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Byline Bancorp, Inc. Reports First Quarter 2024 Financial Results
For the quarter First Quarter Highlights
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1Q24 4Q23 1Q23
----------------------- ------------------------------------------------- -------------------- ---------------------------------------- -------------------- ---------------------------------------- -------------------- ----------------------------------------
Financial Results ($ in thousands) ROAA of 1.36%
Net interest income $ 85,541 $ 86,285 $ 75,718
Non-interest income 15,473 14,503 15,145 PTPP ROAA of 2.10%(1)
-------------------- -------------------- --------------------
Total Revenue(1) 101,014 100,788 90,863
Non-interest expense 53,809 53,584 48,800 ROTCE of 15.88%(1)
-------------------- -------------------- --------------------
Pre-tax pre-provision net income (PTPP)(1) 47,205 47,204 42,063
Provision for credit losses 6,643 7,235 9,825 TCE/TA of 8.76%(1); CET1 of 10.59%
Provision for income taxes 10,122 10,365 8,293
Net Income $ 30,440 $ $ 29,604 $ $ 23,945 TBV per share of $18.29(1), up 8.1% YoY TBV per share of $18.29(1), up 8.1% YoY
Per Share Income Statement
------------------------------------------------------------
Diluted EPS $ $ 0.70 $ $ 0.68 $ $ 0.64 Total revenue of $101.0 million(1) Total revenue of $101.0 million(1)
Dividends declared per common share 0.09 0.09 0.09
Book value per share 22.88 22.62 21.10 Net Income of $30.4 million
Tangible book value per share(1) 18.29 17.98 16.92
PTPP of $47.2 million(1)
Balance Sheet & Credit Quality ($ in thousands)
Total deposits $ $ 7,350,202 $ $ 7,176,999 $ $ 5,812,652 Tax equivalent NIM of 4.01%(1) Tax equivalent NIM of 4.01%(1)
Total loans and leases 6,801,782 6,702,311 5,543,711
Net charge-offs (NCO) 6,211 12,186 1,171 Efficiency ratio of 51.94%(1)
Allowance for credit losses (ACL) 102,366 101,686 90,465
ACL to total loans and leases held for investment 1.51% 1.52% 1.64% Balance Sheet
------------------------------------------------------------
Deposit growth of $173.2 million, or 9.7%(2)
Select Ratios (annualized where applicable)
Efficiency ratio(1) 51.94% 51.63% 52.10% Total loans and leases grew $99.5 million,
Return on average assets (ROAA) 1.36% 1.36% 1.36% 1.34% 1.34% 1.34% 1.32% 1.32% 1.32% or 6.0%(2) or 6.0%(2)
Return on average stockholders' equity 12.26% 12.56% 12.38%
Return on average tangible common equity(1) 15.88% 16.68% 16.20% Total assets grew $528.5 million, or 23.9%(2)
Net Interest Margin (NIM) 4.00% 4.08% 4.38%
Common equity to total assets 10.72% 11.15% 10.57% Stockholders' equity exceeded $1.0 billion
Tangible common equity to tangible assets(1) 8.76% 9.06% 8.66%
(1) Represents non-GAAP financial measures. See "Reconciliation of non-GAAP Financial Measures" for a reconciliation to the most directly comparable GAAP financial measure.
CEO/President Commentary ------------------------
Board Declares Cash Dividend of $0.09 per Share
On April 23, 2024, the Company's Board of Directors declared a cash dividend of $0.09 per share, payable on May 21, 2024, to stockholders of record of the Company's common stock as of May 7, 2024.
STATEMENTS OF OPERATIONS HIGHLIGHTS
Net Interest Income
Net interest income for the first quarter of 2024 was $85.5 million, a decrease of $744,000, or 0.9%, from the fourth quarter of 2023. The decrease in net interest income was primarily due to an increase of $2.7 million in deposit interest expense primarily due to time deposit growth and higher rates paid on deposits, and an increase of $773,000 in other borrowing interest expense due to increased borrowings, offset by lower borrowing costs. The decrease was partially offset by an increase of $2.5 million in other interest and dividend income mainly due to interest income earned on funds held with the Federal Reserve Bank.
