Customers Bancorp Reports Record Results for Full Year 2021
Customers Bancorp reported a record net income of $300.1 million for 2021, representing an increase of 153% from 2020, with diluted earnings per share at $8.91. Q4 2021 net income was $98.6 million, up 87% year over year. Key metrics include a 48% rise in deposits to $16.8 billion and a 33% increase in tangible book value per share to $37.21. The company expects core earnings of $4.75 - $5.00 for 2022 and over $6.00 in 2023, driven by robust loan growth and a successful launch of its blockchain payment system.
- Record full year 2021 net income of $300.1 million, up 153% over 2020.
- Q4 2021 core earnings of $100.1 million, up 83% YoY.
- Total deposits increased by $5.5 billion, or 48.3%, year-over-year.
- Tangible book value per share grew by 33% to $37.21.
- Q4 2021 loan growth of $1.0 billion, up 13% from Q3 2021.
- Net interest income decreased by $26.2 million from Q3 2021.
- Provision for credit losses on loans increased to $13.9 million in Q4 2021 from $13.2 million in Q3 2021.
Record Full Year 2021 Net Income of
Record Deposit Growth of
Q4 2021 Net Income of
Q4 2021 ROAA of
Q4 2021 Loan Growth of
Q4 2021 Tangible Book Value Increased
-
Full year 2021 net income available to common shareholders was
, or$300.1 million per diluted share, up$8.91 153% over full year 2020.
-
Full year 2021 core earnings (a non-GAAP measure) were
, or$343.6 million per diluted share, up$10.20 187% over full year 2020.
-
Full year 2021 core earnings (excluding Paycheck Protection Program ("PPP") loans) (a non-GAAP measure) were
, or$148.5 million per diluted share, up$4.41 90% over full year 2020.
-
Q4 2021 net income available to common shareholders was
, or$98.6 million per diluted share, up$2.87 87% over Q4 2020.
-
Q4 2021 core earnings (a non-GAAP measure) were
, or$100.1 million per diluted share, up$2.92 83% over Q4 2020.
-
Q4 2021 ROAA was
2.08% and Core ROAA (a non-GAAP measure) was2.11% . Q4 2020 ROAA was1.23% and Core ROAA (a non-GAAP measure) was1.26% .
-
Q4 2021 ROCE was
33.2% and Core ROCE (a non-GAAP measure) was33.7% . Q4 2020 ROCE was24.3% and Core ROCE (a non-GAAP measure) was25.1% .
-
Adjusted pre-tax pre-provision net income (a non-GAAP measure) for Q4 2021 was
, an increase of$129.3 million 66% over Q4 2020. Q4 2021 adjusted pre-tax pre-provision ROAA (a non-GAAP measure) was2.67% compared to1.70% for Q4 2020.
-
Q4 2021 commercial and industrial (C&I) loan growth of
(up$742.3 million 29% ), multifamily loan growth of (up$99.1 million 7% ), and consumer loan growth of (up$207.5 million 11% ) over Q3 2021.
-
Net interest margin (a non-GAAP measure) was
4.14% for Q4 2021 and3.70% for full year 2021. Net interest margin, excluding the impact of PPP loans (a non-GAAP measure) was3.12% for Q4 2021 and3.16% for full year 2021. Significant excess cash balances further negatively impacted net interest margin in Q4 2021 by approximately 6 basis points.
-
Digital asset-related deposits increased by
$400 million , or27% , in Q4 2021, bringing total CBIT-related deposits to .9 billion by$1 December 31, 2021 .
-
Total deposits increased
, or$5.5 billion 48.3% year-over-year, which included a , or$6.2 billion 130.9% , increase in demand deposits. The total cost of deposits dropped 22 basis points from the year-ago quarter.
-
Funded, directly or indirectly, about 358,000 PPP loans for
.3 billion in total.$10
-
Purchased
$313 million PPP loan portfolio inDecember 2021 at a discount further increasing deferred revenue recognition in future quarters.
-
Technology-led loans sales in Consumer and SBA Groups resulted in gains realized from the sales of consumer and SBA loans of
.7 million and$0 .8 million, respectively, in Q4 2021, bringing full year 2021 gains realized from the sales of consumer and SBA loans to$1 .2 million and$5 .2 million, respectively, approximately$6 14% higher than targeted total gains of$10 million for full year 2021.
-
Repurchased 527,789 common shares in Q4 2021 at an average price of
pursuant to a one-year common stock repurchase program to repurchase up to 3.2 million shares of common stock that was adopted in Q3 2021.$52.41
-
Q4 2021 efficiency ratio was
38.70% compared to43.56% for Q4 2020. Q4 2021 core efficiency ratio was38.73% compared to42.89% in Q4 2020 (non-GAAP measures).
-
Q4 2021 provision for credit losses on loans and leases was
compared to$13.9 million in Q3 2021. At$13.2 million December 31, 2021 , the coverage of credit loss reserves for loans and leases held for investment, excluding PPP loans (a non-GAAP measure), was1.53% compared to1.65% atSeptember 30, 2021 .
-
Non-performing assets were
0.25% of total assets atDecember 31, 2021 compared to0.39% atDecember 31, 2020 . Allowance for credit losses equaled278% of non-performing loans atDecember 31, 2021 , compared to204% atDecember 31, 2020 .
-
All commercial loan deferments became current by
December 31, 2021 , down from a peak of .2 billion in$1 July 2020 .
-
Well positioned for strong core sustainable growth in 2022 and 2023 and project core earnings (excluding PPP) between
-$4.75 in 2022 and well over$5.00 in 2023.$6.00
“2021 was a remarkable year for our company and we could not be prouder of our team members who executed superbly to achieve all of our exceptional accomplishments,” remarked
Paycheck Protection Program (PPP)
We funded, either directly or indirectly, about 256,000 PPP loans totaling
Launch of Customers Bank Instant Token (CBITTM)
“We were thrilled to announce that CBIT on the TassatPayTM payments platform went live in
As of
Key Balance Sheet Trends
Commercial and industrial loans and leases increased
Total loans and leases, including PPP loans, decreased
Total deposits increased
Other borrowings increased
Very Strong Growth in Tangible Common Equity and Tangible Book Value Per Share
Customers experienced significant improvements in regulatory capital ratios in Q4 2021 as compared to a year ago.
At the
Loan Portfolio Management During the COVID-19 Crisis
Over the last decade, Customers has developed a suite of commercial and retail loan products with one particularly important common denominator: relatively low credit risk assumption. The Bank’s C&I, mortgage warehouse, specialty finance lines of business, and multi-family loans for example, are characterized by conservative underwriting standards and low loss rates. Because of this emphasis, the Bank’s credit quality to date has been healthy despite a highly adverse economic environment. Maintaining strong asset quality also requires a highly active portfolio monitoring process. In addition to frequent client outreach and monitoring at the individual loan level, Customers employs a bottom-up data driven approach to analyze its commercial portfolio.
Strong commercial loan portfolio with very low concentration in COVID-19 impacted industries and CRE
-
All commercial loans previously on deferments became current by
December 31, 2021 , down from , or$73.4 million 0.7% of total loans and leases, excluding PPP loans (a non-GAAP measure), atSeptember 30, 2021 . Customers' commercial deferments peaked at about in$1.2 billion July 2020 .
- Exposure to industry segments and CRE significantly impacted by COVID-19 initially is not substantial.
Consumer installment, mortgage and home equity loan portfolios continue to perform well
-
Total consumer-related deferments declined to
, or$6.1 million 0.1% of total loans and leases, excluding PPP loans (a non-GAAP measure), atDecember 31, 2021 , down from at$6.7 million September 30, 2021 .
Key Profitability Trends
Net Interest Income
Net interest income totaled
Provision for Credit Losses
The provision for credit losses on loans and leases in Q4 2021 was
Non-Interest Income
Non-interest income totaled
Non-Interest Expense
The management of non-interest expenses remains a priority at Customers. However, this will not be at the expense of not making adequate investments with new technologies to support efficient growth. Our Q4 2021 total non-interest expenses increased by
Taxes
Income tax expense from continuing operations decreased by
Net Loss From Discontinued Operations
The divestiture of
BM Technologies, Inc. (BMTX)
We previously entered into a Deposit Servicing Agreement with BMTX, which was profitable at the time as we were in the early stage of building out our commercial and digital deposit franchise. However, with the advent of CBIT, which went into full launch in
Outlook
“Looking ahead, we have sustainable core growth and are very optimistic about the prospects of our company. We expect strong core above average low-double-digit growth in loans and deposits, improving profitability, and an efficiency ratio in the low 40s through a combination of revenue growth and prudent expense management over the next two to three years. The best-in-class tech agility of
Webcast
Date:
Time:
The live audio webcast, presentation slides, and earnings press release will be made available at https://www.customersbank.com/investor-relations/ and at the
You may submit questions in advance of the live webcast by emailing
The webcast will be archived for viewing on the Customers Bank Investor Relations page and available beginning approximately two hours after the conclusion of the live event.
Institutional Background
“Safe Harbor” Statement
In addition to historical information, this press release may contain “forward-looking statements” within the meaning of the “safe harbor” provisions of the Private Securities Litigation Reform Act of 1995. These forward-looking statements include statements with respect to
Q4 2021 Overview
The following table presents a summary of key earnings and performance metrics for the quarter ended
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EARNINGS SUMMARY - UNAUDITED |
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(Dollars in thousands, except per share data and stock price data) |
Q4 |
Q3 |
Q2 |
Q1 |
Q4 |
Twelve Months Ended
|
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||||||||||||||||
|
2021 |
|
|
2021 |
|
2021 |
|
2021 |
|
|
2020 |
|
|
2021 |
