Texas | 0-12247 | 75-1848732 |
(State or other jurisdiction of incorporation) | (Commission File Number) | (IRS Employer Identification No.) |
1201 S. Beckham, Tyler, Texas | 75701 | |
(Address of principal executive offices) | (Zip Code) |
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions: |
p | Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425) |
p | Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12) |
p | Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b)) |
p | Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c)) |
(D) | Exhibits. The following materials are furnished as exhibits to this Current Report on Form 8-K: |
Exhibit Number | Description of Exhibit | ||
99.1 | Press release dated April 28, 2017 |
Southside Bancshares, Inc. | ||
Date: April 28, 2017 | By: | /s/ JULIE N. SHAMBURGER |
Julie N. Shamburger, CPA Executive Vice President and Chief Financial Officer | ||
(Principal Financial Officer) |
SOUTHSIDE BANCSHARES, INC. | |||||||||||||||||||
CONSOLIDATED FINANCIAL SUMMARY (UNAUDITED) | |||||||||||||||||||
(In thousands, except per share data) | |||||||||||||||||||
As of | |||||||||||||||||||
2017 | 2016 | ||||||||||||||||||
March 31, | Dec. 31, | Sept. 30, | June 30, | March 31, | |||||||||||||||
ASSETS | |||||||||||||||||||
Cash and due from banks | $ | 54,345 | $ | 59,363 | $ | 54,255 | $ | 45,663 | $ | 52,324 | |||||||||
Interest earning deposits | 185,289 | 102,251 | 144,833 | 18,450 | 16,130 | ||||||||||||||
Federal funds sold | 7,360 | 8,040 | — | — | — | ||||||||||||||
Securities available for sale, at estimated fair value | 1,444,043 | 1,479,600 | 1,622,128 | 1,416,335 | 1,332,381 | ||||||||||||||
Securities held to maturity, at carrying value | 929,793 | 937,487 | 775,682 | 784,925 | 784,579 | ||||||||||||||
Federal Home Loan Bank stock, at cost | 61,305 | 61,084 | 51,901 | 47,702 | 47,550 | ||||||||||||||
Loans held for sale | 5,303 | 7,641 | 5,301 | 5,883 | 4,971 | ||||||||||||||
Loans | 2,538,918 | 2,556,537 | 2,483,641 | 2,384,321 | 2,443,231 | ||||||||||||||
Less: Allowance for loan losses | (18,485 | ) | (17,911 | ) | (15,993 | ) | (14,908 | ) | (21,799 | ) | |||||||||
Net loans | 2,520,433 | 2,538,626 | 2,467,648 | 2,369,413 | 2,421,432 | ||||||||||||||
Premises & equipment, net | 105,327 | 106,003 | 106,777 | 107,242 | 107,556 | ||||||||||||||
Goodwill | 91,520 | 91,520 | 91,520 | 91,520 | 91,520 | ||||||||||||||
Other intangible assets, net | 4,177 | 4,608 | 5,060 | 5,534 | 6,029 | ||||||||||||||
Bank owned life insurance | 98,377 | 97,775 | 97,002 | 96,375 | 95,718 | ||||||||||||||
Other assets | 148,977 | 69,769 | 42,796 | 45,886 | 58,743 | ||||||||||||||
Total assets | $ | 5,656,249 | $ | 5,563,767 | $ | 5,464,903 | $ | 5,034,928 | $ | 5,018,933 | |||||||||
LIABILITIES AND SHAREHOLDERS' EQUITY | |||||||||||||||||||
Noninterest bearing deposits | $ | 753,224 | $ | 704,013 | $ | 747,270 | $ | 679,831 | $ | 698,695 | |||||||||
Interest bearing deposits | 2,952,072 | 2,829,063 | 2,834,117 | 2,890,418 | 2,920,673 | ||||||||||||||
Total deposits | 3,705,296 | 3,533,076 | 3,581,387 | 3,570,249 | 3,619,368 | ||||||||||||||