Tax-equivalent net interest margin(1) for the first quarter of 2024 was 4.01%, a decrease of eight basis points compared to the fourth quarter of 2023. Total net loan accretion income impact on the margin contributed 20 basis points to the net interest margin for the current quarter compared to 24 basis points for the prior quarter.
The average cost of total deposits was 2.56% for the first quarter of 2024, an increase of 14 basis points compared to the fourth quarter of 2023, as a result of higher rates on time deposits and money market accounts. Average non-interest-bearing demand deposits were 25.9% of average total deposits for the current quarter compared to 27.5% during the prior quarter.
Provision for Credit Losses
The provision for credit losses was $6.6 million for the first quarter of 2024, a decrease of $592,000 compared to $7.2 million for the fourth quarter of 2023, mainly attributed to a smaller allocation to individually assessed loans, offset by growth in the loan and lease portfolio. The provision for credit losses for the quarter is comprised of a provision for loan and lease losses of $6.9 million and a recapture for unfunded commitments of $248,000.
Non-interest Income
Non-interest income for the first quarter of 2024 was $15.5 million, an increase of $970,000, or 6.7%, compared to $14.5 million for the fourth quarter of 2023. The increase in total non-interest income was primarily due to a $1.0 million increase in other non-interest income due to increased income on derivatives and gains on the sales of leased equipment, and a $531,000 decrease in the downward valuation of the loan servicing asset reflecting lower discount rates. These were partially offset by a $449,000 decrease in the change in fair value of equity securities.
Net gains on sales of loans were $5.5 million for the current quarter, an increase of $53,000 compared to the prior quarter. During the first quarter of 2024, we sold $72.5 million of U.S. government guaranteed loans compared to $89.1 million during the fourth quarter of 2023.
Non-interest Expense
Non-interest expense for the first quarter of 2024 was $53.8 million, an increase of $225,000, or 0.4%, from $53.6 million for the fourth quarter of 2023. The increase in total non-interest expense was mainly due to an increase of $2.0 million in salaries and employee benefits primarily due to increases in payroll taxes due to annual counter resets, and an increase of $938,000 in occupancy and equipment expense, net, due to higher real estate taxes and maintenance expense. These increases were offset by a $2.0 million decrease in impairment charges on assets held for sale, and an $837,000 decrease in data processing expenses due to decreased merger-related expenses. Other non-interest expense includes $1.1 million of charges related to branch consolidations incurred during the first quarter of 2024.
Our efficiency ratio was 51.94% for the first quarter of 2024 compared to 51.63% for the fourth quarter of 2023, an increase of 31 basis points. Excluding significant items, our adjusted efficiency ratio(1) for the first quarter 2024 was 51.75%, compared to 48.64% for the fourth quarter of 2023.
Income Taxes
We recorded income tax expense of $10.1 million during the first quarter of 2024, compared to $10.4 million during the fourth quarter of 2023. The effective tax rates were 25.0% and 25.9% for the first quarter of 2024 and fourth quarter of 2023, respectively.
(1) Represents non-GAAP financial measures. See "Reconciliation of non-GAAP Financial Measures" for a reconciliation of our non-GAAP measures to the most directly comparable GAAP financial measure.
STATEMENTS OF FINANCIAL CONDITION HIGHLIGHTS
Assets
Total assets were $9.4 billion as of March 31, 2024, an increase of $528.5 million, or 6.0%, compared to $8.9 billion at December 31, 2023. The increase was primarily due to an increase in cash and cash equivalents of $410.7 million, inclusive of $200.0 million in short-term investments, and an increase in net loans and leases held for investment of $93.2 million mainly due to growth in commercial and industrial originations, offset by a decline of $52.0 million in commercial real estate.
