First Financial Bancorp Announces Third Quarter 2024 Financial Results and Quarterly Dividend
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Earnings per diluted share of
$0.55 ;$0.67 on an adjusted(1) basis - Return on average assets of 1.17%; 1.42% on an adjusted(1) basis
- Net interest margin on FTE basis(1) of 4.08%
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Noninterest income of
$45.7 million ;$58.8 million on an adjusted(1) basis -
Average deposit growth of
$166.2 million ; 4.9% on an annualized basis - 1.37% ACL ratio to total loans; Net charge-offs 0.25% of total loans
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Tangible book value increased 10.2% from linked quarter to
$14.26 -
Board of Directors approved quarterly dividend of
$0.24
For the three months ended
Return on average assets for the third quarter of 2024 was 1.17% while return on average tangible common equity was 16.29%(1). These compare to return on average assets of 1.38% and return on average tangible common equity of 20.57%(1) in the second quarter of 2024.
Third quarter 2024 highlights include:
- Net interest margin of 4.05%, or 4.08% on a fully tax-equivalent basis(1)
- 2 bp decline from second quarter, better than initial expectations
- Slight increase in cost of deposits offset by favorable shift in funding mix; Asset yields flat compared to prior quarter
- Noninterest income of
$45.7 million , or$58.8 million as adjusted(1)- Adjustments include:
$17.5 million loss on securities; includes$9.7 million of impairment losses and$8.0 million loss on sales from restructuring activities$4.4 million deferred tax gain
- Strong results from foreign exchange, wealth management, and leasing businesses
- Adjustments include:
- Noninterest expenses of
$125.8 million , or$124.7 million as adjusted(1); 1.8% increase from linked quarter- Third quarter adjustments(1) include
$0.4 million of efficiency related costs and$0.7 million of other costs such as acquisition, severance and branch consolidation costs - Increase driven by
$1.8 million increase in leasing business expenses and$0.5 million supplemental contribution to theFirst Financial Foundation - Efficiency ratio of 62.5%; 58.2% as adjusted(1)
- Third quarter adjustments(1) include
- Modest loan growth during the quarter
- Loan balances increased
$31.9 million compared to the linked quarter; 1% annualized growth - Growth driven by leasing and mortgage
- Payoffs increased 27% compared to the linked quarter
- Loan balances increased
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(1) Non-GAAP measure. For details on the calculation of these non-GAAP financial measures and a reconciliation to the GAAP financial measure, see the sections titled "Use of Non-GAAP Financial Measures" in this release and "Appendix: Non-GAAP to GAAP Reconciliation" in the accompanying slide presentation.
- Strong average deposit growth during the quarter
- Average deposits increased
$166.2 million , or 4.9% on an annualized basis - Growth in money market accounts, retail CDs and brokered CDs offset seasonal decline in public funds and modest declines in noninterest bearing checking and savings accounts
- Average deposits increased
- Total Allowance for Credit Losses of
$176.0 million ; Total quarterly provision expense of $10.6 million- Loans and leases - ACL of
$158.8 million ; ratio to total loans of 1.37% increased 1 bp from second quarter - Unfunded Commitments - ACL of
$17.1 million - Provision expense driven by net charge offs and slower prepayment rates; Classified assets 1.14% of total assets
- Annualized net charge-offs were 25 bps of total loans
- Loans and leases - ACL of
- Capital ratios stable and strong
- Total capital ratio increased 11 bps to 14.58%
- Tier 1 common equity increased 26 bps to 12.04%
- Tangible common equity of 7.98%(1); 9.34%(1) excluding impact from AOCI
- Tangible book value per share of
$14.26 (1); 10.2% increase from linked quarter
Additionally, the board of directors approved a quarterly dividend of
We are particularly pleased with our 4.08% net interest margin. With only a 2 bp decline from the second quarter, the margin has proven to be more durable than expected due to high asset yields from Agile, investment portfolio restructuring and moderating funding costs.
Average deposit balances grew 4.9% on an annualized basis, as declines in our low cost products moderated. Consistent with our expectations, loan growth slowed during the third quarter as softer pipelines in the second quarter led to fewer fundings in the current period. Loan growth was also impacted by higher payoffs in our commercial banking and investment commercial real estate portfolios. Loan pipelines strengthened during the third quarter, and we expect higher growth rates as we close out the year."
With regard to capital, strong earnings and the decline in interest rates led to significant improvement in tangible book value per share and tangible common equity. Tangible book value per share increased 10% from the linked quarter and over 30% from the same quarter last year to
Full detail of the Company's third quarter 2024 performance is provided in the accompanying financial statements and slide presentation.
Teleconference / Webcast Information
First Financial's executive management will host a conference call to discuss the Company's financial and operating results on
Press Release and Additional Information on Website
This press release as well as supplemental information are available to the public through the Investor Relations section of First Financial's website at www.bankatfirst.com.
Use of Non-GAAP Financial Measures
This earnings release contains GAAP financial measures and Non-GAAP financial measures where management believes it to be helpful in understanding the Company's results of operations or financial position. Where Non-GAAP financial measures are used, the comparable GAAP financial measures, as well as a reconciliation to the comparable GAAP financial measure, can be found in the section titled "Appendix: Non-GAAP to GAAP Reconciliation" in the accompanying slide presentation.
Forward-Looking Statements
Certain statements contained in this report which are not statements of historical fact constitute forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Words such as ''believes,'' ''anticipates,'' "likely," "expected," "estimated," ''intends'' and other similar expressions are intended to identify forward-looking statements but are not the exclusive means of identifying such statements. Examples of forward-looking statements include, but are not limited to, statements we make about (i) our future operating or financial performance, including revenues, income or loss and earnings or loss per share, (ii) future common stock dividends, (iii) our capital structure, including future capital levels, (iv) our plans, objectives and strategies, and (v) the assumptions that underlie our forward-looking statements.
As with any forecast or projection, forward-looking statements are subject to inherent uncertainties, risks and changes in circumstances that may cause actual results to differ materially from those set forth in the forward-looking statements. Forward-looking statements are not historical facts but instead express only management's beliefs regarding future results or events, many of which, by their nature, are inherently uncertain and outside of management's control. It is possible that actual results and outcomes may differ, possibly materially, from the anticipated results or outcomes indicated in these forward-looking statements. Important factors that could cause actual results to differ materially from those in our forward-looking statements include the following, without limitation:
- economic, market, liquidity, credit, interest rate, operational and technological risks associated with the Company's business;
- future credit quality and performance, including our expectations regarding future loan losses and our allowance for credit losses
- the effect of and changes in policies and laws or regulatory agencies, including the Dodd-Frank Wall Street Reform and Consumer Protection Act and other legislation and regulation relating to the banking industry;
- Management's ability to effectively execute its business plans;
- mergers and acquisitions, including costs or difficulties related to the integration of acquired companies;
- the possibility that any of the anticipated benefits of the Company's acquisitions will not be realized or will not be realized within the expected time period;
- the effect of changes in accounting policies and practices;
- changes in consumer spending, borrowing and saving and changes in unemployment;
- changes in customers' performance and creditworthiness;
- the costs and effects of litigation and of unexpected or adverse outcomes in such litigation;
- current and future economic and market conditions, including the effects of changes in housing prices, fluctuations in unemployment rates,
U.S. fiscal debt, budget and tax matters, geopolitical matters, and any slowdown in global economic growth; - the adverse impact on the
U.S. economy, including the markets in which we operate, of the novel coronavirus, which causes the Coronavirus disease 2019 ("COVID-19"), global pandemic, and the impact on the performance of our loan and lease portfolio, the market value of our investment securities, the availability of sources of funding and the demand for our products; - our capital and liquidity requirements (including under regulatory capital standards, such as the Basel III capital standards) and our ability to generate capital internally or raise capital on favorable terms;
- financial services reform and other current, pending or future legislation or regulation that could have a negative effect on our revenue and businesses, including the Dodd-Frank Act and other legislation and regulation relating to bank products and services;
- the effect of the current interest rate environment or changes in interest rates or in the level or composition of our assets or liabilities on our net interest income, net interest margin and our mortgage originations, mortgage servicing rights and mortgage loans held for sale;
- the effect of a fall in stock market prices on our brokerage, asset and wealth management businesses;
- a failure in or breach of our operational or security systems or infrastructure, or those of our third-party vendors or other service providers, including as a result of cyber attacks;
- the effect of changes in the level of checking or savings account deposits on our funding costs and net interest margin; and
- our ability to develop and execute effective business plans and strategies.
Additional factors that may cause our actual results to differ materially from those described in our forward-looking statements can be found in our Form 10-K for the year ended
All forward-looking statements included in this filing are made as of the date hereof and are based on information available at the time of the filing. Except as required by law, the Company does not assume any obligation to update any forward-looking statement.