Short-term obligations | 960,730 | 873,615 | 720,634 | 385,717 | 259,646 | ||||||||||||||
Long-term obligations | 411,310 | 601,464 | 621,640 | 559,071 | 622,222 | ||||||||||||||
Other liabilities | 47,447 | 37,338 | 68,682 | 47,591 | 60,121 | ||||||||||||||
Total liabilities | 5,124,783 | 5,045,493 | 4,992,343 | 4,562,628 | 4,561,357 | ||||||||||||||
Shareholders' equity | 531,466 | 518,274 | 472,560 | 472,300 | 457,576 | ||||||||||||||
Total liabilities and shareholders' equity | $ | 5,656,249 | $ | 5,563,767 | $ | 5,464,903 | $ | 5,034,928 | $ | 5,018,933 |
At or For the Three Months Ended | |||||||||||||||||||
2017 | 2016 | ||||||||||||||||||
March 31, | Dec. 31, | Sept. 30, | June 30, | March 31, | |||||||||||||||
Income Statement: | |||||||||||||||||||
Total interest income | $ | 44,888 | $ | 43,680 | $ | 41,132 | $ | 41,089 | $ | 43,012 | |||||||||
Total interest expense | 9,608 | 9,039 | 7,202 | 6,711 | 6,396 | ||||||||||||||
Net interest income | 35,280 | 34,641 | 33,930 | 34,378 | 36,616 | ||||||||||||||
Provision for loan losses | 1,098 | 2,065 | 1,631 | 3,768 | 2,316 | ||||||||||||||
Net interest income after provision for loan losses | 34,182 | 32,576 | 32,299 | 30,610 | 34,300 | ||||||||||||||
Noninterest income | |||||||||||||||||||
Deposit services | 5,114 | 5,183 | 5,335 | 5,099 | 5,085 | ||||||||||||||
Net gain (loss) on sale of securities available for sale | 322 | (2,676 | ) | 2,343 | 728 | 2,441 | |||||||||||||
Gain on sale of loans | 701 | 461 | 818 | 873 | 643 | ||||||||||||||
Trust income | 890 | 900 | 867 | 869 | 855 | ||||||||||||||
Bank owned life insurance income | 634 | 649 | 656 | 647 | 674 | ||||||||||||||
Brokerage services | 547 | 466 | 551 | 535 | 575 | ||||||||||||||
Other | 1,465 | 1,730 | 1,162 | 619 | 1,323 | ||||||||||||||
Total noninterest income | 9,673 | 6,713 | 11,732 | 9,370 | 11,596 | ||||||||||||||
Noninterest expense | |||||||||||||||||||
Salaries and employee benefits | 15,919 | 16,194 | 15,203 | 14,849 | 17,732 | ||||||||||||||
Occupancy expense | 2,863 | 2,825 | 4,569 | 2,993 | 3,335 | ||||||||||||||
Advertising, travel & entertainment | 583 | 648 | 588 | 722 | 685 | ||||||||||||||
ATM and debit card expense | 927 | 820 | 868 | 736 | 712 | ||||||||||||||
Professional fees | 939 | 982 | 1,148 | 1,478 | 1,338 | ||||||||||||||
Software and data processing expense | 725 | 687 | 736 | 739 | 749 | ||||||||||||||
Telephone and communications | 526 | 572 | 407 | 468 | 484 | ||||||||||||||
FDIC insurance | 441 | 215 | 643 | 645 | 638 | ||||||||||||||
FHLB prepayment fees | — | — | — | 148 | — | ||||||||||||||
Other | 2,935 | 2,934 | 4,263 | 3,035 | 3,734 | ||||||||||||||
Total noninterest expense | 25,858 | 25,877 | 28,425 | 25,813 | 29,407 | ||||||||||||||
Income before income tax expense | 17,997 | 13,412 | 15,606 | 14,167 | 16,489 | ||||||||||||||
Income tax expense | 3,008 | 1,839 | 2,741 | 2,772 | 2,973 | ||||||||||||||
Net income | $ | 14,989 | $ | 11,573 | $ | 12,865 | $ | 11,395 | $ | 13,516 | |||||||||
Common share data: | |||||||||||||||||||
Weighted-average basic shares outstanding | 28,569 | 26,866 | 26,262 | 26,230 | 26,449 | ||||||||||||||
