||||
Residential real estate | 10,754 | 10,808 | — | 7,223 | |||||||||||||||||||
Consumer | 3 | 2 | — | 3 | |||||||||||||||||||
Total loans with no related allowance recorded | 30,171 | 29,498 | — | 21,806 | |||||||||||||||||||
With an allowance recorded: | |||||||||||||||||||||||
Commercial | 3,666 | 3,478 | 2,517 | 2,375 | |||||||||||||||||||
Commercial real estate | 124 | 75 | 12 | 57 | |||||||||||||||||||
Residential real estate | 665 | 671 | 39 | 462 | |||||||||||||||||||
Total loans with an allowance recorded | 4,455 | 4,224 | 2,568 | 2,894 | |||||||||||||||||||
Total impaired loans | $ | 34,626 | $ | 33,722 | $ | 2,568 | $ | 24,700 |
Non-Classified | Classified | Total | |||||||||||||||
September 30, 2022 | |||||||||||||||||
Commercial | $ | 2,710,397 | $ | 32,228 | $ | 2,742,625 | |||||||||||
Commercial real estate | 1,750,480 | 31,311 | 1,781,791 | ||||||||||||||
Residential real estate | 994,835 | 8,864 | 1,003,699 | ||||||||||||||
Consumer | 44,270 | 88 | 44,358 | ||||||||||||||
Total loans | $ | 5,499,982 | $ | 72,491 | $ | 5,572,473 | |||||||||||
December 31, 2021 | |||||||||||||||||
Commercial | $ | 2,384,275 | $ | 30,512 | $ | 2,414,787 | |||||||||||
Commercial real estate | 1,146,673 | 30,300 | 1,176,973 | ||||||||||||||
Residential real estate | 431,033 | 6,083 | 437,116 | ||||||||||||||
Consumer | 17,762 | 4 | 17,766 | ||||||||||||||
Total loans | $ | 3,979,743 | $ | 66,899 | $ | 4,046,642 |
Loans Not Past Due | Loans 30-59 Days Past Due | Loans 60-89 Days Past Due | Loans Greater than 90 Days Past Due, Still Accruing | Nonaccrual | Total | ||||||||||||||||||||||||||||||
September 30, 2022 | |||||||||||||||||||||||||||||||||||
Commercial | $ | 2,720,683 | $ | 4,431 | $ | 1,505 | $ | 261 | $ | 15,745 | $ | 2,742,625 | |||||||||||||||||||||||
Commercial real estate | 1,771,809 | 681 | 365 | — | 8,936 | 1,781,791 | |||||||||||||||||||||||||||||
Residential real estate | 988,528 | 2,027 | 4,142 | 198 | 8,804 | 1,003,699 | |||||||||||||||||||||||||||||
Consumer | 44,230 | 41 | — | — | 87 | 44,358 | |||||||||||||||||||||||||||||
Total loans | $ | 5,525,250 | $ | 7,180 | $ | 6,012 | $ | 459 | $ | 33,572 | $ | 5,572,473 | |||||||||||||||||||||||
December 31, 2021 | |||||||||||||||||||||||||||||||||||
Commercial | $ | 2,392,205 | $ | 5,467 | $ | 623 | $ | — | $ | 16,492 | $ | 2,414,787 | |||||||||||||||||||||||
Commercial real estate | 1,160,244 | 10,887 | — | 1,061 | 4,781 | 1,176,973 | |||||||||||||||||||||||||||||
Residential real estate | 424,860 | 5,794 | 410 | — | 6,052 | 437,116 | |||||||||||||||||||||||||||||
Consumer | 17,719 | 45 | — | — | 2 | 17,766 | |||||||||||||||||||||||||||||
Total loans | $ | 3,995,028 | $ | 22,193 | $ | 1,033 | $ | 1,061 | $ | 27,327 | $ | 4,046,642 |
Number of Loans | Pre-Modification Outstanding Recorded Investment | Post-Modification Outstanding Recorded Investment | |||||||||||||||
September 30, 2022 | |||||||||||||||||
Commercial | 1 | $ | 248 | $ | 198 | ||||||||||||
Residential real estate | 1 | 126 | 126 | ||||||||||||||
Consumer | 1 | 72 | 72 | ||||||||||||||
Total | 3 | $ | 446 | $ | 396 | ||||||||||||
December 31, 2021 | |||||||||||||||||
Commercial | 7 | $ | 6,969 | $ | 6,178 | ||||||||||||
Commercial real estate | 1 | 2,295 | 2,265 | ||||||||||||||
Residential real estate | 4 | 1,386 | 1,435 | ||||||||||||||
Total | 12 | $ | 10,650 | $ | 9,878 |
September 30, 2022 | December 31, 2021 | ||||||||||
Federal National Mortgage Association | $ | 2,499,105 | $ | 2,352,981 | |||||||
Federal Home Loan Mortgage Corporation | 1,627,381 | 1,512,858 | |||||||||
Government National Mortgage Association | 852,490 | 759,524 | |||||||||
Federal Home Loan Bank | 114,747 | 134,616 | |||||||||
Other | 1,443 | 1,853 | |||||||||
Total | $ | 5,095,166 | $ | 4,761,832 |
For the three months ended September 30, | For the nine months ended September 30, | ||||||||||||||||||||||
2022 | 2021 | 2022 | 2021 | ||||||||||||||||||||
Balance, beginning of period | $ | 66,047 | $ | 40,844 | $ | 47,392 | $ | 29,144 | |||||||||||||||
Additions: | |||||||||||||||||||||||
Servicing resulting from transfers of financial assets | 3,489 | 5,303 | 11,681 | 18,533 | |||||||||||||||||||
Changes in fair value: | |||||||||||||||||||||||
Due to changes in valuation inputs or assumptions used in the valuation model | 6,270 | 948 | 21,142 | 5,209 | |||||||||||||||||||
Changes in fair value due to pay-offs, pay-downs, and runoff | (1,956) | (3,124) | (6,365) | (8,915) | |||||||||||||||||||
Balance, end of period | $ | 73,850 | $ | 43,971 | $ | 73,850 | $ | 43,971 |
September 30, 2022 | December 31, 2021 | September 30, 2021 | |||||||||||||||
Discount rate | 9.34 | % | 9.22 | % | 9.22 | % | |||||||||||
Total prepayment speeds | 7.43 | % | 11.52 | % | 12.15 | % | |||||||||||
Cost of servicing each loan | $87/per loan | $85/per loan | $86/per loan |
For the three months ended September 30, | For the nine months ended September 30, | ||||||||||||||||||||||
2022 | 2021 | 2022 | 2021 | ||||||||||||||||||||
Servicing fees | $ | 4,111 | $ | 3,101 | $ | 10,807 | $ | 8,853 | |||||||||||||||
Late and ancillary fees | 123 | 118 | 264 | 317 | |||||||||||||||||||
Total | $ | 4,234 | $ | 3,219 | $ | 11,071 | $ | 9,170 |
Number of Transactions | Expiration Dates | Outstanding Notional | Estimated Fair Value | ||||||||||||||||||||
September 30, 2022 | |||||||||||||||||||||||
Derivative financial instruments designated as hedging instruments: | |||||||||||||||||||||||
Assets: | |||||||||||||||||||||||
Interest Rate Products | 32 | 2028-2036 | $ | 204,216 | $ | 16,717 | |||||||||||||||||
Derivative financial instruments not designated as hedging instruments: | |||||||||||||||||||||||
Assets: | |||||||||||||||||||||||
Interest Rate Products | 41 | 2024-2037 | $ | 275,765 | $ | 26,642 | |||||||||||||||||
Liabilities: | |||||||||||||||||||||||
Interest Rate Products | 41 | 2024-2037 | $ | 275,765 | $ | 25,987 | |||||||||||||||||
December 31, 2021 | |||||||||||||||||||||||
Derivative financial instruments designated as hedging instruments: | |||||||||||||||||||||||
Assets: | |||||||||||||||||||||||
Interest Rate Products | 1 | 2029 | $ | 20,190 | $ | 1,213 | |||||||||||||||||
Liabilities: | |||||||||||||||||||||||
Interest Rate Products | 12 | 2022-2029 | $ | 179,431 | $ | 7,107 | |||||||||||||||||
Derivative financial instruments not designated as hedging instruments: | |||||||||||||||||||||||
Assets: | |||||||||||||||||||||||
Interest Rate Products | 38 | 2024-2036 | $ | 232,849 | $ | 6,923 | |||||||||||||||||
Liabilities: | |||||||||||||||||||||||
Interest Rate Products | 38 | 2024-2036 | $ | 232,849 | $ | 7,366 |
For the three months ended September 30, | For the nine months ended September 30, | ||||||||||||||||||||||
2022 | 2021 | 2022 | 2021 | ||||||||||||||||||||
Recorded gain (loss) on banking derivative assets | $ | 15,123 | $ | (186) | $ | 30,192 | $ | (420) | |||||||||||||||
Recorded (loss) gain on banking derivative liabilities | $ | (14,771) | $ | 337 | $ | (29,095) | $ | 926 |
Expiration Dates | Outstanding Notional | Estimated Fair Value | |||||||||||||||
September 30, 2022 | |||||||||||||||||
Derivative financial instruments | |||||||||||||||||
Assets: | |||||||||||||||||
Forward MBS trades | 2022 | $ | 123,000 | $ | 5,012 | ||||||||||||
Liabilities: | |||||||||||||||||
Forward MBS trades | 2022 | $ | 20,300 | $ | 845 | ||||||||||||
Interest rate lock commitments (IRLC) | 2022 | $ | 99,368 | $ | 1,439 | ||||||||||||
December 31, 2021 | |||||||||||||||||
Derivative financial instruments | |||||||||||||||||
Assets: | |||||||||||||||||
Forward MBS trades | 2022 | $ | 450,600 | $ | 1,329 | ||||||||||||
Interest rate lock commitments (IRLC) | 2022 | $ | 142,334 | $ | 1,350 | ||||||||||||
Liabilities: | |||||||||||||||||
Forward MBS trades | 2022 | $ | 16,600 | $ | 52 | ||||||||||||
For the three months ended September 30, | For the nine months ended September 30, | ||||||||||||||||||||||
2022 | 2021 | 2022 | 2021 | ||||||||||||||||||||
Recorded gain (loss) on mortgage banking derivative assets | $ | 3,277 | $ | 9,175 | $ | 5,189 | $ | (302) | |||||||||||||||
Recorded loss on mortgage banking derivative liabilities | $ | (2,844) | $ | (10,241) | $ | (16,940) | $ | (7,714) |
September 30, 2022 | December 31, 2021 | ||||||||||
Noninterest-bearing demand deposit accounts | $ | 1,946,215 | $ | 1,566,113 | |||||||
Interest-bearing deposit accounts: | |||||||||||
Interest-bearing demand accounts | 160,082 | 187,712 | |||||||||
Savings accounts and money market accounts | 3,008,433 | 2,757,882 | |||||||||
NOW accounts | 46,128 | 19,496 | |||||||||
Certificate of deposit accounts: | |||||||||||
Less than $100 | 216,331 | 147,386 | |||||||||
$100 through $250 | 224,999 | 103,082 | |||||||||
Greater than $250 | 158,230 | 73,277 | |||||||||
Total interest-bearing deposit accounts | 3,814,203 | 3,288,835 | |||||||||
Total deposits | $ | 5,760,418 | $ | 4,854,948 |
For the three months ended September 30, | For the nine months ended September 30, | ||||||||||||||||||||||
2022 | 2021 | 2022 | 2021 | ||||||||||||||||||||
Interest-bearing deposit accounts: | |||||||||||||||||||||||
Interest-bearing demand accounts | $ | 449 | $ | 89 | $ | 733 | $ | 300 | |||||||||||||||
Savings accounts and money market accounts | 1,859 | 1,155 | 4,095 | 3,668 | |||||||||||||||||||
NOW accounts | 46 | 50 | 115 | 336 | |||||||||||||||||||
Certificate of deposit accounts | 920 | 684 | 2,077 | 2,427 | |||||||||||||||||||
Total interest-bearing deposit accounts | $ | 3,274 | $ | 1,978 | $ | 7,020 | $ | 6,731 |
September 30, 2022 | |||||
Remainder of 2022 | $ | 1,085 | |||
2023 | 382,847 | ||||
2024 | 119,617 | ||||
2025 | 71,858 | ||||
2026 | 13,429 | ||||
2027 | 7,629 | ||||
Thereafter | 3,095 | ||||
Total certificate of deposit accounts | $ | 599,560 |
September 30, 2022 | December 31, 2021 | ||||||||||
Amount outstanding at period-end | $ | 51,256 | $ | 92,093 | |||||||
Average daily balance during the period | $ | 59,573 | $ | 125,867 | |||||||
Average interest rate during the period | 0.22 | % | 0.05 | % | |||||||
Maximum month-end balance during the period | $ | 70,838 | $ | 160,865 | |||||||
Weighted average interest rate at period-end | 0.40 | % | 0.05 | % |
September 30, 2022 | December 31, 2021 | |||||||||||||||||||||||||||||||||||||
Amount | Rate | Weighted Average Rate | Amount | Rate | Weighted Average Rate | |||||||||||||||||||||||||||||||||
Variable rate line-of-credit advance | $ | 170,884 | 2.42% - 3.16% | 3% | $ | — | N/A | N/A | ||||||||||||||||||||||||||||||
Fixed rate term advances | $ | 139,988 | 1.56% - 1.90% | 1.77% | $ | 40,000 | 0.91% - 2.59% | 1.49% | ||||||||||||||||||||||||||||||
$ | 310,872 | $ | 40,000 |
For the three months ended September 30, | For the nine months ended September 30, | ||||||||||||||||||||||
2022 | 2021 | 2022 | 2021 | ||||||||||||||||||||
Net income applicable to common stockholders | $ | 26,513 | $ | 8,728 | $ | 34,612 | $ | 34,347 | |||||||||||||||
Weighted Average Shares | |||||||||||||||||||||||
Weighted average common shares outstanding | 24,877,607 | 18,321,659 | 22,685,496 | 18,321,659 | |||||||||||||||||||
Effect of dilutive securities | |||||||||||||||||||||||
Stock-based awards | 531,208 | 449,022 | 596,437 | 440,838 | |||||||||||||||||||
Convertible notes payable | 85,500 | — | — | — | |||||||||||||||||||
Weighted average diluted common shares | 25,494,315 | 18,770,681 | 23,281,933 | 18,762,497 | |||||||||||||||||||
Earnings per common share | |||||||||||||||||||||||
Basic earnings per common share | $ | 1.07 | $ | 0.48 | $ | 1.53 | $ | 1.87 | |||||||||||||||
Effect of dilutive securities | |||||||||||||||||||||||
Stock-based awards | (0.03) | (0.02) | (0.04) | (0.04) | |||||||||||||||||||
Diluted earnings per common share | $ | 1.04 | $ | 0.46 | $ | 1.49 | $ | 1.83 |
For the three months ended September 30, | For the nine months ended September 30, | ||||||||||||||||||||||
2022 | 2021 | 2022 | 2021 | ||||||||||||||||||||
Securities available-for-sale: | |||||||||||||||||||||||
Balance, beginning of period | $ | (40,535) | $ | 7,142 | $ | 1,664 | $ | 9,119 | |||||||||||||||
Unrealized (loss) gain | (6,613) | 349 | (62,473) | (2,270) | |||||||||||||||||||
Income tax effect | 1,506 | (86) | 15,167 | 556 | |||||||||||||||||||
Net unrealized (loss) gain | (5,107) | 263 | (47,306) | (1,714) | |||||||||||||||||||
Balance, end of period | $ | (45,642) | $ | 7,405 | $ | (45,642) | $ | 7,405 | |||||||||||||||
Fair value hedges of securities available-for-sale: | |||||||||||||||||||||||
Balance, beginning of period | $ | 1,098 | $ | — | $ | — | $ | — | |||||||||||||||
Unrealized gain | 1,821 | — | 3,211 | — | |||||||||||||||||||
Income tax effect | (383) | — | (675) | — | |||||||||||||||||||
Net unrealized gain | 1,438 | — | 2,536 | — | |||||||||||||||||||
Balance, end of period | $ | 2,536 | $ | — | $ | 2,536 | $ | — | |||||||||||||||
Shares | Weighted-Average Exercise Price, per Share | Weighted-Average Remaining Contractual Term (years) | |||||||||||||||
September 30, 2022 | |||||||||||||||||
Outstanding, beginning of period | 1,412,900 | $ | 20.19 | ||||||||||||||
Exercised | (67,976) | 19.72 | |||||||||||||||
Outstanding, end of period | 1,344,924 | $ | 20.21 | 5.49 | |||||||||||||
Options vested or expected to vest | 1,412,900 | $ | 20.19 | ||||||||||||||
Options exercisable, end of period | 1,228,041 | $ | 20.02 | 5.29 | |||||||||||||
Shares | Weighted-Average Exercise Price, per Share | Weighted-Average Remaining Contractual Term (years) | |||||||||||||||
September 30, 2022 | |||||||||||||||||
Outstanding, beginning of period | — | $ | — | ||||||||||||||
Options assumed from Pioneer Bancshares, Inc. | 431,645 | 23.32 | |||||||||||||||
Exercised | (255,453) | 23.44 | |||||||||||||||
Outstanding, vested, and exercisable, end of period | 176,192 | $ | 23.12 | 5.61 | |||||||||||||
For the three months ended September 30, | For the nine months ended September 30, | ||||||||||||||||||||||
2022 | 2021 | 2022 | 2021 | ||||||||||||||||||||
Provision for income taxes | $ | 7,628 | $ | 1,851 | $ | 8,559 | $ | 7,159 | |||||||||||||||
Effective tax provision rate | 22.3 | % | 17.5 | % | 19.8 | % | 17.2 | % |
Actual | For Capital Adequacy Purposes | To be Well- Capitalized under Prompt Corrective Action Provisions | |||||||||||||||||||||||||||||||||
Amount | Ratio | Amount | Ratio | Amount | Ratio | ||||||||||||||||||||||||||||||
September 30, 2022 | |||||||||||||||||||||||||||||||||||
Total risk-based capital to risk-weighted assets: | $ | 791,066 | 12.06 | % | $ | 524,601 | 8.00 | % | N/A | N/A | |||||||||||||||||||||||||
Tier 1 risk-based capital to risk-weighted assets: | $ | 655,345 | 9.99 | % | $ | 393,451 | 6.00 | % | N/A | N/A | |||||||||||||||||||||||||
Common Equity Tier 1 (CET 1) to risk-weighted assets: | $ | 655,345 | 9.99 | % | $ | 295,088 | 4.50 | % | N/A | N/A | |||||||||||||||||||||||||
Tier 1 leverage capital to average assets: | $ | 655,345 | 9.55 | % | $ | 274,564 | 4.00 | % | N/A | N/A | |||||||||||||||||||||||||
December 31, 2021 | |||||||||||||||||||||||||||||||||||
Total risk-based capital to risk-weighted assets: | $ | 563,112 | 11.76 | % | $ | 383,213 | 8.00 | % | N/A | N/A | |||||||||||||||||||||||||
Tier 1 risk-based capital to risk-weighted assets: | $ | 464,761 | 9.70 | % | $ | 287,410 | 6.00 | % | N/A | N/A | |||||||||||||||||||||||||
Common Equity Tier 1 (CET 1) to risk-weighted assets: | $ | 464,761 | 9.70 | % | $ | 215,557 | 4.50 | % | N/A | N/A | |||||||||||||||||||||||||
Tier 1 leverage capital to average assets: | $ | 464,761 | 8.24 | % | $ | 225,736 | 4.00 | % | N/A | N/A |
Actual | For Capital Adequacy Purposes | To be Well- Capitalized under Prompt Corrective Action Provisions | |||||||||||||||||||||||||||||||||
Amount | Ratio | Amount | Ratio | Amount | Ratio | ||||||||||||||||||||||||||||||
September 30, 2022 | |||||||||||||||||||||||||||||||||||
Total risk-based capital to risk-weighted assets: | $ | 776,038 | 11.86 | % | $ | 523,395 | 8.00 | % | $ | 654,243 | 10.00 | % | |||||||||||||||||||||||
Tier 1 risk-based capital to risk-weighted assets: | $ | 715,097 | 10.93 | % | $ | 392,546 | 6.00 | % | $ | 523,395 | 8.00 | % | |||||||||||||||||||||||
Common Equity Tier 1 (CET 1) to risk-weighted assets: | $ | 715,097 | 10.93 | % | $ | 294,409 | 4.50 | % | $ | 425,258 | 6.50 | % | |||||||||||||||||||||||
Tier 1 leverage capital to average assets: | $ | 715,097 | 10.42 | % | $ | 274,489 | 4.00 | % | $ | 343,112 | 5.00 | % | |||||||||||||||||||||||
December 31, 2021 | |||||||||||||||||||||||||||||||||||
Total risk-based capital to risk-weighted assets: | $ | 571,463 | 11.96 | % | $ | 382,106 | 8.00 | % | $ | 477,633 | 10.00 | % | |||||||||||||||||||||||
Tier 1 risk-based capital to risk-weighted assets: | $ | 523,128 | 10.95 | % | $ | 286,580 | 6.00 | % | $ | 382,106 | 8.00 | % | |||||||||||||||||||||||
Common Equity Tier 1 (CET 1) to risk-weighted assets: | $ | 523,128 | 10.95 | % | $ | 214,935 | 4.50 | % | $ | 310,462 | 6.50 | % | |||||||||||||||||||||||
Tier 1 leverage capital to average assets: | $ | 523,128 | 9.27 | % | $ | 225,650 | 4.00 | % | $ | 282,062 | 5.00 | % |
Level 1 | Level 2 | Level 3 | |||||||||||||||||||||
Quoted prices in active markets for identical assets | Significant other observable inputs | Significant unobservable inputs | Total Estimated Fair Value | ||||||||||||||||||||
As of September 30, 2022 | |||||||||||||||||||||||
Available-for-sale securities | $ | 56,618 | $ | 494,547 | $ | — | $ | 551,165 | |||||||||||||||
Loans held-for-sale | — | 67,535 | — | 67,535 | |||||||||||||||||||
Mortgage servicing rights | — | — | 73,850 | 73,850 | |||||||||||||||||||
Derivative financial instruments - assets | — | 48,371 | — | 48,371 | |||||||||||||||||||
Derivative financial instruments - liabilities | — | (28,271) | — | (28,271) | |||||||||||||||||||
Total | $ | 56,618 | $ | 582,182 | $ | 73,850 | $ | 712,650 | |||||||||||||||
As of December 31, 2021 | |||||||||||||||||||||||
Available-for-sale securities | $ | 35,185 | $ | 537,316 | $ | — | $ | 572,501 | |||||||||||||||
Loans held-for-sale | — | 103,939 | — | 103,939 | |||||||||||||||||||
Mortgage servicing rights | — | — | 47,392 | 47,392 | |||||||||||||||||||
Derivative financial instruments - assets | — | 10,815 | — | 10,815 | |||||||||||||||||||
Derivative financial instruments - liabilities | — | (14,525) | — | (14,525) | |||||||||||||||||||
Total | $ | 35,185 | $ | 637,545 | $ | 47,392 | $ | 720,122 |
For the three months ended September 30, | For the nine months ended September 30, | ||||||||||||||||||||||
2022 | 2021 | 2022 | 2021 | ||||||||||||||||||||
Balance, beginning of period | $ | 66,047 | $ | 40,844 | $ | 47,392 | $ | 29,144 | |||||||||||||||
Total gains (losses) included in earnings | 4,314 | (2,176) | 14,777 | (3,706) | |||||||||||||||||||
Purchases, issuances, sales and settlements: | |||||||||||||||||||||||
Issuances | 3,489 | 5,303 | 11,681 | 18,533 | |||||||||||||||||||
Balance, end of period | $ | 73,850 | $ | 43,971 | $ | 73,850 | $ | 43,971 |
Level 3 | |||||||||||
September 30, 2022 | December 31, 2021 | ||||||||||
Impaired loans: | |||||||||||
Commercial | $ | 2,088 | $ | 961 | |||||||
Commercial real estate | 608 | 63 | |||||||||
Residential real estate | — | 632 | |||||||||
Consumer | 3 | — | |||||||||
Total impaired loans | $ | 2,699 | $ | 1,656 | |||||||
Other real estate owned and foreclosed assets, net: | |||||||||||
Commercial real estate | $ | 5,391 | $ | 5,067 | |||||||
Residential real estate | — | 420 | |||||||||
Total other real estate owned and foreclosed assets, net: | $ | 5,391 | $ | 5,487 |
Estimated Fair Value | |||||||||||||||||||||||||||||
Carrying Value | Total | Level 1 | Level 2 | Level 3 | |||||||||||||||||||||||||
September 30, 2022 | |||||||||||||||||||||||||||||
Assets: | |||||||||||||||||||||||||||||
Cash and cash equivalents | $ | 325,039 | $ | 325,039 | $ | 325,039 | $ | — | $ | — | |||||||||||||||||||
Securities held-to-maturity | 39,148 | 34,096 | — | 34,096 | — | ||||||||||||||||||||||||
Loans (excluding impaired loans) | 5,515,103 | 5,375,203 | — | — | 5,375,203 | ||||||||||||||||||||||||
Restricted equity securities | 34,877 | 34,877 | — | 34,877 | — | ||||||||||||||||||||||||
Accrued interest receivable | 24,964 | 24,964 | — | 2,415 | 22,549 | ||||||||||||||||||||||||
Liabilities: | |||||||||||||||||||||||||||||
Deposits (excluding demand deposits) | $ | 3,654,121 | $ | 3,614,346 | $ | — | $ | 3,614,346 | $ | — | |||||||||||||||||||
Securities sold under agreements to repurchase | 51,256 | 51,256 | — | 51,256 | — | ||||||||||||||||||||||||
FHLB advances | 310,872 | 310,872 | — | 310,872 | — | ||||||||||||||||||||||||
Convertible notes payable, net | 5,317 | 5,340 | — | 5,340 | — | ||||||||||||||||||||||||
Subordinated debt, net | 74,780 | 83,795 | — | 83,795 | — | ||||||||||||||||||||||||
Accrued interest payable | 3,073 | 3,073 | — | 3,073 | — | ||||||||||||||||||||||||
December 31, 2021 | |||||||||||||||||||||||||||||
Assets: | |||||||||||||||||||||||||||||
Cash and cash equivalents | $ | 668,462 | $ | 668,462 | $ | 668,462 | $ | — | $ | — | |||||||||||||||||||
Securities held-to-maturity | 18,007 | 18,599 | — | 18,599 | — | ||||||||||||||||||||||||
Loans (excluding impaired loans) | 4,003,712 | 3,949,719 | — | — | 3,949,719 | ||||||||||||||||||||||||
Restricted equity securities | 16,239 | 16,239 | — | 16,239 | — | ||||||||||||||||||||||||
Accrued interest receivable | 14,761 | 14,761 | — | 1,131 | 13,630 | ||||||||||||||||||||||||
Liabilities: | |||||||||||||||||||||||||||||
Deposits (excluding demand deposits) | $ | 3,101,123 | $ | 3,106,464 | $ | — | $ | 3,106,464 | $ | — | |||||||||||||||||||
Securities sold under agreements to repurchase | 92,093 | 92,093 | — | 92,093 | — | ||||||||||||||||||||||||
FHLB advances | 40,000 | 41,514 | — | 41,514 | — | ||||||||||||||||||||||||
Convertible notes payable, net | 19,442 | 21,564 | — | 21,564 | — | ||||||||||||||||||||||||
Subordinated debt, net | 50,016 | 52,264 | — | 52,264 | — | ||||||||||||||||||||||||
Accrued interest payable | 2,369 | 2,369 | — | 2,369 | — |
Banking | Mortgage Operations | Corporate | Total Segments | ||||||||||||||||||||
2022 | |||||||||||||||||||||||
Summary of Operations | |||||||||||||||||||||||
Net interest income | $ | 68,159 | $ | 1,492 | $ | (1,165) | $ | 68,486 | |||||||||||||||
Provision for loan losses | 3,223 | 527 | — | 3,750 | |||||||||||||||||||
Noninterest income: | |||||||||||||||||||||||
Service charges on deposit accounts | 4,807 | — | — | 4,807 | |||||||||||||||||||
Credit and debit card fees | 3,103 | — | — | 3,103 | |||||||||||||||||||
Trust and investment advisory fees | 1,552 | — | — | 1,552 | |||||||||||||||||||
Income from mortgage banking services, net | (701) | 14,486 | — | 13,785 | |||||||||||||||||||
Other noninterest income | 1,706 | — | — | 1,706 | |||||||||||||||||||
Total noninterest income | 10,467 | 14,486 | — | 24,953 | |||||||||||||||||||
Noninterest expense: | |||||||||||||||||||||||
Salary and employee benefits | 23,210 | 8,922 | 376 | 32,508 | |||||||||||||||||||
Occupancy and equipment | 7,190 | 988 | 38 | 8,216 | |||||||||||||||||||
Other noninterest expenses | 11,146 | 3,314 | 364 | 14,824 | |||||||||||||||||||
Total noninterest expense | 41,546 | 13,224 | 778 | 55,548 | |||||||||||||||||||
Income (loss) before income taxes | $ | 33,857 | $ | 2,227 | $ | (1,943) | $ | 34,141 | |||||||||||||||
Other Information | |||||||||||||||||||||||
Depreciation expense | $ | 1,839 | $ | 81 | $ | — | $ | 1,920 | |||||||||||||||
Identifiable assets | $ | 6,315,984 | $ | 693,473 | $ | 43,460 | $ | 7,052,917 |
Banking | Mortgage Operations | Corporate | Total Segments | ||||||||||||||||||||
2021 | |||||||||||||||||||||||
Summary of Operations | |||||||||||||||||||||||
Net interest income | $ | 39,297 | $ | 1,810 | $ | (1,142) | $ | 39,965 | |||||||||||||||
Provision for (benefit from) loan losses | 3,543 | (43) | — | 3,500 | |||||||||||||||||||
Noninterest income: | |||||||||||||||||||||||
Service charges on deposit accounts | 3,471 | — | — | 3,471 | |||||||||||||||||||
Credit and debit card fees | 2,472 | — | — | 2,472 | |||||||||||||||||||
Trust and investment advisory fees | 1,974 | — | — | 1,974 | |||||||||||||||||||
Income from mortgage banking services, net | (406) | 20,557 | — | 20,151 | |||||||||||||||||||
Other noninterest income | 616 | — | — | 616 | |||||||||||||||||||
Total noninterest income | 8,127 | 20,557 | — | 28,684 | |||||||||||||||||||
Noninterest expense: | |||||||||||||||||||||||
Salary and employee benefits | 22,604 | 13,166 | 291 | 36,061 | |||||||||||||||||||
Occupancy | 5,854 | 787 | 2 | 6,643 | |||||||||||||||||||
Other noninterest expenses | 8,361 | 2,915 | 590 | 11,866 | |||||||||||||||||||
Total noninterest expense | 36,819 | 16,868 | 883 | 54,570 | |||||||||||||||||||
Income (loss) before income taxes | $ | 7,062 | $ | 5,542 | $ | (2,025) | $ | 10,579 | |||||||||||||||
Other Information | |||||||||||||||||||||||
Depreciation expense | $ | 1,516 | $ | 21 | $ | — | $ | 1,537 | |||||||||||||||
Identifiable assets | $ | 5,070,287 | $ | 578,475 | $ | 34,323 | $ | 5,683,085 |
Banking | Mortgage Operations | Corporate | Total Segments | ||||||||||||||||||||
2022 | |||||||||||||||||||||||
Summary of Operations | |||||||||||||||||||||||
Net interest income | $ | 167,606 | $ | 5,193 | $ | (4,443) | $ | 168,356 | |||||||||||||||
Provision for loan losses | 9,853 | 2,597 | — | 12,450 | |||||||||||||||||||
Noninterest income: | |||||||||||||||||||||||
Service charges on deposit accounts | 13,111 | — | — | 13,111 | |||||||||||||||||||
Credit and debit card fees | 8,508 | — | — | 8,508 | |||||||||||||||||||
Trust and investment advisory fees | 5,408 | — | — | 5,408 | |||||||||||||||||||
Income from mortgage banking services, net | (1,972) | 41,989 | — | 40,017 | |||||||||||||||||||
Other noninterest income | 3,913 | (9) | — | 3,904 | |||||||||||||||||||
Total noninterest income | 28,968 | 41,980 | — | 70,948 | |||||||||||||||||||
Noninterest expense: | |||||||||||||||||||||||
Salary and employee benefits | 69,880 | 30,854 | 1,247 | 101,981 | |||||||||||||||||||
Occupancy and equipment | 19,937 | 2,826 | 39 | 22,802 | |||||||||||||||||||
Other noninterest expenses | 46,203 | 10,439 | 2,258 | 58,900 | |||||||||||||||||||
Total noninterest expense | 136,020 | 44,119 | 3,544 | 183,683 | |||||||||||||||||||
Income (loss) before income taxes | $ | 50,701 | $ | 457 | $ | (7,987) | $ | 43,171 | |||||||||||||||
Other Information | |||||||||||||||||||||||
Depreciation expense | $ | 5,011 | $ | 294 | $ | — | $ | 5,305 | |||||||||||||||
Identifiable assets | $ | 6,315,984 | $ | 693,473 | $ | 43,460 | $ | 7,052,917 |
Banking | Mortgage Operations | Corporate | Total Segments | ||||||||||||||||||||
2021 | |||||||||||||||||||||||
Summary of Operations | |||||||||||||||||||||||
Net interest income | $ | 112,517 | $ | 5,674 | $ | (3,409) | $ | 114,782 | |||||||||||||||
Provision for (benefit from) loan losses | 2,124 | (374) | — | 1,750 | |||||||||||||||||||
Noninterest income: | |||||||||||||||||||||||
Service charges on deposit accounts | 8,659 | — | — | 8,659 | |||||||||||||||||||
Credit and debit card fees | 7,140 | — | — | 7,140 | |||||||||||||||||||
Trust and investment advisory fees | 5,871 | — | — | 5,871 | |||||||||||||||||||
Income from mortgage banking services, net | (1,516) | 69,660 | — | 68,144 | |||||||||||||||||||
Other noninterest income | 5,041 | (7) | — | 5,034 | |||||||||||||||||||
Total noninterest income | 25,195 | 69,653 | — | 94,848 | |||||||||||||||||||
Noninterest expense: | |||||||||||||||||||||||
Salary and employee benefits | 70,111 | 42,238 | 780 | 113,129 | |||||||||||||||||||
Occupancy | 17,535 | 2,329 | 3 | 19,867 | |||||||||||||||||||
Other noninterest expenses | 22,072 | 9,237 | 2,069 | 33,378 | |||||||||||||||||||
Total noninterest expense | 109,718 | 53,804 | 2,852 | 166,374 | |||||||||||||||||||
Income (loss) before income taxes | $ | 25,870 | $ | 21,897 | $ | (6,261) | $ | 41,506 | |||||||||||||||
Other Information | |||||||||||||||||||||||
Depreciation expense | $ | 4,428 | $ | 288 | $ | — | $ | 4,716 | |||||||||||||||
Identifiable assets | $ | 5,070,287 | $ | 578,475 | $ | 34,323 | $ | 5,683,085 |
For the three months ended September 30, | For the nine months ended September 30, | For the year ended December 31, | |||||||||||||||||||||||||||
($ in thousands, except share and per share amounts) | 2022 | 2021 | 2022 | 2021 | 2021 | ||||||||||||||||||||||||
Tangible common book value: | |||||||||||||||||||||||||||||
Total stockholders' equity (GAAP) | $ | 750,653 | $ | 519,921 | $ | 750,653 | $ | 519,921 | $ | 524,038 | |||||||||||||||||||
Less: Goodwill and other intangible assets | |||||||||||||||||||||||||||||
Goodwill | (93,483) | (33,050) | (93,483) | (33,050) | (33,050) | ||||||||||||||||||||||||
Other intangible assets | (17,825) | (8,605) | (17,825) | (8,605) | (8,250) | ||||||||||||||||||||||||
Total tangible stockholders' equity (non-GAAP) | $ | 639,345 | $ | 478,266 | $ | 639,345 | $ | 478,266 | $ | 482,738 | |||||||||||||||||||
Total common shares outstanding | 24,906,032 | 18,321,659 | 24,906,032 | 18,321,659 | 18,346,288 | ||||||||||||||||||||||||
Book value per common share (GAAP) | $ | 30.14 | $ | 28.38 | $ | 30.14 | $ | 28.38 | $ | 28.56 | |||||||||||||||||||
Tangible common book value (non-GAAP) | $ | 25.67 | $ | 26.10 | $ | 25.67 | $ | 26.10 | $ | 26.31 | |||||||||||||||||||
Return on tangible common equity: | |||||||||||||||||||||||||||||
Net Income (GAAP) | $ | 26,513 | $ | 8,728 | $ | 34,612 | $ | 34,347 | $ | 43,164 | |||||||||||||||||||
Add: Intangible amortization, net of tax | 739 | 280 | 1,736 | 839 | 1,119 | ||||||||||||||||||||||||
Tangible net income (non-GAAP) | $ | 27,252 | $ | 9,008 | $ | 36,348 | $ | 35,186 | $ | 44,283 | |||||||||||||||||||
Tangible stockholders’ equity (non-GAAP) (see above) | $ | 639,345 | $ | 478,266 | $ | 639,345 | $ | 478,266 | $ | 482,738 | |||||||||||||||||||
Return on tangible common equity | 17.05 | % | 7.53 | % | 7.58 | % | 9.81 | % | 9.17 | % | |||||||||||||||||||
Return on average tangible common equity: | |||||||||||||||||||||||||||||
Tangible net income (non-GAAP) (see above) | $ | 27,252 | $ | 9,008 | $ | 36,348 | $ | 35,186 | $ | 44,283 | |||||||||||||||||||
Total average stockholders' equity (GAAP) | $ | 731,549 | $ | 522,909 | $ | 668,991 | $ | 511,833 | $ | 515,773 | |||||||||||||||||||
Less: Average goodwill and other intangible assets | |||||||||||||||||||||||||||||
Average goodwill | (93,483) | (33,050) | (73,560) | (33,050) | (33,050) | ||||||||||||||||||||||||
Average other intangible assets | (18,255) | (8,803) | (15,317) | (9,139) | (8,964) | ||||||||||||||||||||||||
Total average tangible stockholders' equity (non-GAAP) | $ | 619,811 | $ | 481,056 | $ | 580,114 | $ | 469,644 | $ | 473,759 | |||||||||||||||||||
Return on average tangible common equity | 17.59 | % | 7.49 | % | 8.35 | % | 9.99 | % | 9.35 | % | |||||||||||||||||||
Net interest margin: | |||||||||||||||||||||||||||||
Net interest income (GAAP) | $ | 68,486 | $ | 39,965 | $ | 168,356 | $ | 114,782 | $ | 155,233 | |||||||||||||||||||
Taxable equivalent adjustment | 1,236 | 924 | 3,841 | 4,419 | 5,755 | ||||||||||||||||||||||||
Net interest income - FTE basis (non-GAAP) | $ | 69,722 | $ | 40,889 | $ | 172,197 | $ | 119,201 | $ | 160,988 | |||||||||||||||||||
Average earning assets | $ | 6,434,653 | $ | 5,319,682 | $ | 6,127,755 | $ | 5,101,821 | $ | 5,180,650 | |||||||||||||||||||
Net interest margin - FTE basis (non-GAAP) | 4.31 | % | 3.10 | % | 3.75 | % | 3.11 | % | 3.11 | % | |||||||||||||||||||
For the three months ended September 30, | For the nine months ended September 30, | For the year ended December 31, | |||||||||||||||||||||||||||
($ in thousands, except share and per share amounts) | 2022 | 2021 | 2022 | 2021 | 2021 | ||||||||||||||||||||||||
Tangible common equity to tangible assets: | |||||||||||||||||||||||||||||
Total assets (GAAP) | $ | 7,052,917 | $ | 5,683,085 | $ | 7,052,917 | $ | 5,683,085 | $ | 5,666,814 | |||||||||||||||||||
Less: Goodwill and other intangible assets | |||||||||||||||||||||||||||||
Goodwill | (93,483) | (33,050) | (93,483) | (33,050) | (33,050) | ||||||||||||||||||||||||
Other intangible assets | (17,825) | (8,605) | (17,825) | (8,605) | (8,250) | ||||||||||||||||||||||||
Total tangible assets (non-GAAP) | $ | 6,941,609 | $ | 5,641,430 | $ | 6,941,609 | $ | 5,641,430 | $ | 5,625,514 | |||||||||||||||||||
Tangible common equity (non-GAAP) (see above) | $ | 639,345 | $ | 478,266 | $ | 639,345 | $ | 478,266 | $ | 482,738 | |||||||||||||||||||
Tangible equity to tangible assets (non-GAAP) | 9.21 | % | 8.48 | % | 9.21 | % | 8.48 | % | 8.58 | % |
As of and for the three months ended September 30, | As of and for the nine months ended September 30, | ||||||||||||||||||||||
($ in thousands, except per share amounts) | 2022 | 2021 | 2022 | 2021 | |||||||||||||||||||
Net interest income | $ | 68,486 | $ | 39,965 | $ | 168,356 | $ | 114,782 | |||||||||||||||
Provision for loan losses | 3,750 | 3,500 | 12,450 | 1,750 | |||||||||||||||||||
Noninterest income | 24,953 | 28,684 | 70,948 | 94,848 | |||||||||||||||||||
Noninterest expense | 55,548 | 54,570 | 183,683 | 166,374 | |||||||||||||||||||
Income before income taxes | 34,141 | 10,579 | 43,171 | 41,506 | |||||||||||||||||||
Provision for income taxes | 7,628 | 1,851 | 8,559 | 7,159 | |||||||||||||||||||
Net income | 26,513 | 8,728 | 34,612 | 34,347 | |||||||||||||||||||
Diluted earnings per share | $ | 1.04 | $ | 0.46 | $ | 1.49 | $ | 1.83 | |||||||||||||||
Return on average assets | 1.52 | % | 0.62 | % | 0.70 | % | 0.85 | % | |||||||||||||||
Return on average stockholders' equity | 14.50 | % | 6.68 | % | 6.90 | % | 8.95 | % | |||||||||||||||
Net interest margin | 4.26 | % | 3.01 | % | 3.66 | % | 3.00 | % | |||||||||||||||
Net interest margin - FTE basis (non-GAAP) (1) | 4.31 | % | 3.10 | % | 3.75 | % | 3.11 | % | |||||||||||||||
Efficiency ratio | 59.45 | % | 79.49 | % | 76.76 | % | 79.37 | % | |||||||||||||||
Fee revenue to total revenue (2) | 26.71 | % | 41.78 | % | 29.65 | % | 45.25 | % | |||||||||||||||
(1) See section entitled “Non-GAAP Financial Measures and Reconciliations” for information regarding non-GAAP financial measures and a reconciliation to the most comparable GAAP equivalent. | |||||||||||||||||||||||
(2) Fee revenue to total revenue is defined as “noninterest income / (net interest income + noninterest income)”. |
For the three months ended September 30, | |||||||||||||||||
2022 Versus 2021 Increase (Decrease) Due to: | |||||||||||||||||
(In thousands) | Rate | Volume | Total | ||||||||||||||
Interest Earning Assets | |||||||||||||||||
Loans held-for-sale | $ | 286 | $ | (529) | $ | (243) | |||||||||||
Loans held-for-investment | 10,202 | 17,615 | 27,817 | ||||||||||||||
Investment securities | 1,353 | 337 | 1,690 | ||||||||||||||
Interest-bearing cash | 1,636 | (398) | 1,238 | ||||||||||||||
Total earning assets | 13,477 | 17,025 | 30,502 | ||||||||||||||
Interest-bearing liabilities | |||||||||||||||||
Demand and NOW deposits | 378 | (22) | 356 | ||||||||||||||
Savings deposits | 113 | 13 | 126 | ||||||||||||||
Money market deposits | 415 | 163 | 578 | ||||||||||||||
Certificates of deposits | (281) | 517 | 236 | ||||||||||||||
Total deposits | 625 | 671 | 1,296 | ||||||||||||||
Repurchase agreements | 46 | (8) | 38 | ||||||||||||||
Total deposits and repurchase agreements | 671 | 663 | 1,334 | ||||||||||||||
FHLB borrowings | 155 | 455 | 610 | ||||||||||||||
Other long-term borrowings | (147) | 184 | 37 | ||||||||||||||
Total interest-bearing liabilities | 679 | 1,302 | 1,981 | ||||||||||||||
Net interest income | $ | 12,798 | $ | 15,723 | $ | 28,521 |
For the nine months ended September 30, | |||||||||||||||||
2022 Versus 2021 Increase (Decrease) Due to: | |||||||||||||||||
(In thousands) | Rate | Volume | Total | ||||||||||||||
Interest Earning Assets | |||||||||||||||||
Loans held-for-sale | $ | 1,199 | $ | (1,749) | $ | (550) | |||||||||||
Loans held-for-investment | 14,002 | 36,581 | 50,583 | ||||||||||||||
Investment securities | 2,460 | 1,146 | 3,606 | ||||||||||||||
Interest-bearing cash | 2,649 | (412) | 2,237 | ||||||||||||||
Total earning assets | 20,310 | 35,566 | 55,876 | ||||||||||||||
Interest-bearing liabilities | |||||||||||||||||
Demand and NOW deposits | 345 | (133) | 212 | ||||||||||||||
Savings deposits | 53 | 35 | 88 | ||||||||||||||
Money market deposits | (242) | 581 | 339 | ||||||||||||||
Certificates of deposits | (1,380) | 1,030 | (350) | ||||||||||||||
Total deposits | (1,224) | 1,513 | 289 | ||||||||||||||
Repurchase agreements | 52 | (27) | 25 | ||||||||||||||
Total deposits and repurchase agreements | (1,172) | 1,486 | 314 | ||||||||||||||
FHLB borrowings | (568) | 1,490 | 922 | ||||||||||||||
Other long-term borrowings | 364 | 702 | 1,066 | ||||||||||||||
Total interest-bearing liabilities | (1,376) | 3,678 | 2,302 | ||||||||||||||
Net interest income | $ | 21,686 | $ | 31,888 | $ | 53,574 |
For the three months ended September 30, | For the nine months ended September 30, | ||||||||||||||||||||||
(In thousands) | 2022 | 2021 | 2022 | 2021 | |||||||||||||||||||
Service charges on deposit accounts | $ | 4,807 | $ | 3,471 | $ | 13,111 | $ | 8,659 | |||||||||||||||
Credit and debit card fees | 3,103 | 2,472 | 8,508 | 7,140 | |||||||||||||||||||
Trust and investment advisory fees | 1,552 | 1,974 | 5,408 | 5,871 | |||||||||||||||||||
Income from mortgage banking services, net | 13,785 | 20,151 | 40,017 | 68,144 | |||||||||||||||||||
Other | 1,706 | 616 | 3,904 | 5,034 | |||||||||||||||||||
Total noninterest income | $ | 24,953 | $ | 28,684 | $ | 70,948 | $ | 94,848 |
For the three months ended September 30, | |||||||||||
(In thousands) | 2022 | 2021 | |||||||||
Net sale gains and fees from mortgage loan originations including loans held-for-sale changes in fair value and hedging | $ | 3,942 | $ | 14,938 | |||||||
Mortgage servicing income | 4,234 | 3,219 | |||||||||
MSR capitalization and changes in fair value, net of derivative activity | 5,609 | 1,994 | |||||||||
Income from mortgage banking services, net | $ | 13,785 | $ | 20,151 |
For the nine months ended September 30, | |||||||||||
(In thousands) | 2022 | 2021 | |||||||||
Net sale gains and fees from mortgage loan originations including loans held-for-sale changes in fair value and hedging | $ | 16,639 | $ | 51,723 | |||||||
Mortgage servicing income | 11,071 | 9,170 | |||||||||
MSR capitalization and changes in fair value, net of derivative activity | 12,307 | 7,251 | |||||||||
Income from mortgage banking services, net | $ | 40,017 | $ | 68,144 |
For the three months ended September 30, | For the nine months ended September 30, | ||||||||||||||||||||||
(In thousands) | 2022 | 2021 | 2022 | 2021 | |||||||||||||||||||
Salary and employee benefits | $ | 32,508 | $ | 36,061 | $ | 101,981 | $ | 113,129 | |||||||||||||||
Occupancy and equipment | 8,216 | 6,643 | 22,802 | 19,867 | |||||||||||||||||||
Amortization of intangible assets | 935 | 354 | 2,197 | 1,062 | |||||||||||||||||||
Merger-related expenses | — | 705 | 18,751 | 1,984 | |||||||||||||||||||
Other | 13,889 | 10,807 | 37,952 | 30,332 | |||||||||||||||||||
Total noninterest expenses | $ | 55,548 | $ | 54,570 | $ | 183,683 | $ | 166,374 |
September 30, 2022 | December 31, 2021 | ||||||||||||||||||||||
(In thousands) | Carrying Amount | % of Portfolio | Carrying Amount | % of Portfolio | |||||||||||||||||||
Available-for-sale: | |||||||||||||||||||||||
U.S. treasury | $ | 56,618 | 10.3 | % | $ | 35,185 | 6.1 | % | |||||||||||||||
U.S. agency | 3,201 | 0.6 | % | 5,919 | 1.0 | % | |||||||||||||||||
Obligations of states and political subdivisions | 25,452 | 4.6 | % | 3,789 | 0.7 | % | |||||||||||||||||
Mortgage backed - residential | 118,513 | 21.5 | % | 138,677 | 24.2 | % | |||||||||||||||||
Collateralized mortgage obligations | 214,030 | 38.8 | % | 235,784 | 41.2 | % | |||||||||||||||||
Mortgage backed - commercial | 118,592 | 21.5 | % | 153,147 | 26.8 | % | |||||||||||||||||
Other debt | 14,759 | 2.7 | % | — | — | % | |||||||||||||||||
Total available-for-sale | $ | 551,165 | 100.0 | % | $ | 572,501 | 100.0 | % | |||||||||||||||
Held-to-maturity: | |||||||||||||||||||||||
Obligations of states and political subdivisions | $ | 25,002 | 63.9 | % | $ | 716 | 4.0 | % | |||||||||||||||
Mortgage backed - residential | 9,091 | 23.2 | % | 10,750 | 59.7 | % | |||||||||||||||||
Collateralized mortgage obligations | 5,055 | 12.9 | % | 6,541 | 36.3 | % | |||||||||||||||||
Total held-to-maturity | $ | 39,148 | 100.0 | % | $ | 18,007 | 100.0 | % |
(In thousands) | One year or less | One to five years | Five to ten years | After ten years | |||||||||||||||||||||||||||||||||||||||||||
Carrying Amount | Average Yield | Carrying Amount | Average Yield | Carrying Amount | Average Yield | Carrying Amount | Average Yield | ||||||||||||||||||||||||||||||||||||||||
Available-for-sale: | |||||||||||||||||||||||||||||||||||||||||||||||
U.S. treasury | $ | 3,412 | — | % | $ | 22,278 | 1.89 | % | $ | 30,928 | 1.29 | % | $ | — | — | % | |||||||||||||||||||||||||||||||
U.S. agency | — | — | % | 1,981 | 3.28 | % | 1,220 | 2.89 | % | — | — | % | |||||||||||||||||||||||||||||||||||
Obligations of states and political subdivisions | — | — | % | — | — | % | 7,094 | 3.20 | % | 18,358 | 3.00 | % | |||||||||||||||||||||||||||||||||||
Mortgage backed - residential | 164 | 3.99 | % | 39,931 | 2.21 | % | 36,820 | 1.88 | % | 41,598 | 2.18 | % | |||||||||||||||||||||||||||||||||||
Collateralized mortgage obligations | 2,344 | 2.32 | % | 86,119 | 2.77 | % | 106,355 | 2.30 | % | 19,212 | 2.10 | % | |||||||||||||||||||||||||||||||||||
Mortgage backed - commercial | 1,526 | 2.86 | % | 36,024 | 2.74 | % | 66,981 | 2.14 | % | 14,061 | 2.88 | % | |||||||||||||||||||||||||||||||||||
Other debt | — | — | % | — | — | % | 12,014 | 2.83 | % | 2,745 | 3.78 | % | |||||||||||||||||||||||||||||||||||
Total available-for-sale | $ | 7,446 | 1.40 | % | $ | 186,333 | 2.54 | % | $ | 261,412 | 2.13 | % | $ | 95,974 | 2.47 | % | |||||||||||||||||||||||||||||||
Held-to-maturity: | |||||||||||||||||||||||||||||||||||||||||||||||
Obligations of states and political subdivisions | — | — | % | 705 | 1.55 | % | — | — | % | 24,297 | 3.52 | % | |||||||||||||||||||||||||||||||||||
Mortgage backed - residential | — | — | % | 5,629 | 2.54 | % | 22 | 5.80 | % | 3,440 | 3.24 | % | |||||||||||||||||||||||||||||||||||
Collateralized mortgage obligations | 461 | 1.40 | % | 3,071 | 2.52 | % | 1,523 | 2.96 | % | — | — | % | |||||||||||||||||||||||||||||||||||
Total held-to-maturity | $ | 461 | 1.40 | % | $ | 9,405 | 2.46 | % | $ | 1,545 | 3.00 | % | $ | 27,737 | 3.49 | % |
September 30, 2022 | December 31, 2021 | ||||||||||||||||||||||
(In thousands) | Amount | % of total loans | Amount | % of total loans | |||||||||||||||||||
Commercial | $ | 2,738,068 | 49.3 | % | $ | 2,407,888 | 59.6 | % | |||||||||||||||
Commercial real estate | 1,772,315 | 31.9 | % | 1,174,242 | 29.1 | % | |||||||||||||||||
Residential real estate | 1,003,157 | 18.0 | % | 437,017 | 10.8 | % | |||||||||||||||||
Consumer | 43,146 | 0.8 | % | 17,976 | 0.5 | % | |||||||||||||||||
Total loans | $ | 5,556,686 | 100.0 | % | $ | 4,037,123 | 100.0 | % |
(In thousands) | One year or less | After one through five years | After five through 15 years | After 15 years | Total | ||||||||||||||||||||||||
Commercial | $ | 235,637 | $ | 1,546,433 | $ | 753,750 | $ | 202,248 | $ | 2,738,068 | |||||||||||||||||||
Commercial real estate | 147,361 | 993,026 | 557,822 | 74,106 | 1,772,315 | ||||||||||||||||||||||||
Residential real estate | 94,447 | 95,406 | 131,834 | 681,470 | 1,003,157 | ||||||||||||||||||||||||
Consumer | 8,355 | 9,962 | 24,503 | 326 | 43,146 | ||||||||||||||||||||||||
Total loans | $ | 485,800 | $ | 2,644,827 | $ | 1,467,909 | $ | 958,150 | $ | 5,556,686 |
(In thousands) | One year or less | After one through five years | After five through 15 years | After 15 years | Total | Total Loans Maturing After 1 Year | |||||||||||||||||||||||||||||
Loans maturing with: | |||||||||||||||||||||||||||||||||||
Fixed interest rates | |||||||||||||||||||||||||||||||||||
Commercial | $ | 45,630 | $ | 699,528 | $ | 657,031 | $ | 173,745 | $ | 1,575,934 | $ | 1,530,304 | |||||||||||||||||||||||
Commercial real estate | 66,151 | 609,858 | 166,160 | 1,300 | 843,469 | 777,318 | |||||||||||||||||||||||||||||
Residential real estate | 56,324 | 70,220 | 93,060 | 315,062 | 534,666 | 478,342 | |||||||||||||||||||||||||||||
Consumer | 5,896 | 8,817 | 24,375 | — | 39,088 | 33,192 | |||||||||||||||||||||||||||||
Total fixed interest rate loans | $ | 174,001 | $ | 1,388,423 | $ | 940,626 | $ | 490,107 | $ | 2,993,157 | $ | 2,819,156 | |||||||||||||||||||||||
Floating or adjustable interest rates | |||||||||||||||||||||||||||||||||||
Commercial | $ | 190,007 | $ | 846,905 | $ | 96,719 | $ | 28,503 | $ | 1,162,134 | $ | 972,127 | |||||||||||||||||||||||
Commercial real estate | 81,210 | 383,168 | 391,662 | 72,806 | 928,846 | 847,636 | |||||||||||||||||||||||||||||
Residential real estate | 38,123 | 25,186 | 38,774 | 366,408 | 468,491 | 430,368 | |||||||||||||||||||||||||||||
Consumer | 2,459 | 1,145 | 128 | 326 | 4,058 | 1,599 | |||||||||||||||||||||||||||||
Total floating or adjustable interest rate loans | $ | 311,799 | $ | 1,256,404 | $ | 527,283 | $ | 468,043 | $ | 2,563,529 | $ | 2,251,730 | |||||||||||||||||||||||
Total loans | $ | 485,800 | $ | 2,644,827 | $ | 1,467,909 | $ | 958,150 | $ | 5,556,686 | $ | 5,070,886 |
For the three months ended September 30, | For the nine months ended September 30, | For the year ended December 31, | |||||||||||||||||||||||||||
(In thousands) | 2022 | 2021 | 2022 | 2021 | 2021 | ||||||||||||||||||||||||
Balance, beginning of period | $ | 56,077 | $ | 42,978 | $ | 47,547 | $ | 47,766 | $ | 47,766 | |||||||||||||||||||
Loan charge-offs: | |||||||||||||||||||||||||||||
Commercial | (223) | — | (2,173) | (3,102) | (4,296) | ||||||||||||||||||||||||
Commercial real estate | — | — | — | — | (375) | ||||||||||||||||||||||||
Residential real estate | (24) | — | (122) | (2) | (42) | ||||||||||||||||||||||||
Consumer | (53) | (66) | (117) | (138) | (148) | ||||||||||||||||||||||||
Total loan charge-offs | (300) | (66) | (2,412) | (3,242) | (4,861) | ||||||||||||||||||||||||
Recoveries of loans previously charged-off: | |||||||||||||||||||||||||||||
Commercial | 112 | 1,440 | 1,835 | 1,526 | 1,547 | ||||||||||||||||||||||||
Commercial real estate | 2 | — | 3 | 9 | 28 | ||||||||||||||||||||||||
Residential real estate | 1 | 3 | 196 | 23 | 24 | ||||||||||||||||||||||||
Consumer | 36 | 13 | 59 | 36 | 43 | ||||||||||||||||||||||||
Total loan recoveries | 151 | 1,456 | 2,093 | 1,594 | 1,642 | ||||||||||||||||||||||||
Net recoveries (charge-offs) | (149) | 1,390 | (319) | (1,648) | (3,219) | ||||||||||||||||||||||||
Provision for loan losses | 3,750 | 3,500 | 12,450 | 1,750 | 3,000 | ||||||||||||||||||||||||
Balance, end of period | $ | 59,678 | $ | 47,868 | $ | 59,678 | $ | 47,868 | $ | 47,547 | |||||||||||||||||||
Allowance for loan losses to total loans | 1.07 | % | 1.26 | % | 1.07 | % | 1.26 | % | 1.18 | % | |||||||||||||||||||
Ratio of net charge-offs (recoveries) to average loans outstanding | 0.01 | % | (0.15) | % | 0.01 | % | 0.06 | % | 0.09 | % |
For the three months ended September 30, | For the nine months ended September 30, | ||||||||||||||||||||||
(In thousands) | 2022 | 2021 | 2022 | 2021 | |||||||||||||||||||
Commercial | 0.02 | % | (0.25) | % | 0.02 | % | 0.10 | % | |||||||||||||||
Commercial real estate | — | % | — | % | — | % | — | % | |||||||||||||||
Residential real estate | 0.01 | % | — | % | (0.02) | % | (0.01) | % | |||||||||||||||
Consumer | 0.15 | % | 1.20 | % | 0.21 | % | 0.86 | % |
September 30, 2022 | December 31, 2021 | ||||||||||||||||||||||
(In thousands) | Allowance Amount | % of loans in each category to total loans | Allowance Amount | % of loans in each category to total loans | |||||||||||||||||||
Commercial | $ | 37,162 | 49.3 | % | $ | 33,277 | 59.6 | % | |||||||||||||||
Commercial real estate | 19,218 | 31.9 | % | 12,899 | 29.1 | % | |||||||||||||||||
Residential real estate | 2,965 | 18.0 | % | 1,136 | 10.8 | % | |||||||||||||||||
Consumer | 333 | 0.8 | % | 235 | 0.5 | % | |||||||||||||||||
Total | $ | 59,678 | 100.0 | % | $ | 47,547 | 100.0 | % |
For the three months ended | For the nine months ended September 30, | ||||||||||||||||||||||||||||||||||||||||||||||
2022 | 2021 | 2022 | 2021 | ||||||||||||||||||||||||||||||||||||||||||||
(Dollars in thousands) | Average Balance | Average Rate Paid | Average Balance | Average Rate Paid | Average Balance | Average Rate Paid | Average Balance | Average Rate Paid | |||||||||||||||||||||||||||||||||||||||
Noninterest-bearing demand deposit accounts | $ | 1,924,055 | — | % | $ | 1,483,010 | — | % | $ | 1,805,982 | — | % | $ | 1,295,984 | — | % | |||||||||||||||||||||||||||||||
Interest-bearing deposit accounts: | |||||||||||||||||||||||||||||||||||||||||||||||
Interest-bearing demand accounts | 159,905 | 1.12 | % | 188,897 | 0.19 | % | 169,191 | 0.58 | % | 193,756 | 0.21 | % | |||||||||||||||||||||||||||||||||||
Savings accounts and money market accounts | 3,124,000 | 0.24 | % | 2,718,369 | 0.17 | % | 3,064,646 | 0.18 | % | 2,637,844 | 0.19 | % | |||||||||||||||||||||||||||||||||||
NOW accounts | 42,385 | 0.43 | % | 52,591 | 0.38 | % | 45,671 | 0.34 | % | 78,199 | 0.57 | % | |||||||||||||||||||||||||||||||||||
Certificate of deposit accounts | 593,479 | 0.62 | % | 337,906 | 0.81 | % | 498,753 | 0.56 | % | 350,217 | 0.92 | % | |||||||||||||||||||||||||||||||||||
Total interest-bearing deposit accounts | 3,919,769 | 0.33 | % | 3,297,763 | 0.24 | % | 3,778,261 | 0.25 | % | 3,260,016 | 0.28 | % | |||||||||||||||||||||||||||||||||||
Total deposits | $ | 5,843,824 | 0.22 | % | $ | 4,780,773 | 0.17 | % | $ | 5,584,243 | 0.17 | % | $ | 4,556,000 | 0.20 | % |
(In thousands) | Note Reference | Total | Less than 1 Year | 1 - 3 Years | 3 - 5 Years | More than 5 Years | |||||||||||||||||||||||||||||
Deposits: | |||||||||||||||||||||||||||||||||||
Deposits without a stated maturity | 7 | $ | 5,160,858 | $ | 5,160,858 | $ | — | $ | — | $ | — | ||||||||||||||||||||||||
Certificates of deposit | 7 | 599,560 | 381,184 | 194,356 | 20,925 | 3,095 | |||||||||||||||||||||||||||||
Securities sold under agreements to repurchase | 8 | 51,256 | 51,256 | — | — | — | |||||||||||||||||||||||||||||
Short-term debt: | |||||||||||||||||||||||||||||||||||
FHLB LOC | 9 | 170,884 | 170,884 | — | — | — | |||||||||||||||||||||||||||||
Long-term debt: | |||||||||||||||||||||||||||||||||||
FHLB term advances (1) | 9 | 140,000 | 140,000 | — | — | — | |||||||||||||||||||||||||||||
Convertible notes payable | 9 | 5,456 | 5,456 | — | — | — | |||||||||||||||||||||||||||||
Subordinated debt | 9 | 78,919 | — | — | — | 78,919 | |||||||||||||||||||||||||||||
Operating leases | 17 | 34,148 | 2,428 | 14,594 | 10,028 | 7,098 | |||||||||||||||||||||||||||||
(1) Due to the increasing interest rate environment, we believe all of our FHLB term advances will be called upon the next due date, resulting in their repayment within the next year. For further information see Note 9 - Debt to the consolidated financial statements. |
Exhibit No. | Description | |||||||
31.1 | ||||||||
31.2 | ||||||||
32.1 | ||||||||
101 | The following financial statements from the Company’s Quarterly Report on Form 10-Q for the quarter ended September 30, 2022, were formatted in Inline XBRL: (i) Consolidated Balance Sheets, (ii) Consolidated Statements of (Loss) Income, (iii) Consolidated Statements of Comprehensive Income, (iv) Consolidated Statements of Stockholders’ Equity, (v) Consolidated Statements of Cash Flows. | |||||||
104 | Cover Page Interactive Data File (formatted in Inline XBRL and contained in Exhibit 101). |
FIRSTSUN CAPITAL BANCORP | |||||||||||
(Registrant) | |||||||||||
/s/ Neal E. Arnold | |||||||||||
Date: | November 10, 2022 | ||||||||||
Neal E. Arnold | |||||||||||
President and Chief Executive Officer | |||||||||||
(Principal Executive Officer) | |||||||||||
/s/ Robert A. Cafera, Jr. | |||||||||||
Date: | November 10, 2022 | ||||||||||
Robert A. Cafera, Jr. | |||||||||||
Executive Vice President and Chief Financial Officer | |||||||||||
(Principal Financial Officer and Principal Accounting Officer) | |||||||||||
1 Year FirstSun Capital Bancorp (QX) Chart |
1 Month FirstSun Capital Bancorp (QX) Chart |
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