About
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CONSOLIDATED FINANCIAL HIGHLIGHTS |
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(Dollars in thousands, except per share data) |
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(Unaudited) |
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Three Months Ended, |
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Nine months ended, |
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2024 |
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2024 |
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2024 |
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2023 |
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2023 |
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2024 |
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2023 |
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RESULTS OF OPERATIONS |
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Net income |
$ 52,451 |
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$ 60,805 |
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$ 50,689 |
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$ 56,732 |
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$ 63,061 |
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$ 163,945 |
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$ 199,131 |
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Net earnings per share - basic |
$ 0.56 |
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$ 0.64 |
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$ 0.54 |
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$ 0.60 |
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$ 0.67 |
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$ 1.74 |
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$ 2.12 |
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Net earnings per share - diluted |
$ 0.55 |
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$ 0.64 |
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$ 0.53 |
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$ 0.60 |
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$ 0.66 |
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$ 1.72 |
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$ 2.09 |
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Dividends declared per share |
$ 0.24 |
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$ 0.23 |
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$ 0.23 |
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$ 0.23 |
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$ 0.23 |
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$ 0.70 |
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$ 0.69 |
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KEY FINANCIAL RATIOS |
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Return on average assets |
1.17 % |
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1.38 % |
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1.18 % |
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1.31 % |
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1.48 % |
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1.24 % |
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1.57 % |
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Return on average shareholders' equity |
8.80 % |
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10.72 % |
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9.00 % |
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10.50 % |
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11.62 % |
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9.50 % |
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12.53 % |
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Return on average tangible shareholders' equity (1) |
16.29 % |
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20.57 % |
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17.35 % |
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21.36 % |
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23.60 % |
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18.02 % |
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25.87 % |
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Net interest margin |
4.05 % |
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4.06 % |
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4.05 % |
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4.21 % |
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4.28 % |
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4.05 % |
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4.41 % |
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Net interest margin (fully tax equivalent) (1)(2) |
4.08 % |
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4.10 % |
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4.10 % |
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4.26 % |
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4.33 % |
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4.09 % |
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4.45 % |
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Ending shareholders' equity as a percent of ending assets |
13.50 % |
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12.81 % |
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12.99 % |
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12.94 % |
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12.49 % |
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13.50 % |
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12.49 % |
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Ending tangible shareholders' equity as a percent of: |
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Ending tangible assets (1) |
7.98 % |
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7.23 % |
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7.23 % |
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7.17 % |
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6.50 % |
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7.98 % |
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6.50 % |
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Risk-weighted assets (1) |
9.87 % |
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8.95 % |
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8.80 % |
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8.81 % |
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7.88 % |
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9.87 % |
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7.88 % |
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Average shareholders' equity as a percent of average assets |
13.28 % |
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12.87 % |
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13.09 % |
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12.52 % |
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12.70 % |
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13.08 % |
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12.53 % |
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Average tangible shareholders' equity as a percent of average tangible assets (1) |
7.64 % |
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7.15 % |
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7.25 % |
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6.57 % |
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6.69 % |
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7.35 % |
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6.49 % |
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Book value per share |
$ 25.66 |
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$ 24.36 |
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$ 23.95 |
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$ 23.84 |
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$ 22.39 |
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$ 25.66 |
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$ 22.39 |
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Tangible book value per share (1) |
$ 14.26 |
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$ 12.94 |
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$ 12.50 |
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$ 12.38 |
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$ 10.91 |
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$ 14.26 |
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$ 10.91 |
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Common equity tier 1 ratio (3) |
12.04 % |
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11.78 % |
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11.67 % |
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11.73 % |
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11.60 % |
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12.04 % |
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11.60 % |
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Tier 1 ratio (3) |
12.37 % |
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12.11 % |
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12.00 % |
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12.06 % |
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11.94 % |
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12.37 % |
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11.94 % |
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Total capital ratio (3) |
14.58 % |
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14.47 % |
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14.31 % |
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14.26 % |
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14.19 % |
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14.58 % |
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14.19 % |
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Leverage ratio (3) |
9.93 % |
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9.73 % |
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9.75 % |
