FirstSun Capital Bancorp Reports Second Quarter 2024 Results
FirstSun Capital Bancorp (NASDAQ: FSUN) reported strong Q2 2024 results with net income of $24.6 million, or $0.88 per diluted share. Key highlights include:
- Net interest margin of 4.02%
- Return on average total assets of 1.26%
- Return on average stockholders' equity of 10.03%
- Loan growth of 3.3% annualized
- Deposit growth of 10.8% annualized
- Noninterest income to total revenue at 24.2%
The company maintained a strong capital position with a common equity tier 1 risk-based capital ratio of 12.80%. FirstSun successfully uplisted to Nasdaq on July 12, 2024, which is expected to provide better access to capital markets.
FirstSun Capital Bancorp (NASDAQ: FSUN) ha riportato risultati solidi per il secondo trimestre del 2024 con un utile netto di 24,6 milioni di dollari, corrispondente a 0,88 dollari per azione diluita. I punti salienti includono:
- Margine di interesse netto del 4,02%
- Rendimento medio sui totale delle attività del 1,26%
- Rendimento medio del capitale degli azionisti del 10,03%
- Crescita dei prestiti del 3,3% annualizzato
- Crescita dei depositi del 10,8% annualizzato
- Reddito non da interessi sul totale delle entrate al 24,2%
L'azienda ha mantenuto una solida posizione di capitale con un rapporto di capitale di classe comune tier 1 basato sul rischio del 12,80%. FirstSun è riuscita a essere quotata su Nasdaq il 12 luglio 2024, il che è atteso fornire un migliore accesso ai mercati dei capitali.
FirstSun Capital Bancorp (NASDAQ: FSUN) reportó resultados sólidos para el segundo trimestre de 2024 con un ingreso neto de 24.6 millones de dólares, o 0.88 dólares por acción diluida. Los aspectos más destacados incluyen:
- Margen de interés neto del 4.02%
- Rendimiento sobre activos totales promedio del 1.26%
- Rendimiento sobre el patrimonio promedio de los accionistas del 10.03%
- Crecimiento de préstamos del 3.3% anualizado
- Crecimiento de depósitos del 10.8% anualizado
- Ingresos no por intereses sobre los ingresos totales del 24.2%
La empresa mantuvo una sólida posición de capital con un ratio de capital de clase común tier 1 basado en riesgos del 12.80%. FirstSun logró ser listada en Nasdaq el 12 de julio de 2024, lo que se espera que proporcione mejor acceso a los mercados de capitales.
퍼스트 선 캐피탈 뱅코프 (NASDAQ: FSUN)는 2024년 2분기에 2460만 달러의 순이익, 즉 희석 주당 0.88달러를 기록하며 강력한 실적을 발표했습니다. 주요 하이라이트는 다음과 같습니다:
- 순이자 마진 4.02%
- 평균 총 자산 수익률 1.26%
- 평균 주주 지분 수익률 10.03%
- 연환산 대출 성장률 3.3%
- 연환산 예치금 성장률 10.8%
- 총 수익에서 비이자 수익 비율 24.2%
회사는 위험 기반 1급 보통주 자본 비율이 12.80%로 강력한 자본 위치를 유지했습니다. 퍼스트 선은 2024년 7월 12일 나스닥에 성공적으로 상장하였으며, 이는 자본 시장에 대한 더 나은 접근을 제공할 것으로 기대됩니다.
FirstSun Capital Bancorp (NASDAQ: FSUN) a rapporté de solides résultats pour le deuxième trimestre 2024 avec un revenu net de 24,6 millions de dollars, soit 0,88 dollar par action diluée. Les points saillants incluent :
- Marge d'intérêt nette de 4,02%
- Rendement sur les actifs totaux moyens de 1,26%
- Rendement sur les capitaux propres moyens des actionnaires de 10,03%
- Croissance des prêts de 3,3% annualisée
- Croissance des dépôts de 10,8% annualisée
- Revenus non d'intérêts par rapport aux revenus totaux à 24,2%
L'entreprise a maintenu une solide position de capital avec un ratio de capital de niveau 1 des actions ordinaires basé sur les risques de 12,80%. FirstSun a réussi à être cotée au Nasdaq le 12 juillet 2024, ce qui devrait offrir un meilleur accès aux marchés de capitaux.
FirstSun Capital Bancorp (NASDAQ: FSUN) hat im zweiten Quartal 2024 starke Ergebnisse mit einem Nettoeinkommen von 24,6 Millionen Dollar oder 0,88 Dollar pro verwässerter Aktie gemeldet. Zu den wichtigsten Highlights gehören:
- Nettomargen von 4,02%
- Rendite auf durchschnittliche Gesamtaktiva von 1,26%
- Rendite auf das durchschnittliche Eigenkapital der Aktionäre von 10,03%
- Kreditwachstum von 3,3% annualisiert
- Einlagenwachstum von 10,8% annualisiert
- Nichtzins Einnahmen am Gesamteinkommen von 24,2%
Das Unternehmen hielt eine starke Kapitalposition mit einem Verhältnis von Tier-1-Kapitaleigenmitteln von 12,80%. FirstSun ist am 12. Juli 2024 erfolgreich an die Nasdaq gewechselt, was voraussichtlich besseren Zugang zu den Kapitalmärkten bietet.
- Net income increased to $24.6 million in Q2 2024, up from $12.3 million in Q1 2024
- Net interest margin improved to 4.02%, up 3 basis points from the previous quarter
- Loan growth of 3.3% annualized
- Deposit growth of 10.8% annualized
- Noninterest income as a percentage of total revenue increased to 24.2%
- Successful uplisting to Nasdaq, potentially improving access to capital markets
- Net income decreased compared to $28.0 million in Q2 2023
- Earnings per diluted share decreased to $0.88 from $1.11 in Q2 2023
- Slight increase in nonperforming assets ratio to 0.84% from 0.80% in the previous quarter
- Increase in cost of interest-bearing liabilities by 12 basis points
Insights
FirstSun Capital Bancorp's Q2 2024 results demonstrate a solid performance in a challenging environment. The bank reported net income of
Key positives include:
- Strong net interest margin of
4.02% , up 3 basis points from Q1 - Annualized loan growth of
3.3% - Impressive annualized deposit growth of
10.8% - Noninterest income at
24.2% of total revenue, indicating a well-diversified business mix
The bank's asset quality remains solid, with the allowance for credit losses at
However, investors should note the slight increase in nonperforming assets ratio to
FirstSun's Q2 results reflect the broader trends in the banking sector, particularly the impact of the high interest rate environment. The bank's ability to expand its net interest margin to
The
The efficiency ratio of
The bank's capital ratios remain robust, with a common equity tier 1 ratio of
FirstSun's Q2 performance offers several insights for investors in the regional banking sector:
- The bank's ability to grow deposits in a competitive environment suggests effective customer retention and acquisition strategies.
- The
3.3% annualized loan growth, while modest, indicates continued demand in FirstSun's markets, potentially reflecting economic resilience in its operating regions. - The
24.2% contribution of noninterest income to total revenue highlights a well-diversified business model, which can provide stability in varying economic conditions.
The uplisting to Nasdaq is a significant milestone that could attract a broader investor base and potentially improve the stock's liquidity. This move, combined with the pending merger with HomeStreet, Inc., positions FirstSun for potential growth and increased market presence.
Investors should watch for the successful integration of HomeStreet and any resulting synergies or challenges. Additionally, the bank's performance in managing interest rate risks and maintaining asset quality will be important in the coming quarters, given the uncertain economic outlook and potential for continued interest rate volatility.
Second Quarter 2024 Highlights:
-
Net income of
$24.6 million $0.88 $25.2 million $0.90 -
Net interest margin of
4.02% -
Return on average total assets of
1.26% (excluding merger costs,1.29% , see the “Non-GAAP Financial Measures and Reconciliations” below) -
Return on average stockholders’ equity of
10.03% (excluding merger costs,10.28% , see the “Non-GAAP Financial Measures and Reconciliations” below) -
Loan growth of
3.3% annualized -
Deposit growth of
10.8% annualized -
24.2% noninterest income to total revenue1
Neal Arnold, FirstSun’s President and Chief Executive Officer, commented, “We are pleased to deliver strong earnings this quarter driven by our well diversified business mix. Our net interest margin remains very strong at
Arnold continued, “We continue to work actively on all aspects of planning for the consummation of the previously announced strategic merger with HomeStreet, Inc. and we remain focused on continuing to deliver responsible growth amidst the challenging operating environment. We also remain focused on enhancing shareholder value and are very excited to announce a significant milestone in uplisting to Nasdaq on July 12, 2024 which we expect will provide us better access to the capital markets.”
