FBK 8-K

FB Financial Corp (FBK)

8-K 2024-04-15 For: 2024-04-15

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Title of each class	Trading Symbol(s)	Name of each exchange on which registered
Common Stock, $1.00 par value	FBK	New York Stock Exchange


Exhibit Number						Description of Exhibit
99.1						Earnings Release issued April 15, 2024
99.2						Financial Supplement for the quarter ended March 31, 2024
99.3						Earnings Presentation dated April 16, 2024
104						Cover Page Interactive Data File (formatted as inline XBRL document)


	FB FINANCIAL CORPORATION


	By:	/s/ Michael M. Mettee
		Michael M. Mettee
		Chief Financial Officer
		(Principal Financial Officer)
Date: April 15, 2024


										Annualized
(dollars in thousands, except share data)	Mar 2024			Dec 2023			Mar 2023			Mar 24 / Dec 23 % Change		Mar 24 / Mar 23 % Change
Balance Sheet Highlights
Investment securities, at fair value	$	1,464,682		$	1,471,973		$	1,474,064		(1.99)	%	(0.64)	%
Loans held for sale	82,704			67,847			82,515			88.1	%	0.23	%

Loans HFI	9,288,909			9,408,783			9,365,996			(5.12)	%	(0.82)	%

Allowance for credit losses on loans HFI	151,667			150,326			138,809			3.59	%	9.26	%
Total assets	12,548,320			12,604,403			13,101,147			(1.79)	%	(4.22)	%

Interest-bearing deposits (non-brokered)	8,191,962			8,179,430			8,693,515			0.62	%	(5.77)	%
Brokered deposits	130,845			150,475			251			(52.5)	%	NM
Noninterest-bearing deposits	2,182,121			2,218,382			2,489,149			(6.57)	%	(12.3)	%



Total deposits	10,504,928			10,548,287			11,182,915			(1.65)	%	(6.06)	%

Borrowings	360,821			390,964			312,131			(31.0)	%	15.6	%
Allowance for credit losses on unfunded commitments	7,700			8,770			18,463			(49.1)	%	(58.3)	%
Total common shareholders' equity	1,479,526			1,454,794			1,369,696			6.84	%	8.02	%
Book value per common share	$	31.55		$	31.05		$	29.29		6.48	%	7.72	%
Tangible book value per common share*	$	26.21		$	25.69		$	23.86		8.14	%	9.85	%

Total common shareholders' equity to total assets	11.8		%	11.5		%	10.5		%
Tangible common equity to tangible assets*	9.99		%	9.74		%	8.68		%

*Non-GAAP financial measure; A reconciliation of non-GAAP measures to the most directly comparable GAAP measure is included in the Company's First Quarter 2024 Financial Supplement.
NM- Not meaningful


	Three Months Ended
(dollars in thousands, except share data)	Mar 2024			Dec 2023			Mar 2023
Statement of Income Highlights
Net interest income	$	99,490		$	101,088		$	103,660
NIM	3.42		%	3.46		%	3.51		%



Noninterest income	$	7,962		$	15,339		$	23,349

(Loss) gain from securities, net	$	(16,213)		$	183		$	69
(Loss) gain from changes in fair value of commercial loans held for sale acquired in previous business combinations	$	—		$	(3,009)		$	910
Total revenue	$	107,452		$	116,427		$	127,009
Noninterest expense	$	72,420		$	80,200		$	80,440


Early retirement and severance costs	$	—		$	2,214		$	—
Loss (gain) on lease terminations	$	—		$	1,843		$	(72)
FDIC special assessment	$	500		$	1,788		$	—
Efficiency ratio	67.4		%	68.9		%	63.3		%
Core efficiency ratio*	58.1		%	61.7		%	63.4		%





Pre-tax, pre-provision net revenue	$	35,032		$	36,227		$	46,569
Adjusted pre-tax, pre-provision net revenue*	$	51,180		$	45,390		$	45,701
Provisions for credit losses	$	782		$	305		$	491
Net charge-offs (recoveries) ratio	0.02		%	(0.04)		%	0.02		%
Net income applicable to FB Financial Corporation	$	27,950		$	29,369		$	36,381
Diluted earnings per common share	$	0.59		$	0.63		$	0.78
Effective tax rate	18.4		%	18.2		%	21.0		%
Adjusted net income*	$	39,890		$	36,152		$	35,739
Adjusted diluted earnings per common share*	$	0.85		$	0.77		$	0.76


