Third Quarter 2025 Highlights:
- Net income of $23.2 million, $0.82 per diluted share
- Net interest margin of 4.07%
- Return on average total assets of 1.09%
- Return on average stockholders’ equity of 8.22%
- Loan growth of 10.6%, annualized
- Deposit growth of 0.3%, annualized
- 24.5% noninterest income to total revenue1
FirstSun Capital Bancorp (“FirstSun”) (NASDAQ: FSUN) reported net income of $23.2 million for the third quarter of 2025 compared to net income of $22.4 million for the third quarter of 2024. Earnings per diluted share were $0.82 for the third quarter of 2025 compared to $0.79 for the third quarter of 2024. Adjusted net income, a non-GAAP financial measure, was $23.7 million or $0.84 per diluted share for the third quarter of 2024.
Neal Arnold, FirstSun’s Chief Executive Officer and President, commented, “The results for this quarter continue to demonstrate the fundamental strength of our core franchise. The quarter was highlighted by a consistently strong net interest margin of 4.07%, healthy loan growth of 10.6% and a diversified revenue mix with service fees to total revenue of 24.5%. While we did experience higher credit costs this quarter, our operating results remain strong. We remain focused on the great opportunity provided by the robust business environment across our high growth southwestern and western footprint to further grow our franchise and deliver strong financial results.”
Third Quarter 2025 Results
Net income totaled $23.2 million, or $0.82 per diluted share, for the third quarter of 2025, compared to $26.4 million, or $0.93 per diluted share, for the prior quarter.
The return on average total assets was 1.09% for the third quarter of 2025, compared to 1.28% for the prior quarter, and the return on average stockholders’ equity was 8.22% for the third quarter of 2025, compared to 9.74% for the prior quarter.
Net Interest Income and Net Interest Margin
Net interest income totaled $81.0 million for the third quarter of 2025, an increase of $2.5 million compared to the prior quarter. Our net interest margin of 4.07% was unchanged compared to the prior quarter. Results for the third quarter of 2025, compared to the prior quarter, were primarily driven by an increase of two basis points in the yield on earning assets and increase of $160.5 million in average earnings assets, offset by an increase of six basis points in the cost of interest-bearing liabilities and increase of $76.6 million in average interest-bearing liabilities.
Average loans, including loans held-for-sale, increased by $46.7 million in the third quarter of 2025, compared to the prior quarter. Loan yield increased by six basis points to 6.49% in the third quarter of 2025, compared to the prior quarter, primarily due to higher yields on new originations as compared to amortizing and maturing balances. Average interest-bearing deposits increased $79.7 million in the third quarter of 2025, compared to the prior quarter. Total cost of interest-bearing deposits increased by three basis points to 2.81% in the third quarter of 2025, compared to the prior quarter, primarily due to an increase in promotional rate money market deposit balances, partially offset by a decrease in certificates of deposit balances.
Asset Quality and Provision for Credit Losses
The provision for credit losses totaled $10.1 million for the third quarter of 2025 primarily due to deterioration in a specific commercial and industrial (“C&I”) customer relationship, impacts from net changes in loan portfolio balances, and impacts from net portfolio downgrades.
Net charge-offs for the third quarter of 2025 were $9.1 million resulting in an annualized ratio of net charge-offs to average loans of 0.55%, compared to net charge-offs of $13.5 million, or an annualized ratio of net-charge offs to average loans of 0.83% for the prior quarter. Net charge-offs for the third quarter of 2025 were elevated primarily due to a write-down related to a specific customer relationship in our C&I loan portfolio.
The allowance for credit losses as a percentage of total loans was 1.26% at September 30, 2025, a decrease of two basis points from the prior quarter. The ratio of nonperforming assets to total assets was 0.98% at September 30, 2025, compared to 0.80% at June 30, 2025.
Noninterest Income
Noninterest income totaled $26.3 million for the third quarter of 2025, a decrease of $0.7 million from the prior quarter. Mortgage banking income decreased $0.6 million for the third quarter of 2025, primarily due to a decrease in fair value impact, net of hedging, related to interest rate lock commitments and loans held-for-sale, partially offset by an increase in gain on sales driven by higher margins.
Other noninterest income decreased $0.3 million for the third quarter of 2025, primarily due to a decrease in loan syndication and agency fees.
Noninterest income as a percentage of total revenue1 was 24.5%, a decrease of 1.1% from the prior quarter.
Noninterest Expense
Noninterest expense totaled $68.9 million for the third quarter of 2025, an increase of $0.8 million from the prior quarter, primarily due to an increase in salary and employee benefits of $0.9 million resulting from an increase in headcount of C&I bankers and support personnel, in addition to higher medical insurance costs.
The efficiency ratio for the third quarter of 2025 was 64.22% compared to 64.52% for the prior quarter.
Tax Rate
The effective tax rate was 18.1% for the third quarter of 2025, compared to 20.0% for the prior quarter.
Loans
Loans were $6.7 billion at September 30, 2025 and $6.5 billion at June 30, 2025, increasing $174.6 million in the third quarter of 2025, or 10.6% on an annualized basis, primarily due to an increase of $165.9 million in commercial and industrial, and an increase of $49.0 million in multifamily, partially offset by a decrease of $40.2 million in construction and land.
Deposits
Deposits were $7.1 billion at September 30, 2025 and June 30, 2025, an increase of $5.3 million in the third quarter of 2025, or 0.3% on an annualized basis, primarily due to growth of $65.9 million in interest-bearing demand accounts, and $56.8 million in savings and money market accounts, partially offset by a decrease of $75.8 million in certificates of deposits, and $32.2 million in non-interest-bearing demand deposit accounts. Average deposits increased $134.8 million in the third quarter of 2025, or 7.7% on an annualized basis, compared to the prior quarter.
Noninterest-bearing deposit accounts represented 23.6% of total deposits at September 30, 2025 and the loan-to-deposit ratio was 94.0% at September 30, 2025.
Capital
Capital ratios remain strong and above “well-capitalized” thresholds. As of September 30, 2025, our common equity tier 1 risk-based capital ratio was 13.79%, total risk-based capital ratio was 15.81% and tier 1 leverage ratio was 12.44%. Book value per share was $40.48 at September 30, 2025, an increase of $1.13 from June 30, 2025. Tangible book value per share, a non-GAAP financial measure, was $36.92 at September 30, 2025, an increase of $1.15 from June 30, 2025.
Subsequent Event
On October 1, 2025, FirstSun Capital Bancorp redeemed the entire principal amount, or $40 million, of its 6.000% Fixed-to-Floating Rate Subordinated Notes Due July 1, 2030.
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 the United States (“GAAP”). FirstSun management uses these non-GAAP financial measures in their analysis of FirstSun’s performance and the efficiency of its operations. Management believes these non-GAAP measures provide a greater understanding of ongoing operations, enhance comparability of results with prior periods and demonstrate the effects of significant items in the current period. FirstSun believes a meaningful analysis of its financial performance requires an understanding of the factors underlying that performance. FirstSun management believes investors may find these non-GAAP financial measures useful. These non-GAAP financial measures, however, should not be viewed as a substitute for financial measures determined in accordance with GAAP, nor are they necessarily comparable to non-GAAP performance measures that may be presented by other companies. Below is a listing of the non-GAAP measures used in this press release:
- 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;
- Adjusted net income;
- Adjusted diluted earnings per share;
- Adjusted return on average total assets;
- Adjusted return on average stockholders’ equity;
- Return on average tangible stockholders’ equity;
- Adjusted return on average tangible stockholders’ equity;
- Adjusted total noninterest expense;
- Adjusted efficiency ratio; and
- Fully tax equivalent (“FTE”) net interest income and net interest margin.
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 Denver, Colorado, is the financial holding company for Sunflower Bank, N.A., which operates as Sunflower Bank and First National 1870. Sunflower Bank provides a full range of relationship-focused services to meet personal, business and wealth management financial objectives, with depository branches in seven states and mortgage capabilities in 43 states. FirstSun had total consolidated assets of $8.5 billion as of September 30, 2025.
First National 1870 is a division of Sunflower Bank, N.A. To learn more, visit ir.firstsuncb.com or SunflowerBank.com
Analyst Conference Call
FirstSun will host a conference call on Tuesday, October 28, 2025 at 10:00 a.m. (ET) to discuss its third quarter 2025 results. Participants may call in by dialing (833) 470-1428 for toll-free within the US and (404) 975-4839 for all other locations. The conference ID number is 154988. Phone numbers for international participants are listed at https://www.netroadshow.com/events/global-numbers?confId=48643.
Alternatively, individuals may listen to the live webcast of the presentation by visiting the link on the Events & Presentations page of FirstSun’s website. An audio replay of the live webcast is expected to be available following the live event on the Events & Presentations page of FirstSun’s website.
