Hope Bancorp Reports 2024 First Quarter Financial Results; Signs Definitive Merger With Territorial Bancorp
“We are pleased with the progress we are making in our strategic transformation, realigning our structure around lines of business and products,” stated
“The strength of our balance sheet positioned us well to capitalize on strategic opportunities in the market. This morning, we announced the signing of a definitive merger agreement with
_____________________________________ |
||
(1) |
Noninterest expense, excluding the |
|
(2) |
Tangible common equity (“TCE”) ratio is a non-GAAP financial measure. Quantitative reconciliations of the most directly comparable GAAP to non-GAAP financial measures are provided in the accompanying financial information on Table Pages 9 and 10. |
Territorial Bancorp Merger Agreement
As concurrently announced in a joint news release issued today, the Company and
Under the terms of the merger agreement, following the completion of the transaction, Territorial shareholders will receive a fixed exchange ratio of 0.8048 shares of the Company’s common stock in exchange for each share of Territorial common stock they own, in a 100% stock-for-stock transaction valued at approximately
Upon completion of the merger, the Company intends to preserve and build upon the 100-plus year legacy of the Territorial Savings Bank brand name, culture and commitment to its local communities. Accordingly, the legacy Territorial franchise in Hawai‘i will continue to do business under the Territorial Savings Bank brand, as a trade name of
The Boards of Directors of both companies have approved the transaction. The transaction is expected to close by year-end 2024, subject to regulatory approvals, the approval of Territorial shareholders, and the satisfaction of other customary closing conditions.
Operating Results for the 2024 First Quarter
Net income and earnings per share.
Net income for the 2024 first quarter was
Net interest income and net interest margin.
Net interest income before provision for credit losses for the 2024 first quarter totaled
Noninterest income.
Noninterest income for the 2024 first quarter totaled
Noninterest expense.
Noninterest expense for the 2024 first quarter was
Excluding notable items, noninterest expense for the 2024 first quarter was
Tax rate.
The effective tax rate for the 2024 first quarter was 27.9%, compared with 24.9% for the full year 2023. The provision for income taxes in the 2024 first quarter was
_____________________________________ |
||
(3) |
Net income excluding notable items and earnings per diluted common share excluding notable items are non-GAAP financial measures. Quantitative reconciliations of the most directly comparable GAAP to non-GAAP financial measures are provided in the accompanying financial information on Table Pages 9 and 10. |
Balance Sheet Summary
Cash and investment securities.
At
Loans.
Loans receivable of
The following table sets forth the loan portfolio composition at
(dollars in thousands) (unaudited) |
|
|
|
|
|
|||||||||||||
|
Balance |
|
Percentage |
|
Balance |
|
Percentage |
|
Balance |
|
Percentage |
|||||||
Commercial real estate (“CRE”) loans |
$ |
8,707,673 |
63.5 |
% |
|
$ |
8,797,884 |
|
63.6 |
% |
|
$ |
9,373,529 |
|
62.2 |
% |
||
Commercial and industrial (“C&I”) loans |
|
4,041,063 |
|
29.5 |
% |
|
|
4,135,044 |
|
29.8 |
% |
|
|
4,821,270 |
|
32.0 |
% |
|
Residential mortgage and other loans |
|
970,442 |
|
7.0 |
% |
|
|
920,691 |
|
6.6 |
% |
|
|
870,050 |
|
5.8 |
% |
|
Loans receivable |
$ |
13,719,178 |
|
100.0 |
% |
|
$ |
13,853,619 |
|
100.0 |
% |
|
$ |
15,064,849 |
|
100.0 |
% |
Deposits.
Total deposits were stable quarter-over-quarter with total deposits of
The following table sets forth the deposit composition at
(dollars in thousands) (unaudited) |
|
|
|
|
|
|||||||||||||
|
Balance |
|
Percentage |
|
Balance |
|
Percentage |
|
Balance |
|
Percentage |
|||||||
Noninterest bearing demand deposits |
$ |
3,652,592 |
|
24.7 |
% |
|
$ |
3,914,967 |
|
26.5 |
% |
|
$ |
4,504,621 |
|
28.4 |
% |
|
Money market, interest bearing demand, and savings deposits |
|
5,313,064 |
|
36.0 |
% |
|
|
4,872,029 |
|
33.0 |
% |
|
|
4,563,702 |
|
28.9 |
% |
|
Time deposits |
|
5,787,761 |
|
39.3 |
% |
|
|
5,966,757 |
|
40.5 |
% |
|
|
6,759,886 |
|
42.7 |
% |
|
Total deposits |
$ |
14,753,417 |
|
100.0 |
% |
|
$ |
14,753,753 |
|
100.0 |
% |
|
$ |
15,828,209 |
|
100.0 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||
Gross loan-to-deposit ratio |
|
|
93.0 |
% |
|
|
|
93.9 |
% |
|
|
|
96.0 |
% |
Borrowings.
Credit Quality and Allowance for Credit Losses
Nonperforming assets.
Nonperforming assets totaled
The following table sets forth the components of nonperforming assets at
(dollars in thousands) (unaudited) |
|
|
|
|
|
|||||||
Loans on nonaccrual status (1) |
$ |
59,526 |
|
|
$ |
45,204 |
|
|
$ |
78,861 |
|
|
Accruing delinquent loans past due 90 days or more |
|
47,290 |
|
|
|
261 |
|
|
|
364 |
|
|
Total nonperforming loans |
|
106,816 |
|
|
|
45,465 |
|
|
|
79,225 |
|
|
Other real estate owned |
|
— |
|
|
|
63 |
|
|
|
938 |
|
|
Total nonperforming assets |
$ |
106,816 |
|
|
$ |
45,528 |
|
|
$ |
80,163 |
|
|
|
|
|
|
|
|
|
|
|
||||
Nonperforming assets/total assets |
|
0.59 |
% |
|
|
0.24 |
% |
|
|
0.39 |
% |
_____________________________________ |
||
(1) |
Excludes delinquent SBA loans that are guaranteed and currently in liquidation totaling |
Net charge offs and provision for credit losses.
The Company recorded net charge offs of
The following table sets forth net charge offs and annualized net charge off ratios for the three months ended
|
For the Three Months Ended |
|||||||||||
(dollars in thousands) (unaudited) |
|
|
|
|
|
|||||||
Net charge offs |
$ |
3,536 |
|
|
$ |
1,815 |
|
|
$ |
108 |
|
|
Net charge offs/average loans receivable (annualized) |
|
0.10 |
% |
|
|
0.05 |
% |
|
|
— |
% |
For the 2024 first quarter, the Company recorded a provision for credit losses of
Allowance for credit losses.
