FirstSun Capital Bancorp Reports Fourth Quarter and Full Year 2023 Results

Fourth Quarter 2023 Highlights:


  • Net income of $24.0 million, $0.94 per diluted share
  • Net interest margin of 4.08%
  • Return on average total assets of 1.26%
  • Return on average stockholders’ equity of 11.19%
  • Average deposit growth of 7.6% annualized
  • Loan growth of 5.7% annualized
  • 19.3% noninterest income to total revenue1

DENVER–(BUSINESS WIRE)–FirstSun Capital Bancorp (“FirstSun”) (OTCQX: FSUN) reported net income of $24.0 million for the fourth quarter of 2023 compared to net income of $24.6 million for the fourth quarter of 2022. Earnings per diluted share were $0.94 for the fourth quarter of 2023 compared to $0.96 for the fourth quarter of 2022.

Neal Arnold, FirstSun’s President and Chief Executive Officer, commented, “We are pleased to deliver another strong quarter of earnings driven by our well diversified business mix and the continued economic strength of the Southwest region. Highlights this quarter include a net interest margin of 4.08%, along with growth in both deposits and loans. We believe our performance amidst the difficult banking environment continues to position us uniquely amongst our peers. Our consistent focus on our C&I and consumer businesses as well as our service fee businesses has enabled us to continue to deliver strong, sustainable performance and ultimately a record earnings year for fiscal 2023. I want to thank all of our hard-working team members across all of our markets as their dedication to customer service has enabled us to deliver our record performance for the year.

We are also very excited about the strategic merger we announced last week with HomeStreet, Inc. We believe they further our ability to diversify our business and to deliver strong shareholder value. We look forward to expanding our geographic presence in the Southern California and Pacific Northwest markets. We will work together to thoughtfully integrate our two organizations.”

Fourth Quarter 2023 Results

Net income totaled $24.0 million, or $0.94 per diluted share, during the fourth quarter of 2023, compared to $25.2 million, or $1.00 per diluted share, during the prior quarter. The return on average total assets was 1.26% in the fourth quarter of 2023, compared to 1.34% in the prior quarter, and the return on average stockholders’ equity was 11.19% in the fourth quarter of 2023, compared to 12.03% in the prior quarter.

Net Interest Income and Net Interest Margin

Net interest income totaled $72.1 million during the fourth quarter of 2023, a decrease of $1.3 million compared to the prior quarter. Our net interest margin decreased 15 basis points to 4.08% compared to the prior quarter. Results in the fourth quarter of 2023, compared to the prior quarter, were driven by an increase of 27 basis points in the cost of interest-bearing liabilities, partially offset by an increase of seven basis points in yield on earning assets.

Average loans, including loans held-for-sale, increased by $99.7 million in the fourth quarter of 2023, compared to the prior quarter. Loan yield increased by seven basis points to 6.51% in the fourth quarter of 2023, 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 $176.8 million in the fourth quarter of 2023, compared to the prior quarter. Total cost of deposits increased by 29 basis points to 2.93% in the fourth quarter of 2023, compared to the prior quarter, primarily due to rising deposit costs as a result of the elevated interest rate environment and an increasing mix of certificates of deposits. Average FHLB borrowings decreased $10.2 million in the fourth quarter of 2023, compared to the prior quarter. The cost of FHLB borrowings increased by 24 basis points to 5.64% in the fourth quarter of 2023, compared to the prior quarter, primarily due to the rising interest rate environment.

Asset Quality and Provision for Credit Losses

The provision for credit losses totaled $6.6 million during the fourth quarter of 2023, an increase of $2.7 million from $3.9 million in the prior quarter, primarily due to loan growth and a charge-off on a specific customer relationship in our loan portfolio.

Net charge-offs during the fourth quarter of 2023 were $4.7 million, primarily due to deterioration on a specific customer relationship in our loan portfolio, resulting in an annualized ratio of net charge-offs to average loans of 0.30%, compared to net charge-offs of $2.3 million, or an annualized ratio of net-charge offs to average loans of 0.15% in the prior quarter. The allowance for credit losses as a percentage of total loans was 1.28% at December 31, 2023, an increase of one basis point from the prior quarter.

The ratio of nonperforming assets to total assets was 0.85% at December 31, 2023, compared to 0.63% at September 30, 2023.

