Customers Bancorp Reports Results for First Quarter 2023
First Quarter 2023 Highlights
-
Q1 2023 net income available to common shareholders was
, or$50.3 million per diluted share; ROAA was$1.55 1.03% and ROCE was16.00% . -
Q1 2023 core earnings* were
, or$51.1 million per diluted share; Core ROAA* was$1.58 1.05% and Core ROCE* was16.28% . -
Q1 2023 core earnings excluding Paycheck Protection Program* ("PPP") were
, or$41.5 million per diluted share.$1.28 -
Q1 2023 adjusted pre-tax pre-provision net income* was
; adjusted pre-tax pre-provision ROAA* was$89.3 million 1.72% ; and adjusted pre-tax pre-provision ROCE* was27.33% . -
PPP loans decreased
over Q4 2022, with less than$751.9 million outstanding at$250 million March 31, 2023 . - Q1 2023 core loans* were flat over Q4 2022, with loan yields (excluding PPP)* up 60 basis points in Q1 2023.
-
Q1 2023 non-interest bearing deposits grew by
, or$1.6 billion 85% , over Q4 2022, leading to aMarch 31, 2023 spot cost of deposits decline of 14 basis points. -
Total insured deposits were
81% 1 of total deposits atMarch 31, 2023 , with immediately available liquidity covering uninsured deposits by272% . -
Q1 2023 net interest margin, tax equivalent was
2.96% . Q1 2023 net interest margin, tax equivalent, excluding the impact of PPP loans* was2.80% . High levels of cash negatively impacted net interest margin by about 6 basis points2 in Q1 2023. -
Q1 2023 provision for credit losses on loans and leases of
was largely driven by the recognition of weaker macroeconomic forecasts.$18.0 million -
Non-performing assets were
, or$32.3 million 0.15% of total assets, atMarch 31, 2023 , relatively unchanged fromDecember 31, 2022 . Allowance for credit losses on loans and leases equaled406% of non-performing loans atMarch 31, 2023 , compared to426% atDecember 31, 2022 . -
Q1 2023 book value per share and tangible book value per share* grew by
and$2.00 , or$1.99 5.1% , respectively, with decreased AOCI losses of over the same time period.$6.8 million -
Repurchased 1,379,883 common shares for
in Q1 2023, approximately at$39.8 million 70% of tangible book value per share* atMarch 31, 2023 , leaving 497,509 common shares available for repurchase under the existing authorization. -
All capital ratios remained stable in Q1 2023. Goal to bring CET 1 ratio to
11.0% -11.5% by year-end 2023.
|
|
|
|
|
* Non-GAAP measure. Customers' reasons for the use of the non-GAAP measure and a detailed reconciliation between the non-GAAP measure and the comparable GAAP amount are included at the end of this document. |
||||
1 Uninsured deposits of |
||||
2 Assuming cash balance of |
CEO Commentary
“The first quarter brought unexpected turmoil in the banking industry and I would like to commend our leadership team and all our team members for their remarkable performance navigating these challenges,” said
"In 2022, we took proactive measures to moderate loan growth, focusing on floating rate, low-to-no credit risk verticals, to grow and diversify our low-to-no-cost deposit franchise, to prudently manage the duration and return in our securities portfolio, and to maintain strong liquidity. We continued to purposely moderate loan growth in the first quarter 2023 to further improve our capital ratios. At
Financial Highlights
(Dollars in thousands, except per share data) |
|
At or Three Months Ended |
|
Increase (Decrease) |
|||||||||||
|
|
|
|
|
|||||||||||
Profitability Metrics: |
|
|
|
|
|
|
|
|
|||||||
Net income available for common shareholders |
|
$ |
50,265 |
|
|
$ |
25,623 |
|
|
$ |
24,642 |
|
|
96.2 |
% |
Diluted earnings per share |
|
$ |
1.55 |
|
|
$ |
0.77 |
|
|
$ |
0.78 |
|
|
101.3 |
% |
Core earnings* |
|
$ |
51,143 |
|
|
$ |
39,368 |
|
|
$ |
11,775 |
|
|
29.9 |
% |
Core earnings per share* |
|
$ |
1.58 |
|
|
$ |
1.19 |
|
|
$ |
0.39 |
|
|
32.8 |
% |
Core earnings, excluding PPP* |
|
$ |
41,537 |
|
|
$ |
45,324 |
|
|
$ |
(3,787 |
) |
|
(8.4 |
)% |
Core earnings per share, excluding PPP* |
|
$ |
1.28 |
|
|
$ |
1.37 |
|
|
$ |
(0.09 |
) |
|
(6.6 |
)% |
Return on average assets ("ROAA") |
|
|
1.03 |
% |
|
|
0.55 |
% |
|
|
0.48 |
|
|
|
|
Core ROAA* |
|
|
1.05 |
% |
|
|
0.81 |
% |
|
|
0.24 |
|
|
|
|
Core ROAA, excluding PPP* |
|
|
0.87 |
% |
|
|
0.93 |
% |
|
|
(0.06 |
) |
|
|
|
Return on average common equity ("ROCE") |
|
|
16.00 |
% |
|
|
8.05 |
% |
|
|
7.95 |
|
|
|
|
Core ROCE* |
|
|
16.28 |
% |
|
|
12.36 |
% |
|
|
3.92 |
|
|
|
|
Adjusted pre-tax pre-provision net income* |
|
$ |
89,282 |
|
|
$ |
81,377 |
|
|
$ |
7,905 |
|
|
9.7 |
% |
Adjusted pre-tax pre-provision net income ROAA, excluding PPP* |
|
|
1.53 |
% |
|
|
1.67 |
% |
|
|
(0.14 |
) |
|
|
|
Net interest margin, tax equivalent |
|
|
2.96 |
% |
|
|
2.67 |
% |
|
|
0.29 |
|
|
|
|
Net interest margin, tax equivalent, excluding PPP* |
|
|
2.80 |
% |
|
|
2.87 |
% |
|
|
(0.07 |
) |
|
|
|
Loan yield |
|
|
6.70 |
% |
|
|
5.64 |
% |
|
|
1.06 |
|
|
|
|
Loan yield, excluding PPP* |
|
|
6.46 |
% |
|
|
5.86 |
% |
|
|
0.60 |
|
|
|
|
Cost of deposits |
|
|
3.32 |
% |
|
|
2.73 |
% |
|
|
0.59 |
|
|
|
|
Efficiency ratio |
|
|
47.71 |
% |
|
|
49.20 |
% |
|
|
(1.49 |
) |
|
|
|
Core efficiency ratio* |
|
|
47.09 |
% |
|
|
49.12 |
% |
|
|
(2.03 |
) |
|
|
|
Balance Sheet Trends: |
|
|
|
|
|
|
|
|
|||||||
Total assets |
|
$ |
21,751,614 |
|
|
$ |
20,896,112 |
|
|
$ |
855,502 |
|
|
4.1 |
% |
Total loans and leases |
|
$ |
15,063,034 |
|
|
$ |
15,794,671 |
|
|
$ |
(731,637 |
) |
|
(4.6 |
)% |
Total loans and leases, excluding PPP* |
|
$ |
14,816,776 |
|
|
$ |
14,796,518 |
|
|
$ |
20,258 |
|
|
0.1 |
% |
Non-interest bearing demand deposits |
|
$ |
3,487,517 |
|
|
$ |
1,885,045 |
|
|
$ |
1,602,472 |
|
|
85.0 |
% |
Total deposits |
|
$ |
17,723,617 |
|
|
$ |
18,156,953 |
|
|
$ |
(433,336 |
) |
|
(2.4 |
)% |
Capital Metrics: |
|
|
|
|
|
|
|
|
|||||||
Common Equity |
|
$ |
1,283,226 |
|
|
$ |
1,265,167 |
|
|
$ |
18,059 |
|
|
1.4 |
% |
Tangible Common Equity* |
|
$ |
1,279,597 |
|
|
$ |
1,261,538 |
|
|
$ |
18,059 |
|
|
1.4 |
% |
Common Equity to Total Assets |
|
|
5.9 |
% |
|
|
6.1 |
% |
|
|
(0.2 |
) |
|
|
|
Tangible Common Equity to Tangible Assets* |
|
|
5.9 |
% |
|
|
6.0 |
% |
|
|
(0.1 |
) |
|
|
|
Tangible Common Equity to Tangible Assets, excluding PPP* |
|
|
6.0 |
% |
|
|
6.3 |
% |
|
|
(0.3 |
) |
|
|
|
Book Value per common share |
|
$ |
41.08 |
|
|
$ |
39.08 |
|
|
$ |
2.00 |
|
|
5.1 |
% |
Tangible Book Value per common share* |
|
$ |
40.96 |
|
|
$ |
38.97 |
|
|
$ |
1.99 |
|
|
5.1 |
% |
Common equity Tier 1 capital ratio (1) |
|
|
9.6 |
% |
|
|
9.6 |
% |
|
|
— |
|
|
|
|
Total risk based capital ratio (1) |
|
|
12.3 |
% |
|
|
12.2 |
% |
|
|
0.1 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||
(1) Regulatory capital ratios as of |
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* Non-GAAP measure. Customers' reasons for the use of the non-GAAP measure and a detailed reconciliation between the non-GAAP measure and the comparable GAAP amount are included at the end of this document. |
Financial Highlights
(Dollars in thousands, except per share data) |
|
At or Three Months Ended |
|
Increase (Decrease) |
|||||||||||
|
|
|
|
|
|||||||||||
Profitability Metrics: |
|
|
|
|
|
|
|
|
|||||||
Net income available for common shareholders |
|
$ |
50,265 |
|
|
$ |
74,896 |
|
|
$ |
(24,631 |
) |
|
(32.9 |
)% |
Diluted earnings per share |
|
$ |
1.55 |
|
|
$ |
2.18 |
|
|
$ |
(0.63 |
) |
|
(28.9 |
)% |
Core earnings* |
|
$ |
51,143 |
|
|
$ |
75,410 |
|
|
$ |
(24,267 |
) |
|
(32.2 |
)% |
Core earnings per share* |
|
$ |
1.58 |
|
|
$ |
2.20 |
|
|
$ |
(0.62 |
) |
|
(28.2 |
)% |
Core earnings, excluding PPP* |
|
$ |
41,537 |
|
|
$ |
50,697 |
|
|
$ |
(9,160 |
) |
|
(18.1 |
)% |
Core earnings per share, excluding PPP* |
|
$ |
1.28 |
|
|
$ |
1.48 |
|
|
$ |
(0.20 |
) |
|
(13.5 |
)% |
Return on average assets ("ROAA") |
|
|
1.03 |
% |
|
|
1.63 |
% |
|
|
(0.60 |
) |
|
|
|
Core ROAA* |
|
|
1.05 |
% |
|
|
1.64 |
% |
|
|
(0.59 |
) |
|
|
|
Core ROAA, excluding PPP* |
|
|
0.87 |
% |
|
|
1.11 |
% |
|
|
(0.24 |
) |
|
|
|
Return on average common equity ("ROCE") |
|
|
16.00 |
% |
|
|
24.26 |
% |
|
|
(8.26 |
) |
|
|
|
Core ROCE* |
|
|
16.28 |
% |
|
|
24.43 |
% |
|
|
(8.15 |
) |
|
|
|
Adjusted pre-tax pre-provision net income* |
|
$ |
89,282 |
|
|
$ |
112,649 |
|
|
$ |
(23,367 |
) |
|
(20.7 |
)% |
Adjusted pre-tax pre-provision net income ROAA, excluding PPP* |
|
|
1.53 |
% |
|
|
1.86 |
% |
|
|
(0.33 |
) |
|
|
|
Net interest margin, tax equivalent |
|
|
2.96 |
% |
|
|
3.60 |
% |
|
|
(0.64 |
) |
|
|
|
Net interest margin, tax equivalent, excluding PPP* |
|
|
2.80 |
% |
|
|
3.32 |
% |
|
|
(0.52 |
) |
|
|
|
Loan yield |
|
|
6.70 |
% |
|
|
4.67 |
% |
|
|
2.03 |
|
|
|
|
Loan yield, excluding PPP* |
|
|
6.46 |
% |
|
|
4.43 |
% |
|
|
2.03 |
|
|
|
|
Cost of deposits |
|
|
3.32 |
% |
|
|
0.33 |
% |
|
|
2.99 |
|
|
|
|
Efficiency ratio |
|
|
47.71 |
% |
|
|
39.42 |
% |
|
|
8.29 |
|
|
|
|
Core efficiency ratio* |
|
|
47.09 |
% |
|
|
39.47 |
% |
|
|
7.62 |
|
|
|
|
Balance Sheet Trends: |
|
|
|
|
|
|
|
|
|||||||
Total assets |
|
$ |
21,751,614 |
|
|
$ |
19,163,708 |
|
|
$ |
2,587,906 |
|
|
13.5 |
% |
Total loans and leases |
|
$ |
15,063,034 |
|
|
$ |
14,073,518 |
|
|
$ |
989,516 |
|
|
7.0 |
% |
Total loans and leases, excluding PPP* |
|
$ |
14,816,776 |
|
|
$ |
11,877,616 |
|
|
$ |
2,939,160 |
|
|
24.7 |
% |
Non-interest bearing demand deposits |
|
$ |
3,487,517 |
|
|
$ |
4,594,428 |
|
|
$ |
(1,106,911 |
) |
|
(24.1 |
)% |
Total deposits |
|
$ |
17,723,617 |
|
|
$ |
16,415,560 |
|
|
$ |
1,308,057 |
|
|
8.0 |
% |
Capital Metrics: |
|
|
|
|
|
|
|
|
|||||||
Common Equity |
|
$ |
1,283,226 |
|
|
$ |
1,239,612 |
|
|
$ |
43,614 |
|
|
3.5 |
% |
Tangible Common Equity* |
|
$ |
1,279,597 |
|
|
$ |
1,235,934 |
|
|
$ |
43,663 |
|
|
3.5 |
% |
Common Equity to Total Assets |
|
|
5.9 |
% |
|
|
6.5 |
% |
|
|
(0.6 |
) |
|
|
|
Tangible Common Equity to Tangible Assets* |
|
|
5.9 |
% |
|
|
6.5 |
% |
|
|
(0.6 |
) |
|
|
|
Tangible Common Equity to Tangible Assets, excluding PPP* |
|
|
6.0 |
% |
|
|
7.3 |
% |
|
|
(1.3 |
) |
|
|
|
Book Value per common share |
|
$ |
41.08 |
|
|
$ |
37.61 |
|
|
$ |
3.47 |
|
|
9.2 |
% |
Tangible Book Value per common share* |
|
$ |
40.96 |
|
|
$ |
37.50 |
|
|
$ |
3.46 |
|
|
9.2 |
% |
Common equity Tier 1 capital ratio (1) |
|
|
9.6 |
% |
|
|
9.9 |
% |
|
|
(0.3 |
) |
|
|
|
Total risk based capital ratio (1) |
|