Second Quarter 2024 Results
Net income totaled
Net Interest Income and Net Interest Margin
Net interest income totaled
Average loans, including loans held-for-sale, increased by
Asset Quality and Provision for Credit Losses
The provision for credit losses totaled
Net charge-offs for the second quarter of 2024 were
The ratio of nonperforming assets to total assets was
Noninterest Income
Noninterest income totaled
Other noninterest income decreased
Noninterest Expense
Noninterest expense totaled
The efficiency ratio for the second quarter of 2024 was
Tax Rate
The effective tax rate was
Loans
Loans were
Deposits
Deposits were
The ratio of total uninsured deposits to total deposits was estimated to be
Capital
Capital ratios remain strong and above “well-capitalized” thresholds. As of June 30, 2024, our common equity tier 1 risk-based capital ratio was
Non-GAAP Financial Measures
This press release (including the tables within the “Non-GAAP Financial Measures and Reconciliations” section) contains financial measures determined by methods other than in accordance with principles generally accepted in
- Tangible stockholders’ equity;
- Tangible assets;
- Tangible stockholders’ equity to tangible assets;
- Tangible stockholders’ equity to tangible assets, reflecting net unrealized losses on HTM securities, net of tax;
- Tangible book value per share;
- Net income excluding merger costs;
- Return on average total assets excluding merger costs;
- Return on average stockholders’ equity excluding merger costs;
- Efficiency ratio excluding merger related expenses;
- Diluted earnings per share excluding merger related costs; and
- Fully tax equivalent (“FTE”) net interest income and net interest margin on FTE basis.
The tables within the “Non-GAAP Financial Measures and Reconciliations” section provide a reconciliation of each non-GAAP financial measure contained in this press release to the most comparable GAAP equivalent.
About FirstSun Capital Bancorp
FirstSun Capital Bancorp, headquartered in
First National 1870 and Guardian Mortgage are divisions of Sunflower Bank, N.A. To learn more, visit ir.firstsuncb.com, SunflowerBank.com, FirstNational1870.com or GuardianMortgageOnline.com.
| ____________________ |
1 Total revenue is net interest income plus noninterest income. |
2 Total revenue is net interest income plus noninterest income. |
3 Uninsured deposits and uninsured and uncollateralized deposits are reported for our wholly-owned subsidiary Sunflower Bank, N.A. |
Summary Data:
|
As of and for the quarter ended |
||||||||||||||||||
($ in thousands, except per share amounts) |
June 30, 2024 |
|
March 31, 2024 |
|
December 31, 2023 |
|
September 30, 2023 |
|
June 30, 2023 |
||||||||||
Net interest income |
$ |
72,899 |
|
|
$ |
70,806 |
|
|
$ |
72,069 |
|
|
$ |
73,410 |
|
|
$ |
73,835 |
|
Provision for credit losses |
|
1,200 |
|
|
|
16,500 |
|
|
|
6,575 |
|
|
|
3,890 |
|
|
|
4,422 |
|
Noninterest income |
|
23,274 |
|
|
|
22,808 |
|
|
|
17,221 |
|
|
|
18,650 |
|
|
|
24,290 |
|
Noninterest expense |
|
63,875 |
|
|
|
61,828 |
|
|
|
52,308 |
|
|
|
56,176 |
|
|
|
58,043 |
|
Income before income taxes |
|
31,098 |
|
|
|
15,286 |
|
|
|
30,407 |
|
|
|
31,994 |
|
|
|
35,660 |
|
Provision for income taxes |
|
6,538 |
|
|
|
2,990 |
|
|
|
6,393 |
|
|
|
6,762 |
|
|
|
7,654 |
|
Net income |
|
24,560 |
|
|
|
12,296 |
|
|
|
24,014 |
|
|
|
25,232 |
|
|
|
28,006 |
|
Net income, excluding merger costs (1) |
|
25,181 |
|
|
|
14,592 |
|
|
|
24,014 |
|
|
|
25,232 |
|
|
|
28,006 |
|
Weighted average common shares outstanding, basic |
|
27,430,761 |
|
|
|
27,019,625 |
|
|
|
24,953,764 |
|
|
|
24,942,389 |
|
|
|
24,933,664 |
|
Weighted average common shares outstanding, diluted |
|
28,031,956 |
|
|
|
27,628,941 |
|
|
|
25,472,017 |
|
|
|
25,357,807 |
|
|
|
25,206,359 |
|
Diluted earnings per share |
$ |
0.88 |
|
|
$ |
0.45 |
|
|
$ |
0.94 |
|
|
$ |
1.00 |
|
|
$ |
1.11 |
|
Diluted earnings per share, excluding merger costs (1) |
$ |
0.90 |
|
|
$ |
0.53 |
|
|
$ |
0.94 |
|
|
$ |
1.00 |
|
|
$ |
1.11 |
|
Return on average total assets |
|
1.26 |
% |
|
|
0.64 |
% |
|
|
1.26 |
% |
|
|
1.34 |
% |
|
|
1.49 |
% |
Return on average total assets, excluding merger costs (1) |
|
1.29 |
% |
|
|
0.76 |
% |
|
|
1.26 |
% |
|
|
1.34 |
% |
|
|
1.49 |
% |
Return on average stockholders' equity |
|
10.03 |
% |
|
|
5.15 |
% |
|
|
11.19 |
% |
|
|
12.03 |
% |
|
|
13.54 |
% |
Return on average stockholders’ equity, excluding merger costs (1) |
|
10.28 |
% |
|
|
6.11 |
% |
|
|
11.19 |
% |
|
|
12.03 |
% |
|
|
13.54 |
% |
Net interest margin |
|
4.02 |
% |
|
|
3.99 |
% |
|
|
4.08 |
% |
|
|
4.23 |
% |
|
|
4.24 |
% |
Net interest margin (FTE basis) (1) |
|
4.08 |
% |
|
|
4.06 |
% |
|
|
4.15 |
% |
|
|
4.30 |
% |
|
|
4.32 |
% |
Efficiency ratio |
|
66.42 |
% |
|
|
66.05 |
% |
|
|
58.58 |
% |
|
|
61.02 |
% |
|
|
59.15 |
% |
Efficiency ratio, excluding merger related expenses (1) |
|
65.33 |
% |
|
|
63.39 |
% |
|
|
58.58 |
% |
|
|
61.02 |
% |
|
|
59.15 |
% |
Noninterest income to total revenue (2) |
|
24.2 |
% |
|
|
24.4 |
% |
|
|
19.3 |
% |
|
|
20.3 |
% |
|
|
24.8 |
% |
Total assets |
$ |
7,999,295 |
|
|
$ |
7,781,601 |
|
|
$ |
7,879,724 |
|
|
$ |
7,756,875 |
|
|
$ |
7,797,344 |
|
Total loans held-for-sale |
|
66,571 |
|
|
|
56,813 |
|
|
|
54,212 |
|
|
|
51,465 |
|
|
|
56,350 |
|
Total loans held-for-investment |
|
6,337,162 |
|
|
|
6,284,868 |
|
|
|
6,267,096 |
|
|
|
6,179,522 |
|
|
|
6,155,090 |
|
Total deposits |
|
6,619,525 |
|
|
|
6,445,388 |
|
|
|
6,374,103 |
|
|
|
6,339,847 |
|
|
|
6,150,418 |
|
Total stockholders' equity |
|
996,599 |
|
|
|
964,662 |
|
|
|
877,197 |
|
|
|
843,719 |
|
|
|
823,635 |
|
Loan to deposit ratio |
|
95.7 |
% |
|
|
97.5 |
% |
|
|
98.3 |
% |
|
|
97.5 |
% |
|
|
100.1 |
% |
Period end common shares outstanding |
|
27,443,246 |
|
|
|
27,442,943 |
|
|
|
24,960,639 |
|
|
|
24,942,645 |
|
|
|
24,941,468 |
|
Book value per share |
$ |
36.31 |
|
|
$ |
35.15 |
|
|
$ |
35.14 |
|
|
$ |
33.83 |
|
|
$ |
33.02 |
|
Tangible book value per share (1) |
$ |
32.56 |
|
|