Weighted average number of shares outstanding - fully diluted	46,998,873			46,916,939			46,765,154

Returns on average:

Return on average total assets (“ROAA”)	0.89		%	0.94		%	1.15		%
Adjusted*	1.27		%	1.15		%	1.13		%
Return on average shareholders' equity	7.70		%	8.41		%	11.0		%
Return on average tangible common equity (“ROATCE”)*	9.29		%	10.3		%	13.6		%
Adjusted*	13.5		%	12.9		%	13.6		%




*Non-GAAP financial measure; A reconciliation of non-GAAP measures to the most directly comparable GAAP measure is included in the Company's First Quarter 2024 Financial Supplement.


☐			Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)


☐			Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)


☐			Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))


MEDIA CONTACT:						FINANCIAL CONTACT:

Jeanie M. Rittenberry						Michael Mettee
615-313-8328						615-564-1212
[email protected]						[email protected]
www.firstbankonline.com						[email protected]


Financial Summary and Key Metrics
(Unaudited)
(dollars in thousands, except share data)

	As of or for the Three Months Ended
	Mar 2024			Dec 2023			Mar 2023
Selected Statement of Income Data
Total interest income	$	176,128		$	174,835		$	159,480
Total interest expense	76,638			73,747			55,820
Net interest income	99,490			101,088			103,660
Total noninterest income	7,962			15,339			23,349
Total noninterest expense	72,420			80,200			80,440
Earnings before income taxes and provisions for credit losses	35,032			36,227			46,569
Provisions for credit losses	782			305			491
Income tax expense	6,300			6,545			9,697
Net income applicable to noncontrolling interest	—			8			—
Net income applicable to FB Financial Corporation	$	27,950		$	29,369		$	36,381
Net interest income (tax-equivalent basis)	$	100,199		$	101,924		$	104,493
Adjusted net income*	$	39,890		$	36,152		$	35,739
Adjusted pre-tax, pre-provision net revenue*	$	51,180		$	45,390		$	45,701
Per Common Share
Diluted net income	$	0.59		$	0.63		$	0.78
Adjusted diluted net income*	0.85			0.77			0.76

Book value	31.55			31.05			29.29
Tangible book value*	26.21			25.69			23.86

Weighted average number of shares outstanding - fully diluted	46,998,873			46,916,939			46,765,154
Period-end number of shares	46,897,378			46,848,934			46,762,626
Selected Balance Sheet Data
Cash and cash equivalents	$	870,730		$	810,932		$	1,319,951
Loans HFI	9,288,909			9,408,783			9,365,996
Allowance for credit losses on loans HFI	(151,667)			(150,326)			(138,809)
Mortgage loans held for sale	82,704			67,847			73,005
Commercial loans held for sale, at fair value	—			—			9,510
Investment securities, at fair value	1,464,682			1,471,973			1,474,064

Total assets	12,548,320			12,604,403			13,101,147

Interest-bearing deposits (non-brokered)	8,191,962			8,179,430			8,693,515
Brokered deposits	130,845			150,475			251
Noninterest-bearing deposits	2,182,121			2,218,382			2,489,149



Total deposits	10,504,928			10,548,287			11,182,915

Borrowings	360,821			390,964			312,131
Allowance for credit losses on unfunded commitments	(7,700)			(8,770)			(18,463)
Total common shareholders' equity	1,479,526			1,454,794			1,369,696
Selected Ratios
Return on average:
Assets	0.89		%	0.94		%	1.15		%
Shareholders' equity	7.70		%	8.41		%	11.0		%
Tangible common equity*	9.29		%	10.3		%	13.6		%

Net interest margin (tax-equivalent basis)	3.42		%	3.46		%	3.51		%
Efficiency ratio	67.4		%	68.9		%	63.3		%
Core efficiency ratio (tax-equivalent basis)*	58.1		%	61.7		%	63.4		%
Loans HFI to deposit ratio	88.4		%	89.2		%	83.8		%

Noninterest-bearing deposits to total deposits	20.8		%	21.0		%	22.3		%
Yield on interest-earning assets	6.03		%	5.96		%	5.38		%
Cost of interest-bearing liabilities	3.56		%	3.47		%	2.61		%
Cost of total deposits	2.76		%	2.65		%	1.94		%

Credit Quality Ratios
Allowance for credit losses on loans HFI as a percentage of loans HFI	1.63		%	1.60		%	1.48		%

Net charge-offs (recoveries) as a percentage of average loans HFI	0.02		%	(0.04)		%	0.02		%
Nonperforming loans HFI as a percentage of loans HFI	0.73		%	0.65		%	0.49		%
Nonperforming assets as a percentage of total assets	0.75		%	0.69		%	0.61		%
Preliminary Capital Ratios (consolidated)
Total common shareholders' equity to assets	11.8		%	11.5		%	10.5		%
Tangible common equity to tangible assets*	9.99		%	9.74		%	8.68		%

Tier 1 risk-based capital	12.8		%	12.5		%	11.6		%

Common equity Tier 1	12.6		%	12.2		%	11.3		%


			Page

Financial Summary and Key Metrics			4

Consolidated Statements of Income			5

Consolidated Balance Sheets			6

Average Balance and Interest Yield/Rate Analysis			7



Investments and Other Sources of Liquidity			9

Loan Portfolio			10

Asset Quality			11

Selected Deposit Data			12

Preliminary Capital Ratios			13

Segment Data			14

Non-GAAP Reconciliations			15


Consolidated Balance Sheets
(Unaudited)
(Dollars in Thousands)

													Annualized
													Mar 2024		Mar 2024
													vs.		vs.
	As of										Dec 2023	Mar 2023
	Mar 2024		Dec 2023		Sep 2023		Jun 2023		Mar 2023				Percent variance		Percent variance
ASSETS
Cash and due from banks	$	124,772	$	146,542	$	188,317	$	147,646	$	133,874			(59.7)	%	(6.80)	%
Federal funds sold and reverse repurchase agreements	100,785		83,324		129,885		48,346		63,994				84.3	%	57.5	%
Interest-bearing deposits in financial institutions	645,173		581,066		530,116		964,362		1,122,083				44.4	%	(42.5)	%
Cash and cash equivalents	870,730		810,932		848,318		1,160,354		1,319,951				29.7	%	(34.0)	%
Investments:
Available-for-sale debt securities, at fair value	1,464,682		1,471,973		1,348,219		1,419,360		1,471,005				(1.99)	%	(0.43)	%
Equity securities, at fair value	—		—		2,934		3,031		3,059				(100.0)	%	(100.0)	%
Federal Home Loan Bank stock, at cost	33,948		34,190		34,809		40,266		43,369				(2.85)	%	(21.7)	%
Mortgage loans held for sale	82,704		67,847		94,598		89,864		73,005				88.1	%	13.29	%
Commercial loans held for sale, at fair value	—		—		9,260		9,267		9,510				(100.0)	%	(100.0)	%
Loans held for investment	9,288,909		9,408,783		9,287,225		9,326,024		9,365,996				(5.12)	%	(0.82)	%
Less: allowance for credit losses on loans HFI	151,667		150,326		146,134		140,664		138,809				3.59	%	9.26	%
Net loans held for investment	9,137,242		9,258,457		9,141,091		9,185,360		9,227,187				(5.27)	%	(0.97)	%
Premises and equipment, net	155,271		155,731		156,081		154,526		153,397				(1.19)	%	1.22	%
Other real estate owned, net	3,613		3,192		1,504		1,974		4,085				53.0	%	(11.6)	%
Operating lease right-of-use assets	51,421		54,295		56,240		56,560		57,054				(21.3)	%	(9.87)	%
Interest receivable	53,506		52,715		49,205		44,973		44,737				6.04	%	19.6	%
Mortgage servicing rights, at fair value	165,674		164,249		172,710		166,433		164,879				3.49	%	0.48	%
Goodwill	242,561		242,561		242,561		242,561		242,561				—	%	—	%
Core deposit and other intangibles, net	7,920		8,709		9,549		10,438		11,378				(36.4)	%	(30.4)	%
Bank-owned life insurance	76,574		76,143		75,739		75,341		74,963				2.28	%	2.15	%
Other assets	202,474		203,409		246,813		227,087		201,007				(1.85)	%	0.73	%
Total assets	$	12,548,320	$	12,604,403	$	12,489,631	$	12,887,395	$	13,101,147			(1.79)	%	(4.22)	%
LIABILITIES AND SHAREHOLDERS' EQUITY
Liabilities:
Deposits
Noninterest-bearing	$	2,182,121	$	2,218,382	$	2,358,435	$	2,400,288	$	2,489,149			(6.57)	%	(12.3)	%
Interest-bearing checking	2,421,487		2,504,421		2,554,641		2,879,336		3,292,883				(13.3)	%	(26.5)	%
Money market and savings	4,298,938		4,204,851		4,119,357		3,971,975		3,904,013				9.00	%	10.1	%
Customer time deposits	1,471,190		1,469,811		1,431,119		1,381,176		1,496,024				0.38	%	(1.66)	%
Brokered and internet time deposits	131,192		150,822		175,516		239,480		846				(52.3)	%	NM
Total deposits	10,504,928		10,548,287		10,639,068		10,872,255		11,182,915				(1.65)	%	(6.06)	%
Borrowings	360,821		390,964		226,689		390,354		312,131				(31.0)	%	15.6	%
Operating lease liabilities	64,562		67,643		67,542		67,304		67,345				(18.3)	%	(4.13)	%
Accrued expenses and other liabilities	138,390		142,622		183,338		170,438		168,967				(11.93)	%	(18.1)	%
Total liabilities	11,068,701		11,149,516		11,116,637		11,500,351		11,731,358				(2.92)	%	(5.65)	%
Shareholders' equity:
Common stock, $1 par value	46,897		46,849		46,839		46,799		46,763				0.41	%	0.29	%
Additional paid-in capital	866,803		864,258		862,340		859,516		856,628				1.18	%	1.19	%
Retained earnings	698,310		678,412		656,120		644,043		615,871				11.8	%	13.4	%
Accumulated other comprehensive loss, net	(132,484)		(134,725)		(192,398)		(163,407)		(149,566)				(6.69)	%	(11.4)	%
Total common shareholders' equity	1,479,526		1,454,794		1,372,901		1,386,951		1,369,696				6.84	%	8.02	%
Noncontrolling interest	93		93		93		93		93				—	%	—	%
Total equity	1,479,619		1,454,887		1,372,994		1,387,044		1,369,789				6.84	%	8.02	%
Total liabilities and shareholders' equity	$	12,548,320	$	12,604,403	$	12,489,631	$	12,887,395	$	13,101,147			(1.79)	%	(4.22)	%


Non-GAAP Reconciliations (continued)

(Unaudited)
(Dollars in Thousands, Except Share Data)

	Three Months Ended
Adjusted pre-tax pre-provision net revenue	Mar 2024		Dec 2023		Sep 2023		Jun 2023		Mar 2023
Income before income taxes	$	34,250	$	35,922	$	23,150	$	45,142	$	46,078
Plus provisions for credit losses	782		305		2,821		(1,078)		491
Pre-tax pre-provision net revenue	35,032		36,227		25,971		44,064		46,569
Less (loss) gain from securities, net	(16,213)		183		(14,197)		(28)		69
Less gain (loss) on sales or write-downs of other real estate owned and other assets	565		(492)		115		533		(183)
Less (loss) gain from changes in fair value of commercial loans held for sale	—		(3,009)		(7)		(8)		910
Plus early retirement, severance and other costs	—		2,214		4,809		1,426		—
Plus loss (gain) on lease terminations	—		1,843		—		(1)		(72)
Plus FDIC special assessment	500		1,788		—		—		—

Adjusted pre-tax pre-provision net revenue	$	51,180	$	45,390	$	44,869	$	44,992	$	45,701



	Three Months Ended
Adjusted tangible net income	Mar 2024		Dec 2023		Sep 2023		Jun 2023		Mar 2023
Income before income taxes	$	34,250	$	35,922	$	23,150	$	45,142	$	46,078

Plus amortization of core deposit and other intangibles	789		840		889		940		990
Less (loss) gain from securities, net	(16,213)		183		(14,197)		(28)		69
Less gain (loss) on sales or write-downs of other real estate owned and other assets	565		(492)		115		533		(183)
Less (loss) gain from changes in fair value of commercial loans held for sale	—		(3,009)		(7)		(8)		910
Plus early retirement, severance and other costs	—		2,214		4,809		1,426		—
Plus loss (gain) on lease terminations	—		1,843		—		(1)		(72)
Plus FDIC special assessment	500		1,788		—		—		—

Less income tax expense, adjusted for items above	10,714		9,152		9,131		10,322		9,729
Adjusted tangible net income	$	40,473	$	36,773	$	33,806	$	36,688	$	36,471


Non-GAAP Reconciliations (continued)
For the Periods Ended
(Unaudited)
(Dollars in Thousands)

	Three Months Ended
Banking segment core efficiency ratio (tax- equivalent)	Mar 2024			Dec 2023			Sep 2023			Jun 2023			Mar 2023
Banking segment noninterest expense	$	60,344		$	68,463		$	68,712		$	66,208		$	66,752
Less early retirement, severance and other costs	—			2,214			4,809			1,001			—
Less loss on lease terminations	—			1,843			—			—			—
Less FDIC special assessment	$	500		$	1,788		$	—		$	—		$	—
Banking segment core noninterest expense	$	59,844		$	62,618		$	63,903		$	65,207		$	66,752
Banking segment net interest income	97,094			98,426			98,194			98,634			101,287
Banking segment net interest income (tax-equivalent basis)	97,803			99,262			99,030			99,474			102,120
Banking segment noninterest (loss) income	(4,794)			6,889			(4,031)			11,480			11,493
Less (loss) gain from changes in fair value of commercial loans held for sale	—			(3,009)			(7)			(8)			910

Less (loss) gain on sales or write-downs of other real estate owned and other assets	509			(460)			119			558			249
Less gain (loss) from securities, net	(16,213)			183			(14,197)			(28)			69
Banking segment core noninterest income	10,910			10,175			10,054			10,958			10,265
Banking segment total revenue	$	92,300		$	105,315		$	94,163		$	110,114		$	112,780
Banking segment total core revenue (tax-equivalent basis)	$	108,713		$	109,437		$	109,084		$	110,432		$	112,385
Banking segment efficiency ratio	65.4		%	65.0		%	73.0		%	60.1		%	59.2		%
Banking segment core efficiency ratio (tax-equivalent basis)	55.0		%	57.2		%	58.6		%	59.0		%	59.4		%





	Three Months Ended
Mortgage segment core efficiency ratio (tax- equivalent)	Mar 2024			Dec 2023			Sep 2023			Jun 2023			Mar 2023
Mortgage segment noninterest expense	$	12,076		$	11,737		$	14,285		$	15,084		$	13,688
Less severance costs	—			—			—			425			—
Less gain on lease terminations	—			—			—			(1)			(72)



Mortgage segment core noninterest expense	$	12,076		$	11,737		$	14,285		$	14,660		$	13,760
Mortgage segment net interest income	2,396			2,662			2,732			2,909			2,373
Mortgage segment noninterest income	12,756			8,450			12,073			12,333			11,856
Less gain (loss) on sales or write-downs of other real estate owned	56			(32)			(4)			(25)			(432)
Mortgage segment core noninterest income	12,700			8,482			12,077			12,358			12,288
Mortgage segment total revenue	$	15,152		$	11,112		$	14,805		$	15,242		$	14,229
Mortgage segment core total revenue	$	15,096		$	11,144		$	14,809		$	15,267		$	14,661
Mortgage segment efficiency ratio	79.7		%	105.6		%	96.5		%	99.0		%	96.2		%
Mortgage segment core efficiency ratio (tax-equivalent basis)	80.0		%	105.3		%	96.5		%	96.0		%	93.9		%












	Three Months Ended
Adjusted return on average assets, common equity and related measures	Mar 2024			Dec 2023			Sep 2023			Jun 2023			Mar 2023
Net income	$	27,950		$	29,369		$	19,175		$	35,299		$	36,381
Average assets	12,590,079			12,434,575			12,557,158			12,826,449			12,861,614
Average common equity	1,460,736			1,385,373			1,393,253			1,376,818			1,343,227
Return on average assets	0.89		%	0.94		%	0.61		%	1.10		%	1.15		%
Return on average common equity	7.70		%	8.41		%	5.46		%	10.3		%	11.0		%
Adjusted net income	$	39,890		$	36,152		$	33,148		$	35,993		$	35,739
Adjusted return on average assets	1.27		%	1.15		%	1.05		%	1.13		%	1.13		%
Adjusted return on average common equity	11.0		%	10.4		%	9.44		%	10.5		%	10.8		%













Adjusted pre-tax pre-provision net income	$	51,180		$	45,390		$	44,869		$	44,992		$	45,701
Adjusted pre-tax pre-provision return on average assets	1.63		%	1.45		%	1.42		%	1.41		%	1.44		%


Consolidated Statements of Income
(Unaudited)
(Dollars in Thousands, Except Share Data)
													Mar 2024		Mar 2024
													vs.		vs.
	Three Months Ended										Dec 2023	Mar 2023
	Mar 2024		Dec 2023		Sep 2023		Jun 2023		Mar 2023				Percent variance		Percent variance
Interest income:
Interest and fees on loans	$	155,606	$	155,737	$	153,882	$	149,220	$	140,356			(0.08)	%	10.9	%
Interest on securities
Taxable	9,105		7,808		6,399		6,480		6,570				16.6	%	38.6	%
Tax-exempt	1,442		1,746		1,795		1,808		1,804				(17.4)	%	(20.1)	%
Other	9,975		9,544		11,836		12,675		10,750				4.52	%	(7.21)	%
Total interest income	176,128		174,835		173,912		170,183		159,480				0.74	%	10.4	%
Interest expense:
Deposits	72,625		70,873		69,826		65,257		52,863				2.47	%	37.4	%
Borrowings	4,013		2,874		3,160		3,383		2,957				39.6	%	35.7	%
Total interest expense	76,638		73,747		72,986		68,640		55,820				3.92	%	37.3	%
Net interest income	99,490		101,088		100,926		101,543		103,660				(1.58)	%	(4.02)	%
Provision for credit losses on loans HFI	1,852		3,135		6,031		2,575		4,997				(40.9)	%	(62.9)	%
Reversal of credit losses on unfunded commitments	(1,070)		(2,830)		(3,210)		(3,653)		(4,506)				(62.2)	%	(76.3)	%
Net interest income after provisions for credit losses	98,708		100,783		98,105		102,621		103,169				(2.06)	%	(4.32)	%
Noninterest income:
Mortgage banking income	12,585		8,376		11,998		12,232		12,086				50.3	%	4.13	%
Service charges on deposit accounts	3,141		2,957		2,959		3,185		3,053				6.22	%	2.88	%
Investment services and trust income	3,230		3,093		3,072		2,777		2,378				4.43	%	35.8	%
ATM and interchange fees	2,944		2,618		2,639		2,629		2,396				12.5	%	22.9	%
(Loss) gain from securities, net	(16,213)		183		(14,197)		(28)		69				NM		NM
Gain (loss) on sales or write-downs of other real estate owned and other assets	565		(492)		115		533		(183)				(214.8)	%	(408.7)	%

Other income	1,710		(1,396)		1,456		2,485		3,550				(222.5)	%	(51.8)	%
Total noninterest income	7,962		15,339		8,042		23,813		23,349				(48.1)	%	(65.9)	%
Total revenue	107,452		116,427		108,968		125,356		127,009				(7.71)	%	(15.4)	%
Noninterest expenses:
Salaries, commissions and employee benefits	44,618		48,142		54,491		52,020		48,788				(7.32)	%	(8.55)	%
Occupancy and equipment expense	6,614		9,530		6,428		6,281		5,909				(30.6)	%	11.9	%
Data processing	2,408		2,434		2,338		2,345		2,113				(1.07)	%	14.0	%
Legal and professional fees	1,919		1,823		1,760		2,199		3,108				5.27	%	(38.3)	%


Average Balance and Interest Yield/Rate Analysis

(Unaudited)
(Dollars in Thousands)

	Three Months Ended
	March 31, 2024						December 31, 2023
	Average balances		Interest income/ expense		Average yield/ rate		Average balances		Interest income/ expense		Average yield/ rate
Interest-earning assets:
Loans HFI(a)(b)	$	9,386,794	$	154,956	6.64	%	$	9,330,176	$	155,081	6.59	%
Mortgage loans held for sale	48,566		851		7.05	%	47,293		877		7.36	%
Commercial loans held for sale	—		—		—	%	7,281		—		—	%
Securities:
Taxable	1,399,237		9,105		2.62	%	1,361,987		7,808		2.27	%
Tax-exempt(b)	241,379		1,950		3.25	%	283,395		2,361		3.31	%
Total securities(b)	1,640,616		11,055		2.71	%	1,645,382		10,169		2.45	%
Federal funds sold and reverse repurchase agreements	155,380		2,126		5.50	%	107,276		1,518		5.61	%
Interest-bearing deposits with other financial institutions	530,390		7,066		5.36	%	525,763		7,195		5.43	%
FHLB stock	34,051		783		9.25	%	34,556		831		9.54	%
Total interest-earning assets(b)	11,795,797		176,837		6.03	%	11,697,727		175,671		5.96	%
Noninterest-earning assets:
Cash and due from banks	167,732						127,715
Allowance for credit losses on loans HFI	(150,605)						(147,035)
Other assets(c)(d)	777,155						756,168
Total noninterest-earning assets	794,282						736,848
Total assets	$	12,590,079					$	12,434,575
Interest-bearing liabilities:
Interest-bearing deposits:
Interest-bearing checking	$	2,539,084	$	19,016	3.01	%	$	2,500,139	$	18,444	2.93	%
Money market	3,849,080		37,570		3.93	%	3,761,500		36,740		3.88	%
Savings deposits	377,963		62		0.07	%	388,296		67		0.07	%
Customer time deposits	1,457,377		14,124		3.90	%	1,447,094		13,463		3.69	%
Brokered and internet time deposits	140,292		1,853		5.31	%	162,317		2,159		5.28	%
Time deposits	1,597,669		15,977		4.02	%	1,609,411		15,622		3.85	%
Total interest-bearing deposits	8,363,796		72,625		3.49	%	8,259,346		70,873		3.40	%
Other interest-bearing liabilities:
Securities sold under agreements to repurchase and federal funds purchased	24,219		149		2.47	%	31,673		177		2.22	%
Federal Home Loan Bank advances	—		—		—	%	—		—		—	%
Subordinated debt	129,718		2,286		7.09	%	128,621		2,604		8.03	%


Average Balance and Interest Yield/Rate Analysis (continued)

(Unaudited)
(Dollars in Thousands)

	Three Months Ended
	September 30, 2023						June 30, 2023						March 31, 2023
	Average balances		Interest income/ expense		Average yield/ rate		Average balances		Interest income/ expense		Average yield/ rate		Average balances		Interest income/ expense		Average yield/ rate
Interest-earning assets:
Loans HFI(a)(b)	$	9,280,530	$	153,038	6.54	%	$	9,387,284	$	148,415	6.34	%	$	9,346,708	$	139,467	6.05	%
Mortgage loans held for sale	60,291		1,047		6.89	%	63,407		1,005		6.36	%	56,204		927		6.69	%
Commercial loans held for sale	9,259		—		—	%	9,377		3		0.13	%	16,608		159		3.88	%
Securities:
Taxable	1,344,052		6,399		1.89	%	1,374,308		6,480		1.89	%	1,402,535		6,570		1.90	%
Tax-exempt(b)	291,863		2,428		3.30	%	293,739		2,445		3.34	%	294,652		2,440		3.36	%
Total securities(b)	1,635,915		8,827		2.14	%	1,668,047		8,925		2.15	%	1,697,187		9,010		2.15	%
Federal funds sold and reverse repurchase agreements	95,326		1,375		5.72	%	61,799		1,050		6.81	%	188,013		1,855		4.00	%
Interest-bearing deposits with other financial institutions	696,600		9,620		5.48	%	857,862		10,829		5.06	%	728,576		8,008		4.46	%
FHLB stock	36,624		841		9.11	%	42,133		796		7.58	%	47,094		887		7.64	%
Total interest-earning assets(b)	11,814,545		174,748		5.87	%	12,089,909		171,023		5.67	%	12,080,390		160,313		5.38	%
Noninterest-earning assets:
Cash and due from banks	128,780						118,872						154,270
Allowance for credit losses on loans HFI	(140,033)						(138,983)						(134,803)
Other assets(c)(d)	753,866						756,651						761,757
Total noninterest-earning assets	742,613						736,540						781,224
Total assets	$	12,557,158					$	12,826,449					$	12,861,614
Interest-bearing liabilities:
Interest-bearing deposits:
Interest-bearing checking	$	2,668,970	$	20,506	3.05	%	$	3,127,219	$	23,751	3.05	%	$	3,165,058	$	19,060	2.44	%
Money market	3,661,262		34,902		3.78	%	3,516,901		30,053		3.43	%	3,369,953		24,510		2.95	%
Savings deposits	410,403		65		0.06	%	433,530		63		0.06	%	458,023		64		0.06	%
Customer time deposits	1,400,290		11,909		3.37	%	1,426,320		10,658		3.00	%	1,472,221		9,221		2.54	%
Brokered and internet time deposits	182,652		2,444		5.31	%	56,455		732		5.20	%	1,607		8		2.02	%
Time deposits	1,582,942		14,353		3.60	%	1,482,775		11,390		3.08	%	1,473,828		9,229		2.54	%
Total interest-bearing deposits	8,323,577		69,826		3.33	%	8,560,425		65,257		3.06	%	8,466,862		52,863		2.53	%
Other interest-bearing liabilities:
Securities sold under agreements to repurchase and federal funds purchased	30,520		349		4.54	%	30,050		97		1.29	%	27,139		46		0.69	%
Federal Home Loan Bank advances	13,859		204		5.84	%	61,264		784		5.13	%	41,389		499		4.89	%
Subordinated debt	127,605		2,600		8.08	%	127,129		2,496		7.88	%	126,161		2,402		7.72	%


Investments and Other Sources of Liquidity
(Unaudited)
(Dollars in Thousands)

	As of
	Mar 2024					Dec 2023					Sep 2023					Jun 2023					Mar 2023
Investment securities, at fair value
Available-for-sale debt securities:
U.S. government agency securities	$	415,927		28	%	$	203,956		14	%	$	105,801		8	%	$	40,529		3	%	$	40,928		3	%
Mortgage-backed securities - residential	826,214			57	%	896,971			62	%	871,074			65	%	979,400			69	%	1,025,388			71	%
Mortgage-backed securities - commercial	16,615			1	%	16,961			1	%	16,677			1	%	17,254			1	%	17,723			1	%
Municipal securities	171,672			12	%	242,263			16	%	244,611			18	%	267,097			19	%	270,994			18	%
Treasury securities	30,857			2	%	108,496			7	%	106,798			8	%	108,221			8	%	108,823			7	%
Corporate securities	3,397			—	%	3,326			—	%	3,258			—	%	6,859			—	%	7,149			—	%
Total available-for-sale debt securities	1,464,682			100	%	1,471,973			100	%	1,348,219			100	%	1,419,360			100	%	1,471,005			100	%
Equity securities, at fair value	—			—	%	—			—	%	2,934			—	%	3,031			—	%	3,059			—	%
Total investment securities, at fair value	$	1,464,682		100	%	$	1,471,973		100	%	$	1,351,153		100	%	$	1,422,391		100	%	$	1,474,064		100	%
Investment securities to total assets	11.7		%			11.7		%			10.8		%			11.0		%			11.3		%
Unrealized loss on available-for-sale debt securities	$(183,598)					$(186,806)					$(265,048)					$(226,013)					$(207,265)

Sources of liquidity
Current on-balance sheet:
Cash and cash equivalents	$	870,730		63	%	$	810,932		60	%	$	848,318		63	%	$	1,160,354		80	%	$	1,319,951		82	%
Unpledged available-for-sale debt securities	514,724			37	%	542,427			40	%	494,582			37	%	281,098			20	%	286,169			18	%
Equity securities, at fair value	—			—	%	—			—	%	2,934			—	%	3,031			—	%	3,059			—	%
Total on-balance sheet liquidity	$	1,385,454		100	%	$	1,353,359		100	%	$	1,345,834		100	%	$	1,444,483		100	%	$	1,609,179		100	%

Available sources of liquidity:
Unsecured borrowing capacity(a)	$	3,392,255		48	%	$	3,350,026		48	%	$	3,371,911		50	%	$	3,332,710		52	%	$	3,755,059		55	%
FHLB remaining borrowing capacity	1,237,843			18	%	1,297,702			18	%	1,005,295			15	%	548,052			9	%	473,160			7	%
Federal Reserve discount window	2,382,574			34	%	2,431,084			34	%	2,398,285			35	%	2,476,347			39	%	2,548,886			38	%
Total available sources of liquidity	$	7,012,672		100	%	$	7,078,812		100	%	$	6,775,491		100	%	$	6,357,109		100	%	$	6,777,105		100	%

On-balance sheet liquidity as a percentage of total assets	11.0		%			10.7		%			10.8		%			11.2		%			12.3		%
On-balance sheet liquidity as a percentage of total tangible assets*	11.3		%			11.0		%			11.0		%			11.4		%			12.5		%
On-balance sheet liquidity and available sources of liquidity as a percentage of estimated uninsured and uncollateralized deposits(b)	268.1		%			269.0		%			264.7		%			258.9		%			257.5		%