The allowance for credit losses totaled
The following table sets forth the allowance for credit losses and the coverage ratios at
(dollars in thousands) (unaudited) |
|
|
|
|
|
|||||||
Allowance for credit losses |
$ |
158,758 |
|
|
$ |
158,694 |
|
|
$ |
163,544 |
|
|
Allowance for credit losses/loans receivable |
|
1.16 |
% |
|
|
1.15 |
% |
|
|
1.09 |
% |
Capital
The Company’s capital ratios are strong and all regulatory risk-based capital ratios expanded quarter-over-quarter and year-over-year. At
(unaudited) |
|
|
|
|
|
|
Minimum Guideline
|
|||||
Common Equity Tier 1 Capital Ratio |
12.47 |
% |
|
12.28 |
% |
|
10.75 |
% |
|
6.50 |
% |
|
Tier 1 Capital Ratio |
13.17 |
% |
|
12.96 |
% |
|
11.36 |
% |
|
8.00 |
% |
|
Total Capital Ratio |
14.19 |
% |
|
13.92 |
% |
|
12.25 |
% |
|
10.00 |
% |
|
Leverage Ratio |
10.42 |
% |
|
10.11 |
% |
|
10.13 |
% |
|
5.00 |
% |
At
The following table sets forth the TCE per share and the TCE ratio at
(unaudited) |
|
|
|
|
|
|||||||
TCE per share (1) |
$ |
13.63 |
|
|
$ |
13.76 |
|
|
$ |
13.26 |
|
|
TCE ratio (1) |
|
9.33 |
% |
|
|
8.86 |
% |
|
|
7.91 |
% |
_____________________________________ |
||
(1) |
TCE per share and TCE ratio are non-GAAP financial measures. Quantitative reconciliations of the most directly comparable GAAP to non-GAAP financial measures are provided in the accompanying financial information on Table Pages 9 and 10. |
Investor Conference Call
The Company previously announced that it will host an investor conference call on
Non-GAAP Financial Metrics
This news release and accompanying financial tables contain certain non-GAAP financial measure disclosures, including net income excluding notable items, earnings per share excluding notable items, noninterest expense excluding notable items, TCE per share, TCE ratio, ROA excluding notable items, ROE excluding notable items, ROTCE, ROTCE excluding notable items, efficiency ratio excluding notable items and noninterest expense / average assets excluding notable items. Management believes these non-GAAP financial measures provide meaningful supplemental information regarding the Company’s operational performance and the Company’s capital levels and has included these figures in response to market participant interest in these financial metrics. Quantitative reconciliations of the most directly comparable GAAP to non-GAAP financial measures are provided in the accompanying financial information on Table Pages 9 and 10.
About
About
Additional Information and Where to Find It
In connection with the proposed merger,
Participants in Solicitation
Forward-Looking Statements
Some statements in this news release may constitute forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. These forward-looking statements relate to, among other things, expectations regarding Territorial Bancorp’s low-cost core deposit base, strengthening of profitability, diversification of franchise, and statements about the proposed transaction being immediately accretive. Forward-looking statements include, but are not limited to, statements preceded by, followed by or that include the words “will,” “believes,” “expects,” “anticipates,” “intends,” “plans,” “estimates” or similar expressions. With respect to any such forward-looking statements,
|
||||||||||||||||||
Selected Financial Data |
||||||||||||||||||
Unaudited (dollars in thousands, except share data) |
||||||||||||||||||
Assets: |
|
|
|
|
% change |
|
|
|
% change |
|||||||||
Cash and due from banks |
$ |
1,185,296 |
|
|
$ |
1,928,967 |
|
|
(39 |
)% |
|
$ |
2,212,637 |
|
|
(46 |
)% |
|
Investment securities |
|
2,277,990 |
|
|
|
2,408,971 |
|
|
(5 |
)% |
|
|
2,231,989 |
|
|
2 |
% |
|
|
|
61,175 |
|
|
|
61,000 |
|
|
— |
% |
|
|
59,962 |
|
|
2 |
% |
|
Loans held for sale, at the lower of cost or fair value |
|
2,763 |
|
|
|
3,408 |
|
|
(19 |
)% |
|
|
125,268 |
|
|
(98 |
)% |
|
Loans receivable |
|
13,719,178 |
|
|
|
13,853,619 |
|
|
(1 |
)% |
|
|
15,064,849 |
|
|
(9 |
)% |
|
Allowance for credit losses |
|
(158,758 |
) |
|
|
(158,694 |
) |
|
— |
% |
|
|
(163,544 |
) |
|
(3 |
)% |
|
Net loans receivable |
|
13,560,420 |
|
|
|
13,694,925 |
|
|
(1 |
)% |
|
|
14,901,305 |
|
|
(9 |
)% |
|
Accrued interest receivable |
|
60,316 |
|
|
|
61,720 |
|
|
(2 |
)% |
|
|
57,021 |
|
|
6 |
% |
|
Premises and equipment, net |
|