|
|
2020 |
|
|
||||
|
|
|
|
|
|
|
|
|
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||||||||||||||
GAAP Profitability Metrics: |
|
||||||||||||||||||||||
Net income available to common shareholders (from continuing and discontinued operations) |
$ |
98,647 |
|
$ |
110,241 |
|
$ |
58,042 |
|
$ |
33,204 |
|
$ |
52,831 |
|
$ |
300,134 |
|
$ |
118,537 |
|
|
|
Per share amounts: |
|
|
|
|
|
|
|
|
|||||||||||||||
|
Earnings per share - basic |
$ |
3.02 |
|
$ |
3.40 |
|
$ |
1.80 |
|
$ |
1.04 |
|
$ |
1.67 |
|
$ |
9.29 |
|
$ |
3.76 |
|
|
|
Earnings per share - diluted |
$ |
2.87 |
|
$ |
3.25 |
|
$ |
1.72 |
|
$ |
1.01 |
|
$ |
1.65 |
|
$ |
8.91 |
|
$ |
3.74 |
|
|
|
Book value per common share (1) |
$ |
37.32 |
|
$ |
35.24 |
|
$ |
31.94 |
|
$ |
30.13 |
|
$ |
28.37 |
|
$ |
37.32 |
|
$ |
28.37 |
|
|
|
CUBI stock price (1) |
$ |
65.37 |
|
$ |
43.02 |
|
$ |
38.99 |
|
$ |
31.82 |
|
$ |
18.18 |
|
$ |
65.37 |
|
$ |
18.18 |
|
|
|
CUBI stock price as % of book value (1) |
|
175 |
% |
|
122 |
% |
|
122 |
% |
|
106 |
% |
|
64 |
% |
|
175 |
% |
|
64 |
% |
|
Average shares outstanding - basic |
|
32,625,960 |
|
|
32,449,853 |
|
|
32,279,625 |
|
|
31,883,946 |
|
|
31,638,447 |
|
|
32,312,262 |
|
|
31,506,699 |
|
|
|
Average shares outstanding - diluted |
|
34,320,327 |
|
|
33,868,553 |
|
|
33,741,468 |
|
|
32,841,711 |
|
|
31,959,100 |
|
|
33,697,547 |
|
|
31,727,784 |
|
|
|
Shares outstanding (1) |
|
32,913,267 |
|
|
32,537,976 |
|
|
32,353,256 |
|
|
32,238,762 |
|
|
31,705,088 |
|
|
32,913,267 |
|
|
31,705,088 |
|
|
|
Return on average assets ("ROAA") |
|
2.08 |
% |
|
2.33 |
% |
|
1.27 |
% |
|
0.80 |
% |
|
1.23 |
% |
|
1.64 |
% |
|
0.85 |
% |
|
|
Return on average common equity ("ROCE") |
|
33.18 |
% |
|
40.82 |
% |
|
23.22 |
% |
|
14.66 |
% |
|
24.26 |
% |
|
28.75 |
% |
|
14.55 |
% |
|
|
Efficiency ratio |
|
38.70 |
% |
|
33.42 |
% |
|
46.59 |
% |
|
48.89 |
% |
|
43.56 |
% |
|
40.38 |
% |
|
48.20 |
% |
|
|
Non-GAAP Profitability Metrics (2): |
|
|
|
|
|
|
|
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Core earnings |
$ |
100,095 |
|
$ |
113,876 |
|
$ |
59,303 |
|
$ |
70,308 |
|
$ |
54,588 |
|
$ |
343,582 |
|
$ |
119,526 |
|
|
|
Adjusted pre-tax pre-provision net income |
$ |
129,335 |
|
$ |
167,215 |
|
$ |
86,467 |
|
$ |
86,769 |
|
$ |
77,896 |
|
$ |
469,786 |
|
$ |
240,198 |
|
|
|
Per share amounts: |
|
|
|
|
|
|
|
|
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|
Core earnings per share - diluted |
$ |
2.92 |
|
$ |
3.36 |
|
$ |
1.76 |
|
$ |
2.14 |
|
$ |
1.71 |
|
$ |
10.20 |
|
$ |
3.77 |
|
|
|
Tangible book value per common share (1) |
$ |
37.21 |
|
$ |
35.12 |
|
$ |
31.82 |
|
$ |
30.01 |
|
$ |
27.92 |
|
$ |
37.21 |
|
$ |
27.92 |
|
|
|
CUBI stock price as % of tangible book value (1) |
|
176 |
% |
|
122 |
% |
|
123 |
% |
|
106 |
% |
|
65 |
% |
|
176 |
% |
|
65 |
% |
|
Core ROAA |
|
2.11 |
% |
|
2.35 |
% |
|
1.30 |
% |
|
1.61 |
% |
|
1.26 |
% |
|
1.85 |
% |
|
0.86 |
% |
|
|
Core ROCE |
|
33.67 |
% |
|
42.16 |
% |
|
23.72 |
% |
|
31.03 |
% |
|
25.06 |
% |
|
32.91 |
% |
|
14.67 |
% |
|
|
Adjusted ROAA - pre-tax and pre-provision |
|
2.67 |
% |
|
3.36 |
% |
|
1.80 |
% |
|
1.90 |
% |
|
1.70 |
% |
|
2.45 |
% |
|
1.54 |
% |
|
|
Adjusted ROCE - pre-tax and pre-provision |
|
42.82 |
% |
|
60.81 |
% |
|
33.27 |
% |
|
36.80 |
% |
|
34.20 |
% |
|
43.88 |
% |
|
27.76 |
% |
|
|
Net interest margin, tax equivalent |
|
4.14 |
% |
|
4.59 |
% |
|
2.98 |
% |
|
3.00 |
% |
|
2.78 |
% |
|
3.70 |
% |
|
2.71 |
% |
|
|
Net interest margin, tax equivalent, excluding PPP loans |
|
3.12 |
% |
|
3.24 |
% |
|
3.30 |
% |
|
2.99 |
% |
|
3.04 |
% |
|
3.16 |
% |
|
2.96 |
% |
|
|
Core efficiency ratio |
|
38.73 |
% |
|
30.36 |
% |
|
44.33 |
% |
|
41.13 |
% |
|
42.89 |
% |
|
37.71 |
% |
|
46.92 |
% |
|
|
Asset Quality: |
|
|
|
|
|
|
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Net charge-offs |
$ |
7,582 |
|
$ |
7,104 |
|
$ |
6,591 |
|
$ |
12,521 |
|
$ |
8,472 |
|
$ |
33,798 |
|
$ |
54,807 |
|
|
|
Annualized net charge-offs to average total loans and leases |
|
0.21 |
% |
|
0.17 |
% |
|
0.16 |
% |
|
0.33 |
% |
|
0.21 |
% |
|
0.22 |
% |
|
0.41 |
% |
|
|
Non-performing loans ("NPLs") to total loans and leases (1) |
|
0.34 |
% |
|
0.34 |
% |
|
0.27 |
% |
|
0.30 |
% |
|
0.45 |
% |
|
0.34 |
% |
|
0.45 |
% |
|
|
Reserves to NPLs (1) |
|
277.72 |
% |
|
252.68 |
% |
|
269.96 |
% |
|
264.21 |
% |
|
204.48 |
% |
|
277.72 |
% |
|
204.48 |
% |
|
|
Non-performing assets ("NPAs") to total assets |
|
0.25 |
% |
|
0.27 |
% |
|
0.24 |
% |
|
0.26 |
% |
|
0.39 |
% |
|
0.25 |
% |
|
0.39 |
% |
|
|
Customers Bank Capital Ratios (3): |
|
|
|
|
|
|
|
|
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Common equity Tier 1 capital to risk-weighted assets |
|
12.13 |
% |
|
12.77 |
% |
|
12.40 |
% |
|
11.75 |
% |
|
10.62 |
% |
|
12.13 |
% |
|
10.62 |
% |
|
|
Tier 1 capital to risk-weighted assets |
|
12.13 |
% |
|
12.77 |
% |
|
12.40 |
% |
|
11.75 |
% |
|
10.62 |
% |
|
12.13 |
% |
|
10.62 |
% |
|
|
Total capital to risk-weighted assets |
|
13.46 |
% |
|
14.16 |
% |
|
13.77 |
% |
|
13.11 |
% |
|
12.06 |
% |
|
13.46 |
% |
|
12.06 |
% |
|
|
Tier 1 capital to average assets (leverage ratio) |
|
7.92 |
% |
|
8.66 |
% |
|
9.07 |
% |
|
9.35 |
% |
|
9.21 |
% |
|
7.92 |
% |
|
9.21 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
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(1) Metric is a spot balance for the last day of each quarter presented. |
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(2) Non-GAAP measures exclude net loss from discontinued operations, loss on sale of foreign subsidiaries, unrealized gains (losses) on loans held for sale, investment securities gains and losses, loss on cash flow hedge derivative terminations, severance expense, merger and acquisition-related expenses, losses realized from the sale of non-QM residential mortgage loans, loss upon acquisition of interest-only GNMA securities, legal reserves, credit valuation adjustments on derivatives, risk participation agreement mark-to-market adjustments, deposit relationship adjustment fees, loss on redemption of preferred stock, goodwill and intangible assets, and PPP loans. These notable items are not included in Customers' disclosures of core earnings and other core profitability metrics. Please note that not each of the aforementioned adjustments affected the reported amount in each of the periods presented. Customers' reasons for the use of these non-GAAP measures and a detailed reconciliation between the non-GAAP measures and the comparable GAAP amounts are included at the end of this document. |
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(3) Regulatory capital ratios are estimated for Q4 2021 and actual for the remaining periods. In accordance with regulatory capital rules, Customers elected an option to delay the estimated impact of CECL on its regulatory capital over a five-year transition period ending |
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CONSOLIDATED STATEMENTS OF OPERATIONS - UNAUDITED |
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(Dollars in thousands, except per share data) |
|
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|
|
|
|
|
|
|
Twelve Months Ended |
||||||||||||||||
|
Q4 |
|
Q3 |
|
Q2 |
|
Q1 |
|
Q4 |
|
|
||||||||||||||||
|
|
2021 |
|
|
|
2021 |
|
|
|
2021 |
|
|
|
2021 |
|
|
|
2020 |
|
|
|
2021 |
|
|
|
2020 |
|
Interest income: |
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||
Loans and leases |
$ |
198,000 |
|
|
$ |
233,097 |
|
|
$ |
153,608 |
|
|
$ |
152,117 |
|
|
$ |
145,414 |
|
|
$ |
736,822 |
|
|
$ |
512,048 |
|
Investment securities |
|
15,202 |
|
|
|
8,905 |
|
|
|
8,327 |
|
|
|
7,979 |
|
|
|
6,777 |
|
|
|
40,413 |
|
|
|
24,206 |
|
Other |
|
835 |
|
|
|
849 |
|
|
|
946 |
|
|
|
1,019 |
|
|
|
902 |
|
|
|
3,649 |
|
|
|
7,050 |
|
Total interest income |
|
214,037 |
|
|
|
242,851 |
|
|
|
162,881 |
|
|
|
161,115 |
|
|
|
153,093 |
|
|
|
780,884 |
|
|
|
543,304 |
|
|
|
|
|
|
|
|
|
|
|
|
|
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|
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Interest expense: |
|
|
|
|
|
|
|
|
|
|
|
|
|
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Deposits |
|
15,415 |
|
|
|
15,915 |
|
|
|
15,653 |
|
|
|
15,658 |
|
|
|
16,107 |
|
|
|
62,641 |
|
|
|
92,045 |
|
FHLB advances |
|
51 |
|
|
|
5 |
|
|
|
963 |
|
|
|
5,192 |
|
|
|
5,749 |
|
|
|
6,211 |
|
|
|
21,637 |
|
Subordinated debt |
|
2,688 |
|
|
|
2,689 |
|
|
|
2,689 |
|
|
|
2,689 |
|
|
|
2,688 |
|
|
|
10,755 |
|
|
|
10,755 |
|
FRB PPP liquidity facility, federal funds purchased and
|
|
2,189 |
|
|
|
4,350 |
|
|
|
4,819 |
|
|
|
4,845 |
|
|
|
5,603 |
|
|
|
16,203 |
|
|
|
15,179 |
|
Total interest expense |
|
20,343 |
|
|
|
22,959 |
|
|
|
24,124 |
|
|
|
28,384 |
|
|
|
30,147 |
|
|
|
95,810 |
|
|
|
139,616 |
|
Net interest income |
|
193,694 |
|
|
|
219,892 |
|
|
|
138,757 |
|
|
|
132,731 |
|
|
|
122,946 |
|
|
|
685,074 |
|
|
|
403,688 |
|
Provision (benefit) for credit losses on loans and leases |
|
13,890 |
|
|
|
13,164 |
|
|
|
3,291 |
|
|
|
(2,919 |
) |
|
|
(2,913 |
) |
|
|
27,426 |
|
|
|
62,774 |
|
Net interest income after provision
|
|
179,804 |
|
|
|
206,728 |
|
|
|
135,466 |
|
|
|
135,650 |
|
|
|
125,859 |
|
|
|
657,648 |
|
|
|
340,914 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||
Non-interest income: |
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||
Interchange and card revenue |
|
84 |
|
|
|
83 |
|
|
|
84 |
|
|
|
85 |
|
|
|
91 |
|
|
|
336 |
|
|
|
646 |
|
Deposit fees |
|
1,026 |
|
|
|
994 |
|
|
|
891 |
|
|
|
863 |
|
|
|
823 |
|
|
|
3,774 |
|
|
|
2,526 |
|
Commercial lease income |
|
5,378 |
|
|
|
5,213 |
|
|
|
5,311 |
|
|
|
5,205 |
|
|
|
4,853 |
|
|
|
21,107 |
|
|
|
18,139 |
|
Bank-owned life insurance |
|
1,984 |
|
|
|
1,988 |
|
|
|
2,765 |
|
|
|
1,679 |
|
|
|
1,744 |
|
|
|
8,416 |
|
|
|
7,009 |
|
Mortgage warehouse transactional fees |
|
2,262 |
|
|
|
3,100 |
|
|
|
3,265 |
|
|
|
4,247 |
|
|
|
3,681 |
|
|
|
12,874 |
|
|
|
11,535 |
|
Gain (loss) on sale of SBA and other loans |
|
2,493 |
|
|
|
5,359 |
|
|
|
1,900 |
|
|
|
1,575 |
|
|
|
1,689 |
|
|
|
11,327 |
|
|
|
2,009 |
|
Loan fees |
|
2,513 |
|
|
|
