Adjusted1 net income of
CEO COMMENTARY:
“Our excellent 3rd quarter results are not only a testament to our |
THIRD QUARTER HIGHLIGHTS2:
Net income | • Net income of |
• Earnings per diluted share of | |
Net interest income/NIM | • Net interest income on a fully taxable equivalent basis of |
• Net interest margin on a fully taxable equivalent basis of 3.03% compared to 3.14% | |
Operating Performance | • Pre-provision net revenue1 (“PPNR”) of |
• Adjusted PPNR1 of | |
• Noninterest expense of | |
• Adjusted noninterest expense1 of | |
• Efficiency ratio1 of 55.93% | |
• Adjusted efficiency ratio1 of 53.06%, a 73 basis point improvement | |
Loans and Credit Quality | • End-of-period total loans3 of |
◦ Commercial real estate loans grew | |
• Third-quarter total commercial production, excluding PPP loans, of | |
• Provision for credit losses of | |
• | |
• Net recoveries of | |
• Non-performing loans of 1.15% of total loans compared to 1.04% | |
Return Profile & Capital | • Return on average common equity of 10.79% |
• Return on average tangible common equity1 of 17.88% | |
• Adjusted return on average tangible common equity1 of 17.54% | |
• No shares of common stock were repurchased during the current quarter | |
Notable Items | • |
• |
1 Non-GAAP financial measure that Management believes is useful in evaluating the financial results of the Company – please refer to the Non GAAP reconciliations contained in this release 2 Comparisons are on a linked-quarter basis, unless otherwise noted 3 Includes loans held for sale
RESULTS OF OPERATIONS
Included in the third quarter were pre-tax charges of
LOANS
Strong commercial production drove total loan balances higher.
- Period-end total loans were
$13,977 .6 million atSeptember 30, 2020 , an increase of$239.4 million when compared to the$13,738 .2 million atJune 30, 2020 . - Commercial real estate loans increased
$298 .2 million to$5,701 .5 million, or 22.1% annualized growth. - Commercial and industrial loans decreased
$42.9 million to$4,264.6 million . - Consumer loans decreased
$14.4 million to$1,661 .1 million and residential mortgage loans increased$36 .0 million to$2,265 .3 million. - Total commercial loan production in the third quarter, excluding
$20 million in PPP loan production, was$977.8 million ; period-end pipeline totaled$2.9 billion . - Average total loans in the third quarter were
$13,849.0 million , an increase of$398 .9 million from the second quarter of 2020.
DEPOSITS
A low-cost core deposit franchise continues to be one of Old National’s strengths.
- Period-end total deposits were
$16,506 .5 million atSeptember 30, 2020 , an increase of$187.1 million when compared to the$16,319.4 million atJune 30, 2020 . - Noninterest-bearing deposits increased to
$5,463.0 million atSeptember 30, 2020 from$5,217.7 million atJune 30, 2020 . - On average, total deposits in the third quarter were
$16,436 .8 million, compared to$15,652 .8 million in the second quarter of 2020.
NET INTEREST INCOME AND MARGIN
Net interest income unchanged while net interest margin is lower as decline in asset yields outpaces decline in deposit and funding costs.
- Net interest income remained unchanged at
$145 .6 million in the third quarter of 2020 when compared to the second quarter of 2020. - The net interest margin on a fully taxable equivalent basis decreased 11 basis points to 3.03% compared to 3.14% in the second quarter of 2020.
- PPP interest and net fees combined to have a positive impact of
$8.8 million to net interest income in the third quarter while having a net neutral impact to the interest margin. - Accretion income was
$5 .4 million, or 11 basis points of net interest margin, in the third quarter of 2020 compared to$5 .8 million, or 12 basis points of net interest margin, in the second quarter of 2020. In the third quarter of 2020, accretion income was 2.6% of adjusted total revenue. - Interest collected on nonaccrual loans was
$1.0 million , or 2 basis points of net interest margin, in the third quarter of 2020 compared to$0 .6 million, or 1 basis point of net interest margin, in the second quarter of 2020. - The cost of total deposits declined 4 basis points to 0.13% in the third quarter of 2020 while the cost of total interest-bearing deposits decreased 6 basis points to 0.19%.
CREDIT QUALITY
Strong credit quality remains a hallmark of the Old National franchise.
- Old National recorded no provision for credit losses in the third quarter of 2020, compared to
$22.5 million in the second quarter. - Net recoveries in the third quarter were
$3.0 million , compared to net charge-offs of$0 .5 million in the second quarter.
- 30-89 day delinquencies were 0.20% at the end of the third quarter.
- Non-performing loans increased as a percentage of total loans to 1.15%.
- Loans acquired from previous acquisitions were recorded at fair value at the acquisition date. As of
September 30, 2020 , the remaining discount on these acquired loans was$56.0 million . - The allowance for credit losses was
$131.4 million , or 0.95% of total loans atSeptember 30, 2020 .
NONINTEREST INCOME
Noninterest income increased due to a rebound in deposit service charges and continued strength in mortgage banking revenue.
- Total noninterest income for the third quarter of 2020 was
$64 .7 million, an increase of$6 .3 million from the second quarter of 2020. - Service charges on deposit accounts increased
$1.1 million and mortgage banking revenue increased$0 .8 million when compared to the second quarter of 2020. - Gains on sales of debt securities increased
$4.4 million when compared to the second quarter of 2020.
NONINTEREST EXPENSE
Third quarter results demonstrate benefit of
- Noninterest expense for the third quarter of 2020 was
$120 .2 million and included$2.9 million inONB Way charges and$3.1 million in tax credit amortization. - Excluding these items, adjusted noninterest expense for the third quarter was
$114 .2 million, compared to the$115 .0 million in adjusted noninterest expense in the second quarter of 2020. - The third quarter efficiency ratio was 55.93%, while the adjusted efficiency ratio was 53.06%.
- Adjusted operating leverage1 was +298 basis points for the third quarter of 2020 as compared to the third quarter of 2019.
INCOME TAXES
- On a fully taxable-equivalent basis, income tax expense in the third quarter was
$15 .6 million, resulting in a 16.6% FTE tax rate. - Income tax expense included
$3.7 million in tax credit benefit.
CAPITAL AND LIQUIDITY
Capital ratios remain strong.
- At the end of the third quarter, total risk-based capital was 13.10% and regulatory tier 1 capital was 12.10%.
- Tangible common equity to tangible assets was 8.58% at the end of the third quarter compared to 8.45% in the second quarter of 2020.
- The Company did not repurchase any shares of common stock during the third quarter.
- A low loan to deposit ratio of 84.7%, combined with existing funding sources plus available unencumbered, high-quality collateral, provides strong liquidity.
NON-GAAP RECONCILIATIONS
($ in millions, except EPS, shares in 000s) | 3Q20 | Adjustments4 | Adjusted 3Q20 | |||||||||
Total Revenues (FTE) | $ | 213.7 | $ | (4.9 | ) | $ | 208.8 | |||||
Less: Provision for Credit Losses | — | — | — | |||||||||
Less: Noninterest Expenses | (120.2 | ) | 2.9 | (117.3 | ) | |||||||
Income before Income Taxes (FTE) | $ | 93.5 | $ | (2.0 | ) | $ | 91.5 | |||||
Income Taxes | (15.6 | ) | 0.5 | (15.1 | ) | |||||||
Net Income | $ | 77.9 | $ | (1.5 | ) | $ | 76.4 | |||||
Average Shares Outstanding | 165,419 | — | 165,419 | |||||||||
Earnings Per Share - Diluted | $ | 0.47 | $ | (0.01 | ) | $ | 0.46 |
4 Tax-effect calculations use the current statutory FTE tax rates (federal + state)
($ in millions) | 3Q20 | 2Q20 | ||||||
Net Interest Income | $ | 145.6 | $ | 145.6 | ||||
Add: FTE Adjustment | 3.4 | 3.4 | ||||||
Net Interest Income (FTE) | $ | 149.0 | $ | 149.0 | ||||
Average Earning Assets | $ | 19,654.3 | $ | 19,007.7 | ||||
Net Interest Margin (FTE) | 3.03 | % | 3.14 | % | ||||
($ in millions) | 3Q20 | 3Q19 | ||||||
Net Interest Income | $ | 145.6 | $ | 153.1 | ||||
Add: FTE Adjustment | 3.4 | 3.2 | ||||||
Net Interest Income (FTE) | $ | 149.0 | $ | 156.3 | ||||
Add: Total Noninterest Income | 64.7 | 53.9 | ||||||
Less: Noninterest Expense | 120.2 | 122.6 | ||||||
Pre-Provision Net Revenue | $ | 93.5 | $ | 87.6 | ||||
Less: Debt Securities Gains | (4.9 | ) | (0.4 | ) | ||||
Add: ONB Way Charges | 2.9 | 1.8 | ||||||
Add: Merger and Integration Charges | — | 1.3 | ||||||
Add: Amortization of Tax Credit Investments | 3.1 | 1.2 | ||||||
Adjusted Pre-Provision Net Revenue | $ | 94.6 | $ | 91.5 |
($ in millions) | 3Q20 | 2Q20 | 3Q19 | |||||||||
Noninterest Expense | $ | 120.2 | $ | 120.2 | $ | 122.6 | ||||||
Less: ONB Way Charges | (2.9 | ) | (4.9 | ) | (1.8 | ) | ||||||
Less: Merger and Integration Charges | — | — | (1.3 | ) | ||||||||
Noninterest Expense less Charges | $ | 117.3 | $ | 115.3 | $ | 119.5 | ||||||
Less: Amortization of Tax Credit Investments | (3.1 | ) | (0.3 | ) | (1.2 | ) | ||||||
Adjusted Noninterest Expense | $ | 114.2 | $ | 115.0 | $ | 118.3 | ||||||
Less: Intangible Amortization | (3.4 | ) | (3.6 | ) | (4.2 | ) | ||||||
Adjusted Noninterest Expense Less Intangible Amortization | $ | 110.8 | $ | 111.4 | $ | 114.1 | ||||||
Net Interest Income | $ | 145.6 | $ | 145.6 | $ | 153.1 | ||||||
FTE Adjustment | 3.4 | 3.4 | 3.2 | |||||||||
Net Interest Income (FTE) | $ | 149.0 | $ | 149.0 | $ | 156.3 | ||||||
Total Noninterest Income | 64.7 | 58.5 | 53.9 | |||||||||
Total Revenue (FTE) | $ | 213.7 | $ | 207.5 | $ | 210.2 | ||||||
Less: Debt Securities Gains/Losses | (4.9 | ) | (0.5 | ) | (0.4 | ) | ||||||
Add: Loss on Branch Actions | — | 0.1 | — | |||||||||
Adjusted Total Revenue (FTE) | $ | 208.8 | $ | 207.1 | $ | 209.8 | ||||||
Efficiency Ratio | 55.93 | % | 56.29 | % | 56.44 | % | ||||||
Adjusted Efficiency Ratio | 53.06 | % | 53.79 | % | 54.40 | % | ||||||
Operating Leverage5 (basis points) | 357 | |||||||||||
Adjusted Operating Leverage6 (basis points) | 298 |
5 Year-over-year basis point change in noninterest expenses plus change in total revenue
6 Year-over-year basis point change in adjusted noninterest expense plus change in adjusted total revenue
($ in millions) | 3Q20 | 2Q20 | ||||||
Net Income | $ | 77.9 | $ | 51.7 | ||||
Add: Intangible Amortization (net of tax7) | 2.6 | 2.7 | ||||||
Tangible Net Income | $ | 80.5 | $ | 54.4 | ||||
Less: Securities Gains/Losses (net of tax7) | (3.7 | ) | (0.4 | ) | ||||
Add: Loss on Branch Actions (net of tax7) | — | 0.1 | ||||||
Add: ONB Way Charges (net of tax7) | 2.2 | 3.7 | ||||||
Adjusted Tangible Net Income | $ | 79.0 | $ | 57.8 | ||||
Average Total Shareholders’ Equity | 2,889.5 | 2,845.4 | ||||||
Less: Average Goodwill | (1,037.0 | ) | (1,037.0 | ) | ||||
Less: Average Intangibles | (50.9 | ) | (54.4 | ) | ||||
Average Tangible Shareholders’ Equity | $ | 1,801.6 | $ | 1,754.0 | ||||
Return on Average Tangible Common Equity | 17.88 | % | 12.41 | % | ||||
Adjusted Return on Average Tangible Common Equity | 17.54 | % | 13.18 | % |
7Tax-effect calculations use the current statutory FTE tax rates (federal + state)
CONFERENCE CALL AND WEBCAST
Old National will host a conference call and live webcast at
ABOUT OLD NATIONAL
USE OF NON-GAAP FINANCIAL MEASURES
This earnings release contains GAAP financial measures and non-GAAP financial measures where management believes it to be helpful in understanding Old National’s results of operations or financial position. Where non-GAAP financial measures are used, the comparable GAAP financial measure, as well as the reconciliation to the comparable GAAP financial measure, can be found in the tables of this release.
FORWARD-LOOKING STATEMENT
This press release contains certain forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. These statements include, but are not limited to, descriptions of Old National Bancorp’s (“Old National’s”) financial condition, results of operations, asset and credit quality trends and profitability. Forward-looking statements can be identified by the use of the words “anticipate,” “believe,” “expect,” “intend,” “could” and “should,” and other words of similar meaning. These forward-looking statements express management’s current expectations or forecasts of future events and, by their nature, are subject to risks and uncertainties, such as statements about the potential impacts of the COVID-19 pandemic. There are a number of factors that could cause actual results to differ materially from those in such statements. Factors that might cause such a difference include, but are not limited to: the severity, magnitude and duration of the COVID-19 pandemic, including impacts of the pandemic and of businesses’ and governments’ responses to the pandemic on our operations and personnel, and on commercial activity and demand across our and our customers’ businesses; market, economic, operational, liquidity, credit and interest rate risks associated with Old National’s business(including developments and volatility arising from the COVID-19 pandemic); competition; government legislation and policies (including the impact of the Dodd-Frank Wall Street Reform and Consumer Protection Act and its related regulations); ability of Old National to execute its business plan, including the anticipated impact from the
Financial Highlights (unaudited) | |||||||||||||||||
($ and shares in thousands, except per share data) | |||||||||||||||||
Three Months Ended | Nine Months Ended | ||||||||||||||||
2020 | 2020 | 2019 | 2020 | 2019 | |||||||||||||
Income Statement | |||||||||||||||||
Net interest income | $ | 145,573 | $ | 145,671 | $ | 153,096 | $ | 435,015 | $ | 455,374 | |||||||
Tax equivalent adjustment (1) | 3,379 | 3,367 | 3,171 | 10,069 | 9,659 | ||||||||||||
Net interest income - tax equivalent basis | 148,952 | 149,038 | 156,267 | 445,084 | 465,033 | ||||||||||||
Provision for loan losses (4) | — | 22,545 | 1,437 | 39,495 | 3,483 | ||||||||||||
Noninterest income | 64,759 | 58,461 | 53,961 | 180,722 | 151,591 | ||||||||||||
Noninterest expense | 120,234 | 120,121 | 122,585 | 399,099 | 373,744 | ||||||||||||
Net income | 77,944 | 51,705 | 69,781 | 152,289 | 189,021 | ||||||||||||
Per Common Share Data | |||||||||||||||||
Weighted average diluted shares | 165,419 | 165,302 | 171,551 | 166,370 | 173,527 | ||||||||||||
Net income (diluted) | $ | 0.47 | $ | 0.32 | $ | 0.41 | $ | 0.92 | $ | 1.09 | |||||||
Cash dividends | 0.14 | 0.14 | 0.13 | 0.42 | 0.39 | ||||||||||||
Common dividend payout ratio (2) | 30 | % | 44 | % | 32 | % | 46 | % | 35 | % | |||||||
Book value | $ | 17.67 | $ | 17.35 | $ | 16.66 | $ | 17.67 | $ | 16.66 | |||||||
Stock price | 12.56 | 13.76 | 17.20 | 12.56 | 17.20 | ||||||||||||
Tangible common book value (3) | 11.10 | 10.75 | 10.18 | 11.10 | 10.18 | ||||||||||||
Performance Ratios | |||||||||||||||||
Return on average assets | 1.40 | % | 0.96 | % | 1.39 | % | 0.95 | % | 1.26 | % | |||||||
Return on average common equity | 10.79 | % | 7.27 | % | 9.91 | % | 7.11 | % | 9.12 | % | |||||||
Return on tangible common equity (3) | 17.56 | % | 12.27 | % | 16.85 | % | 11.66 | % | 15.31 | % | |||||||
Return on average tangible common equity (3) | 17.88 | % | 12.41 | % | 17.01 | % | 12.12 | % | 16.00 | % | |||||||
Net interest margin (FTE) | 3.03 | % | 3.14 | % | 3.57 | % | 3.15 | % | 3.58 | % | |||||||
Efficiency ratio (5) | 55.93 | % | 56.29 | % | 56.44 | % | 63.11 | % | 58.65 | % | |||||||
Net charge-offs (recoveries) to average loans | (0.09 | )% | 0.02 | % | 0.03 | % | 0.04 | % | 0.02 | % | |||||||
Allowance for loan losses to ending loans (4) | 0.95 | % | 0.94 | % | 0.47 | % | 0.95 | % | 0.47 | % | |||||||
Non-performing loans to ending loans | 1.15 | % | 1.04 | % | 1.31 | % | 1.15 | % | 1.31 | % | |||||||
Balance Sheet (EOP) | |||||||||||||||||
Total loans | $ | 13,892,509 | $ | 13,615,701 | $ | 12,017,648 | $ | 13,892,509 | $ | 12,017,648 | |||||||
Total assets | 22,460,476 | 22,102,188 | 20,438,788 | 22,460,476 | 20,438,788 | ||||||||||||
Total deposits | 16,506,494 | 16,319,446 | 14,448,352 | 16,506,494 | 14,448,352 | ||||||||||||
Total borrowed funds | 2,725,731 | 2,641,436 | 2,831,863 | 2,725,731 | 2,831,863 | ||||||||||||
Total shareholders' equity | 2,921,149 | 2,864,255 | 2,832,530 | 2,921,149 | 2,832,530 | ||||||||||||
Capital Ratios (3) | |||||||||||||||||
Risk-based capital ratios (EOP): | |||||||||||||||||
Tier 1 common equity | 12.10 | % | 11.70 | % | 12.03 | % | 12.10 | % | 12.03 | % | |||||||
Tier 1 | 12.10 | % | 11.70 | % | 12.03 | % | 12.10 | % | 12.03 | % | |||||||
Total | 13.10 | % | 12.68 | % | 12.97 | % | 13.10 | % | 12.97 | % | |||||||
Leverage ratio (to average assets) | 8.15 | % | 8.12 | % | 8.79 | % | 8.15 | % | 8.79 | % | |||||||
Total equity to assets (averages) | 12.97 | % | 13.16 | % | 13.98 | % | 13.33 | % | 13.84 | % | |||||||
Tangible common equity to tangible assets | 8.58 | % | 8.45 | % | 8.95 | % | 8.58 | % | 8.95 | % | |||||||
Nonfinancial Data | |||||||||||||||||
Full-time equivalent employees | 2,484 | 2,530 | 2,778 | 2,484 | 2,778 | ||||||||||||
Banking centers | 162 | 162 | 192 | 162 | 192 | ||||||||||||
(1) Calculated using the federal statutory tax rate in effect of 21% for all periods. | |||||||||||||||||
(2) Cash dividends per share divided by net income per share (basic). | |||||||||||||||||
(3) Represents a non-GAAP financial measure. Refer the "Non-GAAP Measures" table for reconciliations to GAAP financial measures. | |||||||||||||||||
(4) Beginning | |||||||||||||||||
(5) Efficiency ratio is defined as noninterest expense before amortization of intangibles as a percent of FTE net interest income and noninterest revenues, excluding net gains from debt securities transactions. This presentation excludes amortization of intangibles and net debt securities gains, as is common in other company releases, and better aligns with true operating performance. | |||||||||||||||||
FTE - Fully taxable equivalent basis | EOP - End of period actual balances | N/A - Not applicable |
Income Statement (unaudited) | |||||||||||||||||||||||
($ and shares in thousands, except per share data) | |||||||||||||||||||||||
Three Months Ended | Nine Months Ended | ||||||||||||||||||||||
2020 | 2020 | 2019 | 2020 | 2019 | |||||||||||||||||||
Interest income | $ | 160,086 | $ | 161,974 | $ | 185,853 | $ | 490,059 | $ | 553,834 | |||||||||||||
Less: interest expense | 14,513 | 16,303 | 32,757 | 55,044 | 98,460 | ||||||||||||||||||
Net interest income | 145,573 | 145,671 | 153,096 | 435,015 | 455,374 | ||||||||||||||||||
Provision for loan losses (1) | — | 22,545 | 1,437 | 39,495 | 3,483 | ||||||||||||||||||
Net interest income after provision for loan losses | 145,573 | 123,126 | 151,659 | 395,520 | 451,891 | ||||||||||||||||||
Wealth management fees | 9,239 | 9,424 | 9,160 | 27,547 | 27,604 | ||||||||||||||||||
Service charges on deposit accounts | 8,698 | 7,582 | 11,860 | 26,357 | 34,201 | ||||||||||||||||||
Debit card and ATM fees | 5,276 | 4,832 | 5,370 | 15,106 | 16,292 | ||||||||||||||||||
Mortgage banking revenue | 18,110 | 17,313 | 8,850 | 46,542 | 20,996 | ||||||||||||||||||
Investment product fees | 5,351 | 4,845 | 5,244 | 16,070 | 16,106 | ||||||||||||||||||
Capital markets income | 5,428 | 6,179 | 4,560 | 15,935 | 10,227 | ||||||||||||||||||
Company-owned life insurance | 2,830 | 2,968 | 2,703 | 8,878 | 8,602 | ||||||||||||||||||
Other income | 4,906 | 4,807 | 5,790 | 13,681 | 16,077 | ||||||||||||||||||
Gains (losses) on sales of debt securities | 4,921 | 511 | 424 | 10,606 | 1,486 | ||||||||||||||||||
Total noninterest income | 64,759 | 58,461 | 53,961 | 180,722 | 151,591 | ||||||||||||||||||
Salaries and employee benefits | 69,860 | 66,556 | 71,729 | 215,589 | 214,478 | ||||||||||||||||||
Occupancy | 13,930 | 13,245 | 11,934 | 42,308 | 41,071 | ||||||||||||||||||
Equipment | 3,754 | 3,853 | 3,954 | 12,912 | 12,945 | ||||||||||||||||||
Marketing | 2,140 | 2,395 | 4,105 | 7,632 | 12,267 | ||||||||||||||||||
Data processing | 9,628 | 9,629 | 8,961 | 28,724 | 28,509 | ||||||||||||||||||
Communication | 2,241 | 2,296 | 2,349 | 7,335 | 8,252 | ||||||||||||||||||
Professional fees | 3,083 | 3,545 | 5,037 | 10,921 | 12,868 | ||||||||||||||||||
1,319 | 2,014 | 960 | 4,942 | 4,501 | |||||||||||||||||||
Amortization of intangibles | 3,459 | 3,612 | 4,168 | 10,847 | 12,965 | ||||||||||||||||||
Amortization of tax credit investments | 3,115 | 287 | 1,211 | 8,917 | 2,039 | ||||||||||||||||||
Other expense | 7,705 | 12,689 | 8,177 | 48,972 | 23,849 | ||||||||||||||||||
Total noninterest expense | 120,234 | 120,121 | 122,585 | 399,099 | 373,744 | ||||||||||||||||||
Income before income taxes | 90,098 | 61,466 | 83,035 | 177,143 | 229,738 | ||||||||||||||||||
Income tax expense | 12,154 | 9,761 | 13,254 | 24,854 | 40,717 | ||||||||||||||||||
Net income | $ | 77,944 | $ | 51,705 | $ | 69,781 | $ | 152,289 | $ | 189,021 | |||||||||||||
Diluted Earnings Per Share | |||||||||||||||||||||||
Net income | $ | 0.47 | $ | 0.32 | $ | 0.41 | $ | 0.92 | $ | 1.09 | |||||||||||||
Average Common Shares Outstanding | |||||||||||||||||||||||
Basic | 164,773 | 164,732 | 170,746 | 165,748 | 172,807 | ||||||||||||||||||
Diluted | 165,419 | 165,302 | 171,551 | 166,370 | 173,527 | ||||||||||||||||||
Common shares outstanding at end of period | 165,333 | 165,093 | 170,031 | 165,333 | 170,031 | ||||||||||||||||||
(1) Beginning | |||||||||||||||||||||||
Balance Sheet (unaudited) | ||||||||||||||
($ in thousands) | ||||||||||||||
2020 | 2020 | 2019 | ||||||||||||
Assets | ||||||||||||||
$ | 87,682 | $ | 54,807 | $ | 80,018 | |||||||||
Money market investments | 13,437 | 14,633 | 19,410 | |||||||||||
Investments: | ||||||||||||||
501,771 | 489,232 | 524,919 | ||||||||||||
Mortgage-backed securities | 3,382,280 | 3,304,054 | 3,248,367 | |||||||||||
States and political subdivisions | 1,426,495 | 1,355,959 | 1,231,248 | |||||||||||
Other securities | 462,958 | 512,375 | 490,389 | |||||||||||
Total investments | 5,773,504 | 5,661,620 | 5,494,923 | |||||||||||
Loans held for sale, at fair value | 85,091 | 122,507 | 58,285 | |||||||||||
Loans: | ||||||||||||||
Commercial | 4,264,568 | 4,307,505 | 2,950,559 | |||||||||||
Commercial and agriculture real estate | 5,701,493 | 5,403,316 | 5,112,123 | |||||||||||
Consumer: | ||||||||||||||
Home equity | 549,115 | 547,286 | 555,905 | |||||||||||
Other consumer loans | 1,112,034 | 1,128,296 | 1,162,438 | |||||||||||
Subtotal of commercial and consumer loans | 11,627,210 | 11,386,403 | 9,781,025 | |||||||||||
Residential real estate | 2,265,299 | 2,229,298 | 2,236,623 | |||||||||||
Total loans | 13,892,509 | 13,615,701 | 12,017,648 | |||||||||||
Total earning assets | 19,852,223 | 19,469,268 | 17,670,284 | |||||||||||
Allowance for loan losses (1) | (131,388 | ) | (128,394 | ) | (56,910 | ) | ||||||||
Non-earning Assets: | ||||||||||||||
Cash and due from banks | 229,631 | 241,054 | 320,822 | |||||||||||
Premises and equipment, net | 463,253 | 462,796 | 492,065 | |||||||||||
Operating lease right-of-use assets | 77,482 | 80,400 | 102,976 | |||||||||||
1,086,252 | 1,089,711 | 1,101,045 | ||||||||||||
Company-owned life insurance | 455,975 | 453,116 | 447,110 | |||||||||||
Other assets | 427,048 | 434,237 | 361,396 | |||||||||||
Total non-earning assets | 2,739,641 | 2,761,314 | 2,825,414 | |||||||||||
Total assets | $ | 22,460,476 | $ | 22,102,188 | $ | 20,438,788 | ||||||||
Liabilities and Equity | ||||||||||||||
Noninterest-bearing demand deposits | $ | 5,463,007 | $ | 5,217,678 | $ | 3,996,264 | ||||||||
Interest-bearing: | ||||||||||||||
Checking and NOW accounts | 4,588,432 | 4,567,046 | 3,936,318 | |||||||||||
Savings accounts | 3,287,302 | 3,166,680 | 2,863,718 | |||||||||||
Money market accounts | 1,904,404 | 1,895,809 | 1,821,989 | |||||||||||
Other time deposits | 1,206,658 | 1,321,499 | 1,704,238 | |||||||||||
Total core deposits | 16,449,803 | 16,168,712 | 14,322,527 | |||||||||||
Brokered CD's | 56,691 | 150,734 | 125,825 | |||||||||||
Total deposits | 16,506,494 | 16,319,446 | 14,448,352 | |||||||||||
Federal funds purchased and interbank borrowings | 1,259 | 801 | 240,589 | |||||||||||
Securities sold under agreements to repurchase | 399,141 | 367,744 | 337,551 | |||||||||||
2,087,648 | 2,035,014 | 2,001,960 | ||||||||||||
Other borrowings | 237,683 | 237,877 | 251,763 | |||||||||||
Total borrowed funds | 2,725,731 | 2,641,436 | 2,831,863 | |||||||||||
Operating lease liabilities | 88,552 | 91,845 | 107,272 | |||||||||||
Accrued expenses and other liabilities | 218,550 | 185,206 | 218,771 | |||||||||||
Total liabilities | 19,539,327 | 19,237,933 | 17,606,258 | |||||||||||
Common stock, surplus, and retained earnings | 2,771,865 | 2,715,212 | 2,774,016 | |||||||||||
Accumulated other comprehensive income (loss), net of tax | 149,284 | 149,043 | 58,514 | |||||||||||
Total shareholders' equity | 2,921,149 | 2,864,255 | 2,832,530 | |||||||||||
Total liabilities and shareholders' equity | $ | 22,460,476 | $ | 22,102,188 | $ | 20,438,788 | ||||||||
(1) Beginning |
Average Balance Sheet and Interest Rates (unaudited) | ||||||||||||||||||||||||||||||
($ in thousands) | ||||||||||||||||||||||||||||||
Three Months Ended | Three Months Ended | Three Months Ended | ||||||||||||||||||||||||||||
Average | Income (1)/ | Yield/ | Average | Income (1)/ | Yield/ | Average | Income (1)/ | Yield/ | ||||||||||||||||||||||
Earning Assets: | Balance | Expense | Rate | Balance | Expense | Rate | Balance | Expense | Rate | |||||||||||||||||||||
Money market and other interest-earning investments | $ | 137,880 | $ | 59 | 0.17 | % | $ | 85,680 | $ | 34 | 0.16 | % | $ | 63,142 | $ | 528 | 3.32 | % | ||||||||||||
Investments: | ||||||||||||||||||||||||||||||
| 454,005 | 2,457 | 2.17 | % | 501,838 | 3,033 | 2.42 | % | 682,940 | 4,341 | 2.54 | % | ||||||||||||||||||
Mortgage-backed securities | 3,342,284 | 17,478 | 2.09 | % | 3,179,165 | 17,930 | 2.26 | % | 3,019,322 | 18,589 | 2.46 | % | ||||||||||||||||||
States and political subdivisions | 1,383,765 | 11,860 | 3.43 | % | 1,293,756 | 11,757 | 3.63 | % | 1,172,017 | 10,896 | 3.72 | % | ||||||||||||||||||
Other securities | 487,405 | 2,922 | 2.40 | % | 497,204 | 3,224 | 2.59 | % | 499,308 | 4,049 | 3.24 | % | ||||||||||||||||||
Total investments | 5,667,459 | 34,717 | 2.45 | % | 5,471,963 | 35,944 | 2.63 | % | 5,373,587 | 37,875 | 2.82 | % | ||||||||||||||||||
Loans: (2) | ||||||||||||||||||||||||||||||
Commercial | 4,274,894 | 33,223 | 3.04 | % | 4,049,403 | 31,729 | 3.10 | % | 3,018,638 | 35,428 | 4.59 | % | ||||||||||||||||||
Commercial and agriculture real estate | 5,546,486 | 55,891 | 3.94 | % | 5,340,622 | 58,007 | 4.30 | % | 5,037,909 | 71,604 | 5.56 | % | ||||||||||||||||||
Consumer: | ||||||||||||||||||||||||||||||
Home equity | 551,380 | 4,336 | 3.13 | % | 554,701 | 4,213 | 3.06 | % | 557,607 | 7,102 | 5.05 | % | ||||||||||||||||||
Other consumer loans | 1,120,681 | 11,635 | 4.13 | % | 1,135,943 | 11,530 | 4.08 | % | 1,175,900 | 12,226 | 4.13 | % | ||||||||||||||||||
Subtotal commercial and consumer loans | 11,493,441 | 105,085 | 3.64 | % | 11,080,669 | 105,479 | 3.83 | % | 9,790,054 | 126,360 | 5.12 | % | ||||||||||||||||||
Residential real estate loans | 2,355,512 | 23,604 | 4.01 | % | 2,369,407 | 23,884 | 4.03 | % | 2,283,704 | 24,261 | 4.25 | % | ||||||||||||||||||
Total loans | 13,848,953 | 128,689 | 3.66 | % | 13,450,076 | 129,363 | 3.82 | % | 12,073,758 | 150,621 | 4.91 | % | ||||||||||||||||||
Total earning assets | $ | 19,654,292 | $ | 163,465 | 3.29 | % | $ | 19,007,719 | $ | 165,341 | 3.46 | % | $ | 17,510,487 | $ | 189,024 | 4.27 | % | ||||||||||||
Less: Allowance for loan losses (3) | (132,447 | ) | (107,619 | ) | (56,894 | ) | ||||||||||||||||||||||||
Non-earning Assets: | ||||||||||||||||||||||||||||||
Cash and due from banks | $ | 346,343 | $ | 332,745 | $ | 264,145 | ||||||||||||||||||||||||
Other assets | 2,405,517 | 2,384,934 | 2,429,466 | |||||||||||||||||||||||||||
Total assets | $ | 22,273,705 | $ | 21,617,779 | $ | 20,147,204 | ||||||||||||||||||||||||
Interest-Bearing Liabilities: | ||||||||||||||||||||||||||||||
Checking and NOW accounts | $ | 4,607,427 | $ | 886 | 0.08 | % | $ | 4,431,074 | $ | 1,075 | 0.10 | % | $ | 3,895,654 | $ | 4,448 | 0.45 | % | ||||||||||||
Savings accounts | 3,232,375 | 634 | 0.08 | % | 3,060,012 | 736 | 0.10 | % | 2,855,401 | 2,128 | 0.30 | % | ||||||||||||||||||
Money market accounts | 1,902,407 | 724 | 0.15 | % | 1,844,488 | 910 | 0.20 | % | 1,822,698 | 4,017 | 0.87 | % | ||||||||||||||||||
Other time deposits | 1,253,058 | 2,852 | 0.91 | % | 1,378,115 | 3,786 | 1.10 | % | 1,733,492 | 7,016 | 1.61 | % | ||||||||||||||||||
Total interest-bearing deposits | 10,995,267 | 5,096 | 0.18 | % | 10,713,689 | 6,507 | 0.24 | % | 10,307,245 | 17,609 | 0.68 | % | ||||||||||||||||||
Brokered CD's | 150,545 | 201 | 0.53 | % | 68,149 | 291 | 1.72 | % | 181,425 | 1,098 | 2.40 | % | ||||||||||||||||||
Total interest-bearing deposits and CD's | 11,145,812 | 5,297 | 0.19 | % | 10,781,838 | 6,798 | 0.25 | % | 10,488,670 | 18,707 | 0.71 | % | ||||||||||||||||||
Federal funds purchased and interbank borrowings | 18,347 | 12 | 0.25 | % | 143,811 | 44 | 0.12 | % | 254,971 | 1,484 | 2.31 | % | ||||||||||||||||||
Securities sold under agreements to repurchase | 385,149 | 160 | 0.16 | % | 350,545 | 185 | 0.21 | % | 340,158 | 715 | 0.83 | % | ||||||||||||||||||
2,021,468 | 6,709 | 1.32 | % | 2,144,497 | 6,844 | 1.28 | % | 1,889,407 | 9,123 | 1.92 | % | |||||||||||||||||||
Other borrowings | 237,811 | 2,335 | 3.93 | % | 251,738 | 2,432 | 3.87 | % | 251,817 | 2,728 | 4.33 | % | ||||||||||||||||||
Total borrowed funds | 2,662,775 | 9,216 | 1.38 | % | 2,890,591 | 9,505 | 1.32 | % | 2,736,353 | 14,050 | 2.04 | % | ||||||||||||||||||
Total interest-bearing liabilities | 13,808,587 | 14,513 | 0.42 | % | 13,672,429 | 16,303 | 0.48 | % | 13,225,023 | 32,757 | 0.98 | % | ||||||||||||||||||
Noninterest-Bearing Liabilities and Shareholders' Equity | ||||||||||||||||||||||||||||||
Demand deposits | $ | 5,291,037 | $ | 4,871,002 | $ | 3,841,867 | ||||||||||||||||||||||||
Other liabilities | 284,536 | 228,950 | 262,862 | |||||||||||||||||||||||||||
Shareholders' equity | 2,889,545 | 2,845,398 | 2,817,452 | |||||||||||||||||||||||||||
Total liabilities and shareholders' equity | $ | 22,273,705 | $ | 21,617,779 | $ | 20,147,204 | ||||||||||||||||||||||||
Net interest rate spread | 2.87 | % | 2.98 | % | 3.29 | % | ||||||||||||||||||||||||
Net interest margin (FTE) | 3.03 | % | 3.14 | % | 3.57 | % | ||||||||||||||||||||||||
FTE adjustment | $ | 3,379 | $ | 3,367 | $ | 3,171 | ||||||||||||||||||||||||
(1) Interest income is reflected on a fully taxable equivalent basis (FTE). | ||||||||||||||||||||||||||||||
(2) Includes loans held for sale. | ||||||||||||||||||||||||||||||
(3) Beginning |
Average Balance Sheet and Interest Rates (unaudited) | ||||||||||||||||||||
($ in thousands) | ||||||||||||||||||||
Nine Months Ended | Nine Months Ended | |||||||||||||||||||
Average | Income (1)/ | Yield/ | Average | Income (1)/ | Yield/ | |||||||||||||||
Earning Assets: | Balance | Expense | Rate | Balance | Expense | Rate | ||||||||||||||
Money market and other interest-earning investments | $ | 94,149 | $ | 442 | 0.63 | % | $ | 60,071 | $ | 1,140 | 2.54 | % | ||||||||
Investments: | ||||||||||||||||||||
513,055 | 9,187 | 2.39 | % | 694,628 | 12,544 | 2.41 | % | |||||||||||||
Mortgage-backed securities | 3,231,439 | 54,474 | 2.25 | % | 2,763,406 | 54,991 | 2.65 | % | ||||||||||||
States and political subdivisions | 1,317,136 | 35,026 | 3.55 | % | 1,198,962 | 33,584 | 3.73 | % | ||||||||||||
Other securities | 493,016 | 9,361 | 2.53 | % | 497,854 | 12,553 | 3.36 | % | ||||||||||||
Total investments | $ | 5,554,646 | $ | 108,048 | 2.59 | % | $ | 5,154,850 | $ | 113,672 | 2.94 | % | ||||||||
Loans: (2) | ||||||||||||||||||||
Commercial | 3,745,803 | 94,005 | 3.30 | % | 3,067,830 | 109,290 | 4.70 | % | ||||||||||||
Commercial and agriculture real estate | 5,359,254 | 176,337 | 4.32 | % | 5,015,973 | 208,894 | 5.49 | % | ||||||||||||
Consumer: | ||||||||||||||||||||
Home equity | 554,800 | 14,180 | 3.41 | % | 567,953 | 22,089 | 5.20 | % | ||||||||||||
Other consumer loans | 1,141,399 | 35,384 | 4.14 | % | 1,189,988 | 36,436 | 4.09 | % | ||||||||||||
Subtotal commercial and consumer loans | 10,801,256 | 319,906 | 3.96 | % | 9,841,744 | 376,709 | 5.12 | % | ||||||||||||
Residential real estate loans | 2,365,037 | 71,732 | 4.04 | % | 2,263,595 | 71,972 | 4.24 | % | ||||||||||||
Total loans | 13,166,293 | 391,638 | 3.93 | % | 12,105,339 | 448,681 | 4.91 | % | ||||||||||||
Total earning assets | $ | 18,815,088 | $ | 500,128 | 3.52 | % | $ | 17,320,260 | $ | 563,493 | 4.32 | % | ||||||||
Less: Allowance for loan losses (3) | (107,860 | ) | (56,442 | ) | ||||||||||||||||
Non-earning Assets: | ||||||||||||||||||||
Cash and due from banks | $ | 322,318 | $ | 242,938 | ||||||||||||||||
Other assets | 2,392,893 | 2,464,192 | ||||||||||||||||||
Total assets | $ | 21,422,439 | $ | 19,970,948 | ||||||||||||||||
Interest-Bearing Liabilities: | ||||||||||||||||||||
Checking and NOW accounts | $ | 4,381,919 | $ | 4,820 | 0.15 | % | $ | 3,829,213 | $ | 11,786 | 0.41 | % | ||||||||
Savings accounts | 3,040,889 | 2,669 | 0.12 | % | 2,889,977 | 6,556 | 0.30 | % | ||||||||||||
Money market accounts | 1,843,902 | 4,141 | 0.30 | % | 1,772,150 | 10,572 | 0.80 | % | ||||||||||||
Other time deposits | 1,397,222 | 11,823 | 1.13 | % | 1,784,200 | 21,299 | 1.60 | % | ||||||||||||
Total interest-bearing deposits | 10,663,932 | 23,453 | 0.29 | % | 10,275,540 | 50,213 | 0.65 | % | ||||||||||||
Brokered CD's | 101,112 | 940 | 1.24 | % | 194,985 | 3,457 | 2.37 | % | ||||||||||||
Total interest-bearing deposits and CD's | 10,765,044 | 24,393 | 0.30 | % | 10,470,525 | 53,670 | 0.69 | % | ||||||||||||
Federal funds purchased and interbank borrowings | 184,397 | 1,296 | 0.94 | % | 290,699 | 5,219 | 2.40 | % | ||||||||||||
Securities sold under agreements to repurchase | 355,039 | 729 | 0.27 | % | 344,294 | 2,048 | 0.80 | % | ||||||||||||
2,043,617 | 21,321 | 1.39 | % | 1,753,283 | 29,093 | 2.22 | % | |||||||||||||
Other borrowings | 243,255 | 7,305 | 4.00 | % | 251,070 | 8,430 | 4.48 | % | ||||||||||||
Total borrowed funds | 2,826,308 | 30,651 | 1.45 | % | 2,639,346 | 44,790 | 2.27 | % | ||||||||||||
Total interest-bearing liabilities | 13,591,352 | 55,044 | 0.54 | % | 13,109,871 | 98,460 | 1.00 | % | ||||||||||||
Noninterest-Bearing Liabilities and Shareholders' Equity | ||||||||||||||||||||
Demand deposits | $ | 4,710,969 | $ | 3,833,605 | ||||||||||||||||
Other liabilities | 263,841 | 263,799 | ||||||||||||||||||
Shareholders' equity | 2,856,277 | 2,763,673 | ||||||||||||||||||
Total liabilities and shareholders' equity | $ | 21,422,439 | $ | 19,970,948 | ||||||||||||||||
Net interest rate spread | 2.98 | % | 3.32 | % | ||||||||||||||||
Net interest margin (FTE) | 3.15 | % | 3.58 | % | ||||||||||||||||
FTE adjustment | $ | 10,069 | $ | 9,659 | ||||||||||||||||
(1) Interest income is reflected on a fully taxable equivalent basis (FTE). | ||||||||||||||||||||
(2) Includes loans held for sale. | ||||||||||||||||||||
(3) Beginning |
Asset Quality (EOP) (unaudited) | |||||||||||||||||||||
($ in thousands) | |||||||||||||||||||||
Three Months Ended | Nine Months Ended | ||||||||||||||||||||
2020 | 2020 | 2019 | 2020 | 2019 | |||||||||||||||||
Beginning allowance for loan losses | $ | 128,394 | $ | 106,380 | $ | 56,292 | $ | 54,619 | $ | 55,461 | |||||||||||
Impact of adopting ASC 326 on | — | — | N/A | 41,347 | N/A | ||||||||||||||||
Provision for loan losses (1) | — | 22,545 | 1,437 | 39,495 | 3,483 | ||||||||||||||||
Gross charge-offs | (4,169 | ) | (2,232 | ) | (2,716 | ) | (14,846 | ) | (8,485 | ) | |||||||||||
Gross recoveries | 7,163 | 1,701 | 1,897 | 10,773 | 6,451 | ||||||||||||||||
Net (charge-offs) recoveries | 2,994 | (531 | ) | (819 | ) | (4,073 | ) | (2,034 | ) | ||||||||||||
Ending allowance for loan losses (1) | $ | 131,388 | $ | 128,394 | $ | 56,910 | $ | 131,388 | $ | 56,910 | |||||||||||
Net charge-offs (recoveries) / average loans (2) | (0.09 | )% | 0.02 | % | 0.03 | % | 0.04 | % | 0.02 | % | |||||||||||
Average loans outstanding (2) | $ | 13,827,019 | $ | 13,435,260 | $ | 12,061,705 | $ | 13,150,805 | $ | 12,097,310 | |||||||||||
EOP loans outstanding (2) | 13,892,509 | 13,615,701 | 12,017,648 | 13,892,509 | 12,017,648 | ||||||||||||||||
Allowance for loan losses / EOP loans (1)(2) | 0.95 | % | 0.94 | % | 0.47 | % | 0.95 | % | 0.47 | % | |||||||||||
Underperforming Assets: | |||||||||||||||||||||
Loans 90 Days and over (still accruing) | $ | 90 | $ | 779 | $ | 703 | $ | 90 | $ | 703 | |||||||||||
Non-performing loans: | |||||||||||||||||||||
Nonaccrual loans (3) | 137,611 | 125,546 | 138,498 | 137,611 | 138,498 | ||||||||||||||||
TDRs still accruing | 22,037 | 16,582 | 18,884 | 22,037 | 18,884 | ||||||||||||||||
Total non-performing loans | 159,648 | 142,128 | 157,382 | 159,648 | 157,382 | ||||||||||||||||
Foreclosed properties | 1,248 | 1,786 | 2,941 | 1,248 | 2,941 | ||||||||||||||||
Total underperforming assets | $ | 160,986 | $ | 144,693 | $ | 161,026 | $ | 160,986 | $ | 161,026 | |||||||||||
Classified and Criticized Assets: | |||||||||||||||||||||
Nonaccrual loans (3) | 137,611 | 125,546 | 138,498 | 137,611 | 138,498 | ||||||||||||||||
Substandard accruing loans | 189,524 | 192,433 | 145,987 | 189,524 | 145,987 | ||||||||||||||||
Loans 90 days and over (still accruing) | 90 | 779 | 703 | 90 | 703 | ||||||||||||||||
Total classified loans - "problem loans" | $ | 327,225 | $ | 318,758 | $ | 285,188 | $ | 327,225 | $ | 285,188 | |||||||||||
Other classified assets | 3,860 | 2,565 | 2,556 | 3,860 | 2,556 | ||||||||||||||||
Criticized loans - "special mention loans" | 272,859 | 220,300 | 233,519 | 272,859 | 233,519 | ||||||||||||||||
Total classified and criticized assets | $ | 603,944 | $ | 541,623 | $ | 521,263 | $ | 603,944 | $ | 521,263 | |||||||||||
Non-performing loans / EOP loans (2) | 1.15 | % | 1.04 | % | 1.31 | % | 1.15 | % | 1.31 | % | |||||||||||
Allowance to non-performing loans (1)(4) | 82 | % | 90 | % | 36 | % | 82 | % | 36 | % | |||||||||||
Under-performing assets / EOP loans (2) | 1.16 | % | 1.06 | % | 1.34 | % | 1.16 | % | 1.34 | % | |||||||||||
EOP total assets | $ | 22,460,476 | $ | 22,102,188 | $ | 20,438,788 | $ | 22,460,476 | $ | 20,438,788 | |||||||||||
Under-performing assets / EOP assets | 0.72 | % | 0.65 | % | 0.79 | % | 0.72 | % | 0.79 | % | |||||||||||
EOP - End of period actual balances | |||||||||||||||||||||
(1) Beginning | |||||||||||||||||||||
(2) Excludes loans held for sale. | |||||||||||||||||||||
(3) Includes non-accruing TDRs totaling | |||||||||||||||||||||
(4) Includes acquired loans that were recorded at fair value in accordance with ASC 805 at the date of acquisition. As such, the credit risk was incorporated in the fair value recorded and no allowance for loan losses was recorded for 2019 quarter ends. | |||||||||||||||||||||
Non-GAAP Measures (unaudited) | |||||||||||||||||||||
($ in thousands) | |||||||||||||||||||||
Three Months Ended | Nine Months Ended | ||||||||||||||||||||
2020 | 2020 | 2019 | 2020 | 2019 | |||||||||||||||||
Actual End of Period Balances | |||||||||||||||||||||
GAAP shareholders' equity | $ | 2,921,149 | $ | 2,864,255 | $ | 2,832,530 | $ | 2,921,149 | $ | 2,832,530 | |||||||||||
Deduct: | |||||||||||||||||||||
1,036,994 | 1,036,994 | 1,036,994 | 1,036,994 | 1,036,994 | |||||||||||||||||
Intangibles | 49,258 | 52,717 | 64,051 | 49,258 | 64,051 | ||||||||||||||||
1,086,252 | 1,089,711 | 1,101,045 | 1,086,252 | 1,101,045 | |||||||||||||||||
Tangible shareholders' equity | $ | 1,834,897 | $ | 1,774,544 | $ | 1,731,485 | $ | 1,834,897 | $ | 1,731,485 | |||||||||||
Average Balances | |||||||||||||||||||||
GAAP shareholders' equity | $ | 2,889,545 | $ | 2,845,398 | $ | 2,817,452 | $ | 2,856,277 | $ | 2,763,673 | |||||||||||
Deduct: | |||||||||||||||||||||
1,036,994 | 1,036,994 | 1,036,306 | 1,036,994 | 1,036,274 | |||||||||||||||||
Intangibles | 50,926 | 54,449 | 66,047 | 54,488 | 70,361 | ||||||||||||||||
1,087,920 | 1,091,443 | 1,102,353 | 1,091,482 | 1,106,635 | |||||||||||||||||
Average tangible shareholders' equity | $ | 1,801,625 | $ | 1,753,955 | $ | 1,715,099 | $ | 1,764,795 | $ | 1,657,038 | |||||||||||
Actual End of Period Balances | |||||||||||||||||||||
GAAP assets | $ | 22,460,476 | $ | 22,102,188 | $ | 20,438,788 | $ | 22,460,476 | $ | 20,438,788 | |||||||||||
Add: | |||||||||||||||||||||
Trust overdrafts | 17 | 15 | 24 | 17 | 24 | ||||||||||||||||
Deduct: | |||||||||||||||||||||
1,036,994 | 1,036,994 | 1,036,994 | 1,036,994 | 1,036,994 | |||||||||||||||||
Intangibles | 49,258 | 52,717 | 64,051 | 49,258 | 64,051 | ||||||||||||||||
1,086,252 | 1,089,711 | 1,101,045 | 1,086,252 | 1,101,045 | |||||||||||||||||
Tangible assets | $ | 21,374,241 | $ | 21,012,492 | $ | 19,337,767 | $ | 21,374,241 | $ | 19,337,767 | |||||||||||
Risk-weighted assets | $ | 14,445,341 | $ | 14,416,184 | $ | 13,975,295 | $ | 14,445,341 | $ | 13,975,295 | |||||||||||
GAAP net income | $ | 77,944 | $ | 51,705 | $ | 69,781 | $ | 152,289 | $ | 189,021 | |||||||||||
Add: | |||||||||||||||||||||
Amortization of intangibles (net of tax) | 2,595 | 2,708 | 3,145 | 8,152 | 9,780 | ||||||||||||||||
Tangible net income | $ | 80,539 | $ | 54,413 | $ | 72,926 | $ | 160,441 | $ | 198,801 | |||||||||||
Tangible Ratios | |||||||||||||||||||||
Return on tangible common equity | 17.56 | % | 12.27 | % | 16.85 | % | 11.66 | % | 15.31 | % | |||||||||||
Return on average tangible common equity | 17.88 | % | 12.41 | % | 17.01 | % | 12.12 | % | 16.00 | % | |||||||||||
Return on tangible assets | 1.51 | % | 1.04 | % | 1.51 | % | 1.00 | % | 1.37 | % | |||||||||||
Tangible common equity to tangible assets | 8.58 | % | 8.45 | % | 8.95 | % | 8.58 | % | 8.95 | % | |||||||||||
Tangible common equity to risk-weighted assets | 12.70 | % | 12.31 | % | 12.39 | % | 12.70 | % | 12.39 | % | |||||||||||
Tangible common book value (1) | 11.10 | 10.75 | 10.18 | 11.10 | 10.18 | ||||||||||||||||
Tangible common equity presentation includes other comprehensive income as is common in other company releases. | |||||||||||||||||||||
(1) Tangible common shareholders' equity divided by common shares issued and outstanding at period-end. | |||||||||||||||||||||
Tier 1 capital | $ | 1,748,150 | $ | 1,686,714 | $ | 1,681,457 | $ | 1,748,150 | $ | 1,681,457 | |||||||||||
Risk-weighted assets | 14,445,341 | 14,416,184 | 13,975,295 | 14,445,341 | 13,975,295 | ||||||||||||||||
Tier 1 common equity to risk-weighted assets | 12.10 | % | 11.70 | % | 12.03 | % | 12.10 | % | 12.03 | % | |||||||||||
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Source:
2020 GlobeNewswire, Inc., source