|
12.3 |
% |
|
|
12.9 |
% |
|
|
(0.6 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|||||||
(1) Regulatory capital ratios as of |
|||||||||||||||
* Non-GAAP measure. Customers' reasons for the use of the non-GAAP measure and a detailed reconciliation between the non-GAAP measure and the comparable GAAP amount are included at the end of this document. |
Paycheck Protection Program (PPP)
We funded, either directly or indirectly, about 358,000 loans totaling
Key Balance Sheet Trends
Loans and Leases
The following table presents the composition of total loans and leases as of the dates indicated:
(Dollars in thousands) |
|
|
% of Total |
|
|
|
% of Total |
|
|
|
% of Total |
||||||
Loans and Leases Held for Investment |
|
|
|
|
|
|
|
|
|
|
|
||||||
Commercial: |
|
|
|
|
|
|
|
|
|
|
|
||||||
Commercial & industrial: |
|
|
|
|
|
|
|
|
|
|
|
||||||
Specialty lending |
$ |
5,519,176 |
|
37.7 |
% |
|
$ |
5,412,887 |
|
35.0 |
% |
|
$ |
2,973,544 |
|
21.1 |
% |
Other commercial & industrial |
|
1,168,161 |
|
8.0 |
|
|
|
1,135,336 |
|
7.3 |
|
|
|
947,895 |
|
6.8 |
|
Multifamily |
|
2,195,211 |
|
15.0 |
|
|
|
2,213,019 |
|
14.3 |
|
|
|
1,705,027 |
|
12.1 |
|
Loans to mortgage companies |
|
1,374,894 |
|
9.4 |
|
|
|
1,447,919 |
|
9.4 |
|
|
|
1,830,121 |
|
13.0 |
|
Commercial real estate owner occupied |
|
895,314 |
|
6.1 |
|
|
|
885,339 |
|
5.7 |
|
|
|
701,893 |
|
5.0 |
|
Loans receivable, PPP |
|
246,258 |
|
1.7 |
|
|
|
998,153 |
|
6.5 |
|
|
|
2,195,902 |
|
15.6 |
|
Commercial real estate non-owner occupied |
|
1,245,248 |
|
8.5 |
|
|
|
1,290,730 |
|
8.4 |
|
|
|
1,140,311 |
|
8.1 |
|
Construction |
|
188,123 |
|
1.3 |
|
|
|
162,009 |
|
1.0 |
|
|
|
161,024 |
|
1.1 |
|
Total commercial loans and leases |
|
12,832,385 |
|
87.7 |
|
|
|
13,545,392 |
|
87.6 |
|
|
|
11,655,717 |
|
82.8 |
|
Consumer: |
|
|
|
|
|
|
|
|
|
|
|
||||||
Residential |
|
494,815 |
|
3.4 |
% |
|
|
497,952 |
|
3.2 |
% |
|
|
466,423 |
|
3.3 |
% |
Manufactured housing |
|
43,272 |
|
0.3 |
|
|
|
45,076 |
|
0.3 |
|
|
|
50,669 |
|
0.4 |
|
Installment: |
|
|
|
|
|
|
|
|
|
|
|
||||||
Personal |
|
849,420 |
|
5.8 |
|
|
|
964,641 |
|
6.2 |
|
|
|
1,584,011 |
|
11.3 |
|
Other |
|
419,085 |
|
2.8 |
|
|
|
413,298 |
|
2.7 |
|
|
|
313,695 |
|
2.2 |
|
Total installment loans |
|
1,268,505 |
|
8.6 |
|
|
|
1,377,939 |
|
8.9 |
|
|
|
1,897,706 |
|
13.5 |
|
Total consumer loans |
|
1,806,592 |
|
12.3 |
|
|
|
1,920,967 |
|
12.4 |
|
|
|
2,414,798 |
|
17.2 |
|
Total loans and leases held for investment |
$ |
14,638,977 |
|
100.0 |
% |
|
$ |
15,466,359 |
|
100.0 |
% |
|
$ |
14,070,515 |
|
100.0 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
||||||
Loans Held for Sale |
|
|
|
|
|
|
|
|
|
|
|
||||||
Commercial: |
|
|
|
|
|
|
|
|
|
|
|
||||||
Multifamily |
$ |
4,051 |
|
1.0 |
% |
|
$ |
4,079 |
|
1.2 |
% |
|
$ |
— |
|
— |
% |
Commercial real estate non-owner occupied |
|
16,000 |
|
3.7 |
|
|
|
— |
|
— |
|
|
|
— |
|
— |
|
Total commercial loans and leases |
|
20,051 |
|
4.7 |
|
|
|
4,079 |
|
1.2 |
|
|
|
— |
|
— |
|
Consumer: |
|
|
|
|
|
|
|
|
|
|
|
||||||
Residential |
|
821 |
|
0.2 |
|
|
|
829 |
|
0.2 |
|
|
|
3,003 |
|
100.0 |
|
Installment: |
|
|
|
|
|
|
|
|
|
|
|
||||||
Personal |
|
307,336 |
|
72.5 |
|
|
|
133,801 |
|
40.8 |
|
|
|
— |
|
— |
|
Other |
|
95,849 |
|
22.6 |
|
|
|
189,603 |
|
57.8 |
|
|
|
— |
|
— |
|
Total installment loans |
|
403,185 |
|
95.1 |
|
|
|
323,404 |
|
98.6 |
|
|
|
— |
|
— |
|
Total consumer loans |
|
404,006 |
|
95.3 |
|
|
|
324,233 |
|
98.8 |
|
|
|
3,003 |
|
100.0 |
|
Total loans held for sale |
$ |
424,057 |
|
100.0 |
% |
|
$ |
328,312 |
|
100.0 |
% |
|
$ |
3,003 |
|
100.0 |
% |
Total loans and leases portfolio |
$ |
15,063,034 |
|
|
|
$ |
15,794,671 |
|
|
|
$ |
14,073,518 |
|
|
Loans and Leases Held for Investment
Loans and leases held for investment were
Consumer installment loans held for investment decreased
Loans Held for Sale
Loans held for sale increased
Allowance for Credit Losses on Loans and Leases
The following table presents the allowance for credit losses on loans and leases as of the dates and for the periods presented:
|
At or Three Months Ended |
|
Increase (Decrease) |
|
At or Three Months Ended |
|
Increase (Decrease) |
||||||||||||||||
(Dollars in thousands) |
|
|
|
|
|
|
|
|
|
||||||||||||||
Allowance for credit losses on loans and leases |
$ |
130,281 |
|
|
$ |
130,924 |
|
|
$ |
(643 |
) |
|
$ |
130,281 |
|
|
$ |
145,847 |
|
|
$ |
(15,566 |
) |
Provision for credit losses on loans and leases |
$ |
18,008 |
|
|
$ |
27,891 |
|
|
$ |
(9,883 |
) |
|
$ |
18,008 |
|
|
$ |
15,269 |
|
|
$ |
2,739 |
|
Net charge-offs from loans held for investment |
$ |
18,651 |
|
|
$ |
27,164 |
|
|
$ |
(8,513 |
) |
|
$ |
18,651 |
|
|
$ |
7,226 |
|
|
$ |
11,425 |
|
Annualized net charge-offs to average loans and leases |
|
0.49 |
% |
|
|
0.70 |
% |
|
|
|
|
0.49 |
% |
|
|
0.21 |
% |
|
|
||||
Coverage of credit loss reserves for loans and leases held for investment |
|
0.97 |
% |
|
|
0.93 |
% |
|
|
|
|
0.97 |
% |
|
|
1.18 |
% |
|
|
||||
Coverage of credit loss reserves for loans and leases held for investment, excluding PPP* |
|
0.99 |
% |
|
|
1.00 |
% |
|
|
|
|
0.99 |
% |
|
|
1.44 |
% |
|
|
||||
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
* Non-GAAP measure. Customers' reasons for the use of the non-GAAP measure and a detailed reconciliation between the non-GAAP measure and the comparable GAAP amount are included at the end of this document. |
The decrease in net charge-offs in Q1 2023 compared to Q4 2022 was primarily due to one-time charge-offs of
The increase in net charge-offs in Q1 2023 compared to Q1 2022 was primarily due to an increase in consumer installment net charge-offs in Q1 2023 compared to Q1 2022.
Provision for Credit Losses
|
|
Three Months Ended |
|
Increase (Decrease) |
|
Three Months Ended |
|
Increase (Decrease) |
||||||||||||
(Dollars in thousands) |
|
|
|
|
|
|
|
|
|
|
||||||||||
Provision for credit losses on loans and leases |
|
$ |
18,008 |
|
$ |
27,891 |
|
$ |
(9,883 |
) |
|
$ |
18,008 |
|
$ |
15,269 |
|
|
$ |
2,739 |
Provision for credit losses on available for sale debt securities |
|
|
1,595 |
|
|
325 |
|
|
1,270 |
|
|
|
1,595 |
|
|
728 |
|
|
|
867 |
Provision for credit losses |
|
|
19,603 |
|
|
28,216 |
|
|
(8,613 |
) |
|
|
19,603 |
|
|
15,997 |
|
|
|
3,606 |
Provision (benefit) for credit losses on unfunded commitments |
|
|
280 |
|
|
153 |
|
|
127 |
|
|
|
280 |
|
|
(109 |
) |
|
|
389 |
Total provision for credit losses |
|
$ |
19,883 |
|
$ |
28,369 |
|
$ |
(8,486 |
) |
|
$ |
19,883 |
|
$ |
15,888 |
|
|
$ |
3,995 |
|
|
|
|
|
|
|
|
|
|
|
|
|
The provision for credit losses on loans and leases in Q1 2023 was
The provision for credit losses on loans and leases in Q1 2023 was
Asset Quality
The following table presents asset quality metrics as of the dates indicated:
(Dollars in thousands) |
|
|
|
|
Increase (Decrease) |
|
|
|
|
|
Increase (Decrease) |
||||||||||||
Non-performing assets ("NPAs"): |
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Nonaccrual / non-performing loans ("NPLs") |
$ |
32,124 |
|
|
$ |
30,737 |
|
|
$ |
1,387 |
|
|
$ |
32,124 |
|
|
$ |
43,778 |
|
|
$ |
(11,654 |
) |
Non-performing assets |
$ |
32,260 |
|
|
$ |
30,783 |
|
|
$ |
1,477 |
|
|
$ |
32,260 |
|
|
$ |
43,864 |
|
|
$ |
(11,604 |
) |
NPLs to total loans and leases |
|
0.21 |
% |
|
|
0.19 |
% |
|
|
|
|
0.21 |
% |
|
|
0.31 |
% |
|
|
||||
Reserves to NPLs |
|
405.56 |
% |
|
|
425.95 |
% |
|
|
|
|
405.56 |
% |
|
|
333.15 |
% |
|
|
||||
NPAs to total assets |
|
0.15 |
% |
|
|
0.15 |
% |
|
|
|
|
0.15 |
% |
|
|
0.23 |
% |
|
|
||||
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Loans and leases (1) risk ratings: |
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Commercial loans and leases (2) |
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Pass |
$ |
10,928,620 |
|
|
$ |
10,793,980 |
|
|
$ |
134,640 |
|
|
$ |
10,928,620 |
|
|
$ |
7,274,294 |
|
|
$ |
3,654,326 |
|
Special Mention |
|
136,986 |
|
|
|
138,829 |
|
|
|
(1,843 |
) |
|
|
136,986 |
|
|
|
128,622 |
|
|
|
8,364 |
|
Substandard |
|
273,154 |
|
|
|
291,118 |
|
|
|
(17,964 |
) |
|
|
273,154 |
|
|
|
301,141 |
|
|
|
(27,987 |
) |
Total commercial loans and leases |
|
11,338,760 |
|
|
|
11,223,927 |
|
|
|
114,833 |
|
|
|
11,338,760 |
|
|
|
7,704,057 |
|
|
|
3,634,703 |
|
Consumer loans |
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Performing |
|
1,787,123 |
|
|
|
1,899,376 |
|
|
|
(112,253 |
) |
|
|
1,787,123 |
|
|
|
2,399,860 |
|
|
|
(612,737 |
) |
Non-performing |
|
19,469 |
|
|
|
21,591 |
|
|
|
(2,122 |
) |
|
|
19,469 |
|
|
|
14,938 |
|
|
|
4,531 |
|
Total consumer loans |
|
1,806,592 |
|
|
|
1,920,967 |
|
|
|
(114,375 |
) |
|
|
1,806,592 |
|
|
|
2,414,798 |
|
|
|
(608,206 |
) |
Loans and leases receivable (1) |
$ |
13,145,352 |
|
|
$ |
13,144,894 |
|
|
$ |
458 |
|
|
$ |
13,145,352 |
|
|
$ |
10,118,855 |
|
|
$ |
3,026,497 |
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
(1) Risk ratings are assigned to loans and leases held for investment, and excludes loans held for sale and loans receivable, mortgage warehouse, at fair value. |
|||||||||||||||||||||||
(2) Excludes loan receivable, PPP, as eligible PPP loans are fully guaranteed by the |
Over the last decade, we have developed a suite of commercial loan products with one particularly important common denominator: relatively low credit risk assumption. The Bank’s C&I, loans to mortgage companies, corporate and specialty lending lines of business, and multifamily loans for example, are characterized by conservative underwriting standards and low loss rates. Because of this emphasis, the Bank’s credit quality to date has been incredibly healthy despite an adverse economic environment. Maintaining strong asset quality also requires a highly active portfolio monitoring process. In addition to frequent client outreach and monitoring at the individual loan level, we employ a bottom-up data driven approach to analyze the commercial portfolio.
Total consumer installment loans held for investment at
Non-performing loans at
Our investment securities portfolio, including debt securities available for sale ("AFS") and held to maturity ("HTM") provides periodic cash flows through regular maturities and amortization, can be used as collateral to secure additional funding, and is an important component of our liquidity position.