1,909 |
|
|
|
1,670 |
|
|
|
1,436 |
|
|
|
1,746 |
|
|
|
7,527 |
|
|
|
5,652 |
|
Mortgage banking income (loss) |
|
262 |
|
|
|
425 |
|
|
|
386 |
|
|
|
463 |
|
|
|
346 |
|
|
|
1,536 |
|
|
|
1,693 |
|
Gain (loss) on sale of investment securities |
|
(49 |
) |
|
|
6,063 |
|
|
|
1,812 |
|
|
|
23,566 |
|
|
|
44 |
|
|
|
31,392 |
|
|
|
20,078 |
|
Unrealized gain (loss) on investment securities |
|
— |
|
|
|
— |
|
|
|
1,746 |
|
|
|
974 |
|
|
|
1,387 |
|
|
|
2,720 |
|
|
|
1,447 |
|
Loss on sale of foreign subsidiaries |
|
— |
|
|
|
— |
|
|
|
(2,840 |
) |
|
|
— |
|
|
|
— |
|
|
|
(2,840 |
) |
|
|
— |
|
Unrealized gain (loss) on derivatives |
|
586 |
|
|
|
524 |
|
|
|
(439 |
) |
|
|
2,537 |
|
|
|
804 |
|
|
|
3,208 |
|
|
|
(3,951 |
) |
Loss on cash flow hedge derivative terminations |
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
(24,467 |
) |
|
|
— |
|
|
|
(24,467 |
) |
|
|
— |
|
Other |
|
452 |
|
|
|
(72 |
) |
|
|
271 |
|
|
|
305 |
|
|
|
(1,125 |
) |
|
|
957 |
|
|
|
(2,965 |
) |
Total non-interest income |
|
16,991 |
|
|
|
25,586 |
|
|
|
16,822 |
|
|
|
18,468 |
|
|
|
16,083 |
|
|
|
77,867 |
|
|
|
63,818 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||
Non-interest expense: |
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||
Salaries and employee benefits |
|
29,940 |
|
|
|
26,268 |
|
|
|
28,023 |
|
|
|
23,971 |
|
|
|
25,600 |
|
|
|
108,202 |
|
|
|
94,067 |
|
Technology, communication and bank operations |
|
22,657 |
|
|
|
21,281 |
|
|
|
19,618 |
|
|
|
19,988 |
|
|
|
16,021 |
|
|
|
83,544 |
|
|
|
50,668 |
|
Professional services |
|
7,058 |
|
|
|
6,871 |
|
|
|
6,882 |
|
|
|
5,877 |
|
|
|
4,732 |
|
|
|
26,688 |
|
|
|
13,557 |
|
Occupancy |
|
4,336 |
|
|
|
2,704 |
|
|
|
2,482 |
|
|
|
2,621 |
|
|
|
2,742 |
|
|
|
12,143 |
|
|
|
11,362 |
|
Commercial lease depreciation |
|
4,625 |
|
|
|
4,493 |
|
|
|
4,415 |
|
|
|
4,291 |
|
|
|
3,982 |
|
|
|
17,824 |
|
|
|
14,715 |
|
|
|
2,427 |
|
|
|
2,313 |
|
|
|
2,602 |
|
|
|
2,719 |
|
|
|
2,642 |
|
|
|
10,061 |
|
|
|
11,661 |
|
Loan servicing |
|
4,361 |
|
|
|
4,265 |
|
|
|
1,700 |
|
|
|
437 |
|
|
|
879 |
|
|
|
10,763 |
|
|
|
3,431 |
|
Merger and acquisition related expenses |
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
418 |
|
|
|
709 |
|
|
|
418 |
|
|
|
1,367 |
|
Loan workout |
|
226 |
|
|
|
198 |
|
|
|
102 |
|
|
|
(261 |
) |
|
|
123 |
|
|
|
265 |
|
|
|
3,143 |
|
Advertising and promotion |
|
344 |
|
|
|
302 |
|
|
|
313 |
|
|
|
561 |
|
|
|
— |
|
|
|
1,520 |
|
|
|
1,796 |
|
Deposit relationship adjustment fees |
|
— |
|
|
|
6,216 |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
6,216 |
|
|
|
— |
|
Other |
|
5,574 |
|
|
|
5,098 |
|
|
|
4,686 |
|
|
|
1,305 |
|
|
|
2,503 |
|
|
|
16,663 |
|
|
|
9,209 |
|
Total non-interest expense |
|
81,548 |
|
|
|
80,009 |
|
|
|
70,823 |
|
|
|
61,927 |
|
|
|
59,933 |
|
|
|
294,307 |
|
|
|
214,976 |
|
Income before income tax expense |
|
115,247 |
|
|
|
152,305 |
|
|
|
81,465 |
|
|
|
92,191 |
|
|
|
82,009 |
|
|
|
441,208 |
|
|
|
189,756 |
|
Income tax expense |
|
12,993 |
|
|
|
36,263 |
|
|
|
20,124 |
|
|
|
17,560 |
|
|
|
23,447 |
|
|
|
86,940 |
|
|
|
46,717 |
|
Net income from continuing operations |
$ |
102,254 |
|
|
$ |
116,042 |
|
|
$ |
61,341 |
|
|
$ |
74,631 |
|
|
$ |
58,562 |
|
|
$ |
354,268 |
|
|
$ |
143,039 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||
Loss from discontinued operations before income taxes |
$ |
— |
|
|
$ |
— |
|
|
$ |
— |
|
|
$ |
(20,354 |
) |
|
$ |
(3,539 |
) |
|
$ |
(20,354 |
) |
|
$ |
(13,798 |
) |
Income tax expense (benefit) from discontinued
|
|
1,585 |
|
|
|
— |
|
|
|
— |
|
|
|
17,682 |
|
|
|
(1,222 |
) |
|
|
19,267 |
|
|
|
(3,337 |
) |
Net loss from discontinued operations |
|
(1,585 |
) |
|
|
— |
|
|
|
— |
|
|
|
(38,036 |
) |
|
|
(2,317 |
) |
|
|
(39,621 |
) |
|
|
(10,461 |
) |
Net income |
|
100,669 |
|
|
|
116,042 |
|
|
|
61,341 |
|
|
|
36,595 |
|
|
|
56,245 |
|
|
|
314,647 |
|
|
|
132,578 |
|
Preferred stock dividends |
|
2,022 |
|
|
|
2,981 |
|
|
|
3,299 |
|
|
|
3,391 |
|
|
|
3,414 |
|
|
|
11,693 |
|
|
|
14,041 |
|
Loss on redemption of preferred stock |
|
— |
|
|
|
2,820 |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
2,820 |
|
|
|
— |
|
Net income available to common shareholders |
$ |
98,647 |
|
|
$ |
110,241 |
|
|
$ |
58,042 |
|
|
$ |
33,204 |
|
|
$ |
52,831 |
|
|
$ |
300,134 |
|
|
$ |
118,537 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||
Basic earnings per common share from continuing
|
$ |
3.07 |
|
|
$ |
3.40 |
|
|
$ |
1.80 |
|
|
$ |
2.23 |
|
|
$ |
1.74 |
|
|
$ |
10.51 |
|
|
$ |
4.09 |
|
Basic earnings per common share |
|
3.02 |
|
|
|
3.40 |
|
|
|
1.80 |
|
|
|
1.04 |
|
|
|
1.67 |
|
|
|
9.29 |
|
|
|
3.76 |
|
Diluted earnings per common share from continuing
|
|
2.92 |
|
|
|
3.25 |
|
|
|
1.72 |
|
|
|
2.17 |
|
|
|
1.73 |
|
|
|
10.08 |
|
|
|
4.07 |
|
Diluted earnings per common share |
|
2.87 |
|
|
|
3.25 |
|
|
|
1.72 |
|
|
|
1.01 |
|
|
|
1.65 |
|
|
|
8.91 |
|
|
|
3.74 |
|
|
|||||||||||||||||||
CONSOLIDATED BALANCE SHEET - UNAUDITED |
|||||||||||||||||||
(Dollars in thousands) |
|||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
||||||||||
|
|
2021 |
|
|
|
2021 |
|
|
|
2021 |
|
|
|
2021 |
|
|
|
2020 |
|
ASSETS |
|
|
|
|
|
|
|
|
|
||||||||||
Cash and due from banks |
$ |
35,238 |
|
|
$ |
51,169 |
|
|
$ |
36,837 |
|
|
$ |
3,123 |
|
|
$ |
78,090 |
|
Interest earning deposits |
|
482,794 |
|
|
|
1,000,885 |
|
|
|
393,663 |
|
|
|
512,241 |
|
|
|
615,264 |
|
Cash and cash equivalents |
|
518,032 |
|
|
|
1,052,054 |
|
|
|
430,500 |
|
|
|
515,364 |
|
|
|
693,354 |
|
Investment securities, at fair value |
|
3,817,150 |
|
|
|
1,866,697 |
|
|
|
1,526,792 |
|
|
|
1,441,904 |
|
|
|
1,210,285 |
|
Loans held for sale |
|
16,254 |
|
|
|
29,957 |
|
|
|
34,540 |
|
|
|
46,106 |
|
|
|
79,086 |
|
Loans receivable, mortgage warehouse, at fair value |
|
2,284,325 |
|
|
|
2,557,624 |
|
|
|
2,855,284 |
|
|
|
3,407,622 |
|
|
|
3,616,432 |
|
Loans receivable, PPP |
|
3,250,008 |
|
|
|
4,957,357 |
|
|
|
6,305,056 |
|
|
|
5,178,089 |
|
|
|
4,561,365 |
|
Loans and leases receivable |
|
9,018,298 |
|
|
|
7,970,599 |
|
|
|
7,772,142 |
|
|
|
7,536,489 |
|
|
|
7,575,368 |
|
Allowance for credit losses on loans and leases |
|
(137,804 |
) |
|
|
(131,496 |
) |
|
|
(125,436 |
) |
|
|
(128,736 |
) |
|
|
(144,176 |
) |
Total loans and leases receivable, net of allowance for
|
|
14,414,827 |
|
|
|
15,354,084 |
|
|
|
16,807,046 |
|
|
|
15,993,464 |
|
|
|
15,608,989 |
|
FHLB, |
|
64,584 |
|
|
|
57,184 |
|
|
|
39,895 |
|
|
|
69,420 |
|
|
|
71,368 |
|
Accrued interest receivable |
|
92,239 |
|
|
|
93,514 |
|
|
|
90,009 |
|
|
|
83,186 |
|
|
|
80,412 |
|
Bank premises and equipment, net |
|
8,890 |
|
|
|
9,944 |
|
|
|
10,391 |
|
|
|
10,943 |
|
|
|
11,225 |
|
Bank-owned life insurance |
|
333,705 |
|
|
|
331,423 |
|
|
|
329,421 |
|
|
|
281,923 |
|
|
|
280,067 |
|
|
|
3,736 |
|
|
|
3,794 |
|
|
|
3,853 |
|
|
|
3,911 |
|
|
|
3,969 |
|
Other assets |
|
305,611 |
|
|
|
310,271 |
|
|
|
362,661 |
|
|
|
371,439 |
|
|
|
338,438 |
|
Assets of discontinued operations |
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
62,055 |
|
Total assets |
$ |
19,575,028 |
|
|
$ |
19,108,922 |
|
|
$ |
19,635,108 |
|
|
$ |
18,817,660 |
|
|
$ |
18,439,248 |
|
|
|
|
|
|
|
|
|
|
|
||||||||||
LIABILITIES AND SHAREHOLDERS' EQUITY |
|
|
|
|
|
|
|
|
|
||||||||||
Demand, non-interest bearing deposits |
$ |
4,459,790 |
|
|
$ |
4,954,331 |
|
|
$ |
2,699,869 |
|
|
$ |
2,687,628 |
|
|
$ |
2,356,998 |
|
Interest bearing deposits |
|
12,318,134 |
|
|
|
12,016,694 |
|
|
|
11,174,070 |
|
|
|
9,784,812 |
|
|
|
8,952,931 |
|
Total deposits |
|
16,777,924 |
|
|
|
16,971,025 |
|
|
|
13,873,939 |
|
|
|
12,472,440 |
|
|
|
11,309,929 |
|
Federal funds purchased |
|
75,000 |
|
|
|
— |
|
|
|
— |
|
|
|
365,000 |
|
|
|
250,000 |
|
FHLB advances |
|
700,000 |
|
|
|
— |
|
|
|
— |
|
|
|
850,000 |
|
|
|
850,000 |
|
Other borrowings |
|
223,086 |
|
|
|
223,151 |
|
|
|
124,240 |
|
|
|
124,138 |
|
|
|
124,037 |
|
Subordinated debt |
|
181,673 |
|
|
|
181,603 |
|
|
|
181,534 |
|
|
|
181,464 |
|
|
|
181,394 |
|
FRB PPP liquidity facility |
|
— |
|
|
|
— |
|
|
|
3,865,865 |
|
|
|
3,284,156 |
|
|
|
4,415,016 |
|
Accrued interest payable and other liabilities |
|
251,128 |
|
|
|
448,844 |
|
|
|
338,801 |
|
|
|
351,741 |
|
|
|
152,082 |
|
Liabilities of discontinued operations |
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
39,704 |
|
Total liabilities |
|
18,208,811 |
|
|
|
17,824,623 |
|
|
|
18,384,379 |
|
|
|
17,628,939 |
|
|
|
17,322,162 |
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Preferred stock |
|
137,794 |
|
|
|
137,794 |
|
|
|
217,471 |
|
|
|
217,471 |
|
|
|
217,471 |
|
Common stock |
|
34,722 |
|
|
|
33,818 |
|
|
|
33,634 |
|
|
|
33,519 |
|
|
|
32,986 |
|
Additional paid in capital |
|
542,391 |
|
|
|
525,894 |
|
|
|
519,294 |
|
|
|
515,318 |
|
|
|
455,592 |
|
Retained earnings |
|
705,732 |
|
|
|
607,085 |
|
|
|
496,844 |
|
|
|
438,802 |
|
|
|
438,581 |
|
Accumulated other comprehensive income (loss), net |
|
(4,980 |
) |
|
|
1,488 |
|
|
|
5,266 |
|
|
|
5,391 |
|
|
|
(5,764 |
) |
|
|
(49,442 |
) |
|
|
(21,780 |
) |
|
|
(21,780 |
) |
|
|
(21,780 |
) |
|
|
(21,780 |
) |
Total shareholders' equity |
|
1,366,217 |
|
|
|
1,284,299 |
|
|
|
1,250,729 |
|
|
|
1,188,721 |
|
|
|
1,117,086 |
|
Total liabilities & shareholders' equity |
$ |
19,575,028 |
|
|
$ |
19,108,922 |
|
|
$ |
19,635,108 |
|
|
$ |
18,817,660 |
|
|
$ |
18,439,248 |
|
|
||||||||||||||
AVERAGE BALANCE SHEET / NET INTEREST MARGIN - UNAUDITED |
||||||||||||||
(Dollars in thousands) |
|
|
|
|
|
|
|
|
||||||
|
Three Months Ended |
|||||||||||||
|
|
|
|
|
|
|||||||||
|
Average
|
Average
|
|
Average
|
Average
|
|
Average
|
Average
|
||||||
Assets |
|
|
|
|
|
|
|
|
||||||
Interest earning deposits |
$ |
1,568,510 |
0.15 |
% |
|
$ |
1,279,983 |
0.15 |
% |
|
$ |
413,381 |
0.12 |
% |
Investment securities (1) |
|
2,621,844 |
2.32 |
% |
|
|
1,511,319 |
2.36 |
% |
|
|
1,120,491 |
2.42 |
% |
Loans and leases: |
|
|
|
|
|
|
|
|
||||||
Commercial loans to mortgage companies |
|
2,289,061 |
3.02 |
% |
|
|
2,658,020 |
3.14 |
% |
|
|
3,518,371 |
3.06 |
% |
Multi-family loans |
|
1,327,732 |
3.72 |
% |