50,541 |
|
|
|
50,611 |
|
|
— |
% |
|
|
47,887 |
|
|
6 |
% |
|
|
|
467,984 |
|
|
|
468,385 |
|
|
— |
% |
|
|
469,728 |
|
|
— |
% |
|
Other assets |
|
421,729 |
|
|
|
453,535 |
|
|
(7 |
)% |
|
|
463,087 |
|
|
(9 |
)% |
|
Total assets |
$ |
18,088,214 |
|
|
$ |
19,131,522 |
|
|
(5 |
)% |
|
$ |
20,568,884 |
|
|
(12 |
)% |
|
|
|
|
|
|
|
|
|
|
|
|||||||||
Liabilities: |
|
|
|
|
|
|
|
|
|
|||||||||
Deposits |
$ |
14,753,417 |
|
|
$ |
14,753,753 |
|
|
— |
% |
|
$ |
15,828,209 |
|
|
(7 |
)% |
|
|
|
795,634 |
|
|
|
1,795,726 |
|
|
(56 |
)% |
|
|
2,130,000 |
|
|
(63 |
)% |
|
Subordinated debentures and convertible notes, net |
|
108,592 |
|
|
|
108,269 |
|
|
— |
% |
|
|
313,533 |
|
|
(65 |
)% |
|
Accrued interest payable |
|
122,467 |
|
|
|
168,174 |
|
|
(27 |
)% |
|
|
53,818 |
|
|
128 |
% |
|
Other liabilities |
|
195,834 |
|
|
|
184,357 |
|
|
6 |
% |
|
|
184,744 |
|
|
6 |
% |
|
Total liabilities |
$ |
15,975,944 |
|
|
$ |
17,010,279 |
|
|
(6 |
)% |
|
$ |
18,510,304 |
|
|
(14 |
)% |
|
|
|
|
|
|
|
|
|
|
|
|||||||||
Stockholders’ Equity: |
|
|
|
|
|
|
|
|
|
|||||||||
Common stock, |
$ |
138 |
|
|
$ |
138 |
|
|
— |
% |
|
$ |
137 |
|
|
1 |
% |
|
Additional paid-in capital |
|
1,439,484 |
|
|
|
1,439,963 |
|
|
— |
% |
|
|
1,430,977 |
|
|
1 |
% |
|
Retained earnings |
|
1,159,593 |
|
|
|
1,150,547 |
|
|
1 |
% |
|
|
1,106,390 |
|
|
5 |
% |
|
|
|
(264,667 |
) |
|
|
(264,667 |
) |
|
— |
% |
|
|
(264,667 |
) |
|
— |
% |
|
Accumulated other comprehensive loss, net |
|
(222,278 |
) |
|
|
(204,738 |
) |
|
(9 |
)% |
|
|
(214,257 |
) |
|
(4 |
)% |
|
Total stockholders’ equity |
|
2,112,270 |
|
|
|
2,121,243 |
|
|
— |
% |
|
|
2,058,580 |
|
|
3 |
% |
|
Total liabilities and stockholders’ equity |
$ |
18,088,214 |
|
|
$ |
19,131,522 |
|
|
(5 |
)% |
|
$ |
20,568,884 |
|
|
(12 |
)% |
|
|
|
|
|
|
|
|
|
|
|
|||||||||
Common stock shares - authorized |
|
150,000,000 |
|
|
|
150,000,000 |
|
|
|
|
|
150,000,000 |
|
|
|
|||
Common stock shares - outstanding |
|
120,610,029 |
|
|
|
120,126,786 |
|
|
|
|
|
119,865,732 |
|
|
|
|||
|
|
17,382,835 |
|
|
|
17,382,835 |
|
|
|
|
|
17,382,835 |
|
|
|
|
|||||||||||||||
Selected Financial Data |
|||||||||||||||
Unaudited (dollars in thousands, except share and per share data) |
|||||||||||||||
|
Three Months Ended |
||||||||||||||
|
|
|
|
|
% change |
|
|
|
% change |
||||||
|
|
|
|
|
|
|
|
|
|
||||||
Interest and fees on loans |
$ |
213,626 |
|
$ |
221,020 |
|
(3 |
)% |
|
$ |
215,935 |
|
(1 |
)% |
|
Interest on investment securities |
|
18,049 |
|
|
18,398 |
|
(2 |
)% |
|
|
15,125 |
|
19 |
% |
|
Interest on cash and deposits at other banks |
|
27,183 |
|
|
29,029 |
|
(6 |
)% |
|
|
4,922 |
|
452 |
% |
|
Interest on other investments and FHLB dividends |
|
816 |
|
|
777 |
|
5 |
% |
|
|
695 |
|
17 |
% |
|
Total interest income |
|
259,674 |
|
|
269,224 |
|
(4 |
)% |
|
|
236,677 |
|
10 |
% |
|
|
|
|
|
|
|
|
|
|
|
||||||
Interest on deposits |
|
124,033 |
|
|
121,305 |
|
2 |
% |
|
|
92,348 |
|
34 |
% |
|
Interest on borrowings |
|
20,594 |
|
|
22,003 |
|
(6 |
)% |
|
|
10,451 |
|
97 |
% |
|
Total interest expense |
|
144,627 |
|
|
143,308 |
|
1 |
% |
|
|
102,799 |
|
41 |
% |
|
|
|
|
|
|
|
|
|
|
|
||||||
Net interest income before provision |
|
115,047 |
|
|
125,916 |
|
(9 |
)% |
|
|
133,878 |
|
(14 |
)% |
|
Provision for credit losses |
|
2,600 |
|
|
2,400 |
|
8 |
% |
|
|
3,320 |
|
(22 |
)% |
|
Net interest income after provision |
|
112,447 |
|
|
123,516 |
|
(9 |
)% |
|
|
130,558 |
|
(14 |
)% |
|
|
|
|
|
|
|
|
|
|
|
||||||
Service fees on deposit accounts |
|
2,587 |
|
|
2,505 |
|
3 |
% |
|
|
2,221 |
|
16 |
% |
|
Net gains on sales of SBA loans |
|
— |
|
|
— |
|
— |
% |
|
|
2,225 |
|
(100 |
)% |
|
Other income and fees |
|
5,699 |
|
|
6,775 |
|
(16 |
)% |
|
|
6,532 |
|
(13 |
)% |
|
Total noninterest income |
|
8,286 |
|
|
9,280 |
|
(11 |
)% |
|
|
10,978 |
|
(25 |
)% |
|
|
|
|
|
|
|
|
|
|
|
||||||
Salaries and employee benefits |
|
47,836 |
|
|
47,364 |
|
1 |
% |
|
|
57,169 |
|
(16 |
)% |
|
Occupancy |
|
6,786 |
|
|
7,231 |
|
(6 |
)% |
|
|
7,521 |
|
(10 |
)% |
|
Furniture and equipment |
|
5,340 |
|
|
5,302 |
|
1 |
% |
|
|
5,058 |
|
6 |
% |
|
Data processing and communications |
|
2,990 |
|
|
2,976 |
|
— |
% |
|
|
2,822 |
|
6 |
% |
|
|
|
2,926 |
|
|
3,141 |
|
(7 |
)% |
|
|
1,781 |
|
64 |
% |
|
|
|
1,000 |
|
|
3,971 |
|
(75 |
)% |
|
|
— |
|
100 |
