Mortgage, primarily consisting of salaries and employee benefits,
mortgage lending costs and professional and other service fees.
Exhibit 6 - Consolidated Balance Sheets
(in thousands, except December September June 30, March 31, December 31,
share data) 31, 2024 30, 2024 2024 2024 2023
----------- ------------ ----------- ----------- -------------
Assets (audited)
Cash and due from banks $ 39,197 $ 40,538 $ 32,762 $ 41,231 $ 47,234
Interest earning
deposits with banks 519,853 614,345 238,346 577,843 242,709
Restricted cash 24,365 10,087 32,430 33,897 25,849
Other short-term
investments 6,944 6,871 6,781 6,700 6,080
--------- ---------- --------- --------- ---------
Cash and cash
equivalents 590,359 671,841 310,319 659,671 321,872
--------- ---------- --------- --------- ---------
Securities
Debt securities
available for sale, at
fair value 1,437,170 1,476,378 1,269,356 1,298,073 1,217,502
Debt securities held to
maturity, at amortized
cost (1) -- -- 219,613 224,014 226,645
Equity securities with
readily determinable
fair value not held for
trading 2,477 2,562 2,483 2,480 2,534
Federal Reserve Bank and
Federal Home Loan Bank
stock 58,278 63,604 56,412 54,001 50,294
--------- ---------- --------- --------- ---------
Securities 1,497,925 1,542,544 1,547,864 1,578,568 1,496,975
--------- ---------- --------- --------- ---------
Loans held for sale, at
lower of cost or fair
value (2) -- 553,941 551,828 -- 365,219
Mortgage loans held for
sale, at fair value 42,911 43,851 60,122 48,908 26,200
Loans held for
investment, gross 7,224,368 6,964,171 6,710,961 6,957,475 6,873,493
Less: Allowance for
credit losses 84,963 79,890 94,400 96,050 95,504
--------- ---------- --------- --------- ---------
Loans held for
investment,
net 7,139,405 6,884,281 6,616,561 6,861,425 6,777,989
--------- ---------- --------- --------- ---------
Bank owned life
insurance 243,547 241,183 238,851 237,314 234,972
Premises and equipment,
net 31,814 32,866 33,382 44,877 43,603
Deferred tax assets, net 53,543 41,138 48,779 48,302 55,635
Operating lease
right-of-use assets 100,028 100,158 100,580 117,171 118,484
Goodwill 19,193 19,193 19,193 19,193 19,193
Accrued interest
receivable and other
assets (3)(4) 178,966 222,131 220,259 202,343 256,185
--------- ---------- --------- --------- ---------
Total assets $9,897,691 $10,353,127 $9,747,738 $9,817,772 $9,716,327
========= ========== ========= ========= =========
Liabilities and
Stockholders' Equity
Deposits
Demand
Noninterest bearing $1,504,229 $ 1,482,061 $1,465,140 $1,397,331 $1,426,919
Interest bearing 2,229,467 2,389,605 2,316,976 2,619,115 2,560,629
Savings and money market 1,885,928 1,835,700 1,723,233 1,616,719 1,610,218
Time 2,234,445 2,403,578 2,310,662 2,245,078 2,297,097
--------- ---------- --------- --------- ---------
Total deposits 7,854,069 8,110,944 7,816,011 7,878,243 7,894,863
Advances from the
Federal Home Loan Bank 745,000 915,000 765,000 715,000 645,000
Senior notes 59,843 59,764 59,685 59,605 59,526
Subordinated notes 29,624 29,582 29,539 29,497 29,454
Junior subordinated
debentures held by
trust subsidiaries 64,178 64,178 64,178 64,178 64,178
Operating lease
liabilities (5) 106,071 105,875 105,861 122,267 123,167
Accounts payable,
accrued liabilities and
other liabilities (6) 148,439 164,896 173,122 210,897 164,071
--------- ---------- --------- --------- ---------
Total
liabilities 9,007,224 9,450,239 9,013,396 9,079,687 8,980,259
--------- ---------- --------- --------- ---------
Stockholders' equity
Class A common stock 4,214 4,210 3,357 3,373 3,361
Additional paid in
capital 343,830 342,508 189,601 192,237 192,701
Retained earnings 582,229 569,131 620,299 618,359 610,802
Accumulated other
comprehensive loss (39,806) (12,961) (78,915) (75,884) (70,796)
--------- ---------- --------- --------- ---------
Total
stockholders'
equity 890,467 902,888 734,342 738,085 736,068
--------- ---------- --------- --------- ---------
Total
liabilities
and
stockholders'
equity $9,897,691 $10,353,127 $9,747,738 $9,817,772 $9,716,327
========= ========== ========= ========= =========
__________
(1) Estimated fair value of $192,403, $198,909 and $204,945 at June 30,
2024, March 31, 2024 and December 31, 2023, respectively. During the
third quarter of 2024, the Company executed an investment portfolio
repositioning and transferred approximately $220 million in debt
securities from held to maturity to the available for sale category.
(2) As of September 30, 2024 and June 30, 2024, includes loans held for
sale and a valuation allowance of $1.3 million, in connection with the
Houston Transaction. As of December 31, 2023, includes a valuation
allowance of $35.5 million as a result of fair value adjustment.
(3) As of December 31, 2024, September 30, 2024, June 30, 2024, March 31,
2024 and December 31, 2023, includes derivative assets with a total
fair value of $48.0 million, $52.3 million, $64.0 million, $64.7
million and $59.9 million, respectively. As of December 31, 2023,
includes a receivable from insurance carrier for $62.5 million in
connection with the restructuring of the Company's BOLI in the fourth
quarter of 2023, which were collected in the first quarter of 2024.
(4) As of September 30, 2024 and June 30, 2024, includes other assets for
sale of approximately $21.4 million and $23.6 million, respectively, in
connection with the Houston Transaction.
(5) Consists of total long-term lease liabilities. Total short-term lease
liabilities are included in other liabilities.
(6) As of December 31, 2024, September 30, 2024, June 30, 2024, March 31,
2024 and December 31, 2023, includes derivatives liabilities with a
total fair value of $47.6 million, $51.3 million, $62.9 million, $63.8
million and $59.4 million, respectively.
Exhibit 7 - Loans
Loans by Type - Held For Investment
The loan portfolio held for investment consists of the following loan classes:
December September June 30, March 31, December
(in thousands) 31, 2024 30, 2024 2024 2024 31, 2023
---------- ---------- ---------- ---------- ----------
Real estate loans (audited)
Commercial real
estate
Non-owner
occupied $1,678,473 $1,688,308 $1,714,088 $1,672,470 $1,616,200
Multi-family
residential 336,229 351,815 359,257 349,917 407,214
Land
development
and
construction
loans 495,208 421,489 343,472 333,198 300,378
--------- --------- --------- --------- ---------
2,509,910 2,461,612 2,416,817 2,355,585 2,323,792
Single-family
residential 1,516,082 1,499,599 1,446,569 1,490,711 1,466,608
Owner occupied 1,007,074 1,001,762 981,405 1,193,909 1,175,331
--------- --------- --------- --------- ---------
5,033,066 4,962,973 4,844,791 5,040,205 4,965,731
Commercial loans 1,747,859 1,630,018 1,521,533 1,550,140 1,503,187
Loans to financial
institutions and
acceptances 170,435 92,489 48,287 29,490 13,375
Consumer loans and
overdrafts (1) 273,008 278,391 296,350 337,640 391,200
--------- --------- --------- --------- ---------
Total loans $7,224,368 $6,964,171 $6,710,961 $6,957,475 $6,873,493
(MORE TO FOLLOW) Dow Jones Newswires
January 22, 2025 17:01 ET (22:01 GMT)