$ |
31.37 |
|
|
$ |
30.96 |
|
|
$ |
29.60 |
|
|
$ |
28.76 |
|
(1) |
Represents a non-GAAP financial measure. See the tables within the “Non-GAAP Financial Measures and Reconciliations” section for a reconciliation of each non-GAAP measure to the most comparable GAAP equivalent. |
(2) |
Total revenue is net interest income plus noninterest income. |
As of and for the six months ended |
|||||||
($ in thousands, except per share amounts) |
June 30, 2024 |
|
June 30, 2023 |
||||
Net interest income |
$ |
143,705 |
|
|
$ |
147,952 |
|
Provision for credit losses |
|
17,700 |
|
|
|
7,782 |
|
Noninterest income |
|
46,082 |
|
|
|
43,221 |
|
Noninterest expense |
|
125,703 |
|
|
|
114,309 |
|
Income before income taxes |
|
46,384 |
|
|
|
69,082 |
|
Provision for income taxes |
|
9,528 |
|
|
|
14,795 |
|
Net income |
|
36,856 |
|
|
|
54,287 |
|
Net income, excluding merger costs (1) |
|
39,773 |
|
|
|
54,287 |
|
Weighted average common shares outstanding, basic |
|
27,224,968 |
|
|
|
24,928,485 |
|
Weighted average common shares outstanding, diluted |
|
27,825,189 |
|
|
|
25,368,702 |
|
Diluted earnings per share |
$ |
1.32 |
|
|
$ |
2.14 |
|
Diluted earnings per share, excluding merger costs (1) |
$ |
1.43 |
|
|
$ |
2.14 |
|
Return on average total assets |
|
0.95 |
% |
|
|
1.46 |
% |
Return on average total assets, excluding merger costs (1) |
|
1.03 |
% |
|
|
1.46 |
% |
Return on average stockholders' equity |
|
7.62 |
% |
|
|
13.46 |
% |
Return on average stockholders’ equity, excluding merger costs (1) |
|
8.22 |
% |
|
|
13.46 |
% |
Net interest margin |
|
4.00 |
% |
|
|
4.31 |
% |
Net interest margin (FTE basis) (1) |
|
4.07 |
% |
|
|
4.39 |
% |
Efficiency ratio |
|
66.23 |
% |
|
|
59.79 |
% |
Efficiency ratio, excluding merger related expenses (1) |
|
64.37 |
% |
|
|
59.79 |
% |
Noninterest income to total revenue (2) |
|
24.3 |
% |
|
|
22.6 |
% |
Total assets |
$ |
7,999,295 |
|
|
$ |
7,797,344 |
|
Total loans held-for-sale |
|
66,571 |
|
|
|
56,350 |
|
Total loans held-for-investment |
|
6,337,162 |
|
|
|
6,155,090 |
|
Total deposits |
|
6,619,525 |
|
|
|
6,150,418 |
|
Total stockholders' equity |
|
996,599 |
|
|
|
823,635 |
|
Loan to deposit ratio |
|
95.7 |
% |
|
|
100.1 |
% |
Period end common shares outstanding |
|
27,443,246 |
|
|
|
24,941,468 |
|
Book value per share |
$ |
36.31 |
|
|
$ |
33.02 |
|
Tangible book value per share (1) |
$ |
32.56 |
|
|
$ |
28.76 |
|
(1) |
Represents a non-GAAP financial measure. See the tables within the “Non-GAAP Financial Measures and Reconciliations” section for a reconciliation of each non-GAAP measure to the most comparable GAAP equivalent. |
(2) |
Total revenue is net interest income plus noninterest income. |
Condensed Consolidated Statements of Income (Unaudited):
|
For the quarter ended |
|
For the six months ended |
||||||||
($ in thousands, except per share amounts) |
June 30, 2024 |
|
June 30, 2023 |
|
June 30, 2024 |
|
June 30, 2023 |
||||
Total interest income |
$ |
114,529 |
|
$ |
102,032 |
|
$ |
224,569 |
|
$ |
196,935 |
Total interest expense |
|
41,630 |
|
|
28,197 |
|
|
80,864 |
|
|
48,983 |
Net interest income |
|
72,899 |
|
|
73,835 |
|
|
143,705 |
|
|
147,952 |
Provision for credit losses |
|
1,200 |
|
|
4,422 |
|
|
17,700 |
|
|
7,782 |
Net interest income after provision for credit losses |
|
71,699 |
|
|
69,413 |
|
|
126,005 |
|
|
140,170 |
Noninterest income: |
|
|
|
|
|
|
|
||||
Service charges on deposits |
|
5,946 |
|
|
5,358 |
|
|
11,714 |
|
|
10,373 |
Credit and debit card fees |
|
3,007 |
|
|
3,057 |
|
|
5,810 |
|
|
6,038 |
Trust and investment advisory fees |
|
1,493 |
|
|
1,478 |
|
|
2,956 |
|
|
2,939 |
Mortgage banking income, net |
|
11,043 |
|
|
11,659 |
|
|
20,545 |
|
|
19,088 |
Other noninterest income |
|
1,785 |
|
|
2,738 |
|
|
5,057 |
|
|
4,783 |
Total noninterest income |
|
23,274 |
|
|
24,290 |
|
|
46,082 |
|
|
43,221 |
Noninterest expense: |
|
|
|
|
|
|
|
||||
Salaries and benefits |
|
39,828 |
|
|
34,056 |
|
|
77,181 |
|
|
69,105 |
Occupancy and equipment |
|
8,701 |
|
|
8,135 |
|
|
17,296 |
|
|
16,490 |
Amortization of intangible assets |
|
652 |
|
|
2,050 |
|
|
1,467 |
|
|
3,094 |
Merger related expenses |
|
1,046 |
|
|
— |
|
|
3,535 |
|
|
— |
Other noninterest expenses |
|
13,648 |
|
|
13,802 |
|
|
26,224 |
|
|
25,620 |
Total noninterest expense |
|
63,875 |
|
|
58,043 |
|
|
125,703 |
|
|
114,309 |
Income before income taxes |
|
31,098 |
|
|
35,660 |
|
|
46,384 |
|
|
69,082 |
Provision for income taxes |
|
6,538 |
|
|
7,654 |
|
|
9,528 |
|
|
14,795 |
Net income |
$ |
24,560 |
|
$ |
28,006 |
|
$ |
36,856 |
|
$ |
54,287 |
Earnings per share - basic |
$ |
0.90 |
|
$ |
1.12 |
|
$ |
1.35 |
|
$ |
2.18 |
Earnings per share - diluted |
$ |
0.88 |
|
$ |
1.11 |
|
$ |
1.32 |
|
$ |
2.14 |
|
For the quarter ended |
|||||||||||||
($ in thousands, except per share amounts) |
June 30, 2024 |
|
March 31, 2024 |
|
December 31, 2023 |
|
September 30, 2023 |
|
June 30, 2023 |
|||||
Total interest income |
$ |
114,529 |
|
$ |
110,040 |
|
$ |
109,974 |
|
$ |
106,775 |
|
$ |
102,032 |
Total interest expense |
|
41,630 |
|
|
39,234 |
|
|
37,905 |
|
|
33,365 |
|
|
28,197 |
Net interest income |
|
72,899 |
|
|
70,806 |
|
|
72,069 |
|
|
73,410 |
|
|
73,835 |
Provision for credit losses |
|
1,200 |
|
|
16,500 |
|
|
6,575 |
|
|
3,890 |
|
|
4,422 |
Net interest income after provision for credit losses |
|
71,699 |
|
|
54,306 |
|
|
65,494 |
|
|
69,520 |
|
|
69,413 |
Noninterest income: |
|
|
|
|
|
|
|
|
|
|||||
Service charges on deposits |
|
5,946 |
|
|
5,768 |
|
|
5,497 |
|
|
5,475 |
|
|
5,358 |
Credit and debit card fees |
|
3,007 |
|
|
2,803 |
|
|
2,966 |
|
|
2,996 |
|
|
3,057 |
Trust and investment advisory fees |
|
1,493 |
|
|
1,463 |
|
|
1,356 |
|
|
1,398 |
|
|
1,478 |
Mortgage banking income, net |
|
11,043 |
|
|
9,502 |
|
|
4,883 |
|
|
7,413 |
|
|
11,659 |
Other noninterest income |
|
1,785 |
|
|
3,272 |
|
|
2,519 |
|
|
1,368 |
|
|
2,738 |
Total noninterest income |
|
23,274 |
|
|
22,808 |
|
|
17,221 |
|
|
18,650 |
|
|
24,290 |
Noninterest expense: |
|
|