% |
|
Earned interest credit |
|
5,834 |
|
|
6,505 |
|
(10 |
)% |
|
|
4,427 |
|
32 |
% |
|
Restructuring costs |
|
143 |
|
|
11,076 |
|
(99 |
)% |
|
|
— |
|
100 |
% |
|
Merger related costs |
|
1,044 |
|
|
— |
|
100 |
% |
|
|
— |
|
100 |
% |
|
Other noninterest expense |
|
10,940 |
|
|
11,625 |
|
(6 |
)% |
|
|
9,956 |
|
10 |
% |
|
Total noninterest expense |
|
84,839 |
|
|
99,191 |
|
(14 |
)% |
|
|
88,734 |
|
(4 |
)% |
|
Income before income taxes |
|
35,894 |
|
|
33,605 |
|
7 |
% |
|
|
52,802 |
|
(32 |
)% |
|
Income tax provision |
|
10,030 |
|
|
7,124 |
|
41 |
% |
|
|
13,681 |
|
(27 |
)% |
|
Net income |
$ |
25,864 |
|
$ |
26,481 |
|
(2 |
)% |
|
$ |
39,121 |
|
(34 |
)% |
|
|
|
|
|
|
|
|
|
|
|
||||||
Earnings Per Common Share - Diluted |
$ |
0.21 |
|
$ |
0.22 |
|
|
|
$ |
0.33 |
|
|
|||
Weighted Average Shares Outstanding - Diluted |
|
121,020,292 |
|
|
120,761,112 |
|
|
|
|
120,242,295 |
|
|
|
|||||||||
Selected Financial Data |
|||||||||
Unaudited |
|||||||||
|
For the Three Months Ended |
||||||||
Profitability measures (annualized): |
|
|
|
|
|
||||
ROA |
0.54 |
% |
|
0.54 |
% |
|
0.82 |
% |
|
ROA excluding notable items (1) |
0.57 |
% |
|
0.78 |
% |
|
0.82 |
% |
|
ROE |
4.87 |
% |
|
5.17 |
% |
|
7.65 |
% |
|
ROE excluding notable items (1) |
5.16 |
% |
|
7.49 |
% |
|
7.65 |
% |
|
ROTCE (1) |
6.24 |
% |
|
6.71 |
% |
|
9.93 |
% |
|
ROTCE excluding notable items (1) |
6.62 |
% |
|
9.71 |
% |
|
9.93 |
% |
|
Net interest margin |
2.55 |
% |
|
2.70 |
% |
|
3.02 |
% |
|
Efficiency ratio (not annualized) |
68.79 |
% |
|
73.37 |
% |
|
61.26 |
% |
|
Efficiency ratio excluding notable items (not annualized) (1) |
67.02 |
% |
|
62.24 |
% |
|
61.26 |
% |
|
Noninterest expense / average assets |
1.77 |
% |
|
2.02 |
% |
|
1.86 |
% |
|
Noninterest expense / average assets, excluding notable items (1) |
1.73 |
% |
|
1.72 |
% |
|
1.86 |
% |
(1) |
ROA excluding notable items, ROE excluding notable items, ROTCE, ROTCE excluding notable items, efficiency ratio excluding notable items, and noninterest expense / average assets excluding notable items are non-GAAP financial measures. Quantitative reconciliations of the most directly comparable GAAP to non-GAAP financial measures are provided in the accompanying financial information on Table Pages 9 and 10. |
|
|||||||||||||||||||||||||||
Selected Financial Data |
|||||||||||||||||||||||||||
Unaudited (dollars in thousands) |
|||||||||||||||||||||||||||
Three Months Ended |
|||||||||||||||||||||||||||
|
|
|
|
|
|
||||||||||||||||||||||
|
|
|
Interest |
|
Annualized |
|
|
|
Interest |
|
Annualized |
|
|
|
Interest |
|
Annualized |
||||||||||
|
Average |
|
Income/ |
|
Average |
|
Average |
|
Income/ |
|
Average |
|
Average |
|
Income/ |
|
Average |
||||||||||
|
Balance |
|
Expense |
|
Yield/Cost |
|
Balance |
|
Expense |
|
Yield/Cost |
|
Balance |
|
Expense |
|
Yield/Cost |
||||||||||
INTEREST EARNING ASSETS: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Loans, including loans held for sale |
$ |
13,746,219 |
|
$ |
213,626 |
|
6.25 |
% |
|
$ |
14,052,953 |
|
$ |
221,020 |
|
6.24 |
% |
|
$ |
15,235,386 |
|
$ |
215,935 |
|
5.75 |
% |
|
Investment securities |
|
2,317,154 |
|
|
18,049 |
|
3.13 |
% |
|
|
2,283,613 |
|
|
18,398 |
|
3.20 |
% |
|
|
2,248,479 |
|
|
15,125 |
|
2.73 |
% |
|
Interest earning cash and deposits at other banks |
|
2,019,769 |
|
|
27,183 |
|
5.41 |
% |
|
|
2,142,147 |
|
|
29,029 |
|
5.38 |
% |
|
|
473,344 |
|
|
4,922 |
|
4.22 |
% |
|
FHLB stock and other investments |
|
48,136 |
|
|
816 |
|
6.82 |
% |
|
|
47,587 |
|
|
777 |
|
6.48 |
% |
|
|
47,043 |
|
|
695 |
|
5.99 |
% |
|
Total interest earning assets |
$ |
18,131,278 |
|
$ |
259,674 |
|
5.76 |
% |
|
$ |
18,526,300 |
|
$ |
269,224 |
|
5.77 |
% |
|
$ |
18,004,252 |
|
$ |
236,677 |
|
5.33 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
INTEREST BEARING LIABILITIES: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Deposits: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Money market, interest bearing demand and savings |
$ |
5,072,782 |
|
$ |
50,145 |
|
3.98 |
% |
|
$ |
4,821,222 |
|
$ |
45,662 |
|
3.76 |
% |
|
$ |
5,597,251 |
|
$ |
42,226 |
|
3.06 |
% |
|
Time deposits |
|
5,985,501 |
|
|
73,888 |
|
4.96 |
% |
|
|
6,327,191 |
|
|
75,643 |
|
4.74 |
% |
|
|
5,543,369 |
|
|
50,122 |
|
3.67 |
% |
|
Total interest bearing deposits |
