EX-99.1

 

                                      

 

Byline Bancorp, Inc. Reports Third Quarter 2018 Financial Results

 

Third Quarter 2018 Highlights

 

Third quarter of 2018 net income of $14.5 million, or $0.39 per diluted share, a record high since our initial public offering

 

 

Net interest margin increases to 4.73% compared to 4.43% for the second quarter of 2018

 

 

 

Originated loans and leases grew to $2.1 billion, an increase of $261.4 million, or 14.6%, from the second quarter of 2018, and $592.2 million, or 40.2%, from the third quarter of 2017

 

 

Efficiency ratio improves to 56.57% for the third quarter of 2018, compared to 83.35% for the second quarter of 2018, and 69.92% for the third quarter of 2017

 

Return on average assets improves to 1.20% for the third quarter of 2018, compared to 0.29% for the second quarter of 2018, and 1.17% for the third quarter of 2017

 

Return on stockholders’ equity improves to 9.22% for the third quarter of 2018, compared to 2.14% for the second quarter of 2018, and 8.44% for the third quarter of 2017

 

 

Chicago, IL, October 25, 2018 – Byline Bancorp, Inc. (the “Company” or “Byline”)(NYSE: BY), the parent company of Byline Bank (the “Bank”), today reported net income of $14.5 million, or $0.39 per diluted share, for the third quarter of 2018, compared with net income of $2.8 million, or $0.08 per diluted share, for the second quarter of 2018, and net income of $9.8 million, or $0.32 per diluted share, for the third quarter of 2017. The Company’s financial results during 2018 include certain costs associated with its acquisition and integration of First Evanston Bancorp, Inc. (“First Evanston”) and its bank subsidiary First Bank & Trust, including merger-related and core system conversion expenses. The acquisition closed on May 31, 2018. Excluding these costs and impairment charges on assets held for sale for each quarter, adjusted net income1 was $14.9 million, or $0.40 per adjusted diluted share, for the third quarter of 2018, compared with $10.6 million, or $0.32 per adjusted diluted share, for the second quarter of 2018. A reconciliation of adjusted net income and adjusted diluted earnings per share to net income and diluted earnings per share, respectively, according to accounting principles generally accepted in the United States of America (“GAAP”) is provided in the financial tables at the end of this release.

Alberto J. Paracchini, President and Chief Executive Officer of Byline, commented, “Our performance for the quarter was strong and characterized by solid organic growth, continued improvements in our operating performance, and focused execution of our strategy. The third quarter represented the first full quarter of operations subsequent to the closing of the First Evanston acquisition, which has benefited our financial performance. We continue to remain focused on ensuring a smooth transition for customers and colleagues, and expect to see continued benefits as we capture the synergies projected for this transaction.

We are very pleased to report to you that we recently signed a definitive agreement to acquire Oak Park River Forest Bankshares, Inc. We believe this acquisition will enhance our position in an attractive Chicago metropolitan market, while also providing an important source of low-cost deposits. We believe

 

(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.

 

 


Byline Bancorp, Inc.

Page 2 of 23

the synergies from this combination will further enhance the value of the Byline franchise,” said Mr. Paracchini.

STATEMENTS OF OPERATIONS

Net Interest Income

The following table presents net interest income for the periods indicated:

 

Three Months Ended

 

 

Nine Months Ended

 

 

 

September 30,

 

 

June 30,

 

 

March 31,

 

 

December 31,

 

 

September 30,

 

 

September 30,

 

 

September 30,

 

(dollars in thousands)

 

2018

 

 

2018

 

 

2018

 

 

2017

 

 

2017

 

 

2018

 

 

2017

 

INTEREST AND DIVIDEND

   INCOME

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Interest and fees on loans

   and leases

 

$

55,045

 

 

$

39,627

 

 

$

33,654

 

 

$

31,896

 

 

$

30,933

 

 

$

128,326

 

 

$

88,510

 

Interest on taxable securities

 

 

5,076

 

 

 

4,572

 

 

 

4,055

 

 

 

3,679

 

 

 

3,720

 

 

 

13,703

 

 

 

11,213

 

Interest on tax-exempt

   securities

 

 

337

 

 

 

229

 

 

 

174

 

 

 

176

 

 

 

174

 

 

 

740

 

 

 

458

 

Other interest and dividend

   income

 

 

615

 

 

 

413

 