Day-Count Convention
Annualized ratios are presented utilizing the Actual/Actual day-count convention. Prior period annualized ratios have been recalculated to conform to the current presentation.
| _____________________ |
1 Total revenue is net interest income plus noninterest income. |
Summary Data:
|
As of and for the three months ended |
||||||||||||||||||
($ in thousands, except per share amounts) |
September 30,
|
|
June 30,
|
|
March 31,
|
|
December 31,
|
|
September 30,
|
||||||||||
Net interest income |
$ |
80,953 |
|
|
$ |
78,499 |
|
|
$ |
74,478 |
|
|
$ |
77,047 |
|
|
$ |
76,158 |
|
Provision for credit losses |
|
10,100 |
|
|
|
4,500 |
|
|
|
3,800 |
|
|
|
4,850 |
|
|
|
5,000 |
|
Noninterest income |
|
26,333 |
|
|
|
27,073 |
|
|
|
21,729 |
|
|
|
21,635 |
|
|
|
22,075 |
|
Noninterest expense |
|
68,901 |
|
|
|
68,110 |
|
|
|
62,722 |
|
|
|
73,673 |
|
|
|
64,664 |
|
Income before income taxes |
|
28,285 |
|
|
|
32,962 |
|
|
|
29,685 |
|
|
|
20,159 |
|
|
|
28,569 |
|
Provision for income taxes |
|
5,111 |
|
|
|
6,576 |
|
|
|
6,116 |
|
|
|
3,809 |
|
|
|
6,147 |
|
Net income |
|
23,174 |
|
|
|
26,386 |
|
|
|
23,569 |
|
|
|
16,350 |
|
|
|
22,422 |
|
Adjusted net income1 |
|
23,174 |
|
|
|
26,386 |
|
|
|
23,569 |
|
|
|
24,316 |
|
|
|
23,655 |
|
Weighted average common shares outstanding, basic |
|
27,801,255 |
|
|
|
27,783,710 |
|
|
|
27,721,760 |
|
|
|
27,668,470 |
|
|
|
27,612,538 |
|
Weighted average common shares outstanding, diluted |
|
28,291,778 |
|
|
|
28,232,319 |
|
|
|
28,293,912 |
|
|
|
28,290,474 |
|
|
|
28,212,809 |
|
Diluted earnings per share |
$ |
0.82 |
|
|
$ |
0.93 |
|
|
$ |
0.83 |
|
|
$ |
0.58 |
|
|
$ |
0.79 |
|
Adjusted diluted earnings per share1 |
$ |
0.82 |
|
|
$ |
0.93 |
|
|
$ |
0.83 |
|
|
$ |
0.86 |
|
|
$ |
0.84 |
|
Return on average total assets |
|
1.09 |
% |
|
|
1.28 |
% |
|
|
1.20 |
% |
|
|
0.81 |
% |
|
|
1.12 |
% |
Adjusted return on average total assets1 |
|
1.09 |
% |
|
|
1.28 |
% |
|
|
1.20 |
% |
|
|
1.20 |
% |
|
|
1.18 |
% |
Return on average stockholders' equity |
|
8.22 |
% |
|
|
9.74 |
% |
|
|
9.03 |
% |
|
|
6.22 |
% |
|
|
8.74 |
% |
Adjusted return on average stockholders' equity1 |
|
8.22 |
% |
|
|
9.74 |
% |
|
|
9.03 |
% |
|
|
9.24 |
% |
|
|
9.22 |
% |
Return on average tangible stockholders' equity1 |
|
9.20 |
% |
|
|
10.91 |
% |
|
|
10.18 |
% |
|
|
7.36 |
% |
|
|
9.94 |
% |
Adjusted return on average tangible stockholders' equity1 |
|
9.20 |
% |
|
|
10.91 |
% |
|
|
10.18 |
% |
|
|
10.72 |
% |
|
|
10.48 |
% |
Net interest margin |
|
4.07 |
% |
|
|
4.07 |
% |
|
|
4.07 |
% |
|
|
4.09 |
% |
|
|
4.08 |
% |
Net interest margin (FTE basis)1 |
|
4.12 |
% |
|
|
4.13 |
% |
|
|
4.13 |
% |
|
|
4.15 |
% |
|
|
4.13 |
% |
Efficiency ratio |
|
64.22 |
% |
|
|
64.52 |
% |
|
|
65.19 |
% |
|
|
74.66 |
% |
|
|
65.83 |
% |
Adjusted efficiency ratio1 |
|
64.22 |
% |
|
|
64.52 |
% |
|
|
65.19 |
% |
|
|
63.63 |
% |
|
|
64.16 |
% |
Noninterest income to total revenue2 |
|
24.5 |
% |
|
|
25.6 |
% |
|
|
22.6 |
% |
|
|
21.9 |
% |
|
|
22.5 |
% |
Total assets |
$ |
8,495,437 |
|
|
$ |
8,435,861 |
|
|
$ |
8,216,458 |
|
|
$ |
8,097,387 |
|
|
$ |
8,138,487 |
|
Total loans held-for-sale |
|
85,250 |
|
|
|
90,781 |
|
|
|
65,603 |
|
|
|
61,825 |
|
|
|
72,247 |
|
Total loans held-for-investment |
|
6,681,629 |
|
|
|
6,507,066 |
|
|
|
6,484,008 |
|
|
|
6,376,357 |
|
|
|
6,443,756 |
|
Total deposits |
|
7,105,415 |
|
|
|
7,100,164 |
|
|
|
6,874,239 |
|
|
|
6,672,260 |
|
|
|
6,649,880 |
|
Total stockholders' equity |
|
1,127,513 |
|
|
|
1,095,402 |
|
|
|
1,068,295 |
|
|
|
1,041,366 |
|
|
|
1,034,085 |
|
Loan to deposit ratio |
|
94.0 |
% |
|
|
91.6 |
% |
|
|
94.3 |
% |
|
|
95.6 |
% |
|
|
96.9 |
% |
Period end common shares outstanding |
|
27,854,764 |
|
|
|
27,834,525 |
|
|
|
27,753,918 |
|
|
|
27,709,679 |
|
|
|
27,665,918 |
|
Book value per share |
$ |
40.48 |
|
|
$ |
39.35 |
|
|
$ |
38.49 |
|
|
$ |
37.58 |
|
|
$ |
37.38 |
|
Tangible book value per share1 |
$ |
36.92 |
|
|
$ |
35.77 |
|
|
$ |
34.88 |
|
|
$ |
33.94 |
|
|
$ |
33.68 |
|
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 nine months ended |
||||||
($ in thousands, except per share amounts) |
September 30,
|
|
September 30,
|
||||
Net interest income |
$ |
233,930 |
|
|
$ |
219,863 |
|
Provision for credit losses |
|
18,400 |
|
|
|
22,700 |
|
Noninterest income |
|
75,135 |
|
|
|
68,157 |
|
Noninterest expense |
|
199,733 |
|
|
|
190,367 |
|
Income before income taxes |
|
90,932 |
|
|
|
74,953 |
|
Provision for income taxes |
|
17,803 |
|
|
|
15,675 |
|
Net income |
|
73,129 |
|
|
|
59,278 |
|
Adjusted net income1 |
|
73,129 |
|
|
|
63,428 |
|
Weighted average common shares outstanding, basic |
|
27,769,320 |
|
|
|
27,355,098 |
|
Weighted average common shares outstanding, diluted |
|
28,274,134 |
|
|
|
27,976,215 |
|
Diluted earnings per share |
$ |
2.59 |
|
|
$ |
2.12 |
|
Adjusted diluted earnings per share1 |
$ |
2.59 |
|
|
$ |
2.27 |
|
Return on average total assets |
|
1.19 |
% |
|
|
1.01 |
% |
Adjusted return on average total assets1 |
|
1.19 |
% |
|
|
1.09 |
% |
Return on average stockholders' equity |
|
8.99 |
% |
|
|
8.04 |
% |
Adjusted return on average stockholders’ equity1 |
|
8.99 |
% |
|
|
8.60 |
% |
Return on average tangible stockholders' equity1 |
|
10.08 |
% |
|
|
9.23 |
% |
Adjusted return on average tangible stockholders' equity1 |
|
10.08 |
% |
|
|
9.86 |
% |
Net interest margin |
|
4.07 |
% |
|
|
4.04 |
% |
Net interest margin (FTE basis)1 |
|
4.13 |
% |
|
|
4.11 |
% |
Efficiency ratio |
|
64.62 |
% |
|
|
66.10 |
% |
Adjusted efficiency ratio1 |
|
64.62 |
% |
|
|
64.30 |
% |
Noninterest income to total revenue2 |
|
24.3 |
% |
|
|
23.7 |
% |
Total assets |
$ |
8,495,437 |
|
|
$ |
8,138,487 |
|
Total loans held-for-sale |
|
85,250 |
|
|
|
72,247 |
|
Total loans held-for-investment |
|
6,681,629 |
|
|
|
6,443,756 |
|
Total deposits |
|
7,105,415 |
|
|
|
6,649,880 |
|
Total stockholders' equity |
|
1,127,513 |
|
|
|
1,034,085 |
|
Loan to deposit ratio |
|
94.0 |
% |
|
|
96.9 |
% |
Period end common shares outstanding |
|
27,854,764 |
|
|
|
27,665,918 |
|
Book value per share |
