EX-99.1 2 banf-ex99_1.htm EX-99.1 EX-99.1

 

Exhibit 99.1

img44656334_0.jpg 

100 N. Broadway Ave

Oklahoma City, OK 73102

www.bancfirst.bank

 

FOR IMMEDIATE RELEASE

Thursday, October 20, 2022

 

 

BANCFIRST CORPORATION REPORTS THIRD QUARTER EARNINGS

 

BancFirst Corporation (NASDAQ GS:BANF) reported net income of $55.4 million, or $1.65 diluted earnings per share, for the third quarter of 2022 compared to net income of $38.8 million, or $1.16 diluted earnings per share, for the third quarter of 2021. Net income for the nine months ended September 30, 2022 was $136.0 million, or $4.07 per share, compared to $129.5 million, or $3.88 per share, for the nine months ended September 30, 2021.

 

The Company’s net interest income for the third quarter of 2022 increased to $100.9 million from $80.2 million for the quarter ended September 30, 2021. Rising short-term interest rates and loan growth contributed to the increase. The net interest margin for the quarter was 3.48% compared to 3.09% a year ago. The margin for the third quarter of 2021 included $10.0 million in PPP fees.

 

For the third quarter of 2022, the Company recorded a provision for credit losses of $2.9 million compared to $1.5 million for the quarter ended September 30, 2021. The Company remains neutral on the likelihood of a significant economic downturn in Oklahoma and Texas and therefore will maintain current CECL reserves in the near term.

 

Noninterest income for the quarter totaled $49.3 million up from $39.8 million last year. The increase in noninterest income in 2022 was mostly attributable to $3.4 million in sweep fees and $3.2 million of income from an equity interest received through restructuring a loan. Total noninterest expense for the current quarter was $79.1 million up from $70.2 million for the third quarter last year, primarily due to the Worthington acquisition and salary increases.

 

The Company’s effective tax rate was 19.0% compared to 19.7% for the third quarter of 2021.

 

At September 30, 2022, the Company’s total assets were $12.5 billion compared to $9.4 billion at December 31, 2021. Deposits totaled $11.1 billion, an increase of $3.0 billion from December 31, 2021. The balance sheet growth was driven by the return of customer deposits from off-balance sheet sweep accounts and the acquisition of Worthington National Bank. Loans totaled $6.8 billion compared to $6.2 billion at December 31, 2021. Loan growth during 2022, net of acquired loans and PPP loan runoffs, was $461 million, or 7%. Stockholders’ equity was $1.2 billion, an increase of $23.4 million over December 31, 2021.

 

Asset quality remained strong as nonaccrual loans continued to decline, totaling $12.0 million, representing 0.18% of total loans at September 30, 2022, down from 0.34% at year-end 2021. The allowance for credit losses to total loans was 1.32% at September 30, 2022, down slightly from 1.36% at the end of 2021.

 

BancFirst Corporation CEO David Harlow commented, “The Company reported a strong quarter at $1.65/share fueled by both margin expansion as a result of continued fed tightening and solid loan growth. Non-Interest income expanded across most all major categories led by the return of sweep fees as interest rates have increased. Asset quality remained superior with YTD net charge offs of 1 bps. We are maintaining an allowance for credit losses consistent with our current view of the anticipated economic slowdown in our region of the country.”

 

BancFirst Corporation (the Company) is an Oklahoma based financial services holding company. The Company operates three subsidiary banks, BancFirst, an Oklahoma state-chartered bank with 107 banking locations serving 59 communities across Oklahoma, Pegasus Bank, with

1

 

three banking locations in Dallas, TX and Worthington National Bank with one location in Arlington, Texas, one location in Colleyville, Texas and two Fort Worth, Texas locations. More information can be found at www.bancfirst.bank.

 

The Company may make forward-looking statements within the meaning of Section 27A of the securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934 with respect to earnings, credit quality, corporate objectives, interest rates and other financial and business matters. Forward-looking statements include estimates and give management’s current expectations or forecasts of future events. The Company cautions readers that these forward-looking statements are subject to numerous assumptions, risks and uncertainties, including economic conditions, the performance of financial markets and interest rates; legislative and regulatory actions and reforms; competition; as well as other factors, all of which change over time. Actual results may differ materially from forward-looking statements.

 

For additional information call:

Kevin Lawrence, Chief Financial Officer at (405) 270-1003 or

David Harlow, Chief Executive Officer at (405) 270-1082.

 

2

 

 

BancFirst Corporation

Summary Financial Information

(Dollars in thousands, except per share and share data - Unaudited)

 

 

 

2022

 

 

2022

 

 

2022

 

 

2021

 

 

2021

 

 

 

3rd Qtr

 

 

2nd Qtr

 

 

1st Qtr

 

 

4th Qtr

 

 

3rd Qtr

 

Condensed Income Statements:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net interest income

 

$

100,947

 

 

$

86,867

 

 

$

75,507

 

 

$

75,898

 

 

$

80,190

 

Provision for (benefit from) credit losses

 

 

2,863

 

 

 

501

 

 

 

2,936

 

 

 

(224

)

 

 

1,483

 

Non-interest income:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Trust revenue

 

 

4,125

 

 

 

3,949

 

 

 

3,506

 

 

 

3,336

 

 

 

3,210

 

Service charges on deposits

 

 

22,161

 

 

 

21,618

 

 

 

21,375

 

 

 

22,095

 

 

 

21,706

 

Securities transactions

 

 

966

 

 

 

-

 

 

 

(3,915

)

 

 

630

 

 

 

150

 

Income from sales of loans

 

 

969

 

 

 

1,256

 

 

 

1,666

 

 

 

1,545

 

 

 

1,594

 

Insurance commissions

 

 

7,498

 

 

 

5,302

 

 

 

7,427

 

 

 

6,075

 

 

 

6,666

 

Cash management

 

 

5,624

 

 

 

4,447

 

 

 

3,131

 

 

 

3,115

 

 

 

3,127

 

Other

 

 

7,988

 

 

 

6,026

 

 

 

10,460

 

 

 

8,897

 

 

 

3,333

 

Total noninterest income

 

 

49,331

 

 

 

42,598

 

 

 

43,650

 

 

 

45,693

 

 

 

39,786

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Non-interest expense:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Salaries and employee benefits

 

 

47,741

 

 

 

45,284

 

 

 

43,932

 

 

 

42,887

 

 

 

42,267

 

Occupancy expense, net

 

 

4,930

 

 

 

4,734

 

 

 

4,403

 

 

 

4,521

 

 

 

5,086

 

Depreciation

 

 

4,612

 

 

 

4,647

 

 

 

4,775

 

 

 

4,708

 

 

 

4,207

 

Amortization of intangible assets

 

 

880

 

 

 

857

 

 

 

831

 

 

 

759

 

 

 

755

 

Data processing services

 

 

1,876

 

 

 

1,975

 

 

 

1,805

 

 

 

1,663

 

 

 

1,734

 

Net (income) expense from other real estate owned

 

 

2,392

 

 

 

(510

)

 

 

1,794

 

 

 

2,412

 

 

 

1,810

 

Marketing and business promotion

 

 

1,945

 

 

 

1,591

 

 

 

2,073

 

 

 

2,080

 

 

 

1,796

 

Deposit insurance

 

 

1,202

 

 

 

1,196

 

 

 

1,128

 

 

 

968

 

 

 

846

 

Other

 

 

13,500

 

 

 

13,943

 

 

 

11,771

 

 

 

16,783

 

 

 

11,713

 

Total noninterest expense

 

 

79,078

 

 

 

73,717

 

 

 

72,512

 

 

 

76,781

 

 

 

70,214

 

Income before income taxes

 

 

68,337

 

 

 

55,247

 

 

 

43,709

 

 

 

45,034

 

 

 

48,279

 

Income tax expense

 

 

12,985

 

 

 

10,540

 

 

 

7,794

 

 

 

6,866

 

 

 

9,529

 

Net income

 

$

55,352

 

 

$

44,707

 

 

$

35,915

 

 

$

38,168

 

 

$

38,750

 

Per Common Share Data:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net income-basic

 

$

1.69

 

 

$

1.36

 

 

$

1.10

 

 

$

1.17

 

 

$

1.18

 

Net income-diluted

 

 

1.65

 

 

 

1.34

 

 

 

1.08

 

 

 

1.15

 

 

 

1.16

 

Cash dividends declared

 

 

0.40

 

 

 

0.36

 

 

 

0.36

 

 

 

0.36

 

 

 

0.36

 

Common shares outstanding

 

 

32,856,387

 

 

 

32,781,198

 

 

 

32,725,587

 

 

 

32,603,118

 

 

 

32,572,217

 

Average common shares outstanding -

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Basic

 

 

32,825,931

 

 

 

32,749,752

 

 

 

32,666,916

 

 

 

32,585,784

 

 

 

32,744,104

 

Diluted

 

 

33,536,558

 

 

 

33,418,482

 

 

 

33,315,333

 

 

 

33,180,680

 

 

 

33,267,955

 

Performance Ratios:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Return on average assets

 

 

1.75

%

 

 

1.42

%

 

 

1.22

%

 

 

1.33

%

 

 

1.37

%

Return on average stockholders’ equity

 

 

18.13

 

 

 

15.14

 

 

 

12.33

 

 

 

13.02

 

 

 

13.42

 

Net interest margin

 

 

3.48

 

 

 

3.05

 

 

 

2.78

 

 

 

2.87

 

 

 

3.09

 

Efficiency ratio

 

 

52.62

 

 

 

56.94

 

 

 

60.85

 

 

 

63.15

 

 

 

58.52

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

3

 

 

 

 

BancFirst Corporation

 

Summary Financial Information

 

(Dollars in thousands, except per share and share data - Unaudited)

 

 

 

 

 

 

 

 

 

 

Nine months ended

 

 

 

September 30,

 

 

 

2022

 

 

2021

 

Condensed Income Statements:

 

 

 

 

 

 

Net interest income

 

$

263,321

 

 

$

239,759

 

Provision for (benefit from) credit losses

 

 

6,300

 

 

 

(8,466

)

Non-interest income:

 

 

 

 

 

 

Trust revenue

 

 

11,580

 

 

 

9,576

 

Service charges on deposits

 

 

65,154

 

 

 

61,330

 

Securities transactions

 

 

(2,949

)

 

 

417

 

Income from sales of loans

 

 

3,891

 

 

 

5,737

 

Insurance commissions

 

 

20,227

 

 

 

17,670

 

Cash management

 

 

13,202

 

 

 

9,198

 

Other

 

 

24,474

 

 

 

20,411

 

Total noninterest income

 

 

135,579

 

 

 

124,339

 

 

 

 

 

 

 

 

Non-interest expense:

 

 

 

 

 

 

Salaries and employee benefits

 

 

136,957

 

 

 

123,836

 

Occupancy expense, net

 

 

14,067

 

 

 

13,962

 

Depreciation

 

 

14,034

 

 

 

12,217

 

Amortization of intangible assets

 

 

2,568

 

 

 

2,357

 

Data processing services

 

 

5,656

 

 

 

5,072

 

Net expense from other real estate owned

 

 

3,676

 

 

 

6,677

 

Marketing and business promotion

 

 

5,609

 

 

 

5,323

 

Deposit insurance

 

 

3,526

 

 

 

2,488

 

Other

 

 

39,214

 

 

 

37,268

 

Total noninterest expense

 

 

225,307

 

 

 

209,200

 

Income before income taxes

 

 

167,293

 

 

 

163,364

 

Income tax expense

 

 

31,319

 

 

 

33,902

 

Net income

 

$

135,974

 

 

$

129,462

 

Per Common Share Data:

 

 

 

 

 

 

Net income-basic

 

$

4.15

 

 

$

3.95

 

Net income-diluted

 

 

4.07

 

 

 

3.88

 

Cash dividends declared

 

 

1.12

 

 

 

1.04

 

Common shares outstanding

 

 

32,856,387

 

 

 

32,572,217

 

Average common shares outstanding -

 

 

 

 

 

 

Basic

 

 

32,748,116

 

 

 

32,760,015

 

Diluted

 

 

33,429,161

 

 

 

33,358,837

 

Performance Ratios:

 

 

 

 

 

 

Return on average assets

 

 

1.47

%

 

 

1.61

%

Return on average stockholders’ equity

 

 

15.24

 

 

 

15.54

 

Net interest margin

 

 

3.11

 

 

 

3.25

 

Efficiency ratio

 

 

56.48

 

 

 

57.46

 

 

 

4

 

 

 

BancFirst Corporation

 

 

Summary Financial Information

 

 

(Dollars in thousands, except per share and share data - Unaudited)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

2022

 

 

2022

 

 

2022

 

 

2021

 

 

2021

 

 

 

 

3rd Qtr

 

 

2nd Qtr

 

 

1st Qtr

 

 

4th Qtr

 

 

3rd Qtr

 

 

Balance Sheet Data:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Total assets

 

$

12,452,378

 

 

$

12,530,073

 

 

$

12,624,431

 

 

$

9,405,612

 

 

$

11,302,771

 

 

Interest-bearing deposits with banks

 

 

3,106,279

 

 

 

3,590,311

 

 

 

3,816,532

 

 

 

1,821,203

 

 

 

3,836,809

 

 

Debt securities

 

 

1,521,645

 

 

 

1,205,894

 

 

 

1,211,668

 

 

 

534,500

 

 

 

529,484

 

 

Total loans

 

 

6,832,595

 

 

 

6,620,643

 

 

 

6,504,477

 

 

 

6,194,218

 

 

 

6,037,886

 

 

Allowance for credit losses

 

 

(89,871

)

 

 

(86,935

)

 

 

(87,239

)

 

 

(83,936

)

 

 

(86,463

)

 

Deposits

 

 

11,058,940

 

 

 

11,142,688

 

 

 

11,250,971

 

 

 

8,091,914

 

 

 

9,992,044

 

 

Stockholders' equity

 

 

1,195,149

 

 

 

1,185,695

 

 

 

1,167,802

 

 

 

1,171,734

 

 

 

1,146,874

 

 

Book value per common share

 

 

36.37

 

 

 

36.17

 

 

 

35.68

 

 

 

35.94

 

 

 

35.21

 

 

Tangible book value per common share (non-GAAP)(1)

 

 

30.20

 

 

 

29.90

 

 

 

29.51

 

 

 

30.80

 

 

 

30.04

 

 

Balance Sheet Ratios:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Average loans to deposits

 

 

59.62

%

 

 

58.66

%

 

 

59.72

%

 

 

60.16

%

 

 

61.56

%

 

Average earning assets to total assets

 

 

91.58

 

 

 

90.89

 

 

 

91.92

 

 

 

92.13

 

 

 

92.13

 

 

Average stockholders' equity to average assets

 

 

9.63

 

 

 

9.40

 

 

 

9.86

 

 

 

10.19

 

 

 

10.22

 

 

Asset Quality Data:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Past due loans

 

$

3,167

 

 

$

4,771

 

 

$

6,360

 

 

$

4,964

 

 

$

5,186

 

 

Nonaccrual loans (5)

 

 

11,962

 

 

 

13,712

 

 

 

17,453

 

 

 

20,892

 

 

 

26,607

 

 

Restructured loans

 

 

2,249

 

 

 

2,174

 

 

 

2,345

 

 

 

3,665

 

 

 

7,073

 

 

Total nonperforming and restructured loans

 

 

17,378

 

 

 

20,657

 

 

 

26,158

 

 

 

29,521

 

 

 

38,866

 

 

Other real estate owned and repossessed assets

 

 

39,419

 

 

 

39,209

 

 

 

39,729

 

 

 

39,553

 

 

 

39,060

 

 

Total nonperforming and restructured assets

 

 

56,797

 

 

 

59,866

 

 

 

65,887

 

 

 

69,074

 

 

 

77,926

 

 

Nonaccrual loans to total loans

 

 

0.18

%

 

 

0.21

%

 

 

0.27

%

 

 

0.34

%

 

 

0.44

%

 

Nonaccrual loans to total Non-PPP loans (non-GAAP)(3)

 

 

0.18

 

 

 

0.21

 

 

 

0.27

 

 

 

0.34

 

 

 

0.46

 

 

Nonperforming and restructured loans to total loans

 

 

0.25

 

 

 

0.31

 

 

 

0.40

 

 

 

0.48

 

 

 

0.64

 

 

Nonperforming and restructured loans to total Non-PPP loans (non-GAAP)(3)

 

 

0.25

 

 

 

0.31

 

 

 

0.40

 

 

 

0.48

 

 

 

0.67

 

 

Nonperforming and restructured assets to total assets

 

 

0.46

 

 

 

0.48

 

 

 

0.52

 

 

 

0.73

 

 

 

0.69

 

 

Allowance to total loans

 

 

1.32

 

 

 

1.31

 

 

 

1.34

 

 

 

1.36

 

 

 

1.43

 

 

Allowance to total Non-PPP loans (non-GAAP)(3)

 

 

1.32

 

 

 

1.31

 

 

 

1.35

 

 

 

1.37

 

 

 

1.48

 

 

Allowance to nonaccrual loans

 

 

751.32

 

 

 

634.01

 

 

 

499.83

 

 

 

401.76

 

 

 

324.96

 

 

Allowance to nonperforming and restructured loans

 

 

517.17

 

 

 

420.84

 

 

 

333.51

 

 

 

284.33

 

 

 

222.46

 

 

Net charge-offs to average loans

 

 

0.00

 

 

 

0.01

 

 

 

0.00

 

 

 

0.03

 

 

 

0.01

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Reconciliation of Tangible Book Value Per Common Share (non-GAAP)(2):

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Stockholders' equity

 

$

1,195,149

 

 

$

1,185,695

 

 

$

1,167,802

 

 

$

1,171,734

 

 

$

1,146,874

 

 

Less goodwill

 

 

182,055

 

 

 

183,639

 

 

 

176,563

 

 

 

149,922

 

 

 

149,922

 

 

Less intangible assets, net

 

 

20,863

 

 

 

21,743

 

 

 

25,456

 

 

 

17,566

 

 

 

18,325

 

 

Tangible stockholders’ equity (non-GAAP)

 

$

992,231

 

 

$

980,313

 

 

$

965,783

 

 

$

1,004,246

 

 

$

978,627

 

 

Common shares outstanding

 

 

32,856,387

 

 

 

32,781,198

 

 

 

32,725,587

 

 

 

32,603,118

 

 

 

32,572,217

 

 

Tangible book value per common share (non-GAAP)

 

$

30.20

 

 

$

29.90

 

 

$

29.51

 

 

$

30.80

 

 

$

30.04

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(1) Refer to the “Reconciliation of Tangible Book Value per Common Share (non-GAAP)” Table.

 

 

(2) Tangible book value per common share is stockholders’ equity less goodwill and intangible assets, net, divided by common shares outstanding. This amount is a non-GAAP financial measure but has been included as it is considered to be a critical metric with which to analyze and evaluate the financial condition and capital strength of the Company. This measure should not be considered a substitute for operating results determined in accordance with GAAP.

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Reconciliation of Non-PPP loan ratios (non-GAAP)(4):

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Total loans

 

$

6,832,595

 

 

$

6,620,643

 

 

$

6,504,477

 

 

$

6,194,218

 

 

$

6,037,886

 

 

Less PPP loans

 

 

1,140

 

 

 

3,206

 

 

 

30,605

 

 

 

80,412

 

 

 

201,208

 

 

Total Non-PPP loans (non-GAAP)

 

$

6,831,455

 

 

$

6,617,437

 

 

$

6,473,872

 

 

$

6,113,806

 

 

$

5,836,678

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Nonaccrual loans (5)

 

 

11,962

 

 

 

13,712

 

 

 

17,453

 

 

 

20,892

 

 

 

26,607

 

 

Nonaccrual loans to total Non-PPP loans (non-GAAP)

 

 

0.18

%

 

 

0.21

%

 

 

0.27

%

 

 

0.34

%

 

 

0.46

%

 

Total nonperforming and restructured loans

 

 

17,378

 

 

 

20,657

 

 

 

26,158

 

 

 

29,521

 

 

 

38,866

 

 

5

 

 

Nonperforming and restructured loans to total Non-PPP loans (non-GAAP)

 

 

0.25

%

 

 

0.31

%

 

 

0.40

%

 

 

0.48

%

 

 

0.67

%

 

Allowance for credit losses

 

 

(89,871

)

 

 

(86,935

)

 

 

(87,239

)

 

 

(83,936

)

 

 

(86,463

)

 

Allowance to total Non-PPP loans (non-GAAP)

 

 

1.32

%

 

 

1.31

%

 

 

1.35

%

 

 

1.37

%

 

 

1.48

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(3) Refer to the “Reconciliation of Non-PPP loan ratios (non-GAAP)” Table.

 

 

(4) Nonaccrual loans to total Non-PPP loans is nonaccrual loans, divided by total loans less Paycheck Protection Program (PPP) loans. Nonperforming and restructured loans to total Non-PPP loans is nonperforming and restructured loans, divided by total loans less PPP loans. Allowance to total Non-PPP loans is allowance for credit losses, divided by total loans less PPP loans. These amounts are non-GAAP financial measures but have been included as they are considered critical metrics with which to analyze and evaluate the financial condition and capital strength of the Company. These measures should not be considered substitutes for operating results determined in accordance with GAAP.

 

 

(5) Government Agencies guarantee approximately $2.0 million of nonaccrual loans at September 30, 2022.

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

6

 

 

BancFirst Corporation

Consolidated Average Balance Sheets

And Interest Margin Analysis

Taxable Equivalent Basis

(Dollars in thousands - Unaudited)

 

 

 

Three Months Ended

 

 

Nine Months Ended

 

 

 

 

September 30, 2022

 

 

September 30, 2022

 

 

 

 

 

 

 

Interest

 

 

Average

 

 

 

 

 

Interest

 

 

Average

 

 

 

 

Average

 

 

Income/

 

 

Yield/

 

 

Average

 

 

Income/

 

 

Yield/

 

 

 

 

Balance

 

 

Expense

 

 

Rate

 

 

Balance

 

 

Expense

 

 

Rate

 

 

ASSETS

 

 

Earning assets:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Loans

 

$

6,652,613

 

 

$

87,169

 

 

 

5.20

 

%

$

6,527,355

 

 

$

239,072

 

 

 

4.90

 

%

Debt securities – taxable

 

 

1,353,950

 

 

 

6,793

 

 

 

1.99

 

 

 

1,218,092

 

 

 

15,716

 

 

 

1.73

 

 

Debt securities – tax exempt

 

 

3,539

 

 

28

 

 

3.09

 

 

 

3,993

 

 

89

 

 

 

2.99

 

 

Interest bearing deposits with banks and FFS

 

 

3,512,242

 

 

 

20,119

 

 

 

2.27

 

 

 

3,582,533

 

 

 

29,482

 

 

 

1.10

 

 

Total earning assets

 

 

11,522,344

 

 

 

114,109

 

 

 

3.93

 

 

 

11,331,973

 

 

 

284,359

 

 

3.35

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Nonearning assets:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Cash and due from banks

 

 

252,874

 

 

 

 

 

 

 

 

 

271,060

 

 

 

 

 

 

 

 

Interest receivable and other assets

 

 

892,858

 

 

 

 

 

 

 

 

 

874,379

 

 

 

 

 

 

 

 

Allowance for credit losses

 

 

(86,955

)

 

 

 

 

 

 

 

 

(86,545

)

 

 

 

 

 

 

 

Total nonearning assets

 

 

1,058,777

 

 

 

 

 

 

 

 

 

1,058,894

 

 

 

 

 

 

 

 

Total assets

 

$

12,581,121

 

 

 

 

 

 

 

 

$

12,390,867

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

LIABILITIES AND STOCKHOLDERS’ EQUITY

Interest bearing liabilities:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Transaction deposits

 

$

958,008

 

 

$

442

 

 

0.18

 

%

$

959,261

 

 

$

846

 

 

0.12

 

%

Savings deposits

 

 

4,313,076

 

 

 

10,447

 

 

 

0.96

 

 

 

4,271,070

 

 

 

14,320

 

 

0.45

 

 

Time deposits

 

 

678,549

 

 

 

1,110

 

 

 

0.65

 

 

 

666,190

 

 

 

2,400

 

 

0.48

 

 

Short-term borrowings

 

 

6,979

 

 

 

36

 

 

 

2.05

 

 

 

5,401

 

 

49

 

 

 

1.21

 

 

Subordinated debt

 

 

86,020

 

 

 

1,030

 

 

4.75

 

 

 

86,006

 

 

 

3,091

 

 

4.81

 

 

Total interest bearing liabilities

 

 

6,042,632

 

 

 

13,065

 

 

 

0.86

 

 

 

5,987,928

 

 

 

20,706

 

 

0.46

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Interest free funds:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Noninterest bearing deposits

 

 

5,208,591

 

 

 

 

 

 

 

 

 

5,106,094

 

 

 

 

 

 

 

 

Interest payable and other liabilities

 

 

118,375

 

 

 

 

 

 

 

 

 

104,299

 

 

 

 

 

 

 

 

Stockholders’ equity

 

 

1,211,523

 

 

 

 

 

 

 

 

 

1,192,546

 

 

 

 

 

 

 

 

Total interest free funds

 

 

6,538,489

 

 

 

 

 

 

 

 

 

6,402,939

 

 

 

 

 

 

 

 

Total liabilities and stockholders’ equity

 

$

12,581,121

 

 

 

 

 

 

 

 

$

12,390,867

 

 

 

 

 

 

 

 

Net interest income

 

 

 

 

$

101,044

 

 

 

 

 

 

 

 

$

263,653

 

 

 

 

 

Net interest spread

 

 

 

 

 

 

 

 

3.07

 

%

 

 

 

 

 

 

 

2.89

 

%

Effect of interest free funds

 

 

 

 

 

 

 

 

0.41

 

%

 

 

 

 

 

 

 

0.22

 

%

Net interest margin

 

 

 

 

 

 

 

 

3.48

 

%

 

 

 

 

 

 

3.11

 

%

 

7