Quarter ended | Year ended | |||||||
Dec 31, 2021 | Dec 31, 2021 | |||||||
($ in thousands, except per share data) | Pretax income | EPS | Pretax income | EPS | ||||
Merger-related expenses | $ | (2,320) | $ | (0.04) | $ | (22,082) | $ | (0.49) |
FCBP CECL double count | - | - | (25,353) | (0.55) | ||||
Branch-closure expenses | - | - | (3,441) | (0.07) |
Quarter ended | ||||||||||
($ in thousands, except per share data) |
Dec 31, 2021 |
Sep 30, 2021 |
Jun 30, 2021 |
Mar 31, 2021 |
Dec 31, 2020 | |||||
PPP loans outstanding, net of deferred fees | $ | 271,958 | $ | 438,959 | $ | 396,660 | $ | 737,660 | $ | 698,645 |
Average PPP loans outstanding, net | 365,295 | 489,104 | 664,375 | 692,161 | 806,697 | |||||
PPP average loan size | 218 | 210 | 171 | 220 | 187 | |||||
PPP interest and fee income | 4,864 | 6,048 | 7,940 | 8,475 | 10,261 | |||||
PPP deferred fees | 4,215 | 7,428 | 12,243 | 16,676 | 11,304 | |||||
PPP average yield | 5.28 | % | 4.91 | % | 4.79 | % | 4.97 | % | 5.06 | % |
Quarter ended | ||||||||||||||||||||
Dec 31, 2021 |
Sep 30, 2021 |
Jun 30, 2021 |
Mar 31, 2021 |
Dec 31, 2020 | ||||||||||||||||
Financial Metrics: | As Reported | Excluding PPP* | As Reported | Excluding PPP* | As Reported | Excluding PPP* | As Reported | Excluding PPP* | As Reported | Excluding PPP* | ||||||||||
EPS | $ | 1.33 | $ | 1.23 | $ | 0.38 | $ | 0.25 | $ | 1.23 | $ | 1.04 | $ | 0.96 | $ | 0.75 | $ | 1.00 | $ | 0.73 |
ROAA | 1.52 | % | 1.45 | % | 0.45 | % | 0.31 | % | 1.50 | % | 1.35 | % | 1.22 | % | 1.03 | % | 1.26 | % | 1.01 | % |
PPNR ROAA* | 1.89 | % | 1.80 | % | 1.81 | % | 1.68 | % | 1.85 | % | 1.65 | % | 1.66 | % | 1.41 | % | 2.07 | % | 1.78 | % |
Tangible common equity/tangible assets* | 8.13 | % | 8.31 | % | 8.40 | % | 8.71 | % | 8.32 | % | 8.66 | % | 8.18 | % | 8.84 | % | 8.40 | % | 9.07 | % |
Leverage ratio | 9.7 | % | 10.0 | % | 9.7 | % | 10.2 | % | 9.4 | % | 10.0 | % | 9.5 | % | 10.2 | % | 10.0 | % | 11.0 | % |
NIM | 3.32 | % | 3.26 | % | 3.40 | % | 3.33 | % | 3.46 | % | 3.36 | % | 3.50 | % | 3.39 | % | 3.66 | % | 3.52 | % |
Allowance for credit losses/loans | 1.61 | % | 1.84 | % | 1.67 | % | 1.94 | % | 1.77 | % | 2.09 | % | 1.80 | % | 2.22 | % | 1.89 | % | 2.31 | % |
* Non-GAAP measures. Refer to discussion and reconciliation of these measures in the accompanying financial tables. Calculations not adjusted for increase in average deposits or increase in deposit expense, as applicable. |
Quarter ended | ||||||||||||||||||
December 31, 2021 | September 30, 2021 | December 31, 2020 | ||||||||||||||||
($ in thousands) |
Average Balance |
Interest Income/ Expense | Average Yield/ Rate |
Average Balance |
Interest Income/ Expense | Average Yield/ Rate |
Average Balance |
Interest Income/ Expense | Average Yield/ Rate | |||||||||
Assets | ||||||||||||||||||
Interest-earning assets: | ||||||||||||||||||
Loans* | $ | 9,030,982 | $ | 98,412 | 4.32 | % | $ | 8,666,353 | $ | 94,465 | 4.32 | % | $ | 6,780,702 | $ | 76,044 | 4.46 | % |
Debt and equity investments* | 1,753,159 | 10,146 | 2.30 | 1,594,938 | 9,583 | 2.38 | 1,395,806 | 8,986 | 2.56 | |||||||||
Short-term investments | 1,589,008 | 590 | 0.15 | 1,251,988 | 480 | 0.15 | 347,629 | 120 | 0.14 | |||||||||
Total earning assets | 12,373,149 | 109,148 | 3.50 | 11,513,279 | 104,528 | 3.60 | 8,524,137 | 85,150 | 3.97 | |||||||||
Noninterest-earning assets | 894,044 | 821,279 | 617,022 | |||||||||||||||
Total assets | $ | 13,267,193 | $ | 12,334,558 | $ | 9,141,159 | ||||||||||||
Liabilities and Shareholders' Equity | ||||||||||||||||||
Interest-bearing liabilities: | ||||||||||||||||||
Interest-bearing transaction accounts | $ | 2,383,059 | $ | 491 | 0.08 | % | $ | 2,228,466 | $ | 459 | 0.08 | % | $ | 1,584,369 | $ | 265 | 0.07 | % |
Money market accounts | 2,853,655 | 1,412 | 0.20 | 2,675,405 | 1,294 | 0.19 | 2,175,111 | 1,016 | 0.19 | |||||||||
Savings | 776,695 | 64 | 0.03 | 747,927 | 61 | 0.03 | 620,248 | 46 | 0.03 | |||||||||
Certificates of deposit | 616,347 | 831 | 0.53 | 604,594 | 927 | 0.61 | 567,456 | 1,739 | 1.22 | |||||||||
Total interest-bearing deposits | 6,629,756 | 2,798 | 0.17 | 6,256,392 | 2,741 | 0.17 | 4,947,184 | 3,066 | 0.25 | |||||||||
Subordinated debentures | 171,453 | 2,439 | 5.64 | 204,011 | 2,855 | 5.55 | 203,564 | 2,824 | 5.52 | |||||||||
FHLB advances | 50,000 | 199 | 1.58 | 89,457 | 211 | 0.94 | 244,730 | 603 | 0.98 | |||||||||
Securities sold under agreements to repurchase | 246,525 | 60 | 0.10 | 216,403 | 58 | 0.11 | 231,836 | 64 | 0.11 | |||||||||
Other borrowings | 24,270 | 85 | 1.39 | 25,699 | 90 | 1.39 | 30,095 | 110 | 1.45 | |||||||||
Total interest-bearing liabilities | 7,122,004 | 5,581 | 0.31 | 6,791,962 | 5,955 | 0.35 | 5,657,409 | 6,667 | 0.47 | |||||||||
Noninterest-bearing liabilities: | ||||||||||||||||||
Demand deposits | 4,537,247 | 4,040,761 | 2,363,890 | |||||||||||||||
Other liabilities | 112,546 | 107,739 | 127,843 | |||||||||||||||
Total liabilities | 11,771,797 | 10,940,462 | 8,149,142 | |||||||||||||||
Shareholders' equity | 1,495,396 | 1,394,096 | 992,017 | |||||||||||||||
Total liabilities and shareholders' equity | $ | 13,267,193 | $ | 12,334,558 | $ | 9,141,159 | ||||||||||||
Total net interest income | $ | 103,567 | $ | 98,573 | $ | 78,483 | ||||||||||||
Net interest margin | 3.32 | % | 3.40 | % | 3.66 | % | ||||||||||||
* Non-taxable income is presented on a tax-equivalent basis using a 25.2% and 24.7% tax rate in 2021 and 2020, respectively. The tax-equivalent adjustments were $1.5 million for the three months ended December 31, 2021, $1.3 million for the three months ended September 30, 2021, and $1.0 million for the three months ended December 31, 2020. |
Quarter ended | ||||||||||||||
September 30, 2021 | ||||||||||||||
($ in thousands) | December 31, 2021 |
FCBPa
|
Legacy EFSCa
| Consolidated | June 30, 2021 | March 31, 2021 |
December 31, 2020b
| |||||||
C&I | $ | 1,538,155 | $ | 242,740 | $ | 1,215,338 | $ | 1,458,078 | $ | 1,116,229 | $ | 1,048,839 | $ | 1,103,060 |
CRE investor owned | 1,955,087 | 553,490 | 1,381,794 | 1,935,284 | 1,467,243 | 1,491,244 | 1,420,905 | |||||||
CRE owner occupied | 1,112,463 | 301,929 | 861,307 | 1,163,236 | 789,220 | 805,581 | 825,846 | |||||||
SBA loans* | 1,241,449 | 160,833 | 1,038,925 | 1,199,758 | 1,010,727 | 941,075 | 895,930 | |||||||
Sponsor finance* | 508,469 | - | 454,431 | 454,431 | 463,744 | 394,207 | 396,487 | |||||||
Life insurance premium financing* | 593,562 | - | 572,492 | 572,492 | 564,366 | 543,084 | 534,092 | |||||||
Tax credits* | 486,881 | - | 462,168 | 462,168 | 423,258 | 387,968 | 382,602 | |||||||
SBA PPP loans | 271,958 | 206,284 | 232,675 | 438,959 | 396,660 | 737,660 | 698,645 | |||||||
Residential real estate | 430,985 | 226,321 | 293,538 | 519,859 | 302,007 | 299,517 | 318,091 | |||||||
Construction and land development | 625,526 | 219,600 | 432,627 | 652,227 | 467,586 | 438,303 | 474,399 | |||||||
Other | 253,107 | 32,547 | 227,544 | 260,091 | 225,227 | 201,303 | 174,878 | |||||||
Total Loans | $ | 9,017,642 | $ | 1,943,744 | $ | 7,172,839 | $ | 9,116,583 | $ | 7,226,267 | $ | 7,288,781 | $ | 7,224,935 |
Total loan yield | 4.32 | % | 4.32 | % | 4.35 | % | 4.35 | % | 4.46 | % | ||||
Variable interest rate loans to total loans | 63 | % | 63 | % | 57 | % | 56 | % | 57 | % | ||||
Certain prior period amounts have been reclassified among the categories to conform to the current period presentation. | ||||||||||||||
*Specialty loan category
| ||||||||||||||
a Amounts reported are as of September 30, 2021 and are separately shown attributable to the FCBP loan portfolio acquired on July 21, 2021, and the Company's pre-FCBP acquisition loan portfolio.
| ||||||||||||||
b $1.2 billion is attributable to the Seacoast loan portfolio acquired on November 12, 2020.
|
Quarter ended | ||||||||||
($ in thousands) |
December 31, 2021 |
September 30, 2021 |
June 30, 2021 |
March 31, 2021 |
December 31, 2020 | |||||
Nonperforming loans* | $ | 28,024 | $ | 41,554 | $ | 42,252 | $ | 36,659 | $ | 38,507 |
Other real estate | 3,493 | 3,493 | 3,612 | 6,164 | 5,330 | |||||
Nonperforming assets* | $ | 31,517 | $ | 45,047 | $ | 45,864 | $ | 42,823 | $ | 43,837 |
Nonperforming loans to total loans | 0.31 | % | 0.46 | % | 0.58 | % | 0.50 | % | 0.53 | % |
Nonperforming assets to total assets | 0.23 | % | 0.35 | % | 0.44 | % | 0.42 | % | 0.45 | % |
Allowance for credit losses to total loans | 1.61 | % | 1.67 | % | 1.77 | % | 1.80 | % | 1.89 | % |
Net charge-offs (recoveries) | $ | 3,263 | $ | 1,850 | $ | 869 | $ | 5,647 | $ | (612) |
*Excludes government guaranteed balances. |
Quarter ended | ||||||||||||||
September 30, 2021 | ||||||||||||||
($ in thousands) | December 31, 2021 |
FCBPa
|
Legacy EFSCa
| Consolidated | June 30, 2021 | March 31, 2021 |
December 31, 2020b
| |||||||
Noninterest-bearing accounts | $ | 4,578,436 | $ | 1,041,622 | $ | 3,334,091 | $ | 4,375,713 | $ | 3,111,581 | $ | 2,910,216 | $ | 2,711,828 |
Interest-bearing transaction accounts | 2,465,884 | 317,301 | 1,936,338 | 2,253,639 | 2,013,129 | 1,990,308 | 1,768,497 | |||||||
Money market and savings accounts | 3,691,186 | 370,179 | 3,201,073 | 3,571,252 | 3,000,460 | 3,093,569 | 2,954,969 | |||||||
Brokered certificates of deposit | 128,970 | 78,714 | 50,209 | 128,923 | 50,209 | 50,209 | 50,209 | |||||||
Other certificates of deposit | 479,323 | 51,832 | 446,416 | 498,248 | 464,125 | 471,142 | 499,886 | |||||||
Total deposit portfolio | $ | 11,343,799 | $ | 1,859,648 | $ | 8,968,127 | $ | 10,827,775 | $ | 8,639,504 | $ | 8,515,444 | $ | 7,985,389 |
Noninterest-bearing deposits to total deposits | 40.4 | % | 56.0 | % | 37.2 | % | 40.4 | % | 36.0 | % | 34.2 | % | 34.0 | % |
aAmounts reported are as of September 30, 2021 and are shown separately attributable to the FCBP deposit portfolio acquired on July 21, 2021, and the Company's pre-FCBP acquisition deposit portfolio.
| ||||||||||||||
b $1.1 billion is attributable to the Seacoast deposit portfolio acquired on November 12, 2020.
|
Linked quarter comparison | Prior year comparison | |||||||||||||
Quarter ended | Quarter ended | |||||||||||||
($ in thousands) | December 31, 2021 | September 30, 2021 | Increase (decrease) | December 31, 2020 | Increase (decrease) | |||||||||
Deposit service charges | $ | 3,962 | $ | 4,520 | $ | (558) | (12) | % | $ | 3,160 | $ | 802 | 25 | % |
Wealth management revenue | 2,687 | 2,573 | 114 | 4 | % | 2,449 | 238 | 10 | % | |||||
Card services revenue | 3,223 | 3,186 | 37 | 1 | % | 2,511 | 712 | 28 | % | |||||
Tax credit income | 4,374 | 3,325 | 1,049 | 32 | % | 4,048 | 326 | 8 | % | |||||
Miscellaneous income | 8,384 | 4,015 | 4,369 | 109 | % | 6,338 | 2,046 | 32 | % | |||||
Total noninterest income | $ | 22,630 | $ | 17,619 | $ | 5,011 | 28 | % | $ | 18,506 | $ | 4,124 | 22 | % |
Quarter ended | ||||||||||
Percent | December 31, 2021 | September 30, 2021 | June 30, 2021 | March 31, 2021 | December 31, 2020 | |||||
Total risk-based capital to risk-weighted assets | 14.7 | % | 14.5 | % | 14.9 | % | 15.1 | % | 14.9 | % |
Tier 1 capital to risk weighted assets | 13.0 | % | 12.2 | % | 12.3 | % | 12.3 | % | 12.1 | % |
Common equity tier 1 capital to risk-weighted assets | 11.3 | % | 11.2 | % | 11.1 | % | 11.0 | % | 10.9 | % |
Tangible common equity to tangible assets1
| 8.1 | % | 8.4 | % | 8.3 | % | 8.2 | % | 8.4 | % |
Quarter ended | Year ended | |||||||||||||
($ in thousands, except per share data) |
Dec 31, 2021 |
Sep 30, 2021 |
Jun 30, 2021 |
Mar 31, 2021 |
Dec 31, 2020 |
Dec 31, 2021 |
Dec 31, 2020 | |||||||
EARNINGS SUMMARY | ||||||||||||||
Net interest income | $ | 102,060 | $ | 97,273 | $ | 81,738 | $ | 79,123 | $ | 77,446 | $ | 360,194 | $ | 270,001 |
Provision (benefit) for credit losses | (3,660) | 19,668 | (2,669) | 46 | 9,463 | 13,385 | 65,398 | |||||||
Noninterest income | 22,630 | 17,619 | 16,204 | 11,290 | 18,506 | 67,743 | 54,503 | |||||||
Noninterest expense | 63,694 | 76,885 | 52,456 | 52,884 | 51,050 | 245,919 | 167,159 | |||||||
Income before income tax expense | 64,656 | 18,339 | 48,155 | 37,483 | 35,439 | 168,633 | 91,947 | |||||||
Income tax expense | 13,845 | 4,426 | 9,750 | 7,557 | 6,508 | 35,578 | 17,563 | |||||||
Net income | $ | 50,811 | $ | 13,913 | $ | 38,405 | $ | 29,926 | $ | 28,931 | $ | 133,055 | $ | 74,384 |
Diluted earnings per share | $ | 1.33 | $ | 0.38 | $ | 1.23 | $ | 0.96 | $ | 1.00 | $ | 3.86 | $ | 2.76 |
Return on average assets | 1.52 | % | 0.45 | % | 1.50 | % | 1.22 | % | 1.26 | % | 1.16 | % | 0.90 | % |
Return on average common equity | 13.81 | % | 3.96 | % | 13.79 | % | 11.07 | % | 11.60 | % | 10.49 | % | 8.24 | % |
Return on average tangible common equity | 18.81 | % | 5.37 | % | 18.44 | % | 14.92 | % | 15.73 | % | 14.18 | % | 11.23 | % |
Net interest margin (tax equivalent) | 3.32 | % | 3.40 | % | 3.46 | % | 3.50 | % | 3.66 | % | 3.41 | % | 3.56 | % |
Efficiency ratio | 51.08 | % | 66.92 | % | 53.56 | % | 58.49 | % | 53.20 | % | 57.47 | % | 51.51 | % |
Core efficiency ratio1
| 49.22 | % | 51.30 | % | 51.86 | % | 55.02 | % | 50.93 | % | 51.61 | % | 50.96 | % |
Total loans | $ | 9,017,642 | $ | 9,116,583 | $ | 7,226,267 | $ | 7,288,781 | $ | 7,224,935 | ||||
Total average loans | $ | 9,030,982 | $ | 8,666,353 | $ | 7,306,471 | $ | 7,192,776 | $ | 6,780,701 | $ | 8,055,873 | $ | 6,071,496 |
Total assets | $ | 13,537,358 | $ | 12,888,016 | $ | 10,346,993 | $ | 10,190,699 | $ | 9,751,571 | ||||
Total average assets | $ | 13,267,193 | $ | 12,334,558 | $ | 10,281,344 | $ | 9,940,052 | $ | 9,141,159 | $ | 11,467,310 | $ | 8,253,913 |
Total deposits | $ | 11,343,799 | $ | 10,827,775 | $ | 8,639,504 | $ | 8,515,444 | $ | 7,985,389 | ||||
Total average deposits | $ | 11,167,003 | $ | 10,297,153 | $ | 8,580,211 | $ | 8,207,379 | $ | 7,311,074 | $ | 9,573,056 | $ | 6,593,893 |
Period end common shares outstanding | 37,820 | 38,372 | 31,185 | 31,259 | 31,210 | |||||||||
Dividends per common share | $ | 0.20 | $ | 0.19 | $ | 0.18 | $ | 0.18 | $ | 0.18 | $ | 0.75 | $ | 0.72 |
Tangible book value per common share | $ | 28.28 | $ | 27.38 | $ | 26.85 | $ | 25.92 | $ | 25.48 | ||||
Tangible common equity to tangible assets1
| 8.13 | % | 8.40 | % | 8.32 | % | 8.18 | % | 8.40 | % | ||||
Total risk-based capital to risk-weighted assets | 14.7 | % | 14.5 | % | 14.9 | % | 15.1 | % | 14.9 | % | ||||
1Refer to Reconciliations of Non-GAAP Financial Measures table for a reconciliation of these measures to GAAP.
|
Quarter ended | Year ended | |||||||||||||
($ in thousands, except per share data) |
Dec 31, 2021 |
Sep 30, 2021 |
Jun 30, 2021 |
Mar 31, 2021 |
Dec 31, 2020 |
Dec 31, 2021 |
Dec 31, 2020 | |||||||
INCOME STATEMENTS | ||||||||||||||
NET INTEREST INCOME | ||||||||||||||
Total interest income | $ | 107,641 | $ | 103,228 | $ | 87,401 | $ | 84,960 | $ | 84,113 | $ | 383,230 | $ | 304,779 |
Total interest expense | 5,581 | 5,955 | 5,663 | 5,837 | 6,667 | 23,036 | 34,778 | |||||||
Net interest income | 102,060 | 97,273 | 81,738 | 79,123 | 77,446 | 360,194 | 270,001 | |||||||
Provision (benefit) for credit losses | (3,660) | 19,668 | (2,669) | 46 | 9,463 | 13,385 | 65,398 | |||||||
Net interest income after provision for credit losses | 105,720 | 77,605 | 84,407 | 79,077 | 67,983 | 346,809 | 204,603 | |||||||
NONINTEREST INCOME | ||||||||||||||
Deposit service charges | 3,962 | 4,520 | 3,862 | 3,084 | 3,160 | 15,428 | 11,717 | |||||||
Wealth management revenue | 2,687 | 2,573 | 2,516 | 2,483 | 2,449 | 10,259 | 9,732 | |||||||
Card services revenue | 3,223 | 3,186 | 2,975 | 2,496 | 2,511 | 11,880 | 9,481 | |||||||
Tax credit income (expense) | 4,374 | 3,325 | 1,370 | (1,041) | 4,048 | 8,028 | 6,611 | |||||||
Other income | 8,384 | 4,015 | 5,481 | 4,268 | 6,338 | 22,148 | 16,962 | |||||||
Total noninterest income | 22,630 | 17,619 | 16,204 | 11,290 | 18,506 | 67,743 | 54,503 | |||||||
NONINTEREST EXPENSE | ||||||||||||||
Employee compensation and benefits | 33,488 | 33,722 | 28,132 | 29,562 | 26,174 | 124,904 | 92,288 | |||||||
Occupancy | 4,510 | 4,496 | 3,529 | 3,751 | 3,517 | 16,286 | 13,457 | |||||||
Branch-closure expenses | - | 3,441 | - | - | - | 3,441 | - | |||||||
Merger-related expenses | 2,320 | 14,671 | 1,949 | 3,142 | 2,611 | 22,082 | 4,174 | |||||||
Other | 23,376 | 20,555 | 18,846 | 16,429 | 18,748 | 79,206 | 57,240 | |||||||
Total noninterest expenses | 63,694 | 76,885 | 52,456 | 52,884 | 51,050 | 245,919 | 167,159 | |||||||
Income before income tax expense | 64,656 | 18,339 | 48,155 | 37,483 | 35,439 | 168,633 | 91,947 | |||||||
Income tax expense | 13,845 | 4,426 | 9,750 | 7,557 | 6,508 | 35,578 | 17,563 | |||||||
Net income | $ | 50,811 | $ | 13,913 | $ | 38,405 | $ | 29,926 | $ | 28,931 | $ | 133,055 | $ | 74,384 |
Basic earnings per share | $ | 1.33 | $ | 0.38 | $ | 1.23 | $ | 0.96 | $ | 1.00 | $ | 3.86 | $ | 2.76 |
Diluted earnings per share | $ | 1.33 | $ | 0.38 | $ | 1.23 | $ | 0.96 | $ | 1.00 | $ | 3.86 | $ | 2.76 |
Quarter ended | ||||||||||
($ in thousands) |
Dec 31, 2021 |
Sep 30, 2021 |
Jun 30, 2021 |
Mar 31, 2021 |
Dec 31, 2020 | |||||
BALANCE SHEETS | ||||||||||
ASSETS | ||||||||||
Cash and due from banks | $ | 209,177 | $ | 179,826 | $ | 126,789 | $ | 103,367 | $ | 99,760 |
Interest-earning deposits | 1,819,508 | 1,216,470 | 889,960 | 788,464 | 445,569 | |||||
Debt and equity investments | 1,855,583 | 1,717,442 | 1,585,847 | 1,463,818 | 1,448,803 | |||||
Loans held for sale | 6,389 | 5,068 | 5,763 | 8,531 | 13,564 | |||||
Loans | 9,017,642 | 9,116,583 | 7,226,267 | 7,288,781 | 7,224,935 | |||||
Allowance for credit losses on loans | (145,041) | (152,096) | (128,185) | (131,527) | (136,671) | |||||
Total loans, net | 8,872,601 | 8,964,487 | 7,098,082 | 7,157,254 | 7,088,264 | |||||
Fixed assets, net | 47,915 | 48,697 | 50,972 | 52,078 | 53,169 | |||||
Goodwill | 365,164 | 365,415 | 260,567 | 260,567 | 260,567 | |||||
Intangible assets, net | 22,286 | 23,777 | 20,358 | 21,670 | 23,084 | |||||
Other assets | 338,735 | 366,834 | 308,655 | 334,950 | 318,791 | |||||
Total assets | $ | 13,537,358 | $ | 12,888,016 | $ | 10,346,993 | $ | 10,190,699 | $ | 9,751,571 |
LIABILITIES AND SHAREHOLDERS' EQUITY | ||||||||||
Noninterest-bearing deposits | $ | 4,578,436 | $ | 4,375,713 | $ | 3,111,581 | $ | 2,910,216 | $ | 2,711,828 |
Interest-bearing deposits | 6,765,363 | 6,452,062 | 5,527,923 | 5,605,228 | 5,273,561 | |||||
Total deposits | 11,343,799 | 10,827,775 | 8,639,504 | 8,515,444 | 7,985,389 | |||||
Subordinated debentures | 154,899 | 204,103 | 203,940 | 203,778 | 203,637 | |||||
FHLB advances | 50,000 | 50,000 | 50,000 | 50,000 | 50,000 | |||||
Other borrowings | 353,863 | 243,770 | 234,509 | 229,389 | 301,081 | |||||
Other liabilities | 105,681 | 122,733 | 100,739 | 99,591 | 132,489 | |||||
Total liabilities | 12,008,242 | 11,448,381 | 9,228,692 | 9,098,202 | 8,672,596 | |||||
Shareholders' equity: | ||||||||||
Preferred stock | 71,988 | - | - | - | - | |||||
Common stock | 398 | 404 | 330 | 332 | 332 | |||||
Treasury stock | (73,528) | (73,528) | (73,528) | (73,528) | (73,528) | |||||
Additional paid in capital | 1,018,799 | 1,031,146 | 688,945 | 698,005 | 697,839 | |||||
Retained earnings | 492,682 | 461,711 | 474,282 | 441,511 | 417,212 | |||||
Accumulated other comprehensive income | 18,777 | 19,902 | 28,272 | 26,177 | 37,120 | |||||
Total shareholders' equity | 1,529,116 | 1,439,635 | 1,118,301 | 1,092,497 | 1,078,975 | |||||
Total liabilities and shareholders' equity | $ | 13,537,358 | $ | 12,888,016 | $ | 10,346,993 | $ | 10,190,699 | $ | 9,751,571 |
Year ended | ||||||||||||
December 31, 2021 | December 31, 2020 | |||||||||||
($ in thousands) |
Average Balance |
Interest Income/ Expense | Average Yield/ Rate |
Average Balance |
Interest Income/ Expense | Average Yield/ Rate | ||||||
Assets | ||||||||||||
Interest-earning assets: | ||||||||||||
Loans* | $ | 8,055,873 | $ | 349,112 | 4.33 | % | $ | 6,071,496 | $ | 270,673 | 4.46 | % |
Debt and equity investments* | 1,567,993 | 37,773 | 2.41 | 1,366,601 | 36,675 | 2.68 | ||||||
Short-term investments | 1,084,853 | 1,496 | 0.14 | 228,760 | 620 | 0.27 | ||||||
Total earning assets | 10,708,719 | 388,381 | 3.63 | 7,666,857 | 307,968 | 4.02 | ||||||
Noninterest-earning assets | 758,591 | 587,057 | ||||||||||
Total assets | $ | 11,467,310 | $ | 8,253,914 | ||||||||
Liabilities and Shareholders' Equity | ||||||||||||
Interest-bearing liabilities: | ||||||||||||
Interest-bearing transaction accounts | $ | 2,122,752 | $ | 1,614 | 0.08 | % | $ | 1,494,364 | $ | 2,101 | 0.14 | % |
Money market accounts | 2,557,836 | 4,669 | 0.18 | 1,977,826 | 7,754 | 0.39 | ||||||
Savings | 724,768 | 225 | 0.03 | 589,832 | 279 | 0.05 | ||||||
Certificates of deposit | 570,496 | 4,160 | 0.73 | 676,889 | 10,915 | 1.61 | ||||||
Total interest-bearing deposits | 5,975,852 | 10,668 | 0.18 | 4,738,911 | 21,049 | 0.44 | ||||||
Subordinated debentures | 195,686 | 10,960 | 5.60 | 179,534 | 9,885 | 5.51 | ||||||
FHLB advances | 59,945 | 803 | 1.34 | 241,635 | 2,673 | 1.11 | ||||||
Securities sold under agreements to repurchase | 225,895 | 235 | 0.10 | 206,338 | 542 | 0.26 | ||||||
Other borrowings | 26,427 | 370 | 1.40 | 32,147 | 629 | 1.96 | ||||||
Total interest-bearing liabilities | 6,483,805 | 23,036 | 0.36 | 5,398,565 | 34,778 | 0.64 | ||||||
Noninterest-bearing liabilities: | ||||||||||||
Demand deposits | 3,597,204 | 1,854,982 | ||||||||||
Other liabilities | 109,148 | 97,492 | ||||||||||
Total liabilities | 10,190,157 | 7,351,039 | ||||||||||
Shareholders' equity | 1,277,153 | 902,875 | ||||||||||
Total liabilities and shareholders' equity | $ | 11,467,310 | $ | 8,253,914 | ||||||||
Total net interest income | $ | 365,345 | $ | 273,190 | ||||||||
Net interest margin | 3.41 | % | 3.56 | % | ||||||||
* Non-taxable income is presented on a tax-equivalent basis using a 25.2% and 24.7% tax rate in 2021 and 2020, respectively. The tax-equivalent adjustments were $5.2 million, and $3.2 million for the years ended December 31, 2021, and 2020, respectively. |
Quarter ended | ||||||||||
($ in thousands) |
Dec 31, 2021 |
Sep 30, 2021 |
Jun 30, 2021 |
Mar 31, 2021 |
Dec 31, 2020 | |||||
LOAN PORTFOLIO | ||||||||||
Commercial and industrial | $ | 3,392,375 | $ | 3,379,171 | $ | 2,930,805 | $ | 3,079,643 | $ | 3,088,995 |
Commercial real estate | 4,176,928 | 4,179,712 | 3,200,748 | 3,186,970 | 3,087,827 | |||||
Construction real estate | 734,073 | 747,758 | 556,776 | 510,501 | 546,686 | |||||
Residential real estate | 454,052 | 542,690 | 305,497 | 303,047 | 319,179 | |||||
Other | 260,214 | 267,252 | 232,441 | 208,620 | 182,248 | |||||
Total loans | $ | 9,017,642 | $ | 9,116,583 | $ | 7,226,267 | $ | 7,288,781 | $ | 7,224,935 |
DEPOSIT PORTFOLIO | ||||||||||
Noninterest-bearing accounts | $ | 4,578,436 | $ | 4,375,713 | $ | 3,111,581 | $ | 2,910,216 | $ | 2,711,828 |
Interest-bearing transaction accounts | 2,465,884 | 2,253,639 | 2,013,129 | 1,990,308 | 1,768,497 | |||||
Money market and savings accounts | 3,691,186 | 3,571,252 | 3,000,460 | 3,093,569 | 2,954,969 | |||||
Brokered certificates of deposit | 128,970 | 128,923 | 50,209 | 50,209 | 50,209 | |||||
Other certificates of deposit | 479,323 | 498,248 | 464,125 | 471,142 | 499,886 | |||||
Total deposit portfolio | $ | 11,343,799 | $ | 10,827,775 | $ | 8,639,504 | $ | 8,515,444 | $ | 7,985,389 |
AVERAGE BALANCES | ||||||||||
Total loans | $ | 9,030,982 | $ | 8,666,353 | $ | 7,306,471 | $ | 7,192,776 | $ | 6,780,701 |
Debt and equity investments | 1,753,159 | 1,594,938 | 1,502,582 | 1,417,305 | 1,395,806 | |||||
Interest-earning assets | 12,373,149 | 11,513,279 | 9,615,981 | 9,289,741 | 8,524,136 | |||||
Total assets | 13,267,193 | 12,334,558 | 10,281,344 | 9,940,052 | 9,141,159 | |||||
Deposits | 11,167,003 | 10,297,153 | 8,580,211 | 8,207,379 | 7,311,074 | |||||
Shareholders' equity | 1,495,396 | 1,394,096 | 1,116,969 | 1,096,481 | 992,017 | |||||
Tangible common equity1
| 1,071,902 | 1,028,001 | 835,405 | 813,568 | 731,813 | |||||
YIELDS (tax equivalent) | ||||||||||
Total loans | 4.32 | % | 4.32 | % | 4.35 | % | 4.35 | % | 4.46 | % |
Debt and equity investments | 2.30 | 2.38 | 2.46 | 2.52 | 2.56 | |||||
Interest-earning assets | 3.50 | 3.60 | 3.70 | 3.76 | 3.97 | |||||
Interest-bearing deposits | 0.17 | 0.17 | 0.18 | 0.20 | 0.25 | |||||
Total deposits | 0.10 | 0.11 | 0.12 | 0.13 | 0.17 | |||||
Subordinated debentures | 5.64 | 5.55 | 5.60 | 5.61 | 5.52 | |||||
FHLB advances and other borrowed funds | 0.43 | 0.43 | 0.49 | 0.46 | 0.61 | |||||
Interest-bearing liabilities | 0.31 | 0.35 | 0.37 | 0.40 | 0.47 | |||||
Net interest margin | 3.32 | 3.40 | 3.46 | 3.50 | 3.66 |
Quarter ended | ||||||||||
(in thousands, except per share data) |
Dec 31, 2021 |
Sep 30, 2021 |
Jun 30, 2021 |
Mar 31, 2021 |
Dec 31, 2020 | |||||
ASSET QUALITY | ||||||||||
Net charge-offs (recoveries) | $ | 3,263 | $ | 1,850 | $ | 869 | $ | 5,647 | $ | (612) |
Nonperforming loans | 28,024 | 41,554 | 42,252 | 36,659 | 38,507 | |||||
Classified assets | 100,797 | 104,220 | 100,063 | 114,713 | 123,808 | |||||
Nonperforming loans to total loans | 0.31 | % | 0.46 | % | 0.58 | % | 0.50 | % | 0.53 | % |
Nonperforming assets to total assets | 0.23 | % | 0.35 | % | 0.44 | % | 0.42 | % | 0.45 | % |
Allowance for credit losses to total loans | 1.61 | % | 1.67 | % | 1.77 | % | 1.80 | % | 1.89 | % |
Allowance for credit losses to nonperforming loans | 517.6 | % | 366.0 | % | 303.4 | % | 358.8 | % | 354.9 | % |
Net charge-offs (recoveries) to average loans (annualized) | 0.14 | % | 0.08 | % | 0.05 | % | 0.32 | % | (0.04) | % |
WEALTH MANAGEMENT | ||||||||||
Trust assets under management | $ | 2,083,543 | $ | 2,017,178 | $ | 1,945,293 | $ | 1,809,001 | $ | 1,783,089 |
Trust assets under administration | 2,556,266 | 2,486,152 | 2,487,545 | 2,427,448 | 2,504,318 | |||||
MARKET DATA | ||||||||||
Book value per common share | $ | 38.53 | $ | 37.52 | $ | 35.86 | $ | 34.95 | $ | 34.57 |
Tangible book value per common share1
| $ | 28.28 | $ | 27.38 | $ | 26.85 | $ | 25.92 | $ | 25.48 |
Market value per share | $ | 47.09 | $ | 45.28 | $ | 46.39 | $ | 49.44 | $ | 34.95 |
Period end common shares outstanding | 37,820 | 38,372 | 31,185 | 31,259 | 31,210 | |||||
Average basic common shares | 38,228 | 36,878 | 31,265 | 31,247 | 28,929 | |||||
Average diluted common shares | 38,311 | 36,946 | 31,312 | 31,306 | 28,968 | |||||
CAPITAL | ||||||||||
Total risk-based capital to risk-weighted assets | 14.7 | % | 14.5 | % | 14.9 | % | 15.1 | % | 14.9 | % |
Tier 1 capital to risk-weighted assets | 13.0 | % | 12.2 | % | 12.3 | % | 12.3 | % | 12.1 | % |
Common equity tier 1 capital to risk-weighted assets | 11.3 | % | 11.2 | % | 11.1 | % | 11.0 | % | 10.9 | % |
Tangible common equity to tangible assets1
| 8.1 | % | 8.4 | % | 8.3 | % | 8.2 | % | 8.4 | % |
1Refer to Reconciliations of Non-GAAP Financial Measures table for a reconciliation of these measures to GAAP.
|
Quarter ended | Year ended | |||||||||||||
($ in thousands, except per share data) |
Dec 31, 2021 |
Sep 30, 2021 |
Jun 30, 2021 |
Mar 31, 2021 |
Dec 31, 2020 |
Dec 31, 2021 |
Dec 31, 2020 | |||||||
CORE PERFORMANCE MEASURES | ||||||||||||||
Net interest income | $ | 102,060 | $ | 97,273 | $ | 81,738 | $ | 79,123 | $ | 77,446 | $ | 360,194 | $ | 270,001 |
Less incremental accretion income | - | - | - | - | 856 | - | 4,083 | |||||||
Core net interest income | 102,060 | 97,273 | 81,738 | 79,123 | 76,590 | 360,194 | 265,918 | |||||||
Total noninterest income | 22,630 | 17,619 | 16,204 | 11,290 | 18,506 | 67,743 | 54,503 | |||||||
Less gain on sale of investment securities | - | - | - | - | - | - | 421 | |||||||
Less gain on sale of other real estate owned | - | 335 | 549 | - | - | 884 | - | |||||||
Less other non-core income | - | - | - | - | - | - | 265 | |||||||
Core noninterest income | 22,630 | 17,284 | 15,655 | 11,290 | 18,506 | 66,859 | 53,817 | |||||||
Total core revenue | 124,690 | 114,557 | 97,393 | 90,413 | 95,096 | 427,053 | 319,735 | |||||||
Total noninterest expense | 63,694 | 76,885 | 52,456 | 52,884 | 51,050 | 245,919 | 167,159 | |||||||
Less other expenses related to non-core acquired loans | - | - | - | - | 8 | - | 57 | |||||||
Less branch-closure expenses | - | 3,441 | - | - | - | 3,441 | - | |||||||
Less merger-related expenses | 2,320 | 14,671 | 1,949 | 3,142 | 2,611 | 22,082 | 4,174 | |||||||
Core noninterest expense | 61,374 | 58,773 | 50,507 | 49,742 | 48,431 | 220,396 | 162,928 | |||||||
Core efficiency ratio | 49.22 | % | 51.30 | % | 51.86 | % | 55.02 | % | 50.93 | % | 51.61 | % | 50.96 | % |
Quarter ended | ||||||||||
($ in thousands) |
Dec 31, 2021 |
Sep 30, 2021 |
Jun 30, 2021 |
Mar 31, 2021 |
Dec 31, 2020 | |||||
SHAREHOLDERS' EQUITY TO TANGIBLE COMMON EQUITY AND TOTAL ASSETS TO TANGIBLE ASSETS | ||||||||||
Shareholders' equity | $ | 1,529,116 | $ | 1,439,635 | $ | 1,118,301 | $ | 1,092,497 | $ | 1,078,975 |
Less preferred stock | 71,988 | - | - | - | - | |||||
Less goodwill | 365,164 | 365,415 | 260,567 | 260,567 | 260,567 | |||||
Less intangible assets | 22,286 | 23,777 | 20,358 | 21,670 | 23,084 | |||||
Tangible common equity | $ | 1,069,678 | $ | 1,050,443 | $ | 837,376 | $ | 810,260 | $ | 795,324 |
Total assets | $ | 13,537,358 | $ | 12,888,016 | $ | 10,346,993 | $ | 10,190,699 | $ | 9,751,571 |
Less goodwill | 365,164 | 365,415 | 260,567 | 260,567 | 260,567 | |||||
Less intangible assets | 22,286 | 23,777 | 20,358 | 21,670 | 23,084 | |||||
Tangible assets | $ | 13,149,908 | $ | 12,498,824 | $ | 10,066,068 | $ | 9,908,462 | $ | 9,467,920 |
Tangible common equity to tangible assets | 8.13 | % | 8.40 | % | 8.32 | % | 8.18 | % | 8.40 | % |
Quarter ended | ||||||
($ in thousands) |
Dec 31, 2021 |
Sep 30, 2021 |
Dec 31, 2020 | |||
AVERAGE SHAREHOLDERS' EQUITY AND AVERAGE TANGIBLE COMMON EQUITY | ||||||
Average shareholder's equity | $ | 1,495,396 | $ | 1,394,096 | $ | 992,017 |
Less average preferred stock | 35,322 | - | - | |||
Less average goodwill | 365,164 | 342,622 | 237,639 | |||
Less average intangible assets | 23,008 | 23,473 | 22,565 | |||
Average tangible common equity | $ | 1,071,902 | $ | 1,028,001 | $ | 731,813 |
Quarter Ended | Year ended | |||||||||||||
($ in thousands) |
Dec 31, 2021 |
Sep 30, 2021 |
Jun 30, 2021 |
Mar 31, 2021 |
Dec 31, 2020 |
Dec 31, 2021 |
Dec 31, 2020 | |||||||
CALCULATION OF PRE-PROVISION NET REVENUE | ||||||||||||||
Net interest income | $ | 102,060 | $ | 97,273 | $ | 81,738 | $ | 79,123 | $ | 77,446 | $ | 360,194 | $ | 270,001 |
Noninterest income | 22,630 | 17,619 | 16,204 | 11,290 | 18,506 | 67,742 | 54,503 | |||||||
Less noninterest expense | 63,694 | 76,885 | 52,456 | 52,884 | 51,050 | 245,918 | 167,159 | |||||||
Branch-closure expenses | - | 3,441 | - | - | - | 3,441 | - | |||||||
Merger-related expenses | 2,320 | 14,671 | 1,949 | 3,142 | 2,611 | 22,082 | 4,174 | |||||||
PPNR | $ | 63,316 | $ | 56,119 | $ | 47,435 | $ | 40,671 | $ | 47,513 | $ | 207,541 | $ | 161,519 |
Average assets | $ | 13,267,193 | $ | 12,334,558 | $ | 10,281,344 | $ | 9,940,052 | $ | 9,141,159 | $ | 11,467,310 | $ | 8,253,913 |
ROAA - GAAP net income | 1.52 | % | 0.45 | % | 1.50 | % | 1.22 | % | 1.26 | % | 1.16 | % | 0.90 | % |
PPNR ROAA - PPNR | 1.89 | % | 1.81 | % | 1.85 | % | 1.66 | % | 2.07 | % | 1.81 | % | 1.96 | % |
Quarter Ended | ||||||||||
($ in thousands, except per share data) |
Dec 31, 2021 |
Sep 30, 2021 |
Jun 30, 2021 |
Mar 31, 2021 |
Dec 31, 2020 | |||||
IMPACT OF PAYCHECK PROTECTION PROGRAM | ||||||||||
Net income - GAAP | $ | 50,811 | $ | 13,913 | $ | 38,405 | $ | 29,926 | $ | 28,931 |
PPP interest and fee income | (4,864) | (6,048) | (7,940) | (8,475) | (10,261) | |||||
Related tax effect | 1,226 | 1,506 | 1,977 | 2,110 | 2,534 | |||||
Adjusted net income - Non-GAAP | $ | 47,173 | $ | 9,371 | $ | 32,442 | $ | 23,561 | $ | 21,204 |
Average diluted common shares | 38,311 | 36,946 | 31,312 | 31,303 | 28,968 | |||||
EPS - GAAP net income | $ | 1.33 | $ | 0.38 | $ | 1.23 | $ | 0.96 | $ | 1.00 |
EPS - Adjusted net income | $ | 1.23 | $ | 0.25 | $ | 1.04 | $ | 0.75 | $ | 0.73 |
Average assets - GAAP | $ | 13,267,193 | $ | 12,334,558 | $ | 10,281,344 | $ | 9,940,052 | $ | 9,141,159 |
Average PPP loans, net | (365,295) | (489,104) | (664,375) | (692,161) | (806,697) | |||||
Adjusted average assets - Non-GAAP | $ | 12,901,898 | $ | 11,845,454 | $ | 9,616,969 | $ | 9,247,891 | $ | 8,334,462 |
ROAA - GAAP net income | 1.52 | % | 0.45 | % | 1.50 | % | 1.22 | % | 1.26 | % |
ROAA - Adjusted net income, adjusted average assets | 1.45 | % | 0.31 | % | 1.35 | % | 1.03 | % | 1.01 | % |
PPNR - Non-GAAP (see reconciliation above) | $ | 63,316 | $ | 56,119 | $ | 47,435 | $ | 40,671 | $ | 47,513 |
PPP interest and fee income | (4,864) | (6,048) | (7,940) | (8,475) | (10,261) | |||||
Adjusted PPNR - Non-GAAP | $ | 58,452 | $ | 50,071 | $ | 39,495 | $ | 32,196 | $ | 37,252 |
PPNR ROAA - PPNR | 1.89 | % | 1.81 | % | 1.85 | % | 1.66 | % | 2.07 | % |
PPNR ROAA - adjusted PPNR, adjusted average assets | 1.80 | % | 1.68 | % | 1.65 | % | 1.41 | % | 1.78 | % |
Tangible assets - Non-GAAP (see reconciliation above) | $ | 13,149,908 | $ | 12,498,824 | $ | 10,066,068 | $ | 9,908,462 | $ | 9,467,920 |
PPP loans outstanding, net | (271,958) | (438,959) | (396,660) | (737,660) | (698,645) | |||||
Adjusted tangible assets - Non-GAAP | $ | 12,877,950 | $ | 12,059,865 | $ | 9,669,408 | $ | 9,170,802 | $ | 8,769,275 |
Tangible common equity Non - GAAP (see reconciliation above) | $ | 1,069,678 | $ | 1,050,443 | $ | 837,376 | $ | 810,260 | $ | 795,324 |
Tangible common equity to tangible assets | 8.13 | % | 8.40 | % | 8.32 | % | 8.18 | % | 8.40 | % |
Tangible common equity to tangible assets - adjusted tangible assets | 8.31 | % | 8.71 | % | 8.66 | % | 8.84 | % | 9.07 | % |
Average assets for leverage ratio | $ | 12,915,944 | $ | 11,972,171 | $ | 10,021,240 | $ | 9,675,300 | $ | 8,868,548 |
Average PPP loans, net | (365,295) | (489,104) | (664,375) | (692,161) | (806,697) | |||||
Adjusted average assets for leverage ratio - Non-GAAP | $ | 12,550,649 | $ | 11,483,067 | $ | 9,356,865 | $ | 8,983,139 | $ | 8,061,851 |
Tier 1 capital | $ | 1,257,462 | $ | 1,166,529 | $ | 937,840 | $ | 914,459 | $ | 889,527 |
Leverage ratio | 9.7 | % | 9.7 | % | 9.4 | % | 9.5 | % | 10.0 | % |
Leverage ratio - adjusted average assets for leverage ratio | 10.0 | % | 10.2 | % | 10.0 | % | 10.2 | % | 11.0 | % |
Net interest income - tax equivalent | $ | 103,567 | $ | 98,573 | $ | 82,962 | $ | 80,243 | $ | 78,483 |
PPP interest and fee income | (4,864) | (6,048) | (7,940) | (8,475) | (10,261) | |||||
Adjusted net interest income - tax equivalent | $ | 98,703 | $ | 92,525 | $ | 75,022 | $ | 71,768 | $ | 68,222 |
Average earning assets -GAAP | $ | 12,373,149 | $ | 11,513,279 | $ | 9,615,981 | $ | 9,289,741 | $ | 8,524,136 |
Average PPP loans, net | (365,295) | (489,104) | (664,375) | (692,161) | (806,697) | |||||
Adjusted average earning assets - Non-GAAP | $ | 12,007,854 | $ | 11,024,175 | $ | 8,951,606 | $ | 8,597,580 | $ | 7,717,439 |
Net interest margin - tax equivalent | 3.32 | % | 3.40 | % | 3.46 | % | 3.50 | % | 3.66 | % |
Net interest margin - tax equivalent - adjusted net interest income, adjusted average earning assets | 3.26 | % | 3.33 | % | 3.36 | % | 3.39 | % | 3.52 | % |
Loans - GAAP | $ | 9,017,642 | $ | 9,116,583 | $ | 7,226,267 | $ | 7,288,781 | $ | 7,224,935 |
PPP and other guaranteed loans, net | (1,151,895) | (1,277,452) | (1,106,414) | (1,377,302) | (1,297,212) | |||||
Adjusted loans - Non-GAAP | $ | 7,865,747 | $ | 7,839,131 | $ | 6,119,853 | $ | 5,911,479 | $ | 5,927,723 |
Allowance for credit losses | $ | 145,041 | $ | 152,096 | $ | 128,185 | $ | 131,527 | $ | 136,671 |
Allowance for credit losses/loans - GAAP | 1.61 | % | 1.67 | % | 1.77 | % | 1.80 | % | 1.89 | % |
Allowance for credit losses/loans - adjusted loans | 1.84 | % | 1.94 | % | 2.09 | % | 2.22 | % | 2.31 | % |
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Enterprise Financial Services Corporation published this content on 24 January 2022 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 24 January 2022 21:13:04 UTC.