% or(1)
basis point (bp) change from
3rd Quarter
2021
|
% or basis point (bp) change from 4th Quarter 2020 | |||||||||
Three Months Ended | ||||||||||
(Dollars in thousands, except per share data) | Dec 31, 2021 | Sep 30, 2021 | Dec 31, 2020 | |||||||
Net income | $ | 98,757 | $ | 109,137 | $ | 101,204 | (10) | % | (2) | % |
Pre-tax income, excluding provision for credit losses (non-GAAP) (2)
| 146,344 | 141,826 | 135,891 | 3 | 8 | |||||
Net income per common share - diluted | 1.58 | 1.77 | 1.63 | (11) | (3) | |||||
Cash dividends declared per common share | 0.31 | 0.31 | 0.28 | - | 11 | |||||
Net revenue (3)
| 429,743 | 423,970 | 417,758 | 1 | 3 | |||||
Net interest income | 295,976 | 287,496 | 259,397 | 3 | 14 | |||||
Net interest margin | 2.54 | % | 2.58 | % | 2.53 | % | (4) | bps | 1 | bps |
Net interest margin - fully taxable-equivalent (non-GAAP) (2)
| 2.55 | 2.59 | 2.54 | (4) | 1 | |||||
Net overhead ratio (4)
| 1.21 | 1.22 | 1.12 | (1) | 9 | |||||
Return on average assets | 0.80 | 0.92 | 0.92 | (12) | (12) | |||||
Return on average common equity | 9.05 | 10.31 | 10.30 | (126) | (125) | |||||
Return on average tangible common equity (non-GAAP) (2)
| 11.04 | 12.62 | 12.95 | (158) | (191) | |||||
At end of period | ||||||||||
Total assets | $ | 50,142,143 | $ | 47,832,271 | $ | 45,080,768 | 19 | % | 11 | % |
Total loans (5)
| 34,789,104 | 33,264,043 | 32,079,073 | 18 | 8 | |||||
Total deposits | 42,095,585 | 39,952,558 | 37,092,651 | 21 | 13 | |||||
Total shareholders' equity | 4,498,688 | 4,410,317 | 4,115,995 | 8 | 9 |
Three Months Ended | Years Ended | |||||||||||||
(Dollars in thousands, except per share data) | Dec 31, 2021 | Sep 30, 2021 | Jun 30, 2021 | Mar 31, 2021 | Dec 31, 2020 | Dec 31, 2021 | Dec 31, 2020 | |||||||
Selected Financial Condition Data (at end of period): | ||||||||||||||
Total assets | $ | 50,142,143 | $ | 47,832,271 | $ | 46,738,450 | $ | 45,682,202 | $ | 45,080,768 | ||||
Total loans (1)
| 34,789,104 | 33,264,043 | 32,911,187 | 33,171,233 | 32,079,073 | |||||||||
Total deposits | 42,095,585 | 39,952,558 | 38,804,616 | 37,872,652 | 37,092,651 | |||||||||
Total shareholders' equity | 4,498,688 | 4,410,317 | 4,339,011 | 4,252,511 | 4,115,995 | |||||||||
Selected Statements of Income Data: | ||||||||||||||
Net interest income | $ | 295,976 | $ | 287,496 | $ | 279,590 | $ | 261,895 | $ | 259,397 | $ | 1,124,957 | $ | 1,039,907 |
Net revenue (2)
| 429,743 | 423,970 | 408,963 | 448,401 | 417,758 | 1,711,077 | 1,644,096 | |||||||
Net income | 98,757 | 109,137 | 105,109 | 153,148 | 101,204 | 466,151 | 292,990 | |||||||
Pre-tax income, excluding provision for credit losses (non-GAAP) (3)
| 146,344 | 141,826 | 128,851 | 161,512 | 135,891 | 578,533 | 604,001 | |||||||
Net income per common share - Basic | 1.61 | 1.79 | 1.72 | 2.57 | 1.64 | 7.69 | 4.72 | |||||||
Net income per common share - Diluted | 1.58 | 1.77 | 1.70 | 2.54 | 1.63 | 7.58 | 4.68 | |||||||
Cash dividends declared per common share | 0.31 | 0.31 | 0.31 | 0.31 | 0.28 | 1.24 | 1.12 | |||||||
Selected Financial Ratios and Other Data: | ||||||||||||||
Performance Ratios: | ||||||||||||||
Net interest margin | 2.54 | % | 2.58 | % | 2.62 | % | 2.53 | % | 2.53 | % | 2.57 | % | 2.72 | % |
Net interest margin - fully taxable-equivalent (non-GAAP) (3)
| 2.55 | 2.59 | 2.63 | 2.54 | 2.54 | 2.58 | 2.73 | |||||||
Non-interest income to average assets | 1.08 | 1.15 | 1.13 | 1.68 | 1.44 | 1.25 | 1.46 | |||||||
Non-interest expense to average assets | 2.29 | 2.37 | 2.45 | 2.59 | 2.56 | 2.42 | 2.51 | |||||||
Net overhead ratio (4)
| 1.21 | 1.22 | 1.32 | 0.90 | 1.12 | 1.17 | 1.05 | |||||||
Return on average assets | 0.80 | 0.92 | 0.92 | 1.38 | 0.92 | 1.00 | 0.71 | |||||||
Return on average common equity | 9.05 | 10.31 | 10.24 | 15.80 | 10.30 | 11.27 | 7.50 | |||||||
Return on average tangible common equity (non-GAAP) (3)
| 11.04 | 12.62 | 12.62 | 19.49 | 12.95 | 13.83 | 9.54 | |||||||
Average total assets | $ | 49,118,777 | $ | 47,192,510 | $ | 45,946,751 | $ | 44,988,733 | $ | 43,810,005 | $ | 46,824,051 | $ | 41,371,339 |
Average total shareholders' equity | 4,433,953 | 4,343,915 | 4,256,778 | 4,164,890 | 4,050,286 | 4,300,742 | 3,926,688 | |||||||
Average loans to average deposits ratio | 81.7 | % | 83.8 | % | 86.7 | % | 87.1 | % | 87.9 | % | 84.7 | % | 88.8 | % |
Period-end loans to deposits ratio | 82.6 | 83.3 | 84.8 | 87.6 | 86.5 | |||||||||
Common Share Data at end of period: | ||||||||||||||
Market price per common share | $ | 90.82 | $ | 80.37 | $ | 75.63 | $ | 75.80 | $ | 61.09 | ||||
Book value per common share | 71.62 | 70.19 | 68.81 | 67.34 | 65.24 | |||||||||
Tangible book value per common share (non-GAAP) (3)
| 59.64 | 58.32 | 56.92 | 55.42 | 53.23 | |||||||||
Common shares outstanding | 57,054,091 | 56,956,026 | 57,066,677 | 57,023,273 | 56,769,625 | |||||||||
Other Data at end of period: | ||||||||||||||
Tier 1 leverage ratio (5)
| 8.0 | % | 8.1 | % | 8.2 | % | 8.2 | % | 8.1 | % | ||||
Risk-based capital ratios: | ||||||||||||||
Tier 1 capital ratio (5)
| 9.6 | 9.9 | 10.1 | 10.2 | 10.0 | |||||||||
Common equity tier 1 capital ratio (5)
| 8.5 | 8.9 | 9.0 | 9.0 | 8.8 | |||||||||
Total capital ratio (5)
| 11.6 | 12.1 | 12.4 | 12.6 | 12.6 | |||||||||
Allowance for credit losses (6)
| $ | 299,731 | $ | 296,138 | $ | 304,121 | $ | 321,308 | $ | 379,969 | ||||
Allowance for loan and unfunded lending-related commitment losses to total loans | 0.86 | % | 0.89 | % | 0.92 | % | 0.97 | % | 1.18 | % | ||||
Number of: | ||||||||||||||
Bank subsidiaries | 15 | 15 | 15 | 15 | 15 | |||||||||
Banking offices | 173 | 172 | 172 | 182 | 181 |
(Unaudited) | (Unaudited) | (Unaudited) | (Unaudited) | |||||||
Dec 31, | Sep 30, | Jun 30, | Mar 31, | Dec 31, | ||||||
(In thousands) | 2021 | 2021 | 2021 | 2021 | 2020 | |||||
Assets | ||||||||||
Cash and due from banks | $ | 411,150 | $ | 462,244 | $ | 434,957 | $ | 426,325 | $ | 322,415 |
Federal funds sold and securities purchased under resale agreements | 700,055 | 55 | 52 | 52 | 59 | |||||
Interest-bearing deposits with banks | 5,372,603 | 5,232,315 | 4,707,415 | 3,348,794 | 4,802,527 | |||||
Available-for-sale securities, at fair value | 2,327,793 | 2,373,478 | 2,188,608 | 2,430,749 | 3,055,839 | |||||
Held-to-maturity securities, at amortized cost | 2,942,285 | 2,736,722 | 2,498,232 | 2,166,419 | 579,138 | |||||
Trading account securities | 1,061 | 1,103 | 2,667 | 951 | 671 | |||||
Equity securities with readily determinable fair value | 90,511 | 88,193 | 86,316 | 90,338 | 90,862 | |||||
Federal Home Loan Bank and Federal Reserve Bank stock | 135,378 | 135,408 | 136,625 | 135,881 | 135,588 | |||||
Brokerage customer receivables | 26,068 | 26,378 | 23,093 | 19,056 | 17,436 | |||||
Mortgage loans held-for-sale | 817,912 | 925,312 | 984,994 | 1,260,193 | 1,272,090 | |||||
Loans, net of unearned income | 34,789,104 | 33,264,043 | 32,911,187 | 33,171,233 | 32,079,073 | |||||
Allowance for loan losses | (247,835) | (248,612) | (261,089) | (277,709) | (319,374) | |||||
Net loans | 34,541,269 | 33,015,431 | 32,650,098 | 32,893,524 | 31,759,699 | |||||
Premises, software and equipment, net | 766,405 | 748,872 | 752,375 | 760,522 | 768,808 | |||||
Lease investments, net | 242,082 | 243,933 | 219,023 | 238,984 | 242,434 | |||||
Accrued interest receivable and other assets | 1,084,115 | 1,166,917 | 1,185,811 | 1,230,362 | 1,351,455 | |||||
Trade date securities receivable | - | - | 189,851 | - | - | |||||
Goodwill | 655,149 | 645,792 | 646,336 | 646,017 | 645,707 | |||||
Other acquisition-related intangible assets | 28,307 | 30,118 | 31,997 | 34,035 | 36,040 | |||||
Total assets | $ | 50,142,143 | $ | 47,832,271 | $ | 46,738,450 | $ | 45,682,202 | $ | 45,080,768 |
Liabilities and Shareholders' Equity | ||||||||||
Deposits: | ||||||||||
Non-interest-bearing | $ | 14,179,980 | $ | 13,255,417 | $ | 12,796,110 | $ | 12,297,337 | $ | 11,748,455 |
Interest-bearing | 27,915,605 | 26,697,141 | 26,008,506 | 25,575,315 | 25,344,196 | |||||
Total deposits | 42,095,585 | 39,952,558 | 38,804,616 | 37,872,652 | 37,092,651 | |||||
Federal Home Loan Bank advances | 1,241,071 | 1,241,071 | 1,241,071 | 1,228,436 | 1,228,429 | |||||
Other borrowings | 494,136 | 504,527 | 518,493 | 516,877 | 518,928 | |||||
Subordinated notes | 436,938 | 436,811 | 436,719 | 436,595 | 436,506 | |||||
Junior subordinated debentures | 253,566 | 253,566 | 253,566 | 253,566 | 253,566 | |||||
Trade date securities payable | - | 1,348 | - | 995 | 200,907 | |||||
Accrued interest payable and other liabilities | 1,122,159 | 1,032,073 | 1,144,974 | 1,120,570 | 1,233,786 | |||||
Total liabilities | 45,643,455 | 43,421,954 | 42,399,439 | 41,429,691 | 40,964,773 | |||||
Shareholders' Equity: | ||||||||||
Preferred stock | 412,500 | 412,500 | 412,500 | 412,500 | 412,500 | |||||
Common stock | 58,892 | 58,794 | 58,770 | 58,727 | 58,473 | |||||
Surplus | 1,685,572 | 1,674,062 | 1,669,002 | 1,663,008 | 1,649,990 | |||||
Treasury stock | (109,903) | (109,903) | (100,363) | (100,363) | (100,363) | |||||
Retained earnings | 2,447,535 | 2,373,447 | 2,288,969 | 2,208,535 | 2,080,013 | |||||
Accumulated other comprehensive income | 4,092 | 1,417 | 10,133 | 10,104 | 15,382 | |||||
Total shareholders' equity | 4,498,688 | 4,410,317 | 4,339,011 | 4,252,511 | 4,115,995 | |||||
Total liabilities and shareholders' equity | $ | 50,142,143 | $ | 47,832,271 | $ | 46,738,450 | $ | 45,682,202 | $ | 45,080,768 |
Three Months Ended | Years Ended | |||||||||||||
(In thousands, except per share data) |
Dec 31, 2021 |
Sep 30, 2021 |
Jun 30, 2021 |
Mar 31, 2021 |
Dec 31, 2020 | Dec 31, 2021 | Dec 31, 2020 | |||||||
Interest income | ||||||||||||||
Interest and fees on loans | $ | 289,140 | $ | 285,587 | $ | 284,701 | $ | 274,100 | $ | 280,185 | $ | 1,133,528 | $ | 1,157,249 |
Mortgage loans held-for-sale | 7,234 | 7,716 | 8,183 | 9,036 | 6,357 | 32,169 | 20,077 | |||||||
Interest-bearing deposits with banks | 2,254 | 2,000 | 1,153 | 1,199 | 1,294 | 6,606 | 8,553 | |||||||
Federal funds sold and securities purchased under resale agreements | 173 | - | - | - | - | 173 | 102 | |||||||
Investment securities | 27,210 | 25,189 | 23,623 | 19,264 | 18,243 | 95,286 | 99,634 | |||||||
Trading account securities | 4 | 3 | 1 | 2 | 11 | 10 | 37 | |||||||
Federal Home Loan Bank and Federal Reserve Bank stock | 1,776 | 1,777 | 1,769 | 1,745 | 1,775 | 7,067 | 6,891 | |||||||
Brokerage customer receivables | 188 | 185 | 149 | 123 | 116 | 645 | 477 | |||||||
Total interest income | 327,979 | 322,457 | 319,579 | 305,469 | 307,981 | 1,275,484 | 1,293,020 | |||||||
Interest expense | ||||||||||||||
Interest on deposits | 16,572 | 19,305 | 24,298 | 27,944 | 32,602 | 88,119 | 189,178 | |||||||
Interest on Federal Home Loan Bank advances | 4,923 | 4,931 | 4,887 | 4,840 | 4,952 | 19,581 | 18,193 | |||||||
Interest on other borrowings | 2,250 | 2,501 | 2,568 | 2,609 | 2,779 | 9,928 | 12,773 | |||||||
Interest on subordinated notes | 5,514 | 5,480 | 5,512 | 5,477 | 5,509 | 21,983 | 21,961 | |||||||
Interest on junior subordinated debentures | 2,744 | 2,744 | 2,724 | 2,704 | 2,742 | 10,916 | 11,008 | |||||||
Total interest expense | 32,003 | 34,961 | 39,989 | 43,574 | 48,584 | 150,527 | 253,113 | |||||||
Net interest income | 295,976 | 287,496 | 279,590 | 261,895 | 259,397 | 1,124,957 | 1,039,907 | |||||||
Provision for credit losses | 9,299 | (7,916) | (15,299) | (45,347) | 1,180 | (59,263) | 214,220 | |||||||
Net interest income after provision for credit losses | 286,677 | 295,412 | 294,889 | 307,242 | 258,217 | 1,184,220 | 825,687 | |||||||
Non-interest income | ||||||||||||||
Wealth management | 32,489 | 31,531 | 30,690 | 29,309 | 26,802 | 124,019 | 100,336 | |||||||
Mortgage banking | 53,138 | 55,794 | 50,584 | 113,494 | 86,819 | 273,010 | 346,013 | |||||||
Service charges on deposit accounts | 14,734 | 14,149 | 13,249 | 12,036 | 11,841 | 54,168 | 45,023 | |||||||
(Losses) gains on investment securities, net | (1,067) | (2,431) | 1,285 | 1,154 | 1,214 | (1,059) | (1,926) | |||||||
Fees from covered call options | 1,128 | 1,157 | 1,388 | - | - | 3,673 | 2,292 | |||||||
Trading gains (losses), net | 206 | 58 | (438) | 419 | (102) | 245 | (1,004) | |||||||
Operating lease income, net | 14,204 | 12,807 | 12,240 | 14,440 | 12,118 | 53,691 | 47,604 | |||||||
Other | 18,935 | 23,409 | 20,375 | 15,654 | 19,669 | 78,373 | 65,851 | |||||||
Total non-interest income | 133,767 | 136,474 | 129,373 | 186,506 | 158,361 | 586,120 | 604,189 | |||||||
Non-interest expense | ||||||||||||||
Salaries and employee benefits | 167,131 | 170,912 | 172,817 | 180,809 | 171,116 | 691,669 | 626,076 | |||||||
Software and equipment | 23,708 | 22,029 | 20,866 | 20,912 | 20,565 | 87,515 | 68,496 | |||||||
Operating lease equipment depreciation | 10,147 | 10,013 | 9,949 | 10,771 | 9,938 | 40,880 | 37,915 | |||||||
Occupancy, net | 18,343 | 18,158 | 17,687 | 19,996 | 19,687 | 74,184 | 69,957 | |||||||
Data processing | 7,207 | 7,104 | 6,920 | 6,048 | 5,728 | 27,279 | 30,196 | |||||||
Advertising and marketing | 13,981 | 13,443 | 11,305 | 8,546 | 9,850 | 47,275 | 36,296 | |||||||
Professional fees | 7,551 | 7,052 | 7,304 | 7,587 | 6,530 | 29,494 | 27,426 | |||||||
Amortization of other acquisition-related intangible assets | 1,811 | 1,877 | 2,039 | 2,007 | 2,634 | 7,734 | 11,018 | |||||||
FDIC insurance | 7,317 | 6,750 | 6,405 | 6,558 | 7,016 | 27,030 | 25,004 | |||||||
OREO expense, net | (641) | (1,531) | 769 | (251) | (114) | (1,654) | (921) | |||||||
Other | 26,844 | 26,337 | 24,051 | 23,906 | 28,917 | 101,138 | 108,632 | |||||||
Total non-interest expense | 283,399 | 282,144 | 280,112 | 286,889 | 281,867 | 1,132,544 | 1,040,095 | |||||||
Income before taxes | 137,045 | 149,742 | 144,150 | 206,859 | 134,711 | 637,796 | 389,781 | |||||||
Income tax expense | 38,288 | 40,605 | 39,041 | 53,711 | 33,507 | 171,645 | 96,791 | |||||||
Net income | $ | 98,757 | $ | 109,137 | $ | 105,109 | $ | 153,148 | $ | 101,204 | $ | 466,151 | $ | 292,990 |
Preferred stock dividends | 6,991 | 6,991 | 6,991 | 6,991 | 6,991 | 27,964 | 21,377 | |||||||
Net income applicable to common shares | $ | 91,766 | $ | 102,146 | $ | 98,118 | $ | 146,157 | $ | 94,213 | $ | 438,187 | $ | 271,613 |
Net income per common share - Basic | $ | 1.61 | $ | 1.79 | $ | 1.72 | $ | 2.57 | $ | 1.64 | $ | 7.69 | $ | 4.72 |
Net income per common share - Diluted | $ | 1.58 | $ | 1.77 | $ | 1.70 | $ | 2.54 | $ | 1.63 | $ | 7.58 | $ | 4.68 |
Cash dividends declared per common share | $ | 0.31 | $ | 0.31 | $ | 0.31 | $ | 0.31 | $ | 0.28 | $ | 1.24 | $ | 1.12 |
Weighted average common shares outstanding | 57,022 | 57,000 | 57,049 | 56,904 | 57,309 | 56,994 | 57,523 | |||||||
Dilutive potential common shares | 976 | 753 | 726 | 681 | 588 | 792 | 496 | |||||||
Average common shares and dilutive common shares | 57,998 | 57,753 | 57,775 | 57,585 | 57,897 | 57,786 | 58,019 |
% Growth From (2)
| ||||||||||||||
(Dollars in thousands) | Dec 31, 2021 | Sep 30, 2021 | Jun 30, 2021 |
Mar 31, 2021 | Dec 31, 2020 |
Sep 30, 2021 (1)
| Dec 31, 2020 | |||||||
Balance: | ||||||||||||||
Mortgage loans held-for-sale, excluding early buy-out exercised loans guaranteed by U.S. Government Agencies | $ | 473,102 | $ | 570,663 | $ | 633,006 | $ | 890,749 | $ | 927,307 | (68) | % | (49) | % |
Mortgage loans held-for-sale, early buy-out exercised loans guaranteed by U.S. Government Agencies | 344,810 | 354,649 | 351,988 | 369,444 | 344,783 | (11) | - | |||||||
Total mortgage loans held-for-sale | $ | 817,912 | $ | 925,312 | $ | 984,994 | $ | 1,260,193 | $ | 1,272,090 | (46) | % | (36) | % |
Core loans: | ||||||||||||||
Commercial | ||||||||||||||
Commercial and industrial | $ | 5,346,084 | $ | 4,953,769 | $ | 4,650,607 | $ | 4,630,795 | $ | 4,675,594 | 31 | % | 14 | % |
Asset-based lending | 1,299,869 | 1,066,376 | 892,109 | 720,772 | 721,666 | 87 | 80 | |||||||
Municipal | 536,498 | 524,192 | 511,094 | 493,417 | 474,103 | 9 | 13 | |||||||
Leases | 1,454,099 | 1,365,281 | 1,357,036 | 1,290,778 | 1,288,374 | 26 | 13 | |||||||
Commercial real estate | ||||||||||||||
Residential construction | 51,464 | 49,754 | 55,735 | 72,058 | 89,389 | 14 | (42) | |||||||
Commercial construction | 1,034,988 | 1,038,034 | 1,090,447 | 1,040,631 | 1,041,729 | (1) | (1) | |||||||
Land | 269,752 | 255,927 | 239,067 | 240,635 | 240,684 | 21 | 12 | |||||||
Office (3)
| 1,285,686 | 1,269,746 | 1,220,658 | 1,131,472 | 1,136,844 | 5 | 13 | |||||||
Industrial (3)
| 1,585,808 | 1,490,358 | 1,434,377 | 1,152,522 | 1,129,433 | 25 | 40 | |||||||
Retail (3)
| 1,429,567 | 1,462,101 | 1,455,638 | 1,198,025 | 1,224,403 | (9) | 17 | |||||||
Multi-family (3)
| 2,043,754 | 2,038,526 | 1,984,582 | 1,739,521 | 1,649,801 | 1 | 24 | |||||||
Mixed use and other (3)
| 1,289,267 | 1,281,268 | 1,197,865 | 1,969,915 | 1,981,849 | 2 | (35) | |||||||
Home equity | 335,155 | 347,662 | 369,806 | 390,253 | 425,263 | (14) | (21) | |||||||
Residential real estate | ||||||||||||||
Residential real estate loans for investment | 1,614,392 | 1,528,889 | 1,485,952 | 1,376,465 | 1,214,744 | 22 | 33 | |||||||
Residential mortgage loans, early buy-out eligible loans guaranteed by U.S. Government Agencies | 22,707 | 18,847 | 44,333 | 45,508 | 44,854 | 81 | (49) | |||||||
Total core loans | $ | 19,599,090 | $ | 18,690,730 | $ | 17,989,306 | $ | 17,492,767 | $ | 17,338,730 | 19 | % | 13 | % |
Niche loans: | ||||||||||||||
Commercial | ||||||||||||||
Franchise | $ | 1,227,234 | $ | 1,176,569 | $ | 1,060,468 | $ | 1,128,493 | $ | 1,023,027 | 17 | % | 20 | % |
Mortgage warehouse lines of credit | 359,818 | 468,162 | 529,867 | 587,868 | 567,389 | (92) | (37) | |||||||
Community Advantage - homeowners association | 308,286 | 291,153 | 287,689 | 272,222 | 267,374 | 23 | 15 | |||||||
Insurance agency lending | 813,897 | 260,482 | 273,999 | 290,880 | 222,519 | 843 | 266 | |||||||
Premium Finance receivables | ||||||||||||||
U.S. commercial insurance | 4,178,474 | 3,921,289 | 3,805,504 | 3,342,730 | 3,438,087 | 26 | 22 | |||||||
Canada commercial insurance | 677,013 | 695,688 | 716,367 | 615,813 | 616,402 | (11) | 10 | |||||||
Life insurance | 7,042,810 | 6,655,453 | 6,359,556 | 6,111,495 | 5,857,436 | 23 | 20 | |||||||
Consumer and other | 24,199 | 22,529 | 9,024 | 35,983 | 32,188 | 29 | (25) | |||||||
Total niche loans | $ | 14,631,731 | $ | 13,491,325 | $ | 13,042,474 | $ | 12,385,484 | $ | 12,024,422 | 34 | % | 22 | % |
Commercial PPP loans: | ||||||||||||||
Originated in 2020 | $ | 74,412 | $ | 172,849 | $ | 656,502 | $ | 2,049,342 | $ | 2,715,921 | NM | (97) | % | |
Originated in 2021 | 483,871 | 909,139 | 1,222,905 | 1,243,640 | - | NM | 100 | |||||||
Total commercial PPP loans | $ | 558,283 | $ | 1,081,988 | $ | 1,879,407 | $ | 3,292,982 | $ | 2,715,921 | NM | (79) | % | |
Total loans, net of unearned income | $ | 34,789,104 | $ | 33,264,043 | $ | 32,911,187 | $ | 33,171,233 | $ | 32,079,073 | 18 | % | 8 | % |
% Growth From | ||||||||||||||
(Dollars in thousands) |
Dec 31, 2021 |
Sep 30, 2021 |
Jun 30, 2021 |
Mar 31, 2021 |
Dec 31, 2020 |
Sep 30, 2021 (1) | Dec 31, 2020 | |||||||
Balance: | ||||||||||||||
Non-interest-bearing | $ | 14,179,980 | $ | 13,255,417 | $ | 12,796,110 | $ | 12,297,337 | $ | 11,748,455 | 28 | % | 21 | % |
NOW and interest-bearing demand deposits | 4,158,871 | 3,769,825 | 3,625,538 | 3,562,312 | 3,349,021 | 41 | 24 | |||||||
Wealth management deposits (2)
| 4,491,795 | 4,177,820 | 4,399,303 | 4,274,527 | 4,138,712 | 30 | 9 | |||||||
Money market | 11,449,469 | 10,757,654 | 9,843,390 | 9,236,434 | 9,348,806 | 26 | 22 | |||||||
Savings | 3,846,681 | 3,861,296 | 3,776,400 | 3,690,892 | 3,531,029 | (2) | 9 | |||||||
Time certificates of deposit | 3,968,789 | 4,130,546 | 4,363,875 | 4,811,150 | 4,976,628 | (16) | (20) | |||||||
Total deposits | $ | 42,095,585 | $ | 39,952,558 | $ | 38,804,616 | $ | 37,872,652 | $ | 37,092,651 | 21 | % | 13 | % |
Mix: | ||||||||||||||
Non-interest-bearing | 34 | % | 33 | % | 33 | % | 32 | % | 32 | % | ||||
NOW and interest-bearing demand deposits | 10 | 9 | 9 | 9 | 9 | |||||||||
Wealth management deposits (2)
| 11 | 11 | 11 | 11 | 11 | |||||||||
Money market | 27 | 27 | 25 | 25 | 25 | |||||||||
Savings | 9 | 10 | 10 | 10 | 10 | |||||||||
Time certificates of deposit | 9 | 10 | 12 | 13 | 13 | |||||||||
Total deposits | 100 | % | 100 | % | 100 | % | 100 | % | 100 | % |
(Dollars in thousands) |
Total Time Certificates of Deposit |
Weighted-Average
Rate of Maturing
Time Certificates
of Deposit (1)
| ||
1-3 months | $ | 838,321 | 0.52 | % |
4-6 months | 686,126 | 0.38 | ||
7-9 months | 677,003 | 0.39 | ||
10-12 months | 613,644 | 0.41 | ||
13-18 months | 601,464 | 0.47 | ||
19-24 months | 293,945 | 0.48 | ||
24+ months | 258,286 | 0.52 | ||
Total | $ | 3,968,789 | 0.45 | % |
Average Balance for three months ended, | ||||||||||
Dec 31, | Sep 30, | Jun 30, | Mar 31, | Dec 31, | ||||||
(In thousands) | 2021 | 2021 | 2021 | 2021 | 2020 | |||||
Interest-bearing deposits with banks, securities purchased under resale agreements and cash equivalents (1)
| $ | 6,148,165 | $ | 5,112,720 | $ | 3,844,355 | $ | 4,230,886 | $ | 4,381,040 |
Investment securities (2)
| 5,317,351 | 5,065,593 | 4,771,403 | 3,944,676 | 3,534,594 | |||||
FHLB and FRB stock | 135,414 | 136,001 | 136,324 | 135,758 | 135,569 | |||||
Liquidity management assets (3)
| 11,600,930 | 10,314,314 | 8,752,082 | 8,311,320 | 8,051,203 | |||||
Other earning assets (3)(4)
| 28,298 | 28,238 | 23,354 | 20,370 | 18,716 | |||||
Mortgage loans held-for-sale | 827,672 | 871,824 | 991,011 | 1,151,848 | 893,395 | |||||
Loans, net of unearned income (3)(5)
| 33,677,777 | 32,985,445 | 33,085,174 | 32,442,927 | 31,783,279 | |||||
Total earning assets (3)
| 46,134,677 | 44,199,821 | 42,851,621 | 41,926,465 | 40,746,593 | |||||
Allowance for loan and investment security losses | (254,874) | (269,963) | (285,686) | (327,080) | (336,139) | |||||
Cash and due from banks | 468,331 | 425,000 | 470,566 | 366,413 | 344,536 | |||||
Other assets | 2,770,643 | 2,837,652 | 2,910,250 | 3,022,935 | 3,055,015 | |||||
Total assets
| $ | 49,118,777 | $ | 47,192,510 | $ | 45,946,751 | $ | 44,988,733 | $ | 43,810,005 |
NOW and interest-bearing demand deposits | $ | 3,962,739 | $ | 3,757,677 | $ | 3,626,424 | $ | 3,493,451 | $ | 3,320,527 |
Wealth management deposits | 4,514,319 | 4,672,402 | 4,369,998 | 4,156,398 | 4,066,948 | |||||
Money market accounts | 11,274,230 | 10,027,424 | 9,547,167 | 9,335,920 | 9,435,344 | |||||
Savings accounts | 3,766,037 | 3,851,523 | 3,728,271 | 3,587,566 | 3,413,388 | |||||
Time deposits | 4,058,282 | 4,236,317 | 4,632,796 | 4,875,392 | 5,043,558 | |||||
Interest-bearing deposits | 27,575,607 | 26,545,343 | 25,904,656 | 25,448,727 | 25,279,765 | |||||
Federal Home Loan Bank advances | 1,241,073 | 1,241,073 | 1,235,142 | 1,228,433 | 1,228,425 | |||||
Other borrowings | 501,933 | 512,785 | 525,924 | 518,188 | 510,725 | |||||
Subordinated notes | 436,861 | 436,746 | 436,644 | 436,532 | 436,433 | |||||
Junior subordinated debentures | 253,566 | 253,566 | 253,566 | 253,566 | 253,566 | |||||
Total interest-bearing liabilities
| 30,009,040 | 28,989,513 | 28,355,932 | 27,885,446 | 27,708,914 | |||||
Non-interest-bearing deposits | 13,640,270 | 12,834,084 | 12,246,274 | 11,811,194 | 10,874,912 | |||||
Other liabilities | 1,035,514 | 1,024,998 | 1,087,767 | 1,127,203 | 1,175,893 | |||||
Equity | 4,433,953 | 4,343,915 | 4,256,778 | 4,164,890 | 4,050,286 | |||||
Total liabilities and shareholders' equity
| $ | 49,118,777 | $ | 47,192,510 | $ | 45,946,751 | $ | 44,988,733 | $ | 43,810,005 |
Net free funds/contribution (6)
| $ | 16,125,637 | $ | 15,210,308 | $ | 14,495,689 | $ | 14,041,019 | $ | 13,037,679 |
Net Interest Income for three months ended, | ||||||||||
Dec 31, | Sep 30, | Jun 30, | Mar 31, | Dec 31, | ||||||
(In thousands) | 2021 | 2021 | 2021 | 2021 | 2020 | |||||
Interest income: | ||||||||||
Interest-bearing deposits with banks, securities purchased under resale agreements and cash equivalents | $ | 2,427 | $ | 2,000 | $ | 1,153 | $ | 1,199 | $ | 1,294 |
Investment securities | 27,696 | 25,681 | 24,117 | 19,764 | 18,773 | |||||
FHLB and FRB stock | 1,776 | 1,777 | 1,769 | 1,745 | 1,775 | |||||
Liquidity management assets (1)
| 31,899 | 29,458 | 27,039 | 22,708 | 21,842 | |||||
Other earning assets (1)
| 194 | 188 | 150 | 125 | 130 | |||||
Mortgage loans held-for-sale | 7,234 | 7,716 | 8,183 | 9,036 | 6,357 | |||||
Loans, net of unearned income (1)
| 289,557 | 285,998 | 285,116 | 274,484 | 280,509 | |||||
Total interest income | $ | 328,884 | $ | 323,360 | $ | 320,488 | $ | 306,353 | $ | 308,838 |
Interest expense: | ||||||||||
NOW and interest-bearing demand deposits | $ | 774 | $ | 767 | $ | 736 | $ | 901 | $ | 1,074 |
Wealth management deposits | 7,595 | 7,888 | 7,686 | 7,351 | 7,436 | |||||
Money market accounts | 2,604 | 2,342 | 2,795 | 2,865 | 3,740 | |||||
Savings accounts | 345 | 406 | 402 | 430 | 773 | |||||
Time deposits | 5,254 | 7,902 | 12,679 | 16,397 | 19,579 | |||||
Interest-bearing deposits | 16,572 | 19,305 | 24,298 | 27,944 | 32,602 | |||||
Federal Home Loan Bank advances | 4,923 | 4,931 | 4,887 | 4,840 | 4,952 | |||||
Other borrowings | 2,250 | 2,501 | 2,568 | 2,609 | 2,779 | |||||
Subordinated notes | 5,514 | 5,480 | 5,512 | 5,477 | 5,509 | |||||
Junior subordinated debentures | 2,744 | 2,744 | 2,724 | 2,704 | 2,742 | |||||
Total interest expense | $ | 32,003 | $ | 34,961 | $ | 39,989 | $ | 43,574 | $ | 48,584 |
Less: Fully taxable-equivalent adjustment | (905) | (903) | (909) | (884) | (857) | |||||
Net interest income(GAAP) (2)
| 295,976 | 287,496 | 279,590 | 261,895 | 259,397 | |||||
Fully taxable-equivalent adjustment | 905 | 903 | 909 | 884 | 857 | |||||
Net interest income, fully taxable-equivalent (non-GAAP) (2)
| $ | 296,881 | $ | 288,399 | $ | 280,499 | $ | 262,779 | $ | 260,254 |
Net Interest Margin for three months ended, | ||||||||||
Dec 31, 2021 | Sep 30, 2021 |
Jun 30, 2021 | Mar 31, 2021 |
Dec 31, 2020 | ||||||
Yield earned on: | ||||||||||
Interest-bearing deposits with banks, securities purchased under resale agreements and cash equivalents | 0.16 | % | 0.16 | % | 0.12 | % | 0.11 | % | 0.12 | % |
Investment securities | 2.07 | 2.01 | 2.03 | 2.03 | 2.11 | |||||
FHLB and FRB stock | 5.20 | 5.18 | 5.20 | 5.21 | 5.21 | |||||
Liquidity management assets | 1.09 | 1.13 | 1.24 | 1.11 | 1.08 | |||||
Other earning assets | 2.71 | 2.64 | 2.59 | 2.50 | 2.79 | |||||
Mortgage loans held-for-sale | 3.47 | 3.51 | 3.31 | 3.18 | 2.83 | |||||
Loans, net of unearned income | 3.41 | 3.44 | 3.46 | 3.43 | 3.51 | |||||
Total earning assets | 2.83 | % | 2.90 | % | 3.00 | % | 2.96 | % | 3.02 | % |
Rate paid on: | ||||||||||
NOW and interest-bearing demand deposits | 0.08 | % | 0.08 | % | 0.08 | % | 0.10 | % | 0.13 | % |
Wealth management deposits | 0.67 | 0.67 | 0.71 | 0.72 | 0.73 | |||||
Money market accounts | 0.09 | 0.09 | 0.12 | 0.12 | 0.16 | |||||
Savings accounts | 0.04 | 0.04 | 0.04 | 0.05 | 0.09 | |||||
Time deposits | 0.51 | 0.74 | 1.10 | 1.36 | 1.54 | |||||
Interest-bearing deposits | 0.24 | 0.29 | 0.38 | 0.45 | 0.51 | |||||
Federal Home Loan Bank advances | 1.57 | 1.58 | 1.59 | 1.60 | 1.60 | |||||
Other borrowings | 1.78 | 1.94 | 1.96 | 2.04 | 2.16 | |||||
Subordinated notes | 5.05 | 5.02 | 5.05 | 5.02 | 5.05 | |||||
Junior subordinated debentures | 4.23 | 4.23 | 4.25 | 4.27 | 4.23 | |||||
Total interest-bearing liabilities | 0.42 | % | 0.48 | % | 0.56 | % | 0.63 | % | 0.70 | % |
Interest rate spread (1)(2)
| 2.41 | % | 2.42 | % | 2.44 | % | 2.33 | % | 2.32 | % |
Less: Fully taxable-equivalent adjustment | (0.01) | (0.01) | (0.01) | (0.01) | (0.01) | |||||
Net free funds/contribution (3)
| 0.14 | 0.17 | 0.19 | 0.21 | 0.22 | |||||
Net interest margin (GAAP) (2)
| 2.54 | % | 2.58 | % | 2.62 | % | 2.53 | % | 2.53 | % |
Fully taxable-equivalent adjustment | 0.01 | 0.01 | 0.01 | 0.01 | 0.01 | |||||
Net interest margin, fully taxable-equivalent (non-GAAP) (2)
| 2.55 | % | 2.59 | % | 2.63 | % | 2.54 | % | 2.54 | % |
Average Balance for years ended, |
Interest for years ended, |
Yield/Rate for years ended, | ||||||||||
(Dollars in thousands) | Dec 31, 2021 |
Dec 31, 2020 | Dec 31, 2021 | Dec 31, 2020 | Dec 31, 2021 | Dec 31, 2020 | ||||||
Interest-bearing deposits with banks, securities purchased under resale agreements and cash equivalents (1)
| $ | 4,840,048 | $ | 3,117,075 | $ | 6,779 | $ | 8,655 | 0.14 | % | 0.28 | % |
Investment securities (2)
| 4,779,313 | 4,101,136 | 97,258 | 101,799 | 2.03 | 2.48 | ||||||
FHLB and FRB stock | 135,873 | 130,360 | 7,067 | 6,891 | 5.20 | 5.29 | ||||||
Liquidity management assets (3)(4)
| $ | 9,755,234 | $ | 7,348,571 | $ | 111,104 | $ | 117,345 | 1.14 | % | 1.60 | % |
Other earning assets (3)(4)(5)
| 25,096 | 17,863 | 657 | 523 | 2.62 | 2.94 | ||||||
Mortgage loans held-for-sale | 959,457 | 707,147 | 32,169 | 20,077 | 3.35 | 2.84 | ||||||
Loans, net of unearned income (3)(4)(6)
| 33,051,043 | 30,181,204 | 1,135,155 | 1,159,490 | 3.43 | 3.84 | ||||||
Total earning assets (4)
| $ | 43,790,830 | $ | 38,254,785 | $ | 1,279,085 | $ | 1,297,435 | 2.92 | % | 3.39 | % |
Allowance for loan and investment security losses | (284,163) | (264,516) | ||||||||||
Cash and due from banks | 432,836 | 341,116 | ||||||||||
Other assets | 2,884,548 | 3,039,954 | ||||||||||
Total assets
| $ | 46,824,051 | $ | 41,371,339 | ||||||||
NOW and interest-bearing demand deposits | $ | 3,711,489 | $ | 3,298,554 | $ | 3,178 | $ | 7,642 | 0.09 | % | 0.23 | % |
Wealth management deposits | 4,429,929 | 3,882,975 | 30,520 | 29,277 | 0.69 | 0.75 | ||||||
Money market accounts | 10,051,444 | 8,874,488 | 10,606 | 46,488 | 0.11 | 0.52 | ||||||
Savings accounts | 3,734,162 | 3,354,662 | 1,583 | 12,507 | 0.04 | 0.37 | ||||||
Time deposits | 4,447,871 | 5,142,938 | 42,232 | 93,264 | 0.95 | 1.81 | ||||||
Interest-bearing deposits | $ | 26,374,895 | $ | 24,553,617 | $ | 88,119 | $ | 189,178 | 0.33 | % | 0.77 | % |
Federal Home Loan Bank advances | 1,236,478 | 1,156,106 | 19,581 | 18,193 | 1.58 | 1.57 | ||||||
Other borrowings | 514,657 | 496,693 | 9,928 | 12,773 | 1.93 | 2.57 | ||||||
Subordinated notes | 436,697 | 436,275 | 21,983 | 21,961 | 5.03 | 5.03 | ||||||
Junior subordinated debentures | 253,566 | 253,566 | 10,916 | 11,008 | 4.25 | 4.27 | ||||||
Total interest-bearing liabilities
| $ | 28,816,293 | $ | 26,896,257 | $ | 150,527 | $ | 253,113 | 0.52 | % | 0.94 | % |
Non-interest-bearing deposits | 12,638,518 | 9,432,090 | ||||||||||
Other liabilities | 1,068,498 | 1,116,304 | ||||||||||
Equity | 4,300,742 | 3,926,688 | ||||||||||
Total liabilities and shareholders' equity
| $ | 46,824,051 | $ | 41,371,339 | ||||||||
Interest rate spread (4)(7)
| 2.40 | % | 2.45 | % | ||||||||
Less: Fully taxable-equivalent adjustment | (3,601) | (4,415) | (0.01) | (0.01) | ||||||||
Net free funds/contribution (8)
| $ | 14,974,537 | $ | 11,358,528 | 0.18 | 0.28 | ||||||
Net interest income/margin(GAAP) (4)
| $ | 1,124,957 | $ | 1,039,907 | 2.57 | % | 2.72 | % | ||||
Fully taxable-equivalent adjustment | 3,601 | 4,415 | 0.01 | 0.01 | ||||||||
Net interest income/margin, fully taxable-equivalent (non-GAAP) (4)
| $ | 1,128,558 | $ | 1,044,322 | 2.58 | % | 2.73 | % |
Static Shock Scenario |
+200 Basis Points |
+100 Basis Points |
-100 Basis Points | |||
Dec 31, 2021 | 25.3 | % | 12.4 | % | (8.5) | % |
Sep 30, 2021 | 24.3 | 11.5 | (7.8) | |||
Jun 30, 2021 | 24.6 | 11.7 | (6.9) | |||
Mar 31, 2021 | 22.0 | 10.2 | (7.2) | |||
Dec 31, 2020 | 25.0 | 11.6 | (7.9) |
Ramp Scenario |
+200 Basis Points |
+100 Basis Points |
-100 Basis Points | |||
Dec 31, 2021 | 13.9 | % | 6.9 | % | (5.6) | % |
Sep 30, 2021 | 10.8 | 5.4 | (3.8) | |||
Jun 30, 2021 | 11.4 | 5.8 | (3.3) | |||
Mar 31, 2021 | 10.7 | 5.4 | (3.6) | |||
Dec 31, 2020 | 11.4 | 5.7 | (3.3) |
Loans repricing or maturity period | ||||||||
As of December 31, 2021 | One year or less | From one to five years | Over five years | |||||
(In thousands) | Total | |||||||
Commercial | ||||||||
Fixed rate | $ | 536,782 | $ | 2,092,006 | $ | 1,330,518 | $ | 3,959,306 |
Fixed Rate - PPP | 40,533 | 517,750 | - | 558,283 | ||||
Variable rate | 7,383,214 | 3,207 | 58 | 7,386,479 | ||||
Total commercial | $ | 7,960,529 | $ | 2,612,963 | $ | 1,330,576 | $ | 11,904,068 |
Commercial real estate | ||||||||
Fixed rate | 518,488 | 2,376,629 | 525,173 | 3,420,290 | ||||
Variable rate | 5,550,141 | 19,855 | - | 5,569,996 | ||||
Total commercial real estate | $ | 6,068,629 | $ | 2,396,484 | $ | 525,173 | $ | 8,990,286 |
Home equity | ||||||||
Fixed rate | 14,896 | 3,059 | 42 | 17,997 | ||||
Variable rate | 317,158 | - | - | 317,158 | ||||
Total home equity | $ | 332,054 | $ | 3,059 | $ | 42 | $ | 335,155 |
Residential real estate | ||||||||
Fixed rate | 17,812 | 5,834 | 897,316 | 920,962 | ||||
Variable rate | 58,968 | 237,706 | 419,463 | 716,137 | ||||
Total residential real estate | $ | 76,780 | $ | 243,540 | $ | 1,316,779 | $ | 1,637,099 |
Premium finance receivables - commercial | ||||||||
Fixed rate | 4,677,500 | 177,987 | - | 4,855,487 | ||||
Variable rate | - | - | - | - | ||||
Total premium finance receivables - commercial | $ | 4,677,500 | $ | 177,987 | $ | - | $ | 4,855,487 |
Premium finance receivables - life insurance | ||||||||
Fixed rate | 8,579 | 474,465 | 21,727 | 504,771 | ||||
Variable rate | 6,538,039 | - | - | 6,538,039 | ||||
Total premium finance receivables - life insurance | $ | 6,546,618 | $ | 474,465 | $ | 21,727 | $ | 7,042,810 |
Consumer and other | ||||||||
Fixed rate | 4,094 | 5,004 | 656 | 9,754 | ||||
Variable rate | 14,445 | - | - | 14,445 | ||||
Total consumer and other | $ | 18,539 | $ | 5,004 | $ | 656 | $ | 24,199 |
Total per category | ||||||||
Fixed rate | 5,778,151 | 5,134,984 | 2,775,432 | 13,688,567 | ||||
Fixed rate - PPP | 40,533 | 517,750 | - | 558,283 | ||||
Variable rate | 19,861,965 | 260,768 | 419,521 | 20,542,254 | ||||
Total loans, net of unearned income | $ | 25,680,649 | $ | 5,913,502 | $ | 3,194,953 | $ | 34,789,104 |
Variable Rate Loan Pricing by Index: | ||||||||
Prime | $ | 3,273,915 | ||||||
One- month LIBOR | 8,848,709 | |||||||
Three- month LIBOR | 285,441 | |||||||
Twelve- month LIBOR | 6,677,139 | |||||||
U.S. Treasury tenors | 107,037 | |||||||
SOFR tenors | 598,904 | |||||||
Thirty-Day Ameribor | 89,832 | |||||||
Other | 661,277 | |||||||
Total variable rate | $ | 20,542,254 |
Basis Point (bp) Change in | ||||||
Prime |
1-month LIBOR |
12-month LIBOR | ||||
Fourth Quarter 2021 | 0 | bps | 2 | bps | 34 | bps |
Third Quarter 2021 | 0 | -2 | -1 | |||
Second Quarter 2021 | 0 | -1 | -3 | |||
First Quarter 2021 | 0 | -3 | -6 | |||
Fourth Quarter 2020 | 0 | -1 | -2 |
Three Months Ended | Years Ended | |||||||||||||
Dec 31, | Sep 30, | Jun 30, | Mar 31, | Dec 31, | Dec 31, | Dec 31, | ||||||||
(Dollars in thousands) | 2021 | 2021 | 2021 | 2021 | 2020 | 2021 | 2020 | |||||||
Allowance for credit losses at beginning of period | $ | 296,138 | $ | 304,121 | $ | 321,308 | $ | 379,969 | $ | 388,971 | $ | 379,969 | $ | 158,461 |
Cumulative effect adjustment from the adoption of ASU 2016-13 | - | - | - | - | - | - | 47,418 | |||||||
Provision for credit losses | 9,299 | (7,916) | (15,299) | (45,347) | 1,180 | (59,263) | 214,220 | |||||||
Initial allowance for credit losses recognized on PCD assets acquired during the period (1)
| 470 | - | - | - | - | 470 | - | |||||||
Other adjustments | 5 | (65) | 34 | 31 | 155 | 5 | 179 | |||||||
Charge-offs: | ||||||||||||||
Commercial | 4,431 | 1,352 | 3,237 | 11,781 | 5,184 | 20,801 | 18,293 | |||||||
Commercial real estate | 495 | 406 | 1,412 | 980 | 6,637 | 3,293 | 15,960 | |||||||
Home equity | 135 | 59 | 142 | - | 683 | 336 | 2,061 | |||||||
Residential real estate | 1,067 | 10 | 3 | 2 | 114 | 1,082 | 891 | |||||||
Premium finance receivables | 2,314 | 1,390 | 2,077 | 3,239 | 4,214 | 9,020 | 15,472 | |||||||
Consumer and other | 157 | 112 | 104 | 114 | 198 | 487 | 528 | |||||||
Total charge-offs | 8,599 | 3,329 | 6,975 | 16,116 | 17,030 | 35,019 | 53,205 | |||||||
Recoveries: | ||||||||||||||
Commercial | 389 | 816 | 902 | 452 | 4,168 | 2,559 | 5,092 | |||||||
Commercial real estate | 217 | 373 | 514 | 200 | 904 | 1,304 | 1,835 | |||||||
Home equity | 461 | 313 | 328 | 101 | 77 | 1,203 | 528 | |||||||
Residential real estate | 85 | 5 | 36 | 204 | 69 | 330 | 184 | |||||||
Premium finance receivables | 1,240 | 1,728 | 3,239 | 1,782 | 1,445 | 7,989 | 5,108 | |||||||
Consumer and other | 26 | 92 | 34 | 32 | 30 | 184 | 149 | |||||||
Total recoveries | 2,418 | 3,327 | 5,053 | 2,771 | 6,693 | 13,569 | 12,896 | |||||||
Net charge-offs | (6,181) | (2) | (1,922) | (13,345) | (10,337) | (21,450) | (40,309) | |||||||
Allowance for credit losses at period end | $ | 299,731 | $ | 296,138 | $ | 304,121 | $ | 321,308 | $ | 379,969 | $ | 299,731 | $ | 379,969 |
Annualized net charge-offs (recoveries) by category as a percentage of its own respective category's average: | ||||||||||||||
Commercial | 0.14 | % | 0.02 | % | 0.08 | % | 0.37 | % | 0.03 | % | 0.16 | % | 0.12 | % |
Commercial real estate | 0.01 | 0.00 | 0.04 | 0.04 | 0.27 | 0.02 | 0.17 | |||||||
Home equity | (0.38) | (0.28) | (0.20) | (0.10) | 0.55 | (0.23) | 0.33 | |||||||
Residential real estate | 0.25 | 0.00 | (0.01) | (0.06) | 0.02 | 0.05 | 0.06 | |||||||
Premium finance receivables | 0.04 | (0.01) | (0.04) | 0.06 | 0.11 | 0.01 | 0.11 | |||||||
Consumer and other | 0.95 | 0.26 | 0.69 | 0.57 | 0.78 | 0.66 | 0.52 | |||||||
Total loans, net of unearned income | 0.07 | % | 0.00 | % | 0.02 | % | 0.17 | % | 0.13 | % | 0.06 | % | 0.13 | % |
Loans at period end | $ | 34,789,104 | $ | 33,264,043 | $ | 32,911,187 | $ | 33,171,233 | $ | 32,079,073 | ||||
Allowance for loan losses as a percentage of loans at period end | 0.71 | % | 0.75 | % | 0.79 | % | 0.84 | % | 1.00 | % | ||||
Allowance for loan and unfunded lending-related commitment losses as a percentage of loans at period end | 0.86 | 0.89 | 0.92 | 0.97 | 1.18 | |||||||||
Allowance for loan and unfunded lending-related commitment losses as a percentage of loans at period end, excluding PPP loans | 0.88 | 0.92 | 0.98 | 1.08 | 1.29 |
Three Months Ended | Years Ended | |||||||||||||
Dec 31, | Sep 30, | Jun 30, | Mar 31, | Dec 31, | Dec 31, | Dec 31, | ||||||||
(In thousands) | 2021 | 2021 | 2021 | 2021 | 2020 | 2021 | 2020 | |||||||
Provision for loan losses | $ | 4,929 | $ | (12,410) | $ | (14,731) | $ | (28,351) | $ | 3,597 | $ | (50,563) | $ | 188,493 |
Provision for unfunded lending-related commitments losses | 4,375 | 4,501 | (558) | (17,035) | (2,413) | (8,717) | 25,742 | |||||||
Provision for held-to-maturity securities losses | (5) | (7) | (10) | 39 | (4) | 17 | (15) | |||||||
Provision for credit losses | $ | 9,299 | $ | (7,916) | $ | (15,299) | $ | (45,347) | $ | 1,180 | $ | (59,263) | $ | 214,220 |
Allowance for loan losses | $ | 247,835 | $ | 248,612 | $ | 261,089 | $ | 277,709 | $ | 319,374 | ||||
Allowance for unfunded lending-related commitments losses | 51,818 | 47,443 | 42,942 | 43,500 | 60,536 | |||||||||
Allowance for loan losses and unfunded lending-related commitments losses | 299,653 | 296,055 | 304,031 | 321,209 | 379,910 | |||||||||
Allowance for held-to-maturity securities losses | 78 | 83 | 90 | 99 | 59 | |||||||||
Allowance for credit losses | $ | 299,731 | $ | 296,138 | $ | 304,121 | $ | 321,308 | $ | 379,969 |
As of Dec 31, 2021 | As of Sep 30, 2021 | As of Jun 30, 2021 | ||||||||||||||||
(Dollars in thousands) |
Recorded Investment |
Calculated Allowance |
% of its category's balance |
Recorded Investment |
Calculated Allowance |
% of its category's balance |
Recorded Investment |
Calculated Allowance |
% of its category's balance | |||||||||
Commercial: | ||||||||||||||||||
Commercial, industrial and other, excluding PPP loans | $ | 11,345,785 | $ | 119,305 | 1.05 | % | $ | 10,105,984 | $ | 109,780 | 1.09 | % | $ | 9,562,869 | $ | 98,505 | 1.03 | % |
Commercial PPP loans | 558,283 | 2 | 0.00 | 1,081,988 | 2 | 0.00 | 1,879,407 | 2 | 0.00 | |||||||||
Commercial real estate: | ||||||||||||||||||
Construction and development | 1,356,204 | 35,206 | 2.60 | 1,343,715 | 34,101 | 2.54 | 1,385,249 | 38,550 | 2.78 | |||||||||
Non-construction | 7,634,082 | 109,377 | 1.43 | 7,541,999 | 105,934 | 1.40 | 7,293,120 | 119,972 | 1.65 | |||||||||
Home equity | 335,155 | 10,699 | 3.19 | 347,662 | 10,939 | 3.15 | 369,806 | 11,207 | 3.03 | |||||||||
Residential real estate | 1,637,099 | 8,782 | 0.54 | 1,547,736 | 16,272 | 1.05 | 1,530,285 | 15,684 | 1.02 | |||||||||
Premium finance receivables | ||||||||||||||||||
Commercial insurance loans | 4,855,487 | 15,246 | 0.31 | 4,616,977 | 17,996 | 0.39 | 4,521,871 | 19,346 | 0.43 | |||||||||
Life insurance loans | 7,042,810 | 613 | 0.01 | 6,655,453 | 579 | 0.01 | 6,359,556 | 553 | 0.01 | |||||||||
Consumer and other | 24,199 | 423 | 1.75 | 22,529 | 452 | 2.01 | 9,024 | 212 | 2.35 | |||||||||
Total loans, net of unearned income | $ | 34,789,104 | $ | 299,653 | 0.86 | % | $ | 33,264,043 | $ | 296,055 | 0.89 | % | $ | 32,911,187 | $ | 304,031 | 0.92 | % |
Total loans, net of unearned income, excluding PPP loans | $ | 34,230,821 | $ | 299,651 | 0.88 | % | $ | 32,182,055 | $ | 296,053 | 0.92 | % | $ | 31,031,780 | $ | 304,029 | 0.98 | % |
Total core loans (1)
| $ | 19,599,090 | $ | 260,511 | 1.33 | % | $ | 18,690,730 | $ | 257,788 | 1.38 | % | $ | 17,989,306 | $ | 267,999 | 1.49 | % |
Total niche loans (1)
| 14,631,731 | 39,140 | 0.27 | 13,491,325 | 38,265 | 0.28 | 13,042,474 | 36,030 | 0.28 | |||||||||
Total PPP loans | 558,283 | 2 | 0.00 | 1,081,988 | 2 | 0.00 | 1,879,407 | 2 | 0.00 | |||||||||
(Dollars in thousands) | Dec 31, 2021 | Sep 30, 2021 | Jun 30, 2021 | Mar 31, 2021 | Dec 31, 2020 | |||||
Loan Balances: | ||||||||||
Commercial | ||||||||||
Nonaccrual | $ | 20,399 | $ | 26,468 | $ | 23,232 | $ | 22,459 | $ | 21,743 |
90+ days and still accruing | 15 | - | 1,244 | - | 307 | |||||
60-89 days past due | 24,262 | 9,768 | 5,204 | 13,292 | 6,900 | |||||
30-59 days past due | 43,861 | 25,224 | 18,478 | 35,541 | 44,381 | |||||
Current | 11,815,531 | 11,126,512 | 11,394,118 | 12,636,915 | 11,882,636 | |||||
Total commercial | $ | 11,904,068 | $ | 11,187,972 | $ | 11,442,276 | $ | 12,708,207 | $ | 11,955,967 |
Commercial real estate | ||||||||||
Nonaccrual | $ | 21,746 | $ | 23,706 | $ | 26,035 | $ | 34,380 | $ | 46,107 |
90+ days and still accruing | - | - | - | - | - | |||||
60-89 days past due | 284 | 5,395 | 4,382 | 8,156 | 5,178 | |||||
30-59 days past due | 40,443 | 79,818 | 19,698 | 70,168 | 32,116 | |||||
Current | 8,927,813 | 8,776,795 | 8,628,254 | 8,432,075 | 8,410,731 | |||||
Total commercial real estate | $ | 8,990,286 | $ | 8,885,714 | $ | 8,678,369 | $ | 8,544,779 | $ | 8,494,132 |
Home equity | ||||||||||
Nonaccrual | $ | 2,574 | $ | 3,449 | $ | 3,478 | $ | 5,536 | $ | 6,529 |
90+ days and still accruing | - | 164 | - | - | - | |||||
60-89 days past due | - | 340 | 301 | 492 | 47 | |||||
30-59 days past due | 1,120 | 867 | 777 | 780 | 637 | |||||
Current | 331,461 | 342,842 | 365,250 | 383,445 | 418,050 | |||||
Total home equity | $ | 335,155 | $ | 347,662 | $ | 369,806 | $ | 390,253 | $ | 425,263 |
Residential real estate | ||||||||||
Nonaccrual | $ | 16,440 | $ | 22,633 | $ | 23,050 | $ | 21,553 | $ | 26,071 |
90+ days and still accruing | - | - | - | - | - | |||||
60-89 days past due | 982 | 1,540 | 1,584 | 944 | 1,635 | |||||
30-59 days past due | 12,420 | 1,076 | 2,139 | 13,768 | 12,584 | |||||
Current | 1,607,257 | 1,522,487 | 1,503,512 | 1,385,708 | 1,219,308 | |||||
Total residential real estate | $ | 1,637,099 | $ | 1,547,736 | $ | 1,530,285 | $ | 1,421,973 | $ | 1,259,598 |
Premium finance receivables | ||||||||||
Nonaccrual | $ | 5,433 | $ | 7,300 | $ | 6,418 | $ | 9,690 | $ | 13,264 |
90+ days and still accruing | 7,217 | 5,811 | 3,570 | 4,783 | 12,792 | |||||
60-89 days past due | 28,104 | 15,804 | 7,759 | 5,113 | 27,801 | |||||
30-59 days past due | 89,070 | 21,654 | 32,758 | 31,373 | 49,274 | |||||
Current | 11,768,473 | 11,221,861 | 10,830,922 | 10,019,079 | 9,808,794 | |||||
Total premium finance receivables | $ | 11,898,297 | $ | 11,272,430 | $ | 10,881,427 | $ | 10,070,038 | $ | 9,911,925 |
Consumer and other | ||||||||||
Nonaccrual | $ | 477 | $ | 384 | $ | 485 | $ | 497 | $ | 436 |
90+ days and still accruing | 137 | 126 | 178 | 161 | 264 | |||||
60-89 days past due | 34 | 16 | 22 | 8 | 24 | |||||
30-59 days past due | 509 | 125 | 75 | 74 | 136 | |||||
Current | 23,042 | 21,878 | 8,264 | 35,243 | 31,328 | |||||
Total consumer and other | $ | 24,199 | $ | 22,529 | $ | 9,024 | $ | 35,983 | $ | 32,188 |
Total loans, net of unearned income | ||||||||||
Nonaccrual | $ | 67,069 | $ | 83,940 | $ | 82,698 | $ | 94,115 | $ | 114,150 |
90+ days and still accruing | 7,369 | 6,101 | 4,992 | 4,944 | 13,363 | |||||
60-89 days past due | 53,666 | 32,863 | 19,252 | 28,005 | 41,585 | |||||
30-59 days past due | 187,423 | 128,764 | 73,925 | 151,704 | 139,128 | |||||
Current | 34,473,577 | 33,012,375 | 32,730,320 | 32,892,465 | 31,770,847 | |||||
Total loans, net of unearned income | $ | 34,789,104 | $ | 33,264,043 | $ | 32,911,187 | $ | 33,171,233 | $ | 32,079,073 |
Dec 31, | Sep 30, | Jun 30, | Mar 31, | Dec 31, | ||||||
(Dollars in thousands) | 2021 | 2021 | 2021 | 2021 | 2020 | |||||
Loans past due greater than 90 days and still accruing (1):
| ||||||||||
Commercial | $ | 15 | $ | - | $ | 1,244 | $ | - | $ | 307 |
Commercial real estate | - | - | - | - | - | |||||
Home equity | - | 164 | - | - | - | |||||
Residential real estate | - | - | - | - | - | |||||
Premium finance receivables | 7,217 | 5,811 | 3,570 | 4,783 | 12,792 | |||||
Consumer and other | 137 | 126 | 178 | 161 | 264 | |||||
Total loans past due greater than 90 days and still accruing | 7,369 | 6,101 | 4,992 | 4,944 | 13,363 | |||||
Non-accrual loans: | ||||||||||
Commercial | 20,399 | 26,468 | 23,232 | 22,459 | 21,743 | |||||
Commercial real estate | 21,746 | 23,706 | 26,035 | 34,380 | 46,107 | |||||
Home equity | 2,574 | 3,449 | 3,478 | 5,536 | 6,529 | |||||
Residential real estate | 16,440 | 22,633 | 23,050 | 21,553 | 26,071 | |||||
Premium finance receivables | 5,433 | 7,300 | 6,418 | 9,690 | 13,264 | |||||
Consumer and other | 477 | 384 | 485 | 497 | 436 | |||||
Total non-accrual loans | 67,069 | 83,940 | 82,698 | 94,115 | 114,150 | |||||
Total non-performing loans: | ||||||||||
Commercial | 20,414 | 26,468 | 24,476 | 22,459 | 22,050 | |||||
Commercial real estate | 21,746 | 23,706 | 26,035 | 34,380 | 46,107 | |||||
Home equity | 2,574 | 3,613 | 3,478 | 5,536 | 6,529 | |||||
Residential real estate | 16,440 | 22,633 | 23,050 | 21,553 | 26,071 | |||||
Premium finance receivables | 12,650 | 13,111 | 9,988 | 14,473 | 26,056 | |||||
Consumer and other | 614 | 510 | 663 | 658 | 700 | |||||
Total non-performing loans | $ | 74,438 | $ | 90,041 | $ | 87,690 | $ | 99,059 | $ | 127,513 |
Other real estate owned | 1,959 | 9,934 | 10,510 | 8,679 | 9,711 | |||||
Other real estate owned - from acquisitions | 2,312 | 3,911 | 5,062 | 7,134 | 6,847 | |||||
Other repossessed assets | - | - | - | - | - | |||||
Total non-performing assets | $ | 78,709 | $ | 103,886 | $ | 103,262 | $ | 114,872 | $ | 144,071 |
Accruing TDRs not included within non-performing assets | $ | 37,486 | $ | 38,468 | $ | 44,019 | $ | 46,151 | $ | 47,023 |
Total non-performing loans by category as a percent of its own respective category's period-end balance: | ||||||||||
Commercial | 0.17 | % | 0.24 | % | 0.21 | % | 0.18 | % | 0.18 | % |
Commercial real estate | 0.24 | 0.27 | 0.30 | 0.40 | 0.54 | |||||
Home equity | 0.77 | 1.04 | 0.94 | 1.42 | 1.54 | |||||
Residential real estate | 1.00 | 1.46 | 1.51 | 1.52 | 2.07 | |||||
Premium finance receivables | 0.11 | 0.12 | 0.09 | 0.14 | 0.26 | |||||
Consumer and other | 2.54 | 2.26 | 7.35 | 1.83 | 2.17 | |||||
Total loans, net of unearned income | 0.21 | % | 0.27 | % | 0.27 | % | 0.30 | % | 0.40 | % |
Total non-performing assets as a percentage of total assets | 0.16 | % | 0.22 | % | 0.22 | % | 0.25 | % | 0.32 | % |
Allowance for loan losses and unfunded lending-related commitments losses as a percentage of non-accrual loans | 446.78 | % | 352.70 | % | 367.64 | % | 341.29 | % | 332.82 | % |
Three Months Ended | Years Ended | |||||||||||||
Dec 31, | Sep 30, | Jun 30, | Mar 31, | Dec 31, | Dec 31, | Dec 31, | ||||||||
(In thousands) | 2021 | 2021 | 2021 | 2021 | 2020 | 2021 | 2020 | |||||||
Balance at beginning of period | $ | 90,041 | $ | 87,690 | $ | 99,059 | $ | 127,513 | $ | 173,103 | $ | 127,513 | $ | 117,588 |
Additions from becoming non-performing in the respective period | 6,851 | 9,341 | 12,762 | 9,894 | 13,224 | 38,848 | 85,993 | |||||||
Additions from the adoption of ASU 2016-13 | - | - | - | - | - | - | 37,285 | |||||||
Return to performing status | (6,616) | (3,322) | - | (654) | (1,000) | (10,592) | (10,254) | |||||||
Payments received | (13,212) | (5,568) | (12,312) | (22,731) | (30,146) | (53,823) | (53,029) | |||||||
Transfer to OREO and other repossessed assets | (275) | (720) | (3,660) | (1,372) | (12,662) | (6,027) | (14,557) | |||||||
Charge-offs, net | (5,167) | (548) | (4,684) | (2,952) | (7,817) | (13,351) | (29,835) | |||||||
Net change for niche loans (1)
| 2,816 | 3,168 | (3,475) | (10,639) | (7,189) | (8,130) | (5,678) | |||||||
Balance at end of period | $ | 74,438 | $ | 90,041 | $ | 87,690 | $ | 99,059 | $ | 127,513 | $ | 74,438 | $ | 127,513 |
Dec 31, | Sep 30, | Jun 30, | Mar 31, | Dec 31, | ||||||
(In thousands) | 2021 | 2021 | 2021 | 2021 | 2020 | |||||
Accruing TDRs: | ||||||||||
Commercial | $ | 4,131 | $ | 4,532 | $ | 6,911 | $ | 7,536 | $ | 7,699 |
Commercial real estate | 8,421 | 8,385 | 9,659 | 9,478 | 10,549 | |||||
Residential real estate and other | 24,934 | 25,551 | 27,449 | 29,137 | 28,775 | |||||
Total accrual | $ | 37,486 | $ | 38,468 | $ | 44,019 | $ | 46,151 | $ | 47,023 |
Non-accrual TDRs: (1)
| ||||||||||
Commercial | $ | 6,746 | $ | 3,079 | $ | 4,104 | $ | 5,583 | $ | 10,491 |
Commercial real estate | 2,050 | 3,239 | 3,434 | 1,309 | 6,177 | |||||
Residential real estate and other | 3,027 | 3,685 | 4,190 | 3,540 | 4,501 | |||||
Total non-accrual | $ | 11,823 | $ | 10,003 | $ | 11,728 | $ | 10,432 | $ | 21,169 |
Total TDRs: | ||||||||||
Commercial | $ | 10,877 | $ | 7,611 | $ | 11,015 | $ | 13,119 | $ | 18,190 |
Commercial real estate | 10,471 | 11,624 | 13,093 | 10,787 | 16,726 | |||||
Residential real estate and other | 27,961 | 29,236 | 31,639 | 32,677 | 33,276 | |||||
Total TDRs | $ | 49,309 | $ | 48,471 | $ | 55,747 | $ | 56,583 | $ | 68,192 |
Three Months Ended | ||||||||||
Dec 31, | Sep 30, | Jun 30, | Mar 31, | Dec 31, | ||||||
(In thousands) | 2021 | 2021 | 2021 | 2021 | 2020 | |||||
Balance at beginning of period | $ | 13,845 | $ | 15,572 | $ | 15,813 | $ | 16,558 | $ | 9,217 |
Disposals/resolved | (9,664) | (1,949) | (3,152) | (2,162) | (3,839) | |||||
Transfers in at fair value, less costs to sell | 275 | 315 | 3,660 | 1,587 | 11,508 | |||||
Fair value adjustments | (185) | (93) | (749) | (170) | (328) | |||||
Balance at end of period | $ | 4,271 | $ | 13,845 | $ | 15,572 | $ | 15,813 | $ | 16,558 |
Period End | ||||||||||
Dec 31, | Sep 30, | Jun 30, | Mar 31, | Dec 31, | ||||||
Balance by Property Type: | 2021 | 2021 | 2021 | 2021 | 2020 | |||||
Residential real estate | $ | 1,310 | $ | 1,592 | $ | 1,952 | $ | 2,713 | $ | 2,324 |
Residential real estate development | - | 934 | 1,030 | 1,287 | 1,691 | |||||
Commercial real estate | 2,961 | 11,319 | 12,590 | 11,813 | 12,543 | |||||
Total | $ | 4,271 | $ | 13,845 | $ | 15,572 | $ | 15,813 | $ | 16,558 |
Three Months Ended |
Q4 2021 compared to
Q3 2021
|
Q4 2021 compared to
Q4 2020
| ||||||||||||||||
Dec 31, | Sep 30, | Jun 30, | Mar 31, | Dec 31, | ||||||||||||||
(Dollars in thousands) | 2021 | 2021 | 2021 | 2021 | 2020 | $ Change | % Change | $ Change | % Change | |||||||||
Brokerage | $ | 5,292 | $ | 5,230 | $ | 5,148 | $ | 5,040 | $ | 4,740 | $ | 62 | 1 | % | $ | 552 | 12 | % |
Trust and asset management | 27,197 | 26,301 | 25,542 | 24,269 | 22,062 | 896 | 3 | 5,135 | 23 | |||||||||
Total wealth management | 32,489 | 31,531 | 30,690 | 29,309 | 26,802 | 958 | 3 | 5,687 | 21 | |||||||||
Mortgage banking | 53,138 | 55,794 | 50,584 | 113,494 | 86,819 | (2,656) | (5) | (33,681) | (39) | |||||||||
Service charges on deposit accounts | 14,734 | 14,149 | 13,249 | 12,036 | 11,841 | 585 | 4 | 2,893 | 24 | |||||||||
(Losses) gains on investment securities, net | (1,067) | (2,431) | 1,285 | 1,154 | 1,214 | 1,364 | 56 | (2,281) | NM | |||||||||
Fees from covered call options | 1,128 | 1,157 | 1,388 | - | - | (29) | (3) | 1,128 | NM | |||||||||
Trading gains (losses), net | 206 | 58 | (438) | 419 | (102) | 148 | NM | 308 | NM | |||||||||
Operating lease income, net | 14,204 | 12,807 | 12,240 | 14,440 | 12,118 | 1,397 | 11 | 2,086 | 17 | |||||||||
Other: | ||||||||||||||||||
Interest rate swap fees | 3,526 | 4,868 | 2,820 | 2,488 | 4,930 | (1,342) | (28) | (1,404) | (28) | |||||||||
BOLI | 1,192 | 2,154 | 1,342 | 1,124 | 2,846 | (962) | (45) | (1,654) | (58) | |||||||||
Administrative services | 1,846 | 1,359 | 1,228 | 1,256 | 1,263 | 487 | 36 | 583 | 46 | |||||||||
Foreign currency remeasurement gains (losses) | 111 | 77 | (782) | 99 | (208) | 34 | 44 | 319 | NM | |||||||||
Early pay-offs of capital leases | 249 | 209 | 195 | (52) | 118 | 40 | 19 | 131 | NM | |||||||||
Miscellaneous | 12,011 | 14,742 | 15,572 | 10,739 | 10,720 | (2,731) | (19) | 1,291 | 12 | |||||||||
Total Other | 18,935 | 23,409 | 20,375 | 15,654 | 19,669 | (4,474) | (19) | (734) | (4) | |||||||||
Total Non-Interest Income | $ | 133,767 | $ | 136,474 | $ | 129,373 | $ | 186,506 | $ | 158,361 | $ | (2,707) | (2) | % | $ | (24,594) | (16) | % |
Years Ended | ||||||||
Dec 31, | Dec 31, | $ | % | |||||
(Dollars in thousands) | 2021 | 2020 | Change | Change | ||||
Brokerage | $ | 20,710 | $ | 18,731 | $ | 1,979 | 11 | % |
Trust and asset management | 103,309 | 81,605 | 21,704 | 27 | ||||
Total wealth management | 124,019 | 100,336 | 23,683 | 24 | ||||
Mortgage banking | 273,010 | 346,013 | (73,003) | (21) | ||||
Service charges on deposit accounts | 54,168 | 45,023 | 9,145 | 20 | ||||
Losses on investment securities, net | (1,059) | (1,926) | 867 | 45 | ||||
Fees from covered call options | 3,673 | 2,292 | 1,381 | 60 | ||||
Trading gains (losses), net | 245 | (1,004) | 1,249 | NM | ||||
Operating lease income, net | 53,691 | 47,604 | 6,087 | 13 | ||||
Other: | ||||||||
Interest rate swap fees | 13,702 | 20,718 | (7,016) | (34) | ||||
BOLI | 5,812 | 4,730 | 1,082 | 23 | ||||
Administrative services | 5,689 | 4,385 | 1,304 | 30 | ||||
Foreign currency remeasurement loss | (495) | (621) | 126 | 20 | ||||
Early pay-offs of leases | 601 | 632 | (31) | (5) | ||||
Miscellaneous | 53,064 | 36,007 | 17,057 | 47 | ||||
Total Other | 78,373 | 65,851 | 12,522 | 19 | ||||
Total Non-Interest Income | $ | 586,120 | $ | 604,189 | $ | (18,069) | (3) | % |
Three Months Ended | Years Ended | |||||||||||||
(Dollars in thousands) |
Dec 31, 2021 |
Sep 30, 2021 |
Jun 30, 2021 |
Mar 31, 2021 |
Dec 31, 2020 |
Dec 31, 2021 |
Dec 31, 2020 | |||||||
Originations: | ||||||||||||||
Retail originations | $ | 980,627 | $ | 1,153,265 | $ | 1,328,721 | $ | 1,641,664 | $ | 1,757,093 | $ | 5,104,277 | $ | 5,709,868 |
Veterans First originations | 318,244 | 405,663 | 395,290 | 580,303 | 594,151 | 1,699,500 | 2,294,862 | |||||||
Total originations for sale (A) | $ | 1,298,871 | $ | 1,558,928 | $ | 1,724,011 | $ | 2,221,967 | $ | 2,351,244 | $ | 6,803,777 | $ | 8,004,730 |
Originations for investment | 177,676 | 181,886 | 249,749 | 321,858 | 192,107 | 931,169 | 396,499 | |||||||
Total originations | $ | 1,476,547 | $ | 1,740,814 | $ | 1,973,760 | $ | 2,543,825 | $ | 2,543,351 | $ | 7,734,946 | $ | 8,401,229 |
Retail originations as percentage of originations for sale | 75 | % | 74 | % | 77 | % | 74 | % | 75 | % | 75 | % | 71 | % |
Veterans First originations as a percentage of originations for sale | 25 | 26 | 23 | 26 | 25 | 25 | 29 | |||||||
Purchases as a percentage of originations for sale | 52 | % | 56 | % | 53 | % | 27 | % | 35 | % | 45 | % | 35 | % |
Refinances as a percentage of originations for sale | 48 | 44 | 47 | 73 | 65 | 55 | 65 | |||||||
Production Margin: | ||||||||||||||
Production revenue (B) (1)
| $ | 28,182 | $ | 39,247 | $ | 37,531 | $ | 71,282 | $ | 70,886 | $ | 176,242 | $ | 307,794 |
Total originations for sale (A) | $ | 1,298,871 | $ | 1,558,928 | $ | 1,724,011 | $ | 2,221,967 | $ | 2,351,244 | $ | 6,803,777 | $ | 8,004,730 |
Add: Current period end mandatory interest rate lock commitments to fund originations for sale (2)
| 353,509 | 510,982 | 605,400 | 798,534 | 1,072,717 | 353,509 | 1,072,717 | |||||||
Less: Prior period end mandatory interest rate lock commitments to fund originations for sale (2)
| 510,982 | 605,400 | 798,534 | 1,072,717 | 1,544,234 | 1,072,717 | 372,357 | |||||||
Total mortgage production volume (C) | $ | 1,141,398 | $ | 1,464,510 | $ | 1,530,877 | $ | 1,947,784 | $ | 1,879,727 | $ | 6,084,569 | $ | 8,705,090 |
Production margin (B / C) | 2.47 | % | 2.68 | % | 2.45 | % | 3.66 | % | 3.77 | % | 2.90 | % | 3.54 | % |
Mortgage Servicing: | ||||||||||||||
Loans serviced for others (D) | $ | 13,126,254 | $ | 12,720,126 | $ | 12,307,337 | $ | 11,530,676 | $ | 10,833,135 | ||||
MSRs, at fair value (E) | 147,571 | 133,552 | 127,604 | 124,316 | 92,081 | |||||||||
Percentage of MSRs to loans serviced for others (E / D) | 1.12 | % | 1.05 | % | 1.04 | % | 1.08 | % | 0.85 | % | ||||
Servicing income | $ | 10,766 | $ | 10,454 | $ | 9,830 | $ | 9,636 | $ | 9,829 | $ | 40,686 | $ | 31,886 |
Components of MSR: | ||||||||||||||
MSR - current period capitalization | $ | 15,080 | $ | 15,546 | $ | 17,512 | $ | 24,616 | $ | 20,343 | $ | 72,754 | $ | 71,077 |
MSR - collection of expected cash flows - paydowns | (1,101) | (1,036) | (991) | (728) | (688) | (3,856) | (2,244) | |||||||
MSR - collection of expected cash flows - payoffs | (6,385) | (7,558) | (7,549) | (9,440) | (8,335) | (30,932) | (30,335) | |||||||
Valuation: | ||||||||||||||
MSR - changes in fair value model assumptions | 6,656 | (888) | (5,540) | 18,045 | (5,223) | 18,273 | (30,764) | |||||||
Gain on derivative contract held as an economic hedge, net | - | - | - | - | - | - | 4,749 | |||||||
MSR valuation adjustment, net of gain on derivative contract held as an economic hedge | $ | 6,656 | $ | (888) | $ | (5,540) | $ | 18,045 | $ | (5,223) | $ | 18,273 | $ | (26,015) |
Summary of Mortgage Banking Revenue: | ||||||||||||||
Production revenue (1)
| $ | 28,182 | $ | 39,247 | $ | 37,531 | $ | 71,282 | $ | 70,886 | $ | 176,242 | $ | 307,794 |
Servicing income | 10,766 | 10,454 | 9,830 | 9,636 | 9,829 | 40,686 | 31,886 | |||||||
MSR activity | 14,250 | 6,064 | 3,432 | 32,493 | 6,097 | 56,239 | 12,483 | |||||||
Other | (60) | 29 | (209) | 83 | 7 | (157) | (6,150) | |||||||
Total mortgage banking revenue | $ | 53,138 | $ | 55,794 | $ | 50,584 | $ | 113,494 | $ | 86,819 | $ | 273,010 | $ | 346,013 |
Three Months Ended |
Q4 2021 compared to
Q3 2021
|
Q4 2021 compared to
Q4 2020
| ||||||||||||||||
Dec 31, | Sep 30, | Jun 30, | Mar 31, | Dec 31, | ||||||||||||||
(Dollars in thousands) | 2021 | 2021 | 2021 | 2021 | 2020 | $ Change | % Change | $ Change | % Change | |||||||||
Salaries and employee benefits: | ||||||||||||||||||
Salaries | $ | 91,612 | $ | 88,161 | $ | 91,089 | $ | 91,053 | $ | 93,535 | $ | 3,451 | 4 | % | $ | (1,923) | (2) | % |
Commissions and incentive compensation | 49,923 | 57,026 | 53,751 | 61,367 | 52,383 | (7,103) | (12) | (2,460) | (5) | |||||||||
Benefits | 25,596 | 25,725 | 27,977 | 28,389 | 25,198 | (129) | (1) | 398 | 2 | |||||||||
Total salaries and employee benefits | 167,131 | 170,912 | 172,817 | 180,809 | 171,116 | (3,781) | (2) | (3,985) | (2) | |||||||||
Software and equipment | 23,708 | 22,029 | 20,866 | 20,912 | 20,565 | 1,679 | 8 | 3,143 | 15 | |||||||||
Operating lease equipment depreciation | 10,147 | 10,013 | 9,949 | 10,771 | 9,938 | 134 | 1 | 209 | 2 | |||||||||
Occupancy, net | 18,343 | 18,158 | 17,687 | 19,996 | 19,687 | 185 | 1 | (1,344) | (7) | |||||||||
Data processing | 7,207 | 7,104 | 6,920 | 6,048 | 5,728 | 103 | 1 | 1,479 | 26 | |||||||||
Advertising and marketing | 13,981 | 13,443 | 11,305 | 8,546 | 9,850 | 538 | 4 | 4,131 | 42 | |||||||||
Professional fees | 7,551 | 7,052 | 7,304 | 7,587 | 6,530 | 499 | 7 | 1,021 | 16 | |||||||||
Amortization of other acquisition-related intangible assets | 1,811 | 1,877 | 2,039 | 2,007 | 2,634 | (66) | (4) | (823) | (31) | |||||||||
FDIC insurance | 7,317 | 6,750 | 6,405 | 6,558 | 7,016 | 567 | 8 | 301 | 4 | |||||||||
OREO expense, net | (641) | (1,531) | 769 | (251) | (114) | 890 | (58) | (527) | NM | |||||||||
Other: | ||||||||||||||||||
Commissions - 3rd party brokers | 861 | 884 | 889 | 846 | 764 | (23) | (3) | 97 | 13 | |||||||||
Postage | 1,684 | 2,018 | 1,900 | 1,743 | 1,849 | (334) | (17) | (165) | (9) | |||||||||
Miscellaneous | 24,299 | 23,435 | 21,262 | 21,317 | 26,304 | 864 | 4 | (2,005) | (8) | |||||||||
Total other | 26,844 | 26,337 | 24,051 | 23,906 | 28,917 | 507 | 2 | (2,073) | (7) | |||||||||
Total Non-Interest Expense | $ | 283,399 | $ | 282,144 | $ | 280,112 | $ | 286,889 | $ | 281,867 | $ | 1,255 | 0 | % | $ | 1,532 | 1 | % |
Years Ended | ||||||||
Dec 31, | Dec 31, | $ | % | |||||
(Dollars in thousands) | 2021 | 2020 | Change | Change | ||||
Salaries and employee benefits: | ||||||||
Salaries | $ | 361,915 | $ | 351,775 | $ | 10,140 | 3 | % |
Commissions and incentive compensation | 222,067 | 178,584 | 43,483 | 24 | ||||
Benefits | 107,687 | 95,717 | 11,970 | 13 | ||||
Total salaries and employee benefits | 691,669 | 626,076 | 65,593 | 10 | ||||
Software and equipment | 87,515 | 68,496 | 19,019 | 28 | ||||
Operating lease equipment depreciation | 40,880 | 37,915 | 2,965 | 8 | ||||
Occupancy, net | 74,184 | 69,957 | 4,227 | 6 | ||||
Data processing | 27,279 | 30,196 | (2,917) | (10) | ||||
Advertising and marketing | 47,275 | 36,296 | 10,979 | 30 | ||||
Professional fees | 29,494 | 27,426 | 2,068 | 8 | ||||
Amortization of other acquisition-related intangible assets | 7,734 | 11,018 | (3,284) | (30) | ||||
FDIC insurance | 27,030 | 25,004 | 2,026 | 8 | ||||
OREO expense, net | (1,654) | (921) | (733) | (80) | ||||
Other: | ||||||||
Commissions - 3rd party brokers | 3,480 | 3,114 | 366 | 12 | ||||
Postage | 7,345 | 6,918 | 427 | 6 | ||||
Miscellaneous | 90,313 | 98,600 | (8,287) | (8) | ||||
Total other | 101,138 | 108,632 | (7,494) | (7) | ||||
Total Non-Interest Expense | $ | 1,132,544 | $ | 1,040,095 | $ | 92,449 | 9 | % |
Three Months Ended | Years Ended | |||||||||||||
Dec 31, | Sep 30, | Jun 30, | Mar 31, | Dec 31, | Dec 31, | Dec 31, | ||||||||
(Dollars and shares in thousands) | 2021 | 2021 | 2021 | 2021 | 2020 | 2021 | 2020 | |||||||
Reconciliation of Non-GAAP Net Interest Margin and Efficiency Ratio: | ||||||||||||||
(A) Interest Income (GAAP) | $ | 327,979 | $ | 322,457 | $ | 319,579 | $ | 305,469 | $ | 307,981 | $ | 1,275,484 | $ | 1,293,020 |
Taxable-equivalent adjustment: | ||||||||||||||
- Loans
| 417 | 411 | 415 | 384 | 324 | 1,627 | 2,241 | |||||||
- Liquidity Management Assets | 486 | 492 | 494 | 500 | 530 | 1,972 | 2,165 | |||||||
- Other Earning Assets | 2 | - | - | - | 3 | 2 | 9 | |||||||
(B) Interest Income (non-GAAP) | $ | 328,884 | $ | 323,360 | $ | 320,488 | $ | 306,353 | $ | 308,838 | $ | 1,279,085 | $ | 1,297,435 |
(C) Interest Expense (GAAP) | 32,003 | 34,961 | 39,989 | 43,574 | 48,584 | 150,527 | 253,113 | |||||||
(D) Net Interest Income (GAAP) (A minus C) | $ | 295,976 | $ | 287,496 | $ | 279,590 | $ | 261,895 | $ | 259,397 | $ | 1,124,957 | $ | 1,039,907 |
(E) Net Interest Income (non-GAAP) (B minus C) | $ | 296,881 | $ | 288,399 | $ | 280,499 | $ | 262,779 | $ | 260,254 | $ | 1,128,558 | $ | 1,044,322 |
Net interest margin (GAAP) | 2.54 | % | 2.58 | % | 2.62 | % | 2.53 | % | 2.53 | % | 2.57 | % | 2.72 | % |
Net interest margin, fully taxable-equivalent (non-GAAP) | 2.55 | 2.59 | 2.63 | 2.54 | 2.54 | 2.58 | 2.73 | |||||||
(F) Non-interest income | $ | 133,767 | $ | 136,474 | $ | 129,373 | $ | 186,506 | $ | 158,361 | $ | 586,120 | $ | 604,189 |
(G) (Losses) gains on investment securities, net | (1,067) | (2,431) | 1,285 | 1,154 | 1,214 | (1,059) | (1,926) | |||||||
(H) Non-interest expense | 283,399 | 282,144 | 280,112 | 286,889 | 281,867 | 1,132,544 | 1,040,095 | |||||||
Efficiency ratio (H/(D+F-G)) | 65.78 | % | 66.17 | % | 68.71 | % | 64.15 | % | 67.67 | % | 66.15 | % | 63.19 | % |
Efficiency ratio (non-GAAP) (H/(E+F-G)) | 65.64 | 66.03 | 68.56 | 64.02 | 67.53 | 66.01 | 63.02 | |||||||
Reconciliation of Non-GAAP Tangible Common Equity Ratio: | ||||||||||||||
Total shareholders' equity (GAAP) | $ | 4,498,688 | $ | 4,410,317 | $ | 4,339,011 | $ | 4,252,511 | $ | 4,115,995 | ||||
Less: Non-convertible preferred stock (GAAP) | (412,500) | (412,500) | (412,500) | (412,500) | (412,500) | |||||||||
Less: Intangible assets (GAAP) | (683,456) | (675,910) | (678,333) | (680,052) | (681,747) | |||||||||
(I) Total tangible common shareholders' equity (non-GAAP) | $ | 3,402,732 | $ | 3,321,907 | $ | 3,248,178 | $ | 3,159,959 | $ | 3,021,748 | ||||
(J) Total assets (GAAP) | $ | 50,142,143 | $ | 47,832,271 | $ | 46,738,450 | $ | 45,682,202 | $ | 45,080,768 | ||||
Less: Intangible assets (GAAP) | (683,456) | (675,910) | (678,333) | (680,052) | (681,747) | |||||||||
(K) Total tangible assets (non-GAAP) | $ | 49,458,687 | $ | 47,156,361 | $ | 46,060,117 | $ | 45,002,150 | $ | 44,399,021 | ||||
Common equity to assets ratio (GAAP) (L/J) | 8.1 | % | 8.4 | % | 8.4 | % | 8.4 | % | 8.2 | % | ||||
Tangible common equity ratio (non-GAAP) (I/K) | 6.9 | 7.0 | 7.1 | 7.0 | 6.8 |
Three Months Ended | Years Ended | |||||||||||||
Dec 31, | Sep 30, | Jun 30, | Mar 31, | Dec 31, | Dec 31, | Dec 31, | ||||||||
(Dollars and shares in thousands) | 2021 | 2021 | 2021 | 2021 | 2020 | 2021 | 2020 | |||||||
Reconciliation of Non-GAAP Tangible Book Value per Common Share: | ||||||||||||||
Total shareholders' equity | $ | 4,498,688 | $ | 4,410,317 | $ | 4,339,011 | $ | 4,252,511 | $ | 4,115,995 | ||||
Less: Preferred stock | (412,500) | (412,500) | (412,500) | (412,500) | (412,500) | |||||||||
(L) Total common equity | $ | 4,086,188 | $ | 3,997,817 | $ | 3,926,511 | $ | 3,840,011 | $ | 3,703,495 | ||||
(M) Actual common shares outstanding | 57,054 | 56,956 | 57,067 | 57,023 | 56,770 | |||||||||
Book value per common share (L/M) | $ | 71.62 | $ | 70.19 | $ | 68.81 | $ | 67.34 | $ | 65.24 | ||||
Tangible book value per common share (non-GAAP) (I/M) | 59.64 | 58.32 | 56.92 | 55.42 | 53.23 | |||||||||
Reconciliation of Non-GAAP Return on Average Tangible Common Equity: | ||||||||||||||
(N) Net income applicable to common shares | $ | 91,766 | $ | 102,146 | $ | 98,118 | $ | 146,157 | $ | 94,213 | $ | 438,187 | $ | 271,613 |
Add: Intangible asset amortization | 1,811 | 1,877 | 2,039 | 2,007 | 2,634 | 7,734 | 11,018 | |||||||
Less: Tax effect of intangible asset amortization | (505) | (509) | (553) | (522) | (656) | (2,080) | (2,732) | |||||||
After-tax intangible asset amortization | $ | 1,306 | $ | 1,368 | $ | 1,486 | $ | 1,485 | $ | 1,978 | $ | 5,654 | $ | 8,286 |
(O) Tangible net income applicable to common shares (non-GAAP) | $ | 93,072 | $ | 103,514 | $ | 99,604 | $ | 147,642 | $ | 96,191 | $ | 443,841 | $ | 279,899 |
Total average shareholders' equity | $ | 4,433,953 | $ | 4,343,915 | $ | 4,256,778 | $ | 4,164,890 | $ | 4,050,286 | $ | 4,300,742 | $ | 3,926,688 |
Less: Average preferred stock | (412,500) | (412,500) | (412,500) | (412,500) | (412,500) | (412,500) | (306,455) | |||||||
(P) Total average common shareholders' equity | $ | 4,021,453 | $ | 3,931,415 | $ | 3,844,278 | $ | 3,752,390 | $ | 3,637,786 | $ | 3,888,242 | $ | 3,620,233 |
Less: Average intangible assets | (677,470) | (677,201) | (679,535) | (680,805) | (682,290) | (678,739) | (686,064) | |||||||
(Q) Total average tangible common shareholders' equity (non-GAAP) | $ | 3,343,983 | $ | 3,254,214 | $ | 3,164,743 | $ | 3,071,585 | $ | 2,955,496 | $ | 3,209,503 | $ | 2,934,169 |
Return on average common equity, annualized (N/P) | 9.05 | % | 10.31 | % | 10.24 | % | 15.80 | % | 10.30 | % | 11.27 | % | 7.50 | % |
Return on average tangible common equity, annualized (non-GAAP) (O/Q) | 11.04 | 12.62 | 12.62 | 19.49 | 12.95 | 13.83 | 9.54 | |||||||
Reconciliation of Non-GAAP Pre-Tax, Pre-Provision Income: | ||||||||||||||
Income before taxes | $ | 137,045 | $ | 149,742 | $ | 144,150 | $ | 206,859 | $ | 134,711 | $ | 637,796 | $ | 389,781 |
Add: Provision for credit losses | 9,299 | (7,916) | (15,299) | (45,347) | 1,180 | (59,263) | 214,220 | |||||||
Pre-tax income, excluding provision for credit losses (non-GAAP) | $ | 146,344 | $ | 141,826 | $ | 128,851 | $ | 161,512 | $ | 135,891 | $ | 578,533 | $ | 604,001 |
Dec 31, | Dec 31, | Dec 31, | Dec 31, | Dec 31, | Dec 31, | Dec 31, | Dec 31, | Dec 31, | ||||||||||
2019 | 2018 | 2017 | 2016 | 2015 | 2014 | 2013 | 2012 | 2011 | ||||||||||
Reconciliation of Non-GAAP Tangible Book Value per Common Share: | ||||||||||||||||||
Total shareholders' equity | $ | 3,691,250 | $ | 3,267,570 | $ | 2,976,939 | $ | 2,695,617 | $ | 2,352,274 | $ | 2,069,822 | $ | 1,900,589 | $ | 1,804,705 | $ | 1,543,533 |
Less: Non-convertible preferred stock (GAAP) | (125,000) | (125,000) | (125,000) | (251,257) | (251,287) | (126,467) | (126,477) | (176,406) | (49,768) | |||||||||
(R) Less: Intangible assets (GAAP) | (692,277) | (622,565) | (519,505) | (520,438) | (495,970) | (424,445) | (393,760) | (366,348) | (327,538) | |||||||||
(I) Total tangible common shareholders' equity (non-GAAP) | $ | 2,873,973 | $ | 2,520,005 | $ | 2,332,434 | $ | 1,923,922 | $ | 1,605,017 | $ | 1,518,910 | $ | 1,380,352 | $ | 1,261,951 | $ | 1,166,227 |
Actual common shares outstanding | 57,822 | 56,408 | 55,965 | 51,881 | 48,383 | 46,805 | 46,117 | 36,858 | 35,978 | |||||||||
Add: TEU conversion shares | - | - | - | - | - | - | - | 6,241 | 7,666 | |||||||||
(M) Common shares used for book value calculation | 57,822 | 56,408 | 55,965 | 51,881 | 48,383 | 46,805 | 46,117 | 43,099 | 43,644 | |||||||||
Book value per common share ((I-R)/M) | $ | 61.68 | $ | 55.71 | $ | 50.96 | $ | 47.12 | $ | 43.42 | $ | 41.52 | $ | 38.47 | $ | 37.78 | $ | 34.23 |
Tangible book value per common share (non-GAAP) (I/M) | 49.70 | 44.67 | 41.68 | 37.08 | 33.17 | 32.45 | 29.93 | 29.28 | 26.72 |
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Wintrust Financial Corporation published this content on 19 January 2022 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 19 January 2022 22:25:07 UTC.