|
|
|
|
|
|
|
|||||
Salaries and benefits |
|
39,828 |
|
|
37,353 |
|
|
30,158 |
|
|
33,968 |
|
|
34,056 |
Occupancy and equipment |
|
8,701 |
|
|
8,595 |
|
|
8,449 |
|
|
8,487 |
|
|
8,135 |
Amortization of intangible assets |
|
652 |
|
|
815 |
|
|
829 |
|
|
899 |
|
|
2,050 |
Merger related expenses |
|
1,046 |
|
|
2,489 |
|
|
— |
|
|
— |
|
|
— |
Other noninterest expenses |
|
13,648 |
|
|
12,576 |
|
|
12,872 |
|
|
12,822 |
|
|
13,802 |
Total noninterest expense |
|
63,875 |
|
|
61,828 |
|
|
52,308 |
|
|
56,176 |
|
|
58,043 |
Income before income taxes |
|
31,098 |
|
|
15,286 |
|
|
30,407 |
|
|
31,994 |
|
|
35,660 |
Provision for income taxes |
|
6,538 |
|
|
2,990 |
|
|
6,393 |
|
|
6,762 |
|
|
7,654 |
Net income |
$ |
24,560 |
|
$ |
12,296 |
|
$ |
24,014 |
|
$ |
25,232 |
|
$ |
28,006 |
Earnings per share - basic |
$ |
0.90 |
|
$ |
0.46 |
|
$ |
0.96 |
|
$ |
1.01 |
|
$ |
1.12 |
Earnings per share - diluted |
$ |
0.88 |
|
$ |
0.45 |
|
$ |
0.94 |
|
$ |
1.00 |
|
$ |
1.11 |
Condensed Consolidated Balance Sheets as of (Unaudited):
($ in thousands) |
June 30, 2024 |
|
March 31, 2024 |
|
December 31, 2023 |
|
September 30, 2023 |
|
June 30, 2023 |
||||||||||
Assets |
|
|
|
|
|
|
|
|
|
||||||||||
Cash and cash equivalents |
$ |
535,766 |
|
|
$ |
383,605 |
|
|
$ |
479,362 |
|
|
$ |
443,887 |
|
|
$ |
492,735 |
|
Securities available-for-sale, at fair value |
|
491,649 |
|
|
|
499,078 |
|
|
|
516,757 |
|
|
|
495,992 |
|
|
|
515,956 |
|
Securities held-to-maturity |
|
36,310 |
|
|
|
36,640 |
|
|
|
36,983 |
|
|
|
37,410 |
|
|
|
37,883 |
|
Loans held-for-sale, at fair value |
|
66,571 |
|
|
|
56,813 |
|
|
|
54,212 |
|
|
|
51,465 |
|
|
|
56,350 |
|
Loans |
|
6,337,162 |
|
|
|
6,284,868 |
|
|
|
6,267,096 |
|
|
|
6,179,522 |
|
|
|
6,155,090 |
|
Allowance for credit losses |
|
(78,960 |
) |
|
|
(79,829 |
) |
|
|
(80,398 |
) |
|
|
(78,666 |
) |
|
|
(77,362 |
) |
Loans, net |
|
6,258,202 |
|
|
|
6,205,039 |
|
|
|
6,186,698 |
|
|
|
6,100,856 |
|
|
|
6,077,728 |
|
Mortgage servicing rights, at fair value |
|
80,744 |
|
|
|
78,416 |
|
|
|
76,701 |
|
|
|
81,036 |
|
|
|
78,390 |
|
Premises and equipment, net |
|
83,320 |
|
|
|
84,063 |
|
|
|
84,842 |
|
|
|
83,733 |
|
|
|
84,483 |
|
Other real estate owned and foreclosed assets, net |
|
4,497 |
|
|
|
4,414 |
|
|
|
4,100 |
|
|
|
8,395 |
|
|
|
10,139 |
|
Goodwill |
|
93,483 |
|
|
|
93,483 |
|
|
|
93,483 |
|
|
|
93,483 |
|
|
|
93,483 |
|
Intangible assets, net |
|
9,517 |
|
|
|
10,168 |
|
|
|
10,984 |
|
|
|
11,813 |
|
|
|
12,712 |
|
All other assets |
|
339,236 |
|
|
|
329,882 |
|
|
|
335,602 |
|
|
|
348,805 |
|
|
|
337,485 |
|
Total assets |
$ |
7,999,295 |
|
|
$ |
7,781,601 |
|
|
$ |
7,879,724 |
|
|
$ |
7,756,875 |
|
|
$ |
7,797,344 |
|
Liabilities and Stockholders' Equity |
|
|
|
|
|
|
|
|
|
||||||||||
Liabilities: |
|
|
|
|
|
|
|
|
|
||||||||||
Deposits: |
|
|
|
|
|
|
|
|
|
||||||||||
Noninterest-bearing demand deposit accounts |
$ |
1,562,308 |
|
|
$ |
1,517,315 |
|
|
$ |
1,530,506 |
|
|
$ |
1,610,650 |
|
|
$ |
1,667,247 |
|
Interest-bearing deposit accounts: |
|
|
|
|
|
|
|
|
|
||||||||||
Interest-bearing demand accounts |
|
538,232 |
|
|
|
542,184 |
|
|
|
534,540 |
|
|
|
440,845 |
|
|
|
379,779 |
|
Savings and money market accounts |
|
2,505,439 |
|
|
|
2,473,255 |
|
|
|
2,446,632 |
|
|
|
2,476,097 |
|
|
|
2,441,349 |
|
NOW accounts |
|
42,687 |
|
|
|
39,181 |
|
|
|
56,819 |
|
|
|
35,686 |
|
|
|
48,270 |
|
Certificate of deposit accounts |
|
1,970,859 |
|
|
|
1,873,453 |
|
|
|
1,805,606 |
|
|
|
1,776,569 |
|
|
|
1,613,773 |
|
Total deposits |
|
6,619,525 |
|
|
|
6,445,388 |
|
|
|
6,374,103 |
|
|
|
6,339,847 |
|
|
|
6,150,418 |
|
Securities sold under agreements to repurchase |
|
20,408 |
|
|
|
20,423 |
|
|
|
24,693 |
|
|
|
25,868 |
|
|
|
32,861 |
|
Federal Home Loan Bank advances |
|
145,000 |
|
|
|
144,810 |
|
|
|
389,468 |
|
|
|
330,000 |
|
|
|
570,585 |
|
Other borrowings |
|
75,577 |
|
|
|
75,445 |
|
|
|
75,313 |
|
|
|
75,180 |
|
|
|
80,511 |
|
Other liabilities |
|
142,186 |
|
|
|
130,873 |
|
|
|
138,950 |
|
|
|
142,261 |
|
|
|
139,334 |
|
Total liabilities |
|
7,002,696 |
|
|
|
6,816,939 |
|
|
|
7,002,527 |
|
|
|
6,913,156 |
|
|
|
6,973,709 |
|
Stockholders' equity: |
|
|
|
|
|
|
|
|
|
||||||||||
Preferred stock |
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
Common stock |
|
3 |
|
|
|
3 |
|
|
|
2 |
|
|
|
2 |
|
|
|
2 |
|
Additional paid-in capital |
|
543,339 |
|
|
|
542,582 |
|
|
|
462,680 |
|
|
|
462,507 |
|
|
|
461,856 |
|
Retained earnings |
|
494,378 |
|
|
|
469,818 |
|
|
|
457,522 |
|
|
|
433,508 |
|
|
|
408,276 |
|
Accumulated other comprehensive loss, net |
|
(41,121 |
) |
|
|
(47,741 |
) |
|
|
(43,007 |
) |
|
|
(52,298 |
) |
|
|
(46,499 |
) |
Total stockholders' equity |
|
996,599 |
|
|
|
964,662 |
|
|
|
877,197 |
|
|
|
843,719 |
|
|
|
823,635 |
|
Total liabilities and stockholders' equity |
$ |
7,999,295 |
|
|
$ |
7,781,601 |
|
|
$ |
7,879,724 |
|
|
$ |
7,756,875 |
|
|
$ |
7,797,344 |
|
Consolidated Capital Ratios as of:
|
June 30, 2024 |
|
March 31, 2024 |
|
December 31, 2023 |
|
September 30, 2023 |
|
June 30, 2023 |
|||||
Stockholders' equity to total assets |
12.46 |
% |
|
12.40 |
% |
|
11.13 |
% |
|
10.88 |
% |
|
10.56 |
% |
Tangible stockholders' equity to tangible assets (1) |
11.32 |
% |
|
11.21 |
% |
|
9.94 |
% |
|
9.65 |
% |
|
9.33 |
% |
Tangible stockholders' equity to tangible assets reflecting net unrealized losses on HTM securities, net of tax (1) (2) |
11.27 |
% |
|
11.17 |
% |
|
9.90 |
% |
|
9.59 |
% |
|
9.28 |
% |
Tier 1 leverage ratio |
11.83 |
% |
|
11.73 |
% |
|
10.52 |
% |
|
10.37 |
% |
|
10.00 |
% |
Common equity tier 1 risk-based capital ratio |
12.80 |
% |
|
12.54 |
% |
|
11.10 |
% |
|
10.79 |
% |
|
10.40 |
% |
Tier 1 risk-based capital ratio |
12.80 |
% |
|
12.54 |
% |
|
11.10 |
% |
|
10.79 |
% |
|
10.40 |
% |
Total risk-based capital ratio |
14.95 |
% |
|
14.73 |
% |
|
13.25 |
% |
|
12.93 |
% |
|
12.52 |
% |
(1) |
Represents a non-GAAP financial measure. See the tables within the “Non-GAAP Financial Measures and Reconciliations” section for a reconciliation of each non-GAAP measure to the most comparable GAAP equivalent. |
