FirstSun Capital Bancorp Reports Fourth Quarter and Full Year 2025 Results
Key Terms
net interest margin financial
return on average total assets financial
allowance for credit losses financial
nonperforming assets financial
efficiency ratio financial
tier 1 leverage ratio financial
Fourth Quarter 2025 Highlights:
-
Net income of
$24.8 million $0.88 $26.9 million $0.95 -
Net interest margin of
4.18% -
Return on average total assets of
1.17% (adjusted,1.27% , see the “Non-GAAP Financial Measures and Reconciliations” below) -
Return on average stockholders’ equity of
8.58% (adjusted,9.31% , see the “Non-GAAP Financial Measures and Reconciliations” below) -
Average loan growth of
8.5% , annualized -
24.3% noninterest income to total revenue1
Neal Arnold, FirstSun’s Chief Executive Officer and President, commented, “We are very pleased with our strong operating results in the fourth quarter. Among the highlights were our growth in net interest margin to a strong
“We are also encouraged with the progress we are making with the First Foundation team on operational integration planning and balance sheet optimization work. Finally, I want to thank all of our hard-working employees for their continued focus on creating a best-in-class bank while delivering value added solutions to all our customers throughout our footprint.”
Fourth Quarter 2025 Results
Net income totaled
The return on average total assets was
Net Interest Income and Net Interest Margin
Net interest income totaled
Average loans, including loans held-for-sale, increased by
Average interest-bearing deposits decreased
Asset Quality and Provision for Credit Losses
The provision for credit losses totaled
Net charge-offs for the fourth quarter of 2025 were
The allowance for credit losses as a percentage of loans was
Noninterest Income
Noninterest income totaled
Noninterest income as a percentage of total revenue1 was
Noninterest Expense
Noninterest expense totaled
The efficiency ratio for the fourth quarter of 2025 was
Tax Rate
The effective tax rate was
Loans
Loans were
Deposits
Deposits were
Noninterest-bearing deposit accounts represented
The ratio of total uninsured deposits to total deposits was estimated to be
Capital
Capital ratios remain strong and above “well-capitalized” thresholds. As of December 31, 2025, our common equity tier 1 risk-based capital ratio was
Full Year 2025 Results
Full Year Highlights:
-
Net income of
$97.9 million $3.47 $100.5 million $3.56 -
Net interest margin of
4.10% -
Return on average total assets of
1.18% (adjusted,1.21% , see the “Non-GAAP Financial Measures and Reconciliations” below) -
Return on average stockholders’ equity of
8.88% (adjusted,9.11% , see the “Non-GAAP Financial Measures and Reconciliations” below) -
Loan growth of
4.7% -
Average deposit growth of
6.6% -
24.3% noninterest income to total revenue1
Net income totaled
The return on average total assets was
Net Interest Income and Net Interest Margin
Net interest income totaled
Average loans, including loans held-for-sale, increased by
Average deposits increased
Asset Quality and Provision for Credit Losses
The provision for credit losses totaled
Net charge-offs in 2025 were
The allowance for credit losses as a percentage of loans was
Noninterest Income
Noninterest income totaled
Noninterest income as a percentage of total revenue1 totaled
Noninterest Expense
Noninterest expense totaled
The efficiency ratio for 2025 was
Tax Rate
The effective tax rate was
Loans
Loans were
Deposits
Deposits were
Capital
Capital ratios remain strong and above “well-capitalized” thresholds. As of December 31, 2025, our common equity tier 1 risk-based capital ratio was
Non-GAAP Financial Measures
This press release (including the tables within the “Non-GAAP Financial Measures and Reconciliations” section) contains financial measures determined by methods other than in accordance with principles generally accepted in
- Tangible stockholders’ equity to tangible assets;
- Tangible stockholders’ equity to tangible assets, reflecting net unrealized losses on HTM securities, net of tax;
- Tangible book value per share;
- Adjusted net income;
- Adjusted diluted earnings per share;
- Adjusted return on average total assets;
- Adjusted return on average stockholders’ equity;
- Return on average tangible stockholders’ equity;
- Adjusted return on average tangible stockholders’ equity;
- Adjusted total noninterest expense;
- Adjusted efficiency ratio; and
- Fully tax equivalent (“FTE”) net interest income and net interest margin.
The tables within the “Non-GAAP Financial Measures and Reconciliations” section provide a reconciliation of each non-GAAP financial measure contained in this press release to the most comparable GAAP equivalent.
| ____________________ | ||
1 |
Total revenue is net interest income plus noninterest income. |
|
2 |
Uninsured deposits and uninsured and uncollateralized deposits are reported for our wholly-owned subsidiary Sunflower Bank, N.A. |
|
About FirstSun Capital Bancorp
FirstSun Capital Bancorp (NASDAQ: FSUN), headquartered in
First National 1870 is a division of Sunflower Bank, N.A. To learn more, visit ir.firstsuncb.com or SunflowerBank.com
Investor Earnings Conference Call
FirstSun will host a conference call on Tuesday, January 27, 2026 at 11:00 a.m. (EST) to discuss its fourth quarter and full year 2025 financial results.
Participants may join by phone by dialing (833) 470-1428 for toll-free within the US and (404) 975-4839 for all other locations. The conference Access Code is 586052. The numbers for international participants are available here: https://www.netroadshow.com/events/global-numbers?confId=48643.
An audio replay of the live call, and the accompanying presentation slides, is expected to be available following the live event on the Events & Presentations page of FirstSun’s website at https://ir.firstsuncb.com/overview/default.aspx.
Day-Count Convention
Annualized ratios are presented utilizing the Actual/Actual day-count convention. Annualized ratios have been recalculated to conform to the current presentation for periods prior to March 31, 2025.
CAUTIONARY NOTE REGARDING FORWARD-LOOKING STATEMENTS
This press release contains “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995. All statements other than statements of historical fact are forward-looking statements. Examples of forward-looking statements include, but are not limited to, statements regarding our future franchise opportunities and continued success in 2026. These statements reflect management’s current expectations and are not guarantees of future performance. Words such as “focus,” “may,” “will,” “believe,” “anticipate,” “expect,” “intend,” “opportunity,” “continue,” “should,” and “could” and variations of such words and similar expressions are intended to identify such forward-looking statements. Forward-looking statements are subject to risks, uncertainties and assumptions that are difficult to predict with regard to timing, extent, likelihood and degree of occurrence, which could cause actual results to differ materially from anticipated results. Such risks, uncertainties and assumptions, include, among others, the following: changes in interest rates (including anticipated Federal Reserve rate cuts that might not occur) and their related impact on macroeconomic conditions, customer behavior, our funding costs and our loan and securities portfolios; the quality or composition of our loan or investment portfolios and changes therein; failure to maintain our mortgage production flow to secondary markets; the sufficiency of liquidity and changes in our capital position; the inability of our infrastructure initiatives to reduce expenses; increased deposit volatility; potential regulatory developments;
We caution readers that the foregoing list of factors is not exclusive, is not necessarily in order of importance and readers should not place undue reliance on any forward-looking statements. Additional information concerning additional factors that could materially affect the forward-looking statements in this press release can be found in the cautionary language included under the headings “Cautionary Note Regarding Forward-Looking Statements” and “Risk Factors” in the Company’s Annual Report on Form 10-K for the year ended December 31, 2024 and other documents subsequently filed by the Company with the SEC, including its Quarterly Reports on Form 10-Q. Further, any forward-looking statement speaks only as of the date on which it is made and we do not intend to and disclaim any obligation to update or revise any forward-looking statement to reflect events or circumstances after the date on which the statement is made or to reflect the occurrence of unanticipated events, except as required by law.
Additional Information About the Merger and Where to Find It
This communication contains statements regarding the proposed transaction between FirstSun and First Foundation. In connection with the proposed transaction, FirstSun filed a registration statement on Form S-4 on December 11, 2025, as amended on January 14, 2026 (and which is available at https://www.sec.gov/Archives/edgar/data/1709442/000155278126000014/e26019_fsun-s4a.htm), to register FirstSun’s shares that will be issued to First Foundation’s stockholders in connection with the merger. The registration statement includes a joint proxy statement of FirstSun and First Foundation and a prospectus of FirstSun, as well as other relevant documents concerning the proposed transaction. The Registration Statement was declared effective by the SEC on January 15, 2026 and FirstSun filed a definitive joint proxy statement/prospectus on January 15, 2026 (and which is available at https://www.sec.gov/Archives/edgar/data/1709442/000155278126000019/e26025_fsun-424b3.htm) and it was first mailed to FirstSun and First Foundation stockholders on January 16, 2026.
INVESTORS ARE URGED TO READ THE REGISTRATION STATEMENT AND THE JOINT PROXY STATEMENT/PROSPECTUS REGARDING THE MERGER ANY OTHER RELEVANT DOCUMENTS FILED WITH THE SEC, AS WELL AS ANY OTHER RELEVANT DOCUMENTS FILED WITH THE SEC IN CONNECTION WITH THE TRANSACTION OR INCORPORATED BY REFERENCE INTO THE REGISTRATION STATEMENT ON FORM S-4 AND THE JOINT PROXY STATEMENT/PROSPECTUS, BECAUSE THEY CONTAIN IMPORTANT INFORMATION REGARDING FIRSTSUN, FIRST FOUNDATION, THE TRANSACTION AND RELATED MATTERS.
This communication does not constitute an offer to sell or the solicitation of an offer to buy any securities or a solicitation of any vote or approval, nor shall there be any sale of securities in any jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of such jurisdiction.
A free copy of the joint proxy statement/prospectus, as well as other documents filed by FirstSun or First Foundation may be obtained at the SEC’s Internet site at http://www.sec.gov. Investors and security holders may also obtain free copies of the documents filed with the SEC by (i) FirstSun on its website at https://ir.firstsuncb.com/overview/default.aspx under the Financials tab and then under the SEC Filings option, and (ii) First Foundation on its website at https://investor.ff-inc.com/investor-home/default.aspx under the Financials tab and then under the SEC Filings option.
Participants in the Solicitation
FirstSun, First Foundation and certain of their directors and executive officers may be deemed participants in the solicitation of proxies from stockholders of FirstSun or First Foundation in connection with the proposed transaction. Information regarding the directors and executive officers of FirstSun and First Foundation and other persons who may be deemed participants in the solicitation of the stockholders of FirstSun or First Foundation in connection with the proposed transaction is included in the joint proxy statement/prospectus, which was filed by FirstSun with the SEC on January 15, 2026 (and which is available at https://www.sec.gov/Archives/edgar/data/1709442/000155278126000019/e26025_fsun-424b3.htm). Information about the directors and officers of FirstSun and their ownership of FirstSun common stock can be found in FirstSun’s definitive proxy statement in connection with its 2025 annual meeting of stockholders, including under the headings “Director Experience”, “Biographical Information for Executive Officers”, “Certain Relationships and Related Party Transactions”, “Security Ownership of Certain Beneficial Owners and Management”, “Executive Compensation”, and “Compensation of Directors for Fiscal Year 2024”, as filed with the SEC on March 21, 2025 and available at https://www.sec.gov/ix?doc=/Archives/edgar/data/0001709442/000170944225000020/fcb-20250321.htm, and other documents subsequently filed by FirstSun with the SEC, including on Statements of Change in Ownership on Form 4 filed with the SEC, available at https://www.sec.gov/edgar/browse/?CIK=1709442&owner=exclude. Information about the directors and officers of First Foundation and their ownership of First Foundation common stock can be found in First Foundation’s definitive proxy statement in connection with its 2025 annual meeting of stockholders, including under the headings “Security Ownership of Certain Beneficial Owners and Management”, “Election of Directors (Proposal No. 1)”, “Advisory Vote on the Compensation of the Company’s Named Executive Officers (Proposal No. 4)”, “Compensation Committee Report”, and “Certain Relationships and Related Party Transactions” as filed with the SEC on April 17, 2025 and available at https://www.sec.gov/ix?doc=/Archives/edgar/data/0001413837/000110465925036041/tm252563-3_def14a.htm, and other documents subsequently filed by First Foundation with the SEC, including on Statements of Change in Ownership on Form 4 filed with the SEC, available at https://www.sec.gov/edgar/browse/?CIK=1413837&owner=exclude. Additional information regarding the interests of participants in the proxy solicitation and a description of their direct and indirect interests, by security holdings or otherwise, are included in the joint proxy statement/prospectus filed by FirstSun with the SEC on January 15, 2026 (which is available at https://www.sec.gov/Archives/edgar/data/1709442/000155278126000019/e26025_fsun-424b3.htm). You may obtain free copies of these documents through the website maintained by the SEC at https://www.sec.gov.
Summary Data: |
||||||||||||||||||||
|
As of and for the three months ended |
|||||||||||||||||||
($ in thousands, except per share amounts) |
December 31,
|
September 30,
|
June 30,
|
March 31,
|
December 31,
|
|||||||||||||||
Net interest income |
$ |
83,461 |
|
$ |
80,953 |
|
$ |
78,499 |
|
$ |
74,478 |
|
$ |
77,047 |
|
|||||
Provision for credit losses |
|
6,200 |
|
|
10,100 |
|
|
4,500 |
|
|
3,800 |
|
|
4,850 |
|
|||||
Noninterest income |
|
26,744 |
|
|
26,333 |
|
|
27,073 |
|
|
21,729 |
|
|
21,635 |
|
|||||
Noninterest expense |
|
72,041 |
|
|
68,901 |
|
|
68,110 |
|
|
62,722 |
|
|
73,673 |
|
|||||
Income before income taxes |
|
31,964 |
|
|
28,285 |
|
|
32,962 |
|
|
29,685 |
|
|
20,159 |
|
|||||
Provision for income taxes |
|
7,157 |
|
|
5,111 |
|
|
6,576 |
|
|
6,116 |
|
|
3,809 |
|
|||||
Net income |
|
24,807 |
|
|
23,174 |
|
|
26,386 |
|
|
23,569 |
|
|
16,350 |
|
|||||
Adjusted net income1 |
|
26,923 |
|
|
23,412 |
|
|
26,601 |
|
|
23,569 |
|
|
24,316 |
|
|||||
Weighted average common shares outstanding, basic |
|
27,839,044 |
|
|
27,801,255 |
|
|
27,783,710 |
|
|
27,721,760 |
|
|
27,668,470 |
|
|||||
Weighted average common shares outstanding, diluted |
|
28,262,530 |
|
|
28,291,778 |
|
|
28,232,319 |
|
|
28,293,912 |
|
|
28,290,474 |
|
|||||
Diluted earnings per share |
$ |
0.88 |
|
$ |
0.82 |
|
$ |
0.93 |
|
$ |
0.83 |
|
$ |
0.58 |
|
|||||
Adjusted diluted earnings per share1 |
$ |
0.95 |
|
$ |
0.83 |
|
$ |
0.94 |
|
$ |
0.83 |
|
$ |
0.86 |
|
|||||
Return on average total assets |
|
1.17 |
% |
|
1.09 |
% |
|
1.28 |
% |
|
1.20 |
% |
|
0.81 |
% |
|||||
Adjusted return on average total assets1 |
|
1.27 |
% |
|
1.10 |
% |
|
1.29 |
% |
|
1.20 |
% |
|
1.20 |
% |
|||||
Return on average stockholders' equity |
|
8.58 |
% |
|
8.22 |
% |
|
9.74 |
% |
|
9.03 |
% |
|
6.22 |
% |
|||||
Adjusted return on average stockholders' equity1 |
|
9.31 |
% |
|
8.31 |
% |
|
9.82 |
% |
|
9.03 |
% |
|
9.24 |
% |
|||||
Return on average tangible stockholders' equity1 |
|
9.58 |
% |
|
9.20 |
% |
|
10.91 |
% |
|
10.18 |
% |
|
7.36 |
% |
|||||
Adjusted return on average tangible stockholders' equity1 |
|
10.38 |
% |
|
9.30 |
% |
|
11.00 |
% |
|
10.18 |
% |
|
10.72 |
% |
|||||
Net interest margin |
|
4.18 |
% |
|
4.07 |
% |
|
4.07 |
% |
|
4.07 |
% |
|
4.09 |
% |
|||||
Net interest margin (FTE basis)1 |
|
4.23 |
% |
|
4.12 |
% |
|
4.13 |
% |
|
4.13 |
% |
|
4.15 |
% |
|||||
Efficiency ratio |
|
65.37 |
% |
|
64.22 |
% |
|
64.52 |
% |
|
65.19 |
% |
|
74.66 |
% |
|||||
Adjusted efficiency ratio1 |
|
63.36 |
% |
|
64.00 |
% |
|
64.25 |
% |
|
65.19 |
% |
|
63.63 |
% |
|||||
Noninterest income to total revenue2 |
|
24.3 |
% |
|
24.5 |
% |
|
25.6 |
% |
|
22.6 |
% |
|
21.9 |
% |
|||||
Total assets |
$ |
8,485,162 |
|
$ |
8,495,437 |
|
$ |
8,435,861 |
|
$ |
8,216,458 |
|
$ |
8,097,387 |
|
|||||
Loans held-for-sale |
|
100,539 |
|
|
85,250 |
|
|
90,781 |
|
|
65,603 |
|
|
61,825 |
|
|||||
Loans held-for-investment |
|
6,673,180 |
|
|
6,681,629 |
|
|
6,507,066 |
|
|
6,484,008 |
|
|
6,376,357 |
|
|||||
Total deposits |
|
7,107,356 |
|
|
7,105,415 |
|
|
7,100,164 |
|
|
6,874,239 |
|
|
6,672,260 |
|
|||||
Total stockholders' equity |
|
1,153,356 |
|
|
1,127,513 |
|
|
1,095,402 |
|
|
1,068,295 |
|
|
1,041,366 |
|
|||||
Loan to deposit ratio |
|
93.9 |
% |
|
94.0 |
% |
|
91.6 |
% |
|
94.3 |
% |
|
95.6 |
% |
|||||
Period end common shares outstanding |
|
27,887,337 |
|
|
27,854,764 |
|
|
27,834,525 |
|
|
27,753,918 |
|
|
27,709,679 |
|
|||||
Book value per share |
$ |
41.36 |
|
$ |
40.48 |
|
$ |
39.35 |
|
$ |
38.49 |
|
$ |
37.58 |
|
|||||
Tangible book value per share1 |
$ |
37.83 |
|
$ |
36.92 |
|
$ |
35.77 |
|
$ |
34.88 |
|
$ |
33.94 |
|
|||||
1 |
Represents a non-GAAP financial measure. See the tables within the “Non-GAAP Financial Measures and Reconciliations” section for a reconciliation of each non-GAAP measure to the most comparable GAAP equivalent. |
|
2 |
Total revenue is net interest income plus noninterest income. |
|
Summary Data (cont’d): |
||||||||
|
As of and for the year ended |
|||||||
($ in thousands, except per share amounts) |
December 31,
|
|
December 31,
|
|||||
Net interest income |
$ |
317,391 |
|
|
$ |
296,910 |
|
|
Provision for credit losses |
|
24,600 |
|
|
|
27,550 |
|
|
Noninterest income |
|
101,879 |
|
|
|
89,792 |
|
|
Noninterest expense |
|
271,774 |
|
|
|
264,040 |
|
|
Income before income taxes |
|
122,896 |
|
|
|
95,112 |
|
|
Provision for income taxes |
|
24,960 |
|
|
|
19,484 |
|
|
Net income |
|
97,936 |
|
|
|
75,628 |
|
|
Adjusted net income1 |
|
100,505 |
|
|
|
87,744 |
|
|
Weighted average common shares outstanding, basic |
|
27,786,887 |
|
|
|
27,433,865 |
|
|
Weighted average common shares outstanding, diluted |
|
28,249,796 |
|
|
|
28,067,273 |
|
|
Diluted earnings per share |
$ |
3.47 |
|
|
$ |
2.69 |
|
|
Adjusted diluted earnings per share1 |
$ |
3.56 |
|
|
$ |
3.13 |
|
|
Return on average total assets |
|
1.18 |
% |
|
|
0.96 |
% |
|
Adjusted return on average total assets1 |
|
1.21 |
% |
|
|
1.12 |
% |
|
Return on average stockholders' equity |
|
8.88 |
% |
|
|
7.56 |
% |
|
Adjusted return on average stockholders’ equity1 |
|
9.11 |
% |
|
|
8.77 |
% |
|
Return on average tangible stockholders' equity1 |
|
9.95 |
% |
|
|
8.74 |
% |
|
Adjusted return on average tangible stockholders' equity1 |
|
10.21 |
% |
|
|
10.09 |
% |
|
Net interest margin |
|
4.10 |
% |
|
|
4.06 |
% |
|
Net interest margin (FTE basis)1 |
|
4.16 |
% |
|
|
4.12 |
% |
|
Efficiency ratio |
|
64.82 |
% |
|
|
68.28 |
% |
|
Adjusted efficiency ratio1 |
|
64.17 |
% |
|
|
64.13 |
% |
|
Noninterest income to total revenue2 |
|
24.3 |
% |
|
|
23.2 |
% |
|
Total assets |
$ |
8,485,162 |
|
|
$ |
8,097,387 |
|
|
Loans held-for-sale |
|
100,539 |
|
|
|
61,825 |
|
|
Loans held-for-investment |
|
6,673,180 |
|
|
|
6,376,357 |
|
|
Total deposits |
|
7,107,356 |
|
|
|
6,672,260 |
|
|
Total stockholders' equity |
|
1,153,356 |
|
|
|
1,041,366 |
|
|
Loan to deposit ratio |
|
93.9 |
% |
|
|
95.6 |
% |
|
Period end common shares outstanding |
|
27,887,337 |
|
|
|
27,709,679 |
|
|
Book value per share |
$ |
41.36 |
|
|
$ |
37.58 |
|
|
Tangible book value per share1 |
$ |
37.83 |
|
|
$ |
33.94 |
|
|
1 |
Represents a non-GAAP financial measure. See the tables within the “Non-GAAP Financial Measures and Reconciliations” section for a reconciliation of each non-GAAP measure to the most comparable GAAP equivalent. |
|
2 |
Total revenue is net interest income plus noninterest income. |
|
Condensed Consolidated Statements of Income (Unaudited): |
||||||||||||||||
|
For the three months ended |
|
For the year ended |
|||||||||||||
($ in thousands, except per share amounts) |
December 31,
|
|
December 31,
|
|
December 31,
|
|
December 31,
|
|||||||||
Total interest income |
$ |
119,273 |
|
|
$ |
116,039 |
|
|
$ |
467,769 |
|
|
$ |
459,540 |
|
|
Total interest expense |
|
35,812 |
|
|
|
38,992 |
|
|
|
150,378 |
|
|
|
162,630 |
|
|
Net interest income |
|
83,461 |
|
|
|
77,047 |
|
|
|
317,391 |
|
|
|
296,910 |
|
|
Provision for credit losses |
|
6,200 |
|
|
|
4,850 |
|
|
|
24,600 |
|
|
|
27,550 |
|
|
Net interest income after credit loss expense |
|
77,261 |
|
|
|
72,197 |
|
|
|
292,791 |
|
|
|
269,360 |
|
|
Noninterest income: |
|
|
|
|
|
|
|
|||||||||
Service charges on deposit accounts |
|
2,116 |
|
|
|
2,219 |
|
|
|
8,321 |
|
|
|
9,495 |
|
|
Treasury management service fees |
|
4,544 |
|
|
|
3,982 |
|
|
|
17,473 |
|
|
|
14,829 |
|
|
Credit and debit card fees |
|
2,744 |
|
|
|
2,706 |
|
|
|
10,729 |
|
|
|
11,153 |
|
|
Trust and investment advisory fees |
|
1,515 |
|
|
|
1,436 |
|
|
|
5,945 |
|
|
|
5,787 |
|
|
Income from mortgage banking services, net |
|
12,102 |
|
|
|
9,631 |
|
|
|
47,072 |
|
|
|
39,014 |
|
|
Other noninterest income |
|
3,723 |
|
|
|
1,661 |
|
|
|
12,339 |
|
|
|
9,514 |
|
|
Total noninterest income |
|
26,744 |
|
|
|
21,635 |
|
|
|
101,879 |
|
|
|
89,792 |
|
|
Noninterest expense: |
|
|
|
|
|
|
|
|||||||||
Salary and employee benefits |
|
43,520 |
|
|
|
38,498 |
|
|
|
171,824 |
|
|
|
154,985 |
|
|
Occupancy and equipment |
|
9,576 |
|
|
|
9,865 |
|
|
|
38,244 |
|
|
|
36,282 |
|
|
Amortization and impairment of intangible assets |
|
628 |
|
|
|
1,431 |
|
|
|
2,412 |
|
|
|
3,549 |
|
|
Merger related expenses |
|
2,217 |
|
|
|
8,010 |
|
|
|
2,743 |
|
|
|
13,178 |
|
|
Other noninterest expenses |
|
16,100 |
|
|
|
15,869 |
|
|
|
56,551 |
|
|
|
56,046 |
|
|
Total noninterest expense |
|
72,041 |
|
|
|
73,673 |
|
|
|
271,774 |
|
|
|
264,040 |
|
|
Income before income taxes |
|
31,964 |
|
|
|
20,159 |
|
|
|
122,896 |
|
|
|
95,112 |
|
|
Provision for income taxes |
|
7,157 |
|
|
|
3,809 |
|
|
|
24,960 |
|
|
|
19,484 |
|
|
Net income |
$ |
24,807 |
|
|
$ |
16,350 |
|
|
$ |
97,936 |
|
|
$ |
75,628 |
|
|
Earnings per share - basic |
$ |
0.89 |
|
|
$ |
0.59 |
|
|
$ |
3.52 |
|
|
$ |
2.76 |
|
|
Earnings per share - diluted |
$ |
0.88 |
|
|
$ |
0.58 |
|
|
$ |
3.47 |
|
|
$ |
2.69 |
|
|
|
|
|
|
|
||||||||||||
Condensed Consolidated Statements of Income (Unaudited) (cont’d): |
||||||||||||||||||||
|
For the three months ended |
|||||||||||||||||||
($ in thousands, except per share amounts) |
December 31,
|
|
September 30,
|
|
June 30,
|
|
March 31,
|
|
December 31,
|
|||||||||||
Total interest income |
$ |
119,273 |
|
|
$ |
121,128 |
|
|
$ |
116,921 |
|
|
$ |
110,447 |
|
|
$ |
116,039 |
|
|
Total interest expense |
|
35,812 |
|
|
|
40,175 |
|
|
|
38,422 |
|
|
|
35,969 |
|
|
|
38,992 |
|
|
Net interest income |
|
83,461 |
|
|
|
80,953 |
|
|
|
78,499 |
|
|
|
74,478 |
|
|
|
77,047 |
|
|
Provision for credit losses |
|
6,200 |
|
|
|
10,100 |
|
|
|
4,500 |
|
|
|
3,800 |
|
|
|
4,850 |
|
|
Net interest income after credit loss expense |
|
77,261 |
|
|
|
70,853 |
|
|
|
73,999 |
|
|
|
70,678 |
|
|
|
72,197 |
|
|
Noninterest income: |
|
|
|
|
|
|
|
|
|
|||||||||||
Service charges on deposit accounts |
|
2,116 |
|
|
|
2,162 |
|
|
|
2,016 |
|
|
|
2,027 |
|
|
|
2,219 |
|
|
Treasury management service fees |
|
4,544 |
|
|
|
4,402 |
|
|
|
4,333 |
|
|
|
4,194 |
|
|
|
3,982 |
|
|
Credit and debit card fees |
|
2,744 |
|
|
|
2,671 |
|
|
|
2,728 |
|
|
|
2,586 |
|
|
|
2,706 |
|
|
Trust and investment advisory fees |
|
1,515 |
|
|
|
1,536 |
|
|
|
1,473 |
|
|
|
1,421 |
|
|
|
1,436 |
|
|
Income from mortgage banking services, net |
|
12,102 |
|
|
|
12,641 |
|
|
|
13,274 |
|
|
|
9,055 |
|
|
|
9,631 |
|
|
Other noninterest income |
|
3,723 |
|
|
|
2,921 |
|
|
|
3,249 |
|
|
|
2,446 |
|
|
|
1,661 |
|
|
Total noninterest income |
|
26,744 |
|
|
|
26,333 |
|
|
|
27,073 |
|
|
|
21,729 |
|
|
|
21,635 |
|
|
Noninterest expense: |
|
|
|
|
|
|
|
|
|
|||||||||||
Salary and employee benefits |
|
43,520 |
|
|
|
44,822 |
|
|
|
43,921 |
|
|
|
39,561 |
|
|
|
38,498 |
|
|
Occupancy and equipment |
|
9,576 |
|
|
|
9,591 |
|
|
|
9,541 |
|
|
|
9,536 |
|
|
|
9,865 |
|
|
Amortization and impairment of intangible assets |
|
628 |
|
|
|
578 |
|
|
|
578 |
|
|
|
628 |
|
|
|
1,431 |
|
|
Merger related expenses |
|
2,217 |
|
|
|
241 |
|
|
|
285 |
|
|
|
— |
|
|
|
8,010 |
|
|
Other noninterest expenses |
|
16,100 |
|
|
|
13,669 |
|
|
|
13,785 |
|
|
|
12,997 |
|
|
|
15,869 |
|
|
Total noninterest expense |
|
72,041 |
|
|
|
68,901 |
|
|
|
68,110 |
|
|
|
62,722 |
|
|
|
73,673 |
|
|
Income before income taxes |
|
31,964 |
|
|
|
28,285 |
|
|
|
32,962 |
|
|
|
29,685 |
|
|
|
20,159 |
|
|
Provision for income taxes |
|
7,157 |
|
|
|
5,111 |
|
|
|
6,576 |
|
|
|
6,116 |
|
|
|
3,809 |
|
|
Net income |
$ |
24,807 |
|
|
$ |
23,174 |
|
|
$ |
26,386 |
|
|
$ |
23,569 |
|
|
$ |
16,350 |
|
|
Earnings per share - basic |
$ |
0.89 |
|
|
$ |
0.83 |
|
|
$ |
0.95 |
|
|
$ |
0.85 |
|
|
$ |
0.59 |
|
|
Earnings per share - diluted |
$ |
0.88 |
|
|
$ |
0.82 |
|
|
$ |
0.93 |
|
|
$ |
0.83 |
|
|
$ |
0.58 |
|
|
|
|
|
|
|
|
|||||||||||||||
Condensed Consolidated Balance Sheets as of (Unaudited): |
||||||||||||||||||||
($ in thousands) |
December 31,
|
|
September 30,
|
|
June 30,
|
|
March 31,
|
|
December 31,
|
|||||||||||
Assets |
|
|
|
|
|
|
|
|
|
|||||||||||
Cash and cash equivalents |
$ |
652,592 |
|
|
$ |
659,899 |
|
|
$ |
785,115 |
|
|
$ |
621,377 |
|
|
$ |
615,917 |
|
|
Securities available-for-sale, at fair value |
|
468,970 |
|
|
|
476,114 |
|
|
|
473,468 |
|
|
|
480,615 |
|
|
|
469,076 |
|
|
Securities held-to-maturity |
|
33,839 |
|
|
|
34,247 |
|
|
|
34,581 |
|
|
|
34,914 |
|
|
|
35,242 |
|
|
Loans held-for-sale, at fair value |
|
100,539 |
|
|
|
85,250 |
|
|
|
90,781 |
|
|
|
65,603 |
|
|
|
61,825 |
|
|
Loans |
|
6,673,180 |
|
|
|
6,681,629 |
|
|
|
6,507,066 |
|
|
|
6,484,008 |
|
|
|
6,376,357 |
|
|
Allowance for credit losses |
|
(85,016 |
) |
|
|
(84,040 |
) |
|
|
(82,993 |
) |
|
|
(91,790 |
) |
|
|
(88,221 |
) |
|
Loans, net |
|
6,588,164 |
|
|
|
6,597,589 |
|
|
|
6,424,073 |
|
|
|
6,392,218 |
|
|
|
6,288,136 |
|
|
Mortgage servicing rights, at fair value |
|
86,651 |
|
|
|
85,695 |
|
|
|
84,736 |
|
|
|
82,927 |
|
|
|
84,258 |
|
|
Premises and equipment, net |
|
81,523 |
|
|
|
81,886 |
|
|
|
82,248 |
|
|
|
82,333 |
|
|
|
82,483 |
|
|
Other real estate owned and foreclosed assets, net |
|
11,514 |
|
|
|
13,418 |
|
|
|
13,052 |
|
|
|
4,914 |
|
|
|
5,138 |
|
|
Goodwill |
|
93,483 |
|
|
|
93,483 |
|
|
|
93,483 |
|
|
|
93,483 |
|
|
|
93,483 |
|
|
Core deposits and other intangible assets, net |
|
4,983 |
|
|
|
5,650 |
|
|
|
6,228 |
|
|
|
6,806 |
|
|
|
7,434 |
|
|
Other assets |
|
362,904 |
|
|
|
362,206 |
|
|
|
348,096 |
|
|
|
351,268 |
|
|
|
354,395 |
|
|
Total assets |
$ |
8,485,162 |
|
|
$ |
8,495,437 |
|
|
$ |
8,435,861 |
|
|
$ |
8,216,458 |
|
|
$ |
8,097,387 |
|
|
Liabilities and Stockholders' Equity |
|
|
|
|
|
|
|
|
|
|||||||||||
Liabilities: |
|
|
|
|
|
|
|
|
|
|||||||||||
Deposits: |
|
|
|
|
|
|
|
|
|
|||||||||||
Noninterest-bearing accounts |
$ |
1,651,373 |
|
|
$ |
1,674,497 |
|
|
$ |
1,706,678 |
|
|
$ |
1,574,736 |
|
|
$ |
1,541,158 |
|
|
Interest-bearing accounts: |
|
|
|
|
|
|
|
|
|
|||||||||||
Demand and NOW |
|
848,661 |
|
|
|
854,176 |
|
|
|
797,755 |
|
|
|
748,589 |
|
|
|
731,404 |
|
|
Savings |
|
378,631 |
|
|
|
386,235 |
|
|
|
397,120 |
|
|
|
405,621 |
|
|
|
402,338 |
|
|
Money market |
|
2,937,017 |
|
|
|
2,837,019 |
|
|
|
2,769,346 |
|
|
|
2,569,153 |
|
|
|
2,431,785 |
|
|
Certificates of deposit |
|
1,291,674 |
|
|
|
1,353,488 |
|
|
|
1,429,265 |
|
|
|
1,576,140 |
|
|
|
1,565,575 |
|
|
Total deposits |
|
7,107,356 |
|
|
|
7,105,415 |
|
|
|
7,100,164 |
|
|
|
6,874,239 |
|
|
|
6,672,260 |
|
|
Securities sold under agreements to repurchase |
|
11,160 |
|
|
|
9,824 |
|
|
|
11,173 |
|
|
|
8,515 |
|
|
|
14,699 |
|
|
Federal Home Loan Bank advances |
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
35,000 |
|
|
|
135,000 |
|
|
Subordinated debt, net |
|
36,680 |
|
|
|
76,163 |
|
|
|
76,066 |
|
|
|
75,969 |
|
|
|
75,841 |
|
|
Other liabilities |
|
176,610 |
|
|
|
176,522 |
|
|
|
153,056 |
|
|
|
154,440 |
|
|
|
158,221 |
|
|
Total liabilities |
|
7,331,806 |
|
|
|
7,367,924 |
|
|
|
7,340,459 |
|
|
|
7,148,163 |
|
|
|
7,056,021 |
|
|
Stockholders' equity: |
|
|
|
|
|
|
|
|
|
|||||||||||
Preferred stock |
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
Common stock |
|
3 |
|
|
|
3 |
|
|
|
3 |
|
|
|
3 |
|
|
|
3 |
|
|
Additional paid-in capital |
|
549,617 |
|
|
|
548,952 |
|
|
|
547,950 |
|
|
|
547,484 |
|
|
|
547,325 |
|
|
Retained earnings |
|
631,086 |
|
|
|
606,279 |
|
|
|
583,105 |
|
|
|
556,719 |
|
|
|
533,150 |
|
|
Accumulated other comprehensive loss, net |
|
(27,350 |
) |
|
|
(27,721 |
) |
|
|
(35,656 |
) |
|
|
(35,911 |
) |
|
|
(39,112 |
) |
|
Total stockholders' equity |
|
1,153,356 |
|
|
|
1,127,513 |
|
|
|
1,095,402 |
|
|
|
1,068,295 |
|
|
|
1,041,366 |
|
|
Total liabilities and stockholders' equity |
$ |
8,485,162 |
|
|
$ |
8,495,437 |
|
|
$ |
8,435,861 |
|
|
$ |
8,216,458 |
|
|
$ |
8,097,387 |
|
|
Consolidated Capital Ratios as of: |
|||||||||||||||
|
December 31,
|
|
September 30,
|
|
June 30,
|
|
March 31,
|
|
December 31,
|
||||||
Stockholders' equity to total assets |
13.59 |
% |
|
13.27 |
% |
|
12.99 |
% |
|
13.00 |
% |
|
12.86 |
% |
|
Tangible stockholders' equity to tangible assets1 |
12.58 |
% |
|
12.25 |
% |
|
11.94 |
% |
|
11.93 |
% |
|
11.76 |
% |
|
Tangible stockholders' equity to tangible assets reflecting net unrealized losses on HTM securities, net of tax1, 2 |
12.54 |
% |
|
12.21 |
% |
|
11.90 |
% |
|
11.89 |
% |
|
11.71 |
% |
|
Tier 1 leverage ratio |
12.75 |
% |
|
12.44 |
% |
|
12.39 |
% |
|
12.47 |
% |
|
12.11 |
% |
|
Common equity tier 1 risk-based capital ratio |
14.12 |
% |
|
13.79 |
% |
|
13.78 |
% |
|
13.26 |
% |
|
13.18 |
% |
|
Tier 1 risk-based capital ratio |
14.12 |
% |
|
13.79 |
% |
|
13.78 |
% |
|
13.26 |
% |
|
13.18 |
% |
|
Total risk-based capital ratio |
15.73 |
% |
|
15.81 |
% |
|
15.94 |
% |
|
15.52 |
% |
|
15.42 |
% |
|
1 |
Represents a non-GAAP financial measure. See the tables within the “Non-GAAP Financial Measures and Reconciliations” section for a reconciliation of each non-GAAP measure to the most comparable GAAP equivalent. |
|
2 |
Tangible stockholders’ equity and tangible assets have been adjusted to reflect net unrealized losses on held-to-maturity securities, net of tax. |
|
Summary of Net Interest Margin: |
||||||||||||||||||||||||
|
For the three months ended |
|
For the year ended |
|||||||||||||||||||||
|
December 31, 2025 |
|
December 31, 2024 |
|
December 31, 2025 |
|
December 31, 2024 |
|||||||||||||||||
(In thousands) |
Average
|
|
Average
|
|
Average
|
|
Average
|
|
Average
|
|
Average
|
|
Average
|
|
Average
|
|||||||||
Interest Earning Assets |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||
Loans1 |
|
6,825,404 |
|
6.37 |
% |
|
|
6,481,701 |
|
6.51 |
% |
|
|
6,634,643 |
|
6.41 |
% |
|
|
6,410,520 |
|
6.58 |
% |
|
Investment securities |
|
506,964 |
|
3.35 |
% |
|
|
519,221 |
|
3.40 |
% |
|
|
506,294 |
|
3.45 |
% |
|
|
529,209 |
|
3.49 |
% |
|
Interest-bearing cash and other assets |
|
583,717 |
|
3.68 |
% |
|
|
491,326 |
|
4.48 |
% |
|
|
599,588 |
|
4.14 |
% |
|
|
380,967 |
|
5.02 |
% |
|
Total earning assets |
|
7,916,085 |
|
5.98 |
% |
|
|
7,492,248 |
|
6.16 |
% |
|
|
7,740,525 |
|
6.04 |
% |
|
|
7,320,696 |
|
6.28 |
% |
|
Other assets |
|
519,607 |
|
|
|
|
542,862 |
|
|
|
|
536,383 |
|
|
|
|
543,650 |
|
|
|||||
Total assets |
$ |
8,435,692 |
|
|
|
$ |
8,035,110 |
|
|
|
$ |
8,276,908 |
|
|
|
$ |
7,864,346 |
|
|
|||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||
Interest-bearing liabilities |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||
Demand and NOW deposits |
$ |
831,419 |
|
2.98 |
% |
|
$ |
703,087 |
|
3.45 |
% |
|
$ |
785,777 |
|
3.18 |
% |
|
$ |
633,123 |
|
3.63 |
% |
|
Savings deposits |
|
381,978 |
|
0.55 |
% |
|
|
404,762 |
|
0.64 |
% |
|
|
393,771 |
|
0.57 |
% |
|
|
412,941 |
|
0.69 |
% |
|
Money market deposits |
|
2,879,668 |
|
2.36 |
% |
|
|
2,348,328 |
|
2.23 |
% |
|
|
2,709,997 |
|
2.40 |
% |
|
|
2,161,618 |
|
2.11 |
% |
|
Certificates of deposit |
|
1,284,200 |
|
3.49 |
% |
|
|
1,589,721 |
|
4.08 |
% |
|
|
1,432,539 |
|
3.71 |
% |
|
|
1,756,755 |
|
4.51 |
% |
|
Total deposits |
|
5,377,265 |
|
2.60 |
% |
|
|
5,045,898 |
|
2.85 |
% |
|
|
5,322,084 |
|
2.73 |
% |
|
|
4,964,437 |
|
3.03 |
% |
|
Repurchase agreements |
|
9,146 |
|
1.71 |
% |
|
|
10,964 |
|
1.45 |
% |
|
|
8,956 |
|
1.67 |
% |
|
|
15,557 |
|
1.21 |
% |
|
Total deposits and repurchase agreements |
|
5,386,411 |
|
2.60 |
% |
|
|
5,056,862 |
|
2.85 |
% |
|
|
5,331,040 |
|
2.73 |
% |
|
|
4,979,994 |
|
3.03 |
% |
|
FHLB borrowings |
|
— |
|
— |
% |
|
|
121,957 |
|
5.02 |
% |
|
|
7,847 |
|
4.61 |
% |
|
|
124,833 |
|
5.48 |
% |
|
Other long-term borrowings |
|
36,650 |
|
5.82 |
% |
|
|
75,778 |
|
6.41 |
% |
|
|
66,094 |
|
6.85 |
% |
|
|
75,586 |
|
6.55 |
% |
|
Total interest-bearing liabilities |
|
5,423,061 |
|
2.62 |
% |
|
|
5,254,597 |
|
2.95 |
% |
|
|
5,404,981 |
|
2.78 |
% |
|
|
5,180,413 |
|
3.14 |
% |
|
Noninterest-bearing deposits |
|
1,698,126 |
|
|
|
|
1,581,571 |
|
|
|
|
1,615,511 |
|
|
|
|
1,542,808 |
|
|
|||||
Other liabilities |
|
167,658 |
|
|
|
|
152,552 |
|
|
|
|
153,460 |
|
|
|
|
140,529 |
|
|
|||||
Stockholders' equity |
|
1,146,847 |
|
|
|
|
1,046,390 |
|
|
|
|
1,102,956 |
|
|
|
|
1,000,596 |
|
|
|||||
Total liabilities and stockholders' equity |
$ |
8,435,692 |
|
|
|
$ |
8,035,110 |
|
|
|
$ |
8,276,908 |
|
|
|
$ |
7,864,346 |
|
|
|||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||
Net interest spread |
|
|
3.36 |
% |
|
|
|
3.21 |
% |
|
|
|
3.26 |
% |
|
|
|
3.14 |
% |
|||||
Net interest margin |
|
|
4.18 |
% |
|
|
|
4.09 |
% |
|
|
|
4.10 |
% |
|
|
|
4.06 |
% |
|||||
Net interest margin (on FTE basis)2 |
|
|
4.23 |
% |
|
|
|
4.15 |
% |
|
|
|
4.16 |
% |
|
|
|
4.12 |
% |
|||||
1 |
Includes loans held-for-investment, including nonaccrual loans, and loans held-for-sale. |
|
2 |
Represents a non-GAAP financial measure. See the tables within the “Non-GAAP Financial Measures and Reconciliations” section for a reconciliation of each non-GAAP measure to the most comparable GAAP equivalent. |
|
Summary of Net Interest Margin (cont’d ): |
||||||||||||||||||||||||||||||
|
For the three months ended |
|||||||||||||||||||||||||||||
|
December 31, 2025 |
|
September 30, 2025 |
|
June 30, 2025 |
|
March 31, 2025 |
|
December 31, 2024 |
|||||||||||||||||||||
(In thousands) |
Average
|
|
Average
|
|
Average
|
|
Average
|
|
Average
|
|
Average
|
|
Average
|
|
Average
|
|
Average
|
|
Average
|
|||||||||||
Interest Earning Assets |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||
Loans1 |
|
6,825,404 |
|
6.37 |
% |
|
|
6,667,158 |
|
6.49 |
% |
|
|
6,620,493 |
|
6.43 |
% |
|
|
6,420,710 |
|
6.36 |
% |
|
|
6,481,701 |
|
6.51 |
% |
|
Investment securities |
|
506,964 |
|
3.35 |
% |
|
|
505,999 |
|
3.43 |
% |
|
|
510,350 |
|
3.48 |
% |
|
|
501,809 |
|
3.53 |
% |
|
|
519,221 |
|
3.40 |
% |
|
Interest-bearing cash and other assets |
|
583,717 |
|
3.68 |
% |
|
|
714,885 |
|
4.25 |
% |
|
|
596,713 |
|
4.28 |
% |
|
|
500,857 |
|
4.37 |
% |
|
|
491,326 |
|
4.48 |
% |
|
Total earning assets |
|
7,916,085 |
|
5.98 |
% |
|
|
7,888,042 |
|
6.09 |
% |
|
|
7,727,556 |
|
6.07 |
% |
|
|
7,423,376 |
|
6.03 |
% |
|
|
7,492,248 |
|
6.16 |
% |
|
Other assets |
|
519,607 |
|
|
|
|
540,079 |
|
|
|
|
537,156 |
|
|
|
|
548,976 |
|
|
|
|
542,862 |
|
|
||||||
Total assets |
$ |
8,435,692 |
|
|
|
$ |
8,428,121 |
|
|
|
$ |
8,264,712 |
|
|
|
$ |
7,972,352 |
|
|
|
$ |
8,035,110 |
|
|
||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||
Interest-bearing liabilities |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||
Demand and NOW deposits |
$ |
831,419 |
|
2.98 |
% |
|
$ |
796,192 |
|
3.29 |
% |
|
$ |
793,461 |
|
3.26 |
% |
|
$ |
720,700 |
|
3.21 |
% |
|
$ |
703,087 |
|
3.45 |
% |
|
Savings deposits |
|
381,978 |
|
0.55 |
% |
|
|
391,444 |
|
0.59 |
% |
|
|
401,093 |
|
0.58 |
% |
|
|
400,801 |
|
0.58 |
% |
|
|
404,762 |
|
0.64 |
% |
|
Money market deposits |
|
2,879,668 |
|
2.36 |
% |
|
|
2,852,860 |
|
2.58 |
% |
|
|
2,659,342 |
|
2.42 |
% |
|
|
2,441,737 |
|
2.19 |
% |
|
|
2,348,328 |
|
2.23 |
% |
|
Certificates of deposit |
|
1,284,200 |
|
3.49 |
% |
|
|
1,397,371 |
|
3.64 |
% |
|
|
1,504,235 |
|
3.76 |
% |
|
|
1,547,634 |
|
3.91 |
% |
|
|
1,589,721 |
|
4.08 |
% |
|
Total deposits |
|
5,377,265 |
|
2.60 |
% |
|
|
5,437,867 |
|
2.81 |
% |
|
|
5,358,131 |
|
2.78 |
% |
|
|
5,110,872 |
|
2.73 |
% |
|
|
5,045,898 |
|
2.85 |
% |
|
Repurchase agreements |
|
9,146 |
|
1.71 |
% |
|
|
8,055 |
|
1.82 |
% |
|
|
9,024 |
|
1.61 |
% |
|
|
9,615 |
|
1.57 |
% |
|
|
10,964 |
|
1.45 |
% |
|
Total deposits and repurchase agreements |
|
5,386,411 |
|
2.60 |
% |
|
|
5,445,922 |
|
2.81 |
% |
|
|
5,367,155 |
|
2.78 |
% |
|
|
5,120,487 |
|
2.73 |
% |
|
|
5,056,862 |
|
2.85 |
% |
|
FHLB borrowings |
|
— |
|
— |
% |
|
|
— |
|
— |
% |
|
|
2,308 |
|
4.72 |
% |
|
|
29,489 |
|
4.60 |
% |
|
|
121,957 |
|
5.02 |
% |
|
Other long-term borrowings |
|
36,650 |
|
5.82 |
% |
|
|
76,117 |
|
8.41 |
% |
|
|
76,025 |
|
6.19 |
% |
|
|
75,907 |
|
6.43 |
% |
|
|
75,778 |
|
6.41 |
% |
|
Total interest-bearing liabilities |
|
5,423,061 |
|
2.62 |
% |
|
|
5,522,039 |
|
2.89 |
% |
|
|
5,445,488 |
|
2.83 |
% |
|
|
5,225,883 |
|
2.79 |
% |
|
|
5,254,597 |
|
2.95 |
% |
|
Noninterest-bearing deposits |
|
1,698,126 |
|
|
|
|
1,642,346 |
|
|
|
|
1,587,302 |
|
|
|
|
1,532,150 |
|
|
|
|
1,581,571 |
|
|
||||||
Other liabilities |
|
167,658 |
|
|
|
|
145,730 |
|
|
|
|
145,064 |
|
|
|
|
155,337 |
|
|
|
|
152,552 |
|
|
||||||
Stockholders' equity |
|
1,146,847 |
|
|
|
|
1,118,006 |
|
|
|
|
1,086,858 |
|
|
|
|
1,058,982 |
|
|
|
|
1,046,390 |
|
|
||||||
Total liabilities and stockholders' equity |
$ |
8,435,692 |
|
|
|
$ |
8,428,121 |
|
|
|
$ |
8,264,712 |
|
|
|
$ |
7,972,352 |
|
|
|
$ |
8,035,110 |
|
|
||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||
Net interest spread |
|
|
3.36 |
% |
|
|
|
3.20 |
% |
|
|
|
3.24 |
% |
|
|
|
3.24 |
% |
|
|
|
3.21 |
% |
||||||
Net interest margin |
|
|
4.18 |
% |
|
|
|
4.07 |
% |
|
|
|
4.07 |
% |
|
|
|
4.07 |
% |
|
|
|
4.09 |
% |
||||||
Net interest margin (on FTE basis)2 |
|
|
4.23 |
% |
|
|
|
4.12 |
% |
|
|
|
4.13 |
% |
|
|
|
4.13 |
% |
|
|
|
4.15 |
% |
||||||
1 |
Includes loans held-for-investment, including nonaccrual loans, and loans held-for-sale. |
|
2 |
Represents a non-GAAP financial measure. See the tables within the “Non-GAAP Financial Measures and Reconciliations” section for a reconciliation of each non-GAAP measure to the most comparable GAAP equivalent. |
Deposits as of: |
||||||||||||||||||||
($ in thousands) |
December 31,
|
|
September 30,
|
|
June 30,
|
|
March 31,
|
|
December 31,
|
|||||||||||
Consumer |
|
|
|
|
|
|
|
|
|
|||||||||||
Noninterest-bearing deposit accounts |
$ |
404,666 |
|
|
$ |
412,568 |
|
|
$ |
426,909 |
|
|
$ |
412,734 |
|
|
$ |
410,303 |
|
|
Interest-bearing deposit accounts: |
|
|
|
|
|
|
|
|
|
|||||||||||
Demand and NOW |
|
110,155 |
|
|
|
129,148 |
|
|
|
113,415 |
|
|
|
93,675 |
|
|
|
61,987 |
|
|
Savings |
|
308,655 |
|
|
|
314,954 |
|
|
|
322,672 |
|
|
|
330,489 |
|
|
|
326,916 |
|
|
Money market |
|
1,880,973 |
|
|
|
1,885,609 |
|
|
|
1,803,348 |
|
|
|
1,600,413 |
|
|
|
1,516,577 |
|
|
Certificates of deposit |
|
809,401 |
|
|
|
869,077 |
|
|
|
937,439 |
|
|
|
1,065,839 |
|
|
|
1,069,704 |
|
|
Total interest-bearing deposit accounts |
|
3,109,184 |
|
|
|
3,198,788 |
|
|
|
3,176,874 |
|
|
|
3,090,416 |
|
|
|
2,975,184 |
|
|
Total consumer deposits |
$ |
3,513,850 |
|
|
$ |
3,611,356 |
|
|
$ |
3,603,783 |
|
|
$ |
3,503,150 |
|
|
$ |
3,385,487 |
|
|
Business |
|
|
|
|
|
|
|
|
|
|||||||||||
Noninterest-bearing deposit accounts |
$ |
1,246,707 |
|
|
$ |
1,261,929 |
|
|
$ |
1,279,769 |
|
|
$ |
1,162,002 |
|
|
$ |
1,130,855 |
|
|
Interest-bearing deposit accounts: |
|
|
|
|
|
|
|
|
|
|||||||||||
Demand and NOW |
|
738,506 |
|
|
|
725,028 |
|
|
|
684,340 |
|
|
|
654,914 |
|
|
|
669,417 |
|
|
Savings |
|
69,976 |
|
|
|
71,281 |
|
|
|
74,448 |
|
|
|
75,132 |
|
|
|
75,422 |
|
|
Money market |
|
1,056,044 |
|
|
|
951,410 |
|
|
|
965,998 |
|
|
|
968,740 |
|
|
|
915,208 |
|
|
Certificates of deposit |
|
57,349 |
|
|
|
57,225 |
|
|
|
56,930 |
|
|
|
65,420 |
|
|
|
51,131 |
|
|
Total interest-bearing deposit accounts |
|
1,921,875 |
|
|
|
1,804,944 |
|
|
|
1,781,716 |
|
|
|
1,764,206 |
|
|
|
1,711,178 |
|
|
Total business deposits |
$ |
3,168,582 |
|
|
$ |
3,066,873 |
|
|
$ |
3,061,485 |
|
|
$ |
2,926,208 |
|
|
$ |
2,842,033 |
|
|
Wholesale deposits1 |
$ |
424,924 |
|
|
$ |
427,186 |
|
|
$ |
434,896 |
|
|
$ |
444,881 |
|
|
$ |
444,740 |
|
|
Total deposits |
$ |
7,107,356 |
|
|
$ |
7,105,415 |
|
|
$ |
7,100,164 |
|
|
$ |
6,874,239 |
|
|
$ |
6,672,260 |
|
|
1 |
Wholesale deposits primarily consist of brokered deposits included in our condensed consolidated balance sheets within certificates of deposit. |
|
Balance Sheet Ratios as of: |
|||||||||||||||
|
December 31,
|
|
September 30,
|
|
June 30,
|
|
March 31,
|
|
December 31,
|
||||||
Cash to total assets1 |
7.60 |
% |
|
7.70 |
% |
|
9.20 |
% |
|
7.50 |
% |
|
7.50 |
% |
|
Loan to deposit ratio |
93.9 |
% |
|
94.0 |
% |
|
91.6 |
% |
|
94.3 |
% |
|
95.6 |
% |
|
Uninsured deposits to total deposits2 |
36.6 |
% |
|
36.2 |
% |
|
37.0 |
% |
|
35.2 |
% |
|
34.8 |
% |
|
Uninsured and uncollateralized deposits to total deposits2 |
29.0 |
% |
|
28.3 |
% |
|
28.3 |
% |
|
26.4 |
% |
|
25.2 |
% |
|
Wholesale deposits and borrowings to total liabilities3 |
5.8 |
% |
|
5.8 |
% |
|
5.9 |
% |
|
6.7 |
% |
|
8.2 |
% |
|
1 |
Cash consists of cash and amounts due from banks and interest-bearing deposits with other financial institutions. |
|
2 |
Uninsured deposits and uninsured and uncollateralized deposits are reported for our wholly-owned subsidiary Sunflower Bank, N.A. and are estimated. |
|
3 |
Wholesale deposits primarily consist of brokered deposits included in our condensed consolidated balance sheets within certificates of deposit. Wholesale borrowings consist of FHLB overnight and term advances. |
|
Loan Portfolio as of: |
||||||||||||||||||||
($ in thousands) |
December 31,
|
|
September 30,
|
|
June 30,
|
|
March 31,
|
|
December 31,
|
|||||||||||
Commercial and industrial1 |
$ |
2,937,867 |
|
|
$ |
2,945,697 |
|
|
$ |
2,779,767 |
|
|
$ |
2,764,035 |
|
|
$ |
2,627,591 |
|
|
Commercial real estate: |
|
|
|
|
|
|
|
|
|
|||||||||||
Non-owner occupied |
|
742,002 |
|
|
|
725,425 |
|
|
|
705,749 |
|
|
|
733,949 |
|
|
|
752,628 |
|
|
Owner occupied |
|
700,774 |
|
|
|
668,172 |
|
|
|
660,334 |
|
|
|
677,341 |
|
|
|
700,867 |
|
|
Construction and land |
|
268,652 |
|
|
|
343,803 |
|
|
|
383,969 |
|
|
|
386,056 |
|
|
|
362,677 |
|
|
Multifamily |
|
210,368 |
|
|
|
183,504 |
|
|
|
134,520 |
|
|
|
85,239 |
|
|
|
94,355 |
|
|
Total commercial real estate |
|
1,921,796 |
|
|
|
1,920,904 |
|
|
|
1,884,572 |
|
|
|
1,882,585 |
|
|
|
1,910,527 |
|
|
Residential real estate2 |
|
1,221,086 |
|
|
|
1,209,742 |
|
|
|
1,226,760 |
|
|
|
1,195,714 |
|
|
|
1,180,610 |
|
|
Public Finance |
|
501,582 |
|
|
|
516,247 |
|
|
|
524,441 |
|
|
|
551,252 |
|
|
|
554,784 |
|
|
Consumer |
|
32,651 |
|
|
|
38,931 |
|
|
|
42,881 |
|
|
|
38,896 |
|
|
|
41,144 |
|
|
Other |
|
58,198 |
|
|
|
50,108 |
|
|
|
48,645 |
|
|
|
51,526 |
|
|
|
61,701 |
|
|
Loans, net of deferred costs, fees, premiums, and discounts |
$ |
6,673,180 |
|
|
$ |
6,681,629 |
|
|
$ |
6,507,066 |
|
|
$ |
6,484,008 |
|
|
$ |
6,376,357 |
|
|
1 |
As of September 30, 2025, loans to nondepository financial institutions are now included within commercial and industrial. Prior period amounts have been reclassified to conform to the current presentation. |
|
2 |
Includes 1-4 family residential construction. |
|
Asset Quality: |
||||||||||||||||||||||||||||
|
As of and for the three months ended |
|
As of and for the year ended |
|||||||||||||||||||||||||
($ in thousands) |
December 31,
|
|
September 30,
|
|
June 30,
|
|
March 31,
|
|
December 31,
|
|
December 31,
|
|
December 31,
|
|||||||||||||||
Net charge-offs (recoveries) |
$ |
5,024 |
|
|
$ |
9,053 |
|
|
$ |
13,547 |
|
|
$ |
631 |
|
|
$ |
(462 |
) |
|
$ |
28,255 |
|
|
$ |
20,377 |
|
|
Allowance for credit losses |
$ |
85,016 |
|
|
$ |
84,040 |
|
|
$ |
82,993 |
|
|
$ |
91,790 |
|
|
$ |
88,221 |
|
|
$ |
85,016 |
|
|
$ |
88,221 |
|
|
Nonperforming loans, including nonaccrual loans, and accrual loans greater than 90 days past due |
$ |
60,771 |
|
|
$ |
69,641 |
|
|
$ |
54,841 |
|
|
$ |
78,590 |
|
|
$ |
69,050 |
|
|
$ |
60,771 |
|
|
$ |
69,050 |
|
|
Nonperforming assets |
$ |
72,285 |
|
|
$ |
83,059 |
|
|
$ |
67,893 |
|
|
$ |
83,504 |
|
|
$ |
74,188 |
|
|
$ |
72,285 |
|
|
$ |
74,188 |
|
|
Ratio of net charge-offs (recoveries) to average loans outstanding |
|
0.30 |
% |
|
|
0.55 |
% |
|
|
0.83 |
% |
|
|
0.04 |
% |
|
|
(0.03 |
)% |
|
|
0.43 |
% |
|
|
0.32 |
% |
|
Allowance for credit losses to loans outstanding |
|
1.27 |
% |
|
|
1.26 |
% |
|
|
1.28 |
% |
|
|
1.42 |
% |
|
|
1.38 |
% |
|
|
1.27 |
% |
|
|
1.38 |
% |
|
Allowance for credit losses to nonperforming loans |
|
139.90 |
% |
|
|
120.68 |
% |
|
|
151.33 |
% |
|
|
116.80 |
% |
|
|
127.76 |
% |
|
|
139.90 |
% |
|
|
127.76 |
% |
|
Nonperforming loans to loans |
|
0.91 |
% |
|
|
1.04 |
% |
|
|
0.84 |
% |
|
|
1.21 |
% |
|
|
1.08 |
% |
|
|
0.91 |
% |
|
|
1.08 |
% |
|
Nonperforming assets to total assets |
|
0.85 |
% |
|
|
0.98 |
% |
|
|
0.80 |
% |
|
|
1.02 |
% |
|
|
0.92 |
% |
|
|
0.85 |
% |
|
|
0.92 |
% |
|
Non-GAAP Financial Measures and Reconciliations: |
||||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||
|
As of and for the three months ended |
|
As of and for the year ended |
|||||||||||||||||||||||||
($ in thousands, except share and per share amounts) |
December 31,
|
|
September 30,
|
|
June 30,
|
|
March 31,
|
|
December 31,
|
|
December 31,
|
|
December 31,
|
|||||||||||||||
Tangible stockholders’ equity to tangible assets: |
||||||||||||||||||||||||||||
Total stockholders' equity (GAAP) |
$ |
1,153,356 |
|
|
$ |
1,127,513 |
|
|
$ |
1,095,402 |
|
|
$ |
1,068,295 |
|
|
$ |
1,041,366 |
|
|
$ |
1,153,356 |
|
|
$ |
1,041,366 |
|
|
Less: Goodwill and other intangible assets |
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||
Goodwill |
|
(93,483 |
) |
|
|
(93,483 |
) |
|
|
(93,483 |
) |
|
|
(93,483 |
) |
|
|
(93,483 |
) |
|
|
(93,483 |
) |
|
|
(93,483 |
) |
|
Other intangible assets |
|
(4,983 |
) |
|
|
(5,650 |
) |
|
|
(6,228 |
) |
|
|
(6,806 |
) |
|
|
(7,434 |
) |
|
|
(4,983 |
) |
|
|
(7,434 |
) |
|
Tangible stockholders' equity (non-GAAP) |
$ |
1,054,890 |
|
|
$ |
1,028,380 |
|
|
$ |
995,691 |
|
|
$ |
968,006 |
|
|
$ |
940,449 |
|
|
$ |
1,054,890 |
|
|
$ |
940,449 |
|
|
Total assets (GAAP) |
$ |
8,485,162 |
|
|
$ |
8,495,437 |
|
|
$ |
8,435,861 |
|
|
$ |
8,216,458 |
|
|
$ |
8,097,387 |
|
|
$ |
8,485,162 |
|
|
$ |
8,097,387 |
|
|
Less: Goodwill and other intangible assets |
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||
Goodwill |
|
(93,483 |
) |
|
|
(93,483 |
) |
|
|
(93,483 |
) |
|
|
(93,483 |
) |
|
|
(93,483 |
) |
|
|
(93,483 |
) |
|
|
(93,483 |
) |
|
Other intangible assets |
|
(4,983 |
) |
|
|
(5,650 |
) |
|
|
(6,228 |
) |
|
|
(6,806 |
) |
|
|
(7,434 |
) |
|
|
(4,983 |
) |
|
|
(7,434 |
) |
|
Tangible assets (non-GAAP) |
$ |
8,386,696 |
|
|
$ |
8,396,304 |
|
|
$ |
8,336,150 |
|
|
$ |
8,116,169 |
|
|
$ |
7,996,470 |
|
|
$ |
8,386,696 |
|
|
$ |
7,996,470 |
|
|
Total stockholders' equity to total assets (GAAP) |
|
13.59 |
% |
|
|
13.27 |
% |
|
|
12.99 |
% |
|
|
13.00 |
% |
|
|
12.86 |
% |
|
|
13.59 |
% |
|
|
12.86 |
% |
|
Less: Impact of goodwill and other intangible assets |
|
(1.01 |
)% |
|
|
(1.02 |
)% |
|
|
(1.05 |
)% |
|
|
(1.07 |
)% |
|
|
(1.10 |
)% |
|
|
(1.01 |
)% |
|
|
(1.10 |
)% |
|
Tangible stockholders' equity to tangible assets (non-GAAP) |
|
12.58 |
% |
|
|
12.25 |
% |
|
|
11.94 |
% |
|
|
11.93 |
% |
|
|
11.76 |
% |
|
|
12.58 |
% |
|
|
11.76 |
% |
|
Tangible stockholders’ equity to tangible assets, reflecting net unrealized losses on HTM securities, net of tax: |
||||||||||||||||||||||||||||
Tangible stockholders' equity (non-GAAP) |
$ |
1,054,890 |
|
|
$ |
1,028,380 |
|
|
$ |
995,691 |
|
|
$ |
968,006 |
|
|
$ |
940,449 |
|
|
$ |
1,054,890 |
|
|
$ |
940,449 |
|
|
Less: Net unrealized losses on HTM securities, net of tax |
|
(3,320 |
) |
|
|
(3,432 |
) |
|
|
(4,238 |
) |
|
|
(3,803 |
) |
|
|
(4,292 |
) |
|
|
(3,320 |
) |
|
|
(4,292 |
) |
|
Tangible stockholders’ equity less net unrealized losses on HTM securities, net of tax (non-GAAP) |
$ |
1,051,570 |
|
|
$ |
1,024,948 |
|
|
$ |
991,453 |
|
|
$ |
964,203 |
|
|
$ |
936,157 |
|
|
$ |
1,051,570 |
|
|
$ |
936,157 |
|
|
Tangible assets (non-GAAP) |
$ |
8,386,696 |
|
|
$ |
8,396,304 |
|
|
$ |
8,336,150 |
|
|
$ |
8,116,169 |
|
|
$ |
7,996,470 |
|
|
$ |
8,386,696 |
|
|
$ |
7,996,470 |
|
|
Less: Net unrealized losses on HTM securities, net of tax |
|
(3,320 |
) |
|
|
(3,432 |
) |
|
|
(4,238 |
) |
|
|
(3,803 |
) |
|
|
(4,292 |
) |
|
|
(3,320 |
) |
|
|
(4,292 |
) |
|
Tangible assets less net unrealized losses on HTM securities, net of tax (non-GAAP) |
$ |
8,383,376 |
|
|
$ |
8,392,872 |
|
|
$ |
8,331,912 |
|
|
$ |
8,112,366 |
|
|
$ |
7,992,178 |
|
|
$ |
8,383,376 |
|
|
$ |
7,992,178 |
|
|
Tangible stockholders’ equity to tangible assets (non-GAAP) |
|
12.58 |
% |
|
|
12.25 |
% |
|
|
11.94 |
% |
|
|
11.93 |
% |
|
|
11.76 |
% |
|
|
12.58 |
% |
|
|
11.76 |
% |
|
Less: Impact of net unrealized losses on HTM securities, net of tax |
|
(0.04 |
)% |
|
|
(0.04 |
)% |
|
|
(0.04 |
)% |
|
|
(0.04 |
)% |
|
|
(0.05 |
)% |
|
|
(0.04 |
)% |
|
|
(0.05 |
)% |
|
Tangible stockholders’ equity to tangible assets reflecting net unrealized losses on HTM securities, net of tax (non-GAAP) |
|
12.54 |
% |
|
|
12.21 |
% |
|
|
11.90 |
% |
|
|
11.89 |
% |
|
|
11.71 |
% |
|
|
12.54 |
% |
|
|
11.71 |
% |
|
Tangible book value per share: |
||||||||||||||||||||||||||||
Total stockholders' equity (GAAP) |
$ |
1,153,356 |
|
|
$ |
1,127,513 |
|
|
$ |
1,095,402 |
|
|
$ |
1,068,295 |
|
|
$ |
1,041,366 |
|
|
$ |
1,153,356 |
|
|
$ |
1,041,366 |
|
|
Tangible stockholders' equity (non-GAAP) |
$ |
1,054,890 |
|
|
$ |
1,028,380 |
|
|
$ |
995,691 |
|
|
$ |
968,006 |
|
|
$ |
940,449 |
|
|
$ |
1,054,890 |
|
|
$ |
940,449 |
|
|
Total shares outstanding |
|
27,887,337 |
|
|
|
27,854,764 |
|
|
|
27,834,525 |
|
|
|
27,753,918 |
|
|
|
27,709,679 |
|
|
|
27,887,337 |
|
|
|
27,709,679 |
|
|
Book value per share (GAAP) |
$ |
41.36 |
|
|
$ |
40.48 |
|
|
$ |
39.35 |
|
|
$ |
38.49 |
|
|
$ |
37.58 |
|
|
$ |
41.36 |
|
|
$ |
37.58 |
|
|
Tangible book value per share (non-GAAP) |
$ |
37.83 |
|
|
$ |
36.92 |
|
|
$ |
35.77 |
|
|
$ |
34.88 |
|
|
$ |
33.94 |
|
|
$ |
37.83 |
|
|
$ |
33.94 |
|
|
Adjusted net income: |
||||||||||||||||||||||||||||
Net income (GAAP) |
$ |
24,807 |
|
|
$ |
23,174 |
|
|
$ |
26,386 |
|
|
$ |
23,569 |
|
|
$ |
16,350 |
|
|
$ |
97,936 |
|
|
$ |
75,628 |
|
|
Add: Adjustments |
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||
Merger related expenses, net of tax |
|
2,116 |
|
|
|
238 |
|
|
|
215 |
|
|
|
— |
|
|
|
5,799 |
|
|
|
2,569 |
|
|
|
9,949 |
|
|
Write-off of Guardian Mortgage tradename, net of tax |
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
625 |
|
|
|
— |
|
|
|
625 |
|
|
Disposal of ATMs, net of tax |
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
1,542 |
|
|
|
— |
|
|
|
1,542 |
|
|
Total adjustments, net of tax |
|
2,116 |
|
|
|
238 |
|
|
|
215 |
|
|
|
— |
|
|
|
7,966 |
|
|
|
2,569 |
|
|
|
12,116 |
|
|
Adjusted net income (non-GAAP) |
$ |
26,923 |
|
|
$ |
23,412 |
|
|
$ |
26,601 |
|
|
$ |
23,569 |
|
|
$ |
24,316 |
|
|
$ |
100,505 |
|
|
$ |
87,744 |
|
|
Adjusted diluted earnings per share: |
||||||||||||||||||||||||||||
Diluted earnings per share (GAAP) |
$ |
0.88 |
|
|
$ |
0.82 |
|
|
$ |
0.93 |
|
|
$ |
0.83 |
|
|
$ |
0.58 |
|
|
$ |
3.47 |
|
|
$ |
2.69 |
|
|
Add: Impact of adjustments |
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||
Merger related expenses, net of tax |
|
0.07 |
|
|
|
0.01 |
|
|
|
0.01 |
|
|
|
— |
|
|
|
0.21 |
|
|
|
0.09 |
|
|
|
0.36 |
|
|
Write-off of Guardian Mortgage tradename, net of tax |
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
0.02 |
|
|
|
— |
|
|
|
0.02 |
|
|
Disposal of ATMs, net of tax |
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
0.05 |
|
|
|
— |
|
|
|
0.06 |
|
|
Adjusted diluted earnings per share (non-GAAP) |
$ |
0.95 |
|
|
$ |
0.83 |
|
|
$ |
0.94 |
|
|
$ |
0.83 |
|
|
$ |
0.86 |
|
|
$ |
3.56 |
|
|
$ |
3.13 |
|
|
Adjusted return on average total assets: |
||||||||||||||||||||||||||||
Return on average total assets (ROAA) (GAAP) |
|
1.17 |
% |
|
|
1.09 |
% |
|
|
1.28 |
% |
|
|
1.20 |
% |
|
|
0.81 |
% |
|
|
1.18 |
% |
|
|
0.96 |
% |
|
Add: Impact of adjustments |
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||
Merger related expenses, net of tax |
|
0.10 |
% |
|
|
0.01 |
% |
|
|
0.01 |
% |
|
|
— |
% |
|
|
0.28 |
% |
|
|
0.03 |
% |
|
|
0.13 |
% |
|
Write-off of Guardian Mortgage tradename, net of tax |
|
— |
% |
|
|
— |
% |
|
|
— |
% |
|
|
— |
% |
|
|
0.03 |
% |
|
|
— |
% |
|
|
0.01 |
% |
|
Disposal of ATMs, net of tax |
|
— |
% |
|
|
— |
% |
|
|
— |
% |
|
|
— |
% |
|
|
0.08 |
% |
|
|
— |
% |
|
|
0.02 |
% |
|
Adjusted ROAA (non-GAAP) |
|
1.27 |
% |
|
|
1.10 |
% |
|
|
1.29 |
% |
|
|
1.20 |
% |
|
|
1.20 |
% |
|
|
1.21 |
% |
|
|
1.12 |
% |
|
Adjusted return on average stockholders’ equity: |
||||||||||||||||||||||||||||
Return on average stockholders' equity (ROACE) (GAAP) |
|
8.58 |
% |
|
|
8.22 |
% |
|
|
9.74 |
% |
|
|
9.03 |
% |
|
|
6.22 |
% |
|
|
8.88 |
% |
|
|
7.56 |
% |
|
Add: Impact of adjustments |
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||
Merger related expenses, net of tax |
|
0.73 |
% |
|
|
0.09 |
% |
|
|
0.08 |
% |
|
|
— |
% |
|
|
2.19 |
% |
|
|
0.23 |
% |
|
|
1.00 |
% |
|
Write-off of Guardian Mortgage tradename, net of tax |
|
— |
% |
|
|
— |
% |
|
|
— |
% |
|
|
— |
% |
|
|
0.24 |
% |
|
|
— |
% |
|
|
0.06 |
% |
|
Disposal of ATMs, net of tax |
|
— |
% |
|
|
— |
% |
|
|
— |
% |
|
|
— |
% |
|
|
0.59 |
% |
|
|
— |
% |
|
|
0.15 |
% |
|
Adjusted ROACE (non-GAAP) |
|
9.31 |
% |
|
|
8.31 |
% |
|
|
9.82 |
% |
|
|
9.03 |
% |
|
|
9.24 |
% |
|
|
9.11 |
% |
|
|
8.77 |
% |
|
Return on average tangible stockholders’ equity |
||||||||||||||||||||||||||||
Return on average stockholders’ equity (ROACE) (GAAP) |
|
8.58 |
% |
|
|
8.22 |
% |
|
|
9.74 |
% |
|
|
9.03 |
% |
|
|
6.22 |
% |
|
|
8.88 |
% |
|
|
7.56 |
% |
|
Add: Impact from goodwill and other intangible assets |
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||
Goodwill |
|
0.81 |
% |
|
|
0.81 |
% |
|
|
0.98 |
% |
|
|
0.94 |
% |
|
|
0.67 |
% |
|
|
0.88 |
% |
|
|
0.87 |
% |
|
Other intangible assets |
|
0.19 |
% |
|
|
0.17 |
% |
|
|
0.19 |
% |
|
|
0.21 |
% |
|
|
0.47 |
% |
|
|
0.19 |
% |
|
|
0.31 |
% |
|
Return on average tangible stockholders’ equity (ROATCE) (non-GAAP) |
|
9.58 |
% |
|
|
9.20 |
% |
|
|
10.91 |
% |
|
|
10.18 |
% |
|
|
7.36 |
% |
|
|
9.95 |
% |
|
|
8.74 |
% |
|
Adjusted return on average tangible stockholders’ equity: |
||||||||||||||||||||||||||||
Return on average tangible stockholders' equity (ROATCE) (non-GAAP) |
|
9.58 |
% |
|
|
9.20 |
% |
|
|
10.91 |
% |
|
|
10.18 |
% |
|
|
7.36 |
% |
|
|
9.95 |
% |
|
|
8.74 |
% |
|
Add: Impact of adjustments |
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||
Merger related expenses, net of tax |
|
0.80 |
% |
|
|
0.10 |
% |
|
|
0.09 |
% |
|
|
— |
% |
|
|
2.45 |
% |
|
|
0.26 |
% |
|
|
1.11 |
% |
|
Write-off of Guardian Mortgage tradename, net of tax |
|
— |
% |
|
|
— |
% |
|
|
— |
% |
|
|
— |
% |
|
|
0.26 |
% |
|
|
— |
% |
|
|
0.07 |
% |
|
Disposal of ATMs, net of tax |
|
— |
% |
|
|
— |
% |
|
|
— |
% |
|
|
— |
% |
|
|
0.65 |
% |
|
|
— |
% |
|
|
0.17 |
% |
|
Adjusted ROATCE (non-GAAP) |
|
10.38 |
% |
|
|
9.30 |
% |
|
|
11.00 |
% |
|
|
10.18 |
% |
|
|
10.72 |
% |
|
|
10.21 |
% |
|
|
10.09 |
% |
|
Adjusted total noninterest expense: |
||||||||||||||||||||||||||||
Total noninterest expense (GAAP) |
$ |
72,041 |
|
|
$ |
68,901 |
|
|
$ |
68,110 |
|
|
$ |
62,722 |
|
|
$ |
73,673 |
|
|
$ |
271,774 |
|
|
$ |
264,040 |
|
|
Less: Adjustments: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||
Merger related expenses |
|
(2,217 |
) |
|
|
(241 |
) |
|
|
(285 |
) |
|
|
— |
|
|
|
(8,010 |
) |
|
|
(2,743 |
) |
|
|
(13,178 |
) |
|
Write-off of Guardian Mortgage tradename |
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
(828 |
) |
|
|
— |
|
|
|
(828 |
) |
|
Disposal of ATMs |
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
(2,042 |
) |
|
|
— |
|
|
|
(2,042 |
) |
|
Total adjustments |
|
(2,217 |
) |
|
|
(241 |
) |
|
|
(285 |
) |
|
|
— |
|
|
|
(10,880 |
) |
|
|
(2,743 |
) |
|
|
(16,048 |
) |
|
Adjusted total noninterest expense (non-GAAP) |
$ |
69,824 |
|
|
$ |
68,660 |
|
|
$ |
67,825 |
|
|
$ |
62,722 |
|
|
$ |
62,793 |
|
|
$ |
269,031 |
|
|
$ |
247,992 |
|
|
Adjusted efficiency ratio: |
||||||||||||||||||||||||||||
Efficiency ratio (GAAP) |
|
65.37 |
% |
|
|
64.22 |
% |
|
|
64.52 |
% |
|
|
65.19 |
% |
|
|
74.66 |
% |
|
|
64.82 |
% |
|
|
68.28 |
% |
|
Less: Impact of adjustments |
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||
Merger related expenses |
|
(2.01 |
)% |
|
|
(0.22 |
)% |
|
|
(0.27 |
)% |
|
|
— |
% |
|
|
(8.12 |
)% |
|
|
(0.65 |
)% |
|
|
(3.41 |
)% |
|
Write-off of Guardian Mortgage tradename |
|
— |
% |
|
|
— |
% |
|
|
— |
% |
|
|
— |
% |
|
|
(0.84 |
)% |
|
|
— |
% |
|
|
(0.21 |
)% |
|
Disposal of ATMs |
|
— |
% |
|
|
— |
% |
|
|
— |
% |
|
|
— |
% |
|
|
(2.07 |
)% |
|
|
— |
% |
|
|
(0.53 |
)% |
|
Adjusted efficiency ratio (non-GAAP) |
|
63.36 |
% |
|
|
64.00 |
% |
|
|
64.25 |
% |
|
|
65.19 |
% |
|
|
63.63 |
% |
|
|
64.17 |
% |
|
|
64.13 |
% |
|
Fully tax equivalent (“FTE”) net interest income and net interest margin: |
||||||||||||||||||||||||||||
Net interest income (GAAP) |
$ |
83,461 |
|
|
$ |
80,953 |
|
|
$ |
78,499 |
|
|
$ |
74,478 |
|
|
$ |
77,047 |
|
|
$ |
317,391 |
|
|
$ |
296,910 |
|
|
Gross income effect of tax exempt income |
|
1,156 |
|
|
|
1,225 |
|
|
|
1,204 |
|
|
|
1,192 |
|
|
|
1,161 |
|
|
|
4,777 |
|
|
|
4,767 |
|
|
FTE net interest income (non-GAAP) |
$ |
84,617 |
|
|
$ |
82,178 |
|
|
$ |
79,703 |
|
|
$ |
75,670 |
|
|
$ |
78,208 |
|
|
$ |
322,168 |
|
|
$ |
301,677 |
|
|
Average earning assets |
$ |
7,916,085 |
|
|
$ |
7,888,042 |
|
|
$ |
7,727,556 |
|
|
$ |
7,423,376 |
|
|
$ |
7,492,248 |
|
|
$ |
7,740,525 |
|
|
$ |
7,320,696 |
|
|
Net interest margin |
|
4.18 |
% |
|
|
4.07 |
% |
|
|
4.07 |
% |
|
|
4.07 |
% |
|
|
4.09 |
% |
|
|
4.10 |
% |
|
|
4.06 |
% |
|
Net interest margin on FTE basis (non-GAAP) |
|
4.23 |
% |
|
|
4.12 |
% |
|
|
4.13 |
% |
|
|
4.13 |
% |
|
|
4.15 |
% |
|
|
4.16 |
% |
|
|
4.12 |
% |
|
View source version on businesswire.com: https://www.businesswire.com/news/home/20260123862881/en/
Investor Contact:
Ed Jacques
Director of Investor Relations & Business Development, FirstSun
Investor.Relations@firstsuncb.com
Media Contact:
Jeanne Lipson
Director of Marketing, Sunflower Bank
Jeanne.Lipson@SunflowerBank.com
Source: FirstSun Capital Bancorp