|
|
1,443,846 |
3.64 |
% |
|
|
1,871,956 |
3.70 |
% |
Commercial & industrial loans and leases (2) |
|
3,514,186 |
3.71 |
% |
|
|
3,024,620 |
3.76 |
% |
|
|
2,801,172 |
3.96 |
% |
Loans receivable, PPP |
|
3,898,607 |
8.35 |
% |
|
|
5,778,367 |
8.04 |
% |
|
|
4,782,606 |
2.45 |
% |
Non-owner occupied commercial real estate loans |
|
1,334,184 |
3.80 |
% |
|
|
1,346,629 |
3.73 |
% |
|
|
1,358,541 |
3.80 |
% |
Residential mortgages |
|
314,551 |
3.68 |
% |
|
|
325,851 |
3.50 |
% |
|
|
400,771 |
3.80 |
% |
Installment loans |
|
1,657,049 |
8.96 |
% |
|
|
1,615,411 |
9.21 |
% |
|
|
1,253,679 |
8.50 |
% |
Total loans and leases (3) |
|
14,335,370 |
5.48 |
% |
|
|
16,192,744 |
5.71 |
% |
|
|
15,987,096 |
3.62 |
% |
Other interest-earning assets |
|
50,709 |
1.81 |
% |
|
|
49,780 |
2.86 |
% |
|
|
81,031 |
3.80 |
% |
Total interest-earning assets |
|
18,576,433 |
4.57 |
% |
|
|
19,033,826 |
5.06 |
% |
|
|
17,601,999 |
3.46 |
% |
Non-interest-earning assets |
|
637,808 |
|
|
|
705,514 |
|
|
|
573,400 |
|
|||
Assets of discontinued operations |
|
— |
|
|
|
— |
|
|
|
75,320 |
|
|||
Total assets |
$ |
19,214,241 |
|
|
$ |
19,739,340 |
|
|
$ |
18,250,719 |
|
|||
Liabilities |
|
|
|
|
|
|
|
|
||||||
Interest checking accounts |
|
5,258,982 |
0.58 |
% |
|
|
4,537,421 |
0.67 |
% |
|
|
2,240,959 |
0.86 |
% |
Money market deposit accounts |
|
5,293,529 |
0.43 |
% |
|
|
5,131,433 |
0.43 |
% |
|
|
4,166,635 |
0.60 |
% |
Other savings accounts |
|
1,189,899 |
0.45 |
% |
|
|
1,376,077 |
0.50 |
% |
|
|
1,205,592 |
0.74 |
% |
Certificates of deposit |
|
541,528 |
0.51 |
% |
|
|
614,404 |
0.59 |
% |
|
|
833,689 |
1.30 |
% |
Total interest-bearing deposits (4) |
|
12,283,938 |
0.50 |
% |
|
|
11,659,335 |
0.54 |
% |
|
|
8,446,875 |
0.76 |
% |
Federal funds purchased |
|
815 |
0.15 |
% |
|
|
— |
— |
% |
|
|
120,891 |
0.10 |
% |
FRB PPP liquidity facility |
|
— |
— |
% |
|
|
2,788,897 |
0.35 |
% |
|
|
4,684,756 |
0.35 |
% |
Borrowings |
|
465,600 |
4.20 |
% |
|
|
371,077 |
4.90 |
% |
|
|
1,155,321 |
3.40 |
% |
Total interest-bearing liabilities |
|
12,750,353 |
0.63 |
% |
|
|
14,819,309 |
0.62 |
% |
|
|
14,407,843 |
0.83 |
% |
Non-interest-bearing deposits (4) |
|
4,817,835 |
|
|
|
3,335,198 |
|
|
|
2,543,529 |
|
|||
Total deposits and borrowings |
|
17,568,188 |
0.46 |
% |
|
|
18,154,507 |
0.50 |
% |
|
|
16,951,372 |
0.71 |
% |
Other non-interest-bearing liabilities |
|
328,782 |
|
|
|
310,519 |
|
|
|
162,723 |
|
|||
Liabilities of discontinued operations |
|
— |
|
|
|
— |
|
|
|
52,742 |
|
|||
Total liabilities |
|
17,896,970 |
|
|
|
18,465,026 |
|
|
|
17,166,837 |
|
|||
Shareholders' equity |
|
1,317,271 |
|
|
|
1,274,314 |
|
|
|
1,083,882 |
|
|||
Total liabilities and shareholders' equity |
$ |
19,214,241 |
|
|
$ |
19,739,340 |
|
|
$ |
18,250,719 |
|
|||
Interest spread |
|
4.11 |
% |
|
|
4.56 |
% |
|
|
2.75 |
% |
|||
Net interest margin |
|
4.14 |
% |
|
|
4.58 |
% |
|
|
2.78 |
% |
|||
Net interest margin tax equivalent (5) |
|
4.14 |
% |
|
|
4.59 |
% |
|
|
2.78 |
% |
|||
Net interest margin tax equivalent excl. PPP (6) |
|
3.12 |
% |
|
|
3.24 |
% |
|
|
3.04 |
% |
|||
|
|
|
|
|
|
|
|
|
||||||
(1) For presentation in this table, average balances and the corresponding average yields for investment securities are based upon historical cost, adjusted for amortization of premiums and accretion of discounts. |
||||||||||||||
(2) Includes owner occupied commercial real estate loans. |
||||||||||||||
(3) Includes non-accrual loans, the effect of which is to reduce the yield earned on loans and leases, and deferred loan fees. |
||||||||||||||
(4) Total costs of deposits (including interest bearing and non-interest bearing) were |
||||||||||||||
(5) Non-GAAP tax-equivalent basis, using an estimated marginal tax rate of |
||||||||||||||
(6) Non-GAAP tax-equivalent basis, as described in note (5) for the three months ended |
|
|||||||||
AVERAGE BALANCE SHEET / NET INTEREST MARGIN - UNAUDITED |
|||||||||
(Dollars in thousands) |
|
|
|
|
|
||||
|
Twelve Months Ended |
||||||||
|
|
|
|
||||||
|
Average Balance |
Average Yield or Cost (%) |
|
Average Balance |
Average Yield or Cost (%) |
||||
Assets |
|
|
|
|
|
||||
Interest earning deposits |
$ |
1,169,416 |
0.14 |
% |
|
$ |
564,218 |
0.59 |
% |
Investment securities (1) |
|
1,753,649 |
2.30 |
% |
|
|
836,815 |
2.89 |
% |
Loans and leases: |
|
|
|
|
|
||||
Commercial loans to mortgage companies |
|
2,699,300 |
3.09 |
% |
|
|
2,668,642 |
3.11 |
% |
Multi-family loans |
|
1,501,878 |
3.77 |
% |
|
|
2,020,640 |
3.85 |
% |
Commercial & industrial loans and leases (2) |
|
3,068,005 |
3.75 |
% |
|
|
2,581,119 |
4.12 |
% |
Loans receivable, PPP |
|
5,108,192 |
5.46 |
% |
|
|
3,121,157 |
2.10 |
% |
Non-owner occupied commercial real estate loans |
|
1,349,563 |
3.81 |
% |
|
|
1,368,684 |
3.91 |
% |
Residential mortgages |
|
339,845 |
3.65 |
% |
|
|
422,696 |
3.82 |
% |
Installment loans |
|
1,517,165 |
9.14 |
% |
|
|
1,264,255 |
8.68 |
% |
Total loans and leases (3) |
|
15,583,948 |
4.73 |
% |
|
|
13,447,193 |
3.81 |
% |
Other interest-earning assets |
|
59,308 |
3.48 |
% |
|
|
85,091 |
4.41 |
% |
Total interest-earning assets |
|
18,566,321 |
4.21 |
% |
|
|
14,933,317 |
3.64 |
% |
Non-interest-earning assets |
|
633,615 |
|
|
|
592,770 |
|
||
Assets of discontinued operations |
|
— |
|
|
|
78,714 |
|
||
Total assets |
$ |
19,199,936 |
|
|
$ |
15,604,801 |
|
||
Liabilities |
|
|
|
|
|
||||
Interest checking accounts |
$ |
4,006,354 |
0.69 |
% |
|
$ |
2,098,138 |
0.89 |
% |
Money market deposit accounts |
|
4,933,027 |
0.47 |
% |
|
|
3,657,422 |
0.96 |
% |
Other savings accounts |
|
1,358,708 |
0.56 |
% |
|
|
1,162,472 |
1.44 |
% |
Certificates of deposit |
|
619,859 |
0.72 |
% |
|
|
1,357,688 |
1.58 |
% |
Total interest-bearing deposits (4) |
|
10,917,948 |
0.57 |
% |
|
|
8,275,720 |
1.11 |
% |
Federal funds purchased |
|
22,110 |
0.07 |
% |
|
|
239,481 |
0.19 |
% |
FRB PPP liquidity facility |
|
2,636,925 |
0.35 |
% |
|
|
2,537,744 |
0.35 |
% |
Borrowings |
|
610,503 |
3.92 |
% |
|
|
1,265,279 |
3.02 |
% |
Total interest-bearing liabilities |
|
14,187,486 |
0.68 |
% |
|
|
12,318,224 |
1.13 |
% |
Non-interest-bearing deposits (4) |
|
3,470,788 |
|
|
|
2,052,376 |
|
||
Total deposits and borrowings |
|
17,658,274 |
0.54 |
% |
|
|
14,370,600 |
0.97 |
% |
Other non-interest-bearing liabilities |
|
304,078 |
|
|
|
148,045 |
|
||
Liabilities of discontinued operations |
|
— |
|
|
|
53,916 |
|
||
Total liabilities |
|
17,962,352 |
|
|
|
14,572,561 |
|
||
Shareholders' equity |
|
1,237,584 |
|
|
|
1,032,240 |
|
||
Total liabilities and shareholders' equity |
$ |
19,199,936 |
|
|
$ |
15,604,801 |
|
||
Interest spread |
|
3.66 |
% |
|
|
2.67 |
% |
||
Net interest margin |
|
3.69 |
% |
|
|
2.70 |
% |
||
Net interest margin tax equivalent (5) |
|
3.70 |
% |
|
|
2.71 |
% |
||
Net interest margin tax equivalent excl. PPP (6) |
|
3.16 |
% |
|
|
2.96 |
% |
||
|
|
|
|
|
|
||||
(1) For presentation in this table, average balances and the corresponding average yields for investment securities are based upon historical cost, adjusted for amortization of premiums and accretion of discounts. |
|||||||||
(2) Includes owner occupied commercial real estate loans. |
|||||||||
(3) Includes non-accrual loans, the effect of which is to reduce the yield earned on loans and leases, and deferred loan fees. |
|||||||||
(4) Total costs of deposits (including interest bearing and non-interest bearing) were |
|||||||||
(5) Non-GAAP tax-equivalent basis, using an estimated marginal tax rate of |
|||||||||
(6) Non-GAAP tax-equivalent basis as described in note (5), for the twelve months ended |
|
||||||||||||||
PERIOD END LOAN AND LEASE COMPOSITION - UNAUDITED |
||||||||||||||
(Dollars in thousands) |
|
|
|
|
|
|
|
|
|
|||||
|
|
|
|
|
|
|
|
|
|
|||||
|
|
2021 |
|
|
2021 |
|
|
2021 |
|
|
2021 |
|
|
2020 |
Commercial: |
|
|
|
|
|
|
|
|
|
|||||
Multi-family |
$ |
1,486,308 |
|
$ |
1,387,166 |
|
$ |
1,497,485 |
|
$ |
1,659,529 |
|
$ |
1,761,301 |
Loans to mortgage companies |
|
2,362,438 |
|
|
2,626,483 |
|
|
2,922,217 |
|
|
3,463,490 |
|
|
3,657,350 |
Commercial & industrial |
|
3,346,670 |
|
|
2,604,367 |
|
|
2,293,723 |
|
|
2,164,784 |
|
|
2,304,206 |
Commercial real estate owner occupied |
|
654,922 |
|
|
656,044 |
|
|
653,649 |
|
|
590,093 |
|
|
572,338 |
Loans receivable, PPP |
|
3,250,008 |
|
|
4,957,357 |
|
|
6,305,056 |
|
|
5,178,089 |
|
|
4,561,365 |
Commercial real estate non-owner occupied |
|
1,121,238 |
|
|
1,144,643 |
|
|
1,206,646 |
|
|
1,194,832 |
|
|
1,213,815 |
Construction |
|
198,981 |
|
|
198,607 |
|
|
179,198 |
|
|
156,837 |
|
|
140,905 |
Total commercial loans and leases |
|
12,420,565 |
|
|
13,574,667 |
|
|
15,057,974 |
|
|
14,407,654 |
|
|
14,211,280 |
Consumer: |
|
|
|
|
|
|
|
|
|
|||||
Residential |
|
350,984 |
|
|
260,820 |
|
|
273,493 |
|
|
295,654 |
|
|
323,322 |
Manufactured housing |
|
52,861 |
|
|
55,635 |
|
|
57,904 |
|
|
59,977 |
|
|
62,243 |
Installment |
|
1,744,475 |
|
|
1,624,415 |
|
|
1,577,651 |
|
|
1,405,021 |
|
|
1,235,406 |
Total consumer loans |
|
2,148,320 |
|
|
1,940,870 |
|
|
1,909,048 |
|
|
1,760,652 |
|
|
1,620,971 |
Total loans and leases |
$ |
14,568,885 |
|
$ |
15,515,537 |
|
$ |
16,967,022 |
|
$ |
16,168,306 |
|
$ |
15,832,251 |
|
||||||||||||||
PERIOD END DEPOSIT COMPOSITION - UNAUDITED |
||||||||||||||
(Dollars in thousands) |
|
|
|
|
|
|
|
|
|
|||||
|
|
|
|
|
|
|
|
|
|
|||||
|
|
2021 |
|
|
2021 |
|
|
2021 |
|
|
2021 |
|
|
2020 |
|
|
|
|
|
|
|
|
|
|
|||||
Demand, non-interest bearing |
$ |
4,459,790 |
|
$ |
4,954,331 |
|
$ |
2,699,869 |
|
$ |
2,687,628 |
|
$ |
2,356,998 |
Demand, interest bearing |
|
6,488,406 |
|
|
5,023,081 |
|
|
4,206,355 |
|
|
3,228,941 |
|
|
2,384,691 |
Total demand deposits |
|
10,948,196 |
|
|
9,977,412 |
|
|
6,906,224 |
|
|
5,916,569 |
|
|
4,741,689 |
Savings |
|
973,317 |
|
|
1,310,343 |
|
|
1,431,756 |
|
|
1,483,482 |
|
|
1,314,817 |
Money market |
|
4,349,073 |
|
|
5,090,121 |
|
|
4,908,809 |
|
|
4,406,508 |
|
|
4,601,492 |
Time deposits |
|
507,338 |
|
|
593,149 |
|
|
627,150 |
|
|
665,881 |
|
|
651,931 |
Total deposits |
$ |
16,777,924 |
|
$ |
16,971,025 |
|
$ |
13,873,939 |
|
