Cathay General Bancorp Announces Third Quarter 2024 Results
FINANCIAL PERFORMANCE |
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Three months ended |
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(unaudited) |
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Net income |
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Basic earnings per common share |
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Diluted earnings per common share |
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Return on average assets |
1.15% |
1.15% |
1.42% |
||
Return on average total stockholders' equity |
9.50% |
9.63% |
12.36% |
||
Efficiency ratio |
51.11% |
55.65% |
48.57% |
THIRD QUARTER HIGHLIGHTS
- Net interest margin increased to 3.04% in the third quarter of 2024 from 3.01% in the second quarter of 2024.
-
Diluted earnings per share increased to
$0.94 for the third quarter of 2024 compared to$0.92 for the second quarter of 2024. -
Total deposits increased by
$170.9 million , or 3.5% annualized, to$19.94 billion in the third quarter of 2024.
We are pleased to see the increase in the net interest margin compared to the second quarter. During the third quarter, we repurchased 0.8 million shares at an average cost of
INCOME STATEMENT REVIEW
THIRD QUARTER 2024 COMPARED TO THE SECOND QUARTER 2024
Net income for the quarter ended
Return on average stockholders’ equity was 9.50% and return on average assets was 1.15% for the quarter ended
Net interest income before provision for credit losses
Net interest income before provision for credit losses increased
The net interest margin was 3.04% for the third quarter of 2024 compared to 3.01% for the second quarter of 2024.
For the third quarter of 2024, the yield on average interest-earning assets was 6.10%, the cost of funds on average interest-bearing liabilities was 3.99%, and the cost of interest-bearing deposits was 3.95%. In comparison, for the second quarter of 2024, the yield on average interest-earning assets was 6.05%, the cost of funds on average interest-bearing liabilities was 3.97%, and the cost of interest-bearing deposits was 3.94%. The increase in the costs of average interest-bearing liabilities was mainly a result of higher interest rates on interest bearing deposits. The net interest spread, defined as the difference between the yield on average interest-earning assets and the cost of funds on average interest-bearing liabilities, was 2.11% for the third quarter of 2024, compared to 2.08% for the second quarter of 2024.
Provision for credit losses
The Company recorded a provision for credit losses of
The following table sets forth the charge-offs and recoveries for the periods indicated:
Three months ended |
Nine months ended |
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2024 |
2023 |
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(In thousands) (Unaudited) | ||||||||||
Charge-offs: | ||||||||||
Commercial loans |
|
|
|
|
|
|||||
Real estate loans (1) |
1,805 |
— |
1,221 |
2,059 |
5,341 |
|||||
Installment and other loans |
7 |
— |
8 |
7 |
15 |
|||||
Total charge-offs |
4,478 |
8,257 |
7,483 |
14,928 |
17,873 |
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Recoveries: | ||||||||||
Commercial loans |
88 |
126 |
611 |
1,026 |
1,564 |
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Real estate loans (1) |
186 |
134 |
261 |
561 |
2,862 |
|||||
Installment and other loans |
1 |
— |
— |
1 |
— |
|||||
Total recoveries |
275 |
260 |
872 |
1,588 |
4,426 |
|||||
Net charge-offs |
|
|
|
|
|
(1) Real estate loans include commercial real estate loans, residential mortgage loans and equity lines.
