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Press Release

Atlantic Union Bankshares Reports Fourth Quarter and Full Year Results

Company Release - 1/21/2020 7:30 AM ET

RICHMOND, Va., Jan. 21, 2020 (GLOBE NEWSWIRE) -- Atlantic Union Bankshares Corporation (the “Company” or “Atlantic Union”) (Nasdaq: AUB) today reported net income of $55.8 million and earnings per share of $0.69 for its fourth quarter ended December 31, 2019. Net operating earnings(1) were $57.3 million and operating earnings per share(1) were $0.71 for its fourth quarter ended December 31, 2019; these operating results exclude $709,000 in after-tax merger and $713,000 in after-tax rebranding-related costs.

Net income was $193.5 million and earnings per share were $2.41 for the year ended December 31, 2019. Net operating earnings(1) were $220.9 million and operating earnings per share(1) were $2.75 for the year ended December 31, 2019; these operating results exclude $22.3 million in after-tax merger and $5.1 million in after-tax rebranding-related costs but include after tax losses from discontinued operations of $170,000 and approximately $1.0 million in after-tax expenses related to branch closure costs.

“Atlantic Union closed out an eventful 2019 with a solid fourth quarter - continuing to execute on our strategic plan and further improving performance against our key financial metrics despite the challenging interest rate environment,” said John C. Asbury, CEO of Atlantic Union Bankshares.  “As we begin 2020 we continue to believe we have a great opportunity before us to create something uniquely valuable for our shareholders and the communities we serve and remain keenly focused on reaching the full potential of this powerful franchise.”

Select highlights for the fourth quarter of 2019

  • Return on Average Assets (“ROA”) was 1.27% compared to 1.23% in the third quarter of 2019. Operating ROA(1) was 1.30% compared to 1.29% in the third quarter of 2019.
  • Return on Average Equity (“ROE”) was 8.81% compared to 8.35% in the third quarter of 2019. Operating ROE(1) was 9.03% compared to 8.80% in the third quarter of 2019.
  • Operating Return on Average Tangible Common Equity (“ROTCE”)(1) was 16.01% compared to 15.64% in the third quarter of 2019.
  • Efficiency ratio improved to 57.40% from 60.47% in the third quarter of 2019. Operating efficiency ratio (FTE)(1) improved to 52.65% from 55.12% in the third quarter of 2019.

Select highlights for the full year 2019

  • ROA was 1.15% compared to 1.11% for the year ended 2018. Operating ROA(1) was 1.31% compared to 1.35% for the year ended 2018.
  • ROE was 7.89% compared to 7.85% for the year ended 2018. Operating ROE(1) was 9.01% compared to 9.57% for the year ended 2018.
  • Operating ROTCE(1) was 16.14% compared to 17.35% for the year ended 2018.
  • Efficiency ratio improved to 62.37% from 63.62% for the year ended 2018. Operating efficiency ratio (FTE)(1) increased to 53.61% from 52.90% for the year ended 2018.

(1) These are financial measures not calculated in accordance with generally accepted accounting principles (“GAAP”). For a reconciliation of these non-GAAP financial measures, see Alternative Performance Measures (non-GAAP) section of the Key Financial Results.

NET INTEREST INCOME

For the fourth quarter of 2019, net interest income was $135.1 million, a decrease of $1.5 million from the third quarter of 2019. Net interest income (FTE)(1) was $137.8 million in the fourth quarter of 2019, a decrease of $1.6 million from the third quarter of 2019. The decreases in both net interest income and net interest income (FTE) were primarily driven by lower earning asset yields during the three months ended December 31, 2019 compared to the three months ended September 30, 2019. The fourth quarter net interest margin decreased 9 basis points to 3.48% from 3.57% in the previous quarter, while the net interest margin (FTE)(1) decreased 9 basis points to 3.55% from 3.64% during the same periods. The decreases in the net interest margin and net interest margin (FTE) were principally due to an 18 basis point decrease in the yield on earning assets, partially offset by a 9 basis point decrease in the cost of funds.

The Company’s net interest margin (FTE) includes the impact of acquisition accounting fair value adjustments. During the fourth quarter of 2019, net accretion related to acquisition accounting increased $1.5 million from the prior quarter to $6.6 million for the quarter ended December 31, 2019. The third and fourth quarters of 2019, and the remaining estimated net accretion impact are reflected in the following table (dollars in thousands):

     Deposit      
  Loan Accretion Borrowings   
  Accretion (Amortization) Amortization Total
For the quarter ended September 30, 2019 $5,018 $179  $(97) $5,100
For the quarter ended December 31, 2019  6,612  148   (123)  6,637
For the year ended December 31, 2019  24,846  833   (360)  25,319
For the years ending (estimated): (2)            
2020  14,253  132   (633)  13,752
2021  10,823  14   (807)  10,030
2022  8,911  (43)  (829)  8,039
2023  6,302  (32)  (852)  5,418
2024  4,817  (4)  (877)  3,936
Thereafter  20,084  (1)  (10,773)  9,310

ASSET QUALITY/LOAN LOSS PROVISION

Overview

During the fourth quarter of 2019, the Company experienced decreases in nonperforming assets (“NPA”) primarily due to nonaccrual customer payments and sales of foreclosed properties. Past due loan levels as a percentage of total loans held for investment at December 31, 2019 were higher than past due loan levels at September 30, 2019 and down from past due loan levels at December 31, 2018. The increase in past due loans from the prior quarter was primarily driven by a seasonal increase related to residential 1-4 family – consumer loans that were 30 days past due as of year-end of which the majority subsequently became current. Net charge-off levels decreased from the third quarter of 2019 and were primarily related to the third party consumer loan portfolio; as a result, the provision for loan losses decreased from the third quarter of 2019.

All nonaccrual and past due loan metrics discussed below exclude purchased credit impaired (“PCI”) loans totaling $86.7 million (net of fair value mark of $18.2 million) at December 31, 2019.

(1) For a reconciliation of this non-GAAP financial measure, see Alternative Performance Measures (non-GAAP) section of the Key Financial Results.
(2) Estimated loan accretion presented is prior to the adoption of Accounting Standard Codification (ASC) 326 – Financial Instruments – Credit Losses (CECL).

Nonperforming Assets

At December 31, 2019, NPAs totaled $32.9 million, a decrease of $3.5 million or 9.6%, from September 30, 2019 and a decrease of $735,000 or 2.2%, from December 31, 2018. NPAs as a percentage of total outstanding loans at December 31, 2019 were 0.26%, a decline of 4 basis points from 0.30% at September 30, 2019 and a decline of 9 basis points from 0.35% at December 31, 2018. As the Company’s NPAs have been at or near historic lows over the last several quarters, certain changes from quarter to quarter might stand out in comparison to one another but do not have a significant impact on the Company’s overall asset quality position.

The following table shows a summary of nonperforming asset balances at the quarter ended (dollars in thousands):

                     
  December 31,  September 30,  June 30,  March 31,  December 31, 
  2019 2019 2019 2019 2018
Nonaccrual loans $ 28,232  $ 30,032  $ 27,462  $ 24,841  $ 26,953 
Foreclosed properties   4,708    6,385    6,506    7,353    6,722 
Total nonperforming assets $ 32,940  $ 36,417  $ 33,968  $ 32,194  $ 33,675 
                     

The following table shows the activity in nonaccrual loans for the quarter ended (dollars in thousands):

                
  December 31,  September 30,  June 30,  March 31,  December 31, 
  2019  2019  2019  2019  2018 
Beginning Balance $ 30,032  $ 27,462  $ 24,841  $ 26,953  $ 28,110 
Net customer payments   (5,741)   (3,612)   (3,108)   (2,314)   (3,077)
Additions   5,631    8,327    6,321    3,297    4,659 
Charge-offs   (1,690)   (884)   (592)   (1,626)   (2,069)
Loans returning to accruing status   —    (1,103)   —    (952)   (420)
Transfers to foreclosed property   —    (158)   —    (517)   (250)
Ending Balance $ 28,232  $ 30,032  $ 27,462  $ 24,841  $ 26,953 
                     

The following table shows the activity in foreclosed properties for the quarter ended (dollars in thousands):

                
  December 31,  September 30,  June 30,  March 31,  December 31, 
  2019  2019  2019  2019  2018 
Beginning Balance $ 6,385  $ 6,506  $ 7,353  $ 6,722  $ 6,800 
Additions of foreclosed property   62    645    271    900    432 
Valuation adjustments   (375)   (62)   (433)   (51)   (140)
Proceeds from sales   (1,442)   (737)   (638)   (171)   (286)
Gains (losses) from sales   78    33    (47)   (47)   (84)
Ending Balance $ 4,708  $ 6,385  $ 6,506  $ 7,353  $ 6,722 
                     

Past Due Loans

Past due loans still accruing interest totaled $76.6 million or 0.61% of total loans held for investment at December 31, 2019, compared to $55.1 million or 0.45% of total loans held for investment at September 30, 2019, and $61.9 million or 0.64% of total loans held for investment at December 31, 2018. Of the total past due loans still accruing interest $13.4 million or 0.11% of total loans held for investment were loans past due 90 days or more at December 31, 2019, compared to $12.0 million or 0.10% of total loans held for investment at September 30, 2019, and $8.9 million or 0.09% of total loans held for investment at December 31, 2018. The increase in past due loans was primarily driven by a seasonal increase related to residential 1-4 family - consumer loans that were 30 days past due as of year-end of which the majority subsequently became current.

Net Charge-offs

For the fourth quarter of 2019, net charge-offs were $4.6 million or 0.15% of total average loans on an annualized basis, compared to $7.7 million or 0.25% for the prior quarter, and $5.0 million or 0.21% for the fourth quarter last year. The majority of net charge-offs in the fourth quarter of 2019 were related to consumer loans. For the year ended December 31, 2019, net charge-offs were $20.9 million or 0.17% of total average loans compared to $11.1 million or 0.12%, for the year ended 2018.

Provision for Loan Losses

The provision for loan losses for the fourth quarter of 2019 was $3.1 million, a decrease of $6.0 million compared to the previous quarter and a decrease of $1.7 million compared to the fourth quarter in 2018. The decrease in the provision for loan losses from the previous quarter and from the prior year were primarily driven by lower levels of net charge-offs.

Allowance for Loan Losses (“ALL”)

The ALL decreased $1.5 million from September 30, 2019 to $42.3 million at December 31, 2019, primarily due to lower incurred losses embedded in the third party consumer portfolio as it continues to pay down and an improved economic environment, partially offset by loan growth during the quarter. The ALL as a percentage of the total loan portfolio was 0.34% at December 31, 2019, 0.36% at September 30, 2019, and 0.42% at December 31, 2018.

The ratio of the ALL to nonaccrual loans was 149.8% at December 31, 2019, compared to 145.9% at September 30, 2019 and 152.3% at December 31, 2018. The current level of the allowance for loan losses reflects specific reserves related to nonperforming loans, current risk ratings on loans, net charge-off activity, loan growth, delinquency trends, and other credit risk factors that the Company considers important in assessing the adequacy of the allowance for loan losses.

NONINTEREST INCOME

Noninterest income decreased $18.9 million to $29.2 million for the quarter ended December 31, 2019 from $48.1 million in the prior quarter. The decrease from prior quarter was primarily driven by approximately $9.3 million in life insurance proceeds received during the third quarter related to a Xenith-acquired loan that had been charged off prior to the Company’s acquisition of Xenith and a gain on sale of investment securities of approximately $7.1 million recorded during the third quarter. In addition, the fourth quarter noninterest income included a decline of approximately $2.0 million in loan related interest rate swap income due to lower transaction volumes and seasonally lower mortgage banking revenue of $685,000.

NONINTEREST EXPENSE

Noninterest expense decreased $17.4 million for the quarter ended December 31, 2019 from $111.7 million in the prior quarter. Excluding merger-related costs, amortization of intangible assets, and rebranding-related costs, operating noninterest expense(1) decreased $15.4 million or 14.9%, in the fourth quarter of 2019. The decrease in operating noninterest expense was primarily due to the recognition of approximately $16.4 million loss on debt extinguishment in the third quarter resulting from the repayment of approximately $140.0 million in FHLB advances and the termination of the related cash flow hedges. Salaries and benefits declined by $2.5 million, primarily due to lower incentive compensation expense and higher deferred costs related to new loan originations. These decreases were partially offset by increases in marketing expense of approximately $1.1 million, professional fees of $955,000 related to higher consulting costs, FDIC and other insurance expenses of $873,000 primarily due to a lower FDIC small bank assessment credit earned in the fourth quarter, and OREO and credit-related expense of approximately $542,000 due to OREO valuation adjustments driven by updated appraisals received during the quarter.  

(1) For a reconciliation of this non-GAAP financial measure, see Alternative Performance Measures (non-GAAP) section of the Key Financial Results

INCOME TAXES

The effective tax rate for the three months ended December 31, 2019 was 16.7% compared to 16.8% for the three months ended September 30, 2019.

BALANCE SHEET

At December 31, 2019, total assets were $17.6 billion, an increase of $122.0 million, or approximately 2.8% (annualized), from September 30, 2019, and an increase of $3.8 billion, or approximately 27.6% from December 31, 2018. The increase in assets from the previous quarter was primarily due to loan growth during the fourth quarter of 2019. The increase from the prior year was primarily a result of the Access acquisition and loan growth.

At December 31, 2019, loans held for investment (net of deferred fees and costs) were $12.6 billion, an increase of $303.9 million, or 9.9% (annualized), from September 30, 2019, while average loans increased $87.4 million, or 2.9% (annualized), from the prior quarter. Loans held for investment increased $2.9 billion, or 29.8% from December 31, 2018, while quarterly average loans increased $2.8 billion, or 29.0% from the prior year. The increase from the prior year was primarily a result of the Access acquisition.

At December 31, 2019, total deposits were $13.3 billion, an increase of $260.3 million, or approximately 8.0% (annualized), from September 30, 2019, while average deposits increased $490.7 million, or 15.3% (annualized), from prior quarter.  Deposits increased $3.3 billion, or 33.4% from December 31, 2018, while quarterly average deposits increased $3.4 billion, or 33.7% from the prior year. The increase from the prior year was primarily a result of the Access acquisition.

The following table shows the Company’s capital ratios at the quarters ended:

        
  December 31,  September 30,  December 31,  
  2019 2019 2018 
Common equity Tier 1 capital ratio (2)  10.24 10.48 9.93%
Tier 1 capital ratio (2)  10.24 10.48 11.09%
Total capital ratio (2)  12.64 12.93 12.88%
Leverage ratio (Tier 1 capital to average assets) (2)  8.79 8.94 9.71%
Common equity to total assets  14.31 14.48 13.98%
Tangible common equity to tangible assets (1)  9.08 9.23 8.84%

(1) For a reconciliation of this non-GAAP financial measure, see Alternative Performance Measures (non-GAAP) section of the Key Financial Results
(2) All ratios at December 31, 2019 are estimates and subject to change pending the Company’s filing of its FR Y9-C. All other periods are presented as filed.

During the fourth quarter of 2019, the Company declared and paid cash dividends of $0.25 per common share, consistent with the third quarter of 2019 and an increase of $0.02, or 8.7% compared to the fourth quarter of 2018. On July 10, 2019, the Company announced that its Board of Directors has authorized a share repurchase program to purchase up to $150 million of the Company’s common stock through June 30, 2021 in open market transactions or privately negotiated transactions. As of December 31, 2019, authority remained to repurchase approximately $70 million of the Company’s common stock.

ABOUT ATLANTIC UNION BANKSHARES CORPORATION

Headquartered in Richmond, Virginia, Atlantic Union Bankshares Corporation (Nasdaq: AUB) is the holding company for Atlantic Union Bank. Atlantic Union Bank has 149 branches and approximately 170 ATMs located throughout Virginia, and in portions of Maryland and North Carolina. Middleburg Financial is a brand name used by Atlantic Union Bank and certain affiliates when providing trust, wealth management, private banking, and investment advisory products and services. Certain non-bank affiliates of Atlantic Union Bank include: Old Dominion Capital Management, Inc., and its subsidiary, Outfitter Advisors, Ltd., Dixon, Hubard, Feinour, & Brown, Inc., and Middleburg Investment Services, LLC, which provide investment advisory and/or brokerage services; and Union Insurance Group, LLC, which offers various lines of insurance products.

FOURTH QUARTER AND FULL YEAR 2019 EARNINGS RELEASE CONFERENCE CALL

Atlantic Union Bank will hold a conference call on Tuesday, January 21, 2020 at 9:00 a.m. Eastern Time during which management will review the fourth quarter and full year 2019 financial results and provide an update on recent activities. Interested parties may participate in the call toll-free by dialing (877) 668‑4908; international callers wishing to participate may do so by dialing (973) 453‑3058. The conference ID number is 2394624.

NON-GAAP FINANCIAL MEASURES

In reporting the results of the quarter and full year ended December 31, 2019, the Company has provided supplemental performance measures on a tax-equivalent, tangible, or operating basis. These non-GAAP financial measures are a supplement to GAAP, which is used to prepare the Company’s financial statements, and should not be considered in isolation or as a substitute for comparable measures calculated in accordance with GAAP. In addition, the Company’s non-GAAP financial measures may not be comparable to non-GAAP financial measures of other companies. The Company uses the non-GAAP financial measures discussed herein in its analysis of the Company’s performance. The Company’s management believes that these non-GAAP financial measures provide additional understanding of ongoing operations, enhance comparability of results of operations with prior periods and show the effects of significant gains and charges in the periods presented without the impact of items or events that may obscure trends in the Company’s underlying performance. For a reconciliation of these measures to their most directly comparable GAAP measures and additional information about these non-GAAP financial measures, see Alternative Performance Measures (non-GAAP) section of the Key Financial Results.

FORWARD-LOOKING STATEMENTS

Certain statements in this press release may constitute “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995. Forward-looking statements include, without limitation, projections, predictions, expectations, or beliefs about future events or results that are not statements of historical fact. Such forward-looking statements are based on various assumptions as of the time they are made, and are inherently subject to known and unknown risks, uncertainties and other factors that may cause actual results, performance or achievements to be materially different from those expressed or implied by such forward-looking statements. Forward-looking statements are often accompanied by words that convey projected future events or outcomes such as “expect,” “believe,” “estimate,” “plan,” “project,” “anticipate,” “intend,” “will,” “may,” “view,” “opportunity,” “potential,” or words of similar meaning or other statements concerning opinions or judgment of the Company and its management about future events. Although the Company believes that its expectations with respect to forward-looking statements are based upon reasonable assumptions within the bounds of its existing knowledge of its business and operations, there can be no assurance that actual results, performance, or achievements of, or trends affecting, the Company will not differ materially from any projected future results, performance, or achievements expressed or implied by such forward-looking statements. Actual future results, performance, achievements or trends may differ materially from historical results or those anticipated depending on a variety of factors, including, but not limited to:

  • changes in interest rates;
  • general economic and financial market conditions in the United States generally and particularly in the markets in which the Company operates and which its loans are concentrated, including the effects of declines in real estate values, an increase in unemployment levels, and slowdowns in economic growth;
  • the Company’s ability to manage its growth or implement its growth strategy;
  • the introduction of new lines of business or new products and services;
  • the possibility that any of the anticipated benefits of the acquisition of Access will not be realized or will not be realized within the expected time period, the expected revenue synergies and cost savings from the acquisition may not be fully realized or realized within the expected time frame, revenues following the acquisition may be lower than expected, or customer and employee relationships and business operations may be disrupted by the acquisition;
  • the Company’s ability to recruit and retain key employees;
  • the incremental cost and/or decreased revenues associated with exceeding $10 billion in assets;
  • real estate values in the Bank’s lending area;
  • an insufficient allowance for loan losses;
  • the quality or composition of the loan or investment portfolios;
  • concentrations of loans secured by real estate, particularly commercial real estate;
  • the effectiveness of the Company’s credit processes and management of the Company’s credit risk;
  • demand for loan products and financial services in the Company’s market area;
  • the Company’s ability to compete in the market for financial services;
  • technological risks and developments, and cyber threats, attacks, or events;
  • performance by the Company’s counterparties or vendors;
  • deposit flows;
  • the availability of financing and the terms thereof;
  • the level of prepayments on loans and mortgage-backed securities;
  • legislative or regulatory changes and requirements;
  • the effects of changes in federal, state or local tax laws and regulations;
  • monetary and fiscal policies of the U.S. government including policies of the U.S. Department of the Treasury and the Federal Reserve;
  • changes to applicable accounting principles and guidelines; and
  • other factors, many of which are beyond the control of the Company.

Please refer to the “Risk Factors” and “Management’s Discussion and Analysis of Financial Condition and Results of Operations” sections of the Company’s Annual Report on Form 10‑K for the year ended December 31, 2018 and comparable “Risk Factors” sections of the Company’s Quarterly Reports on Form 10‑Q and related disclosures in other filings, which have been filed with the SEC and are available on the SEC’s website at www.sec.gov. All of the forward-looking statements made in this press release are expressly qualified by the cautionary statements contained or referred to herein. The actual results or developments anticipated may not be realized or, even if substantially realized, they may not have the expected consequences to or effects on the Company or its businesses or operations. Readers are cautioned not to rely too heavily on the forward-looking statements contained in this press release. Forward-looking statements speak only as of the date they are made and the Company does not undertake any obligation to update, revise or clarify these forward-looking statements, whether as a result of new information, future events or otherwise.


ATLANTIC UNION BANKSHARES CORPORATION AND SUBSIDIARIES
KEY FINANCIAL RESULTS
(Dollars in thousands, except share data)

                 
  As of & For Three Months Ended As of & For Year Ended 
  12/31/19 09/30/19 12/31/18 12/31/19 12/31/18 
Results of Operations (unaudited) (unaudited) (unaudited) (unaudited) (unaudited) 
Interest and dividend income $174,211  $178,345 $140,636  $699,332  $528,788  
Interest expense  39,081   41,744  31,547   161,460   102,097  
Net interest income  135,130   136,601  109,089   537,872   426,691  
Provision for credit losses  2,900   9,100  4,725   21,092   13,736  
Net interest income after provision for credit losses  132,230   127,501  104,364   516,780   412,955  
Noninterest income  29,193   48,106  23,487   132,815   104,241  
Noninterest expenses  94,318   111,687  74,533   418,340   337,767  
Income before income taxes  67,105   63,920  53,318   231,255   179,429  
Income tax expense  11,227   10,724  9,041   37,557   30,016  
Income from continuing operations  55,878   53,196  44,277   193,698   149,413  
Discontinued operations, net of tax  (42)  42  (192)  (170)  (3,165) 
Net income $55,836  $53,238 $44,085  $193,528  $146,248  
                 
Interest earned on earning assets (FTE) (1) $176,868  $181,149 $142,970  $710,453  $536,981  
Net interest income (FTE) (1)  137,787   139,405  111,424   548,993   434,884  
                 
Key Ratios                
Earnings per common share, diluted $0.69  $0.65 $0.67  $2.41  $2.22  
Return on average assets (ROA)  1.27 % 1.23% 1.29 % 1.15 % 1.11 %
Return on average equity (ROE)  8.81 % 8.35% 9.21 % 7.89 % 7.85 %
Efficiency ratio  57.40 % 60.47% 56.22 % 62.37 % 63.62 %
Net interest margin  3.48 % 3.57% 3.62 % 3.61 % 3.67 %
Net interest margin (FTE) (1)  3.55 % 3.64% 3.70 % 3.69 % 3.74 %
Yields on earning assets (FTE) (1)  4.55 % 4.73% 4.74 % 4.77 % 4.62 %
Cost of interest-bearing liabilities  1.33 % 1.45% 1.34 % 1.43 % 1.12 %
Cost of deposits  0.92 % 0.95% 0.76 % 0.92 % 0.61 %
Cost of funds  1.00 % 1.09% 1.04 % 1.08 % 0.88 %
                 
Operating Measures (4)                
Net operating earnings $57,258  $56,057 $46,248  $220,923  $178,313  
Operating earnings per share, diluted $0.71  $0.69 $0.70  $2.75  $2.71  
Operating ROA  1.30 % 1.29% 1.36 % 1.31 % 1.35 %
Operating ROE  9.03 % 8.80% 9.66 % 9.01 % 9.57 %
Operating ROTCE (2) (3)  16.01 % 15.64% 17.18 % 16.14 % 17.35 %
Operating efficiency ratio (FTE) (1)(6)  52.65 % 55.12% 51.34 % 53.61 % 52.90 %
                 
Per Share Data                
Earnings per common share, basic $0.69  $0.65 $0.67  $2.41  $2.22  
Earnings per common share, diluted  0.69   0.65  0.67   2.41   2.22  
Cash dividends paid per common share  0.25   0.25  0.23   0.96   0.88  
Market value per share  37.55   37.25  28.23   37.55   28.23  
Book value per common share  31.58   31.29  29.34   31.58   29.34  
Tangible book value per common share (2)  18.90   18.80  17.51   18.90   17.51  
Price to earnings ratio, diluted  13.72   14.44  10.62   15.58   12.72  
Price to book value per common share ratio  1.19   1.19  0.96   1.19   0.96  
Price to tangible book value per common share ratio (2)  1.99   1.98  1.61   1.99   1.61  
Weighted average common shares outstanding, basic  80,439,007   81,769,193  65,982,304   80,200,950   65,859,165  
Weighted average common shares outstanding, diluted  80,502,269   81,832,868  66,013,326   80,263,557   65,908,573  
Common shares outstanding at end of period  80,001,185   81,147,896  65,977,149   80,001,185   65,977,149  


                 
  As of & For Three Months Ended As of & For Year Ended 
  12/31/19 09/30/19 12/31/18 12/31/19 12/31/18 
Capital Ratios (unaudited) (unaudited) (unaudited) (unaudited) (unaudited) 
Common equity Tier 1 capital ratio (5)  10.24% 10.48% 9.93% 10.24% 9.93%
Tier 1 capital ratio (5)  10.24% 10.48% 11.09% 10.24% 11.09%
Total capital ratio (5)  12.64% 12.93% 12.88% 12.64% 12.88%
Leverage ratio (Tier 1 capital to average assets) (5)  8.79% 8.94% 9.71% 8.79% 9.71%
Common equity to total assets  14.31% 14.48% 13.98% 14.31% 13.98%
Tangible common equity to tangible assets (2)  9.08% 9.23% 8.84% 9.08% 8.84%
                 
Financial Condition                
Assets $17,562,990 $17,441,035 $13,765,599 $17,562,990 $13,765,599 
Loans held for investment  12,610,936  12,306,997  9,716,207  12,610,936  9,716,207 
Securities  2,631,437  2,607,748  2,391,695  2,631,437  2,391,695 
Earning Assets  15,576,208  15,365,753  12,202,023  15,576,208  12,202,023 
Goodwill  935,560  929,815  727,168  935,560  727,168 
Amortizable intangibles, net  73,669  78,241  48,685  73,669  48,685 
Deposits  13,304,981  13,044,712  9,970,960  13,304,981  9,970,960 
Borrowings  1,513,748  1,549,181  1,756,278  1,513,748  1,756,278 
Stockholders' equity  2,513,102  2,525,031  1,924,581  2,513,102  1,924,581 
Tangible common equity (2)  1,503,873  1,516,975  1,148,728  1,503,873  1,148,728 
                 
Loans held for investment, net of deferred fees and costs                
Construction and land development $1,250,924 $1,201,149 $1,194,821 $1,250,924 $1,194,821 
Commercial real estate - owner occupied  2,041,243  1,979,052  1,337,345  2,041,243  1,337,345 
Commercial real estate - non-owner occupied  3,286,098  3,198,580  2,467,410  3,286,098  2,467,410 
Multifamily real estate  633,743  659,946  548,231  633,743  548,231 
Commercial & Industrial  2,114,033  2,058,133  1,317,135  2,114,033  1,317,135 
Residential 1-4 Family - Commercial  724,337  721,185  640,419  724,337  640,419 
Residential 1-4 Family - Consumer  890,503  913,245  673,909  890,503  673,909 
Residential 1-4 Family - Revolving  659,504  660,963  613,383  659,504  613,383 
Auto  350,419  328,456  301,943  350,419  301,943 
Consumer  372,853  386,848  379,694  372,853  379,694 
Other Commercial  287,279  199,440  241,917  287,279  241,917 
Total loans held for investment $12,610,936 $12,306,997 $9,716,207 $12,610,936 $9,716,207 
                 
Deposits                
NOW accounts $2,905,713 $2,515,777 $2,288,523 $2,905,713 $2,288,523 
Money market accounts  3,951,856  3,737,426  2,875,301  3,951,856  2,875,301 
Savings accounts  727,847  739,505  622,823  727,847  622,823 
Time deposits of $250,000 and over  684,797  717,090  292,224  684,797  292,224 
Other time deposits  2,064,628  2,179,740  1,797,482  2,064,628  1,797,482 
Time deposits  2,749,425  2,896,830  2,089,706  2,749,425  2,089,706 
Total interest-bearing deposits $10,334,841 $9,889,538 $7,876,353 $10,334,841 $7,876,353 
Demand deposits  2,970,140  3,155,174  2,094,607  2,970,140  2,094,607 
Total deposits $13,304,981 $13,044,712 $9,970,960 $13,304,981 $9,970,960 
                 
Averages                
Assets $17,437,552 $17,203,328 $13,538,160 $16,840,310 $13,181,609 
Loans held for investment  12,327,692  12,240,254  9,557,160  11,949,171  9,584,785 
Loans held for sale  75,038  75,558    53,390  21,085 
Securities  2,608,942  2,660,270  2,340,051  2,663,184  1,877,018 
Earning assets  15,418,605  15,191,792  11,961,234  14,881,142  11,620,893 
Deposits  13,302,955  12,812,211  9,951,983  12,515,552  9,717,663 
Time deposits  2,847,366  2,769,574  2,083,270  2,627,987  2,078,073 
Interest-bearing deposits  10,265,986  9,803,624  7,789,642  9,624,396  7,617,174 
Borrowings  1,369,035  1,623,681  1,575,173  1,656,426  1,489,542 
Interest-bearing liabilities  11,635,021  11,427,305  9,364,815  11,280,822  9,106,716 
Stockholders' equity  2,515,303  2,528,435  1,899,249  2,451,435  1,863,216 
Tangible common equity (2)  1,509,001  1,517,400  1,121,788  1,459,509  1,086,272 


                 
  As of & For Three Months Ended As of & For Year Ended 
  12/31/19 09/30/19 12/31/18 12/31/19 12/31/18 
Asset Quality (unaudited) (unaudited) (unaudited) (unaudited) (unaudited) 
Allowance for Loan Losses (ALL)                
Beginning balance $ 43,820 $ 42,463 $ 41,294  $ 41,045 $ 38,208  
Add: Recoveries   2,292   1,574   1,086    7,232   5,168  
Less: Charge-offs   6,918   9,317   6,131    28,108   16,230  
Add: Provision for loan losses   3,100   9,100   4,800    22,125   14,084  
Add: Provision for loan losses included in discontinued operations   —   —   (4)   —   (185) 
Ending balance $ 42,294 $ 43,820 $ 41,045  $ 42,294 $ 41,045  
                 
ALL / total outstanding loans  0.34 0.36 0.42 % 0.34 0.42 %
Net charge-offs / total average loans  0.15 0.25 0.21 % 0.17 0.12 %
Provision / total average loans  0.10 0.29 0.20 % 0.19 0.15 %
                 
Total PCI loans, net of fair value mark $ 86,681 $ 89,735 $ 90,221  $ 86,681 $ 90,221  
Remaining fair value mark on purchased performing loans   50,067   54,067   30,281    50,067   30,281  
                 
Nonperforming Assets                
Construction and land development $ 3,703 $ 7,785 $ 8,018  $ 3,703 $ 8,018  
Commercial real estate - owner occupied   6,003   5,684   3,636    6,003   3,636  
Commercial real estate - non-owner occupied   381   381   1,789    381   1,789  
Commercial & Industrial   1,735   1,585   1,524    1,735   1,524  
Residential 1-4 Family - Commercial   4,301   3,879   2,481    4,301   2,481  
Residential 1-4 Family - Consumer   9,292   8,292   7,276    9,292   7,276  
Residential 1-4 Family - Revolving   2,080   1,641   1,518    2,080   1,518  
Auto   563   604   576    563   576  
Consumer and all other   174   181   135    174   135  
Nonaccrual loans $ 28,232 $ 30,032 $ 26,953  $ 28,232 $ 26,953  
Foreclosed property   4,708   6,385   6,722    4,708   6,722  
Total nonperforming assets (NPAs) $ 32,940 $ 36,417 $ 33,675  $ 32,940 $ 33,675  
Construction and land development $ 189 $ 171 $ 180  $ 189 $ 180  
Commercial real estate - owner occupied   1,062   2,571   3,193    1,062   3,193  
Commercial real estate - non-owner occupied   1,451   36   —    1,451   —  
Multifamily real estate   474   1,212   —    474   —  
Commercial & Industrial   449   265   132    449   132  
Residential 1-4 Family - Commercial   674   916   1,409    674   1,409  
Residential 1-4 Family - Consumer   4,515   3,815   2,437    4,515   2,437  
Residential 1-4 Family - Revolving   3,357   1,674   440    3,357   440  
Auto   272   183   195    272   195  
Consumer and all other   953   1,193   870    953   870  
Loans ≥ 90 days and still accruing $ 13,396 $ 12,036 $ 8,856  $ 13,396 $ 8,856  
Total NPAs and loans ≥ 90 days $ 46,336 $ 48,453 $ 42,531  $ 46,336 $ 42,531  
NPAs / total outstanding loans   0.26 0.30 0.35 %  0.26 0.35 %
NPAs / total assets   0.19 0.21 0.24 %  0.19 0.24 %
ALL / nonaccrual loans  149.81 145.91 152.28 % 149.81 152.28 %
ALL / nonperforming assets  128.40 120.33 121.89 % 128.40 121.89 %
Past Due Detail                
Construction and land development $ 4,563 $ 1,062 $ 759  $ 4,563 $ 759  
Commercial real estate - owner occupied   3,482   4,977   8,755    3,482   8,755  
Commercial real estate - non-owner occupied   457   5,757   338    457   338  
Multifamily real estate   223   107   —    223   —  
Commercial & Industrial   8,698   2,079   3,353    8,698   3,353  
Residential 1-4 Family - Commercial   1,479   1,842   6,619    1,479   6,619  
Residential 1-4 Family - Consumer   16,244   1,527   12,049    16,244   12,049  
Residential 1-4 Family - Revolving   10,190   4,965   4,611    10,190   4,611  
Auto   2,525   1,787   3,320    2,525   3,320  
Consumer and all other   2,592   2,579   1,630    2,592   1,630  
Loans 30-59 days past due $ 50,453 $ 26,682 $ 41,434  $ 50,453 $ 41,434  


                 
  As of & For Three Months Ended As of & For Year Ended 
  12/31/19 09/30/19 12/31/18 12/31/19 12/31/18 
Past Due Detail cont'd (unaudited) (unaudited) (unaudited) (unaudited) (unaudited) 
Construction and land development $482 $351 $6 $482 $6 
Commercial real estate - owner occupied  2,184    1,142  2,184  1,142 
Commercial real estate - non-owner occupied    1,878  41    41 
Multifamily real estate    164  146    146 
Commercial & Industrial  1,598  1,946  389  1,598  389 
Residential 1-4 Family - Commercial  2,207  3,081  1,577  2,207  1,577 
Residential 1-4 Family - Consumer  3,072  5,182  5,143  3,072  5,143 
Residential 1-4 Family - Revolving  1,784  1,747  1,644  1,784  1,644 
Auto  236  407  403  236  403 
Consumer and all other  1,233  1,675  1,096  1,233  1,096 
Loans 60-89 days past due $12,796 $16,431 $11,587 $12,796 $11,587 
                 
Troubled Debt Restructurings                
Performing $15,686 $15,156 $19,201 $15,686 $19,201 
Nonperforming  3,810  3,582  7,397  3,810  7,397 
Total troubled debt restructurings $19,496 $18,738 $26,598 $19,496 $26,598 
                 
Alternative Performance Measures (non-GAAP)                
Net interest income (FTE)                
Net interest income (GAAP) $135,130 $136,601 $109,089 $537,872 $426,691 
FTE adjustment  2,657  2,804  2,335  11,121  8,193 
Net interest income (FTE) (non-GAAP) (1) $137,787 $139,405 $111,424 $548,993 $434,884 
Average earning assets  15,418,605  15,191,792  11,961,234  14,881,142  11,620,893 
Net interest margin  3.48% 3.57% 3.62% 3.61% 3.67%
Net interest margin (FTE) (1)  3.55% 3.64% 3.70% 3.69% 3.74%
                 
Tangible Assets                
Ending assets (GAAP) $17,562,990 $17,441,035 $13,765,599 $17,562,990 $13,765,599 
Less: Ending goodwill  935,560  929,815  727,168  935,560  727,168 
Less: Ending amortizable intangibles  73,669  78,241  48,685  73,669  48,685 
Ending tangible assets (non-GAAP) $16,553,761 $16,432,979 $12,989,746 $16,553,761 $12,989,746 
                 
Tangible Common Equity (2)                
Ending equity (GAAP) $2,513,102 $2,525,031 $1,924,581 $2,513,102 $1,924,581 
Less: Ending goodwill  935,560  929,815  727,168  935,560  727,168 
Less: Ending amortizable intangibles  73,669  78,241  48,685  73,669  48,685 
Ending tangible common equity (non-GAAP) $1,503,873 $1,516,975 $1,148,728 $1,503,873 $1,148,728 
                 
Average equity (GAAP) $2,515,303 $2,528,435 $1,899,249 $2,451,435 $1,863,216 
Less: Average goodwill  930,457  930,525  727,544  912,521  725,597 
Less: Average amortizable intangibles  75,845  80,510  49,917  79,405  51,347 
Average tangible common equity (non-GAAP) $1,509,001 $1,517,400 $1,121,788 $1,459,509 $1,086,272 
                 
Operating Measures (4)                
Net income (GAAP) $55,836 $53,238 $44,085 $193,528 $146,248 
Plus: Merger and rebranding-related costs, net of tax  1,422  2,819  2,163  27,395  32,065 
Net operating earnings (non-GAAP) $57,258 $56,057 $46,248 $220,923 $178,313 
                 
Noninterest expense (GAAP) $94,318 $111,687 $74,533 $418,340 $337,767 
Less: Merger Related Costs  896  2,435  2,314  27,824  39,728 
Less: Rebranding Costs  902  1,133    6,455   
Less: Amortization of intangible assets  4,603  4,764  2,954  18,521  12,839 
Operating noninterest expense (non-GAAP) $87,917 $103,355 $69,265 $365,540 $285,200