$ |
12,472,440 |
|
$ |
11,309,929 |
|
||||||||||||||||||||||||||||||
ASSET QUALITY - UNAUDITED |
||||||||||||||||||||||||||||||
(Dollars in thousands) |
As of |
As of |
As of |
|||||||||||||||||||||||||||
|
Total loans |
Non
|
Allowance
|
Total NPLs
|
Total
|
Total loans |
Non
|
Allowance
|
Total NPLs
|
Total
|
Total loans |
Non
|
Allowance
|
Total NPLs
|
Total
|
|||||||||||||||
|
||||||||||||||||||||||||||||||
Loan type |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||
Multi-family |
$ |
1,486,308 |
$ |
22,654 |
$ |
4,477 |
1.52 |
% |
19.76 |
% |
$ |
1,369,876 |
$ |
24,524 |
$ |
4,397 |
1.79 |
% |
17.93 |
% |
$ |
1,761,301 |
$ |
21,728 |
$ |
12,620 |
1.23 |
% |
58.08 |
% |
Commercial & industrial (1) |
|
3,424,783 |
|
6,096 |
|
12,702 |
0.18 |
% |
208.37 |
% |
|
2,673,226 |
|
6,951 |
|
10,860 |
0.26 |
% |
156.24 |
% |
|
2,289,441 |
|
8,453 |
|
12,239 |
0.37 |
% |
144.79 |
% |
Commercial real estate
|
|
654,922 |
|
2,475 |
|
3,213 |
0.38 |
% |
129.82 |
% |
|
656,044 |
|
2,412 |
|
3,617 |
0.37 |
% |
149.96 |
% |
|
572,338 |
|
3,411 |
|
9,512 |
0.60 |
% |
278.86 |
% |
Commercial real estate non-
|
|
1,121,238 |
|
2,815 |
|
6,210 |
0.25 |
% |
220.60 |
% |
|
1,144,643 |
|
2,845 |
|
7,375 |
0.25 |
% |
259.23 |
% |
|
1,196,564 |
|
2,356 |
|
19,452 |
0.20 |
% |
825.64 |
% |
Construction |
|
198,981 |
|
— |
|
692 |
— |
% |
— |
% |
|
198,607 |
|
— |
|
886 |
— |
% |
— |
% |
|
140,905 |
|
— |
|
5,871 |
— |
% |
— |
% |
Total commercial loans
|
|
6,886,232 |
|
34,040 |
|
27,294 |
0.49 |
% |
80.18 |
% |
|
6,042,396 |
|
36,732 |
|
27,135 |
0.61 |
% |
73.87 |
% |
|
5,960,549 |
|
35,948 |
|
59,694 |
0.60 |
% |
166.06 |
% |
Residential |
|
334,730 |
|
7,727 |
|
2,383 |
2.31 |
% |
30.84 |
% |
|
248,153 |
|
7,738 |
|
1,912 |
3.12 |
% |
24.71 |
% |
|
317,170 |
|
9,911 |
|
3,977 |
3.12 |
% |
40.13 |
% |
Manufactured housing |
|
52,861 |
|
3,563 |
|
4,278 |
6.74 |
% |
120.07 |
% |
|
55,635 |
|
3,520 |
|
4,410 |
6.33 |
% |
125.28 |
% |
|
62,243 |
|
2,969 |
|
5,189 |
4.77 |
% |
174.77 |
% |
Installment |
|
1,744,475 |
|
3,783 |
|
103,849 |
0.22 |
% |
2745.15 |
% |
|
1,624,415 |
|
3,544 |
|
98,039 |
0.22 |
% |
2766.34 |
% |
|
1,235,406 |
|
3,211 |
|
75,316 |
0.26 |
% |
2345.56 |
% |
Total consumer loans
|
|
2,132,066 |
|
15,073 |
|
110,510 |
0.71 |
% |
733.17 |
% |
|
1,928,203 |
|
14,802 |
|
104,361 |
0.77 |
% |
705.05 |
% |
|
1,614,819 |
|
16,091 |
|
84,482 |
1.00 |
% |
525.03 |
% |
Loans and leases
|
|
9,018,298 |
|
49,113 |
|
137,804 |
0.54 |
% |
280.59 |
% |
|
7,970,599 |
|
51,534 |
|
131,496 |
0.65 |
% |
255.16 |
% |
|
7,575,368 |
|
52,039 |
|
144,176 |
0.69 |
% |
277.05 |
% |
Loans receivable, PPP |
|
3,250,008 |
|
— |
|
— |
— |
% |
— |
% |
|
4,957,357 |
|
— |
|
— |
— |
% |
— |
% |
|
4,561,365 |
|
— |
|
— |
— |
% |
— |
% |
Loans receivable, mortgage
|
|
2,284,325 |
|
— |
|
— |
— |
% |
— |
% |
|
2,557,624 |
|
— |
|
— |
— |
% |
— |
% |
|
3,616,432 |
|
— |
|
— |
— |
% |
— |
% |
Total loans held for sale |
|
16,254 |
|
507 |
|
— |
3.12 |
% |
— |
% |
|
29,957 |
|
507 |
|
— |
1.69 |
% |
— |
% |
|
79,086 |
|
18,469 |
|
— |
23.35 |
% |
— |
% |
Total portfolio |
$ |
14,568,885 |
$ |
49,620 |
$ |
137,804 |
0.34 |
% |
277.72 |
% |
$ |
15,515,537 |
$ |
52,041 |
$ |
131,496 |
0.34 |
% |
252.68 |
% |
$ |
15,832,251 |
$ |
70,508 |
$ |
144,176 |
0.45 |
% |
204.48 |
% |
(1) Excluding loans receivable, PPP from total loans and leases receivable is a non-GAAP measure. Management believes the use of these non-GAAP measures provides additional clarity when assessing Customers' financial results. These disclosures should not be viewed as substitutes for results determined to be in accordance with
|
|||||||||||||||||||||||||||
NET CHARGE-OFFS/(RECOVERIES) - UNAUDITED |
|||||||||||||||||||||||||||
(Dollars in thousands) |
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||
|
Q4 |
|
Q3 |
|
Q2 |
|
Q1 |
|
Q4 |
|
Twelve Months Ended
|
||||||||||||||||
|
|
2021 |
|
|
|
2021 |
|
|
|
2021 |
|
|
|
2021 |
|
|
|
2020 |
|
|
|
2021 |
|
|
|
2020 |
|
Loan type |
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||
Multi-family |
$ |
— |
|
|
$ |
— |
|
|
$ |
— |
|
|
$ |
1,132 |
|
|
$ |
— |
|
|
$ |
1,132 |
|
|
$ |
— |
|
Commercial & industrial |
|
240 |
|
|
|
116 |
|
|
|
(283 |
) |
|
|
375 |
|
|
|
155 |
|
|
|
448 |
|
|
|
139 |
|
Commercial real estate owner occupied |
|
66 |
|
|
|
50 |
|
|
|
(1 |
) |
|
|
134 |
|
|
|
12 |
|
|
|
249 |
|
|
|
51 |
|
Commercial real estate non-owner occupied |
|
(14 |
) |
|
|
943 |
|
|
|
(59 |
) |
|
|
(10 |
) |
|
|
(35 |
) |
|
|
860 |
|
|
|
24,486 |
|
Construction |
|
(3 |
) |
|
|
(3 |
) |
|
|
(114 |
) |
|
|
(5 |
) |
|
|
(6 |
) |
|
|
(125 |
) |
|
|
(128 |
) |
Residential |
|
(6 |
) |
|
|
54 |
|
|
|
(12 |
) |
|
|
40 |
|
|
|
46 |
|
|
|
76 |
|
|
|
(26 |
) |
Installment |
|
7,299 |
|
|
|
5,944 |
|
|
|
7,060 |
|
|
|
10,855 |
|
|
|
8,300 |
|
|
|
31,158 |
|
|
|
30,285 |
|
Total net charge-offs (recoveries)
|
$ |
7,582 |
|
|
$ |
7,104 |
|
|
$ |
6,591 |
|
|
$ |
12,521 |
|
|
$ |
8,472 |
|
|
$ |
33,798 |
|
|
$ |
54,807 |
|
Customers believes that the non-GAAP measurements disclosed within this document are useful for investors, regulators, management and others to evaluate our core results of operations and financial condition relative to other financial institutions. These non-GAAP financial measures are frequently used by securities analysts, investors, and other interested parties in the evaluation of companies in Customers' industry. These non-GAAP financial measures exclude from corresponding GAAP measures the impact of certain elements that we do not believe are representative of our ongoing financial results, which we believe enhance an overall understanding of our performance and increases comparability of our period to period results. Investors should consider our performance and financial condition as reported under GAAP and all other relevant information when assessing our performance or financial condition. The non-GAAP measures presented are not necessarily comparable to non-GAAP measures that may be presented by other financial institutions. Although non-GAAP financial measures are frequently used in the evaluation of a company, they have limitations as analytical tools and should not be considered in isolation or as a substitute for analysis of our results of operations or financial condition as reported under GAAP. |
The following tables present reconciliations of GAAP to non-GAAP measures disclosed within this document.
Core Earnings -
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Twelve Months Ended
|
||||||||||||||||||||||||||||||||
Q4 2021 |
|
Q3 2021 |
|
Q2 2021 |
|
Q1 2021 |
|
Q4 2020 |
|
2021 |
|
2020 |
||||||||||||||||||||||||||||||||||||
(dollars in thousands except
|
USD |
Per share |
|
USD |
Per share |
|
USD |
Per share |
|
USD |
Per share |
|
USD |
Per share |
|
USD |
Per share |
|
USD |
Per share |
||||||||||||||||||||||||||||
GAAP net income to common shareholders |
$ |
98,647 |
|
$ |
2.87 |
|
|
$ |
110,241 |
|
$ |
3.25 |
|
|
$ |
58,042 |
|
$ |
1.72 |
|
|
$ |
33,204 |
|
$ |
1.01 |
|
|
$ |
52,831 |
|
$ |
1.65 |
|
|
$ |
300,134 |
|
$ |
8.91 |
|
|
$ |
118,537 |
|
$ |
3.74 |
|
Reconciling items (after tax): |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||||||||||||||
Net loss from discontinued operations |
|
1,585 |
|
|
0.05 |
|
|
|
— |
|
|
— |
|
|
|
— |
|
|
— |
|
|
|
38,036 |
|
|
1.16 |
|
|
|
2,317 |
|
|
0.07 |
|
|
|
39,621 |
|
|
1.18 |
|
|
|
10,461 |
|
|
0.33 |
|
Severance expense |
|
— |
|
|
— |
|
|
|
— |
|
|
— |
|
|
|
1,517 |
|
|
0.04 |
|
|
|
— |
|
|
— |
|
|
|
— |
|
|
— |
|
|
|
1,517 |
|
|
0.05 |
|
|
|
— |
|
|
— |
|
Merger and acquisition related expenses |
|
— |
|
|
— |
|
|
|
— |
|
|
— |
|
|
|
— |
|
|
— |
|
|
|
320 |
|
|
0.01 |
|
|
|
508 |
|
|
0.02 |
|
|
|
320 |
|
|
0.01 |
|
|
|
1,038 |
|
|
0.03 |
|
Legal reserves |
|
— |
|
|
— |
|
|
|
897 |
|
|
0.03 |
|
|
|
— |
|
|
— |
|
|
|
— |
|
|
— |
|
|
|
— |
|
|
— |
|
|
|
897 |
|
|
0.03 |
|
|
|
258 |
|
|
0.01 |
|
(Gains) losses on investment securities |
|
43 |
|
|
0.00 |
|
|
|
(4,591 |
) |
|
(0.14 |
) |
|
|
(2,694 |
) |
|
(0.08 |
) |
|
|
(18,773 |
) |
|
(0.57 |
) |
|
|
(1,419 |
) |
|
(0.04 |
) |
|
|
(26,015 |
) |
|
(0.77 |
) |
|
|
(17,412 |
) |
|
(0.55 |
) |
Loss on sale of foreign subsidiaries |
|
— |
|
|
— |
|
|
|
— |
|
|
— |
|
|
|
2,150 |
|
|
0.06 |
|
|
|
— |
|
|
— |
|
|
|
— |
|
|
— |
|
|
|
2,150 |
|
|
0.06 |
|
|
|
— |
|
|
— |
|
Loss on cash flow hedge derivative terminations |
|
— |
|
|
— |
|
|
|
— |
|
|
— |
|
|
|
— |
|
|
— |
|
|
|
18,716 |
|
|
0.57 |
|
|
|
— |
|
|
— |
|
|
|
18,716 |
|
|
0.56 |
|
|
|
— |
|
|
— |
|
Derivative credit valuation adjustment |
|
(180 |
) |
|
(0.01 |
) |
|
|
(198 |
) |
|
(0.01 |
) |
|
|
288 |
|
|
0.01 |
|
|
|
(1,195 |
) |
|
(0.04 |
) |
|
|
(448 |
) |
|
(0.01 |
) |
|
|
(1,285 |
) |
|
(0.04 |
) |
|
|
5,811 |
|
|
0.18 |
|
Risk participation agreement mark-to-market adjustment |
|
— |
|
|
— |
|
|
|
— |
|
|
— |
|
|
|
— |
|
|
— |
|
|
|
— |
|
|
— |
|
|
|
— |
|
|
— |
|
|
|
— |
|
|
— |
|
|
|
(1,080 |
) |
|
(0.03 |
) |
Deposit relationship adjustment fees |
|
— |
|
|
— |
|
|
|
4,707 |
|
|
0.14 |
|
|
|
— |
|
|
— |
|
|
|
— |
|
|
— |
|
|
|
— |
|
|
— |
|
|
|
4,707 |
|
|
0.14 |
|
|
|
— |
|
|
— |
|
Loss on redemption of preferred stock |
|
— |
|
|
— |
|
|
|
2,820 |
|
|
0.08 |
|
|
|
— |
|
|
— |
|
|
|
— |
|
|
— |
|
|
|
— |
|
|
— |
|
|
|
2,820 |
|
|
0.08 |
|
|
|
— |
|
|
— |
|
Unrealized losses on loans held for sale |
|
— |
|
|
— |
|
|
|
— |
|
|
— |
|
|
|
— |
|
|
— |
|
|
|
— |
|
|
— |
|
|
|
799 |
|
|
0.03 |
|
|
|
— |
|
|
— |
|
|
|
1,913 |
|
|
0.06 |
|
Core earnings |
$ |
100,095 |
|
$ |
2.92 |
|
|
$ |
113,876 |
|
$ |
3.36 |
|
|
$ |
59,303 |
|
$ |
1.76 |
|
|
$ |
70,308 |
|
$ |
2.14 |
|
|
$ |
54,588 |
|
$ |
1.71 |
|
|
$ |
343,582 |
|
$ |
10.20 |
|
|
$ |
119,526 |
|
$ |
3.77 |
|
|
|
|
|
|
|
|
|
|
|
(Dollars in thousands, except per share data) |
Core Earnings, excluding PPP - |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Twelve Months Ended
|
||||||||||||||||||||||||||||||||
Q4 2021 |
|
Q3 2021 |
|
Q2 2021 |
|
Q1 2021 |
|
Q4 2020 |
|
2021 |
|
2020 |
||||||||||||||||||||||||||||||||||||
(dollars in thousands except per share data) |
USD |
Per share |
|
