10/19/2021 | Press release | Distributed by Public on 10/19/2021 06:07
Quarters Ended | |||||||||||||||
September 30, 2021 | June 30, 2021 | September 30, 2020 | |||||||||||||
Average Balance | Interest |
Yield/ Rate (%) |
Average Balance |
Interest |
Yield/ Rate (%) |
Average Balance |
Interest |
Yield/ Rate (%) |
|||||||
Assets | |||||||||||||||
Other interest-earning assets | $ | 1,672,005 | $ | 1,222 | 0.29 | $ | 1,185,187 | $ | 745 | 0.25 | $ | 1,234,948 | $ | 799 | 0.26 |
Securities(1)
|
3,265,812 | 16,189 | 1.98 | 3,226,974 | 16,752 | 2.08 | 3,291,724 | 19,721 | 2.40 | ||||||
Federal Home Loan Bank ("FHLB") and
Federal Reserve Bank ("FRB") stock
|
106,759 | 852 | 3.19 | 106,330 | 934 | 3.51 | 150,033 | 976 | 2.60 | ||||||
Loans, excluding PPP loans(1)
|
14,364,785 | 127,631 | 3.53 | 14,095,989 | 125,264 | 3.56 | 13,558,857 | 131,680 | 3.86 | ||||||
PPP loans(1)
|
549,380 | 9,772 | 7.06 | 1,035,386 | 11,258 | 4.36 | 1,194,808 | 7,001 | 2.33 | ||||||
Total loans(1)
|
14,914,165 | 137,403 | 3.66 | 15,131,375 | 136,522 | 3.62 | 14,753,665 | 138,681 | 3.74 | ||||||
Total interest-earning assets(1)
|
19,958,741 | 155,666 | 3.10 | 19,649,866 | 154,953 | 3.16 | 19,430,370 | 160,177 | 3.28 | ||||||
Cash and due from banks | 277,720 | 268,450 | 284,730 | ||||||||||||
Allowance for loan losses | (215,395) | (235,770) | (243,667) | ||||||||||||
Other assets | 1,878,494 | 1,850,663 | 2,055,262 | ||||||||||||
Total assets | $ | 21,899,560 | $ | 21,533,209 | $ | 21,526,695 | |||||||||
Liabilities and Stockholders' Equity | |||||||||||||||
Savings deposits | $ | 2,785,816 | 124 | 0.02 | $ | 2,740,893 | 121 | 0.02 | $ | 2,342,355 | 104 | 0.02 | |||
NOW accounts | 3,213,637 | 275 | 0.03 | 3,048,990 | 261 | 0.03 | 2,744,034 | 307 | 0.04 | ||||||
Money market deposits | 3,211,355 | 549 | 0.07 | 3,055,420 | 559 | 0.07 | 2,781,666 | 724 | 0.10 | ||||||
Time deposits | 1,800,493 | 1,915 | 0.42 | 1,876,216 | 2,190 | 0.47 | 2,302,019 | 5,702 | 0.99 | ||||||
Borrowed funds | 1,281,968 | 3,146 | 0.97 | 1,288,107 | 3,112 | 0.97 | 2,436,922 | 6,021 | 0.98 | ||||||
Senior and subordinated debt | 235,284 | 3,467 | 5.85 | 235,080 | 3,469 | 5.92 | 234,464 | 3,498 | 5.94 | ||||||
Total interest-bearing liabilities | 12,528,553 | 9,476 | 0.30 | 12,244,706 | 9,712 | 0.32 | 12,841,460 | 16,356 | 0.51 | ||||||
Demand deposits | 6,272,903 | 6,254,791 | 5,631,355 | ||||||||||||
Total funding sources | 18,801,456 | 0.20 | 18,499,497 | 0.21 | 18,472,815 | 0.35 | |||||||||
Other liabilities | 364,576 | 347,178 | 378,786 | ||||||||||||
Stockholders' equity | 2,733,528 | 2,686,534 | 2,675,094 | ||||||||||||
Total liabilities and
stockholders' equity
|
$ | 21,899,560 | $ | 21,533,209 | $ | 21,526,695 | |||||||||
Tax-equivalent net interest
income/margin(1)
|
146,190 | 2.91 | 145,241 | 2.96 | 143,821 | 2.95 | |||||||||
Tax-equivalent adjustment | (994) | (953) | (1,092) | ||||||||||||
Net interest income (GAAP)(1)
|
$ | 145,196 | $ | 144,288 | $ | 142,729 | |||||||||
Impact of acquired loan accretion(1)
|
$ | 6,231 | 0.12 | $ | 5,975 | 0.12 | $ | 7,960 | 0.16 | ||||||
Tax-equivalent net interest income/
margin, adjusted(1)
|
$ | 139,959 | 2.79 | $ | 139,266 | 2.84 | $ | 135,861 | 2.79 |
Quarters Ended |
September 30, 2021 Percent Change From |
|||||||
September 30, 2021 |
June 30, 2021 |
September 30, 2020 |
June 30, 2021 |
September 30, 2020 |
||||
Wealth management fees | $ | 14,820 | $ | 14,555 | $ | 12,837 | 1.8 | 15.4 |
Service charges on deposit accounts | 11,496 | 10,778 | 10,342 | 6.7 | 11.2 | |||
Mortgage banking income | 6,664 | 6,749 | 6,659 | (1.3) | 0.1 | |||
Card-based fees, net | 4,992 | 4,764 | 4,472 | 4.8 | 11.6 | |||
Capital market products income | 1,333 | 1,954 | 886 | (31.8) | 50.5 | |||
Other service charges, commissions, and fees | 2,832 | 2,823 | 2,823 | 0.3 | 0.3 | |||
Total fee-based revenues | 42,137 | 41,623 | 38,019 | 1.2 | 10.8 | |||
Other income | 3,043 | 4,647 | 2,523 | (34.5) | 20.6 | |||
Swap termination costs | - | - | (14,285) | N/M | N/M | |||
Net securities gains | - | - | 14,328 | N/M | N/M | |||
Total noninterest income | $ | 45,180 | $ | 46,270 | $ | 40,585 | (2.4) | 11.3 |
Quarters Ended |
September 30, 2021 Percent Change From |
|||||||
September 30, 2021 |
June 30, 2021 |
September 30, 2020 |
June 30, 2021 |
September 30, 2020 |
||||
Salaries and employee benefits: | ||||||||
Salaries and wages | $ | 51,503 | $ | 51,887 | $ | 53,385 | (0.7) | (3.5) |
Retirement and other employee benefits | 10,924 | 12,324 | 11,349 | (11.4) | (3.7) | |||
Total salaries and employee benefits | 62,427 | 64,211 | 64,734 | (2.8) | (3.6) | |||
Net occupancy and equipment expense | 14,198 | 13,654 | 13,736 | 4.0 | 3.4 | |||
Technology and related costs | 10,742 | 10,453 | 10,416 | 2.8 | 3.1 | |||
Professional services | 6,991 | 7,568 | 7,325 | (7.6) | (4.6) | |||
Advertising and promotions | 3,168 | 2,899 | 2,688 | 9.3 | 17.9 | |||
Net other real estate owned ("OREO") expense | (4) | 160 | 544 | (102.5) | (100.7) | |||
Other expenses | 15,616 | 14,670 | 12,374 | 6.4 | 26.2 | |||
Acquisition and integration related expenses | 2,916 | 7,773 | 881 | (62.5) | 231.0 | |||
Optimization costs | - | 31 | 18,376 | N/M | N/M | |||
Total noninterest expense | $ | 116,054 | $ | 121,419 | $ | 131,074 | (4.4) | (11.5) |
Acquisition and integration related expenses | (2,916) | (7,773) | (881) | (62.5) | 231.0 | |||
Optimization costs | - | (31) | (18,376) | N/M | N/M | |||
Total noninterest expense, adjusted(1)
|
$ | 113,138 | $ | 113,615 | $ | 111,817 | (0.4) | 1.2 |
As of |
September 30, 2021 Percent Change From |
|||||||
September 30, 2021 |
June 30, 2021 |
September 30, 2020 |
June 30, 2021 |
September 30, 2020 |
||||
Commercial and industrial | $ | 4,705,458 | $ | 4,608,148 | $ | 4,635,571 | 2.1 | 1.5 |
Agricultural | 349,159 | 342,834 | 377,466 | 1.8 | (7.5) | |||
Commercial real estate: | ||||||||
Office, retail, and industrial | 1,765,592 | 1,807,428 | 1,950,406 | (2.3) | (9.5) | |||
Multi-family | 1,082,941 | 1,012,722 | 868,293 | 6.9 | 24.7 | |||
Construction | 595,204 | 577,338 | 631,607 | 3.1 | (5.8) | |||
Other commercial real estate | 1,408,955 | 1,461,370 | 1,452,994 | (3.6) | (3.0) | |||
Total commercial real estate | 4,852,692 | 4,858,858 | 4,903,300 | (0.1) | (1.0) | |||
Total corporate loans, excluding PPP loans |
9,907,309 | 9,809,840 | 9,916,337 | 1.0 | (0.1) | |||
PPP loans | 384,100 | 705,915 | 1,196,538 | (45.6) | (67.9) | |||
Total corporate loans | 10,291,409 | 10,515,755 | 11,112,875 | (2.1) | (7.4) | |||
Home equity | 591,126 | 629,367 | 827,746 | (6.1) | (28.6) | |||
1-4 family mortgages | 3,332,732 | 3,287,773 | 2,287,555 | 1.4 | 45.7 | |||
Installment | 573,465 | 602,324 | 425,012 | (4.8) | 34.9 | |||
Total consumer loans | 4,497,323 | 4,519,464 | 3,540,313 | (0.5) | 27.0 | |||
Total loans | $ | 14,788,732 | $ | 15,035,219 | $ | 14,653,188 | (1.6) | 0.9 |
As of or for the Quarters Ended |
September 30, 2021 Percent Change From |
|||||||
September 30, 2021 |
June 30, 2021 |
September 30, 2020 |
June 30, 2021 |
September 30, 2020 |
||||
ACL, excluding PCD loans | $ | 195,903 | $ | 200,640 | $ | 209,988 | (2.4) | (6.7) |
PCD loan ACL | 18,963 | 22,586 | 36,885 | (16.0) | (48.6) | |||
Total ACL | $ | 214,866 | $ | 223,226 | $ | 246,873 | (3.7) | (13.0) |
Provision for credit losses | $ | - | $ | - | $ | 15,927 | N/M | N/M |
ACL to total loans | 1.45 | % | 1.48 | % | 1.68 | % | ||
ACL to total loans, excluding PPP loans(1)
|
1.49 | % | 1.56 | % | 1.83 | % | ||
ACL to non-accrual loans | 243.94 | % | 179.32 | % | 171.95 | % |
As of |
September 30, 2021 Percent Change From |
|||||||
September 30, 2021 |
June 30, 2021 |
September 30, 2020 |
June 30, 2021 |
September 30, 2020 |
||||
Non-accrual loans, excluding PCD loans(1)
|
$ | 64,166 | $ | 101,381 | $ | 103,582 | (36.7) | (38.1) |
Non-accrual PCD loans | 23,917 | 23,101 | 39,990 | 3.5 | (40.2) | |||
Total non-accrual loans | 88,083 | 124,482 | 143,572 | (29.2) | (38.6) | |||
90 days or more past due loans, still accruing
interest(1)
|
1,293 | 878 | 3,781 | 47.3 | (65.8) | |||
Total non-performing loans, ("NPLs") | 89,376 | 125,360 | 147,353 | (28.7) | (39.3) | |||
Accruing troubled debt restructurings ("TDRs") |
539 | 782 | 841 | (31.1) | (35.9) | |||
Foreclosed assets(2)
|
26,375 | 26,732 | 15,299 | (1.3) | 72.4 | |||
Total non-performing assets ("NPAs") | $ | 116,290 | $ | 152,874 | $ | 163,493 | (23.9) | (28.9) |
30-89 days past due loans | $ | 30,718 | $ | 21,051 | $ | 21,551 | 45.9 | 42.5 |
Special mention loans(3)
|
$ | 330,218 | $ | 343,547 | $ | 395,295 | (3.9) | (16.5) |
Substandard loans(3)
|
351,192 | 325,727 | 311,430 | 7.8 | 12.8 | |||
Total performing loans classified as
substandard and special mention(3)
|
$ | 681,410 | $ | 669,274 | $ | 706,725 | 1.8 | (3.6) |
Non-accrual loans to total loans: | ||||||||
Non-accrual loans to total loans | 0.60 | % | 0.83 | % | 0.98 | % | ||
Non-accrual loans to total loans, excluding
PPP loans(1)(4)
|
0.61 | % | 0.87 | % | 1.07 | % | ||
Non-accrual loans to total loans, excluding
PCD and PPP loans(1)(4)
|
0.45 | % | 0.72 | % | 0.78 | % | ||
Non-performing loans to total loans: | ||||||||
NPLs to total loans | 0.60 | % | 0.83 | % | 1.01 | % | ||
NPLs to total loans, excluding PPP loans(1)(4)
|
0.62 | % | 0.87 | % | 1.10 | % | ||
NPLs to total loans, excluding PCD and PPP
loans(1)(4)
|
0.46 | % | 0.72 | % | 0.81 | % | ||
Non-performing assets to total loans plus foreclosed assets: | ||||||||
NPAs to total loans plus foreclosed assets | 0.78 | % | 1.01 | % | 1.11 | % | ||
NPAs to total loans plus foreclosed assets,
excluding PPP loans(1)(4)
|
0.81 | % | 1.06 | % | 1.21 | % | ||
NPAs to total loans plus foreclosed assets,
excluding PCD and PPP loans(1)(4)
|
0.65 | % | 0.92 | % | 0.93 | % | ||
Performing loans classified as substandard and special mention to corporate loans: | ||||||||
Performing loans classified as substandard and
special mention to corporate loans(3)
|
6.62 | % | 6.36 | % | 6.36 | % | ||
Performing loans classified as substandard and
special mention to corporate loans, excluding
PPP loans(3)
|
6.88 | % | 6.82 | % | 7.13 | % |
Quarters Ended | |||||||||
September 30, 2021 |
% of Total |
June 30, 2021 |
% of Total |
September 30, 2020 |
% of Total |
||||
Net loan charge-offs(1)
|
|||||||||
Commercial and industrial | $ | 5,002 | 59.8 | $ | 14,733 | 71.0 | $ | 5,470 | 34.7 |
Agricultural | (37) | (0.4) | - | - | 265 | 1.7 | |||
Commercial real estate: | |||||||||
Office, retail, and industrial | 556 | 6.7 | 3,878 | 18.7 | 1,339 | 8.5 | |||
Multi-family | 1 | - | 2 | - | - | - | |||
Construction | 986 | 11.8 | 208 | 1.0 | 4,889 | 31.1 | |||
Other commercial real estate | 829 | 9.9 | 459 | 2.2 | 1,753 | 11.1 | |||
Consumer | 1,023 | 12.2 | 1,478 | 7.1 | 2,027 | 12.9 | |||
Total NCOs | $ | 8,360 | 100.0 | $ | 20,758 | 100.0 | $ | 15,743 | 100.0 |
Less: NCOs on PCD loans(2)
|
(1,757) | 21.0 | (4,337) | 20.9 | (6,923) | 44.0 | |||
Total NCOs, excluding PCD loans(2)
|
$ | 6,603 | $ | 16,421 | $ | 8,820 | |||
Recoveries included above | $ | 3,397 | $ | 2,869 | $ | 1,795 | |||
Quarter-to-date(1)(3):
|
|||||||||
Net loan charge-offs to average loans | 0.22 | % | 0.55 | % | 0.42 | % | |||
Net loan charge-offs to average loans,
excluding PPP loans(2)(4)
|
0.23 | % | 0.59 | % | 0.46 | % | |||
Net loan charge-offs to average loans,
excluding PCD and PPP loans(2)(4)
|
0.18 | % | 0.47 | % | 0.26 | % | |||
Year-to-date(1)(3):
|
|||||||||
Net loan charge-offs to average loans | 0.35 | % | 0.41 | % | 0.38 | % | |||
Net loan charge-offs to average loans,
excluding PPP loans(2)(4)
|
0.37 | % | 0.44 | % | 0.40 | % | |||
Net loan charge-offs to average loans,
excluding PCD and PPP loans(2)(4)
|
0.29 | % | 0.35 | % | 0.29 | % |
Average for the Quarters Ended |
September 30, 2021 Percent Change From |
|||||||
September 30, 2021 |
June 30, 2021 |
September 30, 2020 |
June 30, 2021 |
September 30, 2020 |
||||
Demand deposits | $ | 6,272,903 | $ | 6,254,791 | $ | 5,631,355 | 0.3 | 11.4 |
Savings deposits | 2,785,816 | 2,740,893 | 2,342,355 | 1.6 | 18.9 | |||
NOW accounts | 3,213,637 | 3,048,990 | 2,744,034 | 5.4 | 17.1 | |||
Money market accounts | 3,211,355 | 3,055,420 | 2,781,666 | 5.1 | 15.4 | |||
Core deposits | 15,483,711 | 15,100,094 | 13,499,410 | 2.5 | 14.7 | |||
Time deposits | 1,800,493 | 1,876,216 | 2,302,019 | (4.0) | (21.8) | |||
Total deposits | $ | 17,284,204 | $ | 16,976,310 | $ | 15,801,429 | 1.8 | 9.4 |
As of | ||||||||
September 30, 2021 |
June 30, 2021 |
December 31, 2020 |
September 30, 2020 |
|||||
Company regulatory capital ratios: | ||||||||
Total capital to risk-weighted assets | 14.26 | % | 14.19 | % | 14.14 | % | 14.06 | % |
Tier 1 capital to risk-weighted assets | 11.99 | % | 11.71 | % | 11.55 | % | 11.48 | % |
Common equity Tier 1 ("CET1") to risk-weighted assets | 10.51 | % | 10.23 | % | 10.06 | % | 9.97 | % |
Tier 1 capital to average assets | 8.89 | % | 8.85 | % | 8.91 | % | 8.50 | % |
Company tangible common equity ratios(1)(2):
|
||||||||
Tangible common equity to tangible assets | 7.53 | % | 7.48 | % | 7.67 | % | 7.43 | % |
Tangible common equity to tangible assets, excluding PPP loans | 7.67 | % | 7.74 | % | 7.98 | % | 7.90 | % |
Tangible common equity, excluding accumulated other comprehensive income ("AOCI"), to tangible assets |
7.65 | % | 7.50 | % | 7.54 | % | 7.30 | % |
Tangible common equity, excluding AOCI, to tangible assets, excluding PPP loans |
7.79 | % | 7.77 | % | 7.85 | % | 7.77 | % |
Tangible common equity to risk-weighted assets | 10.08 | % | 9.92 | % | 9.93 | % | 9.84 | % |
Investors
Patrick S. Barrett
EVP, Chief Financial Officer
(708) 831-7231
|
Media
Maurissa Kanter
SVP, Director of Corporate Communications
(708) 831-7345
|
Consolidated Statements of Financial Condition (Unaudited)
(Dollar amounts in thousands)
|
||||||||||
As of | ||||||||||
September 30, | June 30, | March 31, | December 31, | September 30, | ||||||
2021 | 2021 | 2021 | 2020 | 2020 | ||||||
Period-End Balance Sheet | ||||||||||
Assets | ||||||||||
Cash and due from banks | $ | 270,020 | $ | 232,989 | $ | 223,713 | $ | 196,364 | $ | 254,212 |
Interest-bearing deposits in other banks | 1,654,917 | 1,312,412 | 786,814 | 920,880 | 936,528 | |||||
Equity securities, at fair value | 114,848 | 112,977 | 96,983 | 76,404 | 55,021 | |||||
Securities available-for-sale, at fair value | 3,212,908 | 3,156,194 | 3,195,405 | 3,096,408 | 3,279,884 | |||||
Securities held-to-maturity, at amortized cost | 10,853 | 11,593 | 11,711 | 12,071 | 22,193 | |||||
FHLB and FRB stock | 106,090 | 106,890 | 106,170 | 117,420 | 138,120 | |||||
Loans: | ||||||||||
Commercial and industrial | 4,705,458 | 4,608,148 | 4,546,317 | 4,578,254 | 4,635,571 | |||||
Agricultural | 349,159 | 342,834 | 355,883 | 364,038 | 377,466 | |||||
Commercial real estate: | ||||||||||
Office, retail, and industrial | 1,765,592 | 1,807,428 | 1,827,116 | 1,861,768 | 1,950,406 | |||||
Multi-family | 1,082,941 | 1,012,722 | 906,124 | 872,813 | 868,293 | |||||
Construction | 595,204 | 577,338 | 614,021 | 612,611 | 631,607 | |||||
Other commercial real estate | 1,408,955 | 1,461,370 | 1,463,582 | 1,481,976 | 1,452,994 | |||||
PPP loans | 384,100 | 705,915 | 1,109,442 | 785,563 | 1,196,538 | |||||
Home equity | 591,126 | 629,367 | 690,030 | 761,725 | 827,746 | |||||
1-4 family mortgages | 3,332,732 | 3,287,773 | 3,187,066 | 3,022,413 | 2,287,555 | |||||
Installment | 573,465 | 602,324 | 483,945 | 410,071 | 425,012 | |||||
Total loans | 14,788,732 | 15,035,219 | 15,183,526 | 14,751,232 | 14,653,188 | |||||
Allowance for loan losses | (206,241) | (214,601) | (235,359) | (239,017) | (239,048) | |||||
Net loans | 14,582,491 | 14,820,618 | 14,948,167 | 14,512,215 | 14,414,140 | |||||
OREO | 5,106 | 5,289 | 6,273 | 8,253 | 6,552 | |||||
Premises, furniture, and equipment, net | 123,413 | 125,837 | 129,514 | 132,045 | 132,267 | |||||
Investment in bank-owned life insurance ("BOLI") | 300,387 | 300,537 | 301,365 | 301,101 | 300,429 | |||||
Goodwill and other intangible assets | 923,383 | 926,176 | 928,974 | 932,764 | 935,801 | |||||
Accrued interest receivable and other assets | 473,764 | 513,912 | 473,502 | 532,753 | 612,996 | |||||
Total assets | $ | 21,778,180 | $ | 21,625,424 | $ | 21,208,591 | $ | 20,838,678 | $ | 21,088,143 |
Liabilities and Stockholders' Equity | ||||||||||
Noninterest-bearing deposits | $ | 6,097,698 | $ | 6,187,478 | $ | 6,156,145 | $ | 5,797,899 | $ | 5,555,735 |
Interest-bearing deposits | 11,100,704 | 10,845,405 | 10,455,309 | 10,214,565 | 10,215,838 | |||||
Total deposits | 17,198,402 | 17,032,883 | 16,611,454 | 16,012,464 | 15,771,573 | |||||
Borrowed funds | 1,274,572 | 1,299,424 | 1,295,737 | 1,546,414 | 1,957,180 | |||||
Senior and subordinated debt | 235,383 | 235,178 | 234,973 | 234,768 | 234,563 | |||||
Accrued interest payable and other liabilities | 346,600 | 353,791 | 413,112 | 355,026 | 460,656 | |||||
Stockholders' equity | 2,723,223 | 2,704,148 | 2,653,315 | 2,690,006 | 2,664,171 | |||||
Total liabilities and stockholders' equity | $ | 21,778,180 | $ | 21,625,424 | $ | 21,208,591 | $ | 20,838,678 | $ | 21,088,143 |
Stockholders' equity, excluding AOCI | $ | 2,748,604 | $ | 2,710,089 | $ | 2,675,411 | $ | 2,663,627 | $ | 2,638,422 |
Stockholders' equity, common | 2,492,723 | 2,473,648 | 2,422,815 | 2,459,506 | 2,433,671 |
Condensed Consolidated Statements of Income (Unaudited)
(Dollar amounts in thousands)
|
||||||||||||||
Quarters Ended | Nine Months Ended | |||||||||||||
September 30, | June 30, | March 31, | December 31, | September 30, | September 30, | September 30, | ||||||||
2021 | 2021 | 2021 | 2020 | 2020 | 2021 | 2020 | ||||||||
Income Statement | ||||||||||||||
Interest income | $ | 154,672 | $ | 154,000 | $ | 151,150 | $ | 159,962 | $ | 159,085 | $ | 459,822 | $ | 491,356 |
Interest expense | 9,476 | 9,712 | 10,035 | 11,851 | 16,356 | 29,223 | 59,818 | |||||||
Net interest income | 145,196 | 144,288 | 141,115 | 148,111 | 142,729 | 430,599 | 431,538 | |||||||
Provision for loan losses | - | - | 6,098 | 10,507 | 15,927 | 6,098 | 88,108 | |||||||
Net interest income after provision for loan losses |
145,196 | 144,288 | 135,017 | 137,604 | 126,802 | 424,501 | 343,430 | |||||||
Noninterest Income | ||||||||||||||
Wealth management fees | 14,820 | 14,555 | 14,149 | 13,548 | 12,837 | 43,524 | 37,140 | |||||||
Service charges on deposit accounts |
11,496 | 10,778 | 9,980 | 10,811 | 10,342 | 32,254 | 31,248 | |||||||
Mortgage banking income | 6,664 | 6,749 | 10,187 | 9,191 | 6,659 | 23,600 | 11,924 | |||||||
Card-based fees, net | 4,992 | 4,764 | 4,556 | 4,530 | 4,472 | 14,312 | 11,620 | |||||||
Capital market products income |
1,333 | 1,954 | 2,089 | 659 | 886 | 5,376 | 6,302 | |||||||
Other service charges, commissions, and fees |
2,832 | 2,823 | 2,761 | 2,993 | 2,823 | 8,416 | 7,583 | |||||||
Total fee-based revenues | 42,137 | 41,623 | 43,722 | 41,732 | 38,019 | 127,482 | 105,817 | |||||||
Other income | 3,043 | 4,647 | 2,081 | 3,550 | 2,523 | 9,771 | 8,083 | |||||||
Swap termination costs | - | - | - | (17,567) | (14,285) | - | (14,285) | |||||||
Net securities gains (losses) | - | - | - | - | 14,328 | - | 13,323 | |||||||
Total noninterest income |
45,180 | 46,270 | 45,803 | 27,715 | 40,585 | 137,253 | 112,938 | |||||||
Noninterest Expense | ||||||||||||||
Salaries and employee benefits: | ||||||||||||||
Salaries and wages | 51,503 | 51,887 | 53,693 | 55,950 | 53,385 | 157,083 | 155,967 | |||||||
Retirement and other employee benefits |
10,924 | 12,324 | 12,708 | 10,430 | 11,349 | 35,956 | 35,298 | |||||||
Total salaries and employee benefits |
62,427 | 64,211 | 66,401 | 66,380 | 64,734 | 193,039 | 191,265 | |||||||
Net occupancy and equipment expense |
14,198 | 13,654 | 14,752 | 14,002 | 13,736 | 42,604 | 43,079 | |||||||
Technology and related costs | 10,742 | 10,453 | 10,284 | 11,005 | 10,416 | 31,479 | 28,817 | |||||||
Professional services | 6,991 | 7,568 | 8,059 | 8,424 | 7,325 | 22,618 | 26,595 | |||||||
Advertising and promotions | 3,168 | 2,899 | 1,835 | 1,850 | 2,688 | 7,902 | 8,259 | |||||||
Net OREO expense | (4) | 160 | 589 | 106 | 544 | 745 | 1,090 | |||||||
Other expenses | 15,616 | 14,670 | 14,735 | 12,851 | 12,374 | 45,021 | 39,652 | |||||||
Acquisition and integration related expenses |
2,916 | 7,773 | 245 | 1,860 | 881 | 10,934 | 11,602 | |||||||
Optimization costs | - | 31 | 1,525 | 1,493 | 18,376 | 1,556 | 18,376 | |||||||
Total noninterest expense | 116,054 | 121,419 | 118,425 | 117,971 | 131,074 | 355,898 | 368,735 | |||||||
Income before income tax expense |
74,322 | 69,139 | 62,395 | 47,348 | 36,313 | 205,856 | 87,633 | |||||||
Income tax expense | 19,459 | 18,018 | 17,372 | 5,743 | 8,690 | 54,849 | 21,340 | |||||||
Net income | $ | 54,863 | $ | 51,121 | $ | 45,023 | $ | 41,605 | $ | 27,623 | $ | 151,007 | $ | 66,293 |
Preferred dividends | (4,033) | (4,034) | (4,034) | (4,049) | (4,033) | (12,101) | (5,070) | |||||||
Net income applicable to non-vested restricted shares |
(517) | (521) | (486) | (369) | (236) | (1,524) | (615) | |||||||
Net income applicable to common shares |
$ | 50,313 | $ | 46,566 | $ | 40,503 | $ | 37,187 | $ | 23,354 | $ | 137,382 | $ | 60,608 |
Net income applicable to
common shares, adjusted(1)
|
52,500 | 52,419 | 41,831 | 49,238 | 37,765 | 146,749 | 83,814 |
Selected Financial Information (Unaudited)
(Amounts in thousands, except per share data)
|
||||||||||||||
As of or for the | ||||||||||||||
Quarters Ended | Nine Months Ended | |||||||||||||
September 30, | June 30, | March 31, | December 31, | September 30, | September 30, | September 30, | ||||||||
2021 | 2021 | 2021 | 2020 | 2020 | 2021 | 2020 | ||||||||
EPS | ||||||||||||||
Basic EPS | $ | 0.45 | $ | 0.41 | $ | 0.36 | $ | 0.33 | $ | 0.21 | $ | 1.22 | $ | 0.54 |
Diluted EPS | $ | 0.44 | $ | 0.41 | $ | 0.36 | $ | 0.33 | $ | 0.21 | $ | 1.21 | $ | 0.54 |
Diluted EPS, adjusted(1)
|
$ | 0.46 | $ | 0.46 | $ | 0.37 | $ | 0.43 | $ | 0.33 | $ | 1.29 | $ | 0.75 |
Common Stock and Related Per Common Share Data | ||||||||||||||
Book value | $ | 21.83 | $ | 21.67 | $ | 21.22 | $ | 21.52 | $ | 21.29 | $ | 21.83 | $ | 21.29 |
Tangible book value | $ | 13.75 | $ | 13.55 | $ | 13.08 | $ | 13.36 | $ | 13.11 | $ | 13.75 | $ | 13.11 |
Dividends declared per share | $ | 0.14 | $ | 0.14 | $ | 0.14 | $ | 0.14 | $ | 0.14 | $ | 0.42 | $ | 0.42 |
Closing price at period end | $ | 19.01 | $ | 19.83 | $ | 21.91 | $ | 15.92 | $ | 10.78 | $ | 19.01 | $ | 10.78 |
Closing price to book value | 0.9 | 0.9 | 1.0 | 0.7 | 0.5 | 0.9 | 0.5 | |||||||
Period end shares outstanding | 114,167 | 114,177 | 114,196 | 114,296 | 114,293 | 114,167 | 114,293 | |||||||
Period end treasury shares | 11,213 | 11,199 | 11,176 | 11,071 | 11,067 | 11,213 | 11,067 | |||||||
Common dividends | $ | 15,974 | $ | 15,979 | $ | 15,997 | $ | 16,017 | $ | 16,011 | $ | 47,950 | $ | 48,028 |
Dividend payout ratio | 31.11 | % | 34.15 | % | 38.89 | % | 42.42 | % | 66.67 | % | 34.43 | % | 77.78 | % |
Dividend payout ratio, adjusted(1)
|
30.43 | % | 30.43 | % | 37.84 | % | 32.56 | % | 42.42 | % | 32.56 | % | 56.00 | % |
Key Ratios/Data | ||||||||||||||
Return on average common
equity(2)
|
7.97 | % | 7.60 | % | 6.70 | % | 6.05 | % | 3.80 | % | 7.43 | % | 3.33 | % |
Return on average common
equity, adjusted(1)(2)
|
8.32 | % | 8.56 | % | 6.92 | % | 8.01 | % | 6.15 | % | 7.94 | % | 4.60 | % |
Return on average tangible
common equity(2)
|
13.17 | % | 12.77 | % | 11.35 | % | 10.35 | % | 6.73 | % | 12.45 | % | 5.90 | % |
Return on average tangible
common equity, adjusted(1)(2)
|
13.72 | % | 14.31 | % | 11.71 | % | 13.53 | % | 10.53 | % | 13.26 | % | 7.95 | % |
Return on average assets(2)
|
0.99 | % | 0.95 | % | 0.87 | % | 0.79 | % | 0.51 | % | 0.94 | % | 0.44 | % |
Return on average assets,
adjusted(1)(2)
|
1.03 | % | 1.06 | % | 0.90 | % | 1.02 | % | 0.78 | % | 1.00 | % | 0.59 | % |
Loans to deposits | 85.99 | % | 88.27 | % | 91.40 | % | 92.12 | % | 92.91 | % | 85.99 | % | 92.91 | % |
Efficiency ratio(1)
|
59.12 | % | 59.24 | % | 61.77 | % | 58.90 | % | 60.36 | % | 60.03 | % | 61.52 | % |
Net interest margin(2)(3)
|
2.91 | % | 2.96 | % | 3.03 | % | 3.14 | % | 2.95 | % | 2.97 | % | 3.19 | % |
Yield on average interest-earning
assets(2)(3)
|
3.10 | % | 3.16 | % | 3.24 | % | 3.39 | % | 3.28 | % | 3.17 | % | 3.63 | % |
Cost of funds(2)(4)
|
0.20 | % | 0.21 | % | 0.23 | % | 0.26 | % | 0.35 | % | 0.21 | % | 0.46 | % |
Noninterest expense to average
assets(2)
|
2.10 | % | 2.26 | % | 2.30 | % | 2.25 | % | 2.42 | % | 2.22 | % | 2.43 | % |
Noninterest expense, adjusted to
average assets,excluding PPP
loans(1)(2)
|
2.10 | % | 2.22 | % | 2.38 | % | 2.29 | % | 2.19 | % | 2.23 | % | 2.31 | % |
Effective income tax rate | 26.18 | % | 26.06 | % | 27.84 | % | 12.13 | % | 23.93 | % | 26.64 | % | 24.35 | % |
Capital Ratios | ||||||||||||||
Total capital to risk-weighted
assets(1)
|
14.26 | % | 14.19 | % | 14.26 | % | 14.14 | % | 14.06 | % | 14.26 | % | 14.06 | % |
Tier 1 capital to risk-weighted
assets(1)
|
11.99 | % | 11.71 | % | 11.67 | % | 11.55 | % | 11.48 | % | 11.99 | % | 11.48 | % |
CET1 to risk-weighted assets(1)
|
10.51 | % | 10.23 | % | 10.17 | % | 10.06 | % | 9.97 | % | 10.51 | % | 9.97 | % |
Tier 1 capital to average assets(1)
|
8.89 | % | 8.85 | % | 8.96 | % | 8.91 | % | 8.50 | % | 8.89 | % | 8.50 | % |
Tangible common equity to
tangible assets(1)
|
7.53 | % | 7.48 | % | 7.37 | % | 7.67 | % | 7.43 | % | 7.53 | % | 7.43 | % |
Tangible common equity,
excluding AOCI, to tangible
assets(1)
|
7.65 | % | 7.50 | % | 7.48 | % | 7.54 | % | 7.30 | % | 7.65 | % | 7.30 | % |
Tangible common equity to risk-
weighted assets(1)
|
10.08 | % | 9.92 | % | 9.93 | % | 9.93 | % | 9.84 | % | 10.08 | % | 9.84 | % |
Note: Selected Financial Information footnotes are located at the end of this section. |
Selected Financial Information (Unaudited)
(Amounts in thousands, except per share data)
|
||||||||||||||
As of or for the | ||||||||||||||
Quarters Ended | Nine Months Ended | |||||||||||||
September 30, | June 30, | March 31, | December 31, | September 30, | September 30, | September 30, | ||||||||
2021 | 2021 | 2021 | 2020 | 2020 | 2021 | 2020 | ||||||||
Asset Quality Performance Data | ||||||||||||||
Non-performing assets | ||||||||||||||
Commercial and industrial | $ | 9,952 | $ | 42,036 | $ | 59,723 | $ | 38,314 | $ | 40,781 | $ | 9,952 | $ | 40,781 |
Agricultural | 6,682 | 7,135 | 8,684 | 10,719 | 13,293 | 6,682 | 13,293 | |||||||
Commercial real estate: | ||||||||||||||
Office, retail, and industrial | 13,450 | 17,367 | 23,339 | 27,382 | 26,406 | 13,450 | 26,406 | |||||||
Multi-family | 2,672 | 2,622 | 3,701 | 1,670 | 1,547 | 2,672 | 1,547 | |||||||
Construction | 1,154 | 1,154 | 1,154 | 1,155 | 2,977 | 1,154 | 2,977 | |||||||
Other commercial real estate | 13,083 | 14,200 | 15,406 | 15,219 | 4,690 | 13,083 | 4,690 | |||||||
Consumer | 17,173 | 16,867 | 16,643 | 15,498 | 13,888 | 17,173 | 13,888 | |||||||
Non-accrual, excluding PCD loans |
64,166 | 101,381 | 128,650 | 109,957 | 103,582 | 64,166 | 103,582 | |||||||
Non-accrual PCD loans | 23,917 | 23,101 | 29,734 | 32,568 | 39,990 | 23,917 | 39,990 | |||||||
Total non-accrual loans | 88,083 | 124,482 | 158,384 | 142,525 | 143,572 | 88,083 | 143,572 | |||||||
90 days or more past due loans, still accruing interest |
1,293 | 878 | 5,354 | 4,395 | 3,781 | 1,293 | 3,781 | |||||||
Total NPLs | 89,376 | 125,360 | 163,738 | 146,920 | 147,353 | 89,376 | 147,353 | |||||||
Accruing TDRs | 539 | 782 | 798 | 813 | 841 | 539 | 841 | |||||||
Foreclosed assets(5)
|
26,375 | 26,732 | 13,228 | 16,671 | 15,299 | 26,375 | 15,299 | |||||||
Total NPAs | $ | 116,290 | $ | 152,874 | $ | 177,764 | $ | 164,404 | $ | 163,493 | $ | 116,290 | $ | 163,493 |
30-89 days past due loans | $ | 30,718 | $ | 21,051 | $ | 30,973 | $ | 40,656 | $ | 21,551 | $ | 30,718 | $ | 21,551 |
Allowance for credit losses | ||||||||||||||
Allowance for loan losses | $ | 206,241 | $ | 214,601 | $ | 235,359 | $ | 239,017 | $ | 239,048 | $ | 206,241 | $ | 239,048 |
Allowance for unfunded commitments |
8,625 | 8,625 | 8,025 | 8,025 | 7,825 | 8,625 | 7,825 | |||||||
Total ACL | $ | 214,866 | $ | 223,226 | $ | 243,384 | $ | 247,042 | $ | 246,873 | $ | 214,866 | $ | 246,873 |
Provision for loan losses | $ | - | $ | - | $ | 6,098 | $ | 10,507 | $ | 15,927 | $ | 6,098 | $ | 88,108 |
Net charge-offs by category | ||||||||||||||
Commercial and industrial | $ | 5,002 | $ | 14,733 | $ | 1,740 | $ | 3,536 | $ | 5,470 | $ | 21,475 | $ | 14,885 |
Agricultural | (37) | - | 363 | 1,779 | 265 | 326 | 1,610 | |||||||
Commercial real estate: | ||||||||||||||
Office, retail, and industrial | 556 | 3,878 | 4,377 | 1,701 | 1,339 | 8,811 | 4,754 | |||||||
Multi-family | 1 | 2 | (5) | 19 | - | (2) | 14 | |||||||
Construction | 986 | 208 | - | 140 | 4,889 | 1,194 | 7,495 | |||||||
Other commercial real estate | 829 | 459 | 371 | 916 | 1,753 | 1,659 | 1,936 | |||||||
Consumer | 1,023 | 1,478 | 2,910 | 2,448 | 2,027 | 5,411 | 10,086 | |||||||
Total NCOs | $ | 8,360 | $ | 20,758 | $ | 9,756 | $ | 10,539 | $ | 15,743 | $ | 38,874 | $ | 40,780 |
Less: NCOs on PCD loans | (1,757) | (4,337) | (2,107) | (6,488) | (6,923) | (8,201) | (12,476) | |||||||
Total NCOs, excluding PCD loans |
$ | 6,603 | $ | 16,421 | $ | 7,649 | $ | 4,051 | $ | 8,820 | $ | 30,673 | $ | 28,304 |
Total recoveries included above | $ | 3,397 | $ | 2,869 | $ | 1,561 | $ | 2,588 | $ | 1,795 | $ | 7,827 | $ | 4,922 |
Note: Selected Financial Information footnotes are located at the end of this section. |
Selected Financial Information (Unaudited) | ||||||||||||||
As of or for the | ||||||||||||||
Quarters Ended | Nine Months Ended | |||||||||||||
September 30, | June 30, | March 31, | December 31, | September 30, | September 30, | September 30, | ||||||||
2021 | 2021 | 2021 | 2020 | 2020 | 2021 | 2020 | ||||||||
Performing loans classified as substandard and special mention | ||||||||||||||
Special mention loans(7)
|
$ | 330,218 | $ | 343,547 | $ | 355,563 | $ | 409,083 | $ | 395,295 | $ | 330,218 | $ | 395,295 |
Substandard loans(7)
|
351,192 | 325,727 | 342,600 | 357,219 | 311,430 | 351,192 | 311,430 | |||||||
Total performing loans
classified as substandard and
special mention(7)
|
$ | 681,410 | $ | 669,274 | $ | 698,163 | $ | 766,302 | $ | 706,725 | $ | 681,410 | $ | 706,725 |
Asset quality ratios | ||||||||||||||
Non-accrual loans to total loans | 0.60 | % | 0.83 | % | 1.04 | % | 0.97 | % | 0.98 | % | 0.60 | % | 0.98 | % |
Non-accrual loans to total loans,
excluding PPP loans(6)
|
0.61 | % | 0.87 | % | 1.13 | % | 1.02 | % | 1.07 | % | 0.61 | % | 1.07 | % |
Non-accrual loans to total loans,
excluding PCD and PPP loans(6)
|
0.45 | % | 0.72 | % | 0.93 | % | 0.80 | % | 0.78 | % | 0.45 | % | 0.78 | % |
NPLs to total loans | 0.60 | % | 0.83 | % | 1.08 | % | 1.00 | % | 1.01 | % | 0.60 | % | 1.01 | % |
NPLs to total loans, excluding
PPP loans(6)
|
0.62 | % | 0.87 | % | 1.16 | % | 1.05 | % | 1.10 | % | 0.62 | % | 1.10 | % |
NPLs to total loans, excluding
PCD and PPP loans(6)
|
0.46 | % | 0.72 | % | 0.97 | % | 0.83 | % | 0.81 | % | 0.46 | % | 0.81 | % |
NPAs to total loans plus foreclosed assets |
0.78 | % | 1.01 | % | 1.17 | % | 1.11 | % | 1.11 | % | 0.78 | % | 1.11 | % |
NPAs to total loans plus
foreclosed assets, excluding
PPP loans(6)
|
0.81 | % | 1.06 | % | 1.26 | % | 1.18 | % | 1.21 | % | 0.81 | % | 1.21 | % |
NPAs to total loans plus
foreclosed assets, excluding
PCD and PPP loans(6)
|
0.65 | % | 0.92 | % | 1.07 | % | 0.96 | % | 0.93 | % | 0.65 | % | 0.93 | % |
NPAs to tangible common equity plus ACL |
6.52 | % | 8.63 | % | 10.23 | % | 9.27 | % | 9.37 | % | 6.52 | % | 9.37 | % |
Non-accrual loans to total assets | 0.40 | % | 0.58 | % | 0.75 | % | 0.68 | % | 0.68 | % | 0.40 | % | 0.68 | % |
Performing loans classified as
substandard and special
mention to corporate loans(6)(7)
|
6.62 | % | 6.36 | % | 6.45 | % | 7.26 | % | 6.36 | % | 6.62 | % | 6.36 | % |
Performing loans classified as
substandard and special
mention to corporate loans,
excluding PPP loans(6)(7)
|
6.88 | % | 6.82 | % | 7.19 | % | 7.84 | % | 7.13 | % | 6.88 | % | 7.13 | % |
Allowance for credit losses and net charge-off ratios | ||||||||||||||
ACL to total loans | 1.45 | % | 1.48 | % | 1.60 | % | 1.67 | % | 1.68 | % | 1.45 | % | 1.68 | % |
ACL to non-accrual loans | 243.94 | % | 179.32 | % | 153.67 | % | 173.33 | % | 171.95 | % | 243.94 | % | 171.95 | % |
ACL to NPLs | 240.41 | % | 178.07 | % | 148.64 | % | 168.15 | % | 167.54 | % | 240.41 | % | 167.54 | % |
NCOs to average loans(2)
|
0.22 | % | 0.55 | % | 0.26 | % | 0.29 | % | 0.42 | % | 0.35 | % | 0.38 | % |
NCOs to average loans,
excluding PPP loans(2)
|
0.23 | % | 0.59 | % | 0.28 | % | 0.31 | % | 0.46 | % | 0.37 | % | 0.40 | % |
NCOs to average loans,
excluding PCD and PPP loans(2)
|
0.18 | % | 0.47 | % | 0.22 | % | 0.12 | % | 0.26 | % | 0.29 | % | 0.29 | % |
Non-GAAP Reconciliations (Unaudited)
(Amounts in thousands, except per share data)
|
||||||||||||||
Quarters Ended | Nine Months Ended | |||||||||||||
September 30, | June 30, | March 31, | December 31, | September 30, | September 30, | September 30, | ||||||||
2021 | 2021 | 2021 | 2020 | 2020 | 2021 | 2020 | ||||||||
EPS | ||||||||||||||
Net income | $ | 54,863 | $ | 51,121 | $ | 45,023 | $ | 41,605 | $ | 27,623 | $ | 151,007 | $ | 66,293 |
Dividends and accretion on preferred stock |
(4,033) | (4,034) | (4,034) | (4,049) | (4,033) | (12,101) | (5,070) | |||||||
Net income applicable to non- vested restricted shares |
(517) | (521) | (486) | (369) | (236) | (1,524) | (615) | |||||||
Net income applicable to common shares |
50,313 | 46,566 | 40,503 | 37,187 | 23,354 | 137,382 | 60,608 | |||||||
Adjustments to net income: | ||||||||||||||
Acquisition and integration related expenses |
2,916 | 7,773 | 245 | 1,860 | 881 | 10,934 | 11,602 | |||||||
Tax effect of acquisition and integration related expenses |
(729) | (1,943) | (61) | (465) | (220) | (2,734) | (2,900) | |||||||
Optimization costs | - | 31 | 1,525 | 1,493 | 18,376 | 1,556 | 18,376 | |||||||
Tax effect of optimization costs |
- | (8) | (381) | (373) | (4,594) | (389) | (4,594) | |||||||
Swap termination costs | - | - | - | 17,567 | 14,285 | - | 14,285 | |||||||
Tax effect of swap termination costs |
- | - | - | (4,392) | (3,571) | - | (3,571) | |||||||
Income tax benefits | - | - | - | (3,639) | - | - | - | |||||||
Net securities gains | - | - | - | - | (14,328) | - | (13,323) | |||||||
Tax effect of net securities gains |
- | - | - | - | 3,582 | - | 3,331 | |||||||
Total adjustments to net income, net of tax |
2,187 | 5,853 | 1,328 | 12,051 | 14,411 | 9,367 | 23,206 | |||||||
Net income applicable to
common shares,
adjusted(1)
|
$ | 52,500 | $ | 52,419 | $ | 41,831 | $ | 49,238 | $ | 37,765 | $ | 146,749 | $ | 83,814 |
Weighted-average common shares outstanding: | ||||||||||||||
Weighted-average common shares outstanding (basic) |
112,898 | 112,865 | 113,098 | 113,174 | 113,160 | 112,953 | 112,079 | |||||||
Dilutive effect of common stock equivalents |
878 | 775 | 773 | 430 | 276 | 789 | 322 | |||||||
Weighted-average diluted common shares outstanding |
113,776 | 113,640 | 113,871 | 113,604 | 113,436 | 113,742 | 112,401 | |||||||
Basic EPS | $ | 0.45 | $ | 0.41 | $ | 0.36 | $ | 0.33 | $ | 0.21 | $ | 1.22 | $ | 0.54 |
Diluted EPS | $ | 0.44 | $ | 0.41 | $ | 0.36 | $ | 0.33 | $ | 0.21 | $ | 1.21 | $ | 0.54 |
Diluted EPS, adjusted(1)
|
$ | 0.46 | $ | 0.46 | $ | 0.37 | $ | 0.43 | $ | 0.33 | $ | 1.29 | $ | 0.75 |
Anti-dilutive shares not included in the computation of diluted EPS |
- | - | - | - | - | - | - | |||||||
Dividend Payout Ratio | ||||||||||||||
Dividends declared per share | $ | 0.14 | $ | 0.14 | $ | 0.14 | $ | 0.14 | $ | 0.14 | $ | 0.42 | $ | 0.42 |
Dividend payout ratio | 31.11 | % | 34.15 | % | 38.89 | % | 42.42 | % | 66.67 | % | 34.43 | % | 77.78 | % |
Dividend payout ratio, adjusted(1)
|
30.43 | % | 30.43 | % | 37.84 | % | 32.56 | % | 42.42 | % | 32.56 | % | 56.00 | % |
Note: Non-GAAP Reconciliations footnotes are located at the end of this section. |
Non-GAAP Reconciliations (Unaudited)
(Amounts in thousands, except per share data)
|
||||||||||||||
As of or for the | ||||||||||||||
Quarters Ended | Nine Months Ended | |||||||||||||
September 30, | June 30, | March 31, | December 31, | September 30, | September 30, | September 30, | ||||||||
2021 | 2021 | 2021 | 2020 | 2020 | 2021 | 2020 | ||||||||
Return on Average Common and Tangible Common Equity | ||||||||||||||
Net income applicable to common shares |
$ | 50,313 | $ | 46,566 | $ | 40,503 | $ | 37,187 | $ | 23,354 | $ | 137,382 | $ | 60,608 |
Intangibles amortization | 2,793 | 2,798 | 2,807 | 2,807 | 2,810 | 8,398 | 8,400 | |||||||
Tax effect of intangibles amortization |
(698) | (700) | (702) | (702) | (703) | (2,100) | (2,100) | |||||||
Net income applicable to common shares, excluding intangibles amortization |
52,408 | 48,664 | 42,608 | 39,292 | 25,461 | 143,680 | 66,908 | |||||||
Total adjustments to net income,
net of tax(1)
|
2,187 | 5,853 | 1,328 | 12,051 | 14,411 | 9,367 | 23,206 | |||||||
Net income applicable to
common shares, adjusted(1)
|
$ | 54,595 | $ | 54,517 | $ | 43,936 | $ | 51,343 | $ | 39,872 | $ | 153,047 | $ | 90,114 |
Average stockholders' common equity |
$ | 2,503,028 | $ | 2,456,034 | $ | 2,453,253 | $ | 2,444,911 | $ | 2,444,594 | $ | 2,470,955 | $ | 2,434,358 |
Less: average intangible assets | (924,743) | (927,522) | (931,322) | (934,347) | (938,712) | (927,838) | (920,180) | |||||||
Average tangible common equity |
$ | 1,578,285 | $ | 1,528,512 | $ | 1,521,931 | $ | 1,510,564 | $ | 1,505,882 | $ | 1,543,117 | $ | 1,514,178 |
Return on average common
equity(2)
|
7.97 | % | 7.60 | % | 6.70 | % | 6.05 | % | 3.80 | % | 7.43 | % | 3.33 | % |
Return on average common
equity, adjusted(1)(2)
|
8.32 | % | 8.56 | % | 6.92 | % | 8.01 | % | 6.15 | % | 7.94 | % | 4.60 | % |
Return on average tangible common equity(2)
|
13.17 | % | 12.77 | % | 11.35 | % | 10.35 | % | 6.73 | % | 12.45 | % | 5.90 | % |
Return on average tangible
common equity, adjusted(1)(2)
|
13.72 | % | 14.31 | % | 11.71 | % | 13.53 | % | 10.53 | % | 13.26 | % | 7.95 | % |
Return on Average Assets | ||||||||||||||
Net income | $ | 54,863 | $ | 51,121 | $ | 45,023 | $ | 41,605 | $ | 27,623 | $ | 151,007 | $ | 66,293 |
Total adjustments to net income,
net of tax(1)
|
2,187 | 5,853 | 1,328 | 12,051 | 14,411 | 9,367 | 23,206 | |||||||
Net income, adjusted(1)
|
$ | 57,050 | $ | 56,974 | $ | 46,351 | $ | 53,656 | $ | 42,034 | $ | 160,374 | $ | 89,499 |
Average assets | $ | 21,899,560 | $ | 21,533,209 | $ | 20,919,040 | $ | 20,882,325 | $ | 21,526,695 | $ | 21,454,195 | $ | 20,271,140 |
Return on average assets(2)
|
0.99 | % | 0.95 | % | 0.87 | % | 0.79 | % | 0.51 | % | 0.94 | % | 0.44 | % |
Return on average assets,
adjusted(1)(2)
|
1.03 | % | 1.06 | % | 0.90 | % | 1.02 | % | 0.78 | % | 1.00 | % | 0.59 | % |
Noninterest Expense to Average Assets | ||||||||||||||
Noninterest expense | $ | 116,054 | $ | 121,419 | $ | 118,425 | $ | 117,971 | $ | 131,074 | $ | 355,898 | $ | 368,735 |
Less: | ||||||||||||||
Acquisition and integration related expenses |
(2,916) | (7,773) | (245) | (1,860) | (881) | (10,934) | (11,602) | |||||||
Optimization costs | - | (31) | (1,525) | (1,493) | (18,376) | (1,556) | (18,376) | |||||||
Total | $ | 113,138 | $ | 113,615 | $ | 116,655 | $ | 114,618 | $ | 111,817 | $ | 343,408 | $ | 338,757 |
Average assets | $ | 21,899,560 | $ | 21,533,209 | $ | 20,919,040 | $ | 20,882,325 | $ | 21,526,695 | $ | 21,454,195 | $ | 20,271,140 |
Less: average PPP loans | (549,380) | (1,035,386) | (1,014,798) | (1,013,511) | (1,194,808) | (864,816) | (696,095) | |||||||
Average assets, excluding PPP loans |
$ | 21,350,180 | $ | 20,497,823 | $ | 19,904,242 | $ | 19,868,814 | $ | 20,331,887 | $ | 20,589,379 | $ | 19,575,045 |
Noninterest expense to average
assets(2)
|
2.10 | % | 2.26 | % | 2.30 | % | 2.25 | % | 2.42 | % | 2.22 | % | 2.43 | % |
Noninterest expense, adjusted to
average assets, excluding PPP
loans(2)
|
2.10 | % | 2.22 | % | 2.38 | % | 2.29 | % | 2.19 | % | 2.23 | % | 2.31 | % |
Note: Non-GAAP Reconciliations footnotes are located at the end of this section. |
Non-GAAP Reconciliations (Unaudited) (Amounts in thousands, except per share data) |
||||||||||||||
As of or for the | ||||||||||||||
Quarters Ended | Nine Months Ended | |||||||||||||
September 30, | June 30, | March 31, | December 31, | September 30, | September 30, | September 30, | ||||||||
2021 | 2021 | 2021 | 2020 | 2020 | 2021 | 2020 | ||||||||
Efficiency Ratio Calculation | ||||||||||||||
Noninterest expense | $ | 116,054 | $ | 121,419 | $ | 118,425 | $ | 117,971 | $ | 131,074 | $ | 355,898 | $ | 368,735 |
Less: | ||||||||||||||
Acquisition and integration related expenses |
(2,916) | (7,773) | (245) | (1,860) | (881) | (10,934) | (11,602) | |||||||
Net OREO expense | 4 | (160) | (589) | (106) | (544) | (745) | (1,090) | |||||||
Optimization costs | - | (31) | (1,525) | (1,493) | (18,376) | (1,556) | (18,376) | |||||||
Total | $ | 113,142 | $ | 113,455 | $ | 116,066 | $ | 114,512 | $ | 111,273 | $ | 342,663 | $ | 337,667 |
Tax-equivalent net interest
income(3)
|
$ | 146,190 | $ | 145,241 | $ | 142,098 | $ | 149,141 | $ | 143,821 | $ | 433,529 | $ | 434,938 |
Noninterest income | 45,180 | 46,270 | 45,803 | 27,715 | 40,585 | 137,253 | 112,938 | |||||||
Less: | ||||||||||||||
Swap termination costs | - | - | - | 17,567 | 14,285 | - | 14,285 | |||||||
Net securities gains | - | - | - | - | (14,328) | - | (13,323) | |||||||
Total | $ | 191,370 | $ | 191,511 | $ | 187,901 | $ | 194,423 | $ | 184,363 | $ | 570,782 | $ | 548,838 |
Efficiency ratio | 59.12 | % | 59.24 | % | 61.77 | % | 58.90 | % | 60.36 | % | 60.03 | % | 61.52 | % |
Pre-Tax, Pre-Provision Earnings | ||||||||||||||
Net Income | $ | 54,863 | $ | 51,121 | $ | 45,023 | $ | 41,605 | $ | 27,623 | $ | 151,007 | $ | 66,293 |
Income tax expense | 19,459 | 18,018 | 17,372 | 5,743 | 8,690 | 54,849 | 21,340 | |||||||
Provision for credit losses | - | - | 6,098 | 10,507 | 15,927 | 6,098 | 88,108 | |||||||
Pre-Tax, Pre-Provision Earnings |
$ | 74,322 | $ | 69,139 | $ | 68,493 | $ | 57,855 | $ | 52,240 | $ | 211,954 | $ | 175,741 |
Adjustments to pre-tax, pre-provision earnings: | ||||||||||||||
Acquisition and integration related expenses |
$ | 2,916 | $ | 7,773 | $ | 245 | $ | 1,860 | $ | 881 | $ | 10,934 | $ | 11,602 |
Optimization costs | - | 31 | 1,525 | 1,493 | 18,376 | 1,556 | 18,376 | |||||||
Swap termination costs | - | - | - | 17,567 | 14,285 | - | 14,285 | |||||||
Net securities gains | - | - | - | - | (14,328) | - | (13,323) | |||||||
Total adjustments | 2,916 | 7,804 | 1,770 | 20,920 | 19,214 | 12,490 | 30,940 | |||||||
Pre-Tax, Pre-Provision Earnings, adjusted |
$ | 77,238 | $ | 76,943 | $ | 70,263 | $ | 78,775 | $ | 71,454 | $ | 224,444 | $ | 206,681 |
Note: Non-GAAP Reconciliations footnotes are located at the end of this section. |
Non-GAAP Reconciliations (Unaudited)
(Amounts in thousands, except per share data)
|
||||||||||
As of or for the | ||||||||||
Quarters Ended | ||||||||||
September 30, | June 30, | March 31, | December 31, | September 30, | ||||||
2021 | 2021 | 2021 | 2020 | 2020 | ||||||
Tangible Common Equity | ||||||||||
Stockholders' equity, common | $ | 2,492,723 | $ | 2,473,648 | $ | 2,422,815 | $ | 2,459,506 | $ | 2,433,671 |
Less: goodwill and other intangible assets | (923,383) | (926,176) | (928,974) | (932,764) | (935,801) | |||||
Tangible common equity | 1,569,340 | 1,547,472 | 1,493,841 | 1,526,742 | 1,497,870 | |||||
Less: AOCI | 25,381 | 5,941 | 22,096 | (26,379) | (25,749) | |||||
Tangible common equity, excluding AOCI | $ | 1,594,721 | $ | 1,553,413 | $ | 1,515,937 | $ | 1,500,363 | $ | 1,472,121 |
Total assets | $ | 21,778,180 | $ | 21,625,424 | $ | 21,208,591 | $ | 20,838,678 | $ | 21,088,143 |
Less: goodwill and other intangible assets | (923,383) | (926,176) | (928,974) | (932,764) | (935,801) | |||||
Tangible assets | 20,854,797 | 20,699,248 | 20,279,617 | 19,905,914 | 20,152,342 | |||||
Less: PPP loans | (384,100) | (705,915) | (1,109,442) | (785,563) | (1,196,538) | |||||
Tangible assets, excluding PPP loans | $ | 20,470,697 | $ | 19,993,333 | $ | 19,170,175 | $ | 19,120,351 | $ | 18,955,804 |
Tangible common equity to tangible assets | 7.53 | % | 7.48 | % | 7.37 | % | 7.67 | % | 7.43 | % |
Tangible common equity to tangible assets, excluding PPP loans | 7.67 | % | 7.74 | % | 7.79 | % | 7.98 | % | 7.90 | % |
Tangible common equity, excluding AOCI, to tangible assets | 7.65 | % | 7.50 | % | 7.48 | % | 7.54 | % | 7.30 | % |
Tangible common equity, excluding AOCI, to tangible assets, excluding PPP loans |
7.79 | % | 7.77 | % | 7.91 | % | 7.85 | % | 7.77 | % |
Tangible common equity to risk-weighted assets | 10.08 | % | 9.92 | % | 9.73 | % | 9.93 | % | 9.84 | % |