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9.70 % |
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9.59 % |
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9.93 % |
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9.59 % |
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AVERAGE BALANCE SHEET ITEMS |
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Loans (4) |
$ 11,534,000 |
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$ 11,440,930 |
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$ 11,066,184 |
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$ 10,751,028 |
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$ 10,623,734 |
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$ 11,347,720 |
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$ 10,504,431 |
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Investment securities |
3,274,498 |
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3,131,541 |
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3,137,665 |
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3,184,408 |
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3,394,237 |
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3,181,575 |
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3,529,119 |
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Interest-bearing deposits with other banks |
483,880 |
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599,348 |
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553,654 |
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548,153 |
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386,173 |
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545,402 |
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344,844 |
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Total earning assets |
$ 15,292,378 |
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$ 15,171,819 |
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$ 14,757,503 |
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$ 14,483,589 |
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$ 14,404,144 |
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$ 15,074,697 |
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$ 14,378,394 |
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Total assets |
$ 17,854,191 |
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$ 17,728,251 |
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$ 17,306,221 |
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$ 17,124,955 |
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$ 16,951,389 |
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$ 17,630,374 |
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$ 16,954,178 |
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Noninterest-bearing deposits |
$ 3,106,239 |
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$ 3,144,198 |
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$ 3,169,750 |
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$ 3,368,024 |
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$ 3,493,305 |
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$ 3,139,939 |
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$ 3,702,189 |
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Interest-bearing deposits |
10,690,265 |
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10,486,068 |
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10,109,416 |
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9,834,819 |
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9,293,860 |
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10,429,538 |
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9,068,783 |
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Total deposits |
$ 13,796,504 |
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$ 13,630,266 |
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$ 13,279,166 |
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$ 13,202,843 |
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$ 12,787,165 |
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$ 13,569,477 |
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$ 12,770,972 |
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Borrowings |
$ 1,053,737 |
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$ 1,171,246 |
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$ 1,139,014 |
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$ 1,083,954 |
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$ 1,403,071 |
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$ 1,121,086 |
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$ 1,453,588 |
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Shareholders' equity |
$ 2,371,125 |
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$ 2,281,040 |
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$ 2,265,562 |
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$ 2,144,482 |
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$ 2,153,601 |
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$ 2,306,147 |
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$ 2,124,787 |
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CREDIT QUALITY RATIOS |
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Allowance to ending loans |
1.37 % |
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1.36 % |
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1.29 % |
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1.29 % |
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1.36 % |
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1.37 % |
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1.36 % |
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Allowance to nonaccrual loans |
242.72 % |
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249.21 % |
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243.55 % |
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215.10 % |
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193.75 % |
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242.72 % |
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193.75 % |
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Nonaccrual loans to total loans |
0.57 % |
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0.54 % |
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0.53 % |
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0.60 % |
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0.70 % |
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0.57 % |
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0.70 % |
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Nonperforming assets to ending loans, plus OREO |
0.57 % |
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0.54 % |
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0.53 % |
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0.60 % |
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0.71 % |
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0.57 % |
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0.71 % |
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Nonperforming assets to total assets |
0.36 % |
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0.35 % |
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0.34 % |
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0.38 % |
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0.44 % |
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0.36 % |
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0.44 % |
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Classified assets to total assets |
1.14 % |
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1.07 % |
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0.92 % |
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0.80 % |
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0.82 % |
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1.14 % |
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0.82 % |
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Net charge-offs to average loans (annualized) |
0.25 % |
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0.15 % |
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0.38 % |
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0.46 % |
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0.61 % |
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0.26 % |
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0.28 % |
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(1) Non-GAAP measure. For details on the calculation of these non-GAAP financial measures and a reconciliation to the GAAP financial measure, see the sections titled "Use of Non-GAAP Financial Measures" in this release and "Appendix: Non-GAAP to GAAP Reconciliation" in the accompanying slide presentation. |
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(2) The tax equivalent adjustment to net interest income recognizes the income tax savings when comparing taxable and tax-exempt assets and assumes a 21% tax rate. Management believes that it is a standard practice in the banking industry to present net interest margin and net interest income on a fully tax equivalent basis. Therefore, management believes these measures provide useful information to investors by allowing them to make peer comparisons. Management also uses these measures to make peer comparisons. |
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(3) September 30, 2024 regulatory capital ratios are preliminary. |
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(4) Includes loans held for sale. |
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CONSOLIDATED STATEMENTS OF INCOME |
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(Dollars in thousands, except per share data) |
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(Unaudited) |
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Three months ended, |
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Nine months ended, |
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2024 |
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2023 |
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% Change |
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2024 |
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2023 |
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% Change |
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Interest income |
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Loans and leases, including fees |
$ 215,433 |
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$ 192,261 |
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12.1 % |
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$ 629,033 |
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$ 546,354 |
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15.1 % |
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Investment securities |
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Taxable |
32,367 |
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31,297 |
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3.4 % |
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90,958 |
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95,226 |
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(4.5) % |
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Tax-exempt |
2,616 |
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3,522 |
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(25.7) % |
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8,412 |
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10,499 |
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(19.9) % |
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Total investment securities interest |
34,983 |
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34,819 |
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0.5 % |
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99,370 |
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105,725 |
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(6.0) % |
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Other earning assets |
6,703 |
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5,011 |
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33.8 % |
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22,121 |
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12,488 |
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77.1 % |
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Total interest income |
257,119 |
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232,091 |
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10.8 % |
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750,524 |
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664,567 |
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12.9 % |
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Interest expense |
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Deposits |
86,554 |
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57,069 |
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51.7 % |
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245,651 |
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132,817 |
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85.0 % |
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Short-term borrowings |
9,932 |
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14,615 |
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(32.0) % |
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32,270 |
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43,101 |
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(25.1) % |
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Long-term borrowings |
5,073 |
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4,952 |
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2.4 % |
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14,992 |
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14,644 |
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2.4 % |
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Total interest expense |
101,559 |
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76,636 |
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32.5 % |
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292,913 |
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190,562 |
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53.7 % |
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Net interest income |
155,560 |
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155,455 |
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0.1 % |
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457,611 |
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474,005 |
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(3.5) % |
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Provision for credit losses-loans and leases |
9,930 |
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12,907 |
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(23.1) % |
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39,506 |
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34,270 |
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15.3 % |
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Provision for credit losses-unfunded commitments |
694 |
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(1,234) |
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(156.2) % |
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(1,279) |
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(1,393) |
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(8.2) % |
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Net interest income after provision for credit losses |
144,936 |
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143,782 |
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0.8 % |
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419,384 |
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441,128 |
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(4.9) % |
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Noninterest income |
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Service charges on deposit accounts |
7,547 |
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6,957 |
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8.5 % |
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21,647 |
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20,443 |
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5.9 % |
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Wealth management fees |
6,910 |
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6,943 |
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(0.5) % |
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20,758 |
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19,990 |
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3.8 % |
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Bankcard income |
3,698 |
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3,406 |
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8.6 % |
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10,740 |
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10,690 |
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0.5 % |
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Client derivative fees |
1,160 |
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1,612 |
|
(28.0) % |
|
3,173 |
|
4,444 |
|
(28.6) % |
|
Foreign exchange income |
12,048 |
|
13,384 |
|
(10.0) % |
|
39,270 |
|
45,321 |
|
(13.4) % |
|
Leasing business income |
16,811 |
|
14,537 |
|
15.6 % |
|
48,228 |
|
38,466 |
|
25.4 % |
|
Net gains from sales of loans |
5,021 |
|
4,086 |
|
22.9 % |
|
13,284 |
|
10,260 |
|
29.5 % |
|
Net gain (loss) on investment securities |
(17,468) |
|
(58) |
|
N/M |
|
(22,719) |
|
(403) |
|
N/M |
|
Other |
9,974 |
|
5,761 |
|
73.1 % |
|
19,333 |
|
16,218 |
|
19.2 % |
|
Total noninterest income |
45,701 |
|
56,628 |
|
(19.3) % |
|
153,714 |
|
165,429 |
|
(7.1) % |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Noninterest expenses |
|
|
|
|
|
|
|
|
|
|
|
|
Salaries and employee benefits |
74,813 |
|
75,641 |
|
(1.1) % |
|
224,075 |
|
222,094 |
|
0.9 % |
|
Net occupancy |
5,919 |
|
5,809 |
|
1.9 % |
|
17,635 |
|
17,100 |
|
3.1 % |
|
Furniture and equipment |
3,617 |
|
3,341 |
|
8.3 % |
|
10,951 |
|
10,020 |
|
9.3 % |
|
Data processing |
8,857 |
|
8,473 |
|
4.5 % |
|
26,039 |
|
27,364 |
|
(4.8) % |
|
Marketing |
2,255 |
|
2,598 |
|
(13.2) % |
|
6,822 |
|
7,560 |
|
(9.8) % |
|
Communication |
851 |
|
744 |
|
14.4 % |
|
2,462 |
|
2,022 |
|
21.8 % |
|
Professional services |
2,303 |
|
2,524 |
|
(8.8) % |
|
7,456 |
|
6,778 |
|
10.0 % |
|
State intangible tax |
876 |
|
981 |
|
(10.7) % |
|
2,628 |
|
2,930 |
|
(10.3) % |
|
|
3,036 |
|
2,665 |
|
13.9 % |
|
8,473 |
|
8,297 |
|
2.1 % |
|
Intangible amortization |
2,395 |
|
2,600 |
|
(7.9) % |
|
7,092 |
|
7,801 |
|
(9.1) % |
|
Leasing business expense |
11,899 |
|
8,877 |
|
34.0 % |
|
31,781 |
|
23,545 |
|
35.0 % |
|
Other |
8,938 |
|
7,791 |
|
14.7 % |
|
26,274 |
|
23,841 |
|
10.2 % |
|
Total noninterest expenses |
125,759 |
|
122,044 |
|
3.0 % |
|
371,688 |
|
359,352 |
|
3.4 % |
|
Income before income taxes |
64,878 |
|
78,366 |
|
(17.2) % |
|
201,410 |
|
247,205 |
|
(18.5) % |
|
Income tax expense (benefit) |
12,427 |
|
15,305 |
|
(18.8) % |
|
37,465 |
|
48,074 |
|
(22.1) % |
|
Net income |
$ 52,451 |
|
$ 63,061 |
|
(16.8) % |
|
$ 163,945 |
|
$ 199,131 |
|
(17.7) % |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
ADDITIONAL DATA |
|
|
|
|
|
|
|
|
|
|
|
|
Net earnings per share - basic |
$ 0.56 |
|
$ 0.67 |
|
|
|
$ 1.74 |
|
$ 2.12 |
|
|
|
Net earnings per share - diluted |
$ 0.55 |
|
$ 0.66 |
|
|
|
$ 1.72 |
|
$ 2.09 |
|
|
|
Dividends declared per share |
$ 0.24 |
|
$ 0.23 |
|
|
|
$ 0.70 |
|
$ 0.69 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Return on average assets |
1.17 % |
|
1.48 % |
|
|
|
1.24 % |
|
1.57 % |
|
|
|
Return on average shareholders' equity |
8.80 % |
|
11.62 % |
|
|
|
9.50 % |
|
12.53 % |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest income |
$ 257,119 |
|
$ 232,091 |
|
10.8 % |
|
$ 750,524 |
|
$ 664,567 |
|
12.9 % |
|
Tax equivalent adjustment |
1,362 |
|
1,659 |
|
(17.9) % |
|
4,315 |
|
4,684 |
|
(7.9) % |
|
Interest income - tax equivalent |
258,481 |
|
233,750 |
|
10.6 % |
|
754,839 |
|
669,251 |
|
12.8 % |
|
Interest expense |
101,559 |
|
76,636 |
|
32.5 % |
|
292,913 |
|
190,562 |
|
53.7 % |
|
Net interest income - tax equivalent |
$ 156,922 |
|
$ 157,114 |
|
(0.1) % |
|
$ 461,926 |
|
$ 478,689 |
|
(3.5) % |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net interest margin |
4.05 % |
|
4.28 % |
|
|
|
4.05 % |
|
4.41 % |
|
|
|
Net interest margin (fully tax equivalent) (1) |
4.08 % |
|
4.33 % |
|
|
|
4.09 % |
|
4.45 % |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Full-time equivalent employees |
2,084 |
|
2,121 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(1) The tax equivalent adjustment to net interest income recognizes the income tax savings when comparing taxable and tax-exempt assets and assumes a 21% tax rate. Management believes that it is a standard practice in the banking industry to present net interest income on a fully tax equivalent basis. Therefore, management believes these measures provide useful information to investors by allowing them to make peer comparisons. Management also uses these measures to make peer comparisons. |
|||||||||||
|
|
|||||||||
|
CONSOLIDATED QUARTERLY STATEMENTS OF INCOME |
|||||||||
|
(Dollars in thousands, except per share data) |
|||||||||
|
(Unaudited) |
|||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
2024 |
||||||||
|
|
Third |
|
Second |
|
First |
|
Year to |
|
% Change |
|
|
Quarter |
|
Quarter |
|
Quarter |
|
Date |
|
Linked Qtr. |
|
Interest income |
|
|
|
|
|
|
|
|
|
|
Loans and leases, including fees |
|
|
|
|
|
|
|
|
1.7 % |
|
Investment securities |
|
|
|
|
|
|
|
|
|
|
Taxable |
32,367 |
|
30,295 |
|
28,296 |
|
90,958 |
|
6.8 % |
|
Tax-exempt |
2,616 |
|
2,704 |
|
3,092 |
|
8,412 |
|
(3.3) % |
|
Total investment securities interest |
34,983 |
|
32,999 |
|
31,388 |
|
99,370 |
|
6.0 % |
|
Other earning assets |
6,703 |
|
7,960 |
|
7,458 |
|
22,121 |
|
(15.8) % |
|
Total interest income |
257,119 |
|
252,719 |
|
240,686 |
|
750,524 |
|
1.7 % |
|
|
|
|
|
|
|
|
|
|
|
|
Interest expense |
|
|
|
|
|
|
|
|
|
|
Deposits |
86,554 |
|
83,022 |
|
76,075 |
|
245,651 |
|
4.3 % |
|
Short-term borrowings |
9,932 |
|
11,395 |
|
10,943 |
|
32,270 |
|
(12.8) % |
|
Long-term borrowings |
5,073 |
|
4,991 |
|
4,928 |
|
14,992 |
|
1.6 % |
|
Total interest expense |
101,559 |
|
99,408 |
|
91,946 |
|
292,913 |
|
2.2 % |
|
Net interest income |
155,560 |
|
153,311 |
|
148,740 |
|
457,611 |
|
1.5 % |
|
Provision for credit losses-loans and leases |
9,930 |
|
16,157 |
|
13,419 |
|
39,506 |
|
(38.5) % |
|
Provision for credit losses-unfunded commitments |
694 |
|
286 |
|
(2,259) |
|
(1,279) |
|
142.7 % |
|
Net interest income after provision for credit losses |
144,936 |
|
136,868 |
|
137,580 |
|
419,384 |
|
5.9 % |
|
|
|
|
|
|
|
|
|
|
|
|
Noninterest income |
|
|
|
|
|
|
|
|
|
|
Service charges on deposit accounts |
7,547 |
|
7,188 |
|
6,912 |
|
21,647 |
|
5.0 % |
|
Wealth management fees |
6,910 |
|
7,172 |
|
6,676 |
|
20,758 |
|
(3.7) % |
|
Bankcard income |
3,698 |
|
3,900 |
|
3,142 |
|
10,740 |
|
(5.2) % |
|
Client derivative fees |
1,160 |
|
763 |
|
1,250 |
|
3,173 |
|
52.0 % |
|
Foreign exchange income |
12,048 |
|
16,787 |
|
10,435 |
|
39,270 |
|
(28.2) % |
|
Leasing business income |
16,811 |
|
16,828 |
|
14,589 |
|
48,228 |
|
(0.1) % |
|
Net gains from sales of loans |
5,021 |
|
4,479 |
|
3,784 |
|
13,284 |
|
12.1 % |
|
Net gain (loss) on investment securities |
(17,468) |
|
(64) |
|
(5,187) |
|
(22,719) |
|
N/M |
|
Other |
9,974 |
|
4,448 |
|
4,911 |
|
19,333 |
|
124.2 % |
|
Total noninterest income |
45,701 |
|
61,501 |
|
46,512 |
|
153,714 |
|
(25.7) % |
|
|
|
|
|
|
|
|
|
|
|
|
Noninterest expenses |
|
|
|
|
|
|
|
|
|
|
Salaries and employee benefits |
74,813 |
|
75,225 |
|
74,037 |
|
224,075 |
|
(0.5) % |
|
Net occupancy |
5,919 |
|
5,793 |
|
5,923 |
|
17,635 |
|
2.2 % |
|
Furniture and equipment |
3,617 |
|
3,646 |
|
3,688 |
|
10,951 |
|
(0.8) % |
|
Data processing |
8,857 |
|
8,877 |
|
8,305 |
|
26,039 |
|
(0.2) % |
|
Marketing |
2,255 |
|
2,605 |
|
1,962 |
|
6,822 |
|
(13.4) % |
|
Communication |
851 |
|
816 |
|
795 |
|
2,462 |
|
4.3 % |
|
Professional services |
2,303 |
|
2,885 |
|
2,268 |
|
7,456 |
|
(20.2) % |
|
State intangible tax |
876 |
|
875 |
|
877 |
|
2,628 |
|
0.1 % |
|
|
3,036 |
|
2,657 |
|
2,780 |
|
8,473 |
|
14.3 % |
|
Intangible amortization |
2,395 |
|
2,396 |
|
2,301 |
|
7,092 |
|
0.0 % |
|
Leasing business expense |
11,899 |
|
10,128 |
|
9,754 |
|
31,781 |
|
17.5 % |
|
Other |
8,938 |
|
7,671 |
|
9,665 |
|
26,274 |
|
16.5 % |
|
Total noninterest expenses |
125,759 |
|
123,574 |
|
122,355 |
|
371,688 |
|
1.8 % |
|
Income before income taxes |
64,878 |
|
74,795 |
|
61,737 |
|
201,410 |
|
(13.3) % |
|
Income tax expense (benefit) |
12,427 |
|
13,990 |
|
11,048 |
|
37,465 |
|
(11.2) % |
|
Net income |
$ 52,451 |
|
$ 60,805 |
|
$ 50,689 |
|
|
|
(13.7) % |
|
|
|
|
|
|
|
|
|
|
|
|
ADDITIONAL DATA |
|
|
|
|
|
|
|
|
|
|
Net earnings per share - basic |
$ 0.56 |
|
$ 0.64 |
|
$ 0.54 |
|
$ 1.74 |
|
|
|
Net earnings per share - diluted |
$ 0.55 |
|
$ 0.64 |
|
$ 0.53 |
|
$ 1.72 |
|
|
|
Dividends declared per share |
$ 0.24 |
|
$ 0.23 |
|
$ 0.23 |
|
$ 0.70 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Return on average assets |
1.17 % |
|
1.38 % |
|
1.18 % |
|
1.24 % |
|
|
|
Return on average shareholders' equity |
8.80 % |
|
10.72 % |
|
9.00 % |
|
9.50 % |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest income |
|
|
|
|
|
|
|
|
1.7 % |
|
Tax equivalent adjustment |
1,362 |
|
1,418 |
|
1,535 |
|
4,315 |
|
(3.9) % |
|
Interest income - tax equivalent |
258,481 |
|
254,137 |
|
242,221 |
|
754,839 |
|
1.7 % |
|
Interest expense |
101,559 |
|
99,408 |
|
91,946 |
|
292,913 |
|
2.2 % |
|
Net interest income - tax equivalent |
|
|
|
|
|
|
|
|
1.4 % |
|
|
|
|
|
|
|
|
|
|
|
|
Net interest margin |
4.05 % |
|
4.06 % |
|
4.05 % |
|
4.05 % |
|
|
|
Net interest margin (fully tax equivalent) (1) |
4.08 % |
|
4.10 % |
|
4.10 % |
|
4.09 % |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Full-time equivalent employees |
2,084 |
|
2,144 |
|
2,116 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(1) The tax equivalent adjustment to net interest income recognizes the income tax savings when comparing taxable and tax-exempt assets and assumes a 21% tax rate. Management believes that it is a standard practice in the banking industry to present net interest income on a fully tax equivalent basis. Therefore, management believes these measures provide useful information to investors by allowing them to make peer comparisons. Management also uses these measures to make peer comparisons. |
|||||||||
|
|
|||||||||
|
CONSOLIDATED QUARTERLY STATEMENTS OF INCOME |
|||||||||
|
(Dollars in thousands, except per share data) |
|||||||||
|
(Unaudited) |
|||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
2023 |
||||||||
|
|
Fourth |
|
Third |
|
Second |
|
First |
|
Full |
|
|
Quarter |
|
Quarter |
|
Quarter |
|
Quarter |
|
Year |
|
Interest income |
|
|
|
|
|
|
|
|
|
|
Loans and leases, including fees |
|
|
$ 192,261 |
|
$ 184,387 |
|
$ 169,706 |
|
$ 743,770 |
|
Investment securities |
|
|
|
|
|
|
|
|
|
|
Taxable |
30,294 |
|
31,297 |
|
32,062 |
|
31,867 |
|
125,520 |
|
Tax-exempt |
3,402 |
|
3,522 |
|
3,513 |
|
3,464 |
|
13,901 |
|
Total investment securities interest |
33,696 |
|
34,819 |
|
35,575 |
|
35,331 |
|
139,421 |
|
Other earning assets |
7,325 |
|
5,011 |
|
3,933 |
|
3,544 |
|
19,813 |
|
Total interest income |
238,437 |
|
232,091 |
|
223,895 |
|
208,581 |
|
903,004 |
|
|
|
|
|
|
|
|
|
|
|
|
Interest expense |
|
|
|
|
|
|
|
|
|
|
Deposits |
69,193 |
|
57,069 |
|
44,292 |
|
31,456 |
|
202,010 |
|
Short-term borrowings |
10,277 |
|
14,615 |
|
15,536 |
|
12,950 |
|
53,378 |
|
Long-term borrowings |
5,202 |
|
4,952 |
|
4,835 |
|
4,857 |
|
19,846 |
|
Total interest expense |
84,672 |
|
76,636 |
|
64,663 |
|
49,263 |
|
275,234 |
|
Net interest income |
153,765 |
|
155,455 |
|
159,232 |
|
159,318 |
|
627,770 |
|
Provision for credit losses-loans and leases |
8,804 |
|
12,907 |
|
12,719 |
|
8,644 |
|
43,074 |
|
Provision for credit losses-unfunded commitments |
1,426 |
|
(1,234) |
|
(1,994) |
|
1,835 |
|
33 |
|
Net interest income after provision for credit losses |
143,535 |
|
143,782 |
|
148,507 |
|
148,839 |
|
584,663 |
|
|
|
|
|
|
|
|
|
|
|
|
Noninterest income |
|
|
|
|
|
|
|
|
|
|
Service charges on deposit accounts |
6,846 |
|
6,957 |
|
6,972 |
|
6,514 |
|
27,289 |
|
Wealth management fees |
6,091 |
|
6,943 |
|
6,713 |
|
6,334 |
|
26,081 |
|
Bankcard income |
3,349 |
|
3,406 |
|
3,692 |
|
3,592 |
|
14,039 |
|
Client derivative fees |
711 |
|
1,612 |
|
1,827 |
|
1,005 |
|
5,155 |
|
Foreign exchange income |
8,730 |
|
13,384 |
|
15,039 |
|
16,898 |
|
54,051 |
|
Leasing business income |
12,856 |
|
14,537 |
|
10,265 |
|
13,664 |
|
51,322 |
|
Net gains from sales of loans |
2,957 |
|
4,086 |
|
3,839 |
|
2,335 |
|
13,217 |
|
Net gain (loss) on investment securities |
(649) |
|
(58) |
|
(466) |
|
121 |
|
(1,052) |
|
Other |
6,102 |
|
5,761 |
|
5,377 |
|
5,080 |
|
22,320 |
|
Total noninterest income |
46,993 |
|
56,628 |
|
53,258 |
|
55,543 |
|
212,422 |
|
|
|
|
|
|
|
|
|
|
|
|
Noninterest expenses |
|
|
|
|
|
|
|
|
|
|
Salaries and employee benefits |
70,637 |
|
75,641 |
|
74,199 |
|
72,254 |
|
292,731 |
|
Net occupancy |
5,890 |
|
5,809 |
|
5,606 |
|
5,685 |
|
22,990 |
|
Furniture and equipment |
3,523 |
|
3,341 |
|
3,362 |
|
3,317 |
|
13,543 |
|
Data processing |
8,488 |
|
8,473 |
|
9,871 |
|
9,020 |
|
35,852 |
|
Marketing |
2,087 |
|
2,598 |
|
2,802 |
|
2,160 |
|
9,647 |
|
Communication |
707 |
|
744 |
|
644 |
|
634 |
|
2,729 |
|
Professional services |
3,148 |
|
2,524 |
|
2,308 |
|
1,946 |
|
9,926 |
|
State intangible tax |
984 |
|
981 |
|
964 |
|
985 |
|
3,914 |
|
|
3,651 |
|
2,665 |
|
2,806 |
|
2,826 |
|
11,948 |
|
Intangible amortization |
2,601 |
|
2,600 |
|
2,601 |
|
2,600 |
|
10,402 |
|
Leasing business expense |
8,955 |
|
8,877 |
|
6,730 |
|
7,938 |
|
32,500 |
|
Other |
8,466 |
|
7,791 |
|
8,722 |
|
7,328 |
|
32,307 |
|
Total noninterest expenses |
119,137 |
|
122,044 |
|
120,615 |
|
116,693 |
|
478,489 |
|
Income before income taxes |
71,391 |
|
78,366 |
|
81,150 |
|
87,689 |
|
318,596 |
|
Income tax expense (benefit) |
14,659 |
|
15,305 |
|
15,483 |
|
17,286 |
|
62,733 |
|
Net income |
$ 56,732 |
|
$ 63,061 |
|
$ 65,667 |
|
$ 70,403 |
|
$ 255,863 |
|
|
|
|
|
|
|
|
|
|
|
|
ADDITIONAL DATA |
|
|
|
|
|
|
|
|
|
|
Net earnings per share - basic |
$ 0.60 |
|
$ 0.67 |
|
$ 0.70 |
|
$ 0.75 |
|
$ 2.72 |
|
Net earnings per share - diluted |
$ 0.60 |
|
$ 0.66 |
|
$ 0.69 |
|
$ 0.74 |
|
$ 2.69 |
|
Dividends declared per share |
$ 0.23 |
|
$ 0.23 |
|
$ 0.23 |
|
$ 0.23 |
|
$ 0.92 |
|
|
|
|
|
|
|
|
|
|
|
|
Return on average assets |
1.31 % |
|
1.48 % |
|
1.55 % |
|
1.69 % |
|
1.51 % |
|
Return on average shareholders' equity |
10.50 % |
|
11.62 % |
|
12.32 % |
|
13.71 % |
|
12.01 % |
|
|
|
|
|
|
|
|
|
|
|
|
Interest income |
|
|
$ 232,091 |
|
$ 223,895 |
|
$ 208,581 |
|
$ 903,004 |
|
Tax equivalent adjustment |
1,672 |
|
1,659 |
|
1,601 |
|
1,424 |
|
6,356 |
|
Interest income - tax equivalent |
240,109 |
|
233,750 |
|
225,496 |
|
210,005 |
|
909,360 |
|
Interest expense |
84,672 |
|
76,636 |
|
64,663 |
|
49,263 |
|
275,234 |
|
Net interest income - tax equivalent |
|
|
$ 157,114 |
|
$ 160,833 |
|
$ 160,742 |
|
$ 634,126 |
|
|
|
|
|
|
|
|
|
|
|
|
Net interest margin |
4.21 % |
|
4.28 % |
|
4.43 % |
|
4.51 % |
|
4.36 % |
|
Net interest margin (fully tax equivalent) (1) |
4.26 % |
|
4.33 % |
|
4.48 % |
|
4.55 % |
|
4.40 % |
|
|
|
|
|
|
|
|
|
|
|
|
Full-time equivalent employees |
2,129 |
|
2,121 |
|
2,193 |
|
2,066 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(1) The tax equivalent adjustment to net interest income recognizes the income tax savings when comparing taxable and tax-exempt assets and assumes a 21% tax rate. Management believes that it is a standard practice in the banking industry to present net interest income on a fully tax equivalent basis. Therefore, management believes these measures provide useful information to investors by allowing them to make peer comparisons. Management also uses these measures to make peer comparisons. |
|||||||||
|
|
|||||||||||||
|
CONSOLIDATED STATEMENTS OF CONDITION |
|||||||||||||
|
(Dollars in thousands) |
|||||||||||||
|
(Unaudited) |
|||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
% Change |
|
% Change |
|
|
2024 |
|
2024 |
|
2024 |
|
2023 |
|
2023 |
|
Linked Qtr. |
|
Comp Qtr. |
|
ASSETS |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cash and due from banks |
$ 190,618 |
|
$ 193,794 |
|
$ 199,407 |
|
$ 213,059 |
|
$ 220,335 |
|
(1.6) % |
|
(13.5) % |
|
Interest-bearing deposits with other banks |
660,576 |
|
738,555 |
|
751,290 |
|
792,960 |
|
452,867 |
|
(10.6) % |
|
45.9 % |
|
Investment securities available-for-sale |
3,157,265 |
|
3,036,758 |
|
2,850,667 |
|
3,021,126 |
|
3,044,361 |
|
4.0 % |
|
3.7 % |
|
Investment securities held-to-maturity |
77,985 |
|
78,921 |
|
79,542 |
|
80,321 |
|
81,236 |
|
(1.2) % |
|
(4.0) % |
|
Other investments |
120,318 |
|
132,412 |
|
125,548 |
|
129,945 |
|
133,725 |
|
(9.1) % |
|
(10.0) % |
|
Loans held for sale |
12,685 |
|
16,911 |
|
11,534 |
|
9,213 |
|
12,391 |
|
(25.0) % |
|
2.4 % |
|
Loans and leases |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Commercial and industrial |
3,678,546 |
|
3,782,487 |
|
3,591,428 |
|
3,501,221 |
|
3,420,873 |
|
(2.7) % |
|
7.5 % |
|
Lease financing |
587,415 |
|
534,557 |
|
492,862 |
|
474,817 |
|
399,973 |
|
9.9 % |
|
46.9 % |
|
Construction real estate |
802,264 |
|
741,406 |
|
641,596 |
|
564,832 |
|
578,824 |
|
8.2 % |
|
38.6 % |
|
Commercial real estate |
4,034,820 |
|
4,076,596 |
|
4,145,969 |
|
4,080,939 |
|
3,992,654 |
|
(1.0) % |
|
1.1 % |
|
Residential real estate |
1,422,186 |
|
1,377,290 |
|
1,344,677 |
|
1,333,674 |
|
1,293,470 |
|
3.3 % |
|
10.0 % |
|
Home equity |
825,431 |
|
800,860 |
|
773,811 |
|
758,676 |
|
743,991 |
|
3.1 % |
|
10.9 % |
|
Installment |
141,270 |
|
148,530 |
|
153,838 |
|
159,078 |
|
160,648 |
|
(4.9) % |
|
(12.1) % |
|
Credit card |
61,140 |
|
59,477 |
|
60,939 |
|
59,939 |
|
56,386 |
|
2.8 % |
|
8.4 % |
|
Total loans |
11,553,072 |
|
11,521,203 |
|
11,205,120 |
|
10,933,176 |
|
10,646,819 |
|
0.3 % |
|
8.5 % |
|
Less: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Allowance for credit losses |
(158,831) |
|
(156,185) |
|
(144,274) |
|
(141,433) |
|
(145,201) |
|
1.7 % |
|
9.4 % |
|
Net loans |
11,394,241 |
|
11,365,018 |
|
11,060,846 |
|
10,791,743 |
|
10,501,618 |
|
0.3 % |
|
8.5 % |
|
Premises and equipment |
196,692 |
|
197,873 |
|
198,428 |
|
194,740 |
|
192,572 |
|
(0.6) % |
|
2.1 % |
|
Operating leases |
201,080 |
|
167,472 |
|
161,473 |
|
153,214 |
|
136,883 |
|
20.1 % |
|
46.9 % |
|
|
1,007,656 |
|
1,007,656 |
|
1,007,656 |
|
1,005,868 |
|
1,005,868 |
|
0.0 % |
|
0.2 % |
|
Other intangibles |
81,547 |
|
83,528 |
|
85,603 |
|
83,949 |
|
86,378 |
|
(2.4) % |
|
(5.6) % |
|
Accrued interest and other assets |
1,045,669 |
|
1,147,282 |
|
1,067,244 |
|
1,056,762 |
|
1,186,618 |
|
(8.9) % |
|
(11.9) % |
|
Total Assets |
$ 18,146,332 |
|
|
|
$ 17,599,238 |
|
|
|
$ 17,054,852 |
|
(0.1) % |
|
6.4 % |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
LIABILITIES |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Deposits |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest-bearing demand |
$ 2,884,971 |
|
$ 2,922,540 |
|
$ 2,916,518 |
|
$ 2,993,219 |
|
$ 2,880,617 |
|
(1.3) % |
|
0.2 % |
|
Savings |
4,710,223 |
|
4,628,320 |
|
4,467,894 |
|
4,331,228 |
|
4,023,455 |
|
1.8 % |
|
17.1 % |
|
Time |
3,244,861 |
|
3,049,635 |
|
2,896,860 |
|
2,718,390 |
|
2,572,909 |
|
6.4 % |
|
26.1 % |
|
Total interest-bearing deposits |
10,840,055 |
|
10,600,495 |
|
10,281,272 |
|
10,042,837 |
|
9,476,981 |
|
2.3 % |
|
14.4 % |
|
Noninterest-bearing |
3,107,699 |
|
3,061,427 |
|
3,175,876 |
|
3,317,960 |
|
3,438,572 |
|
1.5 % |
|
(9.6) % |
|
Total deposits |
13,947,754 |
|
13,661,922 |
|
13,457,148 |
|
13,360,797 |
|
12,915,553 |
|
2.1 % |
|
8.0 % |
|
FHLB short-term borrowings |
765,000 |
|
1,040,000 |
|
700,000 |
|
800,000 |
|
755,000 |
|
(26.4) % |
|
1.3 % |
|
Other |
46,653 |
|
139,172 |
|
162,145 |
|
137,814 |
|
219,188 |
|
(66.5) % |
|
(78.7) % |
|
Total short-term borrowings |
811,653 |
|
1,179,172 |
|
862,145 |
|
937,814 |
|
974,188 |
|
(31.2) % |
|
(16.7) % |
|
Long-term debt |
344,086 |
|
338,556 |
|
343,236 |
|
344,115 |
|
340,902 |
|
1.6 % |
|
0.9 % |
|
Total borrowed funds |
1,155,739 |
|
1,517,728 |
|
1,205,381 |
|
1,281,929 |
|
1,315,090 |
|
(23.9) % |
|
(12.1) % |
|
Accrued interest and other liabilities |
592,401 |
|
660,091 |
|
649,706 |
|
622,200 |
|
694,700 |
|
(10.3) % |
|
(14.7) % |
|
Total Liabilities |
15,695,894 |
|
15,839,741 |
|
15,312,235 |
|
15,264,926 |
|
14,925,343 |
|
(0.9) % |
|
5.2 % |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
SHAREHOLDERS' EQUITY |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Common stock |
1,639,045 |
|
1,635,705 |
|
1,632,971 |
|
1,638,972 |
|
1,636,054 |
|
0.2 % |
|
0.2 % |
|
Retained earnings |
1,234,375 |
|
1,204,844 |
|
1,166,065 |
|
1,136,718 |
|
1,101,905 |
|
2.5 % |
|
12.0 % |
|
Accumulated other comprehensive income (loss) |
(232,262) |
|
(323,409) |
|
(321,109) |
|
(309,819) |
|
(410,005) |
|
(28.2) % |
|
(43.4) % |
|
|
(190,720) |
|
(190,701) |
|
(190,924) |
|
(197,897) |
|
(198,445) |
|
0.0 % |
|
(3.9) % |
|
Total Shareholders' Equity |
2,450,438 |
|
2,326,439 |
|
2,287,003 |
|
2,267,974 |
|
2,129,509 |
|
5.3 % |
|
15.1 % |
|
Total Liabilities and Shareholders' Equity |
$ 18,146,332 |
|
|
|
$ 17,599,238 |
|
|
|
$ 17,054,852 |
|
(0.1) % |
|
6.4 % |
|
|
|||||||||||||
|
|
|||||||||||||
|
AVERAGE CONSOLIDATED STATEMENTS OF CONDITION |
|||||||||||||
|
(Dollars in thousands) |
|||||||||||||
|
(Unaudited) |
|||||||||||||
|
|
|
|
|
|
|
||||||||
|
|
Quarterly Averages |
|
Year-to-Date Averages |
||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
||
|
|
2024 |
|
2024 |
|
2024 |
|
2023 |
|
2023 |
|
2024 |
|
2023 |
|
ASSETS |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cash and due from banks |
$ 179,321 |
|
$ 174,435 |
|
$ 204,119 |
|
$ 214,678 |
|
$ 211,670 |
|
$ 185,934 |
|
$ 217,281 |
|
Interest-bearing deposits with other banks |
483,880 |
|
599,348 |
|
553,654 |
|
548,153 |
|
386,173 |
|
545,402 |
|
344,844 |
|
Investment securities |
3,274,498 |
|
3,131,541 |
|
3,137,665 |
|
3,184,408 |
|
3,394,237 |
|
3,181,575 |
|
3,529,119 |
|
Loans held for sale |
16,399 |
|
14,075 |
|
12,069 |
|
12,547 |
|
15,420 |
|
14,189 |
|
10,972 |
|
Loans and leases |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Commercial and industrial |
3,723,761 |
|
3,716,083 |
|
3,543,475 |
|
3,422,381 |
|
3,443,615 |
|
3,661,335 |
|
3,456,612 |
|
Lease financing |
550,634 |
|
509,758 |
|
480,540 |
|
419,179 |
|
371,598 |
|
513,779 |
|
316,316 |
|
Construction real estate |
763,779 |
|
683,780 |
|
603,974 |
|
540,314 |
|
547,884 |
|
684,136 |
|
534,165 |
|
Commercial real estate |
4,059,939 |
|
4,146,764 |
|
4,101,238 |
|
4,060,733 |
|
4,024,798 |
|
4,102,491 |
|
4,030,950 |
|
Residential real estate |
1,399,932 |
|
1,361,133 |
|
1,336,749 |
|
1,320,670 |
|
1,260,249 |
|
1,366,062 |
|
1,186,259 |
|
Home equity |
811,265 |
|
790,384 |
|
765,410 |
|
750,925 |
|
735,251 |
|
789,101 |
|
729,949 |
|
Installment |
143,102 |
|
151,753 |
|
157,663 |
|
160,242 |
|
164,092 |
|
150,811 |
|
180,571 |
|
Credit card |
65,189 |
|
67,200 |
|
65,066 |
|
64,037 |
|
60,827 |
|
65,816 |
|
58,637 |
|
Total loans |
11,517,601 |
|
11,426,855 |
|
11,054,115 |
|
10,738,481 |
|
10,608,314 |
|
11,333,531 |
|
10,493,459 |
|
Less: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Allowance for credit losses |
(159,252) |
|
(147,666) |
|
(143,950) |
|
(149,398) |
|
(150,297) |
|
(150,322) |
|
(144,149) |
|
Net loans |
11,358,349 |
|
11,279,189 |
|
10,910,165 |
|
10,589,083 |
|
10,458,017 |
|
11,183,209 |
|
10,349,310 |
|
Premises and equipment |
197,881 |
|
199,096 |
|
198,482 |
|
194,435 |
|
194,228 |
|
198,484 |
|
191,733 |
|
Operating leases |
180,118 |
|
156,457 |
|
154,655 |
|
139,331 |
|
132,984 |
|
163,803 |
|
126,362 |
|
|
1,007,654 |
|
1,007,657 |
|
1,006,477 |
|
1,005,870 |
|
1,005,844 |
|
1,007,264 |
|
1,005,783 |
|
Other intangibles |
82,619 |
|
84,577 |
|
84,109 |
|
85,101 |
|
87,427 |
|
83,764 |
|
89,945 |
|
Accrued interest and other assets |
1,073,472 |
|
1,081,876 |
|
1,044,826 |
|
1,151,349 |
|
1,065,389 |
|
1,066,750 |
|
1,088,829 |
|
Total Assets |
$ 17,854,191 |
|
|
|
$ 17,306,221 |
|
$ 17,124,955 |
|
$ 16,951,389 |
|
$ 17,630,374 |
|
$ 16,954,178 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
LIABILITIES |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Deposits |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest-bearing demand |
$ 2,914,934 |
|
$ 2,888,252 |
|
$ 2,895,768 |
|
$ 2,988,086 |
|
$ 2,927,416 |
|
$ 2,899,707 |
|
$ 2,913,737 |
|
Savings |
4,694,923 |
|
4,617,658 |
|
4,399,768 |
|
4,235,658 |
|
3,919,590 |
|
4,571,236 |
|
3,829,802 |
|
Time |
3,080,408 |
|
2,980,158 |
|
2,813,880 |
|
2,611,075 |
|
2,446,854 |
|
2,958,595 |
|
2,325,244 |
|
Total interest-bearing deposits |
10,690,265 |
|
10,486,068 |
|
10,109,416 |
|
9,834,819 |
|
9,293,860 |
|
10,429,538 |
|
9,068,783 |
|
Noninterest-bearing |
3,106,239 |
|
3,144,198 |
|
3,169,750 |
|
3,368,024 |
|
3,493,305 |
|
3,139,939 |
|
3,702,189 |
|
Total deposits |
13,796,504 |
|
13,630,266 |
|
13,279,166 |
|
13,202,843 |
|
12,787,165 |
|
13,569,477 |
|
12,770,972 |
|
Federal funds purchased and securities sold |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
under agreements to repurchase |
10,807 |
|
750 |
|
4,204 |
|
3,586 |
|
10,788 |
|
5,274 |
|
19,626 |
|
FHLB short-term borrowings |
626,490 |
|
669,111 |
|
646,187 |
|
554,826 |
|
878,199 |
|
647,187 |
|
943,678 |
|
Other |
76,859 |
|
161,913 |
|
146,127 |
|
185,221 |
|
175,682 |
|
128,112 |
|
149,122 |
|
Total short-term borrowings |
714,156 |
|
831,774 |
|
796,518 |
|
743,633 |
|
1,064,669 |
|
780,573 |
|
1,112,426 |
|
Long-term debt |
339,581 |
|
339,472 |
|
342,496 |
|
340,321 |
|
338,402 |
|
340,513 |
|
341,162 |
|
Total borrowed funds |
1,053,737 |
|
1,171,246 |
|
1,139,014 |
|
1,083,954 |
|
1,403,071 |
|
1,121,086 |
|
1,453,588 |
|
Accrued interest and other liabilities |
632,825 |
|
645,699 |
|
622,479 |
|
693,676 |
|
607,552 |
|
633,664 |
|
604,831 |
|
Total Liabilities |
15,483,066 |
|
15,447,211 |
|
15,040,659 |
|
14,980,473 |
|
14,797,788 |
|
15,324,227 |
|
14,829,391 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
SHAREHOLDERS' EQUITY |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Common stock |
1,637,045 |
|
1,634,183 |
|
1,637,835 |
|
1,637,197 |
|
1,634,102 |
|
1,636,357 |
|
1,632,912 |
|
Retained earnings |
1,210,924 |
|
1,179,827 |
|
1,144,447 |
|
1,111,786 |
|
1,076,515 |
|
1,178,518 |
|
1,033,779 |
|
Accumulated other comprehensive loss |
(285,978) |
|
(341,941) |
|
(319,601) |
|
(406,265) |
|
(358,769) |
|
(315,731) |
|
(342,898) |
|
|
(190,866) |
|
(191,029) |
|
(197,119) |
|
(198,236) |
|
(198,247) |
|
(192,997) |
|
(199,006) |
|
Total Shareholders' Equity |
2,371,125 |
|
2,281,040 |
|
2,265,562 |
|
2,144,482 |
|
2,153,601 |
|
2,306,147 |
|
2,124,787 |
|
Total Liabilities and Shareholders' Equity |
$ 17,854,191 |
|
|
|
$ 17,306,221 |
|
$ 17,124,955 |
|
$ 16,951,389 |
|
$ 17,630,374 |
|
$ 16,954,178 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||
|
|
||||||||||||||||||||||||||
|
NET INTEREST MARGIN RATE/VOLUME ANALYSIS |
||||||||||||||||||||||||||
|
(Dollars in thousands) |
||||||||||||||||||||||||||
|
(Unaudited) |
||||||||||||||||||||||||||
|
|
|
|
|
|
||||||||||||||||||||||
|
|
|
Quarterly Averages |
|
Year-to-Date Averages |
||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||
|
|
|
Balance |
|
Interest |
|
Yield |
|
Balance |
|
Interest |
|
Yield |
|
Balance |
|
Interest |
|
Yield |
|
Balance |
|
Yield |
|
Balance |
|
Yield |
|
Earning assets |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Investments: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Investment securities |
|
$ 3,274,498 |
|
$ 34,983 |
|
4.24 % |
|
$ 3,131,541 |
|
$ 32,999 |
|
4.23 % |
|
$ 3,394,237 |
|
$ 34,819 |
|
4.07 % |
|
$ 3,181,575 |
|
4.18 % |
|
$ 3,529,119 |
|
4.01 % |
|
Interest-bearing deposits with other banks |
|
483,880 |
|
6,703 |
|
5.50 % |
|
599,348 |
|
7,960 |
|
5.33 % |
|
386,173 |
|
5,011 |
|
5.15 % |
|
545,402 |
|
5.42 % |
|
344,844 |
|
4.84 % |
|
Gross loans (1) |
|
11,534,000 |
|
215,433 |
|
7.41 % |
|
11,440,930 |
|
211,760 |
|
7.42 % |
|
10,623,734 |
|
192,261 |
|
7.18 % |
|
11,347,720 |
|
7.41 % |
|
10,504,431 |
|
6.95 % |
|
Total earning assets |
|
15,292,378 |
|
257,119 |
|
6.67 % |
|
15,171,819 |
|
252,719 |
|
6.68 % |
|
14,404,144 |
|
232,091 |
|
6.39 % |
|
15,074,697 |
|
6.66 % |
|
14,378,394 |
|
6.18 % |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Nonearning assets |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Allowance for credit losses |
|
(159,252) |
|
|
|
|
|
(147,666) |
|
|
|
|
|
(150,297) |
|
|
|
|
|
(150,322) |
|
|
|
(144,149) |
|
|
|
Cash and due from banks |
|
179,321 |
|
|
|
|
|
174,435 |
|
|
|
|
|
211,670 |
|
|
|
|
|
185,934 |
|
|
|
217,281 |
|
|
|
Accrued interest and other assets |
|
2,541,744 |
|
|
|
|
|
2,529,663 |
|
|
|
|
|
2,485,872 |
|
|
|
|
|
2,520,065 |
|
|
|
2,502,652 |
|
|
|
Total assets |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest-bearing liabilities |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Deposits: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest-bearing demand |
|
$ 2,914,934 |
|
$ 15,919 |
|
2.17 % |
|
$ 2,888,252 |
|
$ 14,923 |
|
2.07 % |
|
$ 2,927,416 |
|
$ 12,953 |
|
1.76 % |
|
$ 2,899,707 |
|
2.11 % |
|
$ 2,913,737 |
|
1.28 % |
|
Savings |
|
4,694,923 |
|
34,220 |
|
2.89 % |
|
4,617,658 |
|
33,142 |
|
2.88 % |
|
3,919,590 |
|
19,853 |
|
2.01 % |
|
4,571,236 |
|
2.83 % |
|
3,829,802 |
|
1.45 % |
|
Time |
|
3,080,408 |
|
36,415 |
|
4.69 % |
|
2,980,158 |
|
34,957 |
|
4.70 % |
|
2,446,854 |
|
24,263 |
|
3.93 % |
|
2,958,595 |
|
4.66 % |
|
2,325,244 |
|
3.64 % |
|
Total interest-bearing deposits |
|
10,690,265 |
|
86,554 |
|
3.21 % |
|
10,486,068 |
|
83,022 |
|
3.18 % |
|
9,293,860 |
|
57,069 |
|
2.44 % |
|
10,429,538 |
|
3.15 % |
|
9,068,783 |
|
1.96 % |
|
Borrowed funds |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Short-term borrowings |
|
714,156 |
|
9,932 |
|
5.52 % |
|
831,774 |
|
11,395 |
|
5.49 % |
|
1,064,669 |
|
14,615 |
|
5.45 % |
|
780,573 |
|
5.53 % |
|
1,112,426 |
|
5.18 % |
|
Long-term debt |
|
339,581 |
|
5,073 |
|
5.93 % |
|
339,472 |
|
4,991 |
|
5.90 % |
|
338,402 |
|
4,952 |
|
5.81 % |
|
340,513 |
|
5.89 % |
|
341,162 |
|
5.74 % |
|
Total borrowed funds |
|
1,053,737 |
|
15,005 |
|
5.65 % |
|
1,171,246 |
|
16,386 |
|
5.61 % |
|
1,403,071 |
|
19,567 |
|
5.53 % |
|
1,121,086 |
|
5.64 % |
|
1,453,588 |
|
5.31 % |
|
Total interest-bearing liabilities |
|
11,744,002 |
|
101,559 |
|
3.43 % |
|
11,657,314 |
|
99,408 |
|
3.42 % |
|
10,696,931 |
|
76,636 |
|
2.84 % |
|
11,550,624 |
|
3.39 % |
|
10,522,371 |
|
2.42 % |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Noninterest-bearing liabilities |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Noninterest-bearing demand deposits |
|
3,106,239 |
|
|
|
|
|
3,144,198 |
|
|
|
|
|
3,493,305 |
|
|
|
|
|
3,139,939 |
|
|
|
3,702,189 |
|
|
|
Other liabilities |
|
632,825 |
|
|
|
|
|
645,699 |
|
|
|
|
|
607,552 |
|
|
|
|
|
633,664 |
|
|
|
604,831 |
|
|
|
Shareholders' equity |
|
2,371,125 |
|
|
|
|
|
2,281,040 |
|
|
|
|
|
2,153,601 |
|
|
|
|
|
2,306,147 |
|
|
|
2,124,787 |
|
|
|
Total liabilities & shareholders' equity |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net interest income |
|
$ 155,560 |
|
|
|
|
|
$ 153,311 |
|
|
|
|
|
$ 155,455 |
|
|
|
|
|
$ 457,611 |
|
|
|
$ 474,005 |
|
|
|
Net interest spread |
|
|
|
|
|
3.24 % |
|
|
|
|
|
3.26 % |
|
|
|
|
|
3.55 % |
|
|
|
3.27 % |
|
|
|
3.76 % |
|
Net interest margin |
|
|
|
|
|
4.05 % |
|
|
|
|
|
4.06 % |
|
|
|
|
|
4.28 % |
|
|
|
4.05 % |
|
|
|
4.41 % |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Tax equivalent adjustment |
|
|
|
|
|
0.03 % |
|
|
|
|
|
0.04 % |
|
|
|
|
|
0.05 % |
|
|
|
0.04 % |
|
|
|
0.04 % |
|
Net interest margin (fully tax equivalent) |
|
|
|
|
|
4.08 % |
|
|
|
|
|
4.10 % |
|
|
|
|
|
4.33 % |
|
|
|
4.09 % |
|
|
|
4.45 % |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(1) Loans held for sale and nonaccrual loans are included in gross loans. |
|
|
||||||||||||||||||||||||
|
|
||||||||||||||||||
|
NET INTEREST MARGIN RATE/VOLUME ANALYSIS (1) |
||||||||||||||||||
|
(Dollars in thousands) |
||||||||||||||||||
|
(Unaudited) |
||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Linked Qtr. Income Variance |
|
Comparable Qtr. Income Variance |
|
Year-to-Date Income Variance |
||||||||||||
|
|
|
Rate |
|
Volume |
|
Total |
|
Rate |
|
Volume |
|
Total |
|
Rate |
|
Volume |
|
Total |
|
Earning assets |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Investment securities |
|
$ 93 |
|
$ 1,891 |
|
$ 1,984 |
|
$ 1,443 |
|
$ (1,279) |
|
$ 164 |
|
$ 4,500 |
|
$ (10,855) |
|
$ (6,355) |
|
Interest-bearing deposits with other banks |
|
252 |
|
(1,509) |
|
(1,257) |
|
339 |
|
1,353 |
|
1,692 |
|
1,499 |
|
8,134 |
|
9,633 |
|
Gross loans (2) |
|
(388) |
|
4,061 |
|
3,673 |
|
6,170 |
|
17,002 |
|
23,172 |
|
35,933 |
|
46,746 |
|
82,679 |
|
Total earning assets |
|
(43) |
|
4,443 |
|
4,400 |
|
7,952 |
|
17,076 |
|
25,028 |
|
41,932 |
|
44,025 |
|
85,957 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest-bearing liabilities |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total interest-bearing deposits |
|
$ 956 |
|
$ 2,576 |
|
$ 3,532 |
|
$ 18,179 |
|
$ 11,306 |
|
$ 29,485 |
|
$ 80,784 |
|
$ 32,050 |
|
$ 112,834 |
|
Borrowed funds |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Short-term borrowings |
|
47 |
|
(1,510) |
|
(1,463) |
|
192 |
|
(4,875) |
|
(4,683) |
|
2,888 |
|
(13,719) |
|
(10,831) |
|
Long-term debt |
|
25 |
|
57 |
|
82 |
|
103 |
|
18 |
|
121 |
|
377 |
|
(29) |
|
348 |
|
Total borrowed funds |
|
72 |
|
(1,453) |
|
(1,381) |
|
295 |
|
(4,857) |
|
(4,562) |
|
3,265 |
|
(13,748) |
|
(10,483) |
|
Total interest-bearing liabilities |
|
1,028 |
|
1,123 |
|
2,151 |
|
18,474 |
|
6,449 |
|
24,923 |
|
84,049 |
|
18,302 |
|
102,351 |
|
Net interest income (1) |
|
$ (1,071) |
|
$ 3,320 |
|
$ 2,249 |
|
$ (10,522) |
|
$ 10,627 |
|
$ 105 |
|
$ (42,117) |
|
$ 25,723 |
|
$ (16,394) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(1) Not tax equivalent. |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(2) Loans held for sale and nonaccrual loans are included in gross loans. |
|
|
|
|
||||||||||||||
|
|
|||||||||||||
|
CREDIT QUALITY |
|||||||||||||
|
(Dollars in thousands) |
|||||||||||||
|
(Unaudited) |
|||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
Nine months ended, |
||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
2024 |
|
2024 |
|
2024 |
|
2023 |
|
2023 |
|
2024 |
|
2023 |
|
ALLOWANCE FOR CREDIT LOSS ACTIVITY |
|
|
|
|
|
|
|
|
|
|
|||
|
Balance at beginning of period |
$ 156,185 |
|
$ 144,274 |
|
$ 141,433 |
|
$ 145,201 |
|
$ 148,646 |
|
|
|
|
|
Provision for credit losses |
9,930 |
|
16,157 |
|
13,419 |
|
8,804 |
|
12,907 |
|
39,506 |
|
34,270 |
|
Gross charge-offs |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Commercial and industrial |
5,471 |
|
2,149 |
|
2,695 |
|
6,866 |
|
9,207 |
|
10,315 |
|
12,309 |
|
Lease financing |
368 |
|
190 |
|
3 |
|
4,244 |
|
76 |
|
561 |
|
179 |
|
Construction real estate |
0 |
|
0 |
|
0 |
|
0 |
|
0 |
|
0 |
|
0 |
|
Commercial real estate |
261 |
|
2 |
|
5,319 |
|
1 |
|
6,008 |
|
5,582 |
|
8,722 |
|
Residential real estate |
60 |
|
6 |
|
65 |
|
9 |
|
10 |
|
131 |
|
30 |
|
Home equity |
90 |
|
122 |
|
25 |
|
174 |
|
54 |
|
237 |
|
166 |
|
Installment |
1,510 |
|
2,034 |
|
2,236 |
|
2,054 |
|
1,349 |
|
5,780 |
|
4,388 |
|
Credit card |
768 |
|
532 |
|
794 |
|
363 |
|
319 |
|
2,094 |
|
810 |
|
Total gross charge-offs |
8,528 |
|
5,035 |
|
11,137 |
|
13,711 |
|
17,023 |
|
24,700 |
|
26,604 |
|
Recoveries |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Commercial and industrial |
434 |
|
236 |
|
162 |
|
459 |
|
335 |
|
832 |
|
1,075 |
|
Lease financing |
11 |
|
1 |
|
59 |
|
52 |
|
1 |
|
71 |
|
3 |
|
Construction real estate |
0 |
|
0 |
|
0 |
|
0 |
|
0 |
|
0 |
|
0 |
|
Commercial real estate |
25 |
|
137 |
|
38 |
|
93 |
|
39 |
|
200 |
|
2,430 |
|
Residential real estate |
22 |
|
37 |
|
24 |
|
24 |
|
44 |
|
83 |
|
223 |
|
Home equity |
240 |
|
118 |
|
80 |
|
178 |
|
125 |
|
438 |
|
437 |
|
Installment |
421 |
|
219 |
|
145 |
|
210 |
|
87 |
|
785 |
|
231 |
|
Credit card |
91 |
|
41 |
|
51 |
|
123 |
|
40 |
|
183 |
|
159 |
|
Total recoveries |
1,244 |
|
789 |
|
559 |
|
1,139 |
|
671 |
|
2,592 |
|
4,558 |
|
Total net charge-offs |
7,284 |
|
4,246 |
|
10,578 |
|
12,572 |
|
16,352 |
|
22,108 |
|
22,046 |
|
Ending allowance for credit losses |
$ 158,831 |
|
$ 156,185 |
|
$ 144,274 |
|
$ 141,433 |
|
$ 145,201 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
NET CHARGE-OFFS TO AVERAGE LOANS AND LEASES (ANNUALIZED) |
|
|
|
|
|
|
|
|
|
|
|||
|
Commercial and industrial |
0.54 % |
|
0.21 % |
|
0.29 % |
|
0.74 % |
|
1.02 % |
|
0.35 % |
|
0.43 % |
|
Lease financing |
0.26 % |
|
0.15 % |
|
(0.05) % |
|
3.97 % |
|
0.08 % |
|
0.13 % |
|
0.07 % |
|
Construction real estate |
0.00 % |
|
0.00 % |
|
0.00 % |
|
0.00 % |
|
0.00 % |
|
0.00 % |
|
0.00 % |
|
Commercial real estate |
0.02 % |
|
(0.01) % |
|
0.52 % |
|
(0.01) % |
|
0.59 % |
|
0.18 % |
|
0.21 % |
|
Residential real estate |
0.01 % |
|
(0.01) % |
|
0.01 % |
|
0.00 % |
|
(0.01) % |
|
0.00 % |
|
(0.02) % |
|
Home equity |
(0.07) % |
|
0.00 % |
|
(0.03) % |
|
0.00 % |
|
(0.04) % |
|
(0.03) % |
|
(0.05) % |
|
Installment |
3.03 % |
|
4.81 % |
|
5.33 % |
|
4.57 % |
|
3.05 % |
|
4.42 % |
|
3.08 % |
|
Credit card |
4.13 % |
|
2.94 % |
|
4.59 % |
|
1.49 % |
|
1.82 % |
|
3.88 % |
|
1.48 % |
|
Total net charge-offs |
0.25 % |
|
0.15 % |
|
0.38 % |
|
0.46 % |
|
0.61 % |
|
0.26 % |
|
0.28 % |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
COMPONENTS OF NONACCRUAL LOANS, NONPERFORMING ASSETS, AND UNDERPERFORMING ASSETS |
|
|
|||||||||||
|
Nonaccrual loans |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Commercial and industrial |
$ 10,703 |
|
$ 17,665 |
|
$ 14,532 |
|
$ 15,746 |
|
$ 17,152 |
|
$ 10,703 |
|
$ 17,152 |
|
Lease financing |
11,632 |
|
5,374 |
|
3,794 |
|
3,610 |
|
7,731 |
|
11,632 |
|
7,731 |
|
Construction real estate |
0 |
|
0 |
|
0 |
|
0 |
|
0 |
|
0 |
|
0 |
|
Commercial real estate |
23,608 |
|
22,942 |
|
23,055 |
|
27,984 |
|
33,019 |
|
23,608 |
|
33,019 |
|
Residential real estate |
14,596 |
|
12,715 |
|
12,836 |
|
14,067 |
|
12,328 |
|
14,596 |
|
12,328 |
|
Home equity |
4,074 |
|
3,295 |
|
4,036 |
|
3,476 |
|
3,937 |
|
4,074 |
|
3,937 |
|
Installment |
826 |
|
682 |
|
984 |
|
870 |
|
774 |
|
826 |
|
774 |
|
Total nonaccrual loans |
65,439 |
|
62,673 |
|
59,237 |
|
65,753 |
|
74,941 |
|
65,439 |
|
74,941 |
|
Other real estate owned (OREO) |
30 |
|
30 |
|
161 |
|
106 |
|
142 |
|
30 |
|
142 |
|
Total nonperforming assets |
65,469 |
|
62,703 |
|
59,398 |
|
65,859 |
|
75,083 |
|
65,469 |
|
75,083 |
|
Accruing loans past due 90 days or more |
463 |
|
1,573 |
|
820 |
|
2,028 |
|
698 |
|
463 |
|
698 |
|
Total underperforming assets |
$ 65,932 |
|
$ 64,276 |
|
$ 60,218 |
|
$ 67,887 |
|
$ 75,781 |
|
$ 65,932 |
|
$ 75,781 |
|
Total classified assets |
$ 206,194 |
|
$ 195,277 |
|
$ 162,348 |
|
$ 140,995 |
|
$ 140,552 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
CREDIT QUALITY RATIOS |
|
|
|
|
|
|
|
|
|
|
|||
|
Allowance for credit losses to |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Nonaccrual loans |
242.72 % |
|
249.21 % |
|
243.55 % |
|
215.10 % |
|
193.75 % |
|
242.72 % |
|
193.75 % |
|
Total ending loans |
1.37 % |
|
1.36 % |
|
1.29 % |
|
1.29 % |
|
1.36 % |
|
1.37 % |
|
1.36 % |
|
Nonaccrual loans to total loans |
0.57 % |
|
0.54 % |
|
0.53 % |
|
0.60 % |
|
0.70 % |
|
0.57 % |
|
0.70 % |
|
Nonperforming assets to |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Ending loans, plus OREO |
0.57 % |
|
0.54 % |
|
0.53 % |
|
0.60 % |
|
0.71 % |
|
0.57 % |
|
0.71 % |
|
Total assets |
0.36 % |
|
0.35 % |
|
0.34 % |
|
0.38 % |
|
0.44 % |
|
0.36 % |
|
0.44 % |
|
Classified assets to total assets |
1.14 % |
|
1.07 % |
|
0.92 % |
|
0.80 % |
|
0.82 % |
|
1.14 % |
|
0.82 % |
|
|
|||||||||||||
|
|
|||||||||||||
|
CAPITAL ADEQUACY |
|||||||||||||
|
(Dollars in thousands, except per share data) |
|||||||||||||
|
(Unaudited) |
|||||||||||||
|
|
Three Months Ended, |
|
Nine months ended, |
||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
2024 |
|
2024 |
|
2024 |
|
2023 |
|
2023 |
|
2024 |
|
2023 |
|
PER COMMON SHARE |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Market Price |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
High |
$ 28.09 |
|
$ 23.78 |
|
$ 23.68 |
|
$ 24.28 |
|
$ 24.02 |
|
$ 28.09 |
|
$ 26.24 |
|
Low |
$ 21.70 |
|
$ 20.79 |
|
$ 21.04 |
|
$ 17.37 |
|
$ 19.19 |
|
$ 20.79 |
|
$ 18.20 |
|
Close |
$ 25.23 |
|
$ 22.22 |
|
$ 22.42 |
|
$ 23.75 |
|
$ 19.60 |
|
$ 25.23 |
|
$ 19.60 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Average shares outstanding - basic |
94,473,666 |
|
94,438,235 |
|
94,218,067 |
|
94,063,570 |
|
94,030,275 |
|
94,377,010 |
|
93,896,716 |
|
Average shares outstanding - diluted |
95,479,510 |
|
95,470,093 |
|
95,183,998 |
|
95,126,316 |
|
95,126,269 |
|
95,378,238 |
|
95,085,871 |
|
Ending shares outstanding |
95,486,317 |
|
95,486,010 |
|
95,473,595 |
|
95,141,244 |
|
95,117,180 |
|
95,486,317 |
|
95,117,180 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total shareholders' equity |
$ 2,450,438 |
|
$ 2,326,439 |
|
$ 2,287,003 |
|
$ 2,267,974 |
|
$ 2,129,509 |
|
$ 2,450,438 |
|
$ 2,129,509 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
REGULATORY CAPITAL |
Preliminary |
|
|
|
|
|
|
|
|
|
Preliminary |
|
|
|
Common equity tier 1 capital |
$ 1,661,759 |
|
$ 1,626,345 |
|
$ 1,582,113 |
|
$ 1,568,815 |
|
$ 1,527,793 |
|
$ 1,661,759 |
|
$ 1,527,793 |
|
Common equity tier 1 capital ratio |
12.04 % |
|
11.78 % |
|
11.67 % |
|
11.73 % |
|
11.60 % |
|
12.04 % |
|
11.60 % |
|
Tier 1 capital |
$ 1,706,796 |
|
$ 1,671,258 |
|
$ 1,626,899 |
|
$ 1,613,480 |
|
$ 1,572,248 |
|
$ 1,706,796 |
|
$ 1,572,248 |
|
Tier 1 ratio |
12.37 % |
|
12.11 % |
|
12.00 % |
|
12.06 % |
|
11.94 % |
|
12.37 % |
|
11.94 % |
|
Total capital |
$ 2,012,349 |
|
$ 1,997,378 |
|
$ 1,940,762 |
|
$ 1,907,441 |
|
$ 1,868,490 |
|
$ 2,012,349 |
|
$ 1,868,490 |
|
Total capital ratio |
14.58 % |
|
14.47 % |
|
14.31 % |
|
14.26 % |
|
14.19 % |
|
14.58 % |
|
14.19 % |
|
Total capital in excess of minimum requirement |
$ 563,592 |
|
$ 548,037 |
|
$ 516,704 |
|
$ 503,152 |
|
$ 485,580 |
|
$ 563,592 |
|
$ 485,580 |
|
Total risk-weighted assets |
$ 13,797,681 |
|
$ 13,803,249 |
|
$ 13,562,455 |
|
$ 13,374,177 |
|
$ 13,170,574 |
|
$ 13,797,681 |
|
$ 13,170,574 |
|
Leverage ratio |
9.93 % |
|
9.73 % |
|
9.75 % |
|
9.70 % |
|
9.59 % |
|
9.93 % |
|
9.59 % |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
OTHER CAPITAL RATIOS |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Ending shareholders' equity to ending assets |
13.50 % |
|
12.81 % |
|
12.99 % |
|
12.94 % |
|
12.49 % |
|
13.50 % |
|
12.49 % |
|
Ending tangible shareholders' equity to ending tangible assets (1) |
7.98 % |
|
7.23 % |
|
7.23 % |
|
7.17 % |
|
6.50 % |
|
7.98 % |
|
6.50 % |
|
Average shareholders' equity to average assets |
13.28 % |
|
12.87 % |
|
13.09 % |
|
12.52 % |
|
12.70 % |
|
13.08 % |
|
12.53 % |
|
Average tangible shareholders' equity to average tangible assets (1) |
7.64 % |
|
7.15 % |
|
7.25 % |
|
6.57 % |
|
6.69 % |
|
7.35 % |
|
6.49 % |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
REPURCHASE PROGRAM (2) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Shares repurchased |
0 |
|
0 |
|
0 |
|
0 |
|
0 |
|
0 |
|
0 |
|
Average share repurchase price |
N/A |
|
N/A |
|
N/A |
|
N/A |
|
N/A |
|
N/A |
|
N/A |
|
Total cost of shares repurchased |
N/A |
|
N/A |
|
N/A |
|
N/A |
|
N/A |
|
N/A |
|
N/A |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(1) Non-GAAP measure. For details on the calculation of these non-GAAP financial measures and a reconciliation to the GAAP financial measure, see the sections titled "Use of Non-GAAP Financial Measures" in this release and "Appendix: Non-GAAP to GAAP Reconciliation" in the accompanying slide presentation. |
|||||||||||||
|
(2) Represents share repurchases as part of publicly announced plans. |
|
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|
|
|
|
|
|
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|
|||
|
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|
|
|
|
|
|
|
|
|
|||
|
N/A = Not applicable |
|
|
|
|
|
|
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|
|
|
|
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|
View original content:https://www.prnewswire.com/news-releases/first-financial-bancorp-announces-third-quarter-2024-financial-results-and-quarterly-dividend-302286504.html
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