USD |
Per share |
|
USD |
Per share |
|
USD |
Per share |
|
USD |
Per share |
|
USD |
Per share |
|
USD |
Per share |
||||||||||||||||||||||||||||
GAAP net income to common shareholders |
$ |
98,647 |
|
$ |
2.87 |
|
|
$ |
110,241 |
|
$ |
3.25 |
|
|
$ |
58,042 |
|
$ |
1.72 |
|
|
$ |
33,204 |
|
$ |
1.01 |
|
|
$ |
52,831 |
|
$ |
1.65 |
|
|
$ |
300,134 |
|
$ |
8.91 |
|
|
$ |
118,537 |
|
$ |
3.74 |
|
Less: PPP net income (after tax) |
|
64,323 |
|
|
1.87 |
|
|
|
81,337 |
|
|
2.40 |
|
|
|
24,312 |
|
|
0.72 |
|
|
|
25,079 |
|
|
0.76 |
|
|
|
19,148 |
|
|
0.60 |
|
|
|
195,050 |
|
|
5.79 |
|
|
|
41,509 |
|
|
1.31 |
|
GAAP net income to common shareholders, excluding PPP |
|
34,324 |
|
|
1.00 |
|
|
|
28,904 |
|
|
0.85 |
|
|
|
33,730 |
|
|
1.00 |
|
|
|
8,125 |
|
|
0.25 |
|
|
|
33,683 |
|
|
1.05 |
|
|
|
105,084 |
|
|
3.12 |
|
|
|
77,028 |
|
|
2.43 |
|
Reconciling items (after tax): |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||||||||||||||
Net loss from discontinued operations |
|
1,585 |
|
|
0.05 |
|
|
|
— |
|
|
— |
|
|
|
— |
|
|
— |
|
|
|
38,036 |
|
|
1.16 |
|
|
|
2,317 |
|
|
0.07 |
|
|
|
39,621 |
|
|
1.18 |
|
|
|
10,461 |
|
|
0.33 |
|
Severance expense |
|
— |
|
|
— |
|
|
|
— |
|
|
— |
|
|
|
1,517 |
|
|
0.04 |
|
|
|
— |
|
|
— |
|
|
|
— |
|
|
— |
|
|
|
1,517 |
|
|
0.05 |
|
|
|
— |
|
|
— |
|
Merger and acquisition related expenses |
|
— |
|
|
— |
|
|
|
— |
|
|
— |
|
|
|
— |
|
|
— |
|
|
|
320 |
|
|
0.01 |
|
|
|
508 |
|
|
0.02 |
|
|
|
320 |
|
|
0.01 |
|
|
|
1,038 |
|
|
0.03 |
|
Legal reserves |
|
— |
|
|
— |
|
|
|
897 |
|
|
0.03 |
|
|
|
— |
|
|
— |
|
|
|
— |
|
|
— |
|
|
|
— |
|
|
— |
|
|
|
897 |
|
|
0.03 |
|
|
|
258 |
|
|
0.01 |
|
(Gains) losses on investment securities |
|
43 |
|
|
0.00 |
|
|
|
(4,591 |
) |
|
(0.14 |
) |
|
|
(2,694 |
) |
|
(0.08 |
) |
|
|
(18,773 |
) |
|
(0.57 |
) |
|
|
(1,419 |
) |
|
(0.04 |
) |
|
|
(26,015 |
) |
|
(0.77 |
) |
|
|
(17,412 |
) |
|
(0.55 |
) |
Loss on sale of foreign subsidiaries |
|
— |
|
|
— |
|
|
|
— |
|
|
— |
|
|
|
2,150 |
|
|
0.06 |
|
|
|
— |
|
|
— |
|
|
|
— |
|
|
— |
|
|
|
2,150 |
|
|
0.06 |
|
|
|
— |
|
|
— |
|
Loss on cash flow hedge derivative terminations |
|
— |
|
|
— |
|
|
|
— |
|
|
— |
|
|
|
— |
|
|
— |
|
|
|
18,716 |
|
|
0.57 |
|
|
|
— |
|
|
— |
|
|
|
18,716 |
|
|
0.56 |
|
|
|
— |
|
|
— |
|
Derivative credit valuation adjustment |
|
(180 |
) |
|
(0.01 |
) |
|
|
(198 |
) |
|
(0.01 |
) |
|
|
288 |
|
|
0.01 |
|
|
|
(1,195 |
) |
|
(0.04 |
) |
|
|
(448 |
) |
|
(0.01 |
) |
|
|
(1,285 |
) |
|
(0.04 |
) |
|
|
5,811 |
|
|
0.18 |
|
Risk participation agreement mark-to-market adjustment |
|
— |
|
|
— |
|
|
|
— |
|
|
— |
|
|
|
— |
|
|
— |
|
|
|
— |
|
|
— |
|
|
|
— |
|
|
— |
|
|
|
— |
|
|
— |
|
|
|
(1,080 |
) |
|
(0.03 |
) |
Deposit relationship adjustment fees |
|
— |
|
|
— |
|
|
|
4,707 |
|
|
0.14 |
|
|
|
— |
|
|
— |
|
|
|
— |
|
|
— |
|
|
|
— |
|
|
— |
|
|
|
4,707 |
|
|
0.14 |
|
|
|
— |
|
|
— |
|
Loss on redemption of preferred stock |
|
— |
|
|
— |
|
|
|
2,820 |
|
|
0.08 |
|
|
|
— |
|
|
— |
|
|
|
— |
|
|
— |
|
|
|
— |
|
|
— |
|
|
|
2,820 |
|
|
0.08 |
|
|
|
— |
|
|
— |
|
Unrealized losses on loans held for sale |
|
— |
|
|
— |
|
|
|
— |
|
|
— |
|
|
|
— |
|
|
— |
|
|
|
— |
|
|
— |
|
|
|
799 |
|
|
0.03 |
|
|
|
— |
|
|
— |
|
|
|
1,913 |
|
|
0.06 |
|
Core earnings, excluding PPP |
$ |
35,772 |
|
$ |
1.04 |
|
|
$ |
32,539 |
|
$ |
0.96 |
|
|
$ |
34,991 |
|
$ |
1.04 |
|
|
$ |
45,229 |
|
$ |
1.38 |
|
|
$ |
35,440 |
|
$ |
1.10 |
|
|
$ |
148,532 |
|
$ |
4.41 |
|
|
$ |
78,017 |
|
$ |
2.46 |
|
Core Return on Average Assets - |
|
|
|
|
|
|
|
|
|
|
Twelve Months Ended
|
||||||||||||||||
(dollars in thousands except per share data) |
Q4 2021 |
|
Q3 2021 |
|
Q2 2021 |
|
Q1 2021 |
|
Q4 2020 |
|
|
2021 |
|
|
|
2020 |
|
||||||||||
GAAP net income |
$ |
100,669 |
|
|
$ |
116,042 |
|
|
$ |
61,341 |
|
|
$ |
36,595 |
|
|
$ |
56,245 |
|
|
$ |
314,647 |
|
|
$ |
132,578 |
|
Reconciling items (after tax): |
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||
Net loss from discontinued operations |
|
1,585 |
|
|
|
— |
|
|
|
— |
|
|
|
38,036 |
|
|
|
2,317 |
|
|
|
39,621 |
|
|
|
10,461 |
|
Severance expense |
|
— |
|
|
|
— |
|
|
|
1,517 |
|
|
|
— |
|
|
|
— |
|
|
|
1,517 |
|
|
|
— |
|
Merger and acquisition related expenses |
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
320 |
|
|
|
508 |
|
|
|
320 |
|
|
|
1,038 |
|
Legal reserves |
|
— |
|
|
|
897 |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
897 |
|
|
|
258 |
|
(Gains) losses on investment securities |
|
43 |
|
|
|
(4,591 |
) |
|
|
(2,694 |
) |
|
|
(18,773 |
) |
|
|
(1,419 |
) |
|
|
(26,015 |
) |
|
|
(17,412 |
) |
Loss on sale of foreign subsidiaries |
|
— |
|
|
|
— |
|
|
|
2,150 |
|
|
|
— |
|
|
|
— |
|
|
|
2,150 |
|
|
|
— |
|
Loss on cash flow hedge derivative terminations |
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
18,716 |
|
|
|
— |
|
|
|
18,716 |
|
|
|
— |
|
Derivative credit valuation adjustment |
|
(180 |
) |
|
|
(198 |
) |
|
|
288 |
|
|
|
(1,195 |
) |
|
|
(448 |
) |
|
|
(1,285 |
) |
|
|
5,811 |
|
Risk participation agreement mark-to-market adjustment |
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
(1,080 |
) |
Deposit relationship adjustment fees |
|
— |
|
|
|
4,707 |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
4,707 |
|
|
|
— |
|
Unrealized losses on loans held for sale |
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
799 |
|
|
|
— |
|
|
|
1,913 |
|
Core net income |
$ |
102,117 |
|
|
$ |
116,857 |
|
|
$ |
62,602 |
|
|
$ |
73,699 |
|
|
$ |
58,002 |
|
|
$ |
355,275 |
|
|
$ |
133,567 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||
Average total assets |
$ |
19,214,241 |
|
|
$ |
19,739,340 |
|
|
$ |
19,306,948 |
|
|
$ |
18,525,721 |
|
|
$ |
18,250,719 |
|
|
$ |
19,199,936 |
|
|
$ |
15,604,801 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||
Core return on average assets |
|
2.11 |
% |
|
|
2.35 |
% |
|
|
1.30 |
% |
|
|
1.61 |
% |
|
|
1.26 |
% |
|
|
1.85 |
% |
|
|
0.86 |
% |
Adjusted Net Income and Adjusted ROAA - Pre-
|
|
|
|
|
|
|
|
|
|
|
Twelve Months Ended
|
||||||||||||||||
(dollars in thousands except per share data) |
Q4 2021 |
|
Q3 2021 |
|
Q2 2021 |
|
Q1 2021 |
|
Q4 2020 |
|
|
2021 |
|
|
|
2020 |
|
||||||||||
GAAP net income |
$ |
100,669 |
|
|
$ |
116,042 |
|
|
$ |
61,341 |
|
|
$ |
36,595 |
|
|
$ |
56,245 |
|
|
$ |
314,647 |
|
|
$ |
132,578 |
|
Reconciling items: |
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||
Income tax expense |
|
12,993 |
|
|
|
36,263 |
|
|
|
20,124 |
|
|
|
17,560 |
|
|
|
23,447 |
|
|
|
86,940 |
|
|
|
46,717 |
|
Provision (benefit) for credit losses on loans and leases |
|
13,890 |
|
|
|
13,164 |
|
|
|
3,291 |
|
|
|
(2,919 |
) |
|
|
(2,913 |
) |
|
|
27,426 |
|
|
|
62,774 |
|
Provision (benefit) for credit losses on unfunded commitments |
|
352 |
|
|
|
669 |
|
|
|
45 |
|
|
|
(1,286 |
) |
|
|
(968 |
) |
|
|
(220 |
) |
|
|
(1,100 |
) |
Severance expense |
|
— |
|
|
|
— |
|
|
|
2,004 |
|
|
|
— |
|
|
|
— |
|
|
|
2,004 |
|
|
|
— |
|
Net loss from discontinued operations |
|
1,585 |
|
|
|
— |
|
|
|
— |
|
|
|
38,036 |
|
|
|
2,317 |
|
|
|
39,621 |
|
|
|
10,461 |
|
Merger and acquisition related |
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
418 |
|
|
|
709 |
|
|
|
418 |
|
|
|
1,367 |
|
Legal reserves |
|
— |
|
|
|
1,185 |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
1,185 |
|
|
|
320 |
|
(Gains) losses on investment securities |
|
49 |
|
|
|
(6,063 |
) |
|
|
(3,558 |
) |
|
|
(24,540 |
) |
|
|
(1,431 |
) |
|
|
(34,112 |
) |
|
|
(21,525 |
) |
Loss on sale of foreign subsidiaries |
|
— |
|
|
|
— |
|
|
|
2,840 |
|
|
|
— |
|
|
|
— |
|
|
|
2,840 |
|
|
|
— |
|
Loss on cash flow hedge derivative terminations |
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
24,467 |
|
|
|
— |
|
|
|
24,467 |
|
|
|
— |
|
Derivative credit valuation adjustment |
|
(203 |
) |
|
|
(261 |
) |
|
|
380 |
|
|
|
(1,562 |
) |
|
|
(625 |
) |
|
|
(1,646 |
) |
|
|
7,448 |
|
Risk participation agreement mark-to-market adjustment |
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
(1,407 |
) |
Deposit relationship adjustment fees |
|
— |
|
|
|
6,216 |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
6,216 |
|
|
|
— |
|
Unrealized losses on loans held for sale |
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
1,115 |
|
|
|
— |
|
|
|
2,565 |
|
Adjusted net income - pre-tax pre-provision |
$ |
129,335 |
|
|
$ |
167,215 |
|
|
$ |
86,467 |
|
|
$ |
86,769 |
|
|
$ |
77,896 |
|
|
$ |
469,786 |
|
|
$ |
240,198 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||
Average total assets |
$ |
19,214,241 |
|
|
$ |
19,739,340 |
|
|
$ |
19,306,948 |
|
|
$ |
18,525,721 |
|
|
$ |
18,250,719 |
|
|
$ |
19,199,936 |
|
|
$ |
15,604,801 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||
Adjusted ROAA - pre-tax pre-provision |
|
2.67 |
% |
|
|
3.36 |
% |
|
|
1.80 |
% |
|
|
1.90 |
% |
|
|
1.70 |
% |
|
|
2.45 |
% |
|
|
1.54 |
% |
Core Return on Average Common Equity -
|
|
|
|
|
|
|
|
|
|
Twelve Months Ended
|
|||||||||||||||||
(dollars in thousands except per share data) |
Q4 2021 |
|
Q3 2021 |
|
Q2 2021 |
|
Q1 2021 |
|
Q4 2020 |
|
2021 |
|
|
|
2020 |
|
|||||||||||
GAAP net income to common shareholders |
$ |
98,647 |
|
|
$ |
110,241 |
|
|
$ |
58,042 |
|
|
$ |
33,204 |
|
|
$ |
52,831 |
|
$ |
300,134 |
|
|
$ |
118,537 |
|
|
Reconciling items (after tax): |
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||
Net loss from discontinued operations |
|
1,585 |
|
|
|
— |
|
|
|
— |
|
|
|
38,036 |
|
|
|
2,317 |
|
|
39,621 |
|
|
|
10,461 |
|
|
Severance expense |
|
— |
|
|
|
— |
|
|
|
1,517 |
|
|
|
— |
|
|
|
— |
|
|
1,517 |
|
|
|
— |
|
|
Merger and acquisition related |
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
320 |
|
|
|
508 |
|
|
320 |
|
|
|
1,038 |
|
|
Legal reserves |
|
— |
|
|
|
897 |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
897 |
|
|
|
258 |
|
|
(Gains) losses on investment securities |
|
43 |
|
|
|
(4,591 |
) |
|
|
(2,694 |
) |
|
|
(18,773 |
) |
|
|
(1,419 |
) |
|
(26,015 |
) |
|
|
(17,412 |
) |
|
Loss on sale of foreign subsidiaries |
|
— |
|
|
|
— |
|
|
|
2,150 |
|
|
|
— |
|
|
|
— |
|
|
2,150 |
|
|
|
— |
|
|
Loss on cash flow hedge derivative terminations |