(2) |
Tangible stockholders’ equity and tangible assets have been adjusted to reflect net unrealized losses on held-to-maturity securities, net of tax. |
Summary of Net Interest Margin:
|
For the quarter ended |
|
For the six months ended |
||||||||||||||||||||
|
June 30, 2024 |
|
June 30, 2023 |
|
June 30, 2024 |
|
June 30, 2023 |
||||||||||||||||
(In thousands) |
Average Balance |
|
Average Yield/Rate |
|
Average Balance |
|
Average Yield/Rate |
|
Average Balance |
|
Average Yield/Rate |
|
Average Balance |
|
Average Yield/Rate |
||||||||
Interest Earning Assets |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||
Loans (1) |
|
6,384,709 |
|
6.59 |
% |
|
|
6,220,833 |
|
6.13 |
% |
|
|
6,349,282 |
|
6.53 |
% |
|
|
6,125,441 |
|
6.01 |
% |
Investment securities |
|
523,545 |
|
3.65 |
% |
|
|
563,902 |
|
3.00 |
% |
|
|
535,252 |
|
3.46 |
% |
|
|
567,273 |
|
2.96 |
% |
Interest-bearing cash and other assets |
|
348,509 |
|
5.25 |
% |
|
|
176,672 |
|
5.63 |
% |
|
|
294,009 |
|
5.35 |
% |
|
|
166,523 |
|
5.55 |
% |
Total earning assets |
|
7,256,763 |
|
6.31 |
% |
|
|
6,961,407 |
|
5.86 |
% |
|
|
7,178,543 |
|
6.26 |
% |
|
|
6,859,237 |
|
5.74 |
% |
Other assets |
|
548,465 |
|
|
|
|
556,105 |
|
|
|
|
548,553 |
|
|
|
|
555,040 |
|
|
||||
Total assets |
$ |
7,805,228 |
|
|
|
$ |
7,517,512 |
|
|
|
$ |
7,727,096 |
|
|
|
$ |
7,414,277 |
|
|
||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||
Interest-bearing liabilities |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||
Demand and NOW deposits |
$ |
621,343 |
|
3.80 |
% |
|
$ |
332,695 |
|
2.55 |
% |
|
$ |
585,417 |
|
3.67 |
% |
|
$ |
280,224 |
|
2.40 |
% |
Savings deposits |
|
413,699 |
|
0.69 |
% |
|
|
448,059 |
|
0.44 |
% |
|
|
417,791 |
|
0.69 |
% |
|
|
458,969 |
|
0.41 |
% |
Money market deposits |
|
2,092,449 |
|
2.01 |
% |
|
|
2,107,379 |
|
1.11 |
% |
|
|
2,077,885 |
|
1.97 |
% |
|
|
2,201,401 |
|
0.99 |
% |
Certificates of deposits |
|
1,823,522 |
|
4.69 |
% |
|
|
1,392,847 |
|
3.52 |
% |
|
|
1,819,075 |
|
4.64 |
% |
|
|
1,233,810 |
|
3.19 |
% |
Total deposits |
|
4,951,013 |
|
3.11 |
% |
|
|
4,280,980 |
|
1.94 |
% |
|
|
4,900,168 |
|
3.06 |
% |
|
|
4,174,404 |
|
1.67 |
% |
Repurchase agreements |
|
16,553 |
|
1.15 |
% |
|
|
33,673 |
|
0.80 |
% |
|
|
18,904 |
|
1.10 |
% |
|
|
31,683 |
|
0.62 |
% |
Total deposits and repurchase agreements |
|
4,967,566 |
|
3.10 |
% |
|
|
4,314,653 |
|
1.93 |
% |
|
|
4,919,072 |
|
3.05 |
% |
|
|
4,206,087 |
|
1.66 |
% |
FHLB borrowings |
|
130,871 |
|
5.67 |
% |
|
|
472,105 |
|
5.19 |
% |
|
|
120,824 |
|
5.62 |
% |
|
|
463,142 |
|
4.94 |
% |
Other long-term borrowings |
|
75,522 |
|
6.59 |
% |
|
|
80,440 |
|
6.36 |
% |
|
|
75,456 |
|
6.60 |
% |
|
|
80,370 |
|
6.32 |
% |
Total interest-bearing liabilities |
|
5,173,959 |
|
3.22 |
% |
|
|
4,867,198 |
|
2.32 |
% |
|
|
5,115,352 |
|
3.16 |
% |
|
|
4,749,599 |
|
2.06 |
% |
Noninterest-bearing deposits |
|
1,517,560 |
|
|
|
|
1,694,961 |
|
|
|
|
1,510,134 |
|
|
|
|
1,731,468 |
|
|
||||
Other liabilities |
|
133,845 |
|
|
|
|
128,118 |
|
|
|
|
134,106 |
|
|
|
|
126,343 |
|
|
||||
Stockholders' equity |
|
979,864 |
|
|
|
|
827,235 |
|
|
|
|
967,504 |
|
|
|
|
806,867 |
|
|
||||
Total liabilities and stockholders' equity |
$ |
7,805,228 |
|
|
|
$ |
7,517,512 |
|
|
|
$ |
7,727,096 |
|
|
|
$ |
7,414,277 |
|
|
||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||
Net interest spread |
|
|
3.09 |
% |
|
|
|
3.54 |
% |
|
|
|
3.10 |
% |
|
|
|
3.68 |
% |
||||
Net interest margin |
|
|
4.02 |
% |
|
|
|
4.24 |
% |
|
|
|
4.00 |
% |
|
|
|
4.31 |
% |
||||
Net interest margin (on FTE basis) (2) |
|
|
4.08 |
% |
|
|
|
4.32 |
% |
|
|
|
4.07 |
% |
|
|
|
4.39 |
% |
||||
(1) |
Includes loans held-for-investment, including nonaccrual loans, and loans held-for-sale. |
(2) |
Represents a non-GAAP financial measure. See the tables within the “Non-GAAP Financial Measures and Reconciliations” section for a reconciliation of each non-GAAP measure to the most comparable GAAP equivalent. |
|
For the quarter ended |
||||||||||||||||||||||||||||
|
June 30, 2024 |
|
March 31, 2024 |
|
December 31, 2023 |
|
September 30, 2023 |
|
June 30, 2023 |
||||||||||||||||||||
(In thousands) |
Average Balance |
|
Average Yield/Rate |
|
Average Balance |
|
Average Yield/Rate |
|
Average Balance |
|
Average Yield/Rate |
|
Average Balance |
|
Average Yield/Rate |
|
Average Balance |
|
Average Yield/Rate |
||||||||||
Interest Earning Assets |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Loans (1) |
|
6,384,709 |
|
6.59 |
% |
|
|
6,313,855 |
|
6.48 |
% |
|
|
6,280,362 |
|
6.51 |
% |
|
|
6,180,684 |
|
6.44 |
% |
|
|
6,220,833 |
|
6.13 |
% |
Investment securities |
|
523,545 |
|
3.65 |
% |
|
|
546,960 |
|
3.28 |
% |
|
|
538,348 |
|
3.28 |
% |
|
|
545,257 |
|
3.10 |
% |
|
|
563,902 |
|
3.00 |
% |
Interest-bearing cash and other assets |
|
348,509 |
|
5.25 |
% |
|
|
239,508 |
|
5.49 |
% |
|
|
247,978 |
|
5.50 |
% |
|
|
221,559 |
|
5.39 |
% |
|
|
176,672 |
|
5.63 |
% |
Total earning assets |
|
7,256,763 |
|
6.31 |
% |
|
|
7,100,323 |
|
6.20 |
% |
|
|
7,066,688 |
|
6.22 |
% |
|
|
6,947,500 |
|
6.15 |
% |
|
|
6,961,407 |
|
5.86 |
% |
Other assets |
|
548,465 |
|
|
|
|
548,642 |
|
|
|
|
563,368 |
|
|
|
|
557,988 |
|
|
|
|
556,105 |
|
|
|||||
Total assets |
$ |
7,805,228 |
|
|
|
$ |
7,648,965 |
|
|
|
$ |
7,630,056 |
|
|
|
$ |
7,505,488 |
|
|
|
$ |
7,517,512 |
|
|
|||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Interest-bearing liabilities |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Demand and NOW deposits |
$ |
621,343 |
|
3.80 |
% |
|
$ |
549,491 |
|
3.54 |
% |
|
$ |
510,982 |
|
3.45 |
% |
|
$ |
466,837 |
|
3.27 |
% |
|
$ |
332,695 |
|
2.55 |
% |
Savings deposits |
|
413,699 |
|
0.69 |
% |
|
|
421,882 |
|
0.69 |
% |
|
|
457,679 |
|
0.93 |
% |
|
|
439,172 |
|
0.62 |
% |
|
|
448,059 |
|
0.44 |
% |
Money market deposits |
|
2,092,449 |
|
2.01 |
% |
|
|
2,063,321 |
|
1.93 |
% |
|
|
2,063,383 |
|
1.82 |
% |
|
|
2,026,028 |
|
1.58 |
% |
|
|
2,107,379 |
|
1.11 |
% |
Certificates of deposits |
|
1,823,522 |
|
4.69 |
% |
|
|
1,814,629 |
|
4.60 |
% |
|
|
1,825,325 |
|
4.54 |
% |
|
|
1,748,515 |
|
4.21 |
% |
|
|
1,392,847 |
|
3.52 |
% |
Total deposits |
|
4,951,013 |
|
3.11 |
% |
|
|
4,849,323 |
|
3.00 |
% |
|
|
4,857,369 |
|
2.93 |
% |
|
|
4,680,552 |
|
2.64 |
% |
|
|
4,280,980 |
|
1.94 |
% |
Repurchase agreements |
|
16,553 |
|
1.15 |
% |
|
|
21,254 |
|
1.06 |
% |
|
|
23,457 |
|
1.06 |
% |
|
|
26,549 |
|
0.98 |
% |
|
|
33,673 |
|
0.80 |
% |
Total deposits and repurchase agreements |
|
4,967,566 |
|
3.10 |
% |
|
|
4,870,577 |
|
2.99 |
% |
|
|
4,880,826 |
|
2.92 |
% |
|
|
4,707,101 |
|
2.63 |
% |
|
|
4,314,653 |
|
1.93 |
% |
FHLB borrowings |
|
130,871 |
|
5.67 |
% |
|
|
110,777 |
|
5.56 |
% |
|
|
74,146 |
|
5.64 |
% |
|
|
84,332 |
|
5.40 |
% |
|
|
472,105 |
|
5.19 |
% |
Other long-term borrowings |
|
75,522 |
|
6.59 |
% |
|
|
75,389 |
|
6.62 |
% |
|
|
75,249 |
|
6.62 |
% |
|
|
78,680 |
|
6.44 |
% |
|
|
80,440 |
|
6.36 |
% |
Total interest-bearing liabilities |
|
5,173,959 |
|
3.22 |
% |
|
|
5,056,743 |
|
3.10 |
% |
|
|
5,030,221 |
|
3.01 |
% |
|
|
4,870,113 |
|
2.74 |
% |
|
|
4,867,198 |
|
2.32 |
% |
Noninterest-bearing deposits |
|
1,517,560 |
|
|
|
|
1,502,707 |
|
|
|
|
1,597,672 |
|
|
|
|
1,654,090 |
|
|
|
|
1,694,961 |
|
|
|||||
Other liabilities |
|
133,845 |
|
|
|
|
134,370 |
|
|
|
|
143,416 |
|
|
|
|
142,027 |
|
|
|
|
128,118 |
|
|
|||||
Stockholders' equity |
|
979,864 |
|
|
|
|
955,145 |
|
|
|
|
858,747 |
|
|
|
|
839,258 |
|
|
|
|
827,235 |
|
|
|||||
Total liabilities and stockholders' equity |
$ |
7,805,228 |
|
|
|
$ |
7,648,965 |
|
|
|
$ |
7,630,056 |
|
|
|
$ |
7,505,488 |
|
|
|
$ |
7,517,512 |
|
|
|||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Net interest spread |
|
|
3.09 |
% |
|
|
|
3.10 |
% |
|
|
|
3.21 |
% |
|
|
|
3.41 |
% |
|
|
|
3.54 |
% |
|||||
Net interest margin |
|
|
4.02 |
% |
|
|
|
3.99 |
% |
|
|
|
4.08 |
% |
|
|
|
4.23 |
% |
|
|
|
4.24 |
% |
|||||
Net interest margin (on FTE basis) (2) |
|
|
4.08 |
% |
|
|
|
4.06 |
% |
|
|
|
4.15 |
% |
|
|
|
4.30 |
% |
|
|
|
4.32 |
% |
|||||
(1) |
Includes loans held-for-investment, including nonaccrual loans, and loans held-for-sale. |
(2) |
Represents a non-GAAP financial measure. See the tables within the “Non-GAAP Financial Measures and Reconciliations” section for a reconciliation of each non-GAAP measure to the most comparable GAAP equivalent. |
Deposits as of:
($ in thousands) |
June 30, 2024 |
|
March 31, 2024 |
|
December 31,
|
|
September 30,
|
|
June 30, 2023 |
|||||
Consumer |
|
|
|
|
|
|
|
|
|
|||||
Noninterest bearing deposit accounts |
$ |
414,795 |
|
$ |
356,732 |
|
$ |
360,168 |
|
$ |
366,366 |
|
$ |
375,583 |
Interest-bearing deposit accounts: |
|
|
|
|
|
|
|
|
|
|||||
Demand and NOW deposits |
|
42,903 |
|
|
38,625 |
|
|
36,162 |
|
|
33,340 |
|
|
34,731 |
Savings deposits |
|
334,741 |
|
|
340,086 |
|
|
343,291 |
|
|
356,890 |
|
|
378,193 |
Money market deposits |
|
1,243,355 |
|
|
1,229,239 |
|
|
1,196,645 |
|
|
1,149,365 |
|
|
1,174,883 |
Certificates of deposits |
|
1,438,792 |
|
|
1,437,590 |
|
|
1,437,537 |
|
|
1,366,255 |
|
|
1,095,754 |
Total interest-bearing deposit accounts |
|
3,059,791 |
|
|
3,045,540 |
|
|
3,013,635 |
|
|
2,905,850 |
|
|
2,683,561 |
Total consumer deposits |
$ |
3,474,586 |
|
$ |
3,402,272 |
|
$ |
3,373,803 |
|
$ |
3,272,216 |
|
$ |
3,059,144 |
Business |
|
|
|
|
|
|
|
|
|
|||||
Noninterest bearing deposit accounts |
$ |
1,147,513 |
|
$ |
1,160,583 |
|
$ |
1,170,338 |
|
$ |
1,244,284 |
|
$ |
1,291,664 |
Interest-bearing deposit accounts: |
|
|
|
|
|
|
|
|
|
|||||
Demand and NOW deposits |
|
538,016 |
|
|
502,726 |
|
|
555,197 |
|
|
443,191 |
|
|
393,318 |
Savings deposits |
|
77,931 |
|
|
80,226 |
|
|
80,802 |
|
|
85,234 |
|
|
30,904 |
Money market deposits |
|
849,412 |
|
|
823,704 |
|
|
825,811 |
|
|
859,516 |
|
|
832,279 |
Certificates of deposits |
|
90,189 |
|
|
97,854 |
|
|
87,407 |
|
|
77,228 |
|
|
77,604 |
Total interest-bearing deposit accounts |
|
1,555,548 |
|
|
1,504,510 |
|
|
1,549,217 |
|
|
1,465,169 |
|
|
1,334,105 |
Total business deposits |
$ |
2,703,061 |
|
$ |
2,665,093 |
|
$ |
2,719,555 |
|
$ |
2,709,453 |
|
$ |
2,625,769 |
Wholesale deposits (1) |
$ |
441,878 |
|
$ |
378,023 |
|
$ |
280,745 |
|
$ |
358,178 |
|
$ |
465,505 |
Total deposits |
$ |
6,619,525 |
|
$ |
6,445,388 |
|
$ |
6,374,103 |
|
$ |
6,339,847 |
|
$ |
6,150,418 |
(1) |
Wholesale deposits primarily consist of brokered deposits included in our condensed consolidated balance sheets within certificates of deposits. |
Balance Sheet Ratios as of:
|
June 30,
|
|
March 31,
|
|
December 31,
|
|
September 30,
|
|
June 30,
|
|||||
Cash to total assets (1) |
6.60 |
% |
|
4.80 |
% |
|
6.00 |
% |
|
5.60 |
% |
|
6.20 |
% |
Loan to deposit ratio |
95.7 |
% |
|
97.5 |
% |
|
98.3 |
% |
|
97.5 |
% |
|
100.1 |
% |
Uninsured deposits to total deposits (2) |
32.1 |
% |
|
32.0 |
% |
|
31.2 |
% |
|
32.0 |
% |
|
32.5 |
% |
Uninsured and uncollateralized deposits to total deposits (2) |
25.5 |
% |
|
25.2 |
% |
|
25.1 |
% |
|
25.4 |
% |
|
24.1 |
% |
Wholesale deposits and borrowings to total liabilities (3) |
8.4 |
% |
|
7.7 |
% |
|
9.6 |
% |
|
10.0 |
% |
|
14.9 |
% |
(1) |
Cash consists of cash and amounts due from banks and interest-bearing deposits with other financial institutions. |
|
(2) |
Uninsured deposits and uninsured and uncollateralized deposits are reported for our wholly-owned subsidiary Sunflower Bank, N.A. and are estimated. |
|
(3) |
Wholesale deposits primarily consist of brokered deposits included in our condensed consolidated balance sheets within certificates of deposits. Wholesale borrowings consist of FHLB overnight and term advances. |
Loan Portfolio as of:
($ in thousands) |
June 30, 2024 |
|
March 31, 2024 |
|
December 31,
|
|
September 30,
|
|
June 30, 2023 |
|||||
Commercial and industrial |
$ |
2,431,110 |
|
$ |
2,480,078 |
|
$ |
2,467,688 |
|
$ |
2,459,358 |
|
$ |
2,474,531 |
Commercial real estate: |
|
|
|
|
|
|
|
|
|
|||||
Non-owner occupied |
|
866,999 |
|
|
836,515 |
|
|
812,235 |
|
|
767,135 |
|
|
723,365 |
Owner occupied |
|
660,511 |
|
|
642,930 |
|
|
635,365 |
|
|
631,352 |
|
|
643,191 |
Construction and land |
|
350,878 |
|
|
326,447 |
|
|
345,430 |
|
|
329,433 |
|
|
316,399 |
Multifamily |
|
94,220 |
|
|
94,898 |
|
|
103,066 |
|
|
114,535 |
|
|
100,464 |
Total commercial real estate |
|
1,972,608 |
|
|
1,900,790 |
|
|
1,896,096 |
|
|
1,842,455 |
|
|
1,783,419 |
Residential real estate |
|
1,146,989 |
|
|
1,109,676 |
|
|
1,110,610 |
|
|
1,059,074 |
|
|
1,082,991 |
Public Finance |
|
537,872 |
|
|
579,991 |
|
|
602,913 |
|
|
602,844 |
|
|
611,748 |
Consumer |
|
42,129 |
|
|
40,317 |
|
|
36,371 |
|
|
37,681 |
|
|
39,909 |
Other |
|
206,454 |
|
|
174,016 |
|
|
153,418 |
|
|
178,110 |
|
|
162,492 |
Total loans, net of deferred costs, fees, premiums, and discounts |
$ |
6,337,162 |
|
$ |
6,284,868 |
|
$ |
6,267,096 |
|
$ |
6,179,522 |
|
$ |
6,155,090 |
Asset Quality:
|
As of and for the quarter ended |
||||||||||||||||||
($ in thousands) |
June 30, 2024 |
|
March 31, 2024 |
|
December 31,
|
|
September 30,
|
|
June 30, 2023 |
||||||||||
Net charge-offs |
$ |
2,009 |
|
|
$ |
17,429 |
|
|
$ |
4,743 |
|
|
$ |
2,296 |
|
|
$ |
717 |
|
Allowance for credit losses |
$ |
78,960 |
|
|
$ |
79,829 |
|
|
$ |
80,398 |
|
|
$ |
78,666 |
|
|
$ |
77,362 |
|
Nonperforming loans, including nonaccrual loans, and accrual loans greater than 90 days past due |
$ |
62,558 |
|
|
$ |
57,599 |
|
|
$ |
63,143 |
|
|
$ |
40,743 |
|
|
$ |
67,840 |
|
Nonperforming assets |
$ |
67,055 |
|
|
$ |
62,013 |
|
|
$ |
67,243 |
|
|
$ |
49,138 |
|
|
$ |
77,979 |
|
Ratio of net charge-offs to average loans outstanding |
|
0.13 |
% |
|
|
1.11 |
% |
|
|
0.30 |
% |
|
|
0.15 |
% |
|
|
0.05 |
% |
Allowance for credit losses to total loans outstanding |
|
1.25 |
% |
|
|
1.27 |
% |
|
|
1.28 |
% |
|
|
1.27 |
% |
|
|
1.26 |
% |
Allowance for credit losses to total nonperforming loans |
|
126.22 |
% |
|
|
138.59 |
% |
|
|
127.33 |
% |
|
|
193.08 |
% |
|
|
114.04 |
% |
Nonperforming loans to total loans |
|
0.99 |
% |
|
|
0.92 |
% |
|
|
1.01 |
% |
|
|
0.66 |
% |
|
|
1.10 |
% |
Nonperforming assets to total assets |
|
0.84 |
% |
|
|
0.80 |
% |
|
|
0.85 |
% |
|
|
0.63 |
% |
|
|
1.00 |
% |
Non-GAAP Financial Measures and Reconciliations:
|
As of and for the quarter ended |
|
As of and for the six months ended |
||||||||||||||||||||||||
($ in thousands, except share and per share amounts) |
June 30,
|
|
March 31,
|
|
December 31,
|
|
September 30,
|
|
June 30,
|
|
June 30,
|
|
June 30,
|
||||||||||||||
Tangible stockholders’ equity: |
|||||||||||||||||||||||||||
Total stockholders' equity (GAAP) |
$ |
996,599 |
|
|
$ |
964,662 |
|
|
$ |
877,197 |
|
|
$ |
843,719 |
|
|
$ |
823,635 |
|
|
$ |
996,599 |
|
|
$ |
823,635 |
|
Less: Goodwill and other intangible assets: |
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||
Goodwill |
|
(93,483 |
) |
|
|
(93,483 |
) |
|
|
(93,483 |
) |
|
|
(93,483 |
) |
|
|
(93,483 |
) |
|
|
(93,483 |
) |
|
|
(93,483 |
) |
Other intangible assets |
|
(9,517 |
) |
|
|
(10,168 |
) |
|
|
(10,984 |
) |
|
|
(11,813 |
) |
|
|
(12,712 |
) |
|
|
(9,517 |
) |
|
|
(12,712 |
) |
Tangible stockholders' equity (non-GAAP) |
$ |
893,599 |
|
|
$ |
861,011 |
|
|
$ |
772,730 |
|
|
$ |
738,423 |
|
|
$ |
717,440 |
|
|
$ |
893,599 |
|
|
$ |
717,440 |
|
Tangible assets: |
|||||||||||||||||||||||||||
Total assets (GAAP) |
$ |
7,999,295 |
|
|
$ |
7,781,601 |
|
|
$ |
7,879,724 |
|
|
$ |
7,756,875 |
|
|
$ |
7,797,344 |
|
|
$ |
7,999,295 |
|
|
$ |
7,797,344 |
|
Less: Goodwill and other intangible assets: |
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||
Goodwill |
|
(93,483 |
) |
|
|
(93,483 |
) |
|
|
(93,483 |
) |
|
|
(93,483 |
) |
|
|
(93,483 |
) |
|
|
(93,483 |
) |
|
|
(93,483 |
) |
Other intangible assets |
|
(9,517 |
) |
|
|
(10,168 |
) |
|
|
(10,984 |
) |
|
|
(11,813 |
) |
|
|
(12,712 |
) |
|
|
(9,517 |
) |
|
|
(12,712 |
) |
Tangible assets (non-GAAP) |
$ |
7,896,295 |
|
|
$ |
7,677,950 |
|
|
$ |
7,775,257 |
|
|
$ |
7,651,579 |
|
|
$ |
7,691,149 |
|
|
$ |
7,896,295 |
|
|
$ |
7,691,149 |
|
Tangible stockholders’ equity to tangible assets: |
|||||||||||||||||||||||||||
Total stockholders' equity to total assets (GAAP) |
|
12.46 |
% |
|
|
12.40 |
% |
|
|
11.13 |
% |
|
|
10.88 |
% |
|
|
10.56 |
% |
|
|
12.46 |
% |
|
|
10.56 |
% |
Less: Impact of goodwill and other intangible assets |
|
(1.14 |
)% |
|
|
(1.19 |
)% |
|
|
(1.19 |
)% |
|
|
(1.23 |
)% |
|
|
(1.23 |
)% |
|
|
(1.14 |
)% |
|
|
(1.23 |
)% |
Tangible stockholders' equity to tangible assets (non-GAAP) |
|
11.32 |
% |
|
|
11.21 |
% |
|
|
9.94 |
% |
|
|
9.65 |
% |
|
|
9.33 |
% |
|
|
11.32 |
% |
|
|
9.33 |
% |
Tangible stockholders’ equity to tangible assets, reflecting net unrealized losses on HTM securities, net of tax: |
|||||||||||||||||||||||||||
Tangible stockholders' equity (non-GAAP) |
$ |
893,599 |
|
|
$ |
861,011 |
|
|
$ |
772,730 |
|
|
$ |
738,423 |
|
|
$ |
717,440 |
|
|
$ |
893,599 |
|
|
$ |
717,440 |
|
Less: Net unrealized losses on HTM securities, net of tax |
|
(3,949 |
) |
|
|
(4,236 |
) |
|
|
(3,629 |
) |
|
|
(5,001 |
) |
|
|
(3,821 |
) |
|
|
(3,949 |
) |
|
|
(3,821 |
) |
Tangible stockholders’ equity less net unrealized losses on HTM securities, net of tax (non-GAAP) |
$ |
889,650 |
|
|
$ |
856,775 |
|
|
$ |
769,101 |
|
|
$ |
733,422 |
|
|
$ |
713,619 |
|
|
$ |
889,650 |
|
|
$ |
713,619 |
|
Tangible assets (non-GAAP) |
$ |
7,896,295 |
|
|
$ |
7,677,950 |
|
|
$ |
7,775,257 |
|
|
$ |
7,651,579 |
|
|
$ |
7,691,149 |
|
|
$ |
7,896,295 |
|
|
$ |
7,691,149 |
|
Less: Net unrealized losses on HTM securities, net of tax |
|
(3,949 |
) |
|
|
(4,236 |
) |
|
|
(3,629 |
) |
|
|
(5,001 |
) |
|
|
(3,821 |
) |
|
|
(3,949 |
) |
|
|
(3,821 |
) |
Tangible assets less net unrealized losses on HTM securities, net of tax (non-GAAP) |
$ |
7,892,346 |
|
|
$ |
7,673,714 |
|
|
$ |
7,771,628 |
|
|
$ |
7,646,578 |
|
|
$ |
7,687,328 |
|
|
$ |
7,892,346 |
|
|
$ |
7,687,328 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||
Tangible stockholders’ equity to tangible assets (non-GAAP) |
|
11.32 |
% |
|
|
11.21 |
% |
|
|
9.94 |
% |
|
|
9.65 |
% |
|
|
9.33 |
% |
|
|
11.32 |
% |
|
|
9.33 |
% |
Less: Net unrealized losses on HTM securities, net of tax |
|
(0.05 |
)% |
|
|
(0.04 |
)% |
|
|
(0.04 |
)% |
|
|
(0.06 |
)% |
|
|
(0.05 |
)% |
|
|
(0.05 |
)% |
|
|
(0.05 |
)% |
Tangible stockholders’ equity to tangible assets reflecting net unrealized losses on HTM securities, net of tax (non-GAAP) |
|
11.27 |
% |
|
|
11.17 |
% |
|
|
9.90 |
% |
|
|
9.59 |
% |
|
|
9.28 |
% |
|
|
11.27 |
% |
|
|
9.28 |
% |
Tangible book value per share: |
|||||||||||||||||||||||||||
Total stockholders' equity (GAAP) |
$ |
996,599 |
|
|
$ |
964,662 |
|
|
$ |
877,197 |
|
|
$ |
843,719 |
|
|
$ |
823,635 |
|
|
$ |
996,599 |
|
|
$ |
823,635 |
|
Tangible stockholders' equity (non-GAAP) |
$ |
893,599 |
|
|
$ |
861,011 |
|
|
$ |
772,730 |
|
|
$ |
738,423 |
|
|
$ |
717,440 |
|
|
$ |
893,599 |
|
|
$ |
717,440 |
|
Total shares outstanding |
|
27,443,246 |
|
|
|
27,442,943 |
|
|
|
24,960,639 |
|
|
|
24,942,645 |
|
|
|
24,941,468 |
|
|
|
27,443,246 |
|
|
|
24,941,468 |
|
Book value per share (GAAP) |
$ |
36.31 |
|
|
$ |
35.15 |
|
|
$ |
35.14 |
|
|
$ |
33.83 |
|
|
$ |
33.02 |
|
|
$ |
36.31 |
|
|
$ |
33.02 |
|
Tangible book value per share (non-GAAP) |
$ |
32.56 |
|
|
$ |
31.37 |
|
|
$ |
30.96 |
|
|
$ |
29.60 |
|
|
$ |
28.76 |
|
|
$ |
32.56 |
|
|
$ |
28.76 |
|
Net income excluding merger costs: |
|||||||||||||||||||||||||||
Net income (GAAP) |
$ |
24,560 |
|
|
$ |
12,296 |
|
|
$ |
24,014 |
|
|
$ |
25,232 |
|
|
$ |
28,006 |
|
|
$ |
36,856 |
|
|
$ |
54,287 |
|
Add: Merger costs |
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||
Merger related expenses |
|
1,046 |
|
|
|
2,489 |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
3,535 |
|
|
|
— |
|
Income tax effect on merger related expenses |
|
(425 |
) |
|
|
(193 |
) |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
(618 |
) |
|
|
— |
|
Total merger costs, net of tax |
|
621 |
|
|
|
2,296 |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
2,917 |
|
|
|
— |
|
Net income excluding merger costs (non-GAAP) |
$ |
25,181 |
|
|
$ |
14,592 |
|
|
$ |
24,014 |
|
|
$ |
25,232 |
|
|
$ |
28,006 |
|
|
$ |
39,773 |
|
|
$ |
54,287 |
|
Return on average total assets excluding merger costs: |
|||||||||||||||||||||||||||
Return on average total assets (ROAA) (GAAP) |
|
1.26 |
% |
|
|
0.64 |
% |
|
|
1.26 |
% |
|
|
1.34 |
% |
|
|
1.49 |
% |
|
|
0.95 |
% |
|
|
1.46 |
% |
Add: Impact of merger costs, net of tax |
|
0.03 |
% |
|
|
0.12 |
% |
|
|
— |
% |
|
|
— |
% |
|
|
— |
% |
|
|
0.08 |
% |
|
|
— |
% |
ROAA excluding merger costs (non-GAAP) |
|
1.29 |
% |
|
|
0.76 |
% |
|
|
1.26 |
% |
|
|
1.34 |
% |
|
|
1.49 |
% |
|
|
1.03 |
% |
|
|
1.46 |
% |
Return on average stockholders’ equity excluding merger costs: |
|||||||||||||||||||||||||||
Return on average stockholders' equity (ROAE) (GAAP) |
|
10.03 |
% |
|
|
5.15 |
% |
|
|
11.19 |
% |
|
|
12.03 |
% |
|
|
13.54 |
% |
|
|
7.62 |
% |
|
|
13.46 |
% |
Add: Impact of merger costs, net of tax |
|
0.25 |
% |
|
|
0.96 |
% |
|
|
— |
% |
|
|
— |
% |
|
|
— |
% |
|
|
0.60 |
% |
|
|
— |
% |
ROAE excluding merger costs (non-GAAP) |
|
10.28 |
% |
|
|
6.11 |
% |
|
|
11.19 |
% |
|
|
12.03 |
% |
|
|
13.54 |
% |
|
|
8.22 |
% |
|
|
13.46 |
% |
Efficiency ratio excluding merger related expenses: |
|||||||||||||||||||||||||||
Efficiency ratio (GAAP) |
|
66.42 |
% |
|
|
66.05 |
% |
|
|
58.58 |
% |
|
|
61.02 |
% |
|
|
59.15 |
% |
|
|
66.23 |
% |
|
|
59.79 |
% |
Less: Impact of merger related expenses |
|
(1.09 |
)% |
|
|
(2.66 |
)% |
|
|
— |
% |
|
|
— |
% |
|
|
— |
% |
|
|
(1.86 |
)% |
|
|
— |
% |
Efficiency ratio excluding merger related expenses (non-GAAP) |
|
65.33 |
% |
|
|
63.39 |
% |
|
|
58.58 |
% |
|
|
61.02 |
% |
|
|
59.15 |
% |
|
|
64.37 |
% |
|
|
59.79 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||
Diluted earnings per share excluding merger costs: |
|||||||||||||||||||||||||||
Diluted earnings per share (GAAP) |
$ |
0.88 |
|
|
$ |
0.45 |
|
|
$ |
0.94 |
|
|
$ |
1.00 |
|
|
$ |
1.11 |
|
|
$ |
1.32 |
|
|
$ |
2.14 |
|
Add: Impact of merger costs, net of tax |
|
0.02 |
|
|
|
0.08 |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
0.11 |
|
|
|
— |
|
Diluted earnings per share excluding merger costs (non-GAAP) |
$ |
0.90 |
|
|
$ |
0.53 |
|
|
$ |
0.94 |
|
|
$ |
1.00 |
|
|
$ |
1.11 |
|
|
$ |
1.43 |
|
|
$ |
2.14 |
|
Fully tax equivalent (“FTE”) net interest income and net interest margin on FTE basis: |
|||||||||||||||||||||||||||
Net interest income (GAAP) |
$ |
72,899 |
|
|
$ |
70,806 |
|
|
$ |
72,069 |
|
|
$ |
73,410 |
|
|
$ |
73,835 |
|
|
$ |
143,705 |
|
|
$ |
147,952 |
|
Gross income effect of tax exempt income |
|
1,156 |
|
|
|
1,318 |
|
|
|
1,270 |
|
|
|
1,286 |
|
|
|
1,288 |
|
|
|
2,475 |
|
|
|
2,530 |
|
FTE net interest income (non-GAAP) |
$ |
74,055 |
|
|
$ |
72,124 |
|
|
$ |
73,339 |
|
|
$ |
74,696 |
|
|
$ |
75,123 |
|
|
$ |
146,180 |
|
|
$ |
150,482 |
|
Average earning assets |
$ |
7,256,763 |
|
|
$ |
7,100,323 |
|
|
$ |
7,066,688 |
|
|
$ |
6,947,500 |
|
|
$ |
6,961,407 |
|
|
$ |
7,178,543 |
|
|
$ |
6,859,237 |
|
Net interest margin |
|
4.02 |
% |
|
|
3.99 |
% |
|
|
4.08 |
% |
|
|
4.23 |
% |
|
|
4.24 |
% |
|
|
4.00 |
% |
|
|
4.31 |
% |
Net interest margin on FTE basis (non-GAAP) |
|
4.08 |
% |
|
|
4.06 |
% |
|
|
4.15 |
% |
|
|
4.30 |
% |
|
|
4.32 |
% |
|
|
4.07 |
% |
|
|
4.39 |
% |
View source version on businesswire.com: https://www.businesswire.com/news/home/20240727631798/en/
Investor Contact:
Kelly C. Rackley
VP, Corporate Secretary & Investor Relations Manager, FirstSun
303.962.0150 | Investor.Relations@firstsuncb.com
Media Contact:
Jeanne Lipson
Vice President of Marketing, Sunflower Bank
915.881.6785 | Jeanne.Lipson@SunflowerBank.com
Source: FirstSun Capital Bancorp
FAQ
What was FirstSun Capital Bancorp's (FSUN) net income for Q2 2024?
How much did FirstSun's (FSUN) deposits grow in Q2 2024?
What was FirstSun's (FSUN) net interest margin in Q2 2024?
When did FirstSun Capital Bancorp (FSUN) uplist to Nasdaq?