Weighted-average diluted shares outstanding | 28,777 | 27,049 | 26,415 | 26,349 | 26,519 | ||||||||||||||
Shares outstanding end of period | 28,587 | 28,543 | 26,278 | 26,251 | 26,222 | ||||||||||||||
Net income per common share | |||||||||||||||||||
Basic | $ | 0.52 | $ | 0.43 | $ | 0.49 | $ | 0.43 | $ | 0.51 | |||||||||
Diluted | 0.52 | 0.43 | 0.49 | 0.43 | 0.51 | ||||||||||||||
Book value per common share | 18.59 | 18.16 | 17.98 | 17.99 | 17.46 | ||||||||||||||
Cash dividend paid per common share | 0.25 | 0.30 | 0.24 | 0.24 | 0.23 | ||||||||||||||
Selected Performance Ratios: | |||||||||||||||||||
Return on average assets | 1.08 | % | 0.83 | % | 0.98 | % | 0.90 | % | 1.07 | % | |||||||||
Return on average shareholders’ equity | 11.57 | 9.56 | 10.78 | 9.91 | 11.96 | ||||||||||||||
Average yield on interest earning assets | 3.82 | 3.73 | 3.78 | 3.93 | 4.06 | ||||||||||||||
Average rate on interest bearing liabilities | 0.89 | 0.83 | 0.72 | 0.69 | 0.66 | ||||||||||||||
Net interest spread | 2.93 | 2.90 | 3.06 | 3.24 | 3.40 | ||||||||||||||
Net interest margin | 3.08 | 3.03 | 3.19 | 3.35 | 3.51 | ||||||||||||||
Average interest earnings assets to average interest bearing liabilities | 120.04 | 119.88 | 120.40 | 120.21 | 119.62 | ||||||||||||||
Noninterest expense to average total assets | 1.87 | 1.85 | 2.17 | 2.05 | 2.33 | ||||||||||||||
Efficiency ratio (1) | 51.60 | 52.00 | 53.88 | 52.85 | 57.47 |
(1) | See “Non-GAAP Financial Measures.” |
Southside Bancshares, Inc. | |||||||||||||||||||
Selected Financial Data (unaudited) | |||||||||||||||||||
(dollars in thousands) | |||||||||||||||||||
Three Months Ended | |||||||||||||||||||
2017 | 2016 | ||||||||||||||||||
March 31, | Dec. 31, | Sept. 30, | June 30, | March 31, | |||||||||||||||
Nonperforming assets: | $ | 14,079 | $ | 15,105 | $ | 16,008 | $ | 24,510 | $ | 34,046 | |||||||||
Nonaccrual loans (1) | 7,261 | 8,280 | 8,536 | 11,767 | 21,927 | ||||||||||||||
Accruing loans past due more than 90 days (1) | 1 | 6 | 1 | 6 | 7 | ||||||||||||||
Restructured loans (2) | 6,424 | 6,431 | 7,193 | 12,477 | 11,762 | ||||||||||||||
Other real estate owned | 367 | 339 | 237 | 237 | 265 | ||||||||||||||
Repossessed assets | 26 | 49 | 41 | 23 | 85 | ||||||||||||||
Asset Quality Ratios: | |||||||||||||||||||
Nonaccruing loans to total loans | 0.29 | % | 0.32 | % | 0.34 | % | 0.49 | % | 0.90 | % | |||||||||
Allowance for loan losses to nonaccruing loans | 254.58 | 216.32 | 187.36 | 126.69 | 99.42 | ||||||||||||||
Allowance for loan losses to nonperforming assets | 131.29 | 118.58 | 99.91 | 60.82 | 64.03 | ||||||||||||||
Allowance for loan losses to total loans | 0.73 | 0.70 | 0.64 | 0.63 | 0.89 | ||||||||||||||
Nonperforming assets to total assets | 0.25 | 0.27 | 0.29 | 0.49 | 0.68 | ||||||||||||||
Net charge-offs to average loans | 0.08 | 0.02 | 0.09 | 1.77 | 0.04 | ||||||||||||||
Capital Ratios: | |||||||||||||||||||
Shareholders’ equity to total assets | 9.40 | 9.32 | 8.65 | 9.38 | 9.12 | ||||||||||||||
Average shareholders’ equity to average total assets | 9.36 | 8.66 | 9.10 | 9.11 | 8.94 |
(1) | Excludes purchased credit impaired ("PCI") loans measured at fair value at acquisition. |