Noninterest Income

Noninterest income totaled $17.2 million during the fourth quarter of 2023, a decrease of $1.4 million from the prior quarter. Mortgage banking income decreased $2.5 million during the fourth quarter of 2023, primarily due to a decrease in the fair value of our mortgage servicing rights portfolio, net of derivative activity. Other noninterest income increased $1.2 million during the fourth quarter of 2023, primarily due to a gain on the disposal of an other real estate owned property in the quarter. Noninterest income as a percentage of total revenue1 was 19.3%, a decrease of 1.0% from the prior quarter.

Noninterest Expense

Noninterest expense totaled $52.3 million during the fourth quarter of 2023, a decrease of $3.9 million from the prior quarter, primarily due to a decrease in salary and employee benefits of $3.8 million as a result of lower levels of variable compensation.

The efficiency ratio for the fourth quarter of 2023 was 58.58% compared to 61.02% in the prior quarter.

Tax Rate

The effective tax rate was 21.0% in the fourth quarter of 2023, compared to 21.1% in the prior quarter.

Loans

Loans were $6.3 billion at December 31, 2023, compared to $6.2 billion at September 30, 2023, an increase of $87.6 million in the fourth quarter of 2023, or 5.7% on an annualized basis.

Deposits

Average deposits were $6.5 billion for the fourth quarter of 2023, compared to $6.3 billion for the prior quarter, an increase of $120.4 million in the fourth quarter of 2023, or 7.6% on an annualized basis. Noninterest-bearing deposit accounts represented 24.0% of total deposits at December 31, 2023 and the loan-to-deposit ratio was 98.3% at December 31, 2023.

The ratio of total uninsured deposits to total deposits was estimated to be 31.2% at December 31, 2023, compared to 32.0% at September 30, 2023. The ratio of total uninsured and uncollateralized deposits to total deposits was estimated to be 25.1% at December 31, 2023, compared to 25.4% at September 30, 2023.2

Capital

Capital ratios remain strong and above “well-capitalized” thresholds. As of December 31, 2023, our common equity tier 1 risk-based capital ratio was 11.10%, total risk-based capital ratio was 13.25% and tier 1 leverage ratio was 10.52%. Book value per common share was $35.14 at December 31, 2023, an increase of $1.31 from September 30, 2023. Tangible book value per common share, a non-GAAP financial measure, was $30.96 at December 31, 2023, an increase of $1.36 from September 30, 2023.

Full Year 2023 Results

Full Year Highlights:

  • Net income of $103.5 million, $4.08 per diluted share
  • Net interest margin of 4.23%
  • Return on average total assets of 1.38%
  • Return on average stockholders’ equity of 12.50%
  • Average deposit growth of 9.65%
  • Loan growth of 6.01%
  • 21.2% fee revenue to total revenue1

Net income totaled $103.5 million, or $4.08 per diluted share, in 2023, compared to $59.2 million, or $2.48 per diluted share, in 2022. Net income included merger costs, net of tax, of $17.0 million in 2022. The return on average total assets was 1.38% in 2023, compared to 0.88% in 2022, and the return on average stockholders’ equity was 12.50% in 2023, compared to 8.55% in 2022. The unfavorable impact in 2022 of merger costs, net of tax, to return on average total assets was 0.25% and to return on average stockholders’ equity was 2.46%.

Net Interest Income and Net Interest Margin

Net interest income totaled $293.4 million in 2023, an increase of $51.8 million compared to 2022. Our net interest margin increased 36 basis points to 4.23% in 2023, compared to 2022. Results in 2023, compared to the prior year, were driven by an increase of 169 basis points in yield on earning assets, partially offset by an increase of 187 basis points in the cost of interest-bearing liabilities.

Average loans, including loans held-for-sale, increased by $962.2 million in 2023, compared to 2022. Loan yield increased by 149 basis points to 6.24% in 2023, compared to 2022, primarily due to the rising interest rate environment and its impact on variable rate loans in the loan portfolio and higher yields on new originations. Average deposits increased $698.8 million in 2023, compared to 2022. Total cost of deposits increased by 192 basis points to 2.27% in 2023, compared to 2022, primarily due to increased pricing on our deposit products as a result of the rising interest rate environment. Average FHLB borrowings increased $54.4 million in 2023, compared to 2022. The cost of FHLB borrowings increased by 216 basis points to 5.05% in 2023, compared to 2022, primarily due to the rising interest rate environment.

Asset Quality and Provision for Credit Losses

The provision for credit losses totaled $18.2 million in 2023, an increase of $0.2 million compared to the prior year or an increase of $3.1 million when excluding the $2.9 million merger related provision for credit losses in 2022 related to certain non-impaired loans acquired at a premium valuation. The adjusted increase of $3.1 million is primarily due to loan growth and charge-offs on two specific customer relationships in our loan portfolio.

Net charge-offs in 2023 were $7.8 million, or a ratio of net charge-offs to average loans of 0.13%, compared to net (recoveries) of $(0.3) million, or a ratio of net (recoveries) to average loans of (0.01)%, in 2022. The increase in net charge-offs (recoveries) in 2023 is primarily due to deterioration on two specific customer relationships in our loan portfolio.

The allowance for credit losses as a percentage of total loans was 1.28% at December 31, 2023, compared to 1.12% at December 31, 2022.

On January 1, 2023, we adopted ASU 2016-13, Financial Instruments – Credit Losses (Topic 326), which increased our allowance for credit losses as a percentage of total loans to 1.20% at adoption, or an eight basis point increase from 1.12% at December 31, 2022. The increase in our allowance for credit losses was a result of changing from an “incurred loss” model, which encompasses allowances for current known and incurred losses within the portfolio, to an “expected loss” model, which encompasses allowances for losses expected to be recognized over the life of the portfolio.

The ratio of nonperforming assets to total assets was 0.85% at December 31, 2023, compared to 0.48% at December 31, 2022.

Noninterest Income

Noninterest income totaled $79.1 million during 2023, a decrease of $10.5 million from 2022. Mortgage banking income decreased $14.9 million in 2023, primarily due to a decrease in net sale gains and fees from mortgage loan originations as the volume of mortgage loan sales decreased from the prior year. Service charges on deposits increased $3.1 million in 2023, primarily due to growth in treasury management services provided to our business customers, as compared to 2022. Noninterest income as a percentage of total revenue1 totaled 21.2% in 2023, compared to 27.0% in 2022.

Noninterest Expense

Noninterest expense totaled $222.8 million in 2023, a decrease of $16.3 million from 2022, primarily due to merger costs of $18.8 million in 2022. The efficiency ratio for 2023 was 59.81% compared to 72.20% in 2022. The unfavorable impact of merger expenses to the efficiency ratio was 5.66% in 2022.

Tax Rate

The effective tax rate was 21.3% in 2023, compared to 20.0% in 2022.

Loans

Loans were $6.3 billion at December 31, 2023 compared to $5.9 billion at December 31, 2022, an increase of $355.3 million or 6.01%.

Deposits

Average deposits were $6.2 billion for the year ending December 31, 2023, compared to $5.6 billion for the prior year, an increase of $541.5 million or 9.65%. Noninterest-bearing deposit accounts represented 24.0% of total deposits at December 31, 2023 and the loan-to-deposit ratio was 98.3% at December 31, 2023.

The ratio of total uninsured deposits to total deposits was estimated to be 31.2% at December 31, 2023. The ratio of total uninsured and uncollateralized deposits to total deposits was estimated to be 25.1% at December 31, 2023.2

Capital

Capital ratios remain strong and above “well-capitalized” thresholds. As of December 31, 2023, our common equity tier 1 risk-based capital ratio was 11.10%, total risk-based capital ratio was 13.25% and tier 1 leverage ratio was 10.52%. Book value per common share was $35.14 at December 31, 2023, an increase of $4.06 from December 31, 2022. Tangible book value per common share, a non-GAAP financial measure, was $30.96 at December 31, 2023, an increase of $4.27 from December 31, 2022.

Non-GAAP Financial Measures

This press release 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 common stockholders’ equity;
  • Tangible assets;
  • Tangible common stockholders’ equity to tangible assets;
  • Tangible common stockholders’ equity to tangible assets, reflecting net unrealized losses on HTM securities, net of tax;
  • Tangible book value per common 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 Denver, Colorado, is the financial holding company for Sunflower Bank, N.A., which operates as Sunflower Bank, First National 1870 and Guardian Mortgage. Sunflower Bank provides a full range of relationship-focused services to meet personal, business and wealth management financial objectives, with a branch network in five states and mortgage capabilities in 43 states. FirstSun had total consolidated assets of $7.9 billion as of December 31, 2023.

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

Uninsured deposits and uninsured and uncollateralized deposits are reported for our wholly-owned subsidiary Sunflower Bank, N.A.

