Selected Financial Data (in thousands except number of employees)
|
6/30/2022
|
3/31/2022
|
6/30/2021
|
Commentary
|
|||||||||
Net interest margin
|
3.26
|
%
|
2.89
|
%
|
3.06
|
%
|
|||||||
Adjusted net interest margin (excluding PPP loan balances and PPP interest income/fees)
|
3.19
|
%
|
2.79
|
%
|
2.96
|
%
|
|||||||
PPP average loan balances
|
$
|
58,162
|
$
|
166,399
|
$
|
859,949
|
|||||||
PPP interest income/fees
|
$
|
2,919
|
$
|
4,868
|
$
|
10,186
|
|||||||
Scheduled CD maturities for subsequent quarter
|
$
|
196,280
|
$
|
196,528
|
$
|
163,476
|
|||||||
Average rate scheduled CD maturities for subsequent quarter
|
0.62
|
%
|
0.65
|
%
|
1.11
|
%
|
|||||||
Cost of total deposits, Qtr-End
|
0.22
|
%
|
0.19
|
%
|
0.24
|
%
|
|||||||
Cost of interest-bearing DDAs, Qtr-End
|
0.31
|
%
|
0.24
|
%
|
0.24
|
%
|
|||||||
Cost of interest-bearing deposits, Qtr-End
|
0.37
|
%
|
0.32
|
%
|
0.34
|
%
|
|||||||
Noninterest bearing DDA balances, Qtr-End
|
$
|
4,686,511
|
$
|
4,889,495
|
$
|
3,296,429
|
|||||||
PPP outstanding loan balance, Qtr-End
|
$
|
22,973
|
$
|
107,565
|
$
|
595,017
|
|||||||
PPP loan fees earned QTD
|
$
|
2,773
|
$
|
4,453
|
$
|
8,042
|
|||||||
PPP unaccreted loan fees
|
$
|
513
|
$
|
3,086
|
$
|
16,821
|
|||||||
PPP loan forgiveness QTD
|
$
|
84,592
|
$
|
122,619
|
$
|
406,980
|
|||||||
Reserve for unfunded commitments, Qtr-End
|
$
|
1,600
|
$
|
1,600
|
$
|
3,300
|
|||||||
Credit card spend QTD
|
$
|
263,888
|
$
|
226,227
|
$
|
197,420
|
|||||||
Credit card net income QTD
|
$
|
2,672
|
$
|
2,372
|
$
|
1,911
|
|||||||
Merchant services fees QTD
|
$
|
471
|
$
|
336
|
$
|
289
|
|||||||
Mortgage banking income QTD
|
$
|
614
|
$
|
526
|
$
|
2,699
|
|||||||
FDIC insurance QTD
|
$
|
960
|
$
|
945
|
$
|
1,200
|
|||||||
Write down tax credit investment QTD
|
$
|
2,499
|
$
|
2,499
|
$
|
86
|
Write down of tax credit investment increased non-interest expenses by $2.5 million during the 2nd quarter 2022 but was offset by an income tax reduction of $3.1
million
|
||||||
Salaries & employee benefits QTD
|
$
|
20,734
|
$
|
18,301
|
$
|
16,887
|
We accrued an additional $1.8 million in our annual incentive program during the 2nd Qtr of 2022 based on loan growth and entry into new regions
|
||||||
Third party processing and other services QTD
|
$
|
6,345
|
$
|
5,605
|
$
|
3,946
|
Recorded additional processing expenses of $243,000 during 2nd Qtr of 2022 and $503,000 YTD related to our conversion to a new core processor
|
||||||
Equipment and occupancy expense QTD
|
$
|
2,983
|
$
|
2,933
|
$
|
2,844
|
|||||||
Business meals QTD
|
$
|
293
|
$
|
429
|
$
|
170
|
|||||||
Earnings retention YTD
|
79
|
%
|
78
|
%
|
79
|
%
|
|||||||
Number of employees
|
550
|
519
|
534
|
||||||||||
QTD tax rate
|
18.83
|
%
|
18.96
|
%
|
21.0
|
%
|
|||||||
YTD tax rate
|
18.89
|
%
|
18.96
|
%
|
20.6
|
%
|
At June 30, 2022
|
At March 31, 2022
|
At June 30, 2021
|
||||||||||
Net Interest Margin - GAAP
|
3.26
|
%
|
2.89
|
%
|
3.06
|
%
|
||||||
Net Interest Income - GAAP
|
$
|
116,368
|
$
|
105,722
|
$
|
94,668
|
||||||
Adjustments:
|
||||||||||||
PPP Interest Income & Fee Accretion
|
(2,919
|
)
|
(4,868
|
)
|
(10,186
|
)
|
||||||
Adjusted Net Interest Income - non-GAAP
|
113,449
|
100,854
|
84,482
|
|||||||||
Average interest-earning assets
|
14,342,987
|
14,836,882
|
12,408,946
|
|||||||||
Adjustments:
|
||||||||||||
Average PPP loan balances
|
(58,162
|
)
|
(166,399
|
)
|
(859,949
|
)
|
||||||
Adjusted average interest-earning assets
|
$
|
14,284,825
|
$
|
14,670,483
|
$
|
11,548,997
|
||||||
Adjusted Net Interest Margin - non-GAAP
|
3.19
|
%
|
2.79
|
%
|
2.96
|
%
|
||||||