The following table presents the composition of our investment securities portfolio as of the dates indicated:
(Dollars in thousands) |
|
|
|
|
|
|||
Debt securities, available for sale |
$ |
2,900,259 |
|
$ |
2,961,015 |
|
$ |
4,144,029 |
Equity securities |
|
26,710 |
|
|
26,485 |
|
|
25,824 |
Investment securities, at fair value |
|
2,926,969 |
|
|
2,987,500 |
|
|
4,169,853 |
Debt securities, held to maturity |
|
870,294 |
|
|
840,259 |
|
|
— |
Total investment securities portfolio |
$ |
3,797,263 |
|
$ |
3,827,759 |
|
$ |
4,169,853 |
Critically important to performance during the recent banking crisis are the characteristics of a bank’s securities portfolio. While there may be virtually no credit risk in some of these portfolios, holding longer term and lower yielding securities is creating challenges for many banks. Our securities portfolio is highly liquid, short in duration, and high in yield. Our AFS debt securities portfolio has a spot yield of
Our HTM debt securities portfolio represents only
Deposits
The following table presents the composition of our deposit portfolio as of the dates indicated:
(Dollars in thousands) |
|
|
% of Total |
|
|
|
% of Total |
|
|
|
% of Total |
||||||
Demand, non-interest bearing |
$ |
3,487,517 |
|
19.7 |
% |
|
$ |
1,885,045 |
|
10.4 |
% |
|
$ |
4,594,428 |
|
28.0 |
% |
Demand, interest bearing |
|
5,791,302 |
|
32.7 |
|
|
|
8,476,027 |
|
46.7 |
|
|
|
5,591,468 |
|
34.1 |
|
Total demand deposits |
|
9,278,819 |
|
52.4 |
|
|
|
10,361,072 |
|
57.1 |
|
|
|
10,185,896 |
|
62.1 |
|
Savings |
|
924,359 |
|
5.2 |
|
|
|
811,798 |
|
4.5 |
|
|
|
802,395 |
|
4.9 |
|
Money market |
|
2,019,633 |
|
11.4 |
|
|
|
2,734,217 |
|
15.1 |
|
|
|
4,981,077 |
|
30.3 |
|
Time deposits |
|
5,500,806 |
|
31.0 |
|
|
|
4,249,866 |
|
23.3 |
|
|
|
446,192 |
|
2.7 |
|
Total deposits |
$ |
17,723,617 |
|
100.0 |
% |
|
$ |
18,156,953 |
|
100.0 |
% |
|
$ |
16,415,560 |
|
100.0 |
% |
Total deposits decreased
Total deposits increased
__________________________________
1 Uninsured deposits of
Borrowings
The following table presents the composition of our borrowings as of the dates indicated:
(Dollars in thousands) |
|
|
|
|
|
|||
Federal funds purchased |
$ |
— |
|
$ |
— |
|
$ |
700,000 |
FHLB advances |
|
2,052,143 |
|
|
800,000 |
|
|
— |
Senior notes |
|
123,645 |
|
|
123,580 |
|
|
223,230 |
Subordinated debt |
|
182,021 |
|
|
181,952 |
|
|
181,742 |
Total borrowings |
$ |
2,357,809 |
|
$ |
1,105,532 |
|
$ |
1,104,972 |
Total borrowings increased
Capital
The following table presents certain capital amounts and ratios as of the dates indicated:
(Dollars in thousands except per share data) |
|
|
|
|
|
||||||
|
|
|
|
|
|
||||||
Common Equity |
$ |
1,283,226 |
|
|
$ |
1,265,167 |
|
|
$ |
1,239,612 |
|
Tangible Common Equity* |
$ |
1,279,597 |
|
|
$ |
1,261,538 |
|
|
$ |
1,235,934 |
|
Common Equity to Total Assets |
|
5.9 |
% |
|
|
6.1 |
% |
|
|
6.5 |
% |
Tangible Common Equity to Tangible Assets* |
|
5.9 |
% |
|
|
6.0 |
% |
|
|
6.5 |
% |
Tangible Common Equity to Tangible Assets, excluding PPP* |
|
6.0 |
% |
|
|
6.3 |
% |
|
|
7.3 |
% |
Book Value per common share |
$ |
41.08 |
|
|
$ |
39.08 |
|
|
$ |
37.61 |
|
Tangible Book Value per common share* |
$ |
40.96 |
|
|
$ |
38.97 |
|
|
$ |
37.50 |
|
Common equity Tier 1 capital ratio (1) |
|
9.6 |
% |
|
|
9.6 |
% |
|
|
9.9 |
% |
Total risk based capital ratio (1) |
|
12.3 |
% |
|
|
12.2 |
% |
|
|
12.9 |
% |
|
|
|
|
|
|
||||||
(1) Regulatory capital ratios as of |
|||||||||||
* Non-GAAP measure. Customers' reasons for the use of the non-GAAP measure and a detailed reconciliation between the non-GAAP measure and the comparable GAAP amount are included at the end of this document. |
At the
At the
Even though Customers remains well capitalized by all regulatory measures, its goal is to increase its CET 1 ratio at year-end 2023 to be between
Key Profitability Trends
Net Interest Income
Net interest income totaled
Net interest income totaled
Non-Interest Income
The following table presents details of non-interest income for the periods indicated:
|
Three Months Ended |
|
Increase (Decrease) |
|
Three Months Ended |
|
Increase (Decrease) |
||||||||||||||
(Dollars in thousands) |
|
|
|
|
|
|
|
|
|
||||||||||||
Commercial lease income |
$ |
9,326 |
|
$ |
8,135 |
|
|
$ |
1,191 |
|
|
$ |
9,326 |
|
$ |
5,895 |
|
|
$ |
3,431 |
|
Loan fees |
|
3,990 |
|
|
4,017 |
|
|
|
(27 |
) |
|
|
3,990 |
|
|
2,545 |
|
|
|
1,445 |
|
Bank-owned life insurance |
|
2,647 |
|
|
1,975 |
|
|
|
672 |
|
|
|
2,647 |
|
|
8,326 |
|
|
|
(5,679 |
) |
Mortgage warehouse transactional fees |
|
1,074 |
|
|
1,295 |
|
|
|
(221 |
) |
|
|
1,074 |
|
|
2,015 |
|
|
|
(941 |
) |
Gain (loss) on sale of SBA and other loans |
|
— |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
1,507 |
|
|
|
(1,507 |
) |
Net gain (loss) on sale of investment securities |
|
— |
|
|
(16,937 |
) |
|
|
16,937 |
|
|
|
— |
|
|
(1,063 |
) |
|
|
1,063 |
|
Legal settlement gain |
|
— |
|
|
7,519 |
|
|
|
(7,519 |
) |
|
|
— |
|
|
— |
|
|
|
— |
|
Other |
|
1,084 |
|
|
1,341 |
|
|
|
(257 |
) |
|
|
1,084 |
|
|
1,973 |
|
|
|
(889 |
) |
Total non-interest income |
$ |
18,121 |
|
$ |
7,345 |
|
|
$ |
10,776 |
|
|
$ |
18,121 |
|
$ |
21,198 |
|
|
$ |
(3,077 |
) |
Non-interest income totaled
Non-interest income totaled
Non-Interest Expense
The following table presents details of non-interest expense for the periods indicated:
|
Three Months Ended |
|
Increase (Decrease) |
|
Three Months Ended |
|
Increase (Decrease) |
||||||||||||
(Dollars in thousands) |
|
|
|
|
|
|
|
|
|
||||||||||
Salaries and employee benefits |
$ |
32,345 |
|
$ |
29,194 |
|
$ |
3,151 |
|
|
$ |
32,345 |
|
$ |
26,607 |
|
$ |
5,738 |
|
Technology, communication and bank operations |
|
16,589 |
|
|
18,604 |
|
|
(2,015 |
) |
|
|
16,589 |
|
|
24,068 |
|
|
(7,479 |
) |
Commercial lease depreciation |
|
7,875 |
|
|
6,518 |
|
|
1,357 |
|
|
|
7,875 |
|
|
4,942 |
|
|
2,933 |
|
Professional services |
|
7,596 |
|
|
6,825 |
|
|
771 |
|
|
|
7,596 |
|
|
6,956 |
|
|
640 |
|
Loan servicing |
|
4,661 |
|
|
4,460 |
|
|
201 |
|
|
|
4,661 |
|
|
2,371 |
|
|
2,290 |
|
Occupancy |
|
2,760 |
|
|
3,672 |
|
|
(912 |
) |
|
|
2,760 |
|
|
3,050 |
|
|
(290 |
) |
|
|
2,728 |
|
|
2,339 |
|
|
389 |
|
|
|
2,728 |
|
|
2,383 |
|
|
345 |
|
Advertising and promotion |
|
1,049 |
|
|
1,111 |
|
|
(62 |
) |
|
|
1,049 |
|
|
315 |
|
|
734 |
|
Other |
|
4,530 |
|
|
5,696 |
|
|
(1,166 |
) |
|
|
4,530 |
|
|
3,115 |
|
|
1,415 |
|
Total non-interest expense |
$ |
80,133 |
|
$ |
78,419 |
|
$ |
1,714 |
|
|
$ |
80,133 |
|
$ |
73,807 |
|
$ |
6,326 |
|
The management of non-interest expenses remains a priority for us. However, this will not deter us from making investments in new technologies to support efficient and responsible growth in the future.
Non-interest expenses totaled
Non-interest expenses totaled
Taxes
Income tax expense increased by
Income tax expense decreased by
The effective tax rate for Q1 2023 was
Outlook
“Looking ahead, we will continue to moderate growth, or even reduce the size of the balance sheet, as we optimize the balance sheet and materially improve our capital ratios, maximize our efficiency ratio with prudent expense management, and continue to improve deposits and liquidity. We expect 2023 core loans to be essentially flat to down. Deposits are expected to remain relatively flat with a focus on improving our funding profile and reducing high cost deposits. We believe our net interest margin has troughed with expansion opportunities throughout the remainder of 2023. We expect net interest margin, excluding PPP* to increase throughout 2023 by about 20 basis points to
|
|
|
|
|
* Non-GAAP measure. Customers' reasons for the use of the non-GAAP measure and a detailed reconciliation between the non-GAAP measure and the comparable GAAP amount are included at the end of this document. |
Webcast
Date: | |||||||
Time: |
The live audio webcast, presentation slides, and earnings press release will be made available at https://www.customersbank.com/investor-relations/ and at the
You may submit questions in advance of the live webcast by emailing our Communications Director,
The webcast will be archived for viewing on the Customers Bank Investor Relations page and available beginning approximately two hours after the conclusion of the live event.
Institutional Background
- #34 out of the 100 largest publicly traded banks in 2023 per Forbes;
- #64 on Fortune Magazine’s 2022 list of the 100 fastest growing companies in America;
-
#6 in top-performing banks with assets between
and$10 billion in 2021 per American Banker; and$50 billion -
#3 top-performing bank with over
in assets at year-end 2021 per S&P Global S&P Global Market Intelligence.$10 billion
A member of the
“Safe Harbor” Statement
In addition to historical information, this press release may contain “forward-looking statements” within the meaning of the “safe harbor” provisions of the Private Securities Litigation Reform Act of 1995. These forward-looking statements include statements with respect to
Q1 2023 Overview
The following table presents a summary of key earnings and performance metrics for the quarter ended
|
|
||||||||||||||||||||
EARNINGS SUMMARY - UNAUDITED |
|
||||||||||||||||||||
|
|
||||||||||||||||||||
(Dollars in thousands, except per share data and stock price data) |
Q1 |
|
Q4 |
|
Q3 |
|
Q2 |
|
Q1 |
|
|||||||||||
|
2023 |
|
|
|
2022 |
|
|
|
2022 |
|
|
|
2022 |
|
|
|
2022 |
|
|
||
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
GAAP Profitability Metrics: |
|
||||||||||||||||||||
Net income available to common shareholders
|
$ |
50,265 |
|
|
$ |
25,623 |
|
|
$ |
61,364 |
|
|
$ |
56,519 |
|
|
$ |
74,896 |
|
|
|
Per share amounts: |
|
|
|
|
|
|
|
|
|
|
|||||||||||
|
Earnings per share - basic |
$ |
1.58 |
|
|
$ |
0.79 |
|
|
$ |
1.89 |
|
|
$ |
1.73 |
|
|
$ |
2.27 |
|
|
|
Earnings per share - diluted |
$ |
1.55 |
|
|
$ |
0.77 |
|
|
$ |
1.85 |
|
|
$ |
1.68 |
|
|
$ |
2.18 |
|
|
|
Book value per common share (1) |
$ |
41.08 |
|
|
$ |
39.08 |
|
|
$ |
38.46 |
|
|
$ |
37.46 |
|
|
$ |
37.61 |
|
|
|
CUBI stock price (1) |
$ |
18.52 |
|
|
$ |
28.34 |
|
|
$ |
29.48 |
|
|
$ |
33.90 |
|
|
$ |
52.14 |
|
|
|
CUBI stock price as % of book value (1) |
|
45 |
% |
|
|
73 |
% |
|
|
77 |
% |
|
|
90 |
% |
|
|
139 |
% |
|
Average shares outstanding - basic |
|
31,819,203 |
|
|
|
32,413,459 |
|
|
|
32,455,814 |
|
|
|
32,712,616 |
|
|
|
32,957,033 |
|
|
|
Average shares outstanding - diluted |
|
32,345,017 |
|
|
|
33,075,422 |
|
|
|
33,226,607 |
|
|
|
33,579,013 |
|
|
|
34,327,065 |
|
|
|
Shares outstanding (1) |
|
31,239,750 |
|
|
|
32,373,697 |
|
|
|
32,475,502 |
|
|
|
32,449,486 |
|
|
|
32,957,847 |
|
|
|
Return on average assets ("ROAA") |
|
1.03 |
% |
|
|
0.55 |
% |
|
|
1.24 |
% |
|
|
1.17 |
% |
|
|
1.63 |
% |
|
|
Return on average common equity ("ROCE") |
|
16.00 |
% |
|
|
8.05 |
% |
|
|
19.33 |
% |
|
|
18.21 |
% |
|
|
24.26 |
% |
|
|
Net interest margin, tax equivalent |
|
2.96 |
% |
|
|
2.67 |
% |
|
|
3.16 |
% |
|
|
3.39 |
% |
|
|
3.60 |
% |
|
|
Efficiency ratio |
|
47.71 |
% |
|
|
49.20 |
% |
|
|
50.00 |
% |
|
|
42.14 |
% |
|
|
39.42 |
% |
|
|
Non-GAAP Profitability Metrics (2): |
|
|
|
|
|
|
|
|
|
|
|||||||||||
Core earnings |
$ |
51,143 |
|
|
$ |
39,368 |
|
|
$ |
82,270 |
|
|
$ |
59,367 |
|
|
$ |
75,410 |
|
|
|
Adjusted pre-tax pre-provision net income |
$ |
89,282 |
|
|
$ |
81,377 |
|
|
$ |
100,994 |
|
|
$ |
105,692 |
|
|
$ |
112,649 |
|
|
|
Per share amounts: |
|
|
|
|
|
|
|
|
|
|
|||||||||||
|
Core earnings per share - diluted |
$ |
1.58 |
|
|
$ |
1.19 |
|
|
$ |
2.48 |
|
