Achieved net income available to common shareholders of $218.6 million, or $2.12 per diluted common share, and net operating income available to common shareholders – excluding mortgage servicing rights ("MSR") – of $237.3 million, or $2.30 per diluted common share.
Recorded provision for credit losses of $86.0 million associated primarily with economic deterioration associated with the COVID-19 pandemic while net charge-offs totaled 0.18 percent of average loans and leases, 0.14 percent of which was related to previously acquired loans; adopted Accounting Standards Update 2016-13 "Financial Instruments – Credit Losses" ("CECL") effective January 1, 2020 which, combined with the provision, contributed to an increase of $125.4 million in the allowance for credit losses.
Reported record annual pre-tax pre-provision net revenue ("PPNR") of $397.5 million, or 1.75 percent of average assets; represents an increase of 20.7 percent from $329.2 million, or 1.73 percent of average assets, for 2019
Generated total organic deposit and customer repo growth of approximately $3.2 billion, or 19 percent for the year.
Originated over 15,000 loans totaling $1.2 billion under the Paycheck Protection Program ("PPP"); processed forgiveness applications on approximately 6,900 loans totaling $608.9 million and received forgiveness funds from the U.S. Small Business Administration ("SBA") on just over 4,000 loans totaling $262.5 million.
Reported record annual mortgage production volume and mortgage revenue for the year – production volume of $3.2 billion contributed to production and servicing revenue totaling $99.1 million.
Improvement in cost structure; operating efficiency ratio – excluding MSR – improved to 61.6 percent compared to 64.9 percent for 2019.
Completed merger with Texas First Bancshares, Inc. which added $396.9 million in assets to the Company's Central Texas presence.
Repurchased 3,300,000 shares of outstanding common stock at a weighted average price of $26.42 per share.
Highlights for the fourth quarter of 2020 included:
Achieved quarterly net income available to common shareholders of $66.4 million, or $0.65 per diluted common share, and net operating income available to common shareholders – excluding MSR – of $70.8 million, or $0.69 per diluted common share.
Recorded provision for credit losses of $5.0 million; total non-performing assets declined 15.7% while past dues, loan deferrals, and modifications remained relatively stable.
Generated $93.6 million in PPNR, or 1.57 percent of average assets on an annualized basis; PPNR was impacted by seasonal revenue factors as well as certain other elevated one-time or non-recurring expense items.
Generated total deposit and customer repo growth of $459.7 million for the quarter, or 9.1 percent on an annualized basis.
Record fourth quarter mortgage production volume of $845.9 million contributed to mortgage production and servicing revenue of $19.9 million.
Recorded a charge of $5.8 million in accordance with Accounting Standards Codification ("ASC") 715 "Compensation – Retirement Benefits" to reflect the settlement accounting impact of the lump sum payments associated with an elevated number of retirements that occurred in the fourth quarter of 2020.
Maintained strong regulatory capital metrics; estimated total risk-based capital of 14.24 percent at December 31, 2020 compared to 14.17 percent at December 31, 2019.
Announced the signing of a definitive merger agreement with National United Bancshares, Inc., the parent company of National United, which is expected to add approximately $750 million in assets to the Company's Central Texas presence.
On January 13, 2021, announced the signing of a definitive merger agreement with FNS Bancshares, Inc., the parent company of FNB Bank, which is expected to add approximately $790 million in assets across Alabama, Tennessee, and Georgia. ■