Non-interest income
Non-interest income, which includes revenues from depository service fees, letters of credit commissions, securities gains (losses), wealth management fees, and other sources of fee income, was
Non-interest expense
Non-interest expense decreased
Income taxes
The effective tax rate for the third quarter of 2024 was 13.61% compared to 7.92% for the second quarter of 2024. The effective tax rate includes the impact of alternative energy investments and low-income housing tax credits. Income tax expense in the third quarter included a
BALANCE SHEET REVIEW
Gross loans, excluding loans held for sale, were
The loan balances and composition as of
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(In thousands) (Unaudited) | |||||
Commercial loans |
|
|
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Construction loans |
307,057 |
356,978 |
474,294 |
||
Commercial real estate loans |
9,975,272 |
9,886,030 |
9,511,805 |
||
Residential mortgage loans |
5,750,546 |
5,782,202 |
5,685,844 |
||
Equity lines |
226,838 |
235,277 |
253,826 |
||
Installment and other loans |
6,886 |
6,274 |
7,444 |
||
Gross loans |
|
|
|
||
Allowance for loan losses |
(163,733) |
(153,404) |
(154,619) |
||
Unamortized deferred loan fees |
(10,505) |
(10,785) |
(9,521) |
||
Total loans, net |
|
|
|
||
Loans held for sale |
|
$ — |
$ — |
Total deposits were
The deposit balances and composition as of
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(In thousands) (Unaudited) | |||||
Non-interest-bearing demand deposits |
|
|
|
||
NOW deposits |
2,093,861 |
2,145,580 |
2,454,878 |
||
Money market deposits |
3,134,460 |
3,182,031 |
3,222,612 |
||
Savings deposits |
1,215,974 |
1,014,287 |
1,131,352 |
||
Time deposits |
10,245,823 |
10,269,487 |
9,203,263 |
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Total deposits |
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|
ASSET QUALITY REVIEW
As of
The allowance for loan losses was
The changes in non-performing assets and modifications to borrowers experiencing financial difficulties as of
(Dollars in thousands) (Unaudited) |
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|
|
% Change |
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% Change |
Non-performing assets | |||||||||
Accruing loans past due 90 days or more |
|
|
101 |
|
260 |
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Non-accrual loans: | |||||||||
Construction loans |
— |
22,998 |
(100) |
16,992 |
(100) | ||||
Commercial real estate loans |
87,577 |
60,085 |
46 |
32,539 |
169 |
||||
Commercial loans * |
52,074 |
4,075 |
1,178 |
14,661 |
255 |
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Residential mortgage loans |
23,183 |
20,112 |
15 |
13,138 |
76 |
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Total non-accrual loans |
|
|
52 |
|
111 |
||||
Total non-performing loans |
169,765 |
110,713 |
53 |
79,254 |
114 |
||||
Other real estate owned |
18,277 |
18,277 |
— |
14,407 |
27 |
||||
Total non-performing assets |
|
|
46 |
|
101 |
||||
Allowance for loan losses |
|
|
7 |
|
6 |
||||
Total gross loans outstanding, at period-end |
|
|
0 |
|
2 |
||||
Allowance for loan losses to non-performing loans, at period-end |
96.45% |
138.56% |
195.09% |
||||||
Allowance for loan losses to gross loans, at period-end |
0.85% |
0.79% |
0.81% |
* Commercial nonaccrual loans included
The increase in our nonaccrual loans was primarily caused by a
The ratio of non-performing assets to total assets was 0.81% as of
CAPITAL ADEQUACY REVIEW
As of
YEAR-TO-DATE REVIEW
Net income for the nine months ended
Return on average stockholders’ equity was 9.84% and return on average assets was 1.18% for the nine months ended
CONFERENCE CALL
ABOUT
FORWARD-LOOKING STATEMENTS
Statements made in this press release, other than statements of historical fact, are forward-looking statements within the meaning of the applicable provisions of the Private Securities Litigation Reform Act of 1995 regarding management’s beliefs, projections, and assumptions concerning future results and events. These forward-looking statements may include, but are not limited to, such words as “aims,” “anticipates,” “believes,” “can,” “continue,” “could,” “estimates,” “expects,” “hopes,” “intends,” “may,” “plans,” “projects,” “predicts,” “potential,” “possible,” “optimistic,” “seeks,” “shall,” “should,” “will,” and variations of these words and similar expressions. Forward-looking statements are based on estimates, beliefs, projections, and assumptions of management and are not guarantees of future performance. These forward-looking statements are subject to certain risks and uncertainties that could cause actual results to differ materially from our historical experience and our present expectations or projections. Such risks and uncertainties and other factors include, but are not limited to, adverse developments or conditions related to or arising from local, regional, national and international business, market and economic conditions and events and the impact they may have on us, our customers and our operations, assets and liabilities; possible additional provisions for loan losses and charge-offs; credit risks of lending activities and deterioration in asset or credit quality; extensive laws and regulations and supervision that we are subject to including potential future supervisory action by bank supervisory authorities; increased costs of compliance and other risks associated with changes in regulation; higher capital requirements from the implementation of the Basel III capital standards; compliance with the Bank Secrecy Act and other money laundering statutes and regulations; potential goodwill impairment; liquidity risk; fluctuations in interest rates; risks associated with acquisitions and the expansion of our business into new markets; inflation and deflation; real estate market conditions and the value of real estate collateral; our ability to generate anticipated returns on our investments and financings, including in tax-advantaged projects; environmental liabilities; our ability to compete with larger competitors; our ability to retain key personnel; successful management of reputational risk; natural disasters, public health crises and geopolitical events; general economic or business conditions in
These and other factors are further described in Cathay General Bancorp’s Annual Report on Form 10-K for the year ended
CONSOLIDATED FINANCIAL HIGHLIGHTS (Unaudited) |
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Three months ended |
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Nine months ended |
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(Dollars in thousands, except per share data) |
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2024 |
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2023 |
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Financial performance | ||||||||||
Net interest income before provision for credit losses |
|
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|
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Provision for credit losses |
14,500 |
6,600 |
7,000 |
23,000 |
24,255 |
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Net interest income after provision for credit losses |
154,655 |
158,716 |
178,640 |
480,043 |
535,353 |
|||||
Non-interest income |
20,365 |
13,215 |
7,837 |
40,191 |
45,191 |
|||||
Non-interest expense |
96,867 |
99,352 |
93,973 |
289,458 |
269,980 |
|||||
Income before income tax expense |
78,153 |
72,579 |
92,504 |
230,776 |
310,564 |
|||||
Income tax expense |
10,639 |
5,750 |
10,133 |
24,998 |
38,966 |
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Net income |
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Net income per common share | ||||||||||
Basic |
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Diluted |
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Cash dividends paid per common share |
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Selected ratios | ||||||||||
Return on average assets |
1.15% |
1.15% |
1.42% |
1.18% |
1.61% |
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Return on average total stockholders’ equity |
9.50% |
9.63% |
12.36% |
9.84% |
14.04% |
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Efficiency ratio |
51.11% |
55.65% |
48.57% |
53.28% |
44.64% |
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Dividend payout ratio |
36.04% |
37.06% |
29.95% |
35.87% |
27.22% |
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Yield analysis (Fully taxable equivalent) | ||||||||||
Total interest-earning assets |
6.10% |
6.05% |
5.89% |
6.05% |
5.71% |
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Total interest-bearing liabilities |
3.99% |
3.97% |
3.33% |
3.95% |
2.94% |
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Net interest spread |
2.11% |
2.08% |
2.56% |
2.10% |
2.77% |
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Net interest margin |
3.04% |
3.01% |
3.38% |
3.03% |
3.52% |
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Capital ratios |
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|
|
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Tier 1 risk-based capital ratio |
13.33% |
13.26% |
12.70% |
|||||||
Total risk-based capital ratio |
14.88% |
14.74% |
14.21% |
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Tier 1 leverage capital ratio |
10.82% |
10.83% |
10.44% |
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. |
CONDENSED CONSOLIDATED BALANCE SHEETS (Unaudited) |
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(In thousands, except share and per share data) |
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Assets | ||||||
Cash and due from banks |
|
|
|
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Short-term investments and interest bearing deposits |
1,156,223 |
944,612 |
1,017,354 |
|||
Securities available-for-sale (amortized cost of |
||||||
|
1,508,356 |
1,648,731 |
1,508,798 |
|||
Loans held for sale |
5,190 |
— |
— |
|||
Loans |
19,373,593 |
19,357,524 |
19,023,822 |
|||
Less: Allowance for loan losses |
(163,733) |
(153,404) |
(154,619) |
|||
Unamortized deferred loan fees, net |
(10,505) |
(10,785) |
(9,521) |
|||
Loans, net |
19,199,355 |
19,193,335 |
18,859,682 |
|||
Equity securities |
35,741 |
29,949 |
31,456 |
|||
|
17,250 |
17,250 |
17,250 |
|||
Other real estate owned, net |
18,277 |
18,277 |
14,407 |
|||
Affordable housing investments and alternative energy partnerships, net |
280,091 |
309,834 |
332,903 |
|||
Premises and equipment, net |
89,158 |
89,451 |
91,033 |
|||
Customers’ liability on acceptances |
12,043 |
16,264 |
16,900 |
|||
Accrued interest receivable |
95,351 |
99,434 |
90,875 |
|||
|
375,696 |
375,696 |
375,696 |
|||
Other intangible assets, net |
3,590 |
3,860 |
4,725 |
|||
Right-of-use assets- operating leases |
30,543 |
32,858 |
30,586 |
|||
Other assets |
265,037 |
295,305 |
307,284 |
|||
Total assets |
|
|
|
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Liabilities and Stockholders’ Equity | ||||||
Deposits: | ||||||
Non-interest-bearing demand deposits |
|
|
|
|||
Interest-bearing deposits: | ||||||
NOW deposits |
2,093,861 |
2,145,580 |
2,454,878 |
|||
Money market deposits |
3,134,460 |
3,182,031 |
3,222,612 |
|||
Savings deposits |
1,215,974 |
1,014,287 |
1,131,352 |
|||
Time deposits |
10,245,823 |
10,269,487 |
9,203,263 |
|||
Total deposits |
19,943,941 |
19,773,017 |
19,635,588 |
|||
Advances from the |
60,000 |
165,000 |
15,000 |
|||
Other borrowings for affordable housing investments |
17,783 |
17,838 |
22,374 |
|||
Long-term debt |
119,136 |
119,136 |
119,136 |
|||
Acceptances outstanding |
12,043 |
16,264 |
16,900 |
|||
Lease liabilities - operating leases |
32,906 |
35,355 |
32,962 |
|||
Other liabilities |
258,321 |
315,393 |
363,833 |
|||
Total liabilities |
20,444,130 |
20,442,003 |
20,205,793 |
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Stockholders' equity |
2,830,313 |
2,793,242 |
2,638,736 |
|||
Total liabilities and equity |
|
|
|
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Book value per common share |
|
|
|
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Number of common shares outstanding |
71,355,869 |
72,170,433 |
72,586,992 |
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (Unaudited) |
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Three months ended |
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Nine months ended |
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2024 |
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2023 |
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(In thousands, except share and per share data) | |||||||||||
Interest and Dividend Income | |||||||||||
Loans receivable |
|
|
|
|
|
||||||
Investment securities |
15,125 |
15,644 |
12,698 |
45,720 |
36,832 |
||||||
|
375 |
499 |
355 |
1,305 |
957 |
||||||
Deposits with banks |
13,680 |
13,381 |
17,307 |
41,793 |
43,405 |
||||||
Total interest and dividend income |
339,491 |
332,860 |
323,468 |
1,004,993 |
908,959 |
||||||
Interest Expense | |||||||||||
Time deposits |
119,786 |
118,076 |
90,022 |
347,408 |
234,171 |
||||||
Other deposits |
45,918 |
44,512 |
38,207 |
133,218 |
92,683 |
||||||
Advances from |
1,885 |
2,316 |
6,779 |
13,517 |
14,875 |
||||||
Long-term debt |
2,351 |
1,863 |
1,726 |
5,935 |
4,721 |
||||||
Short-term borrowings |
396 |
777 |
1,094 |
1,872 |
2,901 |
||||||
Total interest expense |
170,336 |
167,544 |
137,828 |
501,950 |
349,351 |
||||||
Net interest income before provision for credit losses |
169,155 |
165,316 |
185,640 |
503,043 |
559,608 |
||||||
Provision for credit losses |
14,500 |
6,600 |
7,000 |
23,000 |
24,255 |
||||||
Net interest income after provision for credit losses |
154,655 |
158,716 |
178,640 |
480,043 |
535,353 |
||||||
Non-Interest Income | |||||||||||
Net gains/(losses) from equity securities |
4,253 |
(1,430) |
(6,218) |
(6,204) |
9,298 |
||||||
Debt securities gains/(losses), net |
— |
— |
— |
1,107 |
(3,000) |
||||||
Letters of credit commissions |
2,081 |
1,888 |
1,738 |
5,686 |
4,972 |
||||||
Depository service fees |
1,572 |
1,778 |
1,536 |
4,900 |
5,009 |
||||||
Wealth management fees |
6,545 |
5,678 |
5,150 |
17,861 |
12,686 |
||||||
Other operating income |
5,914 |
5,301 |
5,631 |
16,841 |
16,226 |
||||||
Total non-interest income |
20,365 |
13,215 |
7,837 |
40,191 |
45,191 |
||||||
Non-Interest Expense | |||||||||||
Salaries and employee benefits |
40,859 |
40,439 |
38,774 |
124,850 |
114,048 |
||||||
Occupancy expense |
5,938 |
5,652 |
5,851 |
17,557 |
16,883 |
||||||
Computer and equipment expense |
4,753 |
5,391 |
4,387 |
15,212 |
12,899 |
||||||
Professional services expense |
7,021 |
8,212 |
7,906 |
22,225 |
24,212 |
||||||
Data processing service expense |
4,330 |
3,877 |
3,614 |
12,136 |
11,010 |
||||||
|
3,250 |
3,742 |
3,063 |
13,081 |
9,230 |
||||||
Marketing expense |
1,614 |
1,474 |
1,587 |
5,002 |
4,777 |
||||||
Other real estate owned expense |
596 |
1,482 |
435 |
2,331 |
566 |
||||||
Amortization of investments in low income housing and alternative energy partnerships |
24,077 |
23,396 |
23,157 |
61,905 |
60,497 |
||||||
Amortization of core deposit intangibles |
250 |
259 |
250 |
848 |
1,059 |
||||||
Other operating expense |
4,179 |
5,428 |
4,949 |
14,311 |
14,799 |
||||||
Total non-interest expense |
96,867 |
99,352 |
93,973 |
289,458 |
269,980 |
||||||
Income before income tax expense |
78,153 |
72,579 |
92,504 |
230,776 |
310,564 |
||||||
Income tax expense |
10,639 |
5,750 |
10,133 |
24,998 |
38,966 |
||||||
Net income |
|
|
|
|
|
||||||
Net income per common share: | |||||||||||
Basic |
|
|
|
|
|
||||||
Diluted |
|
|
|
|
|
||||||
Cash dividends paid per common share |
|
|
|
|
|
||||||
Basic average common shares outstanding |
71,786,624 |
72,658,810 |
72,568,518 |
72,370,995 |
72,546,149 |
||||||
Diluted average common shares outstanding |
72,032,456 |
72,825,356 |
72,890,414 |
72,607,550 |
72,847,907 |
AVERAGE BALANCES – SELECTED CONSOLIDATED FINANCIAL INFORMATION (Unaudited) |
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Three months ended |
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(In thousands)(Unaudited) |
|
|
|
|
|
|||
Interest-earning assets: |
Average
|
Average Yield/Rate (1) |
|
Average Balance |
Average
|
|
Average
|
Average
|
Loans (1) |
|
6.35% |
|
6.28% |
|
6.13% |
||
Taxable investment securities |
1,638,414 |
3.67% |
1,667,279 |
3.77% |
1,530,767 |
3.29% |
||
FHLB stock |
17,250 |
8.65% |
17,250 |
11.63% |
19,141 |
7.35% |
||
Deposits with banks |
1,035,534 |
5.26% |
997,808 |
5.39% |
1,273,751 |
5.39% |
||
Total interest-earning assets |
|
6.10% |
|
6.05% |
|
5.89% |
||
Interest-bearing liabilities: | ||||||||
Interest-bearing demand deposits |
|
2.10% |
|
2.07% |
|
1.98% |
||
Money market deposits |
3,073,384 |
3.75% |
3,217,813 |
3.77% |
3,036,445 |
2.98% |
||
Savings deposits |
1,212,870 |
1.85% |
1,037,771 |
1.23% |
1,151,615 |
1.17% |
||
Time deposits |
10,250,601 |
4.65% |
10,185,497 |
4.66% |
9,145,176 |
3.91% |
||
Total interest-bearing deposits |
|
3.95% |
|
3.94% |
|
3.23% |
||
Other borrowed funds |
186,838 |
4.86% |
235,234 |
5.29% |
586,824 |
5.32% |
||
Long-term debt |
119,136 |
7.85% |
119,136 |
6.29% |
119,136 |
5.75% |
||
Total interest-bearing liabilities |
16,977,636 |
3.99% |
16,964,496 |
3.97% |
16,444,207 |
3.33% |
||
Non-interest-bearing demand deposits |
3,230,150 |
3,247,498 |
3,603,779 |
|||||
Total deposits and other borrowed funds |
|
|
|
|||||
Total average assets |
|
|
|
|||||
Total average equity |
|
|
|
(1) Yields and interest earned include net loan fees. Non-accrual loans are included in the average balance.
Nine months ended | |||||
(In thousands)(Unaudited) |
|
|
|||
Interest-earning assets: |
Average
|
Average
|
|
Average Balance |
Average
|
Loans (1) |
|
6.29% |
|
5.96% |
|
Taxable investment securities |
1,647,968 |
3.71% |
1,546,951 |
3.18% |
|
FHLB stock |
19,162 |
9.10% |
18,290 |
7.00% |
|
Deposits with banks |
1,042,413 |
5.36% |
1,145,398 |
5.07% |
|
Total interest-earning assets |
|
6.05% |
|
5.71% |
|
Interest-bearing liabilities: | |||||
Interest-bearing demand deposits |
|
2.12% |
|
1.57% |
|
Money market deposits |
3,134,940 |
3.69% |
3,152,703 |
2.51% |
|
Savings deposits |
1,099,331 |
1.42% |
1,056,234 |
0.73% |
|
Time deposits |
10,053,062 |
4.62% |
8,728,133 |
3.59% |
|
Total interest-bearing deposits |
|
3.89% |
|
2.86% |
|
Other borrowed funds |
383,563 |
5.36% |
473,114 |
5.02% |
|
Long-term debt |
119,136 |
6.65% |
119,136 |
5.30% |
|
Total interest-bearing liabilities |
16,995,140 |
3.95% |
15,891,052 |
2.94% |
|
Non-interest-bearing demand deposits |
3,271,913 |
3,741,982 |
|||
Total deposits and other borrowed funds |
|
|
|||
Total average assets |
|
|
|||
Total average equity |
|
|
(1) Yields and interest earned include net loan fees. Non-accrual loans are included in the average balance.
GAAP to NON-GAAP RECONCILIATION
SELECTED CONSOLIDATED FINANCIAL INFORMATION
(Unaudited)
The Company uses certain non-GAAP financial measures to provide supplemental information regarding the Company’s performance. Tangible equity and tangible equity to tangible assets ratio are non-GAAP financial measures. Tangible equity and tangible assets represent stockholders’ equity and total assets, respectively, which have been reduced by goodwill and other intangible assets. Given that the use of such measures and ratios is more prevalent in the banking industry, and such measures and ratios are used by banking regulators and analysts, the Company has included them below for discussion.
As of |
|||||||||
|
|
|
|
|
|||||
(In thousands) (Unaudited) |
|||||||||
Stockholders' equity | (a) |
|
|
|
|||||
Less: |
(375,696) |
(375,696) |
(375,696) |
||||||
Other intangible assets (1) |
(3,590) |
(3,860) |
(4,725) |
||||||
Tangible equity | (b) |
|
|
|
|||||
Total assets | (c) |
|
|
|
|||||
Less: |
(375,696) |
(375,696) |
(375,696) |
||||||
Other intangible assets (1) |
(3,590) |
(3,860) |
(4,725) |
||||||
Tangible assets | (d) |
|
|
|
|||||
Number of common shares outstanding | (e) |
71,355,869 |
72,170,433 |
72,586,992 |
|||||
Total stockholders' equity to total assets ratio | (a)/(c) |
12.16% |
12.02% |
11.55% |
|||||
Tangible equity to tangible assets ratio | (b)/(d) |
10.71% |
10.56% |
10.05% |
|||||
Tangible book value per share | (b)/(e) |
|
|
|
|||||
Three months ended |
|
Nine months ended |
|||||||
|
|
|
|
|
|
|
|
||
(In thousands) (Unaudited) | |||||||||
Net Income |
|
|
|
|
|
||||
Add: Amortization of other intangibles (1) |
264 |
270 |
270 |
863 |
1,031 |
||||
Tax effect of amortization adjustments (2) |
(78) |
(80) |
(80) |
(256) |
(306) |
||||
Tangible net income | (f) |
|
|
|
|
|
|||
Return on tangible common equity (3) | (f)/(b) |
11.05% |
11.11% |
14.62% |
11.23% |
16.08% |
(1) Includes core deposit intangibles and mortgage servicing
(2) Applied the statutory rate of 29.65%.
(3) Annualized
View source version on businesswire.com: https://www.businesswire.com/news/home/20241021272557/en/
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Source: