HOUSTON and TUPELO,
Miss., Oct. 24, 2022 /PRNewswire/ -- Cadence Bank (NYSE: CADE) (the Company), today
announced financial results for the quarter ended
September 30, 2022.
Highlights for the third quarter of 2022 included:
- Achieved quarterly net income available to common shareholders
of $121.0 million, or $0.66 per diluted common share, and adjusted net
income available to common shareholders of $143.7 million, or $0.78 per diluted common share, an increase in
adjusted earnings per diluted share of 6.8% compared to the second
quarter of 2022.
- Reported $189.8 million in
adjusted pre-tax pre-provision net revenue (PPNR), an increase of
7.4% compared to the second quarter of 2022.
- Generated net organic loan growth of $936.0 million for the third quarter of 2022, or
13.1% on an annualized basis. Year-to-date, loans have grown
$2.4 billion, or 12.0%
annualized.
- Net interest margin improved to 3.28%, up 22 basis points (and
up 26 basis points excluding the impact of purchase accounting
accretion) from the linked quarter, driven by continued improvement
in loan yields, changes to the earning asset mix resulting from net
loan growth and disciplined management of deposit pricing.
- Continued stable credit quality reflected in quarterly
annualized net charge-offs of 0.09% of average loans and leases as
well as a 3.3% linked quarter decline in total non-performing
assets; no recorded provision for credit losses for the
quarter.
- Recently completed the successful core system conversion and
operational integration of the legacy Cadence merger, including the
re-branding of all branch locations across the Company's
footprint.
"Our team is pleased to report continued positive momentum for
Cadence Bank, highlighted by growth
in adjusted earnings per share to $0.78 for the third quarter as well as the recent
successful conversion of core systems and re-branding across our
footprint," remarked Dan Rollins,
Chairman and Chief Executive Officer of the Company. "We also had
another good quarter in terms of loan growth, reporting total
growth of $936 million, or 13% on an
annualized basis. Our net interest margin improved as we
continue to benefit from rising rates and improvement in our
earning asset mix. Importantly, credit quality remains
stable, which is reflected in no recorded provision for credit
losses for the quarter."
Earnings Summary
The fourth quarter 2021 merger with Cadence Bancorporation
impacts year-over-year comparisons. See "RECENT MERGER TRANSACTION"
in this release for more information.
The Company reported net income available to common shareholders
of $121.0 million, or $0.66 per diluted common share, for the third
quarter of 2022, compared with net income available to common
shareholders of $70.4 million, or
$0.65 per diluted common share, for
the third quarter of 2021 and net income available to common
shareholders of $124.6 million, or
$0.68 per diluted common share, for
the second quarter of 2022. Adjusted net income available to common
shareholders was $143.7 million, or
$0.78 per diluted common share, for
the third quarter of 2022, compared with $74.9 million, or $0.69 per diluted common share, for the third
quarter of 2021 and $134.2 million,
or $0.73 per diluted common share,
for the second quarter of 2022.
The Company reported adjusted PPNR of $189.8 million, or 1.58% of average assets on an
annualized basis, for the third quarter of 2022 compared to
$92.1 million, or 1.32% of average
assets on an annualized basis, for the third quarter of 2021 and
$176.7 million, or 1.51% of average
assets on an annualized basis, for the second quarter of 2022.
The growth in adjusted net income and PPNR during the quarter
was primarily attributable to a significant increase in net
interest revenue reflecting continued net interest margin
improvement as well as loan growth, but was partially offset by an
increase in salaries and employee benefits expense as well as other
noninterest expense.
Net Interest Revenue
Net interest revenue was $355.4
million for the third quarter of 2022, compared to
$181.5 million for the third quarter
of 2021 and $324.8 million for the
second quarter of 2022, an increase of $30.6
million or 9.4% from linked quarter. The fully taxable
equivalent (FTE) net interest margin was 3.28% for the third
quarter of 2022, compared with 2.86% for the third quarter of 2021
and 3.06% for the second quarter of 2022.
Net interest revenue for the third quarter of 2022 included
$8.1 million in accretion revenue
related to acquired loans and leases, adding approximately 7 basis
points to the net interest margin. Accretion declined $3.6 million from $11.7
million for the second quarter of 2022, which added
approximately 11 basis points to the second quarter 2022 net
interest margin. Excluding the impact of accretion, the linked
quarter net interest margin increased by 26 basis points.
The increase in net interest revenue in the third quarter of
2022 compared to the linked quarter reflected continued improvement
in loan and securities yields as well as additional deployment of
cash flow from maturing securities into loan growth. The balance
sheet remains asset sensitive, with approximately 21% of loans
floating (repricing within 30 days) and another 49% of loans
variable as of September 30,
2022.
Yields on net loans, loans held for sale, and leases excluding
accretion, were 4.70% for the third quarter of 2022, up 58 basis
points from 4.12% for the second quarter of 2022, while yields on
total interest earning assets were 3.74% for the third quarter of
2022, up 45 basis points from 3.29% for the second quarter of 2022.
The average cost of total deposits remained well managed at 0.35%
for the third quarter of 2022, compared with 0.17% for the second
quarter of 2022.
Balance Sheet Activity
Loans and leases, net of unearned income, increased $936.0 million during the third quarter,
or 13.1% annualized, and $2.4
billion year-to-date, or 12.0% annualized, to $29.3 billion. Loan growth for the quarter
was well diversified, with our corporate banking team contributing
the largest portion of the growth. Total deposits declined
$1.2 billion during the third quarter
to $39.0 billion, resulting in a
total year-to-date decline of $813.7
million. The decline in deposits for the quarter
included approximately $430 million
in public funds and approximately $260
million in correspondent bank balances, both categories of
which can vary quarter to quarter. The third quarter of
2022 ended with a loan to deposit ratio of 75.1% and securities to
total assets of 26.1%, reflecting continued improvement in earning
asset mix while maintaining strong balance sheet liquidity.
Noninterest bearing deposits represented 35.5% of total deposits at
the end of the third quarter of 2022, increasing slightly
from 34.9% at June 30,
2022.
Provision for Credit Losses and Allowance for Credit
Losses
Credit quality metrics for the third quarter of 2022 reflect
continued stability in overall credit quality, highlighted by low
levels of net charge-offs and no provision for credit losses for
the quarter.
Total non-performing assets declined $4.3
million, or 3.3%, in the third quarter from $130.8 million at June 30,
2022 to $126.5 million at
September 30, 2022. Total
non-performing loans and leases were $118.1
million at September 30, 2022, or 0.40% of total net
loans and leases, compared to the June 30, 2022 balance of
$116.4 million, or 0.41% of total net
loans and leases. Other real estate owned and other repossessed
assets also declined to $8.4 million
at September 30, 2022, a decrease of $6.0 million or 41.8% from the June 30, 2022
balance of $14.4 million.
Net charge-offs for the third quarter of 2022 were $6.7 million, or 0.09% of net loans and leases on
an annualized basis, compared with net recoveries of $2.1 million for the third quarter of 2021 and
net recoveries of $1.4 million for
the second quarter of 2022. Net charge-offs for the third
quarter of 2022 included one $8.0
million acquired energy credit that was classified as
purchased credit deteriorated at merger. There was no
recorded provision for credit losses for the third quarter of 2022,
compared with a negative provision for credit losses of
$7.0 million for the third quarter of
2021 and a provision for credit losses of $1.0 million for the second quarter of 2022. The
allowance for credit losses was $433.4
million, or 1.48% of net loans and leases at September 30, 2022, compared with $440.1 million, or 1.55% of net loans and leases
at June 30, 2022.
Noninterest Revenue
Noninterest revenue was $124.5
million for the third quarter of 2022, compared with
$84.4 million for the third quarter
of 2021 and $125.2 million for the
second quarter of 2022. Declines in mortgage production and
servicing revenue and credit card, debit card, and merchant fees
were offset by increases in deposit service charges and other
miscellaneous income.
Insurance commission revenue totaled $39.9 million for the third quarter of 2022,
compared with $35.8 million for the
third quarter of 2021 and $40.0
million for the second quarter of 2022. Credit card, debit
card and merchant fee revenue was $14.5
million for the third quarter of 2022, compared with
$16.6 million for the second quarter
of 2022. Second quarter 2022 results included an annual incentive
payment from our card vendor as well as an annual true-up of
revenue based on improved contractual revenue share. Other
noninterest revenue was $21.9 million
for the third quarter of 2022, compared with $16.4 million for the second quarter of 2022 due
primarily to a negative purchase accounting adjustment recorded in
the second quarter related to the day one fair value of unfunded
commitments acquired in the legacy Cadence transaction. In
addition, other noninterest revenue for the third quarter reflects
improved earnings on limited partnership investments.
Mortgage purchase money production continues to remain active
despite the rate environment. Third quarter of 2022 mortgage
origination volume was $769.9
million, compared with $788.9
million for the third quarter of 2021 and $913.0 million for the second quarter of
2022. Mortgage production and servicing revenue totaled
$4.7 million for the third quarter of
2022, compared with $11.0 million for
the third quarter of 2021 and $6.8
million for the second quarter of 2022. The mortgage
servicing rights valuation adjustment was $4.3 million for the third quarter of 2022,
compared with $2.0 million for the
third quarter of 2021 and $4.7
million for the second quarter of 2022 with the variances
due to continued volatility in the interest rate environment.
Noninterest Expense
Noninterest expense for the third quarter of 2022 was
$319.7 million, compared with
$179.9 million for the third quarter
of 2021 and $285.9 million for the
second quarter of 2022. Adjusted noninterest expense for the third
quarter of 2022 was $290.2 million,
compared with $174.0 million for the
third quarter of 2021 and $271.8
million for the second quarter of 2022. The adjusted
efficiency ratio was 60.3% for the third quarter of 2022, a slight
improvement from 60.5% for the second quarter of 2022. The increase
in adjusted noninterest expense compared to the linked quarter was
driven primarily by increases in salaries and employee benefits
expense as well as other miscellaneous expense. Salaries and
benefits expense increased $9.1
million for the linked quarter, including the impact of
merit increases effective July 1,
2022, an increase in incentive compensation linked to
corporate performance and a decrease in deferred salaries due to
lower mortgage originations this quarter. Other noninterest
expense increased $10.4 million for
the linked quarter, including an approximate $7.4 million increase due to non-routine benefits
favorably impacting second quarter expenses including a second
quarter gain on sale in foreclosed property expense (versus a third
quarter loss on same), finalization of intangible asset valuation
and related amortization in the second quarter, and various timing
of regulatory fees and SBA sold loan costs. In addition, the
Company experienced elevated operating and fraud losses during the
third quarter of 2022.
Adjusted noninterest expense for the third quarter of 2022
excludes $26.6 million in total
merger related expenses, which includes one-time merger expense
shown as a separate line item on the income statement as well as
incremental merger related expenses (expenses for which the entity
receives future benefit) that are included in the respective
expense categories. Merger expense was $19.7 million for the third quarter of 2022,
compared with $3.4 million for the
third quarter of 2021 and $7.3
million for the second quarter of 2022. Merger expense for
the third quarter of 2022 was comprised primarily of conversion
related expenses as well as compensation related items. Incremental
merger related expenses for the third quarter of 2022 totaled
$6.9 million compared to $6.1 million in the prior quarter and included
primarily employee retention, marketing, and technology related
expenses. Adjusted noninterest expense for the third quarter
of 2022 also excludes a charge of $2.9
million in accordance with ASC 715 "Compensation -
Retirement Benefits" to reflect the settlement accounting impact of
elevated lump sum retirement pension payouts during 2022.
Capital Management
Total shareholders' equity was $4.17
billion at September 30, 2022
compared with $3.02 billion at
September 30, 2021 and $4.44 billion at June 30,
2022. The decline in the linked quarter is primarily due to
a decline in accumulated other comprehensive income (Loss) ("AOCI")
resulting from an increase in unrealized losses in the
available-for-sale securities portfolio, as a result of continued
increases in longer-term interest rates in the quarter.
Estimated regulatory capital ratios at September 30, 2022 included Common Equity Tier 1
capital of 10.25%, Tier 1 capital of 10.70%, Total risk-based
capital of 12.84%, and Tier 1 leverage capital of 8.43%.
During the third quarter of 2022, the Company did not repurchase
shares of its common stock pursuant to its share repurchase
program. Outstanding company shares were 182.4 million shares as of
September 30, 2022, a reduction of
5.9 million shares since December 31,
2021.
Summary
Rollins concluded, "It's really an exciting time across our
Company and our footprint. The successful completion of the
core systems conversion and the rebranding of all of our locations
is a historic event for our bank, and symbolizes that we now
operate as one unified brand. This accomplishment would not
have been possible without the unwavering commitment and tireless
work of the more than 6,500 teammates in our Company. As we
move forward, we will continue to focus on the important objectives
of taking care of the customers and communities we serve and
delivering value to our shareholders."
Recent Merger Transaction
Cadence Bancorporation (NYSE: CADE)
On October 29, 2021, the Company
completed the merger with Cadence Bancorporation, the parent
company of Cadence Bank N.A.,
(collectively referred to as legacy Cadence), pursuant to which
legacy Cadence was merged with and into the Company (the Cadence
Merger). Legacy Cadence operated 99 full-service banking offices in
the southeast. As of October 29,
2021, legacy Cadence reported total assets of $18.8 billion, total loans of $11.6 billion and total deposits of $16.3 billion. Under the terms of the definitive
merger agreement, each legacy Cadence shareholder received 0.70
shares of the Company's common stock in exchange for each share of
Cadence common stock they held. In addition, legacy Cadence paid a
one-time special dividend of $1.25
per share on October 28, 2021. In
connection with the closing of the Cadence merger, the Company
changed its name from BancorpSouth Bank to Cadence Bank and also changed its NYSE ticker
symbol from BXS to CADE. For more information regarding the Cadence
Merger, see our Current Report on Form 8-K that was filed with the
Federal Deposit Insurance Corporation (FDIC) on October 29, 2021 and the 2021 Annual Report Form
10-K filed with the FDIC. Due to the Company's evaluation of
post-merger activity and the extensive information gathering and
management review processes required to properly record acquired
assets and liabilities, the Company considers its valuations of
legacy Cadence's assets and liabilities to be provisional estimates
as management continues to identify and assess information
regarding the nature of these assets and liabilities for the
associated valuation assumptions and methodologies used.
Non-GAAP Measures and Ratios
This news release presents certain financial measures and ratios
that are not calculated in accordance with U.S. generally accepted
accounting principles (GAAP). A discussion regarding these non-GAAP
measures and ratios, including reconciliations of non-GAAP measures
to the most directly comparable GAAP measures and definitions for
non-GAAP ratios, appears under the caption "Reconciliation of
Non-GAAP Measures and Other Non-GAAP Ratio Definitions" beginning
on page 22 of this news release.
Conference Call and Webcast
The Company will conduct a conference call to discuss its third
quarter 2022 financial results on October
25, 2022, at 10:00 a.m. (Central
Time). This conference call will be an interactive session
between management and analysts. Interested parties may listen to
this live conference call via Internet webcast by accessing
http://ir.cadencebank.com/events. The webcast will also be
available in archived format at the same address.
About Cadence Bank
Cadence Bank (NYSE: CADE) is a
leading regional banking franchise with approximately $50 billion in assets and more than 400 branch
locations across the South and Texas. Cadence provides consumers, businesses
and corporations with a full range of innovative banking and
financial solutions. Services and products include consumer
banking, consumer loans, mortgages, home equity lines and loans,
credit cards, commercial and business banking, treasury management,
specialized lending, asset-based lending, commercial real estate,
equipment financing, correspondent banking, SBA lending, foreign
exchange, wealth management, investment and trust services,
financial planning, retirement plan management, and personal and
business insurance. Cadence is committed to a culture of respect,
diversity and inclusion in both its workplace and communities.
Cadence Bank, Member FDIC. Equal
Housing Lender.
Forward-Looking Statements
Certain statements made in this news release constitute
"forward-looking statements" within the meaning of Section 21E of
the Securities Exchange Act of 1934, as amended (the "Exchange
Act"), and are subject to the safe harbor under the Private
Securities Litigation Reform Act of 1995 as well as the "bespeaks
caution" doctrine. These statements are often, but not exclusively,
made through the use of words or phrases like "assume," "believe,"
"budget," "contemplate," "continue," "could," "foresee,"
"indicate," "may," "might," "outlook," "prospect," "potential,"
"roadmap," "should," "target," "will," "would," the negative
versions of such words, or comparable words of a future or
forward-looking nature. These forward-looking statements may
include, without limitation, discussions regarding general
economic, interest rate, real estate market, competitive,
employment, and credit market conditions, or any of the Company's
comments related to topics in its risk disclosures. Forward-looking
statements are based upon management's expectations as well as
certain assumptions and estimates made by, and information
available to, the Company's management at the time such statements
were made. Forward-looking statements are not guarantees of future
results or performance and are subject to certain known and unknown
risks, uncertainties and other factors that are beyond the
Company's control and that may cause actual results to differ
materially from those expressed in, or implied by, such
forward-looking statements.
Risks, uncertainties and other factors the Company may face
include, without limitation: potential delays or other problems in
implementing and executing the Company's growth, expansion and
acquisition strategies, including delays in obtaining regulatory or
other necessary approvals or the failure to realize any anticipated
benefits or synergies from any acquisitions or growth strategies;
general economic, unemployment, credit market and real estate
market conditions, including inflation, and the effect of such
conditions on customers, potential customers, assets, and
investments; the risks of changes in interest rates and their
effects on the level and composition of deposits, loan demand, the
values of loan collateral, securities, and interest sensitive
assets and liabilities; the ability to attract new or retain
existing deposits, to retain or grow loans or additional interest
and fee income, or to control noninterest expense; the effect of
pricing pressures on the Company's net interest margin; the failure
of assumptions underlying the establishment of reserves for
possible credit losses, fair value for loans and other real estate
owned; changes in real estate values; the ability to pay dividends
or coupons on the Company's 5.5% Series A Non-Cumulative Perpetual
Preferred Stock, par value $0.01 per
share, or the 4.125% Fixed-to-Floating Rate Subordinated Notes due
November 20, 2029; possible
downgrades in the Company's credit ratings or outlook which could
increase the costs or availability of funding from capital markets;
the potential impact of the proposed phase-out of the London
Interbank Offered Rate ("LIBOR") or other changes involving LIBOR;
changes in legal, financial, accounting, and/or regulatory
requirements; the costs and expenses to comply with such changes;
the enforcement efforts of federal and state bank regulators; the
ability to keep pace with technological changes, including changes
regarding maintaining cybersecurity; the impact of a failure in, or
breach of, the Company's operational or security systems or
infrastructure, or those of third parties with whom the Company
does business, including as a result of cyber-attacks or an
increase in the incidence or severity of fraud, illegal payments,
security breaches or other illegal acts impacting the Company or
the Company's customers. The Company also faces risks from the
adverse effects of the ongoing global COVID-19 pandemic, including
the effect of actions taken to mitigate its impact on individuals
or the economy broadly; natural disasters or acts of war or
terrorism; international or political instability, including the
impacts related to or resulting from Russia's military action in Ukraine and additional sanctions and export
controls, as well as the broader impacts to financial markets and
the global macroeconomic and geopolitical environments.
Risks specifically related to the Cadence Merger include, but
are not limited to: the possibility that the anticipated benefits
of the merger will not be realized when expected or at all,
including as a result of the impact of, or problems arising from,
the integration of the two companies, or as a result of the
strength of the economy and competitive factors in the areas where
the combined company does business; the possibility that the
parties may be unable to achieve expected synergies and operating
efficiencies within the expected timeframes, or at all, and to
successfully integrate legacy Cadence's operations and those of the
Company or because such integration may be more difficult, time
consuming, or costly than expected, including as a result of
unexpected factors or events; the risk that revenues following the
Cadence Merger may be lower than expected; the ability of the
Company and legacy Cadence to meet expectations regarding the
timing, completion and accounting and tax treatments of the Cadence
Merger; and the risk of potential adverse reactions or changes to
business or employee relationships, including those resulting from
the completion of the Cadence Merger. There are also risks of
adverse outcomes for any legal proceedings that may be instituted
against the Company or legacy Cadence in respect of the Cadence
Merger; the risk that any announcements relating to the Cadence
Merger could have adverse effects on the market price of the
capital stock of the combined company; and risks arising from the
dilution caused by the Company's issuance of additional shares of
its capital stock in connection with the Cadence Merger and other
factors as detailed from time to time in the Company's press and
news releases, periodic and current reports, and other filings the
Company files with the FDIC.
The Company also faces risks from: possible adverse rulings,
judgments, settlements or other outcomes of pending, ongoing and
future litigation, as well as governmental, administrative and
investigatory matters; the impairment of the Company's goodwill or
other intangible assets; losses of key employees and personnel; the
diversion of management's attention from ongoing business
operations and opportunities; and the combined company's success in
executing its business plans and strategies, and managing the risks
involved in all of the foregoing.
The foregoing factors should not be construed as exhaustive and
should be read in conjunction with those factors that are set forth
from time to time in the Company's periodic and current reports
filed with the FDIC, including those factors included in the
Company's Annual Report on Form 10-K for the year ended
December 31, 2021, particularly those
under the heading "Item 1A. Risk Factors," in the Company's
Quarterly Reports on Form 10-Q under the heading "Part II-Item 1A.
Risk Factors" and in the Company's Current Reports on Form 8-K.
Although the Company believes that the expectations reflected in
these forward-looking statements are reasonable as of the date of
this news release, if one or more events related to these or other
risks or uncertainties materialize, or if the Company's underlying
assumptions prove to be incorrect, actual results may prove to be
materially different from the results expressed or implied by the
forward-looking statements. Accordingly, undue reliance should not
be placed on any forward-looking statements. The forward-looking
statements speak only as of the date of this news release, and the
Company does not undertake any obligation to publicly update or
review any forward-looking statement, except as required by
applicable law. All written or oral forward-looking statements
attributable to the Company are expressly qualified in their
entirety by this section.
Selected Financial
Data
(Unaudited)
|
|
|
Quarter
Ended
|
|
Year-to-date
|
(In
thousands)
|
Sep 2022
|
Jun 2022
|
Mar 2022
|
Dec 2021
|
Sep 2021
|
|
Sep 2022
|
Sep 2021
|
Earnings
Summary:
|
|
|
|
|
|
|
|
|
Interest
revenue
|
$
405,559
|
$
349,555
|
$
331,930
|
$
290,626
|
$
199,511
|
|
$ 1,087,044
|
$
591,423
|
Interest
expense
|
50,205
|
24,789
|
20,108
|
19,414
|
17,967
|
|
95,102
|
56,908
|
Net interest
revenue
|
355,354
|
324,766
|
311,822
|
271,212
|
181,544
|
|
991,942
|
534,515
|
Provision (release) for
credit losses
|
—
|
1,000
|
—
|
133,562
|
(7,000)
|
|
1,000
|
4,500
|
Net interest revenue,
after provision for credit losses
|
355,354
|
323,766
|
311,822
|
137,650
|
188,544
|
|
990,942
|
530,015
|
Noninterest
revenue
|
124,491
|
125,234
|
128,435
|
103,854
|
84,420
|
|
378,160
|
274,299
|
Noninterest
expense
|
319,734
|
285,888
|
291,667
|
289,194
|
179,889
|
|
897,289
|
509,696
|
Income (loss) before
income taxes
|
160,111
|
163,112
|
148,590
|
(47,690)
|
93,075
|
|
471,813
|
294,618
|
Income tax expense
(benefit)
|
36,713
|
36,154
|
33,643
|
(13,033)
|
20,350
|
|
106,510
|
64,799
|
Net income
(loss)
|
123,398
|
126,958
|
114,947
|
(34,657)
|
72,725
|
|
365,303
|
229,819
|
Less: Preferred
dividends
|
2,372
|
2,372
|
2,372
|
2,372
|
2,372
|
|
7,116
|
7,116
|
Net income (loss)
available to common shareholders
|
$
121,026
|
$
124,586
|
$
112,575
|
$
(37,029)
|
$ 70,353
|
|
$
358,187
|
$
222,703
|
|
|
|
|
|
|
|
|
|
Balance Sheet -
Period End Balances
|
|
|
|
|
|
|
|
Total assets
|
$
47,699,660
|
$
47,747,708
|
$
47,204,061
|
$
47,669,751
|
$
28,060,496
|
|
$
47,699,660
|
$
28,060,496
|
Total earning
assets
|
42,832,355
|
43,093,974
|
42,744,225
|
43,503,089
|
25,572,354
|
|
42,832,355
|
25,572,354
|
Available-for-sale
securities
|
12,441,894
|
13,450,621
|
14,371,606
|
15,606,470
|
10,053,372
|
|
12,441,894
|
10,053,372
|
Loans and leases, net
of unearned income
|
29,296,450
|
28,360,485
|
27,189,666
|
26,882,988
|
14,991,245
|
|
29,296,450
|
14,991,245
|
Allowance for credit
losses (ACL)
|
433,363
|
440,112
|
438,738
|
446,415
|
260,276
|
|
433,363
|
260,276
|
Net book value of
acquired loans
|
8,841,588
|
9,721,672
|
11,020,251
|
11,968,278
|
1,426,266
|
|
8,841,588
|
1,426,266
|
Unamortized net
discount on acquired loans
|
58,887
|
65,350
|
72,620
|
77,711
|
9,863
|
|
58,887
|
9,863
|
Total
deposits
|
39,003,946
|
40,189,083
|
40,568,055
|
39,817,673
|
23,538,711
|
|
39,003,946
|
23,538,711
|
Total deposits and
securities sold under agreement to
repurchase
|
39,682,280
|
40,838,260
|
41,271,615
|
40,504,861
|
24,243,834
|
|
39,682,280
|
24,243,834
|
Federal funds purchased
and short-term FHLB advances
|
2,495,000
|
1,200,000
|
—
|
595,000
|
—
|
|
2,495,000
|
—
|
Subordinated and
long-term debt
|
463,291
|
465,073
|
465,695
|
482,411
|
311,858
|
|
463,291
|
311,858
|
Total shareholders'
equity
|
4,166,925
|
4,437,925
|
4,643,757
|
5,247,987
|
3,023,257
|
|
4,166,925
|
3,023,257
|
Total shareholders'
equity, excluding AOCI (1)
|
5,464,737
|
5,374,270
|
5,307,757
|
5,387,356
|
3,105,884
|
|
5,464,737
|
3,105,884
|
Common shareholders'
equity
|
3,999,932
|
4,270,932
|
4,476,764
|
5,080,994
|
2,856,264
|
|
3,999,932
|
2,856,264
|
Common shareholders'
equity, excluding AOCI (1)
|
$ 5,297,744
|
$ 5,207,277
|
$ 5,140,764
|
$ 5,220,363
|
$ 2,938,891
|
|
$ 5,297,744
|
$ 2,938,891
|
|
|
|
|
|
|
|
|
|
Balance Sheet -
Average Balances
|
|
|
|
|
|
|
|
Total assets
|
$
47,595,557
|
$
47,064,829
|
$
47,679,850
|
$
40,990,459
|
$
27,616,585
|
|
$
47,446,436
|
$
26,287,396
|
Total earning
assets
|
43,079,481
|
42,688,497
|
43,515,166
|
37,210,403
|
25,220,602
|
|
43,092,786
|
23,936,674
|
Available-for-sale
securities
|
13,252,828
|
13,941,127
|
15,070,524
|
12,954,547
|
9,539,814
|
|
14,081,502
|
8,081,730
|
Loans and leases, net
of unearned income
|
28,872,156
|
27,848,097
|
27,106,733
|
22,745,093
|
14,915,728
|
|
27,948,795
|
15,138,032
|
Total
deposits
|
39,600,886
|
39,396,028
|
40,565,103
|
34,759,687
|
23,162,450
|
|
39,850,473
|
22,016,659
|
Total deposits and
securities sold under agreement to
repurchase
|
40,256,109
|
40,062,095
|
41,259,136
|
35,479,807
|
23,914,986
|
|
40,522,105
|
22,720,800
|
Subordinated and
long-term debt
|
464,843
|
465,447
|
466,842
|
436,111
|
311,839
|
|
465,704
|
307,472
|
Total shareholders'
equity
|
4,506,655
|
4,523,189
|
5,062,231
|
4,508,594
|
3,058,307
|
|
4,695,324
|
2,942,946
|
Common shareholders'
equity
|
$ 4,339,662
|
$ 4,356,196
|
$ 4,895,238
|
$ 4,341,601
|
$ 2,891,314
|
|
$ 4,528,331
|
$ 2,775,953
|
|
|
|
|
|
|
|
|
|
Nonperforming
Assets:
|
|
|
|
|
|
|
|
|
Nonaccrual loans and
leases
|
$ 89,931
|
$ 89,368
|
$ 91,031
|
$
122,104
|
$ 59,622
|
|
$ 89,931
|
$ 59,622
|
Loans and leases 90+
days past due, still accruing
|
11,984
|
19,682
|
20,957
|
24,784
|
17,012
|
|
11,984
|
17,012
|
Restructured loans and
leases, still accruing
|
16,200
|
7,385
|
7,292
|
6,903
|
7,165
|
|
16,200
|
7,165
|
Non-performing loans
and leases (NPL)
|
118,115
|
116,435
|
119,280
|
153,791
|
83,799
|
|
118,115
|
83,799
|
Other real estate owned
and other assets
|
8,376
|
14,399
|
28,401
|
33,021
|
16,515
|
|
8,376
|
16,515
|
Non-performing assets
(NPA)
|
$
126,491
|
$
130,834
|
$
147,681
|
$
186,812
|
$
100,314
|
|
$
126,491
|
$
100,314
|
|
(1) Denotes non-GAAP
financial measure. Refer to related disclosure and reconciliation
on pages 22 - 25.
|
Selected Financial
Data Cont.
|
|
|
Quarter
Ended
|
|
Year-to-date
|
|
Sep 2022
|
Jun 2022
|
Mar 2022
|
Dec 2021
|
Sep 2021
|
|
Sep 2022
|
Sep 2021
|
Financial Ratios and
Other Data:
|
|
|
|
|
|
|
|
|
Return on average
assets (2)
|
1.03 %
|
1.08 %
|
0.98 %
|
(0.34) %
|
1.04 %
|
|
1.03 %
|
1.17 %
|
Adjusted return on
average assets (1)(2))
|
1.22
|
1.16
|
1.05
|
1.03
|
1.11
|
|
1.15
|
1.28
|
Return on average
common shareholders' equity (2)
|
11.06
|
11.47
|
9.33
|
(3.38)
|
9.65
|
|
10.58
|
10.73
|
Adjusted return on
average common shareholders' equity (1)(2)
|
13.13
|
12.36
|
10.07
|
9.51
|
10.28
|
|
11.79
|
11.77
|
Return on average
tangible common equity (1)(2)
|
17.40
|
18.11
|
13.87
|
(4.71)
|
14.85
|
|
16.32
|
16.40
|
Adjusted return on
average tangible common equity (1)(2)
|
20.66
|
19.50
|
14.98
|
13.24
|
15.80
|
|
18.19
|
18.00
|
Pre-tax pre-provision
net revenue to total average assets (1)(2)
|
1.33
|
1.40
|
1.26
|
0.83
|
1.24
|
|
1.33
|
1.52
|
Adjusted pre-tax
pre-provision net revenue to total average
assets (1)(2)
|
1.58
|
1.51
|
1.36
|
1.32
|
1.32
|
|
1.48
|
1.61
|
Net interest
margin-fully taxable equivalent
|
3.28
|
3.06
|
2.92
|
2.90
|
2.86
|
|
3.09
|
2.99
|
Net interest rate
spread-fully taxable equivalent
|
3.05
|
2.94
|
2.81
|
2.78
|
2.72
|
|
2.93
|
2.83
|
Efficiency ratio fully
tax equivalent (1)
|
66.49
|
63.38
|
66.10
|
76.94
|
67.52
|
|
65.34
|
62.90
|
Adjusted efficiency
ratio fully tax equivalent (1)
|
60.33
|
60.46
|
63.52
|
63.54
|
65.28
|
|
61.40
|
60.74
|
Loan/deposit
ratio
|
75.11 %
|
70.57 %
|
67.02 %
|
67.52 %
|
63.69 %
|
|
75.11 %
|
63.69 %
|
Full time equivalent
employees
|
6,629
|
6,659
|
6,568
|
6,595
|
4,770
|
|
6,629
|
4,770
|
|
|
|
|
|
|
|
|
|
Credit Quality
Ratios:
|
|
|
|
|
|
|
|
|
Net charge-offs
(recoveries) to average loans and leases (2)
|
0.09 %
|
(0.02) %
|
(0.01) %
|
(0.08) %
|
(0.05) %
|
|
0.02 %
|
— %
|
Provision for credit
losses to average loans and leases (2)
|
—
|
0.01
|
—
|
2.33
|
(0.19)
|
|
—
|
0.04
|
ACL to loans and
leases, net
|
1.48
|
1.55
|
1.61
|
1.66
|
1.74
|
|
1.48
|
1.74
|
ACL to NPL
|
366.90
|
377.99
|
367.82
|
290.27
|
310.60
|
|
366.90
|
310.60
|
NPL to loans and
leases, net
|
0.40
|
0.41
|
0.44
|
0.57
|
0.56
|
|
0.40
|
0.56
|
NPA to total
assets
|
0.27
|
0.27
|
0.31
|
0.39
|
0.36
|
|
0.27
|
0.36
|
|
|
|
|
|
|
|
|
|
Equity
Ratios:
|
|
|
|
|
|
|
|
|
Total shareholders'
equity to total assets
|
8.74 %
|
9.29 %
|
9.84 %
|
11.01 %
|
10.77 %
|
|
8.74 %
|
10.77 %
|
Total common
shareholders' equity to total assets
|
8.39
|
8.94
|
9.48
|
10.66
|
10.18
|
|
8.39
|
10.18
|
Tangible common
shareholders' equity to tangible assets (1)
|
5.24
|
5.82
|
6.31
|
7.54
|
6.82
|
|
5.24
|
6.82
|
Tangible common
shareholders' equity to tangible assets,
excluding AOCI (1)
|
7.84
|
7.70
|
7.65
|
7.82
|
7.11
|
|
7.84
|
7.11
|
|
|
|
|
|
|
|
|
|
Capital Adequacy
(3):
|
|
|
|
|
|
|
|
|
Common Equity Tier 1
capital
|
10.25 %
|
10.34 %
|
10.57 %
|
11.11 %
|
10.73 %
|
|
10.25 %
|
10.73 %
|
Tier 1
capital
|
10.70
|
10.81
|
11.05
|
11.61
|
11.63
|
|
10.70
|
11.63
|
Total
capital
|
12.84
|
12.99
|
13.27
|
13.86
|
14.27
|
|
12.84
|
14.27
|
Tier 1 leverage
capital
|
8.43
|
8.35
|
8.24
|
9.90
|
8.13
|
|
8.43
|
8.13
|
|
(1) Denotes non-GAAP
financial measure. Refer to related disclosure and reconciliation
on pages 22 - 25.
|
(2)
Annualized.
|
(3) Current quarter
regulatory capital ratios are estimated.
|
Selected Financial
Data Cont.
|
|
|
Quarter
Ended
|
|
Year-to-date
|
|
Sep 2022
|
Jun 2022
|
Mar 2022
|
Dec 2021
|
Sep 2021
|
|
Sep 2022
|
Sep 2021
|
Common Share
Data:
|
|
|
|
|
|
|
|
|
Diluted earnings (loss)
per share
|
$ 0.66
|
$ 0.68
|
$ 0.60
|
$ (0.22)
|
$ 0.65
|
|
$ 1.94
|
$ 2.11
|
Adjusted earnings per
share (1)
|
0.78
|
0.73
|
0.65
|
0.63
|
0.69
|
|
2.16
|
2.31
|
Cash dividends per
share
|
0.22
|
0.22
|
0.22
|
0.20
|
0.20
|
|
0.66
|
0.58
|
Book value per
share
|
21.92
|
23.41
|
24.40
|
26.98
|
26.73
|
|
21.92
|
26.73
|
Tangible book value per
share (1)
|
13.25
|
14.73
|
15.67
|
18.45
|
17.27
|
|
13.25
|
17.27
|
Market value per share
(last)
|
25.41
|
23.48
|
29.26
|
29.79
|
29.78
|
|
25.41
|
29.78
|
Market value per share
(high)
|
28.54
|
29.75
|
34.24
|
32.12
|
30.55
|
|
34.24
|
30.55
|
Market value per share
(low)
|
22.04
|
22.82
|
27.95
|
27.25
|
24.87
|
|
22.04
|
24.87
|
Market value per share
(avg)
|
25.68
|
25.74
|
31.20
|
30.20
|
27.89
|
|
27.52
|
27.89
|
Dividend payout
ratio
|
33.33 %
|
32.44 %
|
36.60 %
|
NM
|
30.71 %
|
|
34.02 %
|
27.49 %
|
Adjusted dividend
payout ratio (1)
|
28.21 %
|
30.14 %
|
33.85 %
|
31.75 %
|
28.99 %
|
|
30.56 %
|
25.11 %
|
Total shares
outstanding
|
182,438,780
|
182,461,786
|
183,488,844
|
188,337,658
|
106,853,316
|
|
182,438,780
|
106,853,316
|
Average shares
outstanding - diluted
|
183,313,831
|
183,711,402
|
187,264,335
|
164,720,656
|
108,250,102
|
|
184,747,880
|
105,599,914
|
|
|
|
|
|
|
|
|
|
Yield/Rate:
|
|
|
|
|
|
|
|
|
(Taxable equivalent
basis)
|
|
|
|
|
|
|
|
|
Loans, loans held for
sale, and leases
|
4.82 %
|
4.29 %
|
4.23 %
|
4.34 %
|
4.46 %
|
|
4.45 %
|
4.47 %
|
Loans, loans held for
sale, and leases excluding net
accretion on acquired loans and leases
|
4.70
|
4.12
|
3.96
|
4.06
|
4.38
|
|
4.27
|
4.39
|
Available-for-sale
securities:
|
|
|
|
|
|
|
|
|
Taxable
|
1.44
|
1.37
|
1.26
|
1.17
|
1.20
|
|
1.35
|
1.24
|
Tax-exempt
|
3.05
|
2.95
|
2.57
|
2.54
|
2.88
|
|
2.85
|
3.04
|
Other
investments
|
2.32
|
1.03
|
0.24
|
0.25
|
0.20
|
|
1.10
|
0.16
|
Total interest earning
assets and revenue
|
3.74
|
3.29
|
3.10
|
3.11
|
3.15
|
|
3.38
|
3.31
|
Deposits
|
0.35
|
0.17
|
0.15
|
0.17
|
0.24
|
|
0.22
|
0.28
|
Interest bearing demand
and money market
|
0.60
|
0.26
|
0.20
|
0.21
|
0.31
|
|
0.35
|
0.35
|
Savings
|
0.17
|
0.06
|
0.06
|
0.14
|
0.09
|
|
0.10
|
0.10
|
Time
|
0.56
|
0.47
|
0.52
|
0.58
|
0.91
|
|
0.52
|
1.02
|
Total interest bearing
deposits
|
0.53
|
0.26
|
0.23
|
0.26
|
0.36
|
|
0.34
|
0.41
|
Short-term
borrowings
|
1.89
|
0.74
|
0.11
|
0.11
|
0.10
|
|
1.16
|
0.12
|
Total interest bearing
deposits and short-term
borrowings
|
0.64
|
0.29
|
0.22
|
0.25
|
0.35
|
|
0.39
|
0.40
|
Long-term
debt
|
4.16
|
4.14
|
4.19
|
3.95
|
4.47
|
|
4.16
|
4.47
|
Total interest bearing
liabilities
|
0.70
|
0.36
|
0.29
|
0.32
|
0.43
|
|
0.45
|
0.48
|
Interest bearing
liabilities to interest earning assets
|
66.19 %
|
65.25 %
|
64.46 %
|
64.18 %
|
66.04 %
|
|
65.30 %
|
66.36 %
|
Net interest income tax
equivalent adjustment
|
$ 1,052
|
$ 1,063
|
$ 1,027
|
$ 824
|
$ 446
|
|
$ 3,141
|
$ 1,564
|
|
(1) Denotes non-GAAP
financial measure. Refer to related disclosure and reconciliation
on pages 22 - 25.
|
Consolidated Balance
Sheets
(Unaudited)
|
|
|
As of
|
(In
thousands)
|
Sep 2022
|
Jun 2022
|
Mar 2022
|
Dec 2021
|
Sep 2021
|
ASSETS
|
|
|
|
|
|
Cash and due from
banks
|
$
693,999
|
$
770,293
|
$
781,310
|
$
656,132
|
$
301,246
|
Interest bearing
deposits with other banks and Federal
funds sold
|
895,630
|
1,069,410
|
880,742
|
638,547
|
150,778
|
Available-for-sale
securities, at fair value
|
12,441,894
|
13,450,621
|
14,371,606
|
15,606,470
|
10,053,372
|
Loans and leases, net
of unearned income
|
29,296,450
|
28,360,485
|
27,189,666
|
26,882,988
|
14,991,245
|
Allowance for credit
losses
|
433,363
|
440,112
|
438,738
|
446,415
|
260,276
|
Net loans and
leases
|
28,863,087
|
27,920,373
|
26,750,928
|
26,436,573
|
14,730,969
|
Loans held for sale, at
fair value
|
198,381
|
213,458
|
302,211
|
340,175
|
342,871
|
Premises and equipment,
net
|
802,382
|
782,728
|
781,209
|
786,426
|
533,999
|
Goodwill
|
1,449,511
|
1,444,209
|
1,409,038
|
1,407,948
|
958,304
|
Other intangible
assets, net
|
132,953
|
138,370
|
191,642
|
198,271
|
52,235
|
Bank-owned life
insurance
|
624,696
|
601,601
|
599,346
|
597,953
|
359,740
|
Other assets
|
1,597,127
|
1,356,645
|
1,136,029
|
1,001,256
|
576,982
|
Total
Assets
|
$
47,699,660
|
$
47,747,708
|
$
47,204,061
|
$
47,669,751
|
$
28,060,496
|
LIABILITIES
|
|
|
|
|
|
Deposits:
|
|
|
|
|
|
Demand: Noninterest
bearing
|
$
13,839,649
|
$
14,012,529
|
$
14,458,563
|
$
13,634,505
|
$ 7,700,216
|
Interest
bearing
|
18,033,648
|
19,032,983
|
18,854,543
|
18,727,588
|
10,285,371
|
Savings
|
3,676,340
|
3,735,925
|
3,713,629
|
3,556,079
|
3,054,756
|
Time
deposits
|
3,454,309
|
3,407,646
|
3,541,320
|
3,899,501
|
2,498,368
|
Total
deposits
|
39,003,946
|
40,189,083
|
40,568,055
|
39,817,673
|
23,538,711
|
Securities sold under
agreement to repurchase
|
678,334
|
649,177
|
703,560
|
687,188
|
705,123
|
Federal funds purchased
and short-term FHLB
borrowings
|
2,495,000
|
1,200,000
|
—
|
595,000
|
—
|
Subordinated and
long-term debt
|
463,291
|
465,073
|
465,695
|
482,411
|
311,858
|
Other
liabilities
|
892,164
|
806,450
|
822,994
|
839,492
|
481,547
|
Total
Liabilities
|
43,532,735
|
43,309,783
|
42,560,304
|
42,421,764
|
25,037,239
|
SHAREHOLDERS'
EQUITY
|
|
|
|
|
|
Preferred
stock
|
166,993
|
166,993
|
166,993
|
166,993
|
166,993
|
Common stock
|
456,097
|
456,154
|
458,722
|
470,844
|
267,133
|
Capital
surplus
|
2,695,646
|
2,686,031
|
2,701,371
|
2,841,998
|
688,637
|
Accumulated other
comprehensive loss
|
(1,297,812)
|
(936,345)
|
(664,000)
|
(139,369)
|
(82,627)
|
Retained
earnings
|
2,146,001
|
2,065,092
|
1,980,671
|
1,907,521
|
1,983,121
|
Total Shareholders'
Equity
|
4,166,925
|
4,437,925
|
4,643,757
|
5,247,987
|
3,023,257
|
Total Liabilities &
Shareholders' Equity
|
$
47,699,660
|
$
47,747,708
|
$
47,204,061
|
$
47,669,751
|
$
28,060,496
|
Consolidated
Quarterly Average Balance Sheets
(Unaudited)
|
|
(In
thousands)
|
Sep 2022
|
Jun 2022
|
Mar 2022
|
Dec 2021
|
Sep 2021
|
ASSETS
|
|
|
|
|
|
Cash and due from
banks
|
$
654,589
|
$
640,672
|
$
656,630
|
$
792,315
|
$
288,199
|
Interest bearing
deposits with other banks and Federal
funds sold
|
851,185
|
751,972
|
1,161,262
|
1,253,722
|
495,982
|
Available-for-sale
securities, at fair value
|
13,252,828
|
13,941,127
|
15,070,524
|
12,954,547
|
9,539,814
|
Loans and leases, net
of unearned income
|
28,872,156
|
27,848,097
|
27,106,733
|
22,745,093
|
14,915,728
|
Allowance for credit
losses
|
441,042
|
438,752
|
444,294
|
404,578
|
264,067
|
Net loans and
leases
|
28,431,114
|
27,409,345
|
26,662,439
|
22,340,515
|
14,651,661
|
Loans held for sale, at
fair value
|
103,312
|
147,301
|
176,647
|
220,766
|
242,422
|
Premises and equipment,
net
|
809,799
|
784,247
|
785,005
|
690,031
|
534,071
|
Goodwill
|
1,444,331
|
1,407,452
|
1,407,973
|
1,115,502
|
957,899
|
Other intangible
assets, net
|
136,149
|
188,897
|
195,606
|
106,559
|
53,567
|
Bank-owned life
insurance
|
613,973
|
599,912
|
598,822
|
517,511
|
357,429
|
Other assets
|
1,298,277
|
1,193,904
|
964,942
|
998,991
|
495,541
|
Total
Assets
|
$
47,595,557
|
$
47,064,829
|
$
47,679,850
|
$
40,990,459
|
$
27,616,585
|
LIABILITIES
|
|
|
|
|
|
Deposits:
|
|
|
|
|
|
Demand: Noninterest
bearing
|
$
13,816,796
|
$
13,970,163
|
$
13,806,591
|
$
12,047,637
|
$ 7,579,513
|
Interest
bearing
|
18,675,214
|
18,238,571
|
19,401,019
|
15,811,268
|
10,027,346
|
Savings
|
3,720,218
|
3,723,193
|
3,631,699
|
3,374,243
|
3,001,406
|
Time
deposits
|
3,388,658
|
3,464,101
|
3,725,794
|
3,526,539
|
2,554,185
|
Total
deposits
|
39,600,886
|
39,396,028
|
40,565,103
|
34,759,687
|
23,162,450
|
Securities sold under
agreement to repurchase
|
655,223
|
666,067
|
694,033
|
720,120
|
752,536
|
Federal funds purchased
and short-term FHLB borrowings
|
1,608,587
|
1,294,946
|
131,556
|
7,554
|
8,706
|
Subordinated and
long-term debt
|
464,843
|
465,447
|
466,842
|
436,111
|
311,839
|
Other
liabilities
|
759,363
|
719,152
|
760,085
|
558,393
|
322,747
|
Total
Liabilities
|
43,088,902
|
42,541,640
|
42,617,619
|
36,481,865
|
24,558,278
|
SHAREHOLDERS'
EQUITY
|
|
|
|
|
|
Preferred
stock
|
166,993
|
166,993
|
166,993
|
166,993
|
166,993
|
Common stock
|
456,130
|
457,713
|
465,458
|
404,522
|
270,098
|
Capital
surplus
|
2,689,340
|
2,694,546
|
2,779,746
|
2,139,357
|
717,022
|
Accumulated other
comprehensive loss
|
(922,673)
|
(821,034)
|
(283,417)
|
(103,554)
|
(35,408)
|
Retained
earnings
|
2,116,865
|
2,024,971
|
1,933,451
|
1,901,276
|
1,939,602
|
Total Shareholders'
Equity
|
4,506,655
|
4,523,189
|
5,062,231
|
4,508,594
|
3,058,307
|
Total Liabilities &
Shareholders' Equity
|
$
47,595,557
|
$
47,064,829
|
$
47,679,850
|
$
40,990,459
|
$
27,616,585
|
Consolidated
Statements of Income (Loss)
(Unaudited)
|
|
|
Quarter
Ended
|
|
Year-to-date
|
(Dollars in thousands,
except per share data)
|
Sep 2022
|
Jun 2022
|
Mar 2022
|
Dec 2021
|
Sep 2021
|
|
Sep 2022
|
Sep 2021
|
INTEREST
REVENUE:
|
|
|
|
|
|
|
|
|
Loans and
leases
|
$
349,093
|
$
296,680
|
$
282,266
|
$
249,614
|
$
168,066
|
|
$
928,039
|
$
508,566
|
Available-for-sale
securities:
|
|
|
|
|
|
|
|
|
Taxable
|
46,701
|
46,254
|
45,155
|
37,258
|
28,617
|
|
138,110
|
73,792
|
Tax-exempt
|
2,548
|
2,571
|
2,414
|
1,608
|
490
|
|
7,533
|
1,853
|
Loans held for
sale
|
2,241
|
2,118
|
1,407
|
1,324
|
2,076
|
|
5,766
|
6,711
|
Other interest
revenue
|
4,976
|
1,932
|
688
|
822
|
262
|
|
7,596
|
501
|
Total interest
revenue
|
405,559
|
349,555
|
331,930
|
290,626
|
199,511
|
|
1,087,044
|
591,423
|
INTEREST
EXPENSE:
|
|
|
|
|
|
|
|
|
Interest bearing demand
deposits and money market
accounts
|
28,175
|
11,717
|
9,742
|
8,485
|
7,723
|
|
49,636
|
24,766
|
Savings
|
1,597
|
590
|
568
|
1,203
|
672
|
|
2,753
|
1,998
|
Time
deposits
|
4,797
|
4,041
|
4,764
|
5,139
|
5,861
|
|
13,602
|
19,255
|
Federal funds purchased
and securities sold under
agreement to repurchase
|
3,944
|
906
|
216
|
200
|
204
|
|
5,067
|
613
|
Short-term
debt
|
6,821
|
2,733
|
5
|
—
|
—
|
|
9,560
|
—
|
Subordinated and
long-term debt
|
4,870
|
4,801
|
4,813
|
4,387
|
3,505
|
|
14,482
|
10,250
|
Other interest
expense
|
1
|
1
|
—
|
—
|
2
|
|
2
|
26
|
Total interest
expense
|
50,205
|
24,789
|
20,108
|
19,414
|
17,967
|
|
95,102
|
56,908
|
Net interest
revenue
|
355,354
|
324,766
|
311,822
|
271,212
|
181,544
|
|
991,942
|
534,515
|
Provision (release) for
credit losses
|
—
|
1,000
|
—
|
133,562
|
(7,000)
|
|
1,000
|
4,500
|
Net interest revenue,
after provision for credit losses
|
355,354
|
323,766
|
311,822
|
137,650
|
188,544
|
|
990,942
|
530,015
|
|
|
|
|
|
|
|
|
|
NONINTEREST
REVENUE:
|
|
|
|
|
|
|
|
|
Mortgage
banking
|
9,080
|
11,446
|
21,763
|
10,580
|
13,058
|
|
42,289
|
47,473
|
Credit card, debit card
and merchant fees
|
14,497
|
16,593
|
11,321
|
12,016
|
10,692
|
|
42,410
|
30,619
|
Deposit service
charges
|
19,943
|
19,126
|
19,898
|
17,680
|
11,580
|
|
58,968
|
31,235
|
Security (losses)
gains, net
|
(139)
|
1,446
|
(1,097)
|
(378)
|
(195)
|
|
211
|
(17)
|
Insurance
commissions
|
39,876
|
39,994
|
35,727
|
32,637
|
35,773
|
|
115,596
|
102,546
|
Wealth
management
|
19,335
|
20,213
|
21,737
|
16,352
|
7,147
|
|
61,286
|
23,155
|
Gain on sale of PPP
loans
|
—
|
—
|
—
|
—
|
—
|
|
—
|
21,572
|
Other noninterest
income
|
21,899
|
16,416
|
19,086
|
14,967
|
6,365
|
|
57,400
|
17,716
|
Total noninterest
revenue
|
124,491
|
125,234
|
128,435
|
103,854
|
84,420
|
|
378,160
|
274,299
|
|
|
|
|
|
|
|
|
|
NONINTEREST
EXPENSE:
|
|
|
|
|
|
|
|
|
Salaries and employee
benefits
|
191,193
|
182,094
|
187,819
|
149,599
|
112,968
|
|
561,106
|
322,216
|
Occupancy and
equipment
|
30,610
|
30,129
|
28,270
|
26,885
|
18,977
|
|
89,008
|
54,509
|
Data processing and
software
|
28,079
|
29,081
|
27,483
|
24,838
|
16,799
|
|
84,644
|
48,247
|
Merger
expense
|
19,690
|
7,274
|
3,974
|
44,843
|
3,442
|
|
30,938
|
15,053
|
Deposit insurance
assessments
|
4,499
|
4,945
|
3,336
|
3,278
|
2,330
|
|
12,781
|
5,423
|
Pension settlement
expense
|
2,896
|
—
|
—
|
651
|
2,400
|
|
2,896
|
2,400
|
Other noninterest
expense
|
42,767
|
32,365
|
40,785
|
39,100
|
22,973
|
|
115,916
|
61,848
|
Total noninterest
expense
|
319,734
|
285,888
|
291,667
|
289,194
|
179,889
|
|
897,289
|
509,696
|
Income (loss) before
income taxes
|
160,111
|
163,112
|
148,590
|
(47,690)
|
93,075
|
|
471,813
|
294,618
|
Income tax expense
(benefit)
|
36,713
|
36,154
|
33,643
|
(13,033)
|
20,350
|
|
106,510
|
64,799
|
Net income
(loss)
|
123,398
|
126,958
|
114,947
|
(34,657)
|
72,725
|
|
365,303
|
229,819
|
Less: Preferred
dividends
|
2,372
|
2,372
|
2,372
|
2,372
|
2,372
|
|
7,116
|
7,116
|
Net income (loss)
available to common shareholders
|
$
121,026
|
$
124,586
|
$
112,575
|
$
(37,029)
|
$ 70,353
|
|
$
358,187
|
$
222,703
|
Net income (loss) per
common share: Diluted
|
$
0.66
|
$
0.68
|
$
0.60
|
$
(0.22)
|
$
0.65
|
|
$
1.94
|
$
2.11
|
Selected Loan
Portfolio Data
(Unaudited)
|
|
|
Quarter
Ended
|
(In
thousands)
|
Sep 2022
|
Jun 2022
|
Mar 2022
|
Dec 2021
|
Sep 2021
|
LOAN AND LEASE
PORTFOLIO:
|
|
|
|
|
|
Commercial and
industrial
|
|
|
|
|
|
Non-real
estate
|
$ 8,803,381
|
$ 8,526,481
|
$ 8,017,958
|
$ 7,847,473
|
$ 2,210,287
|
Owner
occupied
|
3,943,442
|
3,851,336
|
3,703,914
|
3,567,746
|
2,611,777
|
Total commercial and
industrial
|
12,746,823
|
12,377,817
|
11,721,872
|
11,415,219
|
4,822,064
|
Commercial real
estate
|
|
|
|
|
|
Construction,
acquisition and development
|
3,244,425
|
2,982,119
|
3,028,514
|
2,924,343
|
1,797,559
|
Income
producing
|
5,098,470
|
5,054,232
|
4,795,486
|
4,924,369
|
3,443,967
|
Total commercial real
estate
|
8,342,895
|
8,036,351
|
7,824,000
|
7,848,712
|
5,241,526
|
Consumer
|
|
|
|
|
|
Residential
mortgages
|
7,924,378
|
7,662,621
|
7,355,995
|
7,311,306
|
4,698,328
|
Other
consumer
|
282,354
|
283,696
|
287,799
|
307,751
|
229,327
|
Total
consumer
|
8,206,732
|
7,946,317
|
7,643,794
|
7,619,057
|
4,927,655
|
Total loans and
leases, net of unearned
|
$
29,296,450
|
$
28,360,485
|
$
27,189,666
|
$
26,882,988
|
$
14,991,245
|
|
|
|
|
|
|
NON-PERFORMING
ASSETS
|
|
|
|
|
|
Non-performing Loans
and Leases
|
|
|
|
|
|
Nonaccrual Loans and
Leases
|
|
|
|
|
|
Commercial and
industrial
|
|
|
|
|
|
Non-real
estate
|
$
23,916
|
$
34,233
|
$
33,086
|
$
33,690
|
$
13,170
|
Owner
occupied
|
8,327
|
9,567
|
11,787
|
22,058
|
13,738
|
Total commercial and
industrial
|
32,243
|
43,800
|
44,873
|
55,748
|
26,908
|
Commercial real
estate
|
|
|
|
|
|
Construction,
acquisition and development
|
1,823
|
2,125
|
1,618
|
5,568
|
3,292
|
Income
producing
|
8,580
|
8,750
|
9,688
|
16,086
|
8,403
|
Total commercial real
estate
|
10,403
|
10,875
|
11,306
|
21,654
|
11,695
|
Consumer
|
|
|
|
|
|
Residential
mortgages
|
46,671
|
34,172
|
34,278
|
44,180
|
20,821
|
Other
consumer
|
614
|
521
|
574
|
522
|
198
|
Total
consumer
|
47,285
|
34,693
|
34,852
|
44,702
|
21,019
|
Total nonaccrual loans
and leases
|
$
89,931
|
$
89,368
|
$
91,031
|
$
122,104
|
$
59,622
|
|
|
|
|
|
|
Loans and Leases 90+
Days Past Due, Still Accruing
|
11,984
|
19,682
|
20,957
|
24,784
|
17,012
|
Restructured Loans and
Leases, Still Accruing
|
16,200
|
7,385
|
7,292
|
6,903
|
7,165
|
Total non-performing
loans and leases
|
$
118,115
|
$
116,435
|
$
119,280
|
$
153,791
|
$
83,799
|
|
|
|
|
|
|
Other Real Estate Owned
and Other Repossessed
Assets
|
8,376
|
14,399
|
28,401
|
33,021
|
16,515
|
Total Non-performing
Assets
|
$
126,491
|
$
130,834
|
$
147,681
|
$
186,812
|
$
100,314
|
|
|
|
|
|
|
Additions to Nonaccrual
Loans and Leases during the
Quarter (excluding acquisitions)
|
$
34,432
|
$
21,312
|
$
16,374
|
$
22,158
|
$
19,858
|
Allowance for Credit
Losses
(Unaudited)
|
|
|
Quarter
Ended
|
(Dollars in
thousands)
|
Sep 2022
|
Jun 2022
|
Mar 2022
|
Dec 2021
|
Sep 2021
|
ALLOWANCE FOR CREDIT
LOSSES:
|
|
|
|
|
|
Balance, beginning of
period
|
$ 440,112
|
$ 438,738
|
$ 446,415
|
$ 260,276
|
$ 265,720
|
|
|
|
|
|
|
Charge-offs:
|
|
|
|
|
|
Commercial and
industrial
|
(11,551)
|
(2,170)
|
(2,682)
|
(2,712)
|
(1,488)
|
Commercial real
estate
|
(1,116)
|
(275)
|
(313)
|
(586)
|
(131)
|
Consumer
|
(2,653)
|
(1,941)
|
(1,792)
|
(2,342)
|
(1,694)
|
Total loans
charged-off
|
(15,320)
|
(4,386)
|
(4,787)
|
(5,640)
|
(3,313)
|
|
|
|
|
|
|
Recoveries:
|
|
|
|
|
|
Commercial and
industrial
|
3,657
|
3,217
|
3,178
|
7,835
|
3,787
|
Commercial real
estate
|
3,509
|
1,076
|
437
|
1,047
|
646
|
Consumer
|
1,405
|
1,467
|
1,612
|
1,521
|
936
|
Total
recoveries
|
8,571
|
5,760
|
5,227
|
10,403
|
5,369
|
|
|
|
|
|
|
Net (charge-offs)
recoveries
|
(6,749)
|
1,374
|
440
|
4,763
|
2,056
|
|
|
|
|
|
|
Initial allowance on
loans purchased with credit
deterioration
|
—
|
—
|
(8,117)
|
62,321
|
—
|
Provision:
|
|
|
|
|
|
Loans and leases
acquired during the quarter
|
—
|
—
|
—
|
119,055
|
—
|
Provision (release)
for credit losses related to loans
and leases
|
—
|
—
|
—
|
—
|
(7,500)
|
Total provision for
loans and leases
|
—
|
—
|
—
|
119,055
|
(7,500)
|
|
|
|
|
|
|
Balance, end of
period
|
$ 433,363
|
$ 440,112
|
$ 438,738
|
$ 446,415
|
$ 260,276
|
|
|
|
|
|
|
Average loans and
leases, net of unearned, for period
|
$ 28,872,156
|
$ 27,848,097
|
$ 27,106,733
|
$ 22,745,093
|
$ 14,915,728
|
|
|
|
|
|
|
Ratio: Net charge-offs
(recoveries) to average loans and
leases (2)
|
0.09 %
|
(0.02) %
|
(0.01) %
|
(0.08) %
|
(0.05) %
|
|
|
|
|
|
|
RESERVE FOR UNFUNDED
COMMITMENTS (1)
|
|
|
|
|
|
Balance, beginning of
period
|
$
24,551
|
$
23,551
|
$
23,551
|
$
9,044
|
$
8,544
|
Provision for unfunded
commitments for loans
acquired during the quarter
|
—
|
—
|
—
|
13,007
|
—
|
Provision for credit
losses for unfunded commitments
|
—
|
1,000
|
—
|
1,500
|
500
|
Balance, end of
period
|
$
24,551
|
$
24,551
|
$
23,551
|
$
23,551
|
$
9,044
|
|
(1) The Reserve for Unfunded
Commitments is classified in other liabilities on the consolidated
balance sheet.
|
(2)
Annualized.
|
Loan Portfolio by
Grades
(Unaudited)
|
|
|
|
September 30,
2022
|
(In
thousands)
|
Pass
|
Special
Mention
|
Substandard
|
Impaired
|
Purchased
Credit
Deteriorated
(Loss)
|
Total
|
LOAN AND LEASE
PORTFOLIO:
|
|
|
|
|
|
|
Commercial and
industrial
|
|
|
|
|
|
|
Non-real
estate
|
$
8,564,230
|
$
60,616
|
$ 168,174
|
$
5,947
|
$
4,414
|
$
8,803,381
|
Owner
occupied
|
3,899,192
|
1,758
|
37,019
|
3,576
|
1,897
|
3,943,442
|
Total commercial and
industrial
|
12,463,422
|
62,374
|
205,193
|
9,523
|
6,311
|
12,746,823
|
Commercial real
estate
|
|
|
|
|
|
|
Construction,
acquisition and development
|
3,216,949
|
17,597
|
3,725
|
—
|
6,154
|
3,244,425
|
Income
producing
|
4,973,000
|
14,363
|
89,573
|
705
|
20,829
|
5,098,470
|
Total commercial real
estate
|
8,189,949
|
31,960
|
93,298
|
705
|
26,983
|
8,342,895
|
Consumer
|
|
|
|
|
|
|
Residential
mortgages
|
7,789,212
|
1,156
|
132,510
|
—
|
1,500
|
7,924,378
|
Other
consumer
|
278,815
|
—
|
3,539
|
—
|
—
|
282,354
|
Total
consumer
|
8,068,027
|
1,156
|
136,049
|
—
|
1,500
|
8,206,732
|
Total loans and leases,
net of unearned
|
$ 28,721,398
|
$
95,490
|
$ 434,540
|
$
10,228
|
$
34,794
|
$ 29,296,450
|
|
|
June 30,
2022
|
(In
thousands)
|
Pass
|
Special
Mention
|
Substandard
|
Impaired
|
Purchased
Credit
Deteriorated
(Loss)
|
Total
|
LOAN AND LEASE
PORTFOLIO:
|
|
|
|
|
|
|
Commercial and
industrial
|
|
|
|
|
|
|
Non-real
estate
|
$
8,360,393
|
$
48,665
|
$
98,031
|
$
6,661
|
$
12,731
|
$
8,526,481
|
Owner
occupied
|
3,805,811
|
1,735
|
36,098
|
3,622
|
4,070
|
3,851,336
|
Total commercial and
industrial
|
12,166,204
|
50,400
|
134,129
|
10,283
|
16,801
|
12,377,817
|
Commercial real
estate
|
|
|
|
|
|
|
Construction,
acquisition and development
|
2,963,169
|
423
|
12,475
|
993
|
5,059
|
2,982,119
|
Income
producing
|
4,931,450
|
3,083
|
92,887
|
704
|
26,108
|
5,054,232
|
Total commercial real
estate
|
7,894,619
|
3,506
|
105,362
|
1,697
|
31,167
|
8,036,351
|
Consumer
|
|
|
|
|
|
|
Residential
mortgages
|
7,542,086
|
756
|
117,771
|
598
|
1,410
|
7,662,621
|
Other
consumer
|
275,105
|
—
|
8,591
|
—
|
—
|
283,696
|
Total
consumer
|
7,817,191
|
756
|
126,362
|
598
|
1,410
|
7,946,317
|
Total loans and leases,
net of unearned
|
$
27,878,014
|
$
54,662
|
$
365,853
|
$
12,578
|
$
49,378
|
$
28,360,485
|
Geographical Loan
Information
(Unaudited)
|
|
|
September 30,
2022
|
(Dollars in
thousands)
|
Alabama
|
Arkansas
|
Florida
|
Georgia
|
Louisiana
|
Mississippi
|
Missouri
|
Tennessee
|
Texas
|
Other
|
Total
|
LOAN AND LEASE
PORTFOLIO:
|
|
|
|
|
|
|
|
|
|
|
|
Commercial and
industrial
|
|
|
|
|
|
|
|
|
|
|
|
Non-real
estate
|
$
349,832
|
$
162,760
|
$
393,595
|
$
519,730
|
$
345,539
|
$
475,031
|
$
65,512
|
$
321,528
|
$ 3,812,763
|
$
2,357,091
|
$ 8,803,381
|
Owner
occupied
|
349,354
|
244,482
|
323,891
|
279,264
|
290,926
|
554,072
|
91,611
|
172,550
|
1,456,766
|
180,526
|
3,943,442
|
Total commercial and
industrial
|
699,186
|
407,242
|
717,486
|
798,994
|
636,465
|
1,029,103
|
157,123
|
494,078
|
5,269,529
|
2,537,617
|
12,746,823
|
Commercial real
estate
|
|
|
|
|
|
|
|
|
|
|
|
Construction,
acquisition and
development
|
191,703
|
81,362
|
210,076
|
328,010
|
58,871
|
204,065
|
33,441
|
148,321
|
1,620,083
|
368,493
|
3,244,425
|
Income
producing
|
428,514
|
250,807
|
329,519
|
654,233
|
212,723
|
439,077
|
193,106
|
289,768
|
1,875,365
|
425,358
|
5,098,470
|
Total commercial real
estate
|
620,217
|
332,169
|
539,595
|
982,243
|
271,594
|
643,142
|
226,547
|
438,089
|
3,495,448
|
793,851
|
8,342,895
|
Consumer
|
|
|
|
|
|
|
|
|
|
|
|
Residential
mortgages
|
1,120,555
|
363,247
|
537,874
|
354,043
|
435,941
|
1,009,632
|
149,603
|
605,962
|
3,126,062
|
221,459
|
7,924,378
|
Other
consumer
|
26,611
|
10,556
|
4,940
|
14,400
|
9,644
|
55,147
|
1,091
|
9,858
|
59,159
|
90,948
|
282,354
|
Total
consumer
|
1,147,166
|
373,803
|
542,814
|
368,443
|
445,585
|
1,064,779
|
150,694
|
615,820
|
3,185,221
|
312,407
|
8,206,732
|
Total loans and
leases, net of
unearned
|
$
2,466,569
|
$
1,113,214
|
$
1,799,895
|
$
2,149,680
|
$
1,353,644
|
$
2,737,024
|
$
534,364
|
$
1,547,987
|
$
11,950,198
|
$
3,643,875
|
$
29,296,450
|
|
|
|
|
|
|
|
|
|
|
|
|
Loan growth, excluding
loans acquired
during the quarter ($)
|
$
(33,431)
|
$
16,492
|
$
118,322
|
$
28,751
|
$
18,538
|
$
73,430
|
$
(48,762)
|
$
26,012
|
$
419,252
|
$
317,361
|
$
935,965
|
Loan growth, excluding
loans acquired
during the quarter (%) (annualized)
|
(5.31) %
|
5.97 %
|
27.92 %
|
5.38 %
|
5.51 %
|
10.94 %
|
(33.18) %
|
6.78 %
|
14.42 %
|
37.85 %
|
13.09 %
|
|
|
|
June 30,
2022
|
(Dollars in
thousands)
|
Alabama
|
Arkansas
|
Florida
|
Georgia
|
Louisiana
|
Mississippi
|
Missouri
|
Tennessee
|
Texas
|
Other
|
Total
|
LOAN AND LEASE
PORTFOLIO:
|
|
|
|
|
|
|
|
|
|
|
|
Commercial and
industrial
|
|
|
|
|
|
|
|
|
|
|
|
Non-real
estate
|
$ 399,110
|
$ 156,007
|
$ 411,175
|
$ 530,835
|
$ 325,925
|
$ 430,355
|
$
90,777
|
$ 321,900
|
$
3,703,419
|
$
2,156,978
|
$
8,526,481
|
Owner
occupied
|
351,129
|
244,194
|
293,162
|
279,972
|
292,640
|
560,825
|
91,523
|
173,170
|
1,402,562
|
162,159
|
3,851,336
|
Total commercial and
industrial
|
750,239
|
400,201
|
704,337
|
810,807
|
618,565
|
991,180
|
182,300
|
495,070
|
5,105,981
|
2,319,137
|
12,377,817
|
Commercial real
estate
|
|
|
|
|
|
|
|
|
|
|
|
Construction,
acquisition and
development
|
199,673
|
73,486
|
209,715
|
258,645
|
57,377
|
180,636
|
30,569
|
130,391
|
1,434,138
|
407,489
|
2,982,119
|
Income
producing
|
411,413
|
258,831
|
266,141
|
682,813
|
219,774
|
447,697
|
224,522
|
305,954
|
1,834,915
|
402,172
|
5,054,232
|
Total commercial real
estate
|
611,086
|
332,317
|
475,856
|
941,458
|
277,151
|
628,333
|
255,091
|
436,345
|
3,269,053
|
809,661
|
8,036,351
|
Consumer
|
|
|
|
|
|
|
|
|
|
|
|
Residential
mortgages
|
1,109,209
|
353,935
|
496,593
|
355,796
|
430,005
|
990,346
|
144,652
|
580,814
|
3,094,629
|
106,642
|
7,662,621
|
Other
consumer
|
29,466
|
10,269
|
4,787
|
12,868
|
9,385
|
53,735
|
1,083
|
9,746
|
61,283
|
91,074
|
283,696
|
Total
consumer
|
1,138,675
|
364,204
|
501,380
|
368,664
|
439,390
|
1,044,081
|
145,735
|
590,560
|
3,155,912
|
197,716
|
7,946,317
|
Total loans and
leases, net of
unearned
|
$
2,500,000
|
$
1,096,722
|
$
1,681,573
|
$
2,120,929
|
$
1,335,106
|
$
2,663,594
|
$ 583,126
|
$
1,521,975
|
$ 11,530,946
|
$
3,326,514
|
$ 28,360,485
|
Noninterest Revenue and
Expense
(Unaudited)
|
|
|
Quarter
Ended
|
|
Year-to-date
|
(In
thousands)
|
Sep 2022
|
Jun 2022
|
Mar 2022
|
Dec 2021
|
Sep 2021
|
|
Sep 2022
|
Sep 2021
|
NONINTEREST
REVENUE:
|
|
|
|
|
|
|
|
|
Mortgage banking excl.
MSR and MSR
hedge market value adjustment
|
$
4,746
|
$
6,754
|
$
7,733
|
$
7,963
|
$ 11,009
|
|
$ 19,234
|
$ 39,951
|
MSR and MSR hedge
market value
adjustment
|
4,333
|
4,692
|
14,030
|
2,617
|
2,049
|
|
23,055
|
7,522
|
Credit card, debit card
and merchant fees
|
14,497
|
16,593
|
11,321
|
12,016
|
10,692
|
|
42,410
|
30,619
|
Deposit service
charges
|
19,943
|
19,126
|
19,898
|
17,680
|
11,580
|
|
58,968
|
31,235
|
Security (losses)
gains, net
|
(139)
|
1,446
|
(1,097)
|
(378)
|
(195)
|
|
211
|
(17)
|
Insurance
commissions
|
39,876
|
39,994
|
35,727
|
32,637
|
35,773
|
|
115,596
|
102,546
|
Trust income
|
9,011
|
9,129
|
10,061
|
7,892
|
4,735
|
|
28,201
|
14,298
|
Annuity fees
|
600
|
753
|
604
|
435
|
50
|
|
1,957
|
151
|
Brokerage commissions
and fees
|
9,724
|
10,331
|
11,072
|
8,025
|
2,362
|
|
31,128
|
8,706
|
Gain on sale of PPP
loans
|
—
|
—
|
—
|
—
|
—
|
|
—
|
21,572
|
Bank-owned life
insurance
|
3,537
|
3,285
|
3,336
|
3,098
|
4,217
|
|
10,158
|
8,082
|
Other miscellaneous
income
|
18,363
|
13,131
|
15,750
|
11,869
|
2,148
|
|
47,242
|
9,634
|
Total noninterest
revenue
|
$
124,491
|
$
125,234
|
$
128,435
|
$
103,854
|
$ 84,420
|
|
$
378,160
|
$
274,299
|
|
|
|
|
|
|
|
|
|
NONINTEREST
EXPENSE:
|
|
|
|
|
|
|
|
|
Salaries and employee
benefits
|
$
191,193
|
$
182,094
|
$
187,819
|
$
149,599
|
$
112,968
|
|
$
561,106
|
$
322,216
|
Occupancy, net of
rental income
|
22,743
|
21,109
|
20,346
|
19,477
|
13,443
|
|
64,199
|
39,444
|
Equipment
|
7,867
|
9,020
|
7,924
|
7,408
|
5,534
|
|
24,809
|
15,065
|
Deposit insurance
assessments
|
4,499
|
4,945
|
3,336
|
3,278
|
2,330
|
|
12,781
|
5,423
|
Pension settlement
expense
|
2,896
|
—
|
—
|
651
|
2,400
|
|
2,896
|
2,400
|
Advertising
|
1,981
|
2,030
|
2,716
|
2,721
|
988
|
|
6,727
|
2,775
|
Foreclosed property
expense
|
1,093
|
(1,104)
|
440
|
689
|
2,189
|
|
430
|
3,859
|
Telecommunications
|
1,882
|
1,984
|
1,833
|
1,725
|
1,600
|
|
5,699
|
4,515
|
Public
relations
|
2,104
|
2,387
|
1,877
|
2,365
|
1,166
|
|
6,368
|
2,919
|
Data
processing
|
17,710
|
18,089
|
16,824
|
15,606
|
11,297
|
|
52,623
|
32,745
|
Computer
software
|
10,369
|
10,992
|
10,659
|
9,232
|
5,502
|
|
32,020
|
15,502
|
Amortization of
intangibles
|
5,417
|
3,042
|
6,780
|
5,473
|
2,424
|
|
15,240
|
7,143
|
Legal
|
2,054
|
1,463
|
1,793
|
1,282
|
814
|
|
5,310
|
2,754
|
Merger
expense
|
19,690
|
7,274
|
3,974
|
44,843
|
3,442
|
|
30,938
|
15,053
|
Postage and
shipping
|
2,098
|
2,022
|
2,034
|
1,772
|
1,414
|
|
6,154
|
4,278
|
Other miscellaneous
expense
|
26,138
|
20,541
|
23,312
|
23,073
|
12,378
|
|
69,989
|
33,605
|
Total noninterest
expense
|
$
319,734
|
$
285,888
|
$
291,667
|
$
289,194
|
$
179,889
|
|
$
897,289
|
$
509,696
|
|
|
|
|
|
|
|
|
|
INSURANCE
COMMISSIONS:
|
|
|
|
|
|
|
|
|
Property and casualty
commissions
|
$ 30,021
|
$ 29,220
|
$ 25,852
|
$ 23,640
|
$ 26,413
|
|
$ 85,093
|
$ 74,402
|
Life and health
commissions
|
7,254
|
7,935
|
7,143
|
6,459
|
6,543
|
|
22,332
|
20,167
|
Risk management
income
|
654
|
674
|
757
|
699
|
676
|
|
2,085
|
1,900
|
Other
|
1,947
|
2,165
|
1,975
|
1,839
|
2,141
|
|
6,086
|
6,077
|
Total insurance
commissions
|
$ 39,876
|
$ 39,994
|
$ 35,727
|
$ 32,637
|
$ 35,773
|
|
$
115,596
|
$
102,546
|
Average Balance and
Yields
(Unaudited)
|
|
|
Quarter
Ended
|
|
September 30,
2022
|
|
June 30,
2022
|
|
September 30,
2021
|
(Dollars in
thousands)
|
Average
Balance
|
Income/
Expense
|
Yield/
Rate
|
|
Average
Balance
|
Income/
Expense
|
Yield/
Rate
|
|
Average
Balance
|
Income/
Expense
|
Yield/
Rate
|
ASSETS
|
|
|
|
|
|
|
|
|
|
|
|
Interest-earning
assets:
|
|
|
|
|
|
|
|
|
|
|
|
Loans and leases,
excluding
accretion
|
$ 28,872,156
|
$
341,334
|
4.69 %
|
|
$
27,848,097
|
$
285,345
|
4.11 %
|
|
$ 14,915,728
|
$
165,207
|
4.39 %
|
Accretion income on
acquired
loans
|
|
8,134
|
0.11
|
|
|
11,714
|
0.17
|
|
|
3,175
|
0.08
|
Loans held for
sale
|
103,312
|
2,241
|
8.61
|
|
147,301
|
2,118
|
5.77
|
|
242,422
|
2,076
|
3.40
|
Investment
securities
|
|
|
|
|
|
|
|
|
|
|
|
Taxable
|
12,833,857
|
46,701
|
1.44
|
|
13,499,222
|
46,254
|
1.37
|
|
9,454,514
|
28,617
|
1.20
|
Tax-exempt
|
418,971
|
3,225
|
3.05
|
|
441,905
|
3,255
|
2.95
|
|
85,300
|
620
|
2.88
|
Total investment
securities
|
13,252,828
|
49,926
|
1.49
|
|
13,941,127
|
49,509
|
1.42
|
|
9,539,814
|
29,237
|
1.22
|
Other
investments
|
851,185
|
4,976
|
2.32
|
|
751,972
|
1,932
|
1.03
|
|
522,638
|
262
|
0.20
|
Total interest-earning
assets
|
43,079,481
|
406,611
|
3.74 %
|
|
42,688,497
|
350,618
|
3.29 %
|
|
25,220,602
|
199,957
|
3.15 %
|
Other assets
|
4,957,118
|
|
|
|
4,815,084
|
|
|
|
2,660,050
|
|
|
Allowance for credit
losses
|
441,042
|
|
|
|
438,752
|
|
|
|
264,067
|
|
|
Total
assets
|
$ 47,595,557
|
|
|
|
$
47,064,829
|
|
|
|
$ 27,616,585
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
LIABILITIES AND
SHAREHOLDERS' EQUITY
|
|
|
|
|
|
|
|
|
|
|
|
Interest-bearing
liabilities:
|
|
|
|
|
|
|
|
|
|
|
|
Interest bearing demand
and
money market
|
$ 18,675,214
|
$ 28,175
|
0.60 %
|
|
$
18,238,571
|
$ 11,717
|
0.26 %
|
|
$ 10,027,346
|
7,723
|
0.31 %
|
Savings
deposits
|
3,720,218
|
1,597
|
0.17
|
|
3,723,193
|
590
|
0.06
|
|
3,001,406
|
672
|
0.09
|
Time
deposits
|
3,388,658
|
4,797
|
0.56
|
|
3,464,101
|
4,041
|
0.47
|
|
2,554,185
|
5,861
|
0.91
|
Total
interest-bearing
deposits
|
25,784,090
|
34,569
|
0.53
|
|
25,425,865
|
16,348
|
0.26
|
|
15,582,937
|
14,256
|
0.36
|
Short-term
borrowings
|
2,263,810
|
10,765
|
1.89
|
|
1,961,013
|
3,639
|
0.74
|
|
761,242
|
204
|
0.11
|
Long-term
borrowings
|
464,843
|
4,871
|
4.16
|
|
465,447
|
4,802
|
4.14
|
|
311,839
|
3,507
|
4.46
|
Total
interest-bearing
liabilities
|
28,512,743
|
50,205
|
0.70 %
|
|
27,852,325
|
24,789
|
0.36 %
|
|
16,656,018
|
17,967
|
0.43 %
|
Noninterest-bearing
liabilities:
|
|
|
|
|
|
|
|
|
|
|
|
Demand
deposits
|
13,816,796
|
|
|
|
13,970,163
|
|
|
|
7,579,513
|
|
|
Other
liabilities
|
759,363
|
|
|
|
719,152
|
|
|
|
322,747
|
|
|
Total
liabilities
|
43,088,902
|
|
|
|
42,541,640
|
|
|
|
24,558,278
|
|
|
Shareholders'
equity
|
4,506,655
|
|
|
|
4,523,189
|
|
|
|
3,058,307
|
|
|
Total liabilities
and
shareholders' equity
|
$ 47,595,557
|
|
|
|
$
47,064,829
|
|
|
|
$ 27,616,585
|
|
|
Net interest income/net
interest
spread
|
|
356,406
|
3.05 %
|
|
|
325,829
|
2.94 %
|
|
|
181,990
|
2.72 %
|
Net yield on earning
assets/net
interest margin
|
|
|
3.28 %
|
|
|
|
3.06 %
|
|
|
|
2.86 %
|
Taxable equivalent
adjustment:
|
|
|
|
|
|
|
|
|
|
|
|
Loans and investment
securities
|
|
(1,052)
|
|
|
|
(1,063)
|
|
|
|
(446)
|
|
Net interest
revenue
|
|
$
355,354
|
|
|
|
$
324,766
|
|
|
|
$
181,544
|
|
Average Balance and
Yields Cont.
|
|
|
Year-To-Date
|
|
September 30,
2022
|
|
September 30,
2021
|
(Dollars in
thousands)
|
Average
Balance
|
Income/
Expense
|
Yield/
Rate
|
|
Average
Balance
|
Income/
Expense
|
Yield/
Rate
|
ASSETS
|
|
|
|
|
|
|
|
Interest-earning
assets:
|
|
|
|
|
|
|
|
Loans and leases,
excluding accretion
|
$
27,948,795
|
$ 891,585
|
4.27 %
|
|
$
15,138,032
|
$ 499,866
|
4.41 %
|
Accretion income on
acquired loans
|
|
37,592
|
0.18
|
|
|
9,772
|
0.09
|
Loans held for
sale
|
142,152
|
5,766
|
5.42 %
|
|
297,885
|
6,711
|
3.01 %
|
Investment
securities
|
|
|
|
|
|
|
|
Taxable
|
13,633,964
|
138,110
|
1.35 %
|
|
7,978,632
|
73,792
|
1.24 %
|
Tax-exempt
|
447,538
|
9,536
|
2.85
|
|
103,098
|
2,345
|
3.04
|
Total investment
securities
|
14,081,502
|
147,646
|
1.40
|
|
8,081,730
|
76,137
|
1.26
|
Other
investments
|
920,337
|
7,596
|
1.10
|
|
419,027
|
501
|
0.16
|
Total interest-earning
assets
|
43,092,786
|
1,090,185
|
3.38 %
|
|
23,936,674
|
592,987
|
3.31
|
Other assets
|
4,795,001
|
|
|
|
2,601,498
|
|
|
Allowance for credit
losses
|
441,351
|
|
|
|
250,776
|
|
|
Total
assets
|
$
47,446,436
|
|
|
|
$
26,287,396
|
|
|
|
|
|
|
|
|
|
|
LIABILITIES AND
SHAREHOLDERS'
EQUITY
|
|
|
|
|
|
|
|
Interest-bearing
liabilities:
|
|
|
|
|
|
|
|
Interest bearing demand
and money market
|
$
18,768,943
|
49,636
|
0.35 %
|
|
$ 9,531,362
|
$
24,766
|
0.35 %
|
Savings
deposits
|
3,692,027
|
2,753
|
0.10
|
|
2,802,524
|
1,998
|
0.10
|
Time
deposits
|
3,524,949
|
13,602
|
0.52
|
|
2,534,747
|
19,255
|
1.02
|
Total interest-bearing
deposits
|
25,985,919
|
65,991
|
0.34
|
|
14,868,633
|
46,019
|
0.41
|
Short-term
borrowings
|
1,688,738
|
14,627
|
1.16
|
|
708,870
|
613
|
0.12
|
Long-term
borrowings
|
465,704
|
14,484
|
4.16
|
|
307,472
|
10,276
|
4.47
|
Total interest-bearing
liabilities
|
28,140,361
|
95,102
|
0.45 %
|
|
15,884,975
|
56,908
|
0.48 %
|
Noninterest-bearing
liabilities:
|
|
|
|
|
|
|
|
Demand
deposits
|
13,864,554
|
|
|
|
7,148,026
|
|
|
Other
liabilities
|
746,197
|
|
|
|
311,449
|
|
|
Total
liabilities
|
42,751,112
|
|
|
|
23,344,450
|
|
|
Shareholders'
equity
|
4,695,324
|
|
|
|
2,942,946
|
|
|
Total liabilities and
shareholders' equity
|
$
47,446,436
|
|
|
|
$
26,287,396
|
|
|
Net interest income/net
interest spread
|
|
995,083
|
2.93 %
|
|
|
536,079
|
2.83 %
|
Net yield on earning
assets/net interest margin
|
|
|
3.09 %
|
|
|
|
2.99 %
|
Taxable equivalent
adjustment:
|
|
|
|
|
|
|
|
Loans and investment
securities
|
|
(3,141)
|
|
|
|
(1,564)
|
|
Net interest
revenue
|
|
$ 991,942
|
|
|
|
$ 534,515
|
|
Selected Additional
Data
(Unaudited)
|
|
|
|
Quarter
Ended
|
(Dollars in
thousands)
|
Sep 2022
|
Jun 2022
|
Mar 2022
|
Dec 2021
|
Sep 2021
|
MORTGAGE SERVICING
RIGHTS ("MSR"):
|
|
|
|
|
|
Fair value, beginning
of period
|
$ 102,021
|
$
92,859
|
$
69,552
|
$
64,684
|
$
60,615
|
Originations of
servicing assets
|
3,890
|
4,962
|
5,155
|
5,709
|
5,798
|
Changes in fair
value:
|
|
|
|
|
|
Due to
payoffs/paydowns
|
(3,085)
|
(3,253)
|
(3,147)
|
(3,823)
|
(3,919)
|
Due to update in
valuation assumptions
|
9,941
|
7,453
|
21,299
|
2,982
|
2,190
|
Fair value, end of
period
|
$ 112,767
|
$ 102,021
|
$
92,859
|
$
69,552
|
$
64,684
|
|
|
|
|
|
|
MORTGAGE BANKING
REVENUE:
|
|
|
|
|
|
Origination
|
$
1,916
|
$
4,042
|
$
5,118
|
$
5,970
|
$
9,284
|
Servicing
|
5,915
|
5,965
|
5,762
|
5,816
|
5,644
|
Payoffs/Paydowns
|
(3,085)
|
(3,253)
|
(3,147)
|
(3,823)
|
(3,919)
|
Total mortgage banking
revenue excluding MSR
|
4,746
|
6,754
|
7,733
|
7,963
|
11,009
|
Market value adjustment
on MSR
|
9,941
|
7,453
|
21,299
|
2,983
|
2,190
|
Market value adjustment
on MSR Hedge
|
(5,606)
|
(2,762)
|
(7,269)
|
(365)
|
(141)
|
Total mortgage banking
revenue
|
$
9,080
|
$
11,446
|
$
21,763
|
$
10,580
|
$
13,058
|
|
|
|
|
|
|
Mortgage loans
serviced
|
$
7,723,605
|
$
7,685,994
|
$
7,629,119
|
$
7,553,917
|
$
7,455,113
|
MSR/mortgage loans
serviced
|
1.46 %
|
1.33 %
|
1.22 %
|
0.92 %
|
0.87 %
|
|
|
Quarter
Ended
|
(In
thousands)
|
Sep 2022
|
Jun 2022
|
Mar 2022
|
Dec 2021
|
Sep 2021
|
AVAILABLE-FOR-SALE
SECURITIES, at fair value
|
|
|
|
|
|
U.S. Treasury
securities
|
$ 1,451,461
|
$ 1,466,313
|
$ 1,459,845
|
$ 1,496,465
|
$
—
|
Obligations of U.S.
government agencies
|
1,820,913
|
2,133,561
|
2,350,810
|
2,638,442
|
2,575,564
|
Mortgage-backed
securities issued or guaranteed by U.S.
agencies ("MBS"):
|
|
|
|
|
|
Residential
pass-through:
|
|
|
|
|
|
Guaranteed by
GNMA
|
87,063
|
95,955
|
105,900
|
113,427
|
52,625
|
Issued by FNMA and
FHLMC
|
6,427,152
|
7,014,715
|
7,604,829
|
8,129,191
|
5,773,462
|
Other residential
mortgage-back securities
|
181,317
|
201,440
|
212,216
|
243,357
|
—
|
Commercial
mortgage-backed securities
|
1,880,949
|
1,899,785
|
1,951,367
|
2,061,133
|
1,518,556
|
Total MBS
|
8,576,481
|
9,211,895
|
9,874,312
|
10,547,108
|
7,344,643
|
Obligations of states
and political subdivisions
|
444,953
|
485,400
|
530,241
|
565,520
|
112,152
|
Other domestic debt
securities
|
98,615
|
101,313
|
103,117
|
63,645
|
21,013
|
Foreign debt
securities
|
49,471
|
52,139
|
53,281
|
295,290
|
—
|
Total
available-for-sale securities
|
$
12,441,894
|
$
13,450,621
|
$
14,371,606
|
$
15,606,470
|
$
10,053,372
|
Reconciliation of
Non-GAAP Measures and Other Non-GAAP Ratio
Definitions (Unaudited)
|
|
Management evaluates
the Company's capital position and adjusted performance by
utilizing certain financial measures not calculated in accordance
with GAAP, including adjusted net income, adjusted net income
available to common shareholders, pre-tax pre-provision net
revenue, adjusted pre-tax pre-provision net revenue, total adjusted
expense, tangible common shareholders' equity to tangible assets,
total shareholders' equity (excluding AOCI), common shareholders' equity
(excluding AOCI), tangible
common shareholders' equity to tangible assets
(excluding AOCI), return on
average tangible common equity, adjusted return on average tangible
common equity, adjusted return on average assets, adjusted return
on average common shareholders' equity, adjusted pre-tax
pre-provision net revenue to total average assets, adjusted
earnings per common share, efficiency ratio (tax equivalent),
adjusted efficiency ratio (tax equivalent), and adjusted
dividend payout ratio.
The Company has included these non-GAAP financial measures in this
release for the applicable periods presented. Management believes
that the presentation of these non-GAAP financial measures:
(i) provides important
supplemental information that contributes to a proper understanding
of the Company's capital position and adjusted performance, (ii)
enables a more complete understanding of factors and trends
affecting the Company's business and (iii) allows investors to
evaluate the Company's performance in a manner similar to
management, the financial services industry, bank stock analysts
and bank regulators. Reconciliations of these non-GAAP financial measures to the
most directly comparable GAAP financial measures are presented in
the tables below. These non-GAAP financial measures should not be
considered as substitutes for GAAP financial measures, and the
Company strongly encourages investors to review the GAAP financial
measures included in this news release and not to place undue
reliance upon any single financial measure. In addition, because
non-GAAP financial measures are not standardized, it may not be
possible to compare the non-GAAP financial measures presented in
this news release with other companies' non-GAAP financial measures
having the same or similar names.
|
|
|
Quarter
Ended
|
|
Year-to-date
|
(In
thousands)
|
Sep 2022
|
Jun 2022
|
Mar 2022
|
Dec 2021
|
Sep 2021
|
|
Sep 2022
|
Sep 2021
|
Adjusted net income
available to common
shareholders
|
|
|
|
|
|
|
|
|
Net income
(loss)
|
$ 123,398
|
$ 126,958
|
$ 114,947
|
$ (34,657)
|
$
72,725
|
|
$ 365,303
|
$ 229,819
|
Plus: Merger
expense
|
19,690
|
7,274
|
3,974
|
44,843
|
3,442
|
|
30,938
|
15,053
|
Incremental merger
related expense
|
6,912
|
6,060
|
6,571
|
4,633
|
—
|
|
19,543
|
—
|
Initial provision for
acquired loans
|
—
|
—
|
—
|
132,062
|
—
|
|
—
|
11,500
|
Branch closing
expense
|
6
|
705
|
128
|
—
|
—
|
|
839
|
—
|
Pension settlement
expense
|
2,896
|
—
|
—
|
651
|
2,400
|
|
2,896
|
2,400
|
Less: Security (losses)
gains, net
|
(139)
|
1,446
|
(1,097)
|
(378)
|
(195)
|
|
211
|
(17)
|
Tax
adjustment
|
7,016
|
2,981
|
2,786
|
41,453
|
1,506
|
|
12,783
|
7,228
|
Adjusted net
income
|
146,025
|
136,570
|
123,931
|
106,457
|
77,256
|
|
406,525
|
251,561
|
Less: Preferred
dividends
|
2,372
|
2,372
|
2,372
|
2,372
|
2,372
|
|
7,116
|
7,116
|
Adjusted net income
available to common
shareholders
|
$ 143,653
|
$ 134,198
|
$ 121,559
|
$ 104,085
|
$
74,884
|
|
$ 399,409
|
$ 244,445
|
|
|
Quarter
Ended
|
|
Year-to-date
|
(In
thousands)
|
Sep 2022
|
Jun 2022
|
Mar 2022
|
Dec 2021
|
Sep 2021
|
|
Sep 2022
|
Sep 2021
|
Pre-tax pre-provision
net revenue
|
|
|
|
|
|
|
|
|
Net income
(loss)
|
$
123,398
|
$
126,958
|
$
114,947
|
$ (34,657)
|
$ 72,725
|
|
$
365,303
|
$
229,819
|
Plus: Provision
(release) for credit losses
|
—
|
1,000
|
—
|
133,562
|
(7,000)
|
|
1,000
|
4,500
|
Income tax expense
(benefit)
|
36,713
|
36,154
|
33,643
|
(13,033)
|
20,350
|
|
106,510
|
64,799
|
Pre-tax pre-provision
net revenue
|
$
160,111
|
$
164,112
|
$
148,590
|
$ 85,872
|
$ 86,075
|
|
$
472,813
|
$
299,118
|
|
|
Quarter
Ended
|
|
Year-to-date
|
(In
thousands)
|
Sep 2022
|
Jun 2022
|
Mar 2022
|
Dec 2021
|
Sep 2021
|
|
Sep 2022
|
Sep 2021
|
Adjusted pre-tax
pre-provision net revenue
|
|
|
|
|
|
|
|
|
Net income
(loss)
|
$ 123,398
|
$ 126,958
|
$ 114,947
|
$ (34,657)
|
$
72,725
|
|
$ 365,303
|
$ 229,819
|
Plus: Provision
(release) for credit losses
|
—
|
1,000
|
—
|
133,562
|
(7,000)
|
|
1,000
|
4,500
|
Merger
expense
|
19,690
|
7,274
|
3,974
|
44,843
|
3,442
|
|
30,938
|
15,053
|
Incremental merger
related expense
|
6,912
|
6,060
|
6,571
|
4,633
|
—
|
|
19,543
|
—
|
Branch closing
expense
|
6
|
705
|
128
|
—
|
—
|
|
839
|
—
|
Pension settlement
expense
|
2,896
|
—
|
—
|
651
|
2,400
|
|
2,896
|
2,400
|
Income tax expense
(benefit)
|
36,713
|
36,154
|
33,643
|
(13,033)
|
20,350
|
|
106,510
|
64,799
|
Less: Security (losses)
gains, net
|
(139)
|
1,446
|
(1,097)
|
(378)
|
(195)
|
|
211
|
(17)
|
Adjusted pre-tax
pre-provision net revenue
|
$ 189,754
|
$ 176,705
|
$ 160,360
|
$ 136,377
|
$
92,112
|
|
$ 526,818
|
$ 316,588
|
|
|
Quarter
Ended
|
|
Year-to-date
|
(In
thousands)
|
Sep 2022
|
Jun 2022
|
Mar 2022
|
Dec 2021
|
Sep 2021
|
|
Sep 2022
|
Sep 2021
|
Total adjusted
noninterest expense
|
|
|
|
|
|
|
|
|
Total noninterest
expense
|
$ 319,734
|
$ 285,888
|
$ 291,667
|
$ 289,194
|
$ 179,889
|
|
$ 897,289
|
$ 509,696
|
Less: Merger
expense
|
19,690
|
7,274
|
3,974
|
44,843
|
3,442
|
|
30,938
|
15,053
|
Incremental merger
related expense
|
6,912
|
6,060
|
6,571
|
4,633
|
—
|
|
19,543
|
—
|
Branch closing
expense
|
6
|
705
|
128
|
—
|
—
|
|
839
|
—
|
Pension settlement
expense
|
2,896
|
—
|
—
|
651
|
2,400
|
|
2,896
|
2,400
|
Total adjusted
noninterest expense
|
$ 290,230
|
$ 271,849
|
$ 280,994
|
$ 239,067
|
$ 174,047
|
|
$ 843,073
|
$ 492,243
|
|
|
Quarter
Ended
|
|
Year-to-date
|
(In
thousands)
|
Sep 2022
|
Jun 2022
|
Mar 2022
|
Dec 2021
|
Sep 2021
|
|
Sep 2022
|
Sep 2021
|
Total tangible assets,
excluding AOCI
|
|
|
|
|
|
|
|
|
Total assets
|
$ 47,699,660
|
$ 47,747,708
|
$ 47,204,061
|
$ 47,669,751
|
$ 28,060,496
|
|
$ 47,699,660
|
$ 28,060,496
|
Less:
Goodwill
|
1,449,511
|
1,444,209
|
1,409,038
|
1,407,948
|
958,304
|
|
1,449,511
|
958,304
|
Other identifiable
intangible assets
|
132,953
|
138,370
|
191,642
|
198,271
|
52,235
|
|
132,953
|
52,235
|
Total tangible
assets
|
46,117,196
|
46,165,129
|
45,603,381
|
46,063,532
|
27,049,957
|
|
46,117,196
|
27,049,957
|
Less: AOCI
|
(1,297,812)
|
(936,345)
|
(664,000)
|
(139,369)
|
(82,627)
|
|
(1,297,812)
|
(82,627)
|
Total tangible assets,
excluding AOCI
|
$ 47,415,008
|
$ 47,101,474
|
$ 46,267,381
|
$ 46,202,901
|
$ 27,132,584
|
|
$ 47,415,008
|
$ 27,132,584
|
|
|
Quarter
Ended
|
|
Year-to-date
|
(In
thousands)
|
Sep 2022
|
Jun 2022
|
Mar 2022
|
Dec 2021
|
Sep 2021
|
|
Sep 2022
|
Sep 2021
|
PERIOD END
BALANCES:
|
|
|
|
|
|
|
|
|
Total shareholders'
equity, excluding AOCI
|
|
|
|
|
|
|
|
|
Total shareholders'
equity
|
$ 4,166,925
|
$ 4,437,925
|
$ 4,643,757
|
$ 5,247,987
|
$ 3,023,257
|
|
$ 4,166,925
|
$ 3,023,257
|
Less: AOCI
|
(1,297,812)
|
(936,345)
|
(664,000)
|
(139,369)
|
(82,627)
|
|
(1,297,812)
|
(82,627)
|
Total shareholders'
equity, excluding AOCI
|
$ 5,464,737
|
$ 5,374,270
|
$ 5,307,757
|
$ 5,387,356
|
$ 3,105,884
|
|
$ 5,464,737
|
$ 3,105,884
|
|
|
|
|
|
|
|
|
|
Common shareholders'
equity, excluding AOCI
|
|
|
|
|
|
|
|
|
Total shareholders'
equity
|
$ 4,166,925
|
$ 4,437,925
|
$ 4,643,757
|
$ 5,247,987
|
$ 3,023,257
|
|
$ 4,166,925
|
$ 3,023,257
|
Less: preferred
stock
|
166,993
|
166,993
|
166,993
|
166,993
|
166,993
|
|
166,993
|
166,993
|
Common shareholders'
equity
|
3,999,932
|
4,270,932
|
4,476,764
|
5,080,994
|
2,856,264
|
|
3,999,932
|
2,856,264
|
Less: AOCI
|
(1,297,812)
|
(936,345)
|
(664,000)
|
(139,369)
|
(82,627)
|
|
(1,297,812)
|
(82,627)
|
Common shareholders'
equity, excluding AOCI
|
$ 5,297,744
|
$ 5,207,277
|
$ 5,140,764
|
$ 5,220,363
|
$ 2,938,891
|
|
$ 5,297,744
|
$ 2,938,891
|
|
|
|
|
|
|
|
|
|
Total tangible common
shareholders' equity,
excluding AOCI
|
|
|
|
|
|
|
|
|
Total shareholders'
equity
|
$ 4,166,925
|
$ 4,437,925
|
$ 4,643,757
|
$ 5,247,987
|
$ 3,023,257
|
|
$ 4,166,925
|
$ 3,023,257
|
Less:
Goodwill
|
1,449,511
|
1,444,209
|
1,409,038
|
1,407,948
|
958,304
|
|
1,449,511
|
958,304
|
Other identifiable
intangible assets
|
132,953
|
138,370
|
191,642
|
198,271
|
52,235
|
|
132,953
|
52,235
|
Preferred
stock
|
166,993
|
166,993
|
166,993
|
166,993
|
166,993
|
|
166,993
|
166,993
|
Total tangible common
shareholders' equity
|
2,417,468
|
2,688,353
|
2,876,084
|
3,474,775
|
1,845,725
|
|
2,417,468
|
1,845,725
|
Less: AOCI
|
(1,297,812)
|
(936,345)
|
(664,000)
|
(139,369)
|
(82,627)
|
|
(1,297,812)
|
(82,627)
|
Total tangible common
shareholders' equity,
excluding AOCI
|
$ 3,715,280
|
$ 3,624,698
|
$ 3,540,084
|
$ 3,614,144
|
$ 1,928,352
|
|
$ 3,715,280
|
$ 1,928,352
|
|
|
|
|
|
|
|
|
|
AVERAGE
BALANCES:
|
|
|
|
|
|
|
|
|
Total tangible common
shareholders' equity
|
|
|
|
|
|
|
|
|
Total shareholders'
equity
|
$ 4,506,655
|
$ 4,523,189
|
$ 5,062,231
|
$ 4,508,594
|
$ 3,058,307
|
|
$ 4,695,324
|
$ 2,942,946
|
Less:
Goodwill
|
1,444,331
|
1,407,452
|
1,407,973
|
1,115,502
|
957,899
|
|
1,420,052
|
907,042
|
Other identifiable
intangible assets
|
136,149
|
188,897
|
195,606
|
106,559
|
53,567
|
|
173,333
|
53,664
|
Preferred
stock
|
166,993
|
166,993
|
166,993
|
166,993
|
166,993
|
|
166,993
|
166,993
|
Total tangible common
shareholders' equity
|
$ 2,759,182
|
$ 2,759,847
|
$ 3,291,659
|
$ 3,119,540
|
$ 1,879,848
|
|
$ 2,934,946
|
$ 1,815,247
|
|
|
|
|
|
|
|
|
|
Total average
assets
|
$47,595,557
|
$47,064,829
|
$47,679,850
|
$40,990,459
|
$27,616,585
|
|
$47,446,436
|
$26,287,396
|
Total shares of common
stock outstanding
|
182,438,780
|
182,461,786
|
183,488,844
|
188,337,658
|
106,853,316
|
|
182,438,780
|
106,853,316
|
Average shares
outstanding-diluted
|
183,313,831
|
183,711,402
|
187,264,335
|
164,720,656
|
108,250,102
|
|
184,747,880
|
105,599,914
|
|
|
|
|
|
|
|
|
|
Tangible common
shareholders' equity to
tangible assets (1)
|
5.24 %
|
5.82 %
|
6.31 %
|
7.54 %
|
6.82 %
|
|
5.24 %
|
6.82 %
|
Tangible common
shareholders' equity to
tangible assets, excluding AOCI (2)
|
7.84
|
7.70
|
7.65
|
7.82
|
7.11
|
|
7.84
|
7.11
|
Return on average
tangible common equity (3)
|
17.40
|
18.11
|
13.87
|
(4.71)
|
14.85
|
|
16.32
|
16.40
|
Adjusted return on
average tangible common
equity (4)
|
20.66
|
19.50
|
14.98
|
13.24
|
15.80
|
|
18.19
|
18.00
|
Adjusted return on
average assets (5)
|
1.22
|
1.16
|
1.05
|
1.03
|
1.11
|
|
1.15
|
1.28
|
Adjusted return on
average common
shareholders' equity (6)
|
13.13
|
12.36
|
10.07
|
9.51
|
10.28
|
|
11.79
|
11.77
|
Pre-tax pre-provision
net revenue to total
average assets (7)
|
1.33
|
1.40
|
1.26
|
0.83
|
1.24
|
|
1.33
|
1.52
|
Adjusted pre-tax
pre-provision net revenue to
total average assets (8)
|
1.58
|
1.51
|
1.36
|
1.32
|
1.32
|
|
1.48
|
1.61
|
Tangible book value per
common share (9)
|
$
13.25
|
$
14.73
|
$
15.67
|
$
18.45
|
$
17.27
|
|
$
13.25
|
$
17.27
|
Tangible book value per
common share,
excluding AOCI (10)
|
20.36
|
19.87
|
19.29
|
19.19
|
18.05
|
|
20.36
|
18.05
|
Adjusted earnings per
common share (11)
|
$
0.78
|
$
0.73
|
$
0.65
|
$
0.63
|
$
0.69
|
|
$
2.16
|
$
2.31
|
Adjusted dividend
payout ratio (12)
|
28.21 %
|
30.14 %
|
33.85 %
|
31.75 %
|
28.99 %
|
|
30.56 %
|
25.11 %
|
Definitions of Non-GAAP Measures:
(1)
|
Tangible common
shareholders' equity to tangible assets is defined by the Company
as total shareholders' equity less preferred stock, goodwill and
other identifiable intangible assets, divided by the difference of
total assets less goodwill and other identifiable intangible
assets.
|
(2)
|
Tangible common
shareholders' equity to tangible assets, excluding AOCI, is defined
by the Company as total shareholders' equity less preferred stock,
goodwill, other identifiable intangible assets and accumulated
other comprehensive loss, divided by the difference of total assets
less goodwill, accumulated other comprehensive loss, and other
identifiable intangible assets.
|
(3)
|
Return on average
tangible common equity is defined by the Company as annualized net
income available to common shareholders divided by average tangible
common shareholders equity.
|
(4)
|
Adjusted return on
average tangible common equity is defined by the Company as
annualized net adjusted income available to common shareholders
divided by average tangible common shareholders' equity.
|
(5)
|
Adjusted return on
average assets is defined by the Company as annualized net adjusted
income divided by total average assets.
|
(6)
|
Adjusted return on
average common shareholders' equity is defined by the Company as
annualized net adjusted income available to common shareholders
divided by average common shareholders' equity.
|
(7)
|
Pre-tax pre-provision
net revenue to total average assets is defined by the Company as
annualized pre-tax pre-provision net revenue divided by total
average assets.
|
(8)
|
Adjusted pre-tax
pre-provision net revenue to total average assets is defined by the
Company as annualized adjusted pre-tax pre-provision net revenue
divided by total average assets adjusted for items included in the
definition and calculation of net adjusted income.
|
(9)
|
Tangible book value per
common share is defined by the Company as tangible common
shareholders' equity divided by total shares of common stock
outstanding.
|
(10)
|
Tangible book value per
common share, excluding AOCI is defined by the Company as tangible
common shareholders' equity less accumulated other comprehensive
loss divided by total shares of common stock
outstanding.
|
(11)
|
Adjusted earnings per
common share is defined by the Company as net adjusted income
available to common shareholders divided by average common shares
outstanding-diluted.
|
(12)
|
Adjusted dividend
payout ratio is defined by the Company as common share dividends
divided by net adjusted income available to common
shareholders.
|
Efficiency Ratio-Fully Taxable Equivalent and Adjusted
Efficiency Ratio-Fully Taxable Equivalent Definitions
The efficiency ratio and the adjusted efficiency ratio are
supplemental financial measures utilized in management's internal
evaluation of the Company's use of resources and are not defined
under GAAP. The efficiency ratio is calculated by dividing total
noninterest expense by total revenue, which includes net interest
income plus noninterest income plus the tax equivalent adjustment.
The adjusted efficiency ratio excludes income and expense items
otherwise disclosed as non-routine from total noninterest
expense.
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content:https://www.prnewswire.com/news-releases/cadence-bank-announces-third-quarter-2022-financial-results-301657638.html
SOURCE Cadence Bank