|
$ |
1.77 |
|
|
$ |
2.20 |
|
|
|
Tangible book value per common share (1) |
$ |
40.96 |
|
|
$ |
38.97 |
|
|
$ |
38.35 |
|
|
$ |
37.35 |
|
|
$ |
37.50 |
|
|
|
CUBI stock price as % of tangible book value (1) |
|
45 |
% |
|
|
73 |
% |
|
|
77 |
% |
|
|
91 |
% |
|
|
139 |
% |
|
Core ROAA |
|
1.05 |
% |
|
|
0.81 |
% |
|
|
1.64 |
% |
|
|
1.23 |
% |
|
|
1.64 |
% |
|
|
Core ROCE |
|
16.28 |
% |
|
|
12.36 |
% |
|
|
25.91 |
% |
|
|
19.13 |
% |
|
|
24.43 |
% |
|
|
Adjusted ROAA - pre-tax and pre-provision |
|
1.72 |
% |
|
|
1.56 |
% |
|
|
1.95 |
% |
|
|
2.11 |
% |
|
|
2.39 |
% |
|
|
Adjusted ROCE - pre-tax and pre-provision |
|
27.33 |
% |
|
|
24.59 |
% |
|
|
31.01 |
% |
|
|
33.37 |
% |
|
|
35.89 |
% |
|
|
Net interest margin, tax equivalent, excluding PPP loans |
|
2.80 |
% |
|
|
2.87 |
% |
|
|
3.18 |
% |
|
|
3.32 |
% |
|
|
3.32 |
% |
|
|
Core efficiency ratio |
|
47.09 |
% |
|
|
49.12 |
% |
|
|
42.57 |
% |
|
|
41.74 |
% |
|
|
39.47 |
% |
|
|
Asset Quality: |
|
|
|
|
|
|
|
|
|
|
|||||||||||
Net charge-offs |
$ |
18,651 |
|
|
$ |
27,164 |
|
|
$ |
18,497 |
|
|
$ |
13,481 |
|
|
$ |
7,226 |
|
|
|
Annualized net charge-offs to average total loans and leases |
|
0.49 |
% |
|
|
0.70 |
% |
|
|
0.47 |
% |
|
|
0.36 |
% |
|
|
0.21 |
% |
|
|
Non-performing loans ("NPLs") to total loans and leases (1) |
|
0.21 |
% |
|
|
0.19 |
% |
|
|
0.18 |
% |
|
|
0.18 |
% |
|
|
0.31 |
% |
|
|
Reserves to NPLs (1) |
|
405.56 |
% |
|
|
425.95 |
% |
|
|
466.34 |
% |
|
|
557.76 |
% |
|
|
333.15 |
% |
|
|
Non-performing assets ("NPAs") to total assets |
|
0.15 |
% |
|
|
0.15 |
% |
|
|
0.14 |
% |
|
|
0.14 |
% |
|
|
0.23 |
% |
|
|
Customers Bank Capital Ratios (3): |
|
|
|
|
|
|
|
|
|
|
|||||||||||
Common equity Tier 1 capital to risk-weighted assets |
|
11.3 |
% |
|
|
11.21 |
% |
|
|
11.42 |
% |
|
|
11.46 |
% |
|
|
11.60 |
% |
|
|
Tier 1 capital to risk-weighted assets |
|
11.3 |
% |
|
|
11.21 |
% |
|
|
11.42 |
% |
|
|
11.46 |
% |
|
|
11.60 |
% |
|
|
Total capital to risk-weighted assets |
|
12.6 |
% |
|
|
12.40 |
% |
|
|
12.65 |
% |
|
|
12.91 |
% |
|
|
13.03 |
% |
|
|
Tier 1 capital to average assets (leverage ratio) |
|
8.1 |
% |
|
|
8.15 |
% |
|
|
8.10 |
% |
|
|
8.09 |
% |
|
|
8.21 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
(1) Metric is a spot balance for the last day of each quarter presented. |
|
||||||||||||||||||||
(2) Customers' reasons for the use of these non-GAAP measures and a detailed reconciliation between the non-GAAP measures and the comparable GAAP amounts are included at the end of this document. |
|
||||||||||||||||||||
(3) Regulatory capital ratios are estimated for Q1 2023 and actual for the remaining periods. In accordance with regulatory capital rules, Customers elected to apply the CECL capital transition provisions which delayed the effects of CECL on regulatory capital for two years until |
|
|
||||||||||||||||||
CONSOLIDATED STATEMENTS OF OPERATIONS - UNAUDITED |
||||||||||||||||||
(Dollars in thousands, except per share data) |
|
|
|
|
|
|
|
|
|
|||||||||
|
Q1 |
|
Q4 |
|
Q3 |
|
Q2 |
|
Q1 |
|||||||||
|
2023 |
|
|
2022 |
|
|
|
2022 |
|
|
|
2022 |
|
|
|
2022 |
|
|
Interest income: |
|
|
|
|
|
|
|
|
|
|||||||||
Loans and leases |
$ |
244,212 |
|
$ |
217,471 |
|
|
$ |
200,438 |
|
|
$ |
168,920 |
|
|
$ |
157,120 |
|
Investment securities |
|
47,316 |
|
|
42,953 |
|
|
|
30,546 |
|
|
|
25,442 |
|
|
|
20,295 |
|
Loans held for sale |
|
11,701 |
|
|
1,269 |
|
|
|
19 |
|
|
|
21 |
|
|
|
55 |
|
Interest earning deposits |
|
10,395 |
|
|
6,754 |
|
|
|
2,949 |
|
|
|
919 |
|
|
|
330 |
|
Other |
|
1,321 |
|
|
1,200 |
|
|
|
1,964 |
|
|
|
1,032 |
|
|
|
5,676 |
|
Total interest income |
|
314,945 |
|
|
269,647 |
|
|
|
235,916 |
|
|
|
196,334 |
|
|
|
183,476 |
|
|
|
|
|
|
|
|
|
|
|
|||||||||
Interest expense: |
|
|
|
|
|
|
|
|
|
|||||||||
Deposits |
|
143,930 |
|
|
124,366 |
|
|
|
65,380 |
|
|
|
22,781 |
|
|
|
13,712 |
|
FHLB advances |
|
10,370 |
|
|
4,464 |
|
|
|
4,684 |
|
|
|
2,316 |
|
|
|
— |
|
FRB advances |
|
6,286 |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
Subordinated debt |
|
2,689 |
|
|
2,688 |
|
|
|
2,689 |
|
|
|
2,689 |
|
|
|
2,689 |
|
Other borrowings |
|
1,771 |
|
|
2,992 |
|
|
|
4,131 |
|
|
|
3,696 |
|
|
|
2,376 |
|
Total interest expense |
|
165,046 |
|
|
134,510 |
|
|
|
76,884 |
|
|
|
31,482 |
|
|
|
18,777 |
|
Net interest income |
|
149,899 |
|
|
135,137 |
|
|
|
159,032 |
|
|
|
164,852 |
|
|
|
164,699 |
|
Provision (benefit) for credit losses |
|
19,603 |
|
|
28,216 |
|
|
|
(7,994 |
) |
|
|
23,847 |
|
|
|
15,997 |
|
Net interest income after provision (benefit) for credit losses |
|
130,296 |
|
|
106,921 |
|
|
|
167,026 |
|
|
|
141,005 |
|
|
|
148,702 |
|
|
|
|
|
|
|
|
|
|
|
|||||||||
Non-interest income: |
|
|
|
|
|
|
|
|
|
|||||||||
Commercial lease income |
|
9,326 |
|
|
8,135 |
|
|
|
7,097 |
|
|
|
6,592 |
|
|
|
5,895 |
|
Loan fees |
|
3,990 |
|
|
4,017 |
|
|
|
3,008 |
|
|
|
2,618 |
|
|
|
2,545 |
|
Bank-owned life insurance |
|
2,647 |
|
|
1,975 |
|
|
|
3,449 |
|
|
|
1,947 |
|
|
|
8,326 |
|
Mortgage warehouse transactional fees |
|
1,074 |
|
|
1,295 |
|
|
|
1,545 |
|
|
|
1,883 |
|
|
|
2,015 |
|
Gain (loss) on sale of SBA and other loans |
|
— |
|
|
— |
|
|
|
106 |
|
|
|
1,542 |
|
|
|
1,507 |
|
Gain (loss) on sale of consumer installment loans |
|
— |
|
|
— |
|
|
|
(23,465 |
) |
|
|
— |
|
|
|
— |
|
Net gain (loss) on sale of investment securities |
|
— |
|
|
(16,937 |
) |
|
|
(2,135 |
) |
|
|
(3,029 |
) |
|
|
(1,063 |
) |
Legal settlement gain |
|
— |
|
|
7,519 |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
Other |
|
1,084 |
|
|
1,341 |
|
|
|
1,378 |
|
|
|
1,193 |
|
|
|
1,973 |
|
Total non-interest income |
|
18,121 |
|
|
7,345 |
|
|
|
(9,017 |
) |
|
|
12,746 |
|
|
|
21,198 |
|
|
|
|
|
|
|
|
|
|
|
|||||||||
Non-interest expense: |
|
|
|
|
|
|
|
|
|
|||||||||
Salaries and employee benefits |
|
32,345 |
|
|
29,194 |
|
|
|
31,230 |
|
|
|
25,334 |
|
|
|
26,607 |
|
Technology, communication and bank operations |
|
16,589 |
|
|
18,604 |
|
|
|
19,588 |
|
|
|
22,738 |
|
|
|
24,068 |
|
Commercial lease depreciation |
|
7,875 |
|
|
6,518 |
|
|
|
5,966 |
|
|
|
5,552 |
|
|
|
4,942 |
|
Professional services |
|
7,596 |
|
|
6,825 |
|
|
|
6,269 |
|
|
|
7,415 |
|
|
|
6,956 |
|
Loan servicing |
|
4,661 |
|
|
4,460 |
|
|
|
3,851 |
|
|
|
4,341 |
|
|
|
2,371 |
|
Occupancy |
|
2,760 |
|
|
3,672 |
|
|
|
2,605 |
|
|
|
4,279 |
|
|
|
3,050 |
|
|
|
2,728 |
|
|
2,339 |
|
|
|
2,528 |
|
|
|
1,619 |
|
|
|
2,383 |
|
Advertising and promotion |
|
1,049 |
|
|
1,111 |
|
|
|
762 |
|
|
|
353 |
|
|
|
315 |
|
Other |
|
4,530 |
|
|
5,696 |
|
|
|
3,399 |
|
|
|
4,574 |
|
|
|
3,115 |
|
Total non-interest expense |
|
80,133 |
|
|
78,419 |
|
|
|
76,198 |
|
|
|
76,205 |
|
|
|
73,807 |
|
Income before income tax expense |
|
68,284 |
|
|
35,847 |
|
|
|
81,811 |
|
|
|
77,546 |
|
|
|
96,093 |
|
Income tax expense |
|
14,563 |
|
|
7,136 |
|
|
|
17,899 |
|
|
|
18,896 |
|
|
|
19,332 |
|
Net income |
|
53,721 |
|
|
28,711 |
|
|
|
63,912 |
|
|
|
58,650 |
|
|
|
76,761 |
|
Preferred stock dividends |
|
3,456 |
|
|
3,088 |
|
|
|
2,548 |
|
|
|
2,131 |
|
|
|
1,865 |
|
Net income available to common shareholders |
$ |
50,265 |
|
$ |
25,623 |
|
|
$ |
61,364 |
|
|
$ |
56,519 |
|
|
$ |
74,896 |
|
|
|
|
|
|
|
|
|
|
|
|||||||||
Basic earnings per common share |
$ |
1.58 |
|
$ |
0.79 |
|
|
$ |
1.89 |
|
|
$ |
1.73 |
|
|
$ |
2.27 |
|
Diluted earnings per common share |
|
1.55 |
|
|
0.77 |
|
|
|
1.85 |
|
|
|
1.68 |
|
|
|
2.18 |
|
|
|||||||||||||||||||
CONSOLIDATED BALANCE SHEET - UNAUDITED |
|||||||||||||||||||
(Dollars in thousands) |
|||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
||||||||||
|
|
2023 |
|
|
|
2022 |
|
|
|
2022 |
|
|
|
2022 |
|
|
|
2022 |
|
ASSETS |
|
|
|
|
|
|
|
|
|
||||||||||
Cash and due from banks |
$ |
77,251 |
|
|
$ |
58,025 |
|
|
$ |
41,520 |
|
|
$ |
66,703 |
|
|
$ |
55,515 |
|
Interest earning deposits |
|
1,969,434 |
|
|
|
397,781 |
|
|
|
362,945 |
|
|
|
178,475 |
|
|
|
219,085 |
|
Cash and cash equivalents |
|
2,046,685 |
|
|
|
455,806 |
|
|
|
404,465 |
|
|
|
245,178 |
|
|
|
274,600 |
|
Investment securities, at fair value |
|
2,926,969 |
|
|
|
2,987,500 |
|
|
|
2,943,694 |
|
|
|
3,144,882 |
|
|
|
4,169,853 |
|
Investment securities held to maturity |
|
870,294 |
|
|
|
840,259 |
|
|
|
886,294 |
|
|
|
495,039 |
|
|
|
— |
|
Loans held for sale |
|
424,057 |
|
|
|
328,312 |
|
|
|
5,224 |
|
|
|
6,595 |
|
|
|
3,003 |
|
Loans receivable, mortgage warehouse, at fair value |
|
1,247,367 |
|
|
|
1,323,312 |
|
|
|
1,569,090 |
|
|
|
1,874,603 |
|
|
|
1,755,758 |
|
Loans receivable, PPP |
|
246,258 |
|
|
|
998,153 |
|
|
|
1,154,632 |
|
|
|
1,570,160 |
|
|
|
2,195,902 |
|
Loans and leases receivable |
|
13,145,352 |
|
|
|
13,144,894 |
|
|
|
12,607,742 |
|
|
|
12,212,995 |
|
|
|
10,118,855 |
|
Allowance for credit losses on loans and leases |
|
(130,281 |
) |
|
|
(130,924 |
) |
|
|
(130,197 |
) |
|
|
(156,530 |
) |
|
|
(145,847 |
) |
Total loans and leases receivable, net of allowance for credit losses on loans and leases |
|
14,508,696 |
|
|
|
15,335,435 |
|
|
|
15,201,267 |
|
|
|
15,501,228 |
|
|
|
13,924,668 |
|
FHLB, |
|
124,733 |
|
|
|
74,196 |
|
|
|
64,112 |
|
|
|
74,626 |
|
|
|
54,553 |
|
Accrued interest receivable |
|
123,754 |
|
|
|
123,374 |
|
|
|
107,621 |
|
|
|
98,727 |
|
|
|
94,669 |
|
Bank premises and equipment, net |
|
8,581 |
|
|
|
9,025 |
|
|
|
6,610 |
|
|
|
6,755 |
|
|
|
8,233 |
|
Bank-owned life insurance |
|
339,607 |
|
|
|
338,441 |
|
|
|
336,130 |
|
|
|
335,153 |
|
|
|
332,239 |
|
|
|
3,629 |
|
|
|
3,629 |
|
|
|
3,629 |
|
|
|
3,629 |
|
|
|
3,678 |
|
Other assets |
|
374,609 |
|
|
|
400,135 |
|
|
|
408,575 |
|
|
|
340,184 |
|
|
|
298,212 |
|
Total assets |
$ |
21,751,614 |
|
|
$ |
20,896,112 |
|
|
$ |
20,367,621 |
|
|
$ |
20,251,996 |
|
|
$ |
19,163,708 |
|
|
|
|
|
|
|
|
|
|
|
||||||||||
LIABILITIES AND SHAREHOLDERS' EQUITY |
|
|
|
|
|
|
|
|
|
||||||||||
Demand, non-interest bearing deposits |
$ |
3,487,517 |
|
|
$ |
1,885,045 |
|
|
$ |
2,993,793 |
|
|
$ |
4,683,030 |
|
|
$ |
4,594,428 |
|
Interest bearing deposits |
|
14,236,100 |
|
|
|
16,271,908 |
|
|
|
14,528,645 |
|
|
|
12,261,689 |
|
|
|
11,821,132 |
|
Total deposits |
|
17,723,617 |
|
|
|
18,156,953 |
|
|
|
17,522,438 |
|
|
|
16,944,719 |
|
|
|
16,415,560 |
|
Federal funds purchased |
|
— |
|
|
|
— |
|
|
|
365,000 |
|
|
|
770,000 |
|
|
|
700,000 |
|
FHLB advances |
|
2,052,143 |
|
|
|
800,000 |
|
|
|
500,000 |
|
|
|
635,000 |
|
|
|
— |
|
Other borrowings |
|
123,645 |
|
|
|
123,580 |
|
|
|
123,515 |
|
|
|
123,450 |
|
|
|
223,230 |
|
Subordinated debt |
|
182,021 |
|
|
|
181,952 |
|
|
|
181,882 |
|
|
|
181,812 |
|
|
|
181,742 |
|
Accrued interest payable and other liabilities |
|
249,168 |
|
|
|
230,666 |
|
|
|
287,855 |
|
|
|
243,625 |
|
|
|
265,770 |
|
Total liabilities |
|
20,330,594 |
|
|
|
19,493,151 |
|
|
|
18,980,690 |
|
|
|
18,898,606 |
|
|
|
17,786,302 |
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Preferred stock |
|
137,794 |
|
|
|
137,794 |
|
|
|
137,794 |
|
|
|
137,794 |
|
|
|
137,794 |
|
Common stock |
|
35,258 |
|
|
|
35,012 |
|
|
|
34,948 |
|
|
|
34,922 |
|
|
|
34,882 |
|
Additional paid in capital |
|
552,255 |
|
|
|
551,721 |
|
|
|
549,066 |
|
|
|
545,670 |
|
|
|
542,402 |
|
Retained earnings |
|
974,399 |
|
|
|
924,134 |
|
|
|
898,511 |
|
|
|
837,147 |
|
|
|
780,628 |
|
Accumulated other comprehensive income (loss), net |
|
(156,276 |
) |
|
|
(163,096 |
) |
|
|
(156,126 |
) |
|
|
(124,881 |
) |
|
|
(62,548 |
) |
|
|
(122,410 |
) |
|
|
(82,604 |
) |
|
|
(77,262 |
) |
|
|
(77,262 |
) |
|
|
(55,752 |
) |
Total shareholders' equity |
|
1,421,020 |
|
|
|
1,402,961 |