(2) | Includes $3.0 million, $3.1 million, $3.2 million, $8.3 million, and $7.4 million in PCI loans restructured as of March 31, 2017, December 31, 2016, September 30, 2016, June 30, 2016, and March 31, 2016, respectively. |
Three Months Ended | |||||||||||||||||||
2017 | 2016 | ||||||||||||||||||
March 31, | Dec. 31, | Sept. 30, | June 30, | March 31, | |||||||||||||||
Real Estate Loans: | |||||||||||||||||||
Construction | $ | 362,367 | $ | 380,175 | $ | 466,323 | $ | 425,595 | $ | 464,750 | |||||||||
1-4 Family Residential | 622,881 | 637,239 | 644,746 | 633,400 | 644,826 | ||||||||||||||
Commercial | 974,307 | 945,978 | 759,795 | 694,272 | 657,962 | ||||||||||||||
Commercial Loans | 176,908 | 177,265 | 191,154 | 197,896 | 233,857 | ||||||||||||||
Municipal Loans | 297,417 | 298,583 | 293,949 | 292,909 | 286,217 | ||||||||||||||
Loans to Individuals | 105,038 | 117,297 | 127,674 | 140,249 | 155,619 | ||||||||||||||
Total Loans | $ | 2,538,918 | $ | 2,556,537 | $ | 2,483,641 | $ | 2,384,321 | $ | 2,443,231 |
Average Balances with Average Yields and Rates | |||||||||||||||||||||
(unaudited) | |||||||||||||||||||||
Three Months Ended | |||||||||||||||||||||
March 31, 2017 | December 31, 2016 | ||||||||||||||||||||
Avg Balance | Interest | Avg Yield/Rate | Avg Balance | Interest | Avg Yield/Rate | ||||||||||||||||
ASSETS | |||||||||||||||||||||
Loans (1) (2) | $ | 2,549,230 | $ | 28,241 | 4.49 | % | $ | 2,512,820 | $ | 27,835 | 4.41 | % | |||||||||
Loans held for sale | 7,023 | 48 | 2.77 | % | 4,845 | 36 | 2.96 | % | |||||||||||||
Securities: | |||||||||||||||||||||
Investment securities (taxable) (4) | 86,511 | 377 | 1.77 | % | 115,057 | 485 | 1.68 | % | |||||||||||||
Investment securities (tax-exempt) (3) (4) | 779,772 | 9,929 | 5.16 | % | 812,771 | 10,352 | 5.07 | % | |||||||||||||
Mortgage-backed and related securities (4) | 1,570,510 | 10,045 | 2.59 | % | 1,520,045 | 9,294 | 2.43 | % | |||||||||||||
Total securities | 2,436,793 | 20,351 | 3.39 | % | 2,447,873 | 20,131 | 3.27 | % | |||||||||||||
FHLB stock, at cost, and other investments | 66,547 | 298 | 1.82 | % | 62,087 | 210 | 1.35 | % | |||||||||||||
Interest earning deposits | 162,235 | 346 | 0.86 | % | 134,786 | 165 | 0.49 | % | |||||||||||||
Federal funds sold | 7,217 | 14 | 0.79 | % | 2,972 | 5 | 0.67 | % | |||||||||||||
Total earning assets | 5,229,045 | 49,298 | 3.82 | % | 5,165,383 | 48,382 | 3.73 | % | |||||||||||||
Cash and due from banks | 53,528 | 52,415 | |||||||||||||||||||
Accrued interest and other assets | 350,729 | 359,217 | |||||||||||||||||||
Less: Allowance for loan losses | (18,130 | ) | (16,467 | ) | |||||||||||||||||
Total assets | $ | 5,615,172 | $ | 5,560,548 | |||||||||||||||||
LIABILITIES AND SHAREHOLDERS’ EQUITY | |||||||||||||||||||||
Savings deposits | $ | 252,744 | 92 | 0.15 | % | $ | 250,706 | 76 | 0.12 | % | |||||||||||
Time deposits | 927,610 | 2,227 | 0.97 | % | 926,021 | 2,261 | 0.97 | % | |||||||||||||
Interest bearing demand deposits | 1,707,996 | 1,962 | 0.47 | % | 1,646,535 | 1,543 | 0.37 | % | |||||||||||||
Total interest bearing deposits | 2,888,350 | 4,281 | 0.60 | % | 2,823,262 | 3,880 | 0.55 | % | |||||||||||||