|
11,058,283 |
|
|
124,033 |
|
4.51 |
% |
|
|
11,148,413 |
|
|
121,305 |
|
4.32 |
% |
|
|
11,140,620 |
|
|
92,348 |
|
3.36 |
% |
|
FHLB and FRB borrowings |
|
1,683,334 |
|
|
17,853 |
|
4.27 |
% |
|
|
1,795,740 |
|
|
19,224 |
|
4.25 |
% |
|
|
676,444 |
|
|
6,698 |
|
4.02 |
% |
|
Subordinated debentures and convertible notes |
|
104,493 |
|
|
2,741 |
|
10.38 |
% |
|
|
104,198 |
|
|
2,779 |
|
10.44 |
% |
|
|
319,905 |
|
|
3,753 |
|
4.69 |
% |
|
Total interest bearing liabilities |
$ |
12,846,110 |
|
$ |
144,627 |
|
4.53 |
% |
|
$ |
13,048,351 |
|
$ |
143,308 |
|
4.36 |
% |
|
$ |
12,136,969 |
|
$ |
102,799 |
|
3.44 |
% |
|
Noninterest bearing demand deposits |
|
3,803,870 |
|
|
|
|
|
|
4,113,680 |
|
|
|
|
|
|
4,662,081 |
|
|
|
|
|||||||
Total funding liabilities/cost of funds |
$ |
16,649,980 |
|
|
|
3.49 |
% |
|
$ |
17,162,031 |
|
|
|
3.31 |
% |
|
$ |
16,799,050 |
|
|
|
2.48 |
% |
||||
Net interest income/net interest spread |
|
|
$ |
115,047 |
|
1.23 |
% |
|
|
|
$ |
125,916 |
|
1.41 |
% |
|
|
|
$ |
133,878 |
|
1.89 |
% |
||||
Net interest margin |
|
|
|
|
2.55 |
% |
|
|
|
|
|
2.70 |
% |
|
|
|
|
|
3.02 |
% |
|||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Cost of deposits: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Noninterest bearing demand deposits |
$ |
3,803,870 |
|
$ |
— |
|
— |
% |
|
$ |
4,113,680 |
|
$ |
— |
|
— |
% |
|
$ |
4,662,081 |
|
$ |
— |
|
— |
% |
|
Interest bearing deposits |
|
11,058,283 |
|
|
124,033 |
|
4.51 |
% |
|
|
11,148,413 |
|
|
121,305 |
|
4.32 |
% |
|
|
11,140,620 |
|
|
92,348 |
|
3.36 |
% |
|
Total deposits |
$ |
14,862,153 |
|
$ |
124,033 |
|
3.36 |
% |
|
$ |
15,262,093 |
|
$ |
121,305 |
|
3.15 |
% |
|
$ |
15,802,701 |
|
$ |
92,348 |
|
2.37 |
% |
|
||||||||||||||||||
Selected Financial Data |
||||||||||||||||||
Unaudited (dollars in thousands) |
||||||||||||||||||
Three Months Ended |
||||||||||||||||||
AVERAGE BALANCES: |
|
|
|
|
% change |
|
|
|
% change |
|||||||||
Loans, including loans held for sale |
$ |
13,746,219 |
|
|
$ |
14,052,953 |
|
|
(2 |
)% |
|
$ |
15,235,386 |
|
|
(10 |
)% |
|
Investment securities |
|
2,317,154 |
|
|
|
2,283,613 |
|
|
1 |
% |
|
|
2,248,479 |
|
|
3 |
% |
|
Interest earning cash and deposits at other banks |
|
2,019,769 |
|
|
|
2,142,147 |
|
|
(6 |
)% |
|
|
473,344 |
|
|
327 |
% |
|
Interest earning assets |
|
18,131,278 |
|
|
|
18,526,300 |
|
|
(2 |
)% |
|
|
18,004,252 |
|
|
1 |
% |
|
|
|
468,229 |
|
|
|
468,622 |
|
|
— |
% |
|
|
469,992 |
|
|
— |
% |
|
Total assets |
|
19,140,775 |
|
|
|
19,600,942 |
|
|
(2 |
)% |
|
|
19,087,170 |
|
|
— |
% |
|
|
|
|
|
|
|
|
|
|
|
|||||||||
Noninterest bearing demand deposits |
|
3,803,870 |
|
|
|
4,113,680 |
|
|
(8 |
)% |
|
|
4,662,081 |
|
|
(18 |
)% |
|
Interest bearing deposits |
|
11,058,283 |
|
|
|
11,148,413 |
|
|
(1 |
)% |
|
|
11,140,620 |
|
|
(1 |
)% |
|
Total deposits |
|
14,862,153 |
|
|
|
15,262,093 |
|
|
(3 |
)% |
|
|
15,802,701 |
|
|
(6 |
)% |
|
Interest bearing liabilities |
|
12,846,110 |
|
|
|
13,048,351 |
|
|
(2 |
)% |
|
|
12,136,969 |
|
|
6 |
% |
|
Stockholders’ equity |
|
2,126,333 |
|
|
|
2,048,335 |
|
|
4 |
% |
|
|
2,046,159 |
|
|
4 |
% |
|
|
|
|
|
|
|
|
|
|
|
|||||||||
LOAN PORTFOLIO COMPOSITION: |
|
|
|
|
% change |
|
|
|
% change |
|||||||||
Commercial real estate (“CRE”) loans |
$ |
8,707,673 |
|
|
$ |
8,797,884 |
|
|
(1 |
)% |
|
$ |
9,373,529 |
|
|
(7 |
)% |
|
Commercial and industrial (“C&I”) loans |
|
4,041,063 |
|
|
|
4,135,044 |
|
|
(2 |
)% |
|
|
4,821,270 |
|
|
(16 |
)% |
|
Residential mortgage and other loans |
|
970,442 |
|
|
|
920,691 |
|
|
5 |
% |
|
|
870,050 |
|
|
12 |
% |
|
Loans receivable |
|
13,719,178 |
|
|
|
13,853,619 |
|
|
(1 |
)% |
|
|
15,064,849 |
|
|
(9 |
)% |
|
Allowance for credit losses |
|
(158,758 |
) |
|
|
(158,694 |
) |
|
— |
% |
|
|
(163,544 |
) |
|
(3 |
)% |
|
Loans receivable, net |
$ |
13,560,420 |
|
|
$ |
13,694,925 |
|
|
(1 |
)% |
|
$ |
14,901,305 |
|
|
(9 |
)% |
|
|
|
|
|
|
|
|
|
|
|
|||||||||
CRE LOANS BY PROPERTY TYPE: |
|
|
|
|
% change |
|
|
|
% change |
|||||||||
Multi-tenant retail |
$ |
1,666,153 |
|
|
$ |
1,704,337 |
|
|
(2 |
)% |
|
$ |
1,817,874 |
|
|
(8 |
)% |
|
Industrial warehouses |
|
1,221,852 |
|
|
|
1,226,780 |
|
|
— |
% |
|
|
1,309,763 |
|
|
(7 |
)% |
|
Multifamily |
|
1,212,941 |
|
|
|
1,226,384 |
|
|
(1 |
)% |
|
|
1,302,597 |
|
|
(7 |
)% |
|
Gas stations and car washes |
|
1,013,708 |
|
|
|
1,030,888 |
|
|
(2 |
)% |
|
|
1,046,528 |
|
|
(3 |
)% |
|
Mixed-use facilities |
|
861,613 |
|
|
|
870,664 |
|
|
(1 |
)% |
|
|
818,227 |
|
|
5 |
% |
|
Hotels/motels |
|
786,198 |
|
|
|
796,267 |
|
|
(1 |
)% |
|
|
900,990 |
|
|
(13 |
)% |
|
Single-tenant retail |
|
667,898 |
|
|
|
662,705 |
|
|
1 |
% |
|
|
706,593 |
|
|
(5 |
)% |
|
Office |
|
401,392 |
|
|
|
401,821 |
|
|
— |
% |
|
|
464,703 |
|
|
(14 |
)% |
|
All other |
|
875,918 |
|
|
|
878,038 |
|
|
— |
% |
|
|
1,006,254 |
|
|
(13 |
)% |
|
Total CRE loans |
$ |
8,707,673 |
|
|
$ |
8,797,884 |
|
|
(1 |
)% |
|
$ |
9,373,529 |
|
|
(7 |
)% |
|
|
|
|
|
|
|
|
|
|
|
|||||||||
DEPOSIT COMPOSITION: |
|
|
|
|
% change |
|
|
|
% change |
|||||||||
Noninterest bearing demand deposits |
$ |
3,652,592 |
|
|
$ |
3,914,967 |
|
|
(7 |
)% |
|
$ |
4,504,621 |
|
|
(19 |
)% |
|
Money market, interest bearing demand, and savings |
|
5,313,064 |
|
|
|
4,872,029 |
|
|
9 |
% |
|
|
4,563,702 |
|
|
16 |
% |
|
Time deposits |
|
5,787,761 |
|
|
|
5,966,757 |
|
|
(3 |
)% |
|
|
6,759,886 |
|
|
(14 |
)% |
|
Total deposits |
$ |
14,753,417 |
|
|
$ |
14,753,753 |
|
|
— |
% |
|
$ |
15,828,209 |
|
|
(7 |
)% |
|
|||||||||||||||||||
Selected Financial Data |
|||||||||||||||||||
Unaudited (dollars in thousands, except share and per share data) |
|||||||||||||||||||
CAPITAL & CAPITAL RATIOS: |
|
|
|
|
|
|
|
|
|
||||||||||
Total stockholders’ equity |
$ |
2,112,270 |
|
|
$ |
2,121,243 |
|
|
$ |
2,058,580 |
|
|
|
|
|
||||
Total capital |
$ |
2,130,033 |
|
|
$ |
2,120,157 |
|
|
$ |
2,068,433 |
|
|
|
|
|
||||
Common equity tier 1 ratio |
|
12.47 |
% |
|
|
12.28 |
% |
|
|
10.75 |
% |
|
|
|
|
||||
Tier 1 capital ratio |
|
13.17 |
% |
|
|
12.96 |
% |
|
|
11.36 |
% |
|
|
|
|
||||
Total capital ratio |
|
14.19 |
% |
|
|
13.92 |
% |
|
|
12.25 |
% |
|
|
|
|
||||
Leverage ratio |
|
10.42 |
% |
|
|
10.11 |
% |
|
|
10.13 |
% |
|
|
|
|
||||
Total risk weighted assets |
$ |
15,011,661 |
|
|
$ |
15,230,302 |
|
|
$ |
16,886,419 |
|
|
|
|
|
||||
Book value per common share |
$ |
17.51 |
|
|
$ |
17.66 |
|
|
$ |
17.17 |
|
|
|
|
|
||||
TCE per share (1) |
$ |
13.63 |
|
|
$ |
13.76 |
|
|
$ |
13.26 |
|
|
|
|
|
||||
TCE ratio (1) |
|
9.33 |
% |
|
|
8.86 |
% |
|
|
7.91 |
% |
|
|
|
|
||||
|
|
|
|
|
|
|
|
|
|
||||||||||
(1) TCE per share and TCE ratio are non-GAAP financial measures. Quantitative reconciliations of the most directly comparable GAAP to non-GAAP financial measures are provided in the accompanying financial information on Table Page 9. |
|||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
||||||||||
|
Three Months Ended |
||||||||||||||||||
ALLOWANCE FOR CREDIT LOSSES CHANGES: |
|
|
|
|
|
|
|
|
|
||||||||||
Balance at beginning of period |
$ |
158,694 |
|
|
$ |
158,809 |
|
|
$ |
172,996 |
|
|
$ |
163,544 |
|
|
$ |
162,359 |
|
ASU 2022-02 day 1 adoption impact |
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
(407 |
) |
Provision for credit loss on loans |
|
3,600 |
|
|
|
1,700 |
|
|
|
16,800 |
|
|
|
8,900 |
|
|
|
1,700 |
|
Recoveries |
|
1,184 |
|
|
|
306 |
|
|
|
2,938 |
|
|
|
1,531 |
|
|
|
387 |
|
Charge offs |
|
(4,720 |
) |
|
|
(2,121 |
) |
|
|
(33,925 |
) |
|
|
(979 |
) |
|
|
(495 |
) |
Balance at end of period |
$ |
158,758 |
|
|
$ |
158,694 |
|
|
$ |
158,809 |
|
|
$ |
172,996 |
|
|
$ |
163,544 |
|
|
|
|
|
|
|
|
|
|
|
||||||||||
|
|
|
|
|
|
|
|
|
|
||||||||||
|
|
|
|
|
|
|
|
|
|
||||||||||
Allowance for unfunded loan commitments |
$ |
2,843 |
|
|
$ |
3,843 |
|
|
$ |
3,143 |
|
|
$ |
3,081 |
|
|
$ |
2,971 |
|
|
|
|
|
|
|
|
|
|
|
||||||||||
|
|
|
|
|
|
|
|
|
|
||||||||||
|
Three Months Ended |
||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
||||||||||
Provision for credit loss on loans |
$ |
3,600 |
|
|
$ |
1,700 |
|
|
$ |
16,800 |
|
|
$ |
8,900 |
|
|
$ |
1,700 |
|
Provision for unfunded loan commitments |
|
(1,000 |
) |
|
|
700 |
|
|
|
62 |
|
|
|
110 |
|
|
|
1,620 |
|
Provision for credit losses |
$ |
2,600 |
|
|
$ |
2,400 |
|
|
$ |
16,862 |
|
|
$ |
9,010 |
|
|
$ |
3,320 |
|
|
|||||||||||||||||||
Selected Financial Data |
|||||||||||||||||||
Unaudited (dollars in thousands) |
|||||||||||||||||||
NET LOAN CHARGE OFFS (RECOVERIES): |
|
|
|
|
|
|
|
|
|
||||||||||
CRE loans |
$ |
(497 |
) |
|
$ |
1,560 |
|
|
$ |
(2,227 |
) |
|
$ |
438 |
|
|
$ |
(109 |
) |
C&I loans |
|
4,072 |
