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Glacier Bancorp, Inc. Announces Results for the Quarter and Period Ended June 30, 2022

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Glacier Bancorp, Inc.
Glacier Bancorp, Inc.

2nd Quarter 2022 Highlights:

  • Net income was $76.4 million for the current quarter, an increase of $8.6 million, or 13 percent, from the prior quarter net income of $67.8 million.

  • The loan portfolio, excluding the Payroll Protection Program (“PPP”) loans, grew $714 million, or 21 percent annualized, in the current quarter.

  • Net interest margin as a percentage of earning assets, on a tax-equivalent basis, for the current quarter was 3.23 percent compared to 3.20 percent in the prior quarter. The core net interest margin for the current quarter of 3.16 percent, increased 9 basis points from 3.07 percent in the prior quarter.

  • Net interest income, on a tax-equivalent basis, was $199 million in the current quarter which increased $8.6 million, or 5 percent, over the prior quarter net interest income of $190 million.

  • Core deposits increased $85.5 million, or 2 percent annualized, during the current quarter.

  • Non-interest bearing deposits increased $71.3 million, or 4 percent, annualized during the current quarter.

  • The Company declared a quarterly dividend of $0.33 per share. The Company has declared 149 consecutive quarterly dividends and has increased the dividend 49 times.

First Half 2022 Highlights:

  • The loan portfolio, excluding the PPP loans, organically grew $1.121 billion, or 17 percent annualized, in the first half of 2022.

  • Net interest income, on a tax-equivalent basis, was $389 million in the first half of 2022. Excluding the PPP loans, net interest income was $384 million which increased $86.8 million, or 29 percent, over the prior year first half net interest income of $298 million.

  • Core deposits increased $468 million, or 4 percent annualized, during the first six months of 2022.

  • Dividends declared in the first half of 2022 of $0.66 per share, an increase of $0.03 per share, or 5 percent, over the prior year dividends of $0.63.

Financial Summary

 

 

At or for the Three Months ended

 

At or for the Six Months ended

(Dollars in thousands, except per share and market data)

 

Jun 30,
2022

 

Mar 31,
2022

 

Jun 30,
2021

 

Jun 30,
2022

 

Jun 30,
2021

Operating results

 

 

 

 

 

 

 

 

 

 

Net income

 

$

76,392

 

 

67,795

 

 

77,627

 

 

144,187

 

 

158,429

 

Basic earnings per share

 

$

0.69

 

 

0.61

 

 

0.81

 

 

1.30

 

 

1.66

 

Diluted earnings per share

 

$

0.69

 

 

0.61

 

 

0.81

 

 

1.30

 

 

1.66

 

Dividends declared per share

 

$

0.33

 

 

0.33

 

 

0.32

 

 

0.66

 

 

0.63

 

Market value per share

 

 

 

 

 

 

 

 

 

 

Closing

 

$

47.42

 

 

50.28

 

 

55.08

 

 

47.42

 

 

55.08

 

High

 

$

51.40

 

 

60.69

 

 

63.05

 

 

60.69

 

 

67.35

 

Low

 

$

44.43

 

 

49.61

 

 

52.99

 

 

44.43

 

 

44.55

 

Selected ratios and other data

 

 

 

 

 

 

 

 

 

 

Number of common stock shares outstanding

 

 

110,766,287

 

 

110,763,316

 

 

95,507,234

 

 

110,766,287

 

 

95,507,234

 

Average outstanding shares - basic

 

 

110,765,379

 

 

110,724,655

 

 

95,505,877

 

 

110,745,017

 

 

95,485,839

 

Average outstanding shares - diluted

 

 

110,794,982

 

 

110,800,001

 

 

95,580,904

 

 

110,799,368

 

 

95,565,591

 

Return on average assets (annualized)

 

 

1.16

%

 

1.06

%

 

1.55

%

 

1.11

%

 

1.64

%

Return on average equity (annualized)

 

 

10.55

%

 

8.97

%

 

13.25

%

 

9.76

%

 

13.68

%

Efficiency ratio

 

 

55.74

%

 

57.11

%

 