|
|
|
1,386,931 |
|
|
|
1,353,390 |
|
|
|
1,377,406 |
|
Total liabilities and shareholders' equity |
$ |
21,751,614 |
|
|
$ |
20,896,112 |
|
|
$ |
20,367,621 |
|
|
$ |
20,251,996 |
|
|
$ |
19,163,708 |
|
|
||||||||||||||||||||||||||
AVERAGE BALANCE SHEET / NET INTEREST MARGIN - UNAUDITED |
||||||||||||||||||||||||||
(Dollars in thousands) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||
|
Three Months Ended |
|||||||||||||||||||||||||
|
|
|
|
|
|
|||||||||||||||||||||
|
Average Balance |
|
Interest Income or Expense |
|
Average Yield or Cost (%) |
|
Average Balance |
|
Interest Income or Expense |
|
Average Yield or Cost (%) |
|
Average Balance |
|
Interest Income or Expense |
|
Average Yield or Cost (%) |
|||||||||
Assets |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||
Interest earning deposits |
$ |
914,149 |
|
$ |
10,395 |
|
4.61 |
% |
|
$ |
693,563 |
|
$ |
6,754 |
|
3.86 |
% |
|
$ |
826,240 |
|
$ |
329 |
|
0.16 |
% |
Investment securities (1) |
|
4,031,247 |
|
|
47,316 |
|
4.69 |
% |
|
|
4,061,555 |
|
|
42,953 |
|
4.23 |
% |
|
|
4,036,966 |
|
|
20,295 |
|
2.01 |
% |
Loans and leases: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||
Commercial & industrial: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||
Specialty lending loans and leases (2) |
|
5,694,168 |
|
|
103,688 |
|
7.38 |
% |
|
|
5,529,567 |
|
|
90,885 |
|
6.52 |
% |
|
|
2,730,990 |
|
|
23,391 |
|
3.47 |
% |
Other commercial & industrial loans (2) |
|
1,705,205 |
|
|
25,570 |
|
6.08 |
% |
|
|
1,670,000 |
|
|
22,796 |
|
5.42 |
% |
|
|
1,393,418 |
|
|
13,268 |
|
3.86 |
% |
Commercial loans to mortgage companies |
|
1,262,139 |
|
|
17,412 |
|
5.59 |
% |
|
|
1,376,760 |
|
|
17,701 |
|
5.10 |
% |
|
|
1,836,647 |
|
|
14,006 |
|
3.09 |
% |
Multifamily loans |
|
2,206,600 |
|
|
20,470 |
|
3.76 |
% |
|
|
2,235,885 |
|
|
22,481 |
|
3.99 |
% |
|
|
1,531,846 |
|
|
13,766 |
|
3.64 |
% |
Loans receivable, PPP |
|
889,235 |
|
|
23,551 |
|
10.74 |
% |
|
|
1,065,919 |
|
|
7,249 |
|
2.70 |
% |
|
|
2,641,318 |
|
|
36,894 |
|
5.66 |
% |
Non-owner occupied commercial real estate loans |
|
1,449,722 |
|
|
20,199 |
|
5.65 |
% |
|
|
1,430,420 |
|
|
18,536 |
|
5.14 |
% |
|
|
1,312,210 |
|
|
12,207 |
|
3.77 |
% |
Residential mortgages |
|
542,909 |
|
|
5,598 |
|
4.18 |
% |
|
|
524,344 |
|
|
5,462 |
|
4.13 |
% |
|
|
416,417 |
|
|
3,680 |
|
3.58 |
% |
Installment loans |
|
1,727,995 |
|
|
39,425 |
|
9.25 |
% |
|
|
1,555,108 |
|
|
33,630 |
|
8.58 |
% |
|
|
1,794,145 |
|
|
39,963 |
|
9.03 |
% |
Total loans and leases (3) |
|
15,477,973 |
|
|
255,913 |
|
6.70 |
% |
|
|
15,388,003 |
|
|
218,740 |
|
5.64 |
% |
|
|
13,656,991 |
|
|
157,175 |
|
4.67 |
% |
Other interest-earning assets |
|
91,308 |
|
|
1,321 |
|
5.87 |
% |
|
|
67,907 |
|
|
1,200 |
|
7.01 |
% |
|
|
52,111 |
|
|
5,677 |
|
NM(6) |
|
Total interest-earning assets |
|
20,514,677 |
|
|
314,945 |
|
6.21 |
% |
|
|
20,211,028 |
|
|
269,647 |
|
5.30 |
% |
|
|
18,572,308 |
|
|
183,476 |
|
4.00 |
% |
Non-interest-earning assets |
|
538,243 |
|
|
|
|
|
|
506,334 |
|
|
|
|
|
|
557,022 |
|
|
|
|
||||||
Total assets |
$ |
21,052,920 |
|
|
|
|
|
$ |
20,717,362 |
|
|
|
|
|
$ |
19,129,330 |
|
|
|
|
||||||
Liabilities |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||
Interest checking accounts |
$ |
7,494,379 |
|
$ |
70,485 |
|
3.81 |
% |
|
$ |
8,536,962 |
|
$ |
70,041 |
|
3.26 |
% |
|
$ |
5,769,372 |
|
$ |
7,730 |
|
0.54 |
% |
Money market deposit accounts |
|
2,470,004 |
|
|
20,783 |
|
3.41 |
% |
|
|
3,094,206 |
|
|
21,220 |
|
2.72 |
% |
|
|
4,880,051 |
|
|
4,674 |
|
0.39 |
% |
Other savings accounts |
|
822,312 |
|
|
6,286 |
|
3.10 |
% |
|
|
669,466 |
|
|
3,368 |
|
2.00 |
% |
|
|
880,113 |
|
|
784 |
|
0.36 |
% |
Certificates of deposit |
|
4,504,333 |
|
|
46,376 |
|
4.18 |
% |
|
|
3,259,801 |
|
|
29,737 |
|
3.62 |
% |
|
|
450,644 |
|
|
524 |
|
0.47 |
% |
Total interest-bearing deposits (4) |
|
15,291,028 |
|
|
143,930 |
|
3.82 |
% |
|
|
15,560,435 |
|
|
124,366 |
|
3.17 |
% |
|
|
11,980,180 |
|
|
13,712 |
|
0.46 |
% |
Federal funds purchased |
|
15,333 |
|
|
188 |
|
4.97 |
% |
|
|
151,467 |
|
|
1,437 |
|
3.76 |
% |
|
|
88,611 |
|
|
73 |
|
0.33 |
% |
Borrowings |
|
1,788,116 |
|
|
20,928 |
|
4.75 |
% |
|
|
819,032 |
|
|
8,707 |
|
4.22 |
% |
|
|
532,610 |
|
|
4,992 |
|
3.80 |
% |
Total interest-bearing liabilities |
|
17,094,477 |
|
|
165,046 |
|
3.91 |
% |
|
|
16,530,934 |
|
|
134,510 |
|
3.23 |
% |
|
|
12,601,401 |
|
|
18,777 |
|
0.60 |
% |
Non-interest-bearing deposits (4) |
|
2,299,295 |
|
|
|
|
|
|
2,514,316 |
|
|
|
|
|
|
4,900,983 |
|
|
|
|
||||||
Total deposits and borrowings |
|
19,393,772 |
|
|
|
3.45 |
% |
|
|
19,045,250 |
|
|
|
2.80 |
% |
|
|
17,502,384 |
|
|
|
0.43 |
% |
|||
Other non-interest-bearing liabilities |
|
247,575 |
|
|
|
|
|
|
271,129 |
|
|
|
|
|
|
237,131 |
|
|
|
|
||||||
Total liabilities |
|
19,641,347 |
|
|
|
|
|
|
19,316,379 |
|
|
|
|
|
|
17,739,515 |
|
|
|
|
||||||
Shareholders' equity |
|
1,411,573 |
|
|
|
|
|
|
1,400,983 |
|
|
|
|
|
|
1,389,815 |
|
|
|
|
||||||
Total liabilities and shareholders' equity |
$ |
21,052,920 |
|
|
|
|
|
$ |
20,717,362 |
|
|
|
|
|
$ |
19,129,330 |
|
|
|
|
||||||
Net interest income |
|
|
|
149,899 |
|
|
|
|
|
|
135,137 |
|
|
|
|
|
|
164,699 |
|
|
||||||
Tax-equivalent adjustment |
|
|
|
375 |
|
|
|
|
|
|
342 |
|
|
|
|
|
|
239 |
|
|
||||||
Net interest earnings |
|
|
$ |
150,274 |
|
|
|
|
|
$ |
135,479 |
|
|
|
|
|
$ |
164,938 |
|
|
||||||
Interest spread |
|
|
|
|
2.76 |
% |
|
|
|
|
|
2.50 |
% |
|
|
|
|
|
3.57 |
% |
||||||
Net interest margin |
|
|
|
|
2.95 |
% |
|
|
|
|
|
2.66 |
% |
|
|
|
|
|
3.59 |
% |
||||||
Net interest margin tax equivalent |
|
|
|
|
2.96 |
% |
|
|
|
|
|
2.67 |
% |
|
|
|
|
|
3.60 |
% |
||||||
Net interest margin tax equivalent excl. PPP (5) |
|
|
|
|
2.80 |
% |
|
|
|
|
|
2.87 |
% |
|
|
|
|
|
3.32 |
% |
||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||
(1) For presentation in this table, average balances and the corresponding average yields for investment securities are based upon historical cost, adjusted for amortization of premiums and accretion of discounts. |
||||||||||||||||||||||||||
(2) Includes owner occupied commercial real estate loans. |
||||||||||||||||||||||||||
(3) Includes non-accrual loans, the effect of which is to reduce the yield earned on loans and leases, and deferred loan fees. |
||||||||||||||||||||||||||
(4) Total costs of deposits (including interest bearing and non-interest bearing) were |
||||||||||||||||||||||||||
(5) Non-GAAP tax-equivalent basis, using an estimated marginal tax rate of |
||||||||||||||||||||||||||
(6) Not meaningful. |
|
||||||||||||||
PERIOD END LOAN AND LEASE COMPOSITION - UNAUDITED |
||||||||||||||
(Dollars in thousands) |
|
|
|
|
|
|
|
|
|
|||||
|
|
|
|
|
|
|
|
|
|
|||||
|
2023 |
|
2022 |
|
2022 |
|
2022 |
|
2022 |
|||||
Loans and leases held for investment |
|
|
|
|
|
|
|
|
|
|||||
Commercial: |
|
|
|
|
|
|
|
|
|
|||||
Commercial & industrial: |
|
|
|
|
|
|
|
|
|
|||||
Specialty lending |
$ |
5,519,176 |
|
$ |
5,412,887 |
|
$ |
5,103,974 |
|
$ |
4,599,640 |
|
$ |
2,973,544 |
Other commercial & industrial |
|
1,168,161 |
|
|
1,135,336 |
|
|
1,064,332 |
|
|
1,037,444 |
|
|
947,895 |
Multifamily |
|
2,195,211 |
|
|
2,213,019 |
|
|
2,263,268 |
|
|
2,008,784 |
|
|
1,705,027 |
Loans to mortgage companies |
|
1,374,894 |
|
|
1,447,919 |
|
|
1,708,587 |
|
|
1,975,189 |
|
|
1,830,121 |
Commercial real estate owner occupied |
|
895,314 |
|
|
885,339 |
|
|
726,670 |
|
|
710,577 |
|
|
701,893 |
Loans receivable, PPP |
|
246,258 |
|
|
998,153 |
|
|
1,154,632 |
|
|
1,570,160 |
|
|
2,195,902 |
Commercial real estate non-owner occupied |
|
1,245,248 |
|
|
1,290,730 |
|
|
1,263,211 |
|
|
1,152,869 |
|
|
1,140,311 |
Construction |
|
188,123 |
|
|
162,009 |
|
|
136,133 |
|
|
195,687 |
|
|
161,024 |
Total commercial loans and leases |
|
12,832,385 |
|
|
13,545,392 |
|
|
13,420,807 |
|
|
13,250,350 |
|
|
11,655,717 |
Consumer: |
|
|
|
|
|
|
|
|
|
|||||
Residential |
|
494,815 |
|
|
497,952 |
|
|
465,772 |
|
|
457,768 |
|
|
466,423 |
Manufactured housing |
|
43,272 |
|
|
45,076 |
|
|
46,990 |
|
|
48,570 |
|
|
50,669 |
Installment: |
|
|
|
|
|
|
|
|
|
|||||
Personal |
|
849,420 |
|
|
964,641 |
|
|
1,056,432 |
|
|
1,613,628 |
|
|
1,584,011 |
Other |
|
419,085 |
|
|
413,298 |
|
|
341,463 |
|
|
287,442 |
|
|
313,695 |
Total installment loans |
|
1,268,505 |
|
|
1,377,939 |
|
|
1,397,895 |
|
|
1,901,070 |
|
|
1,897,706 |
Total consumer loans |
|
1,806,592 |
|
|
1,920,967 |
|
|
1,910,657 |
|
|
2,407,408 |
|
|
2,414,798 |
Total loans and leases held for investment |
$ |
14,638,977 |
|
$ |
15,466,359 |
|
$ |
15,331,464 |
|
$ |
15,657,758 |
|
$ |
14,070,515 |
|
|
|
|
|
|
|
|
|
|
|||||
Loans held for sale |
|
|
|
|
|
|
|
|
|
|||||
Commercial: |
|
|
|
|
|
|
|
|
|
|||||
Multifamily |
$ |
4,051 |
|
$ |
4,079 |
|
$ |
4,108 |
|
$ |
4,136 |
|
$ |
— |
Commercial real estate non-owner occupied |
|
16,000 |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
Total commercial loans and leases |
|
20,051 |
|
|
4,079 |
|
|
4,108 |
|
|
4,136 |
|
|
— |
Consumer: |
|
|
|
|
|
|
|
|
|
|||||
Residential |
|
821 |
|
|
829 |
|
|
1,116 |
|
|
2,459 |
|
|
3,003 |
Installment: |
|
|
|
|
|
|
|
|
|
|||||
Personal |
|
307,336 |
|
|
133,801 |
|
|
— |
|
|
— |
|
|
— |
Other |
|
95,849 |
|
|
189,603 |
|
|
— |
|
|
— |
|
|
— |
Total installment loans |
|
403,185 |
|
|
323,404 |
|
|
— |
|
|
— |
|
|
— |
Total consumer loans |
|
404,006 |
|
|
324,233 |
|
|
1,116 |
|
|
2,459 |
|
|
3,003 |
Total loans held for sale |
$ |
424,057 |
|
$ |
328,312 |
|
$ |
5,224 |
|
$ |
6,595 |
|
$ |
3,003 |
Total loans and leases portfolio |
$ |
15,063,034 |
|
$ |
15,794,671 |
|
$ |
15,336,688 |
|
$ |
15,664,353 |
|
$ |
14,073,518 |
|
||||||||||||||
PERIOD END DEPOSIT COMPOSITION - UNAUDITED |
||||||||||||||
(Dollars in thousands) |
|
|
|
|
|
|
|
|
|
|||||
|
|
|
|
|
|
|
|
|
|
|||||
|
2023 |
|
2022 |
|
2022 |
|
2022 |
|
2022 |
|||||
|
|
|
|
|
|
|
|
|
|
|||||
Demand, non-interest bearing |
$ |
3,487,517 |
|
$ |
1,885,045 |
|
$ |
2,993,793 |
|
$ |
4,683,030 |
|
$ |
4,594,428 |
Demand, interest bearing |
|
5,791,302 |
|
|
8,476,027 |
|
|
7,124,663 |
|
|
6,644,398 |
|
|
5,591,468 |
Total demand deposits |
|
9,278,819 |
|
|
10,361,072 |
|
|
10,118,456 |
|
|
11,327,428 |
|
|
10,185,896 |
Savings |
|
924,359 |
|
|
811,798 |
|
|
592,002 |
|
|
640,062 |
|
|
802,395 |
Money market |
|
2,019,633 |
|
|
2,734,217 |
|
|
4,913,967 |
|
|
4,254,205 |
|
|
4,981,077 |
Time deposits |
|
5,500,806 |
|
|
4,249,866 |
|
|
1,898,013 |
|
|
723,024 |
|
|
446,192 |
Total deposits |
$ |
17,723,617 |
|
$ |
18,156,953 |
|
$ |
17,522,438 |
|
$ |
16,944,719 |
|
$ |
16,415,560 |
|
|
||||||||||||||||||||||||||||||||||||||||||||
ASSET QUALITY - UNAUDITED |
|
||||||||||||||||||||||||||||||||||||||||||||
(Dollars in thousands) |
As of |
|
As of |
|
As of |
|
|||||||||||||||||||||||||||||||||||||||
|
Total loans |
|
Non accrual /NPLs |
|
Allowance for credit losses |
|
Total NPLs to total loans |
|
Total reserves to total NPLs |
|
Total loans |
|
Non accrual /NPLs |
|
Allowance for credit losses |
|
Total NPLs to total loans |
|
Total reserves to total NPLs |
|
Total loans |
|
Non accrual /NPLs |
|
Allowance for credit losses |
|
Total NPLs to total loans |
|
Total reserves to total NPLs |
|
|||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||||||||||||||||
Loan type |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||
Commercial & industrial, including specialty lending (1) |
$ |
6,814,864 |
|
$ |
3,886 |
|
$ |
20,050 |
|
0.06 |
% |
|
515.95 |
% |
|
$ |
6,672,830 |
|
$ |
1,761 |
|
$ |
17,582 |
|
0.03 |
