UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
 
 
FORM 8-K
 
 
CURRENT REPORT
Pursuant to Section 13 or 15(d) of
the Securities Exchange Act of 1934
Date of Report (Date of earliest event reported): July 17, 2014
 
 
PRIVATEBANCORP, INC.
(Exact Name of Registrant as Specified in its Charter)
 
 
 
Delaware
 
001-34066
 
36-3681151
(State or other jurisdiction
of incorporation)
 
(Commission
file number)
 
(I.R.S. employer
identification no.)

120 S. LaSalle St.
Suite 400
Chicago, Illinois
 
60603
(Address of principal executive offices)
 
(Zip Code)
Registrant’s telephone number, including area code: (312) 564-2000
Not Applicable
(Former name or former address, if changed since last report)
 
 Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (See General Instruction A.2 below):
 
¨
Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
 
¨
Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
 
¨
Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
 
¨
Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))






ITEM 2.02
RESULTS OF OPERATIONS AND FINANCIAL CONDITION
On July 17, 2014, PrivateBancorp, Inc. (the “Company”) announced its earnings results for the second quarter and six months ended June 30, 2014. Attached as Exhibit 99.1 is a copy of the press release relating to the Company’s earnings results, which is incorporated herein by reference. Certain supplemental information relating to non-GAAP financial measures is reported in the attached press release in Exhibit 99.1.
 
ITEM 9.01
FINANCIAL STATEMENTS AND EXHIBITS
(d) Exhibits
 
Exhibit
  
Description
 
 
 
99.1
  
Second Quarter 2014 Earnings Release dated July 17, 2014 (intended to be deemed furnished with the Commission rather than filed pursuant to General Instruction B.2. to Form 8-K)
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
 
 
 
 
 
PRIVATEBANCORP, INC.
 
 
 
 
 
 
 
Dated: July 17, 2014
 
 
 
By:
 
/s/ Kevin M. Killips
 
 
 
 
 
 
Kevin M. Killips
 
 
 
 
 
 
Chief Financial Officer
INDEX TO EXHIBITS
 
Exhibit
  
Description
 
 
 
99.1
  
Second Quarter 2014 Earnings Release dated July 17, 2014 (intended to be deemed furnished with the Commission rather than filed pursuant to General Instruction B.2. to Form 8-K)




Exhibit 99.1

For further information:

Media Contact:
Amy Yuhn
312-564-1378
ayuhn@theprivatebank.com

Investor Relations Contact:
Jeanette O'Loughlin
312-564-6076
joloughlin@theprivatebank.com

PrivateBancorp Reports Second Quarter 2014 Earnings
Earnings per share of $0.52 for second quarter 2014, up 41 percent from second quarter 2013
and 18 percent from first quarter 2014

CHICAGO, July 17, 2014 - PrivateBancorp, Inc. (NASDAQ: PVTB) today reported net income of $40.8 million, or $0.52 per diluted share, for the second quarter 2014, compared to $28.9 million, or $0.37 per diluted share, for the second quarter 2013 and $34.5 million, or $0.44 per diluted share, for the first quarter 2014. For the six months ended June 30, 2014, the Company had net income of $75.3 million, or $0.96 per diluted share, compared to $56.2 million, or $0.72 per diluted share, for the six months ended June 30, 2013.

“Our second quarter results reflect the benefit of our consistent focus on developing client relationships as higher net interest income and strong fee income led to net income of $40.8 million, a 41 percent increase over last year,” said Larry D. Richman, President and CEO, PrivateBancorp, Inc. “Total loans increased 10 percent year-over-year, with about $365 million in fundings to new clients in the second quarter. Operating profit was up 21 percent from a year ago on higher revenue driven by loan growth and lower credit costs.

“With a strong first half of the year behind us, I am pleased with our success in adding new clients and expanding our relationships with existing clients,” Richman continued. “Client sentiment continues to improve, and I like how we are positioned for the rest of the year to do more with commercial middle market companies as they grow their own businesses.”

Second Quarter 2014 Highlights

•
Return on average common equity improved to 11.9 percent and return on average assets improved to 1.14 percent for the second quarter 2014.

•
Operating profit increased to $67.9 million, up 21 percent from the second quarter 2013 and 13 percent from the first quarter 2014. Higher revenues from continued growth in earning assets and increased fee revenue drove the improvement in the efficiency ratio to 52.6 percent for the second quarter 2014, from 57.9 percent for the second quarter 2013 and 55.8 percent for the first quarter 2014.

•
Total loans increased to $11.1 billion, up 10 percent from a year ago and 2 percent from March 31, 2014, primarily driven by growth in commercial and industrial loans. Average loans grew $932.6 million from the second quarter 2013 and $335.7 million from the first quarter 2014.


1

•
Total deposits grew to $12.2 billion, compared to $11.3 billion as of June 30, 2013, and $11.9 billion as of March 31, 2014. Noninterest-bearing demand deposits increased $283.7 million during the quarter.

•
Net interest margin was 3.21 percent, compared to 3.22 percent for the second quarter 2013 and 3.23 percent for the first quarter 2014.

•
Provision for loan and covered loan losses was $327,000, as a $2.0 million provision for loan losses was offset by $1.7 million of covered loan recoveries recorded during the second quarter 2014.

Operating Performance

Net interest income was $112.4 million in the second quarter 2014, an increase of 8 percent compared to the second quarter 2013, and up 3 percent compared to the first quarter 2014. Compared to the previous periods, interest income benefited from higher average loans as loan yields continued to decline. Average loans increased 9 percent from the second quarter 2013 and 3 percent from the first quarter 2014. Interest expense declined to $16.6 million from $17.9 million for the second quarter 2013, largely reflecting the prepayment of a subordinated debt facility in the fourth quarter 2013, while a $385.7 million increase in average noninterest-bearing demand deposits was also beneficial. Net interest margin was 3.21 percent in the second quarter 2014, compared to 3.23 percent in the first quarter 2014 and 3.22 percent in the second quarter 2013. Larger-than-average interest recoveries in the first quarter 2014 contributed three basis points to net interest margin. On a sequential basis, net interest margin benefited from higher loan fees; however, the competitive environment continued to pressure loan pricing.

Noninterest income was $30.3 million in the second quarter 2014, up $1.3 million compared to the second quarter 2013 and $4.0 million compared to the first quarter 2014, primarily due to higher syndication fees. Syndication fees were $5.4 million, up $2.3 million compared to the second quarter 2013 and $2.1 million compared to the first quarter 2014, driven by strong loan activity during the current quarter. Mortgage banking revenue was $2.6 million compared to $3.2 million for the second quarter 2013 and $1.6 million for the first quarter 2014, reflecting industry-wide mortgage origination trends.

Capital markets revenue of $5.0 million, down from $6.0 million for the second quarter 2013, increased from $4.1 million for the first quarter 2014. Excluding the impact of the credit valuation adjustment, capital markets revenue increased $1.1 million on a sequential basis, primarily related to a higher level of foreign exchange-related transactions. Treasury management fees were $6.7 million in the second quarter 2014, up 8 percent from the second quarter 2013, largely due to additional client relationships, and were relatively unchanged from the first quarter 2014.

Asset management revenue was $4.4 million in the second quarter 2014, compared to $4.8 million for the second quarter 2013 and $4.3 million for the first quarter 2014. The prior-year period included fees generated by the investment management subsidiary sold at year-end. Assets under management and administration were $6.4 billion as of June 30, 2014, compared to $5.4 billion a year ago and $6.0 billion at March 31, 2014.

Expenses

Noninterest expense of $75.5 million was $1.8 million lower than the second quarter 2013 and down slightly compared to the first quarter 2014.

Salary and employee benefits expense was relatively unchanged compared to the first quarter 2014, as first quarter's seasonally higher payroll taxes and benefits were offset by a full quarter's impact of annual salary adjustments, additional performance-based incentive compensation, and higher revenue-based compensation. Compared to the second quarter 2013, salary and employee benefits expense increased 11 percent due to the impact of annual salary adjustments during the first quarter, additional staff, and increased incentive compensation based on improved performance.


2

Marketing expense was up $1.2 million compared to the first quarter 2014, primarily driven by the launch of an advertising campaign in the second quarter. Net foreclosed property expense decreased 50 percent compared to the second quarter 2013, primarily reflecting reduced inventory of foreclosed property (OREO). While expected to trend lower going forward, compared to the first quarter 2014, net foreclosed property expense was relatively unchanged at $2.8 million.

Other expenses declined $4.0 million from the second quarter 2013 and $2.3 million from the first quarter 2014. The second quarter 2013 included one-time charges of $3.0 million related to restructuring costs and a charge on repurchased loans. During the second quarter 2014, other expense benefited from a change in unfunded commitments, as certain nonperforming assets with related commitments were reduced.

Credit Quality

Nonperforming assets were 0.66 percent of total assets at June 30, 2014, down from 1.33 percent at June 30, 2013, and 0.82 percent at March 31, 2014. At June 30, 2014, nonperforming loans were $76.6 million, down $45.2 million from June 30, 2013, and $17.2 million from March 31, 2014. OREO of $19.8 million at June 30, 2014, declined $37.3 million from June 30, 2013, and $3.7 million from March 31, 2014.

The allowance for loan losses as a percentage of total loans was 1.32 percent at June 30, 2014, compared to 1.34 percent at March 31, 2014. The provision for loan losses was $2.0 million for the second quarter 2014 compared to $3.4 million for the first quarter 2014. Charge-off levels remained low and provision expense benefited from the release of specific reserves previously established for problem credits resolved in the second quarter 2014. Specific reserves declined $4.3 million from the first quarter 2014. General allocated reserves increased on a sequential basis, reflecting loan growth and changes in the composition of the loan portfolio.

Credit quality results exclude covered assets acquired through an FDIC-assisted transaction that are subject to a loss sharing agreement.

Balance Sheet

Total assets were $14.6 billion at June 30, 2014, up compared to $13.5 billion at June 30, 2013, and $14.3 billion at March 31, 2014. Total loans of $11.1 billion grew $1.0 billion, or 10 percent, from June 30, 2013, and $212.0 million, or 2 percent, from the previous quarter end. Excluded from total loans at June 30, 2014, were $80.7 million of loans held-for-sale, composed of $60.4 million in commercial credits funded in the second quarter that are expected to be syndicated and mortgage loans to be sold in the third quarter. At June 30, 2014, total commercial loans comprised 68 percent of total loans, up from 66 percent a year ago, and total commercial real estate and construction loans comprised 26 percent of total loans, down slightly from 27 percent at June 30, 2013. The Company's investment securities portfolio was $2.6 billion at June 30, 2014, up 2 percent from June 30, 2013, and consistent with March 31, 2014.

Total liabilities were $13.2 billion at June 30, 2014, up compared to $12.2 billion at June 30, 2013, and $13.0 billion compared to March 31, 2014. Total deposits were $12.2 billion at June 30, 2014, an increase of $927.9 million, or 8 percent, from June 30, 2013, and $350.0 million, or 3 percent, from March 31, 2014. Noninterest bearing demand deposits comprised 28 percent of total deposits at June 30, 2014, up from 24 percent at June 30, 2013, and 26 percent at March 31, 2014. At June 30, 2014, the loan-to-deposit ratio was 91 percent, compared to 89 percent as of June 30, 2013, and 92 percent as of March 31, 2014.

Capital

As of June 30, 2014, the total risk-based capital ratio was 13.41 percent, the Tier 1 risk-based capital ratio was 11.24 percent, and the leverage ratio was 10.63 percent. The Tier 1 common capital ratio was 9.42 percent (excluding the effect of the final Basel III capital rules that go into effect January 2015) and the tangible common equity ratio was 8.94 percent at the end of the second quarter 2014.

3


Quarterly Conference Call and Webcast Presentation

PrivateBancorp will host a conference call Thursday, July 17, 2014, at 10 a.m. CDT. The call may be accessed by telephone at (888) 782-9127 (U.S. and Canada) or (706) 634-5643 (International) and entering passcode #57714115. A live webcast of the call can be accessed on the Company website at: investor.theprivatebank.com or by visiting the Investor Relations tab under the About Us section. A rebroadcast will be available beginning approximately two hours after the call until midnight July 30, 2014, by calling (855) 859-2056 (U.S. and Canada) or (404) 537-3406 (International) and entering passcode #57714115.