49.92

%

 

56.42

%

 

48.31

%

Dividend payout

 

 

47.83

%

 

54.10

%

 

39.51

%

 

50.77

%

 

37.95

%

Loan to deposit ratio

 

 

66.26

%

 

63.52

%

 

67.64

%

 

66.26

%

 

67.64

%

Number of full time equivalent employees

 

 

3,439

 

 

3,439

 

 

2,987

 

 

3,439

 

 

2,987

 

Number of locations

 

 

224

 

 

223

 

 

194

 

 

224

 

 

194

 

Number of ATMs

 

 

274

 

 

273

 

 

250

 

 

274

 

 

250

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

KALISPELL, Mont., July 21, 2022 (GLOBE NEWSWIRE) -- Glacier Bancorp, Inc. (NYSE: GBCI) reported net income of $76.4 million for the current quarter, a decrease of $1.2 million, or 2 percent, from the $77.6 million of net income for the prior year second quarter. Diluted earnings per share for the current quarter was $0.69 per share, a decrease of 15 percent from the prior year second quarter diluted earnings per share of $0.81. The $1.2 million decrease in second quarter earnings over the prior year second quarter was driven primarily by a $11.1 million decrease in gain on the sale of residential loans, a $10.3 million decrease in the PPP related income, an increase of $4.1 million of provision for credit loss, and a $976 thousand increase in acquisition-related expenses. For the quarter, the Company experienced a $38.0 million increase, or 24 percent, in net interest income and a $29.4 million increase, or 29 percent, in non-interest expense over the prior year second quarter which was driven by the acquisition of Altabancorp and its Altabank subsidiary (“Alta”). “We were very pleased to see the high quality loan and deposit growth we achieved this quarter,” said Randy Chesler, President and Chief Executive Officer. “We remain prepared to manage through economic headwinds if the economy experiences a recession and are confident in the long term resiliency of our markets and our core business.”

Net income for the six month ended June 30, 2022 was $144.2 million, a decrease of $14.2 million, or 9 percent, from the $158.4 million net income for the first six months in the prior year. Diluted earnings per share for the first half of 2022 was $1.30 per share, a decrease of 22 percent from the prior year first half earnings per share of $1.66. The $14.2 million decrease in net income over the prior year first half was driven primarily by a $25.7 million decrease in the PPP related income, a $23.7 million decrease in gain on the sale of residential loans, an increase of $11.1 million of provision for credit loss, and a $7.1 million increase in acquisition-related expenses.

Asset Summary

 

 

 

 

 

 

 

 

 

 

$ Change from

(Dollars in thousands)

 

Jun 30,
2022

 

Mar 31,
2022

 

Dec 31,
2021

 

Jun 30,
2021

 

Mar 31,
2022

 

Dec 31,
2021

 

Jun 30,
2021

Cash and cash equivalents

 

$

415,406

 

 

436,805

 

 

437,686

 

 

921,207

 

 

(21,399

)

 

(22,280

)

 

(505,801

)

Debt securities, available-for-sale

 

 

6,209,199

 

 

6,535,763

 

 

9,170,849

 

 

6,147,143

 

 

(326,564

)

 

(2,961,650

)

 

62,056

 

Debt securities, held-to-maturity

 

 

3,788,486

 

 

3,576,941

 

 

1,199,164

 

 

1,024,730

 

 

211,545

 

 

2,589,322

 

 

2,763,756

 

Total debt securities

 

 

9,997,685

 

 

10,112,704

 

 

10,370,013

 

 

7,171,873

 

 

(115,019

)

 

(372,328

)

 

2,825,812

 

Loans receivable

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Residential real estate

 

 

1,261,119

 

 

1,125,648

 

 

1,051,883

 

 

734,838

 

 

135,471

 

 

209,236

 

 

526,281

 

Commercial real estate

 

 

9,310,070

 

 

8,865,585

 

 

8,630,831

 

 

6,584,322

 

 

444,485

 

 

679,239

 

 

2,725,748

 

Other commercial

 

 

2,685,392

 

 

2,661,048

 

 

2,664,190

 

 

2,932,419

 

 

24,344

 

 

21,202

 

 

(247,027

)

Home equity

 

 

773,582

 

 

715,963

 

 

736,288

 

 

648,800

 

 

57,619

 

 

37,294

 

 

124,782

 

Other consumer

 

 

369,592

 

 

362,775

 

 

348,839

 

 

337,669

 

 

6,817

 

 

20,753

 

 

31,923

 

Loans receivable

 

 

14,399,755

 

 

13,731,019

 

 

13,432,031

 

 

11,238,048

 

 

668,736

 

 

967,724

 

 

3,161,707

 

Allowance for credit losses

 

 

(172,963

)

 

(176,159

)

 

(172,665

)

 

(151,448

)

 

3,196

 

 

(298

)

 

(21,515

)

Loans receivable, net

 

 

14,226,792

 

 

13,554,860

 

 

13,259,366

 

 

11,086,600

 

 

671,932

 

 

967,426

 

 

3,140,192

 

Other assets

 

 

2,050,122

 

 

1,995,955

 

 

1,873,580

 

 

1,308,353

 

 

54,167

 

 

176,542

 

 

741,769

 

Total assets

 

$

26,690,005

 

 

26,100,324

 

 

25,940,645

 

 

20,488,033

 

 

589,681

 

 

749,360

 

 

6,201,972

 

 

Total debt securities of $9.998 billion at June 30, 2022 decreased $115 million, or 1 percent, during the current quarter and increased $2.826 billion, or 39 percent, from the prior year second quarter. Debt securities represented 37 percent of total assets at June 30, 2022 compared to 40 percent at December 31, 2021 and 35 percent of total assets at June 30, 2021.

The loan portfolio of $14.400 billion at June 30, 2022 increased $669 million, or 5 percent, in the current quarter and increased $3.162 billion, or 28 percent, from the prior year second quarter. Excluding the PPP loans, the loan portfolio increased $714 million, or 21 percent annualized, during the current quarter with the largest dollar increase in commercial real estate which increased $444 million, or 20 percent annualized. Excluding the PPP loans and loans from the acquisition of Alta, the loan portfolio increased $1.950 billion, or 19 percent, from the prior year second quarter with the largest dollar increase in commercial real estate loans which increased $1.323 billion, or 20 percent.

The Company received $44.5 million in PPP loan forgiveness during the current quarter. As of June 30, 2022, the Company had $15.7 million of PPP loans remaining. In the current quarter, the Company recognized $1.6 million of interest income (including deferred fees and costs) from the PPP loans. The income recognized in the current quarter included $1.4 million acceleration of net deferred fees in interest income resulting from the SBA forgiveness of loans. Net deferred fees remaining on the balance of the PPP loans at June 30, 2022 was $416 thousand, which will be recognized into interest income over the remaining life of the loans or when the loans are forgiven in whole or in part by the SBA.

Credit Quality Summary

 

 

At or for the Six
Months ended

 

At or for the
Three Months
ended

 

At or for the
Year ended

 

At or for the Six
Months ended

(Dollars in thousands)

 

Jun 30,
2022

 

Mar 31,
2022

 

Dec 31,
2021

 

Jun 30,
2021

Allowance for credit losses

 

 

 

 

 

 

 

 

Balance at beginning of period

 

$

172,665

 

 

172,665

 

 

158,243

 

 

158,243

 

Acquisitions

 

 

 

 

 

 

371

 

 

 

Provision for credit losses

 

 

2,991

 

 

4,344

 

 

16,380

 

 

(5,234

)

Charge-offs

 

 

(7,040

)

 

(2,695

)

 

(11,594

)

 

(5,946

)

Recoveries

 

 

4,347

 

 

1,845

 

 

9,265

 

 

4,385

 

Balance at end of period

 

$

172,963

 

 

176,159

 

 

172,665

 

 

151,448

 

Provision for credit losses

 

 

 

 

 

 

 

 

Loan portfolio

 

$

2,991

 

 

4,344

 

 

16,380

 

 

(5,234

)

Unfunded loan commitments

 

 

2,507

 

 

2,687

 

 

6,696

 

 

(371

)

Total provision for credit losses

 

$

5,498

 

 

7,031

 

 

23,076

 

 

(5,605

)

Other real estate owned

 

$

 

 

 

 

 

 

705

 

Other foreclosed assets

 

 

379

 

 

43

 

 

18

 

 

66

 

Accruing loans 90 days or more past due

 

 

5,064

 

 

4,510

 

 

17,141

 

 

4,220

 

Non-accrual loans

 

 

38,523

 

 

57,923

 

 

50,532

 

 

48,050

 

Total non-performing assets

 

$

43,966

 

 

62,476

 

 

67,691

 

 

53,041

 

Non-performing assets as a percentage of subsidiary assets

 

 

0.16

%

 

0.24

%

 

0.26

%

 

0.26

%

Allowance for credit losses as a percentage of non-performing loans

 

 

393

%

 

282

%

 

255

%

 

290

%

Allowance for credit losses as a percentage of total loans

 

 

1.20

%

 

1.28

%

 

1.29

%

 

1.35

%

Net charge-offs as a percentage of total loans

 

 

0.02

%

 

0.01

%

 

0.02

%

 

0.01

%

Accruing loans 30-89 days past due

 

$

16,588

 

 

16,080

 

 

50,566

 

 

12,076

 

Accruing troubled debt restructurings

 

$

33,859

 

 

33,702

 

 

34,591

 

 

37,667

 

Non-accrual troubled debt restructurings

 

$

2,427

 

 

2,501

 

 

2,627

 

 

3,179

 

U.S. government guarantees included in non-performing assets

 

$

5,888

 

 

5,068

 

 

4,028

 

 

4,186

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Non-performing assets of $44.0 million at June 30, 2022 decreased $18.5 million, or 30 percent, over the prior quarter and decreased $9.1 million, or 17 percent, over prior year second quarter. Non-performing assets as a percentage of subsidiary assets at June 30, 2022 was 0.16 percent compared to 0.24 percent in the prior quarter and 0.26 percent in the prior year second quarter.

Early stage delinquencies (accruing loans 30-89 days past due) of $16.6 million at June 30, 2022 increased $508 thousand from the prior quarter and increased $4.5 million from the prior year second quarter. Early stage delinquencies as a percentage of loans at June 30, 2022 was 12 basis points, which compared to 12 basis points in the prior quarter and 11 basis points from prior year second quarter.

The current quarter credit loss benefit of $1.5 million included $1.4 million of credit loss benefit from loans and $179 thousand of credit loss benefit from unfunded loan commitments. The allowance for credit losses on loans (“ACL”) as a percentage of total loans outstanding at June 30, 2022 was 1.20 percent which was an 8 basis point decrease compared to the prior quarter and a 15 basis points decrease from the prior year second quarter.

Credit Quality Trends and Provision for Credit Losses on the Loan Portfolio

(Dollars in thousands)

 

Provision for
Credit Losses
Loans

 

Net Charge-Offs
(Recoveries)

 

ACL
as a Percent
of Loans

 

Accruing
Loans 30-89
Days Past Due
as a Percent of
Loans

 

Non-Performing
Assets to
Total Subsidiary
Assets

Second quarter 2022

 

$

(1,353

)

 

$

1,843

 

 

1.20

%

 

0.12

%

 

0.16

%

First quarter 2022

 

 

4,344

 

 

 

850

 

 

1.28

%

 

0.12

%

 

0.24

%

Fourth quarter 2021

 

 

19,301

 

 

 

616

 

 

1.29

%

 

0.38

%

 

0.26

%

Third quarter 2021

 

 

2,313

 

 

 

152

 

 

1.36

%

 

0.23

%

 

0.24

%

Second quarter 2021

 

 

(5,723

)

 

 

(725

)

 

1.35

%

 

0.11

%

 

0.26

%

First quarter 2021

 

 

489

 

 

 

2,286

 

 

1.39

%

 

0.40

%

 

0.19

%

Fourth quarter 2020

 

 

(1,528

)

 

 

4,781

 

 

1.42

%

 

0.20

%

 

0.19

%

Third quarter 2020

 

 

2,869

 

 

 

826

 

 

1.42

%

 

0.15

%

 

0.25

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

The current quarter provision for credit loss benefit for loans was $1.4 million which was a decrease of $5.7 million from the prior quarter which was driven by the continued improvement in the credit quality and the Company’s increased comfort with the economic forecasts. Current quarter provision for credit loss benefit for loans decreased $4.3 million from the prior year second quarter provision for credit loss benefit of $5.7 million.

Net charge-offs for the current quarter were $1.8 million compared to $850 thousand for the prior quarter and recoveries of $725 thousand from the same quarter last year. Loan portfolio growth, composition, average loan size, credit quality considerations, economic forecasts and other environmental factors will continue to determine the level of the provision for credit losses for loans.

Supplemental information regarding credit quality and identification of the Company’s loan portfolio based on regulatory classification is provided in the exhibits at the end of this press release. The regulatory classification of loans is based primarily on collateral type while the Company’s loan segments presented herein are based on the purpose of the loan.

Liability Summary

 

 

 

 

 

 

 

 

 

 

$ Change from

(Dollars in thousands)

 

Jun 30,
2022

 

Mar 31,
2022

 

Dec 31,
2021

 

Jun 30,
2021

 

Mar 31,
2022

 

Dec 31,
2021

 

Jun 30,
2021

Deposits

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Non-interest bearing deposits

 

$

8,061,304

 

7,990,003

 

7,779,288

 

6,307,794

 

71,301

 

 

282,016

 

 

1,753,510

 

NOW and DDA accounts

 

 

5,432,333

 

5,376,881

 

5,301,832

 

4,151,264

 

55,452

 

 

130,501

 

 

1,281,069

 

Savings accounts

 

 

3,296,561

 

3,287,521

 

3,180,046

 

2,346,129

 

9,040

 

 

116,515

 

 

950,432

 

Money market deposit accounts

 

 

4,021,102

 

4,044,655

 

4,014,128

 

2,990,021

 

(23,553

)

 

6,974

 

 

1,031,081

 

Certificate accounts

 

 

968,382

 

995,147

 

1,036,077

 

939,563

 

(26,765

)

 

(67,695

)

 

28,819

 

Core deposits, total

 

 

21,779,682

 

21,694,207

 

21,311,371

 

16,734,771

 

85,475

 

 

468,311

 

 

5,044,911

 

Wholesale deposits

 

 

4,001

 

3,688

 

25,878

 

26,121

 

313

 

 

(21,877

)

 

(22,120

)

Deposits, total

 

 

21,783,683

 

21,697,895

 

21,337,249

 

16,760,892

 

85,788

 

 

446,434

 

 

5,022,791

 

Repurchase agreements

 

 

968,197

 

958,479

 

1,020,794

 

995,201

 

9,718

 

 

(52,597

)

 

(27,004

)

Federal Home Loan Bank advances

 

 

580,000

 

80,000

 

 

 

500,000

 

 

580,000

 

 

580,000

 

Other borrowed funds

 

 

66,200

 

57,258

 

44,094

 

33,556

 

8,942

 

 

22,106

 

 

32,644

 

Subordinated debentures

 

 

132,701

 

132,661

 

132,620

 

132,540

 

40

 

 

81

 

 

161

 

Other liabilities

 

 

262,985

 

239,838

 

228,266

 

211,889

 

23,147

 

 

34,719

 

 

51,096

 

Total liabilities

 

$

23,793,766

 

23,166,131

 

22,763,023

 

18,134,078

 

627,635

 

 

1,030,743

 

 

5,659,688

 

 

Core deposits of $21.780 billion increased $85.5 million, or 2 percent annualized, during the current quarter and non-interest bearing deposits increased $71.3 million, or 4 percent annualized, during the current quarter. Excluding the Alta acquisition, core deposits increased $1.771 billion, or 11 percent, from the prior year second quarter. During 2020 and 2021, the Company experienced unprecedented increases in core deposits as a result of increased customer savings and federal stimulus. Non-interest bearing deposits were 37 percent of total core deposits at June 30, 2022 and December 31, 2021 compared to 38 percent at June 30, 2021.

Federal Home Loan Bank (“FHLB”) advances increased $500 million during the current quarter to support the liquidity needs driven by the increase in the loan portfolio. The FHLB advances will continue to fluctuate to supplement the liquidity needs during the year.

Stockholders’ Equity Summary

 

 

 

 

 

 

 

 

 

 

$ Change from

(Dollars in thousands, except per share data)

 

Jun 30,
2022

 

Mar 31,
2022

 

Dec 31,
2021

 

Jun 30,
2021

 

Mar 31,
2022

 

Dec 31,
2021

 

Jun 30,
2021

Common equity

 

$

3,223,451

 

 

3,182,002

 

 

3,150,263

 

 

2,263,513

 

 

41,449

 

 

73,188

 

 

959,938

 

Accumulated other comprehensive (loss) income

 

 

(327,212

)

 

(247,809

)

 

27,359

 

 

90,442

 

 

(79,403

)

 

(354,571

)

 

(417,654

)

Total stockholders’ equity

 

 

2,896,239

 

 

2,934,193

 

 

3,177,622

 

 

2,353,955

 

 

(37,954

)

 

(281,383

)

 

542,284

 

Goodwill and core deposit intangible, net

 

 

(1,032,323

)

 

(1,034,987

)

 

(1,037,652

)

 

(564,546

)

 

2,664

 

 

5,329

 

 

(467,777

)

Tangible stockholders’ equity

 

$

1,863,916

 

 

1,899,206

 

 

2,139,970

 

 

1,789,409

 

 

(35,290

)

 

(276,054

)

 

74,507

 


Stockholders’ equity to total assets

 

 

10.85

%

 

11.24

%

 

12.25

%

 

11.49

%

 

 

 

 

 

 

Tangible stockholders’ equity to total tangible assets

 

 

7.26

%

 

7.58

%

 

8.59

%

 

8.98

%

 

 

 

 

 

 

Book value per common share

 

$

26.15

 

 

26.49

 

 

28.71

 

 

24.65

 

 

(0.34

)

 

(2.56

)

 

1.50

 

Tangible book value per common share

 

$

16.83

 

 

17.15

 

 

19.33

 

 

18.74

 

 

(0.32

)

 

(2.50

)

 

(1.91

)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Tangible stockholders’ equity of $1.864 billion at June 30, 2022 decreased $35.3 million, or 2 percent, from the prior quarter which was primarily driven by an increase in the unrealized loss on the available-for-sale (“AFS”) debt securities during the current quarter which was driven by an increase in interest rates. Tangible stockholders’ equity at June 30, 2022 increased $74.5 million, or 4 percent, from the prior year second quarter which largely was the result of $840 million of Company common stock issued for the acquisition of Alta, despite the increase in goodwill and core deposit intangibles associated with the Alta acquisition and an increase in the unrealized loss on the AFS debt securities. Tangible book value per common share of $16.83 at the current quarter end decreased $0.32 per share, or 2 percent, from the prior quarter and decreased $1.91 per share, or 10 percent, from the prior year second quarter primarily as a result of the increase in the unrealized loss on AFS debt securities.

Cash Dividends
On June 29, 2022, the Company’s Board of Directors declared a quarterly cash dividend of $0.33 per share. The dividend was payable July 21, 2022 to shareholders of record on July 12, 2022. The dividend was the Company’s 149th consecutive dividend. Future cash dividends will depend on a variety of factors, including net income, capital, asset quality, general economic conditions and regulatory considerations.

Operating Results for Three Months Ended June 30, 2022 
Compared to March 31, 2022, and June 30, 2021

Income Summary

 

 

Three Months ended

 

$ Change from

(Dollars in thousands)

 

Jun 30,
2022

 

Mar 31,
2022

 

Jun 30,
2021

 

Mar 31,
2022

 

Jun 30,
2021

Net interest income

 

 

 

 

 

 

 

 

 

 

Interest income

 

$

199,637