% |
|
998.41 |
% |
|
$ |
3,995,802 |
|
$ |
5,490 |
|
$ |
10,765 |
|
0.14 |
% |
|
196.08 |
% |
|
Multifamily |
|
2,195,211 |
|
|
881 |
|
|
15,084 |
|
0.04 |
% |
|
1712.15 |
% |
|
|
2,213,019 |
|
|
1,143 |
|
|
14,541 |
|
0.05 |
% |
|
1272.18 |
% |
|
|
1,705,027 |
|
|
17,869 |
|
|
7,437 |
|
1.05 |
% |
|
41.62 |
% |
|
Commercial real estate owner occupied |
|
895,314 |
|
|
3,621 |
|
|
8,472 |
|
0.40 |
% |
|
233.97 |
% |
|
|
885,339 |
|
|
2,768 |
|
|
6,454 |
|
0.31 |
% |
|
233.16 |
% |
|
|
701,893 |
|
|
2,191 |
|
|
3,841 |
|
0.31 |
% |
|
175.31 |
% |
|
Commercial real estate non-owner occupied |
|
1,245,248 |
|
|
— |
|
|
11,032 |
|
— |
% |
|
— |
% |
|
|
1,290,730 |
|
|
— |
|
|
11,219 |
|
— |
% |
|
— |
% |
|
|
1,140,311 |
|
|
1,302 |
|
|
5,955 |
|
0.11 |
% |
|
457.37 |
% |
|
Construction |
|
188,123 |
|
|
— |
|
|
2,336 |
|
— |
% |
|
— |
% |
|
|
162,009 |
|
|
— |
|
|
1,913 |
|
— |
% |
|
— |
% |
|
|
161,024 |
|
|
— |
|
|
939 |
|
— |
% |
|
— |
% |
|
Total commercial loans and leases receivable |
|
11,338,760 |
|
|
8,388 |
|
|
56,974 |
|
0.07 |
% |
|
679.23 |
% |
|
|
11,223,927 |
|
|
5,672 |
|
|
51,709 |
|
0.05 |
% |
|
911.65 |
% |
|
|
7,704,057 |
|
|
26,852 |
|
|
28,937 |
|
0.35 |
% |
|
107.76 |
% |
|
Residential |
|
494,815 |
|
|
6,473 |
|
|
6,853 |
|
1.31 |
% |
|
105.87 |
% |
|
|
497,952 |
|
|
6,922 |
|
|
6,094 |
|
1.39 |
% |
|
88.04 |
% |
|
|
466,423 |
|
|
8,124 |
|
|
4,685 |
|
1.74 |
% |
|
57.67 |
% |
|
Manufactured housing |
|
43,272 |
|
|
2,568 |
|
|
4,339 |
|
5.93 |
% |
|
168.96 |
% |
|
|
45,076 |
|
|
2,410 |
|
|
4,430 |
|
5.35 |
% |
|
183.82 |
% |
|
|
50,669 |
|
|
3,430 |
|
|
4,342 |
|
6.77 |
% |
|
126.59 |
% |
|
Installment |
|
1,268,505 |
|
|
8,720 |
|
|
62,115 |
|
0.69 |
% |
|
712.33 |
% |
|
|
1,377,939 |
|
|
9,527 |
|
|
68,691 |
|
0.69 |
% |
|
721.01 |
% |
|
|
1,897,706 |
|
|
4,865 |
|
|
107,883 |
|
0.26 |
% |
|
2217.53 |
% |
|
Total consumer loans receivable |
|
1,806,592 |
|
|
17,761 |
|
|
73,307 |
|
0.98 |
% |
|
412.74 |
% |
|
|
1,920,967 |
|
|
18,859 |
|
|
79,215 |
|
0.98 |
% |
|
420.04 |
% |
|
|
2,414,798 |
|
|
16,419 |
|
|
116,910 |
|
0.68 |
% |
|
712.04 |
% |
|
Loans and leases receivable (1) |
|
13,145,352 |
|
|
26,149 |
|
|
130,281 |
|
0.20 |
% |
|
498.23 |
% |
|
|
13,144,894 |
|
|
24,531 |
|
|
130,924 |
|
0.19 |
% |
|
533.71 |
% |
|
|
10,118,855 |
|
|
43,271 |
|
|
145,847 |
|
0.43 |
% |
|
337.05 |
% |
|
Loans receivable, PPP |
|
246,258 |
|
|
— |
|
|
— |
|
— |
% |
|
— |
% |
|
|
998,153 |
|
|
— |
|
|
— |
|
— |
% |
|
— |
% |
|
|
2,195,902 |
|
|
— |
|
|
— |
|
— |
% |
|
— |
% |
|
Loans receivable, mortgage warehouse, at fair value |
|
1,247,367 |
|
|
— |
|
|
— |
|
— |
% |
|
— |
% |
|
|
1,323,312 |
|
|
— |
|
|
— |
|
— |
% |
|
— |
% |
|
|
1,755,758 |
|
|
— |
|
|
— |
|
— |
% |
|
— |
% |
|
Total loans held for sale |
|
424,057 |
|
|
5,975 |
|
|
— |
|
1.41 |
% |
|
— |
% |
|
|
328,312 |
|
|
6,206 |
|
|
— |
|
1.89 |
% |
|
— |
% |
|
|
3,003 |
|
|
507 |
|
|
— |
|
16.88 |
% |
|
— |
% |
|
Total portfolio |
$ |
15,063,034 |
|
$ |
32,124 |
|
$ |
130,281 |
|
0.21 |
% |
|
405.56 |
% |
|
$ |
15,794,671 |
|
$ |
30,737 |
|
$ |
130,924 |
|
0.19 |
% |
|
425.95 |
% |
|
$ |
14,073,518 |
|
$ |
43,778 |
|
$ |
145,847 |
|
0.31 |
% |
|
333.15 |
% |
|
(1) Excluding loans receivable, PPP from total loans and leases receivable is a non-GAAP measure. Management believes the use of these non-GAAP measures provides additional clarity when assessing Customers' financial results. These disclosures should not be viewed as substitutes for results determined to be in accordance with
|
|||||||||||||||||||
NET CHARGE-OFFS/(RECOVERIES) - UNAUDITED |
|||||||||||||||||||
(Dollars in thousands) |
|
|
|
|
|
|
|
|
|
||||||||||
|
Q1 |
|
Q4 |
|
Q3 |
|
Q2 |
|
Q1 |
||||||||||
|
|
2023 |
|
|
|
2022 |
|
|
|
2022 |
|
|
|
2022 |
|
|
|
2022 |
|
Loan type |
|
|
|
|
|
|
|
|
|
||||||||||
Commercial & industrial, including specialty lending (1) |
$ |
(71 |
) |
|
$ |
12,960 |
|
|
$ |
2,581 |
|
|
$ |
(416 |
) |
|
$ |
(59 |
) |
Multifamily |
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
1,990 |
|
|
|
(337 |
) |
Commercial real estate owner occupied |
|
— |
|
|
|
(2 |
) |
|
|
— |
|
|
|
(42 |
) |
|
|
(7 |
) |
Commercial real estate non-owner occupied |
|
4,234 |
|
|
|
972 |
|
|
|
4,831 |
|
|
|
159 |
|
|
|
(8 |
) |
Construction |
|
(116 |
) |
|
|
(10 |
) |
|
|
(10 |
) |
|
|
(103 |
) |
|
|
(113 |
) |
Residential |
|
(2 |
) |
|
|
7 |
|
|
|
(13 |
) |
|
|
(39 |
) |
|
|
(2 |
) |
Installment |
|
14,606 |
|
|
|
13,237 |
|
|
|
11,108 |
|
|
|
11,932 |
|
|
|
7,752 |
|
Total net charge-offs (recoveries) from loans held for investment |
$ |
18,651 |
|
|
$ |
27,164 |
|
|
$ |
18,497 |
|
|
$ |
13,481 |
|
|
$ |
7,226 |
|
(1) Includes
|
RECONCILIATION OF GAAP TO NON-GAAP MEASURES - UNAUDITED |
We believe that the non-GAAP measurements disclosed within this document are useful for investors, regulators, management and others to evaluate our core results of operations and financial condition relative to other financial institutions. These non-GAAP financial measures are frequently used by securities analysts, investors, and other interested parties in the evaluation of companies in our industry. These non-GAAP financial measures exclude from corresponding GAAP measures the impact of certain elements that we do not believe are representative of our ongoing financial results, which we believe enhance an overall understanding of our performance and increases comparability of our period to period results. Investors should consider our performance and financial condition as reported under GAAP and all other relevant information when assessing our performance or financial condition. The non-GAAP measures presented are not necessarily comparable to non-GAAP measures that may be presented by other financial institutions. Although non-GAAP financial measures are frequently used in the evaluation of a company, they have limitations as analytical tools and should not be considered in isolation or as a substitute for analysis of our results of operations or financial condition as reported under GAAP.
The following tables present reconciliations of GAAP to non-GAAP measures disclosed within this document.
Core Earnings - |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||
Q1 2023 |
|
Q4 2022 |
|
Q3 2022 |
|
Q2 2022 |
|
Q1 2022 |
|||||||||||||||||||||||
(Dollars in thousands except per share data) |
USD |
Per share |
|
USD |
Per share |
|
USD |
Per share |
|
USD |
Per share |
|
USD |
Per share |
|||||||||||||||||
GAAP net income to common shareholders |
$ |
50,265 |
|
$ |
1.55 |
|
$ |
25,623 |
$ |
0.77 |
|
$ |
61,364 |
|
$ |
1.85 |
|
|
$ |
56,519 |
|
$ |
1.68 |
|
|
$ |
74,896 |
|
$ |
2.18 |
|
Reconciling items (after tax): |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||
Severance expense |
|
637 |
|
|
0.02 |
|
|
— |
|
— |
|
|
1,058 |
|
|
0.03 |
|
|
|
— |
|
|
— |
|
|
|
— |
|
|
— |
|
Impairments on fixed assets and leases |
|
86 |
|
|
0.00 |
|
|
— |
|
— |
|
|
126 |
|
|
0.00 |
|
|
|
705 |
|
|
0.02 |
|
|
|
220 |
|
|
0.01 |
|
Loss on sale of consumer installment loans |
|
— |
|
|
— |
|
|
— |
|
— |
|
|
18,221 |
|
|
0.55 |
|
|
|
— |
|
|
— |
|
|
|
— |
|
|
— |
|
(Gains) losses on investment securities |
|
(49 |
) |
|
0.00 |
|
|
13,543 |
|
0.41 |
|
|
1,859 |
|
|
0.06 |
|
|
|
2,494 |
|
|
0.07 |
|
|
|
1,030 |
|
|
0.03 |
|
Derivative credit valuation adjustment |
|
204 |
|
|
0.01 |
|
|
202 |
|
0.01 |
|
|
(358 |
) |
|
(0.01 |
) |
|
|
(351 |
) |
|
(0.01 |
) |
|
|
(736 |
) |
|
(0.02 |
) |
Core earnings |
$ |
51,143 |
|
$ |
1.58 |
|
$ |
39,368 |
$ |
1.19 |
|
$ |
82,270 |
|
$ |
2.48 |
|
|
$ |
59,367 |
|
$ |
1.77 |
|
|
$ |
75,410 |
|
$ |
2.20 |
|
Core Earnings, excluding PPP - |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||
Q1 2023 |
|
Q4 2022 |
|
Q3 2022 |
|
Q2 2022 |
|
Q1 2022 |
|||||||||||||||||||||||||
(Dollars in thousands except per share data) |
USD |
Per share |
|
USD |
Per share |
|
USD |
Per share |
|
USD |
Per share |
|
USD |
Per share |
|||||||||||||||||||
GAAP net income to common shareholders |
$ |
50,265 |
|
$ |
1.55 |
|
$ |
25,623 |
|
$ |
0.77 |
|
|
$ |
61,364 |
|
$ |
1.85 |
|
|
$ |
56,519 |
|
$ |
1.68 |
|
|
$ |
74,896 |
|
$ |
2.18 |
|
Less: PPP net income (loss) (after tax) |
|
9,606 |
|
|
0.30 |
|
|
(5,956 |
) |
|
(0.18 |
) |
|
|
5,846 |
|
|
0.18 |
|
|
|
13,066 |
|
|
0.39 |
|
|
|
24,713 |
|
|
0.72 |
|
Net income to common shareholders, excluding PPP |
|
40,659 |
|
|
1.26 |
|
|
31,579 |
|
|
0.95 |
|
|
|
55,518 |
|
|
1.67 |
|
|
|
43,453 |
|
|
1.29 |
|
|
|
50,183 |
|
|
1.46 |
|
Reconciling items (after tax): |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||
Severance expense |
|
637 |
|
|
0.02 |
|
|
— |
|
|
— |
|
|
|
1,058 |
|
|
0.03 |
|
|
|
— |
|
|
— |
|
|
|
— |
|
|
— |
|
Impairments on fixed assets and leases |
|
86 |
|
|
0.00 |
|
|
— |
|
|
— |
|
|
|
126 |
|
|
0.00 |
|
|
|
705 |
|
|
0.02 |
|
|
|
220 |
|
|
0.01 |
|
Loss on sale of consumer installment loans |
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
|
18,221 |
|
|
0.55 |
|
|
|
— |
|
|
— |
|
|
|
— |
|
|
— |
|
(Gains) losses on investment securities |
|
(49 |
) |
|
0.00 |
|
|
13,543 |
|
|
0.41 |
|
|
|
1,859 |
|
|
0.06 |
|
|
|
2,494 |
|
|
0.07 |
|
|
|
1,030 |
|
|
0.03 |
|
Derivative credit valuation adjustment |
|
204 |
|
|
0.01 |
|
|
202 |
|
|
0.01 |
|
|
|
(358 |
) |
|
(0.01 |
) |
|
|
(351 |
) |
|
(0.01 |
) |
|
|
(736 |
) |
|
(0.02 |
) |
Core earnings, excluding PPP |
$ |
41,537 |
|
$ |
1.28 |
|
$ |
45,324 |
|
$ |
1.37 |
|
|
$ |
76,424 |
|
$ |
2.30 |
|
|
$ |
46,301 |
|
$ |
1.38 |
|
|
$ |
50,697 |
|
$ |
1.48 |
|
Core Return on Average Assets - |
|
|
|
|
|
|
|
|
|
||||||||||
(Dollars in thousands except per share data) |
Q1 2023 |
|
Q4 2022 |
|
Q3 2022 |
|
Q2 2022 |
|
Q1 2022 |
||||||||||
GAAP net income |
$ |
53,721 |
|
|
$ |
28,711 |
|
|
$ |
63,912 |
|
|
$ |
58,650 |
|
|
$ |
76,761 |
|
Reconciling items (after tax): |
|
|
|
|
|
|
|
|
|
||||||||||
Severance expense |
|
637 |
|
|
|
— |
|
|
|
1,058 |
|
|
|
— |
|
|
|
— |
|
Impairments on fixed assets and leases |
|
86 |
|
|
|
— |
|
|
|
126 |
|
|
|
705 |
|
|
|
220 |
|
Loss on sale of consumer installment loans |
|
— |
|
|
|
— |
|
|
|
18,221 |
|
|
|
— |
|
|
|
— |
|
(Gains) losses on investment securities |
|
(49 |
) |
|
|
13,543 |
|
|
|
1,859 |
|
|
|
2,494 |
|
|
|
1,030 |
|
Derivative credit valuation adjustment |
|
204 |
|
|
|
202 |
|
|
|
(358 |
) |
|
|
(351 |
) |
|
|
(736 |
) |
Core net income |
$ |
54,599 |
|
|
$ |
42,456 |
|
|
$ |
84,818 |
|
|
$ |
61,498 |
|
|
$ |
77,275 |
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Average total assets |
$ |
21,052,920 |
|
|
$ |
20,717,362 |
|
|
$ |
20,514,366 |
|
|
$ |
20,056,020 |
|
|
$ |
19,129,330 |
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Core return on average assets |
|
1.05 |
% |
|
|
0.81 |
% |
|
|
1.64 |
% |
|
|
1.23 |
% |
|
|
1.64 |
% |
Core Return on Average Assets, excluding PPP - |
|
|
|
|
|
|
|
|
|
||||||||||
(Dollars in thousands except per share data) |
Q1 2023 |
|
Q4 2022 |
|
Q3 2022 |
|
Q2 2022 |
|
Q1 2022 |
||||||||||
GAAP net income |
$ |
53,721 |
|
|
$ |
28,711 |
|
|
$ |
63,912 |
|
|
$ |
58,650 |
|
|
$ |
76,761 |
|
Less: PPP net income (loss) (after tax) |
|
9,606 |
|
|
|
(5,956 |
) |
|
|
5,846 |
|
|
|
13,066 |
|
|
|
24,713 |
|
Net income, excluding PPP |
|
44,115 |
|
|
|
34,667 |
|
|
|
58,066 |
|
|
|
45,584 |
|
|
|
52,048 |
|
Reconciling items (after tax): |
|
|
|
|
|
|
|
|
|
||||||||||
Severance expense |
|
637 |
|
|
|
— |
|
|
|
1,058 |
|
|
|
— |
|
|
|
— |
|
Impairments on fixed assets and leases |
|
86 |
|
|
|
— |
|
|
|
126 |
|
|
|
705 |
|
|
|
220 |
|
Loss on sale of consumer installment loans |
|
— |
|
|
|
— |
|
|
|
18,221 |
|
|
|
— |
|
|
|
— |
|
(Gains) losses on investment securities |
|
(49 |
) |
|
|
13,543 |
|
|
|
1,859 |
|
|
|
2,494 |
|
|
|
1,030 |
|
Derivative credit valuation adjustment |
|
204 |
|
|
|
202 |
|
|
|
(358 |
) |
|
|
(351 |
) |
|
|
(736 |
) |
Core net income, excluding PPP |
$ |
44,993 |
|
|
$ |
48,412 |
|
|
$ |
78,972 |
|
|
$ |
48,432 |
|
|
$ |
52,562 |
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Average total assets |
$ |
21,052,920 |
|
|
$ |
20,717,362 |
|
|
$ |
20,514,366 |
|
|
$ |
20,056,020 |
|
|
$ |
19,129,330 |
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Core return on average assets, excluding PPP |
|
0.87 |
% |
|
|
0.93 |
% |
|
|
1.53 |
% |
|
|
0.97 |
% |
|
|
1.11 |
% |
Adjusted Net Income and Adjusted ROAA - Pre-Tax Pre-Provision - |
|
|
|
|
|
|
|
|
|
||||||||||
(Dollars in thousands except per share data) |
Q1 2023 |
|
Q4 2022 |
|
Q3 2022 |
|
Q2 2022 |
|
Q1 2022 |
||||||||||
GAAP net income |
$ |
53,721 |
|
|
$ |
28,711 |
|
|
$ |
63,912 |
|
|
$ |
58,650 |
|
|
$ |
76,761 |
|
Reconciling items: |
|
|
|
|
|
|
|
|
|
||||||||||
Income tax expense |
|
14,563 |
|
|
|
7,136 |
|
|
|
17,899 |
|
|
|
18,896 |
|
|
|
19,332 |
|
Provision (benefit) for credit losses |
|
19,603 |
|
|
|
28,216 |
|
|
|
(7,994 |
) |
|
|
23,847 |
|
|
|
15,997 |
|
Provision (benefit) for credit losses on unfunded commitments |
|
280 |
|
|
|
153 |
|
|
|
254 |
|
|
|
608 |
|
|
|
(109 |
) |
Severance expense |
|
809 |
|
|
|
— |
|
|
|
1,363 |
|
|
|
— |
|
|
|
— |
|
Impairments on fixed assets and leases |
|
109 |
|
|
|
— |
|
|
|
162 |
|
|
|
914 |
|
|
|
286 |
|
Loss on sale of consumer installment loans |
|
— |
|
|
|
— |
|
|
|
23,465 |
|
|
|
— |
|
|
|
— |
|
(Gains) losses on investment securities |
|
(62 |
) |
|
|
16,909 |
|
|
|
2,394 |
|
|
|
3,232 |
|
|
|
1,339 |
|
Derivative credit valuation adjustment |
|
259 |
|
|
|
252 |
|
|
|
(461 |
) |
|
|
(455 |
) |
|
|
(957 |
) |
Adjusted net income - pre-tax pre-provision |
$ |
89,282 |
|
|
$ |
81,377 |
|
|
$ |
100,994 |
|
|
$ |
105,692 |
|
|
$ |
112,649 |
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Average total assets |
$ |
21,052,920 |
|
|
$ |
20,717,362 |
|
|
$ |
20,514,366 |
|
|
$ |
20,056,020 |
|
|
$ |
19,129,330 |
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Adjusted ROAA - pre-tax pre-provision |
|
1.72 |
% |
|
|
1.56 |
% |
|
|
1.95 |
% |
|
|
2.11 |
% |
|
|
2.39 |
% |
Adjusted Net Income and Adjusted ROAA - Pre-Tax Pre-Provision, excluding PPP - |
|
|
|
|
|
|
|
|
|
||||||||||
(Dollars in thousands except per share data) |
Q1 2023 |
|
Q4 2022 |
|
Q3 2022 |
|
Q2 2022 |
|
Q1 2022 |
||||||||||
GAAP net income |
$ |
53,721 |
|
|
$ |
28,711 |
|
|
$ |
63,912 |
|
|
$ |
58,650 |
|
|
$ |
76,761 |
|
Less: PPP net income (loss) (after tax) |
|
9,606 |
|
|
|
(5,956 |
) |
|
|
5,846 |
|
|
|
13,066 |
|
|
|
24,713 |
|
Net income, excluding PPP |
|
44,115 |
|
|
|
34,667 |
|
|
|
58,066 |
|
|
|
45,584 |
|
|
|
52,048 |
|
Reconciling items: |
|
|
|
|
|
|
|
|
|
||||||||||
Income tax expense |
|
14,563 |
|
|
|
7,136 |
|
|
|
17,899 |
|
|
|
18,896 |
|
|
|
19,332 |
|
Provision (benefit) for credit losses |
|
19,603 |
|
|
|
28,216 |
|
|
|
(7,994 |
) |
|
|
23,847 |
|
|
|
15,997 |
|
Provision (benefit) for credit losses on unfunded commitments |
|
280 |
|
|
|
153 |
|
|
|
254 |
|
|
|
608 |
|
|
|
(109 |
) |
Severance expense |
|
809 |
|
|
|
— |
|
|
|
1,363 |
|
|
|
— |
|
|
|
— |
|
Impairments on fixed assets and leases |
|
109 |
|
|
|
— |
|
|
|
162 |
|
|
|
914 |
|
|
|
286 |
|
Loss on sale of consumer installment loans |
|
— |
|
|
|
— |
|
|
|
23,465 |
|
|
|
— |
|
|
|
— |
|
(Gains) losses on investment securities |
|
(62 |
) |
|
|
16,909 |
|
|
|
2,394 |
|
|
|
3,232 |
|
|
|
1,339 |
|
Derivative credit valuation adjustment |
|
259 |
|
|
|
252 |
|
|
|
(461 |
) |
|
|
(455 |
) |
|
|
(957 |
) |
Adjusted net income - pre-tax pre-provision, excluding PPP |
$ |
79,676 |
|
|
$ |
87,333 |
|
|
$ |
95,148 |
|
|
$ |
92,626 |
|
|
$ |
87,936 |
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Average total assets |
$ |
21,052,920 |
|
|
$ |
20,717,362 |
|
|
$ |
20,514,366 |
|
|
$ |
20,056,020 |
|
|
$ |
19,129,330 |
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Adjusted ROAA - pre-tax pre-provision, excluding PPP |
|
1.53 |
% |
|
|
1.67 |
% |
|
|
1.84 |
% |
|
|
1.85 |
% |
|
1.86 |
% |
Core Return on Average Common Equity - |
|
|
|
|
|
|
|
|
|
||||||||||
(Dollars in thousands except per share data) |
Q1 2023 |
|
Q4 2022 |
|
Q3 2022 |
|
Q2 2022 |
|
Q1 2022 |
||||||||||
GAAP net income to common shareholders |
$ |
50,265 |
|
|
$ |
25,623 |
|
|
$ |
61,364 |
|
|
$ |
56,519 |
|
|
$ |
74,896 |
|
Reconciling items (after tax): |
|
|
|
|
|
|
|
|
|
||||||||||
Severance expense |
|
637 |
|
|
|
— |
|
|
|
1,058 |
|
|
|
— |
|
|
|
— |
|
Impairments on fixed assets and leases |
|
86 |
|
|
|
— |
|
|
|
126 |
|
|
|
705 |
|
|
|
220 |
|
Loss on sale of consumer installment loans |
|
— |
|
|
|
— |
|
|
|
18,221 |
|
|
|
— |
|
|
|
— |
|
(Gains) losses on investment securities |
|
(49 |
) |
|
|
13,543 |
|
|
|
1,859 |
|
|
|
2,494 |
|
|
|
1,030 |
|
Derivative credit valuation adjustment |
|
204 |
|
|
|
202 |
|
|
|
(358 |
) |
|
|
(351 |
) |
|
|
(736 |
) |
Core earnings |
$ |
51,143 |
|
|
$ |
39,368 |
|
|
$ |
82,270 |
|
|
$ |
59,367 |
|
|
$ |
75,410 |
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Average total common shareholders' equity |
$ |
1,273,780 |
|
|
$ |
1,263,190 |
|
|
$ |
1,259,711 |
|
|
$ |
1,244,819 |
|
|
$ |
1,252,022 |
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Core return on average common equity |
|
16.28 |
% |
|
|
12.36 |
% |
|
|
25.91 |
% |
|
|
19.13 |
% |
|
|
24.43 |
% |
Adjusted ROCE - Pre-Tax Pre-Provision - |
|
|
|
|
|
|
|
|
|
||||||||||
(Dollars in thousands except per share data) |
Q1 2023 |
|
Q4 2022 |
|
Q3 2022 |
|
Q2 2022 |
|
Q1 2022 |
||||||||||
GAAP net income to common shareholders |
$ |
50,265 |
|
|
$ |
25,623 |
|
|
$ |
61,364 |
|
|
$ |
56,519 |
|
|
$ |
74,896 |
|
Reconciling items: |
|
|
|
|
|
|
|
|
|
||||||||||
Income tax expense |
|
14,563 |
|
|
|
7,136 |
|
|
|
17,899 |
|
|
|
18,896 |
|
|
|
19,332 |
|
Provision (benefit) for credit losses |
|
19,603 |
|
|
|
28,216 |
|
|
|
(7,994 |
) |
|
|
23,847 |
|
|
|
15,997 |
|
Provision (benefit) for credit losses on unfunded commitments |
|
280 |
|
|
|
153 |
|
|
|
254 |
|
|
|
608 |
|
|
|
(109 |
) |
Severance expense |
|
809 |
|
|
|
— |
|
|
|
1,363 |
|
|
|
— |
|
|
|
— |
|
Impairments on fixed assets and leases |
|
109 |
|
|
|
— |
|
|
|
162 |
|
|
|
914 |
|
|
|
286 |
|
Loss on sale of consumer installment loans |
|
— |
|
|
|
— |
|
|
|
23,465 |
|
|
|
— |
|
|
|
— |
|
(Gains) losses on investment securities |
|
(62 |
) |
|
|
16,909 |
|
|
|
2,394 |
|
|
|
3,232 |
|
|
|
1,339 |
|
Derivative credit valuation adjustment |
|
259 |
|
|
|
252 |
|
|
|
(461 |
) |
|
|
(455 |
) |
|
|
(957 |
) |
Pre-tax pre-provision adjusted net income available to common shareholders |
$ |
85,826 |
|
|
$ |
78,289 |
|
|
$ |
98,446 |
|
|
$ |
103,561 |
|
|
$ |
110,784 |
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Average total common shareholders' equity |
$ |
1,273,780 |
|
|
$ |
1,263,190 |
|
|
$ |
1,259,711 |
|
|
$ |
1,244,819 |
|
|
$ |
1,252,022 |
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Adjusted ROCE - pre-tax pre-provision |
|
27.33 |
% |
|
|
24.59 |
% |
|
|
31.01 |
% |
|
|
33.37 |
% |
|
|
35.89 |
% |
Net Interest Margin, Tax Equivalent, excluding PPP - |
|
|
|
|
|
|
|
|
|
||||||||||
(Dollars in thousands except per share data) |
Q1 2023 |
|
Q4 2022 |
|
Q3 2022 |
|
Q2 2022 |
|
Q1 2022 |
||||||||||
GAAP net interest income |
$ |
149,899 |
|
|
$ |
135,137 |
|
|
$ |
159,032 |
|
|
$ |
164,852 |
|
|
$ |
164,699 |
|
PPP net interest (income) expense |
|
(14,106 |
) |
|
|
2,791 |
|
|
|
(9,632 |
) |
|
|
(18,946 |
) |
|
|
(34,615 |
) |
Tax-equivalent adjustment |
|
375 |
|
|
|
342 |
|
|
|
334 |
|
|
|
270 |
|
|
|
239 |
|
Net interest income, tax equivalent, excluding PPP |
$ |
136,168 |
|
|
$ |
138,270 |
|
|
$ |
149,734 |
|
|
$ |
146,176 |
|
|
$ |
130,323 |
|
|
|
|
|
|
|
|
|
|
|
||||||||||
|
|
|
|
|
|
|
|
|
|
||||||||||
GAAP average total interest earning assets |
$ |
20,514,677 |
|
|
$ |
20,211,028 |
|
|
$ |
20,021,455 |
|
|
$ |
19,525,936 |
|
|
$ |
18,572,308 |
|
Average PPP loans |
|
(889,235 |
) |
|
|
(1,065,919 |
) |
|
|
(1,349,403 |
) |
|
|
(1,863,429 |
) |
|
|
(2,641,318 |
) |
Adjusted average total interest earning assets, excluding PPP |
$ |
19,625,442 |
|
|
$ |
19,145,109 |
|
|
$ |
18,672,052 |
|
|
$ |
17,662,507 |
|
|
$ |
15,930,990 |
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Net interest margin, tax equivalent, excluding PPP |
|
2.80 |
% |
|
|
2.87 |
% |
|
|
3.18 |
% |
|
|
3.32 |
% |
|
|
3.32 |
% |
|
|
|
|
|
|
|
|
|
|
Loan Yield, excluding PPP |
|
|
|
|
|
|
|
|
|
||||||||||
(Dollars in thousands except per share data) |
Q1 2023 |
|
Q4 2022 |
|
Q3 2022 |
|
Q2 2022 |
|
Q1 2022 |
||||||||||
Interest income on loans and leases |
$ |
255,913 |
|
|
$ |
218,740 |
|
|
$ |
200,457 |
|
|
$ |
168,941 |
|
|
$ |
157,175 |
|
|
|
|
|
|
|
|
|
|
|
||||||||||
PPP interest income |
|
(23,551 |
) |
|
|
(7,249 |
) |
|
|
(14,666 |
) |
|
|
(20,572 |
) |
|
|
(36,894 |
) |
Interest income on core loans (Loans and leases, excluding PPP) |
$ |
232,362 |
|
|
$ |
211,491 |
|
|
$ |
185,791 |
|
|
$ |
148,369 |
|
|
$ |
120,281 |
|
|
|
|
|
|
|
|
|
|
|
||||||||||
|
|
|
|
|
|
|
|
|
|
||||||||||
Average total loans and leases |
$ |
15,477,973 |
|
|
$ |
15,388,003 |
|
|
$ |
15,653,983 |
|
|
$ |
14,918,498 |
|
|
$ |
13,656,991 |
|
Average PPP loans |
|
(889,235 |
) |
|
|
(1,065,919 |
) |
|
|
(1,349,403 |
) |
|
|
(1,863,429 |
) |
|
|
(2,641,318 |
) |
Adjusted average total loans and leases |
$ |
14,588,738 |
|
|
$ |
14,322,084 |
|
|
$ |
14,304,580 |
|
|
$ |
13,055,069 |
|
|
$ |
11,015,673 |
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Loan yield, excluding PPP |
|
6.46 |
% |
|
|
5.86 |
% |
|
|
5.15 |
% |
|
|
4.56 |
% |
|
|
4.43 |
% |
Core Efficiency Ratio - |
|
|
|
|
|
|
|
|
|
||||||||||
(Dollars in thousands except per share data) |
Q1 2023 |
|
Q4 2022 |
|
Q3 2022 |
|
Q2 2022 |
|
Q1 2022 |
||||||||||
GAAP net interest income |
$ |
149,899 |
|
|
$ |
135,137 |
|
|
$ |
159,032 |
|
|
$ |
164,852 |
|
|
$ |
164,699 |
|
|
|
|
|
|
|
|
|
|
|
||||||||||
GAAP non-interest income |
$ |
18,121 |
|
|
$ |
7,345 |
|
|
$ |
(9,017 |
) |
|
$ |
12,746 |
|
|
$ |
21,198 |
|
Loss on sale of consumer installment loans |
|
— |
|
|
|
— |
|
|
|
23,465 |
|
|
|
— |
|
|
|
— |
|
(Gains) losses on investment securities |
|
(62 |
) |
|
|
16,909 |
|
|
|
2,394 |
|
|
|
3,232 |
|
|
|
1,339 |
|
Derivative credit valuation adjustment |
|
259 |
|
|
|
252 |
|
|
|
(461 |
) |
|
|
(455 |
) |
|
|
(957 |
) |
Core non-interest income |
|
18,318 |
|
|
|
24,506 |
|
|
|
16,381 |
|
|
|
15,523 |
|
|
|
21,580 |
|
Core revenue |
$ |
168,217 |
|
|
$ |
159,643 |
|
|
$ |
175,413 |
|
|
$ |
180,375 |
|
|
$ |
186,279 |
|
|
|
|
|
|
|
|
|
|
|
||||||||||
|
|
|
|
|
|
|
|
|
|
||||||||||
GAAP non-interest expense |
$ |
80,133 |
|
|
$ |
78,419 |
|
|
$ |
76,198 |
|
|
$ |
76,205 |
|
|
$ |
73,807 |
|
Severance expense |
|
(809 |
) |
|
|
— |
|
|
|
(1,363 |
) |
|
|
— |
|
|
|
— |
|
Impairments on fixed assets and leases |
|
(109 |
) |
|
|
— |
|
|
|
(162 |
) |
|
|
(914 |
) |
|
|
(286 |
) |
Core non-interest expense |
$ |
79,215 |
|
|
$ |
78,419 |
|
|
$ |
74,673 |
|
|
$ |
75,291 |
|
|
$ |
73,521 |
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Core efficiency ratio (1) |
|
47.09 |
% |
|
|
49.12 |
% |
|
|
42.57 |
% |
|
|
41.74 |
% |
|
|
39.47 |
% |
(1) Core efficiency ratio calculated as core non-interest expense divided by core revenue.
Tangible Common Equity to Tangible Assets - |
|
|
|
|
|
|
|
|
|
||||||||||
|
|
|
|
|
|
|
|
|
|
||||||||||
(Dollars in thousands except per share data) |
Q1 2023 |
|
Q4 2022 |
|
Q3 2022 |
|
Q2 2022 |
|
Q1 2022 |
||||||||||
GAAP total shareholders' equity |
$ |
1,421,020 |
|
|
$ |
1,402,961 |
|
|
$ |
1,386,931 |
|
|
$ |
1,353,390 |
|
|
$ |
1,377,406 |
|
Reconciling items: |
|
|
|
|
|
|
|
|
|
||||||||||
Preferred stock |
|
(137,794 |
) |
|
|
(137,794 |
) |
|
|
(137,794 |
) |
|
|
(137,794 |
) |
|
|
(137,794 |
) |
|
|
(3,629 |
) |
|
|
(3,629 |
) |
|
|
(3,629 |
) |
|
|
(3,629 |
) |
|
|
(3,678 |
) |
Tangible common equity |
$ |
1,279,597 |
|
|
$ |
1,261,538 |
|
|
$ |
1,245,508 |
|
|
$ |
1,211,967 |
|
|
$ |
1,235,934 |
|
|
|
|
|
|
|
|
|
|
|
||||||||||
GAAP total assets |
$ |
21,751,614 |
|
|
$ |
20,896,112 |
|
|
$ |
20,367,621 |
|
|
$ |
20,251,996 |
|
|
$ |
19,163,708 |
|
Reconciling items: |
|
|
|
|
|
|
|
|
|
||||||||||
|
|
(3,629 |
) |
|
|
(3,629 |
) |
|
|
(3,629 |
) |
|
|
(3,629 |
) |
|
|
(3,678 |
) |
Tangible assets |
$ |
21,747,985 |
|
|
$ |
20,892,483 |
|
|
$ |
20,363,992 |
|
|
$ |
20,248,367 |
|
|
$ |
19,160,030 |
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Tangible common equity to tangible assets |
|
5.9 |
% |
|
|
6.0 |
% |
|
|
6.1 |
% |
|
|
6.0 |
% |
|
|
6.5 |
% |
Tangible Common Equity to Tangible Assets, excluding PPP - |
|
|
|
|
|
|
|
|
|
||||||||||
|
|
|
|
|
|
|
|
|
|
||||||||||
(Dollars in thousands except per share data) |
Q1 2023 |
|
Q4 2022 |
|
Q3 2022 |
|
Q2 2022 |
|
Q1 2022 |
||||||||||
GAAP total shareholders' equity |
$ |
1,421,020 |
|
|
$ |
1,402,961 |
|
|
$ |
1,386,931 |
|
|
$ |
1,353,390 |
|
|
$ |
1,377,406 |
|
Reconciling items: |
|
|
|
|
|
|
|
|
|
||||||||||
Preferred stock |
|
(137,794 |
) |
|
|
(137,794 |
) |
|
|
(137,794 |
) |
|
|
(137,794 |
) |
|
|
(137,794 |
) |
|
|
(3,629 |
) |
|
|
(3,629 |
) |
|
|
(3,629 |
) |
|
|
(3,629 |
) |
|
|
(3,678 |
) |
Tangible common equity |
$ |
1,279,597 |
|
|
$ |
1,261,538 |
|
|
$ |
1,245,508 |
|
|
$ |
1,211,967 |
|
|
$ |
1,235,934 |
|
|
|
|
|
|
|
|
|
|
|
||||||||||
GAAP total assets |
$ |
21,751,614 |
|
|
$ |
20,896,112 |
|
|
$ |
20,367,621 |
|
|
$ |
20,251,996 |
|
|
$ |
19,163,708 |
|
Loans receivable, PPP |
|
(246,258 |
) |
|
|
(998,153 |
) |
|
|
(1,154,632 |
) |
|
|
(1,570,160 |
) |
|
|
(2,195,902 |
) |
Total assets, excluding PPP |
$ |
21,505,356 |
|
|
$ |
19,897,959 |
|
|
$ |
19,212,989 |
|
|
$ |
18,681,836 |
|
|
$ |
16,967,806 |
|
Reconciling items: |
|
|
|
|
|
|
|
|
|
||||||||||
|
|
(3,629 |
) |
|
|
(3,629 |
) |
|
|
(3,629 |
) |
|
|
(3,629 |
) |
|
|
(3,678 |
) |
Tangible assets, excluding PPP |
$ |
21,501,727 |
|
|
$ |
19,894,330 |
|
|
$ |
19,209,360 |
|
|
$ |
18,678,207 |
|
|
$ |
16,964,128 |
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Tangible common equity to tangible assets, excluding PPP |
|
6.0 |
% |
|
|
6.3 |
% |
|
|
6.5 |
% |
|
|
6.5 |
% |
|
|
7.3 |
% |
Tangible Book Value per Common Share - |
|
|
|
|
|
|
|
|
|
||||||||||
|
|
|
|
|
|
|
|
|
|
||||||||||
(Dollars in thousands except share and per share data) |
Q1 2023 |
|
Q4 2022 |
|
Q3 2022 |
|
Q2 2022 |
|
Q1 2022 |
||||||||||
GAAP total shareholders' equity |
$ |
1,421,020 |
|
|
$ |
1,402,961 |
|
|
$ |
1,386,931 |
|
|
$ |
1,353,390 |
|
|
$ |
1,377,406 |
|
Reconciling Items: |
|
|
|
|
|
|
|
|
|
||||||||||
Preferred stock |
|
(137,794 |
) |
|
|
(137,794 |
) |
|
|
(137,794 |
) |
|
|
(137,794 |
) |
|
|
(137,794 |
) |
|
|
(3,629 |
) |
|
|
(3,629 |
) |
|
|
(3,629 |
) |
|
|
(3,629 |
) |
|
|
(3,678 |
) |
Tangible common equity |
$ |
1,279,597 |
|
|
$ |
1,261,538 |
|
|
$ |
1,245,508 |
|
|
$ |
1,211,967 |
|
|
$ |
1,235,934 |
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Common shares outstanding |
|
31,239,750 |
|
|
|
32,373,697 |
|
|
|
32,475,502 |
|
|
|
32,449,486 |
|
|
|
32,957,847 |
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Tangible book value per common share |
$ |
40.96 |
|
|
$ |
38.97 |
|
|
$ |
38.35 |
|
|
$ |
37.35 |
|
|
$ |
37.50 |
|
Core Loans (Total Loans and Leases, excluding PPP) |
|
|
|
|
|
|
|
|
|
||||||||||
|
|
|
|
|
|
|
|
|
|
||||||||||
(Dollars in thousands except per share data) |
Q1 2023 |
|
Q4 2022 |
|
Q3 2022 |
|
Q2 2022 |
|
Q1 2022 |
||||||||||
Total loans and leases |
$ |
15,063,034 |
|
|
$ |
15,794,671 |
|
|
$ |
15,336,688 |
|
|
$ |
15,664,353 |
|
|
$ |
14,073,518 |
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Loans receivable, PPP |
|
(246,258 |
) |
|
|
(998,153 |
) |
|
|
(1,154,632 |
) |
|
|
(1,570,160 |
) |
|
|
(2,195,902 |
) |
Core Loans (Total loans and leases, excluding PPP) |
$ |
14,816,776 |
|
|
$ |
14,796,518 |
|
|
$ |
14,182,056 |
|
|
$ |
14,094,193 |
|
|
$ |
11,877,616 |
|
|
|
|
|
|
|
|
|
|||||||||||
Core Loans Held for Investment (Total Loans and Leases Held for Investment, excluding PPP) |
|
|
|
|
|
|
|
|
|
||||||||||
|
|
|
|
|
|
|
|
|
|
||||||||||
(Dollars in thousands except per share data) |
Q1 2023 |
|
Q4 2022 |
|
Q3 2022 |
|
Q2 2022 |
|
Q1 2022 |
||||||||||
Total loans and leases, held for investment |
$ |
14,638,977 |
|
|
$ |
15,466,359 |
|
|
$ |
15,331,464 |
|
|
$ |
15,657,758 |
|
|
$ |
14,070,515 |
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Loans receivable, PPP |
|
(246,258 |
) |
|
|
(998,153 |
) |
|
|
(1,154,632 |
) |
|
|
(1,570,160 |
) |
|
|
(2,195,902 |
) |
Core Loans Held for Investment (Total loans and leases held for investment, excluding PPP) |
$ |
14,392,719 |
|
|
$ |
14,468,206 |
|
|
$ |
14,176,832 |
|
|
$ |
14,087,598 |
|
|
$ |
11,874,613 |
|
Total Assets, excluding PPP |
|
|
|
|
|
|
|
|
|
||||||||||
|
|
|
|
|
|
|
|
|
|
||||||||||
(Dollars in thousands except per share data) |
Q1 2023 |
|
Q4 2022 |
|
Q3 2022 |
|
Q2 2022 |
|
Q1 2022 |
||||||||||
Total assets |
$ |
21,751,614 |
|
|
$ |
20,896,112 |
|
|
$ |
20,367,621 |
|
|
$ |
20,251,996 |
|
|
$ |
19,163,708 |
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Loans receivable, PPP |
|
(246,258 |
) |
|
|
(998,153 |
) |
|
|
(1,154,632 |
) |
|
|
(1,570,160 |
) |
|
|
(2,195,902 |
) |
Total assets, excluding PPP |
$ |
21,505,356 |
|
|
$ |
19,897,959 |
|
|
$ |
19,212,989 |
|
|
$ |
18,681,836 |
|
|
$ |
16,967,806 |
|
Coverage of credit loss reserves for loans and leases held for investment, excluding PPP |
|
|
|
|
|
|
|
|
|
||||||||||
|
|
|
|
|
|
|
|
|
|
||||||||||
(Dollars in thousands except per share data) |
Q1 2023 |
|
Q4 2022 |
|
Q3 2022 |
|
Q2 2022 |
|
Q1 2022 |
||||||||||
Loans and leases receivable |
$ |
13,391,610 |
|
|
$ |
14,143,047 |
|
|
$ |
13,762,374 |
|
|
$ |
13,783,155 |
|
|
$ |
12,314,757 |
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Loans receivable, PPP |
|
(246,258 |
) |
|
|
(998,153 |
) |
|
|
(1,154,632 |
) |
|
|
(1,570,160 |
) |
|
|
(2,195,902 |
) |
Loans and leases held for investment, excluding PPP |
$ |
13,145,352 |
|
|
$ |
13,144,894 |
|
|
$ |
12,607,742 |
|
|
$ |
12,212,995 |
|
|
$ |
10,118,855 |
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Allowance for credit losses on loans and leases |
$ |
130,281 |
|
|
$ |
130,924 |
|
|
$ |
130,197 |
|
|
$ |
156,530 |
|
|
$ |
145,847 |
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Coverage of credit loss reserves for loans and leases held for investment, excluding PPP |
|
0.99 |
% |
|
|
1.00 |
% |
|
|
1.03 |
% |
|
|
1.28 |
% |
|
|
1.44 |
% |
View source version on businesswire.com: https://www.businesswire.com/news/home/20230426006065/en/
Source: