☒ | ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(D) OF THE SECURITIES EXCHANGE ACT OF 1934 |
☐ | TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(D) OF THE SECURITIES EXCHANGE ACT OF 1934 |
Washington | 91-1422237 | |||||||
(State or other jurisdiction of incorporation or organization) | (I.R.S. Employer Identification Number) |
Securities Registered Pursuant to Section 12(b) of the Act: | ||||||||||||||
Common Stock, No Par Value | COLB | The Nasdaq Stock Market LLC | ||||||||||||
(Title of each class) | (Trading symbol) | (Name of each exchange on which registered) |
Large accelerated filer | ☒ | Accelerated filer | ☐ | |||||||||||||||||
Non-accelerated filer | ☐ | Smaller reporting company | ☐ | |||||||||||||||||
Emerging growth company | ☐ |
PART I | ||||||||
Item 1. | ||||||||
Item 1A. | ||||||||
Item 1B. | ||||||||
Item 2. | ||||||||
Item 3. | ||||||||
Item 4. | ||||||||
PART II | ||||||||
Item 5. | ||||||||
Item 6. | ||||||||
Item 7. | ||||||||
Item 7A. | ||||||||
Item 8. | ||||||||
Item 9. | ||||||||
Item 9A. | ||||||||
Item 9B. | ||||||||
PART III | ||||||||
Item 10. | ||||||||
Item 11. | ||||||||
Item 12. | ||||||||
Item 13. | ||||||||
Item 14. | ||||||||
PART IV | ||||||||
Item 15. | ||||||||
Item 16. | ||||||||
401(k) Plan | 401(k) and Profit Sharing Plan | |||||||||||||
Federal Home Loan Bank of Des Moines | ||||||||||||||
FINRA/SIPC | Financial Industry Regulatory Authority/Securities Investor Protection Corporation | |||||||||||||
FRB | Federal Reserve Bank | |||||||||||||
GAAP | Generally Accepted Accounting Principles | |||||||||||||
ASC | Accounting Standards Codification | GDP | Gross Domestic Product | |||||||||||
ASU | Accounting Standards Update | HTM | Held to maturity | |||||||||||
ATM | Automated Teller Machine | IDI | Insured Depository Institutions | |||||||||||
Bank of Commerce | Bank of Commerce Holdings | Interstate Act | Riegle-Neal Interstate Banking and Branching Efficiency Act of 1994 | |||||||||||
B&O | Business and Occupation | IRA | Individual Retirement Account | |||||||||||
Basel III | A comprehensive capital framework and rules for U.S. banking organizations approved by the FRB and the FDIC in 2013 | |||||||||||||
Basel Committee | Basel Committee on Banking Supervision | |||||||||||||
BHCA | Bank Holding Company Act of 1956 | |||||||||||||
BOLI | Bank Owned Life Insurance | |||||||||||||
London Interbank Offering Rate | ||||||||||||||
BSA | Bank Secrecy Act | LLC | Limited Liability Company | |||||||||||
Capital Rules | Risk-based capital standards currently applicable to the Company and the Bank | |||||||||||||
The Nasdaq Stock Market | ||||||||||||||
CCPA | California Consumer Protection Act of 2018 | NOL | Net Operating Loss | |||||||||||
CPRA | California Privacy Rights Act | OCC | Office of the Comptroller of the Currency | |||||||||||
OPPO | Other Personal Property Owned | |||||||||||||
CECL | Current Expected Credit Loss | OREO | Other Real Estate Owned | |||||||||||
CEO | Chief Executive Officer | Pacific Continental | Pacific Continental Corporation | |||||||||||
CET1 | Common Equity Tier 1 | Patriot Act | Includes 2006 amendments to the Uniting and Strengthening America by Providing Appropriate Tools Required to Intercept and Obstruct Terrorism Act of 2001 which was intended to combat terrorism. | |||||||||||
CFO | Chief Financial Officer | Purchased Credit | ||||||||||||
CFPB | Consumer Financial Protection Bureau | |||||||||||||
COSO | Committee of Sponsoring Organizations of the Treadway Commission | |||||||||||||
Novel Coronavirus | RSA | Restricted Stock Award | ||||||||||||
CRA | Community Reinvestment Act of 1977 | Restricted Stock Unit | ||||||||||||
DIF | Deposit Insurance Fund | SBA | Small Business Administration | |||||||||||
DCF | Discounted Cash Flow | SEC | Securities and Exchange Commission | |||||||||||
Dodd-Frank Act | ||||||||||||||
Dodd-Frank Wall Street Reform and Consumer Protection Act | Supplemental Executive Retirement Plan | |||||||||||||
EPS | Earnings Per Share | SOFR | Secured Overnight Financing Rate | |||||||||||
SOX | Sarbanes-Oxley Act of 2002 | |||||||||||||
Financial Accounting Standards Board | ||||||||||||||
FDIA | Federal Deposit Insurance Act | Unit Plans | Supplemental compensation arrangements | |||||||||||
FDIC | Federal Deposit Insurance Corporation | TDR | Troubled Debt Restructuring | |||||||||||
Federal Reserve | Board of Governors of the Federal Reserve System |
Personal Banking | Business Banking | Wealth Management | ||||||||||||
• Checking and Savings Accounts | • Checking and Savings Accounts | • Financial Services | ||||||||||||
• Debit and Credit Cards | • Debit and Credit Cards | • Private Banking | ||||||||||||
• Digital Banking | • Business Loans | • Trust and Investment Services | ||||||||||||
• Personal Loans | • Professional Banking | |||||||||||||
• Home Loans | • Treasury Management | |||||||||||||
• Foreign Currency | • Merchant Card Services | |||||||||||||
• International Banking | ||||||||||||||
• Digital Banking |
•Financial Planning: Asset Allocation, Net Worth Analysis, Estate Planning & Preservation(2), Education Funding and Wealth Transfer. •Wealth Management:Professional Asset Management, Tailored Investment Strategies and Professional Money Managers. •Insurance Solutions: Long-Term Care and Life and Disability Insurance. •Individual Retirement Solutions: Retirement Planning, Retirement Income Strategies and Traditional and Roth IRAs. •Business Solutions: Business Retirement Plans, Key Person Insurance, Business Succession Planning and Deferred Compensation Plans. __________ (1)Securities and insurance products are offered through Cetera Investment Services LLC (doing insurance business in California as CFGIS Insurance Agency), member FINRA/SIPC. Advisory services are offered through Cetera Investment Advisers LLC. Neither firm is affiliated with the financial institution where investment services are offered. * Investment products are not FDIC insured * No bank guarantee * Not a deposit * Not insured by any federal government agency * May lose value. (2)For a comprehensive review of your personal situation, always consult a tax or legal advisor. Neither Cetera, nor any of its representatives may give legal or tax advice. 5 |
“Well-capitalized” | “Adequately capitalized” | ||||
Total capital ratio of at least 10%, | Total capital ratio of at least 8%, | ||||
Tier 1 capital ratio of at least 8%, | Tier 1 capital ratio of at least 6% | ||||
CET1 ratio of at least 6.5% | CET1 ratio of at least 4.5%, and | ||||
Tier 1 leverage ratio of at least 5%, and | Tier 1 leverage ratio of at least 4%. | ||||
Not subject to any order or written directive requiring a specific capital level. |
Number of Branches | Occupancy Type | Number of Branches | Occupancy Type | ||||||||||||||||||||||||||
Owned | Leased | Owned | Leased | ||||||||||||||||||||||||||
Washington branches | 71 | 52 | 19 | Washington branches | 67 | 49 | 18 | ||||||||||||||||||||||
Oregon branches | 61 | 34 | 27 | Oregon branches | 59 | 31 | 28 | ||||||||||||||||||||||
Idaho branches | 14 | 10 | 4 | Idaho branches | 15 | 10 | 5 | ||||||||||||||||||||||
California branches | California branches | 11 | 9 | 2 | |||||||||||||||||||||||||
Total Columbia Bank branches | 146 | 96 | 50 | Total Columbia Bank branches | 152 | 99 | 53 |
Year Ended December 31, | ||||||||||||||||||||
Number of Shares to be Issued Upon Exercise of Outstanding Options and Rights | Weighted Average Exercise Price of Outstanding Options and Rights | Number of Shares Remaining Available for Future Issuance Under Equity Compensation Plans (1) | ||||||||||||||||||
Equity compensation plans approved by security holders | — | $ | — | |||||||||||||||||
Equity compensation plans not approved by security holders | — | — | — |
Period | Total Number of Common Shares Purchased (1) | Average Price Paid per Common Share | Total Number of Shares Purchased as Part of Publicly Announced Plan (2) | Maximum Number of Remaining Shares That May Yet Be Purchased Under the Plan (2) | |||||||||
10/1/2019 - 10/31/2019 | 152,059 | $ | 35.95 | 151,716 | 1,447,745 | ||||||||
11/1/2019 - 11/30/2019 | 66 | 38.65 | — | 1,447,745 | |||||||||
12/1/2019 - 12/31/2019 | 293 | 39.96 | — | 1,447,745 | |||||||||
152,418 | 35.96 | 151,716 |
Period | Total Number of Common Shares Purchased (1) | Average Price Paid per Common Share | Total Number of Shares Purchased as Part of Publicly Announced Plan (2) | Maximum Number of Remaining Shares That May Yet Be Purchased Under the Plan (2) | ||||||||||||||||||||||
10/1/2022 - 10/31/2022 | 344 | $ | 31.15 | — | — | |||||||||||||||||||||
11/1/2022 - 11/30/2022 | — | — | — | — | ||||||||||||||||||||||
12/1/2022 - 12/31/2022 | 101 | 29.86 | — | — | ||||||||||||||||||||||
445 | 30.85 | — |
Index | Period Ending | Index | Period Ending | |||||||||||||||||||||||||||||||||||||||||||||||||||||
12/31/2014 | 12/31/2015 | 12/31/2016 | 12/31/2017 | 12/31/2018 | 12/31/2019 | 12/31/2017 | 12/31/2018 | 12/31/2019 | 12/31/2020 | 12/31/2021 | 12/31/2022 | |||||||||||||||||||||||||||||||||||||||||||||
Columbia Banking System, Inc. | 100.00 | 122.92 | 177.71 | 176.58 | 151.76 | 176.65 | Columbia Banking System, Inc. | 100.00 | 85.96 | 100.06 | 92.43 | 86.66 | 82.97 | |||||||||||||||||||||||||||||||||||||||||||
NASDAQ Composite | 100.00 | 106.96 | 116.45 | 150.96 | 146.67 | 200.49 | NASDAQ Composite | 100.00 | 97.16 | 132.81 | 192.47 | 235.15 | 158.65 | |||||||||||||||||||||||||||||||||||||||||||
KBW Regional Banking Index | 100.00 | 105.91 | 147.24 | 149.82 | 123.60 | 153.03 | KBW Regional Banking Index | 100.00 | 82.50 | 102.15 | 93.25 | 127.42 | 118.59 |
2019 | 2018 | 2017 (2) | 2016 | 2015 | ||||||||||||||||
(dollars in thousands except per share amounts) | ||||||||||||||||||||
For the Year | ||||||||||||||||||||
Interest income | $ | 529,952 | $ | 497,069 | $ | 374,746 | $ | 337,969 | $ | 328,891 | ||||||||||
Interest expense | $ | 36,547 | $ | 18,230 | $ | 6,757 | $ | 4,350 | $ | 4,004 | ||||||||||
Net interest income | $ | 493,405 | $ | 478,839 | $ | 367,989 | $ | 333,619 | $ | 324,887 | ||||||||||
Provision for loan and lease losses | $ | 3,493 | $ | 14,769 | $ | 8,631 | $ | 10,778 | $ | 8,591 | ||||||||||
Noninterest income | $ | 97,181 | $ | 88,256 | $ | 109,642 | $ | 88,082 | $ | 91,473 | ||||||||||
Noninterest expense | $ | 345,482 | $ | 340,490 | $ | 291,017 | $ | 261,142 | $ | 266,149 | ||||||||||
Net income | $ | 194,451 | $ | 172,882 | $ | 112,828 | $ | 104,866 | $ | 98,827 | ||||||||||
Net income applicable to common shareholders | $ | 194,451 | $ | 172,882 | $ | 112,828 | $ | 104,709 | $ | 98,690 | ||||||||||
Per Common Share | ||||||||||||||||||||
Earnings (Basic) | $ | 2.68 | $ | 2.36 | $ | 1.86 | $ | 1.81 | $ | 1.71 | ||||||||||
Earnings (Diluted) | $ | 2.68 | $ | 2.36 | $ | 1.86 | $ | 1.81 | $ | 1.71 | ||||||||||
Book Value | $ | 29.95 | $ | 27.76 | $ | 26.70 | $ | 21.52 | $ | 21.48 | ||||||||||
Averages | ||||||||||||||||||||
Total assets | $ | 13,341,024 | $ | 12,725,086 | $ | 10,134,306 | $ | 9,311,621 | $ | 8,655,243 | ||||||||||
Interest-earning assets | $ | 11,837,633 | $ | 11,241,321 | $ | 9,098,276 | $ | 8,363,309 | $ | 7,685,734 | ||||||||||
Loans | $ | 8,612,478 | $ | 8,409,373 | $ | 6,682,259 | $ | 6,052,389 | $ | 5,609,261 | ||||||||||
Securities, including FHLB stock | $ | 3,167,112 | $ | 2,790,700 | $ | 2,350,844 | $ | 2,269,121 | $ | 2,031,859 | ||||||||||
Deposits | $ | 10,523,687 | $ | 10,410,404 | $ | 8,482,350 | $ | 7,774,309 | $ | 7,146,828 | ||||||||||
Shareholders’ equity | $ | 2,116,642 | $ | 1,969,179 | $ | 1,410,056 | $ | 1,269,801 | $ | 1,246,952 | ||||||||||
Financial Ratios | ||||||||||||||||||||
Net interest margin (tax equivalent) | 4.24 | % | 4.33 | % | 4.18 | % | 4.12 | % | 4.35 | % | ||||||||||
Return on average assets | 1.46 | % | 1.36 | % | 1.11 | % | 1.13 | % | 1.14 | % | ||||||||||
Return on average common equity | 9.19 | % | 8.78 | % | 8.00 | % | 8.26 | % | 7.93 | % | ||||||||||
Average equity to average assets | 15.87 | % | 15.47 | % | 13.91 | % | 13.64 | % | 14.41 | % | ||||||||||
At Year End | ||||||||||||||||||||
Total assets | $ | 14,079,524 | $ | 13,095,145 | $ | 12,716,886 | $ | 9,509,607 | $ | 8,951,697 | ||||||||||
Loans | $ | 8,743,465 | $ | 8,391,511 | $ | 8,358,657 | $ | 6,213,423 | $ | 5,815,027 | ||||||||||
ALLL | $ | 83,968 | $ | 83,369 | $ | 75,646 | $ | 70,043 | $ | 68,172 | ||||||||||
Securities, including FHLB stock | $ | 3,794,262 | $ | 3,193,408 | $ | 2,753,271 | $ | 2,288,817 | $ | 2,170,416 | ||||||||||
Deposits | $ | 10,684,708 | $ | 10,458,126 | $ | 10,532,085 | $ | 8,059,415 | $ | 7,438,829 | ||||||||||
Shareholders’ equity | $ | 2,159,962 | $ | 2,033,649 | $ | 1,949,922 | $ | 1,251,012 | $ | 1,242,128 | ||||||||||
Nonperforming Assets | ||||||||||||||||||||
Nonaccrual loans | $ | 33,060 | $ | 54,842 | $ | 66,189 | $ | 27,756 | $ | 21,464 | ||||||||||
OREO and OPPO | 552 | 6,049 | 13,298 | 5,998 | 13,738 | |||||||||||||||
Total nonperforming assets | $ | 33,612 | $ | 60,891 | $ | 79,487 | $ | 33,754 | $ | 35,202 | ||||||||||
Nonperforming loans to year end loans | 0.38 | % | 0.65 | % | 0.79 | % | 0.45 | % | 0.37 | % | ||||||||||
Nonperforming assets to year end assets | 0.24 | % | 0.46 | % | 0.63 | % | 0.35 | % | 0.39 | % | ||||||||||
ALLL to year end loans | 0.96 | % | 0.99 | % | 0.91 | % | 1.13 | % | 1.17 | % | ||||||||||
Net loan charge-offs | $ | 2,894 | $ | 7,046 | $ | 3,028 | $ | 8,907 | $ | 9,988 | ||||||||||
Other nonfinancial data | ||||||||||||||||||||
Full-time equivalent employees | 2,162 | 2,137 | 2,120 | 1,819 | 1,868 | |||||||||||||||
Banking branches | 146 | 150 | 155 | 143 | 149 |
Years ended December 31, | ||||||||||||||||||||
2019 | 2018 | 2017 (2) | 2016 | 2015 | ||||||||||||||||
(in thousands, except per share amounts) | ||||||||||||||||||||
Interest Income: | ||||||||||||||||||||
Loans | $ | 448,041 | $ | 428,197 | $ | 324,229 | $ | 291,465 | $ | 286,166 | ||||||||||
Taxable securities | 69,864 | 55,969 | 38,659 | 35,167 | 30,774 | |||||||||||||||
Tax-exempt securities | 10,735 | 12,201 | 11,045 | 11,121 | 11,842 | |||||||||||||||
Deposits in banks | 1,312 | 702 | 813 | 216 | 109 | |||||||||||||||
Total interest income | 529,952 | 497,069 | 374,746 | 337,969 | 328,891 | |||||||||||||||
Interest Expense: | ||||||||||||||||||||
Deposits | 22,146 | 12,105 | 4,800 | 3,134 | 2,977 | |||||||||||||||
FHLB advances | 11,861 | 3,750 | 1,078 | 671 | 474 | |||||||||||||||
Subordinated debentures | 1,871 | 1,871 | 304 | — | — | |||||||||||||||
Other borrowings | 669 | 504 | 575 | 545 | 553 | |||||||||||||||
Total interest expense | 36,547 | 18,230 | 6,757 | 4,350 | 4,004 | |||||||||||||||
Net Interest Income | 493,405 | 478,839 | 367,989 | 333,619 | 324,887 | |||||||||||||||
Provision for loan and lease losses | 3,493 | 14,769 | 8,631 | 10,778 | 8,591 | |||||||||||||||
Net interest income after provision for loan and lease losses | 489,912 | 464,070 | 359,358 | 322,841 | 316,296 | |||||||||||||||
Noninterest income | 97,181 | 88,256 | 109,642 | 88,082 | 91,473 | |||||||||||||||
Noninterest expense | 345,482 | 340,490 | 291,017 | 261,142 | 266,149 | |||||||||||||||
Income before income taxes | 241,611 | 211,836 | 177,983 | 149,781 | 141,620 | |||||||||||||||
Provision for income taxes | 47,160 | 38,954 | 65,155 | 44,915 | 42,793 | |||||||||||||||
Net Income | $ | 194,451 | $ | 172,882 | $ | 112,828 | $ | 104,866 | $ | 98,827 | ||||||||||
Less: Dividends on preferred stock | — | — | — | 157 | 137 | |||||||||||||||
Net Income Applicable to Common Shareholders | $ | 194,451 | $ | 172,882 | $ | 112,828 | $ | 104,709 | $ | 98,690 | ||||||||||
Per Common Share | ||||||||||||||||||||
Earnings basic | $ | 2.68 | $ | 2.36 | $ | 1.86 | $ | 1.81 | $ | 1.71 | ||||||||||
Earnings diluted | $ | 2.68 | $ | 2.36 | $ | 1.86 | $ | 1.81 | $ | 1.71 | ||||||||||
Average number of common shares outstanding (basic) | 71,999 | 72,385 | 59,882 | 57,184 | 57,019 | |||||||||||||||
Average number of common shares outstanding (diluted) | 72,032 | 72,390 | 59,888 | 57,193 | 57,032 | |||||||||||||||
Total assets at year end | $ | 14,079,524 | $ | 13,095,145 | $ | 12,716,886 | $ | 9,509,607 | $ | 8,951,697 | ||||||||||
Long-term obligations | $ | 35,277 | $ | 35,462 | $ | 35,647 | $ | — | $ | — | ||||||||||
Cash dividends declared per common share | $ | 1.40 | $ | 1.14 | $ | 0.88 | $ | 1.53 | $ | 1.34 |
Year ended | Increase (Decrease) | Year ended | Increase (Decrease) | Year ended | ||||||||||||||||||||||||||||||||||||||||
2022 | Amount | % | 2021 | Amount | % | 2020 | ||||||||||||||||||||||||||||||||||||||
(dollars in thousands, except per share amounts) | ||||||||||||||||||||||||||||||||||||||||||||
Interest income | $ | 646,481 | $ | 110,416 | 21 | $ | 536,065 | $ | 18,256 | 4 | $ | 517,809 | ||||||||||||||||||||||||||||||||
Interest expense | 23,645 | 15,099 | 177 | 8,546 | (9,152) | (52) | 17,698 | |||||||||||||||||||||||||||||||||||||
Net interest income | 622,836 | 95,317 | 18 | 527,519 | 27,408 | 5 | 500,111 | |||||||||||||||||||||||||||||||||||||
Provision for credit losses | 1,950 | (2,850) | (59) | 4,800 | (72,900) | (94) | 77,700 | |||||||||||||||||||||||||||||||||||||
Noninterest income | 99,144 | 5,050 | 5 | 94,094 | (10,406) | (10) | 104,500 | |||||||||||||||||||||||||||||||||||||
Noninterest expense: | ||||||||||||||||||||||||||||||||||||||||||||
Compensation and employee benefits | 241,139 | 17,105 | 8 | 224,034 | 14,312 | 7 | 209,722 | |||||||||||||||||||||||||||||||||||||
Other expense | 161,244 | 24,974 | 18 | 136,270 | 11,473 | 9 | 124,797 | |||||||||||||||||||||||||||||||||||||
Total | 402,383 | 42,079 | 12 | 360,304 | 25,785 | 8 | 334,519 | |||||||||||||||||||||||||||||||||||||
Income before income taxes | 317,647 | 61,138 | 24 | 256,509 | 64,117 | 33 | 192,392 | |||||||||||||||||||||||||||||||||||||
Provision for income taxes | 67,469 | 13,780 | 26 | 53,689 | 15,541 | 41 | 38,148 | |||||||||||||||||||||||||||||||||||||
Net income | $ | 250,178 | $ | 47,358 | 23 | $ | 202,820 | $ | 48,576 | 31 | $ | 154,244 | ||||||||||||||||||||||||||||||||
Less: earnings allocated to participating securities | 50 | (280) | (85) | 330 | (382) | (54) | 712 | |||||||||||||||||||||||||||||||||||||
Earnings allocated to common shareholders | $ | 250,128 | $ | 47,638 | 24 | $ | 202,490 | $ | 48,958 | 32 | $ | 153,532 | ||||||||||||||||||||||||||||||||
Earnings per common share, diluted | $ | 3.20 | $ | 0.42 | 15 | $ | 2.78 | $ | 0.61 | 28 | $ | 2.17 |
Year ended | Increase (Decrease) | Year ended | Increase (Decrease) | Year ended | ||||||||||||||||||||||
2019 | Amount | % | 2018 | Amount | % | 2017 | ||||||||||||||||||||
(dollars in thousands, except per share amounts) | ||||||||||||||||||||||||||
Interest income | $ | 529,952 | $ | 32,883 | 7 | $ | 497,069 | $ | 122,323 | 33 | $ | 374,746 | ||||||||||||||
Interest expense | 36,547 | 18,317 | 100 | 18,230 | 11,473 | 170 | 6,757 | |||||||||||||||||||
Net interest income | 493,405 | 14,566 | 3 | 478,839 | 110,850 | 30 | 367,989 | |||||||||||||||||||
Provision for loan and lease losses | 3,493 | (11,276 | ) | (76 | ) | 14,769 | 6,138 | 71 | 8,631 | |||||||||||||||||
Noninterest income | 97,181 | 8,925 | 10 | 88,256 | (21,386 | ) | (20 | ) | 109,642 | |||||||||||||||||
Noninterest expense: | ||||||||||||||||||||||||||
Compensation and employee benefits | 212,867 | 12,668 | 6 | 200,199 | 30,525 | 18 | 169,674 | |||||||||||||||||||
Other expense | 132,615 | (7,676 | ) | (5 | ) | 140,291 | 18,948 | 16 | 121,343 | |||||||||||||||||
Total | 345,482 | 4,992 | 1 | 340,490 | 49,473 | 17 | 291,017 | |||||||||||||||||||
Income before income taxes | 241,611 | 29,775 | 14 | 211,836 | 33,853 | 19 | 177,983 | |||||||||||||||||||
Provision for income taxes | 47,160 | 8,206 | 21 | 38,954 | (26,201 | ) | (40 | ) | 65,155 | |||||||||||||||||
Net income | $ | 194,451 | $ | 21,569 | 12 | $ | 172,882 | $ | 60,054 | 53 | $ | 112,828 | ||||||||||||||
Less: earnings allocated to participating securities | 1,530 | (362 | ) | (19 | ) | 1,892 | 388 | 26 | 1,504 | |||||||||||||||||
Earnings allocated to common shareholders | $ | 192,921 | $ | 21,931 | 13 | $ | 170,990 | $ | 59,666 | 54 | $ | 111,324 | ||||||||||||||
Earnings per common share, diluted | $ | 2.68 | $ | 0.32 | 14 | $ | 2.36 | $ | 0.50 | 27 | $ | 1.86 |
2022 | 2021 | 2020 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
2019 | 2018 | 2017 | Average Balances | Interest Earned/ Paid | Average Rate | Average Balances | Interest Earned/ Paid | Average Rate | Average Balances | Interest Earned/ Paid | Average Rate | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Average Balances | Interest Earned/ Paid | Average Rate | Average Balances | Interest Earned/ Paid | Average Rate | Average Balances | Interest Earned/ Paid | Average Rate | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
(dollars in thousands) | (dollars in thousands) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
ASSETS | ASSETS | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Loans, net | $ | 8,612,478 | $ | 453,552 | 5.27 | % | $ | 8,409,373 | $ | 432,781 | 5.15 | % | $ | 6,682,259 | $ | 330,400 | 4.94 | % | $ | 11,211,442 | $ | 500,112 | 4.46 | % | $ | 9,832,385 | $ | 420,439 | 4.28 | % | $ | 9,411,213 | $ | 430,923 | 4.58 | % | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Taxable securities | 2,703,423 | 69,864 | 2.58 | % | 2,275,892 | 55,969 | 2.46 | % | 1,886,128 | 38,659 | 2.05 | % | 6,595,476 | 133,084 | 2.02 | % | 5,701,810 | 107,594 | 1.89 | % | 3,531,357 | 81,578 | 2.31 | % | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Tax exempt securities | 463,689 | 13,589 | 2.93 | % | 514,808 | 15,445 | 3.00 | % | 464,716 | 16,992 | 3.66 | % | 725,027 | 18,759 | 2.59 | % | 651,468 | 14,869 | 2.28 | % | 451,561 | 12,110 | 2.68 | % | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Interest-earning deposits with banks | 58,043 | 1,312 | 2.26 | % | 41,248 | 702 | 1.70 | % | 65,173 | 813 | 1.25 | % | Interest-earning deposits with banks | 336,850 | 2,748 | 0.82 | % | 725,155 | 955 | 0.13 | % | 522,480 | 661 | 0.13 | % | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total interest-earning assets | 11,837,633 | 538,317 | 4.55 | % | 11,241,321 | 504,897 | 4.49 | % | 9,098,276 | 386,864 | 4.25 | % | Total interest-earning assets | 18,868,795 | 654,703 | 3.47 | % | 16,910,818 | 543,857 | 3.22 | % | 13,916,611 | 525,272 | 3.77 | % | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Other earning assets | 231,731 | 224,595 | 181,792 | Other earning assets | 305,683 | 252,476 | 235,491 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Noninterest-earning assets | 1,271,660 | 1,259,170 | 854,238 | Noninterest-earning assets | 1,497,471 | 1,284,841 | 1,249,117 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total assets | $ | 13,341,024 | $ | 12,725,086 | $ | 10,134,306 | Total assets | $ | 20,671,949 | $ | 18,448,135 | $ | 15,401,219 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
LIABILITIES AND SHAREHOLDERS’ EQUITY | LIABILITIES AND SHAREHOLDERS’ EQUITY | LIABILITIES AND SHAREHOLDERS’ EQUITY | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Money market accounts | $ | 2,591,303 | $ | 10,598 | 0.41 | % | $ | 2,695,585 | $ | 6,216 | 0.23 | % | $ | 2,070,183 | $ | 2,560 | 0.12 | % | $ | 4,324,611 | $ | 6,098 | 0.14 | % | $ | 3,805,723 | $ | 3,083 | 0.08 | % | $ | 3,043,731 | $ | 4,381 | 0.14 | % | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Interest-bearing demand | 1,064,145 | 1,676 | 0.16 | % | 1,089,548 | 1,543 | 0.14 | % | 864,250 | 458 | 0.05 | % | 2,056,059 | 1,877 | 0.09 | % | 1,637,531 | 1,225 | 0.07 | % | 1,248,975 | 1,453 | 0.12 | % | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Savings accounts | 892,518 | 183 | 0.02 | % | 884,770 | 138 | 0.02 | % | 773,753 | 96 | 0.01 | % | 1,633,354 | 306 | 0.02 | % | 1,382,277 | 217 | 0.02 | % | 1,022,388 | 153 | 0.01 | % | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Interest-bearing public funds, other than certificates of deposit | 440,359 | 7,244 | 1.65 | % | 244,943 | 2,002 | 0.82 | % | 256,529 | 1,030 | 0.40 | % | 734,667 | 7,582 | 1.03 | % | 721,090 | 1,005 | 0.14 | % | 544,109 | 2,003 | 0.37 | % | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Certificates of deposit | 395,421 | 2,445 | 0.62 | % | 452,756 | 2,206 | 0.49 | % | 406,406 | 656 | 0.16 | % | Certificates of deposit | 400,756 | 670 | 0.17 | % | 363,902 | 656 | 0.18 | % | 348,855 | 1,377 | 0.39 | % | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total interest-bearing deposits | 5,383,746 | 22,146 | 0.41 | % | 5,367,602 | 12,105 | 0.23 | % | 4,371,121 | 4,800 | 0.11 | % | Total interest-bearing deposits | 9,149,447 | 16,533 | 0.18 | % | 7,910,523 | 6,186 | 0.08 | % | 6,208,058 | 9,367 | 0.15 | % | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
FHLB and FRB advances | 470,082 | 11,861 | 2.52 | % | 166,577 | 3,750 | 2.25 | % | 79,788 | 1,078 | 1.35 | % | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
FHLB advances and FRB borrowings | FHLB advances and FRB borrowings | 113,683 | 4,659 | 4.10 | % | 7,388 | 291 | 3.94 | % | 342,721 | 6,264 | 1.83 | % | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Subordinated debentures | 35,368 | 1,871 | 5.29 | % | 35,553 | 1,871 | 5.26 | % | 5,905 | 304 | 5.15 | % | Subordinated debentures | 10,000 | 807 | 8.07 | % | 37,258 | 1,932 | 5.19 | % | 35,184 | 1,871 | 5.32 | % | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Other borrowings and interest-bearing liabilities | 34,622 | 669 | 1.93 | % | 45,095 | 504 | 1.12 | % | 55,913 | 575 | 1.03 | % | Other borrowings and interest-bearing liabilities | 69,866 | 1,646 | 2.36 | % | 53,052 | 137 | 0.26 | % | 40,862 | 196 | 0.48 | % | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total interest-bearing liabilities | 5,923,818 | 36,547 | 0.62 | % | 5,614,827 | 18,230 | 0.32 | % | 4,512,727 | 6,757 | 0.15 | % | Total interest-bearing liabilities | 9,342,996 | 23,645 | 0.25 | % | 8,008,221 | 8,546 | 0.11 | % | 6,626,825 | 17,698 | 0.27 | % | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Noninterest-bearing deposits | 5,139,941 | 5,042,802 | 4,111,229 | Noninterest-bearing deposits | 8,773,511 | 7,811,880 | 6,304,197 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Other noninterest-bearing liabilities | 160,623 | 98,278 | 100,294 | Other noninterest-bearing liabilities | 247,989 | 225,579 | 206,921 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Shareholders’ equity | 2,116,642 | 1,969,179 | 1,410,056 | Shareholders’ equity | 2,307,453 | 2,402,455 | 2,263,276 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total liabilities & shareholders’ equity | $ | 13,341,024 | $ | 12,725,086 | $ | 10,134,306 | Total liabilities & shareholders’ equity | $ | 20,671,949 | $ | 18,448,135 | $ | 15,401,219 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Net interest income (tax equivalent) | Net interest income (tax equivalent) | $ | 501,770 | $ | 486,667 | $ | 380,107 | Net interest income (tax equivalent) | $ | 631,058 | $ | 535,311 | $ | 507,574 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Net interest spread (tax equivalent) | Net interest spread (tax equivalent) | 3.93 | % | 4.17 | % | 4.10 | % | Net interest spread (tax equivalent) | 3.22 | % | 3.11 | % | 3.50 | % | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Net interest margin (tax equivalent) | Net interest margin (tax equivalent) | 4.24 | % | 4.33 | % | 4.18 | % | Net interest margin (tax equivalent) | 3.34 | % | 3.17 | % | 3.65 | % | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Average interest-earning assets to average interest-bearing liabilities | Average interest-earning assets to average interest-bearing liabilities | 199.83 | % | 200.21 | % | 201.61 | % | Average interest-earning assets to average interest-bearing liabilities | 201.96 | % | 211.17 | % | 210.00 | % |
(1)Nonaccrual loans have been included in the table as loans carrying a zero yield. Amortized net deferred loan fees |
2022 Compared to 2021 Increase (Decrease) Due to | 2021 Compared to 2020 Increase (Decrease) Due to | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
2019 Compared to 2018 Increase (Decrease) Due to | 2018 Compared to 2017 Increase (Decrease) Due to | Volume | Rate | Total (1) | Volume | Rate | Total (1) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
Volume | Rate | Total | Volume | Rate | Total | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
(in thousands) | (in thousands) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Interest Income | Interest Income | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Loans, net | $ | 10,577 | $ | 10,194 | $ | 20,771 | $ | 88,408 | $ | 13,973 | $ | 102,381 | $ | 60,916 | $ | 18,757 | $ | 79,673 | $ | 18,770 | $ | (29,254) | $ | (10,484) | ||||||||||||||||||||||||||||||||||||||
Taxable securities | 10,934 | 2,961 | 13,895 | 8,800 | 8,510 | 17,310 | Taxable securities | 17,673 | 7,817 | 25,490 | 43,066 | (17,050) | 26,016 | |||||||||||||||||||||||||||||||||||||||||||||||||
Tax-exempt securities | (1,505 | ) | (351 | ) | (1,856 | ) | 1,709 | (3,256 | ) | (1,547 | ) | 1,782 | 2,108 | 3,890 | 4,764 | (2,005) | 2,759 | |||||||||||||||||||||||||||||||||||||||||||||
Interest earning deposits with banks | 334 | 276 | 610 | (353 | ) | 242 | (111 | ) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
Interest earning-deposits with banks | Interest earning-deposits with banks | (760) | 2,553 | 1,793 | 265 | 29 | 294 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
Interest income | $ | 20,340 | $ | 13,080 | $ | 33,420 | $ | 98,564 | $ | 19,469 | $ | 118,033 | Interest income | $ | 79,611 | $ | 31,235 | $ | 110,846 | $ | 66,865 | $ | (48,280) | $ | 18,585 | |||||||||||||||||||||||||||||||||||||
Interest Expense | Interest Expense | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Deposits: | Deposits: | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Money market accounts | $ | (249 | ) | $ | 4,631 | $ | 4,382 | $ | 947 | $ | 2,709 | $ | 3,656 | $ | 469 | $ | 2,546 | $ | 3,015 | $ | 922 | $ | (2,220) | $ | (1,298) | |||||||||||||||||||||||||||||||||||||
Interest-bearing demand | (37 | ) | 170 | 133 | 146 | 939 | 1,085 | 350 | 302 | 652 | 377 | (605) | (228) | |||||||||||||||||||||||||||||||||||||||||||||||||
Savings accounts | 1 | 44 | 45 | 15 | 27 | 42 | 43 | 46 | 89 | 56 | 8 | 64 | ||||||||||||||||||||||||||||||||||||||||||||||||||
Interest-bearing public funds, other than certificates of deposit | 2,309 | 2,933 | 5,242 | (48 | ) | 1,020 | 972 | 19 | 6,558 | 6,577 | 513 | (1,511) | (998) | |||||||||||||||||||||||||||||||||||||||||||||||||
Certificates of deposit | (303 | ) | 542 | 239 | 83 | 1,467 | 1,550 | Certificates of deposit | 64 | (50) | 14 | 57 | (778) | (721) | ||||||||||||||||||||||||||||||||||||||||||||||||
Total interest on deposits | 1,721 | 8,320 | 10,041 | 1,143 | 6,162 | 7,305 | Total interest on deposits | 945 | 9,402 | 10,347 | 1,925 | (5,106) | (3,181) | |||||||||||||||||||||||||||||||||||||||||||||||||
FHLB and FRB advances | 7,606 | 505 | 8,111 | 1,657 | 1,015 | 2,672 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
FHLB advances and FRB borrowings | FHLB advances and FRB borrowings | 4,355 | 13 | 4,368 | (9,371) | 3,398 | (5,973) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
Subordinated debentures | — | — | — | 1,560 | 7 | 1,567 | Subordinated debentures | (4,695) | 3,570 | (1,125) | 106 | (45) | 61 | |||||||||||||||||||||||||||||||||||||||||||||||||
Other borrowings and interest-bearing liabilities | (77 | ) | 242 | 165 | (130 | ) | 59 | (71 | ) | Other borrowings and interest-bearing liabilities | 57 | 1,452 | 1,509 | 107 | (166) | (59) | ||||||||||||||||||||||||||||||||||||||||||||||
Interest expense | $ | 9,250 | $ | 9,067 | $ | 18,317 | $ | 4,230 | $ | 7,243 | $ | 11,473 | Interest expense | $ | 662 | $ | 14,437 | $ | 15,099 | $ | (7,233) | $ | (1,919) | $ | (9,152) | |||||||||||||||||||||||||||||||||||||
$ | 11,090 | $ | 4,013 | $ | 15,103 | $ | 94,334 | $ | 12,226 | $ | 106,560 | $ | 78,949 | $ | 16,798 | $ | 95,747 | $ | 74,098 | $ | (46,361) | $ | 27,737 |
Years Ended December 31, | ||||||||||||
2019 | 2018 | 2017 | ||||||||||
(dollars in thousands) | ||||||||||||
Incremental accretion income due to: | ||||||||||||
PCI loans | $ | 1,284 | $ | 1,635 | $ | 4,107 | ||||||
Other acquired loans | 7,802 | 10,921 | 8,689 | |||||||||
Total incremental accretion income | $ | 9,086 | $ | 12,556 | $ | 12,796 | ||||||
Net interest margin (tax equivalent) | 4.24 | % | 4.33 | % | 4.18 | % | ||||||
Operating net interest margin (tax equivalent) (1) | 4.23 | % | 4.30 | % | 4.15 | % |
Years ended December 31, | ||||||||||||||||||||||||||||||||||||||||||||
2022 | $ Change | % Change | 2021 | $ Change | % Change | 2020 | ||||||||||||||||||||||||||||||||||||||
(dollars in thousands) | ||||||||||||||||||||||||||||||||||||||||||||
Deposit account and treasury management fees | $ | 31,498 | $ | 4,391 | 16 | % | $ | 27,107 | $ | 88 | — | % | $ | 27,019 | ||||||||||||||||||||||||||||||
Card revenue | 20,186 | 1,683 | 9 | % | 18,503 | 4,575 | 33 | % | 13,928 | |||||||||||||||||||||||||||||||||||
Financial services and trust revenue | 17,659 | 1,906 | 12 | % | 15,753 | 2,923 | 23 | % | 12,830 | |||||||||||||||||||||||||||||||||||
Loan revenue | 12,582 | (9,462) | (43) | % | 22,044 | (2,758) | (11) | % | 24,802 | |||||||||||||||||||||||||||||||||||
Bank owned life insurance | 7,636 | 1,103 | 17 | % | 6,533 | 115 | 2 | % | 6,418 | |||||||||||||||||||||||||||||||||||
Investment securities gains (losses), net | (9) | (323) | (103) | % | 314 | (16,396) | (98) | % | 16,710 | |||||||||||||||||||||||||||||||||||
Other | 9,592 | 5,752 | 150 | % | 3,840 | 1,047 | 37 | % | 2,793 | |||||||||||||||||||||||||||||||||||
Total noninterest income | $ | 99,144 | $ | 5,050 | 5 | % | $ | 94,094 | $ | (10,406) | (10) | % | $ | 104,500 |
Years ended December 31, | ||||||||||||||||||||||||||
2019 | $ Change | % Change (1) | 2018 | $ Change | % Change (1) | 2017 | ||||||||||||||||||||
(dollars in thousands) | ||||||||||||||||||||||||||
Deposit account and treasury management fees | $ | 35,695 | $ | (377 | ) | (1 | )% | $ | 36,072 | $ | 5,691 | 19 | % | $ | 30,381 | |||||||||||
Card revenue | 15,198 | (4,521 | ) | (23 | )% | 19,719 | (5,908 | ) | (23 | )% | 25,627 | |||||||||||||||
Financial services and trust revenue | 12,799 | 664 | 5 | % | 12,135 | 657 | 6 | % | 11,478 | |||||||||||||||||
Loan revenue | 13,465 | 1,599 | 13 | % | 11,866 | (533 | ) | (4 | )% | 12,399 | ||||||||||||||||
Merchant processing revenue | — | — | — | % | — | (4,283 | ) | (100 | )% | 4,283 | ||||||||||||||||
Bank owned life insurance | 6,294 | 287 | 5 | % | 6,007 | 627 | 12 | % | 5,380 | |||||||||||||||||
Investment securities gains (losses), net | 2,132 | 2,221 | N/M | (89 | ) | (78 | ) | (709 | )% | (11 | ) | |||||||||||||||
Change in FDIC loss-sharing asset | — | — | — | % | — | 447 | 100 | % | (447 | ) | ||||||||||||||||
Gain on sale of merchant card services portfolio | — | — | — | % | — | (14,000 | ) | (100 | )% | 14,000 | ||||||||||||||||
Other | 11,598 | 9,052 | 356 | % | 2,546 | (4,006 | ) | (61 | )% | 6,552 | ||||||||||||||||
Total noninterest income | $ | 97,181 | $ | 8,925 | 10 | % | $ | 88,256 | $ | (21,386 | ) | (20 | )% | $ | 109,642 |
Years ended December 31, | ||||||||||||||||||||||||||||||||||||||||||||
2022 | $ Change | % Change | 2021 | $ Change | % Change | 2020 | ||||||||||||||||||||||||||||||||||||||
(dollars in thousands) | ||||||||||||||||||||||||||||||||||||||||||||
Compensation and employee benefits | $ | 241,139 | $ | 17,105 | 8 | % | $ | 224,034 | $ | 14,312 | 7 | % | $ | 209,722 | ||||||||||||||||||||||||||||||
Occupancy | 41,150 | 3,335 | 9 | % | 37,815 | 1,802 | 5 | % | 36,013 | |||||||||||||||||||||||||||||||||||
Data processing and software | 41,117 | 7,619 | 23 | % | 33,498 | 4,049 | 14 | % | 29,449 | |||||||||||||||||||||||||||||||||||
Legal and professional fees | 20,578 | 1,668 | 9 | % | 18,910 | 6,752 | 56 | % | 12,158 | |||||||||||||||||||||||||||||||||||
Amortization of intangibles | 8,698 | 711 | 9 | % | 7,987 | (737) | (8) | % | 8,724 | |||||||||||||||||||||||||||||||||||
B&O taxes | 6,797 | 894 | 15 | % | 5,903 | 933 | 19 | % | 4,970 | |||||||||||||||||||||||||||||||||||
Advertising and promotion | 3,962 | 579 | 17 | % | 3,383 | (1,083) | (24) | % | 4,466 | |||||||||||||||||||||||||||||||||||
Regulatory premiums | 6,619 | 1,707 | 35 | % | 4,912 | 1,956 | 66 | % | 2,956 | |||||||||||||||||||||||||||||||||||
Net cost (benefit) of operation of OREO | 114 | 48 | 73 | % | 66 | 381 | (121) | % | (315) | |||||||||||||||||||||||||||||||||||
Other | 32,209 | 8,413 | 35 | % | 23,796 | (2,580) | (10) | % | 26,376 | |||||||||||||||||||||||||||||||||||
Total noninterest expense | $ | 402,383 | $ | 42,079 | 12 | % | $ | 360,304 | $ | 25,785 | 8 | % | $ | 334,519 |
Years ended December 31, | ||||||||||||||||||||||||||
2019 | $ Change | % Change | 2018 | $ Change | % Change | 2017 | ||||||||||||||||||||
(dollars in thousands) | ||||||||||||||||||||||||||
Compensation and employee benefits | $ | 212,867 | $ | 12,668 | 6 | % | $ | 200,199 | $ | 30,525 | 18 | % | $ | 169,674 | ||||||||||||
Occupancy | 35,176 | (1,400 | ) | (4 | )% | 36,576 | 4,169 | 13 | % | 32,407 | ||||||||||||||||
Data processing | 19,164 | (1,071 | ) | (5 | )% | 20,235 | 2,030 | 11 | % | 18,205 | ||||||||||||||||
Legal and professional services | 21,645 | 3,601 | 20 | % | 18,044 | 2,893 | 19 | % | 15,151 | |||||||||||||||||
Amortization of intangibles | 10,479 | (1,757 | ) | (14 | )% | 12,236 | 5,903 | 93 | % | 6,333 | ||||||||||||||||
B&O taxes (1) | 5,846 | 182 | 3 | % | 5,664 | 1,338 | 31 | % | 4,326 | |||||||||||||||||
Advertising and promotion | 4,925 | (659 | ) | (12 | )% | 5,584 | 1,118 | 25 | % | 4,466 | ||||||||||||||||
Regulatory premiums | 1,920 | (1,790 | ) | (48 | )% | 3,710 | 527 | 17 | % | 3,183 | ||||||||||||||||
Merchant processing expense | — | — | — | % | — | (2,196 | ) | (100 | )% | 2,196 | ||||||||||||||||
Net cost (benefit) of operation of OREO | (692 | ) | (1,910 | ) | (157 | )% | 1,218 | 750 | 160 | % | 468 | |||||||||||||||
Other (1)(2) | 34,152 | (2,872 | ) | (8 | )% | 37,024 | 2,416 | 7 | % | 34,608 | ||||||||||||||||
Total noninterest expense | $ | 345,482 | $ | 4,992 | 1 | % | $ | 340,490 | $ | 49,473 | 17 | % | $ | 291,017 |
Years ended December 31, | ||||||||||||
2019 | 2018 | 2017 | ||||||||||
(in thousands) | ||||||||||||
Acquisition-related expenses: | ||||||||||||
Compensation and employee benefits | $ | — | $ | 3,620 | $ | 8,014 | ||||||
Occupancy | — | 1,619 | 1,912 | |||||||||
Advertising and promotion | — | 537 | 467 | |||||||||
Data processing | — | 963 | 1,555 | |||||||||
Legal and professional fees | — | 1,028 | 4,618 | |||||||||
Other | — | 894 | 630 | |||||||||
Total impact of acquisition-related costs to noninterest expense | $ | — | $ | 8,661 | $ | 17,196 | ||||||
Acquisition-related expenses by transaction: | ||||||||||||
Pacific Continental (1) | — | 8,661 | 17,196 | |||||||||
Total impact of acquisition-related costs to noninterest expense | $ | — | $ | 8,661 | $ | 17,196 |
Years ended December 31, | ||||||||||||||||||||
2022 | 2021 | 2020 | ||||||||||||||||||
(in thousands) | ||||||||||||||||||||
Merger-related expenses: | ||||||||||||||||||||
Compensation and employee benefits | $ | 2,109 | $ | 4,875 | $ | — | ||||||||||||||
Occupancy | 1,367 | 271 | — | |||||||||||||||||
Data processing and software | 3,180 | 287 | — | |||||||||||||||||
Legal and professional fees | 10,114 | 8,287 | — | |||||||||||||||||
Advertising & promotion | 170 | 111 | — | |||||||||||||||||
Other | 2,161 | 683 | — | |||||||||||||||||
Total impact of merger-related costs to noninterest expense | $ | 19,101 | $ | 14,514 | $ | — | ||||||||||||||
Merger-related expenses by transaction: | ||||||||||||||||||||
Bank of Commerce (1) | $ | 5,593 | $ | 10,370 | $ | — | ||||||||||||||
Umpqua (2) | $ | 13,508 | $ | 4,144 | $ | — | ||||||||||||||
Total impact of merger-related costs to noninterest expense | $ | 19,101 | $ | 14,514 | $ | — |
Years ended December 31, | ||||||||||||||||||||
2022 | 2021 | 2020 | ||||||||||||||||||
(in thousands) | ||||||||||||||||||||
Provision (recapture) for unfunded loan commitments | $ | (500) | $ | 200 | $ | 3,300 |
December 31, 2022 | |||||||||||||||||||||||||||||||
December 31, 2019 | Amortized Cost | Fair Value | Yield | ||||||||||||||||||||||||||||
Amortized Cost | Fair Value | Yield | |||||||||||||||||||||||||||||
(dollars in thousands) | (dollars in thousands) | ||||||||||||||||||||||||||||||
Available for sale: | Available for sale: | ||||||||||||||||||||||||||||||
U.S. government agency and government-sponsored enterprise mortgage-backed securities & collateralized mortgage obligations (1) | U.S. government agency and government-sponsored enterprise mortgage-backed securities & collateralized mortgage obligations (1) | ||||||||||||||||||||||||||||||
Due through 1 year | $ | 8,670 | $ | 8,629 | 1.92 | % | Due through 1 year | $ | 1,407 | $ | 1,397 | 0.60 | % | ||||||||||||||||||
Over 1 through 5 years | 145,109 | 145,840 | 2.25 | % | Over 1 through 5 years | 583,912 | 545,233 | 2.51 | % | ||||||||||||||||||||||
Over 5 through 10 years | 1,648,064 | 1,675,108 | 2.70 | % | Over 5 through 10 years | 714,547 | 622,765 | 1.90 | % | ||||||||||||||||||||||
Over 10 years | 1,063,106 | 1,063,373 | 2.62 | % | Over 10 years | 1,888,515 | 1,590,315 | 1.98 | % | ||||||||||||||||||||||
Total | $ | 2,864,949 | $ | 2,892,950 | 2.65 | % | Total | $ | 3,188,381 | $ | 2,759,710 | 2.07 | % | ||||||||||||||||||
Other asset-backed securities (1) | Other asset-backed securities (1) | ||||||||||||||||||||||||||||||
Due through 1 year | Due through 1 year | $ | 100 | $ | 99 | 2.28 | % | ||||||||||||||||||||||||
Over 1 through 5 years | 1,731 | 1,715 | 2.28 | % | Over 1 through 5 years | $ | 49,394 | $ | 44,312 | 2.10 | % | ||||||||||||||||||||
Over 5 through 10 years | 168,471 | 170,306 | 2.70 | % | Over 5 through 10 years | 162,820 | 143,324 | 1.67 | % | ||||||||||||||||||||||
Over 10 years | 24,361 | 24,029 | 2.30 | % | Over 10 years | 164,022 | 139,618 | 1.95 | % | ||||||||||||||||||||||
Total | $ | 194,563 | $ | 196,050 | 2.65 | % | Total | $ | 376,336 | $ | 327,353 | 1.85 | % | ||||||||||||||||||
State and municipal securities (2) | State and municipal securities (2) | ||||||||||||||||||||||||||||||
Due through 1 year | $ | 42,788 | $ | 42,937 | 2.72 | % | Due through 1 year | $ | 35,056 | $ | 34,903 | 2.96 | % | ||||||||||||||||||
Over 1 through 5 years | 150,409 | 152,777 | 2.67 | % | Over 1 through 5 years | 143,242 | 137,721 | 2.56 | % | ||||||||||||||||||||||
Over 5 through 10 years | 170,684 | 175,000 | 2.88 | % | Over 5 through 10 years | 228,322 | 206,055 | 2.23 | % | ||||||||||||||||||||||
Over 10 years | 114,485 | 118,088 | 3.33 | % | Over 10 years | 552,849 | 455,394 | 2.30 | % | ||||||||||||||||||||||
Total | $ | 478,366 | $ | 488,802 | 2.91 | % | Total | $ | 959,469 | $ | 834,073 | 2.35 | % | ||||||||||||||||||
U.S. government agency and government-sponsored enterprise securities (1) | U.S. government agency and government-sponsored enterprise securities (1) | ||||||||||||||||||||||||||||||
Due through 1 year | $ | 25,905 | $ | 25,972 | 2.09 | % | Due through 1 year | $ | 48,531 | $ | 47,817 | 2.28 | % | ||||||||||||||||||
Over 1 through 5 years | 119,307 | 121,031 | 2.19 | % | Over 1 through 5 years | 173,298 | 159,988 | 0.83 | % | ||||||||||||||||||||||
Over 5 through 10 years | 20,006 | 21,337 | 3.16 | % | Over 5 through 10 years | 1,000 | 964 | 3.50 | % | ||||||||||||||||||||||
Total | $ | 165,218 | $ | 168,340 | 2.30 | % | Total | $ | 222,829 | $ | 208,769 | 1.17 | % | ||||||||||||||||||
U.S. government securities (1) | U.S. government securities (1) | ||||||||||||||||||||||||||||||
Over 1 through 5 years | Over 1 through 5 years | $ | 183,049 | $ | 167,896 | 1.00 | % | ||||||||||||||||||||||||
Total | Total | $ | 183,049 | $ | 167,896 | 1.00 | % | ||||||||||||||||||||||||
Non-agency collateralized mortgage obligations (1) | Non-agency collateralized mortgage obligations (1) | ||||||||||||||||||||||||||||||
Over 10 years | Over 10 years | $ | 352,782 | $ | 291,298 | 2.36 | % | ||||||||||||||||||||||||
Total | Total | $ | 352,782 | $ | 291,298 | 2.36 | % | ||||||||||||||||||||||||
Held to maturity: | Held to maturity: | ||||||||||||||||||||||||||||||
U.S. government agency and government-sponsored enterprise mortgage-backed securities & collateralized mortgage obligations (1) | U.S. government agency and government-sponsored enterprise mortgage-backed securities & collateralized mortgage obligations (1) | ||||||||||||||||||||||||||||||
Over 1 through 5 years | Over 1 through 5 years | $ | 301,515 | $ | 265,831 | 1.27 | % | ||||||||||||||||||||||||
Over 5 through 10 years | Over 5 through 10 years | 916,571 | 775,931 | 1.61 | % | ||||||||||||||||||||||||||
Over 10 years | Over 10 years | 816,706 | 681,016 | 1.79 | % | ||||||||||||||||||||||||||
Total | Total | $ | 2,034,792 | $ | 1,722,778 | 1.63 | % |
December 31, | |||||||||||||||||||||||||||||||||||
2019 | % of Total | 2018 | % of Total | 2017 | % of Total | 2016 | % of Total | 2015 | % of Total | ||||||||||||||||||||||||||
(dollars in thousands) | |||||||||||||||||||||||||||||||||||
Commercial business | $ | 3,602,597 | 41.2 | % | $ | 3,438,422 | 41.0 | % | $ | 3,377,324 | 40.4 | % | $ | 2,551,054 | 41.1 | % | $ | 2,362,575 | 40.6 | % | |||||||||||||||
Real estate: | |||||||||||||||||||||||||||||||||||
One-to-four family residential | 265,144 | 3.0 | % | 238,367 | 2.8 | % | 188,396 | 2.3 | % | 170,331 | 2.7 | % | 176,295 | 3.0 | % | ||||||||||||||||||||
Commercial and multifamily residential | 4,183,961 | 47.9 | % | 3,846,027 | 45.8 | % | 3,825,739 | 45.8 | % | 2,719,830 | 43.7 | % | 2,491,736 | 42.9 | % | ||||||||||||||||||||
Total real estate | 4,449,105 | 50.9 | % | 4,084,394 | 48.6 | % | 4,014,135 | 48.1 | % | 2,890,161 | 46.4 | % | 2,668,031 | 45.9 | % | ||||||||||||||||||||
Real estate construction: | |||||||||||||||||||||||||||||||||||
One-to-four family residential | 192,762 | 2.2 | % | 217,790 | 2.6 | % | 200,518 | 2.4 | % | 121,887 | 2.0 | % | 135,874 | 2.3 | % | ||||||||||||||||||||
Commercial and multifamily residential | 163,103 | 1.9 | % | 284,394 | 3.4 | % | 371,931 | 4.4 | % | 209,118 | 3.4 | % | 167,413 | 2.9 | % | ||||||||||||||||||||
Total real estate construction | 355,865 | 4.1 | % | 502,184 | 6.0 | % | 572,449 | 6.8 | % | 331,005 | 5.4 | % | 303,287 | 5.2 | % | ||||||||||||||||||||
Consumer | 292,697 | 3.3 | % | 318,945 | 3.8 | % | 334,190 | 4.0 | % | 329,261 | 5.3 | % | 342,601 | 5.9 | % | ||||||||||||||||||||
PCI | 77,516 | 0.9 | % | 89,760 | 1.1 | % | 112,670 | 1.3 | % | 145,660 | 2.3 | % | 180,906 | 3.1 | % | ||||||||||||||||||||
Subtotal | 8,777,780 | 100.4 | % | 8,433,705 | 100.5 | % | 8,410,768 | 100.6 | % | 6,247,141 | 100.5 | % | 5,857,400 | 100.7 | % | ||||||||||||||||||||
Less: Net unearned income | (34,315 | ) | (0.4 | )% | (42,194 | ) | (0.5 | )% | (52,111 | ) | (0.6 | )% | (33,718 | ) | (0.5 | )% | (42,373 | ) | (0.7 | )% | |||||||||||||||
Loans, net of unearned income (before ALLL) | $ | 8,743,465 | 100.0 | % | $ | 8,391,511 | 100.0 | % | $ | 8,358,657 | 100.0 | % | $ | 6,213,423 | 100.0 | % | $ | 5,815,027 | 100.0 | % | |||||||||||||||
Loans held for sale | $ | 17,718 | $ | 3,849 | $ | 5,766 | $ | 5,846 | $ | 4,509 |
2019 | 2018 | 2017 | ||||||||||
Acquisition: | (in thousands) | |||||||||||
Pacific Continental | $ | 13,314 | $ | 18,526 | $ | 24,556 | ||||||
Intermountain | 1,614 | 2,303 | 3,892 | |||||||||
West Coast | 2,675 | 4,578 | 7,995 | |||||||||
Other | (1,378 | ) | 725 | (134 | ) | |||||||
Total net discount at period end | $ | 16,225 | $ | 26,132 | $ | 36,309 |
Maturing | ||||||||||||||||
Due Through 1 Year | Over 1 Through 5 Years | Over 5 Years | Total | |||||||||||||
(in thousands) | ||||||||||||||||
Commercial business | $ | 1,182,715 | $ | 947,289 | $ | 1,480,456 | $ | 3,610,460 | ||||||||
Real estate construction | 186,630 | 74,745 | 94,490 | 355,865 | ||||||||||||
Total | $ | 1,369,345 | $ | 1,022,034 | $ | 1,574,946 | $ | 3,966,325 | ||||||||
Fixed rate loans due after 1 year | $ | 593,169 | $ | 1,118,406 | $ | 1,711,575 | ||||||||||
Variable rate loans due after 1 year | 428,865 | 456,540 | 885,405 | |||||||||||||
Total | $ | 1,022,034 | $ | 1,574,946 | $ | 2,596,980 |
Maturing | ||||||||||||||||||||||||||||||||
Due Through 1 Year | Over 1 Through 5 Years | Over 5 Through 15 Years | Over 15 Years | Total | ||||||||||||||||||||||||||||
(in thousands) | ||||||||||||||||||||||||||||||||
Commercial loans: | ||||||||||||||||||||||||||||||||
Commercial real estate | $ | 132,817 | $ | 1,190,478 | $ | 3,735,353 | $ | 294,137 | $ | 5,352,785 | ||||||||||||||||||||||
Commercial business | 1,253,136 | 948,835 | 1,397,565 | 151,028 | 3,750,564 | |||||||||||||||||||||||||||
Agriculture | 304,001 | 202,193 | 329,726 | 12,983 | 848,903 | |||||||||||||||||||||||||||
Construction | 295,685 | 87,501 | 127,673 | 30,002 | 540,861 | |||||||||||||||||||||||||||
Consumer loans: | ||||||||||||||||||||||||||||||||
One-to-four family residential real estate | 19,977 | 67,128 | 264,630 | 725,759 | 1,077,494 | |||||||||||||||||||||||||||
Other consumer | 6,826 | 18,566 | 9,930 | 5,044 | 40,366 | |||||||||||||||||||||||||||
Total loans | $ | 2,012,442 | $ | 2,514,701 | $ | 5,864,877 | $ | 1,218,953 | $ | 11,610,973 | ||||||||||||||||||||||
Fixed rate loans due after 1 year | ||||||||||||||||||||||||||||||||
Commercial loans: | ||||||||||||||||||||||||||||||||
Commercial real estate | $ | 598,305 | $ | 2,698,539 | $ | 43,216 | $ | 3,340,060 | ||||||||||||||||||||||||
Commercial business | 541,953 | 1,089,218 | 25,402 | 1,656,573 | ||||||||||||||||||||||||||||
Agriculture | 107,205 | 218,465 | 3,761 | 329,431 | ||||||||||||||||||||||||||||
Construction | 13,832 | 81,427 | 46 | 95,305 | ||||||||||||||||||||||||||||
Consumer loans: | ||||||||||||||||||||||||||||||||
One-to-four family residential real estate | 42,218 | 202,397 | 377,568 | 622,183 | ||||||||||||||||||||||||||||
Other consumer | 9,318 | 9,930 | 1,081 | 20,329 | ||||||||||||||||||||||||||||
Total fixed rate loans due after 1 year | $ | 1,312,831 | $ | 4,299,976 | $ | 451,074 | $ | 6,063,881 | ||||||||||||||||||||||||
Variable rate loans due after 1 year | ||||||||||||||||||||||||||||||||
Commercial loans: | ||||||||||||||||||||||||||||||||
Commercial real estate | $ | 592,173 | $ | 1,036,814 | $ | 250,921 | $ | 1,879,908 | ||||||||||||||||||||||||
Commercial business | 406,882 | 308,347 | 125,626 | 840,855 | ||||||||||||||||||||||||||||
Agriculture | 94,988 | 111,261 | 9,222 | 215,471 | ||||||||||||||||||||||||||||
Construction | 73,669 | 46,246 | 29,956 | 149,871 | ||||||||||||||||||||||||||||
Consumer loans: | ||||||||||||||||||||||||||||||||
One-to-four family residential real estate | 24,910 | 62,233 | 348,191 | 435,334 | ||||||||||||||||||||||||||||
Other consumer | 9,248 | — | 3,963 | 13,211 | ||||||||||||||||||||||||||||
Total variable rate loans due after 1 year | $ | 1,201,870 | $ | 1,564,901 | $ | 767,879 | $ | 3,534,650 | ||||||||||||||||||||||||
Total loans due after 1 year | $ | 2,514,701 | $ | 5,864,877 | $ | 1,218,953 | $ | 9,598,531 |
December 31, | ||||||||||||||||||||
2019 | 2018 | 2017 | 2016 | 2015 | ||||||||||||||||
(dollars in thousands) | ||||||||||||||||||||
Nonaccrual: | ||||||||||||||||||||
Commercial business | $ | 26,974 | $ | 35,513 | $ | 45,460 | $ | 11,555 | $ | 9,437 | ||||||||||
Real estate: | ||||||||||||||||||||
One-to-four family residential | 591 | 1,158 | 785 | 568 | 820 | |||||||||||||||
Commercial and multifamily residential | 3,477 | 14,904 | 13,941 | 11,187 | 9,513 | |||||||||||||||
Real estate construction: | ||||||||||||||||||||
One-to-four family residential | — | 318 | 1,854 | 563 | 928 | |||||||||||||||
Consumer | 2,018 | 2,949 | 4,149 | 3,883 | 766 | |||||||||||||||
Total nonaccrual loans: | 33,060 | 54,842 | 66,189 | 27,756 | 21,464 | |||||||||||||||
OREO and OPPO | 552 | 6,049 | 13,298 | 5,998 | 13,738 | |||||||||||||||
Total nonperforming assets | $ | 33,612 | $ | 60,891 | $ | 79,487 | $ | 33,754 | $ | 35,202 | ||||||||||
Accruing loans past due 90 days or more | $ | — | $ | — | $ | 581 | $ | — | $ | — | ||||||||||
Forgone interest on nonperforming loans | $ | 1,996 | $ | 3,615 | $ | 2,400 | $ | 1,919 | $ | 1,287 | ||||||||||
Interest recognized on nonperforming loans | $ | 452 | $ | 1,138 | $ | 971 | $ | 237 | $ | 202 | ||||||||||
Potential problem loans | $ | 72,469 | $ | 26,613 | $ | 41,642 | $ | 31,744 | $ | 23,654 | ||||||||||
ALLL | $ | 83,968 | $ | 83,369 | $ | 75,646 | $ | 70,043 | $ | 68,172 | ||||||||||
Nonperforming loans to year end loans | 0.38 | % | 0.65 | % | 0.79 | % | 0.45 | % | 0.37 | % | ||||||||||
Nonperforming assets to year end assets | 0.24 | % | 0.46 | % | 0.63 | % | 0.35 | % | 0.39 | % |
Years Ended December 31, | ||||||||
2019 | 2018 | |||||||
(in thousands) | ||||||||
Balance, beginning of period | $ | 54,842 | $ | 66,189 | ||||
Loans placed on nonaccrual or restructured | 45,047 | 55,384 | ||||||
Advances | 2,576 | 1,285 | ||||||
Charge-offs | (8,010 | ) | (9,025 | ) | ||||
Loans returned to accrual status | (13,348 | ) | (11,483 | ) | ||||
Repayments (including interest applied to principal) | (47,736 | ) | (47,036 | ) | ||||
Transfers to OREO/OPPO | (311 | ) | (472 | ) | ||||
Balance, end of period | $ | 33,060 | $ | 54,842 |
December 31, | ||||||||
2019 | 2018 | |||||||
(in thousands) | ||||||||
Impaired loans | $ | 31,994 | $ | 49,104 | ||||
Impaired loans with specific allocations | $ | 9,335 | $ | 13,351 | ||||
Amount of the specific allocations | $ | 461 | $ | 2,132 |
2022 | 2021 | 2020 | ||||||||||||||||||
Acquisition: | (in thousands) | |||||||||||||||||||
Bank of Commerce | $ | 6,416 | $ | 12,923 | $ | — | ||||||||||||||
Pacific Continental | (3,615) | (5,306) | (8,442) | |||||||||||||||||
All other purchased and acquired net premium (discount) | 3,819 | 5,031 | (3,742) | |||||||||||||||||
Total net premium (discount) at period end | $ | 6,620 | $ | 12,648 | $ | (12,184) |
December 31, | ||||||||||||||||||||
2019 | 2018 | 2017 | 2016 | 2015 | ||||||||||||||||
(dollars in thousands) | ||||||||||||||||||||
Beginning balance, loans excluding PCI loans | $ | 79,758 | $ | 68,739 | $ | 59,528 | $ | 54,446 | $ | 53,233 | ||||||||||
Beginning balance, PCI loans | 3,611 | 6,907 | 10,515 | 13,726 | 16,336 | |||||||||||||||
Beginning balance | 83,369 | 75,646 | 70,043 | 68,172 | 69,569 | |||||||||||||||
Charge-offs: | ||||||||||||||||||||
Commercial business | (10,324 | ) | (11,719 | ) | (7,613 | ) | (10,068 | ) | (8,266 | ) | ||||||||||
Real estate: | ||||||||||||||||||||
One-to-four family residential | (2 | ) | — | (460 | ) | (35 | ) | (376 | ) | |||||||||||
Commercial and multifamily residential | — | (780 | ) | (287 | ) | (89 | ) | (505 | ) | |||||||||||
Real estate construction: | ||||||||||||||||||||
One-to-four family residential | (170 | ) | — | (14 | ) | (88 | ) | — | ||||||||||||
Consumer | (1,400 | ) | (1,194 | ) | (1,474 | ) | (1,238 | ) | (2,066 | ) | ||||||||||
PCI loans | (3,319 | ) | (4,862 | ) | (6,812 | ) | (9,944 | ) | (13,854 | ) | ||||||||||
Total charge-offs | (15,215 | ) | (18,555 | ) | (16,660 | ) | (21,462 | ) | (25,067 | ) | ||||||||||
Recoveries: | ||||||||||||||||||||
Commercial business | 3,105 | 3,427 | 4,836 | 2,645 | 2,336 | |||||||||||||||
Real estate: | ||||||||||||||||||||
One-to-four family residential | 242 | 408 | 568 | 171 | 307 | |||||||||||||||
Commercial and multifamily residential | 610 | 1,031 | 675 | 1,402 | 3,975 | |||||||||||||||
Real estate construction: | ||||||||||||||||||||
One-to-four family residential | 3,454 | 1,616 | 178 | 291 | 193 | |||||||||||||||
Commercial and multifamily residential | 1 | — | 1 | 109 | 8 | |||||||||||||||
Consumer | 930 | 1,180 | 1,187 | 933 | 931 | |||||||||||||||
PCI loans | 3,979 | 3,847 | 6,187 | 7,004 | 7,329 | |||||||||||||||
Total recoveries | 12,321 | 11,509 | 13,632 | 12,555 | 15,079 | |||||||||||||||
Net charge-offs | (2,894 | ) | (7,046 | ) | (3,028 | ) | (8,907 | ) | (9,988 | ) | ||||||||||
Provision for loan and lease losses, loans excluding PCI loans | 4,920 | 17,050 | 11,614 | 11,049 | 4,676 | |||||||||||||||
Provision (recapture) for loan and lease losses, PCI loans | (1,427 | ) | (2,281 | ) | (2,983 | ) | (271 | ) | $ | 3,915 | ||||||||||
Provision for loan and lease losses | 3,493 | 14,769 | 8,631 | 10,778 | 8,591 | |||||||||||||||
Ending balance, loans excluding PCI loans | 81,124 | 79,758 | 68,739 | 59,528 | 54,446 | |||||||||||||||
Ending balance, PCI loans | 2,844 | 3,611 | 6,907 | 10,515 | 13,726 | |||||||||||||||
Ending balance | $ | 83,968 | $ | 83,369 | $ | 75,646 | $ | 70,043 | $ | 68,172 | ||||||||||
Loans outstanding at end of period (1) | $ | 8,743,465 | $ | 8,391,511 | $ | 8,358,657 | $ | 6,213,423 | $ | 5,815,027 | ||||||||||
Average amount of loans outstanding (1) | $ | 8,612,478 | $ | 8,409,373 | $ | 6,682,259 | $ | 6,052,389 | $ | 5,609,261 | ||||||||||
ALLL to period-end loans | 0.96 | % | 0.99 | % | 0.91 | % | 1.13 | % | 1.17 | % | ||||||||||
Net charge-offs to average loans outstanding | 0.03 | % | 0.08 | % | 0.05 | % | 0.15 | % | 0.18 | % | ||||||||||
ALLL for unfunded commitments and letters of credit | ||||||||||||||||||||
Beginning balance | $ | 4,330 | $ | 3,130 | $ | 2,705 | $ | 2,930 | $ | 2,655 | ||||||||||
Net changes in the ALLL for unfunded commitments and letters of credit | (900 | ) | 1,200 | 425 | (225 | ) | 275 | |||||||||||||
Ending balance | $ | 3,430 | $ | 4,330 | $ | 3,130 | $ | 2,705 | $ | 2,930 |
December 31, | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
2022 | 2021 | 2020 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
Net Chg-offs (Recoveries) | Average Loans | Ratio Net Charge-offs (Recoveries) to Average Loans | Net Chg-offs (Recoveries) | Average Loans | Ratio Net Charge-offs (Recoveries) to Average Loans | Net Chg-offs (Recoveries) | Average Loans | Ratio Net Charge-offs (Recoveries) to Average Loans | ||||||||||||||||||||||||||||||||||||||||||||||||
(dollars in thousands) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Commercial loans: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Commercial real estate | $ | 92 | $ | 5,161,841 | — | % | $ | 411 | $ | 4,293,136 | 0.01 | % | $ | 1,288 | $ | 3,994,597 | 0.03 | % | ||||||||||||||||||||||||||||||||||||||
Commercial business | (75) | 3,661,645 | — | % | 1,502 | 3,629,301 | 0.04 | % | 8,958 | 3,616,711 | 0.25 | % | ||||||||||||||||||||||||||||||||||||||||||||
Agriculture | (70) | 833,162 | (0.01) | % | (33) | 782,718 | — | % | 6,255 | 759,059 | 0.82 | % | ||||||||||||||||||||||||||||||||||||||||||||
Construction | (387) | 457,970 | (0.08) | % | (593) | 314,484 | (0.19) | % | (709) | 313,604 | (0.23) | % | ||||||||||||||||||||||||||||||||||||||||||||
Consumer loans: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
One-to-four family residential real estate | (940) | 1,049,846 | (0.09) | % | (737) | 765,777 | (0.10) | % | (1,999) | 673,854 | (0.30) | % | ||||||||||||||||||||||||||||||||||||||||||||
Consumer | 470 | 43,820 | 1.07 | % | 428 | 35,400 | 1.21 | % | 367 | 38,539 | 0.95 | % | ||||||||||||||||||||||||||||||||||||||||||||
Loans held for sale | — | 3,158 | — | % | — | 11,569 | — | % | — | 14,849 | — | % | ||||||||||||||||||||||||||||||||||||||||||||
Total | $ | (910) | $ | 11,211,442 | (0.01) | % | $ | 978 | $ | 9,832,385 | 0.01 | % | $ | 14,160 | $ | 9,411,213 | 0.15 | % |
December 31, | |||||||||||||||||||||||||||||||||||
2019 | 2018 | 2017 | 2016 | 2015 | |||||||||||||||||||||||||||||||
Balance at End of Period Applicable to: | Amount | % of Total Loans* | Amount | % of Total Loans* | Amount | % of Total Loans* | Amount | % of Total Loans* | Amount | % of Total Loans* | |||||||||||||||||||||||||
(dollars in thousands) | |||||||||||||||||||||||||||||||||||
Commercial business | $ | 46,160 | 41.1 | % | $ | 45,814 | 40.8 | % | $ | 31,341 | 40.2 | % | $ | 37,010 | 41.0 | % | $ | 33,620 | 40.5 | % | |||||||||||||||
Real estate and construction: | |||||||||||||||||||||||||||||||||||
One-to-four family residential | 5,195 | 5.2 | % | 6,678 | 5.4 | % | 5,373 | 4.6 | % | 1,584 | 4.7 | % | 1,988 | 5.3 | % | ||||||||||||||||||||
Commercial and multifamily residential | 24,714 | 49.5 | % | 20,912 | 48.9 | % | 26,862 | 49.9 | % | 17,174 | 46.8 | % | 14,738 | 45.4 | % | ||||||||||||||||||||
Consumer | 4,455 | 3.3 | % | 5,301 | 3.8 | % | 5,163 | 4.0 | % | 3,534 | 5.2 | % | 3,531 | 5.7 | % | ||||||||||||||||||||
PCI | 2,844 | 0.9 | % | 3,611 | 1.1 | % | 6,907 | 1.3 | % | 10,515 | 2.3 | % | 13,726 | 3.1 | % | ||||||||||||||||||||
Unallocated | 600 | — | % | 1,053 | — | % | — | — | % | 226 | — | % | 569 | — | % | ||||||||||||||||||||
Total | $ | 83,968 | 100.0 | % | $ | 83,369 | 100.0 | % | $ | 75,646 | 100.0 | % | $ | 70,043 | 100.0 | % | $ | 68,172 | 100.0 | % |
December 31, | ||||||||||||||||||||||||||||||||||||||
2022 | 2021 | 2020 | ||||||||||||||||||||||||||||||||||||
Balance at End of Period Applicable to: | Amount | % of Total Loans(1) | Amount | % of Total Loans(1) | Amount | % of Total Loans(1) | ||||||||||||||||||||||||||||||||
(dollars in thousands) | ||||||||||||||||||||||||||||||||||||||
Commercial loans: | ||||||||||||||||||||||||||||||||||||||
Commercial real estate | $ | 54,856 | 46.1 | % | $ | 61,254 | 46.8 | % | $ | 68,934 | 43.0 | % | ||||||||||||||||||||||||||
Commercial business | 57,836 | 32.3 | % | 54,712 | 32.2 | % | 45,250 | 38.2 | % | |||||||||||||||||||||||||||||
Agriculture | 9,071 | 7.3 | % | 8,148 | 7.5 | % | 9,052 | 8.3 | % | |||||||||||||||||||||||||||||
Construction | 13,142 | 4.7 | % | 5,397 | 3.6 | % | 7,636 | 2.8 | % | |||||||||||||||||||||||||||||
Consumer loans: | ||||||||||||||||||||||||||||||||||||||
One-to-four family residential real estate | 22,355 | 9.3 | % | 24,123 | 9.5 | % | 16,875 | 7.3 | % | |||||||||||||||||||||||||||||
Consumer | 1,178 | 0.3 | % | 1,944 | 0.4 | % | 1,393 | 0.4 | % | |||||||||||||||||||||||||||||
Total | $ | 158,438 | 100.0 | % | $ | 155,578 | 100.0 | % | $ | 149,140 | 100.0 | % |
December 31, | ||||||||||||||||||||
2022 | 2021 | 2020 | ||||||||||||||||||
(dollars in thousands) | ||||||||||||||||||||
ACL at end of period | $ | 158,438 | $ | 155,578 | $ | 149,140 | ||||||||||||||
Nonaccrual loans at end of period | $ | 13,441 | $ | 23,041 | $ | 34,806 | ||||||||||||||
Loans outstanding at end of period | $ | 11,610,973 | $ | 10,641,937 | $ | 9,427,660 | ||||||||||||||
ACL to total loans | 1.36 | % | 1.46 | % | 1.58 | % | ||||||||||||||
Nonaccrual loans to total loans | 0.12 | % | 0.22 | % | 0.37 | % | ||||||||||||||
ACL to nonaccrual loans | 1178.77 | % | 675.22 | % | 428.49 | % |
December 31, | ||||||||||||||||||||
2022 (1) | 2021 | 2020 | ||||||||||||||||||
(in thousands) | ||||||||||||||||||||
Demand and other noninterest-bearing | $ | 8,373,350 | $ | 8,856,714 | $ | 6,913,214 | ||||||||||||||
Money market | 2,972,838 | 3,525,299 | 2,780,922 | |||||||||||||||||
Interest-bearing demand | 1,980,631 | 1,999,407 | 1,433,083 | |||||||||||||||||
Savings | 1,555,765 | 1,617,546 | 1,169,721 | |||||||||||||||||
Interest-bearing public funds, other than certificates of deposit | 670,580 | 779,146 | 656,273 | |||||||||||||||||
Certificates of deposit, less than $250,000 | 215,848 | 249,120 | 201,805 | |||||||||||||||||
Certificates of deposit, $250,000 or more | 124,411 | 160,490 | 108,935 | |||||||||||||||||
Certificates of deposit insured by CD Option of IntraFi Network | 21,828 | 35,611 | 23,105 | |||||||||||||||||
Brokered certificates of deposit | — | — | 5,000 | |||||||||||||||||
Reciprocal money market accounts | 796,199 | 786,046 | 577,804 | |||||||||||||||||
Subtotal | 16,711,450 | 18,009,379 | 13,869,862 | |||||||||||||||||
Valuation adjustment resulting from acquisition accounting | — | 736 | — | |||||||||||||||||
Total deposits | $ | 16,711,450 | $ | 18,010,115 | $ | 13,869,862 |
December 31, | ||||||||||||
2019 | 2018 | 2017 | ||||||||||
(in thousands) | ||||||||||||
Demand and other noninterest-bearing | $ | 5,328,146 | $ | 5,227,216 | $ | 5,081,901 | ||||||
Money market (2) | 2,322,644 | 2,294,125 | 2,452,391 | |||||||||
Interest-bearing demand (2) | 1,150,437 | 1,084,863 | 1,085,173 | |||||||||
Savings (2) | 882,050 | 889,849 | 861,487 | |||||||||
Interest-bearing public funds, other than certificates of deposit (2) | 301,203 | 233,938 | 271,814 | |||||||||
Certificates of deposit, less than $250,000 | 218,764 | 243,849 | 286,791 | |||||||||
Certificates of deposit, $250,000 or more | 151,995 | 89,473 | 100,399 | |||||||||
Certificates of deposit insured by CDARS®(1) | 17,065 | 23,580 | 25,374 | |||||||||
Brokered certificates of deposit | 12,259 | 57,930 | 78,481 | |||||||||
Reciprocal money market accounts (1) | 300,158 | 313,692 | 289,031 | |||||||||
Subtotal | 10,684,721 | 10,458,515 | 10,532,842 | |||||||||
Valuation adjustment resulting from acquisition accounting | (13 | ) | (389 | ) | (757 | ) | ||||||
Total deposits | $ | 10,684,708 | $ | 10,458,126 | $ | 10,532,085 |
December 31, 2022 | ||||||||
Amounts maturing in: | (dollars in thousands) | |||||||
Three months or less (1) | $ | 74,641 | ||||||
Over 3 through 6 months | 5,386 | |||||||
Over 6 through 12 months | 13,120 | |||||||
Over 12 months | 31,264 | |||||||
Total | $ | 124,411 |
Amounts maturing in: | December 31, 2019 | |||||||||||||
Time Certificates of Deposit of $100,000 or More | Other Time Deposits of $100,000 or More | |||||||||||||
Amount | Percent of Total Deposits | Amount | Percent of Total Deposits | |||||||||||
(dollars in thousands) | ||||||||||||||
Three months or less | $ | 125,035 | 1.2 | % | $ | 9,825 | 0.1 | % | ||||||
Over 3 through 6 months | 22,208 | 0.2 | % | 11,426 | 0.1 | % | ||||||||
Over 6 through 12 months | 28,922 | 0.3 | % | 6,919 | 0.1 | % | ||||||||
Over 12 months | 38,984 | 0.3 | % | — | — | % | ||||||||
Total | $ | 215,149 | 2.0 | % | $ | 28,170 | 0.3 | % |
Years ended December 31, | |||||||||||||||||||||
2019 | 2018 | 2017 | |||||||||||||||||||
Average Deposits | Average Rate | Average Deposits | Average Rate | Average Deposits | Average Rate | ||||||||||||||||
(dollars in thousands) | |||||||||||||||||||||
Money market (1) | $ | 2,591,303 | 0.41 | % | $ | 2,695,585 | 0.23 | % | $ | 2,070,183 | 0.12 | % | |||||||||
Interest bearing demand (1) | 1,064,145 | 0.16 | % | 1,089,548 | 0.14 | % | 864,250 | 0.05 | % | ||||||||||||
Savings (1) | 892,518 | 0.02 | % | 884,770 | 0.02 | % | 773,753 | 0.01 | % | ||||||||||||
Interest-bearing public funds, other than certificates of deposit (1) | 440,359 | 1.65 | % | 244,943 | 0.82 | % | 256,529 | 0.40 | % | ||||||||||||
Certificates of deposit | 395,421 | 0.62 | % | 452,756 | 0.49 | % | 406,406 | 0.16 | % | ||||||||||||
Total interest-bearing deposits | 5,383,746 | 0.41 | % | 5,367,602 | 0.23 | % | 4,371,121 | 0.11 | % | ||||||||||||
Demand and other non-interest bearing | 5,139,941 | 5,042,802 | 4,111,229 | ||||||||||||||||||
Total average deposits | $ | 10,523,687 | $ | 10,410,404 | $ | 8,482,350 |
Years ended December 31, | ||||||||||||||||||||||||||||||||||||||
2022 | 2021 | 2020 | ||||||||||||||||||||||||||||||||||||
Average Deposits | Average Rate | Average Deposits | Average Rate | Average Deposits | Average Rate | |||||||||||||||||||||||||||||||||
(dollars in thousands) | ||||||||||||||||||||||||||||||||||||||
Money market | $ | 4,324,611 | 0.14 | % | $ | 3,805,723 | 0.08 | % | $ | 3,043,731 | 0.14 | % | ||||||||||||||||||||||||||
Interest-bearing demand | 2,056,059 | 0.09 | % | 1,637,531 | 0.07 | % | 1,248,975 | 0.12 | % | |||||||||||||||||||||||||||||
Savings | 1,633,354 | 0.02 | % | 1,382,277 | 0.02 | % | 1,022,388 | 0.01 | % | |||||||||||||||||||||||||||||
Interest-bearing public funds, other than certificates of deposit | 734,667 | 1.03 | % | 721,090 | 0.14 | % | 544,109 | 0.37 | % | |||||||||||||||||||||||||||||
Certificates of deposit | 400,756 | 0.17 | % | 363,902 | 0.18 | % | 348,855 | 0.39 | % | |||||||||||||||||||||||||||||
Total interest-bearing deposits | 9,149,447 | 0.18 | % | 7,910,523 | 0.08 | % | 6,208,058 | 0.15 | % | |||||||||||||||||||||||||||||
Demand and other noninterest-bearing | 8,773,511 | 7,811,880 | 6,304,197 | |||||||||||||||||||||||||||||||||||
Total average deposits | $ | 17,922,958 | $ | 15,722,403 | $ | 12,512,255 |
Payments due within time period at December 31, 2019 | ||||||||||||||||||||
0-12 Months | 1-3 Years | 4-5 Years | Due after Five Years | Total | ||||||||||||||||
(in thousands) | ||||||||||||||||||||
Total deposits (1) | $ | 10,597,880 | $ | 73,025 | $ | 13,653 | $ | 150 | $ | 10,684,708 | ||||||||||
FHLB advances (1) | 946,000 | 2,073 | — | 5,396 | 953,469 | |||||||||||||||
Operating leases | 11,105 | 21,815 | 16,456 | 21,866 | 71,242 | |||||||||||||||
Other borrowings (1) | 64,437 | — | — | — | 64,437 | |||||||||||||||
Subordinated debentures (1) | — | — | — | 35,277 | 35,277 | |||||||||||||||
Total | $ | 11,619,422 | $ | 96,913 | $ | 30,109 | $ | 62,689 | $ | 11,809,133 |
Payments due within time period at December 31, 2022 | ||||||||||||||||||||||||||||||||
0-12 Months | 1-3 Years | 4-5 Years | Due after Five Years | Total | ||||||||||||||||||||||||||||
(in thousands) | ||||||||||||||||||||||||||||||||
Total deposits (1) (2) | $ | 16,616,237 | $ | 77,231 | $ | 17,972 | $ | 10 | $ | 16,711,450 | ||||||||||||||||||||||
FHLB advances (1) | 949,000 | — | — | 5,315 | 954,315 | |||||||||||||||||||||||||||
Operating leases | 11,597 | 19,564 | 14,749 | 18,269 | 64,179 | |||||||||||||||||||||||||||
Other borrowings (1) | 95,168 | — | — | — | 95,168 | |||||||||||||||||||||||||||
Junior subordinated debentures (1) | — | — | — | 10,310 | 10,310 | |||||||||||||||||||||||||||
Subordinated debentures (1) | — | 10,000 | — | — | 10,000 | |||||||||||||||||||||||||||
Total | $ | 17,672,002 | $ | 106,795 | $ | 32,721 | $ | 33,904 | $ | 17,845,422 |
Company | Columbia Bank | |||||||||||||||||||||||||||||||||||||
2022 | 2021 | 2022 | 2021 | |||||||||||||||||||||||||||||||||||
CET1 risk-based capital ratio | 12.87 | % | 13.01 | % | 12.93 | % | 13.06 | % | ||||||||||||||||||||||||||||||
Tier 1 risk-based capital ratio | 12.87 | % | 13.01 | % | 12.93 | % | 13.06 | % | ||||||||||||||||||||||||||||||
Total risk-based capital ratio | 13.98 | % | 14.21 | % | 13.97 | % | 14.18 | % | ||||||||||||||||||||||||||||||
Leverage ratio | 9.34 | % | 8.55 | % | 9.47 | % | 8.60 | % |
Company | Columbia Bank | |||||||||||
2019 | 2018 | 2019 | 2018 | |||||||||
CET1 risk-based capital ratio | 12.45 | % | 12.74 | % | 12.46 | % | 12.96 | % | ||||
Tier 1 risk-based capital ratio | 12.45 | % | 12.74 | % | 12.46 | % | 12.96 | % | ||||
Total risk-based capital ratio | 13.60 | % | 13.99 | % | 13.29 | % | 13.85 | % | ||||
Leverage ratio | 10.17 | % | 10.24 | % | 10.22 | % | 10.42 | % |
Years ended December 31, | ||||||||||||||||||||||||||||||||
Years ended December 31, | 2022 | 2021 | 2020 | |||||||||||||||||||||||||||||
2019 | 2018 | 2017 | ||||||||||||||||||||||||||||||
Dividends paid per common share - regular | $ | 1.12 | $ | 1.00 | $ | 0.88 | Dividends paid per common share - regular | $ | 1.20 | $ | 1.14 | $ | 1.12 | |||||||||||||||||||
Dividends paid per common share - special | 0.28 | 0.14 | — | Dividends paid per common share - special | — | — | 0.22 | |||||||||||||||||||||||||
Dividends paid per common share | $ | 1.40 | $ | 1.14 | $ | 0.88 | Dividends paid per common share | $ | 1.20 | $ | 1.14 | $ | 1.34 | |||||||||||||||||||
Dividend payout ratio (1) | 52 | % | 48 | % | 47 | % | Dividend payout ratio (1) | 38 | % | 41 | % | 62 | % |
December 31, | ||||||||||||||
2022 | 2021 | |||||||||||||
(dollars in thousands) | ||||||||||||||
Shareholders’ equity | $ | 2,213,153 | $ | 2,588,742 | ||||||||||
Goodwill | (823,172) | (823,172) | ||||||||||||
Other intangible assets, net | (25,949) | (34,647) | ||||||||||||
Tangible common equity (a) | 1,364,032 | 1,730,923 | ||||||||||||
Total assets | 20,265,843 | 20,945,333 | ||||||||||||
Goodwill | (823,172) | (823,172) | ||||||||||||
Other intangible assets, net | (25,949) | (34,647) | ||||||||||||
Tangible assets (b) | $ | 19,416,722 | $ | 20,087,514 | ||||||||||
Risk-weighted assets, determined in accordance with prescribed regulatory requirements (c) | $ | 14,649,966 | $ | 13,146,341 | ||||||||||
Ratios: | ||||||||||||||
Tangible common equity to tangible assets (a)/(b) | 7.03 | % | 8.62 | % | ||||||||||
Tangible common equity to risk-weighted assets (a)/(c) | 9.31 | % | 13.17 | % |
December 31, | ||||||||
2019 | 2018 | |||||||
(dollars in thousands) | ||||||||
Shareholders’ equity | $ | 2,159,962 | $ | 2,033,649 | ||||
Goodwill | (765,842 | ) | (765,842 | ) | ||||
Other intangible assets, net | (35,458 | ) | (45,937 | ) | ||||
Tangible common equity (a) | 1,358,662 | 1,221,870 | ||||||
Total assets | 14,079,524 | 13,095,145 | ||||||
Goodwill | (765,842 | ) | (765,842 | ) | ||||
Other intangible assets, net | (35,458 | ) | (45,937 | ) | ||||
Tangible assets (b) | $ | 13,278,224 | $ | 12,283,366 | ||||
Risk-weighted assets, determined in accordance with prescribed regulatory requirements (c) | $ | 10,583,559 | $ | 9,838,148 | ||||
Ratios | ||||||||
Tangible common equity to tangible assets (a)/(b) | 10.23 | % | 9.95 | % | ||||
Tangible common equity to risk-weighted assets (a)/(c) | 12.84 | % | 12.42 | % |
Years ended December 31, | ||||||||||||||||||||||||||||||||
Years ended December 31, | 2022 | 2021 | 2020 | |||||||||||||||||||||||||||||
2019 | 2018 | 2017 | ||||||||||||||||||||||||||||||
Operating net interest margin non-GAAP reconciliation: | (dollars in thousands) | Operating net interest margin non-GAAP reconciliation: | (dollars in thousands) | |||||||||||||||||||||||||||||
Net interest income (tax equivalent) (1) | $ | 501,770 | $ | 486,667 | $ | 380,107 | Net interest income (tax equivalent) (1) | $ | 631,058 | $ | 535,311 | $ | 507,574 | |||||||||||||||||||
Adjustments to arrive at operating net interest income (tax equivalent): | Adjustments to arrive at operating net interest income (tax equivalent): | |||||||||||||||||||||||||||||||
Incremental accretion income on PCI loans | (1,284 | ) | (1,635 | ) | (4,107 | ) | ||||||||||||||||||||||||||
Incremental accretion income on other acquired loans | (7,802 | ) | (10,921 | ) | (8,689 | ) | ||||||||||||||||||||||||||
Incremental accretion income on acquired loans | Incremental accretion income on acquired loans | 3,943 | (2,811) | (6,154) | ||||||||||||||||||||||||||||
Premium amortization on acquired securities | 6,020 | 7,736 | 6,636 | Premium amortization on acquired securities | 3,852 | 2,752 | 3,409 | |||||||||||||||||||||||||
Correction of immaterial error - securities premium amortization | — | — | 1,771 | |||||||||||||||||||||||||||||
Interest reversals on nonaccrual loans | 1,671 | 1,564 | 1,766 | |||||||||||||||||||||||||||||
Interest reversals on nonaccrual loans (2) | Interest reversals on nonaccrual loans (2) | — | — | 2,000 | ||||||||||||||||||||||||||||
Operating net interest income (tax equivalent) (1) | $ | 500,375 | $ | 483,411 | $ | 377,484 | Operating net interest income (tax equivalent) (1) | $ | 638,853 | $ | 535,252 | $ | 506,829 | |||||||||||||||||||
Average interest earning assets | $ | 11,837,633 | $ | 11,241,321 | $ | 9,098,276 | Average interest earning assets | $ | 18,868,795 | $ | 16,910,818 | $ | 13,916,611 | |||||||||||||||||||
Net interest margin (tax equivalent) (1) | 4.24 | % | 4.33 | % | 4.18 | % | Net interest margin (tax equivalent) (1) | 3.34 | % | 3.17 | % | 3.65 | % | |||||||||||||||||||
Operating net interest margin (tax equivalent) (1) | 4.23 | % | 4.30 | % | 4.15 | % | Operating net interest margin (tax equivalent) (1) | 3.39 | % | 3.17 | % | 3.64 | % |
Year one | Year two | |||||||||||||||||||||||||
Change in basis points (bps) | Change in net interest income | % Change in net interest income | Change in net interest income | % Change in net interest income | ||||||||||||||||||||||
(dollars in thousands) | ||||||||||||||||||||||||||
+200 | $ | 6,420 | 0.99 | % | $ | 43,017 | 6.27 | % | ||||||||||||||||||
-100 | $ | (6,445) | (0.99) | % | $ | (31,589) | (4.61) | % |
Year one | Year two | |||||||||||||||||||||||||
Change in basis points (bps) | Change in net interest income | % Change in net interest income | Change in net interest income | % Change in net interest income | ||||||||||||||||||||||
(dollars in thousands) | ||||||||||||||||||||||||||
+200 | $ | 18,971 | 2.93 | % | $ | 62,062 | 9.05 | % | ||||||||||||||||||
-100 | $ | (19,518) | (3.01) | % | $ | (41,788) | (6.09) | % |
December 31, 2022 | December 31, 2022 | Estimated Maturity or Repricing | ||||||||||||||||||||||||||||||||||||||||||||||||||
0-3 months | 4-12 months | Over 1 year through 5 years | Due after 5 years | Total | ||||||||||||||||||||||||||||||||||||||||||||||||
December 31, 2019 | Estimated Maturity or Repricing | |||||||||||||||||||||||||||||||||||||||||||||||||||
0-3 months | 4-12 months | Over 1 year through 5 years | Due after 5 years | Total | ||||||||||||||||||||||||||||||||||||||||||||||||
(dollars in thousands) | (dollars in thousands) | |||||||||||||||||||||||||||||||||||||||||||||||||||
Interest-Earning Assets | Interest-Earning Assets | |||||||||||||||||||||||||||||||||||||||||||||||||||
Interest-earning deposits | $ | 24,132 | $ | — | $ | — | $ | — | $ | 24,132 | Interest-earning deposits | $ | 29,283 | $ | — | $ | — | $ | — | $ | 29,283 | |||||||||||||||||||||||||||||||
Loans, net of deferred fees | 3,176,275 | 959,992 | 3,328,537 | 1,278,661 | 8,743,465 | Loans, net of deferred fees | 3,978,005 | 1,127,424 | 4,392,671 | 2,112,873 | 11,610,973 | |||||||||||||||||||||||||||||||||||||||||
Loans held for sale | 17,718 | — | — | — | 17,718 | Loans held for sale | 76,843 | — | — | — | 76,843 | |||||||||||||||||||||||||||||||||||||||||
Investments | 225,244 | 298,906 | 1,314,784 | 1,955,328 | 3,794,262 | Investments | 167,010 | 418,387 | 2,673,919 | 3,426,160 | 6,685,476 | |||||||||||||||||||||||||||||||||||||||||
Total interest-earning assets | $ | 3,443,369 | $ | 1,258,898 | $ | 4,643,321 | $ | 3,233,989 | 12,579,577 | Total interest-earning assets | $ | 4,251,141 | $ | 1,545,811 | $ | 7,066,590 | $ | 5,539,033 | 18,402,575 | |||||||||||||||||||||||||||||||||
ALLL | (83,968 | ) | ||||||||||||||||||||||||||||||||||||||||||||||||||
ACL | ACL | (158,438) | ||||||||||||||||||||||||||||||||||||||||||||||||||
Cash and due from banks | Cash and due from banks | 223,541 | Cash and due from banks | 262,458 | ||||||||||||||||||||||||||||||||||||||||||||||||
Premises and equipment, net | Premises and equipment, net | 165,408 | Premises and equipment, net | 160,578 | ||||||||||||||||||||||||||||||||||||||||||||||||
Other assets | Other assets | 1,194,966 | Other assets | 1,598,670 | ||||||||||||||||||||||||||||||||||||||||||||||||
Total assets | Total assets | $ | 14,079,524 | Total assets | $ | 20,265,843 | ||||||||||||||||||||||||||||||||||||||||||||||
Interest-Bearing Liabilities | Interest-Bearing Liabilities | |||||||||||||||||||||||||||||||||||||||||||||||||||
Interest-bearing non-maturity deposits | $ | 4,956,492 | $ | — | $ | — | $ | — | $ | 4,956,492 | Interest-bearing non-maturity deposits | $ | 7,976,013 | $ | — | $ | — | $ | — | $ | 7,976,013 | |||||||||||||||||||||||||||||||
Time deposits | 168,979 | 144,262 | 86,678 | 151 | 400,070 | Time deposits | 155,589 | 111,284 | 95,203 | 11 | 362,087 | |||||||||||||||||||||||||||||||||||||||||
Subordinated debentures | — | — | 35,277 | — | 35,277 | Subordinated debentures | 10,000 | — | — | — | 10,000 | |||||||||||||||||||||||||||||||||||||||||
Borrowings | 810,906 | 202,000 | — | 5,000 | 1,017,906 | Borrowings | 1,054,478 | 15 | — | 5,300 | 1,059,793 | |||||||||||||||||||||||||||||||||||||||||
Total interest-bearing liabilities | $ | 5,936,377 | $ | 346,262 | $ | 121,955 | $ | 5,151 | 6,409,745 | Total interest-bearing liabilities | $ | 9,196,080 | $ | 111,299 | $ | 95,203 | $ | 5,311 | 9,407,893 | |||||||||||||||||||||||||||||||||
Other liabilities | Other liabilities | 5,509,817 | Other liabilities | 8,644,797 | ||||||||||||||||||||||||||||||||||||||||||||||||
Total liabilities | Total liabilities | 11,919,562 | Total liabilities | 18,052,690 | ||||||||||||||||||||||||||||||||||||||||||||||||
Shareholders’ equity | Shareholders’ equity | 2,159,962 | Shareholders’ equity | 2,213,153 | ||||||||||||||||||||||||||||||||||||||||||||||||
Total liabilities and shareholders’ equity | Total liabilities and shareholders’ equity | $ | 14,079,524 | Total liabilities and shareholders’ equity | $ | 20,265,843 | ||||||||||||||||||||||||||||||||||||||||||||||
Interest-bearing liabilities as a percent of total interest-earning assets | 47.19 | % | 2.75 | % | 0.97 | % | 0.04 | % | Interest-bearing liabilities as a percent of total interest-earning assets | 49.97 | % | 0.60 | % | 0.52 | % | 0.03 | % | |||||||||||||||||||||||||||||||||||
Rate sensitivity gap | $ | (2,493,008 | ) | $ | 912,636 | $ | 4,521,366 | $ | 3,228,838 | Rate sensitivity gap | $ | (4,944,939) | $ | 1,434,512 | $ | 6,971,387 | $ | 5,533,722 | ||||||||||||||||||||||||||||||||||
Cumulative rate sensitivity gap | $ | (2,493,008 | ) | $ | (1,580,372 | ) | $ | 2,940,994 | $ | 6,169,832 | Cumulative rate sensitivity gap | $ | (4,944,939) | $ | (3,510,427) | $ | 3,460,960 | $ | 8,994,682 | |||||||||||||||||||||||||||||||||
Rate sensitivity gap as a percentage of interest-earning assets | (19.82 | )% | 7.25 | % | 35.94 | % | 25.67 | % | Rate sensitivity gap as a percentage of interest-earning assets | (26.87) | % | 7.80 | % | 37.88 | % | 30.07 | % | |||||||||||||||||||||||||||||||||||
Cumulative rate sensitivity gap as a percentage of interest-earning assets | (19.82 | )% | (12.56 | )% | 23.38 | % | 49.05 | % | Cumulative rate sensitivity gap as a percentage of interest-earning assets | (26.87) | % | (19.08) | % | 18.81 | % | 48.88 | % |
CONSOLIDATED BALANCE SHEETS | |||||||||||||||||||||||
December 31, | |||||||||||||||||||||||
2022 | 2021 | ||||||||||||||||||||||
(in thousands) | |||||||||||||||||||||||
ASSETS | |||||||||||||||||||||||
Cash and due from banks | $ | 262,458 | $ | 153,414 | |||||||||||||||||||
Interest-earning deposits with banks | 29,283 | 671,300 | |||||||||||||||||||||
Total cash and cash equivalents | 291,741 | 824,714 | |||||||||||||||||||||
Debt securities available for sale at fair value (amortized cost of $5,282,846 and $5,898,041, respectively) | 4,589,099 | 5,910,999 | |||||||||||||||||||||
Debt securities held to maturity at amortized cost (fair value of $1,722,778 and $2,122,606, respectively) | 2,034,792 | 2,148,327 | |||||||||||||||||||||
Equity securities | 13,425 | 13,425 | |||||||||||||||||||||
FHLB stock at cost | 48,160 | 10,280 | |||||||||||||||||||||
Loans held for sale (includes $907 and $9,570, respectively, measured at fair value) (1) | 76,843 | 9,774 | |||||||||||||||||||||
Loans, net of unearned income | 11,610,973 | 10,641,937 | |||||||||||||||||||||
Less: ACL | 158,438 | 155,578 | |||||||||||||||||||||
Loans, net | 11,452,535 | 10,486,359 | |||||||||||||||||||||
Interest receivable | 64,908 | 56,019 | |||||||||||||||||||||
Premises and equipment, net | 160,578 | 172,144 | |||||||||||||||||||||
OREO | — | 381 | |||||||||||||||||||||
Goodwill | 823,172 | 823,172 | |||||||||||||||||||||
Other intangible assets, net | 25,949 | 34,647 | |||||||||||||||||||||
Other assets | 684,641 | 455,092 | |||||||||||||||||||||
Total assets | $ | 20,265,843 | $ | 20,945,333 | |||||||||||||||||||
LIABILITIES AND SHAREHOLDERS’ EQUITY | |||||||||||||||||||||||
Deposits: | |||||||||||||||||||||||
Noninterest-bearing (includes $259,360 at December 31, 2022 classified as held for sale) | $ | 8,373,350 | $ | 8,856,714 | |||||||||||||||||||
Interest-bearing (includes $325,696 at December 31, 2022 classified as held for sale) | 8,338,100 | 9,153,401 | |||||||||||||||||||||
Total deposits | 16,711,450 | 18,010,115 | |||||||||||||||||||||
FHLB advances | 954,315 | 7,359 | |||||||||||||||||||||
Securities sold under agreements to repurchase | 95,168 | 86,013 | |||||||||||||||||||||
Subordinated debentures | 10,000 | 10,000 | |||||||||||||||||||||
Junior subordinated debentures | 10,310 | 10,310 | |||||||||||||||||||||
Other liabilities | 271,447 | 232,794 | |||||||||||||||||||||
Total liabilities | 18,052,690 | 18,356,591 | |||||||||||||||||||||
Commitments and contingent liabilities (Note 19) | |||||||||||||||||||||||
Shareholders’ equity: | |||||||||||||||||||||||
December 31, | |||||||||||||||||||||||
2022 | 2021 | ||||||||||||||||||||||
(in thousands) | |||||||||||||||||||||||
Preferred stock (no par value) | |||||||||||||||||||||||
Authorized shares | 2,000 | 2,000 | |||||||||||||||||||||
Common stock (no par value) | |||||||||||||||||||||||
Authorized shares | 115,000 | 115,000 | |||||||||||||||||||||
Issued | 80,830 | 80,695 | 1,944,471 | 1,930,187 | |||||||||||||||||||
Outstanding | 78,646 | 78,511 | |||||||||||||||||||||
Retained earnings | 850,011 | 694,227 | |||||||||||||||||||||
Accumulated other comprehensive income (loss) | (510,495) | 35,162 | |||||||||||||||||||||
Treasury stock at cost | 2,184 | 2,184 | (70,834) | (70,834) | |||||||||||||||||||
Total shareholders’ equity | 2,213,153 | 2,588,742 | |||||||||||||||||||||
Total liabilities and shareholders’ equity | $ | 20,265,843 | $ | 20,945,333 |
December 31, | |||||||||||||
2019 | 2018 | ||||||||||||
(in thousands) | |||||||||||||
ASSETS | |||||||||||||
Cash and due from banks | $ | 223,541 | $ | 260,180 | |||||||||
Interest-earning deposits with banks | 24,132 | 17,407 | |||||||||||
Total cash and cash equivalents | 247,673 | 277,587 | |||||||||||
Debt securities available for sale at fair value | 3,746,142 | 3,167,448 | |||||||||||
FHLB stock at cost | 48,120 | 25,960 | |||||||||||
Loans held for sale | 17,718 | 3,849 | |||||||||||
Loans, net of unearned income | 8,743,465 | 8,391,511 | |||||||||||
Less: ALLL | 83,968 | 83,369 | |||||||||||
Loans, net | 8,659,497 | 8,308,142 | |||||||||||
Interest receivable | 46,839 | 45,323 | |||||||||||
Premises and equipment, net | 165,408 | 168,788 | |||||||||||
OREO | 552 | 6,019 | |||||||||||
Goodwill | 765,842 | 765,842 | |||||||||||
Other intangible assets, net | 35,458 | 45,937 | |||||||||||
Other assets | 346,275 | 280,250 | |||||||||||
Total assets | $ | 14,079,524 | $ | 13,095,145 | |||||||||
LIABILITIES AND SHAREHOLDERS’ EQUITY | |||||||||||||
Deposits: | |||||||||||||
Noninterest-bearing | $ | 5,328,146 | $ | 5,227,216 | |||||||||
Interest-bearing | 5,356,562 | 5,230,910 | |||||||||||
Total deposits | 10,684,708 | 10,458,126 | |||||||||||
FHLB advances | 953,469 | 399,523 | |||||||||||
Securities sold under agreements to repurchase | 64,437 | 61,094 | |||||||||||
Subordinated debentures | 35,277 | 35,462 | |||||||||||
Other liabilities | 181,671 | 107,291 | |||||||||||
Total liabilities | 11,919,562 | 11,061,496 | |||||||||||
Commitments and contingent liabilities (Note 18) | |||||||||||||
Shareholders’ equity: | |||||||||||||
December 31, | |||||||||||||
2019 | 2018 | ||||||||||||
(in thousands) | |||||||||||||
Preferred stock (no par value) | |||||||||||||
Authorized shares | 2,000 | 2,000 | |||||||||||
Common stock (no par value) | |||||||||||||
Authorized shares | 115,000 | 115,000 | |||||||||||
Issued | 73,577 | 73,249 | 1,650,753 | 1,642,246 | |||||||||
Outstanding | 72,124 | 73,249 | |||||||||||
Retained earnings | 519,676 | 426,708 | |||||||||||
Accumulated other comprehensive income (loss) | 40,367 | (35,305 | ) | ||||||||||
Treasury stock at cost | 1,453 | — | (50,834 | ) | — | ||||||||
Total shareholders’ equity | 2,159,962 | 2,033,649 | |||||||||||
Total liabilities and shareholders’ equity | $ | 14,079,524 | $ | 13,095,145 |
Years ended December 31, | ||||||||||||
2019 | 2018 | 2017 | ||||||||||
(in thousands except per share amounts) | ||||||||||||
Interest Income | ||||||||||||
Loans | $ | 448,041 | $ | 428,197 | $ | 324,229 | ||||||
Taxable securities | 69,864 | 55,969 | 38,659 | |||||||||
Tax-exempt securities | 10,735 | 12,201 | 11,045 | |||||||||
Deposits in banks | 1,312 | 702 | 813 | |||||||||
Total interest income | 529,952 | 497,069 | 374,746 | |||||||||
Interest Expense | ||||||||||||
Deposits | 22,146 | 12,105 | 4,800 | |||||||||
FHLB advances | 11,861 | 3,750 | 1,078 | |||||||||
Subordinated debentures | 1,871 | 1,871 | 304 | |||||||||
Other borrowings | 669 | 504 | 575 | |||||||||
Total interest expense | 36,547 | 18,230 | 6,757 | |||||||||
Net Interest Income | 493,405 | 478,839 | 367,989 | |||||||||
Provision for loan and lease losses | 3,493 | 14,769 | 8,631 | |||||||||
Net interest income after provision for loan and lease losses | 489,912 | 464,070 | 359,358 | |||||||||
Noninterest Income | ||||||||||||
Deposit account and treasury management fees | 35,695 | 36,072 | 30,381 | |||||||||
Card revenue | 15,198 | 19,719 | 25,627 | |||||||||
Financial services and trust revenue | 12,799 | 12,135 | 11,478 | |||||||||
Loan revenue | 13,465 | 11,866 | 12,399 | |||||||||
Merchant processing revenue | — | — | 4,283 | |||||||||
Bank owned life insurance | 6,294 | 6,007 | 5,380 | |||||||||
Investment securities gains (losses), net | 2,132 | (89 | ) | (11 | ) | |||||||
Gain on sale of merchant card services portfolio | — | — | 14,000 | |||||||||
Change in FDIC loss-sharing asset | — | — | (447 | ) | ||||||||
Other | 11,598 | 2,546 | 6,552 | |||||||||
Total noninterest income | 97,181 | 88,256 | 109,642 | |||||||||
Noninterest Expense | ||||||||||||
Compensation and employee benefits | 212,867 | 200,199 | 169,674 | |||||||||
Occupancy | 35,176 | 36,576 | 32,407 | |||||||||
Data processing | 19,164 | 20,235 | 18,205 | |||||||||
Legal and professional fees | 21,645 | 18,044 | 15,151 | |||||||||
Amortization of intangibles | 10,479 | 12,236 | 6,333 | |||||||||
B&O taxes (1) | 5,846 | 5,664 | 4,326 | |||||||||
Advertising and promotion | 4,925 | 5,584 | 4,466 | |||||||||
Regulatory premiums | 1,920 | 3,710 | 3,183 | |||||||||
Merchant processing expense | — | — | 2,196 | |||||||||
Net cost (benefit) of operation of OREO | (692 | ) | 1,218 | 468 | ||||||||
Other (1) | 34,152 | 37,024 | 34,608 | |||||||||
Total noninterest expense | 345,482 | 340,490 | 291,017 | |||||||||
Income before income taxes | 241,611 | 211,836 | 177,983 | |||||||||
Income tax provision | 47,160 | 38,954 | 65,155 | |||||||||
Net Income | $ | 194,451 | $ | 172,882 | $ | 112,828 | ||||||
Earnings Per Common Share | ||||||||||||
Basic | $ | 2.68 | $ | 2.36 | $ | 1.86 | ||||||
Diluted | $ | 2.68 | $ | 2.36 | $ | 1.86 | ||||||
Weighted average number of common shares outstanding | 71,999 | 72,385 | 59,882 | |||||||||
Weighted average number of diluted common shares outstanding | 72,032 | 72,390 | 59,888 |
CONSOLIDATED STATEMENTS OF INCOME | ||||||||||||||||||||
Years ended December 31, | ||||||||||||||||||||
2022 | 2021 | 2020 | ||||||||||||||||||
(in thousands except per share amounts) | ||||||||||||||||||||
Interest Income | ||||||||||||||||||||
Loans | $ | 495,829 | $ | 415,770 | $ | 426,003 | ||||||||||||||
Taxable securities | 133,084 | 107,594 | 81,578 | |||||||||||||||||
Tax-exempt securities | 14,820 | 11,746 | 9,567 | |||||||||||||||||
Deposits in banks | 2,748 | 955 | 661 | |||||||||||||||||
Total interest income | 646,481 | 536,065 | 517,809 | |||||||||||||||||
Interest Expense | ||||||||||||||||||||
Deposits | 16,533 | 6,186 | 9,367 | |||||||||||||||||
FHLB advances and FRB borrowings | 4,659 | 291 | 6,264 | |||||||||||||||||
Subordinated debentures | 807 | 1,932 | 1,871 | |||||||||||||||||
Other borrowings | 1,646 | 137 | 196 | |||||||||||||||||
Total interest expense | 23,645 | 8,546 | 17,698 | |||||||||||||||||
Net Interest Income | 622,836 | 527,519 | 500,111 | |||||||||||||||||
Provision for credit losses | 1,950 | 4,800 | 77,700 | |||||||||||||||||
Net interest income after provision for credit losses | 620,886 | 522,719 | 422,411 | |||||||||||||||||
Noninterest Income | ||||||||||||||||||||
Deposit account and treasury management fees | 31,498 | 27,107 | 27,019 | |||||||||||||||||
Card revenue | 20,186 | 18,503 | 13,928 | |||||||||||||||||
Financial services and trust revenue | 17,659 | 15,753 | 12,830 | |||||||||||||||||
Loan revenue | 12,582 | 22,044 | 24,802 | |||||||||||||||||
Bank owned life insurance | 7,636 | 6,533 | 6,418 | |||||||||||||||||
Investment securities gains (losses), net | (9) | 314 | 16,710 | |||||||||||||||||
Other | 9,592 | 3,840 | 2,793 | |||||||||||||||||
Total noninterest income | 99,144 | 94,094 | 104,500 | |||||||||||||||||
Noninterest Expense | ||||||||||||||||||||
Compensation and employee benefits | 241,139 | 224,034 | 209,722 | |||||||||||||||||
Occupancy | 41,150 | 37,815 | 36,013 | |||||||||||||||||
Data processing and software | 41,117 | 33,498 | 29,449 | |||||||||||||||||
Legal and professional fees | 20,578 | 18,910 | 12,158 | |||||||||||||||||
Amortization of intangibles | 8,698 | 7,987 | 8,724 | |||||||||||||||||
B&O taxes | 6,797 | 5,903 | 4,970 | |||||||||||||||||
Advertising and promotion | 3,962 | 3,383 | 4,466 | |||||||||||||||||
Regulatory premiums | 6,619 | 4,912 | 2,956 | |||||||||||||||||
Net cost (benefit) of operation of OREO | 114 | 66 | (315) | |||||||||||||||||
Other | 32,209 | 23,796 | 26,376 | |||||||||||||||||
Total noninterest expense | 402,383 | 360,304 | 334,519 | |||||||||||||||||
Income before income taxes | 317,647 | 256,509 | 192,392 | |||||||||||||||||
Income tax provision | 67,469 | 53,689 | 38,148 | |||||||||||||||||
Net Income | $ | 250,178 | $ | 202,820 | $ | 154,244 | ||||||||||||||
Earnings Per Common Share | ||||||||||||||||||||
Basic | $ | 3.20 | $ | 2.79 | $ | 2.17 | ||||||||||||||
Diluted | $ | 3.20 | $ | 2.78 | $ | 2.17 | ||||||||||||||
Weighted average number of common shares outstanding | 78,047 | 72,683 | 70,835 | |||||||||||||||||
Weighted average number of diluted common shares outstanding | 78,193 | 72,873 | 70,880 |
Years ended December 31, | ||||||||||||
2019 | 2018 | 2017 | ||||||||||
(in thousands) | ||||||||||||
Net income | $ | 194,451 | $ | 172,882 | $ | 112,828 | ||||||
Other comprehensive income (loss), net of tax: | ||||||||||||
Unrealized gain (loss) from securities: | ||||||||||||
Net unrealized holding gain (loss) from available for sale debt securities arising during the period, net of tax of ($20,540), $4,067 and $1,932 | 67,802 | (13,425 | ) | (3,391 | ) | |||||||
Reclassification adjustment of net gain (loss) from available for sale debt securities arising during the period, net of tax of $496, $25 and ($4) | (1,636 | ) | (81 | ) | 7 | |||||||
Net unrealized gain (loss) from available for sale debt securities, net of reclassification adjustment | 66,166 | (13,506 | ) | (3,384 | ) | |||||||
Pension plan liability adjustment: | ||||||||||||
Unrecognized net actuarial gain (loss) and plan amendments during the period, net of tax of $619, ($7) and ($2,287) | (2,042 | ) | 24 | 4,017 | ||||||||
Less: amortization of unrecognized net actuarial losses included in net periodic pension cost, net of tax of ($74), ($74) and ($127) | 245 | 245 | 223 | |||||||||
Pension plan liability adjustment, net | (1,797 | ) | 269 | 4,240 | ||||||||
Unrealized gain from cash flow hedging instruments: | ||||||||||||
Net unrealized gain in cash flow hedging instruments arising during the period, net of tax of ($3,562), $0 and $0 | 11,760 | — | — | |||||||||
Reclassification adjustment for net gain (loss) in cash flow hedging instruments included in income, net of tax of $138, $0 and $0 | (457 | ) | — | — | ||||||||
Net unrealized gain from cash flow hedging instruments, net of reclassification adjustment | 11,303 | — | — | |||||||||
Other comprehensive income (loss) | 75,672 | (13,237 | ) | 856 | ||||||||
Total comprehensive income | $ | 270,123 | $ | 159,645 | $ | 113,684 |
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME | ||||||||||||||||||||
Years ended December 31, | ||||||||||||||||||||
2022 | 2021 | 2020 | ||||||||||||||||||
(in thousands) | ||||||||||||||||||||
Net income | $ | 250,178 | $ | 202,820 | $ | 154,244 | ||||||||||||||
Other comprehensive income (loss), net of tax: | ||||||||||||||||||||
Unrealized gain (loss) from securities: | ||||||||||||||||||||
Net unrealized holding gain (loss) from available for sale debt securities arising during the period, net of tax of $170,452, $41,647 and $(39,489) | (536,262) | (137,482) | 130,355 | |||||||||||||||||
Reclassification adjustment of net (gain) loss from available for sale debt securities arising during the period, net of tax of $(2), $73 and $66 | 7 | (242) | (219) | |||||||||||||||||
Amortization of net unrealized gain for the reclassification of available for sale securities to held to maturity, net of tax of $1,740, $702 and $— | (6,074) | (2,316) | — | |||||||||||||||||
Net unrealized gain (loss) from available for sale debt securities, net of reclassification adjustment | (542,329) | (140,040) | 130,136 | |||||||||||||||||
Pension plan liability adjustment: | ||||||||||||||||||||
Unrecognized net actuarial gain (loss) and plan amendments during the period, net of tax of $(1,317), $(170) and $659 | 4,533 | 562 | (2,177) | |||||||||||||||||
Less: amortization of unrecognized net actuarial losses included in net periodic pension cost, net of tax of $(122), $(139) and $(96) | 402 | 459 | 318 | |||||||||||||||||
Pension plan liability adjustment, net | 4,935 | 1,021 | (1,859) | |||||||||||||||||
Unrealized gain from cash flow hedging instruments: | ||||||||||||||||||||
Net unrealized gain in cash flow hedging instruments arising during the period, net of tax of $—, $— and $(6,062) | — | — | 20,012 | |||||||||||||||||
Reclassification adjustment for net gain in cash flow hedging instruments included in income, net of tax of $2,178, $2,427 and $1,957 | (8,263) | (8,014) | (6,461) | |||||||||||||||||
Net unrealized gain (loss) from cash flow hedging instruments, net of reclassification adjustment | (8,263) | (8,014) | 13,551 | |||||||||||||||||
Other comprehensive income (loss) | (545,657) | (147,033) | 141,828 | |||||||||||||||||
Total comprehensive income (loss) | $ | (295,479) | $ | 55,787 | $ | 296,072 |
Preferred Stock | Common Stock | |||||||||||||||||||||||||||||
Number of Shares | Amount | Number of Shares | Amount | Retained Earnings | Accumulated Other Comprehensive Income (Loss) | Treasury Stock | Total Shareholders’ Equity | |||||||||||||||||||||||
(in thousands, except per share amounts) | ||||||||||||||||||||||||||||||
Balance at January 1, 2017 | 9 | $ | 2,217 | 58,042 | $ | 995,837 | $ | 271,957 | $ | (18,999 | ) | $ | — | $ | 1,251,012 | |||||||||||||||
Adjustment to opening retained earnings pursuant to adoption of ASU 2016-09 | — | — | — | 184 | (117 | ) | — | — | 67 | |||||||||||||||||||||
Adjustment pursuant to adoption of ASU 2018-02 | — | — | — | — | 4,082 | (4,082 | ) | — | — | |||||||||||||||||||||
Net income | — | — | — | — | 112,828 | — | — | 112,828 | ||||||||||||||||||||||
Other comprehensive income | — | — | — | — | — | 856 | — | 856 | ||||||||||||||||||||||
Issuance of common stock - acquisition related | — | — | 14,642 | 636,385 | — | — | — | 636,385 | ||||||||||||||||||||||
Issuance of common stock - stock option and other plans | — | — | 49 | 1,980 | — | — | — | 1,980 | ||||||||||||||||||||||
Issuance of common stock - restricted stock awards, net of canceled awards | — | — | 241 | 7,745 | — | — | — | 7,745 | ||||||||||||||||||||||
Preferred stock conversion to common stock | (9 | ) | (2,217 | ) | 102 | 2,217 | — | — | — | — | ||||||||||||||||||||
Activity in deferred compensation plan | — | — | — | 1 | — | — | — | 1 | ||||||||||||||||||||||
Purchase and retirement of common stock | — | — | (56 | ) | (2,299 | ) | — | — | — | (2,299 | ) | |||||||||||||||||||
Cash settlement of acquired equity awards | — | — | — | (7,345 | ) | — | — | — | (7,345 | ) | ||||||||||||||||||||
Cash dividends declared on common stock ($0.88 per share) | — | — | — | — | (51,308 | ) | — | — | (51,308 | ) | ||||||||||||||||||||
Balance at December 31, 2017 | — | $ | — | 73,020 | $ | 1,634,705 | $ | 337,442 | $ | (22,225 | ) | $ | — | $ | 1,949,922 | |||||||||||||||
Adjustment to opening retained earnings pursuant to adoption of ASU 2016-01 | — | (157 | ) | 157 | — | — | ||||||||||||||||||||||||
Net income | — | — | — | — | 172,882 | — | — | 172,882 | ||||||||||||||||||||||
Other comprehensive loss | — | — | — | — | — | (13,237 | ) | — | (13,237 | ) | ||||||||||||||||||||
Issuance of common stock - stock option and other plans | — | — | 46 | 1,857 | — | — | — | 1,857 | ||||||||||||||||||||||
Issuance of common stock - restricted stock awards, net of canceled awards | — | — | 246 | 8,354 | — | — | — | 8,354 | ||||||||||||||||||||||
Activity in deferred compensation plan | — | — | — | 7 | — | — | — | 7 | ||||||||||||||||||||||
Purchase and retirement of common stock | — | — | (63 | ) | (2,677 | ) | — | — | — | (2,677 | ) | |||||||||||||||||||
Cash dividends declared on common stock ($1.14 per share) | — | — | — | — | (83,459 | ) | — | — | (83,459 | ) | ||||||||||||||||||||
Balance at December 31, 2018 | — | $ | — | 73,249 | $ | 1,642,246 | $ | 426,708 | $ | (35,305 | ) | $ | — | $ | 2,033,649 | |||||||||||||||
Adjustment to opening retained earnings pursuant to adoption of ASU 2016-02 | — | — | — | — | 782 | — | — | 782 | ||||||||||||||||||||||
Net income | — | — | — | — | 194,451 | — | — | 194,451 | ||||||||||||||||||||||
Other comprehensive income | — | — | — | — | — | 75,672 | — | 75,672 | ||||||||||||||||||||||
Issuance of common stock - stock option and other plans | — | — | 59 | 2,025 | — | — | — | 2,025 | ||||||||||||||||||||||
Issuance of common stock - restricted stock awards, net of canceled awards | — | — | 343 | 9,271 | — | — | — | 9,271 | ||||||||||||||||||||||
Activity in deferred compensation plan | — | — | — | 3 | — | — | — | 3 | ||||||||||||||||||||||
Purchase and retirement of common stock | — | — | (74 | ) | (2,792 | ) | — | — | — | (2,792 | ) | |||||||||||||||||||
Cash dividends declared on common stock ($1.40 per share) | — | — | — | — | (102,265 | ) | — | (102,265 | ) | |||||||||||||||||||||
Purchase of treasury stock | (1,453 | ) | (50,834 | ) | (50,834 | ) | ||||||||||||||||||||||||
Balance at December 31, 2019 | — | $ | — | 72,124 | $ | 1,650,753 | $ | 519,676 | $ | 40,367 | $ | (50,834 | ) | $ | 2,159,962 |
CONSOLIDATED STATEMENTS OF CHANGES IN SHAREHOLDERS’ EQUITY | ||||||||||||||||||||||||||||||||||||||||||||||||||
Common Stock | ||||||||||||||||||||||||||||||||||||||||||||||||||
Number of Shares | Amount | Retained Earnings | Accumulated Other Comprehensive Income (Loss) | Treasury Stock | Total Shareholders’ Equity | |||||||||||||||||||||||||||||||||||||||||||||
(in thousands, except per share amounts) | ||||||||||||||||||||||||||||||||||||||||||||||||||
Balance at January 1, 2020 | 72,124 | $ | 1,650,753 | $ | 519,676 | $ | 40,367 | $ | (50,834) | $ | 2,159,962 | |||||||||||||||||||||||||||||||||||||||
Adjustment to opening retained earnings pursuant to adoption of ASU 2016-13 | — | — | (2,457) | — | — | (2,457) | ||||||||||||||||||||||||||||||||||||||||||||
Net income | — | — | 154,244 | — | — | 154,244 | ||||||||||||||||||||||||||||||||||||||||||||
Other comprehensive income | — | — | — | 141,828 | — | 141,828 | ||||||||||||||||||||||||||||||||||||||||||||
Issuance of common stock - employee stock purchase plan | 65 | 2,028 | — | — | — | 2,028 | ||||||||||||||||||||||||||||||||||||||||||||
Issuance of common stock - RSAs and RSUs, net of canceled awards | 208 | 10,737 | — | — | — | 10,737 | ||||||||||||||||||||||||||||||||||||||||||||
Activity in deferred compensation plan | — | 2 | — | — | — | 2 | ||||||||||||||||||||||||||||||||||||||||||||
Purchase and retirement of common stock | (68) | (2,522) | — | — | — | (2,522) | ||||||||||||||||||||||||||||||||||||||||||||
Cash dividends declared on common stock ($1.34 per share) | — | — | (96,215) | — | — | (96,215) | ||||||||||||||||||||||||||||||||||||||||||||
Purchase of treasury stock | (731) | — | — | — | (20,000) | (20,000) | ||||||||||||||||||||||||||||||||||||||||||||
Balance at December 31, 2020 | 71,598 | $ | 1,660,998 | $ | 575,248 | $ | 182,195 | $ | (70,834) | $ | 2,347,607 | |||||||||||||||||||||||||||||||||||||||
Net income | — | — | 202,820 | — | — | 202,820 | ||||||||||||||||||||||||||||||||||||||||||||
Other comprehensive loss | — | — | — | (147,033) | — | (147,033) | ||||||||||||||||||||||||||||||||||||||||||||
Issuance of common stock - acquisition related | 6,740 | 256,061 | — | — | — | 256,061 | ||||||||||||||||||||||||||||||||||||||||||||
Issuance of common stock - employee stock purchase plan | 74 | 2,350 | — | — | — | 2,350 | ||||||||||||||||||||||||||||||||||||||||||||
Issuance of common stock - RSAs and RSUs, net of canceled awards | 190 | 14,926 | — | — | — | 14,926 | ||||||||||||||||||||||||||||||||||||||||||||
Activity in deferred compensation plan | — | (8) | — | — | — | (8) | ||||||||||||||||||||||||||||||||||||||||||||
Purchase and retirement of common stock | (91) | (4,140) | — | — | — | (4,140) | ||||||||||||||||||||||||||||||||||||||||||||
Cash dividends declared on common stock ($1.14 per share) | — | — | (83,841) | — | — | (83,841) | ||||||||||||||||||||||||||||||||||||||||||||
Balance at December 31, 2021 | 78,511 | $ | 1,930,187 | $ | 694,227 | $ | 35,162 | $ | (70,834) | $ | 2,588,742 | |||||||||||||||||||||||||||||||||||||||
Net income | — | — | 250,178 | — | — | 250,178 | ||||||||||||||||||||||||||||||||||||||||||||
Other comprehensive loss | — | — | — | (545,657) | — | (545,657) | ||||||||||||||||||||||||||||||||||||||||||||
Issuance of common stock - employee stock purchase plan | 69 | 2,110 | — | — | — | 2,110 | ||||||||||||||||||||||||||||||||||||||||||||
Issuance of common stock - RSAs and RSUs, net of canceled awards | 176 | 16,158 | — | — | — | 16,158 | ||||||||||||||||||||||||||||||||||||||||||||
Activity in deferred compensation plan | — | 5 | — | — | — | 5 | ||||||||||||||||||||||||||||||||||||||||||||
Purchase and retirement of common stock | (110) | (3,989) | — | — | — | (3,989) | ||||||||||||||||||||||||||||||||||||||||||||
Cash dividends declared on common stock ($1.20 per share) | — | — | (94,394) | — | — | (94,394) | ||||||||||||||||||||||||||||||||||||||||||||
Balance at December 31, 2022 | 78,646 | $ | 1,944,471 | $ | 850,011 | $ | (510,495) | $ | (70,834) | $ | 2,213,153 |
CONSOLIDATED STATEMENTS OF CASH FLOWS | ||||||||||||||||||||
Years Ended December 31, | ||||||||||||||||||||
2022 | 2021 | 2020 | ||||||||||||||||||
(in thousands) | ||||||||||||||||||||
Cash Flows From Operating Activities | ||||||||||||||||||||
Net income | $ | 250,178 | $ | 202,820 | $ | 154,244 | ||||||||||||||
Adjustments to reconcile net income to net cash provided by operating activities | ||||||||||||||||||||
Provision for credit losses | 1,950 | 4,800 | 77,700 | |||||||||||||||||
Stock-based compensation expense | 16,158 | 14,926 | 10,737 | |||||||||||||||||
Depreciation, amortization and accretion | 49,018 | 23,168 | 14,893 | |||||||||||||||||
Investment securities loss (gain), net | 9 | (314) | (16,710) | |||||||||||||||||
Net realized gain on sale of premises and equipment, loans held for investment and OPPO | (4,777) | (500) | (1,334) | |||||||||||||||||
Net realized loss (gain) on sale and valuation adjustments of OREO | 181 | 40 | (34) | |||||||||||||||||
Gain on bank owned life insurance death benefit | (965) | (344) | — | |||||||||||||||||
Originations of loans held for sale | (116,463) | (336,455) | (491,385) | |||||||||||||||||
Proceeds from sales of loans held for sale | 125,161 | 352,823 | 483,130 | |||||||||||||||||
Change in fair value of loans held for sale | 169 | 339 | (508) | |||||||||||||||||
Deferred income tax (benefit) | (6,113) | (6,629) | (13,768) | |||||||||||||||||
Net change in: | ||||||||||||||||||||
Interest receivable | (8,889) | 4,049 | (7,992) | |||||||||||||||||
Interest payable | 1,485 | 62 | (933) | |||||||||||||||||
Other assets | (35,491) | 6,815 | (48,539) | |||||||||||||||||
Other liabilities | 29,073 | (30,535) | 32,791 | |||||||||||||||||
Net cash provided by operating activities | 300,684 | 235,065 | 192,292 | |||||||||||||||||
Cash Flows From Investing Activities | ||||||||||||||||||||
Loans originated, net of principal collected | (1,061,878) | 174,463 | (619,543) | |||||||||||||||||
Investment in low income housing tax credit partnerships | (2,850) | (1,408) | — | |||||||||||||||||
Purchases of: | ||||||||||||||||||||
Debt securities available for sale | (186,547) | (3,128,233) | (2,118,667) | |||||||||||||||||
Debt securities held to maturity | (97,658) | (257,503) | — | |||||||||||||||||
Loans held for investment | — | (279,734) | (50,035) | |||||||||||||||||
Premises and equipment | (7,210) | (6,125) | (8,720) | |||||||||||||||||
FHLB stock | (68,841) | (1) | (53,240) | |||||||||||||||||
Proceeds from: | ||||||||||||||||||||
Sales of debt securities available for sale | 741 | 89,219 | 194,697 | |||||||||||||||||
Sales of equity securities | — | — | 3,000 | |||||||||||||||||
Principal repayments and maturities of securities available for sale | 769,991 | 764,253 | 603,129 | |||||||||||||||||
Principal repayments and maturities of debt securities held to maturity | 188,445 | 107,578 | — | |||||||||||||||||
Sales of premises and equipment and loans held for investment | 37,001 | 15,880 | 2,948 | |||||||||||||||||
Redemption of FHLB stock | 30,961 | 7,464 | 91,080 | |||||||||||||||||
Sales of OREO and OPPO | 200 | 132 | 1,074 | |||||||||||||||||
Bank owned life insurance death benefit | 1,955 | 671 | 1,050 | |||||||||||||||||
Termination of cash flow hedging instrument | — | — | 34,442 | |||||||||||||||||
Net cash received in business combinations | — | 154,984 | — | |||||||||||||||||
Net cash used in investing activities | (395,690) | (2,358,360) | (1,918,785) |
COLUMBIA BANKING SYSTEM, INC. CONSOLIDATED STATEMENTS OF CASH FLOWS | ||||||||||||
Years Ended December 31, | ||||||||||||
2019 | 2018 | 2017 | ||||||||||
(in thousands) | ||||||||||||
Cash Flows From Operating Activities | ||||||||||||
Net income | $ | 194,451 | $ | 172,882 | $ | 112,828 | ||||||
Adjustments to reconcile net income to net cash provided by operating activities | ||||||||||||
Provision for loan and lease losses | 3,493 | 14,769 | 8,631 | |||||||||
Stock-based compensation expense | 9,271 | 8,354 | 7,745 | |||||||||
Depreciation, amortization and accretion | 34,213 | 32,971 | 31,101 | |||||||||
Investment securities loss (gain), net | (2,132 | ) | 89 | 11 | ||||||||
Net realized loss (gain) on sale of premises and equipment and loans held for investment | (7,317 | ) | 316 | (139 | ) | |||||||
Net realized loss (gain) on sale and valuation adjustments of OREO | (602 | ) | 1,218 | 495 | ||||||||
Gain on sale of merchant card services portfolio | — | — | (14,000 | ) | ||||||||
Gain on bank owned life insurance death benefit | (3,051 | ) | — | (4,193 | ) | |||||||
Termination of FDIC loss share agreements charge | — | — | 2,409 | |||||||||
Originations of loans held for sale | (210,484 | ) | (133,945 | ) | (133,460 | ) | ||||||
Proceeds from sales of loans held for sale | 196,615 | 135,862 | 133,540 | |||||||||
Deferred income tax expense | 330 | 108 | 22,431 | |||||||||
Net change in: | ||||||||||||
Interest receivable | (1,516 | ) | (4,442 | ) | (2,980 | ) | ||||||
Interest payable | 632 | 164 | 131 | |||||||||
Other assets | (23,464 | ) | 2,176 | (25,471 | ) | |||||||
Other liabilities | 14,308 | 6,679 | (10,554 | ) | ||||||||
Net cash provided by operating activities | 204,747 | 237,201 | 128,525 | |||||||||
Cash Flows From Investing Activities | ||||||||||||
Loans originated, net of principal collected | (291,857 | ) | 2,069 | (273,927 | ) | |||||||
Purchases of: | ||||||||||||
Debt securities available for sale | (1,196,895 | ) | (965,585 | ) | (355,607 | ) | ||||||
Loans held for investment | (57,075 | ) | (46,969 | ) | — | |||||||
Premises and equipment | (8,447 | ) | (11,328 | ) | (6,495 | ) | ||||||
FHLB stock | (273,800 | ) | (197,440 | ) | (92,040 | ) | ||||||
Proceeds from: | ||||||||||||
FDIC reimbursement on loss-sharing asset | — | — | 26 | |||||||||
Sales of debt securities available for sale | 259,554 | 32,330 | 30,403 | |||||||||
Sales of equity securities | — | 4,808 | — | |||||||||
Principal repayments and maturities of securities available for sale | 428,025 | 465,747 | 283,874 | |||||||||
Sales of premises and equipment and loans held for investment | 8,634 | 16,030 | 12,422 | |||||||||
Sale of merchant card services portfolio | — | — | 14,000 | |||||||||
Redemption of FHLB stock | 251,640 | 181,920 | 98,924 | |||||||||
Sales of OREO and OPPO | 6,506 | 7,261 | 2,590 | |||||||||
Bank owned life insurance death benefit | 8,265 | 5,074 | 10,745 | |||||||||
Payment to FDIC to terminate loss-sharing agreements | — | — | (4,666 | ) | ||||||||
Payments to FDIC related to loss-sharing asset | — | — | (210 | ) | ||||||||
Net cash received in business combinations | — | — | 80,472 | |||||||||
Net cash used in investing activities | (865,450 | ) | (506,083 | ) | (199,489 | ) | ||||||
COLUMBIA BANKING SYSTEM, INC. CONSOLIDATED STATEMENTS OF CASH FLOWS, CONTINUED | ||||||||||||
Years Ended December 31, | ||||||||||||
2019 | 2018 | 2017 | ||||||||||
(in thousands) | ||||||||||||
Cash Flows From Financing Activities | ||||||||||||
Net increase (decrease) in deposits | 226,958 | (73,591 | ) | 353,797 | ||||||||
Net increase (decrease) in sweep repurchase agreements | 3,343 | 7,035 | (3,380 | ) | ||||||||
Proceeds from: | ||||||||||||
Exercise of stock options | 2,025 | 1,857 | 1,980 | |||||||||
FHLB advances | 6,845,000 | 4,936,000 | 2,301,000 | |||||||||
FRB borrowings | 36,000 | 5,010 | 10 | |||||||||
Other borrowings | 100 | — | — | |||||||||
Payments for: | ||||||||||||
FHLB advances | (6,291,000 | ) | (4,548,000 | ) | (2,397,000 | ) | ||||||
FRB borrowings | (36,000 | ) | (5,010 | ) | (10 | ) | ||||||
Other borrowings | (100 | ) | — | — | ||||||||
Common stock dividends | (101,911 | ) | (83,440 | ) | (51,308 | ) | ||||||
Repayment of junior subordinated debentures | — | (8,248 | ) | (6,186 | ) | |||||||
Repayment of term repurchase agreement | — | (25,000 | ) | — | ||||||||
Cash settlement of acquired equity awards | — | — | (7,345 | ) | ||||||||
Purchase of treasury stock | (50,834 | ) | — | — | ||||||||
Purchase and retirement of common stock | (2,792 | ) | (2,677 | ) | (2,299 | ) | ||||||
Net cash provided by financing activities | 630,789 | 203,936 | 189,259 | |||||||||
Increase (decrease) in cash and cash equivalents | (29,914 | ) | (64,946 | ) | 118,295 | |||||||
Cash and cash equivalents at beginning of period | 277,587 | 342,533 | 224,238 | |||||||||
Cash and cash equivalents at end of period | $ | 247,673 | $ | 277,587 | $ | 342,533 | ||||||
Supplemental Information: | ||||||||||||
Interest paid | $ | 35,916 | $ | 18,066 | $ | 6,626 | ||||||
Income taxes paid, net of refunds | $ | 47,375 | $ | 24,067 | $ | 59,071 | ||||||
Non-cash investing and financing activities: | ||||||||||||
Loans transferred to OREO | $ | 386 | $ | 1,200 | $ | 106 | ||||||
Share-based consideration issued in business combinations | $ | — | $ | — | $ | 636,385 | ||||||
Premises and equipment expenditures incurred but not yet paid | $ | 451 | $ | 195 | $ | — | ||||||
Change in dividends payable on unvested shares included in other liabilities | $ | 354 | $ | 19 | $ | — |
CONSOLIDATED STATEMENTS OF CASH FLOWS, continued | ||||||||||||||||||||
Years Ended December 31, | ||||||||||||||||||||
2022 | 2021 | 2020 | ||||||||||||||||||
(in thousands) | ||||||||||||||||||||
Cash Flows From Financing Activities | ||||||||||||||||||||
Net increase (decrease) in deposits | (1,297,929) | 2,402,669 | 3,185,167 | |||||||||||||||||
Net increase in sweep repurchase agreements | 9,155 | 12,154 | 9,422 | |||||||||||||||||
Proceeds from: | ||||||||||||||||||||
Employee stock purchase plan | 2,110 | 2,350 | 2,028 | |||||||||||||||||
FHLB advances | 2,928,030 | 30 | 1,331,000 | |||||||||||||||||
FRB borrowings | 210,030 | 40 | 222,010 | |||||||||||||||||
Other borrowings | 100 | — | 9,222 | |||||||||||||||||
Payments for: | ||||||||||||||||||||
FHLB advances | (1,981,030) | (30) | (2,277,000) | |||||||||||||||||
FRB borrowings | (210,030) | (40) | (222,010) | |||||||||||||||||
Other borrowings | (100) | — | (9,222) | |||||||||||||||||
Common stock dividends | (94,314) | (83,790) | (95,509) | |||||||||||||||||
Repayment of subordinated debentures | — | (35,000) | — | |||||||||||||||||
Purchase of treasury stock | — | — | (20,000) | |||||||||||||||||
Purchase and retirement of common stock | (3,989) | (4,140) | (2,522) | |||||||||||||||||
Net cash provided by (used in) financing activities | (437,967) | 2,294,243 | 2,132,586 | |||||||||||||||||
Increase (decrease) in cash and cash equivalents | (532,973) | 170,948 | 406,093 | |||||||||||||||||
Cash and cash equivalents at beginning of period | 824,714 | 653,766 | 247,673 | |||||||||||||||||
Cash and cash equivalents at end of period | $ | 291,741 | $ | 824,714 | $ | 653,766 | ||||||||||||||
Supplemental Information: | ||||||||||||||||||||
Interest paid | $ | 22,160 | $ | 8,484 | $ | 18,631 | ||||||||||||||
Income taxes paid, net of refunds | $ | 72,989 | $ | 60,562 | $ | 43,287 | ||||||||||||||
Non-cash investing and financing activities: | ||||||||||||||||||||
Transfer of debt securities available for sale to debt securities held to maturity | $ | — | $ | 2,012,123 | $ | — | ||||||||||||||
Transfer of loans held for investment to loans held for sale | $ | 75,936 | $ | — | $ | — | ||||||||||||||
Loans transferred to OREO | $ | — | $ | — | $ | 1,033 | ||||||||||||||
Common stock issued in connection with acquisition | $ | — | $ | 256,061 | $ | — | ||||||||||||||
Premises and equipment expenditures incurred but not yet paid | $ | 71 | $ | 63 | $ | 302 | ||||||||||||||
Change in dividends payable on unvested shares included in other liabilities | $ | 80 | $ | 51 | $ | 706 |
Buildings and building improvements | 5 to 39 years | ||||
Leasehold improvements | Term of lease or useful life, whichever is shorter | ||||
Furniture, fixtures and equipment | 3 to 7 years | ||||
Vehicles | 5 years | ||||
Computer software | 3 to 5 years |
November 1, 2017 | ||||||||
(in thousands) | ||||||||
Merger consideration | $ | 637,103 | ||||||
Identifiable net assets acquired, at fair value | ||||||||
Assets acquired | ||||||||
Cash and cash equivalents | $ | 81,190 | ||||||
Investment securities | 449,291 | |||||||
FHLB stock | 7,084 | |||||||
Loans | 1,873,987 | |||||||
Interest receivable | 7,827 | |||||||
Premises and equipment | 27,343 | |||||||
OREO | 10,279 | |||||||
CDI | 46,875 | |||||||
Other assets | 50,638 | |||||||
Total assets acquired | 2,554,514 | |||||||
Liabilities assumed | ||||||||
Deposits | (2,118,982 | ) | ||||||
FHLB advances | (101,127 | ) | ||||||
Subordinated debentures | (35,678 | ) | ||||||
Junior subordinated debentures | (14,434 | ) | ||||||
Securities sold under agreements to repurchase | (1,617 | ) | ||||||
Other liabilities | (28,653 | ) | ||||||
Total liabilities assumed | (2,300,491 | ) | ||||||
Total fair value of identifiable net assets | 254,023 | |||||||
Goodwill | $ | 383,080 |
October 1, 2021 | ||||||||||||||
(in thousands) | ||||||||||||||
Merger consideration | $ | 256,257 | ||||||||||||
Identifiable net assets acquired, at fair value | ||||||||||||||
Assets acquired | ||||||||||||||
Cash and cash equivalents | $ | 155,180 | ||||||||||||
Investment securities | 654,480 | |||||||||||||
FHLB stock | 7,463 | |||||||||||||
Loans, net allowance for credit loss | 1,084,984 | |||||||||||||
Interest receivable | 5,237 | |||||||||||||
Premises and equipment | 17,658 | |||||||||||||
Core deposit intangible | 15,932 | |||||||||||||
Other assets | 41,963 | |||||||||||||
Total assets acquired | 1,982,897 | |||||||||||||
Liabilities assumed | ||||||||||||||
Deposits | (1,737,584) | |||||||||||||
Subordinated debentures | (10,000) | |||||||||||||
Junior subordinated debentures | (10,310) | |||||||||||||
Other liabilities | (26,076) | |||||||||||||
Total liabilities assumed | (1,783,970) | |||||||||||||
Total fair value of identifiable net assets | 198,927 | |||||||||||||
Goodwill | $ | 57,330 |
October 1, 2021 | ||||||||
(in thousands) | ||||||||
Par value of PCD loans acquired | $ | 43,419 | ||||||
PCD ACL at acquisition | (2,616) | |||||||
Non-credit discount on PCD loans | (525) | |||||||
Purchase price of PCD loans | $ | 40,278 |
Unaudited Pro Forma for the | ||||
Year Ended December 31, | ||||
2017 | ||||
(in thousands, except per share amounts) | ||||
Total revenues (net interest income plus noninterest income) | $ | 571,944 | ||
Net income | $ | 149,859 | ||
EPS - basic | $ | 2.23 | ||
EPS - diluted | $ | 2.23 |
Unaudited Pro Forma for the | ||||||||||||||
Years Ended December 31, | ||||||||||||||
2021 | 2020 | |||||||||||||
(in thousands, except per share amounts) | ||||||||||||||
Total revenues (net interest income plus noninterest income) | $ | 664,875 | $ | 660,857 | ||||||||||
Net income | $ | 221,637 | $ | 164,087 | ||||||||||
EPS - basic | $ | 2.85 | $ | 2.11 | ||||||||||
EPS - diluted | $ | 2.84 | $ | 2.10 |
Years ended December 31, | ||||||||||||||||||||
2022 | 2021 | 2020 | ||||||||||||||||||
(in thousands) | ||||||||||||||||||||
Noninterest Expense | ||||||||||||||||||||
Compensation and employee benefits | $ | 1,753 | $ | 4,875 | $ | — | ||||||||||||||
Occupancy | 928 | 271 | — | |||||||||||||||||
Data processing | 1,584 | 287 | — | |||||||||||||||||
Legal and professional fees | 414 | 4,429 | — | |||||||||||||||||
Advertising and promotion | 18 | 9 | — | |||||||||||||||||
Other | 896 | 499 | — | |||||||||||||||||
Total impact of merger-related costs to noninterest expense | $ | 5,593 | $ | 10,370 | $ | — |
Years ended December 31, | ||||||||||||
2019 | 2018 | 2017 | ||||||||||
(in thousands) | ||||||||||||
Noninterest Expense | ||||||||||||
Compensation and employee benefits | $ | — | $ | 3,620 | $ | 8,014 | ||||||
Occupancy | — | 1,619 | 1,912 | |||||||||
Data processing | — | 963 | 1,555 | |||||||||
Legal and professional fees | — | 1,028 | 4,618 | |||||||||
Advertising and promotion | — | 537 | 467 | |||||||||
Other | — | 894 | 630 | |||||||||
Total impact of acquisition-related costs to noninterest expense | $ | — | $ | 8,661 | $ | 17,196 |
Amortized Cost | Gross Unrealized Gains | Gross Unrealized Losses | Fair Value | |||||||||||||||||||||||
December 31, 2022 | (in thousands) | |||||||||||||||||||||||||
Available for sale | ||||||||||||||||||||||||||
U.S. government agency and government-sponsored enterprise mortgage-backed securities and collateralized mortgage obligations | $ | 3,188,381 | $ | 382 | $ | (429,053) | $ | 2,759,710 | ||||||||||||||||||
Other asset-backed securities | 376,336 | — | (48,983) | 327,353 | ||||||||||||||||||||||
State and municipal securities | 959,469 | 199 | (125,595) | 834,073 | ||||||||||||||||||||||
U.S. government agency and government-sponsored enterprise securities | 222,829 | 2 | (14,062) | 208,769 | ||||||||||||||||||||||
U.S. government securities | 183,049 | — | (15,153) | 167,896 | ||||||||||||||||||||||
Non-agency collateralized mortgage obligations | 352,782 | — | (61,484) | 291,298 | ||||||||||||||||||||||
Total available for sale | $ | 5,282,846 | $ | 583 | $ | (694,330) | $ | 4,589,099 | ||||||||||||||||||
Held to maturity | ||||||||||||||||||||||||||
U.S. government agency and government-sponsored enterprise mortgage-backed securities and collateralized mortgage obligations | $ | 2,034,792 | $ | — | $ | (312,014) | $ | 1,722,778 | ||||||||||||||||||
Total held to maturity | $ | 2,034,792 | $ | — | $ | (312,014) | $ | 1,722,778 | ||||||||||||||||||
December 31, 2021 | ||||||||||||||||||||||||||
Available for sale | ||||||||||||||||||||||||||
U.S. government agency and government-sponsored enterprise mortgage-backed securities and collateralized mortgage obligations | $ | 3,738,616 | $ | 45,077 | $ | (38,092) | $ | 3,745,601 | ||||||||||||||||||
Other asset-backed securities | 469,052 | 3,802 | (9,791) | 463,063 | ||||||||||||||||||||||
State and municipal securities | 983,704 | 18,525 | (4,938) | 997,291 | ||||||||||||||||||||||
U.S. government agency and government-sponsored enterprise securities | 252,755 | 3,095 | (3,274) | 252,576 | ||||||||||||||||||||||
U.S. government securities | 158,367 | — | (831) | 157,536 | ||||||||||||||||||||||
Non-agency collateralized mortgage obligations | 295,547 | 340 | (955) | 294,932 | ||||||||||||||||||||||
Total available for sale | $ | 5,898,041 | $ | 70,839 | $ | (57,881) | $ | 5,910,999 | ||||||||||||||||||
Held to maturity | ||||||||||||||||||||||||||
U.S. government agency and government-sponsored enterprise mortgage-backed securities and collateralized mortgage obligations | $ | 2,148,327 | $ | 50 | $ | (25,771) | $ | 2,122,606 | ||||||||||||||||||
Total held to maturity | $ | 2,148,327 | $ | 50 | $ | (25,771) | $ | 2,122,606 |
Amortized Cost | Gross Unrealized Gains | Gross Unrealized Losses | Fair Value | |||||||||||||
December 31, 2019 | (in thousands) | |||||||||||||||
U.S. government agency and government-sponsored enterprise mortgage-backed securities and collateralized mortgage obligations (1) | $ | 2,864,949 | $ | 47,223 | $ | (19,222 | ) | $ | 2,892,950 | |||||||
Other asset-backed securities (1) | 194,563 | 2,476 | (989 | ) | 196,050 | |||||||||||
State and municipal securities | 478,366 | 10,660 | (224 | ) | 488,802 | |||||||||||
U.S. government agency and government-sponsored enterprise securities | 165,218 | 3,127 | (5 | ) | 168,340 | |||||||||||
Total | $ | 3,703,096 | $ | 63,486 | $ | (20,440 | ) | $ | 3,746,142 | |||||||
December 31, 2018 | ||||||||||||||||
U.S. government agency and government-sponsored enterprise mortgage-backed securities and collateralized mortgage obligations (1) | $ | 2,045,728 | $ | 8,473 | $ | (40,846 | ) | $ | 2,013,355 | |||||||
Other asset-backed securities (1) | 176,793 | 763 | (2,621 | ) | 174,935 | |||||||||||
State and municipal securities | 579,755 | 2,328 | (7,760 | ) | 574,323 | |||||||||||
U.S. government agency and government-sponsored enterprise securities | 408,088 | 1,235 | (4,736 | ) | 404,587 | |||||||||||
U.S. government securities | 251 | — | (3 | ) | 248 | |||||||||||
Total | $ | 3,210,615 | $ | 12,799 | $ | (55,966 | ) | $ | 3,167,448 |
Years Ended December 31, | ||||||||||||||||||||
2022 | 2021 | 2020 | ||||||||||||||||||
(in thousands) | ||||||||||||||||||||
Proceeds from sales and calls of debt securities available for sale | $ | 741 | $ | 89,219 | $ | 194,697 | ||||||||||||||
Gross realized gains from sales of debt securities available for sale | $ | — | $ | 751 | $ | 471 | ||||||||||||||
Gross realized losses from sales of debt securities available for sale | (9) | (437) | (186) | |||||||||||||||||
Other securities gains, net (1) | — | — | 16,425 | |||||||||||||||||
Investment securities gains (losses), net | $ | (9) | $ | 314 | $ | 16,710 |
Years Ended December 31, | ||||||||||||
2019 | 2018 | 2017 | ||||||||||
(in thousands) | ||||||||||||
Proceeds from sales and calls of debt securities available for sale | $ | 259,554 | $ | 32,330 | $ | 30,403 | ||||||
Gross realized gains from sales of debt securities available for sale | $ | 3,357 | $ | 235 | $ | 111 | ||||||
Gross realized losses from sales of debt securities available for sale | (1,225 | ) | (129 | ) | (122 | ) | ||||||
Other securities losses, net (1) | — | (195 | ) | — | ||||||||
Investment securities gains (losses), net | $ | 2,132 | $ | (89 | ) | $ | (11 | ) |
Years Ended December 31, | ||||||||||||||||||||
2022 | 2021 | 2020 | ||||||||||||||||||
(in thousands) | ||||||||||||||||||||
Gains recognized during the period on equity securities | $ | — | $ | — | $ | 16,425 | ||||||||||||||
Less: Losses recognized during the period on equity securities sold during the period. | — | — | (3,000) | |||||||||||||||||
Unrealized gains recognized during the reporting period on equity securities still held at the reporting date (1). | $ | — | $ | — | $ | 13,425 |
December 31, 2022 | ||||||||||||||||||||||||||
Available for sale | Held to maturity | |||||||||||||||||||||||||
Amortized Cost | Fair Value | Amortized Cost | Fair Value | |||||||||||||||||||||||
(in thousands) | ||||||||||||||||||||||||||
Due within one year | $ | 85,094 | $ | 84,216 | $ | — | $ | — | ||||||||||||||||||
Due after one year through five years | 1,132,895 | 1,055,150 | 301,515 | 265,831 | ||||||||||||||||||||||
Due after five years through ten years | 1,106,689 | 973,108 | 916,571 | 775,931 | ||||||||||||||||||||||
Due after ten years | 2,958,168 | 2,476,625 | 816,706 | 681,016 | ||||||||||||||||||||||
Total debt securities | $ | 5,282,846 | $ | 4,589,099 | $ | 2,034,792 | $ | 1,722,778 |
December 31, 2019 | ||||||||
Amortized Cost | Fair Value | |||||||
(in thousands) | ||||||||
Due within one year | $ | 77,363 | $ | 77,538 | ||||
Due after one year through five years | 416,556 | 421,363 | ||||||
Due after five years through ten years | 2,007,225 | 2,041,751 | ||||||
Due after ten years | 1,201,952 | 1,205,490 | ||||||
Total debt securities available for sale | $ | 3,703,096 | $ | 3,746,142 |
December 31, | ||||||||
2019 | 2018 | |||||||
(in thousands) | ||||||||
To secure public funds | $ | 323,055 | $ | 276,343 | ||||
To secure borrowings | 111,488 | 52,303 | ||||||
Other securities pledged | 154,030 | 138,492 | ||||||
Total securities pledged as collateral | $ | 588,573 | $ | 467,138 |
December 31, | ||||||||||||||
2022 | 2021 | |||||||||||||
(in thousands) | ||||||||||||||
To secure public funds | $ | 564,150 | $ | 596,779 | ||||||||||
To secure borrowings | — | 98,796 | ||||||||||||
Other securities pledged | 266,752 | 267,213 | ||||||||||||
Total securities pledged as collateral | $ | 830,902 | $ | 962,788 |
Less than 12 Months | 12 Months or More | Total | ||||||||||||||||||||||||||||||||||||
Fair Value | Unrealized Losses | Fair Value | Unrealized Losses | Fair Value | Unrealized Losses | |||||||||||||||||||||||||||||||||
December 31, 2022 | (in thousands) | |||||||||||||||||||||||||||||||||||||
U.S. government agency and government-sponsored enterprise mortgage-backed securities and collateralized mortgage obligations | $ | 735,898 | $ | (50,201) | $ | 2,005,957 | $ | (378,852) | $ | 2,741,855 | $ | (429,053) | ||||||||||||||||||||||||||
Other asset-backed securities | 76,877 | (7,579) | 250,475 | (41,404) | 327,352 | (48,983) | ||||||||||||||||||||||||||||||||
State and municipal securities | 309,675 | (23,690) | 485,620 | (101,905) | 795,295 | (125,595) | ||||||||||||||||||||||||||||||||
U.S. government agency and government-sponsored enterprise securities | 68,656 | (1,375) | 139,364 | (12,687) | 208,020 | (14,062) | ||||||||||||||||||||||||||||||||
U.S. government securities | — | — | 167,896 | (15,153) | 167,896 | (15,153) | ||||||||||||||||||||||||||||||||
Non-agency collateralized mortgage obligations | 11,669 | (2,736) | 279,629 | (58,748) | 291,298 | (61,484) | ||||||||||||||||||||||||||||||||
Total | $ | 1,202,775 | $ | (85,581) | $ | 3,328,941 | $ | (608,749) | $ | 4,531,716 | $ | (694,330) | ||||||||||||||||||||||||||
December 31, 2021 | ||||||||||||||||||||||||||||||||||||||
U.S. government agency and government-sponsored enterprise mortgage-backed securities and collateralized mortgage obligations | $ | 2,292,062 | $ | (30,777) | $ | 176,946 | $ | (7,315) | $ | 2,469,008 | $ | (38,092) | ||||||||||||||||||||||||||
Other asset-backed securities | 195,708 | (4,823) | 117,751 | (4,968) | 313,459 | (9,791) | ||||||||||||||||||||||||||||||||
State and municipal securities | 237,354 | (3,862) | 40,343 | (1,076) | 277,697 | (4,938) | ||||||||||||||||||||||||||||||||
U.S. government agency and government-sponsored enterprise securities | 100,813 | (1,988) | 48,714 | (1,286) | 149,527 | (3,274) | ||||||||||||||||||||||||||||||||
U.S. government securities | 157,536 | (831) | — | — | 157,536 | (831) | ||||||||||||||||||||||||||||||||
Non-agency collateralized mortgage obligations | 212,259 | (955) | — | — | 212,259 | (955) | ||||||||||||||||||||||||||||||||
Total | $ | 3,195,732 | $ | (43,236) | $ | 383,754 | $ | (14,645) | $ | 3,579,486 | $ | (57,881) |
Less than 12 Months | 12 Months or More | Total | ||||||||||||||||||||||
Fair Value | Unrealized Losses | Fair Value | Unrealized Losses | Fair Value | Unrealized Losses | |||||||||||||||||||
December 31, 2019 | (in thousands) | |||||||||||||||||||||||
U.S. government agency and government-sponsored enterprise mortgage-backed securities and collateralized mortgage obligations (1) | $ | 1,055,903 | $ | (12,424 | ) | $ | 491,539 | $ | (6,798 | ) | $ | 1,547,442 | (19,222 | ) | ||||||||||
Other asset-backed securities (1) | 89,508 | (880 | ) | 6,799 | (109 | ) | 96,307 | (989 | ) | |||||||||||||||
State and municipal securities | 12,363 | (142 | ) | 12,587 | (82 | ) | 24,950 | (224 | ) | |||||||||||||||
U.S. government agency and government-sponsored enterprise securities | — | — | 10,495 | (5 | ) | 10,495 | (5 | ) | ||||||||||||||||
Total | $ | 1,157,774 | $ | (13,446 | ) | $ | 521,420 | $ | (6,994 | ) | $ | 1,679,194 | $ | (20,440 | ) | |||||||||
December 31, 2018 | ||||||||||||||||||||||||
U.S. government agency and government-sponsored enterprise mortgage-backed securities and collateralized mortgage obligations (1) | $ | 114,551 | $ | (750 | ) | $ | 1,207,020 | $ | (40,096 | ) | $ | 1,321,571 | $ | (40,846 | ) | |||||||||
Other asset-backed securities (1) | 40,071 | (222 | ) | 94,367 | (2,399 | ) | 134,438 | (2,621 | ) | |||||||||||||||
State and municipal securities | 106,292 | (581 | ) | 280,496 | (7,179 | ) | 386,788 | (7,760 | ) | |||||||||||||||
U.S. government agency and government-sponsored enterprise securities | 15,392 | (45 | ) | 291,435 | (4,691 | ) | 306,827 | (4,736 | ) | |||||||||||||||
U.S. government securities | — | — | 247 | (3 | ) | 247 | (3 | ) | ||||||||||||||||
Total | $ | 276,306 | $ | (1,598 | ) | $ | 1,873,565 | $ | (54,368 | ) | $ | 2,149,871 | $ | (55,966 | ) |
December 31, | ||||||||||||||||||||||||
2019 | 2018 | |||||||||||||||||||||||
Loans, excluding PCI loans | PCI Loans | Total | Loans, excluding PCI loans | PCI Loans | Total | |||||||||||||||||||
(in thousands) | ||||||||||||||||||||||||
Commercial business | $ | 3,602,597 | $ | 7,863 | $ | 3,610,460 | $ | 3,438,422 | $ | 9,240 | $ | 3,447,662 | ||||||||||||
Real estate: | ||||||||||||||||||||||||
One-to-four family residential | 265,144 | 7,203 | 272,347 | 238,367 | 8,017 | 246,384 | ||||||||||||||||||
Commercial and multifamily residential | 4,183,961 | 54,212 | 4,238,173 | 3,846,027 | 62,910 | 3,908,937 | ||||||||||||||||||
Total real estate | 4,449,105 | 61,415 | 4,510,520 | 4,084,394 | 70,927 | 4,155,321 | ||||||||||||||||||
Real estate construction: | ||||||||||||||||||||||||
One-to-four family residential | 192,762 | — | 192,762 | 217,790 | 153 | 217,943 | ||||||||||||||||||
Commercial and multifamily residential | 163,103 | — | 163,103 | 284,394 | 534 | 284,928 | ||||||||||||||||||
Total real estate construction | 355,865 | — | 355,865 | 502,184 | 687 | 502,871 | ||||||||||||||||||
Consumer | 292,697 | 8,238 | 300,935 | 318,945 | 8,906 | 327,851 | ||||||||||||||||||
Less: Net unearned income | (34,315 | ) | — | (34,315 | ) | (42,194 | ) | — | (42,194 | ) | ||||||||||||||
Total loans, net of unearned income | 8,665,949 | 77,516 | 8,743,465 | 8,301,751 | 89,760 | 8,391,511 | ||||||||||||||||||
Less: ALLL | (81,124 | ) | (2,844 | ) | (83,968 | ) | (79,758 | ) | (3,611 | ) | (83,369 | ) | ||||||||||||
Total loans, net | $ | 8,584,825 | $ | 74,672 | $ | 8,659,497 | $ | 8,221,993 | $ | 86,149 | $ | 8,308,142 | ||||||||||||
Loans held for sale | $ | 17,718 | $ | — | $ | 17,718 | $ | 3,849 | $ | — | $ | 3,849 |
December 31, | ||||||||||||||
2022 | 2021 | |||||||||||||
(in thousands) | ||||||||||||||
Commercial loans: | ||||||||||||||
Commercial real estate | $ | 5,352,785 | $ | 4,981,263 | ||||||||||
Commercial business | 3,750,564 | 3,423,268 | ||||||||||||
Agriculture | 848,903 | 795,715 | ||||||||||||
Construction | 540,861 | 384,755 | ||||||||||||
Consumer loans: | ||||||||||||||
One-to-four family residential real estate | 1,077,494 | 1,013,908 | ||||||||||||
Other consumer | 40,366 | 43,028 | ||||||||||||
Total loans | 11,610,973 | 10,641,937 | ||||||||||||
Less: Allowance for credit losses | (158,438) | (155,578) | ||||||||||||
Total loans, net | $ | 11,452,535 | $ | 10,486,359 |
December 31, | ||||||||||||||||
2019 | 2018 | |||||||||||||||
Recorded Investment Nonaccrual Loans | Unpaid Principal Balance Nonaccrual Loans | Recorded Investment Nonaccrual Loans | Unpaid Principal Balance Nonaccrual Loans | |||||||||||||
(in thousands) | ||||||||||||||||
Commercial business: | ||||||||||||||||
Secured | $ | 26,615 | $ | 38,278 | $ | 35,504 | $ | 45,072 | ||||||||
Unsecured | 359 | 360 | 9 | 9 | ||||||||||||
Real estate: | ||||||||||||||||
One-to-four family residential | 591 | 632 | 1,158 | 1,178 | ||||||||||||
Commercial and multifamily residential: | ||||||||||||||||
Commercial land | 1,985 | 1,994 | 2,261 | 2,270 | ||||||||||||
Income property | 205 | 206 | 2,721 | 3,062 | ||||||||||||
Owner occupied | 1,287 | 1,325 | 9,922 | 10,300 | ||||||||||||
Real estate construction: | ||||||||||||||||
One-to-four family residential: | ||||||||||||||||
Land and acquisition | — | — | 318 | 318 | ||||||||||||
Residential construction | — | 59 | — | — | ||||||||||||
Consumer | 2,018 | 2,355 | 2,949 | 3,149 | ||||||||||||
Total | $ | 33,060 | $ | 45,209 | $ | 54,842 | $ | 65,358 |
Current Loans | 30 - 59 Days Past Due | 60 - 89 Days Past Due | Greater than 90 Days Past Due | Total Past Due | Nonaccrual Loans | Total Loans | ||||||||||||||||||||||
December 31, 2019 | (in thousands) | |||||||||||||||||||||||||||
Commercial business: | ||||||||||||||||||||||||||||
Secured | $ | 3,422,313 | $ | 7,684 | $ | 5,035 | $ | — | $ | 12,719 | $ | 26,615 | $ | 3,461,647 | ||||||||||||||
Unsecured | 128,852 | 392 | 80 | — | 472 | 359 | 129,683 | |||||||||||||||||||||
Real estate: | ||||||||||||||||||||||||||||
One-to-four family residential | 261,886 | 2,162 | 256 | — | 2,418 | 591 | 264,895 | |||||||||||||||||||||
Commercial and multifamily residential: | ||||||||||||||||||||||||||||
Commercial land | 300,580 | 625 | — | — | 625 | 1,985 | 303,190 | |||||||||||||||||||||
Income property | 2,057,359 | 1,797 | — | — | 1,797 | 205 | 2,059,361 | |||||||||||||||||||||
Owner occupied | 1,795,771 | 4,287 | — | — | 4,287 | 1,287 | 1,801,345 | |||||||||||||||||||||
Real estate construction: | ||||||||||||||||||||||||||||
One-to-four family residential: | ||||||||||||||||||||||||||||
Land and acquisition | 1,364 | — | — | — | — | — | 1,364 | |||||||||||||||||||||
Residential construction | 189,350 | 951 | — | — | 951 | — | 190,301 | |||||||||||||||||||||
Commercial and multifamily residential: | ||||||||||||||||||||||||||||
Income property | 88,389 | — | — | — | — | — | 88,389 | |||||||||||||||||||||
Owner occupied | 73,203 | — | — | — | — | — | 73,203 | |||||||||||||||||||||
Consumer | 290,174 | 284 | 95 | — | 379 | 2,018 | 292,571 | |||||||||||||||||||||
Total | $ | 8,609,241 | $ | 18,182 | $ | 5,466 | $ | — | $ | 23,648 | $ | 33,060 | $ | 8,665,949 | ||||||||||||||
Current Loans | 30 - 59 Days Past Due | 60 - 89 Days Past Due | Greater than 90 Days Past Due | Total Past Due | Nonaccrual Loans | Total Loans | ||||||||||||||||||||||
December 31, 2018 | (in thousands) | |||||||||||||||||||||||||||
Commercial business: | ||||||||||||||||||||||||||||
Secured | $ | 3,267,709 | $ | 5,864 | $ | 3,624 | $ | — | $ | 9,488 | $ | 35,504 | $ | 3,312,701 | ||||||||||||||
Unsecured | 111,868 | 240 | — | — | 240 | 9 | 112,117 | |||||||||||||||||||||
Real estate: | ||||||||||||||||||||||||||||
One-to-four family residential | 233,941 | 694 | 233 | — | 927 | 1,158 | 236,026 | |||||||||||||||||||||
Commercial and multifamily residential: | ||||||||||||||||||||||||||||
Commercial land | 283,416 | — | — | — | — | 2,261 | 285,677 | |||||||||||||||||||||
Income property | 1,910,505 | 5,009 | 2,241 | — | 7,250 | 2,721 | 1,920,476 | |||||||||||||||||||||
Owner occupied | 1,606,085 | 1,744 | — | — | 1,744 | 9,922 | 1,617,751 | |||||||||||||||||||||
Real estate construction: | ||||||||||||||||||||||||||||
One-to-four family residential: | ||||||||||||||||||||||||||||
Land and acquisition | 4,099 | — | — | — | — | 318 | 4,417 | |||||||||||||||||||||
Residential construction | 212,303 | 93 | — | — | 93 | — | 212,396 | |||||||||||||||||||||
Commercial and multifamily residential: | ||||||||||||||||||||||||||||
Income property | 194,912 | — | — | — | — | — | 194,912 | |||||||||||||||||||||
Owner occupied | 79,805 | 7,258 | — | — | 7,258 | — | 87,063 | |||||||||||||||||||||
Consumer | 314,008 | 1,057 | 201 | — | 1,258 | 2,949 | 318,215 | |||||||||||||||||||||
Total | $ | 8,218,651 | $ | 21,959 | $ | 6,299 | $ | — | $ | 28,258 | $ | 54,842 | $ | 8,301,751 |
Current Loans | 30 - 59 Days Past Due | 60 - 89 Days Past Due | Greater than 90 Days Past Due | Total Past Due | Nonaccrual Loans | Total Loans | ||||||||||||||||||||||||||||||||||||||
December 31, 2022 | (in thousands) | |||||||||||||||||||||||||||||||||||||||||||
Commercial loans: | ||||||||||||||||||||||||||||||||||||||||||||
Commercial real estate | $ | 5,338,999 | $ | 6,756 | $ | 3,786 | $ | — | $ | 10,542 | $ | 3,244 | $ | 5,352,785 | ||||||||||||||||||||||||||||||
Commercial business | 3,739,731 | 4,336 | 1,364 | — | 5,700 | 5,133 | 3,750,564 | |||||||||||||||||||||||||||||||||||||
Agriculture | 842,506 | 493 | 1,537 | — | 2,030 | 4,367 | 848,903 | |||||||||||||||||||||||||||||||||||||
Construction | 540,861 | — | — | — | — | — | 540,861 | |||||||||||||||||||||||||||||||||||||
Consumer loans: | ||||||||||||||||||||||||||||||||||||||||||||
One-to-four family residential real estate | 1,072,211 | 4,315 | 283 | — | 4,598 | 685 | 1,077,494 | |||||||||||||||||||||||||||||||||||||
Other consumer | 40,172 | 160 | 22 | — | 182 | 12 | 40,366 | |||||||||||||||||||||||||||||||||||||
Total | $ | 11,574,480 | $ | 16,060 | $ | 6,992 | $ | — | $ | 23,052 | $ | 13,441 | $ | 11,610,973 | ||||||||||||||||||||||||||||||
Current Loans | 30 - 59 Days Past Due | 60 - 89 Days Past Due | Greater than 90 Days Past Due | Total Past Due | Nonaccrual Loans | Total Loans | ||||||||||||||||||||||||||||||||||||||
December 31, 2021 | (in thousands) | |||||||||||||||||||||||||||||||||||||||||||
Commercial loans: | ||||||||||||||||||||||||||||||||||||||||||||
Commercial real estate | $ | 4,977,781 | $ | — | $ | 1,610 | — | $ | 1,610 | $ | 1,872 | $ | 4,981,263 | |||||||||||||||||||||||||||||||
Commercial business | 3,406,539 | 2,721 | 687 | — | 3,408 | 13,321 | 3,423,268 | |||||||||||||||||||||||||||||||||||||
Agriculture | 789,112 | 1,207 | — | — | 1,207 | 5,396 | 795,715 | |||||||||||||||||||||||||||||||||||||
Construction | 384,755 | — | — | — | — | — | 384,755 | |||||||||||||||||||||||||||||||||||||
Consumer loans: | ||||||||||||||||||||||||||||||||||||||||||||
One-to-four family residential real estate | 1,010,343 | 921 | 211 | — | 1,132 | 2,433 | 1,013,908 | |||||||||||||||||||||||||||||||||||||
Other consumer | 42,998 | 11 | — | — | 11 | 19 | 43,028 | |||||||||||||||||||||||||||||||||||||
Total | $ | 10,611,528 | $ | 4,860 | $ | 2,508 | $ | — | $ | 7,368 | $ | 23,041 | $ | 10,641,937 |
Recorded Investment of Loans Collectively Measured for Contingency Provision | Recorded Investment of Loans Individually Measured for Specific Impairment | Impaired Loans With Recorded Allowance | Impaired Loans Without Recorded Allowance | |||||||||||||||||||||||||
Recorded Investment | Unpaid Principal Balance | Related Allowance | Recorded Investment | Unpaid Principal Balance | ||||||||||||||||||||||||
December 31, 2019 | (in thousands) | |||||||||||||||||||||||||||
Commercial business: | ||||||||||||||||||||||||||||
Secured | $ | 3,437,564 | $ | 24,083 | $ | 3,286 | $ | 3,851 | $ | 93 | $ | 20,797 | $ | 28,658 | ||||||||||||||
Unsecured | 129,671 | 12 | 12 | 12 | — | — | — | |||||||||||||||||||||
Real estate: | ||||||||||||||||||||||||||||
One-to-four family residential | 264,513 | 382 | 299 | 588 | 5 | 83 | 182 | |||||||||||||||||||||
Commercial and multifamily residential: | ||||||||||||||||||||||||||||
Commercial land | 300,973 | 2,217 | 1,592 | 1,601 | 312 | 625 | 663 | |||||||||||||||||||||
Income property | 2,059,361 | — | — | — | — | — | — | |||||||||||||||||||||
Owner occupied | 1,797,682 | 3,663 | 3,663 | 5,233 | 29 | — | — | |||||||||||||||||||||
Real estate construction: | ||||||||||||||||||||||||||||
One-to-four family residential: | ||||||||||||||||||||||||||||
Land and acquisition | 1,364 | — | — | — | — | — | — | |||||||||||||||||||||
Residential construction | 190,301 | — | — | — | — | — | — | |||||||||||||||||||||
Commercial and multifamily residential: | ||||||||||||||||||||||||||||
Income property | 88,389 | — | — | — | — | — | — | |||||||||||||||||||||
Owner occupied | 73,203 | — | — | — | — | — | — | |||||||||||||||||||||
Consumer | 290,934 | 1,637 | 483 | 637 | 22 | 1,154 | 1,310 | |||||||||||||||||||||
Total | $ | 8,633,955 | $ | 31,994 | $ | 9,335 | $ | 11,922 | $ | 461 | $ | 22,659 | $ | 30,813 |
Recorded Investment of Loans Collectively Measured for Contingency Provision | Recorded Investment of Loans Individually Measured for Specific Impairment | Impaired Loans With Recorded Allowance | Impaired Loans Without Recorded Allowance | |||||||||||||||||||||||||
Recorded Investment | Unpaid Principal Balance | Related Allowance | Recorded Investment | Unpaid Principal Balance | ||||||||||||||||||||||||
December 31, 2018 | (in thousands) | |||||||||||||||||||||||||||
Commercial business: | ||||||||||||||||||||||||||||
Secured | $ | 3,286,416 | $ | 26,285 | $ | 6,350 | $ | 8,460 | $ | 2,023 | $ | 19,935 | $ | 24,404 | ||||||||||||||
Unsecured | 112,097 | 20 | 20 | 20 | — | — | — | |||||||||||||||||||||
Real estate: | ||||||||||||||||||||||||||||
One-to-four family residential | 235,138 | 888 | 325 | 798 | 8 | 563 | 575 | |||||||||||||||||||||
Commercial and multifamily residential: | ||||||||||||||||||||||||||||
Commercial land | 283,451 | 2,226 | — | — | — | 2,226 | 2,272 | |||||||||||||||||||||
Income property | 1,917,522 | 2,954 | 99 | 165 | 1 | 2,855 | 3,011 | |||||||||||||||||||||
Owner occupied | 1,605,042 | 12,709 | 3,231 | 4,666 | 69 | 9,478 | 9,750 | |||||||||||||||||||||
Real estate construction: | ||||||||||||||||||||||||||||
One-to-four family residential | ||||||||||||||||||||||||||||
Land and acquisition | 4,417 | — | — | — | — | — | — | |||||||||||||||||||||
Residential construction | 212,396 | — | — | — | — | — | — | |||||||||||||||||||||
Commercial and multifamily residential: | ||||||||||||||||||||||||||||
Income property | 194,912 | — | — | — | — | — | — | |||||||||||||||||||||
Owner occupied | 87,063 | — | — | — | — | — | — | |||||||||||||||||||||
Consumer | 314,193 | 4,022 | 3,326 | 3,584 | 31 | 696 | 704 | |||||||||||||||||||||
Total | $ | 8,252,647 | $ | 49,104 | $ | 13,351 | $ | 17,693 | $ | 2,132 | $ | 35,753 | $ | 40,716 |
Years Ended December 31, | ||||||||||||||||||||
2022 | 2021 | 2020 | ||||||||||||||||||
(in thousands) | ||||||||||||||||||||
Commercial loans | $ | 604 | $ | 628 | $ | 1,972 | ||||||||||||||
Consumer loans | 25 | 45 | 28 | |||||||||||||||||
Total | $ | 629 | $ | 673 | $ | 2,000 |
Years Ended December 31, | ||||||||||||||||||||||||
2019 | 2018 | 2017 | ||||||||||||||||||||||
Average Recorded Investment Impaired Loans | Interest Recognized on Impaired Loans | Average Recorded Investment Impaired Loans | Interest Recognized on Impaired Loans | Average Recorded Investment Impaired Loans | Interest Recognized on Impaired Loans | |||||||||||||||||||
(in thousands) | ||||||||||||||||||||||||
Commercial business | ||||||||||||||||||||||||
Secured | $ | 24,682 | $ | 202 | $ | 39,701 | $ | 81 | $ | 20,282 | $ | 60 | ||||||||||||
Unsecured | 16 | 1 | 191 | 2 | 5 | — | ||||||||||||||||||
Real estate: | ||||||||||||||||||||||||
One-to-four family residential | 665 | 42 | 748 | 42 | 730 | 49 | ||||||||||||||||||
Commercial and multifamily residential | ||||||||||||||||||||||||
Commercial land | 2,606 | 31 | 2,371 | 34 | 2,079 | — | ||||||||||||||||||
Income property | 1,121 | — | 3,284 | 130 | 4,314 | 51 | ||||||||||||||||||
Owner occupied | 10,681 | 168 | 9,730 | 720 | 5,335 | 445 | ||||||||||||||||||
Real estate construction: | ||||||||||||||||||||||||
One-to-four family residential | ||||||||||||||||||||||||
Land and acquisition | — | — | — | — | 3 | — | ||||||||||||||||||
Residential construction | — | — | 484 | — | 309 | — | ||||||||||||||||||
Owner occupied | — | — | 3,240 | — | 1,620 | 203 | ||||||||||||||||||
Consumer | 2,960 | 8 | 5,712 | 129 | 5,973 | 163 | ||||||||||||||||||
Total | $ | 42,731 | $ | 452 | $ | 65,461 | $ | 1,138 | $ | 40,650 | $ | 971 |
December 31, 2022 | December 31, 2021 | |||||||||||||
(in thousands) | ||||||||||||||
Commercial loans: | ||||||||||||||
Commercial real estate | $ | 2,281 | $ | 932 | ||||||||||
Commercial business | 815 | 5,131 | ||||||||||||
Agriculture | 2,111 | 3,756 | ||||||||||||
Total | $ | 5,207 | $ | 9,819 |
Years Ended December 31, | |||||||||||||||||||||||||||||||||
2019 | 2018 | 2017 | |||||||||||||||||||||||||||||||
Number of TDR Modifications | Pre-Modification Outstanding Recorded Investment | Post-Modification Outstanding Recorded Investment | Number of TDR Modifications | Pre-Modification Outstanding Recorded Investment | Post-Modification Outstanding Recorded Investment | Number of TDR Modifications | Pre-Modification Outstanding Recorded Investment | Post-Modification Outstanding Recorded Investment | |||||||||||||||||||||||||
(dollars in thousands) | |||||||||||||||||||||||||||||||||
Commercial business: | |||||||||||||||||||||||||||||||||
Secured | 11 | $ | 6,642 | $ | 6,642 | 12 | $ | 18,379 | $ | 18,379 | 10 | $ | 5,655 | $ | 5,655 | ||||||||||||||||||
Unsecured | — | — | — | — | — | — | 1 | 26 | 26 | ||||||||||||||||||||||||
Real estate: | |||||||||||||||||||||||||||||||||
One-to-four family residential | 1 | 45 | 45 | — | — | — | 3 | 583 | 583 | ||||||||||||||||||||||||
Commercial and multifamily residential: | |||||||||||||||||||||||||||||||||
Commercial land | — | — | — | — | — | — | 1 | 687 | 687 | ||||||||||||||||||||||||
Income property | 1 | 217 | 217 | 1 | 891 | 891 | 1 | 1,152 | 1,152 | ||||||||||||||||||||||||
Owner occupied | — | — | — | — | — | — | 1 | 78 | 78 | ||||||||||||||||||||||||
Real estate construction: | |||||||||||||||||||||||||||||||||
Commercial and multifamily residential: | |||||||||||||||||||||||||||||||||
Owner occupied | — | — | — | — | — | — | 1 | 4,050 | 4,050 | ||||||||||||||||||||||||
Consumer | 11 | 444 | 444 | 21 | 2,777 | 2,777 | 42 | 5,891 | 5,891 | ||||||||||||||||||||||||
Total | 24 | $ | 7,348 | $ | 7,348 | 34 | $ | 22,047 | $ | 22,047 | 60 | $ | 18,122 | $ | 18,122 |
Years Ended December 31, | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
2022 | 2021 | 2020 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
Number of TDR Modifications | Pre-Modification Outstanding Recorded Investment | Post-Modification Outstanding Recorded Investment | Number of TDR Modifications | Pre-Modification Outstanding Recorded Investment | Post-Modification Outstanding Recorded Investment | Number of TDR Modifications | Pre-Modification Outstanding Recorded Investment | Post-Modification Outstanding Recorded Investment | ||||||||||||||||||||||||||||||||||||||||||||||||
(dollars in thousands) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Commercial loans: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Commercial real estate | — | $ | — | $ | — | 1 | $ | 628 | $ | 628 | — | $ | — | $ | — | |||||||||||||||||||||||||||||||||||||||||
Commercial business | 2 | 637 | 637 | 11 | 2,600 | 2,600 | 11 | 3,257 | 3,257 | |||||||||||||||||||||||||||||||||||||||||||||||
Agriculture | 1 | 633 | 633 | 1 | 583 | 583 | 2 | 3,495 | 3,495 | |||||||||||||||||||||||||||||||||||||||||||||||
Consumer loans: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
One-to-four family residential real estate | 1 | 50 | 50 | 3 | 155 | 155 | 6 | 814 | 814 | |||||||||||||||||||||||||||||||||||||||||||||||
Other consumer | — | — | — | — | — | — | — | — | — | |||||||||||||||||||||||||||||||||||||||||||||||
Total | 4 | $ | 1,320 | $ | 1,320 | 16 | $ | 3,966 | $ | 3,966 | 19 | $ | 7,566 | $ | 7,566 |
December 31, | ||||||||
2019 | 2018 | |||||||
(in thousands) | ||||||||
Commercial business | $ | 8,083 | $ | 9,672 | ||||
Real estate: | ||||||||
One-to-four family residential | 8,453 | 9,848 | ||||||
Commercial and multifamily residential | 56,752 | 66,340 | ||||||
Total real estate | 65,205 | 76,188 | ||||||
Real estate construction: | ||||||||
One-to-four family residential | — | 153 | ||||||
Commercial and multifamily residential | — | 507 | ||||||
Total real estate construction | — | 660 | ||||||
Consumer | 8,984 | 9,765 | ||||||
Subtotal of PCI loans | 82,272 | 96,285 | ||||||
Less: | ||||||||
Valuation discount resulting from acquisition accounting | 4,756 | 6,525 | ||||||
ALLL | 2,844 | 3,611 | ||||||
PCI loans, net of valuation discounts and allowance for loan losses | $ | 74,672 | $ | 86,149 |
Years Ended December 31, | ||||||||||||
2019 | 2018 | 2017 | ||||||||||
(in thousands) | ||||||||||||
Balance at beginning of period | $ | 21,949 | $ | 31,176 | $ | 45,191 | ||||||
Accretion | (6,053 | ) | (8,194 | ) | (12,357 | ) | ||||||
Disposals | 46 | (387 | ) | (158 | ) | |||||||
Reclassifications from (to) nonaccretable difference | 3,719 | (646 | ) | (1,500 | ) | |||||||
Balance at end of period | $ | 19,661 | $ | 21,949 | $ | 31,176 |
Beginning Balance | Charge-offs | Recoveries | Provision (Recapture) | Ending Balance | Specific Reserve | General Allocation | ||||||||||||||||||||||
Year Ended December 31, 2019 | (in thousands) | |||||||||||||||||||||||||||
Commercial business: | ||||||||||||||||||||||||||||
Secured | $ | 43,188 | $ | (10,249 | ) | $ | 2,755 | $ | 7,381 | $ | 43,075 | $ | 93 | $ | 42,982 | |||||||||||||
Unsecured | 2,626 | (75 | ) | 350 | 184 | 3,085 | — | 3,085 | ||||||||||||||||||||
Real estate: | ||||||||||||||||||||||||||||
One-to-four family residential | 593 | (2 | ) | 242 | (226 | ) | 607 | 5 | 602 | |||||||||||||||||||
Commercial and multifamily residential: | ||||||||||||||||||||||||||||
Commercial land | 3,947 | — | 286 | 2,146 | 6,379 | 312 | 6,067 | |||||||||||||||||||||
Income property | 4,044 | — | 320 | 2,062 | 6,426 | — | 6,426 | |||||||||||||||||||||
Owner occupied | 4,533 | — | 4 | 1,567 | 6,104 | 29 | 6,075 | |||||||||||||||||||||
Real estate construction: | ||||||||||||||||||||||||||||
One-to-four family residential: | ||||||||||||||||||||||||||||
Land and acquisition | 549 | — | 362 | (799 | ) | 112 | — | 112 | ||||||||||||||||||||
Residential construction | 5,536 | (170 | ) | 3,092 | (3,982 | ) | 4,476 | — | 4,476 | |||||||||||||||||||
Commercial and multifamily residential: | ||||||||||||||||||||||||||||
Income property | 5,784 | — | 1 | (3,286 | ) | 2,499 | — | 2,499 | ||||||||||||||||||||
Owner occupied | 2,604 | — | — | 702 | 3,306 | — | 3,306 | |||||||||||||||||||||
Consumer | 5,301 | (1,400 | ) | 930 | (376 | ) | 4,455 | 22 | 4,433 | |||||||||||||||||||
PCI | 3,611 | (3,319 | ) | 3,979 | (1,427 | ) | 2,844 | — | 2,844 | |||||||||||||||||||
Unallocated | 1,053 | — | — | (453 | ) | 600 | — | 600 | ||||||||||||||||||||
Total | $ | 83,369 | $ | (15,215 | ) | $ | 12,321 | $ | 3,493 | $ | 83,968 | $ | 461 | $ | 83,507 |
Beginning Balance | Charge-offs | Recoveries | Provision (Recapture) | Ending Balance | Specific Reserve | General Allocation | ||||||||||||||||||||||
Year Ended December 31, 2018 | (in thousands) | |||||||||||||||||||||||||||
Commercial business: | ||||||||||||||||||||||||||||
Secured | $ | 29,341 | $ | (11,560 | ) | $ | 3,024 | $ | 22,383 | $ | 43,188 | $ | 2,023 | $ | 41,165 | |||||||||||||
Unsecured | 2,000 | (159 | ) | 403 | 382 | 2,626 | — | 2,626 | ||||||||||||||||||||
Real estate: | ||||||||||||||||||||||||||||
One-to-four family residential | 701 | — | 408 | (516 | ) | 593 | 8 | 585 | ||||||||||||||||||||
Commercial and multifamily residential: | ||||||||||||||||||||||||||||
Commercial land | 4,265 | — | 99 | (417 | ) | 3,947 | — | 3,947 | ||||||||||||||||||||
Income property | 5,672 | (780 | ) | 912 | (1,760 | ) | 4,044 | 1 | 4,043 | |||||||||||||||||||
Owner occupied | 5,459 | — | 20 | (946 | ) | 4,533 | 69 | 4,464 | ||||||||||||||||||||
Real estate construction: | ||||||||||||||||||||||||||||
One-to-four family residential: | ||||||||||||||||||||||||||||
Land and acquisition | 963 | — | 726 | (1,140 | ) | 549 | — | 549 | ||||||||||||||||||||
Residential construction | 3,709 | — | 890 | 937 | 5,536 | — | 5,536 | |||||||||||||||||||||
Commercial and multifamily residential: | ||||||||||||||||||||||||||||
Income property | 7,053 | — | — | (1,269 | ) | 5,784 | — | 5,784 | ||||||||||||||||||||
Owner occupied | 4,413 | — | — | (1,809 | ) | 2,604 | — | 2,604 | ||||||||||||||||||||
Consumer | 5,163 | (1,194 | ) | 1,180 | 152 | 5,301 | 31 | 5,270 | ||||||||||||||||||||
PCI | 6,907 | (4,862 | ) | 3,847 | (2,281 | ) | 3,611 | — | 3,611 | |||||||||||||||||||
Unallocated | — | — | — | 1,053 | 1,053 | — | 1,053 | |||||||||||||||||||||
Total | $ | 75,646 | $ | (18,555 | ) | $ | 11,509 | $ | 14,769 | $ | 83,369 | $ | 2,132 | $ | 81,237 |
Beginning Balance | Charge-offs | Recoveries | Provision (Recapture) | Ending Balance | ||||||||||||||||||||||||||||||||||||||||
Year Ended December 31, 2022 | (in thousands) | |||||||||||||||||||||||||||||||||||||||||||
Commercial loans: | ||||||||||||||||||||||||||||||||||||||||||||
Commercial real estate | $ | 61,254 | $ | (299) | $ | 207 | $ | (6,306) | $ | 54,856 | ||||||||||||||||||||||||||||||||||
Commercial business | 54,712 | (2,108) | 2,183 | 3,049 | 57,836 | |||||||||||||||||||||||||||||||||||||||
Agriculture | 8,148 | (799) | 869 | 853 | 9,071 | |||||||||||||||||||||||||||||||||||||||
Construction | 5,397 | — | 387 | 7,358 | 13,142 | |||||||||||||||||||||||||||||||||||||||
Consumer loans: | ||||||||||||||||||||||||||||||||||||||||||||
One-to-four family residential real estate | 24,123 | (3) | 943 | (2,708) | 22,355 | |||||||||||||||||||||||||||||||||||||||
Other consumer | 1,944 | (1,240) | 770 | (296) | 1,178 | |||||||||||||||||||||||||||||||||||||||
Total | $ | 155,578 | $ | (4,449) | $ | 5,359 | $ | 1,950 | $ | 158,438 |
Beginning Balance | Initial ACL recorded for PCD loans acquired during the period | Charge-offs | Recoveries | Provision (Recapture) | Ending Balance | ||||||||||||||||||||||||||||||||||||||||||||||||
Year Ended December 31, 2021 | (in thousands) | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Commercial loans: | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Commercial real estate | $ | 68,934 | $ | 2,225 | $ | (1,044) | $ | 633 | $ | (9,494) | $ | 61,254 | |||||||||||||||||||||||||||||||||||||||||
Commercial business | 45,250 | 30 | (6,364) | 4,862 | 10,934 | 54,712 | |||||||||||||||||||||||||||||||||||||||||||||||
Agriculture | 9,052 | 38 | (322) | 355 | (975) | 8,148 | |||||||||||||||||||||||||||||||||||||||||||||||
Construction | 7,636 | 35 | — | 593 | (2,867) | 5,397 | |||||||||||||||||||||||||||||||||||||||||||||||
Consumer loans: | |||||||||||||||||||||||||||||||||||||||||||||||||||||
One-to-four family residential real estate | 16,875 | 286 | (170) | 907 | 6,225 | 24,123 | |||||||||||||||||||||||||||||||||||||||||||||||
Other consumer | 1,393 | 2 | (1,163) | 735 | 977 | 1,944 | |||||||||||||||||||||||||||||||||||||||||||||||
Unallocated | — | — | — | — | — | — | |||||||||||||||||||||||||||||||||||||||||||||||
Total | $ | 149,140 | $ | 2,616 | $ | (9,063) | $ | 8,085 | $ | 4,800 | $ | 155,578 |
Beginning Balance | Impact of Adopting ASC 326 | Charge-offs | Recoveries | Provision (Recapture) | Ending Balance | ||||||||||||||||||||||||||||||||||||
Year Ended December 31, 2020 | (in thousands) | ||||||||||||||||||||||||||||||||||||||||
Commercial loans: | |||||||||||||||||||||||||||||||||||||||||
Commercial real estate | $ | 20,340 | $ | 7,533 | $ | (1,419) | $ | 131 | $ | 42,349 | $ | 68,934 | |||||||||||||||||||||||||||||
Commercial business | 30,292 | 762 | (12,396) | 3,438 | 23,154 | 45,250 | |||||||||||||||||||||||||||||||||||
Agriculture | 15,835 | (9,325) | (6,427) | 172 | 8,797 | 9,052 | |||||||||||||||||||||||||||||||||||
Construction | 8,571 | (1,750) | — | 709 | 106 | 7,636 | |||||||||||||||||||||||||||||||||||
Consumer loans: | |||||||||||||||||||||||||||||||||||||||||
One-to-four family residential real estate | 7,435 | 4,237 | (84) | 2,083 | 3,204 | 16,875 | |||||||||||||||||||||||||||||||||||
Other consumer | 883 | 778 | (766) | 399 | 99 | 1,393 | |||||||||||||||||||||||||||||||||||
Unallocated | 612 | (603) | — | — | (9) | — | |||||||||||||||||||||||||||||||||||
Total | $ | 83,968 | $ | 1,632 | $ | (21,092) | $ | 6,932 | $ | 77,700 | $ | 149,140 |
Beginning Balance | Charge-offs | Recoveries | Provision (Recapture) | Ending Balance | Specific Reserve | General Allocation | ||||||||||||||||||||||
Year Ended December 31, 2017 | (in thousands) | |||||||||||||||||||||||||||
Commercial business: | ||||||||||||||||||||||||||||
Secured | $ | 36,050 | $ | (7,524 | ) | $ | 4,283 | $ | (3,468 | ) | $ | 29,341 | $ | 1,867 | $ | 27,474 | ||||||||||||
Unsecured | 960 | (89 | ) | 553 | 576 | 2,000 | 3 | 1,997 | ||||||||||||||||||||
Real estate: | ||||||||||||||||||||||||||||
One-to-four family residential | 599 | (460 | ) | 568 | (6 | ) | 701 | 103 | 598 | |||||||||||||||||||
Commercial and multifamily residential: | ||||||||||||||||||||||||||||
Commercial land | 1,797 | — | 53 | 2,415 | 4,265 | — | 4,265 | |||||||||||||||||||||
Income property | 7,342 | (287 | ) | 498 | (1,881 | ) | 5,672 | 185 | 5,487 | |||||||||||||||||||
Owner occupied | 6,439 | — | 124 | (1,104 | ) | 5,459 | 3 | 5,456 | ||||||||||||||||||||
Real estate construction: | ||||||||||||||||||||||||||||
One-to-four family residential: | ||||||||||||||||||||||||||||
Land and acquisition | 316 | (14 | ) | 72 | 589 | 963 | — | 963 | ||||||||||||||||||||
Residential construction | 669 | — | 106 | 2,934 | 3,709 | — | 3,709 | |||||||||||||||||||||
Commercial and multifamily residential: | ||||||||||||||||||||||||||||
Income property | 404 | — | 1 | 6,648 | 7,053 | — | 7,053 | |||||||||||||||||||||
Owner occupied | 1,192 | — | — | 3,221 | 4,413 | — | 4,413 | |||||||||||||||||||||
Consumer | 3,534 | (1,474 | ) | 1,187 | 1,916 | 5,163 | 199 | 4,964 | ||||||||||||||||||||
PCI | 10,515 | (6,812 | ) | 6,187 | (2,983 | ) | 6,907 | — | 6,907 | |||||||||||||||||||
Unallocated | 226 | — | — | (226 | ) | — | — | — | ||||||||||||||||||||
Total | $ | 70,043 | $ | (16,660 | ) | $ | 13,632 | $ | 8,631 | $ | 75,646 | $ | 2,360 | $ | 73,286 |
Years Ended December 31, | ||||||||||||
2019 | 2018 | 2017 | ||||||||||
(in thousands) | ||||||||||||
Beginning balance | $ | 4,330 | $ | 3,130 | $ | 2,705 | ||||||
Net changes in the allowance for unfunded commitments and letters of credit | (900 | ) | 1,200 | 425 | ||||||||
Ending balance | $ | 3,430 | $ | 4,330 | $ | 3,130 |
Years Ended December 31, | ||||||||||||||||||||
2022 | 2021 | 2020 | ||||||||||||||||||
(in thousands) | ||||||||||||||||||||
Beginning balance | $ | 8,500 | $ | 8,300 | $ | 3,430 | ||||||||||||||
Impact of Adopting ASC 326 | — | — | 1,570 | |||||||||||||||||
Net changes in the allowance for unfunded commitments and letters of credit | (500) | 200 | 3,300 | |||||||||||||||||
Ending balance | $ | 8,000 | $ | 8,500 | $ | 8,300 |
Revolving Loans Amortized Cost Basis | Revolving Loans Converted to Term Loans Amortized Cost Basis | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
Term Loans | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Amortized Cost Basis by Origination Year | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
2022 | 2021 | 2020 | 2019 | 2018 | Prior | Total (1) | ||||||||||||||||||||||||||||||||||||||||||||||||||
December 31, 2022 | (in thousands) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
Commercial loans: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Commercial real estate | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Pass | $ | 1,182,136 | $ | 1,009,480 | $ | 636,056 | $ | 588,494 | $ | 394,552 | $ | 1,295,185 | $ | 75,487 | $ | 12,551 | $ | 5,193,941 | ||||||||||||||||||||||||||||||||||||||
Special mention | 1,698 | — | 1,357 | 15,199 | 1,513 | 13,590 | — | — | 33,357 | |||||||||||||||||||||||||||||||||||||||||||||||
Substandard | 318 | 7,460 | 20,317 | 30,422 | 2,904 | 60,343 | 3,723 | — | 125,487 | |||||||||||||||||||||||||||||||||||||||||||||||
Total commercial real estate | $ | 1,184,152 | $ | 1,016,940 | $ | 657,730 | $ | 634,115 | $ | 398,969 | $ | 1,369,118 | $ | 79,210 | $ | 12,551 | $ | 5,352,785 | ||||||||||||||||||||||||||||||||||||||
Commercial business | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Pass | $ | 521,615 | $ | 658,452 | $ | 337,927 | $ | 208,199 | $ | 159,105 | $ | 247,086 | $ | 1,456,332 | $ | 9,736 | $ | 3,598,452 | ||||||||||||||||||||||||||||||||||||||
Special mention | 1,129 | 3,681 | 617 | 6,335 | 187 | 193 | 17,988 | 74 | 30,204 | |||||||||||||||||||||||||||||||||||||||||||||||
Substandard | 2,716 | 6,162 | 2,210 | 16,164 | 20,321 | 28,402 | 39,037 | 6,896 | 121,908 | |||||||||||||||||||||||||||||||||||||||||||||||
Total commercial business | $ | 525,460 | $ | 668,295 | $ | 340,754 | $ | 230,698 | $ | 179,613 | $ | 275,681 | $ | 1,513,357 | $ | 16,706 | $ | 3,750,564 | ||||||||||||||||||||||||||||||||||||||
Agriculture | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Pass | $ | 141,623 | $ | 119,538 | $ | 68,621 | $ | 67,689 | $ | 20,570 | $ | 91,411 | $ | 301,607 | $ | 1,345 | $ | 812,404 | ||||||||||||||||||||||||||||||||||||||
Special mention | 3,890 | 659 | — | 198 | — | 33 | 598 | — | 5,378 | |||||||||||||||||||||||||||||||||||||||||||||||
Substandard | 1,425 | 1,280 | 2,104 | 2,986 | 20 | 6,105 | 17,201 | — | 31,121 | |||||||||||||||||||||||||||||||||||||||||||||||
Total agriculture | $ | 146,938 | $ | 121,477 | $ | 70,725 | $ | 70,873 | $ | 20,590 | $ | 97,549 | $ | 319,406 | $ | 1,345 | $ | 848,903 | ||||||||||||||||||||||||||||||||||||||
Construction | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Pass | $ | 220,558 | $ | 208,472 | $ | 20,334 | $ | 14,329 | $ | 2,437 | $ | 3,192 | $ | 67,559 | $ | 1,037 | $ | 537,918 | ||||||||||||||||||||||||||||||||||||||
Special mention | — | 734 | — | — | — | — | — | — | 734 | |||||||||||||||||||||||||||||||||||||||||||||||
Substandard | — | — | — | 1,717 | 443 | 49 | — | — | 2,209 | |||||||||||||||||||||||||||||||||||||||||||||||
Total construction | $ | 220,558 | $ | 209,206 | $ | 20,334 | $ | 16,046 | $ | 2,880 | $ | 3,241 | $ | 67,559 | $ | 1,037 | $ | 540,861 | ||||||||||||||||||||||||||||||||||||||
Consumer loans: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
One-to-four family residential real estate | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Pass | $ | 156,406 | $ | 354,364 | $ | 124,150 | $ | 37,546 | $ | 39,054 | $ | 84,403 | $ | 277,930 | $ | 1,288 | $ | 1,075,141 | ||||||||||||||||||||||||||||||||||||||
Substandard | — | — | — | 253 | 498 | 932 | 510 | 160 | 2,353 | |||||||||||||||||||||||||||||||||||||||||||||||
Total one-to-four family residential real estate | $ | 156,406 | $ | 354,364 | $ | 124,150 | $ | 37,799 | $ | 39,552 | $ | 85,335 | $ | 278,440 | $ | 1,448 | $ | 1,077,494 | ||||||||||||||||||||||||||||||||||||||
Other consumer | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Pass | $ | 5,235 | $ | 2,614 | $ | 1,169 | $ | 819 | $ | 1,209 | $ | 7,833 | $ | 21,276 | $ | 201 | $ | 40,356 | ||||||||||||||||||||||||||||||||||||||
Substandard | — | — | — | — | — | 10 | — | — | 10 | |||||||||||||||||||||||||||||||||||||||||||||||
Total consumer | $ | 5,235 | $ | 2,614 | $ | 1,169 | $ | 819 | $ | 1,209 | $ | 7,843 | $ | 21,276 | $ | 201 | $ | 40,366 | ||||||||||||||||||||||||||||||||||||||
Total | $ | 2,238,749 | $ | 2,372,896 | $ | 1,214,862 | $ | 990,350 | $ | 642,813 | $ | 1,838,767 | $ | 2,279,248 | $ | 33,288 | $ | 11,610,973 | ||||||||||||||||||||||||||||||||||||||
Less: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Allowance for credit losses | 158,438 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
Loans, net | $ | 11,452,535 |
Pass | Special Mention | Substandard | Doubtful | Loss | Total | |||||||||||||||||||
December 31, 2019 | (in thousands) | |||||||||||||||||||||||
Loans, excluding PCI loans | ||||||||||||||||||||||||
Commercial business: | ||||||||||||||||||||||||
Secured | $ | 3,296,776 | $ | 37,394 | $ | 127,477 | $ | — | $ | — | $ | 3,461,647 | ||||||||||||
Unsecured | 129,518 | — | 165 | — | — | 129,683 | ||||||||||||||||||
Real estate: | ||||||||||||||||||||||||
One-to-four family residential | 264,051 | — | 844 | — | — | 264,895 | ||||||||||||||||||
Commercial and multifamily residential: | ||||||||||||||||||||||||
Commercial land | 283,254 | 1,344 | 18,592 | — | — | 303,190 | ||||||||||||||||||
Income property | 2,014,233 | 5,658 | 39,470 | — | — | 2,059,361 | ||||||||||||||||||
Owner occupied | 1,757,757 | 6,158 | 37,430 | — | — | 1,801,345 | ||||||||||||||||||
Real estate construction: | ||||||||||||||||||||||||
One-to-four family residential: | ||||||||||||||||||||||||
Land and acquisition | 1,364 | — | — | — | — | 1,364 | ||||||||||||||||||
Residential construction | 190,301 | — | — | — | — | 190,301 | ||||||||||||||||||
Commercial and multifamily residential: | ||||||||||||||||||||||||
Income property | 88,389 | — | — | — | — | 88,389 | ||||||||||||||||||
Owner occupied | 73,203 | — | — | — | — | 73,203 | ||||||||||||||||||
Consumer | 289,588 | — | 2,983 | — | — | 292,571 | ||||||||||||||||||
Total | $ | 8,388,434 | $ | 50,554 | $ | 226,961 | $ | — | $ | — | 8,665,949 | |||||||||||||
Less: | ||||||||||||||||||||||||
ALLL | 81,124 | |||||||||||||||||||||||
Loans, excluding PCI loans, net | $ | 8,584,825 |
Revolving Loans Amortized Cost Basis | Revolving Loans Converted to Term Loans Amortized Cost Basis | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
Term Loans | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Amortized Cost Basis by Origination Year | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
2021 | 2020 | 2019 | 2018 | 2017 | Prior | Total | ||||||||||||||||||||||||||||||||||||||||||||||||||
December 31, 2021 | (in thousands) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
Commercial loans: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Commercial real estate | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Pass | $ | 1,068,493 | $ | 760,545 | $ | 650,593 | $ | 492,348 | $ | 515,233 | $ | 1,180,115 | $ | 74,754 | $ | 3,644 | $ | 4,745,725 | ||||||||||||||||||||||||||||||||||||||
Special mention | 2,252 | — | 19,016 | 6,196 | 163 | 27,270 | — | 2,199 | 57,096 | |||||||||||||||||||||||||||||||||||||||||||||||
Substandard | 4,119 | 5,897 | 45,769 | 9,112 | 29,917 | 82,599 | 1,029 | — | 178,442 | |||||||||||||||||||||||||||||||||||||||||||||||
Total commercial real estate | $ | 1,074,864 | $ | 766,442 | $ | 715,378 | $ | 507,656 | $ | 545,313 | $ | 1,289,984 | $ | 75,783 | $ | 5,843 | $ | 4,981,263 | ||||||||||||||||||||||||||||||||||||||
Commercial business | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Pass | $ | 891,957 | $ | 426,004 | $ | 280,823 | $ | 217,605 | $ | 144,363 | $ | 232,356 | $ | 1,028,616 | $ | 35,411 | $ | 3,257,135 | ||||||||||||||||||||||||||||||||||||||
Special mention | 621 | 135 | 6,097 | 747 | 105 | 51 | 34,256 | 236 | 42,248 | |||||||||||||||||||||||||||||||||||||||||||||||
Substandard | 4,329 | 4,610 | 18,393 | 28,066 | 20,568 | 27,462 | 18,796 | 1,661 | 123,885 | |||||||||||||||||||||||||||||||||||||||||||||||
Total commercial business | $ | 896,907 | $ | 430,749 | $ | 305,313 | $ | 246,418 | $ | 165,036 | $ | 259,869 | $ | 1,081,668 | $ | 37,308 | $ | 3,423,268 | ||||||||||||||||||||||||||||||||||||||
Agriculture | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Pass | $ | 147,561 | $ | 87,964 | $ | 74,658 | $ | 29,739 | $ | 46,058 | $ | 79,693 | $ | 266,573 | $ | 5,448 | $ | 737,694 | ||||||||||||||||||||||||||||||||||||||
Special mention | 162 | — | 445 | — | — | — | 565 | — | 1,172 | |||||||||||||||||||||||||||||||||||||||||||||||
Substandard | — | 7,717 | 9,148 | 1,616 | 5,532 | 1,833 | 29,125 | 1,878 | 56,849 | |||||||||||||||||||||||||||||||||||||||||||||||
Total agriculture | $ | 147,723 | $ | 95,681 | $ | 84,251 | $ | 31,355 | $ | 51,590 | $ | 81,526 | $ | 296,263 | $ | 7,326 | $ | 795,715 | ||||||||||||||||||||||||||||||||||||||
Construction | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Pass | $ | 228,661 | $ | 53,880 | $ | 35,795 | $ | 3,183 | $ | 3,285 | $ | 2,189 | $ | 55,765 | $ | — | $ | 382,758 | ||||||||||||||||||||||||||||||||||||||
Substandard | — | — | 1,748 | — | — | 249 | — | — | 1,997 | |||||||||||||||||||||||||||||||||||||||||||||||
Total construction | $ | 228,661 | $ | 53,880 | $ | 37,543 | $ | 3,183 | $ | 3,285 | $ | 2,438 | $ | 55,765 | $ | — | $ | 384,755 | ||||||||||||||||||||||||||||||||||||||
Consumer loans: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
One-to-four family residential real estate | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Pass | $ | 390,153 | $ | 140,799 | $ | 56,520 | $ | 51,549 | $ | 32,447 | $ | 111,307 | $ | 222,747 | $ | 1,347 | $ | 1,006,869 | ||||||||||||||||||||||||||||||||||||||
Substandard | 85 | 470 | 183 | 562 | 234 | 4,736 | 485 | 284 | 7,039 | |||||||||||||||||||||||||||||||||||||||||||||||
Total one-to-four family residential real estate | $ | 390,238 | $ | 141,269 | $ | 56,703 | $ | 52,111 | $ | 32,681 | $ | 116,043 | $ | 223,232 | $ | 1,631 | $ | 1,013,908 | ||||||||||||||||||||||||||||||||||||||
Other consumer | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Pass | $ | 7,045 | $ | 2,711 | $ | 1,950 | $ | 13,489 | $ | 560 | $ | 1,277 | $ | 15,853 | $ | 97 | $ | 42,982 | ||||||||||||||||||||||||||||||||||||||
Substandard | — | — | — | — | 1 | 13 | 23 | 9 | 46 | |||||||||||||||||||||||||||||||||||||||||||||||
Total consumer | $ | 7,045 | $ | 2,711 | $ | 1,950 | $ | 13,489 | $ | 561 | $ | 1,290 | $ | 15,876 | $ | 106 | $ | 43,028 | ||||||||||||||||||||||||||||||||||||||
Total | $ | 2,745,438 | $ | 1,490,732 | $ | 1,201,138 | $ | 854,212 | $ | 798,466 | $ | 1,751,150 | $ | 1,748,587 | $ | 52,214 | $ | 10,641,937 | ||||||||||||||||||||||||||||||||||||||
Less: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Allowance for credit losses | 155,578 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
Loans, net | $ | 10,486,359 |
Pass | Special Mention | Substandard | Doubtful | Loss | Total | |||||||||||||||||||
December 31, 2018 | (in thousands) | |||||||||||||||||||||||
Loans, excluding PCI loans | ||||||||||||||||||||||||
Commercial business: | ||||||||||||||||||||||||
Secured | $ | 3,160,910 | $ | 48,779 | $ | 103,007 | $ | 5 | $ | — | $ | 3,312,701 | ||||||||||||
Unsecured | 112,091 | 21 | — | 5 | — | 112,117 | ||||||||||||||||||
Real estate: | ||||||||||||||||||||||||
One-to-four family residential | 234,416 | — | 1,610 | — | — | 236,026 | ||||||||||||||||||
Commercial and multifamily residential: | ||||||||||||||||||||||||
Commercial land | 276,348 | 5,082 | 4,247 | — | — | 285,677 | ||||||||||||||||||
Income property | 1,876,925 | 36,998 | 6,553 | — | — | 1,920,476 | ||||||||||||||||||
Owner occupied | 1,556,852 | 14,964 | 45,935 | — | — | 1,617,751 | ||||||||||||||||||
Real estate construction: | ||||||||||||||||||||||||
One-to-four family residential: | ||||||||||||||||||||||||
Land and acquisition | 4,099 | — | 318 | — | — | 4,417 | ||||||||||||||||||
Residential construction | 212,225 | — | 171 | — | — | 212,396 | ||||||||||||||||||
Commercial and multifamily residential: | ||||||||||||||||||||||||
Income property | 194,912 | — | — | — | — | 194,912 | ||||||||||||||||||
Owner occupied | 87,063 | — | — | — | — | 87,063 | ||||||||||||||||||
Consumer | 313,817 | — | 4,398 | — | — | 318,215 | ||||||||||||||||||
Total | $ | 8,029,658 | $ | 105,844 | $ | 166,239 | $ | 10 | $ | — | 8,301,751 | |||||||||||||
Less: | ||||||||||||||||||||||||
ALLL | 79,758 | |||||||||||||||||||||||
Loans, excluding PCI loans, net | $ | 8,221,993 |
Pass | Special Mention | Substandard | Doubtful | Loss | Total | |||||||||||||||||||
December 31, 2019 | (in thousands) | |||||||||||||||||||||||
PCI loans: | ||||||||||||||||||||||||
Commercial business: | ||||||||||||||||||||||||
Secured | $ | 6,109 | $ | 962 | $ | 606 | $ | — | $ | — | $ | 7,677 | ||||||||||||
Unsecured | 406 | — | — | — | — | 406 | ||||||||||||||||||
Real estate: | ||||||||||||||||||||||||
One-to-four family residential | 8,351 | — | 102 | — | — | 8,453 | ||||||||||||||||||
Commercial and multifamily residential: | ||||||||||||||||||||||||
Commercial land | 8,720 | 497 | 212 | — | — | 9,429 | ||||||||||||||||||
Income property | 18,386 | — | 297 | — | — | 18,683 | ||||||||||||||||||
Owner occupied | 21,077 | — | 7,563 | — | — | 28,640 | ||||||||||||||||||
Consumer | 8,758 | — | 226 | — | — | 8,984 | ||||||||||||||||||
Total | $ | 71,807 | $ | 1,459 | $ | 9,006 | $ | — | $ | — | 82,272 | |||||||||||||
Less: | ||||||||||||||||||||||||
Valuation discount resulting from acquisition accounting | 4,756 | |||||||||||||||||||||||
ALLL | 2,844 | |||||||||||||||||||||||
PCI loans, net | $ | 74,672 |
Pass | Special Mention | Substandard | Doubtful | Loss | Total | |||||||||||||||||||
December 31, 2018 | (in thousands) | |||||||||||||||||||||||
PCI loans: | ||||||||||||||||||||||||
Commercial business: | ||||||||||||||||||||||||
Secured | $ | 8,041 | $ | — | $ | 840 | $ | — | $ | — | $ | 8,881 | ||||||||||||
Unsecured | 692 | — | 99 | — | — | 791 | ||||||||||||||||||
Real estate: | ||||||||||||||||||||||||
One-to-four family residential | 9,633 | — | 215 | — | — | 9,848 | ||||||||||||||||||
Commercial and multifamily residential: | ||||||||||||||||||||||||
Commercial land | 10,363 | — | — | — | — | 10,363 | ||||||||||||||||||
Income property | 19,680 | — | — | — | — | 19,680 | ||||||||||||||||||
Owner occupied | 35,944 | — | 353 | — | — | 36,297 | ||||||||||||||||||
Real estate construction: | ||||||||||||||||||||||||
One-to-four family residential: | ||||||||||||||||||||||||
Land and acquisition | 151 | — | 2 | — | — | 153 | ||||||||||||||||||
Commercial and multifamily residential: | ||||||||||||||||||||||||
Income property | 507 | — | — | — | — | 507 | ||||||||||||||||||
Consumer | 9,326 | — | 439 | — | — | 9,765 | ||||||||||||||||||
Total | $ | 94,337 | $ | — | $ | 1,948 | $ | — | $ | — | 96,285 | |||||||||||||
Less: | ||||||||||||||||||||||||
Valuation discount resulting from acquisition accounting | 6,525 | |||||||||||||||||||||||
ALLL | 3,611 | |||||||||||||||||||||||
PCI loans, net | $ | 86,149 |
Years Ended December 31, | ||||||||
2019 | 2018 | |||||||
(in thousands) | ||||||||
Balance, beginning of period | $ | 6,019 | $ | 13,298 | ||||
Transfers in | 386 | 1,200 | ||||||
Valuation adjustments | (195 | ) | (698 | ) | ||||
Proceeds from sale of OREO property | (6,455 | ) | (7,261 | ) | ||||
Gain (loss) on sale of OREO, net | 797 | (520 | ) | |||||
Balance, end of period | $ | 552 | $ | 6,019 |
Years Ended December 31, | ||||||||||||||
2022 | 2021 | |||||||||||||
(in thousands) | ||||||||||||||
Balance, beginning of period | $ | 381 | $ | 553 | ||||||||||
Valuation adjustments | (182) | (140) | ||||||||||||
Proceeds from sale of OREO property | (200) | (132) | ||||||||||||
Gain on sale of OREO, net | 1 | 100 | ||||||||||||
Balance, end of period | $ | — | $ | 381 |
December 31, | ||||||||
2019 | 2018 | |||||||
(in thousands) | ||||||||
Land | $ | 53,124 | $ | 54,185 | ||||
Buildings | 107,371 | 108,890 | ||||||
Leasehold improvements | 28,459 | 27,859 | ||||||
Furniture and equipment | 37,929 | 32,292 | ||||||
Vehicles | 510 | 511 | ||||||
Computer software | 15,936 | 19,358 | ||||||
Total cost | 243,329 | 243,095 | ||||||
Less accumulated depreciation and amortization | (77,921 | ) | (74,307 | ) | ||||
Total | $ | 165,408 | $ | 168,788 |
December 31, | ||||||||||||||
2022 | 2021 | |||||||||||||
(in thousands) | ||||||||||||||
Land | $ | 50,393 | $ | 52,639 | ||||||||||
Buildings | 116,005 | 119,546 | ||||||||||||
Leasehold improvements | 32,694 | 31,084 | ||||||||||||
Furniture and equipment | 40,712 | 41,313 | ||||||||||||
Vehicles | 525 | 476 | ||||||||||||
Computer software | 8,385 | 9,942 | ||||||||||||
Total cost | 248,714 | 255,000 | ||||||||||||
Less accumulated depreciation and amortization | (88,136) | (82,856) | ||||||||||||
Total | $ | 160,578 | $ | 172,144 |
Years Ended December 31, | ||||||||||||
2019 | 2018 | 2017 | ||||||||||
(in thousands) | ||||||||||||
Goodwill, beginning of period | $ | 765,842 | $ | 765,842 | $ | 382,762 | ||||||
Established through acquisitions (1) | — | — | 383,080 | |||||||||
Total goodwill, end of period | 765,842 | 765,842 | 765,842 | |||||||||
Other intangible assets, net | ||||||||||||
CDI: | ||||||||||||
Gross CDI balance, beginning of period | 105,473 | 105,473 | 58,598 | |||||||||
Accumulated amortization, beginning of period | (60,455 | ) | (48,219 | ) | (41,886 | ) | ||||||
CDI, net, beginning of period | 45,018 | 57,254 | 16,712 | |||||||||
Established through acquisitions (1) | — | — | 46,875 | |||||||||
CDI current period amortization | (10,479 | ) | (12,236 | ) | (6,333 | ) | ||||||
Total CDI, end of period | 34,539 | 45,018 | 57,254 | |||||||||
Intangible assets not subject to amortization | 919 | 919 | 919 | |||||||||
Other intangible assets, net at end of period | 35,458 | 45,937 | 58,173 | |||||||||
Total goodwill and intangible assets, end of period | $ | 801,300 | $ | 811,779 | $ | 824,015 |
Years Ended December 31, | ||||||||||||||||||||
2022 | 2021 | 2020 | ||||||||||||||||||
(in thousands) | ||||||||||||||||||||
Goodwill, beginning of period | $ | 823,172 | $ | 765,842 | $ | 765,842 | ||||||||||||||
Established through acquisition (1) | — | 57,330 | — | |||||||||||||||||
Total goodwill, end of period | 823,172 | 823,172 | 765,842 | |||||||||||||||||
Other intangible assets, net | ||||||||||||||||||||
CDI: | ||||||||||||||||||||
Gross CDI balance, beginning of period (2) | 88,931 | 78,821 | 105,473 | |||||||||||||||||
Accumulated amortization, beginning of period | (55,203) | (53,006) | (70,934) | |||||||||||||||||
CDI, net, beginning of period | 33,728 | 25,815 | 34,539 | |||||||||||||||||
Established through acquisition | — | 15,900 | — | |||||||||||||||||
CDI current period amortization | (8,698) | (7,987) | (8,724) | |||||||||||||||||
Total CDI, end of period | 25,030 | 33,728 | 25,815 | |||||||||||||||||
Intangible assets not subject to amortization | 919 | 919 | 919 | |||||||||||||||||
Other intangible assets, net at end of period | 25,949 | 34,647 | 26,734 | |||||||||||||||||
Total goodwill and intangible assets, end of period | $ | 849,121 | $ | 857,819 | $ | 792,576 |
Years Ending December 31, | ||||||||
(in thousands) | ||||||||
2023 | $ | 7,082 | ||||||
2024 | 5,673 | |||||||
2025 | 4,366 | |||||||
2026 | 3,225 | |||||||
2027 | 2,083 |
Years Ending December 31, | ||||
(in thousands) | ||||
2020 | $ | 8,724 | ||
2021 | 7,264 | |||
2022 | 5,880 | |||
2023 | 4,552 | |||
2024 | 3,432 |
December 31, | ||||||||||||||||||||
Item | Balance Sheet Location | 2022 | 2021 | |||||||||||||||||
(in thousands) | ||||||||||||||||||||
Operating lease asset | Other assets | $ | 53,156 | $ | 60,296 | |||||||||||||||
Operating lease liability | Other liabilities | $ | 58,543 | $ | 66,375 |
Item | Balance Sheet Location | December 31, 2019 | ||||
(in thousands) | ||||||
Operating lease asset | Other assets | $ | 57,226 | |||
Operating lease liability | Other liabilities | $ | 63,030 |
Years Ended December 31, | ||||||||||||||||||||||||||||||||
Item | Statement of Income Location | Year Ended December 31, 2019 | Item | Statement of Income Location | 2022 | 2021 | 2020 | |||||||||||||||||||||||||
(in thousands) | (in thousands) | |||||||||||||||||||||||||||||||
Operating lease cost (1) | Occupancy | $ | 10,851 | Operating lease cost (1) | Occupancy | $ | 12,133 | $ | 11,760 | $ | 11,073 | |||||||||||||||||||||
Variable lease cost | Occupancy | 1,805 | Variable lease cost | Occupancy | 1,987 | 1,800 | 1,732 | |||||||||||||||||||||||||
Sublease income | Occupancy | (1,182 | ) | Sublease income | Occupancy | (1,634) | (1,562) | (1,454) | ||||||||||||||||||||||||
Net lease cost | $ | 11,474 | Net lease cost | $ | 12,486 | $ | 11,998 | $ | 11,351 |
Year ending December 31, | ||||
(in thousands) | ||||
2020 | $ | 11,105 | ||
2021 | 11,126 | |||
2022 | 10,689 | |||
2023 | 9,476 | |||
2024 | 6,980 | |||
Thereafter | 21,866 | |||
Total future minimum lease payments | 71,242 | |||
Amounts representing interest | (8,212 | ) | ||
Present value of minimum lease payments | $ | 63,030 |
Year Ending December 31, | ||||
(in thousands) | ||||
2019 | $ | 10,947 | ||
2020 | 9,766 | |||
2021 | 8,729 | |||
2022 | 8,102 | |||
2023 | 6,796 | |||
Thereafter | 18,703 | |||
Total minimum payments | $ | 63,043 |
Years Ending December 31, | ||||||||
(in thousands) | ||||||||
2023 | $ | 11,597 | ||||||
2024 | 10,454 | |||||||
2025 | 9,110 | |||||||
2026 | 7,898 | |||||||
2027 | 6,851 | |||||||
Thereafter | 18,269 | |||||||
Total future minimum lease payments | 64,179 | |||||||
Amounts representing interest | (5,636) | |||||||
Present value of minimum lease payments | $ | 58,543 |
December 31, | ||||||||
2019 | 2018 | |||||||
(in thousands) | ||||||||
Demand and other noninterest-bearing | $ | 5,328,146 | $ | 5,227,216 | ||||
Money market (1) | 2,322,644 | 2,294,125 | ||||||
Interest-bearing demand (1) | 1,150,437 | 1,084,863 | ||||||
Savings (1) | 882,050 | 889,849 | ||||||
Interest-bearing public funds, other than certificates of deposit (1) | 301,203 | 233,938 | ||||||
Certificates of deposit, less than $250,000 | 218,764 | 243,849 | ||||||
Certificates of deposit, $250,000 or more | 151,995 | 89,473 | ||||||
Certificates of deposit insured by CDARS® | 17,065 | 23,580 | ||||||
Brokered certificates of deposit | 12,259 | 57,930 | ||||||
Reciprocal money market accounts | 300,158 | 313,692 | ||||||
Subtotal | 10,684,721 | 10,458,515 | ||||||
Valuation adjustment resulting from acquisition accounting | (13 | ) | (389 | ) | ||||
Total deposits | $ | 10,684,708 | $ | 10,458,126 |
December 31, | ||||||||||||||
2022 (1) | 2021 | |||||||||||||
(in thousands) | ||||||||||||||
Demand and other noninterest-bearing | $ | 8,373,350 | $ | 8,856,714 | ||||||||||
Money market | 2,972,838 | 3,525,299 | ||||||||||||
Interest-bearing demand | 1,980,631 | 1,999,407 | ||||||||||||
Savings | 1,555,765 | 1,617,546 | ||||||||||||
Interest-bearing public funds, other than certificates of deposit | 670,580 | 779,146 | ||||||||||||
Certificates of deposit, less than $250,000 | 215,848 | 249,120 | ||||||||||||
Certificates of deposit, $250,000 or more | 124,411 | 160,490 | ||||||||||||
Certificates of deposit insured by CD Option of IntraFi Network Deposits | 21,828 | 35,611 | ||||||||||||
Reciprocal money market accounts | 796,199 | 786,046 | ||||||||||||
Subtotal | 16,711,450 | 18,009,379 | ||||||||||||
Valuation adjustment resulting from acquisition accounting | — | 736 | ||||||||||||
Total deposits | $ | 16,711,450 | $ | 18,010,115 |
Years Ending December 31, | ||||||||
(in thousands) | ||||||||
2023 (1) | $ | 266,873 | ||||||
2024 | 62,907 | |||||||
2025 | 14,325 | |||||||
2026 | 9,688 | |||||||
2027 | 8,284 | |||||||
Thereafter | 10 | |||||||
Total | $ | 362,087 |
Years Ending December 31, | ||||
(in thousands) | ||||
2020 | $ | 313,241 | ||
2021 | 53,679 | |||
2022 | 19,346 | |||
2023 | 8,060 | |||
2024 | 5,593 | |||
Thereafter | 151 | |||
Total | $ | 400,070 |
Federal Home Loan Bank Advances Fixed rate advances | |||||||
Weighted Average Rate | Amount | ||||||
(dollars in thousands) | |||||||
Within 1 year | 1.82 | % | $ | 946,000 | |||
Over 1 through 5 years | 3.85 | % | 2,000 | ||||
Due after 10 years | 5.37 | % | 5,000 | ||||
Total | 953,000 | ||||||
Valuation adjustment from acquisition accounting | 469 | ||||||
Total | $ | 953,469 |
Federal Home Loan Bank Advances Fixed rate advances | ||||||||||||||
Weighted Average Rate | Amount | |||||||||||||
(dollars in thousands) | ||||||||||||||
Within 1 year | 4.42 | % | $ | 949,000 | ||||||||||
Due after 10 years | 5.37 | % | 5,000 | |||||||||||
Total | 954,000 | |||||||||||||
Valuation adjustment from acquisition accounting | 315 | |||||||||||||
Total | $ | 954,315 |
Years ended December 31, | ||||||||||||
2019 | 2018 | 2017 | ||||||||||
(dollars in thousands) | ||||||||||||
Balance at end of period | $ | 953,469 | $ | 399,523 | $ | 11,579 | ||||||
Average balance during period | $ | 469,983 | $ | 166,563 | $ | 79,788 | ||||||
Maximum month end balance during period | $ | 953,469 | $ | 399,523 | $ | 317,480 | ||||||
Weighted average rate during period | 2.42 | % | 2.29 | % | 1.33 | % | ||||||
Weighted average rate at December 31 | 1.84 | % | 2.68 | % | 4.08 | % |
Years ended December 31, | ||||||||||||||||||||
2022 | 2021 | 2020 | ||||||||||||||||||
(dollars in thousands) | ||||||||||||||||||||
Balance at end of period | $ | 954,315 | $ | 7,359 | $ | 7,414 | ||||||||||||||
Average balance during period | $ | 112,012 | $ | 7,388 | $ | 341,643 | ||||||||||||||
Maximum month end balance during period | $ | 954,315 | $ | 7,409 | $ | 1,005,464 | ||||||||||||||
Weighted average rate during period | 4.23 | % | 4.94 | % | 1.82 | % | ||||||||||||||
Weighted average rate at December 31 | 4.43 | % | 4.94 | % | 4.94 | % |
16.Revolving Line |
Asset Derivatives | Liability Derivatives | ||||||||||||||||||||||
2019 | 2018 | 2019 | 2018 | ||||||||||||||||||||
Balance Sheet Location | Fair Value | Balance Sheet Location | Fair Value | Balance Sheet Location | Fair Value | Balance Sheet Location | Fair Value | ||||||||||||||||
(in thousands) | |||||||||||||||||||||||
Derivatives designated as hedging instruments: | |||||||||||||||||||||||
Interest rate collar | Other assets | $ | 14,727 | Other assets | $ | — | Other liabilities | $ | — | Other liabilities | $ | — | |||||||||||
Derivatives not designated as hedging instruments: | |||||||||||||||||||||||
Interest rate swap contracts | Other assets | $ | 19,144 | Other assets | $ | 7,033 | Other liabilities | $ | 19,145 | Other liabilities | $ | 7,033 |
Asset Derivatives | Liability Derivatives | ||||||||||||||||||||||||||||||||||||||||||||||
2022 | 2021 | 2022 | 2021 | ||||||||||||||||||||||||||||||||||||||||||||
Balance Sheet Location | Fair Value | Balance Sheet Location | Fair Value | Balance Sheet Location | Fair Value | Balance Sheet Location | Fair Value | ||||||||||||||||||||||||||||||||||||||||
(in thousands) | |||||||||||||||||||||||||||||||||||||||||||||||
Derivatives not designated as hedging instruments: | |||||||||||||||||||||||||||||||||||||||||||||||
Interest rate lock commitments | Other assets | $ | — | Other assets | $ | 356 | Other liabilities | $ | — | Other liabilities | $ | — | |||||||||||||||||||||||||||||||||||
Interest rate forward loan sales contracts | Other assets | $ | — | Other assets | $ | — | Other liabilities | $ | — | Other liabilities | $ | 27 | |||||||||||||||||||||||||||||||||||
Interest rate swap contracts | Other assets | $ | 40,289 | Other assets | $ | 24,257 | Other liabilities | $ | 40,289 | Other liabilities | $ | 24,257 |
Amount of Gain or (Loss) Recognized in Accumulated Other Comprehensive Income on Derivative | Location of Gain or (Loss) Reclassified from Accumulated Other Comprehensive Income into Income | Amount of Gain or (Loss) Reclassified from Accumulated Other Comprehensive Income into Income | |||||||||||||||||||||||||||
Years Ended December 31, | Years Ended December 31, | ||||||||||||||||||||||||||||
2022 | 2021 | 2022 | 2021 | ||||||||||||||||||||||||||
(in thousands) | |||||||||||||||||||||||||||||
Interest rate collar | $ | — | $ | — | Interest income | $ | 10,441 | $ | 10,441 |
Amount of Gain or (Loss) Recognized in Accumulated Other Comprehensive Income on Derivative | Location of Gain or (Loss) Reclassified from Accumulated Other Comprehensive Income into Income | Amount of Gain or (Loss) Reclassified from Accumulated Other Comprehensive Income into Income | |||||||||||||||
Years Ended December 31, | Years Ended December 31, | ||||||||||||||||
2019 | 2018 | 2019 | 2018 | ||||||||||||||
(in thousands) | |||||||||||||||||
Interest rate collar | $ | 15,322 | $ | — | Interest income | $ | 595 | $ | — |
Years ended December 31, | ||||||||||||||||||||
2022 | 2021 | 2020 | ||||||||||||||||||
(in thousands) | ||||||||||||||||||||
Interest rate lock commitments | $ | (356) | $ | (740) | $ | 1,096 | ||||||||||||||
Interest rate forward loan sales contracts | 27 | 139 | (165) | |||||||||||||||||
Interest rate swap contracts | — | 50 | (452) | |||||||||||||||||
Total derivative gains (losses) | $ | (329) | $ | (551) | $ | 479 |
Gross Amounts of Recognized Assets/Liabilities | Gross Amounts Offset in the Consolidated Balance Sheets | Net Amounts of Assets/Liabilities Presented in the Consolidated Balance Sheets | Gross Amounts Not Offset in the Consolidated Balance Sheets | ||||||||||||||||
Collateral Pledged/Received | Net Amount | ||||||||||||||||||
December 31, 2019 | (in thousands) | ||||||||||||||||||
Assets | |||||||||||||||||||
Interest rate swap contracts | $ | 19,144 | $ | — | $ | 19,144 | $ | — | $ | 19,144 | |||||||||
Interest rate collar | $ | 14,727 | $ | — | $ | 14,727 | $ | (14,727 | ) | $ | — | ||||||||
Liabilities | |||||||||||||||||||
Interest rate swap contracts | $ | 19,145 | $ | — | $ | 19,145 | $ | (19,145 | ) | $ | — | ||||||||
Repurchase agreements | $ | 64,437 | $ | — | $ | 64,437 | $ | (64,437 | ) | $ | — | ||||||||
December 31, 2018 | |||||||||||||||||||
Assets | |||||||||||||||||||
Interest rate swap contracts | $ | 7,033 | $ | — | $ | 7,033 | $ | — | $ | 7,033 | |||||||||
Liabilities | |||||||||||||||||||
Interest rate swap contracts | $ | 7,033 | $ | — | $ | 7,033 | $ | (3,235 | ) | $ | 3,798 | ||||||||
Repurchase agreements | $ | 61,094 | $ | — | $ | 61,094 | $ | (61,094 | ) | $ | — |
Gross Amounts of Recognized Assets/Liabilities | Gross Amounts Offset in the Consolidated Balance Sheets | Net Amounts of Assets/Liabilities Presented in the Consolidated Balance Sheets | Gross Amounts Not Offset in the Consolidated Balance Sheets | ||||||||||||||||||||||||||||||||
Collateral Pledged/Received | Net Amount | ||||||||||||||||||||||||||||||||||
December 31, 2022 | (in thousands) | ||||||||||||||||||||||||||||||||||
Assets | |||||||||||||||||||||||||||||||||||
Interest rate swap contracts | $ | 40,289 | $ | — | $ | 40,289 | $ | (39,450) | $ | 839 | |||||||||||||||||||||||||
Liabilities | |||||||||||||||||||||||||||||||||||
Interest rate swap contracts | $ | 40,289 | $ | — | $ | 40,289 | $ | (180) | $ | 40,109 | |||||||||||||||||||||||||
Repurchase agreements | $ | 95,168 | $ | — | $ | 95,168 | $ | (95,168) | $ | — | |||||||||||||||||||||||||
December 31, 2021 | |||||||||||||||||||||||||||||||||||
Assets | |||||||||||||||||||||||||||||||||||
Interest rate swap contracts | $ | 24,257 | $ | — | $ | 24,257 | $ | (450) | $ | 23,807 | |||||||||||||||||||||||||
Liabilities | |||||||||||||||||||||||||||||||||||
Interest rate swap contracts | $ | 24,257 | $ | — | $ | 24,257 | $ | (20,747) | $ | 3,510 | |||||||||||||||||||||||||
Repurchase agreements | $ | 86,013 | $ | — | $ | 86,013 | $ | (86,013) | $ | — |
Remaining contractual maturity of the agreements | ||||||||||||||||||||
Overnight and continuous | Up to 30 days | 30 - 90 days | Greater than 90 days | Total | ||||||||||||||||
December 31, 2019 | (in thousands) | |||||||||||||||||||
Class of collateral pledged for repurchase agreements | ||||||||||||||||||||
U.S. government agency and government-sponsored enterprise mortgage-backed securities and collateralized mortgage obligations | $ | 64,437 | $ | — | $ | — | $ | — | $ | 64,437 | ||||||||||
Gross amount of recognized liabilities for repurchase agreements | 64,437 | |||||||||||||||||||
Amounts related to agreements not included in offsetting disclosure | $ | — |
Remaining contractual maturity of the agreements | ||||||||||||||||||||||||||||||||
Overnight and continuous | Up to 30 days | 30 - 90 days | Greater than 90 days | Total | ||||||||||||||||||||||||||||
December 31, 2022 | (in thousands) | |||||||||||||||||||||||||||||||
Class of collateral pledged for repurchase agreements | ||||||||||||||||||||||||||||||||
U.S. government agency and government-sponsored enterprise mortgage-backed securities and collateralized mortgage obligations | $ | 95,168 | $ | — | $ | — | $ | — | $ | 95,168 | ||||||||||||||||||||||
Gross amount of recognized liabilities for repurchase agreements | 95,168 | |||||||||||||||||||||||||||||||
Amounts related to agreements not included in offsetting disclosure | $ | — |
December 31, | ||||||||
2019 | 2018 | |||||||
(in thousands) | ||||||||
Balance, beginning of year | $ | 21,287 | $ | 20,553 | ||||
Actuarial (gain) loss | 2,663 | (31 | ) | |||||
Benefit expense | 1,930 | 1,701 | ||||||
Benefit payments | (966 | ) | (936 | ) | ||||
Balance, end of year | $ | 24,914 | $ | 21,287 |
December 31, | ||||||||||||||
2022 | 2021 | |||||||||||||
(in thousands) | ||||||||||||||
Balance, beginning of year | $ | 32,094 | $ | 27,402 | ||||||||||
Established through acquisitions | — | 4,889 | ||||||||||||
Actuarial loss (gain) | (5,850) | (732) | ||||||||||||
Benefit expense | 1,854 | 1,735 | ||||||||||||
Benefit payments | (1,567) | (1,200) | ||||||||||||
Balance, end of year | $ | 26,531 | $ | 32,094 |
Years Ending December 31, | ||||||||
(in thousands) | ||||||||
2023 | $ | 1,856 | ||||||
2024 | 2,155 | |||||||
2025 | 2,348 | |||||||
2026 | 2,311 | |||||||
2027 | 2,294 | |||||||
2028 through 2032 | 9,553 | |||||||
Total | $ | 20,517 |
Years Ending December 31, | ||||
(in thousands) | ||||
2020 | $ | 1,971 | ||
2021 | 1,116 | |||
2022 | 1,135 | |||
2023 | 1,239 | |||
2024 | 1,438 | |||
2025 through 2029 | 8,574 | |||
Total | $ | 15,473 |
Declared | Regular Cash Dividends Per Common Share | Special Cash Dividends Per Common Share | Record Date | Paid Date | ||||||||
January 24, 2019 | $ | 0.28 | $ | 0.14 | February 6, 2019 | February 20, 2019 | ||||||
April 25, 2019 | $ | 0.28 | $ | 0.14 | May 8, 2019 | May 22, 2019 | ||||||
July 25, 2019 | $ | 0.28 | $ | — | August 7, 2019 | August 21, 2019 | ||||||
October 24, 2019 | $ | 0.28 | $ | — | November 6, 2019 | November 20, 2019 |
Declared | Regular Cash Dividends Per Common Share | Record Date | Paid Date | |||||||||||||||||||||||
January 19, 2022 | $ | 0.30 | February 2, 2022 | February 16, 2022 | ||||||||||||||||||||||
April 21, 2022 | $ | 0.30 | May 4, 2022 | May 18, 2022 | ||||||||||||||||||||||
July 21, 2022 | $ | 0.30 | August 3, 2022 | August 17, 2022 | ||||||||||||||||||||||
October 5, 2022 | $ | 0.30 | October 17, 2022 | October 28, 2022 |
Unrealized Gains and Losses on Available for Sale Securities (1) | Unrealized Gains and Losses on Pension Plan Liability (1) | Unrealized Gains and Losses on Hedging Instruments (1) | Total (1) | |||||||||||||||||||||||||||||||||||||||
Unrealized Gains and Losses on Available for Sale Securities (1) | Unrealized Gains and Losses on Pension Plan Liability (1) | Unrealized Gains and Losses on Hedging Instruments (1) | Total (1) | |||||||||||||||||||||||||||||||||||||||
Year Ended December 31, 2019 | (in thousands) | |||||||||||||||||||||||||||||||||||||||||
Year Ended December 31, 2022 | Year Ended December 31, 2022 | (in thousands) | ||||||||||||||||||||||||||||||||||||||||
Beginning balance | Beginning balance | $ | 23,134 | $ | (4,812) | $ | 16,840 | $ | 35,162 | |||||||||||||||||||||||||||||||||
Other comprehensive income (loss) before reclassifications | Other comprehensive income (loss) before reclassifications | (536,262) | 4,533 | — | (531,729) | |||||||||||||||||||||||||||||||||||||
Amounts reclassified from accumulated other comprehensive income (2) | Amounts reclassified from accumulated other comprehensive income (2) | (6,067) | 402 | (8,263) | (13,928) | |||||||||||||||||||||||||||||||||||||
Net current-period other comprehensive income (loss) | Net current-period other comprehensive income (loss) | (542,329) | 4,935 | (8,263) | (545,657) | |||||||||||||||||||||||||||||||||||||
Ending balance | Ending balance | $ | (519,195) | $ | 123 | $ | 8,577 | $ | (510,495) | |||||||||||||||||||||||||||||||||
Year Ended December 31, 2021 | Year Ended December 31, 2021 | |||||||||||||||||||||||||||||||||||||||||
Beginning balance | $ | (33,128 | ) | $ | (2,177 | ) | $ | — | $ | (35,305 | ) | Beginning balance | $ | 163,174 | $ | (5,833) | $ | 24,854 | $ | 182,195 | ||||||||||||||||||||||
Other comprehensive income (loss) before reclassifications | 67,802 | (2,042 | ) | 11,760 | 77,520 | Other comprehensive income (loss) before reclassifications | (137,482) | 562 | — | (136,920) | ||||||||||||||||||||||||||||||||
Amounts reclassified from accumulated other comprehensive loss (2) | (1,636 | ) | 245 | (457 | ) | (1,848 | ) | |||||||||||||||||||||||||||||||||||
Amounts reclassified from accumulated other comprehensive income (2) | Amounts reclassified from accumulated other comprehensive income (2) | (2,558) | 459 | (8,014) | (10,113) | |||||||||||||||||||||||||||||||||||||
Net current-period other comprehensive income (loss) | 66,166 | (1,797 | ) | 11,303 | 75,672 | Net current-period other comprehensive income (loss) | (140,040) | 1,021 | (8,014) | (147,033) | ||||||||||||||||||||||||||||||||
Ending balance | $ | 33,038 | $ | (3,974 | ) | $ | 11,303 | $ | 40,367 | Ending balance | $ | 23,134 | $ | (4,812) | $ | 16,840 | $ | 35,162 | ||||||||||||||||||||||||
Year Ended December 31, 2018 | ||||||||||||||||||||||||||||||||||||||||||
Year Ended December 31, 2020 | Year Ended December 31, 2020 | |||||||||||||||||||||||||||||||||||||||||
Beginning balance | $ | (19,779 | ) | $ | (2,446 | ) | $ | — | $ | (22,225 | ) | Beginning balance | $ | 33,038 | $ | (3,974) | $ | 11,303 | $ | 40,367 | ||||||||||||||||||||||
Adjustment pursuant to adoption of ASU 2016-01 | 157 | — | — | 157 | ||||||||||||||||||||||||||||||||||||||
Other comprehensive income (loss) before reclassifications | (13,425 | ) | 24 | — | (13,401 | ) | Other comprehensive income (loss) before reclassifications | 130,355 | (2,177) | 20,012 | 148,190 | |||||||||||||||||||||||||||||||
Amounts reclassified from accumulated other comprehensive loss (2) | (81 | ) | 245 | — | 164 | |||||||||||||||||||||||||||||||||||||
Amounts reclassified from accumulated other comprehensive income (2) | Amounts reclassified from accumulated other comprehensive income (2) | (219) | 318 | (6,461) | (6,362) | |||||||||||||||||||||||||||||||||||||
Net current-period other comprehensive income (loss) | (13,506 | ) | 269 | — | (13,237 | ) | Net current-period other comprehensive income (loss) | 130,136 | (1,859) | 13,551 | 141,828 | |||||||||||||||||||||||||||||||
Ending balance | $ | (33,128 | ) | $ | (2,177 | ) | $ | — | $ | (35,305 | ) | Ending balance | $ | 163,174 | $ | (5,833) | $ | 24,854 | $ | 182,195 | ||||||||||||||||||||||
Year Ended December 31, 2017 | ||||||||||||||||||||||||||||||||||||||||||
Beginning balance | $ | (12,704 | ) | $ | (6,295 | ) | $ | — | $ | (18,999 | ) | |||||||||||||||||||||||||||||||
Other comprehensive income (loss) before reclassifications | (3,391 | ) | 4,017 | — | 626 | |||||||||||||||||||||||||||||||||||||
Amounts reclassified from accumulated other comprehensive loss (2) | 7 | 223 | — | 230 | ||||||||||||||||||||||||||||||||||||||
Net current-period other comprehensive income (loss) | (3,384 | ) | 4,240 | — | 856 | |||||||||||||||||||||||||||||||||||||
Adjustment pursuant to adoption of ASU 2018-02 | $ | (3,691 | ) | $ | (391 | ) | $ | — | $ | (4,082 | ) | |||||||||||||||||||||||||||||||
Ending balance | $ | (19,779 | ) | $ | (2,446 | ) | $ | — | $ | (22,225 | ) |
Amount Reclassified from Accumulated Other Comprehensive Income | Affected line Item in the Consolidated Statement of Income | |||||||||||||||||||||||||
Years Ended December 31, | ||||||||||||||||||||||||||
2022 | 2021 | 2020 | ||||||||||||||||||||||||
(in thousands) | ||||||||||||||||||||||||||
Unrealized gains (losses) on available for sale debt securities | $ | (9) | $ | 315 | $ | 285 | Investment securities gains (losses), net | |||||||||||||||||||
Amortization of unrealized gains related to securities transfer | 7,814 | 3,018 | — | Taxable securities | ||||||||||||||||||||||
7,805 | 3,333 | 285 | Total before tax | |||||||||||||||||||||||
(1,738) | (775) | (66) | Income tax provision | |||||||||||||||||||||||
$ | 6,067 | $ | 2,558 | $ | 219 | Net of tax | ||||||||||||||||||||
Amortization of pension plan liability actuarial losses | $ | (524) | $ | (598) | $ | (414) | Compensation and employee benefits | |||||||||||||||||||
(524) | (598) | (414) | Total before tax | |||||||||||||||||||||||
122 | 139 | 96 | Income tax provision | |||||||||||||||||||||||
$ | (402) | $ | (459) | $ | (318) | Net of tax | ||||||||||||||||||||
Unrealized gains from hedging instruments | $ | 10,441 | $ | 10,441 | $ | 8,418 | Loans | |||||||||||||||||||
10,441 | 10,441 | 8,418 | Total before tax | |||||||||||||||||||||||
(2,178) | (2,427) | (1,957) | Income tax provision | |||||||||||||||||||||||
$ | 8,263 | $ | 8,014 | $ | 6,461 | Net of tax |
Amount Reclassified from Accumulated Other Comprehensive Income | Affected line Item in the Consolidated Statement of Income | |||||||||||||
Years Ended December 31, | ||||||||||||||
2019 | 2018 | 2017 | ||||||||||||
(in thousands) | ||||||||||||||
Unrealized gains and losses on available for sale debt securities | $ | 2,132 | $ | 106 | $ | (11 | ) | Investment securities gains (losses), net | ||||||
2,132 | 106 | (11 | ) | Total before tax | ||||||||||
(496 | ) | (25 | ) | 4 | Income tax provision | |||||||||
$ | 1,636 | $ | 81 | $ | (7 | ) | Net of tax | |||||||
Amortization of pension plan liability actuarial losses | $ | (319 | ) | $ | (319 | ) | $ | (350 | ) | Compensation and employee benefits | ||||
(319 | ) | (319 | ) | (350 | ) | Total before tax | ||||||||
74 | 74 | 127 | Income tax provision | |||||||||||
$ | (245 | ) | $ | (245 | ) | $ | (223 | ) | Net of tax | |||||
Unrealized gains from hedging instruments | $ | 595 | $ | — | $ | — | Loans | |||||||
595 | — | — | Total before tax | |||||||||||
(138 | ) | — | — | Income tax provision | ||||||||||
$ | 457 | $ | — | $ | — | Net of tax |
Fair Value at December 31, 2022 | Fair Value Measurements at Reporting Date Using | |||||||||||||||||||||||||
Level 1 | Level 2 | Level 3 | ||||||||||||||||||||||||
(in thousands) | ||||||||||||||||||||||||||
Assets | ||||||||||||||||||||||||||
Debt securities available for sale: | ||||||||||||||||||||||||||
U.S. government agency and government-sponsored enterprise mortgage-backed securities and collateralized mortgage obligations | $ | 2,759,710 | $ | — | $ | 2,759,710 | $ | — | ||||||||||||||||||
Other asset-backed securities | 327,353 | — | 327,353 | — | ||||||||||||||||||||||
State and municipal securities | 834,073 | — | 834,073 | — | ||||||||||||||||||||||
U.S. government agency and government-sponsored enterprise securities | 208,769 | — | 208,769 | — | ||||||||||||||||||||||
U.S. government securities | 167,896 | 167,896 | — | — | ||||||||||||||||||||||
Non-agency collateralized mortgage obligations | 291,298 | — | 291,298 | — | ||||||||||||||||||||||
Total debt securities available for sale | $ | 4,589,099 | $ | 167,896 | $ | 4,421,203 | $ | — | ||||||||||||||||||
Loans held for sale | $ | 907 | $ | — | $ | 907 | $ | — | ||||||||||||||||||
Other assets: | ||||||||||||||||||||||||||
Interest rate swap contracts | $ | 40,289 | $ | — | $ | 40,289 | $ | — | ||||||||||||||||||
Liabilities | ||||||||||||||||||||||||||
Other liabilities: | ||||||||||||||||||||||||||
Interest rate swap contracts | $ | 40,289 | $ | — | $ | 40,289 | $ | — |
Fair Value at December 31, 2021 | Fair Value Measurements at Reporting Date Using | |||||||||||||||||||||||||
Level 1 | Level 2 | Level 3 | ||||||||||||||||||||||||
(in thousands) | ||||||||||||||||||||||||||
Assets | ||||||||||||||||||||||||||
Debt securities available for sale: | ||||||||||||||||||||||||||
U.S. government agency and government-sponsored enterprise mortgage-backed securities and collateralized mortgage obligations | $ | 3,745,601 | $ | — | $ | 3,745,601 | $ | — | ||||||||||||||||||
Other asset-backed securities | 463,063 | — | 463,063 | — | ||||||||||||||||||||||
State and municipal securities | 997,291 | — | 997,291 | — | ||||||||||||||||||||||
U.S. government agency and government-sponsored enterprise securities | 252,576 | — | 252,576 | — | ||||||||||||||||||||||
U.S. government securities | 157,536 | 157,536 | — | — | ||||||||||||||||||||||
Non-agency collateralized mortgage obligations | 294,932 | — | 294,932 | — | ||||||||||||||||||||||
Total debt securities available for sale | $ | 5,910,999 | $ | 157,536 | $ | 5,753,463 | $ | — | ||||||||||||||||||
Loans held for sale | $ | 9,570 | $ | — | $ | 9,570 | $ | — | ||||||||||||||||||
Other assets: | ||||||||||||||||||||||||||
Interest rate lock commitments | $ | 356 | $ | — | $ | — | $ | 356 | ||||||||||||||||||
Interest rate swap contracts | $ | 24,257 | $ | — | $ | 24,257 | $ | — | ||||||||||||||||||
Liabilities | ||||||||||||||||||||||||||
Other liabilities: | ||||||||||||||||||||||||||
Interest rate forward loan sales contracts | $ | 27 | $ | — | $ | 27 | $ | — | ||||||||||||||||||
Interest rate swap contracts | $ | 24,257 | $ | — | $ | 24,257 | $ | — |
Fair Value at December 31, 2019 | Fair Value Measurements at Reporting Date Using | |||||||||||||||
Level 1 | Level 2 | Level 3 | ||||||||||||||
(in thousands) | ||||||||||||||||
Assets | ||||||||||||||||
Debt securities available for sale | ||||||||||||||||
U.S. government agency and government-sponsored enterprise mortgage-backed securities and collateralized mortgage obligations (1) | $ | 2,892,950 | $ | — | $ | 2,892,950 | $ | — | ||||||||
Other asset-backed securities (1) | 196,050 | — | 196,050 | — | ||||||||||||
State and municipal securities | 488,802 | — | 488,802 | — | ||||||||||||
U.S. government agency and government-sponsored enterprise securities | 168,340 | — | 168,340 | — | ||||||||||||
Total debt securities available for sale | $ | 3,746,142 | $ | — | $ | 3,746,142 | $ | — | ||||||||
Other assets: | ||||||||||||||||
Interest rate contracts | $ | 19,144 | $ | — | $ | 19,144 | $ | — | ||||||||
Interest rate collar | 14,727 | — | 14,727 | — | ||||||||||||
Liabilities | ||||||||||||||||
Other liabilities: | ||||||||||||||||
Interest rate contracts | $ | 19,145 | $ | — | $ | 19,145 | $ | — |
Fair Value at December 31, 2018 | Fair Value Measurements at Reporting Date Using | |||||||||||||||
Level 1 | Level 2 | Level 3 | ||||||||||||||
(in thousands) | ||||||||||||||||
Assets | ||||||||||||||||
Debt securities available for sale | ||||||||||||||||
U.S. government agency and government-sponsored enterprise mortgage-backed securities and collateralized mortgage obligations (1) | $ | 2,013,355 | $ | — | $ | 2,013,355 | $ | — | ||||||||
Other asset-backed securities (1) | 174,935 | — | 174,935 | — | ||||||||||||
State and municipal securities | 574,323 | — | 574,323 | — | ||||||||||||
U.S. government agency and government-sponsored enterprise securities | 404,587 | — | 404,587 | — | ||||||||||||
U.S. government securities | 248 | 248 | — | — | ||||||||||||
Total debt securities available for sale | $ | 3,167,448 | $ | 248 | $ | 3,167,200 | $ | — | ||||||||
Other assets: | ||||||||||||||||
Interest rate contracts | $ | 7,033 | $ | — | $ | 7,033 | $ | — | ||||||||
Liabilities | ||||||||||||||||
Other liabilities: | ||||||||||||||||
Interest rate contracts | $ | 7,033 | $ | — | $ | 7,033 | $ | — |
Fair Value at December 31, 2021 | Valuation Technique | Unobservable Input | Range (Weighted Average) | |||||||||||||||||||||||
(dollars in thousands) | ||||||||||||||||||||||||||
Interest rate lock commitments | $ | 356 | Internal pricing model | Pull-through rate | 80.22% - 96.59% (87.84%) |
Years Ended December 31, | ||||||||||||||
2022 | 2021 | |||||||||||||
(in thousands) | ||||||||||||||
Balance at the beginning of the period | $ | 356 | $ | 1,096 | ||||||||||
Change included in earnings | 215 | 7,051 | ||||||||||||
Settlements | (571) | (7,791) | ||||||||||||
Balance at the end of the period | $ | — | $ | 356 |
Fair Value at December 31, 2019 | Fair Value Measurements at Reporting Date Using | Losses During the Year Ended December 31, 2019 | ||||||||||||||||||
Level 1 | Level 2 | Level 3 | ||||||||||||||||||
(in thousands) | ||||||||||||||||||||
Impaired loans | $ | 10,007 | $ | — | $ | — | $ | 10,007 | $ | 7,519 | ||||||||||
$ | 10,007 | $ | — | $ | — | $ | 10,007 | $ | 7,519 |
Fair Value at December 31, 2022 | Fair Value Measurements at Reporting Date Using | Gains (Losses) During the Year Ended December 31, 2022 | ||||||||||||||||||||||||||||||
Level 1 | Level 2 | Level 3 | ||||||||||||||||||||||||||||||
(in thousands) | ||||||||||||||||||||||||||||||||
Collateral dependent loans | $ | 195 | $ | — | $ | — | $ | 195 | $ | (1,561) | ||||||||||||||||||||||
Fair Value at December 31, 2018 | Fair Value Measurements at Reporting Date Using | Losses During the Year Ended December 31, 2018 | ||||||||||||||||||
Level 1 | Level 2 | Level 3 | ||||||||||||||||||
(in thousands) | ||||||||||||||||||||
Impaired loans | $ | 11,555 | $ | — | $ | — | $ | 11,555 | $ | 1,821 | ||||||||||
$ | 11,555 | $ | — | $ | — | $ | 11,555 | $ | 1,821 |
Fair Value at December 31, 2021 | Fair Value Measurements at Reporting Date Using | Gains (Losses) During the Year Ended December 31, 2021 | ||||||||||||||||||||||||||||||
Level 1 | Level 2 | Level 3 | ||||||||||||||||||||||||||||||
(in thousands) | ||||||||||||||||||||||||||||||||
Collateral dependent loans | $ | 7,615 | $ | — | $ | — | $ | 7,615 | $ | (1,976) | ||||||||||||||||||||||
OREO | 375 | — | — | 375 | (140) | |||||||||||||||||||||||||||
Fair Value at December 31, 2019 | Valuation Technique | Unobservable Input | Range (Weighted Average) (1) | |||||||
(dollars in thousands) | ||||||||||
Impaired loans - collateral-dependent (2) | $ | 10,007 | Fair Market Value of Collateral | Adjustment to Stated Value | 0% - 100% (49.68%) |
Fair Value at December 31, 2022 | Valuation Technique | Unobservable Input | Range (Weighted Average) | |||||||||||||||||||||||
(dollars in thousands) | ||||||||||||||||||||||||||
Collateral dependent loans (1) | $ | 195 | Fair Market Value of Collateral | Adjustment to Stated Value | N/A (2) | |||||||||||||||||||||
Fair Value at December 31, 2021 | Valuation Technique | Unobservable Input | Range (Weighted Average) (1) | |||||||||||||||||||||||
(dollars in thousands) | ||||||||||||||||||||||||||
Collateral dependent loans (2) | $ | 7,615 | Fair Market Value of Collateral | Adjustment to Stated Value | 0.00% - 100.00% (48.00%) | |||||||||||||||||||||
OREO | $ | 375 | Fair Market Value of Collateral | Adjustment to Appraisal Value | N/A (3) | |||||||||||||||||||||
Fair Value at December 31, 2018 | Valuation Technique | Unobservable Input | Range (Weighted Average) (1) | ||||||||
(dollars in thousands) | |||||||||||
Impaired loans - collateral-dependent (2) | $ | 8,394 | Fair Market Value of Collateral | Adjustment to Stated Value | 0.00% - 70.04% (7.02%) | ||||||
Impaired loans - other (3) | $ | 3,161 | Discounted Cash Flow | Discount Rate | 0.34 | % |
December 31, 2022 | ||||||||||||||||||||||||||||||||
Carrying Amount | Fair Value | Level 1 | Level 2 | Level 3 | ||||||||||||||||||||||||||||
(in thousands) | ||||||||||||||||||||||||||||||||
Assets | ||||||||||||||||||||||||||||||||
Cash and due from banks | $ | 262,458 | $ | 262,458 | $ | 262,458 | $ | — | $ | — | ||||||||||||||||||||||
Interest-earning deposits with banks | 29,283 | 29,283 | 29,283 | — | — | |||||||||||||||||||||||||||
Debt securities available for sale | 4,589,099 | 4,589,099 | 167,896 | 4,421,203 | — | |||||||||||||||||||||||||||
Debt securities held to maturity | 2,034,792 | 1,722,778 | — | 1,722,778 | — | |||||||||||||||||||||||||||
FHLB stock | 48,160 | 48,160 | — | 48,160 | — | |||||||||||||||||||||||||||
Loans held for sale | 76,843 | 76,843 | — | 76,843 | — | |||||||||||||||||||||||||||
Loans | 11,452,535 | 11,072,802 | — | — | 11,072,802 | |||||||||||||||||||||||||||
Interest rate contracts | 40,289 | 40,289 | — | 40,289 | — | |||||||||||||||||||||||||||
Liabilities | ||||||||||||||||||||||||||||||||
Time deposits | $ | 362,087 | $ | 351,084 | $ | — | $ | 351,084 | $ | — | ||||||||||||||||||||||
FHLB advances and FRB borrowings | 954,315 | 954,147 | — | 954,147 | — | |||||||||||||||||||||||||||
Repurchase agreements | 95,168 | 95,168 | — | 95,168 | — | |||||||||||||||||||||||||||
Subordinated debentures | 10,000 | 10,013 | — | 10,013 | — | |||||||||||||||||||||||||||
Junior subordinated debentures | 10,310 | 9,919 | — | 9,919 | — | |||||||||||||||||||||||||||
Interest rate contracts | 40,289 | 40,289 | — | 40,289 | — | |||||||||||||||||||||||||||
December 31, 2019 | ||||||||||||||||||||
Carrying Amount | Fair Value | Level 1 | Level 2 | Level 3 | ||||||||||||||||
(in thousands) | ||||||||||||||||||||
Assets | ||||||||||||||||||||
Cash and due from banks | $ | 223,541 | $ | 223,541 | $ | 223,541 | $ | — | $ | — | ||||||||||
Interest-earning deposits with banks | 24,132 | 24,132 | 24,132 | — | — | |||||||||||||||
Debt securities available for sale | 3,746,142 | 3,746,172 | — | 3,746,172 | — | |||||||||||||||
FHLB stock | 48,120 | 48,120 | — | 48,120 | — | |||||||||||||||
Loans held for sale | 17,718 | 17,718 | — | 17,718 | — | |||||||||||||||
Loans | 8,659,497 | 8,883,865 | — | — | 8,883,865 | |||||||||||||||
Interest rate contracts | 19,144 | 19,144 | — | 19,144 | — | |||||||||||||||
Interest rate collar | 14,727 | 14,727 | — | 14,727 | — | |||||||||||||||
Liabilities | ||||||||||||||||||||
Time deposits | $ | 400,070 | $ | 397,736 | $ | — | $ | 397,736 | $ | — | ||||||||||
FHLB advances | 953,469 | 952,762 | — | 952,762 | — | |||||||||||||||
Repurchase agreements | 64,437 | 64,437 | — | 64,437 | — | |||||||||||||||
Subordinated debentures | 35,277 | 35,491 | — | 35,491 | — | |||||||||||||||
Interest rate contracts | 19,145 | 19,145 | — | 19,145 | — |
December 31, 2021 | ||||||||||||||||||||||||||||||||
Carrying Amount | Fair Value | Level 1 | Level 2 | Level 3 | ||||||||||||||||||||||||||||
(in thousands) | ||||||||||||||||||||||||||||||||
Assets | ||||||||||||||||||||||||||||||||
Cash and due from banks | $ | 153,414 | $ | 153,414 | $ | 153,414 | $ | — | $ | — | ||||||||||||||||||||||
Interest-earning deposits with banks | 671,300 | 671,300 | 671,300 | — | — | |||||||||||||||||||||||||||
Debt securities available for sale | 5,910,999 | 5,910,999 | 157,536 | 5,753,463 | — | |||||||||||||||||||||||||||
Debt securities held to maturity | 2,148,327 | 2,122,606 | — | 2,122,606 | — | |||||||||||||||||||||||||||
FHLB stock | 10,280 | 10,280 | — | 10,280 | — | |||||||||||||||||||||||||||
Loans held for sale | 9,774 | 9,774 | — | 9,774 | — | |||||||||||||||||||||||||||
Loans | 10,486,359 | 10,679,349 | — | — | 10,679,349 | |||||||||||||||||||||||||||
Interest rate contracts | 24,257 | 24,257 | — | 24,257 | — | |||||||||||||||||||||||||||
Interest rate lock commitments | 356 | 356 | — | — | 356 | |||||||||||||||||||||||||||
Liabilities | ||||||||||||||||||||||||||||||||
Time deposits | $ | 445,957 | $ | 430,682 | $ | — | $ | 430,682 | $ | — | ||||||||||||||||||||||
FHLB advances and FRB borrowings | 7,359 | 8,752 | — | 8,752 | — | |||||||||||||||||||||||||||
Repurchase agreements | 86,013 | 86,013 | — | 86,013 | — | |||||||||||||||||||||||||||
Subordinated debentures | 10,000 | 10,125 | — | 10,125 | — | |||||||||||||||||||||||||||
Junior subordinated debentures | 10,310 | 9,927 | — | 9,927 | — | |||||||||||||||||||||||||||
Interest rate contracts | 24,257 | 24,257 | — | 24,257 | — | |||||||||||||||||||||||||||
Interest rate forward loan sales contracts | 27 | 27 | — | 27 | — |
December 31, 2018 | ||||||||||||||||||||
Carrying Amount | Fair Value | Level 1 | Level 2 | Level 3 | ||||||||||||||||
(in thousands) | ||||||||||||||||||||
Assets | ||||||||||||||||||||
Cash and due from banks | $ | 260,180 | $ | 260,180 | $ | 260,180 | $ | — | $ | — | ||||||||||
Interest-earning deposits with banks | 17,407 | 17,407 | 17,407 | — | — | |||||||||||||||
Debt securities available for sale | 3,167,448 | 3,167,448 | 248 | 3,167,200 | — | |||||||||||||||
FHLB stock | 25,960 | 25,960 | — | 25,960 | — | |||||||||||||||
Loans held for sale | 3,849 | 3,849 | — | 3,849 | — | |||||||||||||||
Loans | 8,308,142 | 8,316,946 | — | — | 8,316,946 | |||||||||||||||
Interest rate contracts | 7,033 | 7,033 | — | 7,033 | — | |||||||||||||||
Liabilities | ||||||||||||||||||||
Time deposits | $ | 414,443 | $ | 407,659 | $ | — | $ | 407,659 | $ | — | ||||||||||
FHLB advances | 399,523 | 400,085 | — | 400,085 | — | |||||||||||||||
Repurchase agreements | 61,094 | 61,094 | — | 61,094 | — | |||||||||||||||
Subordinated debentures | 35,462 | 34,897 | — | 34,897 | — | |||||||||||||||
Interest rate contracts | 7,033 | 7,033 | — | 7,033 | — |
Years Ended December 31, | ||||||||||||||||||||
2022 | 2021 | 2020 | ||||||||||||||||||
(in thousands except per share amounts) | ||||||||||||||||||||
Basic EPS: | ||||||||||||||||||||
Net income | $ | 250,178 | $ | 202,820 | $ | 154,244 | ||||||||||||||
Less: Earnings allocated to participating securities | ||||||||||||||||||||
Nonvested restricted shares | 50 | 330 | 712 | |||||||||||||||||
Earnings allocated to common shareholders | $ | 250,128 | $ | 202,490 | $ | 153,532 | ||||||||||||||
Weighted average common shares outstanding | 78,047 | 72,683 | 70,835 | |||||||||||||||||
Basic earnings per common share | $ | 3.20 | $ | 2.79 | $ | 2.17 | ||||||||||||||
Diluted EPS: | ||||||||||||||||||||
Earnings allocated to common shareholders | $ | 250,128 | $ | 202,490 | $ | 153,532 | ||||||||||||||
Weighted average common shares outstanding | 78,047 | 72,683 | 70,835 | |||||||||||||||||
Dilutive effect of equity awards and warrants | 146 | 190 | 45 | |||||||||||||||||
Weighted average diluted common shares outstanding | 78,193 | 72,873 | 70,880 | |||||||||||||||||
Diluted earnings per common share | $ | 3.20 | $ | 2.78 | $ | 2.17 | ||||||||||||||
Potentially dilutive RSAs and RSUs that were not included in the computation of diluted EPS because to do so would be anti-dilutive | 179 | 212 | 289 |
Years Ended December 31, | ||||||||||||
2019 | 2018 | 2017 | ||||||||||
(in thousands except per share amounts) | ||||||||||||
Basic EPS: | ||||||||||||
Net income | $ | 194,451 | $ | 172,882 | $ | 112,828 | ||||||
Less: Earnings allocated to participating securities | ||||||||||||
Preferred shares | — | — | 3 | |||||||||
Nonvested restricted shares | 1,530 | 1,892 | 1,501 | |||||||||
Earnings allocated to common shareholders | $ | 192,921 | $ | 170,990 | $ | 111,324 | ||||||
Weighted average common shares outstanding | 71,999 | 72,385 | 59,882 | |||||||||
Basic earnings per common share | $ | 2.68 | $ | 2.36 | $ | 1.86 | ||||||
Diluted EPS: | ||||||||||||
Earnings allocated to common shareholders | $ | 192,921 | $ | 170,990 | $ | 111,324 | ||||||
Weighted average common shares outstanding | 71,999 | 72,385 | 59,882 | |||||||||
Dilutive effect of equity awards and warrants | 33 | 5 | 6 | |||||||||
Weighted average diluted common shares outstanding | 72,032 | 72,390 | 59,888 | |||||||||
Diluted earnings per common share | $ | 2.68 | $ | 2.36 | $ | 1.86 | ||||||
Potentially dilutive share options that were not included in the computation of diluted EPS because to do so would be anti-dilutive | 8 | 4 | 13 |
Units | Weighted Average Grant-Date Fair Value | |||||||||||||
Nonvested at December 31, 2020 | 111,901 | $ | 32.85 | |||||||||||
Granted | 86,713 | $ | 47.11 | |||||||||||
Vested | (12,994) | $ | 33.48 | |||||||||||
Forfeited | (3,050) | $ | 33.71 | |||||||||||
Nonvested at December 31, 2021 | 182,570 | $ | 40.05 | |||||||||||
Granted | 136,928 | $ | 35.80 | |||||||||||
Vested | (22,566) | $ | 39.04 | |||||||||||
Nonvested at December 31, 2022 | 296,932 | $ | 38.16 |
Shares | Weighted Average Grant-Date Fair Value | ||||||
Nonvested at January 1, 2017 | 818,755 | $ | 27.19 | ||||
Granted | 337,384 | $ | 38.51 | ||||
Vested | (253,509 | ) | $ | 25.67 | |||
Forfeited | (96,924 | ) | $ | 28.97 | |||
Nonvested at December 31, 2017 | 805,706 | $ | 32.23 | ||||
Granted | 306,592 | $ | 41.47 | ||||
Vested | (237,146 | ) | $ | 28.78 | |||
Forfeited | (61,012 | ) | $ | 35.92 | |||
Nonvested at December 31, 2018 | 814,140 | $ | 36.43 | ||||
Granted | 405,516 | $ | 35.08 | ||||
Vested | (268,253 | ) | $ | 32.50 | |||
Forfeited | (62,386 | ) | $ | 37.12 | |||
Nonvested at December 31, 2019 | 889,017 | $ | 36.96 |
Shares | Weighted Average Grant-Date Fair Value | |||||||||||||
Nonvested at January 1, 2020 | 889,017 | $ | 36.96 | |||||||||||
Granted | 299,007 | $ | 33.64 | |||||||||||
Vested | (231,805) | $ | 35.01 | |||||||||||
Forfeited | (90,588) | $ | 36.50 | |||||||||||
Nonvested at December 31, 2020 | 865,631 | $ | 36.38 | |||||||||||
Granted | 257,298 | $ | 44.83 | |||||||||||
Vested | (324,222) | $ | 37.57 | |||||||||||
Forfeited | (75,696) | $ | 36.76 | |||||||||||
Nonvested at December 31, 2021 | 723,011 | $ | 38.57 | |||||||||||
Granted | 262,571 | $ | 35.32 | |||||||||||
Vested | (335,115) | $ | 38.58 | |||||||||||
Forfeited | (109,104) | $ | 33.39 | |||||||||||
Nonvested at December 31, 2022 | 541,363 | $ | 37.89 |
Shares | Weighted Average Exercise Price | Weighted Average Remaining Contractual Term | Aggregate Intrinsic Value ($000) | ||||||||||
Balance at December 31, 2018 | 5,514 | $ | 9.91 | ||||||||||
Expired | (1,187 | ) | 9.91 | ||||||||||
Exercised | (4,327 | ) | 9.91 | ||||||||||
Balance at December 31, 2019 | — | $ | — | 0 | $ | — |
Years Ended December 31, | ||||||||||||
2019 | 2018 | 2017 | ||||||||||
(in thousands) | ||||||||||||
Current expense | ||||||||||||
Federal | $ | 40,471 | $ | 33,400 | $ | 39,708 | ||||||
State | 6,359 | 5,446 | 3,016 | |||||||||
Total current tax expense | $ | 46,830 | $ | 38,846 | $ | 42,724 | ||||||
Deferred tax expense (benefit) | ||||||||||||
Federal | $ | 60 | $ | (291 | ) | $ | 21,524 | |||||
State | 270 | 399 | 907 | |||||||||
Total deferred tax expense | 330 | 108 | 22,431 | |||||||||
Total | $ | 47,160 | $ | 38,954 | $ | 65,155 |
Years Ended December 31, | ||||||||||||||||||||
2022 | 2021 | 2020 | ||||||||||||||||||
(in thousands) | ||||||||||||||||||||
Current expense: | ||||||||||||||||||||
Federal | $ | 60,771 | $ | 50,708 | $ | 44,094 | ||||||||||||||
State | 12,811 | 9,610 | 7,822 | |||||||||||||||||
Total current tax expense | $ | 73,582 | $ | 60,318 | $ | 51,916 | ||||||||||||||
Deferred tax expense (benefit): | ||||||||||||||||||||
Federal | $ | (5,156) | $ | (5,445) | $ | (12,078) | ||||||||||||||
State | (957) | (1,184) | (1,690) | |||||||||||||||||
Total deferred tax benefit | (6,113) | (6,629) | (13,768) | |||||||||||||||||
Total | $ | 67,469 | $ | 53,689 | $ | 38,148 |
December 31, | ||||||||||||||
2022 | 2021 | |||||||||||||
(in thousands) | ||||||||||||||
Deferred tax assets: | ||||||||||||||
ACL | $ | 40,054 | $ | 39,378 | ||||||||||
Lease liability | 14,088 | 15,973 | ||||||||||||
Deferred compensation | 13,619 | 14,887 | ||||||||||||
Stock options and restricted stock | 3,751 | 3,186 | ||||||||||||
OREO | — | 50 | ||||||||||||
Nonaccrual interest | 120 | 118 | ||||||||||||
Unrealized loss on investment securities | 164,697 | — | ||||||||||||
Net operating losses and credit carryforwards | 2,404 | 2,898 | ||||||||||||
Other | 3,134 | 1,824 | ||||||||||||
Total deferred tax assets | 241,867 | 78,314 | ||||||||||||
Deferred tax liabilities: | ||||||||||||||
Asset purchase tax basis difference | (4,083) | (5,052) | ||||||||||||
Right of use asset | (12,792) | (14,510) | ||||||||||||
FHLB stock dividends | (810) | (810) | ||||||||||||
Deferred loan fees | (6,205) | (5,957) | ||||||||||||
Unrealized gain on investment securities | — | (7,254) | ||||||||||||
Unrealized gain on equity securities | (3,231) | (3,231) | ||||||||||||
Purchase accounting | (11,106) | (14,211) | ||||||||||||
Depreciation | (3,112) | (3,304) | ||||||||||||
Cash flow hedge | (2,767) | (5,280) | ||||||||||||
Other | (144) | (130) | ||||||||||||
Total deferred tax liabilities | (44,250) | (59,739) | ||||||||||||
Net deferred tax asset | $ | 197,617 | $ | 18,575 |
December 31, | ||||||||
2019 | 2018 | |||||||
(in thousands) | ||||||||
Deferred tax assets: | ||||||||
ALLL | $ | 20,489 | $ | 20,578 | ||||
Lease liability | 14,776 | — | ||||||
Deferred compensation | 11,079 | 9,501 | ||||||
Stock options and restricted stock | 2,016 | 1,850 | ||||||
OREO | — | 288 | ||||||
Nonaccrual interest | 112 | 446 | ||||||
Unrealized loss on investment securities | — | 10,129 | ||||||
Net operating losses and credit carryforwards | 4,136 | 5,356 | ||||||
Other | 245 | 733 | ||||||
Total deferred tax assets | 52,853 | 48,881 | ||||||
Deferred tax liabilities: | ||||||||
Asset purchase tax basis difference | (7,888 | ) | (7,229 | ) | ||||
Right of use asset | (13,415 | ) | — | |||||
FHLB stock dividends | (789 | ) | (790 | ) | ||||
Deferred loan fees | (4,097 | ) | (4,399 | ) | ||||
Unrealized gain on investment securities | (10,091 | ) | — | |||||
Purchase accounting | (8,946 | ) | (9,245 | ) | ||||
Depreciation | (3,152 | ) | (2,609 | ) | ||||
Cash flow hedge | (3,452 | ) | — | |||||
Other | (100 | ) | (195 | ) | ||||
Total deferred tax liabilities | (51,930 | ) | (24,467 | ) | ||||
Net deferred tax asset | $ | 923 | $ | 24,414 |
Years Ended December 31, | |||||||||||||||||||||
2019 | 2018 | 2017 | |||||||||||||||||||
Amount | Percent | Amount | Percent | Amount | Percent | ||||||||||||||||
(dollars in thousands) | |||||||||||||||||||||
Income tax based on statutory rate | $ | 50,738 | 21 | % | $ | 44,485 | 21 | % | $ | 62,262 | 35 | % | |||||||||
Increase (decrease) resulting from: | |||||||||||||||||||||
Tax exempt instruments | (6,771 | ) | (3 | )% | (6,423 | ) | (3 | )% | (8,485 | ) | (5 | )% | |||||||||
Bank owned life insurance | (1,963 | ) | (1 | )% | (1,261 | ) | (1 | )% | (3,351 | ) | (2 | )% | |||||||||
Acquisition costs | — | — | % | — | — | % | 825 | 1 | % | ||||||||||||
Deferred tax asset revaluation | — | — | % | — | — | % | 12,210 | 7 | % | ||||||||||||
State income tax, net of federal benefit | 5,134 | 2 | % | 4,931 | 2 | % | 2,550 | 1 | % | ||||||||||||
Other, net | 22 | 1 | % | (2,778 | ) | (1 | )% | (856 | ) | — | % | ||||||||||
Income tax provision | $ | 47,160 | 20 | % | $ | 38,954 | 18 | % | $ | 65,155 | 37 | % |
Years Ended December 31, | ||||||||||||||||||||||||||||||||||||||
2022 | 2021 | 2020 | ||||||||||||||||||||||||||||||||||||
Amount | Percent | Amount | Percent | Amount | Percent | |||||||||||||||||||||||||||||||||
(dollars in thousands) | ||||||||||||||||||||||||||||||||||||||
Income tax based on statutory rate | $ | 66,706 | 21 | % | $ | 53,867 | 21 | % | $ | 40,402 | 21 | % | ||||||||||||||||||||||||||
Increase (decrease) resulting from: | ||||||||||||||||||||||||||||||||||||||
Tax exempt instruments | (6,864) | (2) | % | (6,306) | (2) | % | (5,987) | (3) | % | |||||||||||||||||||||||||||||
Bank owned life insurance | (1,806) | (1) | % | (1,444) | (1) | % | (1,348) | (1) | % | |||||||||||||||||||||||||||||
State income tax, net of federal benefit | 9,364 | 3 | % | 7,892 | 3 | % | 4,844 | 3 | % | |||||||||||||||||||||||||||||
Other, net | 69 | — | % | (320) | — | % | 237 | — | % | |||||||||||||||||||||||||||||
Income tax provision | $ | 67,469 | 21 | % | $ | 53,689 | 21 | % | $ | 38,148 | 20 | % |
Actual | Minimum Required For Capital Adequacy Purposes | Minimum Required Plus Capital Conservation Buffer | To Be Well Capitalized Under Prompt Corrective Action Provision | |||||||||||||||||||||||||||||||||||||||||||||||
Amount | Ratio | Amount | Ratio | Amount | Ratio | Amount | Ratio | |||||||||||||||||||||||||||||||||||||||||||
(dollars in thousands) | ||||||||||||||||||||||||||||||||||||||||||||||||||
December 31, 2022 | ||||||||||||||||||||||||||||||||||||||||||||||||||
CET1 Capital (to risk-weighted assets): | ||||||||||||||||||||||||||||||||||||||||||||||||||
The Company | $ | 1,885,860 | 12.87 | % | $ | 659,248 | 4.50 | % | $ | 1,025,498 | 7.00 | % | N/A | N/A | ||||||||||||||||||||||||||||||||||||
Columbia Bank | $ | 1,892,755 | 12.93 | % | $ | 658,773 | 4.50 | % | $ | 1,024,758 | 7.00 | % | $ | 951,561 | 6.50 | % | ||||||||||||||||||||||||||||||||||
Tier 1 Capital (to risk-weighted assets): | ||||||||||||||||||||||||||||||||||||||||||||||||||
The Company | $ | 1,885,860 | 12.87 | % | $ | 878,998 | 6.00 | % | $ | 1,245,247 | 8.50 | % | N/A | N/A | ||||||||||||||||||||||||||||||||||||
Columbia Bank | $ | 1,892,755 | 12.93 | % | $ | 878,364 | 6.00 | % | $ | 1,244,349 | 8.50 | % | $ | 1,171,152 | 8.00 | % | ||||||||||||||||||||||||||||||||||
Total Capital (to risk-weighted assets): | ||||||||||||||||||||||||||||||||||||||||||||||||||
The Company | $ | 2,048,700 | 13.98 | % | $ | 1,171,997 | 8.00 | % | $ | 1,538,246 | 10.50 | % | N/A | N/A | ||||||||||||||||||||||||||||||||||||
Columbia Bank | $ | 2,045,595 | 13.97 | % | $ | 1,171,152 | 8.00 | % | $ | 1,537,137 | 10.50 | % | $ | 1,463,940 | 10.00 | % | ||||||||||||||||||||||||||||||||||
Tier 1 Capital Leverage (to average assets): | ||||||||||||||||||||||||||||||||||||||||||||||||||
The Company | $ | 1,885,860 | 9.34 | % | $ | 807,791 | 4.00 | % | $ | 807,791 | 4.00 | % | N/A | N/A | ||||||||||||||||||||||||||||||||||||
Columbia Bank | $ | 1,892,755 | 9.47 | % | $ | 799,485 | 4.00 | % | $ | 799,485 | 4.00 | % | $ | 999,356 | 5.00 | % | ||||||||||||||||||||||||||||||||||
December 31, 2021 | ||||||||||||||||||||||||||||||||||||||||||||||||||
CET1 Capital (to risk-weighted assets): | ||||||||||||||||||||||||||||||||||||||||||||||||||
The Company | $ | 1,710,981 | 13.01 | % | $ | 591,585 | 4.50 | % | $ | 920,244 | 7.00 | % | N/A | N/A | ||||||||||||||||||||||||||||||||||||
Columbia Bank | $ | 1,716,186 | 13.06 | % | $ | 591,154 | 4.50 | % | $ | 919,754 | 7.00 | % | $ | 853,890 | 6.50 | % | ||||||||||||||||||||||||||||||||||
Tier 1 Capital (to risk-weighted assets): | ||||||||||||||||||||||||||||||||||||||||||||||||||
The Company | $ | 1,710,981 | 13.01 | % | $ | 788,780 | 6.00 | % | $ | 1,117,439 | 8.50 | % | N/A | N/A | ||||||||||||||||||||||||||||||||||||
Columbia Bank | $ | 1,716,186 | 13.06 | % | $ | 788,206 | 6.00 | % | $ | 1,116,625 | 8.50 | % | $ | 1,050,941 | 8.00 | % | ||||||||||||||||||||||||||||||||||
Total Capital (to risk-weighted assets): | ||||||||||||||||||||||||||||||||||||||||||||||||||
The Company | $ | 1,868,192 | 14.21 | % | $ | 1,051,707 | 8.00 | % | $ | 1,380,366 | 10.50 | % | N/A | N/A | ||||||||||||||||||||||||||||||||||||
Columbia Bank | $ | 1,863,397 | 14.18 | % | $ | 1,050,941 | 8.00 | % | $ | 1,379,360 | 10.50 | % | $ | 1,313,677 | 10.00 | % | ||||||||||||||||||||||||||||||||||
Tier 1 Capital Leverage (to average assets): | ||||||||||||||||||||||||||||||||||||||||||||||||||
The Company | $ | 1,710,981 | 8.55 | % | $ | 800,615 | 4.00 | % | $ | 800,615 | 4.00 | % | N/A | N/A | ||||||||||||||||||||||||||||||||||||
Columbia Bank | $ | 1,716,186 | 8.60 | % | $ | 798,206 | 4.00 | % | $ | 798,206 | 4.00 | % | $ | 997,757 | 5.00 | % |
Actual | Minimum Required For Capital Adequacy Purposes | Minimum Required Plus Capital Conservation Buffer Phase-In | Minimum Required Plus Capital Conservation Buffer Fully Phased-In | To Be Well Capitalized Under Prompt Corrective Action Provision | |||||||||||||||||||||||||||||||
Amount | Ratio | Amount | Ratio | Amount | Ratio | Amount | Ratio | Amount | Ratio | ||||||||||||||||||||||||||
(dollars in thousands) | |||||||||||||||||||||||||||||||||||
December 31, 2019 | |||||||||||||||||||||||||||||||||||
CET1 Capital (to risk-weighted assets): | |||||||||||||||||||||||||||||||||||
The Company | $ | 1,317,202 | 12.45 | % | $ | 476,260 | 4.50 | % | N/A | N/A | $ | 740,849 | 7.00 | % | N/A | N/A | |||||||||||||||||||
Columbia Bank | $ | 1,318,044 | 12.46 | % | $ | 475,913 | 4.50 | % | N/A | N/A | $ | 740,310 | 7.00 | % | $ | 687,430 | 6.50 | % | |||||||||||||||||
Tier 1 Capital (to risk-weighted assets): | |||||||||||||||||||||||||||||||||||
The Company | $ | 1,317,202 | 12.45 | % | $ | 635,014 | 6.00 | % | N/A | N/A | $ | 899,603 | 8.50 | % | N/A | N/A | |||||||||||||||||||
Columbia Bank | $ | 1,318,044 | 12.46 | % | $ | 634,551 | 6.00 | % | N/A | N/A | $ | 898,947 | 8.50 | % | $ | 846,068 | 8.00 | % | |||||||||||||||||
Total Capital (to risk-weighted assets): | |||||||||||||||||||||||||||||||||||
The Company | $ | 1,439,877 | 13.60 | % | $ | 846,685 | 8.00 | % | N/A | N/A | $ | 1,111,274 | 10.50 | % | N/A | N/A | |||||||||||||||||||
Columbia Bank | $ | 1,405,422 | 13.29 | % | $ | 846,068 | 8.00 | % | N/A | N/A | $ | 1,110,464 | 10.50 | % | $ | 1,057,585 | 10.00 | % | |||||||||||||||||
Tier 1 Capital Leverage (to average assets): | |||||||||||||||||||||||||||||||||||
The Company | $ | 1,317,202 | 10.17 | % | $ | 517,938 | 4.00 | % | N/A | N/A | $ | 517,938 | 4.00 | % | N/A | N/A | |||||||||||||||||||
Columbia Bank | $ | 1,318,044 | 10.22 | % | $ | 515,797 | 4.00 | % | N/A | N/A | $ | 515,797 | 4.00 | % | $ | 644,746 | 5.00 | % | |||||||||||||||||
December 31, 2018 | |||||||||||||||||||||||||||||||||||
CET1 Capital (to risk-weighted assets): | |||||||||||||||||||||||||||||||||||
The Company | $ | 1,253,394 | 12.74 | % | $ | 442,717 | 4.50 | % | $ | 627,182 | 6.38 | % | $ | 688,670 | 7.00 | % | N/A | N/A | |||||||||||||||||
Columbia Bank | $ | 1,274,317 | 12.96 | % | $ | 442,552 | 4.50 | % | $ | 626,948 | 6.38 | % | $ | 688,414 | 7.00 | % | $ | 639,241 | 6.50 | % | |||||||||||||||
Tier 1 Capital (to risk-weighted assets): | |||||||||||||||||||||||||||||||||||
The Company | $ | 1,253,394 | 12.74 | % | $ | 590,289 | 6.00 | % | $ | 774,754 | 7.88 | % | $ | 836,243 | 8.50 | % | N/A | N/A | |||||||||||||||||
Columbia Bank | $ | 1,274,317 | 12.96 | % | $ | 590,069 | 6.00 | % | $ | 774,465 | 7.88 | % | $ | 835,931 | 8.50 | % | $ | 786,759 | 8.00 | % | |||||||||||||||
Total Capital (to risk-weighted assets): | |||||||||||||||||||||||||||||||||||
The Company | $ | 1,376,555 | 13.99 | % | $ | 787,052 | 8.00 | % | $ | 971,517 | 9.88 | % | $ | 1,033,006 | 10.50 | % | N/A | N/A | |||||||||||||||||
Columbia Bank | $ | 1,362,016 | 13.85 | % | $ | 786,759 | 8.00 | % | $ | 971,155 | 9.88 | % | $ | 1,032,621 | 10.50 | % | $ | 983,448 | 10.00 | % | |||||||||||||||
Tier 1 Capital Leverage (to average assets): | |||||||||||||||||||||||||||||||||||
The Company | $ | 1,253,394 | 10.24 | % | $ | 489,399 | 4.00 | % | $ | 489,399 | 4.00 | % | $ | 489,399 | 4.00 | % | N/A | N/A | |||||||||||||||||
Columbia Bank | $ | 1,274,317 | 10.42 | % | $ | 489,254 | 4.00 | % | $ | 489,254 | 4.00 | % | $ | 489,254 | 4.00 | % | $ | 611,567 | 5.00 | % |
December 31, | ||||||||||||||||||||||
December 31, | 2022 | 2021 | ||||||||||||||||||||
2019 | 2018 | |||||||||||||||||||||
(in thousands) | (in thousands) | |||||||||||||||||||||
Assets | Assets | |||||||||||||||||||||
Cash | $ | 6,088 | $ | 945 | Cash | $ | 8,514 | $ | 1,979 | |||||||||||||
Interest-earning deposits | 21,717 | 7,226 | Interest-earning deposits | — | 3,786 | |||||||||||||||||
Total cash and cash equivalents | 27,805 | 8,171 | Total cash and cash equivalents | 8,514 | 5,765 | |||||||||||||||||
Investment in banking subsidiary | 2,156,039 | 2,049,855 | Investment in banking subsidiary | 2,215,486 | 2,589,218 | |||||||||||||||||
Investment in other subsidiaries | 5,671 | 5,312 | Investment in other subsidiaries | 7,942 | 7,175 | |||||||||||||||||
Goodwill | 4,729 | 4,729 | Goodwill | 4,729 | 4,729 | |||||||||||||||||
Other assets | 1,675 | 1,595 | Other assets | 3,169 | 2,525 | |||||||||||||||||
Total assets | $ | 2,195,919 | $ | 2,069,662 | Total assets | $ | 2,239,840 | $ | 2,609,412 | |||||||||||||
Liabilities and Shareholders’ Equity | Liabilities and Shareholders’ Equity | |||||||||||||||||||||
Subordinated debentures | $ | 35,277 | $ | 35,462 | Subordinated debentures | $ | 10,000 | $ | 10,000 | |||||||||||||
Junior subordinated debentures | Junior subordinated debentures | 10,310 | 10,310 | |||||||||||||||||||
Other liabilities | 680 | 551 | Other liabilities | 6,377 | 360 | |||||||||||||||||
Total liabilities | 35,957 | 36,013 | Total liabilities | 26,687 | 20,670 | |||||||||||||||||
Shareholders’ equity | 2,159,962 | 2,033,649 | Shareholders’ equity | 2,213,153 | 2,588,742 | |||||||||||||||||
Total liabilities and shareholders’ equity | $ | 2,195,919 | $ | 2,069,662 | Total liabilities and shareholders’ equity | $ | 2,239,840 | $ | 2,609,412 |
Years Ended December 31, | ||||||||||||||||||||||||||||||||
Years Ended December 31, | 2022 | 2021 | 2020 | |||||||||||||||||||||||||||||
2019 | 2018 | 2017 | ||||||||||||||||||||||||||||||
(in thousands) | (in thousands) | |||||||||||||||||||||||||||||||
Income | Income | |||||||||||||||||||||||||||||||
Dividend from banking subsidiary | $ | 168,000 | $ | 85,250 | $ | 66,800 | Dividend from banking subsidiary | $ | 85,004 | $ | 108,000 | $ | 89,000 | |||||||||||||||||||
Dividend from other subsidiaries | Dividend from other subsidiaries | 711 | 500 | — | ||||||||||||||||||||||||||||
Interest-earning deposits | 100 | 12 | 2 | Interest-earning deposits | 15 | 16 | 13 | |||||||||||||||||||||||||
Other income | 68 | 56 | 8 | Other income | 60 | 36 | 37 | |||||||||||||||||||||||||
Total income | 168,168 | 85,318 | 66,810 | Total income | 85,790 | 108,552 | 89,050 | |||||||||||||||||||||||||
Expense | Expense | |||||||||||||||||||||||||||||||
Compensation and employee benefits | 791 | 978 | 732 | Compensation and employee benefits | 823 | 856 | 758 | |||||||||||||||||||||||||
Subordinated debentures interest expense | 1,871 | 1,871 | 304 | Subordinated debentures interest expense | 807 | 1,932 | 1,871 | |||||||||||||||||||||||||
Other borrowings interest expense | — | 4 | 60 | Other borrowings interest expense | 339 | 52 | 12 | |||||||||||||||||||||||||
Other expense | 2,111 | 2,058 | 3,090 | Other expense | 8,524 | 3,542 | 1,943 | |||||||||||||||||||||||||
Total expenses | 4,773 | 4,911 | 4,186 | Total expenses | 10,493 | 6,382 | 4,584 | |||||||||||||||||||||||||
Income before income tax benefit and equity in undistributed earnings of subsidiaries | 163,395 | 80,407 | 62,624 | Income before income tax benefit and equity in undistributed earnings of subsidiaries | 75,297 | 102,170 | 84,466 | |||||||||||||||||||||||||
Income tax benefit | (967 | ) | (1,017 | ) | (548 | ) | Income tax benefit | (2,188) | (1,329) | (952) | ||||||||||||||||||||||
Income before equity in undistributed earnings of subsidiaries | 164,362 | 81,424 | 63,172 | Income before equity in undistributed earnings of subsidiaries | 77,485 | 103,499 | 85,418 | |||||||||||||||||||||||||
Equity in undistributed earnings of subsidiaries | 30,089 | 91,458 | 49,656 | Equity in undistributed earnings of subsidiaries | 172,693 | 99,321 | 68,826 | |||||||||||||||||||||||||
Net income | $ | 194,451 | $ | 172,882 | $ | 112,828 | Net income | $ | 250,178 | $ | 202,820 | $ | 154,244 |
Years Ended December 31, | ||||||||||||
2019 | 2018 | 2017 | ||||||||||
(in thousands) | ||||||||||||
Operating Activities | ||||||||||||
Net income | $ | 194,451 | $ | 172,882 | $ | 112,828 | ||||||
Adjustments to reconcile net income to net cash provided by operating activities: | ||||||||||||
Equity in undistributed earnings of subsidiaries | (30,089 | ) | (91,458 | ) | (49,656 | ) | ||||||
Stock-based compensation expense | 9,271 | 8,354 | 7,745 | |||||||||
Net changes in other assets and liabilities | (133 | ) | 1,622 | 1,672 | ||||||||
Net cash provided by operating activities | 173,500 | 91,400 | 72,589 | |||||||||
Investing Activities | ||||||||||||
Net cash paid in business combinations | — | — | (580 | ) | ||||||||
Net cash used in investing activities | — | — | (580 | ) | ||||||||
Financing Activities | ||||||||||||
Common stock dividends | (102,265 | ) | (83,459 | ) | (51,308 | ) | ||||||
Repayment of junior subordinated debentures | — | (8,248 | ) | (6,186 | ) | |||||||
Cash settlement of acquired equity awards | — | — | (7,345 | ) | ||||||||
Purchase and retirement of common stock | (2,792 | ) | (2,677 | ) | (2,299 | ) | ||||||
Purchase of treasury shares | (50,834 | ) | — | — | ||||||||
Proceeds from exercise of stock options | 2,025 | 1,857 | 1,980 | |||||||||
Net cash used in financing activities | (153,866 | ) | (92,527 | ) | (65,158 | ) | ||||||
Increase (decrease) in cash and cash equivalents | 19,634 | (1,127 | ) | 6,851 | ||||||||
Cash and cash equivalents at beginning of year | 8,171 | 9,298 | 2,447 | |||||||||
Cash and cash equivalents at end of year | $ | 27,805 | $ | 8,171 | $ | 9,298 | ||||||
Supplemental disclosure of noncash investing and financing activities | ||||||||||||
Share-based consideration issued in business combinations | $ | — | $ | — | $ | 636,385 |
Years Ended December 31, | ||||||||||||||||||||
2022 | 2021 | 2020 | ||||||||||||||||||
(in thousands) | ||||||||||||||||||||
Operating Activities | ||||||||||||||||||||
Net income | $ | 250,178 | $ | 202,820 | $ | 154,244 | ||||||||||||||
Adjustments to reconcile net income to net cash provided by operating activities: | ||||||||||||||||||||
Equity in undistributed earnings of subsidiaries | (172,693) | (99,321) | (68,826) | |||||||||||||||||
Stock-based compensation expense | 16,158 | 14,926 | 10,737 | |||||||||||||||||
Net changes in other assets and liabilities | 5,379 | (1,436) | (17) | |||||||||||||||||
Net cash provided by operating activities | 99,022 | 116,989 | 96,138 | |||||||||||||||||
Investing Activities | ||||||||||||||||||||
Net cash received in business combinations | — | 2,173 | — | |||||||||||||||||
Net cash provided by investing activities | — | 2,173 | — | |||||||||||||||||
Financing Activities | ||||||||||||||||||||
Common stock dividends | (94,394) | (83,841) | (96,215) | |||||||||||||||||
Repayment of subordinated debentures | — | (35,000) | — | |||||||||||||||||
Purchase and retirement of common stock | (3,989) | (4,140) | (2,522) | |||||||||||||||||
Purchase of treasury shares | — | — | (20,000) | |||||||||||||||||
Proceeds from exercise of stock options | 2,110 | 2,350 | 2,028 | |||||||||||||||||
Net cash used in financing activities | (96,273) | (120,631) | (116,709) | |||||||||||||||||
Increase (decrease) in cash and cash equivalents | 2,749 | (1,469) | (20,571) | |||||||||||||||||
Cash and cash equivalents at beginning of year | 5,765 | 7,234 | 27,805 | |||||||||||||||||
Cash and cash equivalents at end of year | $ | 8,514 | $ | 5,765 | $ | 7,234 | ||||||||||||||
Supplemental disclosure of noncash investing and financing activities: | ||||||||||||||||||||
Common stock issued in connection with acquisition | $ | — | $ | 256,061 | $ | — |
Fourth Quarter | Third Quarter | Second Quarter | First Quarter | Year Ended December 31, | ||||||||||||||||
(in thousands, except per share amounts) | ||||||||||||||||||||
2019 | ||||||||||||||||||||
Total interest income | $ | 133,109 | $ | 132,533 | $ | 135,422 | $ | 128,888 | $ | 529,952 | ||||||||||
Total interest expense | 8,292 | 10,083 | 10,306 | 7,866 | 36,547 | |||||||||||||||
Net interest income | 124,817 | 122,450 | 125,116 | 121,022 | 493,405 | |||||||||||||||
Provision for loan and lease losses | 1,614 | 299 | 218 | 1,362 | 3,493 | |||||||||||||||
Noninterest income | 21,807 | 28,030 | 25,648 | 21,696 | 97,181 | |||||||||||||||
Noninterest expense | 86,978 | 87,076 | 86,728 | 84,700 | 345,482 | |||||||||||||||
Income before income taxes | 58,032 | 63,105 | 63,818 | 56,656 | 241,611 | |||||||||||||||
Provision for income taxes | 11,903 | 12,378 | 12,094 | 10,785 | 47,160 | |||||||||||||||
Net income | $ | 46,129 | $ | 50,727 | $ | 51,724 | $ | 45,871 | $ | 194,451 | ||||||||||
Per common share (1) | ||||||||||||||||||||
Earnings (basic) | $ | 0.64 | $ | 0.70 | $ | 0.71 | $ | 0.63 | $ | 2.68 | ||||||||||
Earnings (diluted) | $ | 0.64 | $ | 0.70 | $ | 0.71 | $ | 0.63 | $ | 2.68 | ||||||||||
2018 | ||||||||||||||||||||
Total interest income | $ | 129,801 | $ | 127,575 | $ | 120,549 | $ | 119,144 | $ | 497,069 | ||||||||||
Total interest expense | 5,913 | 4,779 | 3,875 | 3,663 | 18,230 | |||||||||||||||
Net interest income | 123,888 | 122,796 | 116,674 | 115,481 | 478,839 | |||||||||||||||
Provision for loan and lease losses | 1,789 | 3,153 | 3,975 | 5,852 | 14,769 | |||||||||||||||
Noninterest income | 20,402 | 21,019 | 23,692 | 23,143 | 88,256 | |||||||||||||||
Noninterest expense | 87,019 | 82,841 | 84,643 | 85,987 | 340,490 | |||||||||||||||
Income before income taxes | 55,482 | 57,821 | 51,748 | 46,785 | 211,836 | |||||||||||||||
Provision for income taxes | 10,734 | 11,406 | 9,999 | 6,815 | 38,954 | |||||||||||||||
Net income | $ | 44,748 | $ | 46,415 | $ | 41,749 | $ | 39,970 | $ | 172,882 | ||||||||||
Per common share (1) | ||||||||||||||||||||
Earnings (basic) | $ | 0.61 | $ | 0.63 | $ | 0.57 | $ | 0.55 | $ | 2.36 | ||||||||||
Earnings (diluted) | $ | 0.61 | $ | 0.63 | $ | 0.57 | $ | 0.55 | $ | 2.36 |
28. |
Years Ended December 31, | ||||||||||||||||||||
2022 | 2021 | 2020 | ||||||||||||||||||
(in thousands) | ||||||||||||||||||||
Noninterest income: | ||||||||||||||||||||
Revenue from contracts with customers: | ||||||||||||||||||||
Deposit account and treasury management fees | $ | 31,498 | $ | 27,107 | $ | 27,019 | ||||||||||||||
Card revenue | 20,186 | 18,503 | 13,928 | |||||||||||||||||
Financial services and trust revenue | 17,659 | 15,753 | 12,830 | |||||||||||||||||
Total revenue from contracts with customers | 69,343 | 61,363 | 53,777 | |||||||||||||||||
Other sources of noninterest income | 29,801 | 32,731 | 50,723 | |||||||||||||||||
Total noninterest income | $ | 99,144 | $ | 94,094 | $ | 104,500 |
Years Ended December 31, | ||||||||
2019 | 2018 | |||||||
(in thousands) | ||||||||
Noninterest income: | ||||||||
Revenue from contracts with customers: | ||||||||
Deposit account and treasury management fees | $ | 35,695 | $ | 36,072 | ||||
Card revenue | 15,198 | 19,719 | ||||||
Financial services and trust revenue | 12,799 | 12,135 | ||||||
Total revenue from contracts with customers | 63,692 | 67,926 | ||||||
Other sources of noninterest income | 33,489 | 20,330 | ||||||
Total noninterest income | $ | 97,181 | $ | 88,256 |
COLUMBIA BANKING SYSTEM, INC. | ||||||||
(Registrant) | ||||||||
By: | /s/ CLINT E. STEIN | |||||||
Clint E. Stein | ||||||||
President and Chief Executive Officer |
Principal Executive Officer: | ||||||||
By: | /s/ CLINT E. STEIN | |||||||
Clint E. Stein | ||||||||
President and Chief Executive Officer | ||||||||
Principal Financial Officer: | ||||||||
By: | /s/ AARON JAMES DEER | |||||||
Aaron James Deer | ||||||||
Executive Vice President and Chief Financial Officer | ||||||||
Principal Accounting Officer: | ||||||||
By: | /s/ BROCK M. LAKELY | |||||||
Brock M. Lakely | ||||||||
Senior Vice President and Chief Accounting Officer |
[Laura Alvarez Schrag] | [Randal L. Lund] | |||||||
[Craig D. Eerkes] | [ | |||||||
[Ford Elsaesser] | ||||||||
[S. Mae Fujita Numata] | ||||||||
[Mark A. Finkelstein] | [Elizabeth W. Seaton] | |||||||
[Eric S. Forrest] | ||||||||
[Janine T. Terrano] | ||||||||
[Michelle M. Lantow] |
/s/ CLINT E. STEIN | ||
Clint E. Stein | ||
Attorney-in-fact | ||
February |
INDEX TO EXHIBITS | ||||||||
Exhibit No. | Exhibit | |||||||
2.1 | ||||||||
2.3 | ||||||||
3.1 | ||||||||
3.4 | ||||||||
3.5 | ||||||||
4.1 | ||||||||
4.2 | Pursuant to Item 601(b) (4) (iii) (A) of Regulation S-K, copies of instruments defining the rights of holders of long-term debt and preferred securities are not filed. The Company agrees to furnish a copy thereof to the Securities and Exchange Commission upon request. | |||||||
10.1**+ | ||||||||
10.2**+ | ||||||||
10.7** | ||||||||
10.8** | ||||||||
10.9** | ||||||||
10.10** | ||||||||
10.11** | ||||||||
10.12** | ||||||||
10.13** | ||||||||
10.14** | ||||||||
INDEX TO EXHIBITS, CONTINUED | ||||||||||
10.15** | ||||||||||
10.18**+ | ||||||||||
10.19** | ||||||||||
10.20**+ | ||||||||||
10.21** | ||||||||||
10.26** | ||||||||
10.32**+ | ||||||||
10.33**+ | ||||||||
10.34** | ||||||||
10.35** |
INDEX TO EXHIBITS, CONTINUED | ||||||||||
Exhibit No. | Exhibit | |||||||||
10.36** | ||||||||||
10.45** | ||||||||||
10.46** | ||||||||||
10.49** | ||||||||||
10.50** | ||||||||||
10.51** | ||||||||||
10.52** | ||||||||||
21+ | ||||||||||
23+ | ||||||||||
24+ | ||||||||||
31.1+ | ||||||||||
Exhibit No. | Exhibit | |||||||
31.2+ | ||||||||
32+ | ||||||||
101+ | The following financial information from Columbia Banking System, Inc.’s Annual Report on Form 10-K for the year ended December 31, | |||||||
104+ | Cover Page Interactive Data File (the cover page XBRL tags are embedded within the Inline XBRL document). |
(1) | Incorporated by reference to Exhibit 2.1 of the Company’s Current Report on Form 8-K filed June 23, 2021 | ||||
(2) | Incorporated by reference to Exhibit 2.1 of the Company’s Current Report on Form 8-K file October 15, 2021 | ||||
(3) | Incorporated by reference to Exhibit 2.1 of the Company’s Current Report on Form 8-K filed January 10, | ||||
Incorporated by reference to Exhibit 3.1 of the Company’s Quarterly Report on Form 10-Q for the quarter ended March 31, 2005 | |||||
Incorporated by reference to Exhibit 3.1 of the Company’s Current Report on Form 8-K filed November 21, 2008 | |||||
Incorporated by reference to Exhibit 3.1 of the Company’s Current Report on Form 8-K filed April 2, 2013 | |||||
Incorporated by reference to Exhibit 4.4 of the Company’s S-3 Registration Statement (File No. 333-206125) filed August 6, 2015 | |||||
Incorporated by reference to Exhibit 3.2 of the Company’s Current Report on Form 8-K filed on February 2, 2010 | |||||
Incorporated by reference to Exhibit 4.3 of the Company’s S-3 Registration Statement (File No. 333-156350) filed December 19, 2008 | |||||
Incorporated by reference to Exhibit | |||||
Incorporated by reference to | |||||
Incorporated by reference to Exhibit 10.4 of the Company’s Quarterly Report on Form 10-Q for the quarter ended June 30, 2018 | |||||
(13) | Incorporated by reference to Exhibit 10.62 of the Company’s Annual Report on Form 10-K for the year ended December 31, 2018 | ||||
(14) | Incorporated by reference to Exhibits 10.1-10.4 of the Company’s Quarterly Report on Form 10-Q for the quarter ended March 31, 2019 | ||||
(15) | Incorporated by reference to Exhibits 10.1-10.4 of the Company’s Quarterly Report on Form 10-Q for the quarter ended June 30, 2019 | ||||
(16) | Incorporated by reference to Exhibit 10.72 of the Company’s Annual Report on Form 10-K for the year ended December 31, 2019 | ||||
(17) | Incorporated by reference to Exhibits 10.1-10.3 of the Company’s Quarterly Report on Form 10-Q for the quarter ended March 31, 2020 | ||||
(18) | Incorporated by reference to Exhibits 10.1 of the Company’s Quarterly Report on Form 10-Q for the quarter ended June 30, 2020 | ||||
(19) | Incorporated by reference to Exhibit 10.3 of the Company’s Quarterly Report on Form 10-Q for the quarter ended September 30, 2001 | ||||
(20) | Incorporated by reference to Exhibit 10.4 of the Company’s Quarterly Report on Form 10-Q for the quarter ended September 30, 2009 | ||||
(21) | Incorporated by reference to Exhibits 10.1 and 10.2 of the Company’s Current Report on Form 8-K filed October 28, 2016 | ||||
(22) | Incorporated by reference to Exhibits 10.3-10.5 and 10.8 of the Company’s Quarterly Report on Form 10-Q for the quarter ended March 31, 2015 | ||||
(23) | Incorporated by reference to Exhibits 10.47-10.49 and 10.51 of the Company’s Annual Report on Form 10-K for the year ended December 31, 2017 | ||||
(24) | Incorporated by reference to Exhibit 10.1 of the Company’s Current Report on Form 8-K filed | ||||
Incorporated by reference to Exhibit 10.1 of the Company’s Current Report on Form 8-K filed on October 3, 2019 | |||||
(26) | Incorporated by reference to Exhibit 10.7 of the Company’s Annual Report on Form 10-K for the year ended December 31, 2010 | ||||
Incorporated by reference to Exhibit | |||||
Incorporated by reference to | |||||