 

 

259

 

 

 

205

 

 

 

217

 

 

 

1,287

 

 

 

666

 

Total interest and

   dividend income

 

 

61,073

 

 

 

44,841

 

 

 

38,142

 

 

 

35,956

 

 

 

35,044

 

 

 

144,056

 

 

 

100,847

 

INTEREST EXPENSE

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Deposits

 

 

5,971

 

 

 

3,745

 

 

 

2,498

 

 

 

2,218

 

 

 

2,112

 

 

 

12,214

 

 

 

5,518

 

Federal Home Loan Bank

   advances

 

 

1,723

 

 

 

1,360

 

 

 

1,358

 

 

 

1,009

 

 

 

850

 

 

 

4,441

 

 

 

2,282

 

Subordinated debentures

   and other borrowings

 

 

786

 

 

 

680

 

 

 

591

 

 

 

578

 

 

 

670

 

 

 

2,057

 

 

 

2,286

 

Total interest expense

 

 

8,480

 

 

 

5,785

 

 

 

4,447

 

 

 

3,805

 

 

 

3,632

 

 

 

18,712

 

 

 

10,086

 

Net interest income

 

$

52,593

 

 

$

39,056

 

 

$

33,695

 

 

$

32,151

 

 

$

31,412

 

 

$

125,344

 

 

$

90,761

 

 

 

 


Byline Bancorp, Inc.

Page 3 of 23

The following table presents the quarter-to-date schedule of average interest-earning assets and average interest-bearing liabilities for the periods indicated:

 

For the Three Months Ended

 

 

 

 

 

 

 

September 30,

 

 

 

 

 

 

 

 

 

 

June 30,

 

 

 

 

 

 

 

2018

 

 

2018

 

(dollars in thousands)

 

Average

Balance(5)

 

 

Interest

Inc / Exp

 

 

Average

Yield /

Rate

 

 

Average

Balance(5)

 

 

Interest

Inc / Exp

 

 

Average

Yield /

Rate

 

ASSETS

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Cash and cash equivalents

 

$

107,555

 

 

$

368

 

 

 

1.36

%

 

$

68,019

 

 

$

199

 

 

 

1.17

%

Loans and leases(1)

 

 

3,387,569

 

 

 

55,045

 

 

 

6.45

%

 

 

2,638,757

 

 

 

39,627

 

 

 

6.02

%

Securities available-for-sale

 

 

768,189

 

 

 

4,738

 

 

 

2.45

%

 

 

694,154

 

 

 

4,203

 

 

 

2.43

%

Securities held-to-maturity

 

 

91,892

 

 

 

585

 

 

 

2.53

%

 

 

96,414

 

 

 

583

 

 

 

2.42

%

Tax-exempt securities(2)

 

 

55,656

 

 

 

337

 

 

 

2.40

%

 

 

36,749

 

 

 

229

 

 

 

2.50

%

Total interest-earning assets

 

$

4,410,861

 

 

$

61,073

 

 

 

5.49

%

 

$

3,534,093

 

 

$

44,841

 

 

 

5.09

%

Allowance for loan and lease losses

 

 

(21,557

)

 

 

 

 

 

 

 

 

 

 

(18,292

)

 

 

 

 

 

 

 

 

All other assets

 

 

420,635

 

 

 

 

 

 

 

 

 

 

 

347,383

 

 

 

 

 

 

 

 

 

TOTAL ASSETS

 

$

4,809,939

 

 

 

 

 

 

 

 

 

 

$

3,863,184

 

 

 

 

 

 

 

 

 

LIABILITIES AND STOCKHOLDERS’

   EQUITY

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Deposits

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Interest checking

 

$

316,394

 

 

$

384

 

 

 

0.48

%

 

$

227,760

 

 

$

124

 

 

 

0.22

%

Money market accounts

 

 

618,213

 

 

 

1,200

 

 

 

0.77

%

 

 

469,066

 

 

 

781

 

 

 

0.67

%

Savings

 

 

479,837

 

 

 

148

 

 

 

0.12

%

 

 

454,295

 

 

 

83

 

 

 

0.07

%

Time deposits

 

 

1,084,550

 

 

 

4,239

 

 

 

1.55

%

 

 

864,348

 

 

 

2,757

 

 

 

1.28

%

Total interest-bearing

   deposits

 

 

2,498,994

 

 

 

5,971

 

 

 

0.95

%

 

 

2,015,469

 

 

 

3,745

 

 

 

0.75

%

Federal Home Loan Bank advances

 

 

394,588

 

 

 

1,723

 

 

 

1.73

%

 

 

342,825

 

 

 

1,360

 

 

 

1.59

%

Other borrowed funds

 

 

61,582

 

 

 

786

 

 

 

5.06

%

 

 

57,644

 

 

 

680

 

 

 

4.73

%

Total borrowings

 

 

456,170

 

 

 

2,509

 

 

 

2.18

%

 

 

400,469

 

 

 

2,040

 

 

 

2.04

%

Total interest-bearing liabilities

 

$

2,955,164

 

 

$

8,480

 

 

 

1.14

%

 

$

2,415,938

 

 

$

5,785

 

 

 

0.96

%

Non-interest bearing demand deposits

 

 

1,175,523

 

 

 

 

 

 

 

 

 

 

 

891,175

 

 

 

 

 

 

 

 

 

Other liabilities

 

 

53,631

 

 

 

 

 

 

 

 

 

 

 

37,524

 

 

 

 

 

 

 

 

 

Total stockholders’ equity

 

 

625,621

 

 

 

 

 

 

 

 

 

 

 

518,547

 

 

 

 

 

 

 

 

 

TOTAL LIABILITIES AND

   STOCKHOLDERS’ EQUITY

 

$

4,809,939

 

 

 

 

 

 

 

 

 

 

$

3,863,184

 

 

 

 

 

 

 

 

 

Net interest spread(3)

 

 

 

 

 

 

 

 

 

 

4.35

%

 

 

 

 

 

 

 

 

 

 

4.13

%

Net interest income

 

 

 

 

 

$

52,593

 

 

 

 

 

 

 

 

 

 

$

39,056

 

 

 

 

 

Net interest margin(4)

 

 

 

 

 

 

 

 

 

 

4.73

%

 

 

 

 

 

 

 

 

 

 

4.43

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net loan accretion impact on margin

 

 

 

 

 

$

8,259

 

 

 

0.74

%

 

 

 

 

 

$

3,604

 

 

 

0.41

%

Net interest margin excluding loan

   accretion(6)

 

 

 

 

 

 

 

 

 

 

3.99

%

 

 

 

 

 

 

 

 

 

 

4.02

%

 

(1)

Loan and lease balances are net of deferred origination fees and costs and initial indirect costs.  Non-accrual loans and leases are included in total loan and lease balances.

 

(2)

Interest income and rates exclude the effects of a tax equivalent adjustment to adjust tax exempt investment income on tax exempt investment securities to a fully taxable basis due to immateriality.

 

(3)

Represents the average rate earned on interest-earning assets minus the average rate paid on interest-bearing liabilities.

 

(4)

Represents net interest income (annualized) divided by total average earning assets.

 

(5)

Average balances are average daily balances.

 

(6)

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.

 

 

 

 

 

 


Byline Bancorp, Inc.

Page 4 of 23

The Company previously completed its acquisition of First Evanston in the second quarter of 2018. All references to this transaction in the following narrative are referred to as “the acquisition” or “our recent acquisition.”

Net interest income for the third quarter of 2018 was $52.6 million, an increase of $13.5 million, or 34.7%, from $39.1 million for the second quarter of 2018.

The increase in net interest income was primarily due to:

 

An increase of $15.4 million in interest and fees on loans and leases, primarily due to loans acquired in the acquisition and growth in loan and lease originations; and

 

An increase of $612,000 in interest income on securities, primarily due to additional purchases and securities acquired in the acquisition during the second quarter of 2018.

Partially offset by:

 

An increase of $2.2 million in interest expense on deposits, partially due to deposits assumed as a result of the acquisition, an increase in time deposits driven by promotional campaigns during the quarter, and an increase in average rates on deposits; and

 

An increase of $363,000 in interest expense on Federal Home Loan Bank advances, primarily due to an increase in average advances outstanding during the quarter.

 

 

Net interest margin for the third quarter of 2018 was 4.73%, an increase of 30 basis points compared to 4.43% for the second quarter of 2018. Total net accretion on acquired loans contributed 74 basis points to the net interest margin for the third quarter of 2018 compared to 41 basis points for the second quarter of 2018. The net interest margin increase was primarily driven by increased interest income due to an increase in earning assets as a result of the acquisition.

 

The average cost of total deposits was 0.64% for the third quarter of 2018, an increase of 12 basis points compared to the second quarter of 2018, primarily due to increased rates on interest bearing deposits and a full quarter of the inclusion of First Evanston deposits. Additionally, there was growth in average time deposits of $220.2 million and money market accounts of $149.1 million, partially offset by growth in average non-interest bearing demand deposits of $284.3 million.

Provision for Loan and Lease Losses

The provision for loan and lease losses was $5.8 million for the third quarter of 2018, an increase of $1.8 million compared to $4.0 million for the second quarter of 2018. The third quarter provision included allocations of $3.6 million for originated loans and leases, $2.0 million for acquired non-impaired loans, and $313,000 for acquired impaired loans. The increased provision during the third quarter of 2018 was mainly due to additional specific impairment in the unguaranteed portion of the government guaranteed portfolio and increases to the general reserve driven by originated loan and lease portfolio growth.

 

 


Byline Bancorp, Inc.

Page 5 of 23

Non-interest Income

The following table presents the components of non-interest income for the periods indicated:

 

Three Months Ended

 

 

Nine Months Ended

 

 

 

September 30,

 

 

June 30,

 

 

March 31,

 

 

December 31,

 

 

September 30,

 

 

September 30,

 

 

September 30,

 

(dollars in thousands)

 

2018

 

 

2018

 

 

2018

 

 

2017

 

 

2017

 

 

2018

 

 

2017

 

NON-INTEREST INCOME

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Fees and service charges on

   deposits

 

$

1,825

 

 

$

1,456

 

 

$

1,312

 

 

$

1,304

 

 

$

1,418

 

 

$

4,593

 

 

$

3,985

 

Net servicing fees

 

 

176

 

 

 

459

 

 

 

563

 

 

 

704

 

 

 

959

 

 

 

1,198

 

 

 

2,954

 

ATM and interchange fees

 

 

1,781

 

 

 

1,141

 

 

 

1,218

 

 

 

1,498

 

 

 

1,495

 

 

 

4,140

 

 

 

4,342

 

Net gains on sales of securities

   available-for-sale

 

 

 

 

 

4

 

 

 

 

 

 

 

 

 

 

 

4

 

 

 

8

 

Net gains on sales of loans

 

 

5,015

 

 

 

9,723

 

 

 

7,476

 

 

 

9,036

 

 

 

7,499

 

 

 

22,214

 

 

 

24,026

 

Wealth management and

   trust income

 

 

674

 

 

 

192

 

 

 

 

 

 

 

 

 

 

 

 

866

 

 

 

 

Other non-interest income

 

 

1,672

 

 

 

1,527

 

 

 

859

 

 

 

97

 

 

 

547

 

 

 

4,058

 

 

 

2,104

 

Total non-interest income

 

$

11,143

 

 

$

14,502

 

 

$

11,428

 

 

$

12,639

 

 

$

11,918

 

 

$

37,073

 

 

$

37,419

 

 

Non-interest income for the third quarter of 2018 was $11.1 million, a decrease of $3.4 million compared to $14.5 million for the second quarter of 2018.

The decrease in total non-interest income was primarily due to:

 

A decrease of $4.7 million in net gains on sales of loans, primarily due to a decrease in loans sold coupled with a slight decrease in average premiums; and

 

A decrease of $283,000 in net servicing fees, primarily due to the change in fair value of the servicing asset as a result of changes to valuation assumptions on government guaranteed loans based on a higher interest rate environment and stronger economic growth.

 

 

Partially offset by:

 

An increase of $640,000 in ATM and interchange fees, primarily due to increased interchange fees resulting from a credit card vendor agreement signing bonus; and

 

An increase of $482,000 in wealth management and trust income, a new business line added as a result of the acquisition, in which the third quarter was the first full quarter of operations.

During the third quarter of 2018, the Company sold $59.6 million of government guaranteed loans compared to $95.0 million during the second quarter of 2018, contributing to the decrease in net gains on sale of loans for the quarter. The decrease in sales is primarily due to the timing of loans closed becoming fully funded, decreased premiums in the market, and the seasonality of our origination business.

 

 


Byline Bancorp, Inc.

Page 6 of 23

Non-interest Expense

The following table presents the components of non-interest expense for the periods indicated:

 

  Three Months Ended

 

 

         Nine Months Ended

 

 

 

September 30,

 

 

June 30  

 

 

March 31,

 

 

December 31,

 

 

September 30,

 

 

September 30,

 

 

September 30,

 

(dollars in thousands)

 

2018

 

 

2018

 

 

2018

 

 

2017

 

 

2017

 

 

2018

 

 

2017

 

NON-INTEREST EXPENSE

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Salaries and employee benefits

 

$

21,312

 

 

$

19,244

 

 

$

18,278

 

 

$

17,118

 

 

$

16,323

 

 

$

58,834

 

 

$

50,151

 

Occupancy expense, net

 

 

3,548

 

 

 

4,499

 

 

 

3,755

 

 

 

3,553

 

 

 

3,301

 

 

 

11,802

 

 

 

10,525

 

Equipment expense

 

 

617

 

 

 

558

 

 

 

603

 

 

 

663

 

 

 

630

 

 

 

1,778

 

 

 

1,809

 

Loan and lease related expenses

 

 

1,015

 

 

 

1,471

 

 

 

1,400

 

 

 

1,116

 

 

 

891

 

 

 

3,886

 

 

 

2,569

 

Legal, audit and other professional

   fees

 

 

2,358

 

 

 

4,418

 

 

 

1,851

 

 

 

2,658

 

 

 

1,608

 

 

 

8,627

 

 

 

4,369

 

Data processing

 

 

2,724

 

 

 

10,371

 

 

 

2,301

 

 

 

2,284

 

 

 

2,399

 

 

 

15,396

 

 

 

7,255

 

Net loss (gain) recognized on other

   real estate owned and other related

   expenses

 

 

(284

)

 

 

472

 

 

 

(1

)

 

 

(430

)

 

 

565

 

 

 

187

 

 

 

136

 

Regulatory assessments

 

 

675

 

 

 

366

 

 

 

241

 

 

 

299

 

 

 

326

 

 

 

1,282

 

 

 

894

 

Other intangible assets amortization

   expense

 

 

1,898

 

 

 

1,130

 

 

 

767

 

 

 

767

 

 

 

769

 

 

 

3,795

 

 

 

2,307

 

Advertising and promotions

 

 

537

 

 

 

347

 

 

 

249

 

 

 

232

 

 

 

196

 

 

 

1,133

 

 

 

803

 

Telecommunications

 

 

435

 

 

 

466

 

 

 

418

 

 

 

428

 

 

 

351

 

 

 

1,319

 

 

 

1,165

 

Other non-interest expense

 

 

3,121

 

 

 

2,428

 

 

 

2,057

 

 

 

1,670

 

 

 

3,706

 

 

 

7,606

 

 

 

7,182

 

Total non-interest expense

 

$

37,956

 

 

$

45,770

 

 

$

31,919

 

 

$

30,358

 

 

$

31,065

 

 

$

115,645

 

 

$

89,165

 

 

Non-interest expense for the third quarter of 2018 was $38.0 million, a decrease of $7.8 million from $45.8 million for the second quarter of 2018.

The decrease in total non-interest expense was primarily due to:

 

A decrease of $7.6 million in data processing expense, primarily due to a one-time contract termination expense incurred during the second quarter related to the Bank’s upcoming core system conversion;

 

A decrease of $2.1 million in legal, audit and other professional fees, primarily due to professional services previously incurred related to the acquisition and system conversion; and

 

A decrease of $756,000 in net loss (gain) recognized on other real estate owned and other related expenses, primarily due to net gains recorded on two other real estate owned property sales during the quarter, compared to a net loss of $472,000 incurred during the second quarter of 2018, primarily due to net losses recorded on two property sales.

Partially offset by:

 

An increase of $2.1 million in salaries and employee benefits, primarily due to additional salary and employee benefit expenses resulting from the acquisition and incentive payments for targeted achievements; and

 

An increase of $768,000 in other intangible assets amortization expense, due to a full quarter of amortization of intangible assets as a result of the acquisition.

The Company’s efficiency ratio was 56.57% for the third quarter of 2018, compared with 83.35% for the second quarter of 2018. Approximately $9.0 million of expenses were previously recognized during the second quarter of 2018 relating to the Bank’s planned core system conversion, including consulting fees and contract termination expense. Excluding merger-related expenses, core system conversion

 

 


Byline Bancorp, Inc.

Page 7 of 23

expenses, and impairment charges on assets held for sale, the Company’s adjusted efficiency ratio1 was 55.79% for the third quarter of 2018, compared with 63.48% for the second quarter of 2018.

INCOME TAXES

The Company recorded income tax expense of $5.4 million during the third quarter of 2018, an effective tax rate of 27.1%, compared to $1.1 million during the second quarter of 2018, an effective tax rate of 27.8%, an increase of $4.3 million. The increase was primarily due to the increase in net income recorded during the quarter.

STATEMENTS OF FINANCIAL CONDITION

Total assets were $4.9 billion at September 30, 2018, an increase of $112.1 million compared to $4.8 billion at June 30, 2018, and an increase of $1.6 billion compared to $3.4 billion at December 31, 2017.

The current quarter increase was primarily due to:

 

An increase in loans and leases of $107.1 million, primarily due to an increase of $261.4 million in our originated loan portfolio, partially offset by a decrease of $154.3 million in our acquired loan portfolio; and

 

An increase in securities of $33.7 million mainly due to additional purchases during the quarter, which included U.S. Treasury securities of $15.0 million and government guaranteed mortgage-backed securities of $19.9 million.

Partially offset by:

 

A decrease in due from counterparty of $11.1 million due to the timing of the settlement of loans sold at September 30, 2018; and

 

A decrease in deferred tax assets, net of $6.6 million, primarily due to utilization of net operating loss carryforwards.

 

 


Byline Bancorp, Inc.

Page 8 of 23

The following table shows our allocation of the originated, acquired impaired and acquired non-impaired loans and leases at the dates indicated:

 

September 30, 2018

 

 

June 30, 2018

 

 

December 31, 2017

 

(dollars in thousands)

 

Amount

 

 

% of Total

 

 

Amount

 

 

% of Total

 

 

Amount

 

 

% of Total

 

Originated loans and leases

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Commercial real estate

 

$

619,767

 

 

 

17.9

%

 

$

539,529

 

 

 

16.1

%

 

$

513,622

 

 

 

22.5

%

Residential real estate

 

 

445,717

 

 

 

12.9

%

 

 

413,956

 

 

 

12.4

%

 

 

400,571

 

 

 

17.6

%

Construction, land development, and

   other land

 

 

140,391

 

 

 

4.1

%

 

 

134,004

 

 

 

4.0

%

 

 

97,638

 

 

 

4.3

%

Commercial and industrial

 

 

696,750

 

 

 

20.2

%

 

 

556,340

 

 

 

16.6

%

 

 

416,499

 

 

 

18.3

%

Installment and other

 

 

7,729

 

 

 

0.2

%

 

 

4,898

 

 

 

0.1

%

 

 

3,724

 

 

 

0.2

%

Leasing financing receivables

 

 

155,825

 

 

 

4.5

%

 

 

156,017

 

 

 

4.7

%

 

 

141,329

 

 

 

6.2

%

Total originated loans and leases

 

$

2,066,179

 

 

 

59.8

%

 

$

1,804,744

 

 

 

53.9

%

 

$

1,573,383

 

 

 

69.1

%

Acquired impaired loans

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Commercial real estate

 

$

154,108

 

 

 

4.5

%

 

$

162,621

 

 

 

4.9

%

 

$

166,712

 

 

 

7.3

%

Residential real estate

 

 

120,963

 

 

 

3.5

%

 

 

129,737

 

 

 

3.9

%

 

 

144,562

 

 

 

6.4

%

Construction, land development, and

   other land

 

 

4,203

 

 

 

0.1

%

 

 

4,860

 

 

 

0.1

%

 

 

5,946

 

 

 

0.3

%

Commercial and industrial

 

 

14,436

 

 

 

0.4

%

 

 

15,347

 

 

 

0.4

%

 

 

10,008

 

 

 

0.4

%

Installment and other

 

 

458

 

 

 

0.0

%

 

 

521

 

 

 

0.0

%

 

 

462

 

 

 

0.0

%

Total acquired impaired loans

 

$

294,168

 

 

 

8.5

%

 

$

313,086

 

 

 

9.3

%

 

$

327,690

 

 

 

14.4

%

Acquired non-impaired loans and leases

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Commercial real estate

 

$

498,329

 

 

 

14.4

%

 

$