CAUTIONARY NOTE REGARDING FORWARD-LOOKING STATEMENTS

This communication contains “forward-looking statements” within the meaning of the safe harbor provisions of the U.S. Private Securities Litigation Reform Act of 1995, Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. In general, forward-looking statements can be identified through use of words such as “may,” “believe,” “expect,” “anticipate,” “intend,” “will,” “should,” “plan,” “estimate,” “predict,” “continue,” “forward” and “potential” or the negative of these terms or other comparable terminology, and include statements related to the expected timing, completion and benefits of the proposed merger with HomeStreet, Inc. (“HomeStreet”) (the “Merger”). Forward-looking statements are not historical facts and represent management’s beliefs, based upon information available at the time the statements are made, with regard to the matters addressed; they are not guarantees of future performance. Actual results may prove to be materially different from the results expressed or implied by the forward-looking statements. Forward-looking statements are subject to numerous assumptions, risks and uncertainties that change over time and could cause actual results or financial conditions to differ materially from those expressed in or implied by such statements.

Factors that could cause or contribute to such differences include, but are not limited to, (1) expected cost savings, synergies and other financial benefits from the Merger not being realized within the expected time frames and costs or difficulties relating to integration matters being greater than expected, (2) the ability of HomeStreet to obtain the necessary approval by its shareholders, (3) the ability of FirstSun and HomeStreet to obtain required governmental approvals of the Merger, and (4) the failure of the closing conditions in the merger agreement with HomeStreet to be satisfied, or any unexpected delay in closing the Merger. Further information regarding additional factors that could affect the forward-looking statements can be found in the cautionary language included under the headings “Cautionary Note Regarding Forward-Looking Statements” (in the case of FirstSun), “Forward-Looking Statements” (in the case of HomeStreet), and “Risk Factors” in FirstSun’s and HomeStreet’s Annual Reports on Form 10-K for the year ended December 31, 2022, and other documents subsequently filed by FirstSun and HomeStreet with the SEC.

Summary Data:
 

 

As of and for the quarter ended

 

As of and for the year ended

($ in thousands, except per share amounts)

December 31,
2023

 

September 30,

2023

 

December 31,

2022

 

December 31,

2023

 

December 31,

2022

Net interest income

$

72,069

 

 

$

73,410

 

 

$

73,276

 

 

$

293,431

 

 

$

241,632

 

Provision for credit losses

 

6,575

 

 

 

3,890

 

 

 

5,600

 

 

 

18,247

 

 

 

18,050

 

Noninterest income

 

17,221

 

 

 

18,650

 

 

 

18,618

 

 

 

79,092

 

 

 

89,566

 

Noninterest expense

 

52,308

 

 

 

56,176

 

 

 

55,443

 

 

 

222,793

 

 

 

239,126

 

Income before income taxes

 

30,407

 

 

 

31,994

 

 

 

30,851

 

 

 

131,483

 

 

 

74,022

 

Provision for income taxes

 

6,393

 

 

 

6,762

 

 

 

6,281

 

 

 

27,950

 

 

 

14,840

 

Net income

 

24,014

 

 

 

25,232

 

 

 

24,570

 

 

 

103,533

 

 

 

59,182

 

Net income, excluding merger costs (1)

 

24,014

 

 

 

25,232

 

 

 

24,570

 

 

 

103,533

 

 

 

76,213

 

Diluted earnings per share

$

0.94

 

 

$

1.00

 

 

$

0.96

 

 

$

4.08

 

 

$

2.48

 

Diluted earnings per share, excluding merger costs (1)

$

0.94

 

 

$

1.00

 

 

$

0.96

 

 

$

4.08

 

 

$

3.20

 

Return on average total assets

 

1.26

%

 

 

1.34

%

 

 

1.38

%

 

 

1.38

%

 

 

0.88

%

Return on average total assets, excluding merger costs (1)

 

1.26

%

 

 

1.34

%

 

 

1.38

%

 

 

1.38

%

 

 

1.13

%

Return on average stockholders’ equity

 

11.19

%

 

 

12.03

%

 

 

12.89

%

 

 

12.50

%

 

 

8.55

%

Return on average stockholders’ equity, excluding merger costs (1)

 

11.19

%

 

 

12.03

%

 

 

12.89

%

 

 

12.50

%

 

 

11.01

%

Net interest margin

 

4.08

%

 

 

4.23

%

 

 

4.45

%

 

 

4.23

%

 

 

3.87

%

Net interest margin

(FTE basis) (1)

 

4.15

%

 

 

4.30

%

 

 

4.52

%

 

 

4.29

%

 

 

3.95

%

Efficiency ratio

 

58.58

%

 

 

61.02

%

 

 

60.33

%

 

 

59.81

%

 

 

72.20

%

Efficiency ratio, excluding merger related expenses (1)

 

58.58

%

 

 

61.02

%

 

 

60.33

%

 

 

59.81

%

 

 

66.54

%

Noninterest income to total revenue (2)

 

19.3

%

 

 

20.3

%

 

 

20.3

%

 

 

21.2

%

 

 

27.0

%

Total assets

$

7,879,724

 

 

$

7,756,875

 

 

$

7,430,322

 

 

$

7,879,724

 

 

$

7,430,322

 

Total loans held-for-sale

 

54,212

 

 

 

51,465

 

 

 

57,323

 

 

 

54,212

 

 

 

57,323

 

Total loans held-for-investment

 

6,267,096

 

 

 

6,179,522

 

 

 

5,911,832

 

 

 

6,267,096

 

 

 

5,911,832

 

Total deposits

 

6,374,103

 

 

 

6,339,847

 

 

 

5,765,062

 

 

 

6,374,103

 

 

 

5,765,062

 

Total stockholders’ equity

 

877,197

 

 

 

843,719

 

 

 

774,536

 

 

 

877,197

 

 

 

774,536

 

Loan to deposit ratio

 

98.3

%

 

 

97.5

%

 

 

102.5

%

 

 

98.3

%

 

 

102.5

%

Book value per common share

$

35.14

 

 

$

33.83

 

 

$

31.08

 

 

$

35.14

 

 

$

31.08

 

Tangible book value per common share (1)

$

30.96

 

 

$

29.60

 

 

$

26.69

 

 

$

30.96

 

 

$

26.69

 

(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):

 

 

As of and for the quarter ended

 

As of and for the year ended

($ in thousands, except per share amounts)

December 31,

2023

 

September 30,

2023

 

December 31,

2022

 

December 31,

2023

 

December 31,

2022

Total interest income

$

109,974

 

$

106,775

 

$

85,165

 

$

413,684

 

$

266,817

Total interest expense

 

37,905

 

 

 

33,365

 

 

 

11,889

 

 

 

120,253

 

 

 

25,185

 

Net interest income

 

72,069

 

 

 

73,410

 

 

 

73,276

 

 

 

293,431

 

 

 

241,632

 

Provision for credit losses

 

6,575

 

 

 

3,890

 

 

 

5,600

 

 

 

18,247

 

 

 

18,050

 

Net interest income after provision for credit losses

 

65,494

 

 

 

69,520

 

 

 

67,676

 

 

 

275,184

 

 

 

223,582

 

Noninterest income:

 

 

 

 

 

 

 

 

 

Service charges on deposits

 

5,497

 

 

 

5,475

 

 

 

5,100

 

 

 

21,345

 

 

 

18,211

 

Credit and debit card fees

 

2,966

 

 

 

2,996

 

 

 

3,003

 

 

 

12,000

 

 

 

11,511

 

Trust and investment advisory fees

 

1,356

 

 

 

1,398

 

 

 

1,398

 

 

 

5,693

 

 

 

6,806

 

Mortgage banking income, net

 

4,883

 

 

 

7,413

 

 

 

6,268

 

 

 

31,384

 

 

 

46,285

 

Other noninterest income

 

2,519

 

 

 

1,368

 

 

 

2,849

 

 

 

8,670

 

 

 

6,753

 

Total noninterest income

 

17,221

 

 

 

18,650

 

 

 

18,618

 

 

 

79,092

 

 

 

89,566

 

Noninterest expense:

 

 

 

 

 

 

 

 

 

Salaries and benefits

 

30,158

 

 

 

33,968

 

 

 

32,378

 

 

 

133,231

 

 

 

134,359

 

Occupancy and equipment

 

8,221

 

 

 

8,216

 

 

 

7,707

 

 

 

32,559

 

 

 

30,509

 

Amortization of intangible assets

 

829

 

 

 

899

 

 

 

2,018

 

 

 

4,822

 

 

 

4,215

 

Merger related expenses

 

 

 

 

 

 

 

 

 

 

 

 

 

18,751

 

Other noninterest expenses

 

13,100

 

 

 

13,093

 

 

 

13,340

 

 

 

52,181

 

 

 

51,292

 

Total noninterest expense

 

52,308

 

 

 

56,176

 

 

 

55,443

 

 

 

222,793

 

 

 

239,126

 

Income before income taxes

 

30,407

 

 

 

31,994

 

 

 

30,851

 

 

 

131,483

 

 

 

74,022

 

Provision for income taxes

 

6,393

 

 

 

6,762

 

 

 

6,281

 

 

 

27,950

 

 

 

14,840

 

Net income

$

24,014

 

 

$

25,232

 

 

$

24,570

 

 

$

103,533

 

 

$

59,182

 

Earnings per share – basic

$

0.96

 

 

$

1.01

 

 

$

0.99

 

 

$

4.15

 

 

$

2.55

 

Earnings per share – diluted

$

0.94

 

 

$

1.00

 

 

$

0.96

 

 

$

4.08

 

 

$

2.48

 

Condensed Consolidated Balance Sheets as of (Unaudited):

 

($ in thousands)

December 31,

2023

 

September 30,

2023

 

December 31,

2022

Assets

 

 

 

 

 

Cash and cash equivalents

$

479,362

 

 

$

443,887

 

 

$

343,526

 

Securities available-for-sale, at fair value

 

516,757

 

 

 

495,992

 

 

 

536,973

 

Securities held-to-maturity

 

36,983

 

 

 

37,410

 

 

 

38,901

 

Loans held-for-sale, at fair value

 

54,212

 

 

 

51,465

 

 

 

57,323

 

Loans

 

6,267,096

 

 

 

6,179,522

 

 

 

5,911,832

 

Allowance for credit losses

 

(80,398

)

 

 

(78,666

)

 

 

(65,917

)

Loans, net

 

6,186,698

 

 

 

6,100,856

 

 

 

5,845,915

 

Mortgage servicing rights, at fair value

 

76,701

 

 

 

81,036

 

 

 

74,097

 

Premises and equipment, net

 

84,842

 

 

 

83,733

 

 

 

87,079

 

Other real estate owned and foreclosed assets, net

 

4,100

 

 

 

8,395

 

 

 

6,358

 

Goodwill

 

93,483

 

 

 

93,483

 

 

 

93,483

 

Intangible assets, net

 

10,984

 

 

 

11,813

 

 

 

15,806

 

All other assets

 

335,602

 

 

 

348,805

 

 

 

330,861

 

Total assets

$

7,879,724

 

 

$

7,756,875

 

 

$

7,430,322

 

Liabilities and Stockholders’ Equity

 

 

 

 

 

Liabilities:

 

 

 

 

 

Deposits:

 

 

 

 

 

Noninterest-bearing demand deposit accounts

$

1,530,506

 

 

$

1,610,650

 

 

$

1,820,490

 

Interest-bearing deposit accounts:

 

 

 

 

 

Interest-bearing demand accounts

 

534,540

 

 

 

440,845

 

 

 

212,357

 

Savings and money market accounts

 

2,446,632

 

 

 

2,476,097

 

 

 

2,759,969

 

NOW accounts

 

56,819

 

 

 

35,686

 

 

 

50,224

 

Certificate of deposit accounts

 

1,805,606

 

 

 

1,776,569

 

 

 

922,022

 

Total deposits

 

6,374,103

 

 

 

6,339,847

 

 

 

5,765,062

 

Securities sold under agreements to repurchase

 

24,693

 

 

 

25,868

 

 

 

36,721

 

Federal Home Loan Bank advances

 

389,468

 

 

 

330,000

 

 

 

643,885

 

Other borrowings

 

75,313

 

 

 

75,180

 

 

 

80,235

 

Other liabilities

 

138,950

 

 

 

142,261

 

 

 

129,883

 

Total liabilities

 

7,002,527

 

 

 

6,913,156

 

 

 

6,655,786

 

Stockholders’ equity:

 

 

 

 

 

Preferred stock

 

 

 

 

 

 

 

 

Common stock

 

2

 

 

 

2

 

 

 

2

 

Additional paid-in capital

 

462,680

 

 

 

462,507

 

 

 

460,720

 

Retained earnings

 

457,522

 

 

 

433,508

 

 

 

357,797

 

Accumulated other comprehensive loss, net

 

(43,007

)

 

 

(52,298

)

 

 

(43,983

)

Total stockholders’ equity

 

877,197

 

 

 

843,719

 

 

 

774,536

 

Total liabilities and stockholders’ equity

$

7,879,724

 

 

$

7,756,875

 

 

$

7,430,322

 

Contacts

Investor Relations:

Kelly C. Rackley

Corporate Secretary & Stockholder Relations Manager

303.962.0150

[email protected]

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