About PrivateBancorp, Inc.

PrivateBancorp, Inc., through its subsidiaries, delivers customized business and personal financial services to middle-market companies, as well as business owners, executives, entrepreneurs and families in all of the markets and communities we serve. As of June 30, 2014, the Company had 33 offices in 10 states and $14.6 billion in assets. The Company’s website is www.theprivatebank.com.

Forward-Looking Statements

Statements made in this press release that are not historical facts may constitute forward-looking statements within the meaning of federal securities laws. Our ability to predict results or the actual effects of future plans, strategies or events is inherently uncertain. Factors which could cause actual results to differ from those reflected in forward-looking statements include:

•
continued uncertainty regarding U.S. and global economic outlook that may impact market conditions or prolong weakness in demand for certain banking products and services;
•
unanticipated developments in pending or prospective loan transactions or greater than expected paydowns or payoffs of existing loans;
•
unanticipated changes in interest rates;
•
competitive pressures in the financial services industry that may affect the pricing of the Company’s loan and deposit products as well as its services;
•
unforeseen credit quality problems or changing economic conditions that could result in charge-offs greater than we have anticipated in our allowance for loan losses or changes in value of our investments;
•
lack of sufficient or cost-effective sources of liquidity or funding as and when needed;
•
loss of key personnel or an inability to recruit and retain appropriate talent;
•
greater than anticipated impact on costs, revenues and offered products and services associated with the implementation of other regulatory changes; or
•
failures or disruptions to our data processing or other information or operational systems, including the potential impact of disruptions or breaches at our third party service providers.

These factors should be considered in evaluating forward-looking statements and undue reliance should not be placed on our forward-looking statements. Readers should also consider the risks, assumptions and uncertainties set forth in the "Risk Factors" section of our Annual Report on Form 10-K for the year ended December 31, 2013, and “Management’s Discussion and Analysis of Financial Condition and Results of Operations” section of our Quarterly Report on Form 10-Q for the quarter ended March 31, 2014, as well as those set forth in our subsequent periodic and current reports filed with the SEC. Forward-looking statements speak only as of the date they are made and we assume no obligation to update any of these statements in light of new information, future events or otherwise unless required under the federal securities laws.


4

Non-U.S. GAAP Financial Measures

This press release contains both financial measures based on accounting principles generally accepted in the United States (U.S. GAAP) and non-U.S. GAAP based financial measures. We believe that presenting these non-U.S. GAAP financial measures will provide information useful to investors in understanding our underlying operational performance, our business, and performance trends and facilitates comparisons with the performance of others in the banking industry. If non-U.S. GAAP financial measures are used, the comparable U.S. GAAP financial measure, as well as the reconciliation to the comparable U.S. GAAP financial measure, can be found in this press release. These disclosures should not be viewed as a substitute for operating results determined in accordance with U.S. GAAP, nor are they necessarily comparable to non-U.S. GAAP performance measures that may be presented by other companies.

Editor's Note: Financial highlights attached. Full financial supplement available on the Company's website at investor.theprivatebank.com.


5

Consolidated Income Statements
 
 
 
 
 
 
 
(Amounts in thousands, except per share data)
 
 
 
 
 
 
 
(Unaudited)
 
 
 
 
 
 
 
 
Quarter Ended June 30,
 
Six Months Ended June 30,
 
2014
 
2013
 
2014
 
2013
Interest Income
 
 
 
 
 
 
 
Loans, including fees
$
113,696

 
$
107,407

 
$
223,895

 
$
214,194

Federal funds sold and interest-bearing deposits in banks
139

 
112

 
281

 
320

Securities:
 
 
 
 
 
 
 
Taxable
13,625

 
12,519

 
26,880

 
25,341

Exempt from Federal income taxes
1,432

 
1,532

 
2,961

 
3,034

Other interest income
59

 
62

 
92

 
152

Total interest income
128,951

 
121,632

 
254,109

 
243,041

Interest Expense
 
 
 
 
 
 
 
Interest-bearing demand deposits
842

 
1,034

 
1,784

 
2,149

Savings deposits and money market accounts
4,087

 
3,887

 
8,061

 
8,286

Time and brokered time deposits
5,034

 
4,956

 
9,840

 
10,085

Short-term and secured borrowings
141

 
410

 
337

 
528

Long-term debt
6,496

 
7,613

 
12,984

 
15,221

Total interest expense
16,600

 
17,900

 
33,006

 
36,269

Net interest income
112,351

 
103,732

 
221,103

 
206,772

Provision for loan and covered loan losses
327

 
8,843

 
4,034

 
19,200

Net interest income after provision for loan and covered loan losses
112,024

 
94,889

 
217,069

 
187,572

Non-interest Income
 
 
 
 
 
 
 
Asset management
4,440

 
4,800

 
8,787

 
9,194

Mortgage banking
2,626

 
3,198

 
4,258

 
7,368

Capital markets products
5,006

 
6,048

 
9,089

 
11,087

Treasury management
6,676

 
6,209

 
13,275

 
12,133

Loan, letter of credit and commitment fees
4,806

 
4,282

 
9,440

 
8,359

Syndication fees
5,440

 
3,140

 
8,753

 
6,972

Deposit service charges and fees and other income
1,069

 
1,196

 
2,366

 
3,587

Net securities gains
196

 
136

 
527

 
777

Total non-interest income
30,259

 
29,009

 
56,495

 
59,477

Non-interest Expense
 
 
 
 
 
 
 
Salaries and employee benefits
44,405

 
39,854

 
89,025

 
82,994

Net occupancy expense
7,728

 
7,387

 
15,504

 
14,921

Technology and related costs
3,205

 
3,476

 
6,488

 
6,940

Marketing
3,589

 
3,695

 
6,002

 
6,012

Professional services
2,905

 
1,782

 
5,664

 
3,681

Outsourced servicing costs
1,850

 
1,964

 
3,314

 
3,598

Net foreclosed property expenses
2,771

 
5,555

 
5,594

 
12,198

Postage, telephone, and delivery
927

 
981

 
1,752

 
1,824

Insurance
3,016

 
2,804

 
5,919

 
5,343

Loan and collection expense
1,573

 
2,280

 
2,629

 
5,057

Other expenses
3,496

 
7,477

 
9,324

 
13,650

Total non-interest expense
75,465

 
77,255

 
151,215

 
156,218

Income before income taxes
66,818

 
46,643

 
122,349

 
90,831

Income tax provision
25,994

 
17,728

 
47,020

 
34,646

Net income available to common stockholders
$
40,824

 
$
28,915

 
$
75,329

 
$
56,185

Per Common Share Data
 
 
 
 
 
 
 
Basic earnings per share
$
0.52

 
$
0.37

 
$
0.97

 
$
0.72

Diluted earnings per share
$
0.52

 
$
0.37

 
$
0.96

 
$
0.72

Cash dividends declared
$
0.01

 
$
0.01

 
$
0.02

 
$
0.02

Weighted-average common shares outstanding
77,062

 
76,415

 
76,869

 
76,280

Weighted-average diluted common shares outstanding
77,806

 
76,581

 
77,612

 
76,393


6

Consolidated Income Statements
 
 
 
 
 
 
 
 
 
(Amounts in thousands, except per share data)
 
 
 
 
 
 
 
 
 
(Unaudited)
 
 
 
 
 
 
 
 
 
 
2Q14
 
1Q14
 
4Q13
 
3Q13
 
2Q13
Interest Income
 
 
 
 
 
 
 
 
 
Loans, including fees
$
113,696

 
$
110,199

 
$
110,723

 
$
108,912

 
$
107,407

Federal funds sold and interest-bearing deposits in banks
139

 
142

 
221

 
111

 
112

Securities:
 
 
 
 
 
 
 
 
 
Taxable
13,625

 
13,255

 
13,038

 
12,931

 
12,519

Exempt from Federal income taxes
1,432

 
1,529

 
1,604

 
1,562

 
1,532

Other interest income
59

 
33

 
34

 
61

 
62

Total interest income
128,951

 
125,158

 
125,620

 
123,577

 
121,632

Interest Expense
 
 
 
 
 
 
 
 
 
Interest-bearing demand deposits
842

 
942

 
1,021

 
1,032

 
1,034

Savings deposits and money market accounts
4,087

 
3,974

 
4,169

 
3,895

 
3,887

Time and brokered time deposits
5,034

 
4,806

 
5,062

 
5,014

 
4,956

Short-term and secured borrowings
141

 
196

 
161

 
161

 
410

Long-term debt
6,496

 
6,488

 
6,751

 
7,640

 
7,613

Total interest expense
16,600

 
16,406

 
17,164

 
17,742

 
17,900

Net interest income
112,351

 
108,752

 
108,456

 
105,835

 
103,732

Provision for loan and covered loan losses
327

 
3,707

 
4,476

 
8,120

 
8,843

Net interest income after provision for loan and covered loan losses
112,024

 
105,045

 
103,980

 
97,715

 
94,889

Non-interest Income
 
 
 
 
 
 
 
 
 
Asset management
4,440

 
4,347

 
4,613

 
4,570

 
4,800

Mortgage banking
2,626

 
1,632

 
1,858

 
2,946

 
3,198

Capital markets products
5,006

 
4,083

 
5,720

 
3,921

 
6,048

Treasury management
6,676

 
6,599

 
6,321

 
6,214

 
6,209

Loan, letter of credit and commitment fees
4,806

 
4,634

 
4,474

 
4,384

 
4,282

Syndication fees
5,440

 
3,313

 
2,153

 
4,322

 
3,140

Deposit service charges and fees and other income
1,069

 
1,297

 
1,322

 
1,298

 
1,196

Net securities gains
196

 
331

 
279

 
118

 
136

Total non-interest income
30,259

 
26,236

 
26,740

 
27,773

 
29,009

Non-interest Expense
 
 
 
 
 
 
 
 
 
Salaries and employee benefits
44,405

 
44,620

 
42,575

 
41,360

 
39,854

Net occupancy expense
7,728

 
7,776

 
7,548

 
7,558

 
7,387

Technology and related costs
3,205

 
3,283

 
3,443

 
3,343

 
3,476

Marketing
3,589

 
2,413

 
3,592

 
2,986

 
3,695

Professional services
2,905

 
2,759

 
2,393

 
2,465

 
1,782

Outsourced servicing costs
1,850

 
1,464

 
1,612

 
1,607

 
1,964

Net foreclosed property expenses
2,771

 
2,823

 
3,600

 
4,396

 
5,555

Postage, telephone, and delivery
927

 
825

 
845

 
852

 
981

Insurance
3,016

 
2,903

 
2,934

 
2,590

 
2,804

Loan and collection expense
1,573

 
1,056

 
2,351

 
1,345

 
2,280

Other expenses
3,496

 
5,828

 
4,934

 
2,767

 
7,477

Total non-interest expense
75,465

 
75,750

 
75,827

 
71,269

 
77,255

Income before income taxes
66,818

 
55,531

 
54,893

 
54,219

 
46,643

Income tax provision
25,994

 
21,026

 
21,187

 
21,161

 
17,728

Net income available to common stockholders
$
40,824

 
$
34,505

 
$
33,706

 
$
33,058

 
$
28,915

Per Common Share Data
 
 
 
 
 
 
 
 
 
Basic earnings per share
$
0.52

 
$
0.44

 
$
0.43

 
$
0.42

 
$
0.37

Diluted earnings per share
$
0.52

 
$
0.44

 
$
0.43

 
$
0.42

 
$
0.37

Cash dividends declared
$
0.01

 
$
0.01

 
$
0.01

 
$
0.01

 
$
0.01

Weighted-average common shares outstanding
77,062

 
76,675

 
76,533

 
76,494

 
76,415

Weighted-average diluted common shares outstanding
77,806

 
77,417

 
76,967

 
76,819

 
76,581




7

Consolidated Balance Sheets
 
 
 
 
 
 
 
 
 
(Dollars in thousands)
 
 
 
 
 
 
 
 
 
 
6/30/14
 
3/31/14
 
12/31/13
 
9/30/13
 
6/30/13
 
(Unaudited)
 
(Unaudited)
 
(Audited)
 
(Unaudited)
 
(Unaudited)
Assets
 
 
 
 
 
 
 
 
 
Cash and due from banks
$
247,048

 
$
233,685

 
$
133,518

 
$
247,460

 
$
150,683

Federal funds sold and interest-bearing deposits in banks
160,349

 
117,446

 
306,544

 
180,608

 
147,699

Loans held-for-sale
80,724

 
26,262

 
26,816

 
27,644

 
34,803

Securities available-for-sale, at fair value
1,527,747

 
1,577,406

 
1,602,476

 
1,611,022

 
1,580,179

Securities held-to-maturity, at amortized cost
1,066,216

 
1,023,214

 
921,436

 
931,342

 
955,688

Federal Home Loan Bank ("FHLB") stock
28,666

 
30,005

 
30,005

 
34,063

 
34,063

Loans – excluding covered assets, net of unearned fees
11,136,942

 
10,924,985

 
10,644,021

 
10,409,443

 
10,094,636

Allowance for loan losses
(146,491
)
 
(146,768
)
 
(143,109
)
 
(145,513
)
 
(148,183
)
Loans, net of allowance for loan losses and unearned fees
10,990,451

 
10,778,217

 
10,500,912

 
10,263,930

 
9,946,453

Covered assets
81,047

 
94,349

 
112,746

 
140,083

 
158,326

Allowance for covered loan losses
(14,375
)
 
(16,571
)
 
(16,511
)
 
(21,653
)
 
(24,995
)
Covered assets, net of allowance for covered loan losses
66,672

 
77,778

 
96,235

 
118,430

 
133,331

Other real estate owned, excluding covered assets
19,823

 
23,565

 
28,548

 
35,310

 
57,134

Premises, furniture, and equipment, net
40,088

 
39,556

 
39,704

 
36,445

 
37,025

Accrued interest receivable
36,568

 
39,273

 
37,004

 
35,758

 
38,325

Investment in bank owned life insurance
54,500

 
54,184

 
53,865

 
53,539

 
53,216

Goodwill
94,041

 
94,041

 
94,041

 
94,484

 
94,496

Other intangible assets
7,381

 
8,136

 
8,892

 
10,486

 
11,266

Derivative assets
47,012

 
44,528

 
48,422

 
57,771

 
57,361

Other assets
135,118

 
137,486

 
157,328

 
130,848

 
144,771

Total assets
$
14,602,404

 
$
14,304,782

 
$
14,085,746

 
$
13,869,140

 
$
13,476,493

Liabilities
 
 
 
 
 
 
 
 
 
Demand deposits:
 
 
 
 
 
 
 
 
 
Noninterest-bearing
$
3,387,424

 
$
3,103,736

 
$
3,172,676

 
$
3,106,986

 
$
2,736,868

Interest-bearing
1,230,681

 
1,466,095

 
1,470,856

 
1,183,471

 
1,234,134

Savings deposits and money market accounts
5,033,247

 
4,786,398

 
4,799,561

 
4,778,057

 
4,654,930

Time deposits
1,299,616

 
1,320,466

 
1,336,522

 
1,333,232

 
1,355,522

Brokered time deposits
1,285,233

 
1,209,466

 
1,234,026

 
1,430,810

 
1,326,878

Total deposits
12,236,201

 
11,886,161

 
12,013,641

 
11,832,556

 
11,308,332

Short-term and secured borrowings
235,319

 
333,400

 
8,400

 
131,400

 
308,700

Long-term debt
626,793

 
627,793

 
627,793

 
499,793

 
499,793

Accrued interest payable
6,282

 
6,251

 
6,326

 
6,042

 
5,963

Derivative liabilities
35,402

 
40,522

 
48,890

 
55,933

 
62,014

Other liabilities
64,586

 
67,409

 
78,792

 
69,728

 
58,651

Total liabilities
13,204,583

 
12,961,536

 
12,783,842

 
12,595,452

 
12,243,453

Equity
 
 
 
 
 
 
 
 
 
Common stock:
 
 
 
 
 
 
 
 
 
Voting
75,526

 
75,428

 
75,240

 
75,240

 
75,238

Nonvoting
1,585

 
1,585

 
1,585

 
1,585

 
1,585

Treasury stock
(945
)
 
(1,697
)
 
(6,415
)
 
(7,303
)
 
(9,001
)
Additional paid-in capital
1,024,869

 
1,021,436

 
1,022,023

 
1,019,143

 
1,016,615

Retained earnings
273,380

 
233,347

 
199,627

 
166,700

 
134,423

Accumulated other comprehensive income, net of tax
23,406

 
13,147

 
9,844

 
18,323

 
14,180

Total equity
1,397,821

 
1,343,246

 
1,301,904

 
1,273,688

 
1,233,040

Total liabilities and equity
$
14,602,404

 
$
14,304,782

 
$
14,085,746

 
$
13,869,140

 
$
13,476,493

Note: Certain reclassifications have been made to prior period amounts to conform to the current period presentation.

8

Selected Financial Data
 
 
 
 
 
 
 
 
 
 
(Amounts in thousands, except per share data)
 
 
 
 
 
 
 
 
 
 
(Unaudited)
 
 
 
 
 
 
 
 
 
 
 
2Q14
 
1Q14
 
4Q13
 
3Q13
 
2Q13
 
Selected Statement of Income Data:
 
 
 
 
 
 
 
 
 
 
Net interest income
$
112,351

 
$
108,752

 
$
108,456

 
$
105,835

 
$
103,732

 
Net revenue (1)(2)
$
143,354

 
$
135,788

 
$
136,036

 
$
134,426

 
$
133,546

 
Operating profit (1)(2)
$
67,889

 
$
60,038

 
$
60,209

 
$
63,157

 
$
56,291

 
Provision for loan and covered loan losses
$
327

 
$
3,707

 
$
4,476

 
$
8,120

 
$
8,843

 
Income before income taxes
$
66,818

 
$
55,531

 
$
54,893

 
$
54,219

 
$
46,643

 
Net income available to common stockholders
$
40,824

 
$
34,505

 
$
33,706

 
$
33,058

 
$
28,915

 
Per Common Share Data:
 
 
 
 
 
 
 
 
 
 
Basic earnings per share
$
0.52

 
$
0.44

 
$
0.43

 
$
0.42

 
$
0.37

 
Diluted earnings per share
$
0.52

 
$
0.44

 
$
0.43

 
$
0.42

 
$
0.37

 
Dividends declared
$
0.01

 
$
0.01

 
$
0.01

 
$
0.01

 
$
0.01

 
Book value (period end) (1)
$
17.90

 
$
17.21

 
$
16.75

 
$
16.40

 
$
15.88

 
Tangible book value (period end) (1)(2)
$
16.61

 
$
15.90

 
$
15.43

 
$
15.05

 
$
14.52

 
Market value (period end)
$
29.06

 
$
30.51

 
$
28.93

 
$
21.40

 
$
21.22

 
Book value multiple (period end)
1.62

x
1.77

x
1.73

x
1.31

x
1.34

x
Share Data:
 
 
 
 
 
 
 
 
 
 
Weighted-average common shares outstanding
77,062

 
76,675

 
76,533

 
76,494

 
76,415

 
Weighted-average diluted common shares outstanding
77,806

 
77,417

 
76,967

 
76,819

 
76,581

 
Common shares issued (period end)
78,101

 
78,108

 
77,982

 
77,993

 
78,015

 
Common shares outstanding (period end)
78,069

 
78,049

 
77,708

 
77,680

 
77,630

 
Performance Ratio:
 
 
 
 
 
 
 
 
 
 
Return on average common equity
11.88
%
 
10.48
%
 
10.28
%
 
10.43
%
 
9.28
%
 
Return on average assets
1.14
%
 
1.00
%
 
0.96
%
 
0.96
%
 
0.86
%
 
Return on average tangible common equity (1)(2)
12.97
%
 
11.50
%
 
11.33
%
 
11.55
%
 
10.30
%
 
Net interest margin (1)(2)
3.21
%
 
3.23
%
 
3.18
%
 
3.18
%
 
3.22
%
 
Fee revenue as a percent of total revenue (1)
21.11
%
 
19.24
%
 
19.61
%
 
20.72
%
 
21.77
%
 
Non-interest income to average assets
0.84
%
 
0.76
%
 
0.76
%
 
0.81
%
 
0.87
%
 
Non-interest expense to average assets
2.10
%
 
2.19
%
 
2.16
%
 
2.07
%
 
2.31
%
 
Net overhead ratio (1)
1.26
%
 
1.43
%
 
1.40
%
 
1.26
%
 
1.44
%
 
Efficiency ratio (1)(2)
52.64
%
 
55.79
%
 
55.74
%
 
53.02
%
 
57.85
%
 
Balance Sheet Ratios:
 
 
 
 
 
 
 
 
 
 
Loans to deposits (period end) (3)
91.02
%
 
91.91
%
 
88.60
%
 
87.97
%
 
89.27
%
 
Average interest-earning assets to average interest-bearing liabilities
143.72
%
 
143.43
%
 
144.87
%
 
140.72
%
 
139.76
%
 
Capital Ratios (period end):
 
 
 
 
 
 
 
 
 
 
Total risk-based capital (1)
13.41
%
 
13.39
%
 
13.30
%
 
13.48
%
 
13.70
%
 
Tier 1 risk-based capital (1)
11.24
%
 
11.19
%
 
11.08
%
 
11.05
%
 
11.04
%
 
Tier 1 leverage ratio (1)
10.63
%
 
10.60
%
 
10.37
%
 
10.32
%
 
10.25
%
 
Tier 1 common equity to risk-weighted assets (1)(2)(4)
9.42
%
 
9.33
%
 
9.19
%
 
9.11
%
 
9.05
%
 
Tangible common equity to tangible assets (1)(2)
8.94
%
 
8.74
%
 
8.57
%
 
8.49
%
 
8.43
%
 
Total equity to total assets
9.57
%
 
9.39
%
 
9.24
%
 
9.18
%
 
9.15
%
 
(1) 
Refer to Glossary of Terms for definition.
(2) 
This is a non-U.S. GAAP financial measure. Refer to "Non-U.S. GAAP Financial Measures" for a reconciliation from non-U.S. GAAP to U.S. GAAP.
(3) 
Excludes covered assets. Refer to Glossary of Terms for definition.
(4) 
For purposes of our presentation, we calculate this ratio under currently effective requirements and without giving effect to the final Basel III capital rules adopted and issued by the Federal Reserve Board in July 2013, which are effective January 1, 2014 with compliance required January 1, 2015.

9

Selected Financial Data (continued)
 
 
 
 
 
 
 
 
 
(Dollars in thousands)
 
 
 
 
 
 
 
 
 
(Unaudited)
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
2Q14
 
1Q14
 
4Q13
 
3Q13
 
2Q13
Additional Selected Information:
 
 
 
 
 
 
 
 
 
(Increase) decrease credit valuation adjustment on capital markets derivatives (1)
$
(250
)
 
$
(66
)
 
$
619

 
$
(521
)
 
$
1,882

Salaries and employee benefits:
 
 
 
 
 
 
 
 
 
Salaries and wages
$
25,671

 
$
24,973

 
$
23,971

 
$
23,639

 
$
23,397

Share-based costs
3,892

 
3,685

 
3,316

 
3,261

 
3,236

Incentive compensation and commissions
10,493

 
8,244

 
11,711

 
10,753

 
9,240

Payroll taxes, insurance and retirement costs
4,349

 
7,718

 
3,577

 
3,707

 
3,981

Total salaries and employee benefits
$
44,405

 
$
44,620

 
$
42,575

 
$
41,360

 
$
39,854

 
 
 
 
 
 
 
 
 
 
(Release) provision for unfunded commitments
$
(339
)
 
$
496

 
$
1,019

 
$
(1,346
)
 
$
467

 
 
 
 
 
 
 
 
 
 
Assets under management and administration (AUMA) (1)
$
6,361,560

 
$
6,036,381

 
$
5,731,980

 
$
5,570,614

 
$
5,427,498

Custody assets included in AUMA
$
2,928,116

 
$
2,663,502

 
$
2,506,291

 
$
2,427,093

 
$
2,351,163


Basic and Diluted Earnings per Common Share
 
 
 
 
 
 
 
 
 
(Amounts in thousands, except per share data)
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
2Q14
 
1Q14
 
4Q13
 
3Q13
 
2Q13
Basic earnings per common share
 
 
 
 
 
 
 
 
 
Net income
$
40,824

 
$
34,505

 
$
33,706

 
$
33,058

 
$
28,915

Net income allocated to participating stockholders (2)
(519
)
 
(613
)
 
(664
)
 
(655
)
 
(576
)
Net income allocated to common stockholders
$
40,305

 
$
33,892

 
$
33,042

 
$
32,403

 
$
28,339

Weighted-average common shares outstanding
77,062

 
76,675

 
76,533

 
76,494

 
76,415

Basic earnings per common share
$
0.52

 
$
0.44

 
$
0.43

 
$
0.42

 
$
0.37

Diluted earnings per common share
 
 
 
 
 
 
 
 
 
Diluted earnings applicable to common stockholders (3)
$
40,308

 
$
33,897

 
$
33,046

 
$
32,406

 
$
28,340

Weighted-average diluted common shares outstanding:
 
 
 
 
 
 
 
 
 
Weighted-average common shares outstanding
77,062

 
76,675

 
76,533

 
76,494

 
76,415

Dilutive effect of stock awards
744

 
742

 
434

 
325

 
166

Weighted-average diluted common shares outstanding
$
77,806

 
$
77,417

 
$
76,967

 
$
76,819

 
$
76,581

Diluted earnings per common share
$
0.52

 
$
0.44

 
$
0.43

 
$
0.42

 
$
0.37

(1) 
Refer to Glossary of Terms for definition.
(2) 
Participating stockholders are those that hold certain share-based payment awards that contain nonforfeitable rights to dividends or dividend equivalents. Such shares or units are considered participating securities (i.e., the Company’s deferred stock units and certain restricted stock units and nonvested restricted stock awards).
(3) 
Earnings allocated to common stockholders for basic and diluted earnings per share may differ under the two-class method as a result of adding common stock equivalents for options to dilutive shares outstanding, which alters the ratio used to allocate earnings to common stockholders and participating securities for the purposes of calculating diluted earnings per share.




10

Loan Composition (excluding covered assets (1))
(Dollars in thousands)
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
6/30/14
 
% of Total
 
3/31/14
 
% of Total
 
12/31/13
 
% of Total
 
9/30/13
 
% of Total
 
6/30/13
 
% of Total
 
(Unaudited)
 
 
 
(Unaudited)
 
 
 
(Audited)
 
 
 
(Unaudited)
 
 
 
(Unaudited)
 
 
Commercial and industrial
$
5,871,425

 
53
%
 
$
5,652,008

 
52
%
 
$
5,457,574

 
51
%
 
$
5,384,222

 
52
%
 
$
5,019,494

 
50
%
Commercial - owner-occupied CRE
1,699,861

 
15
%
 
1,744,940

 
16
%
 
1,674,260

 
16
%
 
1,604,470

 
15
%
 
1,641,973

 
16
%
Total commercial
7,571,286

 
68
%
 
7,396,948

 
68
%
 
7,131,834

 
67
%
 
6,988,692

 
67
%
 
6,661,467

 
66
%
Commercial real estate
1,985,273

 
18
%
 
1,974,534

 
18
%
 
1,987,307

 
19
%
 
1,914,725

 
18
%
 
1,981,541

 
20
%
Commercial real estate - multi-family
533,854

 
5
%
 
524,872

 
5
%
 
513,194

 
5
%
 
573,371

 
6
%
 
520,160

 
5
%
Total commercial real estate
2,519,127

 
23
%
 
2,499,406

 
23
%
 
2,500,501

 
24
%
 
2,488,096

 
24
%
 
2,501,701

 
25
%
Construction
360,313

 
3
%
 
335,476

 
3
%
 
293,387

 
3
%
 
237,440

 
3
%
 
211,976

 
2
%
Residential real estate
337,329

 
3
%
 
337,832

 
3
%
 
341,868

 
3
%
 
346,619

 
3
%
 
347,629

 
3
%
Home equity
144,081

 
1
%
 
147,574

 
1
%
 
149,732

 
1
%
 
148,058

 
1
%
 
159,958

 
2
%
Personal
204,806

 
2
%
 
207,749

 
2
%
 
226,699

 
2
%
 
200,538

 
2
%
 
211,905

 
2
%
Total loans
$
11,136,942

 
100
%
 
$
10,924,985

 
100
%
 
$
10,644,021

 
100
%
 
$
10,409,443

 
100
%
 
$
10,094,636

 
100
%
(1) 
Refer to Glossary of Terms for definition.

11

Commercial Loans Composition by Industry Segment (excluding covered assets (1))
 
 
 
(Dollars in thousands)
 
 
 
(Unaudited)
 
 
 
(Classified pursuant to the North American Industrial Classification System standard industry descriptions and represents our client's primary business activity)
 
June 30, 2014
 
March 31, 2014
 
December 31, 2013
 
Amount
 
% of Total
 
Amount
 
% of Total
 
Amount
 
% of Total
Manufacturing
$
1,712,112

 
23
%
 
$
1,693,837

 
23
%
 
$
1,583,679

 
22
%
Healthcare
1,740,045

 
23
%
 
1,733,221

 
23
%
 
1,653,596

 
23
%
Wholesale trade
702,216

 
9
%
 
680,930

 
9
%
 
695,049

 
10
%
Finance and insurance
690,722

 
9
%
 
619,757

 
8
%
 
643,119

 
9
%
Real estate, rental and leasing
491,788

 
6
%
 
461,619

 
6
%
 
444,210

 
6
%
Professional, scientific and technical services
492,476

 
7
%
 
462,657

 
7
%
 
454,373

 
7
%
Administrative, support, waste management and remediation services
465,097

 
6
%
 
433,379

 
6
%
 
449,777

 
6
%
Architecture, engineering and construction
271,055

 
4
%
 
258,868

 
3
%
 
249,444

 
4
%
Retail
240,950

 
3
%
 
263,924

 
4
%
 
223,541

 
3
%
All other (2)
764,825

 
10
%
 
788,756

 
11
%
 
735,046

 
10
%
Total commercial (3)
$
7,571,286

 
100
%
 
$
7,396,948

 
100
%
 
$
7,131,834

 
100
%

Commercial Real Estate and Construction Loan Portfolio by Collateral Type
 
 
 
 
(Unaudited)
 
 
 
 
 
June 30, 2014
 
March 31, 2014
 
December 31, 2013
 
Amount
 
% of Total
 
Amount
 
% of Total
 
Amount
 
% of Total
Commercial Real Estate Portfolio
 
 
 
 
 
 
 
 
Land
$
171,588

 
7
%
 
$
205,705

 
8
%
 
$
216,176

 
9
%
Residential 1-4 family
90,634

 
4
%
 
99,917

 
4
%
 
103,568

 
4
%
Multi-family
533,854

 
21
%
 
524,872

 
21
%
 
513,194

 
20
%
Industrial/warehouse
278,681

 
11
%
 
275,065

 
11
%
 
271,230

 
11
%
Office
476,380

 
19
%
 
461,379

 
18
%
 
470,790

 
19
%
Retail
539,602

 
21
%
 
494,728

 
20
%
 
490,955

 
19
%
Healthcare
143,466

 
6
%
 
150,528

 
6
%
 
167,226

 
7
%
Mixed use/other
284,922

 
11
%
 
287,212

 
12
%
 
267,362

 
11
%
Total commercial real estate
$
2,519,127

 
100
%
 
$
2,499,406

 
100
%
 
$
2,500,501

 
100
%
Construction Portfolio
 
 
 
 
 
 
 
 
Residential 1-4 family
$
24,541

 
7
%
 
$
22,880

 
7
%
 
$
20,960

 
7
%
Multi-family
83,797

 
23
%
 
88,075

 
26
%
 
58,131

 
20
%
Industrial/warehouse
26,210

 
7
%
 
20,054

 
6
%
 
29,343

 
10
%
Office
14,531

 
4
%
 
23,375

 
7
%
 
20,596

 
7
%
Retail
88,376

 
25
%
 
89,397

 
27
%
 
83,640

 
28
%
Healthcare
78,226

 
22
%
 
60,234

 
18
%
 
43,506

 
15
%
Mixed use/other
44,632

 
12
%
 
31,461

 
9
%
 
37,211

 
13
%
Total construction
$
360,313

 
100
%
 
$
335,476

 
100
%
 
$
293,387

 
100
%
(1) 
Refer to Glossary of Terms for definition.
(2) 
All other consists of numerous smaller balances across a variety of industries with no category greater than 3%.
(3) 
Includes owner-occupied commercial real estate of $1.7 billion at June 30, 2014, March 31, 2014 and December 31, 2013, respectively.


12

Asset Quality (excluding covered assets (1))
 
 
 
 
 
 
 
 
 
(Dollars in thousands)
 
 
 
 
 
 
 
 
 
(Unaudited)
 
 
 
 
 
 
 
 
 
 
2Q14
 
1Q14
 
4Q13
 
3Q13
 
2Q13
Credit Quality Key Ratios
 
 
 
 
 
 
 
 
 
Net charge-offs (recoveries) (annualized) to average loans
0.08
%
 
-0.01
 %
 
0.28
%
 
0.40
%
 
0.56
%
Nonperforming loans to total loans
0.69
%
 
0.86
 %
 
0.89
%
 
1.09
%
 
1.20
%
Nonperforming loans to total assets
0.52
%
 
0.66
 %
 
0.67
%
 
0.82
%
 
0.90
%
Nonperforming assets to total assets
0.66
%
 
0.82
 %
 
0.87
%
 
1.07
%
 
1.33
%
Allowance for loan losses to:
 
 
 
 
 
 
 
 
 
Total loans
1.32
%
 
1.34
 %
 
1.34
%
 
1.40
%
 
1.47
%
Nonperforming loans
191
%
 
156
 %
 
152
%
 
128
%
 
122
%
Nonperforming assets
 
 
 
 
 
 
 
 
 
Loans past due 90 days and accruing
$
—

 
$
—

 
$
—

 
$
—

 
$
—

Nonaccrual loans
76,589

 
93,827

 
94,238

 
113,286

 
121,759

OREO
19,823

 
23,565

 
28,548

 
35,310

 
57,134

Total nonperforming assets
$
96,412

 
$
117,392

 
$
122,786

 
$
148,596

 
$
178,893

Restructured loans accruing interest
$
32,982

 
$
26,462

 
$
20,176

 
$
32,343

 
$
48,281

Loans past due and still accruing
 
 
 
 
 
 
 
 
 
30-59 days
$
3,566

 
$
4,296

 
$
7,854

 
$
3,602

 
$
7,750

60-89 days
$
117

 
$
8,792

 
$
1,016

 
$
3,000

 
$
3,016

Total loans past due and still accruing
$
3,683

 
$
13,088

 
$
8,870

 
$
6,602

 
$
10,766

Special mention loans
$
119,878

 
$
87,329

 
$
71,257

 
$
67,518

 
$
92,880

Potential problem loans
$
125,033

 
$
106,474

 
$
101,772

 
$
101,324

 
$
97,196

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Nonperforming Loans Rollforward
 
 
 
 
 
 
 
 
 
Beginning balance
$
93,827

 
$
94,238

 
$
113,286

 
$
121,759

 
$
128,657

Additions:
 
 
 
 
 
 
 
 
 
New nonaccrual loans
16,327

 
14,882

 
20,082

 
25,642

 
26,190

Reductions:
 
 
 
 
 
 
 
 
 
Return to performing status
—

 
(119
)
 
(370
)
 
—

 
(2,288
)
Paydowns and payoffs, net of advances
(19,936
)
 
(3,326
)
 
(16,464
)
 
(12,205
)
 
(246
)
Net sales
(7,875
)
 
(6,327
)
 
(4,438
)
 
(1,119
)
 
(12,601
)
Transfer to OREO
(1,111
)
 
(689
)
 
(6,642
)
 
(1,036
)
 
(3,366
)
Transfer to loans held for sale
—

 
—

 
—

 
(7,359
)
 
—

Charge-offs
(4,643
)
 
(4,832
)
 
(11,216
)
 
(12,396
)
 
(14,587
)
Total reductions
(33,565
)
 
(15,293
)
 
(39,130
)
 
(34,115
)
 
(33,088
)
Balance at end of period
$
76,589

 
$
93,827

 
$
94,238

 
$
113,286

 
$
121,759

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
OREO Rollforward
 
 
 
 
 
 
 
 
 
Beginning balance
$
23,565

 
$
28,548

 
$
35,310

 
$
57,134

 
$
73,857

New foreclosed properties
1,111

 
689

 
6,642

 
1,036

 
3,366

Valuation adjustments
(2,252
)
 
(1,463
)
 
(3,138
)
 
(5,734
)
 
(6,128
)
Disposals:
 
 
 
 
 
 
 
 
 
Sales proceeds
(2,539
)
 
(3,892
)
 
(10,273
)
 
(18,902
)
 
(14,677
)
Net (loss) gains on sale
(62
)
 
(317
)
 
7

 
1,776

 
716

Balance at end of period
$
19,823

 
$
23,565

 
$
28,548

 
$
35,310

 
$
57,134

 
 
 
 
 
 
 
 
 
 
(1) 
Refer to Glossary of Terms for definition.

13

Asset Quality (excluding covered assets (1))
(Dollars in thousands)
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
(Unaudited)
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Credit Quality Indicators
 
Special Mention Loans
 
% of Portfolio Loan Type
 
 
Potential Problem Loans
 
% of Portfolio Loan Type
 
 
Non-Performing Loans
 
% of Portfolio Loan Type
 
 
Total Loans
June 30, 2014
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Commercial
$
114,165

 
1.5
%
 
 
$
114,443

 
1.5
%
 
 
$
34,522

 
0.5
%
 
 
$
7,571,286

Commercial real estate
773

 
*

 
 
1,924

 
0.1
%
 
 
21,953

 
0.9
%
 
 
2,519,127

Construction
—

 
—
%
 
 
—

 
—
%
 
 
—

 
—
%
 
 
360,313

Residential real estate
2,778

 
0.8
%
 
 
6,661

 
2.0
%
 
 
9,337

 
2.8
%
 
 
337,329

Home equity
1,939

 
1.3
%
 
 
1,990

 
1.4
%
 
 
10,197

 
7.1
%
 
 
144,081

Personal
223

 
0.1
%
 
 
15

 
*

 
 
580

 
0.3
%
 
 
204,806

Total
$
119,878

 
1.1
%
 
 
$
125,033

 
1.1
%
 
 
$
76,589

 
0.7
%
 
 
$
11,136,942

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
March 31, 2014
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Commercial
$
79,362

 
1.1
%
 
 
$
92,962

 
1.3
%
 
 
$
31,074

 
0.4
%
 
 
$
7,396,948

Commercial real estate
1,004

 
*

 
 
4,677

 
0.2
%
 
 
40,928

 
1.6
%
 
 
2,499,406

Construction
—

 
—
%
 
 
—

 
—
%
 
 
—

 
—
%
 
 
335,476

Residential real estate
4,000

 
1.2
%
 
 
6,613

 
2.0
%
 
 
9,354

 
2.8
%
 
 
337,832

Home equity
2,774

 
1.9
%
 
 
2,171

 
1.5
%
 
 
11,846

 
8.0
%
 
 
147,574

Personal
189

 
0.1
%
 
 
51

 
*

 
 
625

 
0.3
%
 
 
207,749

Total
$
87,329

 
0.8
%
 
 
$
106,474

 
1.0
%
 
 
$
93,827

 
0.9
%
 
 
$
10,924,985

*
Less than 0.1%.

Nonaccrual loans
 
 
 
 
 
 
 
 
 
2Q14
 
1Q14
 
4Q13
 
3Q13
 
2Q13
Nonaccrual loans
 
 
 
 
 
 
 
 
 
Commercial
$
34,522

 
$
31,074

 
$
24,779

 
$
26,881

 
$
47,782

Commercial real estate
21,953

 
40,928

 
46,953

 
62,954

 
45,759

Residential real estate
9,337

 
9,354

 
9,976

 
11,237

 
12,812

Personal and home equity
10,777

 
12,471

 
12,530

 
12,214

 
15,406

Total
$
76,589

 
$
93,827

 
$
94,238

 
$
113,286

 
$
121,759

Nonaccrual loans as a percent of total loan type:
 
 
 
 
 
 
Commercial
0.5
%
 
0.4
%
 
0.4
%
 
0.4
%
 
0.7
%
Commercial real estate
0.9
%
 
1.6
%
 
1.9
%
 
2.5
%
 
1.8
%
Residential real estate
2.8
%
 
2.8
%
 
2.9
%
 
3.2
%
 
3.7
%
Personal and home equity
3.1
%
 
3.5
%
 
3.3
%
 
3.5
%
 
4.1
%
Total
0.7
%
 
0.9
%
 
0.9
%
 
1.1
%
 
1.2
%
(1) 
Refer to Glossary of Terms for definition.

14

Nonaccrual Loan Stratification (excluding covered assets (1))
(Dollars in thousands)
 
 
 
 
 
 
 
 
 
 
 
(Unaudited)
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
$10.0 Million or More
 
$5.0 to $9.9 Million
 
$3.0 to $4.9 Million
 
$1.5 to $2.9 Million
 
Under $1.5 Million
 
Total
June 30, 2014
 
 
 
 
 
 
 
 
 
 
 
Amount:
 
 
 
 
 
 
 
 
 
 
 
Commercial
$
12,113

 
$
8,004

 
$
3,059

 
$
4,023

 
$
7,323

 
$
34,522

Commercial real estate
—

 
5,562

 
—

 
4,564

 
11,827

 
21,953

Residential real estate
—

 
—

 
4,438

 
—

 
4,899

 
9,337

Personal and home equity
—

 
—

 
—

 
—

 
10,777

 
10,777

Total
$
12,113

 
$
13,566

 
$
7,497

 
$
8,587

 
$
34,826

 
$
76,589

 
 
 
 
 
 
 
 
 
 
 
 
Number of borrowers:
 
 
 
 
 
 
 
 
 
 
 
Commercial
1

 
1

 
1

 
2

 
22

 
27

Commercial real estate
—

 
1

 
—

 
2

 
24

 
27

Residential real estate
—

 
—

 
1

 
—

 
28

 
29

Personal and home equity
—

 
—

 
—

 
—

 
51

 
51

Total
1

 
2

 
2

 
4

 
125

 
134

 
 
 
 
 
 
 
 
 
 
 
 
March 31, 2014
 
 
 
 
 
 
 
 
 
 
 
Amount:
 
 
 
 
 
 
 
 
 
 
 
Commercial
$
—

 
$
16,289

 
$
—

 
$
6,585

 
$
8,200

 
$
31,074

Commercial real estate
—

 
14,325

 
7,693

 
2,563

 
16,347

 
40,928

Residential real estate
—

 
—

 
3,438

 
—

 
5,916

 
9,354

Personal and home equity
—

 
—

 
—

 
—

 
12,471

 
12,471

Total
$
—

 
$
30,614

 
$
11,131

 
$
9,148

 
$
42,934

 
$
93,827

 
 
 
 
 
 
 
 
 
 
 
 
Number of borrowers:
 
 
 
 
 
 
 
 
 
 
 
Commercial
—

 
2

 
—

 
3

 
25

 
30

Commercial real estate
—

 
2

 
2

 
1

 
28

 
33

Residential real estate
—

 
—

 
1

 
—

 
28

 
29

Personal and home equity
—

 
—

 
—

 
—

 
51

 
51

Total
—

 
4

 
3

 
4

 
132

 
143

(1) 
Refer to Glossary of Terms for definition.

15

Foreclosed Real Estate (OREO), excluding covered assets (1)
 
 
 
 
 
 
 
 
 
 
(Dollars in thousands)
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
(Unaudited)
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
OREO Properties by Type
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
June 30, 2014
 
March 31, 2014
 
December 31, 2013
 
Number of Properties
 
Amount
 
% of Total
 
Number of Properties
 
Amount
 
% of Total
 
Number of Properties
 
Amount
 
% of Total
Single-family homes
12

 
$
2,053

 
10
%
 
11

 
$
1,733

 
7
%
 
12

 
$
3,405

 
12
%
Land parcels
138

 
10,111

 
52
%
 
140

 
10,746

 
46
%
 
142

 
12,710

 
44
%
Multi-family
2

 
423

 
2
%
 
1

 
124

 
1
%
 
1

 
175

 
1
%
Office/industrial
11

 
6,365

 
32
%
 
15

 
10,005

 
42
%
 
20

 
11,301

 
40
%
Retail
1

 
871

 
4
%
 
1

 
957

 
4
%
 
1

 
957

 
3
%
Total
164

 
$
19,823

 
100
%
 
168

 
$
23,565

 
100
%
 
176

 
$
28,548

 
100
%
(1) 
Refer to Glossary of Terms for definition.

16

Allowance for Loan Losses (excluding covered assets (1))
 
 
 
 
 
 
 
 
 
(Dollars in thousands)
 
 
 
 
 
 
 
 
 
(Unaudited)
 
 
 
 
 
 
 
 
 
 
2Q14
 
1Q14
 
4Q13
 
3Q13
 
2Q13
Change in allowance for loan losses:
 
 
 
 
 
 
 
 
 
Balance at beginning of period
$
146,768

 
$
143,109

 
$
145,513

 
$
148,183

 
$
153,992

Loans charged-off:
 
 
 
 
 
 
 
 
 
Commercial
(2,142
)
 
(1,487
)
 
(1,536
)
 
(7,285
)
 
(2,372
)
Commercial real estate
(2,082
)
 
(2,582
)
 
(7,297
)
 
(1,706
)
 
(8,725
)
Construction
—

 
—

 
—

 
—

 
—

Residential real estate
(180
)
 
(235
)
 
(1,887
)
 
(395
)
 
(783
)
Home equity
(268
)
 
(447
)
 
(591
)
 
(2,146
)
 
(334
)
Personal
(13
)
 
(130
)
 
(51
)
 
(893
)
 
(2,776
)
Total charge-offs
(4,685
)
 
(4,881
)
 
(11,362
)
 
(12,425
)
 
(14,990
)
Recoveries on loans previously charged-off:
 
 
 
 
 
 
 
 
 
Commercial
813

 
3,662

 
2,898

 
1,301

 
459

Commercial real estate
1,360

 
688

 
302

 
366

 
141

Construction
9

 
7

 
7

 
7

 
25

Residential real estate
135

 
300

 
4

 
7

 
2

Home equity
60

 
28

 
80

 
135

 
199

Personal
20

 
406

 
757

 
142

 
46

Total recoveries
2,397

 
5,091

 
4,048

 
1,958

 
872

Net (charge-offs) recoveries
(2,288
)
 
210

 
(7,314
)
 
(10,467
)
 
(14,118
)
Provisions charged to operating expenses
2,011

 
3,449

 
4,910

 
7,797

 
8,309

Balance at end of period
$
146,491

 
$
146,768

 
$
143,109

 
$
145,513

 
$
148,183

 
 
 
 
 
 
 
 
 
 
Allocation of allowance for loan losses:
 
 
 
 
 
 
 
 
 
General allocated reserve:
 
 
 
 
 
 
 
 
 
Commercial
$
85,213

 
$
81,402

 
$
75,873

 
$
74,734

 
$
64,868

Commercial real estate
28,420

 
28,096

 
29,826

 
30,843

 
36,820

Construction
3,621

 
3,547

 
3,338

 
3,314

 
2,626

Residential real estate
4,650

 
4,780

 
5,143

 
4,254

 
4,945

Home equity
3,300

 
3,226

 
3,262

 
2,952

 
3,070

Personal
2,800

 
2,950

 
3,290

 
2,718

 
3,130

Total allocated
128,004

 
124,001

 
120,732

 
118,815

 
115,459

Specific reserve
18,487

 
22,767

 
22,377

 
26,698

 
32,724

Total
$
146,491

 
$
146,768

 
$
143,109

 
$
145,513

 
$
148,183

 
 
 
 
 
 
 
 
 
 
Allocation of reserve by a percent of total allowance for loan losses:
General allocated reserve:
 
 
 
 
 
 
 
 
 
Commercial
59
%
 
56
%
 
53
%
 
52
%
 
44
%
Commercial real estate
19
%
 
19
%
 
21
%
 
21
%
 
25
%
Construction
2
%
 
2
%
 
2
%
 
2
%
 
2
%
Residential real estate
3
%
 
3
%
 
4
%
 
3
%
 
3
%
Home equity
2
%
 
2
%
 
2
%
 
2
%
 
2
%
Personal
2
%
 
2
%
 
2
%
 
2
%
 
2
%
Total allocated
87
%
 
84
%
 
84
%
 
82
%
 
78
%
Specific reserve
13
%
 
16
%
 
16
%
 
18
%
 
22
%
Total
100
%
 
100
%
 
100
%
 
100
%
 
100
%
 
 
 
 
 
 
 
 
 
 
Allowance for loan losses to:
 
 
 
 
 
 
 
 
 
Total loans
1.32
%
 
1.34
%
 
1.34
%
 
1.40
%
 
1.47
%
Nonperforming loans
191
%
 
156
%
 
152
%
 
128
%
 
122
%
(1) 
Refer to Glossary of Terms for definition.

17

Deposits
(Dollars in thousands)
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
6/30/14
 
% of Total
 
3/31/14
 
% of Total
 
12/31/13
 
% of Total
 
9/30/13
 
% of Total
 
6/30/13
 
% of Total
 
(Unaudited)
 
 
 
(Unaudited)
 
 
 
(Audited)
 
 
 
(Unaudited)
 
 
 
(Unaudited)
 
 
Noninterest-bearing deposits
$
3,387,424

 
28
%
 
$
3,103,736

 
26
%
 
$
3,172,676

 
26
%
 
$
3,106,986

 
26
%
 
$
2,736,868

 
24
%
Interest-bearing demand deposits
1,230,681

 
10
%
 
1,466,095

 
12
%
 
1,470,856

 
12
%
 
1,183,471

 
10
%
 
1,234,134

 
11
%
Savings deposits
281,099

 
2
%
 
288,686

 
3
%
 
284,482

 
2
%
 
260,822

 
2
%
 
245,133

 
2
%
Money market accounts
4,752,148

 
39
%
 
4,497,712

 
38
%
 
4,515,079

 
38
%
 
4,517,235

 
38
%
 
4,409,797

 
39
%
Time deposits
1,299,616

 
11
%
 
1,320,466

 
11
%
 
1,336,522

 
11
%
 
1,333,232

 
11
%
 
1,355,522

 
12
%
Brokered time deposits:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Client other
113,104

 
*

 
111,601

 
1
%
 
114,249

 
1
%
 
127,214

 
1
%
 
136,082

 
1
%
Non-client traditional
604,688

 
5
%
 
458,344

 
4
%
 
408,365

 
3
%
 
548,429

 
5
%
 
445,666

 
4
%
Client CDARS(1)
554,575

 
5
%
 
639,521

 
5
%
 
711,412

 
7
%
 
755,167

 
7
%
 
695,130

 
6
%
Non-client CDARS(1)
12,866

 
*

 
—

 
—
%
 
—

 
—
%
 
—

 
—
%
 
50,000

 
1
%
Total brokered time deposits
1,285,233

 
10
%
 
1,209,466

 
10
%
 
1,234,026

 
11
%
 
1,430,810

 
13
%
 
1,326,878

 
12
%
Total deposits
$
12,236,201

 
100
%
 
$
11,886,161

 
100
%
 
$
12,013,641

 
100
%
 
$
11,832,556

 
100
%
 
$
11,308,332

 
100
%
Client deposits(1)
$
11,618,647

 
95
%
 
$
11,427,817

 
96
%
 
$
11,605,276

 
97
%
 
$
11,284,127

 
95
%
 
$
10,812,666

 
95
%
Note: Certain reclassifications have been made to prior period amounts to conform to the current period presentation.
(1) 
Refer to Glossary of Terms for definition.
*
Less than 1%.







18

Net Interest Margin
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
(Dollars in thousands)
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
(Unaudited)
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Quarters Ended
 
June 30, 2014
 
 
March 31, 2014
 
 
June 30, 2013
 
Average
Balance
 

Interest (1)
 
Yield/
Rate
 
 
Average
Balance
 

Interest (1)
 
Yield/
Rate
 
 
Average
Balance
 

Interest (1)
 
Yield/
Rate
Assets:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Federal funds sold and interest-bearing deposits in banks
$
225,135

 
$
139

 
0.24
%
 
 
$
233,311

 
$
142

 
0.24
%
 
 
$
181,823

 
$
112

 
0.24
%
Securities:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Taxable
2,291,837

 
13,625

 
2.38
%
 
 
2,237,628

 
13,255

 
2.37
%
 
 
2,149,465

 
12,519

 
2.33
%
Tax-exempt (2)
268,765

 
2,176

 
3.24
%
 
 
265,551

 
2,329

 
3.51
%
 
 
239,851

 
2,337

 
3.90
%
Total securities
2,560,602

 
15,801

 
2.47
%
 
 
2,503,179

 
15,584

 
2.49
%
 
 
2,389,316

 
14,856

 
2.49
%
FHLB stock
28,916

 
59

 
0.81
%
 
 
30,005

 
33

 
0.44
%
 
 
34,270

 
62

 
0.72
%
Loans, excluding covered assets:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Commercial
7,485,211

 
81,366

 
4.30
%
 
 
7,186,657

 
78,215

 
4.35
%
 
 
6,635,679

 
74,150

 
4.42
%
Commercial real estate
2,470,926

 
22,132

 
3.54
%
 
 
2,487,677

 
22,009

 
3.54
%
 
 
2,502,503

 
23,920

 
3.78
%
Construction
378,189

 
3,612

 
3.78
%
 
 
315,136

 
3,077

 
3.91
%
 
 
194,958

 
2,051

 
4.16
%
Residential
348,267

 
3,221

 
3.70
%
 
 
350,388

 
3,357

 
3.83
%
 
 
395,196

 
3,633

 
3.68
%
Personal and home equity
355,262

 
2,747

 
3.10
%
 
 
362,335

 
2,753

 
3.08
%
 
 
376,955

 
3,031

 
3.22
%
Total loans, excluding covered assets (3)
11,037,855

 
113,078

 
4.06
%
 
 
10,702,193

 
109,411

 
4.09
%
 
 
10,105,291

 
106,785

 
4.18
%
Covered assets (4)
84,246

 
618

 
2.91
%
 
 
95,842

 
788

 
3.30
%
 
 
148,242

 
621

 
1.66
%
Total interest-earning assets (2)
13,936,754

 
$
129,695

 
3.69
%
 
 
13,564,530

 
$
125,958

 
3.72
%
 
 
12,858,942

 
$
122,436

 
3.77
%
Cash and due from banks
148,143

 
 
 
 
 
 
146,746

 
 
 
 
 
 
143,973

 
 
 
 
Allowance for loan and covered loan losses
(164,694
)
 
 
 
 
 
 
(164,933
)
 
 
 
 
 
 
(181,235
)
 
 
 
 
Other assets
486,593

 
 
 
 
 
 
483,870

 
 
 
 
 
 
588,082

 
 
 
 
Total assets
$
14,406,796

 
 
 
 
 
 
$
14,030,213

 
 
 
 
 
 
$
13,409,762

 
 
 
 
Liabilities and Equity:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Interest-bearing demand deposits
$
1,199,553

 
$
842

 
0.28
%
 
 
$
1,293,652

 
$
942

 
0.30
%
 
 
$
1,250,305

 
$
1,034

 
0.33
%
Savings deposits
285,501

 
194

 
0.27
%
 
 
284,703

 
196

 
0.28
%
 
 
246,928

 
126

 
0.21
%
Money market accounts
4,947,609

 
3,893

 
0.32
%
 
 
4,660,158

 
3,778

 
0.33
%
 
 
4,383,915

 
3,760

 
0.34
%
Time and brokered time deposits
2,591,585

 
5,034

 
0.78
%
 
 
2,547,508

 
4,806

 
0.77
%
 
 
2,647,015

 
4,956

 
0.75
%
Total interest-bearing deposits
9,024,248

 
9,963

 
0.44
%
 
 
8,786,021

 
9,722

 
0.45
%
 
 
8,528,163

 
9,876

 
0.46
%
Short-term and secured borrowings
45,363

 
141

 
1.23
%
 
 
43,289

 
196

 
1.81
%
 
 
173,089

 
410

 
0.94
%
Long-term debt
627,716

 
6,496

 
4.13
%
 
 
627,793

 
6,488

 
4.13
%
 
 
499,793

 
7,613

 
6.08
%
Total interest-bearing liabilities
9,697,327

 
16,600

 
0.69
%
 
 
9,457,103

 
16,406

 
0.70
%
 
 
9,201,045

 
17,899

 
0.78
%
Noninterest-bearing demand deposits
3,202,460

 
 
 
 
 
 
3,101,219

 
 
 
 
 
 
2,816,783

 
 
 
 
Other liabilities
128,428

 
 
 
 
 
 
136,478

 
 
 
 
 
 
141,793

 
 
 
 
Equity
1,378,581

 
 
 
 
 
 
1,335,413

 
 
 
 
 
 
1,250,141

 
 
 
 
Total liabilities and equity
$
14,406,796

 
 
 
 
 
 
$
14,030,213

 
 
 
 
 
 
$
13,409,762

 
 
 
 
Net interest spread (2)
 
 
 
 
3.00
%
 
 
 
 
 
 
3.02
%
 
 
 
 
 
 
2.99
%
Contribution of noninterest-bearing sources of funds
 
 
 
 
0.21
%
 
 
 
 
 
 
0.21
%
 
 
 
 
 
 
0.23
%
Net interest income/margin (2)
 
 
113,095

 
3.21
%
 
 
 
 
109,552

 
3.23
%
 
 
 
 
104,537

 
3.22
%
Less: tax equivalent adjustment
 
 
744

 
 
 
 
 
 
800

 
 
 
 
 
 
805

 
 
Net interest income, as reported
 
 
$
112,351

 
 
 
 
 
 
$
108,752

 
 
 
 
 
 
$
103,732

 
 
(1) 
Interest income included $6.6 million, $6.2 million, and $6.3 million in loan fees for the quarter ended June 30, 2014, March 31, 2014 and June 30, 2013, respectively.
(2) 
Interest income and yields are presented on a tax-equivalent basis, assuming a federal income tax rate of 35%. This is a non-U.S. GAAP measure.
(3) 
Average loans on a nonaccrual basis for the recognition of interest income totaled $86.7 million, $93.0 million, and $125.3 million for the quarter ended June 30, 2014, March 31, 2014, and June 30, 2013, respectively, and are included in loans for purposes of this analysis. Interest foregone on nonperforming loans was estimated to be approximately $836,000, $870,000 and $1.2 million for the quarter ended June 30, 2014, March 31, 2014, and June 30, 2013, respectively, based on the average loan portfolio yield for the corresponding period.
(4) 
Covered interest-earning assets consist of loans acquired through an FDIC-assisted transaction that are subject to a loss share agreement and the related indemnification asset.
(5) 
Refer to Glossary of Terms for definition.


19

Net Interest Margin
 
 
 
 
 
 
 
 
 
 
(Dollars in thousands)
 
 
 
 
 
 
 
 
 
 
 
(Unaudited)
 
 
 
 
 
 
 
 
 
 
 
 
Six Months Ended June 30,
 
2014
 
2013
 
Average Balance
 
Interest (1)
 
Yield / Rate
 
Average Balance
 
Interest (1)
 
Yield / Rate
Assets:
 
 
 
 
 
 
 
 
 
 
 
Federal funds sold and interest-bearing deposits in banks
$
229,200

 
$
281

 
0.24
%
 
$
258,444

 
$
320

 
0.25
%
Securities:
 
 
 
 
 
 
 
 
 
 
 
Taxable
2,264,882

 
26,880

 
2.37
%
 
2,128,004

 
25,341

 
2.38
%
Tax-exempt (2)
267,167

 
4,505

 
3.37
%
 
230,240

 
4,623

 
4.02
%
Total securities
2,532,049

 
31,385

 
2.48
%
 
2,358,244

 
29,964

 
2.54
%
FHLB stock
29,457

 
92

 
0.62
%
 
36,189

 
152

 
0.83
%
Loans, excluding covered assets:
 
 
 
 
 
 
 
 
 
 
 
Commercial
7,336,579

 
159,581

 
4.33
%
 
6,582,441

 
145,406

 
4.39
%
Commercial real estate
2,479,255

 
44,141

 
3.54
%
 
2,576,407

 
49,312

 
3.81
%
Construction
346,880

 
6,689

 
3.84
%
 
191,604

 
4,004

 
4.16
%
Residential
349,426

 
6,579

 
3.77
%
 
400,805

 
7,395

 
3.69
%
Personal and home equity
358,784

 
5,500

 
3.09
%
 
383,155

 
6,237

 
3.28
%
Total loans, excluding covered assets (3)
10,870,924

 
222,490

 
4.07
%
 
10,134,412

 
212,354

 
4.17
%
Covered assets (4)
90,012

 
1,405

 
3.12
%
 
155,004

 
1,839

 
2.37
%
Total interest-earning assets (2)
13,751,642

 
$
255,653

 
3.70
%
 
12,942,293

 
$
244,629

 
3.76
%
Cash and due from banks
147,448

 
 
 
 
 
143,443

 
 
 
 
Allowance for loan and covered loan losses
(164,813
)
 
 
 
 
 
(185,043
)
 
 
 
 
Other assets
485,268

 
 
 
 
 
612,269

 
 
 
 
Total assets
$
14,219,545

 
 
 
 
 
$
13,512,962

 
 
 
 
Liabilities and Equity:
 
 
 
 
 
 
 
 
 
 
 
Interest-bearing demand deposits
$
1,246,343

 
$
1,784

 
0.29
%
 
$
1,257,482

 
$
2,149

 
0.34
%
Savings deposits
285,104

 
391

 
0.28
%
 
260,543

 
291

 
0.23
%
Money market accounts
4,804,677

 
7,670

 
0.32
%
 
4,474,835

 
7,995

 
0.36
%
Time and brokered time deposits
2,569,668

 
9,840

 
0.77
%
 
2,587,113

 
10,084

 
0.79
%
Total interest-bearing deposits
8,905,792

 
19,685

 
0.45
%
 
8,579,973

 
20,519

 
0.48
%
Short-term and secured borrowings
44,332

 
337

 
1.51
%
 
133,219

 
528

 
0.79
%
Long-term debt
627,754

 
12,984

 
4.13
%
 
499,793

 
15,221

 
6.08
%
Total interest-bearing liabilities
9,577,878

 
$
33,006

 
0.69
%
 
9,212,985

 
$
36,268

 
0.79
%
Noninterest-bearing demand deposits
3,152,119

 
 
 
 
 
2,910,375

 
 
 
 
Other liabilities
132,432

 
 
 
 
 
150,654

 
 
 
 
Equity
1,357,116

 
 
 
 
 
1,238,948

 
 
 
 
Total liabilities and equity
$
14,219,545

 
 
 
 
 
$
13,512,962

 
 
 
 
Net interest spread (2)(5)
 
 
 
 
3.01
%
 
 
 
 
 
2.97
%
Contribution of noninterest-bearing sources of funds
 
 
 
 
0.21
%
 
 
 
 
 
0.23
%
Net interest income/margin (2)(5)
 
 
222,647

 
3.22
%
 
 
 
208,361

 
3.20
%
Less: tax-equivalent adjustment
 
 
1,544

 
 
 
 
 
1,589

 
 
Net interest income, as reported
 
 
$
221,103

 
 
 
 
 
$
206,772

 
 
(1) 
Interest income included $12.7 million and $11.5 million in loan fees for the six months ended June 30, 2014 and 2013, respectively.
(2) 
Interest income and yields are presented on a tax-equivalent basis, assuming a federal income tax rate of 35%. This is a non-U.S. GAAP measure.
(3) 
Average loans on a nonaccrual basis for the recognition of interest income totaled $89.3 million and $131.5 million for the six months ended June 30, 2014 and 2013, respectively, and are included in loans for purposes of this analysis. Interest foregone on nonperforming loans was estimated to be approximately $1.7 million and $2.6 million for the six months ended June 30, 2014 and 2013, respectively, based on the average loan portfolio yield for the corresponding period.
(4) 
Covered interest-earning assets consist of loans acquired through an FDIC-assisted transaction that are subject to a loss share agreement and the related indemnification asset.
(5) 
Refer to Glossary of Terms for definition.


20

NON-U.S. GAAP FINANCIAL MEASURES

This press release contains both U.S. GAAP and non-U.S. GAAP based financial measures. These non-U.S. GAAP financial measures include net interest income, net interest margin, net revenue, operating profit, and efficiency ratio all on a fully taxable-equivalent basis, return on average tangible common equity, Tier 1 common equity to risk-weighted assets, tangible common equity to risk-weighted assets, tangible common equity to tangible assets, and tangible book value. We believe that presenting these non-U.S. GAAP financial measures will provide information useful to investors in understanding our underlying operational performance, our business, and performance trends and facilitates comparisons with the performance of others in the banking industry.

We use net interest income on a taxable-equivalent basis in calculating various performance measures by increasing the interest income earned on tax-exempt assets to make it fully equivalent to interest income earned on taxable investments assuming a 35% tax rate. Management believes this measure to be the preferred industry measurement of net interest income as it enhances comparability to net interest income arising from taxable and tax-exempt sources, and accordingly believes that providing this measure may be useful for peer comparison purposes.

In addition to capital ratios defined by banking regulators, we also consider various measures when evaluating capital utilization and adequacy, including return on average tangible common equity, Tier 1 common equity to risk-weighted assets, tangible common equity to risk-weighted assets, tangible common equity to tangible assets, and tangible book value. These calculations are intended to complement the capital ratios defined by banking regulators for both absolute and comparative purposes. All of these measures exclude the ending balances of goodwill and other intangibles while certain of these ratios exclude preferred capital components. Because U.S. GAAP does not include capital ratio measures, we believe there are no comparable U.S. GAAP financial measures to these ratios. We believe these non-U.S. GAAP financial measures are relevant because they provide information that is helpful in assessing the level of capital available to withstand unexpected market conditions. Additionally, presentation of these measures allows readers to compare certain aspects of our capitalization to other companies. However, because there are no standardized definitions for these ratios, our calculations may not be comparable with other companies, and this may affect the usefulness of these measures to investors. Calculations of the Tier 1 common equity to risk-weighted assets ratio contained herein exclude the effect of the final Basel III capital rules adopted and issued by the Federal Reserve Board in July 2013, which are effective January 1, 2014 with compliance required January 1, 2015.

Non-U.S. GAAP financial measures have inherent limitations, are not required to be uniformly applied, and are not audited. Although these non-U.S. 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 analyses of results as reported under U.S. GAAP. As a result, we encourage readers to consider our Consolidated Financial Statements in their entirety and not to rely on any single financial measure.


21

Non-U.S. GAAP Financial Measures
(Amounts in thousands)
(Unaudited)

The following table reconciles non-U.S. GAAP financial measures to U.S. GAAP.
 
Quarters Ended
 
2014
 
2013
 
June 30
 
March 31
 
December 31
 
September 30
 
June 30
Taxable-equivalent net interest income
 
 
 
 
 
 
 
 
 
U.S. GAAP net interest income
$
112,351

 
$
108,752

 
$
108,456

 
$
105,835

 
$
103,732

Taxable-equivalent adjustment
744

 
800

 
840

 
818

 
805

Taxable-equivalent net interest income (a)
$
113,095

 
$
109,552

 
$
109,296

 
$
106,653

 
$
104,537

 
 
 
 
 
 
 
 
 
 
Average Earning Assets (b)
$
13,936,754

 
$
13,564,530

 
$
13,472,632

 
$
13,154,557

 
$
12,858,942

 
 
 
 
 
 
 
 
 
 
Net Interest Margin ((a) annualized) / (b)
3.21
%
 
3.23
%
 
3.18
%
 
3.18
%
 
3.22
%
 
 
 
 
 
 
 
 
 
 
Net Revenue
 
 
 
 
 
 
 
 
 
Taxable-equivalent net interest income
$
113,095

 
$
109,552

 
$
109,296

 
$
106,653

 
$
104,537

U.S. GAAP non-interest income
30,259

 
26,236

 
26,740

 
27,773

 
29,009

Net revenue (c)
$
143,354

 
$
135,788

 
$
136,036

 
$
134,426

 
$
133,546

 
 
 
 
 
 
 
 
 
 
Operating Profit
 
 
 
 
 
 
 
 
 
U.S. GAAP income before income taxes
$
66,818

 
$
55,531

 
$
54,893

 
$
54,219

 
$
46,643

Provision for loan and covered loan losses
327

 
3,707

 
4,476

 
8,120

 
8,843

Taxable-equivalent adjustment
744

 
800

 
840

 
818

 
805

Operating profit
$
67,889

 
$
60,038

 
$
60,209

 
$
63,157

 
$
56,291

 
 
 
 
 
 
 
 
 
 
Efficiency Ratio
 
 
 
 
 
 
 
 
 
U.S. GAAP non-interest expense (d)
$
75,465

 
$
75,750

 
$
75,827

 
$
71,269

 
$
77,255

Net revenue
$
143,354

 
$
135,788

 
$
136,036

 
$
134,426

 
$
133,546

Efficiency ratio (d) / (c)
52.64
%
 
55.79
%
 
55.74
%
 
53.02
%
 
57.85
%
 
 
 
 
 
 
 
 
 
 
Adjusted Net Income
 
 
 
 
 
 
 
 
 
U.S. GAAP net income available to common stockholders
$
40,824

 
$
34,505

 
$
33,706

 
$
33,058

 
$
28,915

Amortization of intangibles, net of tax
458

 
458

 
471

 
472

 
473

Adjusted net income (e)
$
41,282

 
$
34,963

 
$
34,177

 
$
33,530

 
$
29,388

 
 
 
 
 
 
 
 
 
 
Average Tangible Common Equity
 
 
 
 
 
 
 
 
 
U.S. GAAP average total equity
$
1,378,581

 
$
1,335,413

 
$
1,300,893

 
$
1,257,541

 
$
1,250,141

Less: average goodwill
94,041

 
94,041

 
94,477

 
94,494

 
94,506

Less: average other intangibles
7,749

 
8,506

 
10,074

 
10,865

 
11,644

Average tangible common equity (f)
$
1,276,791

 
$
1,232,866

 
$
1,196,342

 
$
1,152,182

 
$
1,143,991

 
 
 
 
 
 
 
 
 
 
Return on average tangible common equity ((e) annualized) / (f)
12.97
%
 
11.50
%
 
11.33
%
 
11.55
%
 
10.3
%




22

Non-U.S. GAAP Financial Measures (continued)
(Amounts in thousands)
(Unaudited)
 
Six Months Ended June 30,
 
2014
 
2013
Taxable-equivalent net interest income
 
 
 
U.S. GAAP net interest income
$
221,103

 
$
206,772

Taxable-equivalent adjustment
1,544

 
1,589

Taxable-equivalent net interest income (a)
$
222,647

 
$
208,361

 
 
 
 
Average Earning Assets (b)
$
13,751,642

 
$
12,942,293

 
 
 
 
Net Interest Margin ((a) annualized) / (b)
3.22
%
 
3.20
%
 
 
 
 
Net Revenue
 
 
 
Taxable-equivalent net interest income
$
222,647

 
$
208,361

U.S. GAAP non-interest income
56,495

 
59,477

Net revenue (c)
$
279,142

 
$
267,838

 
 
 
 
Operating Profit
 
 
 
U.S. GAAP income before income taxes
$
122,349

 
$
90,831

Provision for loan and covered loan losses
4,034

 
19,200

Taxable-equivalent adjustment
1,544

 
1,589

Operating profit
$
127,927

 
$
111,620

 
 
 
 
Efficiency Ratio
 
 
 
U.S. GAAP non-interest expense (d)
$
151,215

 
$
156,218

Net revenue
$
279,142

 
$
267,838

Efficiency ratio (d) / (c)
54.17
%
 
58.33
%
 
 
 
 
Adjusted Net Income
 
 
 
U.S. GAAP net income available to common stockholders
$
75,329

 
$
56,185

Amortization of intangibles, net of tax
916

 
946

Adjusted net income (e)
$
76,245

 
$
57,131

 
 
 
 
Average Tangible Common Equity
 
 
 
U.S. GAAP average total equity
$
1,357,116

 
$
1,238,948

Less: average goodwill
94,041

 
94,513

Less: average other intangibles
8,125

 
12,033

Average tangible common equity (f)
$
1,254,950

 
$
1,132,402

 
 
 
 
Return on average tangible common equity ((e) annualized) / (f)
12.27
%
 
10.19
%


23

Non-U.S. GAAP Financial Measures (continued)
(Amounts in thousands)
(Unaudited)
 
2014
 
2013
 
June 30
 
March 31
 
December 31
 
September 30
 
June 30
Tier 1 Common Capital
 
 
 
 
 
 
 
 
 
U.S. GAAP total equity
$
1,397,821

 
$
1,343,246

 
$
1,301,904

 
$
1,273,688

 
$
1,233,040

Trust preferred securities
244,793

 
244,793

 
244,793

 
244,793

 
244,793

Less: accumulated other comprehensive income, net of tax
23,406

 
13,147

 
9,844

 
18,323

 
14,180

Less: goodwill
94,041

 
94,041

 
94,041

 
94,484

 
94,496

Less: other intangibles
7,381

 
8,136

 
8,892

 
10,486

 
11,266

Less: disallowed servicing rights
32

 
32

 
—

 
—

 
—

Tier 1 risk-based capital
1,517,754

 
1,472,683

 
1,433,920

 
1,395,188

 
1,357,891

Less: trust preferred securities
244,793

 
244,793

 
244,793

 
244,793

 
244,793

Tier 1 common capital (g)
$
1,272,961

 
$
1,227,890

 
$
1,189,127

 
$
1,150,395

 
$
1,113,098

 
 
 
 
 
 
 
 
 
 
Tangible Common Equity
 
 
 
 
 
 
 
 
 
U.S. GAAP total equity
$
1,397,821

 
$
1,343,246

 
$
1,301,904

 
$
1,273,688

 
$
1,233,040

Less: goodwill
94,041

 
94,041

 
94,041

 
94,484

 
94,496

Less: other intangibles
7,381

 
8,136

 
8,892

 
10,486

 
11,266

Tangible common equity (h)
$
1,296,399

 
$
1,241,069

 
$
1,198,971

 
$
1,168,718

 
$
1,127,278

 
 
 
 
 
 
 
 
 
 
Tangible Assets
 
 
 
 
 
 
 
 
 
U.S. GAAP total assets
$
14,602,404

 
$
14,304,782

 
$
14,085,746

 
$
13,869,140

 
$
13,476,493

Less: goodwill
94,041

 
94,041

 
94,041

 
94,484

 
94,496

Less: other intangibles
7,381

 
8,136

 
8,892

 
10,486

 
11,266

Tangible assets (i)
$
14,500,982

 
$
14,202,605

 
$
13,982,813

 
$
13,764,170

 
$
13,370,731

 
 
 
 
 
 
 
 
 
 
Risk-weighted Assets (j)
$
13,506,797

 
$
13,160,955

 
$
12,938,576

 
$
12,630,779

 
$
12,294,375

 
 
 
 
 
 
 
 
 
 
Period-end Common Shares Outstanding (k)
78,069

 
78,049

 
77,708

 
77,680

 
77,630

 
 
 
 
 
 
 
 
 
 
Ratios:
 
 
 
 
 
 
 
 
 
Tier 1 common equity to risk-weighted assets (g) / (j)
9.42
%
 
9.33
%
 
9.19
%
 
9.11
%
 
9.05
%
Tangible common equity to risk-weighted assets (h) / (j)
9.60
%
 
9.43
%
 
9.27
%
 
9.25
%
 
9.17
%
Tangible common equity to tangible assets (h) / (i)
8.94
%
 
8.74
%
 
8.57
%
 
8.49
%
 
8.43
%
Tangible book value (h) / (k)
$
16.61

 
$
15.90

 
$
15.43

 
$
15.05

 
$
14.52



24

Glossary of Terms

Assets under management and administration (“AUMA”) - Assets held in trust where we serve as trustee or in accounts where we make investment decisions on behalf of clients. AUMA also includes non-managed assets we hold in custody for clients or for which we receive fees for advisory or brokerage services. We do not include these assets on our Consolidated Balance Sheets.

Book value - Total common equity divided by outstanding shares of common stock at end of period.

CDARS® deposit program - A deposit services arrangement that effectively achieves FDIC deposit insurance for jumbo deposit relationships. These deposits are classified as brokered time deposits for regulatory deposit purposes; however, we classify certain of these deposits as client CDARS® due to the source being our client relationships and are, therefore, not traditional ‘brokered’ time deposits. We also participate in a non-client CDARS® program that is more like a traditional brokered time deposit program.

Client deposits - Total deposits, net of non-client traditional brokered time deposits and non-client CDARS®. Client deposits also include omnibus accounts maintained by financial service companies and other firms representing underlying accounts of their customers, some of which may be classified as brokered deposits for regulatory purposes.

Common equity - Total equity less preferred stock.

Covered assets - Assets acquired through an FDIC-assisted transaction that are subject to a loss share agreement and are presented separately on the Consolidated Balance Sheets.

Credit quality indicators - We have adopted an internal risk rating policy in which each loan is rated for credit quality with a numerical rating of 1 through 8. Loans rated 5 and better (1-5 ratings, inclusive) are credits that exhibit acceptable financial performance, cash flow, and leverage. We attempt to mitigate risk by loan structure, collateral, monitoring, and other credit risk management controls. Credits rated 6 are performing in accordance with contractual terms but are considered "special mention" as these credits demonstrate potential weakness that if left unresolved, may result in deterioration in the Company’s credit position and/or the repayment prospects for the credit. Borrowers rated special mention may exhibit adverse operating trends, high leverage, tight liquidity or other credit concerns. Loans rated 7 may be classified as either accruing ("potential problem") or nonaccrual ("nonperforming"). Potential problem loans, like special mention, are loans that are performing in accordance with contractual terms, but for which management has some level of concern (greater than that of special mention loans) about the ability of the borrowers to meet existing repayment terms in future periods. These loans continue to accrue interest but the ultimate collection of these loans in full is questionable due to the same conditions that characterize a 6-rated credit. These credits may also have somewhat increased risk profiles as a result of the current net worth and/or paying capacity of the obligor or guarantors or the value of the collateral pledged. These loans generally have a well-defined weakness that may jeopardize collection of the debt and are characterized by the distinct possibility that the Company may sustain some loss if the deficiencies are not resolved. Although these loans are generally identified as potential problem loans and require additional attention by management, they may never become nonperforming. Nonperforming loans include nonaccrual loans risk rated 7 or 8 and have all the weaknesses inherent in a 7-rated potential problem loan with the added characteristic that the weaknesses make collection or liquidation in full, on the basis of currently-existing facts, conditions and values, highly questionable and improbable. Special mention, potential problem and nonperforming loans are reviewed at a minimum on a quarterly basis, while all other rated credits over a certain dollar threshold, depending on loan type, are reviewed annually or more frequently as the situation warrants.

Credit valuation adjustment ("CVA") - An adjustment may need to be incorporated into the valuation of derivative instruments for nonperformance risk to include the counterparty’s credit risk and the Company’s own credit risk. This adjustment is referred to as the CVA. The CVA represents the credit component of fair value with regard to both client-based trades and the related matched trades with interbank dealer counterparties.

Efficiency ratio - Total non-interest expense divided by the sum of net interest income on a tax-equivalent basis and non-interest income. This is a non-U.S. GAAP financial measure.

Fee revenue as percent of total revenue ratio - Total non-interest income less net securities gains (losses) divided by the sum of net interest income and non-interest income less net securities gains (losses).

U.S. GAAP - Accounting principles generally accepted in the United States of America.

Net interest margin - Expressed as a percentage, net interest margin is a ratio computed as annualized taxable-equivalent net interest income divided by average interest-earning assets. The annualization of net interest income for the quarterly yield takes into consideration the interest payment convention at the product level. This is a non-U.S. GAAP financial measure.

25

Glossary of Terms (continued)

Net interest spread - The difference between the average yield earned on interest-earning assets on a taxable-equivalent basis and the average rate paid for interest-bearing liabilities.

Net overhead ratio - Total non-interest expense less non-interest income divided by average total assets.

Net revenue - The sum of taxable equivalent net interest income and non-interest income. This is a non-U.S. GAAP financial measure.

Non-U.S. GAAP - Certain financial measures within this document that are not formally defined by U.S. GAAP or codified in the federal banking regulations. A reconciliation of these non-U.S. GAAP financial measures may be found on the previous pages.

Operating profit - The sum of U.S. GAAP income before income taxes, provision for loan and covered loan losses and taxable-equivalent adjustment. This is a non-U.S. GAAP financial measure.

Return on average tangible common equity - Annualized net income available to common stockholders, adjusted for tax-affected amortization of intangibles, divided by average tangible common equity. Average tangible common equity equals average total equity less average goodwill, average intangible assets, and average preferred stock. This is a non-U.S. GAAP financial measure.

Risk-weighted assets - Computed by the assignment of specific risk-weights (as currently defined by the Board of Governors of the Federal Reserve System without giving effect to the final Basel III capital rules adopted and issued by the Federal Reserve Board in July 2013, which are effective January 1, 2014 with compliance required January 1, 2015) to assets and off-balance sheet instruments.

Tangible book value - Total common equity less goodwill and other intangibles divided by outstanding shares of common stock at end of period. This is a non-U.S. GAAP financial measure.

Tangible common equity to tangible assets ratio - Tangible common equity divided by tangible assets, where tangible common equity equals total equity less preferred stock, goodwill and other intangible assets and tangible assets equals total assets less goodwill and other intangible assets. This is a non-U.S. GAAP financial measure.

Taxable-equivalent net interest income - The interest income earned on certain assets is completely or partially exempt from Federal income tax. As such, these tax-exempt instruments typically yield lower returns than taxable investments. To provide more meaningful comparisons of yields and margins for all interest-earning assets, we use interest income on a taxable-equivalent basis in calculating average yields and net interest margins by increasing the interest income earned on tax-exempt assets to make it fully equivalent to interest income earned on other taxable investments. This adjustment is not permitted under U.S. GAAP on the Consolidated Income Statement.

Tier 1 common capital - Tier 1 risk-based capital, less preferred equity, less trust preferred capital securities, and less noncontrolling interests, as calculated under currently effective requirements and without giving effect to the final Basel III capital rules recently adopted and issued by the Federal Reserve Board in July 2013.

Tier 1 equity to risk-weighted assets ratio - Tier 1 common capital divided by period-end risk-weighted assets. This is a non-U.S. GAAP financial measure and for purposes of our presentation we calculate risk-weighted assets under currently effective requirements and not under the final Basel III capital rules adopted and issued by the Federal Reserve Board in July 2013, which are effective January 1, 2014 with compliance required January 1, 2015.

Tier 1 leverage ratio - Tier 1 risk-based capital divided by adjusted average total assets.

Tier 1 risk-based capital - Total equity, plus trust preferred capital securities, plus certain noncontrolling interests that are held by others; less goodwill and certain other intangible assets, less equity investments in nonfinancial companies, less ineligible servicing assets, less disallowed deferred tax assets and less net unrealized holding gains (losses) on available-for-sale equity securities, available-for-sale debt securities, and cash flow hedge derivatives.

Tier 1 risk-based capital ratio - Tier 1 risk-based capital divided by period-end risk-weighted assets.

Total risk-based capital - Tier 1 risk-based capital plus qualifying subordinated debt, other noncontrolling interest not qualified as Tier 1, eligible gains on available-for-sale equity securities and the allowance for loan and lease losses, subject to certain limitations.

Total risk-based capital ratio - Total risk-based capital divided by period-end risk-weighted assets.

26
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