$ |
40.48 |
|
|
$ |
37.38 |
|
Tangible book value per share1 |
$ |
36.92 |
|
|
$ |
33.68 |
|
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 three months ended |
|
For the nine months ended |
||||||||
($ in thousands, except per share amounts) |
September 30,
|
|
September 30,
|
|
September 30,
|
|
September 30,
|
||||
Total interest income |
$ |
121,128 |
|
$ |
118,932 |
|
$ |
348,496 |
|
$ |
343,501 |
Total interest expense |
|
40,175 |
|
|
42,774 |
|
|
114,566 |
|
|
123,638 |
Net interest income |
|
80,953 |
|
|
76,158 |
|
|
233,930 |
|
|
219,863 |
Provision for credit losses |
|
10,100 |
|
|
5,000 |
|
|
18,400 |
|
|
22,700 |
Net interest income after credit loss expense |
|
70,853 |
|
|
71,158 |
|
|
215,530 |
|
|
197,163 |
Noninterest income: |
|
|
|
|
|
|
|
||||
Service charges on deposit accounts |
|
2,162 |
|
|
2,560 |
|
|
6,205 |
|
|
7,276 |
Treasury management service fees |
|
4,402 |
|
|
3,748 |
|
|
12,929 |
|
|
10,847 |
Credit and debit card fees |
|
2,671 |
|
|
2,738 |
|
|
7,985 |
|
|
8,447 |
Trust and investment advisory fees |
|
1,536 |
|
|
1,395 |
|
|
4,430 |
|
|
4,351 |
Income from mortgage banking services, net |
|
12,641 |
|
|
8,838 |
|
|
34,970 |
|
|
29,383 |
Other noninterest income |
|
2,921 |
|
|
2,796 |
|
|
8,616 |
|
|
7,853 |
Total noninterest income |
|
26,333 |
|
|
22,075 |
|
|
75,135 |
|
|
68,157 |
Noninterest expense: |
|
|
|
|
|
|
|
||||
Salary and employee benefits |
|
44,822 |
|
|
39,306 |
|
|
128,304 |
|
|
116,487 |
Occupancy and equipment |
|
9,591 |
|
|
9,121 |
|
|
28,668 |
|
|
26,417 |
Amortization and impairment of intangible assets |
|
578 |
|
|
651 |
|
|
1,784 |
|
|
2,118 |
Terminated merger related expenses |
|
— |
|
|
1,633 |
|
|
— |
|
|
5,168 |
Other noninterest expenses |
|
13,910 |
|
|
13,953 |
|
|
40,977 |
|
|
40,177 |
Total noninterest expense |
|
68,901 |
|
|
64,664 |
|
|
199,733 |
|
|
190,367 |
Income before income taxes |
|
28,285 |
|
|
28,569 |
|
|
90,932 |
|
|
74,953 |
Provision for income taxes |
|
5,111 |
|
|
6,147 |
|
|
17,803 |
|
|
15,675 |
Net income |
$ |
23,174 |
|
$ |
22,422 |
|
$ |
73,129 |
|
$ |
59,278 |
Earnings per share - basic |
$ |
0.83 |
|
$ |
0.81 |
|
$ |
2.63 |
|
$ |
2.17 |
Earnings per share - diluted |
$ |
0.82 |
|
$ |
0.79 |
|
$ |
2.59 |
|
$ |
2.12 |
|
For the three months ended |
|||||||||||||
($ in thousands, except per share amounts) |
September 30,
|
|
June 30,
|
|
March 31,
|
|
December 31,
|
|
September 30,
|
|||||
Total interest income |
$ |
121,128 |
|
$ |
116,921 |
|
$ |
110,447 |
|
$ |
116,039 |
|
$ |
118,932 |
Total interest expense |
|
40,175 |
|
|
38,422 |
|
|
35,969 |
|
|
38,992 |
|
|
42,774 |
Net interest income |
|
80,953 |
|
|
78,499 |
|
|
74,478 |
|
|
77,047 |
|
|
76,158 |
Provision for credit losses |
|
10,100 |
|
|
4,500 |
|
|
3,800 |
|
|
4,850 |
|
|
5,000 |
Net interest income after credit loss expense |
|
70,853 |
|
|
73,999 |
|
|
70,678 |
|
|
72,197 |
|
|
71,158 |
Noninterest income: |
|
|
|
|
|
|
|
|
|
|||||
Service charges on deposit accounts |
|
2,162 |
|
|
2,016 |
|
|
2,027 |
|
|
2,219 |
|
|
2,560 |
Treasury management service fees |
|
4,402 |
|
|
4,333 |
|
|
4,194 |
|
|
3,982 |
|
|
3,748 |
Credit and debit card fees |
|
2,671 |
|
|
2,728 |
|
|
2,586 |
|
|
2,706 |
|
|
2,738 |
Trust and investment advisory fees |
|
1,536 |
|
|
1,473 |
|
|
1,421 |
|
|
1,436 |
|
|
1,395 |
Income from mortgage banking services, net |
|
12,641 |
|
|
13,274 |
|
|
9,055 |
|
|
9,631 |
|
|
8,838 |
Other noninterest income |
|
2,921 |
|
|
3,249 |
|
|
2,446 |
|
|
1,661 |
|
|
2,796 |
Total noninterest income |
|
26,333 |
|
|
27,073 |
|
|
21,729 |
|
|
21,635 |
|
|
22,075 |
Noninterest expense: |
|
|
|
|
|
|
|
|
|
|||||
Salary and employee benefits |
|
44,822 |
|
|
43,921 |
|
|
39,561 |
|
|
38,498 |
|
|
39,306 |
Occupancy and equipment |
|
9,591 |
|
|
9,541 |
|
|
9,536 |
|
|
9,865 |
|
|
9,121 |
Amortization and impairment of intangible assets |
|
578 |
|
|
578 |
|
|
628 |
|
|
1,431 |
|
|
651 |
Terminated merger related expenses |
|
— |
|
|
— |
|
|
— |
|
|
8,010 |
|
|
1,633 |
Other noninterest expenses |
|
13,910 |
|
|
14,070 |
|
|
12,997 |
|
|
15,869 |
|
|
13,953 |
Total noninterest expense |
|
68,901 |
|
|
68,110 |
|
|
62,722 |
|
|
73,673 |
|
|
64,664 |
Income before income taxes |
|
28,285 |
|
|
32,962 |
|
|
29,685 |
|
|
20,159 |
|
|
28,569 |
Provision for income taxes |
|
5,111 |
|
|
6,576 |
|
|
6,116 |
|
|
3,809 |
|
|
6,147 |
Net income |
$ |
23,174 |
|
$ |
26,386 |
|
$ |
23,569 |
|
$ |
16,350 |
|
$ |
22,422 |
Earnings per share - basic |
$ |
0.83 |
|
$ |
0.95 |
|
$ |
0.85 |
|
$ |
0.59 |
|
$ |
0.81 |
Earnings per share - diluted |
$ |
0.82 |
|
$ |
0.93 |
|
$ |
0.83 |
|
$ |
0.58 |
|
$ |
0.79 |
Condensed Consolidated Balance Sheets as of (Unaudited):
($ in thousands) |
September 30,
|
|
June 30,
|
|
March 31,
|
|
December 31,
|
|
September 30,
|
||||||||||
Assets |
|
|
|
|
|
|
|
|
|
||||||||||
Cash and cash equivalents |
$ |
659,899 |
|
|
$ |
785,115 |
|
|
$ |
621,377 |
|
|
$ |
615,917 |
|
|
$ |
573,674 |
|
Securities available-for-sale, at fair value |
|
476,114 |
|
|
|
473,468 |
|
|
|
480,615 |
|
|
|
469,076 |
|
|
|
496,811 |
|
Securities held-to-maturity |
|
34,247 |
|
|
|
34,581 |
|
|
|
34,914 |
|
|
|
35,242 |
|
|
|
35,885 |
|
Loans held-for-sale, at fair value |
|
85,250 |
|
|
|
90,781 |
|
|
|
65,603 |
|
|
|
61,825 |
|
|
|
72,247 |
|
Loans |
|
6,681,629 |
|
|
|
6,507,066 |
|
|
|
6,484,008 |
|
|
|
6,376,357 |
|
|
|
6,443,756 |
|
Allowance for credit losses |
|
(84,040 |
) |
|
|
(82,993 |
) |
|
|
(91,790 |
) |
|
|
(88,221 |
) |
|
|
(83,159 |
) |
Loans, net |
|
6,597,589 |
|
|
|
6,424,073 |
|
|
|
6,392,218 |
|
|
|
6,288,136 |
|
|
|
6,360,597 |
|
Mortgage servicing rights, at fair value |
|
85,695 |
|
|
|
84,736 |
|
|
|
82,927 |
|
|
|
84,258 |
|
|
|
78,799 |
|
Premises and equipment, net |
|
81,886 |
|
|
|
82,248 |
|
|
|
82,333 |
|
|
|
82,483 |
|
|
|
82,532 |
|
Other real estate owned and foreclosed assets, net |
|
13,418 |
|
|
|
13,052 |
|
|
|
4,914 |
|
|
|
5,138 |
|
|
|
4,478 |
|
Goodwill |
|
93,483 |
|
|
|
93,483 |
|
|
|
93,483 |
|
|
|
93,483 |
|
|
|
93,483 |
|
Core deposits and other intangible assets, net |