Short-term interest bearing liabilities | 1,007,546 | 2,065 | 0.83 | % | 869,398 | 1,428 | 0.65 | % | |||||||||||||
Long-term interest bearing liabilities – FHLB Dallas | 301,775 | 1,402 | 1.88 | % | 457,754 | 1,837 | 1.60 | % | |||||||||||||
Subordinated notes (5) | 98,117 | 1,393 | 5.76 | % | 98,011 | 1,439 | 5.84 | % | |||||||||||||
Long-term debt (6) | 60,237 | 467 | 3.14 | % | 60,235 | 455 | 3.01 | % | |||||||||||||
Total interest bearing liabilities | 4,356,025 | 9,608 | 0.89 | % | 4,308,660 | 9,039 | 0.83 | % | |||||||||||||
Noninterest bearing deposits | 693,729 | 717,599 | |||||||||||||||||||
Accrued expenses and other liabilities | 39,960 | 52,714 | |||||||||||||||||||
Total liabilities | 5,089,714 | 5,078,973 | |||||||||||||||||||
Shareholders’ equity | 525,458 | 481,575 | |||||||||||||||||||
Total liabilities and shareholders’ equity | $ | 5,615,172 | $ | 5,560,548 | |||||||||||||||||
Net interest income | $ | 39,690 | $ | 39,343 | |||||||||||||||||
Net interest margin on average earning assets | 3.08 | % | 3.03 | % | |||||||||||||||||
Net interest spread | 2.93 | % | 2.90 | % |
(1) | Interest on loans includes net fees on loans that are not material in amount. |
(2) | Interest income includes taxable-equivalent adjustments of $1,035 and $1,045 for the three months ended March 31, 2017 and December 31, 2016, respectively. See “Non-GAAP Financial Measures.” |
(3) | Interest income includes taxable-equivalent adjustments of $3,375 and $3,657 for the three months ended March 31, 2017 and December 31, 2016, respectively. See “Non-GAAP Financial Measures.” |
(4) | For the purpose of calculating the average yield, the average balance of securities is presented at historical cost. |
(5) | The unamortized discount and debt issuance costs reflected in the carrying amount of the subordinated notes totaled approximately $1.9 million and $2.0 million for the three months ended March 31, 2017 and December 31, 2016, respectively. |
(6) | Represents issuance of junior subordinated debentures. In connection with the adoption of ASU 2015-03 that requires unamortized debt issuance costs related to a recognized debt liability be presented as a direct deduction from the carrying amount of that debt liability, our average balance sheets for the three months ended March 31, 2017 and December 31, 2016 reflect a decrease in long-term debt of $74,000 and $76,000, respectively. |
Three Months Ended | |||||||||||||||||||||
September 30, 2016 | June 30, 2016 | ||||||||||||||||||||
Avg Balance | Interest | Avg Yield/Rate | Avg Balance | Interest | Avg Yield/Rate | ||||||||||||||||
ASSETS | |||||||||||||||||||||
Loans (1) (2) | $ | 2,436,349 | $ | 26,750 | 4.37 | % | $ | 2,426,733 | $ | 27,275 | 4.52 | % | |||||||||
Loans held for sale | 6,718 | 54 | 3.20 | % | 4,984 | 40 | 3.23 | % | |||||||||||||
Securities: | |||||||||||||||||||||
Investment securities (taxable) (4) | 61,238 | 251 | 1.63 | % | 22,010 | 107 | 1.96 | % | |||||||||||||
Investment securities (tax-exempt) (3) (4) | 690,635 | 8,911 | 5.13 | % | 657,568 | 8,636 | 5.28 | % | |||||||||||||
Mortgage-backed and related securities (4) | 1,492,271 | 9,399 | 2.51 | % | 1,450,868 | 9,366 | 2.60 | % | |||||||||||||
Total securities | 2,244,144 | 18,561 | 3.29 | % | 2,130,446 | 18,109 | 3.42 | % | |||||||||||||
FHLB stock, at cost, and other investments | 54,085 | 186 | 1.37 | % | 52,952 | 185 | 1.41 | % | |||||||||||||
Interest earning deposits | 57,598 | 89 | 0.61 | % | 57,493 | 61 | 0.43 | % | |||||||||||||
Total earning assets | 4,798,894 | 45,640 | 3.78 | % | 4,672,608 | 45,670 | 3.93 | % | |||||||||||||
Cash and due from banks | 49,418 | 47,079 | |||||||||||||||||||
Accrued interest and other assets | 385,917 | 377,983 | |||||||||||||||||||
Less: Allowance for loan losses | (14,989 | ) | (22,377 | ) | |||||||||||||||||
Total assets | $ | 5,219,240 | $ | 5,075,293 | |||||||||||||||||
LIABILITIES AND SHAREHOLDERS’ EQUITY | |||||||||||||||||||||
Savings deposits | $ | 248,364 | 71 | 0.11 | % | $ | 244,639 | 68 | 0.11 | % | |||||||||||
Time deposits | 949,019 | 2,073 | 0.87 | % | 976,600 | 1,927 | 0.79 | % | |||||||||||||
Interest bearing demand deposits | 1,634,898 | 1,460 | 0.36 | % | 1,727,431 | 1,520 | 0.35 | % | |||||||||||||
Total interest bearing deposits | 2,832,281 | 3,604 | 0.51 | % | 2,948,670 | 3,515 | 0.48 | % | |||||||||||||
Short-term interest bearing liabilities | 608,130 | 1,122 | 0.73 | % | 385,858 | 906 | 0.94 | % | |||||||||||||
Long-term interest bearing liabilities – FHLB Dallas | 472,470 | 1,857 | 1.56 | % | 492,296 | 1,874 | 1.53 | % | |||||||||||||
Subordinated notes (5) | 12,823 | 189 | 5.86 | % | — | — | — | ||||||||||||||
Long-term debt (6) | 60,234 | 430 | 2.84 | % | 60,233 | 416 | 2.78 | % | |||||||||||||
Total interest bearing liabilities | 3,985,938 | 7,202 | 0.72 | % | 3,887,057 | 6,711 | 0.69 | % | |||||||||||||
Noninterest bearing deposits | 702,539 | 682,360 | |||||||||||||||||||
Accrued expenses and other liabilities | 55,783 | 43,360 | |||||||||||||||||||
Total liabilities | 4,744,260 | 4,612,777 | |||||||||||||||||||
Shareholders’ equity | 474,980 | 462,516 | |||||||||||||||||||
Total liabilities and shareholders’ equity | $ | 5,219,240 | $ | 5,075,293 | |||||||||||||||||
Net interest income | $ | 38,438 | $ | 38,959 | |||||||||||||||||
Net interest margin on average earning assets | 3.19 | % | 3.35 | % | |||||||||||||||||
Net interest spread | 3.06 | % | 3.24 | % |
(1) | Interest on loans includes net fees on loans that are not material in amount. |
(2) | Interest income includes taxable-equivalent adjustments of $1,064 and $1,082 for the three months ended September 30, 2016 and June 30, 2016, respectively. See “Non-GAAP Financial Measures.” |
(3) | Interest income includes taxable-equivalent adjustments of $3,444 and $3,499 for the three months ended September 30, 2016 and June 30, 2016, respectively. See “Non-GAAP Financial Measures.” |
(4) | For the purpose of calculating the average yield, the average balance of securities is presented at historical cost. |
(5) | The unamortized discount and debt issuance costs reflected in the carrying amount of the subordinated notes totaled approximately $220,000 |
(6) | Represents issuance of junior subordinated debentures. In connection with the adoption of ASU 2015-03 that requires unamortized debt issuance costs be presented as a direct deduction from the related debt liability, our average long-term debt for the three months ended September 30, 2016 and June 30, 2016 reflect unamortized debt issuance costs of $77,000 and $78,000, respectively. |
Three Months Ended | ||||||||||
March 31, 2016 | ||||||||||
Avg Balance | Interest | Avg Yield/Rate | ||||||||
ASSETS | ||||||||||
Loans (1) (2) | $ | 2,434,837 | $ | 28,793 | 4.76 | % | ||||
Loans held for sale | 3,581 | 32 | 3.59 | % | ||||||
Securities: | ||||||||||
Investment securities (taxable) (4) | 41,659 | 214 | 2.07 | % | ||||||
Investment securities (tax-exempt) (3) (4) | 635,766 | 8,494 | 5.37 | % | ||||||
Mortgage-backed and related securities (4) | 1,454,343 | 9,391 | 2.60 | % | ||||||
Total securities | 2,131,768 | 18,099 | 3.41 | % | ||||||
FHLB stock, at cost, and other investments | 55,116 | 217 | 1.58 | % | ||||||
Interest earning deposits | 51,246 | 70 | 0.55 | % | ||||||
Total earning assets | 4,676,548 | 47,211 | 4.06 | % | ||||||
Cash and due from banks | 55,732 | |||||||||
Accrued interest and other assets | 370,022 | |||||||||
Less: Allowance for loan losses | (20,088 | ) | ||||||||
Total assets | $ | 5,082,214 | ||||||||
LIABILITIES AND SHAREHOLDERS’ EQUITY | ||||||||||
Savings deposits | $ | 235,492 | 65 | 0.11 | % | |||||
Time deposits | 915,316 | 1,723 | 0.76 | % | ||||||
Interest bearing demand deposits | 1,717,717 | 1,468 | 0.34 | % | ||||||
Total interest bearing deposits | 2,868,525 | 3,256 | 0.46 | % | ||||||
Short-term interest bearing liabilities | 413,985 | 696 | 0.68 | % | ||||||
Long-term interest bearing liabilities – FHLB Dallas | 566,825 | 2,039 | 1.45 | % | ||||||
Long-term debt (5) | 60,232 | 405 | 2.70 | % | ||||||
Total interest bearing liabilities | 3,909,567 | 6,396 | 0.66 | % | ||||||
Noninterest bearing deposits | 672,865 | |||||||||
Accrued expenses and other liabilities | 45,390 | |||||||||
Total liabilities | 4,627,822 | |||||||||
Shareholders’ equity | 454,392 | |||||||||
Total liabilities and shareholders’ equity | $ | 5,082,214 | ||||||||
Net interest income | $ | 40,815 | ||||||||
Net interest margin on average earning assets | 3.51 | % | ||||||||
Net interest spread | 3.40 | % |
(1) | Interest on loans includes net fees on loans that are not material in amount. |
(2) | Interest income includes taxable-equivalent adjustment of $1,060 for the three months ended March 31, 2016. See “Non-GAAP Financial Measures.” |
(3) | Interest income includes taxable-equivalent adjustment of $3,139 for the three months ended March 31, 2016. See “Non-GAAP Financial Measures.” |
(4) | For the purpose of calculating the average yield, the average balance of securities is presented at historical cost. |
(5) | Represents issuance of junior subordinated debentures. In connection with the adoption of ASU 2015-03 that requires unamortized debt issuance costs be presented as a direct deduction from the related debt liability, our average long-term debt for the three months ended March 31, 2016 reflects unamortized debt issuance costs of $79,000. |