First Hawaiian, Inc. (NASDAQ:FHB), (the “Company”) today reported
financial results for the quarter ended September 30, 2017.
Highlights
- Net income for the quarter ended September 30, 2017 was $58.4
million, or $0.42 per diluted share, and core net income1 was $57.0
million, or $0.41 per diluted share
- Board of Directors declared a dividend of $0.22 per share
“I’m pleased that we were able to celebrate the one year
anniversary of our initial public offering with a solid third
quarter,” said Bob Harrison, Chairman and Chief Executive
Officer. “Our overall financial performance was strong, asset
quality remained excellent, and the local economy continues to do
well.”
On October 20, 2017, the Company’s Board of Directors declared a
quarterly cash dividend of $0.22 per share. The dividend will
be payable on December 8, 2017 to stockholders of record at the
close of business on November 27, 2017.
________________1 Core net income is a non-GAAP measure.
For more information on this measure, including a reconciliation to
the most directly comparable GAAP measure, see “Use of Non-GAAP
Financial Measures” and Tables 13 and 14 at the end of this
document.
Earnings Highlights
Net income for the quarter ended September 30, 2017 was $58.4
million, or $0.42 per diluted share, compared to $56.9 million, or
$0.41 per diluted share, for the quarter ended June 30, 2017 and
$53.2 million, or $0.38 per diluted share, for the quarter ended
September 30, 2016. Core net income for the quarter ended
September 30, 2017 was $57.0 million, or $0.41 per diluted share,
compared to $57.2 million, or $0.41 per diluted share, for the
quarter ended June 30, 2017, and $55.2 million, or $0.40 per
diluted share, for the quarter ended September 30, 2016.
Net interest income for the quarter ended September 30, 2017 was
$133.3 million, an increase of $2.0 million compared to $131.3
million for the quarter ended June 30, 2017 and an increase of
$10.6 million compared to $122.7 million for the quarter ended
September 30, 2016. The increase in net interest income
compared to the second quarter of 2017 was primarily due to higher
average balances and yields on loans and interest bearing deposits
in other banks, partially offset by higher average balances and
rates on deposits as well as lower average balances and yields on
investment securities. The increase compared to the third
quarter of 2016 was due to higher average balances and yields on
loans and investment securities, partially offset by higher average
deposit balances and rates.
Net interest margin was 2.96%, 3.02% and 2.87% for the quarters
ended September 30, 2017, June 30, 2017, and September 30, 2016,
respectively. Net interest margin decreased during the third
quarter of 2017 by six basis points, primarily due to higher costs
related to public time deposits and lower yields on investment
securities, partially offset by higher yields on loans and
interest-bearing deposits in other banks. The nine basis
point increase compared to the third quarter of 2016 was due to
higher yields on earnings assets, partially offset by higher
deposit costs.
Results for the quarter ended September 30, 2017 included a
provision for credit losses of $4.5 million compared to $4.4
million in the quarter ended June 30, 2017 and $2.1 million in the
quarter ended September 30, 2016.
Noninterest income was $48.5 million in the quarter ended
September 30, 2017, a decrease of $0.4 million compared to
noninterest income of $48.9 million in the quarter ended June 30,
2017 and a decrease of $0.2 million compared to noninterest income
of $48.7 million in the quarter ended September 30, 2016. The
decrease in noninterest income compared to the second quarter of
2017 was primarily due to $1.4 million lower other income and $0.3
million lower service charges on deposit accounts, largely offset
by increases across the remaining noninterest income items.
Other income in the third quarter of 2017 included $0.4 million
lower swap fee income compared to the prior quarter and a $2.7
million gain from the sale of a bank property. Other income
in the second quarter of 2017 included $2.4 million from partner
credit card incentives and recoveries.
Noninterest expense was $83.7 million for the quarter ended
September 30, 2017, a decrease of $1.5 million from $85.2 million
in the quarter ended June 30, 2017, and an increase of $0.9 million
from $82.8 million in the quarter ended September 30, 2016.
The decrease in noninterest expense compared to the second quarter
of 2017 was primarily due to $1.7 million lower salaries and
employee benefits and $1.6 million lower contracted services and
professional fees, partially offset by $0.8 million higher
occupancy expense and $0.8 million higher advertising and marketing
expense. The decrease in salaries and benefits was primarily
due to equity compensation forfeitures due to retirements and a
change in the estimate of our compensation liabilities.
Contracted services and professional fees in the second quarter of
2017 were elevated due to system upgrades and product
enhancements. The increase in noninterest expense compared to
the third quarter of 2016 was primarily due to a $1.0 million
increase in occupancy costs, a $0.4 million increase in contracted
services and professional fees, a $0.2 million increase in
advertising and marketing expenses and a $0.2 million increase in
cards rewards expenses, partially offset by $0.5 million lower
salaries and employee benefits expenses and $0.5 million lower of
other expenses.
The efficiency ratio was 46.0%, 47.3% and 48.3% for the quarters
ended September 30, 2017, June 30, 2017 and September 30, 2016,
respectively.
The effective tax rate for the third quarter of 2017 was 37.7%
compared with 37.1% in the previous quarter and 38.4% percent in
the same quarter last year. The increase in the effective tax
rate in the third quarter of 2017 compared to the prior quarter was
primarily due to a $0.75 million release of tax reserves during the
prior quarter. The higher effective tax rate in the third
quarter of 2016 was due to non-deductible offering expenses
incurred during the quarter.
Balance Sheet Highlights
Total assets were $20.6 billion at September 30, 2017, compared
to $20.4 billion at June 30, 2017 and $19.9 billion at September
30, 2016.
The investment securities portfolio was $5.3 billion at
September 30, 2017, compared to $5.1 billion at June 30, 2017 and
$5.4 billion at September 30, 2016. The portfolio remains
largely comprised of securities issued by U.S. government
agencies.
Total loans and leases were $12.1 billion at September 30, 2017,
an increase of $87.3 million, or 0.7%, from $12.1 billion at June
30, 2017 and up $753.2 million, or 6.6%, from $11.4 billion at
September 30, 2016. The growth in loans and leases compared
to June 30, 2017 and September 30, 2016 was due to growth in
commercial real estate, residential real estate, construction and
consumer loans, partially offset by declines in commercial loans
and leases.
Total deposits were $17.6 billion at September 30, 2017, an
increase of $143.2 million, or 0.8%, compared with $17.5 billion at
June 30, 2017, and an increase of $630.0 million, or 3.7%, compared
to $17.0 billion at September 30, 2016.
Asset Quality
The Company's asset quality remained solid during the third
quarter of 2017. Total non-performing assets were $8.4 million, or
0.07% of total loans and leases and other real estate owned, at
September 30, 2017, an increase of $0.3 million from non-performing
assets of $8.1 million, or 0.07% of total loans and leases and
other real estate owned, at June 30, 2017 and a decrease of $1.8
million from non-performing assets of $10.2 million, or 0.09% of
total loans and leases and other real estate owned at September 30,
2016.
Net charge offs for the quarter ended September 30, 2017 were
$4.1 million, or 0.13% of average loans and leases on an annualized
basis, compared to $3.4 million, or 0.11% of average loans and
leases on an annualized basis for the quarter ended June 30, 2017
and $3.4 million, or 0.12% of average loans and leases on an
annualized basis for the quarter ended September 30,
2016.
The ratio of allowance for loan and lease losses to total loans
and leases was 1.13% at both September 30, 2017 and June 30, 2017
and 1.18% at September 30, 2016.
Capital
Total stockholders' equity was $2.6 billion at both September
30, 2017 and June 30, 2017 and $2.5 billion at September 30,
2016.
The tier 1 leverage, common equity tier 1, and total capital
ratios were 8.66%, 12.71% and 13.77%, respectively, at September
30, 2017, compared with 8.70%, 12.73% and 13.81% at June 30, 2017
and 8.41%, 12.48%, and 13.59% at September 30, 2016.
First Hawaiian, Inc.
First Hawaiian, Inc. (NASDAQ:FHB) is a bank holding company
headquartered in Honolulu, Hawaii. Its principal subsidiary,
First Hawaiian Bank, founded in 1858 under the name Bishop &
Company, is Hawaii’s oldest and largest financial institution with
branch locations throughout Hawaii, Guam and Saipan. The
company offers a comprehensive suite of banking services to
consumer and commercial customers including deposit products,
loans, wealth management, insurance, trust, retirement planning,
credit card and merchant processing services. Customers may
also access their accounts through ATMs, online and mobile banking
channels. For more information about First Hawaiian, Inc., visit
the Company’s website, www.fhb.com.
Conference Call Information
First Hawaiian will host a conference call to discuss the
Company’s results today at 5:00 p.m. Eastern Time, 11:00 a.m.
Hawaii Time. To access the call, participants
should dial (844) 452-2942 (US/Canada), or (574) 990-9846
(International) ten minutes prior to the start of the call and
enter the conference ID: 96616877. A live webcast of
the conference call, including a slide presentation, will be
available at the following link: www.fhb.com/earnings.
The archive of the webcast will be available at the same
location. A telephonic replay of the conference call will be
available approximately two hours after the conclusion of the call
until 7:30 p.m. (Eastern Time) on November 5, 2017. Access
the replay by dialing (855) 859-2056 or (404) 537-3406 and entering
the conference ID: 96616877.
Forward-Looking Statements
This press release contains forward-looking statements within
the meaning of the Private Securities Litigation Reform Act of
1995. These forward-looking statements reflect our current
views with respect to, among other things, future events and our
financial performance. These statements are often, but not always,
made through the use of words or phrases such as “may”, “might”,
“should”, “could”, “predict”, “potential”, “believe”, “expect”,
“continue”, “will”, “anticipate”, “seek”, “estimate”, “intend”,
“plan”, “projection”, “would”, “annualized” and “outlook”, or the
negative version of those words or other comparable words or
phrases of a future or forward-looking nature. These
forward-looking statements are not historical facts, and are based
on current expectations, estimates and projections about our
industry, management's beliefs and certain assumptions made by
management, many of which, by their nature, are inherently
uncertain and beyond our control. Accordingly, we caution you that
any such forward-looking statements are not guarantees of future
performance and are subject to risks, assumptions, estimates and
uncertainties that are difficult to predict. Although we believe
that the expectations reflected in these forward-looking statements
are reasonable as of the date made, actual results may prove to be
materially different from the results expressed or implied by the
forward-looking statements. For a discussion of the risks and
important factors that could affect our future results and
financial condition, see our U.S. Securities and Exchange
Commission (“SEC”) filings, including, but not limited to, our
annual report on Form 10-K for the year ended December 31,
2016.
Use of Non-GAAP Financial Measures
We present net interest income, noninterest income, noninterest
expense, net income, earnings per share and the related ratios
described below, on an adjusted, or ‘‘core,’’ basis, each a
non-GAAP financial measure. These core measures exclude from the
corresponding GAAP measure the impact of certain items that we do
not believe are representative of our financial results. We believe
that the presentation of these non-GAAP financial measures helps
identify underlying trends in our business from period to period
that could otherwise be distorted by the effect of certain
expenses, gains and other items included in our operating results.
We believe that these core measures provide useful information
about our operating results and enhance the overall understanding
of our past performance and future performance. Investors
should consider our performance and financial condition as reported
under GAAP and all other relevant information when assessing our
performance or financial condition.
Core net interest margin, core return on average total assets
and core return on average total stockholders’ equity are non-GAAP
financial measures. We compute our core net interest margin as the
ratio of core net interest income to average earning assets.
We compute our core return on average total assets as the ratio of
core net income to average total assets. We compute our core
return on average total stockholders’ equity as the ratio of core
net income to average stockholders’ equity.
Return on average tangible stockholders’ equity, core return on
average tangible stockholders’ equity, return on average tangible
assets, core return on average tangible assets and tangible
stockholders’ equity to tangible assets are non-GAAP financial
measures. We compute our return on average tangible stockholders’
equity as the ratio of net income to average tangible stockholders’
equity, which is calculated by subtracting (and thereby effectively
excluding) amounts related to the effect of goodwill from our
average total stockholders’ equity. We compute our core return on
average tangible stockholders’ equity as the ratio of core net
income to average tangible stockholders’ equity, which is
calculated by subtracting (and thereby effectively excluding)
amounts related to the effect of goodwill from our average total
stockholders’ equity. We compute our return on average tangible
assets as the ratio of net income to average tangible assets, which
is calculated by subtracting (and thereby effectively excluding)
amounts related to the effect of goodwill from our average total
assets. We compute our core return on average tangible assets as
the ratio of core net income to average tangible assets. We compute
our tangible stockholders’ equity to tangible assets as the ratio
of tangible stockholders’ equity to tangible assets, each of which
we calculate by subtracting (and thereby effectively excluding) the
value of our goodwill. We believe that these measurements are
useful for investors, regulators, management and others to evaluate
financial performance and capital adequacy relative to other
financial institutions. Although these non-GAAP financial measures
are frequently used by stakeholders in the evaluation of a company,
they have limitations as analytical tools and should not be
considered in isolation or as a substitute for analysis of our
results or financial condition as reported under GAAP.
Tables 13 and 14 at the end of this document provide a
reconciliation of these non-GAAP financial measures with their most
closely related GAAP measures.
Investor Relations Contact: Kevin Haseyama, CFA(808) 525-6268khaseyama@fhb.comMedia Contact:Susan Kam(808) 525-6254skam@fhb.com
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Financial Highlights |
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Table 1 |
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For the Three Months Ended |
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For the Nine Months
Ended |
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September 30, |
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June 30, |
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September 30, |
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September 30, |
|
(dollars in thousands, except per share data) |
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2017 |
|
2017 |
|
2016 |
|
2017 |
|
2016 |
|
Operating
Results: |
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|
Net
interest income |
|
|
|
$ |
133,319 |
|
$ |
131,254 |
|
$ |
122,683 |
|
$ |
393,918 |
|
$ |
360,422 |
|
Provision
for loan and lease losses |
|
|
|
|
4,500 |
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|
4,400 |
|
|
2,100 |
|
|
13,400 |
|
|
4,700 |
|
Noninterest income |
|
|
|
|
48,535 |
|
|
48,870 |
|
|
48,690 |
|
|
146,812 |
|
|
168,580 |
|
Noninterest expense |
|
|
|
|
83,655 |
|
|
85,241 |
|
|
82,804 |
|
|
253,235 |
|
|
246,341 |
|
Net
income |
|
|
|
|
58,363 |
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|
56,895 |
|
|
53,235 |
|
|
171,998 |
|
|
173,626 |
|
Basic
earnings per share |
|
|
|
|
0.42 |
|
|
0.41 |
|
|
0.38 |
|
|
1.23 |
|
|
1.24 |
|
Diluted
earnings per share |
|
|
|
|
0.42 |
|
|
0.41 |
|
|
0.38 |
|
|
1.23 |
|
|
1.24 |
|
Dividends
declared per share |
|
|
|
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0.22 |
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|
0.22 |
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|
0.20 |
|
|
0.66 |
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|
0.42 |
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Dividend
payout ratio |
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52.38 |
% |
|
53.66 |
% |
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52.39 |
% |
|
53.66 |
% |
|
33.34 |
% |
Supplemental
Income Statement Data (non-GAAP): |
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Core net
interest income |
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$ |
133,319 |
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$ |
131,254 |
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$ |
122,683 |
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$ |
393,918 |
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$ |
360,422 |
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Core
noninterest income |
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|
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45,868 |
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48,870 |
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48,690 |
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144,145 |
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|
142,852 |
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Core
noninterest expense |
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83,112 |
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84,784 |
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79,714 |
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251,851 |
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240,704 |
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Core net
income |
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57,040 |
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57,181 |
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55,177 |
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171,203 |
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161,110 |
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Core
basic earnings per share |
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0.41 |
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0.41 |
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0.40 |
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|
1.23 |
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|
1.16 |
|
Core
diluted earnings per share |
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0.41 |
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0.41 |
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0.40 |
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|
1.23 |
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|
1.16 |
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Performance Ratio: |
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Net
interest margin |
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2.96 |
% |
|
3.02 |
% |
|
2.87 |
% |
|
2.99 |
% |
|
2.84 |
% |
Core net
interest margin (non-GAAP) |
|
|
|
|
2.96 |
% |
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3.02 |
% |
|
2.87 |
% |
|
2.99 |
% |
|
2.84 |
% |
Efficiency ratio |
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46.00 |
% |
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47.32 |
% |
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48.31 |
% |
|
46.83 |
% |
|
46.56 |
% |
Core
efficiency ratio (non-GAAP) |
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46.38 |
% |
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47.07 |
% |
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46.51 |
% |
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46.80 |
% |
|
47.82 |
% |
Return on
average total assets |
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1.15 |
% |
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1.16 |
% |
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1.10 |
% |
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1.16 |
% |
|
1.21 |
% |
Core
return on average total assets (non-GAAP) |
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1.13 |
% |
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1.16 |
% |
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1.14 |
% |
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1.15 |
% |
|
1.12 |
% |
Return on
average tangible assets |
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1.21 |
% |
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1.22 |
% |
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1.16 |
% |
|
1.22 |
% |
|
1.28 |
% |
Core
return on average tangible assets (non-GAAP) |
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1.18 |
% |
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1.23 |
% |
|
1.20 |
% |
|
1.21 |
% |
|
1.18 |
% |
Return on
average total stockholders' equity |
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|
|
9.03 |
% |
|
9.03 |
% |
|
8.45 |
% |
|
9.10 |
% |
|
8.96 |
% |
Core
return on average total stockholders' equity (non-GAAP) |
|
|
|
|
8.82 |
% |
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9.07 |
% |
|
8.76 |
% |
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9.06 |
% |
|
8.31 |
% |
Return on
average tangible stockholders' equity (non-GAAP) |
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14.76 |
% |
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14.89 |
% |
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14.02 |
% |
|
15.01 |
% |
|
14.56 |
% |
Core
return on average tangible stockholders’ equity (non-GAAP) |
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14.42 |
% |
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14.96 |
% |
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14.53 |
% |
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14.94 |
% |
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13.51 |
% |
Average
Balances: |
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Average
loans and leases |
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$ |
12,115,001 |
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$ |
11,903,255 |
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$ |
11,261,710 |
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$ |
11,868,917 |
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$ |
11,055,522 |
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Average
earning assets |
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17,867,021 |
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17,453,655 |
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17,028,930 |
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17,605,376 |
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16,962,355 |
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Average
assets |
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20,109,090 |
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19,692,222 |
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19,314,668 |
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19,858,184 |
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19,185,484 |
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Average
deposits |
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17,165,355 |
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16,782,887 |
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16,392,125 |
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16,950,503 |
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|
16,079,148 |
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Average
shareholders' equity |
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|
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2,564,563 |
|
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2,528,388 |
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2,506,099 |
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2,527,435 |
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2,588,602 |
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Market Value Per Share: |
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Closing |
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30.29 |
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|
30.62 |
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|
26.86 |
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|
30.29 |
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|
26.86 |
|
High |
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|
31.48 |
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|
31.34 |
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|
27.97 |
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|
35.32 |
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|
27.97 |
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Low |
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|
|
26.30 |
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|
26.96 |
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|
24.25 |
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|
26.30 |
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|
24.25 |
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As of |
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As of |
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As of |
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As of |
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September 30, |
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June
30, |
|
December 31, |
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September 30, |
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2017 |
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2017 |
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2016 |
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2016 |
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Balance Sheet
Data: |
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Loans and
leases |
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$ |
12,149,711 |
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$ |
12,062,392 |
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$ |
11,520,378 |
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$ |
11,396,555 |
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Total
assets |
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|
20,565,627 |
|
|
20,373,974 |
|
|
19,661,829 |
|
|
19,892,693 |
|
|
Total
deposits |
|
|
17,595,483 |
|
|
17,452,262 |
|
|
16,794,532 |
|
|
16,965,527 |
|
|
Total
stockholders' equity |
|
|
2,581,858 |
|
|
2,552,602 |
|
|
2,476,485 |
|
|
2,523,963 |
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Per Share of
Common Stock: |
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|
|
|
|
|
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|
|
|
|
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|
Book
value |
|
$ |
18.50 |
|
$ |
18.29 |
|
$ |
17.75 |
|
$ |
18.09 |
|
|
Tangible
book value |
|
|
11.36 |
|
|
11.16 |
|
|
10.61 |
|
|
10.95 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Asset Quality
Ratios: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Non-accrual loans and leases / total loans and leases |
|
|
0.06 |
% |
|
0.06 |
% |
|
0.08 |
% |
|
0.08 |
% |
|
Allowance
for loan and lease losses / total loans and leases |
|
|
1.13 |
% |
|
1.13 |
% |
|
1.18 |
% |
|
1.18 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Capital
Ratios: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Common
Equity Tier 1 Capital Ratio |
|
|
12.71 |
% |
|
12.73 |
% |
|
12.75 |
% |
|
12.48 |
% |
|
Tier 1
Capital Ratio |
|
|
12.71 |
% |
|
12.73 |
% |
|
12.75 |
% |
|
12.48 |
% |
|
Total
Capital Ratio |
|
|
13.77 |
% |
|
13.81 |
% |
|
13.85 |
% |
|
13.59 |
% |
|
Tier 1
Leverage Ratio |
|
|
8.66 |
% |
|
8.70 |
% |
|
8.36 |
% |
|
8.41 |
% |
|
Total
stockholders' equity to total assets |
|
|
12.55 |
% |
|
12.53 |
% |
|
12.60 |
% |
|
12.69 |
% |
|
Tangible
stockholders' equity to tangible assets (non-GAAP) |
|
|
8.11 |
% |
|
8.04 |
% |
|
7.93 |
% |
|
8.09 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Non-Financial
Data: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Number of
branches |
|
|
62 |
|
|
62 |
|
|
62 |
|
|
62 |
|
|
Number of
ATMs |
|
|
312 |
|
|
312 |
|
|
311 |
|
|
312 |
|
|
Number of
Full-Time Equivalent Employees |
|
|
2,184 |
|
|
2,191 |
|
|
2,179 |
|
|
2,197 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Consolidated Statements of Income |
|
Table 2 |
|
|
|
Three Months Ended |
|
Nine Months
Ended |
|
|
|
September 30, |
|
June 30, |
|
September 30, |
|
September 30, |
|
(dollars in thousands, except per share amounts) |
|
2017 |
|
2017 |
|
2016 |
|
2017 |
|
2016 |
|
Interest
income |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Loans and lease
financing |
|
$ |
118,986 |
|
$ |
114,179 |
|
$ |
106,900 |
|
$ |
342,431 |
|
$ |
316,958 |
|
Available-for-sale
securities |
|
|
24,195 |
|
|
25,059 |
|
|
21,123 |
|
|
75,683 |
|
|
57,135 |
|
Other |
|
|
2,089 |
|
|
781 |
|
|
1,311 |
|
|
4,096 |
|
|
6,114 |
|
Total
interest income |
|
|
145,270 |
|
|
140,019 |
|
|
129,334 |
|
|
422,210 |
|
|
380,207 |
|
Interest
expense |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Deposits |
|
|
11,949 |
|
|
8,760 |
|
|
6,632 |
|
|
28,279 |
|
|
19,602 |
|
Short-term borrowings
and long-term debt |
|
|
2 |
|
|
5 |
|
|
19 |
|
|
13 |
|
|
183 |
|
Total
interest expense |
|
|
11,951 |
|
|
8,765 |
|
|
6,651 |
|
|
28,292 |
|
|
19,785 |
|
Net
interest income |
|
|
133,319 |
|
|
131,254 |
|
|
122,683 |
|
|
393,918 |
|
|
360,422 |
|
Provision for loan and
lease losses |
|
|
4,500 |
|
|
4,400 |
|
|
2,100 |
|
|
13,400 |
|
|
4,700 |
|
Net
interest income after provision for loan and lease losses |
|
|
128,819 |
|
|
126,854 |
|
|
120,583 |
|
|
380,518 |
|
|
355,722 |
|
Noninterest
income |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Service charges on
deposit accounts |
|
|
9,095 |
|
|
9,412 |
|
|
9,575 |
|
|
28,062 |
|
|
28,759 |
|
Credit and debit card
fees |
|
|
14,831 |
|
|
14,157 |
|
|
14,103 |
|
|
43,467 |
|
|
41,732 |
|
Other service charges
and fees |
|
|
8,510 |
|
|
8,110 |
|
|
8,768 |
|
|
25,717 |
|
|
26,909 |
|
Trust and investment
services income |
|
|
7,672 |
|
|
7,526 |
|
|
7,508 |
|
|
22,536 |
|
|
22,236 |
|
Bank-owned life
insurance |
|
|
3,119 |
|
|
2,927 |
|
|
7,115 |
|
|
10,624 |
|
|
13,263 |
|
Investment securities
gains, net |
|
|
— |
|
|
— |
|
|
30 |
|
|
— |
|
|
25,761 |
|
Other |
|
|
5,308 |
|
|
6,738 |
|
|
1,591 |
|
|
16,406 |
|
|
9,920 |
|
Total
noninterest income |
|
|
48,535 |
|
|
48,870 |
|
|
48,690 |
|
|
146,812 |
|
|
168,580 |
|
Noninterest
expense |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Salaries and employee
benefits |
|
|
41,579 |
|
|
43,257 |
|
|
42,106 |
|
|
128,136 |
|
|
128,762 |
|
Contracted services and
professional fees |
|
|
10,834 |
|
|
12,388 |
|
|
10,430 |
|
|
33,530 |
|
|
33,124 |
|
Occupancy |
|
|
5,844 |
|
|
5,023 |
|
|
4,870 |
|
|
16,188 |
|
|
14,991 |
|
Equipment |
|
|
4,174 |
|
|
4,527 |
|
|
4,192 |
|
|
12,898 |
|
|
12,135 |
|
Regulatory assessment
and fees |
|
|
3,668 |
|
|
3,750 |
|
|
3,546 |
|
|
11,192 |
|
|
8,869 |
|
Advertising and
marketing |
|
|
2,005 |
|
|
1,222 |
|
|
1,769 |
|
|
5,255 |
|
|
4,818 |
|
Card rewards
program |
|
|
4,703 |
|
|
4,618 |
|
|
4,512 |
|
|
13,832 |
|
|
10,743 |
|
Other |
|
|
10,848 |
|
|
10,456 |
|
|
11,379 |
|
|
32,204 |
|
|
32,899 |
|
Total
noninterest expense |
|
|
83,655 |
|
|
85,241 |
|
|
82,804 |
|
|
253,235 |
|
|
246,341 |
|
Income
before provision for income taxes |
|
|
93,699 |
|
|
90,483 |
|
|
86,469 |
|
|
274,095 |
|
|
277,961 |
|
Provision for income
taxes |
|
|
35,336 |
|
|
33,588 |
|
|
33,234 |
|
|
102,097 |
|
|
104,335 |
|
Net income |
|
$ |
58,363 |
|
$ |
56,895 |
|
$ |
53,235 |
|
$ |
171,998 |
|
$ |
173,626 |
|
Basic earnings per
share |
|
$ |
0.42 |
|
$ |
0.41 |
|
$ |
0.38 |
|
$ |
1.23 |
|
$ |
1.24 |
|
Diluted earnings per
share |
|
$ |
0.42 |
|
$ |
0.41 |
|
$ |
0.38 |
|
$ |
1.23 |
|
$ |
1.24 |
|
Dividends declared per
share |
|
$ |
0.22 |
|
$ |
0.22 |
|
$ |
0.20 |
|
$ |
0.66 |
|
$ |
0.42 |
|
Basic weighted-average
outstanding shares |
|
|
139,556,532 |
|
|
139,546,615 |
|
|
139,500,542 |
|
|
139,549,665 |
|
|
139,473,360 |
|
Diluted
weighted-average outstanding shares |
|
|
139,696,330 |
|
|
139,646,117 |
|
|
139,503,558 |
|
|
139,670,487 |
|
|
139,474,373 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Consolidated
Balance Sheets |
|
Table 3 |
|
|
|
September 30, |
|
June 30, |
|
December 31, |
|
September 30, |
|
(dollars in thousands) |
|
2017 |
|
|
2017 |
|
|
2016 |
|
|
2016 |
|
|
Assets |
|
|
|
|
|
|
|
|
|
|
|
|
|
Cash and due from
banks |
|
$ |
321,319 |
|
|
$ |
355,752 |
|
|
$ |
253,827 |
|
|
$ |
371,622 |
|
|
Interest-bearing
deposits in other banks |
|
|
793,046 |
|
|
|
872,013 |
|
|
|
798,231 |
|
|
|
804,198 |
|
|
Investment
securities |
|
|
5,314,973 |
|
|
|
5,126,869 |
|
|
|
5,077,514 |
|
|
|
5,363,696 |
|
|
Loans and leases |
|
|
12,149,711 |
|
|
|
12,062,392 |
|
|
|
11,520,378 |
|
|
|
11,396,555 |
|
|
Less: allowance for
loan and lease losses |
|
|
137,327 |
|
|
|
136,883 |
|
|
|
135,494 |
|
|
|
135,025 |
|
|
Net loans
and leases |
|
|
12,012,384 |
|
|
|
11,925,509 |
|
|
|
11,384,884 |
|
|
|
11,261,530 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Premises and equipment,
net |
|
|
289,689 |
|
|
|
292,959 |
|
|
|
300,788 |
|
|
|
302,059 |
|
|
Other real estate owned
and repossessed personal property |
|
|
564 |
|
|
|
329 |
|
|
|
329 |
|
|
|
854 |
|
|
Accrued interest
receivable |
|
|
44,728 |
|
|
|
39,739 |
|
|
|
41,971 |
|
|
|
37,107 |
|
|
Bank-owned life
insurance |
|
|
435,607 |
|
|
|
432,726 |
|
|
|
429,209 |
|
|
|
432,031 |
|
|
Goodwill |
|
|
995,492 |
|
|
|
995,492 |
|
|
|
995,492 |
|
|
|
995,492 |
|
|
Other intangible
assets |
|
|
13,980 |
|
|
|
14,877 |
|
|
|
16,809 |
|
|
|
17,554 |
|
|
Other assets |
|
|
343,845 |
|
|
|
317,709 |
|
|
|
362,775 |
|
|
|
306,550 |
|
|
Total assets |
|
$ |
20,565,627 |
|
|
$ |
20,373,974 |
|
|
$ |
19,661,829 |
|
|
$ |
19,892,693 |
|
|
Liabilities and
Stockholders' Equity |
|
|
|
|
|
|
|
|
|
|
|
|
|
Deposits: |
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest-bearing |
|
$ |
11,687,849 |
|
|
$ |
11,580,664 |
|
|
$ |
10,801,915 |
|
|
$ |
11,164,989 |
|
|
Noninterest-bearing |
|
|
5,907,634 |
|
|
|
5,871,598 |
|
|
|
5,992,617 |
|
|
|
5,800,538 |
|
|
Total
deposits |
|
|
17,595,483 |
|
|
|
17,452,262 |
|
|
|
16,794,532 |
|
|
|
16,965,527 |
|
|
Short-term
borrowings |
|
|
— |
|
|
|
— |
|
|
|
9,151 |
|
|
|
9,151 |
|
|
Long-term debt |
|
|
34 |
|
|
|
41 |
|
|
|
41 |
|
|
|
41 |
|
|
Retirement benefits
payable |
|
|
135,092 |
|
|
|
134,400 |
|
|
|
132,904 |
|
|
|
139,567 |
|
|
Other liabilities |
|
|
253,160 |
|
|
|
234,669 |
|
|
|
248,716 |
|
|
|
254,444 |
|
|
Total
liabilities |
|
|
17,983,769 |
|
|
|
17,821,372 |
|
|
|
17,185,344 |
|
|
|
17,368,730 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Stockholders'
equity |
|
|
|
|
|
|
|
|
|
|
|
|
|
Common
stock ($0.01 par value; authorized 300,000,000 shares; issued and
outstanding 139,586,282 shares as of September 30, 2017,
139,546,615 shares as of June 30, 2017 and 139,530,654 shares as of
both December 31, 2016 and September 30, 2016) |
|
|
1,396 |
|
|
|
1,395 |
|
|
|
1,395 |
|
|
|
1,395 |
|
|
Additional paid-in capital |
|
|
2,489,273 |
|
|
|
2,488,091 |
|
|
|
2,484,251 |
|
|
|
2,482,679 |
|
|
Retained
earnings |
|
|
158,303 |
|
|
|
130,767 |
|
|
|
78,850 |
|
|
|
50,204 |
|
|
Accumulated other comprehensive loss, net |
|
|
(67,114 |
) |
|
|
(67,651 |
) |
|
|
(88,011 |
) |
|
|
(10,315 |
) |
|
Total
stockholders' equity |
|
|
2,581,858 |
|
|
|
2,552,602 |
|
|
|
2,476,485 |
|
|
|
2,523,963 |
|
|
Total liabilities and stockholders' equity |
|
$ |
20,565,627 |
|
|
$ |
20,373,974 |
|
|
$ |
19,661,829 |
|
|
$ |
19,892,693 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Average Balances and Interest Rates |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Table 4 |
|
|
|
|
Three Months
Ended |
|
Three Months
Ended |
|
Three Months
Ended |
|
|
|
|
September 30, 2017 |
|
June 30, 2017 |
|
September 30, 2016 |
|
|
|
|
Average |
|
Income/ |
|
Yield/ |
|
Average |
|
Income/ |
|
Yield/ |
|
Average |
|
Income/ |
|
Yield/ |
|
|
(dollars in millions) |
|
Balance |
|
Expense |
|
Rate |
|
Balance |
|
Expense |
|
Rate |
|
Balance |
|
Expense |
|
Rate |
|
|
Earning Assets |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest-Bearing Deposits in Other Banks |
|
$ |
597.5 |
|
$ |
2.0 |
|
1.30 |
% |
$ |
312.8 |
|
$ |
0.8 |
|
1.00 |
% |
$ |
1,023.6 |
|
$ |
1.3 |
|
0.51 |
% |
|
Available-for-Sale Investment Securities |
|
|
5,124.9 |
|
|
24.2 |
|
1.88 |
|
|
5,208.8 |
|
|
25.0 |
|
1.93 |
|
|
4,743.7 |
|
|
21.1 |
|
1.77 |
|
|
Loans
Held for Sale |
|
|
0.1 |
|
|
— |
|
3.62 |
|
|
— |
|
|
— |
|
— |
|
|
— |
|
|
— |
|
— |
|
|
Loans
and Leases (1) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Commercial and industrial |
|
|
3,276.4 |
|
|
27.3 |
|
3.31 |
|
|
3,279.2 |
|
|
25.7 |
|
3.15 |
|
|
3,248.1 |
|
|
23.7 |
|
2.90 |
|
|
Real
estate - commercial |
|
|
2,696.4 |
|
|
25.1 |
|
3.69 |
|
|
2,638.3 |
|
|
23.8 |
|
3.62 |
|
|
2,338.2 |
|
|
21.3 |
|
3.63 |
|
|
Real
estate - construction |
|
|
570.6 |
|
|
5.1 |
|
3.54 |
|
|
509.7 |
|
|
4.3 |
|
3.41 |
|
|
448.9 |
|
|
3.7 |
|
3.29 |
|
|
Real
estate - residential |
|
|
3,846.8 |
|
|
39.2 |
|
4.04 |
|
|
3,782.1 |
|
|
38.6 |
|
4.09 |
|
|
3,571.3 |
|
|
36.4 |
|
4.06 |
|
|
Consumer |
|
|
1,546.9 |
|
|
21.0 |
|
5.39 |
|
|
1,525.8 |
|
|
20.6 |
|
5.40 |
|
|
1,467.0 |
|
|
20.5 |
|
5.55 |
|
|
Lease
financing |
|
|
177.9 |
|
|
1.3 |
|
2.91 |
|
|
168.1 |
|
|
1.2 |
|
2.84 |
|
|
188.2 |
|
|
1.3 |
|
2.84 |
|
|
Total
Loans and Leases |
|
|
12,115.0 |
|
|
119.0 |
|
3.90 |
|
|
11,903.2 |
|
|
114.2 |
|
3.85 |
|
|
11,261.7 |
|
|
106.9 |
|
3.78 |
|
|
Other
Earning Assets |
|
|
29.5 |
|
|
0.1 |
|
1.22 |
|
|
10.8 |
|
|
— |
|
0.99 |
|
|
— |
|
|
— |
|
— |
|
|
Total
Earning Assets (2) |
|
|
17,867.0 |
|
|
145.3 |
|
3.23 |
|
|
17,435.6 |
|
|
140.0 |
|
3.22 |
|
|
17,029.0 |
|
|
129.3 |
|
3.02 |
|
|
Cash and
Due from Banks |
|
|
324.0 |
|
|
|
|
|
|
|
319.4 |
|
|
|
|
|
|
|
357.1 |
|
|
|
|
|
|
|
Other
Assets |
|
|
1,918.1 |
|
|
|
|
|
|
|
1,937.2 |
|
|
|
|
|
|
|
1,928.6 |
|
|
|
|
|
|
|
Total Assets |
|
$ |
20,109.1 |
|
|
|
|
|
|
$ |
19,692.2 |
|
|
|
|
|
|
$ |
19,314.7 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest-Bearing Liabilities |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest-Bearing Deposits |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Savings |
|
$ |
4,505.1 |
|
$ |
1.1 |
|
0.10 |
% |
$ |
4,488.8 |
|
$ |
0.7 |
|
0.07 |
% |
$ |
4,416.4 |
|
$ |
0.6 |
|
0.06 |
% |
|
Money
Market |
|
|
2,607.7 |
|
|
0.9 |
|
0.13 |
|
|
2,618.6 |
|
|
0.8 |
|
0.12 |
|
|
2,549.3 |
|
|
0.6 |
|
0.10 |
|
|
Time |
|
|
4,208.0 |
|
|
10.0 |
|
0.94 |
|
|
3,887.5 |
|
|
7.2 |
|
0.75 |
|
|
3,776.6 |
|
|
5.4 |
|
0.57 |
|
|
Total
Interest-Bearing Deposits |
|
|
11,320.8 |
|
|
12.0 |
|
0.42 |
|
|
10,994.9 |
|
|
8.7 |
|
0.32 |
|
|
10,742.3 |
|
|
6.6 |
|
0.25 |
|
|
Short-Term Borrowings |
|
|
0.8 |
|
|
— |
|
0.91 |
|
|
1.7 |
|
|
— |
|
0.89 |
|
|
18.5 |
|
|
— |
|
0.42 |
|
|
Total Interest-Bearing Liabilities |
|
|
11,321.6 |
|
|
12.0 |
|
0.42 |
|
|
10,996.6 |
|
|
8.7 |
|
0.32 |
|
|
10,760.8 |
|
|
6.6 |
|
0.25 |
|
|
Net Interest Income |
|
|
|
|
$ |
133.3 |
|
|
|
|
|
|
$ |
131.3 |
|
|
|
|
|
|
$ |
122.7 |
|
|
|
|
Interest
Rate Spread |
|
|
|
|
|
|
|
2.81 |
% |
|
|
|
|
|
|
2.90 |
% |
|
|
|
|
|
|
2.77 |
% |
|
Net
Interest Margin |
|
|
|
|
|
|
|
2.96 |
% |
|
|
|
|
|
|
3.02 |
% |
|
|
|
|
|
|
2.87 |
% |
|
Noninterest-Bearing Demand Deposits |
|
|
5,844.6 |
|
|
|
|
|
|
|
5,788.0 |
|
|
|
|
|
|
|
5,649.8 |
|
|
|
|
|
|
|
Other
Liabilities |
|
|
378.3 |
|
|
|
|
|
|
|
379.2 |
|
|
|
|
|
|
|
398.0 |
|
|
|
|
|
|
|
Stockholders' Equity |
|
|
2,564.6 |
|
|
|
|
|
|
|
2,528.4 |
|
|
|
|
|
|
|
2,506.1 |
|
|
|
|
|
|
|
Total Liabilities and Stockholders' Equity |
|
$ |
20,109.1 |
|
|
|
|
|
|
$ |
19,692.2 |
|
|
|
|
|
|
$ |
19,314.7 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Average Balances and Interest Rates |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Table
5 |
|
|
|
|
Nine Months
Ended |
|
Nine Months
Ended |
|
|
|
|
September 30, 2017 |
|
September 30, 2016 |
|
|
|
|
Average |
|
Income/ |
|
|
Yield/ |
|
Average |
|
Income/ |
|
Yield/ |
|
|
(dollars
in millions) |
|
Balance |
|
Expense |
|
|
Rate |
|
Balance |
|
Expense |
|
Rate |
|
|
Earning Assets |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest-Bearing Deposits in Other Banks |
|
$ |
516.8 |
|
$ |
4.0 |
|
|
1.02 |
% |
$ |
1,602.3 |
|
$ |
6.1 |
|
0.51 |
% |
|
Available-for-Sale Investment Securities |
|
|
5,189.7 |
|
|
75.7 |
|
|
1.95 |
|
|
4,304.5 |
|
|
57.1 |
|
1.77 |
|
|
Loans
and Leases (1) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Commercial and industrial |
|
|
3,263.3 |
|
|
77.3 |
|
|
3.17 |
|
|
3,200.6 |
|
|
70.3 |
|
2.93 |
|
|
Real
estate - commercial |
|
|
2,606.1 |
|
|
71.1 |
|
|
3.65 |
|
|
2,273.3 |
|
|
62.9 |
|
3.70 |
|
|
Real
estate - construction |
|
|
514.1 |
|
|
13.1 |
|
|
3.41 |
|
|
425.0 |
|
|
10.4 |
|
3.27 |
|
|
Real
estate - residential |
|
|
3,784.5 |
|
|
115.5 |
|
|
4.08 |
|
|
3,525.5 |
|
|
108.9 |
|
4.13 |
|
|
Consumer |
|
|
1,528.8 |
|
|
61.8 |
|
|
5.41 |
|
|
1,441.6 |
|
|
60.4 |
|
5.59 |
|
|
Lease
financing |
|
|
172.1 |
|
|
3.6 |
|
|
2.84 |
|
|
189.5 |
|
|
4.1 |
|
2.90 |
|
|
Total
Loans and Leases |
|
|
11,868.9 |
|
|
342.4 |
|
|
3.86 |
|
|
11,055.5 |
|
|
317.0 |
|
3.83 |
|
|
Other
Earning Assets |
|
|
30.0 |
|
|
0.1 |
|
|
0.62 |
|
|
— |
|
|
— |
|
— |
|
|
Total
Earning Assets (2) |
|
|
17,605.4 |
|
|
422.2 |
|
|
3.21 |
|
|
16,962.3 |
|
|
380.2 |
|
2.99 |
|
|
Cash and
Due from Banks |
|
|
322.7 |
|
|
|
|
|
|
|
|
320.1 |
|
|
|
|
|
|
|
Other
Assets |
|
|
1,930.1 |
|
|
|
|
|
|
|
|
1,903.1 |
|
|
|
|
|
|
|
Total Assets |
|
$ |
19,858.2 |
|
|
|
|
|
|
|
$ |
19,185.5 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest-Bearing Liabilities |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest-Bearing Deposits |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Savings |
|
$ |
4,500.1 |
|
$ |
2.5 |
|
|
0.08 |
% |
$ |
4,371.6 |
|
$ |
1.9 |
|
0.06 |
% |
|
Money
Market |
|
|
2,574.0 |
|
|
2.2 |
|
|
0.11 |
|
|
2,410.6 |
|
|
1.7 |
|
0.09 |
|
|
Time |
|
|
4,027.9 |
|
|
23.6 |
|
|
0.78 |
|
|
3,782.2 |
|
|
16.0 |
|
0.57 |
|
|
Total
Interest-Bearing Deposits |
|
|
11,102.0 |
|
|
28.3 |
|
|
0.34 |
|
|
10,564.4 |
|
|
19.6 |
|
0.25 |
|
|
Short-Term Borrowings |
|
|
2.1 |
|
|
— |
|
|
0.68 |
|
|
148.0 |
|
|
0.2 |
|
0.16 |
|
|
Total Interest-Bearing Liabilities |
|
|
11,104.1 |
|
|
28.3 |
|
|
0.34 |
|
|
10,712.4 |
|
|
19.8 |
|
0.25 |
|
|
Net Interest Income |
|
|
|
|
$ |
393.9 |
|
|
|
|
|
|
|
$ |
360.4 |
|
|
|
|
Interest
Rate Spread |
|
|
|
|
|
|
|
|
2.87 |
% |
|
|
|
|
|
|
2.74 |
% |
|
Net
Interest Margin |
|
|
|
|
|
|
|
|
2.99 |
% |
|
|
|
|
|
|
2.84 |
% |
|
Noninterest-Bearing Demand Deposits |
|
|
5,848.5 |
|
|
|
|
|
|
|
|
5,514.8 |
|
|
|
|
|
|
|
Other
Liabilities |
|
|
378.2 |
|
|
|
|
|
|
|
|
369.7 |
|
|
|
|
|
|
|
Stockholders' Equity |
|
|
2,527.4 |
|
|
|
|
|
|
|
|
2,588.6 |
|
|
|
|
|
|
|
Total Liabilities and Stockholders' Equity |
|
$ |
19,858.2 |
|
|
|
|
|
|
|
$ |
19,185.5 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Analysis of Change in Net Interest Income |
|
|
|
|
|
|
|
|
Table
6 |
|
|
|
Three Months Ended
September 30, 2017 |
|
|
|
Compared to June 30, 2017 |
|
(dollars
in millions) |
|
Volume |
|
Rate |
|
Total |
|
Change in Interest Income: |
|
|
|
|
|
|
|
|
|
|
Interest-Bearing Deposits in Other Banks |
|
$ |
0.9 |
|
|
$ |
0.3 |
|
|
$ |
1.2 |
|
|
Available-for-Sale Investment Securities |
|
|
(0.4 |
) |
|
|
(0.4 |
) |
|
|
(0.8 |
) |
|
Loans
and Leases |
|
|
|
|
|
|
|
|
|
|
Commercial and industrial |
|
|
— |
|
|
|
1.6 |
|
|
|
1.6 |
|
|
Real
estate - commercial |
|
|
0.5 |
|
|
|
0.8 |
|
|
|
1.3 |
|
|
Real
estate - construction |
|
|
0.5 |
|
|
|
0.3 |
|
|
|
0.8 |
|
|
Real
estate - residential |
|
|
0.7 |
|
|
|
(0.1 |
) |
|
|
0.6 |
|
|
Consumer |
|
|
0.2 |
|
|
|
0.2 |
|
|
|
0.4 |
|
|
Lease
financing |
|
|
0.1 |
|
|
|
— |
|
|
|
0.1 |
|
|
Total
Loans and Leases |
|
|
2.0 |
|
|
|
2.8 |
|
|
|
4.8 |
|
|
Other
Earning Assets |
|
|
0.1 |
|
|
|
— |
|
|
|
0.1 |
|
|
Total Change in Interest Income |
|
|
2.6 |
|
|
|
2.7 |
|
|
|
5.3 |
|
|
|
|
|
|
|
|
|
|
|
|
|
Change in Interest Expense: |
|
|
|
|
|
|
|
|
|
|
Interest-Bearing Deposits |
|
|
|
|
|
|
|
|
|
|
Savings |
|
|
— |
|
|
|
0.4 |
|
|
|
0.4 |
|
|
Money
Market |
|
|
— |
|
|
|
0.1 |
|
|
|
0.1 |
|
|
Time |
|
|
0.6 |
|
|
|
2.1 |
|
|
|
2.7 |
|
|
Total
Interest-Bearing Deposits |
|
|
0.6 |
|
|
|
2.6 |
|
|
|
3.2 |
|
|
Total Change in Interest Expense |
|
|
0.6 |
|
|
|
2.6 |
|
|
|
3.2 |
|
|
Change in Net Interest Income |
|
$ |
2.0 |
|
|
$ |
0.1 |
|
|
$ |
2.1 |
|
|
|
|
|
|
|
|
|
|
|
|
|
Analysis of Change in Net Interest Income |
|
|
|
|
|
|
|
|
Table
7 |
|
|
|
Three Months Ended
September 30, 2017 |
|
|
|
Compared to
September 30, 2016 |
|
(dollars
in millions) |
|
Volume |
|
Rate |
|
Total |
|
Change in Interest Income: |
|
|
|
|
|
|
|
|
|
|
Interest-Bearing Deposits in Other Banks |
|
$ |
(0.7 |
) |
|
$ |
1.4 |
|
|
$ |
0.7 |
|
Available-for-Sale Investment Securities |
|
|
1.7 |
|
|
|
1.4 |
|
|
|
3.1 |
|
Loans
and Leases |
|
|
|
|
|
|
|
|
|
|
Commercial and industrial |
|
|
0.2 |
|
|
|
3.4 |
|
|
|
3.6 |
|
Real
estate - commercial |
|
|
3.3 |
|
|
|
0.4 |
|
|
|
3.7 |
|
Real
estate - construction |
|
|
1.1 |
|
|
|
0.3 |
|
|
|
1.4 |
|
Real
estate - residential |
|
|
2.8 |
|
|
|
— |
|
|
|
2.8 |
|
Consumer |
|
|
1.0 |
|
|
|
(0.5 |
) |
|
|
0.5 |
|
Total
Loans and Leases |
|
|
8.4 |
|
|
|
3.6 |
|
|
|
12.0 |
|
Other
Earning Assets |
|
|
0.1 |
|
|
|
— |
|
|
|
0.1 |
|
Total Change in Interest Income |
|
|
9.5 |
|
|
|
6.4 |
|
|
|
15.9 |
|
|
|
|
|
|
|
|
|
|
|
|
Change in Interest Expense: |
|
|
|
|
|
|
|
|
|
|
Interest-Bearing Deposits |
|
|
|
|
|
|
|
|
|
|
Savings |
|
|
— |
|
|
|
0.5 |
|
|
|
0.5 |
|
Money
Market |
|
|
— |
|
|
|
0.2 |
|
|
|
0.2 |
|
Time |
|
|
0.7 |
|
|
|
3.9 |
|
|
|
4.6 |
|
Total
Interest-Bearing Deposits |
|
|
0.7 |
|
|
|
4.6 |
|
|
|
5.3 |
|
Total Change in Interest Expense |
|
|
0.7 |
|
|
|
4.6 |
|
|
|
5.3 |
|
Change in Net Interest Income |
|
$ |
8.8 |
|
|
$ |
1.8 |
|
|
$ |
10.6 |
|
|
|
|
|
|
|
|
|
|
|
|
Analysis of Change in Net Interest Income |
|
|
|
|
|
|
|
|
Table
8 |
|
|
|
Nine Months Ended
September 30, 2017 |
|
|
|
Compared to
September 30, 2016 |
|
(dollars
in millions) |
|
Volume |
|
Rate |
|
Total |
|
Change in Interest Income: |
|
|
|
|
|
|
|
|
|
|
Interest-Bearing Deposits in Other Banks |
|
$ |
(5.8 |
) |
|
$ |
3.7 |
|
|
$ |
(2.1 |
) |
|
Available-for-Sale Investment Securities |
|
|
12.4 |
|
|
|
6.1 |
|
|
|
18.5 |
|
|
Loans
and Leases |
|
|
|
|
|
|
|
|
|
|
Commercial and industrial |
|
|
1.4 |
|
|
|
5.6 |
|
|
|
7.0 |
|
|
Real
estate - commercial |
|
|
9.1 |
|
|
|
(0.9 |
) |
|
|
8.2 |
|
|
Real
estate - construction |
|
|
2.2 |
|
|
|
0.5 |
|
|
|
2.7 |
|
|
Real
estate - residential |
|
|
7.9 |
|
|
|
(1.3 |
) |
|
|
6.6 |
|
|
Consumer |
|
|
3.6 |
|
|
|
(2.1 |
) |
|
|
1.5 |
|
|
Lease
financing |
|
|
(0.4 |
) |
|
|
(0.1 |
) |
|
|
(0.5 |
) |
|
Total
Loans and Leases |
|
|
23.8 |
|
|
|
1.7 |
|
|
|
25.5 |
|
|
Other
Earning Assets |
|
|
0.1 |
|
|
|
— |
|
|
|
0.1 |
|
|
Total Change in Interest Income |
|
|
30.5 |
|
|
|
11.5 |
|
|
|
42.0 |
|
|
|
|
|
|
|
|
|
|
|
|
|
Change in Interest Expense: |
|
|
|
|
|
|
|
|
|
|
Interest-Bearing Deposits |
|
|
|
|
|
|
|
|
|
|
Savings |
|
|
0.1 |
|
|
|
0.5 |
|
|
|
0.6 |
|
|
Money
Market |
|
|
0.1 |
|
|
|
0.4 |
|
|
|
0.5 |
|
|
Time |
|
|
1.1 |
|
|
|
6.5 |
|
|
|
7.6 |
|
|
Total
Interest-Bearing Deposits |
|
|
1.3 |
|
|
|
7.4 |
|
|
|
8.7 |
|
|
Short-Term Borrowings |
|
|
(0.3 |
) |
|
|
0.1 |
|
|
|
(0.2 |
) |
|
Total Change in Interest Expense |
|
|
1.0 |
|
|
|
7.5 |
|
|
|
8.5 |
|
|
Change in Net Interest Income |
|
$ |
29.5 |
|
|
$ |
4.0 |
|
|
$ |
33.5 |
|
|
|
|
|
|
|
|
|
|
|
|
|
Loans and Leases |
|
|
|
|
|
|
|
|
|
|
|
Table 9 |
|
|
|
September 30, |
|
June 30, |
|
December 31, |
|
September 30, |
|
(dollars
in thousands) |
|
2017 |
|
2017 |
|
2016 |
|
2016 |
|
Commercial and
industrial |
|
$ |
3,190,237 |
|
$ |
3,331,092 |
|
$ |
3,239,600 |
|
$ |
3,265,291 |
|
Real estate: |
|
|
|
|
|
|
|
|
|
|
|
|
|
Commercial |
|
|
2,625,688 |
|
|
2,545,479 |
|
|
2,343,495 |
|
|
2,311,874 |
|
Construction |
|
|
598,763 |
|
|
555,794 |
|
|
450,012 |
|
|
475,333 |
|
Residential |
|
|
4,001,478 |
|
|
3,921,881 |
|
|
3,796,459 |
|
|
3,687,660 |
|
Total
real estate |
|
|
7,225,929 |
|
|
7,023,154 |
|
|
6,589,966 |
|
|
6,474,867 |
|
Consumer |
|
|
1,562,172 |
|
|
1,527,470 |
|
|
1,510,772 |
|
|
1,469,220 |
|
Lease financing |
|
|
171,373 |
|
|
180,676 |
|
|
180,040 |
|
|
187,177 |
|
Total loans and leases |
|
$ |
12,149,711 |
|
$ |
12,062,392 |
|
$ |
11,520,378 |
|
$ |
11,396,555 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Deposits |
|
|
|
|
|
|
|
|
|
|
|
Table 10 |
|
|
|
September 30, |
|
June 30, |
|
December 31, |
|
September 30, |
|
(dollars
in thousands) |
|
2017 |
|
2017 |
|
2016 |
|
2016 |
|
Demand |
|
$ |
5,907,634 |
|
$ |
5,871,598 |
|
$ |
5,992,617 |
|
$ |
5,800,538 |
|
Savings |
|
|
4,411,411 |
|
|
4,568,600 |
|
|
4,609,306 |
|
|
4,341,714 |
|
Money Market |
|
|
2,631,311 |
|
|
2,944,005 |
|
|
2,454,013 |
|
|
2,818,132 |
|
Time |
|
|
4,645,127 |
|
|
4,068,059 |
|
|
3,738,596 |
|
|
4,005,143 |
|
Total Deposits |
|
$ |
17,595,483 |
|
$ |
17,452,262 |
|
$ |
16,794,532 |
|
$ |
16,965,527 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Non-Performing Assets and Accruing Loans and Leases Past
Due 90 Days or More |
|
|
|
|
|
|
|
|
|
|
|
Table 11 |
|
|
September 30, |
|
June 30, |
|
December 31, |
|
September 30, |
(dollars
in thousands) |
|
2017 |
|
2017 |
|
2016 |
|
2016 |
Non-Performing
Assets |
|
|
|
|
|
|
|
|
|
|
|
|
Non-Accrual Loans and
Leases |
|
|
|
|
|
|
|
|
|
|
|
|
Commercial Loans: |
|
|
|
|
|
|
|
|
|
|
|
|
Commercial and industrial |
|
$ |
2,312 |
|
$ |
2,155 |
|
$ |
2,730 |
|
$ |
2,933 |
Lease
financing |
|
|
— |
|
|
— |
|
|
153 |
|
|
163 |
Total
Commercial Loans |
|
|
2,312 |
|
|
2,155 |
|
|
2,883 |
|
|
3,096 |
Residential |
|
|
5,562 |
|
|
5,569 |
|
|
6,547 |
|
|
6,274 |
Total Non-Accrual Loans
and Leases |
|
|
7,874 |
|
|
7,724 |
|
|
9,430 |
|
|
9,370 |
Other Real Estate
Owned |
|
|
564 |
|
|
329 |
|
|
329 |
|
|
854 |
Total
Non-Performing Assets |
|
$ |
8,438 |
|
$ |
8,053 |
|
$ |
9,759 |
|
$ |
10,224 |
|
|
|
|
|
|
|
|
|
|
|
|
|
Accruing Loans
and Leases Past Due 90 Days or More |
|
|
|
|
|
|
|
|
|
|
|
|
Commercial Loans: |
|
|
|
|
|
|
|
|
|
|
|
|
Commercial and industrial |
|
$ |
1,751 |
|
$ |
1,275 |
|
$ |
449 |
|
$ |
177 |
Real
estate - commercial |
|
|
3,247 |
|
|
— |
|
|
— |
|
|
— |
Real
estate - construction |
|
|
— |
|
|
350 |
|
|
— |
|
|
— |
Lease
financing |
|
|
— |
|
|
— |
|
|
83 |
|
|
— |
Total Commercial
Loans |
|
|
4,998 |
|
|
1,625 |
|
|
532 |
|
|
177 |
Residential |
|
|
1,055 |
|
|
1,543 |
|
|
866 |
|
|
1,638 |
Consumer |
|
|
1,894 |
|
|
1,873 |
|
|
1,870 |
|
|
2,036 |
Total Accruing
Loans and Leases Past Due 90 Days or More |
|
$ |
7,947 |
|
$ |
5,041 |
|
$ |
3,268 |
|
$ |
3,851 |
|
|
|
|
|
|
|
|
|
|
|
|
|
Restructured
Loans on Accrual Status and Not Past Due 90 Days or
More |
|
|
36,728 |
|
|
38,886 |
|
|
44,496 |
|
|
46,453 |
Total Loans and
Leases |
|
$ |
12,149,711 |
|
$ |
12,062,392 |
|
$ |
11,520,378 |
|
$ |
11,396,555 |
|
|
|
|
|
|
|
|
|
|
|
|
|
Allowance for Loan and Lease Losses |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Table 12 |
|
|
|
|
For the Three Months
Ended |
|
For the Nine Months
Ended |
|
|
|
|
September 30, |
|
June 30, |
|
September 30, |
|
September 30, |
|
September 30, |
|
|
(dollars
in thousands) |
|
2017 |
|
|
2017 |
|
|
2016 |
|
|
2017 |
|
|
2016 |
|
|
|
Balance at
Beginning of Period |
|
$ |
136,883 |
|
|
$ |
135,847 |
|
|
$ |
136,360 |
|
|
$ |
135,494 |
|
|
$ |
135,484 |
|
|
|
Loans and Leases
Charged-Off |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Commercial Loans: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Commercial and industrial |
|
|
(408 |
) |
|
|
(75 |
) |
|
|
(210 |
) |
|
|
(1,338 |
) |
|
|
(348 |
) |
|
|
Lease
financing |
|
|
(1 |
) |
|
|
(146 |
) |
|
|
— |
|
|
|
(147 |
) |
|
|
— |
|
|
|
Total
Commercial Loans |
|
|
(409 |
) |
|
|
(221 |
) |
|
|
(210 |
) |
|
|
(1,485 |
) |
|
|
(348 |
) |
|
|
Residential |
|
|
(293 |
) |
|
|
— |
|
|
|
(268 |
) |
|
|
(315 |
) |
|
|
(796 |
) |
|
|
Consumer |
|
|
(6,263 |
) |
|
|
(5,251 |
) |
|
|
(4,878 |
) |
|
|
(17,086 |
) |
|
|
(13,379 |
) |
|
|
Total Loans and
Leases Charged-Off |
|
|
(6,965 |
) |
|
|
(5,472 |
) |
|
|
(5,356 |
) |
|
|
(18,886 |
) |
|
|
(14,523 |
) |
|
|
Recoveries on Loans and
Leases Previously Charged-Off |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Commercial Loans: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Commercial and industrial |
|
|
582 |
|
|
|
129 |
|
|
|
6 |
|
|
|
825 |
|
|
|
228 |
|
|
|
Real
estate - commercial |
|
|
336 |
|
|
|
55 |
|
|
|
42 |
|
|
|
468 |
|
|
|
3,288 |
|
|
|
Lease
financing |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
1 |
|
|
|
Total
Commercial Loans |
|
|
918 |
|
|
|
184 |
|
|
|
48 |
|
|
|
1,293 |
|
|
|
3,517 |
|
|
|
Residential |
|
|
139 |
|
|
|
150 |
|
|
|
350 |
|
|
|
610 |
|
|
|
1,116 |
|
|
|
Consumer |
|
|
1,852 |
|
|
|
1,774 |
|
|
|
1,523 |
|
|
|
5,416 |
|
|
|
4,731 |
|
|
|
Total Recoveries on Loans and Leases Previously
Charged-Off |
|
|
2,909 |
|
|
|
2,108 |
|
|
|
1,921 |
|
|
|
7,319 |
|
|
|
9,364 |
|
|
|
Net Loans and Leases
Charged-Off |
|
|
(4,056 |
) |
|
|
(3,364 |
) |
|
|
(3,435 |
) |
|
|
(11,567 |
) |
|
|
(5,159 |
) |
|
|
Provision for Credit
Losses |
|
|
4,500 |
|
|
|
4,400 |
|
|
|
2,100 |
|
|
|
13,400 |
|
|
|
4,700 |
|
|
|
Balance at End
of Period |
|
$ |
137,327 |
|
|
$ |
136,883 |
|
|
$ |
135,025 |
|
|
$ |
137,327 |
|
|
$ |
135,025 |
|
|
|
Average Loans and
Leases Outstanding |
|
$ |
12,115,001 |
|
|
$ |
11,903,255 |
|
|
$ |
11,261,710 |
|
|
$ |
11,868,917 |
|
|
$ |
11,055,522 |
|
|
|
Ratio of Net Loans and
Leases Charged-Off to Average Loans and Leases Outstanding |
|
|
0.13 |
% |
|
0.11 |
% |
|
0.12 |
% |
|
0.13 |
% |
|
0.06 |
% |
|
|
Ratio of Allowance for
Loan and Lease Losses to Loans and Leases Outstanding |
|
|
1.13 |
% |
|
1.13 |
% |
|
1.18 |
% |
|
1.13 |
% |
|
1.18 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
GAAP to Non-GAAP Reconciliation |
|
|
|
|
|
|
|
|
|
|
Table 13 |
|
|
|
|
For the Three Months
Ended |
|
For the Nine Months
Ended |
|
|
|
|
September 30, |
|
June 30, |
|
September 30, |
|
September 30, |
|
|
(dollars in thousands, except per share amounts) |
|
2017 |
|
2017 |
|
2016 |
|
2017 |
|
2016 |
|
|
Income
Statement Data: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net income |
|
$ |
58,363 |
|
$ |
56,895 |
|
$ |
53,235 |
|
$ |
171,998 |
|
$ |
173,626 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Average total
stockholders' equity |
|
$ |
2,564,563 |
|
$ |
2,528,388 |
|
$ |
2,506,099 |
|
$ |
2,527,435 |
|
$ |
2,588,602 |
|
|
Less: average
goodwill |
|
|
995,492 |
|
|
995,492 |
|
|
995,492 |
|
|
995,492 |
|
|
995,492 |
|
|
Average tangible
stockholders' equity |
|
$ |
1,569,071 |
|
$ |
1,532,896 |
|
$ |
1,510,607 |
|
$ |
1,531,943 |
|
$ |
1,593,110 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Average total
assets |
|
$ |
20,109,090 |
|
$ |
19,692,222 |
|
$ |
19,314,668 |
|
$ |
19,858,184 |
|
$ |
19,185,484 |
|
|
Less: average
goodwill |
|
|
995,492 |
|
|
995,492 |
|
|
995,492 |
|
|
995,492 |
|
|
995,492 |
|
|
Average tangible
assets |
|
$ |
19,113,598 |
|
$ |
18,696,730 |
|
$ |
18,319,176 |
|
$ |
18,862,692 |
|
$ |
18,189,992 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Return on average total
stockholders' equity(a) |
|
|
9.03 |
% |
|
9.03 |
% |
|
8.45 |
% |
|
9.10 |
% |
|
8.96 |
% |
|
Return on average
tangible stockholders' equity (non-GAAP)(a) |
|
|
14.76 |
% |
|
14.89 |
% |
|
14.02 |
% |
|
15.01 |
% |
|
14.56 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Return on average total
assets(a) |
|
|
1.15 |
% |
|
1.16 |
% |
|
1.10 |
% |
|
1.16 |
% |
|
1.21 |
% |
|
Return on average
tangible assets (non-GAAP)(a) |
|
|
1.21 |
% |
|
1.22 |
% |
|
1.16 |
% |
|
1.22 |
% |
|
1.28 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Average stockholders'
equity to average assets |
|
|
12.75 |
% |
|
12.84 |
% |
|
12.98 |
% |
|
12.73 |
% |
|
13.49 |
% |
|
Tangible
average stockholders' equity to tangible average assets
(non-GAAP) |
|
|
8.21 |
% |
|
8.20 |
% |
|
8.25 |
% |
|
8.12 |
% |
|
8.76 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
As of |
|
As of |
|
As of |
|
As of |
|
|
|
|
September 30, |
|
June 30, |
|
December 31, |
|
September 30, |
|
|
|
|
2017 |
|
2017 |
|
2016 |
|
2016 |
|
|
Balance Sheet
Data: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total stockholders'
equity |
|
$ |
2,581,858 |
|
$ |
2,552,602 |
|
$ |
2,476,485 |
|
$ |
2,523,963 |
|
|
Less: goodwill |
|
|
995,492 |
|
|
995,492 |
|
|
995,492 |
|
|
995,492 |
|
|
Tangible stockholders'
equity |
|
$ |
1,586,366 |
|
$ |
1,557,110 |
|
$ |
1,480,993 |
|
$ |
1,528,471 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total assets |
|
$ |
20,565,627 |
|
$ |
20,373,974 |
|
$ |
19,661,829 |
|
$ |
19,892,693 |
|
|
Less: goodwill |
|
|
995,492 |
|
|
995,492 |
|
|
995,492 |
|
|
995,492 |
|
|
Tangible assets |
|
$ |
19,570,135 |
|
$ |
19,378,482 |
|
$ |
18,666,337 |
|
$ |
18,897,201 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Shares outstanding |
|
|
139,586,282 |
|
|
139,546,615 |
|
|
139,530,654 |
|
|
139,530,654 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total stockholders'
equity to total assets |
|
|
12.55 |
% |
|
12.53 |
% |
|
12.60 |
% |
|
12.69 |
% |
|
Tangible stockholders'
equity to tangible assets (non-GAAP) |
|
|
8.11 |
% |
|
8.04 |
% |
|
7.93 |
% |
|
8.09 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Book value per
share |
|
$ |
18.50 |
|
$ |
18.29 |
|
$ |
17.75 |
|
$ |
18.09 |
|
|
Tangible book value per
share (non-GAAP) |
|
$ |
11.36 |
|
$ |
11.16 |
|
$ |
10.61 |
|
$ |
10.95 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
GAAP to Non-GAAP Reconciliation |
|
Table 14 |
|
|
|
For the Three Months Ended |
|
For the Nine Months
Ended |
|
|
|
September 30, |
|
June 30, |
|
September 30, |
|
September 30, |
|
(dollars in thousands, except per share amounts) |
|
2017 |
|
|
2017 |
|
|
2016 |
|
|
2017 |
|
|
2016 |
|
|
Net interest
income |
|
$ |
133,319 |
|
|
$ |
131,254 |
|
|
$ |
122,683 |
|
|
$ |
393,918 |
|
|
$ |
360,422 |
|
|
Core net interest
income (non-GAAP) |
|
$ |
133,319 |
|
|
$ |
131,254 |
|
|
$ |
122,683 |
|
|
$ |
393,918 |
|
|
$ |
360,422 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Noninterest income |
|
$ |
48,535 |
|
|
$ |
48,870 |
|
|
$ |
48,690 |
|
|
$ |
146,812 |
|
|
$ |
168,580 |
|
|
Gains on sale of bank
properties |
|
|
(2,667 |
) |
|
|
— |
|
|
|
— |
|
|
|
(2,667 |
) |
|
|
— |
|
|
Gains on sale of
securities |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
(3,050 |
) |
|
Gains on sale of stock
(Visa/MasterCard) |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
(22,678 |
) |
|
Core noninterest income
(non-GAAP) |
|
$ |
45,868 |
|
|
$ |
48,870 |
|
|
$ |
48,690 |
|
|
$ |
144,145 |
|
|
$ |
142,852 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Noninterest
expense |
|
$ |
83,655 |
|
|
$ |
85,241 |
|
|
$ |
82,804 |
|
|
$ |
253,235 |
|
|
$ |
246,341 |
|
|
One-time items(a) |
|
|
(543 |
) |
|
|
(457 |
) |
|
|
(3,090 |
) |
|
|
(1,384 |
) |
|
|
(5,637 |
) |
|
Core noninterest
expense (non-GAAP) |
|
$ |
83,112 |
|
|
$ |
84,784 |
|
|
$ |
79,714 |
|
|
$ |
251,851 |
|
|
$ |
240,704 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net income |
|
$ |
58,363 |
|
|
$ |
56,895 |
|
|
$ |
53,235 |
|
|
$ |
171,998 |
|
|
$ |
173,626 |
|
|
Gains on sale of bank
properties |
|
|
(2,667 |
) |
|
|
— |
|
|
|
— |
|
|
|
(2,667 |
) |
|
|
— |
|
|
Gains on sale of
securities |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
(3,050 |
) |
|
Gains on sale of stock
(Visa/MasterCard) |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
(22,678 |
) |
|
One-time items(a) |
|
|
543 |
|
|
|
457 |
|
|
|
3,090 |
|
|
|
1,384 |
|
|
|
5,637 |
|
|
Tax adjustments(b) |
|
|
801 |
|
|
|
(171 |
) |
|
|
(1,148 |
) |
|
|
488 |
|
|
|
7,575 |
|
|
Total core
adjustments |
|
|
(1,323 |
) |
|
|
286 |
|
|
|
1,942 |
|
|
|
(795 |
) |
|
|
(12,516 |
) |
|
Core net income
(non-GAAP) |
|
$ |
57,040 |
|
|
$ |
57,181 |
|
|
$ |
55,177 |
|
|
$ |
171,203 |
|
|
$ |
161,110 |
|
|
Core basic earnings per
share (non-GAAP) |
|
$ |
0.41 |
|
|
$ |
0.41 |
|
|
$ |
0.40 |
|
|
$ |
1.23 |
|
|
$ |
1.16 |
|
|
Core diluted earnings
per share (non-GAAP) |
|
$ |
0.41 |
|
|
$ |
0.41 |
|
|
$ |
0.40 |
|
|
$ |
1.23 |
|
|
$ |
1.16 |
|
|
|
|
|
|
|
|
|
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|
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