|
5,650 |
|
|
|
6,228 |
|
|
|
6,806 |
|
|
|
7,434 |
|
|
|
8,866 |
|
Other assets |
|
362,206 |
|
|
|
348,096 |
|
|
|
351,268 |
|
|
|
354,395 |
|
|
|
331,115 |
|
Total assets |
$ |
8,495,437 |
|
|
$ |
8,435,861 |
|
|
$ |
8,216,458 |
|
|
$ |
8,097,387 |
|
|
$ |
8,138,487 |
|
Liabilities and Stockholders' Equity |
|
|
|
|
|
|
|
|
|
||||||||||
Liabilities: |
|
|
|
|
|
|
|
|
|
||||||||||
Deposits: |
|
|
|
|
|
|
|
|
|
||||||||||
Noninterest-bearing accounts |
$ |
1,674,497 |
|
|
$ |
1,706,678 |
|
|
$ |
1,574,736 |
|
|
$ |
1,541,158 |
|
|
$ |
1,554,762 |
|
Interest-bearing accounts: |
|
|
|
|
|
|
|
|
|
||||||||||
Interest-bearing demand accounts |
|
811,617 |
|
|
|
745,750 |
|
|
|
708,783 |
|
|
|
685,865 |
|
|
|
645,647 |
|
Savings and money market accounts |
|
3,223,254 |
|
|
|
3,166,466 |
|
|
|
2,974,774 |
|
|
|
2,834,123 |
|
|
|
2,608,808 |
|
NOW accounts |
|
42,559 |
|
|
|
52,005 |
|
|
|
39,806 |
|
|
|
45,539 |
|
|
|
41,234 |
|
Certificate of deposit accounts |
|
1,353,488 |
|
|
|
1,429,265 |
|
|
|
1,576,140 |
|
|
|
1,565,575 |
|
|
|
1,799,429 |
|
Total deposits |
|
7,105,415 |
|
|
|
7,100,164 |
|
|
|
6,874,239 |
|
|
|
6,672,260 |
|
|
|
6,649,880 |
|
Securities sold under agreements to repurchase |
|
9,824 |
|
|
|
11,173 |
|
|
|
8,515 |
|
|
|
14,699 |
|
|
|
10,913 |
|
Federal Home Loan Bank advances |
|
— |
|
|
|
— |
|
|
|
35,000 |
|
|
|
135,000 |
|
|
|
215,000 |
|
Subordinated debt, net |
|
76,163 |
|
|
|
76,066 |
|
|
|
75,969 |
|
|
|
75,841 |
|
|
|
75,709 |
|
Other liabilities |
|
176,522 |
|
|
|
153,056 |
|
|
|
154,440 |
|
|
|
158,221 |
|
|
|
152,900 |
|
Total liabilities |
|
7,367,924 |
|
|
|
7,340,459 |
|
|
|
7,148,163 |
|
|
|
7,056,021 |
|
|
|
7,104,402 |
|
Stockholders' equity: |
|
|
|
|
|
|
|
|
|
||||||||||
Preferred stock |
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
Common stock |
|
3 |
|
|
|
3 |
|
|
|
3 |
|
|
|
3 |
|
|
|
3 |
|
Additional paid-in capital |
|
548,952 |
|
|
|
547,950 |
|
|
|
547,484 |
|
|
|
547,325 |
|
|
|
547,271 |
|
Retained earnings |
|
606,279 |
|
|
|
583,105 |
|
|
|
556,719 |
|
|
|
533,150 |
|
|
|
516,800 |
|
Accumulated other comprehensive loss, net |
|
(27,721 |
) |
|
|
(35,656 |
) |
|
|
(35,911 |
) |
|
|
(39,112 |
) |
|
|
(29,989 |
) |
Total stockholders' equity |
|
1,127,513 |
|
|
|
1,095,402 |
|
|
|
1,068,295 |
|
|
|
1,041,366 |
|
|
|
1,034,085 |
|
Total liabilities and stockholders' equity |
$ |
8,495,437 |
|
|
$ |
8,435,861 |
|
|
$ |
8,216,458 |
|
|
$ |
8,097,387 |
|
|
$ |
8,138,487 |
|
Consolidated Capital Ratios as of:
|
September 30,
|
|
June 30,
|
|
March 31,
|
|
December 31,
|
|
September 30,
|
|||||
Stockholders' equity to total assets |
13.27 |
% |
|
12.99 |
% |
|
13.00 |
% |
|
12.86 |
% |
|
12.71 |
% |
Tangible stockholders' equity to tangible assets1 |
12.25 |
% |
|
11.94 |
% |
|
11.93 |
% |
|
11.76 |
% |
|
11.59 |
% |
Tangible stockholders' equity to tangible assets reflecting net unrealized losses on HTM securities, net of tax1, 2 |
12.21 |
% |
|
11.90 |
% |
|
11.89 |
% |
|
11.71 |
% |
|
11.56 |
% |
Tier 1 leverage ratio |
12.44 |
% |
|
12.39 |
% |
|
12.47 |
% |
|
12.11 |
% |
|
11.96 |
% |
Common equity tier 1 risk-based capital ratio |
13.79 |
% |
|
13.78 |
% |
|
13.26 |
% |
|
13.18 |
% |
|
13.06 |
% |
Tier 1 risk-based capital ratio |
13.79 |
% |
|
13.78 |
% |
|
13.26 |
% |
|
13.18 |
% |
|
13.06 |
% |
Total risk-based capital ratio |
15.81 |
% |
|
15.94 |
% |
|
15.52 |
% |
|
15.42 |
% |
|
15.25 |
% |
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 three months ended |
|
For the nine months ended |
||||||||||||||||||||
|
September 30, 2025 |
|
September 30, 2024 |
|
September 30, 2025 |
|
September 30, 2024 |
||||||||||||||||
(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 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||
Loans1 |
|
6,667,158 |
|
6.49 |
% |
|
|
6,460,484 |
|
6.68 |
% |
|
|
6,570,356 |
|
6.43 |
% |
|
|
6,386,620 |
|
6.61 |
% |
Investment securities |
|
505,999 |
|
3.43 |
% |
|
|
527,241 |
|
3.60 |
% |
|
|
506,068 |
|
3.48 |
% |
|
|
532,562 |
|
3.52 |
% |
Interest-bearing cash and other assets |
|
714,885 |
|
4.25 |
% |
|
|
442,632 |
|
5.14 |
% |
|
|
604,936 |
|
4.29 |
% |
|
|
343,911 |
|
5.27 |
% |
Total earning assets |
|
7,888,042 |
|
6.09 |
% |
|
|
7,430,357 |
|
6.37 |
% |
|
|
7,681,360 |
|
6.07 |
% |
|
|
7,263,093 |
|
6.32 |
% |
Other assets |
|
540,079 |
|
|
|
|
534,740 |
|
|
|
|
542,038 |
|
|
|
|
543,916 |
|
|
||||
Total assets |
$ |
8,428,121 |
|
|
|
$ |
7,965,097 |
|
|
|
$ |
8,223,398 |
|
|
|
$ |
7,807,009 |
|
|
||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||
Interest-bearing liabilities |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||
Demand and NOW deposits |
$ |
796,192 |
|
3.29 |
% |
|
$ |
657,537 |
|
3.73 |
% |
|
$ |
770,395 |
|
3.25 |
% |
|
$ |
609,632 |
|
3.71 |
% |
Savings deposits |
|
391,444 |
|
0.59 |
% |
|
|
411,526 |
|
0.71 |
% |
|
|
397,745 |
|
0.58 |
% |
|
|
415,687 |
|
0.70 |
% |
Money market deposits |
|
2,852,860 |
|
2.58 |
% |
|
|
2,140,552 |
|
2.24 |
% |
|
|
2,652,819 |
|
2.41 |
% |
|
|
2,098,927 |
|
2.07 |
% |
Certificates of deposits |
|
1,397,371 |
|
3.64 |
% |
|
|
1,800,502 |
|
4.56 |
% |
|
|
1,482,529 |
|
3.77 |
% |
|
|
1,812,839 |
|
4.63 |
% |
Total deposits |
|
5,437,867 |
|
2.81 |
% |
|
|
5,010,117 |
|
3.14 |
% |
|
|
5,303,488 |
|
2.78 |
% |
|
|
4,937,085 |
|
3.10 |
% |
Repurchase agreements |
|
8,055 |
|
1.82 |
% |
|
|
13,528 |
|
1.29 |
% |
|
|
8,892 |
|
1.66 |
% |
|
|
17,099 |
|
1.16 |
% |
Total deposits and repurchase agreements |
|
5,445,922 |
|
2.81 |
% |
|
|
5,023,645 |
|
3.14 |
% |
|
|
5,312,380 |
|
2.77 |
% |
|
|
4,954,184 |
|
3.09 |
% |
FHLB borrowings |
|
— |
|
— |
% |
|
|
135,641 |
|
5.58 |
% |
|
|
10,491 |
|
4.61 |
% |
|
|
125,799 |
|
5.62 |
% |
Other long-term borrowings |
|
76,117 |
|
8.41 |
% |
|
|
75,654 |
|
6.54 |
% |
|
|
76,017 |
|
7.02 |
% |
|
|
75,522 |
|
6.61 |
% |
Total interest-bearing liabilities |
|
5,522,039 |
|
2.89 |
% |
|
|
5,234,940 |
|
3.25 |
% |
|
|
5,398,888 |
|
2.84 |
% |
|
|
5,155,505 |
|
3.20 |
% |
Noninterest-bearing deposits |
|
1,642,346 |
|
|
|
|
1,568,685 |
|
|
|
|
1,587,670 |
|
|
|
|
1,529,793 |
|
|
||||
Other liabilities |
|
145,730 |
|
|
|
|
141,206 |
|
|
|
|
148,675 |
|
|
|
|
136,491 |
|
|
||||
Stockholders' equity |
|
1,118,006 |
|
|
|
|
1,020,266 |
|
|
|
|
1,088,165 |
|
|
|
|
985,220 |
|
|
||||
Total liabilities and stockholders' equity |
$ |
8,428,121 |
|
|
|
$ |
7,965,097 |
|
|
|
$ |
8,223,398 |
|
|
|
$ |
7,807,009 |
|
|
||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||
Net interest spread |
|
|
3.20 |
% |
|
|
|
3.12 |
% |
|
|
|
3.23 |
% |
|
|
|
3.12 |
% |
||||
Net interest margin |
|
|
4.07 |
% |
|
|
|
4.08 |
% |
|
|
|
4.07 |
% |
|
|
|
4.04 |
% |
||||
Net interest margin (on FTE basis)2 |
|
|
4.12 |
% |
|
|
|
4.13 |
% |
|
|
|
4.13 |
% |
|
|
|
4.11 |
% |
||||
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 three months ended |
||||||||||||||||||||||||||||
|
September 30, 2025 |
|
June 30, 2025 |
|
March 31, 2025 |
|
December 31, 2024 |
|
September 30, 2024 |
||||||||||||||||||||
(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 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Loans1 |
|
6,667,158 |
|
6.49 |
% |
|
|
6,620,493 |
|
6.43 |
% |
|
|
6,420,710 |
|
6.36 |
% |
|
|
6,481,701 |
|
6.51 |
% |
|
|
6,460,484 |
|
6.68 |
% |
Investment securities |
|
505,999 |
|
3.43 |
% |
|
|
510,350 |
|
3.48 |
% |
|
|
501,809 |
|
3.53 |
% |
|
|
519,221 |
|
3.40 |
% |
|
|
527,241 |
|
3.60 |
% |
Interest-bearing cash and other assets |
|
714,885 |
|
4.25 |
% |
|
|
596,713 |
|
4.28 |
% |
|
|
500,857 |
|
4.37 |
% |
|
|
491,326 |
|
4.48 |
% |
|
|
442,632 |
|
5.14 |
% |
Total earning assets |
|
7,888,042 |
|
6.09 |
% |
|
|
7,727,556 |
|
6.07 |
% |
|
|
7,423,376 |
|
6.03 |
% |
|
|
7,492,248 |
|
6.16 |
% |
|
|
7,430,357 |
|
6.37 |
% |
Other assets |
|
540,079 |
|
|
|
|
537,156 |
|
|
|
|
548,976 |
|
|
|
|
542,862 |
|
|
|
|
534,740 |
|
|
|||||
Total assets |
$ |
8,428,121 |
|
|
|
$ |
8,264,712 |
|
|
|
$ |
7,972,352 |
|
|
|
$ |
8,035,110 |
|
|
|
$ |
7,965,097 |
|
|
|||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Interest-bearing liabilities |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Demand and NOW deposits |
$ |
796,192 |
|
3.29 |
% |
|
$ |
793,461 |
|
3.26 |
% |
|
$ |
720,700 |
|
3.21 |
% |
|
$ |
703,087 |
|
3.45 |
% |
|
$ |
657,537 |
|
3.73 |
% |
Savings deposits |
|
391,444 |
|
0.59 |
% |
|
|
401,093 |
|
0.58 |
% |
|
|
400,801 |
|
0.58 |
% |
|
|
404,762 |
|
0.64 |
% |
|
|
411,526 |
|
0.71 |
% |
Money market deposits |
|
2,852,860 |
|
2.58 |
% |
|
|
2,659,342 |
|
2.42 |
% |
|
|
2,441,737 |
|
2.19 |
% |
|
|
2,348,328 |
|
2.23 |
% |
|
|
2,140,552 |
|
2.24 |
% |
Certificates of deposits |
|
1,397,371 |
|
3.64 |
% |
|
|
1,504,235 |
|
3.76 |
% |
|
|
1,547,634 |
|
3.91 |
% |
|
|
1,589,721 |
|
4.08 |
% |
|
|
1,800,502 |
|
4.56 |
% |
Total deposits |
|
5,437,867 |
|
2.81 |
% |
|
|
5,358,131 |
|
2.78 |
% |
|
|
5,110,872 |
|
2.73 |
% |
|
|
5,045,898 |
|
2.85 |
% |
|
|
5,010,117 |
|
3.14 |
% |
Repurchase agreements |
|
8,055 |
|
1.82 |
% |
|
|
9,024 |
|
1.61 |
% |
|
|
9,615 |
|
1.57 |
% |
|
|
10,964 |
|
1.45 |
% |
|
|
13,528 |
|
1.29 |
% |
Total deposits and repurchase agreements |
|
5,445,922 |
|
2.81 |
% |
|
|
5,367,155 |
|
2.78 |
% |
|
|
5,120,487 |
|
2.73 |
% |
|
|
5,056,862 |
|
2.85 |
% |
|
|
5,023,645 |
|
3.14 |
% |
FHLB borrowings |
|
— |
|
— |
% |
|
|
2,308 |
|
4.72 |
% |
|
|
29,489 |
|
4.60 |
% |
|
|
121,957 |
|
5.02 |
% |
|
|
135,641 |
|
5.58 |
% |
Other long-term borrowings |
|
76,117 |
|
8.41 |
% |
|
|
76,025 |
|
6.19 |
% |
|
|
75,907 |
|
6.43 |
% |
|
|
75,778 |
|
6.41 |
% |
|
|
75,654 |
|
6.54 |
% |
Total interest-bearing liabilities |
|
5,522,039 |
|
2.89 |
% |
|
|
5,445,488 |
|
2.83 |
% |
|
|
5,225,883 |
|
2.79 |
% |
|
|
5,254,597 |
|
2.95 |
% |
|
|
5,234,940 |
|
3.25 |
% |
Noninterest-bearing deposits |
|
1,642,346 |
|
|
|
|
1,587,302 |
|
|
|
|
1,532,150 |
|
|
|
|
1,581,571 |
|
|
|
|
1,568,685 |
|
|
|||||
Other liabilities |
|
145,730 |
|
|
|
|
145,064 |
|
|
|
|
155,337 |
|
|
|
|
152,552 |
|
|
|
|
141,206 |
|
|
|||||
Stockholders' equity |
|
1,118,006 |
|
|
|
|
1,086,858 |
|
|
|
|
1,058,982 |
|
|
|
|
1,046,390 |
|
|
|
|
1,020,266 |
|
|
|||||
Total liabilities and stockholders' equity |
$ |
8,428,121 |
|
|
|
$ |
8,264,712 |
|
|
|
$ |
7,972,352 |
|
|
|
$ |
8,035,110 |
|
|
|
$ |
7,965,097 |
|
|
|||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Net interest spread |
|
|
3.20 |
% |
|
|
|
3.24 |
% |
|
|
|
3.24 |
% |
|
|
|
3.21 |
% |
|
|
|
3.12 |
% |
|||||
Net interest margin |
|
|
4.07 |
% |
|
|
|
4.07 |
% |
|
|
|
4.07 |
% |
|
|
|
4.09 |
% |
|
|
|
4.08 |
% |
|||||
Net interest margin (on FTE basis)2 |
|
|
4.12 |
% |
|
|
|
4.13 |
% |
|
|
|
4.13 |
% |
|
|
|
4.15 |
% |
|
|
|
4.13 |
% |
|||||
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) |
September 30,
|
|
June 30,
|
|
March 31,
|
|
December 31,
|
|
September 30,
|
|||||
Consumer |
|
|
|
|
|
|
|
|
|
|||||
Noninterest bearing deposit accounts |
$ |
412,568 |
|
$ |
426,909 |
|
$ |
412,734 |
|
$ |
410,303 |
|
$ |
397,880 |
Interest-bearing deposit accounts: |
|
|
|
|
|
|
|
|
|
|||||
Demand and NOW deposits |
|
129,148 |
|
|
113,415 |
|
|
93,675 |
|
|
61,987 |
|
|
61,929 |
Savings deposits |
|
314,953 |
|
|
322,672 |
|
|
330,489 |
|
|
326,916 |
|
|
331,811 |
Money market deposits |
|
1,885,610 |
|
|
1,803,348 |
|
|
1,600,413 |
|
|
1,516,577 |
|
|
1,333,486 |
Certificates of deposits |
|
869,077 |
|
|
937,439 |
|
|
1,065,839 |
|
|
1,069,704 |
|
|
1,247,348 |
Total interest-bearing deposit accounts |
|
3,198,788 |
|
|
3,176,874 |
|
|
3,090,416 |
|
|
2,975,184 |
|
|
2,974,574 |
Total consumer deposits |
$ |
3,611,356 |
|
$ |
3,603,783 |
|
$ |
3,503,150 |
|
$ |
3,385,487 |
|
$ |
3,372,454 |
Business |
|
|
|
|
|
|
|
|
|
|||||
Noninterest bearing deposit accounts |
$ |
1,261,929 |
|
$ |
1,279,769 |
|
$ |
1,162,002 |
|
$ |
1,130,855 |
|
$ |
1,156,882 |
Interest-bearing deposit accounts: |
|
|
|
|
|
|
|
|
|
|||||
Demand and NOW deposits |
|
725,028 |
|
|
684,340 |
|
|
654,914 |
|
|
669,417 |
|
|
624,952 |
Savings deposits |
|
71,281 |
|
|
74,448 |
|
|
75,132 |
|
|
75,422 |
|
|
77,744 |
Money market deposits |
|
951,410 |
|
|
965,998 |
|
|
968,740 |
|
|