Asset and Credit Quality
The ACL was $102.4 million as of March 31, 2024, an increase of $680,000, or 0.7%, from $101.7 million at December 31, 2023. Net charge-offs of loans and leases during the first quarter of 2024 were $6.2 million, or 0.37% of average loans and leases, on an annualized basis. This was a decrease of $6.0 million compared to net charge-offs of $12.2 million, or 0.73% of average loans and leases, during the fourth quarter of 2023. The decrease is primarily due to lower charge-offs in the commercial and industrial and commercial real estate loan portfolios.
Non-performing assets were $68.7 million, or 0.73% of total assets, as of March 31, 2024, an increase of $3.4 million from $65.3 million, or 0.74% of total assets, at December 31, 2023. The increase was primarily the result of migration within the government guaranteed loan portfolio to non-accrual status. The government guaranteed portion of non-accrual loans was $7.1 million at March 31, 2024 compared to $4.2 million at December 31, 2023.
Deposits and Other Liabilities
Total deposits increased $173.2 million to $7.4 billion at March 31, 2024 compared to $7.2 billion at December 31, 2023. The increase in deposits in the current quarter was mainly due to increases in time deposits and interest bearing checking accounts. Time deposit growth of $137.7 million was principally due to increases in consumer time deposits from deposit campaigns. Interest-bearing demand deposits increased $109.5 million primarily due to growth in commercial deposits.
Total borrowings and other liabilities were $1.1 billion at March 31, 2024, an increase of $336.4 million from $714.8 million at December 31, 2023. The increase was primarily driven by a $200.0 million advance under the Bank Term Funding Program and increases in Federal Home Loan Bank advances, offset by a decrease of $11.3 million as a result of the repayment of the amount outstanding under our revolving line of credit.
Stockholders' Equity
Total stockholders' equity grew to $1.0 billion at March 31, 2024, an increase of $18.9 million from $990.2 million at December 31, 2023. The quarterly increase was primarily due to increased retained earnings from net income.
Conference Call, Webcast and Slide Presentation
We will host a conference call and webcast at 9:00 a.m. Central Time on Friday, April 26, 2024, to discuss our quarterly financial results. Analysts and investors may participate in the question-and-answer session. The call can be accessed via telephone at (833) 470-1428; passcode 371735. A recorded replay can be accessed through May 10, 2024, by dialing (866) 813-9403; passcode: 454029.
A slide presentation relating to our first quarter 2024 results will be accessible prior to the conference call. The slide presentation and webcast of the conference call can be accessed on our investor relations website at www.bylinebancorp.com.
About Byline Bancorp, Inc.
Headquartered in Chicago, Byline Bancorp, Inc. is the parent company of Byline Bank, a full service commercial bank serving small- and medium-sized businesses, financial sponsors, and consumers. Byline Bank has approximately $9.4 billion in assets and operates 48 branch locations throughout the Chicago and Milwaukee metropolitan areas. Byline Bank offers a broad range of commercial and community banking products and services including small ticket equipment leasing solutions and is one of the top Small Business Administration lenders in the United States.
Forward-Looking Statements
This communication contains forward-looking statements within the meaning of the U.S. federal securities laws. Forward-looking statements include, without limitation, statements concerning plans, estimates, calculations, forecasts and projections with respect to the anticipated future performance of the Company. These statements are often, but not always, made through the use of words or phrases such as ''may'', ''might'', ''should'', ''could'', ''predict'', ''potential'', ''believe'', ''expect'', ''continue'', ''will'', ''anticipate'', ''seek'', ''estimate'', ''intend'', ''plan'', ''projection'', ''would'', ''annualized'', "target" and ''outlook'', or the negative version of those words or other comparable words or phrases of a future or forward-looking nature. Forward-looking statements involve estimates and known and unknown risks, and reflect various assumptions and involve elements of subjective judgment and analysis, which may or may not prove to be correct, and which are subject to uncertainties and contingencies outside the control of Byline and its respective affiliates, directors, employees and other representatives, which could cause actual results to differ materially from those presented in this communication.
No representations, warranties or guarantees are or will be made by Byline as to the reliability, accuracy or completeness of any forward-looking statements contained in this communication or that such forward-looking statements are or will remain based on reasonable assumptions. You should not place undue reliance on any forward-looking statements contained in this communication.
Certain risks and important factors that could affect Byline's future results are identified in our Annual Report on Form 10-K and other reports we file with the Securities and Exchange Commission, including among other things under the heading "Risk Factors" in our Annual Report on Form 10-K for the year ended December 31, 2023. Any forward-looking statement speaks only as of the date on which it is made, and Byline undertakes no obligation to update any forward-looking statement, whether to reflect events or circumstances after the date on which the statement is made, to reflect new information or the occurrence of unanticipated events, or otherwise unless required under the federal securities laws.
BYLINE BANCORP, INC. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF FINANCIAL CONDITION (unaudited)
March 31, December 31, March 31,
(dollars in thousands) 2024 2023 2023
------------------------------ ------------------------------ ------------------------------
ASSETS
$ 58,640 $ 60,431 $ 52,725
Cash and due from banks
578,197 165,705 231,486
Interest bearing deposits with other banks
-------------------- ---------- -------------------- ---------- -------------------- ----------
636,837 226,136 284,211
Cash and cash equivalents
9,135 8,743 8,339
Equity and other securities, at fair value
1,379,147 1,342,480 1,164,387
Securities available-for-sale, at fair value
1,156 1,157 2,704
Securities held-to-maturity, at amortized cost
22,793 16,304 38,777
Restricted stock, at cost
23,568 18,005 28,379
Loans held for sale
Loans and leases:
6,778,214 6,684,306 5,515,332
Loans and leases
(102,366 ) (101,686 ) (90,465 )
Allowance for credit losses - loans and leases
-------------------- ---------- -------------------- ---------- -------------------- ----------
6,675,848 6,582,620 5,424,867
Net loans and leases
20,992 19,844 20,944
Servicing assets, at fair value
64,466 66,627 56,098
Premises and equipment, net
202,133 203,478 157,432
Goodwill and other intangible assets, net
97,748 96,900 82,693
Bank-owned life insurance
53,029 50,058 64,918
Deferred tax assets, net
223,651 249,615 196,597
Accrued interest receivable and other assets
-------------------- ---------- -------------------- ---------- -------------------- ----------
$ 9,410,503 $ 8,881,967 $ 7,530,346
Total assets
==================== ========== ==================== ========== ==================== ==========
LIABILITIES AND STOCKHOLDERS' EQUITY
LIABILITIES
$ 1,851,727 $ 1,905,876 $ 1,952,045
Non-interest-bearing demand deposits
5,498,475 5,271,123 3,860,607
Interest-bearing deposits
-------------------- ---------- -------------------- ---------- -------------------- ----------
7,350,202 7,176,999 5,812,652
Total deposits
721,173 395,190 662,810
Other borrowings
73,909 73,866 73,735
Subordinated notes, net
70,567 70,452 37,442
Junior subordinated debentures issued to
capital trusts, net
185,603 175,309 148,057
Accrued interest payable and other liabilities
-------------------- ---------- -------------------- ---------- -------------------- ----------
8,401,454 7,891,816 6,734,696
Total liabilities
STOCKHOLDERS' EQUITY
452 451 390
Common stock
708,844 710,488 598,103
Additional paid-in capital
455,532 429,036 356,365
Retained earnings
(48,869 ) (49,707 ) (51,066 )
Treasury stock
(106,910 ) (100,117 ) (108,142 )
Accumulated other comprehensive loss, net of tax
-------------------- ---------- -------------------- ---------- -------------------- ----------
1,009,049 990,151 795,650
Total stockholders' equity
-------------------- ---------- -------------------- ---------- -------------------- ----------
BYLINE BANCORP, INC. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF OPERATIONS (unaudited)
Three Months Ended
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March 31, December 31, March 31,
(dollars in thousands, except per share data) 2024 2023 2023
---------------------------------- ------------------------------ ------------------------------
INTEREST AND DIVIDEND INCOME
$ 123,792 $ 124,042 $ 92,343
Interest and fees on loans and leases
9,734 9,227 6,600
Interest on securities
4,795 2,345 1,059
Other interest and dividend income
-------------------- -------------- -------------------- ---------- -------------------- ----------
138,321 135,614 100,002
Total interest and dividend income
INTEREST EXPENSE
45,962 43,252 16,298
Deposits
3,824 3,051 5,888
Other borrowings
2,994 3,026 2,098
Subordinated notes and debentures
-------------------- -------------- -------------------- ---------- -------------------- ----------
52,780 49,329 24,284
Total interest expense
-------------------- -------------- -------------------- ---------- -------------------- ----------
85,541 86,285 75,718
Net interest income
PROVISION FOR CREDIT LOSSES 6,643 7,235 9,825
-------------------- -------------- -------------------- ---------- -------------------- ----------
78,898 79,050 65,893
Net interest income after provision for
credit losses
NON-INTEREST INCOME
2,427 2,486 2,120
Fees and service charges on deposits
3,364 3,377 3,380
Loan servicing revenue
(703 ) (1,234 ) 656
Loan servicing asset revaluation
1,075 1,082 1,063
ATM and interchange fees
392 841 350
Change in fair value of equity securities, net
5,533 5,480 5,148
Net gains on sales of loans
1,157 1,256 924
Wealth management and trust income
2,228 1,215 1,504
Other non-interest income
-------------------- -------------- -------------------- ---------- -------------------- ----------
15,473 14,503 15,145
Total non-interest income
NON-INTEREST EXPENSE
33,953 31,974 30,394
Salaries and employee benefits
5,284 4,346 4,444
Occupancy and equipment expense, net
-- 1,980 20
Impairment charge on assets held for sale
685 649 963
Loan and lease related expenses
2,719 2,352 3,114
Legal, audit, and other professional fees
4,145 4,982 3,783
Data processing
(98 ) 89 (103 )
Net (gain) loss recognized on other real estate
owned and other related expenses
1,345 1,550 1,455
Other intangible assets amortization expense
5,776 5,662 4,730
Other non-interest expense
-------------------- -------------- -------------------- ---------- -------------------- ----------
53,809 53,584 48,800
Total non-interest expense
-------------------- -------------- -------------------- ---------- -------------------- ----------
INCOME BEFORE PROVISION FOR INCOME TAXES 40,562 39,969 32,238
PROVISION FOR INCOME TAXES 10,122 10,365 8,293
-------------------- -------------- -------------------- ---------- -------------------- ----------
NET INCOME $ 30,440 $ 29,604 $ 23,945
==================== ============== ==================== ========== ==================== ==========
EARNINGS PER COMMON SHARE
$ 0.70 $ 0.69 $ 0.65
Basic
BYLINE BANCORP, INC. AND SUBSIDIARIES
SELECTED FINANCIAL DATA (unaudited)
As of or For the Three Months Ended
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(dollars in thousands, except share March 31, December 31, March 31,
and per share data) 2024 2023 2023
------------------------------ ------------------------------ ------------------------------
Earnings per Common Share
Basic earnings per common share $ 0.70 $ 0.69 $ 0.65
Diluted earnings per common share $ 0.70 $ 0.68 $ 0.64
Adjusted diluted earnings per common share(1)(3) $ 0.70 $ 0.73 $ 0.65
Weighted average common shares outstanding (basic) 43,258,087 43,065,294 36,955,085
Weighted average common shares outstanding (diluted) 43,727,344 43,537,778 37,539,912
Common shares outstanding 44,108,387 43,764,056 37,713,427
Cash dividends per common share $ 0.09 $ 0.09 $ 0.09
Dividend payout ratio on common stock 12.86 % 13.24 % 14.06 %
Book value per common share $ 22.88 $ 22.62 $ 21.10
Tangible book value per common share(1) $ 18.29 $ 17.98 $ 16.92
Key Ratios and Performance Metrics
(annualized where applicable)
Net interest margin 4.00 % 4.08 % 4.38 %
Net interest margin, fully taxable equivalent (1)(4) 4.01 % 4.09 % 4.39 %
Average cost of deposits 2.56 % 2.42 % 1.15 %
Efficiency ratio(1)(2) 51.94 % 51.63 % 52.10 %
Adjusted efficiency ratio(1)(2)(3) 51.75 % 48.64 % 51.54 %
Non-interest income to total revenues(1) 15.32 % 14.39 % 16.67 %
Non-interest expense to average assets 2.40 % 2.42 % 2.69 %
Adjusted non-interest expense to average assets(1)(3) 2.39 % 2.28 % 2.67 %
Return on average stockholders' equity 12.26 % 12.56 % 12.38 %
Adjusted return on average stockholders' equity(1)(3) 12.31 % 13.50 % 12.62 %
Return on average assets 1.36 % 1.34 % 1.32 %
Adjusted return on average assets(1)(3) 1.36 % 1.44 % 1.35 %
Pre-tax pre-provision return on average assets(1) 2.10 % 2.13 % 2.32 %
Adjusted pre-tax pre-provision return on average assets(1)(3) 2.11 % 2.27 % 2.35 %
Return on average tangible common stockholders' equity(1) 15.88 % 16.68 % 16.20 %
Adjusted return on average tangible common 15.95 % 17.89 % 16.49 %
stockholders' equity(1)(3)
Non-interest-bearing deposits to total deposits 25.19 % 26.56 % 33.58 %
Loans and leases held for sale and loans and lease 92.54 % 93.39 % 95.37 %
held for investment to total deposits
Deposits to total liabilities 87.49 % 90.94 % 86.31 %
Deposits per branch $ 153,129 $ 149,521 $ 152,965
Asset Quality Ratios
Non-performing loans and leases to total loans and leases 1.00 % 0.96 % 0.84 %
held for investment, net before ACL
Total non-performing assets as a percentage 0.73 % 0.74 % 0.67 %
of total assets
ACL to total loans and leases held for investment, net before ACL 1.51 % 1.52 % 1.64 %
Net charge-offs (annualized) to average total loans and leases held for 0.37 % 0.73 % 0.09 %
investment, net before ACL - loans and leases
Capital Ratios
Common equity to total assets 10.72 % 11.15 % 10.57 %
Tangible common equity to tangible assets(1) 8.76 % 9.06 % 8.66 %
Leverage ratio 10.91 % 10.86 % 10.46 %
Common equity tier 1 capital ratio 10.59 % 10.35 % 10.27 %
Tier 1 capital ratio 11.62 % 11.39 % 10.90 %
(1) Represents a non-GAAP financial measure. See "Reconciliation of non-GAAP Financial Measures" for a reconciliation of our non-GAAP measures to the most directly comparable GAAP financial measure. (2) Represents non-interest expense less amortization of intangible assets divided by net interest income and non-interest income. (3) Calculation excludes merger-related expenses and impairment charges on assets held for sale and ROU assets.
BYLINE BANCORP, INC. AND SUBSIDIARIES
QUARTER-TO-DATE STATEMENT OF AVERAGE INTEREST-EARNING ASSETS AND AVERAGE INTEREST-BEARING LIABILITIES (unaudited)
For the Three Months Ended
------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
March 31, 2024 December 31, 2023 March 31, 2023
---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- ---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- --------------------------------------------------------------------------------------------------------------------------------------------------------------------------
(dollars in thousands) Average Interest Avg. Average Interest Avg. Average Interest Avg.
Balance(5) Inc / Exp Yield / Balance(5) Inc / Exp Yield / Balance(5) Inc / Exp Yield /
Rate Rate Rate
---------------------------------- ---------------------------------- ------------------------------ ---------------------------------- ---------------------------------- ------------------------------ ------------------------------ ------------------------------ ------------------------------
ASSETS
$ 339,449 $ 3,828 4.54 % $ 201,862 $ 1,822 3.58 % $ 97,578 $ 442 1.84 %
Cash and cash equivalents
6,681,488 123,792 7.45 % 6,632,827 124,042 7.42 % 5,484,372 92,343 6.83 %
Loans and leases(1)
1,422,661 9,822 2.78 % 1,389,580 8,848 2.53 % 1,275,377 6,431 2.04 %
Taxable securities
159,984 1,112 2.80 % 163,608 1,142 2.77 % 151,817 994 2.65 %
Tax-exempt securities(2)
-------------------- -------------- -------------------- -------------- -------------------- -------------- -------------------- -------------- -------------------- ---------- -------------------- ----------
Total interest-earning assets $ 8,603,582 $ 138,554 6.48 % $ 8,387,877 $ 135,854 6.43 % $ 7,009,144 $ 100,210 5.80 %
-------------------- -------------- -------------------- -------------- -------------------- -------------- -------------------- -------------- -------------------- ---------- -------------------- ----------
Allowance for credit losses - (102,256 ) (106,474 ) (84,321 )
loans and leases
All other assets 529,615 506,233 420,328
-------------------- -------------- -------------------- -------------- -------------------- ----------
TOTAL ASSETS $ 9,030,941 $ 8,787,636 $ 7,345,151
==================== ============== ==================== ============== ==================== ==========
LIABILITIES AND STOCKHOLDERS'
EQUITY
Deposits
$ 590,406 $ 2,429 1.65 % $ 570,706 $ 2,335 1.62 % $ 606,008 $ 2,494 1.67 %
Interest checking
2,237,324 19,660 3.53 % 2,159,841 18,730 3.44 % 1,465,677 7,728 2.14 %
Money market accounts
531,912 197 0.15 % 560,372 208 0.15 % 613,590 227 0.15 %
Savings
1,992,357 23,676 4.78 % 1,861,279 21,979 4.68 % 966,409 5,849 2.45 %
Time deposits
-------------------- -------------- -------------------- -------------- -------------------- -------------- -------------------- -------------- -------------------- ---------- -------------------- ----------
5,351,999 45,962 3.45 % 5,152,198 43,252 3.33 % 3,651,684 16,298 1.81 %
Total interest-bearing
deposits
-------------------- -------------- -------------------- -------------- -------------------- -------------- -------------------- -------------- -------------------- ---------- -------------------- ----------
472,644 3,824 3.25 % 395,711 3,051 3.06 % 573,433 5,852 4.14 %
Other borrowings
-- -- 0.00 % -- -- 0.00 % 2,778 36 5.30 %
Federal funds purchased
144,387 2,994 8.34 % 144,230 3,026 8.32 % 111,101 2,098 7.66 %
Subordinated notes and
debentures
-------------------- -------------- -------------------- -------------- -------------------- -------------- -------------------- -------------- -------------------- ---------- -------------------- ----------
617,031 6,818 4.44 % 539,941 6,077 4.47 % 687,312 7,986 4.71 %
Total borrowings
-------------------- -------------- -------------------- -------------- -------------------- -------------- -------------------- -------------- -------------------- ---------- -------------------- ----------
Total interest-bearing liabilities $ 5,969,030 $ 52,780 3.56 % $ 5,692,139 $ 49,329 3.44 % $ 4,338,996 $ 24,284 2.27 %
-------------------- -------------- -------------------- -------------- -------------------- -------------- -------------------- -------------- -------------------- ---------- -------------------- ----------
Non-interest-bearing 1,874,322 1,950,644 2,076,613
demand deposits
Other liabilities 188,783 209,656 145,253
Total stockholders' equity 998,806 935,197 784,289
-------------------- -------------- -------------------- -------------- -------------------- ----------
TOTAL LIABILITIES AND $ 9,030,941 $ 8,787,636 $ 7,345,151
STOCKHOLDERS' EQUITY
==================== =