|
|
|
138 |
|
|
|
33,145 |
|
|
|
(1,091 |
) |
|
|
196 |
|
Residential mortgage and other loans |
|
(39 |
) |
|
|
117 |
|
|
|
69 |
|
|
|
101 |
|
|
|
21 |
|
Net loan charge offs (recoveries) |
$ |
3,536 |
|
|
$ |
1,815 |
|
|
$ |
30,987 |
|
|
$ |
(552 |
) |
|
$ |
108 |
|
Net charge offs (recoveries)/average loans receivable (annualized) |
|
0.10 |
% |
|
|
0.05 |
% |
|
|
0.85 |
% |
|
|
(0.01 |
)% |
|
|
— |
% |
NONPERFORMING ASSETS: |
|
|
|
|
|
|
|
|
|
||||||||||
Loans on nonaccrual status (1) |
$ |
59,526 |
|
|
$ |
45,204 |
|
|
$ |
39,081 |
|
|
$ |
61,252 |
|
|
$ |
78,861 |
|
Accruing delinquent loans past due 90 days or more |
|
47,290 |
|
|
|
261 |
|
|
|
21,579 |
|
|
|
15,182 |
|
|
|
364 |
|
Total nonperforming loans |
|
106,816 |
|
|
|
45,465 |
|
|
|
60,660 |
|
|
|
76,434 |
|
|
|
79,225 |
|
Other real estate owned (“OREO”) |
|
— |
|
|
|
63 |
|
|
|
1,043 |
|
|
|
938 |
|
|
|
938 |
|
Total nonperforming assets |
$ |
106,816 |
|
|
$ |
45,528 |
|
|
$ |
61,703 |
|
|
$ |
77,372 |
|
|
$ |
80,163 |
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Nonperforming assets/total assets |
|
0.59 |
% |
|
|
0.24 |
% |
|
|
0.31 |
% |
|
|
0.38 |
% |
|
|
0.39 |
% |
Nonperforming assets/loans receivable & OREO |
|
0.78 |
% |
|
|
0.33 |
% |
|
|
0.43 |
% |
|
|
0.52 |
% |
|
|
0.53 |
% |
Nonperforming assets/total capital |
|
5.06 |
% |
|
|
2.15 |
% |
|
|
3.04 |
% |
|
|
3.74 |
% |
|
|
3.89 |
% |
Nonperforming loans/loans receivable |
|
0.78 |
% |
|
|
0.33 |
% |
|
|
0.42 |
% |
|
|
0.51 |
% |
|
|
0.53 |
% |
Nonaccrual loans/loans receivable |
|
0.43 |
% |
|
|
0.33 |
% |
|
|
0.27 |
% |
|
|
0.41 |
% |
|
|
0.52 |
% |
Allowance for credit losses/loans receivable |
|
1.16 |
% |
|
|
1.15 |
% |
|
|
1.11 |
% |
|
|
1.16 |
% |
|
|
1.09 |
% |
Allowance for credit losses/nonperforming loans |
|
148.63 |
% |
|
|
349.05 |
% |
|
|
261.80 |
% |
|
|
226.33 |
% |
|
|
206.43 |
% |
|
|
|
|
|
|
|
|
|
|
||||||||||
(1) Excludes delinquent SBA loans that are guaranteed and currently in liquidation totaling |
|||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
||||||||||
NONACCRUAL LOANS BY TYPE: |
|
|
|
|
|
|
|
|
|
||||||||||
CRE loans |
$ |
37,835 |
|
|
$ |
33,932 |
|
|
$ |
26,687 |
|
|
$ |
29,270 |
|
|
$ |
44,376 |
|
C&I loans |
|
15,071 |
|
|
|
5,013 |
|
|
|
4,234 |
|
|
|
23,042 |
|
|
|
26,191 |
|
Residential mortgage and other loans |
|
6,620 |
|
|
|
6,259 |
|
|
|
8,160 |
|
|
|
8,940 |
|
|
|
8,294 |
|
Total nonaccrual loans |
$ |
59,526 |
|
|
$ |
45,204 |
|
|
$ |
39,081 |
|
|
$ |
61,252 |
|
|
$ |
78,861 |
|
|
||||||||||||||
Selected Financial Data |
||||||||||||||
Unaudited (dollars in thousands) |
||||||||||||||
ACCRUING DELINQUENT LOANS 30-89 DAYS PAST DUE: |
|
|
|
|
|
|
|
|
|
|||||
30 - 59 days past due |
$ |
2,273 |
|
$ |
2,833 |
|
$ |
2,906 |
|
$ |
9,295 |
|
$ |
7,662 |
60 - 89 days past due |
|
313 |
|
|
1,289 |
|
|
506 |
|
|
178 |
|
|
249 |
Total accruing delinquent loans 30-89 days past due |
$ |
2,586 |
|
$ |
4,122 |
|
$ |
3,412 |
|
$ |
9,473 |
|
$ |
7,911 |
|
|
|
|
|
|
|
|
|
|
|||||
|
|
|
|
|
|
|
|
|
|
|||||
ACCRUING DELINQUENT LOANS 30-89 DAYS PAST DUE BY TYPE: |
|
|
|
|
|
|
|
|
|
|||||
CRE loans |
$ |
1,639 |
|
$ |
2,160 |
|
$ |
611 |
|
$ |
7,339 |
|
$ |
3,652 |
C&I loans |
|
551 |
|
|
1,643 |
|
|
1,168 |
|
|
990 |
|
|
419 |
Residential mortgage and other loans |
|
396 |
|
|
319 |
|
|
1,633 |
|
|
1,144 |
|
|
3,840 |
Total accruing delinquent loans 30-89 days past due |
$ |
2,586 |
|
$ |
4,122 |
|
$ |
3,412 |
|
$ |
9,473 |
|
$ |
7,911 |
|
|
|
|
|
|
|
|
|
|
|||||
|
|
|
|
|
|
|
|
|
|
|||||
CRITICIZED LOANS: |
|
|
|
|
|
|
|
|
|
|||||
Special mention loans |
$ |
215,183 |
|
$ |
178,992 |
|
$ |
186,600 |
|
$ |
210,806 |
|
$ |
166,472 |
Substandard loans |
|
206,350 |
|
|
143,449 |
|
|
174,161 |
|
|
134,203 |
|
|
138,224 |
Total criticized loans |
$ |
421,533 |
|
$ |
322,441 |
|
$ |
360,761 |
|
$ |
345,009 |
|
$ |
304,696 |
Selected Financial Data
Unaudited (dollars in thousands, except share and per share data)
Reconciliation of GAAP financial measures to non-GAAP financial measures
Management reviews select non-GAAP financial measures in evaluating the Company’s and the Bank’s financial performance and in response to market participant interest. Reconciliations of the most directly comparable GAAP to non-GAAP financial measures utilized by management are provided below.
