01/18/2022 | Press release | Distributed by Public on 01/18/2022 07:07
Quarters Ended | |||||||||||||||
December 31, 2021 | September 30, 2021 | December 31, 2020 | |||||||||||||
Average Balance |
Interest
|
Yield/
Rate
(%)
|
Average
Balance
|
Interest
|
Yield/
Rate
(%)
|
Average
Balance
|
Interest
|
Yield/
Rate
(%)
|
|||||||
Assets | |||||||||||||||
Other interest-earning assets | $ | 2,122,042 | $ | 1,462 | 0.27 | $ | 1,672,005 | $ | 1,222 | 0.29 | $ | 1,244,999 | $ | 930 | 0.30 |
Securities(1)
|
3,308,840 | 18,711 | 2.26 | 3,265,812 | 16,189 | 1.98 | 3,164,310 | 17,051 | 2.16 | ||||||
Federal Home Loan Bank ("FHLB") and
Federal Reserve Bank ("FRB") stock
|
106,096 | 867 | 3.27 | 106,759 | 852 | 3.19 | 123,287 | 1,342 | 4.35 | ||||||
Loans, excluding PPP loans(1)
|
14,308,310 | 122,879 | 3.41 | 14,364,785 | 127,631 | 3.53 | 13,335,154 | 126,474 | 3.77 | ||||||
PPP loans(1)
|
317,553 | 5,119 | 6.40 | 549,380 | 9,772 | 7.06 | 1,013,511 | 15,195 | 5.96 | ||||||
Total loans(1)
|
14,625,863 | 127,998 | 3.47 | 14,914,165 | 137,403 | 3.66 | 14,348,665 | 141,669 | 3.93 | ||||||
Total interest-earning assets(1)
|
20,162,841 | 149,038 | 2.94 | 19,958,741 | 155,666 | 3.10 | 18,881,261 | 160,992 | 3.39 | ||||||
Cash and due from banks | 286,846 | 277,720 | 252,268 | ||||||||||||
Allowance for loan losses | (208,048) | (215,395) | (246,278) | ||||||||||||
Other assets | 1,805,033 | 1,878,494 | 1,995,074 | ||||||||||||
Total assets | $ | 22,046,672 | $ | 21,899,560 | $ | 20,882,325 | |||||||||
Liabilities and Stockholders' Equity | |||||||||||||||
Savings deposits | $ | 2,825,792 | 125 | 0.02 | $ | 2,785,816 | 124 | 0.02 | $ | 2,436,930 | 109 | 0.02 | |||
NOW accounts | 3,165,689 | 280 | 0.04 | 3,213,637 | 275 | 0.03 | 2,774,989 | 277 | 0.04 | ||||||
Money market deposits | 3,316,492 | 510 | 0.06 | 3,211,355 | 549 | 0.07 | 2,923,881 | 694 | 0.09 | ||||||
Time deposits | 1,736,197 | 1,702 | 0.39 | 1,800,493 | 1,915 | 0.42 | 2,047,260 | 3,131 | 0.61 | ||||||
Borrowed funds | 1,288,778 | 3,143 | 0.97 | 1,281,968 | 3,146 | 0.97 | 1,661,731 | 4,158 | 1.00 | ||||||
Senior and subordinated debt | 235,490 | 3,467 | 5.84 | 235,284 | 3,467 | 5.85 | 234,669 | 3,482 | 5.90 | ||||||
Total interest-bearing liabilities | 12,568,438 | 9,227 | 0.29 | 12,528,553 | 9,476 | 0.30 | 12,079,460 | 11,851 | 0.39 | ||||||
Demand deposits | 6,411,550 | 6,272,903 | 5,753,600 | ||||||||||||
Total funding sources | 18,979,988 | 0.19 | 18,801,456 | 0.20 | 17,833,060 | 0.26 | |||||||||
Other liabilities | 336,533 | 364,576 | 373,854 | ||||||||||||
Stockholders' equity | 2,730,151 | 2,733,528 | 2,675,411 | ||||||||||||
Total liabilities and
stockholders' equity
|
$ | 22,046,672 | $ | 21,899,560 | $ | 20,882,325 | |||||||||
Tax-equivalent net interest
income/margin(1)
|
139,811 | 2.75 | 146,190 | 2.91 | 149,141 | 3.14 | |||||||||
Tax-equivalent adjustment | (1,035) | (994) | (1,030) | ||||||||||||
Net interest income (GAAP)(1)
|
$ | 138,776 | $ | 145,196 | $ | 148,111 | |||||||||
Impact of acquired loan accretion(1)
|
$ | 5,684 | 0.11 | $ | 6,231 | 0.12 | $ | 7,603 | 0.16 | ||||||
Tax-equivalent net interest income/
margin, adjusted(1)
|
$ | 134,127 | 2.64 | $ | 139,959 | 2.79 | $ | 141,538 | 2.98 |
Quarters Ended |
December 31, 2021 Percent Change From |
|||||||
December 31, 2021 |
September 30, 2021 |
December 31, 2020 |
September 30, 2021 |
December 31, 2020 |
||||
Wealth management fees | $ | 14,246 | $ | 14,820 | $ | 13,548 | (3.9) | 5.2 |
Service charges on deposit accounts | 12,149 | 11,496 | 10,811 | 5.7 | 12.4 | |||
Mortgage banking income | 6,149 | 6,664 | 9,191 | (7.7) | (33.1) | |||
Card-based fees, net | 4,451 | 4,992 | 4,530 | (10.8) | (1.7) | |||
Capital market products income | 1,462 | 1,333 | 659 | 9.7 | 121.9 | |||
Other service charges, commissions, and fees | 3,775 | 2,832 | 2,993 | 33.3 | 26.1 | |||
Total fee-based revenues | 42,232 | 42,137 | 41,732 | 0.2 | 1.2 | |||
Other income | 2,247 | 3,043 | 3,550 | (26.2) | (36.7) | |||
Swap termination costs | - | - | (17,567) | N/M | N/M | |||
Total noninterest income | $ | 44,479 | $ | 45,180 | $ | 27,715 | (1.6) | 60.5 |
Quarters Ended |
December 31, 2021 Percent Change From |
|||||||
December 31, 2021 |
September 30, 2021 |
December 31, 2020 |
September 30, 2021 |
December 31, 2020 |
||||
Salaries and employee benefits: | ||||||||
Salaries and wages | $ | 56,334 | $ | 51,503 | $ | 55,950 | 9.4 | 0.7 |
Retirement and other employee benefits | 11,112 | 10,924 | 10,430 | 1.7 | 6.5 | |||
Total salaries and employee benefits | 67,446 | 62,427 | 66,380 | 8.0 | 1.6 | |||
Net occupancy and equipment expense | 13,550 | 14,198 | 14,002 | (4.6) | (3.2) | |||
Technology and related costs | 10,468 | 10,742 | 11,005 | (2.6) | (4.9) | |||
Professional services | 7,620 | 6,991 | 8,424 | 9.0 | (9.5) | |||
Advertising and promotions | 2,853 | 3,168 | 1,850 | (9.9) | 54.2 | |||
Net other real estate owned ("OREO") expense | 442 | (4) | 106 | N/M | 317.0 | |||
Other expenses | 14,565 | 15,616 | 12,851 | (6.7) | 13.3 | |||
Acquisition and integration related expenses | 3,945 | 2,916 | 1,860 | 35.3 | 112.1 | |||
Optimization costs | - | - | 1,493 | N/M | N/M | |||
Total noninterest expense | $ | 120,889 | $ | 116,054 | $ | 117,971 | 4.2 | 2.5 |
Acquisition and integration related expenses | (3,945) | (2,916) | (1,860) | 35.3 | 112.1 | |||
Optimization costs | - | - | (1,493) | N/M | N/M | |||
Total noninterest expense, adjusted(1)
|
$ | 116,944 | $ | 113,138 | $ | 114,618 | 3.4 | 2.0 |
As of |
December 31, 2021 Percent Change From |
|||||||
December 31, 2021 |
September 30, 2021 |
December 31, 2020 |
September 30, 2021 |
December 31, 2020 |
||||
Commercial and industrial | $ | 4,834,332 | $ | 4,705,458 | $ | 4,578,254 | 2.7 | 5.6 |
Agricultural | 327,873 | 349,159 | 364,038 | (6.1) | (9.9) | |||
Commercial real estate: | ||||||||
Office, retail, and industrial | 1,746,944 | 1,765,592 | 1,861,768 | (1.1) | (6.2) | |||
Multi-family | 1,120,748 | 1,082,941 | 872,813 | 3.5 | 28.4 | |||
Construction | 588,247 | 595,204 | 612,611 | (1.2) | (4.0) | |||
Other commercial real estate | 1,275,906 | 1,408,955 | 1,481,976 | (9.4) | (13.9) | |||
Total commercial real estate | 4,731,845 | 4,852,692 | 4,829,168 | (2.5) | (2.0) | |||
Total corporate loans, excluding PPP loans |
9,894,050 | 9,907,309 | 9,771,460 | (0.1) | 1.3 | |||
PPP loans | 230,687 | 384,100 | 785,563 | (39.9) | (70.6) | |||
Total corporate loans | 10,124,737 | 10,291,409 | 10,557,023 | (1.6) | (4.1) | |||
Home equity | 565,443 | 591,126 | 761,725 | (4.3) | (25.8) | |||
1-4 family mortgages | 3,418,059 | 3,332,732 | 3,022,413 | 2.6 | 13.1 | |||
Installment | 557,252 | 573,465 | 410,071 | (2.8) | 35.9 | |||
Total consumer loans | 4,540,754 | 4,497,323 | 4,194,209 | 1.0 | 8.3 | |||
Total loans | $ | 14,665,491 | $ | 14,788,732 | $ | 14,751,232 | (0.8) | (0.6) |
As of or for the Quarters Ended |
December 31, 2021 Percent Change From |
|||||||
December 31, 2021 |
September 30, 2021 |
December 31, 2020 |
September 30, 2021 |
December 31, 2020 |
||||
ACL, excluding PCD loans | $ | 190,510 | $ | 195,903 | $ | 215,915 | (2.8) | (11.8) |
PCD loan ACL | 19,352 | 18,963 | 31,127 | 2.1 | (37.8) | |||
Total ACL | $ | 209,862 | $ | 214,866 | $ | 247,042 | (2.3) | (15.1) |
Provision for credit losses | $ | (2,924) | $ | - | $ | 10,507 | N/M | (127.8) |
ACL to total loans | 1.43 | % | 1.45 | % | 1.67 | % | ||
ACL to total loans, excluding PPP loans(1)
|
1.45 | % | 1.49 | % | 1.77 | % | ||
ACL to non-accrual loans | 205.79 | % | 243.94 | % | 173.33 | % |
As of |
December 31, 2021 Percent Change From |
|||||||
December 31, 2021 |
September 30, 2021 |
December 31, 2020 |
September 30, 2021 |
December 31, 2020 |
||||
Non-accrual loans, excluding PCD loans(1)
|
$ | 80,920 | $ | 64,166 | $ | 109,957 | 26.1 | (26.4) |
Non-accrual PCD loans | 21,059 | 23,917 | 32,568 | (11.9) | (35.3) | |||
Total non-accrual loans | 101,979 | 88,083 | 142,525 | 15.8 | (28.4) | |||
90 days or more past due loans, still accruing
interest(1)
|
927 | 1,293 | 4,395 | (28.3) | (78.9) | |||
Total non-performing loans, ("NPLs") | 102,906 | 89,376 | 146,920 | 15.1 | (30.0) | |||
Accruing troubled debt restructurings ("TDRs") |
534 | 539 | 813 | (0.9) | (34.3) | |||
Foreclosed assets(2)
|
25,837 | 26,375 | 16,671 | (2.0) | 55.0 | |||
Total non-performing assets ("NPAs") | $ | 129,277 | $ | 116,290 | $ | 164,404 | 11.2 | (21.4) |
30-89 days past due loans | $ | 34,430 | $ | 30,718 | $ | 40,656 | 12.1 | (15.3) |
Special mention loans(3)
|
$ | 314,772 | $ | 330,218 | $ | 409,083 | (4.7) | (23.1) |
Substandard loans(3)
|
325,520 | 351,192 | 357,219 | (7.3) | (8.9) | |||
Total performing loans classified as
substandard and special mention(3)
|
$ | 640,292 | $ | 681,410 | $ | 766,302 | (6.0) | (16.4) |
Non-accrual loans to total loans: | ||||||||
Non-accrual loans to total loans | 0.70 | % | 0.60 | % | 0.97 | % | ||
Non-accrual loans to total loans, excluding
PPP loans(1)(4)
|
0.71 | % | 0.61 | % | 1.02 | % | ||
Non-accrual loans to total loans, excluding
PCD and PPP loans(1)(4)
|
0.57 | % | 0.45 | % | 0.80 | % | ||
Non-performing loans to total loans: | ||||||||
NPLs to total loans | 0.70 | % | 0.60 | % | 1.00 | % | ||
NPLs to total loans, excluding PPP loans(1)(4)
|
0.71 | % | 0.62 | % | 1.05 | % | ||
NPLs to total loans, excluding PCD and PPP
loans(1)(4)
|
0.57 | % | 0.46 | % | 0.83 | % | ||
Non-performing assets to total loans plus foreclosed assets: | ||||||||
NPAs to total loans plus foreclosed assets | 0.88 | % | 0.78 | % | 1.11 | % | ||
NPAs to total loans plus foreclosed assets,
excluding PPP loans(1)(4)
|
0.89 | % | 0.81 | % | 1.18 | % | ||
NPAs to total loans plus foreclosed assets,
excluding PCD and PPP loans(1)(4)
|
0.76 | % | 0.65 | % | 0.96 | % | ||
Performing loans classified as substandard and special mention to corporate loans: | ||||||||
Performing loans classified as substandard and
special mention to corporate loans(3)
|
6.32 | % | 6.62 | % | 7.26 | % | ||
Performing loans classified as substandard and
special mention to corporate loans, excluding
PPP loans(3)
|
6.47 | % | 6.88 | % | 7.84 | % |
Quarters Ended | |||||||||
December 31, 2021 |
% of Total |
September 30, 2021 |
% of Total |
December 31, 2020 |
% of Total |
||||
Net loan charge-offs(1)
|
|||||||||
Commercial and industrial | $ | (39) | (1.9) | $ | 5,002 | 59.8 | $ | 3,536 | 33.6 |
Agricultural | 122 | 5.9 | (37) | (0.4) | 1,779 | 16.9 | |||
Commercial real estate: | |||||||||
Office, retail, and industrial | (7) | (0.3) | 556 | 6.7 | 1,701 | 16.1 | |||
Multi-family | 85 | 4.1 | 1 | - | 19 | 0.2 | |||
Construction | 189 | 9.1 | 986 | 11.8 | 140 | 1.3 | |||
Other commercial real estate | 261 | 12.5 | 829 | 9.9 | 916 | 8.7 | |||
Consumer | 1,469 | 70.6 | 1,023 | 12.2 | 2,448 | 23.2 | |||
Total NCOs | $ | 2,080 | 100.0 | $ | 8,360 | 100.0 | $ | 10,539 | 100.0 |
Less: NCOs on PCD loans(2)
|
(327) | 15.7 | (1,757) | 21.0 | (6,488) | 61.6 | |||
Total NCOs, excluding PCD loans(2)
|
$ | 1,753 | $ | 6,603 | $ | 4,051 | |||
Total recoveries included above | $ | 2,254 | $ | 3,397 | $ | 2,588 | |||
Quarter-to-Date(1)(3):
|
|||||||||
Net charge-offs to average loans | 0.06 | % | 0.22 | % | 0.29 | % | |||
Net charge-offs to average loans,
excluding PPP loans(2)(4)
|
0.06 | % | 0.23 | % | 0.31 | % | |||
Net charge-offs to average loans,
excluding PCD and PPP loans(2)(4)
|
0.05 | % | 0.18 | % | 0.12 | % | |||
Year-to-Date(1)(3):
|
|||||||||
Net charge-offs to average loans | 0.27 | % | 0.35 | % | 0.36 | % | |||
Net charge-offs to average loans,
excluding PPP loans(2)(4)
|
0.29 | % | 0.37 | % | 0.38 | % | |||
Net charge-offs to average loans,
excluding PCD and PPP loans(2)(4)
|
0.23 | % | 0.29 | % | 0.24 | % |
Average for the Quarters Ended |
December 31, 2021 Percent Change From |
|||||||
December 31, 2021 |
September 30, 2021 |
December 31, 2020 |
September 30, 2021 |
December 31, 2020 |
||||
Demand deposits | $ | 6,411,550 | $ | 6,272,903 | $ | 5,753,600 | 2.2 | 11.4 |
Savings deposits | 2,825,792 | 2,785,816 | 2,436,930 | 1.4 | 16.0 | |||
NOW accounts | 3,165,689 | 3,213,637 | 2,774,989 | (1.5) | 14.1 | |||
Money market accounts | 3,316,492 | 3,211,355 | 2,923,881 | 3.3 | 13.4 | |||
Core deposits | 15,719,523 | 15,483,711 | 13,889,400 | 1.5 | 13.2 | |||
Time deposits | 1,736,197 | 1,800,493 | 2,047,260 | (3.6) | (15.2) | |||
Total deposits | $ | 17,455,720 | $ | 17,284,204 | $ | 15,936,660 | 1.0 | 9.5 |
As of | ||||||
December 31, 2021 |
September 30, 2021 |
December 31, 2020 |
||||
Company regulatory capital ratios: | ||||||
Total capital to risk-weighted assets | 14.47 | % | 14.26 | % | 14.14 | % |
Tier 1 capital to risk-weighted assets | 12.22 | % | 11.99 | % | 11.55 | % |
Common equity Tier 1 ("CET1") to risk-weighted assets | 10.74 | % | 10.51 | % | 10.06 | % |
Tier 1 capital to average assets | 8.97 | % | 8.89 | % | 8.91 | % |
Company tangible common equity ratios(1)(2):
|
||||||
Tangible common equity to tangible assets | 7.63 | % | 7.53 | % | 7.67 | % |
Tangible common equity to tangible assets, excluding PPP loans | 7.72 | % | 7.67 | % | 7.98 | % |
Tangible common equity, excluding accumulated other comprehensive income ("AOCI"), to tangible assets |
7.81 | % | 7.65 | % | 7.54 | % |
Tangible common equity, excluding AOCI, to tangible assets, excluding PPP loans |
7.90 | % | 7.79 | % | 7.85 | % |
Tangible common equity to risk-weighted assets | 10.24 | % | 10.08 | % | 9.93 | % |
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 | ||||||||||
December 31, | September 30, | June 30, | March 31, | December 31, | ||||||
2021 | 2021 | 2021 | 2021 | 2020 | ||||||
Period-End Balance Sheet | ||||||||||
Assets | ||||||||||
Cash and due from banks | $ | 220,207 | $ | 270,020 | $ | 232,989 | $ | 223,713 | $ | 196,364 |
Interest-bearing deposits in other banks | 1,898,865 | 1,654,917 | 1,312,412 | 786,814 | 920,880 | |||||
Equity securities, at fair value | 118,857 | 114,848 | 112,977 | 96,983 | 76,404 | |||||
Securities available-for-sale, at fair value | 3,147,220 | 3,212,908 | 3,156,194 | 3,195,405 | 3,096,408 | |||||
Securities held-to-maturity, at amortized cost | 8,655 | 10,853 | 11,593 | 11,711 | 12,071 | |||||
FHLB and FRB stock | 106,097 | 106,090 | 106,890 | 106,170 | 117,420 | |||||
Loans: | ||||||||||
Commercial and industrial | 4,834,332 | 4,705,458 | 4,608,148 | 4,546,317 | 4,578,254 | |||||
Agricultural | 327,873 | 349,159 | 342,834 | 355,883 | 364,038 | |||||
Commercial real estate: | ||||||||||
Office, retail, and industrial | 1,746,944 | 1,765,592 | 1,807,428 | 1,827,116 | 1,861,768 | |||||
Multi-family | 1,120,748 | 1,082,941 | 1,012,722 | 906,124 | 872,813 | |||||
Construction | 588,247 | 595,204 | 577,338 | 614,021 | 612,611 | |||||
Other commercial real estate | 1,275,906 | 1,408,955 | 1,461,370 | 1,463,582 | 1,481,976 | |||||
PPP loans | 230,687 | 384,100 | 705,915 | 1,109,442 | 785,563 | |||||
Home equity | 565,443 | 591,126 | 629,367 | 690,030 | 761,725 | |||||
1-4 family mortgages | 3,418,059 | 3,332,732 | 3,287,773 | 3,187,066 | 3,022,413 | |||||
Installment | 557,252 | 573,465 | 602,324 | 483,945 | 410,071 | |||||
Total loans | 14,665,491 | 14,788,732 | 15,035,219 | 15,183,526 | 14,751,232 | |||||
Allowance for loan losses | (201,237) | (206,241) | (214,601) | (235,359) | (239,017) | |||||
Net loans | 14,464,254 | 14,582,491 | 14,820,618 | 14,948,167 | 14,512,215 | |||||
OREO | 5,196 | 5,106 | 5,289 | 6,273 | 8,253 | |||||
Premises, furniture, and equipment, net | 120,555 | 123,413 | 125,837 | 129,514 | 132,045 | |||||
Investment in bank-owned life insurance ("BOLI") | 300,730 | 300,387 | 300,537 | 301,365 | 301,101 | |||||
Goodwill and other intangible assets | 920,599 | 923,383 | 926,176 | 928,974 | 932,764 | |||||
Accrued interest receivable and other assets | 467,007 | 473,764 | 513,912 | 473,502 | 532,753 | |||||
Total assets | $ | 21,778,242 | $ | 21,778,180 | $ | 21,625,424 | $ | 21,208,591 | $ | 20,838,678 |
Liabilities and Stockholders' Equity | ||||||||||
Noninterest-bearing deposits | $ | 6,191,885 | $ | 6,097,698 | $ | 6,187,478 | $ | 6,156,145 | $ | 5,797,899 |
Interest-bearing deposits | 10,999,044 | 11,100,704 | 10,845,405 | 10,455,309 | 10,214,565 | |||||
Total deposits | 17,190,929 | 17,198,402 | 17,032,883 | 16,611,454 | 16,012,464 | |||||
Borrowed funds | 1,291,816 | 1,274,572 | 1,299,424 | 1,295,737 | 1,546,414 | |||||
Senior and subordinated debt | 235,588 | 235,383 | 235,178 | 234,973 | 234,768 | |||||
Accrued interest payable and other liabilities | 317,181 | 346,600 | 353,791 | 413,112 | 355,026 | |||||
Stockholders' equity | 2,742,728 | 2,723,223 | 2,704,148 | 2,653,315 | 2,690,006 | |||||
Total liabilities and stockholders' equity | $ | 21,778,242 | $ | 21,778,180 | $ | 21,625,424 | $ | 21,208,591 | $ | 20,838,678 |
Stockholders' equity, excluding AOCI | $ | 2,780,521 | $ | 2,748,604 | $ | 2,710,089 | $ | 2,675,411 | $ | 2,663,627 |
Stockholders' equity, common | 2,512,228 | 2,492,723 | 2,473,648 | 2,422,815 | 2,459,506 |
Condensed Consolidated Statements of Income (Unaudited)
(Dollar amounts in thousands)
|
||||||||||||||
Quarters Ended | Years Ended | |||||||||||||
December 31, | September 30, | June 30, | March 31, | December 31, | December 31, | December 31, | ||||||||
2021 | 2021 | 2021 | 2021 | 2020 | 2021 | 2020 | ||||||||
Income Statement | ||||||||||||||
Interest income | $ | 148,003 | $ | 154,672 | $ | 154,000 | $ | 151,150 | $ | 159,962 | $ | 607,825 | $ | 651,318 |
Interest expense | 9,227 | 9,476 | 9,712 | 10,035 | 11,851 | 38,450 | 71,669 | |||||||
Net interest income | 138,776 | 145,196 | 144,288 | 141,115 | 148,111 | 569,375 | 579,649 | |||||||
Provision for loan losses | (2,924) | - | - | 6,098 | 10,507 | 3,174 | 98,615 | |||||||
Net interest income after provision for loan losses |
141,700 | 145,196 | 144,288 | 135,017 | 137,604 | 566,201 | 481,034 | |||||||
Noninterest Income | ||||||||||||||
Wealth management fees | 14,246 | 14,820 | 14,555 | 14,149 | 13,548 | 57,770 | 50,688 | |||||||
Service charges on deposit accounts |
12,149 | 11,496 | 10,778 | 9,980 | 10,811 | 44,403 | 42,059 | |||||||
Mortgage banking income | 6,149 | 6,664 | 6,749 | 10,187 | 9,191 | 29,749 | 21,115 | |||||||
Card-based fees, net | 4,451 | 4,992 | 4,764 | 4,556 | 4,530 | 18,763 | 16,150 | |||||||
Capital market products income |
1,462 | 1,333 | 1,954 | 2,089 | 659 | 6,838 | 6,961 | |||||||
Other service charges, commissions, and fees |
3,775 | 2,832 | 2,823 | 2,761 | 2,993 | 12,191 | 10,576 | |||||||
Total fee-based revenues | 42,232 | 42,137 | 41,623 | 43,722 | 41,732 | 169,714 | 147,549 | |||||||
Other income | 2,247 | 3,043 | 4,647 | 2,081 | 3,550 | 12,018 | 11,633 | |||||||
Swap termination costs | - | - | - | - | (17,567) | - | (31,852) | |||||||
Net securities gains | - | - | - | - | - | - | 13,323 | |||||||
Total noninterest income |
44,479 | 45,180 | 46,270 | 45,803 | 27,715 | 181,732 | 140,653 | |||||||
Noninterest Expense | ||||||||||||||
Salaries and employee benefits: | ||||||||||||||
Salaries and wages | 56,334 | 51,503 | 51,887 | 53,693 | 55,950 | 213,417 | 211,917 | |||||||
Retirement and other
employee benefits
|
11,112 | 10,924 | 12,324 | 12,708 | 10,430 | 47,068 | 45,728 | |||||||
Total salaries and
employee benefits
|
67,446 | 62,427 | 64,211 | 66,401 | 66,380 | 260,485 | 257,645 | |||||||
Net occupancy and
equipment expense
|
13,550 | 14,198 | 13,654 | 14,752 | 14,002 | 56,154 | 57,081 | |||||||
Technology and related costs | 10,468 | 10,742 | 10,453 | 10,284 | 11,005 | 41,947 | 39,822 | |||||||
Professional services | 7,620 | 6,991 | 7,568 | 8,059 | 8,424 | 30,238 | 35,019 | |||||||
Advertising and promotions | 2,853 | 3,168 | 2,899 | 1,835 | 1,850 | 10,755 | 10,109 | |||||||
Net OREO expense | 442 | (4) | 160 | 589 | 106 | 1,187 | 1,196 | |||||||
Other expenses | 14,565 | 15,616 | 14,670 | 14,735 | 12,851 | 59,586 | 52,503 | |||||||
Acquisition and integration related expenses |
3,945 | 2,916 | 7,773 | 245 | 1,860 | 14,879 | 13,462 | |||||||
Optimization costs | - | - | 31 | 1,525 | 1,493 | 1,556 | 19,869 | |||||||
Total noninterest expense | 120,889 | 116,054 | 121,419 | 118,425 | 117,971 | 476,787 | 486,706 | |||||||
Income before income
tax expense
|
65,290 | 74,322 | 69,139 | 62,395 | 47,348 | 271,146 | 134,981 | |||||||
Income tax expense | 16,737 | 19,459 | 18,018 | 17,372 | 5,743 | 71,586 | 27,083 | |||||||
Net income | $ | 48,553 | $ | 54,863 | $ | 51,121 | $ | 45,023 | $ | 41,605 | $ | 199,560 | $ | 107,898 |
Preferred dividends | (4,034) | (4,033) | (4,034) | (4,034) | (4,049) | (16,135) | (9,119) | |||||||
Net income applicable to non- vested restricted shares |
(398) | (517) | (521) | (486) | (369) | (1,922) | (984) | |||||||
Net income applicable to common shares |
$ | 44,121 | $ | 50,313 | $ | 46,566 | $ | 40,503 | $ | 37,187 | $ | 181,503 | $ | 97,795 |
Net income applicable to
common shares, adjusted(1)
|
47,080 | 52,500 | 52,419 | 41,831 | 49,238 | 193,830 | 133,052 |
Selected Financial Information (Unaudited)
(Amounts in thousands, except per share data)
|
||||||||||||||
As of or for the | ||||||||||||||
Quarters Ended | Years Ended | |||||||||||||
December 31, | September 30, | June 30, | March 31, | December 31, | December 31, | December 31, | ||||||||
2021 | 2021 | 2021 | 2021 | 2020 | 2021 | 2020 | ||||||||
EPS | ||||||||||||||
Basic EPS | $ | 0.39 | $ | 0.45 | $ | 0.41 | $ | 0.36 | $ | 0.33 | $ | 1.61 | $ | 0.87 |
Diluted EPS | $ | 0.39 | $ | 0.44 | $ | 0.41 | $ | 0.36 | $ | 0.33 | $ | 1.60 | $ | 0.87 |
Diluted EPS, adjusted(1)
|
$ | 0.41 | $ | 0.46 | $ | 0.46 | $ | 0.37 | $ | 0.43 | $ | 1.70 | $ | 1.18 |
Common Stock and Related Per Common Share Data | ||||||||||||||
Book value | $ | 22.01 | $ | 21.83 | $ | 21.67 | $ | 21.22 | $ | 21.52 | $ | 22.01 | $ | 21.52 |
Tangible book value | $ | 13.95 | $ | 13.75 | $ | 13.55 | $ | 13.08 | $ | 13.36 | $ | 13.95 | $ | 13.36 |
Dividends declared per share | $ | 0.14 | $ | 0.14 | $ | 0.14 | $ | 0.14 | $ | 0.14 | $ | 0.56 | $ | 0.56 |
Closing price at period end | $ | 20.48 | $ | 19.01 | $ | 19.83 | $ | 21.91 | $ | 15.92 | $ | 20.48 | $ | 15.92 |
Closing price to book value | 0.9 | 0.9 | 0.9 | 1.0 | 0.7 | 0.9 | 0.7 | |||||||
Period end shares outstanding | 114,128 | 114,167 | 114,177 | 114,196 | 114,296 | 114,128 | 114,296 | |||||||
Period end treasury shares | 11,259 | 11,213 | 11,199 | 11,176 | 11,071 | 11,259 | 11,071 | |||||||
Common dividends | $ | 15,792 | $ | 15,974 | $ | 15,979 | $ | 15,997 | $ | 16,017 | $ | 63,742 | $ | 64,045 |
Dividend payout ratio | 35.90 | % | 31.11 | % | 34.15 | % | 38.89 | % | 42.42 | % | 34.78 | % | 64.37 | % |
Dividend payout ratio, adjusted(1)
|
34.15 | % | 30.43 | % | 30.43 | % | 37.84 | % | 32.56 | % | 32.94 | % | 47.46 | % |
Key Ratios/Data | ||||||||||||||
Return on average common
equity(2)
|
7.00 | % | 7.97 | % | 7.60 | % | 6.70 | % | 6.05 | % | 7.32 | % | 4.01 | % |
Return on average common
equity, adjusted(1)(2)
|
7.47 | % | 8.32 | % | 8.56 | % | 6.92 | % | 8.01 | % | 7.82 | % | 5.46 | % |
Return on average tangible
common equity(1)(2)
|
11.62 | % | 13.17 | % | 12.77 | % | 11.35 | % | 10.35 | % | 12.24 | % | 7.02 | % |
Return on average tangible
common equity, adjusted(1)(2)
|
12.36 | % | 13.72 | % | 14.31 | % | 11.71 | % | 13.53 | % | 13.03 | % | 9.36 | % |
Return on average assets(2)
|
0.87 | % | 0.99 | % | 0.95 | % | 0.87 | % | 0.79 | % | 0.92 | % | 0.53 | % |
Return on average assets,
adjusted(1)(2)
|
0.93 | % | 1.03 | % | 1.06 | % | 0.90 | % | 1.02 | % | 0.98 | % | 0.70 | % |
Loans to deposits | 85.31 | % | 85.99 | % | 88.27 | % | 91.40 | % | 92.12 | % | 85.31 | % | 92.12 | % |
Efficiency ratio(1)
|
63.22 | % | 59.12 | % | 59.24 | % | 61.77 | % | 58.90 | % | 60.81 | % | 60.84 | % |
Net interest margin(2)(3)
|
2.75 | % | 2.91 | % | 2.96 | % | 3.03 | % | 3.14 | % | 2.91 | % | 3.18 | % |
Yield on average interest-earning
assets(2)(3)
|
2.94 | % | 3.10 | % | 3.16 | % | 3.24 | % | 3.39 | % | 3.11 | % | 3.57 | % |
Cost of funds(2)(4)
|
0.19 | % | 0.20 | % | 0.21 | % | 0.23 | % | 0.26 | % | 0.21 | % | 0.41 | % |
Noninterest expense to average
assets(2)
|
2.18 | % | 2.10 | % | 2.26 | % | 2.30 | % | 2.25 | % | 2.21 | % | 2.38 | % |
Noninterest expense, adjusted to
average assets, excluding PPP
loans(1)(2)
|
2.14 | % | 2.10 | % | 2.22 | % | 2.38 | % | 2.29 | % | 2.21 | % | 2.31 | % |
Effective income tax rate | 25.63 | % | 26.18 | % | 26.06 | % | 27.84 | % | 12.13 | % | 26.40 | % | 20.06 | % |
Effective income tax rate,
adjusted(1)
|
25.63 | % | 26.18 | % | 26.06 | % | 27.84 | % | 19.81 | % | 26.40 | % | 22.76 | % |
Capital Ratios | ||||||||||||||
Total capital to risk-weighted
assets(1)
|
14.47 | % | 14.26 | % | 14.19 | % | 14.26 | % | 14.14 | % | 14.47 | % | 14.14 | % |
Tier 1 capital to risk-weighted
assets(1)
|
12.22 | % | 11.99 | % | 11.71 | % | 11.67 | % | 11.55 | % | 12.22 | % | 11.55 | % |
CET1 to risk-weighted assets(1)
|
10.74 | % | 10.51 | % | 10.23 | % | 10.17 | % | 10.06 | % | 10.74 | % | 10.06 | % |
Tier 1 capital to average assets(1)
|
8.97 | % | 8.89 | % | 8.85 | % | 8.96 | % | 8.91 | % | 8.97 | % | 8.91 | % |
Tangible common equity to
tangible assets(1)
|
7.63 | % | 7.53 | % | 7.48 | % | 7.37 | % | 7.67 | % | 7.63 | % | 7.67 | % |
Tangible common equity,
excluding AOCI, to tangible
assets(1)
|
7.81 | % | 7.65 | % | 7.50 | % | 7.48 | % | 7.54 | % | 7.81 | % | 7.54 | % |
Tangible common equity to risk-
weighted assets(1)
|
10.24 | % | 10.08 | % | 9.92 | % | 9.73 | % | 9.93 | % | 10.24 | % | 9.93 | % |
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 | Years Ended | |||||||||||||
December 31, | September 30, | June 30, | March 31, | December 31, | December 31, | December 31, | ||||||||
2021 | 2021 | 2021 | 2021 | 2020 | 2021 | 2020 | ||||||||
Asset quality Performance Data | ||||||||||||||
Non-performing assets | ||||||||||||||
Commercial and industrial | $ | 11,096 | $ | 9,952 | $ | 42,036 | $ | 59,723 | $ | 38,314 | $ | 11,096 | $ | 38,314 |
Agricultural | 6,410 | 6,682 | 7,135 | 8,684 | 10,719 | 6,410 | 10,719 | |||||||
Commercial real estate: | ||||||||||||||
Office, retail, and industrial | 23,756 | 13,450 | 17,367 | 23,339 | 27,382 | 23,756 | 27,382 | |||||||
Multi-family | 12,751 | 2,672 | 2,622 | 3,701 | 1,670 | 12,751 | 1,670 | |||||||
Construction | 1,104 | 1,154 | 1,154 | 1,154 | 1,155 | 1,104 | 1,155 | |||||||
Other commercial real estate | 11,629 | 13,083 | 14,200 | 15,406 | 15,219 | 11,629 | 15,219 | |||||||
Consumer | 14,174 | 17,173 | 16,867 | 16,643 | 15,498 | 14,174 | 15,498 | |||||||
Non-accrual, excluding PCD loans |
80,920 | 64,166 | 101,381 | 128,650 | 109,957 | 80,920 | 109,957 | |||||||
Non-accrual PCD loans | 21,059 | 23,917 | 23,101 | 29,734 | 32,568 | 21,059 | 32,568 | |||||||
Total non-accrual loans | 101,979 | 88,083 | 124,482 | 158,384 | 142,525 | 101,979 | 142,525 | |||||||
90 days or more past due loans, still accruing interest |
927 | 1,293 | 878 | 5,354 | 4,395 | 927 | 4,395 | |||||||
Total NPLs | 102,906 | 89,376 | 125,360 | 163,738 | 146,920 | 102,906 | 146,920 | |||||||
Accruing TDRs | 534 | 539 | 782 | 798 | 813 | 534 | 813 | |||||||
Foreclosed assets(5)
|
25,837 | 26,375 | 26,732 | 13,228 | 16,671 | 25,837 | 16,671 | |||||||
Total NPAs | $ | 129,277 | $ | 116,290 | $ | 152,874 | $ | 177,764 | $ | 164,404 | $ | 129,277 | $ | 164,404 |
30-89 days past due loans | $ | 34,430 | $ | 30,718 | $ | 21,051 | $ | 30,973 | $ | 40,656 | $ | 34,430 | $ | 40,656 |
Allowance for credit losses | ||||||||||||||
Allowance for loan losses | $ | 201,237 | $ | 206,241 | $ | 214,601 | $ | 235,359 | $ | 239,017 | $ | 201,237 | $ | 239,017 |
Reserve for unfunded
commitments
|
8,625 | 8,625 | 8,625 | 8,025 | 8,025 | 8,625 | 8,025 | |||||||
Total ACL | $ | 209,862 | $ | 214,866 | $ | 223,226 | $ | 243,384 | $ | 247,042 | $ | 209,862 | $ | 247,042 |
Provision for loan losses | $ | (2,924) | $ | - | $ | - | $ | 6,098 | $ | 10,507 | $ | 3,174 | $ | 98,615 |
Net charge-offs by category | ||||||||||||||
Commercial and industrial | $ | (39) | $ | 5,002 | $ | 14,733 | $ | 1,740 | $ | 3,536 | $ | 21,436 | $ | 18,421 |
Agricultural | 122 | (37) | - | 363 | 1,779 | 448 | 3,389 | |||||||
Commercial real estate: | ||||||||||||||
Office, retail, and industrial | (7) | 556 | 3,878 | 4,377 | 1,701 | 8,804 | 6,455 | |||||||
Multi-family | 85 | 1 | 2 | (5) | 19 | 83 | 33 | |||||||
Construction | 189 | 986 | 208 | - | 140 | 1,383 | 7,635 | |||||||
Other commercial real estate | 261 | 829 | 459 | 371 | 916 | 1,920 | 2,852 | |||||||
Consumer | 1,469 | 1,023 | 1,478 | 2,910 | 2,448 | 6,880 | 12,534 | |||||||
Total NCOs | $ | 2,080 | $ | 8,360 | $ | 20,758 | $ | 9,756 | $ | 10,539 | $ | 40,954 | $ | 51,319 |
Less: NCOs on PCD loans | (327) | (1,757) | (4,337) | (2,107) | (6,488) | (8,528) | (18,964) | |||||||
Total NCOs, excluding PCD loans |
$ | 1,753 | $ | 6,603 | $ | 16,421 | $ | 7,649 | $ | 4,051 | $ | 32,426 | $ | 32,355 |
Total recoveries included above | $ | 2,254 | $ | 3,397 | $ | 2,869 | $ | 1,561 | $ | 2,588 | $ | 10,081 | $ | 7,510 |
Note: Selected Financial Information footnotes are located at the end of this section. |
Selected Financial Information (Unaudited)
|
||||||||||||||
As of or for the | ||||||||||||||
Quarters Ended | Years Ended | |||||||||||||
December 31, | September 30, | June 30, | March 31, | December 31, | December 31, | December 31, | ||||||||
2021 | 2021 | 2021 | 2021 | 2020 | 2021 | 2020 | ||||||||
Performing loans classified as substandard and special mention | ||||||||||||||
Special mention loans(7)
|
$ | 314,772 | $ | 330,218 | $ | 343,547 | $ | 355,563 | $ | 409,083 | $ | 314,772 | $ | 409,083 |
Substandard loans(7)
|
325,520 | 351,192 | 325,727 | 342,600 | 357,219 | 325,520 | 357,219 | |||||||
Total performing loans
classified as substandard and
special mention(7)
|
$ | 640,292 | $ | 681,410 | $ | 669,274 | $ | 698,163 | $ | 766,302 | $ | 640,292 | $ | 766,302 |
Asset quality ratios | ||||||||||||||
Non-accrual loans to total loans | 0.70 | % | 0.60 | % | 0.83 | % | 1.04 | % | 0.97 | % | 0.70 | % | 0.97 | % |
Non-accrual loans to total loans,
excluding PPP loans(6)
|
0.71 | % | 0.61 | % | 0.87 | % | 1.13 | % | 1.02 | % | 0.71 | % | 1.02 | % |
Non-accrual loans to total loans,
excluding PCD and PPP loans(6)
|
0.57 | % | 0.45 | % | 0.72 | % | 0.93 | % | 0.80 | % | 0.57 | % | 0.80 | % |
NPLs to total loans | 0.70 | % | 0.60 | % | 0.83 | % | 1.08 | % | 1.00 | % | 0.70 | % | 1.00 | % |
NPLs to total loans, excluding
PPP loans(6)
|
0.71 | % | 0.62 | % | 0.87 | % | 1.16 | % | 1.05 | % | 0.71 | % | 1.05 | % |
NPLs to total loans, excluding
PCD and PPP loans(6)
|
0.57 | % | 0.46 | % | 0.72 | % | 0.97 | % | 0.83 | % | 0.57 | % | 0.83 | % |
NPAs to total loans plus foreclosed assets |
0.88 | % | 0.78 | % | 1.01 | % | 1.17 | % | 1.11 | % | 0.88 | % | 1.11 | % |
NPAs to total loans plus
foreclosed assets, excluding
PPP loans(6)
|
0.89 | % | 0.81 | % | 1.06 | % | 1.26 | % | 1.18 | % | 0.89 | % | 1.18 | % |
NPAs to total loans plus
foreclosed assets, excluding
PCD and PPP loans(6)
|
0.76 | % | 0.65 | % | 0.92 | % | 1.07 | % | 0.96 | % | 0.76 | % | 0.96 | % |
NPAs to tangible common equity plus ACL |
7.18 | % | 6.52 | % | 8.63 | % | 10.23 | % | 9.27 | % | 7.18 | % | 9.27 | % |
Non-accrual loans to total assets | 0.47 | % | 0.40 | % | 0.58 | % | 0.75 | % | 0.68 | % | 0.47 | % | 0.68 | % |
Performing loans classified as
substandard and special mention
to corporate loans(7)
|
6.32 | % | 6.62 | % | 6.36 | % | 6.45 | % | 7.26 | % | 6.32 | % | 7.26 | % |
Performing loans classified as
substandard and special mention
to corporate loans, excluding
PPP loans(6)(7)
|
6.47 | % | 6.88 | % | 6.82 | % | 7.19 | % | 7.84 | % | 6.47 | % | 7.84 | % |
Allowance for credit losses and net charge-off ratios | ||||||||||||||
ACL to total loans(7)
|
1.43 | % | 1.45 | % | 1.48 | % | 1.60 | % | 1.67 | % | 1.43 | % | 1.67 | % |
ACL to non-accrual loans | 205.79 | % | 243.94 | % | 179.32 | % | 153.67 | % | 173.33 | % | 205.79 | % | 173.33 | % |
ACL to NPLs | 203.94 | % | 240.41 | % | 178.07 | % | 148.64 | % | 168.15 | % | 203.94 | % | 168.15 | % |
NCOs to average loans(2)
|
0.06 | % | 0.22 | % | 0.55 | % | 0.26 | % | 0.29 | % | 0.27 | % | 0.36 | % |
NCOs to average loans,
excluding PPP loans(2)(6)
|
0.06 | % | 0.23 | % | 0.59 | % | 0.28 | % | 0.31 | % | 0.29 | % | 0.38 | % |
NCOs to average loans,
excluding PCD and PPP
loans(2)(6)
|
0.05 | % | 0.18 | % | 0.47 | % | 0.22 | % | 0.12 | % | 0.23 | % | 0.24 | % |
Non-GAAP Reconciliations (Unaudited)
(Amounts in thousands, except per share data)
|
||||||||||||||
Quarters Ended | Years Ended | |||||||||||||
December 31, | September 30, | June 30, | March 31, | December 31, | December 31, | December 31, | ||||||||
2021 | 2021 | 2021 | 2021 | 2020 | 2021 | 2020 | ||||||||
EPS | ||||||||||||||
Net income | $ | 48,553 | $ | 54,863 | $ | 51,121 | $ | 45,023 | $ | 41,605 | $ | 199,560 | $ | 107,898 |
Dividends and accretion on
preferred stock
|
(4,034) | (4,033) | (4,034) | (4,034) | (4,049) | (16,135) | (9,119) | |||||||
Net income applicable to non-
vested restricted shares
|
(398) | (517) | (521) | (486) | (369) | (1,922) | (984) | |||||||
Net income applicable to
common shares
|
44,121 | 50,313 | 46,566 | 40,503 | 37,187 | 181,503 | 97,795 | |||||||
Adjustments to net income: | ||||||||||||||
Acquisition and integration related expenses |
3,945 | 2,916 | 7,773 | 245 | 1,860 | 14,879 | 13,462 | |||||||
Tax effect of acquisition and integration related expenses |
(986) | (729) | (1,943) | (61) | (465) | (3,719) | (3,365) | |||||||
Optimization costs | - | - | 31 | 1,525 | 1,493 | 1,556 | 19,869 | |||||||
Tax effect of optimization costs |
- | - | (8) | (381) | (373) | (389) | (4,967) | |||||||
Swap termination costs | - | - | - | - | 17,567 | - | 31,852 | |||||||
Tax effect of swap termination costs |
- | - | - | - | (4,392) | - | (7,963) | |||||||
Income tax benefits | - | - | - | - | (3,639) | - | (3,639) | |||||||
Net securities gains | - | - | - | - | - | - | (13,323) | |||||||
Tax effect of net securities gains |
- | - | - | - | - | - | 3,331 | |||||||
Total adjustments to net income, net of tax |
2,959 | 2,187 | 5,853 | 1,328 | 12,051 | 12,327 | 35,257 | |||||||
Net income applicable to
common shares,
adjusted(1)
|
$ | 47,080 | $ | 52,500 | $ | 52,419 | $ | 41,831 | $ | 49,238 | $ | 193,830 | $ | 133,052 |
Weighted-average common shares outstanding: | ||||||||||||||
Weighted-average common shares outstanding (basic) |
112,930 | 112,898 | 112,865 | 113,098 | 113,174 | 112,947 | 112,355 | |||||||
Dilutive effect of common stock equivalents |
995 | 878 | 775 | 773 | 430 | 834 | 347 | |||||||
Weighted-average diluted common shares outstanding |
113,925 | 113,776 | 113,640 | 113,871 | 113,604 | 113,781 | 112,702 | |||||||
Basic EPS | $ | 0.39 | $ | 0.45 | $ | 0.41 | $ | 0.36 | $ | 0.33 | $ | 1.61 | $ | 0.87 |
Diluted EPS | $ | 0.39 | $ | 0.44 | $ | 0.41 | $ | 0.36 | $ | 0.33 | $ | 1.60 | $ | 0.87 |
Diluted EPS, adjusted(1)
|
$ | 0.41 | $ | 0.46 | $ | 0.46 | $ | 0.37 | $ | 0.43 | $ | 1.70 | $ | 1.18 |
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 | $ | 0.56 | $ | 0.56 |
Dividend payout ratio | 35.90 | % | 31.11 | % | 34.15 | % | 38.89 | % | 42.42 | % | 34.78 | % | 64.37 | % |
Dividend payout ratio, adjusted(1)
|
34.15 | % | 30.43 | % | 30.43 | % | 37.84 | % | 32.56 | % | 32.94 | % | 47.46 | % |
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 | Years Ended | |||||||||||||
December 31, | September 30, | June 30, | March 31, | December 31, | December 31, | December 31, | ||||||||
2021 | 2021 | 2021 | 2021 | 2020 | 2021 | 2020 | ||||||||
Return on Average Common and Tangible Common Equity | ||||||||||||||
Net income applicable to common shares |
$ | 44,121 | $ | 50,313 | $ | 46,566 | $ | 40,503 | $ | 37,187 | $ | 181,503 | $ | 97,795 |
Intangibles amortization | 2,784 | 2,793 | 2,798 | 2,807 | 2,807 | 11,182 | 11,207 | |||||||
Tax effect of intangibles amortization |
(696) | (698) | (700) | (702) | (702) | (2,796) | (2,803) | |||||||
Net income applicable to common shares, excluding intangibles amortization |
46,209 | 52,408 | 48,664 | 42,608 | 39,292 | 189,889 | 106,199 | |||||||
Total adjustments to net
income, net of tax(1)
|
2,959 | 2,187 | 5,853 | 1,328 | 12,051 | 12,327 | 35,257 | |||||||
Net income applicable to
common shares, adjusted(1)
|
$ | 49,168 | $ | 54,595 | $ | 54,517 | $ | 43,936 | $ | 51,343 | $ | 202,216 | $ | 141,456 |
Average stockholders' common equity |
$ | 2,499,651 | $ | 2,503,028 | $ | 2,456,034 | $ | 2,453,253 | $ | 2,444,911 | $ | 2,478,187 | $ | 2,437,011 |
Less: average intangible assets | (921,937) | (924,743) | (927,522) | (931,322) | (934,347) | (926,351) | (923,741) | |||||||
Average tangible common equity |
$ | 1,577,714 | $ | 1,578,285 | $ | 1,528,512 | $ | 1,521,931 | $ | 1,510,564 | $ | 1,551,836 | $ | 1,513,270 |
Return on average common
equity(2)
|
7.00 | % | 7.97 | % | 7.60 | % | 6.70 | % | 6.05 | % | 7.32 | % | 4.01 | % |
Return on average common
equity, adjusted(1)(2)
|
7.47 | % | 8.32 | % | 8.56 | % | 6.92 | % | 8.01 | % | 7.82 | % | 5.46 | % |
Return on average tangible
common equity(2)
|
11.62 | % | 13.17 | % | 12.77 | % | 11.35 | % | 10.35 | % | 12.24 | % | 7.02 | % |
Return on average tangible
common equity, adjusted(1)(2)
|
12.36 | % | 13.72 | % | 14.31 | % | 11.71 | % | 13.53 | % | 13.03 | % | 9.36 | % |
Return on Average Assets | ||||||||||||||
Net income | $ | 48,553 | $ | 54,863 | $ | 51,121 | $ | 45,023 | $ | 41,605 | $ | 199,560 | $ | 107,898 |
Total adjustments to net
income, net of tax(1)
|
2,959 | 2,187 | 5,853 | 1,328 | 12,051 | 12,327 | 35,257 | |||||||
Net income, adjusted(1)
|
$ | 51,512 | $ | 57,050 | $ | 56,974 | $ | 46,351 | $ | 53,656 | $ | 211,887 | $ | 143,155 |
Average assets | $ | 22,046,672 | $ | 21,899,560 | $ | 21,533,209 | $ | 20,919,040 | $ | 20,882,325 | $ | 21,603,531 | $ | 20,424,771 |
Return on average assets(2)
|
0.87 | % | 0.99 | % | 0.95 | % | 0.87 | % | 0.79 | % | 0.92 | % | 0.53 | % |
Return on average assets,
adjusted(1)(2)
|
0.93 | % | 1.03 | % | 1.06 | % | 0.90 | % | 1.02 | % | 0.98 | % | 0.70 | % |
Noninterest Expense to Average Assets | ||||||||||||||
Noninterest expense | $ | 120,889 | $ | 116,054 | $ | 121,419 | $ | 118,425 | $ | 117,971 | $ | 476,787 | $ | 486,706 |
Less: | ||||||||||||||
Acquisition and integration related expenses |
(3,945) | (2,916) | (7,773) | (245) | (1,860) | (14,879) | (13,462) | |||||||
Optimization costs | - | - | (31) | (1,525) | (1,493) | (1,556) | (19,869) | |||||||
Total | $ | 116,944 | $ | 113,138 | $ | 113,615 | $ | 116,655 | $ | 114,618 | $ | 460,352 | $ | 453,375 |
Average assets | $ | 22,046,672 | $ | 21,899,560 | $ | 21,533,209 | $ | 20,919,040 | $ | 20,882,325 | $ | 21,603,531 | $ | 20,424,771 |
Less: average PPP loans | (317,553) | (549,380) | (1,035,386) | (1,014,798) | (1,013,511) | (726,876) | (775,883) | |||||||
Average assets, excluding PPP loans |
$ | 21,729,119 | $ | 21,350,180 | $ | 20,497,823 | $ | 19,904,242 | $ | 19,868,814 | $ | 20,876,655 | $ | 19,648,888 |
Noninterest expense to average
assets(2)
|
2.18 | % | 2.10 | % | 2.26 | % | 2.30 | % | 2.25 | % | 2.21 | % | 2.38 | % |
Noninterest expense, adjusted to
average assets, excluding PPP
loans(2)
|
2.14 | % | 2.10 | % | 2.22 | % | 2.38 | % | 2.29 | % | 2.21 | % | 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 | Years Ended | |||||||||||||
December 31, | September 30, | June 30, | March 31, | December 31, | December 31, | December 31, | ||||||||
2021 | 2021 | 2021 | 2021 | 2020 | 2021 | 2020 | ||||||||
Efficiency Ratio Calculation | ||||||||||||||
Noninterest expense | $ | 120,889 | $ | 116,054 | $ | 121,419 | $ | 118,425 | $ | 117,971 | $ | 476,787 | $ | 486,706 |
Less: | ||||||||||||||
Acquisition and integration related expenses |
(3,945) | (2,916) | (7,773) | (245) | (1,860) | (14,879) | (13,462) | |||||||
Net OREO expense | (442) | 4 | (160) | (589) | (106) | (1,187) | (1,196) | |||||||
Optimization costs | - | - | (31) | (1,525) | (1,493) | (1,556) | (19,869) | |||||||
Total | $ | 116,502 | $ | 113,142 | $ | 113,455 | $ | 116,066 | $ | 114,512 | $ | 459,165 | $ | 452,179 |
Tax-equivalent net interest
income(3)
|
$ | 139,811 | $ | 146,190 | $ | 145,241 | $ | 142,098 | $ | 149,141 | $ | 573,340 | $ | 584,079 |
Noninterest income | 44,479 | 45,180 | 46,270 | 45,803 | 27,715 | 181,732 | 140,653 | |||||||
Less: | ||||||||||||||
Swap termination costs | - | - | - | - | 17,567 | - | 31,852 | |||||||
Net securities gains | - | - | - | - | - | - | (13,323) | |||||||
Total | $ | 184,290 | $ | 191,370 | $ | 191,511 | $ | 187,901 | $ | 194,423 | $ | 755,072 | $ | 743,261 |
Efficiency ratio | 63.22 | % | 59.12 | % | 59.24 | % | 61.77 | % | 58.90 | % | 60.81 | % | 60.84 | % |
Pre-Tax, Pre-Provision Earnings | ||||||||||||||
Net Income | $ | 48,553 | $ | 54,863 | $ | 51,121 | $ | 45,023 | $ | 41,605 | $ | 199,560 | $ | 107,898 |
Income tax expense | 16,737 | 19,459 | 18,018 | 17,372 | 5,743 | 71,586 | 27,083 | |||||||
Provision for credit losses | (2,924) | - | - | 6,098 | 10,507 | 3,174 | 98,615 | |||||||
Pre-Tax, Pre-Provision Earnings |
$ | 62,366 | $ | 74,322 | $ | 69,139 | $ | 68,493 | $ | 57,855 | $ | 274,320 | $ | 233,596 |
Adjustments to pre-tax, pre- provision earnings: |
||||||||||||||
Acquisition and integration related expenses |
$ | 3,945 | $ | 2,916 | $ | 7,773 | $ | 245 | $ | 1,860 | $ | 14,879 | $ | 13,462 |
Optimization costs | - | - | 31 | 1,525 | 1,493 | 1,556 | 19,869 | |||||||
Swap termination costs | - | - | - | - | 17,567 | - | 31,852 | |||||||
Net securities gains | - | - | - | - | - | - | (13,323) | |||||||
Total adjustments | 3,945 | 2,916 | 7,804 | 1,770 | 20,920 | 16,435 | 51,860 | |||||||
Pre-Tax, Pre-Provision Earnings, adjusted |
$ | 66,311 | $ | 77,238 | $ | 76,943 | $ | 70,263 | $ | 78,775 | $ | 290,755 | $ | 285,456 |
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 | ||||||||||
December 31, | September 30, | June 30, | March 31, | December 31, | ||||||
2021 | 2021 | 2021 | 2021 | 2020 | ||||||
Tangible Common Equity | ||||||||||
Stockholders' equity, common | $ | 2,512,228 | $ | 2,492,723 | $ | 2,473,648 | $ | 2,422,815 | $ | 2,459,506 |
Less: goodwill and other intangible assets | (920,599) | (923,383) | (926,176) | (928,974) | (932,764) | |||||
Tangible common equity | 1,591,629 | 1,569,340 | 1,547,472 | 1,493,841 | 1,526,742 | |||||
Less: AOCI | 37,793 | 25,381 | 5,941 | 22,096 | (26,379) | |||||
Tangible common equity, excluding AOCI | $ | 1,629,422 | $ | 1,594,721 | $ | 1,553,413 | $ | 1,515,937 | $ | 1,500,363 |
Total assets | $ | 21,778,242 | $ | 21,778,180 | $ | 21,625,424 | $ | 21,208,591 | $ | 20,838,678 |
Less: goodwill and other intangible assets | (920,599) | (923,383) | (926,176) | (928,974) | (932,764) | |||||
Tangible assets | 20,857,643 | 20,854,797 | 20,699,248 | 20,279,617 | 19,905,914 | |||||
Less: PPP loans | (230,687) | (384,100) | (705,915) | (1,109,442) | (785,563) | |||||
Tangible assets, excluding PPP loans | $ | 20,626,956 | $ | 20,470,697 | $ | 19,993,333 | $ | 19,170,175 | $ | 19,120,351 |
Tangible common equity to tangible assets | 7.63 | % | 7.53 | % | 7.48 | % | 7.37 | % | 7.67 | % |
Tangible common equity to tangible assets, excluding PPP loans | 7.72 | % | 7.67 | % | 7.74 | % | 7.79 | % | 7.98 | % |
Tangible common equity, excluding AOCI, to tangible assets |
7.81 | % | 7.65 | % | 7.50 | % | 7.48 | % | 7.54 | % |
Tangible common equity, excluding AOCI, to tangible assets, excluding PPP loans |
7.90 | % | 7.79 | % | 7.77 | % | 7.91 | % | 7.85 | % |
Tangible common equity to risk-weighted assets | 10.24 | % | 10.08 | % | 9.92 | % | 9.73 | % | 9.93 | % |