915,208 |
|
|
865,767 |
Certificates of deposits |
|
57,225 |
|
|
56,930 |
|
|
65,420 |
|
|
51,131 |
|
|
62,187 |
Total interest-bearing deposit accounts |
|
1,804,944 |
|
|
1,781,716 |
|
|
1,764,206 |
|
|
1,711,178 |
|
|
1,630,650 |
Total business deposits |
$ |
3,066,873 |
|
$ |
3,061,485 |
|
$ |
2,926,208 |
|
$ |
2,842,033 |
|
$ |
2,787,532 |
Wholesale deposits1 |
$ |
427,186 |
|
$ |
434,896 |
|
$ |
444,881 |
|
$ |
444,740 |
|
$ |
489,894 |
Total deposits |
$ |
7,105,415 |
|
$ |
7,100,164 |
|
$ |
6,874,239 |
|
$ |
6,672,260 |
|
$ |
6,649,880 |
1 Wholesale deposits primarily consist of brokered deposits included in our condensed consolidated balance sheets within certificates of deposits. |
||||||||||||||
Balance Sheet Ratios as of:
|
September 30,
|
|
June 30,
|
|
March 31,
|
|
December 31,
|
|
September 30,
|
|||||
Cash to total assets1 |
7.70 |
% |
|
9.20 |
% |
|
7.50 |
% |
|
7.50 |
% |
|
6.90 |
% |
Loan to deposit ratio |
94.0 |
% |
|
91.6 |
% |
|
94.3 |
% |
|
95.6 |
% |
|
96.9 |
% |
Uninsured deposits to total deposits2 |
36.2 |
% |
|
37.0 |
% |
|
35.2 |
% |
|
34.8 |
% |
|
32.7 |
% |
Uninsured and uncollateralized deposits to total deposits2 |
28.3 |
% |
|
28.3 |
% |
|
26.4 |
% |
|
25.2 |
% |
|
26.8 |
% |
Wholesale deposits and borrowings to total liabilities3 |
5.8 |
% |
|
5.9 |
% |
|
6.7 |
% |
|
8.2 |
% |
|
9.9 |
% |
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) |
September 30,
|
|
June 30,
|
|
March 31,
|
|
December 31,
|
|
September 30,
|
|||||
Commercial and industrial1 |
$ |
2,945,697 |
|
$ |
2,779,767 |
|
$ |
2,764,035 |
|
$ |
2,627,591 |
|
$ |
2,678,859 |
Commercial real estate: |
|
|
|
|
|
|
|
|
|
|||||
Non-owner occupied |
|
725,425 |
|
|
705,749 |
|
|
733,949 |
|
|
752,628 |
|
|
821,434 |
Owner occupied |
|
668,172 |
|
|
660,334 |
|
|
677,341 |
|
|
700,867 |
|
|
698,398 |
Construction and land |
|
343,803 |
|
|
383,969 |
|
|
386,056 |
|
|
362,677 |
|
|
333,457 |
Multifamily |
|
183,504 |
|
|
134,520 |
|
|
85,239 |
|
|
94,355 |
|
|
95,125 |
Total commercial real estate |
|
1,920,904 |
|
|
1,884,572 |
|
|
1,882,585 |
|
|
1,910,527 |
|
|
1,948,414 |
Residential real estate2 |
|
1,209,742 |
|
|
1,226,760 |
|
|
1,195,714 |
|
|
1,180,610 |
|
|
1,172,459 |
Public Finance |
|
516,247 |
|
|
524,441 |
|
|
551,252 |
|
|
554,784 |
|
|
536,776 |
Consumer |
|
38,931 |
|
|
42,881 |
|
|
38,896 |
|
|
41,144 |
|
|
45,067 |
Other |
|
50,108 |
|
|
48,645 |
|
|
51,526 |
|
|
61,701 |
|
|
62,181 |
Total loans, net of deferred costs, fees, premiums, and discounts |
$ |
6,681,629 |
|
$ |
6,507,066 |
|
$ |
6,484,008 |
|
$ |
6,376,357 |
|
$ |
6,443,756 |
1 Loans to nondepository financial institutions are included within commercial and industrial. Prior period amounts have been reclassified to conform to the current presentation. 2 Includes 1-4 family residential construction. |
||||||||||||||
Asset Quality:
|
As of and for the three months ended |
|
As of and for the nine months ended |
||||||||||||||||||||||||
($ in thousands) |
September 30,
|
|
June 30,
|
|
March 31,
|
|
December 31,
|
|
September 30,
|
|
September 30,
|
|
September 30,
|
||||||||||||||
Net charge-offs (recoveries) |
$ |
9,053 |
|
|
$ |
13,547 |
|
|
$ |
631 |
|
|
$ |
(462 |
) |
|
$ |
1,401 |
|
|
$ |
23,231 |
|
|
$ |
20,839 |
|
Allowance for credit losses |
$ |
84,040 |
|
|
$ |
82,993 |
|
|
$ |
91,790 |
|
|
$ |
88,221 |
|
|
$ |
83,159 |
|
|
$ |
84,040 |
|
|
$ |
83,159 |
|
Nonperforming loans, including nonaccrual loans, and accrual loans greater than 90 days past due |
$ |
69,641 |
|
|
$ |
54,841 |
|
|
$ |
78,590 |
|
|
$ |
69,050 |
|
|
$ |
65,824 |
|
|
$ |
69,641 |
|
|
$ |
65,824 |
|
Nonperforming assets |
$ |
83,059 |
|
|
$ |
67,893 |
|
|
$ |
83,504 |
|
|
$ |
74,188 |
|
|
$ |
70,302 |
|
|
$ |
83,059 |
|
|
$ |
70,302 |
|
Ratio of net charge-offs (recoveries) to average loans outstanding |
|
0.55 |
% |
|
|
0.83 |
% |
|
|
0.04 |
% |
|
|
(0.03 |
)% |
|
|
0.09 |
% |
|
|
0.48 |
% |
|
|
0.44 |
% |
Allowance for credit losses to total loans outstanding |
|
1.26 |
% |
|
|
1.28 |
% |
|
|
1.42 |
% |
|
|
1.38 |
% |
|
|
1.29 |
% |
|
|
1.26 |
% |
|
|
1.29 |
% |
Allowance for credit losses to total nonperforming loans |
|
120.68 |
% |
|
|
151.33 |
% |
|
|
116.80 |
% |
|
|
127.76 |
% |
|
|
126.34 |
% |
|
|
120.68 |
% |
|
|
126.34 |
% |
Nonperforming loans to total loans |
|
1.04 |
% |
|
|
0.84 |
% |
|
|
1.21 |
% |
|
|
1.08 |
% |
|
|
1.02 |
% |
|
|
1.04 |
% |
|
|
1.02 |
% |
Nonperforming assets to total assets |
|
0.98 |
% |
|
|
0.80 |
% |
|
|
1.02 |
% |
|
|
0.92 |
% |
|
|
0.86 |
% |
|
|
0.98 |
% |
|
|
0.86 |
% |
Non-GAAP Financial Measures and Reconciliations:
|
As of and for the three months ended |
|
As of and for the nine months ended |
||||||||||||||||||||||||
($ in thousands, except share and per share amounts) |
September 30,
|
|
June 30,
|
|
March 31,
|
|
December 31,
|
|
September 30,
|
|
September 30,
|
|
September 30,
|
||||||||||||||
Tangible stockholders’ equity to tangible assets: |
|||||||||||||||||||||||||||
Total stockholders' equity (GAAP) |
$ |
1,127,513 |
|
|
$ |
1,095,402 |
|
|
$ |
1,068,295 |
|
|
$ |
1,041,366 |
|
|
$ |
1,034,085 |
|
|
$ |
1,127,513 |
|
|
$ |
1,034,085 |
|
Less: Goodwill and other intangible assets |
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||
Goodwill |
|
(93,483 |
) |
|
|
(93,483 |
) |
|
|
(93,483 |
) |
|
|
(93,483 |
) |
|
|
(93,483 |
) |
|
|
(93,483 |
) |
|
|
(93,483 |
) |
Other intangible assets |
|
(5,650 |
) |
|
|
(6,228 |
) |
|
|
(6,806 |
) |
|
|
(7,434 |
) |
|
|
(8,866 |
) |
|
|
(5,650 |
) |
|
|
(8,866 |
) |
Tangible stockholders' equity (non-GAAP) |
$ |
1,028,380 |
|
|
$ |
995,691 |
|
|
$ |
968,006 |
|
|
$ |
940,449 |
|
|
$ |
931,736 |
|
|
$ |
1,028,380 |
|
|
$ |
931,736 |
|
Total assets (GAAP) |
$ |
8,495,437 |
|
|
$ |
8,435,861 |
|
|
$ |
8,216,458 |
|
|
$ |
8,097,387 |
|
|
$ |
8,138,487 |
|
|
$ |
8,495,437 |
|
|
$ |
8,138,487 |
|
Less: Goodwill and other intangible assets |
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||
Goodwill |
|
(93,483 |
) |
|
|
(93,483 |
) |
|
|
(93,483 |
) |
|
|
(93,483 |
) |
|
|
(93,483 |
) |
|
|
(93,483 |
) |
|
|
(93,483 |
) |
Other intangible assets |
|
(5,650 |
) |
|
|
(6,228 |
) |
|
|
(6,806 |
) |
|
|
(7,434 |
) |
|
|
(8,866 |
) |
|
|
(5,650 |
) |
|
|
(8,866 |
) |
Tangible assets (non-GAAP) |
$ |
8,396,304 |
|
|
$ |
8,336,150 |
|
|
$ |
8,116,169 |
|
|
$ |
7,996,470 |
|
|
$ |
8,036,138 |
|
|
$ |
8,396,304 |
|
|
$ |
8,036,138 |
|
Total stockholders' equity to total assets (GAAP) |
|
13.27 |
% |
|
|
12.99 |
% |
|
|
13.00 |
% |
|
|
12.86 |
% |
|
|
12.71 |
% |
|
|
13.27 |
% |
|
|
12.71 |
% |
Less: Impact of goodwill and other intangible assets |
|
(1.02 |
)% |
|
|
(1.05 |
)% |
|
|
(1.07 |
)% |
|
|
(1.10 |
)% |
|
|
(1.12 |
)% |
|
|
(1.02 |
)% |
|
|
(1.12 |
)% |
Tangible stockholders' equity to tangible assets (non-GAAP) |
|
12.25 |
% |
|
|
11.94 |
% |
|
|
11.93 |
% |
|
|
11.76 |
% |
|
|
11.59 |
% |
|
|
12.25 |
% |
|
|
11.59 |
% |
Tangible stockholders’ equity to tangible assets, reflecting net unrealized losses on HTM securities, net of tax: |
|||||||||||||||||||||||||||
Tangible stockholders' equity (non-GAAP) |
$ |
1,028,380 |
|
|
$ |
995,691 |
|
|
$ |
968,006 |
|
|
$ |
940,449 |
|
|
$ |
931,736 |
|
|
$ |
1,028,380 |
|
|
$ |
931,736 |
|
Less: Net unrealized losses on HTM securities, net of tax |
|
(3,432 |
) |
|
|
(4,238 |
) |
|
|
(3,803 |
) |
|
|
(4,292 |
) |
|
|
(2,852 |
) |
|
|
(3,432 |
) |
|
|
(2,852 |
) |
Tangible stockholders’ equity less net unrealized losses on HTM securities, net of tax (non-GAAP) |
$ |
1,024,948 |
|
|
$ |
991,453 |
|
|
$ |
964,203 |
|
|
$ |
936,157 |
|
|
$ |
928,884 |
|
|
$ |
1,024,948 |
|
|
$ |
928,884 |
|
Tangible assets (non-GAAP) |
$ |
8,396,304 |
|
|
$ |
8,336,150 |
|
|
$ |
8,116,169 |
|
|
$ |
7,996,470 |
|
|
$ |
8,036,138 |
|
|
$ |
8,396,304 |
|
|
$ |
8,036,138 |
|
Less: Net unrealized losses on HTM securities, net of tax |
|
(3,432 |
) |
|
|
(4,238 |
) |
|
|
(3,803 |
) |
|
|
(4,292 |
) |
|
|
(2,852 |
) |
|
|
(3,432 |
) |
|
|
(2,852 |
) |
Tangible assets less net unrealized losses on HTM securities, net of tax (non-GAAP) |
$ |
8,392,872 |
|
|
$ |
8,331,912 |
|
|
$ |
8,112,366 |
|
|
$ |
7,992,178 |
|
|
$ |
8,033,286 |
|
|
$ |
8,392,872 |
|
|
$ |
8,033,286 |
|
Tangible stockholders' equity to tangible assets (non-GAAP) |
|
12.25 |
% |
|
|
11.94 |
% |
|
|
11.93 |
% |
|
|
11.76 |
% |
|
|
11.59 |
% |
|
|
12.25 |
% |
|
|
11.59 |
% |
Less: Net unrealized losses on HTM securities, net of tax |
|
(0.04 |
)% |
|
|
(0.04 |
)% |
|
|
(0.04 |
)% |
|
|
(0.05 |
)% |
|
|
(0.03 |
)% |
|
|
(0.04 |
)% |
|
|
(0.03 |
)% |
Tangible stockholders’ equity to tangible assets reflecting net unrealized losses on HTM securities, net of tax (non-GAAP) |
|
12.21 |
% |
|
|
11.90 |
% |
|
|
11.89 |
% |
|
|
11.71 |
% |
|
|
11.56 |
% |
|
|
12.21 |
% |
|
|
11.56 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||
Tangible book value per share: |
|||||||||||||||||||||||||||
Total stockholders' equity (GAAP) |
$ |
1,127,513 |
|
|
$ |
1,095,402 |
|
|
$ |
1,068,295 |
|
|
$ |
1,041,366 |
|
|
$ |
1,034,085 |
|
|
$ |
1,127,513 |
|
|
$ |
1,034,085 |
|
Tangible stockholders' equity (non-GAAP) |
$ |
1,028,380 |
|
|
$ |
995,691 |
|
|
$ |
968,006 |
|
|
$ |
940,449 |
|
|
$ |
931,736 |
|
|
$ |
1,028,380 |
|
|
$ |
931,736 |
|
Total shares outstanding |
|
27,854,764 |
|
|
|
27,834,525 |
|
|
|
27,753,918 |
|
|
|
27,709,679 |
|
|
|
27,665,918 |
|
|
|
27,854,764 |
|
|
|
27,665,918 |
|
Book value per share (GAAP) |
$ |
40.48 |
|
|
$ |
39.35 |
|
|
$ |
38.49 |
|
|
$ |
37.58 |
|
|
$ |
37.38 |
|
|
$ |
40.48 |
|
|
$ |
37.38 |
|
Tangible book value per share (non-GAAP) |
$ |
36.92 |
|
|
$ |
35.77 |
|
|
$ |
34.88 |
|
|
$ |
33.94 |
|
|
$ |
33.68 |
|
|
$ |
36.92 |
|
|
$ |
33.68 |
|
Adjusted net income: |
|||||||||||||||||||||||||||
Net income (GAAP) |
$ |
23,174 |
|
|
$ |
26,386 |
|
|
$ |
23,569 |
|
|
$ |
16,350 |
|
|
$ |
22,422 |
|
|
$ |
73,129 |
|
|
$ |
59,278 |
|
Add: Non-recurring adjustments: |
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||
Terminated merger related expenses, net of tax |
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
5,799 |
|
|
|
1,233 |
|
|
|
— |
|
|
|
4,150 |
|
Write-off of Guardian Mortgage tradename, net of tax |
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
625 |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
Disposal of ATMs, net of tax |
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
1,542 |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
Total adjustments, net of tax |
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
7,966 |
|
|
|
1,233 |
|
|
|
— |
|
|
|
4,150 |
|
Adjusted net income (non-GAAP) |
$ |
23,174 |
|
|
$ |
26,386 |
|
|
$ |
23,569 |
|
|
$ |
24,316 |
|
|
$ |
23,655 |
|
|
$ |
73,129 |
|
|
$ |
63,428 |
|
Adjusted diluted earnings per share: |
|||||||||||||||||||||||||||
Diluted earnings per share (GAAP) |
$ |
0.82 |
|
|
$ |
0.93 |
|
|
$ |
0.83 |
|
|
$ |
0.58 |
|
|
$ |
0.79 |
|
|
$ |
2.59 |
|
|
$ |
2.12 |
|
Add: Impact of non-recurring adjustments |
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||
Terminated merger related expenses, net of tax |
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
0.21 |
|
|
|
0.05 |
|
|
|
— |
|
|
|
0.15 |
|
Write-off of Guardian Mortgage tradename, net of tax |
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
0.02 |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
Disposal of ATMs, net of tax |
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
0.05 |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
Adjusted diluted earnings per share (non-GAAP) |
$ |
0.82 |
|
|
$ |
0.93 |
|
|
$ |
0.83 |
|
|
$ |
0.86 |
|
|
$ |
0.84 |
|
|
$ |
2.59 |
|
|
$ |
2.27 |
|
Adjusted return on average total assets: |
|||||||||||||||||||||||||||
Return on average total assets (ROAA) (GAAP) |
|
1.09 |
% |
|
|
1.28 |
% |
|
|
1.20 |
% |
|
|
0.81 |
% |
|
|
1.12 |
% |
|
|
1.19 |
% |
|
|
1.01 |
% |
Add: Impact of non-recurring adjustments |
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||
Terminated merger related expenses, net of tax |
|
— |
% |
|
|
— |
% |
|
|
— |
% |
|
|
0.28 |
% |
|
|
0.06 |
% |
|
|
— |
% |
|
|
0.08 |
% |
Write-off of Guardian Mortgage tradename, net of tax |
|
— |
% |
|
|
— |
% |
|
|
— |
% |
|
|
0.03 |
% |
|
|
— |
% |
|
|
— |
% |
|
|
— |
% |
Disposal of ATMs, net of tax |
|
— |
% |
|
|
— |
% |
|
|
— |
% |
|
|
0.08 |
% |
|
|
— |
% |
|
|
— |
% |
|
|
— |
% |
Adjusted ROAA (non-GAAP) |
|
1.09 |
% |
|
|
1.28 |
% |
|
|
1.20 |
% |
|
|
1.20 |
% |
|
|
1.18 |
% |
|
|
1.19 |
% |
|
|
1.09 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||
Adjusted return on average stockholders’ equity: |
|||||||||||||||||||||||||||
Return on average stockholders' equity (ROACE) (GAAP) |
|
8.22 |
% |
|
|
9.74 |
% |
|
|
9.03 |
% |
|
|
6.22 |
% |
|
|
8.74 |
% |
|
|
8.99 |
% |
|
|
8.04 |
% |
Add: Impact of non-recurring adjustments |
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||
Terminated merger related expenses, net of tax |
|
— |
% |
|
|
— |
% |
|
|
— |
% |
|
|
2.19 |
% |
|
|
0.48 |
% |
|
|
— |
% |
|
|
0.56 |
% |
Write-off of Guardian Mortgage tradename, net of tax |
|
— |
% |
|
|
— |
% |
|
|
— |
% |
|
|
0.24 |
% |
|
|
— |
% |
|
|
— |
% |
|
|
— |
% |
Disposal of ATMs, net of tax |
|
— |
% |
|
|
— |
% |
|
|
— |
% |
|
|
0.59 |
% |
|
|
— |
% |
|
|
— |
% |
|
|
— |
% |
Adjusted ROACE (non-GAAP) |
|
8.22 |
% |
|
|
9.74 |
% |
|
|
9.03 |
% |
|
|
9.24 |
% |
|
|
9.22 |
% |
|
|
8.99 |
% |
|
|
8.60 |
% |
Return on average tangible stockholders’ equity |
|||||||||||||||||||||||||||
Return on average stockholders’ equity (ROACE) (GAAP) |
|
8.22 |
% |
|
|
9.74 |
% |
|
|
9.03 |
% |
|
|
6.22 |
% |
|
|
8.74 |
% |
|
|
8.99 |
% |
|
|
8.04 |
% |
Add: Impact from goodwill and other intangible assets |
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||
Goodwill |
|
0.81 |
% |
|
|
0.98 |
% |
|
|
0.94 |
% |
|
|
0.67 |
% |
|
|
0.98 |
% |
|
|
0.90 |
% |
|
|
0.94 |
% |
Other intangible assets |
|
0.17 |
% |
|
|
0.19 |
% |
|
|
0.21 |
% |
|
|
0.47 |
% |
|
|
0.22 |
% |
|
|
0.19 |
% |
|
|
0.25 |
% |
Return on average tangible stockholders’ equity (ROATCE) (non-GAAP) |
|
9.20 |
% |
|
|
10.91 |
% |
|
|
10.18 |
% |
|
|
7.36 |
% |
|
|
9.94 |
% |
|
|
10.08 |
% |
|
|
9.23 |
% |
Adjusted return on average tangible stockholders’ equity: |
|||||||||||||||||||||||||||
Return on average tangible stockholders' equity (ROATCE) (non-GAAP) |
|
9.20 |
% |
|
|
10.91 |
% |
|
|
10.18 |
% |
|
|
7.36 |
% |
|
|
9.94 |
% |
|
|
10.08 |
% |
|
|
9.23 |
% |
Add: Impact of non-recurring adjustments |
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||
Terminated merger related expenses, net of tax |
|
— |
% |
|
|
— |
% |
|
|
— |
% |
|
|
2.45 |
% |
|
|
0.54 |
% |
|
|
— |
% |
|
|
0.63 |
% |
Write-off of Guardian Mortgage tradename, net of tax |
|
— |
% |
|
|
— |
% |
|
|
— |
% |
|
|
0.26 |
% |
|
|
— |
% |
|
|
— |
% |
|
|
— |
% |
Disposal of ATMs, net of tax |
|
— |
% |
|
|
— |
% |
|
|
— |
% |
|
|
0.65 |
% |
|
|
— |
% |
|
|
— |
% |
|
|
— |
% |
Adjusted ROATCE (non-GAAP) |
|
9.20 |
% |
|
|
10.91 |
% |
|
|
10.18 |
% |
|
|
10.72 |
% |
|
|
10.48 |
% |
|
|
10.08 |
% |
|
|
9.86 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||
Adjusted total noninterest expense: |
|||||||||||||||||||||||||||
Total noninterest expense (GAAP) |
$ |
68,901 |
|
|
$ |
68,110 |
|
|
$ |
62,722 |
|
|
$ |
73,673 |
|
|
$ |
64,664 |
|
|
$ |
199,733 |
|
|
$ |
190,367 |
|
Less: Non-recurring adjustments: |
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||
Terminated merger related expenses |
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
(8,010 |
) |
|
|
(1,633 |
) |
|
|
— |
|
|
|
(5,168 |
) |
Write-off of Guardian Mortgage trade name |
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
(828 |
) |
|
|
— |
|
|
|
— |
|
|
|
— |
|
Disposal of ATMs |
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
(2,042 |
) |
|
|
— |
|
|
|
— |
|
|
|
— |
|
Total adjustments |
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
(10,880 |
) |
|
|
(1,633 |
) |
|
|
— |
|
|
|
(5,168 |
) |
Adjusted total noninterest expense (non-GAAP) |
$ |
68,901 |
|
|
$ |
68,110 |
|
|
$ |
62,722 |
|
|
$ |
62,793 |
|
|
$ |
63,031 |
|
|
$ |
199,733 |
|
|
$ |
185,199 |
|
Adjusted efficiency ratio: |
|||||||||||||||||||||||||||
Efficiency ratio (GAAP) |
|
64.22 |
% |
|
|
64.52 |
% |
|
|
65.19 |
% |
|
|
74.66 |
% |
|
|
65.83 |
% |
|
|
64.62 |
% |
|
|
66.10 |
% |
Less: Impact of non-recurring adjustments |
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||
Terminated merger related expenses |
|
— |
% |
|
|
— |
% |
|
|
— |
% |
|
|
(8.12 |
)% |
|
|
(1.67 |
)% |
|
|
— |
% |
|
|
(1.80 |
)% |
Write-off of Guardian Mortgage tradename |
|
— |
% |
|
|
— |
% |
|
|
— |
% |
|
|
(0.84 |
)% |
|
|
— |
% |
|
|
— |
% |
|
|
— |
% |
Disposal of ATMs |
|
— |
% |
|
|
— |
% |
|
|
— |
% |
|
|
(2.07 |
)% |
|
|
— |
% |
|
|
— |
% |
|
|
— |
% |
Adjusted efficiency ratio (non-GAAP) |
|
64.22 |
% |
|
|
64.52 |
% |
|
|
65.19 |
% |
|
|
63.63 |
% |
|
|
64.16 |
% |
|
|
64.62 |
% |
|
|
64.30 |
% |
Fully tax equivalent (“FTE”) net interest income and net interest margin: |
|||||||||||||||||||||||||||
Net interest income (GAAP) |
$ |
80,953 |
|
|
$ |
78,499 |
|
|
$ |
74,478 |
|
|
$ |
77,047 |
|
|
$ |
76,158 |
|
|
$ |
233,930 |
|
|
$ |
219,863 |
|
Gross income effect of tax exempt income |
|
1,225 |
|
|
|
1,204 |
|
|
|
1,192 |
|
|
|
1,161 |
|
|
|
1,132 |
|
|
|
3,621 |
|
|
|
3,606 |
|
FTE net interest income (non-GAAP) |
$ |
82,178 |
|
|
$ |
79,703 |
|
|
$ |
75,670 |
|
|
$ |
78,208 |
|
|
$ |
77,290 |
|
|
$ |
237,551 |
|
|
$ |
223,469 |
|
Average earning assets |
$ |
7,888,042 |
|
|
$ |
7,727,556 |
|
|
$ |
7,423,376 |
|
|
$ |
7,492,248 |
|
|
$ |
7,430,357 |
|
|
$ |
7,681,360 |
|
|
$ |
7,263,093 |
|
Net interest margin |
|
4.07 |
% |
|
|
4.07 |
% |
|
|
4.07 |
% |
|
|
4.09 |
% |
|
|
4.08 |
% |
|
|
4.07 |
% |
|
|
4.04 |
% |
Net interest margin on FTE basis (non-GAAP) |
|
4.12 |
% |
|
|
4.13 |
% |
|
|
4.13 |
% |
|
|
4.15 |
% |
|
|
4.13 |
% |
|
|
4.13 |
% |
|
|
4.11 |
% |
View source version on businesswire.com: https://www.businesswire.com/news/home/20251025459629/en/
Contacts
Investor Contact:
Ed Jacques
Director of Investor Relations & Business Development, FirstSun
Investor.Relations@firstsuncb.com
Media Contact:
Jeanne Lipson
Director of Marketing, Sunflower Bank
Jeanne.Lipson@SunflowerBank.com