|
Three Months Ended |
||||||||||
RETURN ON AVERAGE TANGIBLE COMMON EQUITY |
|
|
|
|
|
||||||
Average stockholders’ equity |
$ |
2,126,333 |
|
|
$ |
2,048,335 |
|
|
$ |
2,046,159 |
|
Less: Average goodwill and core deposit intangible assets, net |
|
(468,229 |
) |
|
|
(468,622 |
) |
|
|
(469,992 |
) |
Average TCE |
$ |
1,658,104 |
|
|
$ |
1,579,713 |
|
|
$ |
1,576,167 |
|
|
|
|
|
|
|
||||||
Net income |
$ |
25,864 |
|
|
$ |
26,481 |
|
|
$ |
39,121 |
|
ROTCE (annualized) |
6.24 |
% |
|
|
6.71 |
% |
|
|
9.93 |
% |
|
|
|
|
|
|
|
||||||
|
|
|
|
|
|
||||||
TANGIBLE COMMON EQUITY |
|
|
|
|
|
||||||
Total stockholders’ equity |
$ |
2,112,270 |
|
|
$ |
2,121,243 |
|
|
$ |
2,058,580 |
|
Less: |
|
(467,984 |
) |
|
|
(468,385 |
) |
|
|
(469,728 |
) |
TCE |
$ |
1,644,286 |
|
|
$ |
1,652,858 |
|
|
$ |
1,588,852 |
|
|
|
|
|
|
|
||||||
Total assets |
$ |
18,088,214 |
|
|
$ |
19,131,522 |
|
|
$ |
20,568,884 |
|
Less: |
|
(467,984 |
) |
|
|
(468,385 |
) |
|
|
(469,728 |
) |
Tangible assets |
$ |
17,620,230 |
|
|
$ |
18,663,137 |
|
|
$ |
20,099,156 |
|
|
|
|
|
|
|
||||||
TCE ratio |
|
9.33 |
% |
|
|
8.86 |
% |
|
|
7.91 |
% |
Common shares outstanding |
|
120,610,029 |
|
|
|
120,126,786 |
|
|
|
119,865,732 |
|
TCE per share |
$ |
13.63 |
|
|
$ |
13.76 |
|
|
$ |
13.26 |
|
|
|
|
|
|
|
||||||
|
|
|
|
|
|
||||||
|
Three Months Ended |
||||||||||
PROFITABILITY RATIOS EXCLUDING NOTABLE ITEMS |
|
|
|
|
|
||||||
Net income |
$ |
25,864 |
|
|
$ |
26,481 |
|
|
$ |
39,121 |
|
|
|
|
|
|
|
||||||
Notable items: |
|
|
|
|
|
||||||
|
|
1,000 |
|
|
|
3,971 |
|
|
|
— |
|
Restructuring costs |
|
143 |
|
|
|
11,076 |
|
|
|
— |
|
Merger related costs |
|
1,044 |
|
|
|
— |
|
|
— |
|
|
Total notable items |
|
2,187 |
|
|
|
15,047 |
|
|
|
— |
|
Tax provision |
|
611 |
|
|
|
3,190 |
|
|
|
— |
|
Less: total notable items, net of tax provision |
$ |
1,576 |
|
|
$ |
11,857 |
|
|
$ |
— |
|
|
|
|
|
|
|
||||||
Net income excluding notable items |
$ |
27,440 |
|
|
$ |
38,338 |
|
|
$ |
39,121 |
|
|
|
|
|
|
|
||||||
Diluted common shares |
|
121,020,292 |
|
|
|
120,761,112 |
|
|
|
120,242,295 |
|
EPS excluding notable items |
$ |
0.23 |
|
|
$ |
0.32 |
|
|
$ |
0.33 |
|
Average Assets |
|
19,140,775 |
|
|
|
19,600,942 |
|
|
|
19,087,170 |
|
ROA excluding notable items |
|
0.57 |
% |
|
|
0.78 |
% |
|
|
0.82 |
% |
Average Equity |
|
2,126,333 |
|
|
|
2,048,335 |
|
|
|
2,046,159 |
|
ROE excluding notable items |
|
5.16 |
% |
|
|
7.49 |
% |
|
|
7.65 |
% |
Average TCE |
$ |
1,658,104 |
|
|
$ |
1,579,713 |
|
|
$ |
1,576,167 |
|
ROTCE excluding notable items |
|
6.62 |
% |
|
|
9.71 |
% |
|
|
9.93 |
% |
|
|
|
|
|
|
||||||
|
Three Months Ended |
||||||||||
EFFICIENCY RATIOS EXCLUDING NOTABLE ITEMS |
|
|
|
|
|
||||||
Noninterest expense |
$ |
84,839 |
|
|
$ |
99,191 |
|
|
$ |
88,734 |
|
|
|
|
|
|
|
||||||
Less: notable items: |
|
|
|
|
|
||||||
|
|
(1,000 |
) |
|
|
(3,971 |
) |
|
|
— |
|
Restructuring costs |
|
(143 |
) |
|
|
(11,076 |
) |
|
|
— |
|
Merger related costs |
|
(1,044 |
) |
|
|
— |
|
|
|
— |
|
Noninterest expense excluding notable items |
$ |
82,652 |
|
|
$ |
84,144 |
|
|
$ |
88,734 |
|
|
|
|
|
|
|
||||||
Revenue |
$ |
123,333 |
|
|
$ |
135,196 |
|
|
$ |
144,856 |
|
Efficiency ratio excluding notable items |
|
67.02 |
% |
|
|
62.24 |
% |
|
61.26 |
% |
|
|
|
|
|
|
|
||||||
Average assets |
19,140,775 |
|
|
|
19,600,942 |
|
|
|
19,087,170 |
|
|
Noninterest expense / average assets, excluding notable items |
|
1.73 |
% |
|
|
1.72 |
% |
|
|
1.86 |
% |
View source version on businesswire.com: https://www.businesswire.com/news/home/20240429920065/en/
EVP & Chief Financial Officer
213-235-3235
julianna.balicka@bankofhope.com
SVP, Director of Investor Relations & Corporate Communications
213-251-2219
angie.yang@bankofhope.com
Source: