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Cadence Bancorporation Reports Third Quarter 2021 Financial Results

Cadence Bancorporation (NYSE: CADE) (“Cadence”) today announced net income for the quarter ended September 30, 2021, of $84.0 million or $0.67 per share, compared to net income of $101.3 million or $0.80 per share for the quarter ended June 30, 2021, and to net income of $49.3 million or $0.39 per share for the quarter ended September 30, 2020. Adjusted net income(1), excluding non-routine income and expenses(2), was $83.4 million or $0.67 per share for the quarter ended September 30, 2021, compared to $106.1 million or $0.84 per share for the quarter ended June 30, 2021, and compared to $51.4 million or $0.40 per share for the quarter ended September 30, 2020.

“As we look forward to the closing of our merger with BancorpSouth scheduled for the end of this week, I would like to take a moment to express my gratitude to every one of our bankers who have helped build our great institution over the past 11 years,” commented Chairman and Chief Executive Officer Paul B. Murphy, Jr. “We started with an all-star board and the goal of deploying $1 billion of opportunistic capital to strengthen the banking system in the years following the Great Financial Crisis. We have since grown to a premier $20 billion commercial bank serving Texas and the Southeast. I would like to thank our customers and the communities we serve for their trust and support. This merger takes us to the next chapter in the Cadence Bank story, and we pledge to continue to work hard for you and earn your loyalty.

“Our financial results for the third quarter provide an advantageous foundation for the new combined Cadence, highlighted by strong capital ratios, Common Equity Tier 1 ratio of 14.5%, and Total Capital of 16.6%, and continued improvement in credit, as demonstrated by a 29% linked quarter decline in criticized loans, net recoveries of $0.4 million, a ($28.4) million provision release, and an allowance for credit losses at 1.91% of total loans or 218.6% to total nonperforming loans. The adjusted pre-tax pre-provision net revenue remained solid at $79.4 million or 1.66% of average assets, as did our profitability ratios with adjusted annualized returns on average assets and adjusted tangible common equity of 1.75% and 16.56%, respectively.

“I am proud of Cadence’s historical achievements. Our team is excited about combining our franchise with BancorpSouth to create a top-tier regional bank with approximately $48 billion in pro forma assets. This strategic combination expands our reach and offerings, which will have a positive impact for our customers and communities while driving long-term shareholder value. As I noted previously, the scale of our combined bank, our collective talent, our complementary cultures, and our strategic footprint in some of the fastest-growing markets in the country have us extremely excited about the future. We look forward to delivering significant value to our shareholders, driven by meaningful synergies and our shared banking philosophy of putting the client first.”

Third Quarter 2021 Highlights:

Third quarter 2021 highlights are as follows:

  • Adjusted pre-tax pre-provision net revenue(1) (“PPNR”) remained solid at $79.4 million or 1.66% of average assets.
  • The allowance for credit losses (“ACL”) reflected a ($28.4) million provision release in the third quarter of 2021. The ACL remained meaningful at 1.91% of total loans. Our ratio of ACL to total nonperforming loans was 218.6%.
  • Net charge-offs (recoveries) were ($0.4) million or (0.01%) annualized of average loans.
  • We continued to deleverage the balance sheet, paying off $100 million in FHLB advances in the quarter in addition to the $90 million of debt paid off in the first half of this year.
  • Our capital ratios remained robust, with the Common Equity Tier 1 ratio at 14.5% and total risk weighted capital at 16.6%.
  • Our adjusted efficiency ratio(1) was 56.5%.
  • Annualized returns on average assets and tangible common equity were 1.76% and 16.66%, respectively.
  • Adjusted annualized returns on average assets(1) and adjusted tangible common equity(1) were 1.75% and 16.56%, respectively.

Balance Sheet:

Total assets were $19.8 billion as of September 30, 2021, an increase of $1.1 billion or 5.7% from June 30, 2021, and an increase of $1.3 billion or 7.3% from September 30, 2020. The linked quarter increase was largely driven by an increase in deposits and a corresponding increase in cash and cash equivalents, partially offset by small decreases in investment securities and total loans.

Cash and Cash Equivalents at September 30, 2021, totaled $3.4 billion as compared to $2.1 billion at June 30, 2021 and $1.2 billion at September 30, 2020. The $1.3 billion increase in the third quarter of 2021 was driven by an increase of $1.2 billion in deposits.

Loans at September 30, 2021 totaled $11.5 billion as compared to $11.6 billion at June 30, 2021, a decrease of $136.3 million or 1.2%. Loans decreased $2.0 billion or 14.6% from $13.5 billion at September 30, 2020. Non-PPP loans increased $76 million linked quarter before adjusting for $43 million of loans related to planned branch divestitures moved to held-for-sale. The increase in non-PPP loans was driven by increases in General C&I loans.

Investment Securities at September 30, 2021 totaled $4.0 billion as compared to $4.3 billion at June 30, 2021 and $3.1 billion at September 30, 2020. Securities as a percent of earning assets was 21.2%, 23.9% and 17.4% at September 30, 2021, June 30, 2021 and September 30, 2020, respectively. The decrease in securities from the linked quarter resulted primarily from sales of approximately $505 million during the quarter as part of balance sheet positioning in preparation for the upcoming merger with BancorpSouth Bank.

Total Deposits at September 30, 2021 were $17.1 billion, an increase of $1.2 billion or 7.2% from June 30, 2021 and up $1.4 billion or 8.6% from September 30, 2020. Non-interest bearing deposits increased to $6.3 billion or 36.9% of total deposits at September 30, 2021, up from $5.7 billion or 35.5% of total deposits at June 30, 2021 and $5.0 billion or 31.9% at September 30, 2020. Total cost of deposits declined to 0.12% for the third quarter of 2021, down from both the second quarter 2021 cost of 0.15% and the third quarter 2020 cost of 0.32%.

Total Borrowings at September 30, 2021 were $182.8 million, a decrease of $99.8 million from $282.7 million at June 30, 2021 and a decrease of $189.6 million from $372.4 million at September 30, 2020. The third quarter decrease was due to prepayment of $100.0 million in FHLB advances in September 2021.

Shareholders’ equity was $2.2 billion at September 30, 2021, essentially unchanged from June 30, 2021 and up $110.6 million or 5.3% from September 30, 2020. The linked quarter activity included quarterly net income of $84.0 million, a decrease of $39.1 million in other comprehensive income driven by a decline in unrealized gains on investment securities available-for-sale, purchases of $50.0 million in treasury stock, and $19.0 million in cash dividends.

Tangible common shareholders’ equity(1) was $2.1 billion at September 30, 2021, essentially unchanged from June 30, 2021 and up $130.3 million or 6.7% from September 30, 2020. The linked quarter increase resulted from the same factors noted above.

  • Total shareholders’ equity to total assets and tangible equity to tangible assets were 11.0% and 10.5%, respectively, at September 30, 2021, compared to 11.8% and 11.2%, respectively, at June 30, 2021, and 11.3% and 10.6%, respectively, at September 30, 2020.
  • Tangible book value per share(1) was $16.91 as of September 30, 2021, an increase of $0.19 or 1.1% from $16.72 as of June 30, 2021, and an increase of $1.51 or 9.8% from $15.40 as of September 30, 2020.
  • Total shares outstanding at September 30, 2021 were 122.4 million, down from 124.8 million due to share repurchase activity during the quarter.

     

Quarter end regulatory capital ratios remained robust during the quarter as follows:

 

 

9/30/2021

 

6/30/2021

 

9/30/2020

Common equity Tier 1 capital

 

14.5%

 

14.7%

 

12.0%

Tier 1 leverage capital

 

11.3%

 

11.4%

 

9.9%

Tier 1 risk-based capital

 

14.5%

 

14.7%

 

12.0%

Total risk-based capital

 

16.6%

 

17.0%

 

14.7%

Asset Quality:

Credit quality metrics during the third quarter of 2021 reflected notable improvements including net recoveries and declines in nonperforming and criticized loan balances.

  • Net charge-offs (recoveries) for the third quarter of 2021 were ($0.4) million or (0.01%) annualized of average loans compared to $8.7 million or 0.29% annualized and $19.9 million or 0.58% annualized for the quarters ended June 30, 2021 and September 30, 2020, respectively. The current quarter net recoveries included charge-offs of $3.0 million in Energy, $1.1 million in CRE, and $0.7 million in general C&I as well as recoveries of $2.7 million in general C&I and $2.3 million in CRE.
  • Provision for credit losses was a release of ($28.4) million for the third quarter of 2021 as compared to a release of ($51.9) million for the second quarter of 2021 and a provision expense of $33.0 million for the third quarter of 2020. The current quarter’s release was driven by improved economic conditions and forecasts, as well as continued improvements in overall credit including significant reductions in nonperforming and criticized loans. The third quarter 2021 provision release included $20.9 million release in the CRE segment and $7.0 million release in the C&I segment.
  • The ACL was $219.6 million or 1.91% of total loans as of September 30, 2021, as compared to $247.7 million or 2.13% of total loans as of June 30, 2021 and $385.4 million or 2.86% of total loans as of September 30, 2020. Excluding PPP loans, the ACL was 1.92% of total loans at September 30, 2021, down from 2.17% at June 30, 2021.
  • Total nonperforming loans (“NPL”) totaled $100.4 million, $122.5 million, and $189.1 million as of September 30, 2021, June 30, 2021, and September 30, 2020, respectively. As a percent of total loans, NPL were 0.87% at September 30, 2021, compared to 1.05% at June 30, 2021 and 1.40% at September 30, 2020.
  • The ACL to NPL was 218.6% as of September 30, 2021, as compared to 202.2% as of June 30, 2021 and 203.8% as of September 30, 2020.
  • Total criticized loans at September 30, 2021 were $475.9 million or 4.1% of total loans, down from $667.9 million or 5.7% at June 30, 2021 and $1.1 billion or 8.1% at September 30, 2020. The linked quarter decrease included declines of $65.2 million or 67.3% in Restaurant, $57.1 million or 35.9% in Energy, and $55.9 million or 30.7% in CRE which included $26.2 million or 28.3% in Hospitality-CRE.
  • Loans 30-89 days past due were 0.20% of total loans at September 30, 2021, compared to 0.36% at June 30, 2021 and 0.15% at September 30, 2020.

Total Revenue:

Total operating revenue(1) for the third quarter of 2021 was $198.2 million, up $13.2 million or 7.1% from the second quarter of 2021 and up $11.6 million or 6.2% from the third quarter of 2020. Total adjusted operating revenue for the third quarter of 2021 was $182.5 million, down $2.5 million or 1.4% from the second quarter of 2021 and down $4.6 million or 2.5% from the third quarter of 2020.

Net interest income for the third quarter of 2021 was $136.1 million, a decrease of $2.4 million or 1.7% from the second quarter of 2021 and a decrease of $17.9 million or 11.6% from the third quarter of 2020.

  • Compared to the linked quarter, the net interest income declines were driven by declines in hedge income and PPP loan income of $4.1 million and $2.7 million, respectively. These declines were partially offset by net securities purchases increasing average earning assets, $1.3 million in number of days and $1.8 million in decreased interest expense resulting from lower funding costs.
  • Compared to the prior year, the net interest income decline included $11.6 million in lower hedge income, $5.0 million in lower PPP loan income, $0.6 million in lower accretion, and $9.3 million in lower interest income due to a mix shift from higher yielding loans to lower yielding investment securities as well as declining yields, partially offset by $8.8 million in lower funding costs due to a 55% reduction in cost of funds, supported by improved mix and debt payoffs.

Our net interest margin (“NIM”) for the third quarter of 2021 was 2.99% as compared to 3.10% for the linked quarter and 3.49% for the third quarter of 2020. The linked quarter NIM decline was due to lower PPP loan income and lower hedge income contributing 8 basis points and 6 basis points of the decline, respectively, with earning asset yield declines materially offset by increases in earning assets and lower funding costs.

  • Our total funding costs continued to decline in the quarter, down $1.8 million to 0.18% compared to 0.23% in the prior quarter. Total deposit costs declined by three basis points to 0.12% for the current quarter compared to 0.15% for the linked quarter, and total interest-bearing liability costs declined by eight basis points to 0.28% from 0.36% in the linked quarter. Average interest-bearing liabilities increased by $156.9 million or 1.5% from the prior quarter to $10.8 billion, and average noninterest-bearing deposits remained stable at $5.7 billion.
  • Yield on loans excluding accretion and hedge income was 3.80% in the current quarter, down three basis points from 3.83% in the linked quarter. Excluding the impact of PPP loans, this yield was 3.81% in the current quarter, down from 3.86% for the linked quarter. Average loans excluding PPP loans declined slightly by $10.7 million or 0.1% from the prior quarter to $11.5 billion.
  • PPP loans averaged $131.7 million in the current quarter with a yield of 3.38%, down from $619.3 million in the linked quarter.
  • Hedge income including collar gain recognition for the third quarter of 2021 was $8.1 million as compared to $10.8 million for the prior quarter.
  • Accretion on acquired loans totaled $5.8 million for the third quarter of 2021 as compared to $4.5 million for the prior quarter.
  • Yield on investment securities declined to 1.60% in the current quarter compared to 1.62% in linked quarter, with the lower yield reflecting the impact of securities purchased and sold in the current and prior quarters. Average investment securities increased by $365.3 million or 9.1% from the prior quarter to $4.4 billion.
  • Total earning asset yields declined to 3.16% in the current quarter compared to 3.31% in the linked quarter, with average balances increasing slightly to $18.1 billion.

Noninterest income for the third quarter of 2021 was $62.1 million, an increase of $15.6 million or 33.6% from the linked quarter, and an increase of $29.5 million or 90.6% from the same period of 2020. Adjusted noninterest income(1) for the third quarter of 2021 was $46.4 million, a decrease of $0.1 million or 0.2% from the linked quarter, and an increase of $13.3 million or 40.0% from the third quarter of 2020. Adjusted noninterest income excludes net gains on securities and branch building sales.

  • The linked quarter increase was driven by increases of $15.7 million in securities gains and $3.6 million in earnings from alternative investments. These items were partially offset by decreases of $1.3 million and $2.0 million in credit related fees and SBA income, respectively. The increase in securities gains was related to the sale of approximately $505 million in securities related to balance sheet positioning in contemplation for our upcoming merger with BancorpSouth Bank.
  • The increase from the prior year was driven by increases of $15.7 million in securities gain, $9.2 million in earnings from alternative investments, $2.0 million in service charges on deposits and $1.2 million in investment advisory fees. These increases were partially mitigated by a decrease of $2.1 million in mortgage banking income.
  • Adjusted noninterest income as a percent of adjusted total revenue for the third quarter of 2021 increased to 25.4% as compared to 25.1% for the linked quarter and 17.7% for the third quarter of 2020.

Noninterest expense for the third quarter of 2021 was $117.2 million, compared to $106.1 million for the linked quarter and compared to $94.9 million for the same period of 2020. Adjusted noninterest expense(1), which excludes the impact of non-routine items(2), was $103.1 million, up $3.3 million or 3.3% from the linked quarter and up $10.6 million or 11.4% from the third quarter of 2020.

  • Non-routine items in the third quarter of 2021 included $9.9 million in expenses related to regulatory settlements announced during the quarter and $4.2 million in merger related expenses.
  • The linked quarter increase in noninterest expenses resulted primarily from the non-routine regulatory settlement expense and a $2.2 million increase in compensation expense driven by increased incentive accruals, partially offset by a $2.1 million decline in non-routine merger related expenses.
  • The increase from the prior year was attributable to increased incentive accruals of $7.5 million related to improved company performance and $9.9 million expenses related to regulatory settlements.

Adjusted efficiency ratio(1) for the third quarter of 2021 was 56.5%, compared to the linked quarter ratio of 53.9% and the prior year’s third quarter ratio of 49.4%.

Taxes:

The effective tax rate for the third quarter of 2021 was 23.3% compared to 22.6% for the linked quarter and 16.1% for the third quarter of 2020.

Merger with BancorpSouth Bank

BancorpSouth Bank recently received all required regulatory approvals to complete the pending merger with Cadence Bancorporation. Subject to the satisfaction of all closing conditions, the merger is expected to close effective October 29, 2021.

Supplementary Financial Tables (Unaudited):

Supplementary financial tables (unaudited) are included in this release following the customary disclosure information.

_______________

(1)

Considered a non-GAAP financial measure. See Table 10 “Reconciliation of Non-GAAP Financial Measures” for a reconciliation of our non-GAAP measures to the most directly comparable GAAP financial measure.

(2)

See Table 10 for a detail of non-routine income and expenses.

About Cadence Bancorporation:

Cadence Bancorporation (NYSE: CADE), headquartered in Houston, Texas, is a regional financial holding company with $19.8 billion in total assets as of September 30, 2021. Its wholly owned subsidiary, Cadence Bank, N.A., operates 99 branch locations in Alabama, Florida, Georgia, Mississippi, Tennessee, and Texas, and provides corporations, middle-market companies, small businesses and consumers with a full range of innovative banking and financial solutions. Services and products include commercial and business banking, treasury management, specialized lending, asset-based lending, commercial real estate, SBA lending, foreign exchange, wealth management, investment and trust services, financial planning, retirement plan management, payroll and insurance services, consumer banking, consumer loans, mortgages, home equity lines and loans, and credit cards. Clients have access to leading-edge online and mobile solutions, interactive teller machines, and more than 55,000 ATMs. The Cadence team of approximately 1,800 associates is committed to exceeding customer expectations and helping their clients succeed financially.

