☒ | QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
☐ | TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
Title of Each Class | Trading Symbol | Name of each exchange on which registered | ||||||
Common Stock, par value $1.00 per share | HTLF | Nasdaq Stock Market | ||||||
Depositary Shares, each representing 1/400th interest in a share of 7.00% Fixed-Rate Reset Non-Cumulative Perpetual Preferred Stock, Series E | HTLFP | Nasdaq Stock Market |
Large accelerated filer | ☒ | Accelerated Filer | ☐ | |||||||||||
Non-accelerated filer | ☐ | Smaller reporting company | ☐ | |||||||||||
Emerging growth company | ☐ |
Part I | |||||
Part II | |||||
HEARTLAND FINANCIAL USA, INC.
CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited) (Dollars in thousands) |
|||||||||||
Six Months Ended
June 30, |
|||||||||||
2021 | 2020 | ||||||||||
CASH FLOWS FROM OPERATING ACTIVITIES: | |||||||||||
Net income | $ | 114,419 | $ | 50,171 | |||||||
Adjustments to reconcile net income to net cash provided by operating activities: | |||||||||||
Depreciation and amortization | 13,671 | 14,071 | |||||||||
Provision (benefit) for credit losses | (7,728) | 48,316 | |||||||||
Net amortization of premium on securities | 18,439 | 6,251 | |||||||||
Securities gains, net | (2,812) | (3,664) | |||||||||
Unrealized (gain) loss on equity securities, net | 27 | (449) | |||||||||
Stock based compensation | 4,776 | 3,558 | |||||||||
Loans originated for sale | (244,752) | (271,167) | |||||||||
Proceeds on sales of loans held for sale | 279,923 | 254,523 | |||||||||
Net gains on sale of loans held for sale | (10,470) | (10,990) | |||||||||
(Increase) decrease in accrued interest receivable | 813 | (4,298) | |||||||||
Increase in prepaid expenses | (1,324) | (910) | |||||||||
Decrease in accrued interest payable | (1,342) | (1,699) | |||||||||
Capitalization of servicing rights | (703) | (1,527) | |||||||||
Valuation adjustment on servicing rights | (391) | 1,556 | |||||||||
Loss on sales/valuations of assets, net | 377 | 717 | |||||||||
Net excess tax benefit (expense) from stock based compensation | 303 | (91) | |||||||||
Other, net | (9,645) | (53,313) | |||||||||
NET CASH PROVIDED BY OPERATING ACTIVITIES | 153,581 | 31,055 | |||||||||
CASH FLOWS FROM INVESTING ACTIVITIES: | |||||||||||
Purchase of time deposits in other financial institutions | (9) | (7) | |||||||||
Proceeds from the sale of securities available for sale | 630,481 | 511,639 | |||||||||
Proceeds from the maturity of and principal paydowns on securities available for sale | 484,958 | 212,538 | |||||||||
Proceeds from the maturity of and principal paydowns on securities held to maturity | 4,127 | 1,832 | |||||||||
Proceeds from the maturity of time deposits in other financial institutions | — | 150 | |||||||||
Proceeds from the sale, maturity of and principal paydowns on other investments | 2,498 | 6,135 | |||||||||
Purchase of securities available for sale | (1,571,281) | (1,491,459) | |||||||||
Purchase of other investments | (4,054) | (10,273) | |||||||||
Net (increase) decrease in loans | 5,203 | (881,419) | |||||||||
Purchase of bank owned life insurance policies | (190) | (201) | |||||||||
Capital expenditures | (11,539) | (7,679) | |||||||||
Proceeds from the sale of equipment | 3,090 | 3,331 | |||||||||
Proceeds on sale of OREO and other repossessed assets | 1,858 | 1,783 | |||||||||
NET CASH USED BY INVESTING ACTIVITIES | $ | (454,858) | $ | (1,653,630) | |||||||
Three Months Ended
June 30, |
|||||||||||
2021 | 2020 | ||||||||||
Net income | $ | 61,605 | $ | 30,131 | |||||||
Preferred dividends | (2,012) | — | |||||||||
Net income available to common stockholders | $ | 59,593 | $ | 30,131 | |||||||
Weighted average common shares outstanding for basic earnings per share | 42,243 | 36,881 | |||||||||
Assumed incremental common shares issued upon vesting of outstanding restricted stock units | 117 | 35 | |||||||||
Weighted average common shares for diluted earnings per share | 42,360 | 36,916 | |||||||||
Earnings per common share — basic | $ | 1.41 | $ | 0.82 | |||||||
Earnings per common share — diluted | $ | 1.41 | $ | 0.82 | |||||||
Number of antidilutive common stock equivalents excluded from diluted earnings per share computation | 1 | 54 | |||||||||
Six Months Ended
June 30, |
|||||||||||
2021 | 2020 | ||||||||||
Net income | $ | 114,419 | $ | 50,171 | |||||||
Preferred dividends | (4,025) | — | |||||||||
Net income available to stockholders | $ | 110,394 | $ | 50,171 | |||||||
Weighted average common shares outstanding for basic earnings per share | 42,210 | 36,851 | |||||||||
Assumed incremental common shares issued upon vesting of outstanding restricted stock units | 147 | 69 | |||||||||
Weighted average common shares for diluted earnings per share | 42,357 | 36,920 | |||||||||
Earnings per common share — basic | $ | 2.62 | $ | 1.36 | |||||||
Earnings per common share — diluted | $ | 2.61 | $ | 1.36 | |||||||
Number of antidilutive common stock equivalents excluded from diluted earnings per share computation | 60 | 1 |
Amortized
Cost |
Gross
Unrealized Gains |
Gross
Unrealized Losses |
Estimated
Fair Value |
||||||||||||||||||||
June 30, 2021 | |||||||||||||||||||||||
U.S. treasuries | $ | 996 | $ | 20 | $ | — | $ | 1,016 | |||||||||||||||
U.S. agencies | 35,591 | 272 | (492) | 35,371 | |||||||||||||||||||
Obligations of states and political subdivisions | 1,817,708 | 66,037 | (11,959) | 1,871,786 | |||||||||||||||||||
Mortgage-backed securities - agency | 1,741,389 | 19,890 | (20,604) | 1,740,675 | |||||||||||||||||||
Mortgage-backed securities - non-agency | 1,349,005 | 16,062 | (1,775) | 1,363,292 | |||||||||||||||||||
Commercial mortgage-backed securities - agency | 124,441 | 2,439 | (1,800) | 125,080 | |||||||||||||||||||
Commercial mortgage-backed securities - non-agency | 534,682 | 823 | (200) | 535,305 | |||||||||||||||||||
Asset-backed securities | 835,476 | 12,640 | (1,129) | 846,987 | |||||||||||||||||||
Corporate bonds | 3,744 | 71 | — | 3,815 | |||||||||||||||||||
Total debt securities | 6,443,032 | 118,254 | (37,959) | 6,523,327 | |||||||||||||||||||
Equity securities with a readily determinable fair value | 20,651 | — | — | 20,651 | |||||||||||||||||||
Total | $ | 6,463,683 | $ | 118,254 | $ | (37,959) | $ | 6,543,978 | |||||||||||||||
December 31, 2020 | |||||||||||||||||||||||
U.S. treasuries | $ | 1,995 | $ | 31 | $ | — | $ | 2,026 | |||||||||||||||
U.S. agencies | 167,048 | 657 | (926) | 166,779 | |||||||||||||||||||
Obligations of states and political subdivisions | 1,562,631 | 75,555 | (2,959) | 1,635,227 | |||||||||||||||||||
Mortgage-backed securities - agency | 1,351,964 | 16,029 | (12,723) | 1,355,270 | |||||||||||||||||||
Mortgage-backed securities - non-agency | 1,428,068 | 22,688 | (1,640) | 1,449,116 | |||||||||||||||||||
Commercial mortgage-backed securities - agency | 171,451 | 3,440 | (738) | 174,153 | |||||||||||||||||||
Commercial mortgage-backed securities - non-agency | 253,421 | 37 | (691) | 252,767 | |||||||||||||||||||
Asset-backed securities | 1,064,255 | 9,421 | (4,410) | 1,069,266 | |||||||||||||||||||
Corporate bonds | 3,763 | 8 | (29) | 3,742 | |||||||||||||||||||
Total debt securities | 6,004,596 | 127,866 | (24,116) | 6,108,346 | |||||||||||||||||||
Equity securities with a readily determinable fair value | 19,629 | — | — | 19,629 | |||||||||||||||||||
Total | $ | 6,024,225 | $ | 127,866 | $ | (24,116) | $ | 6,127,975 |
Amortized
Cost |
Gross
Unrealized Gains |
Gross
Unrealized Losses |
Estimated
Fair Value |
Allowance for Credit Losses | |||||||||||||||||||||||||
June 30, 2021 | |||||||||||||||||||||||||||||
Obligations of states and political subdivisions | $ | 85,490 | $ | 9,931 | $ | — | $ | 95,421 | $ | (51) | |||||||||||||||||||
Total | $ | 85,490 | $ | 9,931 | $ | — | $ | 95,421 | $ | (51) | |||||||||||||||||||
December 31, 2020 | |||||||||||||||||||||||||||||
Obligations of states and political subdivisions | $ | 88,890 | $ | 11,151 | $ | — | $ | 100,041 | $ | (51) | |||||||||||||||||||
Total | $ | 88,890 | $ | 11,151 | $ | — | $ | 100,041 | $ | (51) |
June 30, 2021 | |||||||||||
Amortized Cost | Estimated Fair Value | ||||||||||
Due in 1 year or less | $ | 13,286 | $ | 13,351 | |||||||
Due in 1 to 5 years | 18,199 | 19,153 | |||||||||
Due in 5 to 10 years | 198,036 | 202,564 | |||||||||
Due after 10 years | 1,628,518 | 1,676,920 | |||||||||
Total debt securities | 1,858,039 | 1,911,988 | |||||||||
Mortgage and asset-backed securities | 4,584,993 | 4,611,339 | |||||||||
Equity securities with a readily determinable fair value | 20,651 | 20,651 | |||||||||
Total investment securities | $ | 6,463,683 | $ | 6,543,978 |
June 30, 2021 | |||||||||||
Amortized Cost | Estimated Fair Value | ||||||||||
Due in 1 year or less | $ | 2,196 | $ | 2,209 | |||||||
Due in 1 to 5 years | 42,172 | 44,028 | |||||||||
Due in 5 to 10 years | 32,451 | 37,240 | |||||||||
Due after 10 years | 8,671 | 11,944 | |||||||||
Total debt securities | 85,490 | 95,421 | |||||||||
Allowance for credit losses | (51) | — | |||||||||
Total investment securities | $ | 85,439 | $ | 95,421 |
Three Months Ended
June 30, |
Six Months Ended
June 30, |
||||||||||||||||||||||
2021 | 2020 | 2021 | 2020 | ||||||||||||||||||||
Proceeds from sales | $ | 423,415 | $ | 182,749 | $ | 630,481 | $ | 511,639 | |||||||||||||||
Gross security gains | 3,844 | 3,958 | 4,289 | 6,862 | |||||||||||||||||||
Gross security losses | 1,002 | 1,952 | 1,477 | 3,198 |
Debt securities available for sale | Less than 12 months | 12 months or longer | Total | ||||||||||||||||||||||||||||||||||||||||||||||||||
Fair
Value |
Unrealized
Losses |
Count |
Fair
Value |
Unrealized
Losses |
Count |
Fair
Value |
Unrealized
Losses |
Count | |||||||||||||||||||||||||||||||||||||||||||||
June 30, 2021 | |||||||||||||||||||||||||||||||||||||||||||||||||||||
U.S. agencies | 18,983 | (492) | 1 | — | — | — | 18,983 | (492) | 1 | ||||||||||||||||||||||||||||||||||||||||||||
Obligations of states and political subdivisions | 591,597 | (11,887) | 107 | 6,719 | (72) | 2 | 598,316 | (11,959) | 109 | ||||||||||||||||||||||||||||||||||||||||||||
Mortgage-backed securities - agency | 1,025,619 | (19,499) | 58 | 37,181 | (1,105) | 4 | 1,062,800 | (20,604) | 62 | ||||||||||||||||||||||||||||||||||||||||||||
Mortgage-backed securities - non-agency | 541,131 | (1,345) | 12 | 33,988 | (430) | 5 | 575,119 | (1,775) | 17 | ||||||||||||||||||||||||||||||||||||||||||||
Commercial mortgage-backed securities - agency | 69,690 | (1,800) | 11 | — | — | — | 69,690 | (1,800) | 11 | ||||||||||||||||||||||||||||||||||||||||||||
Commercial mortgage-backed securities - non-agency | — | — | — | 15,960 | (200) | 2 | 15,960 | (200) | 2 | ||||||||||||||||||||||||||||||||||||||||||||
Asset-backed securities | 77,475 | (319) | 7 | 35,779 | (810) | 11 | 113,254 | (1,129) | 18 | ||||||||||||||||||||||||||||||||||||||||||||
Corporate bonds | — | — | — | — | — | — | — | — | — | ||||||||||||||||||||||||||||||||||||||||||||
Total temporarily impaired securities | $ | 2,324,495 | $ | (35,342) | 196 | $ | 129,627 | $ | (2,617) | 24 | $ | 2,454,122 | $ | (37,959) | 220 | ||||||||||||||||||||||||||||||||||||||
December 31, 2020 | |||||||||||||||||||||||||||||||||||||||||||||||||||||
U.S. agencies | 2,981 | (8) | 5 | 99,922 | (918) | 72 | 102,903 | (926) | 77 | ||||||||||||||||||||||||||||||||||||||||||||
Obligations of states and political subdivisions | 346,598 | (2,959) | 49 | — | — | — | 346,598 | (2,959) | 49 | ||||||||||||||||||||||||||||||||||||||||||||
Mortgage-backed securities - agency | 653,793 | (12,342) | 35 | 31,012 | (381) | 3 | 684,805 | (12,723) | 38 | ||||||||||||||||||||||||||||||||||||||||||||
Mortgage-backed securities - non-agency | 378,843 | (1,639) | 17 | 1,622 | (1) | 1 | 380,465 | (1,640) | 18 | ||||||||||||||||||||||||||||||||||||||||||||
Commercial mortgage-backed securities - agency | 46,541 | (738) | 6 | — | — | — | 46,541 | (738) | 6 | ||||||||||||||||||||||||||||||||||||||||||||
Commercial mortgage-backed securities - non-agency | 100,042 | (15) | 2 | 35,428 | (676) | 3 | 135,470 | (691) | 5 | ||||||||||||||||||||||||||||||||||||||||||||
Asset-backed securities | 141,824 | (643) | 9 | 340,452 | (3,767) | 24 | 482,276 | (4,410) | 33 | ||||||||||||||||||||||||||||||||||||||||||||
Corporate bonds | 1,908 | (29) | 4 | — | — | — | 1,908 | (29) | 4 | ||||||||||||||||||||||||||||||||||||||||||||
Total temporarily impaired securities | $ | 1,672,530 | $ | (18,373) | 127 | $ | 508,436 | $ | (5,743) | 103 | $ | 2,180,966 | $ | (24,116) | 230 |
Three Months Ended
June 30, |
|||||||||||
2021 | 2020 | ||||||||||
Beginning balance | $ | 48 | $ | 197 | |||||||
Provision (benefit) for credit losses | 3 | (135) | |||||||||
Balance at period end | $ | 51 | $ | 62 | |||||||
Six Months Ended
June 30, |
|||||||||||
2021 | 2020 | ||||||||||
Beginning balance | $ | 51 | $ | — | |||||||
Impact of ASU 2016-13 adoption | — | 158 | |||||||||
Adjusted balance | 51 | 158 | |||||||||
Provision (benefit) for credit losses | — | (96) | |||||||||
Balance at period end | $ | 51 | $ | 62 |
June 30, 2021 | December 31, 2020 | ||||||||||
Rating | |||||||||||
AAA | $ | 3,207 | $ | — | |||||||
AA, AA+, AA- | 62,526 | 64,385 | |||||||||
A+, A, A- | 15,006 | 18,353 | |||||||||
BBB | 4,751 | 4,208 | |||||||||
Not Rated | — | 1,944 | |||||||||
Total | $ | 85,490 | $ | 88,890 |
June 30, 2021 | December 31, 2020 | ||||||||||
Loans receivable held to maturity: | |||||||||||
Commercial and industrial | $ | 2,518,908 | $ | 2,534,799 | |||||||
Paycheck Protection Program ("PPP") | 829,175 | 957,785 | |||||||||
Owner occupied commercial real estate | 1,940,134 | 1,776,406 | |||||||||
Non-owner occupied commercial real estate | 1,987,369 | 1,921,481 | |||||||||
Real estate construction | 854,295 | 863,220 | |||||||||
Agricultural and agricultural real estate | 679,608 | 714,526 | |||||||||
Residential real estate | 800,884 | 840,442 | |||||||||
Consumer | 401,641 | 414,392 | |||||||||
Total loans receivable held to maturity | 10,012,014 | 10,023,051 | |||||||||
Allowance for credit losses | (120,726) | (131,606) | |||||||||
Loans receivable, net | $ | 9,891,288 | $ | 9,891,445 |
Allowance For Credit Losses | Gross Loans Receivable Held to Maturity | ||||||||||||||||||||||||||||||||||
Individually Evaluated for Credit Losses | Collectively Evaluated for Credit Losses | Total | Loans Individually Evaluated for Credit Losses | Loans Collectively Evaluated for Credit Losses | Total | ||||||||||||||||||||||||||||||
June 30, 2021 | |||||||||||||||||||||||||||||||||||
Commercial and industrial | $ | 4,688 | $ | 26,644 | $ | 31,332 | $ | 13,658 | $ | 2,505,250 | $ | 2,518,908 | |||||||||||||||||||||||
PPP | — | — | — | — | 829,175 | 829,175 | |||||||||||||||||||||||||||||
Owner occupied commercial real estate | 110 | 19,880 | 19,990 | 7,547 | 1,932,587 | 1,940,134 | |||||||||||||||||||||||||||||
Non-owner occupied commercial real estate | 3,485 | 19,343 | 22,828 | 19,548 | 1,967,821 | 1,987,369 | |||||||||||||||||||||||||||||
Real estate construction | — | 19,580 | 19,580 | — | 854,295 | 854,295 | |||||||||||||||||||||||||||||
Agricultural and agricultural real estate | 3,106 | 4,054 | 7,160 | 17,948 | 661,660 | 679,608 | |||||||||||||||||||||||||||||
Residential real estate | — | 9,741 | 9,741 | — | 800,884 | 800,884 | |||||||||||||||||||||||||||||
Consumer | — | 10,095 | 10,095 | — | 401,641 | 401,641 | |||||||||||||||||||||||||||||
Total | $ | 11,389 | $ | 109,337 | $ | 120,726 | $ | 58,701 | $ | 9,953,313 | $ | 10,012,014 | |||||||||||||||||||||||
Allowance For Credit Losses | Gross Loans Receivable Held to Maturity | ||||||||||||||||||||||||||||||||||
Individually Evaluated for Credit Losses | Collectively Evaluated for Credit Losses | Total | Loans Individually Evaluated for Credit Losses | Loans Collectively Evaluated for Credit Losses | Total | ||||||||||||||||||||||||||||||
December 31, 2020 | |||||||||||||||||||||||||||||||||||
Commercial and industrial | $ | 4,077 | $ | 34,741 | $ | 38,818 | $ | 16,578 | $ | 2,518,221 | $ | 2,534,799 | |||||||||||||||||||||||
PPP | — | — | — | — | 957,785 | 957,785 | |||||||||||||||||||||||||||||
Owner occupied commercial real estate | 111 | 19,890 | 20,001 | 11,174 | 1,765,232 | 1,776,406 | |||||||||||||||||||||||||||||
Non-owner occupied commercial real estate | 3,250 | 17,623 | 20,873 | 13,490 | 1,907,991 | 1,921,481 | |||||||||||||||||||||||||||||
Real estate construction | — | 20,080 | 20,080 | — | 863,220 | 863,220 | |||||||||||||||||||||||||||||
Agricultural and agricultural real estate | 1,988 | 5,141 | 7,129 | 15,453 | 699,073 | 714,526 | |||||||||||||||||||||||||||||
Residential real estate | — | 11,935 | 11,935 | 535 | 839,907 | 840,442 | |||||||||||||||||||||||||||||
Consumer | — | 12,770 | 12,770 | — | 414,392 | 414,392 | |||||||||||||||||||||||||||||
Total | $ | 9,426 | $ | 122,180 | $ | 131,606 | $ | 57,230 | $ | 9,965,821 | $ | 10,023,051 |
Three Months Ended
June 30, |
|||||||||||||||||||||||||||||||||||
2021 | 2020 | ||||||||||||||||||||||||||||||||||
Number
of Loans |
Pre-
Modification Recorded Investment |
Post-
Modification Recorded Investment |
Number
of Loans |
Pre-
Modification Recorded Investment |
Post-
Modification Recorded Investment |
||||||||||||||||||||||||||||||
Commercial | — | $ | — | $ | — | — | $ | — | $ | — | |||||||||||||||||||||||||
PPP | — | — | — | — | — | — | |||||||||||||||||||||||||||||
Owner occupied commercial real estate | — | — | — | — | — | — | |||||||||||||||||||||||||||||
Non-owner occupied commercial real estate | 2 | 7,850 | 7,850 | — | — | — | |||||||||||||||||||||||||||||
Real estate construction | — | — | — | — | — | — | |||||||||||||||||||||||||||||
Agricultural and agricultural real estate | — | — | — | — | — | — | |||||||||||||||||||||||||||||
Residential real estate | — | — | — | 1 | 60 | 66 | |||||||||||||||||||||||||||||
Consumer | — | — | — | — | — | — | |||||||||||||||||||||||||||||
Total | 2 | $ | 7,850 | $ | 7,850 | 1 | $ | 60 | $ | 66 |
Six Months Ended
June 30, |
|||||||||||||||||||||||||||||||||||
2021 | 2020 | ||||||||||||||||||||||||||||||||||
Number
of Loans |
Pre-
Modification Recorded Investment |
Post-
Modification Recorded Investment |
Number
of Loans |
Pre-
Modification Recorded Investment |
Post-
Modification Recorded Investment |
||||||||||||||||||||||||||||||
Commercial and industrial | — | $ | — | $ | — | — | $ | — | $ | — | |||||||||||||||||||||||||
PPP | — | — | — | — | — | — | |||||||||||||||||||||||||||||
Owner occupied commercial real estate | — | — | — | — | — | — | |||||||||||||||||||||||||||||
Non-owner occupied commercial real estate | 2 | 7,850 | 7,850 | — | — | — | |||||||||||||||||||||||||||||
Real estate construction | — | — | — | — | — | — | |||||||||||||||||||||||||||||
Agricultural and agricultural real estate | — | — | — | — | — | — |
Six Months Ended
June 30, |
|||||||||||||||||||||||||||||||||||
2021 | 2020 | ||||||||||||||||||||||||||||||||||
Number
of Loans |
Pre-
Modification Recorded Investment |
Post-
Modification Recorded Investment |
Number
of Loans |
Pre-
Modification Recorded Investment |
Post-
Modification Recorded Investment |
||||||||||||||||||||||||||||||
Residential real estate | — | — | — | 2 | 92 | 98 | |||||||||||||||||||||||||||||
Consumer | — | — | — | — | — | — | |||||||||||||||||||||||||||||
Total | 2 | $ | 7,850 | $ | 7,850 | 2 | $ | 92 | $ | 98 |
As of June 30, 2021 | Amortized Cost Basis of Term Loans by Year of Origination | ||||||||||||||||||||||||||||||||||||||||||||||
2021 | 2020 | 2019 | 2018 | 2017 | 2016 and Prior | Revolving | Total | ||||||||||||||||||||||||||||||||||||||||
Commercial and industrial | |||||||||||||||||||||||||||||||||||||||||||||||
Pass | $ | 330,626 | $ | 475,749 | $ | 277,874 | $ | 122,550 | $ | 197,617 | $ | 370,896 | $ | 528,785 | $ | 2,304,097 | |||||||||||||||||||||||||||||||
Watch | 7,252 | 13,154 | 22,947 | 12,886 | 8,633 | 17,574 | 35,506 | 117,952 | |||||||||||||||||||||||||||||||||||||||
Substandard | 2,171 | 21,377 | 10,899 | 8,780 | 11,706 | 21,646 | 20,280 | 96,859 | |||||||||||||||||||||||||||||||||||||||
Commercial and industrial total | $ | 340,049 | $ | 510,280 | $ | 311,720 | $ | 144,216 | $ | 217,956 | $ | 410,116 | $ | 584,571 | $ | 2,518,908 | |||||||||||||||||||||||||||||||
As of June 30, 2021 | Amortized Cost Basis of Term Loans by Year of Origination | ||||||||||||||||||||||||||||||||||||||||||||||
2021 | 2020 | 2019 | 2018 | 2017 | 2016 and Prior | Revolving | Total | ||||||||||||||||||||||||||||||||||||||||
PPP | |||||||||||||||||||||||||||||||||||||||||||||||
Pass | $ | 409,922 | $ | 327,475 | $ | — | $ | — | $ | — | $ | — | $ | — | $ | 737,397 | |||||||||||||||||||||||||||||||
Watch | 21,880 | 28,769 | — | — | — | — | — | 50,649 | |||||||||||||||||||||||||||||||||||||||
Substandard | 20,697 | 20,432 | — | — | — | — | — | 41,129 | |||||||||||||||||||||||||||||||||||||||
PPP total | $ | 452,499 | $ | 376,676 | $ | — | $ | — | $ | — | $ | — | $ | — | $ | 829,175 | |||||||||||||||||||||||||||||||
Owner occupied commercial real estate | |||||||||||||||||||||||||||||||||||||||||||||||
Pass | $ | 331,097 | $ | 402,216 | $ | 371,104 | $ | 232,062 | $ | 143,692 | $ | 264,190 | $ | 27,773 | $ | 1,772,134 | |||||||||||||||||||||||||||||||
Watch | 428 | 17,998 | 14,979 | 18,715 | 19,869 | 10,305 | 2,250 | 84,544 | |||||||||||||||||||||||||||||||||||||||
Substandard | 743 | 18,083 | 13,464 | 7,908 | 13,903 | 28,201 | 1,154 | 83,456 | |||||||||||||||||||||||||||||||||||||||
Owner occupied commercial real estate total | $ | 332,268 | $ | 438,297 | $ | 399,547 | $ | 258,685 | $ | 177,464 | $ | 302,696 | $ | 31,177 | $ | 1,940,134 | |||||||||||||||||||||||||||||||
Non-owner occupied commercial real estate | |||||||||||||||||||||||||||||||||||||||||||||||
Pass | $ | 206,934 | $ | 332,479 | $ | 355,445 | $ | 275,853 | $ | 163,047 | $ | 266,547 | $ | 32,340 | $ | 1,632,645 | |||||||||||||||||||||||||||||||
Watch | 16,873 | 18,884 | 76,447 | 30,786 | 8,233 | 53,339 | 4,524 | 209,086 | |||||||||||||||||||||||||||||||||||||||
Substandard | 16,968 | 13,315 | 20,879 | 23,329 | 24,802 | 46,035 | 310 | 145,638 | |||||||||||||||||||||||||||||||||||||||
Non-owner occupied commercial real estate total | $ | 240,775 | $ | 364,678 | $ | 452,771 | $ | 329,968 | $ | 196,082 | $ | 365,921 | $ | 37,174 | $ | 1,987,369 | |||||||||||||||||||||||||||||||
Real estate construction | |||||||||||||||||||||||||||||||||||||||||||||||
Pass | $ | 151,473 | $ | 338,101 | $ | 215,455 | $ | 49,360 | $ | 10,003 | $ | 8,959 | $ | 17,078 | $ | 790,429 | |||||||||||||||||||||||||||||||
Watch | — | 1,865 | 11,474 | 47,460 | 240 | 210 | 413 | 61,662 | |||||||||||||||||||||||||||||||||||||||
Substandard | — | — | 28 | 1,993 | — | 183 | — | 2,204 | |||||||||||||||||||||||||||||||||||||||
Real estate construction total | $ | 151,473 | $ | 339,966 | $ | 226,957 | $ | 98,813 | $ | 10,243 | $ | 9,352 | $ | 17,491 | $ | 854,295 | |||||||||||||||||||||||||||||||
Agricultural and agricultural real estate | |||||||||||||||||||||||||||||||||||||||||||||||
Pass | $ | 115,287 | $ | 125,764 | $ | 79,157 | $ | 46,698 | $ | 28,105 | $ | 43,350 | $ | 134,975 | $ | 573,336 | |||||||||||||||||||||||||||||||
Watch | 3,480 | 13,591 | 5,746 | 2,197 | 256 | 3,735 | 4,735 | 33,740 | |||||||||||||||||||||||||||||||||||||||
Substandard | 9,082 | 8,793 | 6,886 | 20,498 | 5,641 | 11,210 | 10,422 | 72,532 | |||||||||||||||||||||||||||||||||||||||
Agricultural and agricultural real estate total | $ | 127,849 | $ | 148,148 | $ | 91,789 | $ | 69,393 | $ | 34,002 | $ | 58,295 | $ | 150,132 | $ | 679,608 | |||||||||||||||||||||||||||||||
Residential real estate | |||||||||||||||||||||||||||||||||||||||||||||||
Pass | $ | 144,046 | $ | 116,571 | $ | 65,840 | $ | 82,530 | $ | 56,628 | $ | 277,236 | $ | 28,244 | $ | 771,095 | |||||||||||||||||||||||||||||||
Watch | 1,236 | 1,966 | 1,634 | 1,703 | 2,039 | 6,998 | — | 15,576 | |||||||||||||||||||||||||||||||||||||||
Substandard | 4,147 | 859 | 299 | 1,889 | 1,259 | 5,760 | — | 14,213 | |||||||||||||||||||||||||||||||||||||||
Residential real estate total | $ | 149,429 | $ | 119,396 | $ | 67,773 | $ | 86,122 | $ | 59,926 | $ | 289,994 | $ | 28,244 | $ | 800,884 | |||||||||||||||||||||||||||||||
Consumer | |||||||||||||||||||||||||||||||||||||||||||||||
Pass | $ | 39,485 | $ | 26,718 | $ | 20,157 | $ | 13,147 | $ | 12,112 | $ | 21,088 | $ | 259,705 | $ | 392,412 | |||||||||||||||||||||||||||||||
Watch | 4 | 132 | 220 | 1,362 | 130 | 508 | 1,234 | 3,590 | |||||||||||||||||||||||||||||||||||||||
Substandard | 848 | 432 | 612 | 474 | 371 | 2,104 | 798 | 5,639 | |||||||||||||||||||||||||||||||||||||||
Consumer total | $ | 40,337 | $ | 27,282 | $ | 20,989 | $ | 14,983 | $ | 12,613 | $ | 23,700 | $ | 261,737 | $ | 401,641 | |||||||||||||||||||||||||||||||
Total Pass | $ | 1,728,870 | $ | 2,145,073 | $ | 1,385,032 | $ | 822,200 | $ | 611,204 | $ | 1,252,266 | $ | 1,028,900 | $ | 8,973,545 | |||||||||||||||||||||||||||||||
Total Watch | 51,153 | 96,359 | 133,447 | 115,109 | 39,400 | 92,669 | 48,662 | 576,799 | |||||||||||||||||||||||||||||||||||||||
Total Substandard | 54,656 | 83,291 | 53,067 | 64,871 | 57,682 | 115,139 | 32,964 | 461,670 | |||||||||||||||||||||||||||||||||||||||
Total Loans | $ | 1,834,679 | $ | 2,324,723 | $ | 1,571,546 | $ | 1,002,180 | $ | 708,286 | $ | 1,460,074 | $ | 1,110,526 | $ | 10,012,014 |
As of December 31, 2020 | Amortized Cost Basis of Term Loans by Year of Origination | ||||||||||||||||||||||||||||||||||||||||||||||
2020 | 2019 | 2018 | 2017 | 2016 | 2015 and Prior | Revolving | Total | ||||||||||||||||||||||||||||||||||||||||
Commercial and industrial | |||||||||||||||||||||||||||||||||||||||||||||||
Pass | $ | 557,853 | $ | 340,809 | $ | 168,873 | $ | 215,696 | $ | 101,010 | $ | 337,834 | $ | 541,627 | $ | 2,263,702 | |||||||||||||||||||||||||||||||
Watch | 41,574 | 24,676 | 19,672 | 14,262 | 8,072 | 2,474 | 49,432 | 160,162 | |||||||||||||||||||||||||||||||||||||||
Substandard | 23,024 | 16,274 | 8,897 | 15,717 | 9,098 | 19,537 | 18,388 | 110,935 | |||||||||||||||||||||||||||||||||||||||
Commercial and industrial total | $ | 622,451 | $ | 381,759 | $ | 197,442 | $ | 245,675 | $ | 118,180 | $ | 359,845 | $ | 609,447 | $ | 2,534,799 | |||||||||||||||||||||||||||||||
PPP | |||||||||||||||||||||||||||||||||||||||||||||||
Pass | $ | 880,709 | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | 880,709 |
As of December 31, 2020 | Amortized Cost Basis of Term Loans by Year of Origination | ||||||||||||||||||||||||||||||||||||||||||||||
2020 | 2019 | 2018 | 2017 | 2016 | 2015 and Prior | Revolving | Total | ||||||||||||||||||||||||||||||||||||||||
Watch | 22,533 | — | — | — | — | — | — | 22,533 | |||||||||||||||||||||||||||||||||||||||
Substandard | 54,543 | — | — | — | — | — | — | 54,543 | |||||||||||||||||||||||||||||||||||||||
PPP total | $ | 957,785 | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | 957,785 | |||||||||||||||||||||||||||||||
Owner occupied commercial real estate | |||||||||||||||||||||||||||||||||||||||||||||||
Pass | $ | 400,662 | $ | 369,401 | $ | 300,242 | $ | 167,470 | $ | 107,234 | $ | 213,780 | $ | 33,759 | $ | 1,592,548 | |||||||||||||||||||||||||||||||
Watch | 15,345 | 13,764 | 22,488 | 20,811 | 8,717 | 15,282 | 4,311 | 100,718 | |||||||||||||||||||||||||||||||||||||||
Substandard | 15,914 | 9,522 | 12,164 | 14,147 | 8,580 | 21,708 | 1,105 | 83,140 | |||||||||||||||||||||||||||||||||||||||
Owner occupied commercial real estate total | $ | 431,921 | $ | 392,687 | $ | 334,894 | $ | 202,428 | $ | 124,531 | $ | 250,770 | $ | 39,175 | $ | 1,776,406 | |||||||||||||||||||||||||||||||
Non-owner occupied commercial real estate | |||||||||||||||||||||||||||||||||||||||||||||||
Pass | $ | 334,722 | $ | 411,301 | $ | 305,456 | $ | 194,101 | $ | 108,070 | $ | 233,153 | $ | 24,466 | $ | 1,611,269 | |||||||||||||||||||||||||||||||
Watch | 22,826 | 55,225 | 24,718 | 18,724 | 20,954 | 45,672 | 5,114 | 193,233 | |||||||||||||||||||||||||||||||||||||||
Substandard | 30,899 | 15,035 | 23,290 | 17,046 | 9,147 | 21,060 | 502 | 116,979 | |||||||||||||||||||||||||||||||||||||||
Non-owner occupied commercial real estate total | $ | 388,447 | $ | 481,561 | $ | 353,464 | $ | 229,871 | $ | 138,171 | $ | 299,885 | $ | 30,082 | $ | 1,921,481 | |||||||||||||||||||||||||||||||
Real estate construction | |||||||||||||||||||||||||||||||||||||||||||||||
Pass | $ | 311,625 | $ | 309,678 | $ | 157,171 | $ | 12,625 | $ | 6,954 | $ | 5,110 | $ | 21,431 | $ | 824,594 | |||||||||||||||||||||||||||||||
Watch | 2,105 | 26,659 | 2,403 | 332 | 55 | 388 | 1,295 | 33,237 | |||||||||||||||||||||||||||||||||||||||
Substandard | 196 | 2,760 | 2,036 | — | 39 | 358 | — | 5,389 | |||||||||||||||||||||||||||||||||||||||
Real estate construction total | $ | 313,926 | $ | 339,097 | $ | 161,610 | $ | 12,957 | $ | 7,048 | $ | 5,856 | $ | 22,726 | $ | 863,220 | |||||||||||||||||||||||||||||||
Agricultural and agricultural real estate | |||||||||||||||||||||||||||||||||||||||||||||||
Pass | $ | 171,578 | $ | 90,944 | $ | 62,349 | $ | 39,252 | $ | 17,626 | $ | 37,696 | $ | 148,456 | $ | 567,901 | |||||||||||||||||||||||||||||||
Watch | 20,500 | 16,202 | 8,854 | 2,448 | 3,515 | 3,157 | 12,282 | 66,958 | |||||||||||||||||||||||||||||||||||||||
Substandard | 17,403 | 7,044 | 23,519 | 6,758 | 3,917 | 9,952 | 11,074 | 79,667 | |||||||||||||||||||||||||||||||||||||||
Agricultural and agricultural real estate total | $ | 209,481 | $ | 114,190 | $ | 94,722 | $ | 48,458 | $ | 25,058 | $ | 50,805 | $ | 171,812 | $ | 714,526 | |||||||||||||||||||||||||||||||
Residential real estate | |||||||||||||||||||||||||||||||||||||||||||||||
Pass | $ | 153,017 | $ | 99,440 | $ | 118,854 | $ | 83,534 | $ | 63,477 | $ | 244,852 | $ | 33,467 | $ | 796,641 | |||||||||||||||||||||||||||||||
Watch | 3,986 | 4,507 | 2,188 | 1,896 | 3,117 | 8,525 | — | 24,219 | |||||||||||||||||||||||||||||||||||||||
Substandard | 980 | 442 | 2,507 | 1,528 | 884 | 12,141 | 1,100 | 19,582 | |||||||||||||||||||||||||||||||||||||||
Residential real estate total | $ | 157,983 | $ | 104,389 | $ | 123,549 | $ | 86,958 | $ | 67,478 | $ | 265,518 | $ | 34,567 | $ | 840,442 | |||||||||||||||||||||||||||||||
Consumer | |||||||||||||||||||||||||||||||||||||||||||||||
Pass | $ | 37,037 | $ | 27,646 | $ | 18,811 | $ | 15,034 | $ | 4,009 | $ | 19,483 | $ | 280,996 | $ | 403,016 | |||||||||||||||||||||||||||||||
Watch | 168 | 352 | 647 | 340 | 82 | 646 | 1,622 | 3,857 | |||||||||||||||||||||||||||||||||||||||
Substandard | 481 | 959 | 1,884 | 500 | 897 | 1,976 | 822 | 7,519 | |||||||||||||||||||||||||||||||||||||||
Consumer total | $ | 37,686 | $ | 28,957 | $ | 21,342 | $ | 15,874 | $ | 4,988 | $ | 22,105 | $ | 283,440 | $ | 414,392 | |||||||||||||||||||||||||||||||
Total Pass | $ | 2,847,203 | $ | 1,649,219 | $ | 1,131,756 | $ | 727,712 | $ | 408,380 | $ | 1,091,908 | $ | 1,084,202 | $ | 8,940,380 | |||||||||||||||||||||||||||||||
Total Watch | 129,037 | 141,385 | 80,970 | 58,813 | 44,512 | 76,144 | 74,056 | 604,917 | |||||||||||||||||||||||||||||||||||||||
Total Substandard | 143,440 | 52,036 | 74,297 | 55,696 | 32,562 | 86,732 | 32,991 | 477,754 | |||||||||||||||||||||||||||||||||||||||
Total Loans | $ | 3,119,680 | $ | 1,842,640 | $ | 1,287,023 | $ | 842,221 | $ | 485,454 | $ | 1,254,784 | $ | 1,191,249 | $ | 10,023,051 |
Accruing Loans | |||||||||||||||||||||||||||||||||||||||||
30-59
Days Past Due |
60-89
Days Past Due |
90 Days or
More Past Due |
Total
Past Due |
Current | Nonaccrual | Total Loans | |||||||||||||||||||||||||||||||||||
June 30, 2021 | |||||||||||||||||||||||||||||||||||||||||
Commercial and industrial | $ | 1,537 | $ | 1,034 | $ | 12 | $ | 2,583 | $ | 2,498,207 | $ | 18,118 | $ | 2,518,908 | |||||||||||||||||||||||||||
PPP | — | — | — | — | 829,175 | — | 829,175 | ||||||||||||||||||||||||||||||||||
Owner occupied commercial real estate | 1,134 | — | — | 1,134 | 1,929,086 | 9,914 | 1,940,134 | ||||||||||||||||||||||||||||||||||
Non-owner occupied commercial real estate | 1,374 | 1,350 | — | 2,724 | 1,963,775 | 20,870 | 1,987,369 | ||||||||||||||||||||||||||||||||||
Real estate construction | 2,834 | — | — | 2,834 | 851,053 | 408 | 854,295 | ||||||||||||||||||||||||||||||||||
Agricultural and agricultural real estate | 2,759 | 1,716 | — | 4,475 | 654,135 | 20,998 | 679,608 | ||||||||||||||||||||||||||||||||||
Residential real estate | 2,192 | 118 | 85 | 2,395 | 785,637 | 12,852 | 800,884 | ||||||||||||||||||||||||||||||||||
Consumer | 679 | 222 | — | 901 | 398,632 | 2,108 | 401,641 | ||||||||||||||||||||||||||||||||||
Total gross loans receivable held to maturity | $ | 12,509 | $ | 4,440 | $ | 97 | $ | 17,046 | $ | 9,909,700 | $ | 85,268 | $ | 10,012,014 | |||||||||||||||||||||||||||
December 31, 2020 | |||||||||||||||||||||||||||||||||||||||||
Commercial and industrial | $ | 5,825 | $ | 2,322 | $ | 720 | $ | 8,867 | $ | 2,504,170 | $ | 21,762 | $ | 2,534,799 | |||||||||||||||||||||||||||
PPP | 1 | — | — | 1 | 957,784 | — | 957,785 | ||||||||||||||||||||||||||||||||||
Owner occupied commercial real estate | 2,815 | 167 | — | 2,982 | 1,759,649 | 13,775 | 1,776,406 | ||||||||||||||||||||||||||||||||||
Non-owner occupied commercial real estate | 2,143 | 2,674 | — | 4,817 | 1,902,003 | 14,661 | 1,921,481 | ||||||||||||||||||||||||||||||||||
Real estate construction | 2,446 | 96 | — | 2,542 | 859,784 | 894 | 863,220 | ||||||||||||||||||||||||||||||||||
Agricultural and agricultural real estate | 1,688 | — | — | 1,688 | 694,150 | 18,688 | 714,526 | ||||||||||||||||||||||||||||||||||
Residential real estate | 1,675 | 83 | — | 1,758 | 825,047 | 13,637 | 840,442 | ||||||||||||||||||||||||||||||||||
Consumer | 807 | 139 | — | 946 | 409,477 | 3,969 | 414,392 | ||||||||||||||||||||||||||||||||||
Total gross loans receivable held to maturity | $ | 17,400 | $ | 5,481 | $ | 720 | $ | 23,601 | $ | 9,912,064 | $ | 87,386 | $ | 10,023,051 |
Commercial
and Industrial |
PPP | Owner Occupied Commercial Real Estate | Non-Owner Occupied Commercial Real Estate |
Real Estate
Construction |
Agricultural and Agricultural Real Estate |
Residential
Real Estate |
Consumer | Total | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Balance at March 31, 2021 | $ | 36,095 | $ | — | $ | 19,416 | $ | 24,694 | $ | 19,931 | $ | 7,111 | $ | 11,012 | $ | 11,913 | $ | 130,172 | |||||||||||||||||||||||||||||||||||||||||||||||
Charge-offs | (842) | — | (72) | (1,637) | (10) | (357) | (70) | (509) | (3,497) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Recoveries | 265 | — | 44 | 13 | 4 | — | — | 191 | 517 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Provision | (4,186) | — | 602 | (242) | (345) | 406 | (1,201) | (1,500) | (6,466) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Balance at June 30, 2021 | $ | 31,332 | $ | — | $ | 19,990 | $ | 22,828 | $ | 19,580 | $ | 7,160 | $ | 9,741 | $ | 10,095 | $ | 120,726 | |||||||||||||||||||||||||||||||||||||||||||||||
Commercial
and Industrial |
PPP | Owner Occupied Commercial Real Estate | Non-Owner Occupied Commercial Real Estate | Real Estate Construction |
Agricultural and Agricultural
Real Estate |
Residential
Real Estate |
Consumer | Total | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Balance at December 31, 2020 | $ | 38,818 | $ | — | $ | 20,001 | $ | 20,873 | $ | 20,080 | $ | 7,129 | $ | 11,935 | $ | 12,770 | $ | 131,606 | |||||||||||||||||||||||||||||||||||||||||||||||
Charge-offs | (1,790) | — | (113) | (1,637) | (10) | (675) | (91) | (1,307) | (5,623) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Recoveries | 558 | — | 97 | 13 | 6 | 21 | 5 | 493 | 1,193 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Provision | (6,254) | — | 5 | 3,579 | (496) | 685 | (2,108) | (1,861) | (6,450) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Balance at June 30, 2021
|
$ | 31,332 | $ | — | $ | 19,990 | $ | 22,828 | $ | 19,580 | $ | 7,160 | $ | 9,741 | $ | 10,095 | $ | 120,726 |
Commercial
and Industrial |
PPP | Owner Occupied Commercial Real Estate | Non-Owner Occupied Commercial Real Estate | Real Estate Construction | Agricultural and Agricultural Real Estate |
Residential
Real Estate |
Consumer | Total | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Balance at March 31, 2020 | $ | 32,455 | — | 10,337 | 8,320 | 22,951 | $ | 4,797 | $ | 8,725 | $ | 9,765 | $ | 97,350 | |||||||||||||||||||||||||||||||||||||||||||||||||||
Charge-offs | (2,536) | — | (213) | (19) | (84) | (1) | (235) | (476) | (3,564) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Recoveries | 345 | — | 191 | 8 | 210 | — | 92 | 298 | 1,144 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Provision | 2,254 | — | 13,087 | 1,852 | 5,590 | 905 | 722 | 597 | 25,007 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Balance at June 30, 2020 | $ | 32,518 | $ | 32,531 | $ | — | $ | 23,402 | $ | 10,161 | $ | 28,667 | $ | 5,701 | $ | 9,304 | $ | 10,184 | $ | 119,937 | |||||||||||||||||||||||||||||||||||||||||||||
Commercial
and Industrial |
PPP | Owner Occupied Commercial Real Estate | Non-Owner Occupied Commercial Real Estate | Real Estate Construction |
Agricultural and Agricultural
Real Estate |
Residential
Real Estate |
Consumer | Total | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Balance at December 31, 2019 | $ | 34,207 | $ | — | $ | 7,921 | $ | 7,584 | $ | 8,677 | $ | 5,680 | $ | 1,504 | $ | 4,822 | $ | 70,395 | |||||||||||||||||||||||||||||||||||||||||||||||
Impact of ASU 2016-13 adoption | (272) | — | (114) | (2,617) | 6,335 | (387) | 4,817 | 4,309 | 12,071 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Adjusted balance at January 1, 2020 | 33,935 | — | 7,807 | 4,967 | 15,012 | 5,293 | 6,321 | 9,131 | 82,466 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Charge-offs | (7,767) | — | (213) | (19) | (105) | (254) | (314) | (1,193) | (9,865) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Recoveries | 610 | — | 192 | 8 | 215 | 826 | 95 | 518 | 2,464 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Provision | 5,740 | — | 15,616 | 5,205 | 13,545 | (164) | 3,202 | 1,728 | 44,872 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Balance at June 30, 2020 | $ | 32,518 | $ | — | $ | 23,402 | $ | 10,161 | $ | 28,667 | $ | 5,701 | $ | 9,304 | $ | 10,184 | $ | 119,937 |
For the Three Months Ended June 30, | |||||||||||
2021 | 2020 | ||||||||||
Balance at March 31, | $ | 14,619 | $ | 15,468 | |||||||
Provision | (617) | 1,924 | |||||||||
Balance at June 30, | $ | 14,002 | $ | 17,392 |
For the Six Months Ended June 30, | |||||||||||
2021 | 2020 | ||||||||||
Balance at December 31, | $ | 15,280 | $ | 248 | |||||||
Impact of ASU 2016-13 adoption on January 1, 2020 | — | 13,604 | |||||||||
Adjusted balance at January 1, | 15,280 | 13,852 | |||||||||
Provision | (1,278) | 3,540 | |||||||||
Balance at June 30, | $ | 14,002 | $ | 17,392 |
June 30, 2021 | December 31, 2020 | ||||||||||||||||||||||||||||||||||
Gross
Carrying Amount |
Accumulated
Amortization |
Net
Carrying Amount |
Gross
Carrying Amount |
Accumulated
Amortization |
Net
Carrying Amount |
||||||||||||||||||||||||||||||
Amortizing intangible assets: | |||||||||||||||||||||||||||||||||||
Core deposit intangibles | $ | 101,185 | $ | 63,883 | $ | 37,302 | $ | 101,185 | $ | 58,970 | $ | 42,215 | |||||||||||||||||||||||
Customer relationship intangibles | 1,177 | 1,027 | 150 | 1,177 | 1,009 | 168 | |||||||||||||||||||||||||||||
Mortgage servicing rights | 11,971 | 6,412 | 5,559 | 11,268 | 6,079 | 5,189 | |||||||||||||||||||||||||||||
Commercial servicing rights | 7,054 | 6,412 | 642 | 7,054 | 6,191 | 863 | |||||||||||||||||||||||||||||
Total | $ | 121,387 | $ | 77,734 | $ | 43,653 | $ | 120,684 | $ | 72,249 | $ | 48,435 |
Core
Deposit Intangibles |
Customer
Relationship Intangibles |
Mortgage
Servicing Rights |
Commercial
Servicing Rights |
Total |
|||||||||||||||||||||||||
Six months ending December 31, 2021 | $ | 4,446 | $ | 18 | $ | 648 | $ | 110 | $ | 5,222 | |||||||||||||||||||
Year ending December 31, | |||||||||||||||||||||||||||||
2022 | 7,702 | 34 | 1,228 | 194 | 9,158 | ||||||||||||||||||||||||
2023 | 6,739 | 33 | 1,052 | 139 | 7,963 | ||||||||||||||||||||||||
2024 | 5,591 | 33 | 877 | 96 | 6,597 | ||||||||||||||||||||||||
2025 | 4,700 | 32 | 702 | 103 | 5,537 | ||||||||||||||||||||||||
2026 | 3,533 | — | 526 | — | 4,059 | ||||||||||||||||||||||||
Thereafter | 4,591 | — | 526 | — | 5,117 | ||||||||||||||||||||||||
Total | $ | 37,302 | $ | 150 | $ | 5,559 | $ | 642 | $ | 43,653 |
2021 | 2020 | ||||||||||
Balance at January 1, | $ | 5,189 | $ | 5,621 | |||||||
Originations | 703 | 1,490 | |||||||||
Amortization | (724) | (1,070) | |||||||||
Valuation adjustment | 391 | (1,556) | |||||||||
Balance at period end | $ | 5,559 | $ | 4,485 | |||||||
Mortgage servicing rights, net to servicing portfolio | 0.77 | % | 0.68 | % |
2021 | 2020 | ||||||||||
Balance at January 1, | $ | 863 | $ | 1,115 | |||||||
Originations | — | 38 | |||||||||
Amortization | (221) | (169) | |||||||||
Balance at period end | $ | 642 | $ | 984 | |||||||
Fair value of commercial servicing rights | $ | 1,104 | $ | 1,417 | |||||||
Commercial servicing rights, net to servicing portfolio | 1.12 | % | 1.32 | % |
Book Value 15-Year Tranche | Fair Value 15-Year Tranche |
Valuation Allowance
15-Year Tranche |
Book Value 30-Year Tranche | Fair Value 30-Year Tranche |
Valuation Allowance
30-Year Tranche |
||||||||||||||||||||||||||||||
June 30, 2021 | $ | 1,627 | $ | 1,157 | $ | 470 | $ | 6,287 | $ | 4,402 | $ | 1,885 | |||||||||||||||||||||||
December 31, 2020 | $ | 1,522 | $ | 1,100 | $ | 422 | $ | 5,445 | $ | 4,089 | $ | 1,356 | |||||||||||||||||||||||
Book Value
Less than 20 Years |
Fair Value
Less than 20 Years |
Valuation Allowance
15-Year Tranche |
Book Value
More than 20 Years |
Fair Value
More than 20 Years |
Valuation Allowance
30-Year Tranche |
||||||||||||||||||||||||||||||
June 30, 2021 | $ | 58 | $ | 170 | $ | — | $ | 584 | $ | 934 | $ | — | |||||||||||||||||||||||
December 31, 2020 | $ | 87 | $ | 203 | $ | — | $ | 776 | $ | 1,085 | $ | — |
Notional
Amount |
Fair
Value |
Balance
Sheet Category |
Receive
Rate |
Weighted
Average Pay Rate |
Maturity | ||||||||||||||||||||||||||||||
June 30, 2021 | |||||||||||||||||||||||||||||||||||
Interest rate swap | $ | 21,250 | $ | (1,636) | Other liabilities | 2.591 | % | 5.425 | % | 07/24/2028 | |||||||||||||||||||||||||
Interest rate swap | 20,000 | (1,107) | Other liabilities | 0.119 | 2.390 | 06/15/2024 | |||||||||||||||||||||||||||||
Interest rate swap | 20,000 | (1,049) | Other liabilities | 0.135 | 2.352 | 03/01/2024 | |||||||||||||||||||||||||||||
December 31, 2020 | |||||||||||||||||||||||||||||||||||
Interest rate swap | $ | 25,000 | $ | (127) | Other liabilities | 0.229 | % | 2.255 | % | 03/17/2021 | |||||||||||||||||||||||||
Interest rate swap | 21,667 | (91) | Other liabilities | 2.649 | 3.674 | 05/10/2021 | |||||||||||||||||||||||||||||
Interest rate swap | 22,750 | (2,220) | Other liabilities | 2.643 | 5.425 | 07/24/2028 | |||||||||||||||||||||||||||||
Interest rate swap | 20,000 | (1,482) | Other liabilities | 0.217 | 2.390 | 06/15/2024 | |||||||||||||||||||||||||||||
Interest rate swap | 20,000 | (1,385) | Other liabilities | 0.225 | 2.352 | 03/01/2024 | |||||||||||||||||||||||||||||
Interest rate swap | 6,000 | (50) | Other liabilities | 0.217 | 1.866 | 06/15/2021 | |||||||||||||||||||||||||||||
Interest rate swap | 3,000 | (25) | Other liabilities | 0.241 | 1.878 | 06/30/2021 | |||||||||||||||||||||||||||||
Effective Portion | Ineffective Portion | ||||||||||||||||||||||||||||
Recognized in OCI | Reclassified from AOCI into Income | Recognized in Income on Derivatives | |||||||||||||||||||||||||||
Amount of
Gain (Loss) |
Category |
Amount of
Gain (Loss) |
Category |
Amount of
Gain (Loss) |
|||||||||||||||||||||||||
Three Months Ended June 30, 2021 | |||||||||||||||||||||||||||||
Interest rate swaps | $ | 291 | Interest expense | $ | 454 | Other income | $ | — | |||||||||||||||||||||
Six Months Ended June 30, 2021 | |||||||||||||||||||||||||||||
Interest rate swaps | $ | 1,588 | Interest expense | $ | 1,045 | Other income | $ | — | |||||||||||||||||||||
Three Months Ended June 30, 2020 | |||||||||||||||||||||||||||||
Interest rate swap | $ | (100) | Interest Expense | $ | 417 | Other Income | $ | — | |||||||||||||||||||||
Six Months Ended June 30, 2020 | |||||||||||||||||||||||||||||
Interest rate swap | $ | (3,963) | Interest Expense | $ | 600 | Other Income | $ | — | |||||||||||||||||||||
Notional Amount | Fair Value | Balance Sheet Category | |||||||||||||||
June 30, 2021 | |||||||||||||||||
Fair value hedges | $ | 16,901 | $ | (1,585) | Other liabilities | ||||||||||||
December 31, 2020 | |||||||||||||||||
Fair value hedges | $ | 20,841 | $ | (2,480) | Other liabilities |
Amount of Gain (Loss) | Income Statement Category | |||||||||||||
Three Months Ended June 30, 2021 | ||||||||||||||
Fair value hedges | $ | 132 | Interest income | |||||||||||
Six Months Ended June 30, 2021 | ||||||||||||||
Fair value hedges | $ | 895 | Interest income | |||||||||||
Three Months Ended June 30, 2020 | ||||||||||||||
Fair value hedges | $ | 4 | Interest income | |||||||||||
Six Months Ended June 30, 2020 | ||||||||||||||
Fair value hedges | $ | (1,673) | Interest income |
Notional Amount | Fair Value | Balance Sheet Category | |||||||||||||||||||||||||||||||||
June 30, 2021 | |||||||||||||||||||||||||||||||||||
Embedded derivatives | $ | 8,971 | $ | 497 | Other assets | ||||||||||||||||||||||||||||||
December 31, 2020 | |||||||||||||||||||||||||||||||||||
Embedded derivatives | $ | 9,198 | $ | 680 | Other assets | ||||||||||||||||||||||||||||||
Amount of Gain (Loss) | Income Statement Category | |||||||||||||
Three Months Ended June 30, 2021 | ||||||||||||||
Embedded derivatives | $ | (54) | Other noninterest income | |||||||||||
Six Months Ended June 30, 2021 | ||||||||||||||
Embedded derivatives | $ | (183) | Other noninterest income | |||||||||||
Three Months Ended June 30, 2020 | ||||||||||||||
Embedded derivatives | $ | 1 | Other noninterest income | |||||||||||
Six Months Ended June 30, 2020 | ||||||||||||||
Embedded derivatives | $ | 362 | Other noninterest income |
Notional
Amount |
Fair
Value |
Balance Sheet
Category |
Weighted
Average Receive Rate |
Weighted
Average Pay Rate |
|||||||||||||||||||||||||
June 30, 2021 | |||||||||||||||||||||||||||||
Customer interest rate swaps | $ | 438,415 | $ | 29,394 | Other assets | 4.50 | % | 2.43 | % | ||||||||||||||||||||
Customer interest rate swaps | 438,415 | (29,394) | Other liabilities | 2.43 | 4.50 | ||||||||||||||||||||||||
December 31, 2020 | |||||||||||||||||||||||||||||
Customer interest rate swaps | $ | 440,719 | $ | 43,422 | Other assets | 4.46 | % | 2.46 | % | ||||||||||||||||||||
Customer interest rate swaps | 440,719 | (43,422) | Other liabilities | 2.46 | 4.46 | ||||||||||||||||||||||||
Balance Sheet Category | Notional Amount | Fair Value | |||||||||||||||
June 30, 2021 | |||||||||||||||||
Interest rate lock commitments (mortgage) | Other assets | $ | 39,922 | $ | 1,425 | ||||||||||||
Forward commitments | Other assets | 9,500 | 8 | ||||||||||||||
Forward commitments | Other liabilities | 59,000 | (202) | ||||||||||||||
Undesignated interest rate swaps | Other liabilities | 8,971 | (497) | ||||||||||||||
December 31, 2020 | |||||||||||||||||
Interest rate lock commitments (mortgage) | Other assets | $ | 42,078 | $ | 1,827 | ||||||||||||
Forward commitments | Other assets | — | — | ||||||||||||||
Forward commitments | Other liabilities | 86,500 | (697) | ||||||||||||||
Undesignated interest rate swaps | Other liabilities | 9,198 | (680) | ||||||||||||||
Income Statement Category | Gain (Loss) Recognized | ||||||||||
Three Months Ended June 30, 2021 | |||||||||||
Interest rate lock commitments (mortgage) | Net gains on sale of loans held for sale | $ | (250) | ||||||||
Forward commitments | Net gains on sale of loans held for sale | (1,403) | |||||||||
Undesignated interest rate swaps | Other noninterest income | 54 | |||||||||
Six Months Ended June 30, 2021 | |||||||||||
Interest rate lock commitments (mortgage) | Net gains on sale of loans held for sale | $ | (1,735) | ||||||||
Forward commitments | Net gains on sale of loans held for sale | 503 | |||||||||
Undesignated interest rate swaps | Other noninterest income | 183 | |||||||||
Three Months Ended June 30, 2020 | |||||||||||
Interest rate lock commitments (mortgage) | Net gains on sale of loans held for sale | $ | 1,296 | ||||||||
Forward commitments | Net gains on sale of loans held for sale | 962 | |||||||||
Undesignated interest rate swaps | Other noninterest income | (1) | |||||||||
Six Months Ended June 30, 2020 | |||||||||||
Interest rate lock commitments (mortgage) | Net gains on sale of loans held for sale | $ | 2,994 | ||||||||
Forward commitments | Net gains on sale of loans held for sale | (184) | |||||||||
Undesignated interest rate swaps | Other noninterest income | (362) |
Fair Value Measurements at
June 30, 2021
|
|||||||||||||||||||||||||||||
Total |
Quoted Prices in
Active Markets for Identical Assets (Level 1) |
Significant Other
Observable Inputs (Level 2) |
Significant
Unobservable Inputs (Level 3) |
Year-to-
Date (Gains) Losses |
|||||||||||||||||||||||||
Collateral dependent individually assessed loans: | |||||||||||||||||||||||||||||
Commercial and industrial | $ | 8,969 | $ | — | $ | — | $ | 8,969 | $ | 214 | |||||||||||||||||||
Owner occupied commercial real estate | 3,573 | — | — | 3,573 | — | ||||||||||||||||||||||||
Non-owner occupied commercial real estate | 14,742 | — | — | 14,742 | 1,637 | ||||||||||||||||||||||||
Agricultural and agricultural real estate | 14,161 | — | — | 14,161 | — | ||||||||||||||||||||||||
Total collateral dependent individually assessed loans | $ | 41,445 | $ | — | $ | — | $ | 41,445 | $ | 1,851 | |||||||||||||||||||
Loans held for sale | $ | 33,248 | $ | — | $ | 33,248 | $ | — | $ | (1,304) | |||||||||||||||||||
Other real estate owned | 6,314 | — | — | 6,314 | (88) | ||||||||||||||||||||||||
Premises, furniture and equipment held for sale | 6,925 | — | — | 6,925 | (44) | ||||||||||||||||||||||||
Servicing rights | 5,559 | — | — | 5,559 | (391) | ||||||||||||||||||||||||
Fair Value Measurements at
December 31, 2020 |
|||||||||||||||||||||||||||||
Total |
Quoted Prices in
Active Markets for Identical Assets (Level 1) |
Significant Other
Observable Inputs (Level 2) |
Significant
Unobservable Inputs (Level 3) |
Year-to-
Date (Gains) Losses |
|||||||||||||||||||||||||
Collateral dependent individually assessed loans: | |||||||||||||||||||||||||||||
Commercial and industrial | $ | 11,256 | $ | — | $ | — | $ | 11,256 | $ | 451 | |||||||||||||||||||
Owner occupied commercial real estate | 5,874 | — | — | 5,874 | 11,631 | ||||||||||||||||||||||||
Non-owner occupied commercial real estate | 4,907 | — | — | 4,907 | — | ||||||||||||||||||||||||
Agricultural and agricultural real estate | 12,451 | — | — | 12,451 | — | ||||||||||||||||||||||||
Total collateral dependent individually assessed loans | $ | 34,488 | $ | — | $ | — | $ | 34,488 | $ | 12,082 | |||||||||||||||||||
Loans held for sale | $ | 57,949 | $ | — | $ | 57,949 | $ | — | $ | (982) | |||||||||||||||||||
Other real estate owned | 6,624 | — | — | 6,624 | 1,044 | ||||||||||||||||||||||||
Premises, furniture and equipment held for sale | 6,499 | — | — | 6,499 | 3,288 | ||||||||||||||||||||||||
Servicing rights | 5,189 | — | — | 5,189 | 1,778 |
Fair Value
at 12/31/2020 |
Valuation
Technique |
Unobservable
Input |
Range
(Weighted Average) |
||||||||||||||||||||
Interest rate lock commitments | $ | 1,827 | Discounted cash flows | Closing ratio |
0-99% (86%)(1)
|
||||||||||||||||||
Other real estate owned | 6,624 | Modified appraised value | Third party appraisal | (2) | |||||||||||||||||||
Appraisal discount |
0-10%(3)
|
||||||||||||||||||||||
Servicing rights | 5,189 | Discounted cash flows | Third party valuation |
(4)
|
|||||||||||||||||||
Premises, furniture and equipment held for sale | 6,499 | Modified appraised value | Third party appraisal | (2) | |||||||||||||||||||
Appraisal discount |
0-10%(3)
|
||||||||||||||||||||||
Collateral dependent individually assessed loans: | |||||||||||||||||||||||
Commercial and industrial | 11,256 | Modified appraised value | Third party appraisal | (2) | |||||||||||||||||||
Appraisal discount |
0-8%(3)
|
For the Six Months Ended
June 30, 2021 |
For the Year Ended
December 31, 2020 |
||||||||||
Balance at January 1, | $ | 1,827 | $ | 681 | |||||||
Total net gains included in earnings | (1,735) | 2,803 | |||||||||
Issuances | 8,892 | 17,221 | |||||||||
Settlements | (7,559) | (18,878) | |||||||||
Balance at period end | $ | 1,425 | $ | 1,827 |
Three Months Ended
June 30, |
Six Months Ended
June 30, |
||||||||||||||||||||||
2021 | 2020 | 2021 | 2020 | ||||||||||||||||||||
In-scope of Topic 606 | |||||||||||||||||||||||
Service charges and fees | |||||||||||||||||||||||
Service charges and fees on deposit accounts | $ | 4,014 | $ | 3,476 | $ | 7,950 | $ | 6,913 | |||||||||||||||
Overdraft fees | 2,549 | 1,634 | 5,141 | 4,443 | |||||||||||||||||||
Customer service and other service fees | 54 | 35 | 100 | 94 | |||||||||||||||||||
Credit card fee income | 5,854 | 4,067 | 10,162 | 7,967 | |||||||||||||||||||
Debit card income | 2,661 | 1,760 | 5,450 | 3,576 | |||||||||||||||||||
Total service charges and fees | 15,132 | 10,972 | 28,803 | 22,993 | |||||||||||||||||||
Trust fees | 6,039 | 4,977 | 11,816 | 9,999 | |||||||||||||||||||
Brokerage and insurance commissions | 865 | 595 | 1,718 | 1,328 | |||||||||||||||||||
Total noninterest income in-scope of Topic 606 | 22,036 | 16,544 | 42,337 | 34,320 | |||||||||||||||||||
Out-of-scope of Topic 606 | |||||||||||||||||||||||
Loan servicing income | $ | 873 | $ | 379 | $ | 1,711 | $ | 1,342 | |||||||||||||||
Securities gains, net | 2,842 | 2,006 | 2,812 | 3,664 | |||||||||||||||||||
Unrealized gain/ (loss) on equity securities, net | 83 | 680 | (27) | 449 | |||||||||||||||||||
Net gains on sale of loans held for sale | 4,753 | 7,857 | 11,173 | 12,517 | |||||||||||||||||||
Valuation adjustment on servicing rights | (526) | 9 | 391 | (1,556) | |||||||||||||||||||
Income on bank owned life insurance | 937 | 1,167 | 1,766 | 1,665 | |||||||||||||||||||
Other noninterest income | 2,166 | 1,995 | 3,318 | 4,053 | |||||||||||||||||||
Total noninterest income out-of-scope of Topic 606 | 11,128 | 14,093 | 21,144 | 22,134 | |||||||||||||||||||
Total noninterest income | $ | 33,164 | $ | 30,637 | $ | 63,481 | $ | 56,454 |
2021 | 2020 | ||||||||||||||||||||||
Shares |
Weighted-Average Grant Date
Fair Value |
Shares |
Weighted-Average Grant Date
Fair Value |
||||||||||||||||||||
Outstanding at January 1, | 348,275 | $ | 38.22 | 254,383 | $ | 46.76 | |||||||||||||||||
Granted | 208,513 | 51.63 | 212,344 | 32.00 | |||||||||||||||||||
Vested | (146,381) | 40.89 | (118,686) | 44.52 | |||||||||||||||||||
Forfeited | (18,861) | 42.88 | (14,648) | 47.00 | |||||||||||||||||||
Outstanding at June 30,
|
391,546 | $ | 44.08 | 333,393 | $ | 38.55 |
FINANCIAL HIGHLIGHTS | |||||||||||||||||||||||
(Dollars in thousands, except per share data) |
Three Months Ended
June 30, |
Six Months Ended
June 30, |
|||||||||||||||||||||
2021 | 2020 | 2021 | 2020 | ||||||||||||||||||||
STATEMENT OF INCOME DATA | |||||||||||||||||||||||
Interest income | $ | 148,082 | $ | 133,765 | $ | 295,534 | $ | 264,814 | |||||||||||||||
Interest expense | 6,864 | 9,619 | 14,711 | 28,157 | |||||||||||||||||||
Net interest income | 141,218 | 124,146 | 280,823 | 236,657 | |||||||||||||||||||
Provision (benefit) for credit losses | (7,080) | 26,796 | (7,728) | 48,316 | |||||||||||||||||||
Net interest income after provision for credit losses | 148,298 | 97,350 | 288,551 | 188,341 | |||||||||||||||||||
Noninterest income | 33,164 | 30,637 | 63,481 | 56,454 | |||||||||||||||||||
Noninterest expenses | 103,376 | 90,439 | 205,799 | 181,298 | |||||||||||||||||||
Income taxes | 16,481 | 7,417 | 31,814 | 13,326 | |||||||||||||||||||
Net income | 61,605 | 30,131 | 114,419 | 50,171 | |||||||||||||||||||
Preferred dividends | (2,012) | — | (4,025) | — | |||||||||||||||||||
Net income available to common stockholders | $ | 59,593 | $ | 30,131 | $ | 110,394 | $ | 50,171 | |||||||||||||||
KEY PERFORMANCE RATIOS | |||||||||||||||||||||||
Annualized return on average assets | 1.35 | % | 0.84 | % | 1.27 | % | 0.73 | % | |||||||||||||||
Annualized return on average common equity (GAAP) | 12.07 | 7.69 | 11.29 | 6.32 | |||||||||||||||||||
Annualized return on average tangible common equity (non-GAAP)(1)
|
18.05 | 11.97 | 16.99 | 9.95 | |||||||||||||||||||
Annualized ratio of net charge-offs to average loans | 0.12 | 0.11 | 0.09 | 0.17 | |||||||||||||||||||
Annualized net interest margin (GAAP) | 3.37 | 3.81 | 3.40 | 3.81 | |||||||||||||||||||
Annualized net interest margin, fully tax-equivalent (non-GAAP)(1)
|
3.41 | 3.85 | 3.45 | 3.85 | |||||||||||||||||||
Efficiency ratio, fully tax-equivalent (non-GAAP)(1)
|
57.11 | 55.75 | 56.86 | 58.64 |
Dollars in thousands, expect per share data | As Of and For the Quarter Ended | ||||||||||||||||||||||||||||
6/30/2021 | 3/31/2021 | 12/31/2020 | 9/30/2020 | 6/30/2020 | |||||||||||||||||||||||||
BALANCE SHEET DATA | |||||||||||||||||||||||||||||
Investments | $ | 6,706,226 | $ | 6,530,723 | $ | 6,292,067 | $ | 5,075,338 | $ | 4,252,832 | |||||||||||||||||||
Loans held for sale | 33,248 | 43,037 | 57,949 | 65,969 | 54,382 | ||||||||||||||||||||||||
Loans receivable held to maturity | 10,012,014 | 10,050,456 | 10,023,051 | 9,099,646 | 9,246,830 | ||||||||||||||||||||||||
Allowance for credit losses | 120,726 | 130,172 | 131,606 | 103,377 | 119,937 | ||||||||||||||||||||||||
Total assets | 18,371,006 | 18,244,427 | 17,908,339 | 15,612,664 | 15,026,153 | ||||||||||||||||||||||||
Total deposits
|
15,615,118 | 15,559,051 | 14,979,905 | 12,767,110 | 12,708,699 | ||||||||||||||||||||||||
Long-term obligations | 271,244 | 349,514 | 457,042 | 524,045 | 306,459 | ||||||||||||||||||||||||
Common equity | 2,049,081 | 1,945,502 | 1,968,526 | 1,700,899 | 1,636.672 | ||||||||||||||||||||||||
COMMON SHARE DATA | |||||||||||||||||||||||||||||
Book value per common share (GAAP) | $ | 48.50 | $ | 46.13 | $ | 46.77 | $ | 46.11 | $ | 44.42 | |||||||||||||||||||
Tangible book value per common share (non-GAAP)(1)
|
$ | 33.98 | $ | 31.53 | $ | 32.07 | $ | 32.91 | $ | 31.14 | |||||||||||||||||||
Common shares outstanding, net of treasury stock | 42,245,452 | 42,173,675 | 42,093,862 | 36,885,390 | 36,844,744 | ||||||||||||||||||||||||
Tangible common equity ratio (non-GAAP)(1)
|
8.08 | % | 7.54 | % | 7.81 | % | 8.03 | % | 7.89 | % | |||||||||||||||||||
(1) Refer to "Non-GAAP Financial Measures" for additional information on the usage and presentation of these non-GAAP measures, and refer to these financial tables for the reconciliations to the most directly comparable GAAP measures. |
As Of and For the Quarter Ended | |||||||||||||||||||||||||||||
6/30/2021 | 3/31/2021 | 12/31/2020 | 9/30/2020 | 6/30/2020 | |||||||||||||||||||||||||
Reconciliation of Tangible Book Value Per Common Share (non-GAAP) | |||||||||||||||||||||||||||||
Common equity (GAAP) | $ | 2,049,081 | $ | 1,945,502 | $ | 1,968,526 | $ | 1,700,899 | $ | 1,636,672 | |||||||||||||||||||
Less goodwill | 576,005 | 576,005 | 576,005 | 446,345 | 446,345 | ||||||||||||||||||||||||
Less core deposit and customer relationship intangibles, net | 37,452 | 39,867 | 42,383 | 40,520 | 43,011 | ||||||||||||||||||||||||
Tangible common equity (non-GAAP) | $ | 1,435,624 | $ | 1,329,630 | $ | 1,350,138 | $ | 1,214,034 | $ | 1,147,316 | |||||||||||||||||||
Common shares outstanding, net of treasury stock | 42,245,452 | 42,173,675 | 42,093,862 | 36,885,390 | 36,844,744 | ||||||||||||||||||||||||
Common equity (book value) per share (GAAP) | $ | 48.50 | $ | 46.13 | $ | 46.77 | $ | 46.11 | $ | 44.42 | |||||||||||||||||||
Tangible book value per common share (non-GAAP) | $ | 33.98 | $ | 31.53 | $ | 32.07 | $ | 32.91 | $ | 31.14 | |||||||||||||||||||
Reconciliation of Tangible Common Equity Ratio (non-GAAP) | |||||||||||||||||||||||||||||
Tangible common equity (non-GAAP) | $ | 1,435,624 | $ | 1,329,630 | $ | 1,350,138 | $ | 1,214,034 | $ | 1,147,316 | |||||||||||||||||||
Total assets (GAAP) | $ | 18,371,006 | $ | 18,244,427 | $ | 17,908,339 | $ | 15,612,664 | $ | 15,026,153 | |||||||||||||||||||
Less goodwill | 576,005 | 576,005 | 576,005 | 446,345 | 446,345 | ||||||||||||||||||||||||
Less core deposit and customer relationship intangibles, net | 37,452 | 39,867 | 42,383 | 40,520 | 43,011 | ||||||||||||||||||||||||
Total tangible assets (non-GAAP) | $ | 17,757,549 | $ | 17,628,555 | $ | 17,289,951 | $ | 15,125,799 | $ | 14,536,797 | |||||||||||||||||||
Tangible common equity ratio (non-GAAP) | 8.08 | % | 7.54 | % | 7.81 | % | 8.03 | % | 7.89 | % | |||||||||||||||||||
(1) Computed on a tax-equivalent basis using an effective tax rate of 21%. |
Three Months Ended
June 30, |
Six Months Ended
June 30, |
||||||||||||||||||||||
2021 | 2020 | 2021 | 2020 | ||||||||||||||||||||
Provision (benefit) for credit losses-loans | $ | (6,466) | $ | 25,007 | $ | (6,450) | $ | 44,872 | |||||||||||||||
Provision (benefit) for credit losses-unfunded commitments | (617) | 1,924 | (1,278) | 3,540 | |||||||||||||||||||
Provision (benefit) for credit losses-held to maturity securities | 3 | (135) | — | (96) | |||||||||||||||||||
Total provision expense (benefit) | $ | (7,080) | $ | 26,796 | $ | (7,728) | $ | 48,316 |
Three Months Ended
June 30, |
|||||||||||||||||||||||
2021 | 2020 | Change | % Change | ||||||||||||||||||||
Service charges and fees | $ | 15,132 | $ | 10,972 | $ | 4,160 | 38 | % | |||||||||||||||
Loan servicing income | 873 | 379 | 494 | 130 | |||||||||||||||||||
Trust fees | 6,039 | 4,977 | 1,062 | 21 | |||||||||||||||||||
Brokerage and insurance commissions | 865 | 595 | 270 | 45 | |||||||||||||||||||
Securities gains, net | 2,842 | 2,006 | 836 | 42 | |||||||||||||||||||
Unrealized gain/(loss) on equity securities, net | 83 | 680 | (597) | (88) | |||||||||||||||||||
Net gains on sale of loans held for sale | 4,753 | 7,857 | (3,104) | (40) | |||||||||||||||||||
Valuation adjustment on servicing rights | (526) | 9 | (535) | (5,944) | |||||||||||||||||||
Income on bank owned life insurance | 937 | 1,167 | (230) | (20) | |||||||||||||||||||
Other noninterest income | 2,166 | 1,995 | 171 | 9 | |||||||||||||||||||
Total noninterest income | $ | 33,164 | $ | 30,637 | $ | 2,527 | 8 | % |
Six Months Ended
June 30, |
|||||||||||||||||||||||
2021 | 2020 | Change | % Change | ||||||||||||||||||||
Service charges and fees | $ | 28,803 | $ | 22,993 | $ | 5,810 | 25 | % | |||||||||||||||
Loan servicing income | 1,711 | 1,342 | 369 | 27 | |||||||||||||||||||
Trust fees | 11,816 | 9,999 | 1,817 | 18 | |||||||||||||||||||
Brokerage and insurance commissions | 1,718 | 1,328 | 390 | 29 | |||||||||||||||||||
Securities gains, net | 2,812 | 3,664 | (852) | (23) | |||||||||||||||||||
Unrealized gain/(loss) on equity securities, net | (27) | 449 | (476) | (106) | |||||||||||||||||||
Net gains on sale of loans held for sale | 11,173 | 12,517 | (1,344) | (11) | |||||||||||||||||||
Valuation adjustment on servicing rights | 391 | (1,556) | 1,947 | 125 | |||||||||||||||||||
Income on bank owned life insurance | 1,766 | 1,665 | 101 | 6 | |||||||||||||||||||
Other noninterest income | 3,318 | 4,053 | (735) | (18) | |||||||||||||||||||
Total noninterest income | $ | 63,481 | $ | 56,454 | $ | 7,027 | 12 | % |
Three Months Ended
June 30, |
|||||||||||||||||||||||
2021 | 2020 | Change | % Change | ||||||||||||||||||||
Service charges and fees on deposit accounts | $ | 4,014 | $ | 3,476 | $ | 538 | 15 | % | |||||||||||||||
Overdraft fees | 2,549 | 1,634 | 915 | 56 | |||||||||||||||||||
Customer service and other service fees | 54 | 35 | 19 | 54 | |||||||||||||||||||
Credit card fee income | 5,854 | 4,067 | 1,787 | 44 | |||||||||||||||||||
Debit card income | 2,661 | 1,760 | 901 | 51 | |||||||||||||||||||
Total service charges and fees | $ | 15,132 | $ | 10,972 | $ | 4,160 | 38 | % | |||||||||||||||
Six Months Ended
June 30, |
|||||||||||||||||||||||
2021 | 2020 | Change | % Change | ||||||||||||||||||||
Service charges and fees on deposit accounts | $ | 7,950 | $ | 6,913 | $ | 1,037 | 15 | % | |||||||||||||||
Overdraft fees | 5,141 | 4,443 | 698 | 16 | |||||||||||||||||||
Customer service and other service fees | 100 | 94 | 6 | 6 | |||||||||||||||||||
Credit card fee income | 10,162 | 7,967 | 2,195 | 28 | |||||||||||||||||||
Debit card income | 5,450 | 3,576 | 1,874 | 52 | |||||||||||||||||||
Total service charges and fees | $ | 28,803 | $ | 22,993 | $ | 5,810 | 25 | % |
Three Months Ended
June 30, |
|||||||||||||||||||||||
2021 | 2020 | Change | % Change | ||||||||||||||||||||
Commercial and agricultural loan servicing fees(1)
|
$ | 738 | $ | 730 | $ | 8 | 1 | % | |||||||||||||||
Residential mortgage servicing fees | 459 | 410 | 49 | 12 | |||||||||||||||||||
Mortgage servicing rights amortization | (324) | (761) | 437 | 57 | |||||||||||||||||||
Total loan servicing income | $ | 873 | $ | 379 | $ | 494 | 130 | % | |||||||||||||||
Six Months Ended
June 30, |
|||||||||||||||||||||||
2021 | 2020 | Change | % Change | ||||||||||||||||||||
Commercial and agricultural loan servicing fees(1)
|
$ | 1,512 | $ | 1,591 | $ | (79) | (5) | % | |||||||||||||||
Residential mortgage servicing fees | 923 | 819 | 104 | 13 | |||||||||||||||||||
Mortgage servicing rights amortization | (724) | (1,068) | 344 | 32 | |||||||||||||||||||
Total loan servicing income | $ | 1,711 | $ | 1,342 | $ | 369 | 27 | % | |||||||||||||||
(1) Includes servicing fees for commercial, commercial real estate, agricultural and agricultural real estate loans. |
Three Months Ended
June 30, |
|||||||||||||||||||||||
2021 | 2020 | Change | % Change | ||||||||||||||||||||
Salaries and employee benefits | $ | 57,332 | $ | 50,118 | $ | 7,214 | 14 | % | |||||||||||||||
Occupancy | 7,399 | 6,502 | 897 | 14 | |||||||||||||||||||
Furniture and equipment | 3,501 | 2,993 | 508 | 17 | |||||||||||||||||||
Professional fees | 16,237 | 13,676 | 2,561 | 19 | |||||||||||||||||||
Advertising | 1,649 | 995 | 654 | 66 | |||||||||||||||||||
Core deposit and customer relationship intangibles amortization | 2,415 | 2,696 | (281) | (10) | |||||||||||||||||||
Other real estate and loan collection expenses | 414 | 203 | 211 | 104 | |||||||||||||||||||
Loss on sales/valuations of assets, net | 183 | 701 | (518) | (74) | |||||||||||||||||||
Acquisition, integration and restructuring costs | 210 | 673 | (463) | (69) | |||||||||||||||||||
Partnership investment in tax credit projects | 1,345 | 791 | 554 | 70 | |||||||||||||||||||
Other noninterest expenses | 12,691 | 11,091 | 1,600 | 14 | |||||||||||||||||||
Total noninterest expenses | $ | 103,376 | $ | 90,439 | $ | 12,937 | 14 | % |
Six Months Ended
June 30, |
|||||||||||||||||||||||
2021 | 2020 | Change | % Change | ||||||||||||||||||||
Salaries and employee benefits | $ | 116,394 | $ | 100,075 | $ | 16,319 | 16 | % | |||||||||||||||
Occupancy | 15,317 | 12,973 | 2,344 | 18 | |||||||||||||||||||
Furniture and equipment | 6,594 | 6,101 | 493 | 8 | |||||||||||||||||||
Professional fees | 29,727 | 26,149 | 3,578 | 14 | |||||||||||||||||||
Advertising | 3,118 | 3,200 | (82) | (3) | |||||||||||||||||||
Core deposit and customer relationship intangibles amortization | 4,931 | 5,677 | (746) | (13) | |||||||||||||||||||
Other real estate and loan collection expenses | 549 | 537 | 12 | 2 | |||||||||||||||||||
Loss on sales/valuations of assets, net | 377 | 717 | (340) | (47) | |||||||||||||||||||
Acquisition, integration and restructuring costs | 3,138 | 2,049 | 1,089 | 53 | |||||||||||||||||||
Partnership investment in tax credit projects | 1,380 | 975 | 405 | 42 | |||||||||||||||||||
Other noninterest expenses | 24,274 | 22,845 | 1,429 | 6 | |||||||||||||||||||
Total noninterest expenses | $ | 205,799 | $ | 181,298 | $ | 24,501 | 14 | % |
June 30, 2021 | December 31, 2020 | Change | % Change | ||||||||||||||||||||
Commercial and industrial | $ | 2,518,908 | $ | 2,534,799 | $ | (15,891) | (1) | % | |||||||||||||||
PPP | 829,175 | 957,785 | (128,610) | (13) | % | ||||||||||||||||||
Owner occupied commercial real estate | 1,940,134 | 1,776,406 | 163,728 | 9 | |||||||||||||||||||
Non-owner occupied commercial real estate | 1,987,369 | 1,921,481 | 65,888 | 3 | |||||||||||||||||||
Real estate construction | 854,295 | 863,220 | (8,925) | (1) | |||||||||||||||||||
Agricultural and agricultural real estate | 679,608 | 714,526 | (34,918) | (5) | |||||||||||||||||||
Residential mortgage | 800,884 | 840,442 | (39,558) | (5) | |||||||||||||||||||
Consumer | 401,641 | 414,392 | (12,751) | (3) | |||||||||||||||||||
Total loans held to maturity | $ | 10,012,014 | $ | 10,023,051 | $ | (11,037) | — | % |
June 30, 2021 | December 31, 2020 | ||||||||||||||||||||||
Amount | Percent | Amount | Percent | ||||||||||||||||||||
Loans receivable held to maturity: | |||||||||||||||||||||||
Commercial and industrial | $ | 2,518,908 | 25.16 | % | $ | 2,534,799 | 25.29 | % | |||||||||||||||
PPP | 829,175 | 8.28 | 957,785 | 9.56 | |||||||||||||||||||
Owner occupied commercial real estate | 1,940,134 | 19.38 | 1,776,406 | 17.72 | |||||||||||||||||||
Non-owner occupied commercial real estate | 1,987,369 | 19.85 | 1,921,481 | 19.17 | |||||||||||||||||||
Real estate construction | 854,295 | 8.53 | 863,220 | 8.61 | |||||||||||||||||||
Agricultural and agricultural real estate | 679,608 | 6.79 | 714,526 | 7.13 | |||||||||||||||||||
Residential mortgage | 800,884 | 8.00 | 840,442 | 8.39 | |||||||||||||||||||
Consumer | 401,641 | 4.01 | 414,392 | 4.13 | |||||||||||||||||||
Gross loans receivable held to maturity | 10,012,014 | 100.00 | % | 10,023,051 | 100.00 | % | |||||||||||||||||
Allowance for credit losses-loans | (120,726) | (131,606) | |||||||||||||||||||||
Loans receivable, net | $ | 9,891,288 | $ | 9,891,445 |
June 30, 2021 |
December 31, 2020
|
||||||||||||||||||||||
Amount | % of Allowance | Amount | % of Allowance | ||||||||||||||||||||
Quantitative | $ | 99,170 | 73.61 | % | $ | 102,398 | 69.71 | % | |||||||||||||||
Qualitative | 25,798 | 19.15 | 29,101 | 19.81 | |||||||||||||||||||
Economic Forecast | 9,760 | 7.24 | 15,387 | 10.48 | |||||||||||||||||||
Total | $ | 134,728 | 100.00 | % | $ | 146,886 | 100.00 | % |
Three Months Ended
June 30, |
|||||||||||
2021 | 2020 | ||||||||||
Balance at beginning of period | $ | 130,172 | $ | 97,350 | |||||||
Provision (benefit) for credit losses | (6,466) | 25,007 | |||||||||
Recoveries on loans previously charged off | 517 | 1,144 | |||||||||
Charge-offs on loans | (3,497) | (3,564) | |||||||||
Balance at end of period | $ | 120,726 | $ | 119,937 | |||||||
Allowance for credit losses for loans as a percent of loans | 1.21 | % | 1.30 | % | |||||||
Annualized ratio of net charge offs to average loans | 0.12 | % | 0.11 | % | |||||||
Six Months Ended
June 30, |
|||||||||||
2021 | 2020 | ||||||||||
Balance at beginning of period | $ | 131,606 | $ | 70,395 | |||||||
Impact of ASU 2016-13 adoption on January 1, 2020 | — | 12,071 | |||||||||
Adjusted balance at January 1, 2020 | 131,606 | 82,466 | |||||||||
Provision (benefit) for credit losses | (6,450) | 44,872 | |||||||||
Recoveries on loans previously charged off | 1,193 | 2,464 | |||||||||
Charge-offs on loans | (5,623) | (9,865) | |||||||||
Balance at end of period | $ | 120,726 | $ | 119,937 | |||||||
Allowance for credit losses for loans as a percent of loans | 1.21 | % | 1.30 | % | |||||||
Annualized ratio of net charge offs to average loans | 0.09 | % | 0.17 | % |
Three Months Ended
June 30, |
|||||||||||
2021 | 2020 | ||||||||||
Balance at beginning of period | 14,619 | 15,468 | |||||||||
Provision (benefit) for credit losses | (617) | 1,924 | |||||||||
Balance at end of period | $ | 14,002 | $ | 17,392 | |||||||
Six Months Ended
June 30, |
|||||||||||
2021 | 2020 | ||||||||||
Balance at beginning of period | $ | 15,280 | $ | 248 | |||||||
Impact of ASU 2016-13 adoption on January 1, 2020 | — | 13,604 | |||||||||
Adjusted balance at January 1, 2020 | 15,280 | 13,852 | |||||||||
Provision (benefit) for credit losses | (1,278) | 3,540 | |||||||||
Balance at end of period | $ | 14,002 | $ | 17,392 |
June 30, 2021 | December 31, 2020 | |||||||||||||||||||||||||
Amount | Percent | Amount | Percent | |||||||||||||||||||||||
U.S. treasuries | $ | 1,016 | 0.02 | % | $ | 2,026 | 0.03 | % | ||||||||||||||||||
U.S. agencies | 35,371 | 0.53 | 166,779 | 2.65 | ||||||||||||||||||||||
Obligations of states and political subdivisions | 1,957,225 | 29.19 | 1,724,066 | 27.40 | ||||||||||||||||||||||
Mortgage-backed securities - agency | 1,740,675 | 25.96 | 1,355,270 | 21.54 | ||||||||||||||||||||||
Mortgage-backed securities - non-agency | 1,363,292 | 20.33 | 1,449,116 | 23.03 | ||||||||||||||||||||||
Commercial mortgage-backed securities - agency | 125,080 | 1.87 | 174,153 | 2.77 | ||||||||||||||||||||||
Commercial mortgage-backed securities - non-agency | 535,305 | 7.98 | 252,767 | 4.02 | ||||||||||||||||||||||
Asset-backed securities | 846,987 | 12.63 | 1,069,266 | 16.99 | ||||||||||||||||||||||
Corporate bonds | 3,815 | 0.06 | 3,742 | 0.06 | ||||||||||||||||||||||
Equity securities with a readily determinable fair value | 20,651 | 0.31 | 19,629 | 0.31 | ||||||||||||||||||||||
Other securities | 76,809 | 1.12 | 75,253 | 1.20 | ||||||||||||||||||||||
Total securities | $ | 6,706,226 | 100.00 | % | $ | 6,292,067 | 100.00 | % |
June 30, 2021 | December 31, 2020 | Change | % Change | ||||||||||||||||||||
Demand deposits | $ | 6,299,289 | $ | 5,688,810 | $ | 610,479 | 11 | % | |||||||||||||||
Savings deposits | 8,189,223 | 8,019,704 | 169,519 | 2 | |||||||||||||||||||
Time deposits | 1,126,606 | 1,271,391 | (144,785) | (11) | |||||||||||||||||||
Total | $ | 15,615,118 | $ | 14,979,905 | $ | 635,213 | 4 | % |
June 30, 2021 | December 31, 2020 | ||||||||||||||||||||||
Amount | Percent | Amount | Percent | ||||||||||||||||||||
Demand | $ | 6,299,289 | 40.35 | % | $ | 5,688,810 | 37.98 | % | |||||||||||||||
Savings | 8,189,223 | 52.44 | 8,019,704 | 53.54 | |||||||||||||||||||
Time | 1,126,606 | 7.21 | 1,271,391 | 8.48 | |||||||||||||||||||
Total | $ | 15,615,118 | 100.00 | % | $ | 14,979,905 | 100.00 | % |
June 30, 2021 | December 31, 2020 | Change | % Change | ||||||||||||||||||||
Securities sold under agreement to repurchase | $ | 106,053 | $ | 118,293 | $ | (12,240) | (10) | % | |||||||||||||||
Federal funds purchased | 2,900 | 2,100 | 800 | 38 | |||||||||||||||||||
Advances from the federal discount window | 30,000 | 35,000 | (5,000) | (14) | % | ||||||||||||||||||
Other short-term borrowings | 13,610 | 12,479 | 1,131 | 9 | |||||||||||||||||||
Total | $ | 152,563 | $ | 167,872 | $ | (15,309) | (9) | % |
June 30, 2021 | December 31, 2020 | Change | % Change | ||||||||||||||||||||
Advances from the FHLB | $ | 958 | $ | 1,018 | $ | (60) | (6) | % | |||||||||||||||
Trust preferred securities | 146,812 | 146,323 | 489 | — | |||||||||||||||||||
Note payable to unaffiliated bank | 21,250 | 44,417 | (23,167) | (52) | |||||||||||||||||||
Contracts payable for purchase of real estate and other assets | 1,779 | 1,983 | (204) | (10) | |||||||||||||||||||
Subordinated notes | 74,500 | 74,429 | 71 | — | |||||||||||||||||||
Paycheck Protection Program Liquidity Fund | 25,945 | 188,872 | (162,927) | (86) | |||||||||||||||||||
Total | $ | 271,244 | $ | 457,042 | $ | (185,798) | (41) | % |
Total
Capital (to Risk- Weighted Assets) |
Tier 1
Capital (to Risk- Weighted Assets) |
Common Equity
Tier 1 (to Risk- Weighted Assets) |
Tier 1
Capital (to Average Assets) |
||||||||||||||||||||
June 30, 2021 | 15.04 | % | 12.36 | % | 11.45 | % | 8.50 | % | |||||||||||||||
Minimum capital requirement | 8.00 | 6.00 | 4.50 | 4.00 | |||||||||||||||||||
Well capitalized requirement | 10.00 | 8.00 | 6.50 | 5.00 | |||||||||||||||||||
Minimum capital requirement, including fully-phased in capital conservation buffer | 10.50 | 8.50 | 7.00 | N/A | |||||||||||||||||||
Risk-weighted assets | $ | 12,146,479 | $ | 12,146,479 | $ | 12,146,479 | N/A | ||||||||||||||||
Average assets | N/A | N/A | N/A | $ | 17,649,785 | ||||||||||||||||||
December 31, 2020 | 14.71 | % | 11.85 | % | 10.92 | % | 9.02 | % | |||||||||||||||
Minimum capital requirement | 8.00 | 6.00 | 4.50 | 4.00 | |||||||||||||||||||
Well capitalized requirement | 10.00 | 8.00 | 6.50 | 5.00 | |||||||||||||||||||
Minimum capital requirement, including fully-phased in capital conservation buffer | 10.50 | 8.50 | 7.00 | N/A | |||||||||||||||||||
Risk-weighted assets | $ | 11,819,037 | $ | 11,819,037 | $ | 11,819,037 | N/A | ||||||||||||||||
Average assets | N/A | N/A | N/A | $ | 15,531,884 |
2021 | 2020 | ||||||||||||||||||||||
Net Interest
Margin |
% Change
From Base |
Net Interest
Margin |
% Change
From Base |
||||||||||||||||||||
Year 1 | |||||||||||||||||||||||
Down 100 Basis Points | $ | 500,955 | (1.95) | % | $ | 440,176 | (0.92) | % | |||||||||||||||
Base | 510,916 | — | 444,243 | — | |||||||||||||||||||
Up 200 Basis Points | 534,488 | 4.61 | 468,051 | 5.36 | |||||||||||||||||||
Year 2 | |||||||||||||||||||||||
Down 100 Basis Points | $ | 462,500 | (9.48) | % | $ | 427,344 | (3.80) | % | |||||||||||||||
Base | 492,979 | (3.51) | 442,038 | (0.50) | |||||||||||||||||||
Up 200 Basis Points | 555,444 | 8.72 | 508,018 | 14.36 |
(1)(2)
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(2)(3)
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(2)
|
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(2)
|
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(2)
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(2)
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101 | Financial statement formatted in Inline Extensible Business Reporting Language: (i) the Consolidated Balance Sheets, (ii) the Consolidated Statements of Income, (iii) the Consolidated Statements of Comprehensive Income, (iv) the Consolidated Statements of Cash Flows, (v) the Consolidated Statements of Changes in Equity, and (vi) the Notes to Consolidated Financial Statements. | |||||||
104 | Cover page formatted in Inline Extensible Business Reporting Language |
HEARTLAND FINANCIAL USA, INC. | ||
(Registrant) | ||
/s/ Bruce K. Lee | ||
By: Bruce K. Lee | ||
President and Chief Executive Officer | ||
(Principal Executive Officer and Duly Authorized Officer) | ||
/s/ Bryan R. McKeag | ||
By: Bryan R. McKeag | ||
Executive Vice President and Chief Financial Officer | ||
(Principal Financial Officer and Duly Authorized Officer) | ||
/s/ Janet M. Quick | ||
By: Janet M. Quick | ||
Executive Vice President and Deputy Chief Financial Officer | ||
(Principal Accounting Officer and Duly Authorized Officer) | ||
Dated: August 5, 2021 |
1. | I have reviewed this quarterly report on Form 10-Q of Heartland Financial USA, Inc.; | |||||||
2. | Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report; | |||||||
3. | Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report; | |||||||
4. | The registrant's other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f)) for the registrant and have: | |||||||
a) | Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared; | |||||||
b) | Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles; | |||||||
c) | Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures as of the end of the period covered by this report based on such evaluation; and | |||||||
d) | Disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the registrant's most recent fiscal quarter that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting, and; | |||||||
5. | The registrant's other certifying officer and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant's auditors and the audit committee of registrant's board of directors (or persons performing the equivalent function): | |||||||
a) | All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize, and report financial information; and | |||||||
b) | Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting. |
Date: | August 5, 2021 | ||||
/s/ Bruce K. Lee | |||||
Bruce K. Lee | |||||
President and Chief Executive Officer |
1. | I have reviewed this quarterly report on Form 10-Q of Heartland Financial USA, Inc.; | |||||||
2. | Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report; | |||||||
3. | Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report; | |||||||
4. | The registrant's other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f)) for the registrant and have: | |||||||
a) | Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared; | |||||||
b) | Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles; | |||||||
c) | Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures as of the end of the period covered by this report based on such evaluation; and | |||||||
d) | Disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the registrant's most recent fiscal quarter that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting, and; | |||||||
5. | The registrant's other certifying officer and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant's auditors and the audit committee of registrant's board of directors (or persons performing the equivalent function): | |||||||
a) | All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize, and report financial information; and | |||||||
b) | Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting. |
Date: | August 5, 2021 | ||||
/s/ Bryan R. McKeag | |||||
Bryan R. McKeag | |||||
Executive Vice President | |||||
Chief Financial Officer |
/s/ Bruce K. Lee | |||||
Bruce K. Lee | |||||
President and Chief Executive Officer | |||||
Date: | August 5, 2021 |
/s/ Bryan R. McKeag | |||||
Bryan R. McKeag | |||||
Executive Vice President | |||||
Chief Financial Officer | |||||
Date: | August 5, 2021 |