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
18,716 |
|
|
|
— |
|
|
18,716 |
|
|
|
— |
|
|
Derivative credit valuation adjustment |
|
(180 |
) |
|
|
(198 |
) |
|
|
288 |
|
|
|
(1,195 |
) |
|
|
(448 |
) |
|
(1,285 |
) |
|
|
5,811 |
|
|
Risk participation agreement mark-to-market adjustment |
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
— |
|
|
|
(1,080 |
) |
|
Deposit relationship adjustment fees |
|
— |
|
|
|
4,707 |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
4,707 |
|
|
|
— |
|
|
Loss on redemption of preferred stock |
|
— |
|
|
|
2,820 |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
2,820 |
|
|
|
— |
|
|
Unrealized losses on loans held for sale |
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
799 |
|
|
— |
|
|
|
1,913 |
|
|
Core earnings |
$ |
100,095 |
|
|
$ |
113,876 |
|
|
$ |
59,303 |
|
|
$ |
70,308 |
|
|
$ |
54,588 |
|
$ |
343,582 |
|
|
$ |
119,526 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||
Average total common shareholders' equity |
$ |
1,179,478 |
|
|
$ |
1,071,566 |
|
|
$ |
1,002,624 |
|
|
$ |
918,795 |
|
|
$ |
866,411 |
|
$ |
1,043,906 |
|
|
$ |
814,769 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||
Core return on average common equity |
|
33.67 |
% |
|
|
42.16 |
% |
|
|
23.72 |
% |
|
|
31.03 |
% |
|
|
25.06 |
% |
|
32.91 |
% |
|
|
14.67 |
% |
Adjusted ROCE - Pre-Tax Pre-Provision - |
|
|
|
|
|
|
|
|
|
|
Twelve Months Ended
|
||||||||||||||||
(dollars in thousands except per share data) |
Q4 2021 |
|
Q3 2021 |
|
Q2 2021 |
|
Q1 2021 |
|
Q4 2020 |
|
2021 |
|
2020 |
||||||||||||||
GAAP net income to common shareholders |
$ |
98,647 |
|
|
$ |
110,241 |
|
|
$ |
58,042 |
|
|
$ |
33,204 |
|
|
$ |
52,831 |
|
|
$ |
300,134 |
|
|
$ |
118,537 |
|
Reconciling items: |
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||
Income tax expense |
|
12,993 |
|
|
|
36,263 |
|
|
|
20,124 |
|
|
|
17,560 |
|
|
|
23,447 |
|
|
|
86,940 |
|
|
|
46,717 |
|
Provision (benefit) for credit losses on loan and leases |
|
13,890 |
|
|
|
13,164 |
|
|
|
3,291 |
|
|
|
(2,919 |
) |
|
|
(2,913 |
) |
|
|
27,426 |
|
|
|
62,774 |
|
Provision (benefit) for credit losses on unfunded commitments |
|
352 |
|
|
|
669 |
|
|
|
45 |
|
|
|
(1,286 |
) |
|
|
(968 |
) |
|
|
(220 |
) |
|
|
(1,100 |
) |
Net loss from discontinued operations |
|
1,585 |
|
|
|
— |
|
|
|
— |
|
|
|
38,036 |
|
|
|
2,317 |
|
|
|
39,621 |
|
|
|
10,461 |
|
Severance expense |
|
— |
|
|
|
— |
|
|
|
2,004 |
|
|
|
— |
|
|
|
— |
|
|
|
2,004 |
|
|
|
— |
|
Merger and acquisition related expenses |
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
418 |
|
|
|
709 |
|
|
|
418 |
|
|
|
1,367 |
|
Legal reserves |
|
— |
|
|
|
1,185 |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
1,185 |
|
|
|
320 |
|
(Gains) losses on investment securities |
|
49 |
|
|
|
(6,063 |
) |
|
|
(3,558 |
) |
|
|
(24,540 |
) |
|
|
(1,431 |
) |
|
|
(34,112 |
) |
|
|
(21,525 |
) |
Loss on sale of foreign subsidiaries |
|
— |
|
|
|
— |
|
|
|
2,840 |
|
|
|
— |
|
|
|
— |
|
|
|
2,840 |
|
|
|
— |
|
Loss on cash flow hedge derivative terminations |
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
24,467 |
|
|
|
— |
|
|
|
24,467 |
|
|
|
— |
|
Derivative credit valuation adjustment |
|
(203 |
) |
|
|
(261 |
) |
|
|
380 |
|
|
|
(1,562 |
) |
|
|
(625 |
) |
|
|
(1,646 |
) |
|
|
7,448 |
|
Risk participation agreement mark-to-market adjustment |
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
(1,407 |
) |
Deposit relationship adjustment fees |
|
— |
|
|
|
6,216 |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
6,216 |
|
|
|
— |
|
Loss on redemption of preferred stock |
|
— |
|
|
|
2,820 |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
2,820 |
|
|
|
— |
|
Unrealized losses on loans held for sale |
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
1,115 |
|
|
|
— |
|
|
|
2,565 |
|
Pre-tax pre-provision adjusted net income available to common shareholders |
$ |
127,313 |
|
|
$ |
164,234 |
|
|
$ |
83,168 |
|
|
$ |
83,378 |
|
|
$ |
74,482 |
|
|
$ |
458,093 |
|
|
$ |
226,157 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||
Average total common shareholders' equity |
$ |
1,179,478 |
|
|
$ |
1,071,566 |
|
|
$ |
1,002,624 |
|
|
$ |
918,795 |
|
|
$ |
866,411 |
|
|
$ |
1,043,906 |
|
|
$ |
814,769 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Adjusted ROCE - pre-tax pre-provision |
42.82 |
% |
27.76 |
% |
33.27 |
% |
36.80 |
% |
34.20 |
% |
43.88 |
% |
27.76 |
% |
Net Interest Margin, Tax Equivalent - |
|
|
|
|
|
|
|
|
|
|
Twelve Months Ended
|
||||||||||||||||
(dollars in thousands except per share data) |
Q4 2021 |
|
Q3 2021 |
|
Q2 2021 |
|
Q1 2021 |
|
Q4 2020 |
|
|
2021 |
|
|
|
2020 |
|
||||||||||
GAAP net interest income |
$ |
193,694 |
|
|
$ |
219,892 |
|
|
$ |
138,757 |
|
|
$ |
132,731 |
|
|
$ |
122,946 |
|
|
$ |
685,074 |
|
|
$ |
403,688 |
|
Tax-equivalent adjustment |
|
276 |
|
|
|
290 |
|
|
|
289 |
|
|
|
292 |
|
|
|
219 |
|
|
|
1,147 |
|
|
|
874 |
|
Net interest income tax equivalent |
$ |
193,970 |
|
|
$ |
220,182 |
|
|
$ |
139,046 |
|
|
$ |
133,023 |
|
|
$ |
123,165 |
|
|
$ |
686,221 |
|
|
$ |
404,562 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||
Average total interest earning assets |
$ |
18,576,433 |
|
|
$ |
19,033,826 |
|
|
$ |
18,698,996 |
|
|
$ |
17,943,944 |
|
|
$ |
17,601,999 |
|
|
$ |
18,566,321 |
|
|
$ |
14,933,317 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||
Net interest margin, tax equivalent |
|
4.14 |
% |
|
|
4.59 |
% |
|
|
2.98 |
% |
|
|
3.00 |
% |
|
|
2.78 |
% |
|
|
3.70 |
% |
|
|
2.71 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net Interest Margin, Tax Equivalent, excluding
|
|
|
|
|
|
|
|
|
|
|
Twelve Months Ended
|
||||||||||||||||
(dollars in thousands except per share data) |
Q4 2021 |
|
Q3 2021 |
|
Q2 2021 |
|
Q1 2021 |
|
Q4 2020 |
|
|
2021 |
|
|
|
2020 |
|
||||||||||
GAAP net interest income |
$ |
193,694 |
|
|
$ |
219,892 |
|
|
$ |
138,757 |
|
|
$ |
132,731 |
|
|
$ |
122,946 |
|
|
$ |
685,074 |
|
|
$ |
403,688 |
|
PPP net interest income |
|
(78,647 |
) |
|
|
(112,005 |
) |
|
|
(35,785 |
) |
|
|
(34,842 |
) |
|
|
(25,257 |
) |
|
|
(261,279 |
) |
|
|
(54,583 |
) |
Tax-equivalent adjustment |
|
276 |
|
|
|
290 |
|
|
|
289 |
|
|
|
292 |
|
|
|
219 |
|
|
|
1,147 |
|
|
|
874 |
|
Net interest income, tax equivalent, excluding PPP |
$ |
115,323 |
|
|
$ |
108,177 |
|
|
$ |
103,261 |
|
|
$ |
98,181 |
|
|
$ |
97,908 |
|
|
$ |
424,942 |
|
|
$ |
349,979 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||
GAAP average total interest earning assets |
$ |
18,576,433 |
|
|
$ |
19,033,826 |
|
|
$ |
18,698,996 |
|
|
$ |
17,943,944 |
|
|
$ |
17,601,999 |
|
|
$ |
18,566,321 |
|
|
$ |
14,933,317 |
|
Average PPP loans |
|
(3,898,607 |
) |
|
|
(5,778,367 |
) |
|
|
(6,133,184 |
) |
|
|
(4,623,213 |
) |
|
|
(4,782,606 |
) |
|
|
(5,108,192 |
) |
|
|
(3,121,157 |
) |
Adjusted average total interest earning assets |
$ |
14,677,826 |
|
|
$ |
13,255,459 |
|
|
$ |
12,565,812 |
|
|
$ |
13,320,731 |
|
|
$ |
12,819,393 |
|
|
$ |
13,458,129 |
|
|
$ |
11,812,160 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||
Net interest margin, tax equivalent, excluding PPP |
|
3.12 |
% |
|
|
3.24 |
% |
|
|
3.30 |
% |
|
|
2.99 |
% |
|
|
3.04 |
% |
|
|
3.16 |
% |
|
|
2.96 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Core Efficiency Ratio - |
|
|
|
|
|
|
|
|
|
|
Twelve Months Ended
|
||||||||||||||||
(dollars in thousands except per share data) |
Q4 2021 |
|
Q3 2021 |
|
Q2 2021 |
|
Q1 2021 |
|
Q4 2020 |
|
|
2021 |
|
|
|
2020 |
|
||||||||||
GAAP net interest income |
$ |
193,694 |
|
|
$ |
219,892 |
|
|
$ |
138,757 |
|
|
$ |
132,731 |
|
|
$ |
122,946 |
|
|
$ |
685,074 |
|
|
$ |
403,688 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||
GAAP non-interest income |
$ |
16,991 |
|
|
$ |
25,586 |
|
|
$ |
16,822 |
|
|
$ |
18,468 |
|
|
$ |
16,083 |
|
|
$ |
77,867 |
|
|
$ |
63,818 |
|
(Gains) losses on investment securities |
|
49 |
|
|
|
(6,063 |
) |
|
|
(3,558 |
) |
|
|
(24,540 |
) |
|
|
(1,431 |
) |
|
|
(34,112 |
) |
|
|
(21,525 |
) |
Derivative credit valuation adjustment |
|
(203 |
) |
|
|
(261 |
) |
|
|
380 |
|
|
|
(1,562 |
) |
|
|
(625 |
) |
|
|
(1,646 |
) |
|
|
7,448 |
|
Risk participation agreement mark-to-market adjustment |
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
(1,407 |
) |
Unrealized losses on loans held for sale |
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
1,115 |
|
|
|
— |
|
|
|
2,565 |
|
Loss on cash flow hedge derivative terminations |
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
24,467 |
|
|
|
— |
|
|
|
24,467 |
|
|
|
— |
|
Loss on sale of foreign subsidiaries |
|
— |
|
|
|
— |
|
|
|
2,840 |
|
|
|
— |
|
|
|
— |
|
|
|
2,840 |
|
|
|
— |
|
Core non-interest income |
|
16,837 |
|
|
|
19,262 |
|
|
|
16,484 |
|
|
|
16,833 |
|
|
|
15,142 |
|
|
|
69,416 |
|
|
|
50,899 |
|
Core revenue |
$ |
210,531 |
|
|
$ |
239,154 |
|
|
$ |
155,241 |
|
|
$ |
149,564 |
|
|
$ |
138,088 |
|
|
$ |
754,490 |
|
|
$ |
454,587 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||
GAAP non-interest expense |
$ |
81,548 |
|
|
$ |
80,009 |
|
|
$ |
70,823 |
|
|
$ |
61,927 |
|
|
$ |
59,933 |
|
|
$ |
294,307 |
|
|
$ |
214,976 |
|
Severance expense |
|
— |
|
|
|
— |
|
|
|
(2,004 |
) |
|
|
— |
|
|
|
— |
|
|
|
(2,004 |
) |
|
|
— |
|
Legal reserves |
|
— |
|
|
|
(1,185 |
) |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
(1,185 |
) |
|
|
(320 |
) |
Merger and acquisition related expenses |
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
(418 |
) |
|
|
(709 |
) |
|
|
(418 |
) |
|
|
(1,367 |
) |
Deposit relationship adjustment fees |
|
— |
|
|
|
(6,216 |
) |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
(6,216 |
) |
|
|
— |
|
Core non-interest expense |
$ |
81,548 |
|
|
$ |
72,608 |
|
|
$ |
68,819 |
|
|
$ |
61,509 |
|
|
$ |
59,224 |
|
|
$ |
284,484 |
|
|
$ |
213,289 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||
Core efficiency ratio (1) |
|
38.73 |
% |
|
|
30.36 |
% |
|
|
44.33 |
% |
|
|
41.13 |
% |
|
|
42.89 |
% |
|
|
37.71 |
% |
|
|
46.92 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(1) Core efficiency ratio calculated as core non-interest expense divided by core revenue.
Tangible Common Equity to Tangible
|
|
|
|
|
|
|
|
|
|
||||||||||
|
|
|
|
|
|
|
|
|
|
||||||||||
(dollars in thousands except per share data) |
Q4 2021 |
|
Q3 2021 |
|
Q2 2021 |
|
Q1 2021 |
|
Q4 2020 |
||||||||||
GAAP total shareholders' equity |
$ |
1,366,217 |
|
|
$ |
1,284,299 |
|
|
$ |
1,250,729 |
|
|
$ |
1,188,721 |
|
|
$ |
1,117,086 |
|
Reconciling items: |
|
|
|
|
|
|
|
|
|
||||||||||
Preferred stock |
|
(137,794 |
) |
|
|
(137,794 |
) |
|
|
(217,471 |
) |
|
|
(217,471 |
) |
|
|
(217,471 |
) |
|
|
(3,736 |
) |
|
|
(3,794 |
) |
|
|
(3,853 |
) |
|
|
(3,911 |
) |
|
|
(14,298 |
) |
Tangible common equity |
$ |
1,224,687 |
|
|
$ |
1,142,711 |
|
|
$ |
1,029,405 |
|
|
$ |
967,339 |
|
|
$ |
885,317 |
|
|
|
|
|
|
|
|
|
|
|
||||||||||
GAAP total assets |
$ |
19,575,028 |
|
|
$ |
19,108,922 |
|
|
$ |
19,635,108 |
|
|
$ |
18,817,660 |
|
|
$ |
18,439,248 |
|
Reconciling items: |
|
|
|
|
|
|
|
|
|
||||||||||
|
|
(3,736 |
) |
|
|
(3,794 |
) |
|
|
(3,853 |
) |
|
|
(3,911 |
) |
|
|
(14,298 |
) |
Tangible assets |
$ |
19,571,292 |
|
|
$ |
19,105,128 |
|
|
$ |
19,631,255 |
|
|
$ |
18,813,749 |
|
|
$ |
18,424,950 |
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Tangible common equity to tangible assets |
|
6.26 |
% |
|
|
5.98 |
% |
|
|
5.24 |
% |
|
|
5.14 |
% |
|
|
4.80 |
% |
(1) Includes goodwill and other intangibles reported in assets of discontinued operations.
Tangible Book Value per Common Share - |
|
|
|
|
|
|
|
|
|
||||||||||
(dollars in thousands except share and per share data) |
Q4 2021 |
|
Q3 2021 |
|
Q2 2021 |
|
Q1 2021 |
|
Q4 2020 |
||||||||||
GAAP total shareholders' equity |
$ |
1,366,217 |
|
|
$ |
1,284,299 |
|
|
$ |
1,250,729 |
|
|
$ |
1,188,721 |
|
|
$ |
1,117,086 |
|
Reconciling Items: |
|
|
|
|
|
|
|
|
|
||||||||||
Preferred stock |
|
(137,794 |
) |
|
|
(137,794 |
) |
|
|
(217,471 |
) |
|
|
(217,471 |
) |
|
|
(217,471 |
) |
|
|
(3,736 |
) |
|
|
(3,794 |
) |
|
|
(3,853 |
) |
|
|
(3,911 |
) |
|
|
(14,298 |
) |
Tangible common equity |
$ |
1,224,687 |
|
|
$ |
1,142,711 |
|
|
$ |
1,029,405 |
|
|
$ |
967,339 |
|
|
$ |
885,317 |
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Common shares outstanding |
$ |
32,913,267 |
|
|
$ |
32,537,976 |
|
|
$ |
32,353,256 |
|
|
$ |
32,238,762 |
|
|
$ |
31,705,088 |
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Tangible book value per common share |
$ |
37.21 |
|
|
$ |
35.12 |
|
|
$ |
31.82 |
|
|
$ |
30.01 |
|
|
$ |
27.92 |
|
(1) Includes goodwill and other intangibles reported in assets of discontinued operations.
Total Loans and Leases, excluding PPP |
|
|
|
|
|
|
|
|
|
||||||||||
(dollars in thousands except per share data) |
Q4 2021 |
|
Q3 2021 |
|
Q2 2021 |
|
Q1 2021 |
|
Q4 2020 |
||||||||||
Total loans and leases |
$ |
14,568,885 |
|
|
$ |
15,515,537 |
|
|
$ |
16,967,022 |
|
|
$ |
16,168,306 |
|
|
$ |
15,832,251 |
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Loans receivable, PPP |
|
(3,250,008 |
) |
|
|
(4,957,357 |
) |
|
|
(6,305,056 |
) |
|
|
(5,178,089 |
) |
|
|
(4,561,365 |
) |
Loans and leases, excluding PPP |
$ |
11,318,877 |
|
|
$ |
10,558,180 |
|
|
$ |
10,661,966 |
|
|
$ |
10,990,217 |
|
|
$ |
11,270,886 |
|
|
|
|
|
|
|
|
|
|
|
Total Assets, excluding PPP |
|
|
|
|
|
|
|
|
|
||||||||||
(dollars in thousands except per share data) |
Q4 2021 |
|
Q3 2021 |
|
Q2 2021 |
|
Q1 2021 |
|
Q4 2020 |
||||||||||
Total assets |
$ |
19,575,028 |
|
|
$ |
19,108,922 |
|
|
$ |
19,635,108 |
|
|
$ |
18,817,660 |
|
|
$ |
18,439,248 |
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Loans receivable, PPP |
|
(3,250,008 |
) |
|
|
(4,957,357 |
) |
|
|
(6,305,056 |
) |
|
|
(5,178,089 |
) |
|
|
(4,561,365 |
) |
Total assets, excluding PPP |
$ |
16,325,020 |
|
|
$ |
14,151,565 |
|
|
$ |
13,330,052 |
|
|
$ |
13,639,571 |
|
|
$ |
13,877,883 |
|
|
|
|
|
|
|
|
|
|
|
Coverage of credit loss reserves for loans and leases held for
|
|
|
|
|
|
|
|
|
|
||||||||||
(dollars in thousands except per share data) |
Q4 2021 |
|
Q3 2021 |
|
Q2 2021 |
|
Q1 2021 |
|
Q4 2020 |
||||||||||
Loans and leases receivable |
$ |
12,268,306 |
|
|
$ |
12,927,956 |
|
|
$ |
14,077,198 |
|
|
$ |
12,714,578 |
|
|
$ |
12,136,733 |
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Loans receivable, PPP |
|
(3,250,008 |
) |
|
|
(4,957,357 |
) |
|
|
(6,305,056 |
) |
|
|
(5,178,089 |
) |
|
|
(4,561,365 |
) |
Loans and leases held for investment, excluding PPP |
$ |
9,018,298 |
|
|
$ |
7,970,599 |
|
|
$ |
7,772,142 |
|
|
$ |
7,536,489 |
|
|
$ |
7,575,368 |
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Allowance for credit losses on loans and leases |
$ |
137,804 |
|
|
$ |
131,496 |
|
|
$ |
125,436 |
|
|
$ |
128,736 |
|
|
$ |
144,176 |
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Coverage of credit loss reserves for loans and leases held for investment, excluding PPP |
|
1.53 |
% |
|
|
1.65 |
% |
|
|
1.61 |
% |
|
|
1.71 |
% |
|
|
1.90 |
% |
Tangible Common Equity to Tangible
|
|
|
|
|
|
|
|
|
|
||||||||||
|
|
|
|
|
|
|
|
|
|
||||||||||
(dollars in thousands except per share data) |
Q4 2021 |
|
Q3 2021 |
|
Q2 2021 |
|
Q1 2021 |
|
Q4 2020 |
||||||||||
GAAP total shareholders' equity |
$ |
1,366,217 |
|
|
$ |
1,284,299 |
|
|
$ |
1,250,729 |
|
|
$ |
1,188,721 |
|
|
$ |
1,117,086 |
|
Reconciling items: |
|
|
|
|
|
|
|
|
|
||||||||||
Preferred stock |
|
(137,794 |
) |
|
|
(137,794 |
) |
|
|
(217,471 |
) |
|
|
(217,471 |
) |
|
|
(217,471 |
) |
|
|
(3,736 |
) |
|
|
(3,794 |
) |
|
|
(3,853 |
) |
|
|
(3,911 |
) |
|
|
(14,298 |
) |
Tangible common equity |
$ |
1,224,687 |
|
|
$ |
1,142,711 |
|
|
$ |
1,029,405 |
|
|
$ |
967,339 |
|
|
$ |
885,317 |
|
|
|
|
|
|
|
|
|
|
|
||||||||||
GAAP total assets |
$ |
19,575,028 |
|
|
$ |
19,108,922 |
|
|
$ |
19,635,108 |
|
|
$ |
18,817,660 |
|
|
$ |
18,439,248 |
|
Loans receivable, PPP |
|
(3,250,008 |
) |
|
|
(4,957,357 |
) |
|
|
(6,305,056 |
) |
|
|
(5,178,089 |
) |
|
|
(4,561,365 |
) |
Total assets, excluding PPP |
$ |
16,325,020 |
|
|
$ |
14,151,565 |
|
|
$ |
13,330,052 |
|
|
$ |
13,639,571 |
|
|
$ |
13,877,883 |
|
Reconciling items: |
|
|
|
|
|
|
|
|
|
||||||||||
|
|
(3,736 |
) |
|
|
(3,794 |
) |
|
|
(3,853 |
) |
|
|
(3,911 |
) |
|
|
(14,298 |
) |
Tangible assets |
$ |
16,321,284 |
|
|
$ |
14,147,771 |
|
|
$ |
13,326,199 |
|
|
$ |
13,635,660 |
|
|
$ |
13,863,585 |
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Tangible common equity to tangible assets |
|
7.50 |
% |
|
|
8.08 |
% |
|
|
7.72 |
% |
|
|
7.09 |
% |
|
|
6.39 |
% |
(1) Includes goodwill and other intangibles reported in assets of discontinued operations.
Deferments to total loans and leases, excluding PPP |
|
|
|
|
|
|
|
|
|
||||||||||
(dollars in thousands except per share data) |
Q4 2021 |
|
Q3 2021 |
|
Q2 2021 |
|
Q1 2021 |
|
Q4 2020 |
||||||||||
Total loans and leases |
$ |
14,568,885 |
|
|
$ |
15,515,537 |
|
|
$ |
16,967,022 |
|
|
$ |
16,168,306 |
|
|
$ |
15,832,251 |
|
Loans receivable, PPP |
|
(3,250,008 |
) |
|
|
(4,957,357 |
) |
|
|
(6,305,056 |
) |
|
|
(5,178,089 |
) |
|
|
(4,561,365 |
) |
Total loans and leases, excluding PPP |
$ |
11,318,877 |
|
|
$ |
10,558,180 |
|
|
$ |
10,661,966 |
|
|
$ |
10,990,217 |
|
|
$ |
11,270,886 |
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Commercial deferments |
$ |
— |
|
|
$ |
73,400 |
|
|
$ |
89,800 |
|
|
$ |
176,100 |
|
|
$ |
202,100 |
|
Consumer deferments |
|
6,060 |
|
|
|
6,708 |
|
|
|
8,400 |
|
|
|
13,000 |
|
|
|
16,400 |
|
Total deferments |
$ |
6,060 |
|
|
$ |
80,108 |
|
|
$ |
98,200 |
|
|
$ |
189,100 |
|
|
$ |
218,500 |
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Commercial deferments to total loans and leases, excluding PPP |
|
— |
% |
|
|
0.7 |
% |
|
|
0.8 |
% |
|
|
1.6 |
% |
|
|
1.8 |
% |
Consumer deferments to total loans and leases, excluding PPP |
|
0.1 |
% |
|
|
0.1 |
% |
|
|
0.1 |
% |
|
|
0.1 |
% |
|
|
0.1 |
% |
Total deferments to total loans and leases, excluding PPP |
|
0.1 |
% |
|
|
0.8 |
% |
|
|
0.9 |
% |
|
|
1.7 |
% |
|
|
1.9 |
% |
View source version on businesswire.com: https://www.businesswire.com/news/home/20220123005128/en/
Source:
FAQ
What were the net income results for Customers Bancorp in 2021?
How much did Customers Bancorp's deposits increase in 2021?
What is the projected core earnings for Customers Bancorp for 2022?
What was the significant loan growth in Q4 2021 for Customers Bancorp?