Cautionary Statement Regarding Forward-Looking Statements

Certain statements in this communication may constitute “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995, Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended with respect to BancorpSouth Bank’s and Cadence Bancorporation’s and Cadence Bank’s (together, “Cadence”) beliefs, plans, goals, expectations, and estimates. Forward-looking statements are not a representation of historical information but instead pertain to future operations, strategies, financial results or other developments. These forward-looking statements may be identified by their reference to a future period or periods or by the use of forward-looking terminology such as “anticipate,” “believe,” “could,” “continue,” “seek,” “intend,” “estimate,” “expect,” “foresee,” “hope,” “intend,” “may,” “might,” “plan,” “should,” “predict,” “project,” “goal,” “outlook,” “potential,” “will,” “will result,” “will likely result,” or “would” or future or conditional verb tenses and variations or negatives of such terms. These forward-looking statements include, without limitation, those relating to the terms, timing and closing of the proposed transaction.

Cadence cautions readers not to place undue reliance on the forward-looking statements contained in this communication, in that actual results could differ materially from those indicated in such forward-looking statements as a result of a variety of factors, many of which are beyond the control of BancorpSouth Bank and Cadence. The factors that could cause actual results to differ materially include the following: the occurrence of any event, change or other circumstances that could give rise to the right of one or both of the parties to terminate the definitive merger agreement between BancorpSouth Bank and Cadence; the outcome of any legal proceedings that have been or may be instituted against BancorpSouth Bank or Cadence; the possibility that the proposed transaction will not close when expected or at all because required regulatory, shareholder or other approvals are not received or other conditions to the closing are not satisfied on a timely basis or at all, or are obtained subject to conditions that are not anticipated; the ability of BancorpSouth Bank and Cadence to meet expectations regarding the timing, completion and accounting and tax treatments of the proposed transaction; the risk that any announcements relating to the proposed transaction could have adverse effects on the market price of the common stock of either or both parties to the proposed transaction; the possibility that the anticipated benefits of the proposed transaction 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 BancorpSouth Bank and Cadence do business; certain restrictions during the pendency of the proposed transaction that may impact the parties’ ability to pursue certain business opportunities or strategic transactions; the possibility that the transaction may be more expensive to complete than anticipated, including as a result of unexpected factors or events; diversion of management’s attention from ongoing business operations and opportunities; the possibility that the parties may be unable to achieve expected synergies and operating efficiencies in the merger within the expected timeframes or at all and to successfully integrate Cadence’s operations and those of BancorpSouth Bank; such integration may be more difficult, time consuming or costly than expected; revenues following the proposed transaction may be lower than expected; potential adverse reactions or changes to business or employee relationships, including those resulting from the announcement or completion of the proposed transaction; BancorpSouth Bank and Cadence’s success in executing their respective business plans and strategies and managing the risks involved in the foregoing; the dilution caused by BancorpSouth Bank’s issuance of additional shares of its capital stock in connection with the proposed transaction; business and economic conditions generally and in the financial services industry, nationally and within Cadence’s current and future geographic market areas; economic, market, operational, liquidity, credit and interest rate risks associated with Cadence’s business; deteriorating asset quality and higher loan charge-offs; the laws and regulations applicable to Cadence’s business; Cadence’s ability to achieve organic loan and deposit growth and the composition of such growth; increased competition in the financial services industry, nationally, regionally or locally; Cadence’s ability to maintain its historical earnings trends; Cadence’s ability to raise additional capital to implement its business plan; material weaknesses in Cadence’s internal control over financial reporting; systems failures or interruptions involving Cadence’s information technology and telecommunications systems or third-party servicers; the composition of Cadence’s management team and its ability to attract and retain key personnel; the fiscal position of the U.S. federal government and the soundness of other financial institutions; the composition of Cadence’s loan portfolio, including the identity of Cadence’s borrowers and the concentration of loans in energy-related industries and in its specialized industries; the portion of Cadence’s loan portfolio that is comprised of participations and shared national credits; the amount of nonperforming and classified assets Cadence holds; the extent of the impact of the COVID-19 pandemic on Cadence and its customers, counterparties, employees and third-party service providers, and the impacts to Cadence’s business, financial position, results of operations, and prospects; and other factors that may affect future results of BancorpSouth Bank and Cadence; and the other factors discussed in “Risk Factors” in BancorpSouth Bank’s Annual Report on Form 10-K for the year ended December 31, 2020, BancorpSouth Bank’s Quarterly Report on Form 10-Q for the quarter ended June 30, 2021 and BancorpSouth Bank’s other filings with the Federal Deposit Insurance Corporation (the “FDIC”), which are available at https://www.fdic.gov/ and in the “Investor Relations” section of BancorpSouth Bank’s website, https://www.bancorpsouth.com/, under the heading “Public Filings,” and in Cadence’s Annual Report on Form 10-K for the year ended December 31, 2020, Cadence’s Quarterly Report on Form 10-Q for the quarter ended June 30, 2021 and in Cadence’s other filings with the U.S. Securities and Exchange Commission (the “SEC”), which are available at http://www.sec.gov and in the “Investor Relations” section of Cadence’s website, https://cadencebancorporation.com/, under the heading “SEC Filings.” BancorpSouth Bank and Cadence assume no obligation to update the information in this communication, except as otherwise required by law.

About Non-GAAP Financial Measures

Certain of the financial measures and ratios Cadence presents, including “efficiency ratio,” “adjusted efficiency ratio,” “adjusted noninterest expenses,” “adjusted operating revenue,” “tangible common equity ratio,” “tangible book value per share” and “return on average tangible common equity”, “adjusted return on average tangible common equity”, “adjusted return on average assets”, “adjusted diluted earnings per share”, and “pre-tax, pre-provision net revenue” are supplemental measures that are not required by, or are not presented in accordance with, U.S. generally accepted accounting principles (GAAP). Cadence refers to these financial measures and ratios as “non-GAAP financial measures.” Cadence considers the use of select non-GAAP financial measures and ratios to be useful for financial and operational decision making and useful in evaluating period-to-period comparisons. Cadence believes that these non-GAAP financial measures provide meaningful supplemental information regarding its performance by excluding certain expenditures or assets that Cadence believes are not indicative of its primary business operating results or by presenting certain metrics on a fully taxable equivalent basis.

Cadence believes that management and investors benefit from referring to these non-GAAP financial measures in assessing its performance and when planning, forecasting, analyzing and comparing past, present and future periods.

These non-GAAP financial measures should not be considered a substitute for financial information presented in accordance with GAAP and you should not rely on non-GAAP financial measures alone as measures of Cadence’s performance.

The non-GAAP financial measures Cadence presents may differ from non-GAAP financial measures used by its peers or other companies. Cadence compensates for these limitations by providing the equivalent GAAP measures whenever it presents the non-GAAP financial measures and by including a reconciliation of the impact of the components adjusted for in the non-GAAP financial measure so that both measures and the individual components may be considered when analyzing Cadence’s performance. A reconciliation of non-GAAP financial measures to the comparable GAAP financial measures is included at the end of the financial statement tables (Table 10).

Table 1 – Selected Financial Data

 

 

 

As of and for the Three Months Ended

 

(In thousands, except share and per share data)

 

3Q 2021

 

 

2Q 2021

 

 

1Q 2021

 

 

4Q 2020

 

 

3Q 2020

 

Income Statement Data

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Interest income

 

$

143,784

 

 

$

148,029

 

 

$

154,701

 

 

$

170,739

 

 

$

170,497

 

Interest expense

 

 

7,658

 

 

 

9,488

 

 

 

11,953

 

 

 

13,998

 

 

 

16,455

 

Net interest income

 

 

136,126

 

 

 

138,541

 

 

 

142,748

 

 

 

156,741

 

 

 

154,042

 

Provision (release) for credit losses

 

 

(28,407

)

 

 

(51,876

)

 

 

(48,262

)

 

 

2,835

 

 

 

32,973

 

Net interest income after provision (release)

 

 

164,533

 

 

 

190,417

 

 

 

191,010

 

 

 

153,906

 

 

 

121,069

 

Noninterest income (1)

 

 

62,112

 

 

 

46,474

 

 

 

43,696

 

 

 

209,745

 

 

 

32,591

 

Noninterest expense

 

 

117,187

 

 

 

106,066

 

 

 

97,822

 

 

 

105,331

 

 

 

94,859

 

Income before income taxes

 

 

109,458

 

 

 

130,825

 

 

 

136,884

 

 

 

258,320

 

 

 

58,801

 

Income tax expense

 

 

25,472

 

 

 

29,516

 

 

 

30,459

 

 

 

57,737

 

 

 

9,486

 

Net income

 

$

83,986

 

 

$

101,309

 

 

$

106,425

 

 

$

200,583

 

 

$

49,315

 

Weighted average common shares outstanding

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Basic

 

 

123,840,090

 

 

 

124,732,617

 

 

 

125,079,250

 

 

 

125,973,736

 

 

 

125,956,714

 

Diluted

 

 

124,598,096

 

 

 

125,548,794

 

 

 

125,621,508

 

 

 

126,408,959

 

 

 

126,094,868

 

Earnings per share

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Basic

 

$

0.67

 

 

$

0.81

 

 

$

0.85

 

 

$

1.58

 

 

$

0.39

 

Diluted

 

 

0.67

 

 

 

0.80

 

 

 

0.84

 

 

 

1.57

 

 

 

0.39

 

Period-End Balance Sheet Data

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Cash and cash equivalents

 

$

3,426,831

 

 

$

2,100,099

 

 

$

1,888,518

 

 

$

2,053,946

 

 

$

1,247,172

 

Investment securities

 

 

4,003,138

 

 

 

4,277,448

 

 

 

3,918,666

 

 

 

3,332,168

 

 

 

3,088,699

 

Total loans, net of unearned income

 

 

11,498,228

 

 

 

11,634,502

 

 

 

12,365,334

 

 

 

12,719,129

 

 

 

13,465,556

 

Allowance for credit losses

 

 

219,607

 

 

 

247,732

 

 

 

308,037

 

 

 

367,160

 

 

 

385,412

 

Total assets

 

 

19,754,467

 

 

 

18,692,623

 

 

 

18,800,350

 

 

 

18,712,567

 

 

 

18,404,195

 

Total deposits

 

 

17,138,087

 

 

 

15,983,808

 

 

 

16,129,199

 

 

 

16,052,245

 

 

 

15,786,221

 

Noninterest-bearing deposits

 

 

6,322,646

 

 

 

5,670,234

 

 

 

5,556,217

 

 

 

5,033,748

 

 

 

5,033,338

 

Interest-bearing deposits

 

 

10,815,441

 

 

 

10,313,574

 

 

 

10,572,982

 

 

 

11,018,497

 

 

 

10,752,883

 

Borrowings and subordinated debentures

 

 

182,838

 

 

 

282,688

 

 

 

332,984

 

 

 

372,669

 

 

 

372,446

 

Total shareholders’ equity

 

 

2,182,088

 

 

 

2,202,738

 

 

 

2,092,536

 

 

 

2,121,102

 

 

 

2,071,472

 

Average Balance Sheet Data

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Cash and cash equivalents

 

$

2,243,526

 

 

$

1,973,893

 

 

$

2,195,037

 

 

$

1,395,089

 

 

$

1,112,258

 

Investment securities

 

 

4,383,864

 

 

 

4,018,601

 

 

 

3,446,172

 

 

 

3,201,722

 

 

 

2,960,357

 

Total loans, net of unearned income

 

 

11,644,822

 

 

 

12,143,148

 

 

 

12,651,585

 

 

 

13,238,440

 

 

 

13,652,395

 

Allowance for credit losses

 

 

248,464

 

 

 

308,076

 

 

 

370,736

 

 

 

393,306

 

 

 

389,243

 

Total assets

 

 

18,963,484

 

 

 

18,697,625

 

 

 

18,837,133

 

 

 

18,354,046

 

 

 

18,248,014

 

Total deposits

 

 

16,273,861

 

 

 

16,051,226

 

 

 

16,200,631

 

 

 

15,736,884

 

 

 

15,628,314

 

Noninterest-bearing deposits

 

 

5,722,202

 

 

 

5,726,273

 

 

 

5,356,120

 

 

 

5,245,478

 

 

 

4,892,079

 

Interest-bearing deposits

 

 

10,551,659

 

 

 

10,324,953

 

 

 

10,844,511

 

 

 

10,491,406

 

 

 

10,736,235

 

Borrowings and subordinated debentures

 

 

260,136

 

 

 

329,976

 

 

 

363,046

 

 

 

372,920

 

 

 

372,304

 

Total shareholders’ equity

 

 

2,199,977

 

 

 

2,114,127

 

 

 

2,085,712

 

 

 

2,072,030

 

 

 

2,052,079

 

(1)

The 4Q 2020 includes hedge revenue of $169.2 million, $129.5 million after tax

Table 1 (Continued) – Selected Financial Data

 

 

 

As of and for the Three Months Ended

 

(In thousands, except share and per share data)

 

3Q 2021

 

 

2Q 2021

 

 

1Q 2021

 

 

4Q 2020

 

 

3Q 2020

 

Per Share Data:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Book value

 

$

17.83

 

 

$

17.66

 

 

$

16.78

 

 

$

16.84

 

 

$

16.45

 

Tangible book value (1)

 

 

16.91

 

 

 

16.72

 

 

 

15.80

 

 

 

15.83

 

 

 

15.40

 

Cash dividends declared

 

 

0.150

 

 

 

0.150

 

 

 

0.150

 

 

 

0.075

 

 

 

0.050

 

Dividend payout ratio

 

 

22.39

%

 

 

18.52

%

 

 

17.65

%

 

 

4.75

%

 

 

12.82

%

Performance Ratios:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Return on average common equity (2)

 

 

15.15

%

 

 

19.22

%

 

 

20.69

%

 

 

38.51

%

 

 

9.56

%

Return on average tangible common equity (1) (2)

 

 

16.66

 

 

 

21.12

 

 

 

22.80

 

 

 

41.90

 

 

 

11.08

 

Return on average assets (2)

 

 

1.76

 

 

 

2.17

 

 

 

2.29

 

 

 

4.35

 

 

 

1.08

 

Net interest margin (2)

 

 

2.99

 

 

 

3.10

 

 

 

3.22

 

 

 

3.54

 

 

 

3.49

 

Efficiency ratio (1)

 

 

59.11

 

 

 

57.33

 

 

 

52.47

 

 

 

28.74

 

 

 

50.83

 

Adjusted efficiency ratio (1)

 

 

56.48

 

 

 

53.94

 

 

 

53.11

 

 

 

28.79

 

 

 

49.45

 

Asset Quality Ratios:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Total NPA to total loans, OREO, and other NPA

 

 

1.00

%

 

 

1.20

%

 

 

1.15

%

 

 

1.24

%

 

 

1.55

%

Total nonperforming loans ("NPL") to total loans

 

 

0.87

 

 

 

1.05

 

 

 

1.00

 

 

 

1.08

 

 

 

1.40

 

Total ACL to total loans

 

 

1.91

 

 

 

2.13

 

 

 

2.49

 

 

 

2.89

 

 

 

2.86

 

ACL to total NPL

 

 

218.63

 

 

 

202.20

 

 

 

249.70

 

 

 

266.05

 

 

 

203.82

 

Net charge-offs to average loans (2)

 

 

(0.01

)

 

 

0.29

 

 

 

0.39

 

 

 

0.64

 

 

 

0.58

 

Capital Ratios:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Total shareholders’ equity to assets

 

 

11.0

%

 

 

11.8

%

 

 

11.1

%

 

 

11.3

%

 

 

11.3

%

Tangible common equity to tangible assets (1)

 

 

10.5

 

 

 

11.2

 

 

 

10.6

 

 

 

10.7

 

 

 

10.6

 

Common equity Tier 1 capital (3)

 

 

14.5

 

 

 

14.7

 

 

 

14.2

 

 

 

14.0

 

 

 

12.0

 

Tier 1 leverage capital (3)

 

 

11.3

 

 

 

11.4

 

 

 

10.9

 

 

 

10.9

 

 

 

9.9

 

Tier 1 risk-based capital (3)

 

 

14.5

 

 

 

14.7

 

 

 

14.2

 

 

 

14.0

 

 

 

12.0

 

Total risk-based capital (3)

 

 

16.6

 

 

 

17.0

 

 

 

16.7

 

 

 

16.7

 

 

 

14.7

 

(1)

Considered a non-GAAP financial measure. See Table 10 "Reconciliation of Non-GAAP Financial Measures" for a reconciliation of our non-GAAP measures to the most directly comparable GAAP financial measure.

(2)

Annualized.

(3)

Current quarter regulatory capital ratios are estimates.

Table 2 – Average Balances/Yield/Rates

 

 

 

For the Three Months Ended September 30,

 

 

 

2021

 

 

2020

 

 

 

Average

 

 

Income/

 

 

Yield/

 

 

Average

 

 

Income/

 

 

Yield/

 

(In thousands)

 

Balance

 

 

Expense

 

 

Rate

 

 

Balance

 

 

Expense

 

 

Rate

 

ASSETS

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Interest-earning assets:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Loans, net of unearned income (1)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Originated loans

 

$

9,933,466

 

 

$

102,246

 

 

 

4.08

%

 

$

11,168,913

 

 

$

123,177

 

 

 

4.39

%

ANCI portfolio

 

 

1,575,138

 

 

 

19,626

 

 

 

4.94

 

 

 

2,295,097

 

 

 

28,214

 

 

 

4.89

 

PCD portfolio

 

 

136,218

 

 

 

3,665

 

 

 

10.67

 

 

 

188,385

 

 

 

3,460

 

 

 

7.31

 

Total loans

 

 

11,644,822

 

 

 

125,537

 

 

 

4.28

 

 

 

13,652,395

 

 

 

154,851

 

 

 

4.51

 

Investment securities

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Taxable

 

 

4,040,187

 

 

 

15,047

 

 

 

1.48

 

 

 

2,694,012

 

 

 

13,164

 

 

 

1.94

 

Tax-exempt (2)

 

 

343,677

 

 

 

2,669

 

 

 

3.08

 

 

 

266,345

 

 

 

2,150

 

 

 

3.21

 

Total investment securities

 

 

4,383,864

 

 

 

17,716

 

 

 

1.60

 

 

 

2,960,357

 

 

 

15,314

 

 

 

2.06

 

Federal funds sold and short-term investments

 

 

2,012,073

 

 

 

824

 

 

 

0.16

 

 

 

942,017

 

 

 

432

 

 

 

0.18

 

Other investments

 

 

69,090

 

 

 

267

 

 

 

1.53

 

 

 

77,262

 

 

 

350

 

 

 

1.80

 

Total interest-earning assets

 

 

18,109,849

 

 

 

144,344

 

 

 

3.16

 

 

 

17,632,031

 

 

 

170,947

 

 

 

3.86

 

Noninterest-earning assets:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Cash and due from banks

 

 

231,453

 

 

 

 

 

 

 

 

 

 

 

170,241

 

 

 

 

 

 

 

 

 

Premises and equipment

 

 

128,213

 

 

 

 

 

 

 

 

 

 

 

127,432

 

 

 

 

 

 

 

 

 

Accrued interest and other assets

 

 

742,433

 

 

 

 

 

 

 

 

 

 

 

707,553

 

 

 

 

 

 

 

 

 

Allowance for credit losses

 

 

(248,464

)

 

 

 

 

 

 

 

 

 

 

(389,243

)

 

 

 

 

 

 

 

 

Total assets

 

$

18,963,484

 

 

 

 

 

 

 

 

 

 

$

18,248,014

 

 

 

 

 

 

 

 

 

LIABILITIES AND SHAREHOLDERS' EQUITY

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Interest-bearing liabilities:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Demand deposits

 

$

8,302,457

 

 

$

2,598

 

 

 

0.12

%

 

$

8,037,801

 

 

$

4,682

 

 

 

0.23

%

Savings deposits

 

 

402,023

 

 

 

61

 

 

 

0.06

 

 

 

319,004

 

 

 

140

 

 

 

0.17

 

Time deposits

 

 

1,847,179

 

 

 

2,313

 

 

 

0.50

 

 

 

2,379,430

 

 

 

7,741

 

 

 

1.29

 

Total interest-bearing deposits

 

 

10,551,659

 

 

 

4,972

 

 

 

0.19

 

 

 

10,736,235

 

 

 

12,563

 

 

 

0.47

 

Other borrowings

 

 

77,174

 

 

 

176

 

 

 

0.90

 

 

 

149,973

 

 

 

931

 

 

 

2.47

 

Subordinated debentures

 

 

182,962

 

 

 

2,510

 

 

 

5.44

 

 

 

222,331

 

 

 

2,961

 

 

 

5.30

 

Total interest-bearing liabilities

 

 

10,811,795

 

 

 

7,658

 

 

 

0.28

 

 

 

11,108,539

 

 

 

16,455

 

 

 

0.59

 

Noninterest-bearing liabilities:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Demand deposits

 

 

5,722,202

 

 

 

 

 

 

 

 

 

 

 

4,892,079

 

 

 

 

 

 

 

 

 

Accrued interest and other liabilities

 

 

229,510

 

 

 

 

 

 

 

 

 

 

 

195,317

 

 

 

 

 

 

 

 

 

Total liabilities

 

 

16,763,507

 

 

 

 

 

 

 

 

 

 

 

16,195,935

 

 

 

 

 

 

 

 

 

Shareholders' equity

 

 

2,199,977

 

 

 

 

 

 

 

 

 

 

 

2,052,079

 

 

 

 

 

 

 

 

 

Total liabilities and shareholders' equity

 

$

18,963,484

 

 

 

 

 

 

 

 

 

 

$

18,248,014

 

 

 

 

 

 

 

 

 

Net interest income/net interest spread

 

 

 

 

 

 

136,686

 

 

 

2.88

%

 

 

 

 

 

 

154,492

 

 

 

3.27

%

Net yield on earning assets/net interest margin

 

 

 

 

 

 

 

 

 

 

2.99

%

 

 

 

 

 

 

 

 

 

 

3.49

%

Taxable equivalent adjustment:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Investment securities

 

 

 

 

 

 

(560

)

 

 

 

 

 

 

 

 

 

 

(451

)

 

 

 

 

Net interest income

 

 

 

 

 

$

136,126

 

 

 

 

 

 

 

 

 

 

$

154,041

 

 

 

 

 

(1)

Nonaccrual loans are included in loans, net of unearned income. No adjustment has been made for these loans in the calculation of yields.

(2)

Interest income and yields are presented on a fully taxable equivalent basis using a federal income tax rate of 21%.

Table 2 (Continued) – Average Balances/Yield/Rates

 

 

 

For the Three Months Ended

 

 

 

September 30, 2021

 

 

June 30, 2021

 

 

 

Average

 

 

Income/

 

 

Yield/

 

 

Average

 

 

Income/

 

 

Yield/

 

(In thousands)

 

Balance

 

 

Expense

 

 

Rate

 

 

Balance

 

 

Expense

 

 

Rate

 

ASSETS

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Interest-earning assets:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Loans, net of unearned income (1)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Originated loans

 

$

9,933,466

 

 

$

102,246

 

 

 

4.08

%

 

$

10,256,387

 

 

$

107,760

 

 

 

4.21

%

ANCI portfolio

 

 

1,575,138

 

 

 

19,626

 

 

 

4.94

 

 

 

1,737,494

 

 

 

20,660

 

 

 

4.77

 

PCD portfolio

 

 

136,218

 

 

 

3,665

 

 

 

10.67

 

 

 

149,267

 

 

 

2,858

 

 

 

7.68

 

Total loans

 

 

11,644,822

 

 

 

125,537

 

 

 

4.28

 

 

 

12,143,148

 

 

 

131,278

 

 

 

4.34

 

Investment securities

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Taxable

 

 

4,040,187

 

 

 

15,047

 

 

 

1.48

 

 

 

3,681,937

 

 

 

13,551

 

 

 

1.48

 

Tax-exempt (2)

 

 

343,677

 

 

 

2,669

 

 

 

3.08

 

 

 

336,664

 

 

 

2,644

 

 

 

3.15

 

Total investment securities

 

 

4,383,864

 

 

 

17,716

 

 

 

1.60

 

 

 

4,018,601

 

 

 

16,195

 

 

 

1.62

 

Federal funds sold and short-term investments

 

 

2,012,073

 

 

 

824

 

 

 

0.16

 

 

 

1,755,586

 

 

 

681

 

 

 

0.16

 

Other investments

 

 

69,090

 

 

 

267

 

 

 

1.53

 

 

 

69,873

 

 

 

431

 

 

 

2.47

 

Total interest-earning assets

 

 

18,109,849

 

 

 

144,344

 

 

 

3.16

 

 

 

17,987,208

 

 

 

148,585

 

 

 

3.31

 

Noninterest-earning assets:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Cash and due from banks

 

 

231,453

 

 

 

 

 

 

 

 

 

 

 

218,307

 

 

 

 

 

 

 

 

 

Premises and equipment

 

 

128,213

 

 

 

 

 

 

 

 

 

 

 

124,893

 

 

 

 

 

 

 

 

 

Accrued interest and other assets

 

 

742,433

 

 

 

 

 

 

 

 

 

 

 

675,293

 

 

 

 

 

 

 

 

 

Allowance for credit losses

 

 

(248,464

)

 

 

 

 

 

 

 

 

 

 

(308,076

)

 

 

 

 

 

 

 

 

Total assets

 

$

18,963,484

 

 

 

 

 

 

 

 

 

 

$

18,697,625

 

 

 

 

 

 

 

 

 

LIABILITIES AND SHAREHOLDERS' EQUITY

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Interest-bearing liabilities:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Demand deposits

 

$

8,302,457

 

 

$

2,598

 

 

 

0.12

%

 

$

7,933,078

 

 

$

2,952

 

 

 

0.15

%

Savings deposits

 

 

402,023

 

 

 

61

 

 

 

0.06

 

 

 

400,955

 

 

 

83

 

 

 

0.08

 

Time deposits

 

 

1,847,179

 

 

 

2,313

 

 

 

0.50

 

 

 

1,990,920

 

 

 

3,008

 

 

 

0.61

 

Total interest-bearing deposits

 

 

10,551,659

 

 

 

4,972

 

 

 

0.19

 

 

 

10,324,953

 

 

 

6,043

 

 

 

0.23

 

Other borrowings

 

 

77,174

 

 

 

176

 

 

 

0.90

 

 

 

146,701

 

 

 

924

 

 

 

2.53

 

Subordinated debentures

 

 

182,962

 

 

 

2,510

 

 

 

5.44

 

 

 

183,275

 

 

 

2,521

 

 

 

5.52

 

Total interest-bearing liabilities

 

 

10,811,795

 

 

 

7,658

 

 

 

0.28

 

 

 

10,654,929

 

 

 

9,488

 

 

 

0.36

 

Noninterest-bearing liabilities:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Demand deposits

 

 

5,722,202

 

 

 

 

 

 

 

 

 

 

 

5,726,273

 

 

 

 

 

 

 

 

 

Accrued interest and other liabilities

 

 

229,510

 

 

 

 

 

 

 

 

 

 

 

202,296

 

 

 

 

 

 

 

 

 

Total liabilities

 

 

16,763,507

 

 

 

 

 

 

 

 

 

 

 

16,583,498

 

 

 

 

 

 

 

 

 

Shareholders' equity

 

 

2,199,977

 

 

 

 

 

 

 

 

 

 

 

2,114,127

 

 

 

 

 

 

 

 

 

Total liabilities and shareholders' equity

 

$

18,963,484

 

 

 

 

 

 

 

 

 

 

$

18,697,625

 

 

 

 

 

 

 

 

 

Net interest income/net interest spread

 

 

 

 

 

 

136,686

 

 

 

2.88

%

 

 

 

 

 

 

139,097

 

 

 

2.96

%

Net yield on earning assets/net interest margin

 

 

 

 

 

 

 

 

 

 

2.99

%

 

 

 

 

 

 

 

 

 

 

3.10

%

Taxable equivalent adjustment:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Investment securities

 

 

 

 

 

 

(560

)

 

 

 

 

 

 

 

 

 

 

(556

)

 

 

 

 

Net interest income

 

 

 

 

 

$

136,126

 

 

 

 

 

 

 

 

 

 

$

138,541

 

 

 

 

 

_______________

(1)

Nonaccrual loans are included in loans, net of unearned income. No adjustment has been made for these loans in the calculation of yields.

(2)

Interest income and yields are presented on a fully taxable equivalent basis using a federal income tax rate of 21%.

Table 3 – Loan Interest Income Detail

 

 

 

YTD

 

 

For the Quarters,

 

(In thousands)

 

September 30,

2021

 

 

3Q 2021

 

 

2Q 2021

 

 

1Q 2021

 

 

4Q 2020

 

 

3Q 2020

 

Interest Income Detail

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Originated loans

 

$

323,741

 

 

$

102,246

 

 

$

107,760

 

 

$

113,735

 

 

$

125,535

 

 

$

123,177

 

ANCI loans: interest income

 

 

49,522

 

 

 

15,020

 

 

 

16,670

 

 

 

17,832

 

 

 

20,507

 

 

 

22,850

 

ANCI loans: accretion

 

 

13,475

 

 

 

4,606

 

 

 

3,990

 

 

 

4,879

 

 

 

5,436

 

 

 

5,364

 

PCD loans: interest income

 

 

7,278

 

 

 

2,472

 

 

 

2,372

 

 

 

2,433

 

 

 

3,355

 

 

 

2,421

 

PCD loans: accretion

 

 

2,624

 

 

 

1,193

 

 

 

486

 

 

 

945

 

 

 

465

 

 

 

1,039

 

Total loan interest income

 

$

396,639

 

 

$

125,537

 

 

$

131,278

 

 

$

139,824

 

 

$

155,298

 

 

$

154,851

 

Yields

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Originated loans

 

 

4.22

%

 

 

4.08

%

 

 

4.21

%

 

 

4.35

%

 

 

4.57

%

 

 

4.39

%

ANCI loans without discount accretion

 

 

3.83

 

 

 

3.78

 

 

 

3.85

 

 

 

3.85

 

 

 

3.84

 

 

 

3.96

 

ANCI loans discount accretion

 

 

1.04

 

 

 

1.16

 

 

 

0.92

 

 

 

1.05

 

 

 

1.01

 

 

 

0.93

 

PCD loans without discount accretion

 

 

6.55

 

 

 

7.20

 

 

 

6.37

 

 

 

6.15

 

 

 

7.73

 

 

 

5.11

 

PCD loans discount accretion

 

 

2.36

 

 

 

3.47

 

 

 

1.31

 

 

 

2.39

 

 

 

1.08

 

 

 

2.20

 

Total loan yield

 

 

4.37

%

 

 

4.28

%

 

 

4.34

%

 

 

4.48

%

 

 

4.67

%

 

 

4.51

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Table 4 – Allowance for Credit Losses (“ACL”) (1)

 

 

 

For the Three Months Ended

 

(In thousands)

 

3Q 2021

 

 

2Q 2021

 

 

1Q 2021

 

 

4Q 2020

 

 

3Q 2020

 

Balance at beginning of period

 

$

247,732

 

 

$

308,037

 

 

$

367,160

 

 

$

385,412

 

 

$

370,901

 

Charge-offs

 

 

(5,319

)

 

 

(11,265

)

 

 

(14,671

)

 

 

(23,956

)

 

 

(21,830

)

Recoveries

 

 

5,746

 

 

 

2,541

 

 

 

2,563

 

 

 

2,770

 

 

 

1,936

 

Net (charge-offs) recoveries

 

 

427

 

 

 

(8,724

)

 

 

(12,108

)

 

 

(21,186

)

 

 

(19,894

)

Provision (release) for loan losses

 

 

(28,552

)

 

 

(51,581

)

 

 

(47,015

)

 

 

2,934

 

 

 

34,405

 

Balance at end of period

 

$

219,607

 

 

$

247,732

 

 

$

308,037

 

 

$

367,160

 

 

$

385,412

 

(1)

This table represents the activity in the ACL for funded loans.

Table 5 – ACL Activity by Segment

 

 

 

For the Three Months Ended September 30, 2021

 

(In thousands)

 

Commercial

and

Industrial

 

 

Commercial

Real Estate

 

 

Consumer

 

 

Total Allowance

for Credit

Losses

 

 

Reserve for

Unfunded

Commitments (1)

 

 

Total

 

As of June 30, 2021

 

$

131,309

 

 

$

85,915

 

 

$

30,508

 

 

$

247,732

 

 

$

754

 

 

$

248,486

 

Provision (release) for credit losses

 

 

(7,025

)

 

 

(20,933

)

 

 

(594

)

 

 

(28,552

)

 

 

145

 

 

 

(28,407

)

Charge-offs

 

 

(3,899

)

 

 

(1,107

)

 

 

(313

)

 

 

(5,319

)

 

 

 

 

 

(5,319

)

Recoveries

 

 

3,323

 

 

 

2,262

 

 

 

161

 

 

 

5,746

 

 

 

 

 

 

5,746

 

As of September 30, 2021

 

$

123,708

 

 

$

66,137

 

 

$

29,762

 

 

$

219,607

 

 

$

899

 

 

$

220,506

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

For the Nine Months Ended September 30, 2021

 

(In thousands)

 

Commercial

and

Industrial

 

 

Commercial

Real Estate

 

 

Consumer

 

 

Total Allowance

for Credit

Losses

 

 

Reserve for

Unfunded

Commitments (1)

 

 

Total

 

As of December 31, 2020

 

$

187,365

 

 

$

141,187

 

 

$

38,608

 

 

$

367,160

 

 

$

2,296

 

 

$

369,456

 

Provision (release) for credit losses

 

 

(42,220

)

 

 

(76,298

)

 

 

(8,630

)

 

 

(127,148

)

 

 

(1,397

)

 

 

(128,545

)

Charge-offs

 

 

(28,241

)

 

 

(2,325

)

 

 

(688

)

 

 

(31,254

)

 

 

 

 

 

(31,254

)

Recoveries

 

 

6,804

 

 

 

3,573

 

 

 

472

 

 

 

10,849

 

 

 

 

 

 

10,849

 

As of September 30, 2021

 

$

123,708

 

 

$

66,137

 

 

$

29,762

 

 

$

219,607

 

 

$

899

 

 

$

220,506

 

(1)

The reserve for unfunded commitments is recorded in other liabilities in the consolidated balance sheets.

Table 6 – Criticized Loans by Segment

 

 

 

As of September 30, 2021 (1)

 

(Amortized cost in thousands)

 

Special Mention

 

 

Substandard

 

 

Doubtful

 

 

Total Criticized

 

Commercial and industrial

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

General C&I

 

$

80,086

 

 

$

101,587

 

 

$

9,004

 

 

$

190,677

 

Energy

 

 

33,095

 

 

 

61,848

 

 

 

7,060

 

 

 

102,003

 

Restaurant

 

 

8,087

 

 

 

21,692

 

 

 

1,949

 

 

 

31,728

 

Healthcare

 

 

6,868

 

 

 

2,493

 

 

 

 

 

 

9,361

 

Total commercial and industrial

 

 

128,136

 

 

 

187,620

 

 

 

18,013

 

 

 

333,769

 

Commercial real estate

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Industrial, retail, and other

 

 

12,981

 

 

 

36,189

 

 

 

 

 

 

49,170

 

Hospitality

 

 

16,014

 

 

 

50,400

 

 

 

 

 

 

66,414

 

Multifamily

 

 

89

 

 

 

 

 

 

 

 

 

89

 

Office

 

 

10,689

 

 

 

 

 

 

 

 

 

10,689

 

Total commercial real estate

 

 

39,773

 

 

 

86,589

 

 

 

 

 

 

126,362

 

Consumer

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Residential

 

 

 

 

 

15,667

 

 

 

 

 

 

15,667

 

Other

 

 

 

 

 

60

 

 

 

 

 

 

60

 

Total consumer

 

 

 

 

 

15,727

 

 

 

 

 

 

15,727

 

Total

 

$

167,909

 

 

$

289,936

 

 

$

18,013

 

 

$

475,858

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(1) Criticized loans do not include loans held for sale of less than $0.1 million.

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

As of June 30, 2021 (1)

 

(Amortized cost in thousands)

 

Special Mention

 

 

Substandard

 

 

Doubtful

 

 

Total Criticized

 

Commercial and industrial

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

General C&I

 

$

88,877

 

 

$

98,360

 

 

$

10,849

 

 

$

198,086

 

Energy

 

 

53,829

 

 

 

98,157

 

 

 

7,141

 

 

 

159,127

 

Restaurant

 

 

33,374

 

 

 

59,578

 

 

 

4,000

 

 

 

96,952

 

Healthcare

 

 

1,782

 

 

 

14,862

 

 

 

 

 

 

16,644

 

Total commercial and industrial

 

 

177,862

 

 

 

270,957

 

 

 

21,990

 

 

 

470,809

 

Commercial real estate

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Industrial, retail, and other

 

 

18,460

 

 

 

39,211

 

 

 

 

 

 

57,671

 

Hospitality

 

 

24,267

 

 

 

68,324

 

 

 

 

 

 

92,591

 

Multifamily

 

 

10,409

 

 

 

1,411

 

 

 

 

 

 

11,820

 

Office

 

 

11,034

 

 

 

9,142

 

 

 

 

 

 

20,176

 

Total commercial real estate

 

 

64,170

 

 

 

118,088

 

 

 

 

 

 

182,258

 

Consumer

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Residential

 

 

 

 

 

14,803

 

 

 

 

 

 

14,803

 

Other

 

 

 

 

 

21

 

 

 

 

 

 

21

 

Total consumer

 

 

 

 

 

14,824

 

 

 

 

 

 

14,824

 

Total

 

$

242,032

 

 

$

403,869

 

 

$

21,990

 

 

$

667,891

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(1) Criticized loans do not include loans held for sale of $0.2 million.

 

Table 7 – Nonperforming Assets

 

 

As of

 

(In thousands)

 

3Q 2021

 

 

2Q 2021

 

 

1Q 2021

 

 

4Q 2020

 

 

3Q 2020

 

Nonperforming loans (1)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Commercial and industrial

 

$

79,046

 

 

$

92,257

 

 

$

94,153

 

 

$

109,410

 

 

$

145,991

 

Commercial real estate

 

 

6,425

 

 

 

14,557

 

 

 

14,846

 

 

 

14,559

 

 

 

26,742

 

Consumer

 

 

14,976

 

 

 

15,703

 

 

 

14,364

 

 

 

14,033

 

 

 

16,364

 

Total nonperforming loans ("NPL")

 

 

100,447

 

 

 

122,517

 

 

 

123,363

 

 

 

138,002

 

 

 

189,097

 

Foreclosed OREO and other NPA

 

 

20,399

 

 

 

17,613

 

 

 

19,125

 

 

 

19,788

 

 

 

20,344

 

Total nonperforming assets

 

$

120,846

 

 

$

140,130

 

 

$

142,488

 

 

$

157,790

 

 

$

209,441

 

NPL as a percentage of total loans

 

 

0.87

%

 

 

1.05

%

 

 

1.00

%

 

 

1.08

%

 

 

1.40

%

NPA as a percentage of loans plus OREO/other

 

 

1.05

%

 

 

1.20

%

 

 

1.15

%

 

 

1.24

%

 

 

1.55

%

NPA as a percentage of total assets

 

 

0.61

%

 

 

0.75

%

 

 

0.76

%

 

 

0.84

%

 

 

1.14

%

Total accruing loans 90 days or more past due

 

$

3,906

 

 

$

988

 

 

$

1,399

 

 

$

13,880

 

 

$

7,260

 

(1)

Nonperforming loans do not include nonperforming loans held for sale of $3.4 million and $0.2 million at March 31, 2021 and December 31, 2020, respectively.

Table 8 – Noninterest Income

 

 

For the Three Months Ended

 

(In thousands)

 

3Q 2021

 

 

2Q 2021

 

 

1Q 2021

 

 

4Q 2020

 

 

3Q 2020

 

Noninterest Income

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Hedge revenue

 

$

 

 

$

 

 

$

 

 

$

169,248

 

 

$

 

Investment advisory revenue

 

 

8,007

 

 

 

8,222

 

 

 

7,609

 

 

 

7,457

 

 

 

6,797

 

Trust services revenue

 

 

5,317

 

 

 

4,888

 

 

 

5,509

 

 

 

4,885

 

 

 

4,556

 

Service charges on deposit accounts

 

 

7,815

 

 

 

7,228

 

 

 

6,404

 

 

 

6,028

 

 

 

5,847

 

Mortgage banking income

 

 

1,387

 

 

 

1,587

 

 

 

2,115

 

 

 

3,062

 

 

 

3,535

 

Credit-related fees

 

 

4,134

 

 

 

5,477

 

 

 

3,849

 

 

 

4,766

 

 

 

4,202

 

Bankcard fees

 

 

1,695

 

 

 

1,919

 

 

 

1,753

 

 

 

1,775

 

 

 

1,745

 

Payroll processing revenue

 

 

1,377

 

 

 

1,258

 

 

 

1,490

 

 

 

1,309

 

 

 

1,255

 

SBA income

 

 

3,813

 

 

 

5,810

 

 

 

3,967

 

 

 

2,889

 

 

 

3,037

 

Other service fees

 

 

1,841

 

 

 

1,963

 

 

 

2,209

 

 

 

1,751

 

 

 

1,450

 

Securities gains, net

 

 

15,757

 

 

 

11

 

 

 

2,259

 

 

 

1,353

 

 

 

79

 

Other

 

 

10,969

 

 

 

8,111

 

 

 

6,532

 

 

 

5,222

 

 

 

88

 

Total noninterest income

 

$

62,112

 

 

$

46,474

 

 

$

43,696

 

 

$

209,745

 

 

$

32,591

 

Table 9 – Noninterest Expenses

 

 

For the Three Months Ended

 

(In thousands)

 

3Q 2021

 

 

2Q 2021

 

 

1Q 2021

 

 

4Q 2020

 

 

3Q 2020

 

Noninterest Expenses

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Salaries and employee benefits

 

$

60,818

 

 

$

58,619

 

 

$

57,070

 

 

$

59,833

 

 

$

51,734

 

Premises and equipment

 

 

11,054

 

 

 

10,709

 

 

 

10,374

 

 

 

11,036

 

 

 

10,716

 

Merger related expenses

 

 

4,169

 

 

 

6,267

 

 

 

 

 

 

 

 

 

2,105

 

Intangible asset amortization

 

 

4,686

 

 

 

4,836

 

 

 

4,986

 

 

 

5,164

 

 

 

5,299

 

Data processing

 

 

3,162

 

 

 

3,179

 

 

 

3,259

 

 

 

3,047

 

 

 

3,024

 

Software amortization

 

 

4,931

 

 

 

4,950

 

 

 

4,507

 

 

 

4,480

 

 

 

4,432

 

Consulting and professional fees

 

 

3,361

 

 

 

3,736

 

 

 

3,233

 

 

 

3,450

 

 

 

3,320

 

Loan related expenses

 

 

674

 

 

 

754

 

 

 

796

 

 

 

631

 

 

 

953

 

FDIC insurance

 

 

1,537

 

 

 

1,656

 

 

 

1,465

 

 

 

3,007

 

 

 

2,528

 

Communications

 

 

1,092

 

 

 

1,281

 

 

 

1,243

 

 

 

1,175

 

 

 

1,119

 

Advertising and public relations

 

 

1,082

 

 

 

1,487

 

 

 

927

 

 

 

956

 

 

 

716

 

Legal expenses

 

 

703

 

 

 

594

 

 

 

925

 

 

 

726

 

 

 

681

 

Other(1)

 

 

19,918

 

 

 

7,998

 

 

 

9,037

 

 

 

11,826

 

 

 

8,232

 

Total noninterest expenses

 

$

117,187

 

 

$

106,066

 

 

$

97,822

 

 

$

105,331

 

 

$

94,859

 

(1)

3Q 2021 includes regulatory settlement of $9.9 million.

Table 10 – Reconciliation of Non-GAAP Financial Measures

 

 

As of and for the Three Months Ended

 

(In thousands, except share and per share data)

3Q 2021

 

2Q 2021

 

1Q 2021

 

4Q 2020

 

3Q 2020

 

Efficiency ratio

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Noninterest expenses (numerator)

$

117,187

 

$

106,066

 

$

97,822

 

$

105,331

 

$

94,859

 

Net interest income

$

136,126

 

$

138,541

 

$

142,748

 

$

156,741

 

$

154,042

 

Noninterest income

 

62,112

 

 

46,474

 

 

43,696

 

 

209,745

 

 

32,591

 

Operating revenue (denominator)

$

198,238

 

$

185,015

 

$

186,444

 

$

366,486

 

$

186,633

 

Efficiency ratio

 

59.11

%

 

57.33

%

 

52.47

%

 

28.74

%

 

50.83

%

Adjusted efficiency ratio

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Noninterest expenses

$

117,187

 

$

106,066

 

$

97,822

 

$

105,331

 

$

94,859

 

Less: merger related expenses

 

4,169

 

 

6,267

 

 

 

 

 

 

2,105

 

Less: regulatory settlement expenses

 

9,945

 

 

 

 

 

 

 

 

 

Less: expenses related to COVID-19 pandemic

 

 

 

 

 

 

 

215

 

 

235

 

Adjusted noninterest expenses (numerator)

$

103,073

 

$

99,799

 

$

97,822

 

$

105,116

 

$

92,519

 

Net interest income

$

136,126

 

$

138,541

 

$

142,748

 

$

156,741

 

$

154,042

 

Noninterest income

 

62,112

 

 

46,474

 

 

43,696

 

 

209,745

 

 

32,591

 

Plus: impairment charge on branch building

 

 

 

 

 

 

 

 

 

538

 

Less: securities gains, net

 

15,757

 

 

11

 

 

2,259

 

 

1,353

 

 

79

 

Adjusted noninterest income

 

46,355

 

 

46,463

 

 

41,437

 

 

208,392

 

 

33,050

 

Adjusted operating revenue (denominator)

$

182,481

 

$

185,004

 

$

184,185

 

$

365,133

 

$

187,092

 

Adjusted efficiency ratio

 

56.48

%

 

53.94

%

 

53.11

%

 

28.79

%

 

49.45

%

Tangible common equity ratio

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Shareholders’ equity

$

2,182,088

 

$

2,202,738

 

$

2,092,536

 

$

2,121,102

 

$

2,071,472

 

Less: goodwill and other intangible assets, net

 

(112,334

)

 

(117,020

)

 

(121,856

)

 

(126,841

)

 

(132,005

)

Tangible common shareholders’ equity

 

2,069,754

 

 

2,085,718

 

 

1,970,680

 

 

1,994,261

 

 

1,939,467

 

Total assets

 

19,754,467

 

 

18,692,623

 

 

18,800,350

 

 

18,712,567

 

 

18,404,195

 

Less: goodwill and other intangible assets, net

 

(112,334

)

 

(117,020

)

 

(121,856

)

 

(126,841

)

 

(132,005

)

Tangible assets

$

19,642,133

 

$

18,575,603

 

$

18,678,494

 

$

18,585,726

 

$

18,272,190

 

Tangible common equity ratio

 

10.54

%

 

11.23

%

 

10.55

%

 

10.73

%

 

10.61

%

Tangible book value per share

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Shareholders’ equity

$

2,182,088

 

$

2,202,738

 

$

2,092,536

 

$

2,121,102

 

$

2,071,472

 

Less: goodwill and other intangible assets, net

 

(112,334

)

 

(117,020

)

 

(121,856

)

 

(126,841

)

 

(132,005

)

Tangible common shareholders’ equity

$

2,069,754

 

$

2,085,718

 

$

1,970,680

 

$

1,994,261

 

$

1,939,467

 

Common shares outstanding

 

122,395,359

 

 

124,752,738

 

 

124,698,518

 

 

125,978,561

 

 

125,946,793

 

Tangible book value per share

$

16.91

 

$

16.72

 

$

15.80

 

$

15.83

 

$

15.40

 

Table 10 (Continued) – Reconciliation of Non-GAAP Measures

 

 

As of and for the Three Months Ended

 

(In thousands, except share and per share data)

3Q 2021

 

2Q 2021

 

1Q 2021

 

4Q 2020

 

3Q 2020

 

Return on average tangible common equity

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Average common equity

$

2,199,977

 

$

2,114,127

 

$

2,085,712

 

$

2,072,030

 

$

2,052,079

 

Less: average intangible assets

 

(115,213

)

 

(120,125

)

 

(125,042

)

 

(130,146

)

 

(135,491

)

Average tangible common shareholders’ equity

$

2,084,764

 

$

1,994,002

 

$

1,960,670

 

$

1,941,884

 

$

1,916,588

 

Net income

$

83,986

 

$

101,309

 

$

106,425

 

$

200,583

 

$

49,315

 

Plus: intangible asset amortization, net of tax

 

3,582

 

 

3,694

 

 

3,809

 

 

3,939

 

 

4,042

 

Tangible net income

$

87,568

 

$

105,003

 

$

110,234

 

$

204,522

 

$

53,357

 

Return on average tangible common equity(1)

 

16.66

%

 

21.12

%

 

22.80

%

 

41.90

%

 

11.08

%

Adjusted return on average tangible common equity

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Average tangible common shareholders’ equity

$

2,084,764

 

$

1,994,002

 

$

1,960,670

 

$

1,941,884

 

$

1,916,588

 

Tangible net income

$

87,568

 

$

105,003

 

$

110,234

 

$

204,522

 

$

53,357

 

Non-routine items:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Plus: merger related expenses

 

4,169

 

 

6,267

 

 

 

 

 

 

2,105

 

Plus: regulatory settlement expenses

 

9,945

 

 

 

 

 

 

 

 

 

Plus: expenses related to COVID-19 pandemic

 

 

 

 

 

 

 

215

 

 

235

 

Plus: impairment loss on branch building

 

 

 

 

 

 

 

 

 

538

 

Less: securities gains, net

 

15,757

 

 

11

 

 

2,259

 

 

1,353

 

 

79

 

Less: income tax effect of tax deductible non-routine items

 

(1,094

)

 

1,477

 

 

(533

)

 

(270

)

 

664

 

Total non-routine items, after tax

 

(549

)

 

4,779

 

 

(1,726

)

 

(868

)

 

2,135

 

Adjusted tangible net income

$

87,019

 

$

109,782

 

$

108,508

 

$

203,654

 

$

55,492

 

Adjusted return on average tangible common equity(1)

 

16.56

%

 

22.08

%

 

22.44

%

 

41.72

%

 

11.52

%

Adjusted return on average assets

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Average assets

$

18,963,484

 

$

18,697,625

 

$

18,837,133

 

$

18,354,046

 

$

18,248,014

 

Net income

$

83,986

 

$

101,309

 

$

106,425

 

$

200,583

 

$

49,315

 

Return on average assets

 

1.76

%

 

2.17

%

 

2.29

%

 

4.35

%

 

1.08

%

Net income

$

83,986

 

$

101,309

 

$

106,425

 

$

200,583

 

$

49,315

 

Total non-routine items, after tax

 

(549

)

 

4,779

 

 

(1,726

)

 

(868

)

 

2,135

 

Adjusted net income

$

83,437

 

$

106,088

 

$

104,699

 

$

199,715

 

$

51,450

 

Adjusted return on average assets(1)

 

1.75

%

 

2.28

%

 

2.25

%

 

4.33

%

 

1.12

%

Adjusted diluted earnings per share

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Diluted weighted average common shares outstanding

 

124,598,096

 

 

125,548,794

 

 

125,621,508

 

 

126,408,959

 

 

126,094,868

 

Net income allocated to common stock

$

83,429

 

$

100,575

 

$

105,829

 

$

198,765

 

$

48,884

 

Total non-routine items, after tax

 

(549

)

 

4,779

 

 

(1,726

)

 

(868

)

 

2,135

 

Adjusted net income allocated to common stock

$

82,880

 

$

105,354

 

$

104,103

 

$

197,897

 

$

51,019

 

Adjusted diluted earnings per share

$

0.67

 

$

0.84

 

$

0.83

 

$

1.57

 

$

0.40

 

Adjusted pre-tax, pre-provision net revenue

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Income before taxes

$

109,458

 

$

130,825

 

$

136,884

 

$

258,320

 

$

58,801

 

Plus: provision (reversal) for credit losses

 

(28,407

)

 

(51,876

)

 

(48,262

)

 

2,835

 

 

32,973

 

Plus: total non-routine items before taxes

 

(1,643

)

 

6,256

 

 

(2,259

)

 

(1,138

)

 

2,799

 

Adjusted pre-tax, pre-provision net revenue

$

79,408

 

$

85,205

 

$

86,363

 

$

260,017

 

$

94,573

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(1) Annualized.

 

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